UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) October 31, 2011

The Allstate Corporation

(Exact name of registrant as specified in charter)

Registrant’s telephone number, including area code  (847) 402-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2. – Financial Information

Item 2.02.            Results of Operations and Financial Condition.

On October 31, 2011, the registrant issued a press release announcing its financial results for the third quarter of 2011, and the availability of the registrant’s third quarter investor supplement on the registrant’s web site.  The press release and the investor supplement are furnished as Exhibits 99.1 and 99.2 to this report.  The information contained in the press release and the investor supplement are furnished and not filed pursuant to instruction B.2 of Form 8-K.

Section 9. – Financial Statements and Exhibits

Item 9.01.            Financial Statements and Exhibits.

(d)  Exhibits

99.1                                                Registrant’s press release dated October 31, 2011

99.2                                                Third quarter 2011 Investor Supplement of The Allstate Corporation

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

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Exhibit 99.1

NEWS

FOR IMMEDIATE RELEASE

Allstate Reports Third Quarter Profits Despite Large Weather-Related Losses

NORTHBROOK, Ill., October 31, 2011 – The Allstate Corporation (NYSE: ALL) today reported financial results for the third quarter of 2011:

“Maintaining auto insurance profitability and proactively managing our investment portfolio enabled us to overcome an increase of $691 million in catastrophe losses from the third quarter of 2010 and still earn a profit,” said Thomas J. Wilson, chairman, president and chief executive officer of The Allstate Corporation.  “Progress was made in improving auto insurance profitability in New York and Florida and raising underlying returns in homeowners insurance.  A small decline in auto insurance policies during the last twelve months is related to the impact of improving profitability in New York and Florida and a 4% decline in homeowners policies.  The Property-Liability underlying combined ratio of 88.9 for the first three quarters of 2011 continued to compare favorably with our full-year guidance range of 88 to 91.

“Allstate Financial’s results were solid and investment results were also strong in the quarter.  Allstate Financial’s operating income increased 24.1% from the prior year third quarter to $134 million in the third quarter of 2011 reflecting improved margins and lower expenses.  These improvements were partially offset by the managed reduction in the size of the fixed annuity business.  Proactive risk and return strategies enabled us to maintain the portfolio yield, realize net capital gains and increase the absolute level of fixed income unrealized gains in the quarter.

“We completed the $1 billion share repurchase program in the third quarter, and the acquisition of Esurance and Answer Financial in early October,” Wilson concluded.

Property-Liability Impacted by Catastrophe Losses, Underlying Profitability Within Guidance

Allstate’s Property-Liability combined ratio for the third quarter of 2011 was 104.8, reflecting the previously reported catastrophe losses of $1.1 billion, or 16.7 points.  During the period, Allstate experienced 23 catastrophe loss events, including Hurricane Irene and Tropical Storm Lee.  Excluding catastrophe losses and prior year reserve reestimates, the Property-Liability underlying combined ratio was 89.2 during the third quarter of 2011, consistent with the third quarter of 2010.  Total Allstate brand policies in force declined as of September 30, 2011 compared to the prior year quarter driven by standard auto and homeowners declines, but were partly offset by growth in the Emerging Business lines and Canada.

Allstate brand standard auto premiums written* declined by 0.8% from the prior year third quarter as increased average premiums were offset by lower policies in force.  Average gross premium increased 1.1% in the third quarter of 2011 compared to the third quarter of 2010, as rate increases were partially offset by reduced volumes in New York and Florida where average premiums are above the countrywide average.  Policies in force declined during the quarter, consistent with the company’s expectation, as growth was balanced with a focus on maintaining auto profitability.  New issued applications declined 13.2% in the quarter when compared to the prior year, while retention improved to 89.1 from 88.7 in the third quarter of last year.  The Allstate brand standard auto combined ratio was 94.2, 1.0 points higher than the third quarter of 2010.

Allstate brand homeowners premiums written increased 1.5% in the third quarter of 2011 compared to the same period a year ago, as a 5.0% increase in average gross premium was partly offset by a 4.2% decline in policies in force.  Rate increases averaging 13.9% were approved in 15 states during the third quarter, as Allstate continued to take actions to improve homeowners returns.  Policies in force declined reflecting restrictions in new business and, to a lesser degree, the decision not to offer continuing coverage to some policyholders.  The Allstate brand homeowners combined ratio was 131.9 for the third quarter of 2011 as catastrophe losses impacted the combined ratio by 55.8 points.  Excluding the impact of catastrophes and prior year reserve reestimates, the Allstate brand homeowners underlying combined ratio was 73.3 in the third quarter of 2011, compared to 75.0 in the third quarter of 2010.

Allstate Financial Strategy Produces Improved Financial Results

Allstate Financial’s strategy of reducing concentration in, and improving the profitability of, investment spread products, expanding the sales of underwritten products through Allstate agencies and growing Allstate Benefits resulted in improved financial results.  Operating income increased to $134 million in the third quarter, which was 24.1% above the third quarter of 2010.   Net income increased to $183 million in the third quarter of 2011 compared to $85 million in the same quarter of 2010.

Allstate Financial premiums and contract charges were essentially flat to the prior year quarter as growth in underwritten products was offset by a decline in annuity sales.  Premiums and contract charges on products sold through Allstate agencies were 5.3% higher than the prior year quarter.  Deferred fixed annuity contractholder funds declined $4.0 billion, or 13.4%, as of September 30, 2011 compared to September 30, 2010, as surrenders and maturities outpaced new sales.  Allstate Benefits’ premiums and contract charges were 2.7% higher than the third quarter of 2010.

Operating income was $26 million higher than the third quarter of 2010 as increases in the investment spread and lower expenses were only partly offset by declines in the benefit spread.  The investment spread increased 11.8% to $142 million in the third quarter when compared to the prior year third quarter, as actions to improve investment portfolio yields and lower crediting rates on annuities and interest-sensitive life insurance more than offset the effect of a continued decline in spread-based business in force.  The benefit spread decreased to $134 million in the third quarter from $141 million in the 2010 third quarter, due primarily to unfavorable mortality experience on annuities and life insurance, partly offset by higher profitability and growth at Allstate Benefits and higher contract charges on interest-sensitive life insurance.  The improvement in net income was due to net realized capital gains in the third quarter, versus net realized capital losses in the third quarter of last year, and increased operating income.

Proactive Management of Investment Portfolio Maintains Yield and Return

Allstate’s proactive management of risk and return during the first nine months of 2011 was focused on enhancing yields and total risk adjusted returns.  The fixed income yields were maintained, despite lower

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interest rates, by increasing corporate bond allocations, reducing investments in government securities and slightly lengthening duration.  Interest rate derivative positions, which were used for overall risk management purposes in 2010, were also terminated in 2011.  Additional actions to manage risk included reducing select exposures to municipal bonds and European Union banks and reallocating portions of below investment grade exposures from structured securities to high-yield corporate bonds.

Allstate’s consolidated investment portfolio totaled $97.5 billion at September 30, 2011 compared to $100.5 billion at December 31, 2010, as the Allstate Financial portfolio declined in size with the reduction in the fixed annuity business.   Net investment income was $994 million for the third quarter of 2011, which was 1.1% below the prior year quarter primarily due to lower portfolio balances.  The total portfolio yield was 4.5% for the third quarter of 2011, which was higher than the prior year quarter and consistent with the second quarter of 2011.  Net realized capital gains for the third quarter of 2011 were $264 million, pre-tax, compared to a net realized capital loss of $144 million, pre-tax, in the third quarter of 2010.  Realized gains in the current year quarter were primarily due to sales of foreign government and U.S. Treasury securities, which were partly offset by losses on the valuation of interest rate derivatives resulting from lower interest rates and impairments on real estate-related and equity securities.   Net unrealized capital gains totaled $2.4 billion, pre-tax, at September 30, 2011 compared to $1.4 billion at December 31, 2010, as the benefit of lower interest rates was only partially offset by realized gains.

Share Repurchases Total $308 Million, Completing $1 Billion Program

“We completed our share repurchase program during the third quarter bringing total share repurchases to $20 billion over the last 17 years,” said Don Civgin, executive vice president and chief financial officer.  Allstate repurchased shares totaling $308 million during the third quarter of 2011, completing the $1 billion share repurchase program authorized in November of 2010.

Statutory surplus at September 30, 2011 was an estimated $14.4 billion for Allstate Insurance Company, including $3.7 billion at Allstate Life Insurance Company.  This compares to Allstate Insurance Company statutory surplus of $15.1 billion at June 30, 2011 and $15.4 billion at December 31, 2010.  During the third quarter of 2011, Allstate Insurance Company paid a $200 million dividend to the holding company.  Deployable assets at the holding company level totaled $3.4 billion at September 30, 2011 compared to $3.5 billion at June 30, 2011 and $3.8 billion at December 31, 2010.

“Book value per share totaled $35.56 at September 30, 2011, compared to $35.95 at June 30, 2011 and $35.48 at September 30, 2010.  Strong auto profitability, realized capital gains and an increase in unrealized gains on the fixed income portfolio so far this year have offset the impact of high catastrophe losses and a decline in the value of our equity portfolio,” Civgin concluded.

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Visit www.allstateinvestors.com to view additional information about Allstate’s results, including a webcast of its quarterly conference call and the presentation discussed on the call.  The conference call will be held at 9 a.m. ET on Tuesday, November 1.

The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer known for its “You’re In Good Hands With Allstate®” slogan.  Now celebrating its 80th anniversary as an insurer, Allstate is reinventing protection and retirement to help nearly 16 million households insure what they have today and better prepare for tomorrow.  Consumers access Allstate insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®.

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THE ALLSTATE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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THE ALLSTATE CORPORATION

SEGMENT RESULTS

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THE ALLSTATE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

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THE ALLSTATE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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Definitions of Non-GAAP and Operating Measures

We believe that investors’ understanding of Allstate’s performance is enhanced by our disclosure of the following non-GAAP and operating financial measures.  Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

Operating income (loss) is net income (loss), excluding:

·       realized capital gains and losses, after-tax, except for periodic settlements and accruals on non-hedge derivative instruments, which are reported with realized capital gains and losses but included in operating income (loss),

·       valuation changes on embedded derivatives that are not hedged, after-tax,

·       amortization of DAC and DSI, to the extent they resulted from the recognition of certain realized capital gains and losses or valuation changes on embedded derivatives that are not hedged,

·       gain (loss) on disposition of operations, after-tax, and

·       adjustments for other significant non-recurring, infrequent or unusual items, when (a) the nature of the charge or gain is such that it is reasonably unlikely to recur within two years, or (b) there has been no similar charge or gain within the prior two years.

Net income (loss) is the GAAP measure that is most directly comparable to operating income (loss).

We use operating income (loss) as an important measure to evaluate our results of operations.  We believe that the measure provides investors with a valuable measure of the company’s ongoing performance because it reveals trends in our insurance and financial services business that may be obscured by the net effect of realized capital gains and losses, valuation changes on embedded derivatives that are not hedged, gain (loss) on disposition of operations and adjustments for other significant non-recurring, infrequent or unusual items.  Realized capital gains and losses, valuation changes on embedded derivatives that are not hedged and gain (loss) on disposition of operations may vary significantly between periods and are generally driven by business decisions and external economic developments such as capital market conditions, the timing of which is unrelated to the insurance underwriting process.  Consistent with our intent to protect results or earn additional income, operating income (loss) includes periodic settlements and accruals on certain derivative instruments that are reported in realized capital gains and losses because they do not qualify for hedge accounting or are not designated as hedges for accounting purposes.  These instruments are used for economic hedges and to replicate fixed income securities, and by including them in operating income (loss), we are appropriately reflecting their trends in our performance and in a manner consistent with the economically hedged investments, product attributes (e.g., net investment income and interest credited to contractholder funds) or replicated investments.  Non-recurring items are excluded because, by their nature, they are not indicative of our business or economic trends.  Accordingly, operating income (loss) excludes the effect of items that tend to be highly variable from period to period and highlights the results from ongoing operations and the underlying profitability of our business.  A byproduct of excluding these items to determine operating income is the transparency and understanding of their significance to net income variability and profitability while recognizing these or similar items may recur in subsequent periods.  Operating income (loss) is used by management along with the other components of net income (loss) to assess our performance.  We use adjusted measures of operating income (loss) and operating income (loss) per diluted share in incentive compensation.  Therefore, we believe it is useful for investors to evaluate net income (loss), operating income (loss) and their components separately and in the aggregate when reviewing and evaluating our performance.  We note that investors, financial analysts, financial and business media organizations and rating agencies utilize operating income results in their evaluation of our and our industry’s financial performance and in their investment decisions, recommendations and communications as it represents a reliable, representative and consistent measurement of the industry and the company and management’s performance.  We note that the price to earnings multiple commonly used by insurance investors as a forward-looking valuation technique uses operating income (loss) as the denominator.  Operating income (loss) should not be considered as a substitute for net income (loss) and does not reflect the overall profitability of our business.

The following tables reconcile operating income (loss) and net income (loss).

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Underwriting income (loss) is calculated as premiums earned, less claims and claims expense (“losses”), amortization of DAC, operating costs and expenses and restructuring and related charges as determined using GAAP.  Management uses this measure in its evaluation of the results of operations to analyze the profitability of our Property-Liability insurance operations separately from investment results.  It is also an integral component of incentive compensation.  It is useful for investors to evaluate the components of income separately and in the aggregate when reviewing performance.   Net income (loss) is the most directly comparable GAAP measure.  Underwriting income (loss) should not be considered as a substitute for net income (loss) and does not reflect the overall profitability of our business.  A reconciliation of Property-Liability underwriting income (loss) to net income (loss) is provided in the “Segment Results” page.

Combined ratio excluding the effect of catastrophes and prior year reserve reestimates (“underlying combined ratio”) is a non-GAAP ratio, which is computed as the difference between three GAAP operating ratios: the combined ratio, the effect of catastrophes on the combined ratio and the effect of prior year non-catastrophe reserve reestimates on the combined ratio.  The most directly comparable GAAP measure is the combined ratio.  We believe that this ratio is useful to investors and it is used by management to reveal the trends in our Property-Liability business that may be obscured by catastrophe losses and prior year reserve reestimates.  These catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio.  Prior year reserve reestimates are caused by unexpected loss development on historical reserves.  We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance.  We also provide it to facilitate a comparison to our outlook on the combined ratio excluding the effect of catastrophe losses and prior year reserve reestimates.  The combined ratio excluding the effect of catastrophes and prior year reserve reestimates should not be considered a substitute for the combined ratio and does not reflect the overall underwriting profitability of our business.

A reconciliation of the Property-Liability combined ratio excluding the effect of catastrophes and prior year reserve reestimates to the Property-Liability combined ratio is provided in the following table.

In this news release, we provide our outlook range on the Property-Liability 2011 combined ratio excluding the effect of catastrophe losses and prior year reserve reestimates.  A reconciliation of this measure to the combined ratio is not possible on a forward-looking basis because it is not possible to provide a reliable forecast of catastrophes.  Future prior year reserve reestimates are expected to be zero because reserves are determined based on our best estimate of ultimate loss reserves as of the reporting date.

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A reconciliation of the Allstate brand standard auto combined ratio excluding the effect of catastrophes and prior year reserve reestimates to the Allstate brand standard auto combined ratio is provided in the following table.

A reconciliation of the Allstate brand homeowners combined ratio excluding the effect of catastrophes and prior year reserve reestimates to the Allstate brand homeowners combined ratio is provided in the following table.