Allstate will be careful in boosting dividend, CFO Civgin says
Allstate Corp., the largest publicly traded U.S. home and auto insurer, said economic uncertainty prevents the company from committing to a timetable for increasing its dividend after last year's cut.
"This is an environment that kind of bears some prudence, and that's why we've been careful with the decisions we've made so far," Chief Financial Officer Don Civgin said today at the UBS Global Financial Services Conference. "As we continue to generate more capital, get our earnings back to where they should be, we will look at the dividend in a way that's consistent with the way we're generating earnings."
Allstate, based in Northbrook, has paid shareholders a 20-cent quarterly dividend since announcing a cut from 41 cents in February 2009.
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