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>"It's time to address the impact that more severe weather is having on Americans instead of fighting about climate change," said Tom Wilson, Chairman, President and Chief Executive Officer of The Allstate Corporation. "This year there have been approximately 7,500 wildfires in California, Hurricanes Florence and Michael and a swath of severe weather across the United States, putting our customers in danger and at risk of losing their homes and hard-earned money. We are grateful for the support of first responders and government officials in dealing with these events. It is now time to come up with longer term solutions, such as ensuring power lines are properly maintained, homes have natural fire barriers and building codes reflect increased severe weather," concluded Wilson.
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>During the third quarter, the Company concluded that benefit payments from its qualified employee pension plan would exceed a threshold of service and interest cost, resulting in a pension settlement loss of $61 million, pre-tax. Pension settlement losses represent an acceleration of unrecognized pension benefit costs and have no impact on shareholders' equity or book value, as they represent income statement recognition of balances previously included in accumulated other comprehensive income. The Company expects to record an additional pension settlement loss, based on current market conditions, of approximately $100 million to $125 million, pre-tax, in the fourth quarter of 2018 within the Corporate and Other segment.