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Announcement:

Moody's affirms Allstate's ratings (senior at A3)

24 Jan 2011

New York, January 24, 2011 -- Moody's Investors Service announced today that it has affirmed the A3 senior debt rating of The Allstate Corporation (Allstate; NYSE: ALL), the Aa3 insurance financial strength (IFS) rating of Allstate Insurance Company (AIC), and the A1 IFS rating of Allstate Life Insurance Company (ALIC) and their related affiliates. The outlook for the ratings is stable.

P&C Operations

Moody's said the affirmation of Allstate's lead property-casualty subsidiary, AIC, reflects its formidable competitive position in the U.S. market for personal insurance of automobiles and homes, multiple distribution channels, good operating profitability in its automobile line, and strong financial position. These strengths are offset by the company's weak profitability in its homeowners line of business, significant (albeit declining) exposures to natural catastrophes, its regulatory and competitive challenges given its high profile within the often politically sensitive personal lines market, and reserve risk emanating from the company's exposure to asbestos and environmental liabilities. Moody's Vice President, Pano Karambelas, commented: "The group's historically strong earnings capacity has meaningfully weakened in recent years, due largely to above-normal frequency of geographically dispersed weather-related losses (e.g., winter storms, tornado, hail). These high frequency, low severity events resulted in nearly $1.7 billion in losses through the first nine months of 2010 and nearly $2.0 billion in 2009, which do not generally attach Allstate's catastrophe reinsurance program." During 2010, the company has implemented rate increases nationwide in order to address profitability within its homeowners segment. Moody's expects that revenue growth for Allstate will continue to be a challenge given a sluggish, although improving macro-economic climate and increasing competition in the automobile line. Other risks include the potential for additional capital contributions from the P&C insurance subsidiaries to support the life operations which are exposed to investment volatility.

Life Operations

Moody's A1 IFS ratings of Allstate Life Insurance Company (Allstate Life) and its primary subsidiaries, Lincoln Benefit Life Company (Lincoln Benefit) and Allstate Life Insurance Company of New York (Allstate-NY), are based on Moody's expectations of continued capital support from their parent, AIC, and/or other affiliates, as needed, as well as the brand, distribution, and other benefits of Allstate ownership. The rating is also based on the companies' own established positions in the life insurance and individual annuity market. The A1 rating reflects an A3 standalone credit profile at Allstate Life supplemented by our view of two notches of implicit support from the parent, Allstate Insurance Company.

These strengths are mitigated by continuing asset-related losses (including housing-related and structured assets with subprime content) - albeit lessening -- at Allstate Financial (a GAAP segment of Allstate Corporation, which is largely composed of the Allstate Life group of subsidiaries). In addition, the company's stand-alone risk adjusted capitalization reflects a weak NAIC RBC ratio relative to peers. Moody's believes capital is exposed to potentially significant investment losses under a stress scenario, although the ultimate impact is somewhat mitigated by an explicit capital support agreement with its parent. Moody's expects lower levels of profitability going forward given the de-emphasis of spread based products in favor of underwritten products. The company has also exited the bank and broker/dealer distribution channel, instead focusing on Allstate's career agents. Other challenges include maintaining Allstate Life's business position in the highly competitive individual annuity and life insurance markets as a smaller operation with a narrower focus and product suite.

The affirmation of Allstate's debt ratings reflects the intrinsic credit profiles of both the property-casualty and life insurance subsidiaries. Moody's views the portfolio of liquid assets maintained at the holding company and its unregulated subsidiary Kennett Capital Inc. (totaling approximately $3.5 billion at September 30, 2010) as available for future capital needs at Allstate's property-liability and life operations, which could result from further investment losses and/or large property catastrophes. A portion of these funds is also available to support potential funding needs at the holding company.

Factors that could lead to an upgrade of AIC's ratings include: improvement in the risk adjusted capital position of AIC (e.g., via organic capital growth), reduction in exposure to investment volatility (including that of life subsidiary ALIC), a significant and sustainable reduction in aggregate exposure to catastrophe losses relative to policyholders' surplus, sustained improvement in pretax earnings coverage of interest and preferred dividends (e.g. in excess of 10x), and financial leverage consistently below 25%. Factors that could lead to a downgrade include: additional after-tax consolidated investment losses for Allstate greater than 1.5 billion in 2011, material reduction in capital supporting P&C business due to further capital calls from ALIC, a sustained increase in financial leverage materially above 30%, pretax earnings coverage of interest and preferred dividends consistently below 8x, or catastrophe losses greater than one year's worth of earnings

The following ratings were affirmed with a stable outlook:

The Allstate Corporation: senior debt of A3; subordinated debt at Baa1; provisional senior debt at (P)A3; provisional subordinated debt at (P)Baa1; and provisional preferred stock at (P)Baa2; short term rating for commercial paper at Prime 2;

Allstate Insurance Company: insurance financial strength at Aa3.

Allstate Life Insurance Company: long-term insurance financial strength at A1;

Lincoln Benefit Life Insurance Company: insurance financial strength at A1;

Allstate Life Insurance Company of NY: insurance financial strength at A1;

Allstate Financial Global Funding, LLC: secured senior debt at A1;

Allstate Financial Global Funding II: secured senior debt at A1;

Allstate Life Funding LLC: secured senior debt at A1;

Allstate Life Global Funding Trusts: secured senior debt at A1.

Allstate Life Insurance Company: short-term insurance financial strength rating at Prime-1;

Allstate Life Global Funding Trusts: short-term debt at Prime-1.

The Allstate Corporation, based in Northbrook, IL, is a publicly-traded holding company that is engaged, through its subsidiaries, in providing personal property and casualty insurance, life insurance and retirement and investment products in the United States and Canada. For the first nine months of 2010, Allstate reported total revenues of $23 billion and net income of $632 million. As of September 30, 2010, shareholders' equity was $19.3 billion.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to punctually pay senior policyholder claims and obligations. For more information, please visit our website at www.moodys.com/insurance.

The principal methodologies used in this rating are Moody's Global Rating Methodology for Property and Casualty Insurers published in May 2010 and Moody's Global Rating Methodology for Life Insurers published in May 2010.

New York
Pano Karambelas
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Riegel
MD - Insurance
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's affirms Allstate's ratings (senior at A3)
No Related Data.
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