Welcome to the Allstate Annual Meeting of Shareholders. The meeting will now begin.
Welcome, everyone. I'm Tom Wilson, the Chair, President, and Chief Executive Officer of the Allstate Corporation. On behalf of Allstate's Board of Directors, our senior leadership team, and Allstaters all around the country, welcome to our 2020 Annual Meeting of Stockholders. Thank you for joining us today for our virtual shareholder meeting, which is designed to keep everyone safe and give you the opportunity to participate without coming to our offices. I'd like to begin by recognizing the extraordinary service of Allstate employees and agents who have been dealing with the unprecedented challenges posed by the COVID-19 pandemic. They've exemplified amazing dedication during this difficult time, from creating a shelter-in-place program, special payment plans for customers, offering free identity protection, and just reaching out to millions of customers on a daily basis.
Now, to keep our customers, employees, and agents safe, we've quickly moved to more than 90% of employees working remotely and have altered a number of business practices. So I'll provide additional information on Allstate's business and their actions in this unprecedented environment in a business update, which will be immediately after this meeting has concluded. Please note that some of our comments today will include forward-looking statements that are based on our current expectations. Actual results, of course, may differ materially from what we think will happen, and so please refer to our 2019 Form 10-K and all of our other public information, which will help you identify all the possible considerations so you can evaluate the risks related to investing in Allstate. Now, let's go through the agenda. First, we will present and act on the three proposals.
There's time after the presentation of the proposals for comments and questions about the proposals. And then we'll vote on those three proposals. When the vote is reporting, then the meeting will conclude. And after that, we'll report on the state of your company. There will also be time for your questions and comments not related to the three proposals after I give that report. So please note you can submit questions and vote your shares on the virtual meeting site. If you've already voted, you don't need to vote again at this meeting unless you want to change your vote. We'll be using the rules of conduct for the meeting that are included in the bottom of the virtual meeting platform. These rules ensure everybody has a chance to participate, so please be respectful of your fellow shareholders.
I'd also like to note that in the event there's a technology failure or some disruption that keeps us being connected, then we'll adjourn, recess, and then expedite the meeting. Updates regarding reconvening, we'll put them on the Investor Relations website. So participating with us today are Allstate's nine independent directors, including our Lead Director, Judith Sprieser, several of Allstate's senior leaders, including Vice Chair Don Civgin, our retiring Vice Chair, Steve Shebik, Chief Financial Officer, Mario Rizzo, President of Investments and Financial Products, John Dugenske, President of Personal Property-Liability, Glenn Shapiro, our Chief Human Resources Officer, Carrie Blair, and Susie Lees, Allstate's Chief Legal Officer, General Counsel, and Secretary. And Ms. Lees will act as Secretary of the meeting as well. Mr. Charles Zade of American Election Services, LLC, is on the line as well.
The Board of Directors appointed Mr. Zade to act as our independent inspector of elections. Scott Shirk, Henry Phillips, and Dan Cronin of Deloitte & Touche are also participating, and they're responsible for the Allstate audit. Now, let's move on to the proposals. Ms. Lees has confirmed that a quorum is present, and we are duly convened for the purpose of acting on the three items of business set up properly before the meeting. I now declare the polls open for each of the items of business listed in the proxy statement for consideration at today's meeting. I'll present the first three items to be acted on, and Ms. Lees will make the motion. And again, if you have a question or comment on any item, you'll need to raise it after the presentation of the proposals.
And after all items have presented and comments on them have been heard, Ms. Lees will then present the preliminary voting results. The first item of business is the election of the 10 directors named in the proxy statement for terms expiring at the 2021 Annual Meeting. This is an exceptional board. Every individual is extremely talented, and they have great experience. They also work extremely well together as a team, bringing together a diverse set of backgrounds and capabilities so that they are highly effective in executing their fiduciary responsibilities. Quite simply, Allstate's a better company because of them.
Mr. Chair, I nominate the 10 nominees listed in the 2020 Proxy Statement. No other persons have been nominated in accordance with the company's bylaws, and the nominations are now closed.
Thank you, Susie. The second item of business is the advisory vote on the compensation of named executives. The board's Compensation and Succession Committee, all of their work, is summarized in the proxy in great detail, ranging from compensation principles to specific measures that link to stockholder value.
Mr. Chair, I move that the compensation of the named executives be approved.
The third item of business is a ratification of the appointment of Deloitte & Touche as the independent registered public accountant for 2020. The board's Audit Committee has done a thorough job of reviewing the performance of Deloitte & Touche during both last year, and then they've been our auditors for some years, and it's selected the firm as the company's independent registered accountant for 2020.
Mr. Chair, I move that the appointment of Deloitte & Touche as independent registered public accountant for 2020 be ratified.
Now we have time for questions or comments from stockholders or their appointed proxies on these items of business. As noted in the rules of conduct, to allow us to answer questions from as many stockholders as possible, I would like to limit each stockholder to two questions. Susie, are there any questions that have?
Yes, Mr. Chair, we've received a question in advance of today's meeting. When will shareholders get a meaningful and substantive opportunity to help the company with a shareholder's vote on compensation?
That's a good question. Let me go up and then come down. First, your board is among the leaders in reaching out to shareholders to get their feedback on important issues, so the board reaches out to shareholders that own over a third of the outstanding common stock three times a year to get their views on corporate governance topics, which includes compensation, so it's compensation, governance, shareholder rights. There's a wide list of topics. They listen, they consider, and they respond. They don't do everything somebody asks, but they do always go back and respond to them as to what their points of view are, and some of that's laid out in the letters to stockholders from the independent directors.
So for example, in this year's letter, they discussed a change in the long-term compensation measurement where it included a relative total shareholder return, which was based on those conversations with shareholders. Now, shareholders who are not involved in those conversations have an opportunity every year at this meeting to vote on executive compensation. And while the vote's non-binding, the board does consider the results as part of their annual evaluation of the executive compensation programs. The compensation and succession committee also uses an independent compensation consultant, Compensation Advisory Partners, or CAP. And CAP benchmarks Allstate's plans and compensation payments to the market, assesses executive compensation design, peer group selection, relative pay for performance, and total direct compensation for individual senior executives. And that entire process is laid out in great detail in the proxy statement with tables and charts to help stockholders understand these programs.
The board has a goal of full transparency so you can make an informed judgment on all the compensation issues. Susie, are there any other questions that have come in?
Yes, we have one more question related to the ballot items. How long has the auditor, D&T, been auditing Allstate?
Deloitte & Touche has been our auditor since we went public in 1993 and has done a terrific job for us. But I will tell you that the board also looks and says, "Well, how does that relate to their independence?" And the audit committee specifically asked themselves, "Should we continue to appoint Deloitte & Touche, reflecting both their experience with us and the opportunities to get other people?" And in the past, we have looked outside to see if there should be if there would be other people we would consider. And the audit committee has decided that they would like to stay with Deloitte & Touche after a very thorough review.
We have a follow-on question. And that is, has the SEC ever taken any action against Deloitte & Touche?
If Henry or Scott could answer that question, that would be helpful. I don't hear them responding. Let me step back a little bit and tell you what our board does, and we'll see if they can get on. But if they can't, then we will follow up specifically with the stockholder. The board does look at the results for Deloitte & Touche by PCAOB, which I don't know what the acronym stands for, but it's a government agency. I think it's Public Accounting Oversight Board or something who reviews their work. Deloitte & Touche does present their results to the audit committee who gets to decide what that says about Deloitte & Touche's qualifications. I don't know the specific answer if the SEC has ever had a specific issue with Deloitte & Touche.
Hey, Tom. It's Scott with Deloitte. Can you hear me?
I can, yes. Okay. So my line was open. Thanks. Yeah, there's absolutely no securities actions that are relevant to our audit of the Allstate Corporation. Confirm that.
Thank you, Scott.
We have another question. Why don't all the directors use their own money and buy stock in Allstate upon being appointed directors?
As you as shareholders and me as a shareholder, we want our board to be engaged and invested in Allstate. And they do all have substantial ownership in the company. The way in which they do that is they forego their compensation, a portion of their compensation, and get paid in stock. And then we have stock ownership guidelines to make sure that they don't, that doesn't immediately turn around and go into cash. So all of our directors do have good ownership. We encourage it. They always enjoy it. Some have deferred it and have continued to own their shares and build up sizable positions. And the only difference is we don't ask them when they become a director to write a check, which is, I think, what the suggestion is. What they do is they earn their way to that ownership, which is well-earned, I will tell you. They earn every penny that they get.
Okay, Mr. Chairman. I don't have any further questions at this time.
Okay. So I assume that people have had a chance to vote and to ask all their questions. So with that, I will declare that the polls are closed. We did get a preliminary report. As you know, many people vote electronically these days. So we have a preliminary tabulation, which reflected 85% of the outstanding shares that were voted prior to the meeting. And Susie, could you read the preliminary voting results?
Mr. Chair, this is the preliminary report of the inspector of election. Each director nominee received more than 93% of the votes cast and therefore has been elected. 92% of the shares represented and entitled to vote at this meeting voted in favor of the advisory vote on the executive compensation of the named executive officers. 94% of the shares represented and entitled to vote at this meeting voted in favor of the ratification of the appointment of Deloitte & Touche. Final results on all items of business, including the shares cast in person at today's meeting, will be published in a Form 8-K filed with the SEC and posted on our website.
Thank you, Susie. So as all of the business items on the agenda have now been covered, I'll declare the stockholder meeting concluded. And what I'll do now is move on to discuss your company more broadly. And then we'll have time for additional questions that are not related to the proposals. There are three key messages I'd like to convey. First, you can be really proud of how the company reacted and adapted to the coronavirus pandemic. I certainly am. Secondly, Allstate is in exceptionally strong shape despite the social and economic impact of the coronavirus. And as importantly, we are really well-positioned for the future. So as an insurance company, we sort of live in low-probability events. In fact, your board actively considers what we call ELFs, extremely low-frequency scenarios. That's E-L-F-S, ELFs. That's not a Christmas or holiday thing. It's about extremely low-frequency scenarios.
That review includes a wide range of low-probability scenarios ranging from large natural disasters to financial market dislocations to pandemics. The board has discussed the potential impacts of a pandemic on all parts of our business, including auto insurance and life insurance businesses. So while the pandemic was a surprise, it was one we had considered multiple times before. In part, this reflects the fact that we've been in the catastrophe business for 89 years, and we've had to help rebuild communities after hurricanes, earthquakes, and wildfires. Having seen those myself, you see islands cut in half by wind, roads that have been turned into asphalt pretzels, and homes melted by heat. As a country, of course, we've rebuilt after all those events using America's massive financial resources, can-do attitude, and Allstate's financial support of over $48 billion over 25 years.
While the impact of those events was geographically more concentrated than the coronavirus impact, the lessons from past disasters are valuable and have helped us execute well in this situation. We acted decisively, quickly, and we kept our shared purpose as our North Star. Our shared purpose uses the word customer multiple times. In that, that led us to focus and lead the industry on creating a Shelter-in-Place Payback to return over $600 million to customers because they were driving less and having fewer accidents as a result of social distancing. Financially struggling customers were allowed to defer their payments. Auto insurance coverage has been expanded to cover the use of personal vehicles to deliver food, medicine, and other goods for commercial purposes. Free identity protection is available to all U.S. residents given their increased exposure to cybercrime.
We also acted decisively and quickly from an operational standpoint. Over 85 business continuity plans were executed. Virtual sales and support capabilities were expanded. Usage of digital innovations like QuickFoto Claim and Virtual Assist were expanded so we could settle claims with less physical interaction, which better protects customers, employees, and agents. Employees moved to more than 97% working remotely, and many business practices were adapted to support our agents and employees. In February, before the pandemic negatively impacted the financial markets, we reduced our public equity holdings by $4 billion to reduce the amount of economic capital backing that portfolio. That turned out to be good timing because it enabled us to lessen the impact of the market downturn in March. For our communities, the Allstate Foundation announced an additional $5 million to support social services organizations.
And that's on top of what we normally grant every year, which is also much more substantial than that. And that was to help deal with the pandemic and support nonprofits and needs. There's increased amounts of domestic violence in the country right now, and there are many local groups set up to help people who have pandemic needs. Your team also acted decisively and quickly in keeping with our shared purpose. So Allstate's in an extremely strong position strategically, operationally, and financially. Now, our strategy is to increase market share in personal property liability and provide customers with a Circle of Protection. That includes life insurance, worksite benefits, consumer product protection plans, and identity protection. And our Transformative Growth plan will provide customers with simple, affordable, and connected products that will differentiate us from the competition.
That's a multi-year undertaking, and it does increase operational risk, but it lowers our strategic risk. As technology enables us to better serve customers and do it faster, it also requires employees and Allstate agents to build new capabilities and embrace change. We've all had, personally, a lot more experience with technology changing our lives as we live through sequestration. Now, some of it's better. Some of it's different. In all of it, we have to adapt. This virtual meeting is one of the many examples of how technology can enable us to move forward. We're doing this transition, this transformation from a position of strength with excellent operating and financial results. The Enterprise Net Promoter Score, which is our measure of how satisfied customers are, increased for the third straight year.
Last year, Property-Liability written premiums reached $35 billion, which was an increase of about $2 billion. Adjusted net income was $3.5 billion, reflecting excellent underwriting results in the Property-Liability businesses and strong earnings from our other businesses and the investment portfolio. The adjusted net income return on equity was 16.9%, and that's in the range of our long-term goal of 14%-17%. Shareholders also received $653 million in dividends, and the percentage ownership of a share of stock in the company increased by 4.1% due to $1.8 billion of share repurchase. So if you had a share of stock at the beginning of the year and you didn't sell it, you owned 4.1% more of Allstate at the end of the year. First quarter 2020 results were also strong, as we reported a couple of weeks ago.
So Allstate's future is bright because we aligned around a common purpose. And purpose-driven companies are powered by purpose-driven people. Everybody at Allstate has to be a leader to make this happen. And 44% of our active employees have completed the Energy for Life program. We've also assembled a senior leadership team that will drive success far into the future. The Allstaters are just our people who care. Carrie Blair, who's our Chief HR Officer, recently shared a story at an employee town hall of one of our employees, Heather Wilson, who works for Allstate in Indiana. And Heather used to work as an emergency medical technician, and she had kept up her certifications. And then in true Allstate fashion, when the call went out for volunteers to come to New York City and help, Heather raised her hand to go to the front lines.
Now, for Heather to be able to take the time away, she took advantage of a voluntary leave policy we introduced as soon as we realized it was needed, so Allstaters who are certified medical or emergency personnel can take up to six months away to help with the nation's response to COVID-19, and Heather is one of the many Allstaters who work to make the world better. Another Allstater who cares deeply about our company is Vice Chair Steve Shebik, who's decided to retire. Steve's been an outstanding compatriot to me for 25 years and has mentored and helped many of us grow as leaders. His commitment to Allstate is exemplary, and we will miss his expertise, insights, and support, but on the other hand, he's been such a great Allstater that we have to wish he and Megan a full and exciting next chapter in their lives.
I'd also like to thank our talented board of directors for their service. They bring a diverse set of skills and experience and provide guidance and oversight on your behalf, and Allstate's board governance has been recognized as amongst the best for public companies by a number of outside people. Susie, why don't we move to questions if there was any that have come in?
Yes, we've gotten a number of questions. The first set of questions have to do with Allstate agents. The first is, if your most profitable channel of business is the Allstate exclusive agent channel, why do you continue to disrupt the relationships that they built over the years? And can you please address the Agency Relationship Survey score of 48% satisfied nationwide prior to reducing commissions? The second question is, Allstate agents seem to be making less and less every year or two and are the main revenue stream for the company. Can you comment on that?
Sure, so let me maybe start with our shared purpose, which is our goal is to help protect people from life's uncertainties, and it's all about the customer. And so that's what we're all here to do, is to serve the customer. And we do that together. That's the company, our employees, and our 10,500 agents. And of course, we're operating in what's a rapidly changing world, whether that's connectivity, the digital technologies that enable us to do a better job for our customers. For example, as I mentioned earlier, QuickFoto Claim. We now settle auto claims with no drive-through, fewer adjusters, less expense, and faster. So it's good for our customers and good for the company and good for our growth.
I would also say that one of the things that coronavirus has shown us is that a shaky foundation eventually cracks, whether that be a lack of adequate healthcare facilities for an emergency or the issues you're seeing in our education system, the lack of technology in education. As a result of that, the lessons are that we need to be constantly strengthening our foundation, whether that be our technology, our claim practices, or how our agents help customers locally. That means what agents do locally have to change. For example, there's a lot of service work that's done locally that we can either dispense with through the use of technology, just like we got rid of the need for the auto adjusters to basically drive around and look at cars, or we can centralize it and improve effectiveness and lower costs. That's called Integrated Service.
There's been some concern from agents about that, but it's really about the customer.
It's about doing it cheaper and better for them. And we know, and agents know, that one of the most important considerations for when buying auto insurance is price. So we have to continually reduce our costs to meet their needs. But we need to do it together. So that means both the company and the agents have to embrace change. And so, as you know, as mentioned in the question, we did make a change in renewal commissions this year to lower that cost for our customers. And I'm sure that it had some impact on satisfaction. The 48% is not a number I'm familiar with. The number's much higher than that. But it did go down slightly, the agency satisfaction in 2020 from 2019. And some of that is surely related to the renewal commission.
At the same time, though, because we're in it together, we made a much larger percentage change in the amount of revenue that an agent gets from new business, so agents that change by finding more new customers can improve the economic benefits they get from being an agent. If an agent does not adapt, then yeah, they will make less money, and that's because that's what customers are willing to pay. We have to always go with what the customer wants, and they're telling us they want to have a lower-priced auto insurance product, so we're finding ways where we can get through it together, and as we move through Transformative Growth, it's about coming up with new products, so we have affordable as, of course, one of those.
Simple is another thing, which should make it easier for agents to sell so you don't have to spend as much time helping educate people on all the intricacies of an auto insurance policy, and it needs to be more connected, which will give agents the opportunity to connect more with people mobilely to not just have to call them when there's a renewal, but keep in touch with them in a much more easy and effective manner, so as we move through transformative growth, there's going to be more change necessary through the entire company, and we have a strong business in which to adapt, but we do need to adapt so we keep a strong foundation.
We have another question here on agencies. The majority percent of agents are making the baselines of the variable comp. However, agent polls show 90% of agents are making less than previous year and cannot make up the difference compared to truly independent Allstate agents who are earning 15% new and renewal. Can you please comment?
I think I addressed the first part of that question in the last part, which is all agents have the opportunity to increase the amount of compensation they make. They just need to sell more and not just rely on renewals. And that means reaching out, finding more customers, reaching out. We have a large opportunity with our current customer base to just cross-sell them additional products. There are many customers who don't have home insurance with us, and we insure their cars. There are people we insure their home, and we don't insure their cars. So there's plenty of opportunity out there to grow. As it relates to the independent agents, that's a different story. So the Allstate independent agents are in rural markets that are not big enough to support a single office with a single company.
But they get different benefits too. They don't have the same structure that Allstate agents do. And that's a relatively small portion of our business. I'm going to say that's less than 3% of our total premium. So almost all of our product is sold through Allstate agents. We also have an independent agent business called Encompass, which has a different compensation structure as well. But again, that doesn't come with all the support that Allstate agents get from Allstate, whether that be leads, marketing, advertising, or technical support or sales support. There's a wide range of things that Allstate agents get that are included in their package that are not included in the other ones. And when you equalize it out, there's not a huge difference.
The next group of questions has to do with the company's liquidity. Mr. Chairman, the Carpenters Union Pension Fund, with combined assets of $70 billion, have a collective ownership position of 816,408 shares of the company's common stock. As long-term investors, we appreciate the company actions to address employee and customer safety and financial issues resulting from the COVID-19 pandemic. The board has recently authorized a new $3 billion share repurchase plan and made $511 million of repurchases in the first quarter. Given the market turbulence associated with the pandemic and the importance of liquidity, do you see the company pausing or suspending the repurchase of shares?
First, thank you for being long-term shareholders, and we always appreciate people who look on the long term and understand the breadth that we have to do from take care of our employees to take care of our shareholders and keep the company safe financially. We have lots of liquidity, but we have over $8 billion of liquidity that we can draw on relatively quickly out of our portfolio, so liquidity is not a problem. Our profitability is also quite strong, so in addition to having plenty of cash we can go get if we need it, we're also earning good money. In part, as I mentioned, because our business is operating effectively, and even though we've done a Shelter-in-Place Payback, we have good profitability as a result of that, so there's plenty of liquidity. So the board has not slowed down. We haven't changed that program. Some companies have.
Some companies have stopped buying shares back. We have the financial strength to continue to do it. That share repurchase program goes through the end of next year. And so we're watching that as we always do. In times of turbulence, we tend to slow down our purchases, but we don't intend to stop the purchases.
A follow-on question to that is, how do you view the dividends for 2020?
As you know, we pay a dividend of $0.54 per common share by quarter, and we just approved one recently, but that's something the board does every quarter, and they look at the financial situation of the company. They look at the liquidity. But we haven't, as this most recent one was approved, knowing about the coronavirus and the impact in both next 12-month forecast and longer-term forecast. So I would say that the board feels confident that we have enough capital to maintain both areas where we return capital to shareholders, either through share repurchases or dividends, but that dividend's a quarterly decision, and I don't like to take that authority away from the board. They have the right to decide to do that or not do it every quarter. That doesn't mean I don't think it's at risk.
I'm just telling you that it's a decision that the board could and should make every quarter as it relates to that quarter.
We have a question here about how will lower interest rates affect future investment returns, price, and earnings?
in the future, so lower interest rates will lower our future earnings from the investment portfolio. And that has impacts on two different parts of our business. In the property-liability business, it means we have to make more money from underwriting, which is underwriting income, is just the amount of money we take in at premiums, less the cost we pay out for claims and expenses and agent compensation. And that's our underwriting profit. The other source of our profit in the property-liability business is investment income. As investment income goes down because of low interest rates, underwriting income will have to go up so that we can maintain the same overall return on our capital. That'll be something we have to work through the regulatory framework with. But on a long-term basis, they tend to balance themselves out.
The life insurance and annuity business is a different story because you've sold those products and you don't have the opportunity to reprice them to change what your mortality margin would be. And so it lowers the prospects for your earnings from the life and annuity business. As you know, in the life business, we have it conservatively invested, and we get a mid-teens kind of low mid-teens kind of return on that business. The annuity business is a very low-return business for us. And in the last quarter, it was actually a negative return business. But that's a very long-dated portfolio. So those liabilities will pay out over 30 or 40 years.
So we've invested a large portion of that portfolio in equities, just like you would a pension plan or a retirement fund, which hurts current returns, but it's the right economic thing to do. And as interest rates rise in the future, that portfolio will have the opportunity to take its equity investments and invest in higher interest rates. But to date, it's mostly invested in equities.
We have a couple of questions here related to employees. The first question is, are employees that are seeing customers being given masks and other protective equipment?
Yes, is the answer to that. We've always used protective equipment in certain natural disasters as if there's mold around, or we have to protect our employees. And if our employees get sick, we have to protect our customers. So we have expanded that. And to the extent we are seeing customers, we are using a variety of personal protective equipment, whether that's masks, gloves, to make sure we keep both parties safe, both our employees and our customers.
Another question about employees is, are all employees being paid?
Yes, all employees are being paid. We haven't furloughed anybody from the company at this point in time, and everybody, as I said, has been fabulous in getting to working from home, been flexible, rearranged their dining room table or taken over their study or an extra bedroom so that they can do work on behalf of our customers and the company, so we feel very lucky about that. As a result of that, we've been very flexible for those people who can work from home. As I said, over 97%, they're working from home, and they're obviously being paid. There are some people who have to go into offices to do things, whether that's to do things with computers or to process some mail and other things we get.
To the extent the office has to be closed for a person for medical reasons, for health reasons, we continue to pay those employees. We also, obviously, as the number of auto claims has gone down, we also have a large number of claim adjusters in the auto insurance business who are not as busy as they would normally be. And so we've chosen to keep them employed, not furlough them, because they've been good, strong, loyal employees. They have great expertise. And we believe that the frequency of auto accidents will go back up as people start to go back to work, start to not shelter-in-place anymore. And so we want to be prepared and have that strong foundation still in place.
We are using more digital technologies, I mentioned, which gets to both of those questions, which keeps people safe and over time will help us be more effective and efficient, and what we've done to adjust for that, get ahead of that, is we've gone only to essential hiring at this point so that we don't hire people and then find out because of increased use of technology, we can do it faster and more efficiently with less people that we don't have to let people go we just hired.
Mr. Chairman, that concludes our questions, so if anyone on the line has not had a question answered, you are more than welcome to contact Allstate's Investor Relations Department.
Okay. Well, thank you, Susie, and thank you to our shareholders for coming to the meeting, for voting, and supporting us. Let me close with a really simple statement, which Allstate is a positive force in America. We are working to protect customers from life's uncertainties so that they can quite simply have a more prosperous life. And with your support, Allstate will continue to help build a better world. I am proud to have the opportunity to serve you and the millions of people who depend on Allstate. So thank you very much for attending our meeting, and we will talk to you at next year's meeting. That concludes the meeting.
The meeting is now concluded. Thank you for attending today's presentation. You may now disconnect.