AllState is a US-based insurance company founded in 1931 as part of Sears Holding Corp. The financial institution became a fully independent entity in 1995. AllState offers property and casualty insurance, as well as accident and health insurance, identity protection and protection plans for consumer electronics, mobile phones and appliances. Its reportable segments are: Allstate Protection, Run-off Property Liability, Protection Services and Allstate Health and Benefits. In 2021 the financial institution had USD 99.4 billion in total assets and 54,700 employees. AllState is listed on the New York Stock Exchange.
AllState has a publicly available policy statement committing it to respect human rights. It also has a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. The financial institution discloses the proportion of its total direct operations workforce for each employee category by gender and race. It also discloses the proportion of its workforce covered by collective bargaining agreements. Furthermore, Allstate has a policy prohibiting bribery and corruption and takes steps to identify and address bribery and corruption. It is also committed to respecting the health and safety of workers and protecting personal data.
AllState could assign responsibility for sustainability to the board of directors. Moreover, while the financial institution links the remuneration of chief procurement officer to one sustainability programme, it could further extend the remuneration to sustainability-related performance criteria to its executive and management teams. No evidence was found that AllState is committed to gender equality and women’s empowerment. It has an opportunity to disclose how it is addressing the gender pay gap as well as the representation of women in senior leadership roles. Women are underrepresented on the board of directors where only 3 out of 12 board members are women. There is no evidence that the financial institution describes its engagement approach on sustainability themes and impact topics with clients and investees.
There is no evidence that the AllState discloses a target to reach net-zero financed emissions by 2050. Moreover, no evidence of an approach to fossil fuels, which covers the entire fossil fuel value chain and all of the financial institution’s financing activities, was found in the public domain. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on alignment with the Paris Agreement. Although the financial institution discloses the aggregate amount of finance it devotes to climate solutions, it has an opportunity to disclose what these climate solutions are and set time-bound targets for these solutions. Regarding nature and biodiversity, no evidence was found that AllState is committed to minimising its negative impacts or financing regenerative solutions.
AllState has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. While the company discloses the ages of its board members and executive directors, there is no evidence that the financial institution discloses the proportion of its total direct operations workforce for each employee category by age group. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.
More about the company
United States of America
Net income: USD 4 billion; Total assets: USD 99.4 billion