Allstate to sell Illinois headquarters as more employees work from home | Business

With 95{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} of its employees doing work remotely all through the pandemic, insurance policies giant Allstate is selling its longtime Northbrook headquarters.

Allstate advised staff members Friday that it is placing the sprawling north suburban campus on the sector soon after 54 years. The company did not disclose strategies for a potential headquarters, or a possible asking rate for its present-day one.

“Allstate’s staff have more option about where they do the job and several are choosing to work from home,” Allstate spokeswoman Mallory Vasquez explained in an e mail Friday. “As a final result, we will provide our business office in Northbrook but system to keep our sizeable existence in the Chicago space.”

Allstate has been a corporate fixture in Northbrook given that 1967, when it moved its places of work from Skokie to a 6-making sophisticated on a 122-acre campus. The corporation mentioned Friday current Chicago office environment room at River Position and the Products Mart will be out there to workforce, but it is not apparent if Northbrook will keep on being aspect of its ideas.

“As we return to the place of work, we will identify if added area is required in the Northbrook area,” Vasquez explained.

Allstate has 7,892 employees in Illinois and more than 44,000 throughout the U.S., in accordance to its internet site.

The probable sale of Allstate’s headquarters comes as more major employers force again a return to the place of work right up until 2022 amid the ongoing pandemic, with a lot of adopting a hybrid strategy that will include things like get the job done-from-property as a very long-time period alternative. In its 2020 once-a-year report, Allstate mentioned 95{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} of its workforce have been functioning remotely “while maintaining inner controls and productivity” through the 12 months.

Allstate created a internet profits of $5.5 billion in 2020, up 17{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} about the earlier 12 months.

Over and above actual estate, the organization is also shedding its everyday living insurance policy and annuity firms as it focuses on auto and owners insurance policy merchandise. Everyday living insurance income have been declining at Allstate given that 2018 and annuity revenue ended up discontinued in 2014.

Final 7 days, Allstate declared it shut the sale of Allstate Life Insurance Enterprise of New York to Wilton Re for about $400 million. In January, Allstate agreed to market its broader Allstate Everyday living Insurance Co. to Blackstone for $2.8 billion, which is predicted to near this year, pending regulatory acceptance.

In June, Allstate agreed to buy low-price car insurance company SafeAuto for $300 million, expanding its condition-minimum amount automobile protection choices.

Founded in 1931 as component of Sears, Allstate remains just one of the nation’s major publicly held private insurers.

Maria Flores

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