The Allstate Corporation today announced estimated catastrophe losses for the month of December of $25 million, pre-tax ($20 million, after-tax), bringing estimated catastrophe losses for the fourth quarter 2019 to $295 million, pre-tax ($233 million, after-tax).
Estimated fourth quarter 2019 charges
In December, we announced a Transformative Growth Plan, which included a decision to phase out the use of the Esurance brand trade name. This decision resulted in a $51 million, pre-tax charge ($40 million, after-tax) for impairment of the Esurance trade name intangible asset from the 2011 acquisition. This amount will reduce net income but will be excluded from adjusted net income.
We previously disclosed that we will recognize a charge of $37 million for original issuance costs as a result of the redemption of fixed rate noncumulative perpetual preferred stock on October 15, 2019, which will be included in preferred stock dividends, and reflected in both net income and adjusted net income.
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