Allstate CEO Says Tax Overhaul Frees Up Half-Billion in Profit
- Wilson to reinvest in business growth, spend on employees
- Tax law leads to gain, pushing annual profit up by 75%
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Allstate Corp. Chief Executive Officer Tom Wilson said the insurer’s $506 million windfall from the U.S. tax overhaul will be used to invest in growth.
“First we’re going to put more money into marketing, second we’re going to expand distribution in the Allstate agencies and some of our other businesses,” Wilson said Wednesday in an interview discussing fourth-quarter results.