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Wednesday, April 7, 2010 as of 11:14 AM ET

State Farm Insurance

State Farm Insurance is a group of insurance and financial services companies in the United States. The company also has operations in Canada.

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Confidential Slides Reveal Allstate's Rapid Decline In 2011

The number of new customers buying car insurance from Allstate Corp.

(ALL) began "rapidly declining" in the second quarter of last year, prompting the company to spend about $80 million on new marketing and growth initiatives, according to an October 2011 slide show prepared for Allstate managers.The decline came amid a flurry of changes at Allstate, as the company raised prices in several states, spent less on advertising and faced a decline in the number of agents selling its products.While Allstate has discussed each of those changes publicly, the confidential presentation reviewed by Dow Jones Newswires sheds new light on how quickly and how severely potential customers turned away from Allstate in 2011, and illustrates why the company moved to increase its spending on advertising, direct mail and agent incentives late in the year.And it shows the company was concerned that another set of initiatives it planned for 2012 wouldn't be able to sustain any sales momentum generated by th...

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