Allstate Corp. closed the $1.15 billion public offering of 46 million depositary shares, each representing a 0.001 interest in its 5.10% series H fixed-rate noncumulative perpetual preferred share, $25,000 liquidation preference per share, which is equivalent to $25.00 per depositary share.

Net proceeds from the offering will be used for general corporate purposes, including the possible redemption or repurchase of certain of the company's preferred shares.

BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC and J.P. Morgan Securities LLC were joint book runners in the offering.