SF won't get caught...

https://www.insurancebusinessmag.com/us/news/breaking-news/allstate-reaches-90-million-settlement-in-shareholder-suit-456575.aspx

Saw this over on the Allstate site. Looks like their Execs got caught doing what SF has been doing over the last 4-5. SF was even worse on their scam. From 2016-2021 they downsized claims by almost 17,000 employees, artificially cut rates, had an excuse during COVID and worked people to death. What employees forget this also short changes you on the pension and EIP/MIP. SF wrote a lot of cr-ppy business in mother mutual when it should have been written as standard business. Looks like they are trying to reverse course now. Just to put it more in perspective, Tipsy made $100 million dollars alone in compensation over the last 3-4 years. That is more than twice what Ed R. made as the CEO of SF and he served for 30 years!!! Criminal! Paul S., Rand, Mary, John F. YI....also all made 10s of millions and covered his tracks. Ohhhh just like Allstate blame it on the weather and inflation, it could never be your ego and corporate greed! Sad really!

Comment! It's anonymous!

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Welcome to the most thankless, unhealthy, low paying and POS job in operations.

Yeah yeah, word to my homies. Y'alls better listens up. SF circling the toilet bowl, getting ready to be flushed with all the other turds. Holmes loses $3B pays himself $25M? Why hasn't he been fired? Why hasn't the board been fired for not firing g him? SF is done and done.

IoT shady strategy and pathetic Deloitte and Accenture implementations

Pretty sad and these folks rewarded for cr-ppy leadership

Puppets getting paid too much

Take a look around. Those who have 15 or more years are a very small fraction of the workforce. As what the average tenure is for a CS or CA. The numbers don't lie. The odds are against you to make it a career.

I like you...

Sorry people last time I checked he's right because SF is part of society. A little reality check.

@3njm SF talks about community neighbor etc. Doc Holiday: Why Wyatt! My hypocrisy 2024 will speak loudly as to how they they feel about the mess we are in now. My blood is red not blue nor poly chromatic.

@3cif-no, you are just showing your continual willingness to take societal,problems and attach them to SF. Pretty sophomoric and pathetic even for a maga.

@3cif-no what is showing up is your attempts to take world/country problems and attach them to SF. Pretty pathetic even for a maga.

@3tzu YUP! The "ALL ABOUT ME WORLD" is really showing it too! No wonder we have she sh*t show we have now.

@3xqs-correct you are not. Every person is responsible for their own happiness and related emotions. Each person is ultimately responsible for their own emotional well-being.

@3fyn I am not responsible for another's happiness? Now that's a good neighbor!

@3owl. Nobody is saying they don’t deserve a life. But State Farm management is not personally responsible for their happiness or lack thereof.

I care about those who are working and living paycheck to paycheck. They deserve a life just as much as anyone else.

@2kmk-SF is not responsible for the nations workforce. You find problems and then artificially assign them to SF. What a dufus.

@2lwl How many employees would that help that are living paycheck to paycheck which is over 60% of the nation?
1,2,3.....Blah Blah Blah.......

@2nnp…works out to about $10/week. Is that gonna change your life much?

Stop the stupid arguments. Just stop it. Along the lines of…

The CEO should not get paid
The sales department should not get paid
SF should never make a profit
SF should never take a loss
I should get paid more
I should not have to show up for work

It’s just exhausting and completely pointless.

@2lwl How many employees would that help that are living paycheck to paycheck which is over 60% of the nation?

$25 million seems ridiculous, but it’s on par for a Fortune 50 CEO. And it’s not hurting the policyholders. That money wouldn’t cover the postage on a single round of auto policy renewals.

"Putting the needs of the policyholders first..." Really? A 25 million dollar bonus and other bonuses together really puts the needs of the policyholders first? NOT IMO!

Another way to state this is “Allstate was sued by its investors for putting the needs of the policyholders above the needs of the investors”. Yes, the executives of a stock company have a legal duty to the stockholders. The executives of a mutual company are only beholden to the interest of the policyholders. Giving the customer a break during tough times is the privilege of a strong mutual company. It’s punishable at a stock company.
Stop the simple comparisons of State Farm to other insurance companies. Just because “insurance” is in the name doesn’t mean they’re the same.

@1yir. You don’t understand the first thing about the pension, do you? It’s 100% fully funded and no new employees are being added to it.

@yct…..wake up. The lawsuit by Allstate investors is because they priced too low, and that affected the value of their stock. State Farm’s policyholders are not going to sue because they’ve paid too little for a couple of years. This situation in a rough insurance market is EXACTLY why State Farm is highly unlikely to ever demutualize. A Mutual with tremendous financial resources has some flexibility on customer pricing that a stock
company does not.

Execs need to freeze the pension now. Old timers do nothing but collect a check waiting to retire with a padded overinflated pension.

It is an investor lawsuit. Has no comparison to SF. Another attempt to smear SF by an uneducated maga.

Like to OP said......Exactly....that's why the title of this thread was won't get caught....the Execs know they can lie, cheat, and steal and there will be no one there to hold them accountable!

Not sure the same thing is going to be an issue for a Mutual Company. That lawsuit was on behalf of investors. State Farm has none.

Thread regarding State Farm Insurance layoffs

SF won't get caught...

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