Christine DeBiase
Executive Vice President, Chief Legal Officer and General Counsel at ALL
Executive
About Christine DeBiase
Executive Vice President, Chief Legal Officer and General Counsel at Allstate since Jan. 3, 2023; she leads Law & Regulation and serves on the Operating and Risk & Return Committees . Background includes EVP/CAO/GC at Brighthouse Financial and 20 years at MetLife, where she led the Brighthouse spinoff; JD (Western Michigan University Cooley) and BA in Communications (SUNY New Paltz) . Age reported as 54 in 2023, consistent with executive officer disclosures . Allstate’s 2024 operating performance: revenue $64.1B (+12.3% YoY), net income $4.6B, adjusted net income $4.9B, ROE 25.8%, and TSR 40.6% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Brighthouse Financial | EVP, Chief Administrative Officer and General Counsel | 2017–2022 | Led legal, compliance, corporate governance and sustainability; stewarded separation from MetLife |
| MetLife | Corporate Counsel; Head of Regulatory Affairs; SVP, General Counsel of Americas Legal | ~1997–2017 (20 years) | Lead attorney for creation/spinoff of Brighthouse Financial, significant regulatory and governance leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| PowerPlay NYC | Board member | Current | Nonprofit focused on girls’ leadership via sport |
| NJCAA Foundation | Foundation Board member | Current | Supports college athletics |
| U.S. Chamber of Commerce Institute for Legal Reform | Member | Current | Industry legal reform involvement |
| The Chicago Network | Member (Full) | Since 2024 | Senior women executives network |
Fixed Compensation
| Component (2024) | Target | Actual Paid | Notes |
|---|---|---|---|
| Base Salary ($) | $750,000 | $722,596 | Salary level indicated as $750k; 2024 paid reflects timing/accrual |
| Annual Incentive (% of salary) | 125% | $2,102,922 (232% of target incl. $400k incremental for Interim CHRO) | Corporate pool funded at 188.1%; additional $400k for Interim CHRO role |
| Equity LTI Target (% of salary) | 250% | $2,259,458 grant-date fair value (120% of target) | Mix includes PSAs, stock options, RSUs per plan norms |
| Perquisites/Other ($) | n/a | $37,617 (incl. 401(k) match $13,800; other perqs $23,817) | Standard executive perqs; no aircraft usage in 2024 |
Performance Compensation
Annual Incentive Plan (AIP) – 2024
| Metric | Weighting | Target | Actual | Payout/Funding | Vesting |
|---|---|---|---|---|---|
| Market-Facing Businesses & Investments roll-up | 70% | Range-based (segment measures) | Composite result: see sub-metrics | 184.2% | Cash paid March 2025 |
| Performance Net Income ($M) | 30% | $3,660 | $5,213 | 197.1% | Cash paid March 2025 |
| Overall AIP payout | — | — | — | 188.1% | Cash paid March 2025 |
Sub-metric examples informing roll-up (illustrative of corporate pool): Property-Liability profitable growth matrix achieved 93.2 combined ratio and -0.6% items-in-force growth (195% payout) ; Net investment income $3,185M (129.3%); economic total return +28 bps vs benchmark (103.2%) .
PSAs – Structures and Results
| PSA Cycle / Metric | Weight | Threshold | Target | Max | Actual | Payout |
|---|---|---|---|---|---|---|
| 2022–2024 Performance Net Income ROE | 50% | 10.0% | 16.0% | 18.0% | 9.8% | Below target |
| 2022–2024 Relative TSR | 30% | <25th pct | 55th pct | 90th pct | 91st pct | Above max for TSR component |
| 2022–2024 Items-in-Force Growth (PPL) | 10% | 0.0% | 2.0% | 4.0% | -0.6% | Below target |
| 2022–2024 Items-in-Force Growth (All Other) | 10% | 0.0% | 3.5% | 7.0% | 3.8% | Slightly above target |
| 2022–2024 Total PSA vesting | — | — | — | — | — | 62.2% of target shares vested |
PSA measurement and vesting mechanics: three-year measurement; payout 0–200% of target; positive net income hurdle caps above-target vesting if cumulative net loss; catastrophe loss collar applied to stabilize ROE . For PSAs granted in 2024–2026, measures are Performance Net Income ROE (50%), Relative TSR (40%) and Inclusive Diversity & Equity (10%; not disclosed) . For PSAs granted in 2025–2027, measures are ROE (60%) and TSR (40%) only .
2024 Equity Grants (Units and Terms)
| Award Type | Grant Date | Units/Options | Price | Vesting | Notes |
|---|---|---|---|---|---|
| Performance Stock Awards (target) | 02/21/2024 | 8,142 | n/a | 3-yr performance period | Earn-out 0–200% based on ROE/TSR/I&D |
| Stock Options | 02/21/2024 | 10,926 | $159.17 | 1/3 on each of 2/21/25, 2/21/26, 2/21/27 | 10-year term; no repricing permitted |
| RSUs | 02/21/2024 | 2,714 | n/a | 1/3 annually over 3 years | Dividend equivalents paid upon vest |
Equity Ownership & Alignment
| Item | Value | Detail |
|---|---|---|
| Beneficial ownership (common shares) | 3,724 | As of Mar. 1, 2025; includes indirect holdings; none pledged |
| Options exercisable ≤ Apr. 30, 2025 | 17,887 | Beneficial ownership table includes near-term exercisable options |
| RSUs (≤ 60 days) | 0 | None scheduled to convert within 60 days |
| Total stock-based ownership (common + near-term options/RSUs) | 21,611 | <1% of class |
| In-the-money value (12/31/24) – Exercisable options | $396,624 | Aggregate exercisable options value |
| In-the-money value (12/31/24) – Unexercisable options | $1,160,692 | Aggregate unexercisable options value |
| Outstanding unexercised options (exercisable/unexercisable) | 7,122 / 25,172 | Option ladders across 2023–2024 grants |
| Ownership guideline requirement | 4× salary | Shares and unvested RSUs count; options and unvested PSAs do not |
| Status vs. guideline (12/31/24) | 2.4× actual | On track to compliance for a new executive |
| Hedging/pledging policy | Prohibited (exceptions require board approval) | Strong alignment policy; none pledged as of Mar. 1, 2025 |
Insider transactions and vesting: 2,538 RSUs vested on 02/03/2024; $399,405 realized; no option exercises in 2024 .
Employment Terms
| Term | Provision | Notes |
|---|---|---|
| Appointment date | Jan. 3, 2023 | EVP, Chief Legal Officer, General Counsel, Corporate Secretary |
| Interim CHRO service | Q3 2024 | $400,000 incremental AIP funding reflecting interim CHRO duties |
| Employment agreements | None | Company does not use employment agreements for executive officers |
| Change-in-control (CIC) severance | 2× salary + target annual incentive; double trigger | Equity vests upon qualifying termination post-CIC; no excise tax gross-ups |
| Termination (non-CIC) | No severance; AIP forfeited | Retirement allows pro-rata AIP, continued vesting for RSUs/options granted >12 months prior; PSAs pay on actual performance |
| Equity vesting terms | Options/RSUs: service-based; PSAs: performance + service | Options vest 1/3 annually over 3 years; RSUs 1/3 annually; PSAs at cycle end |
| Clawback policies | Mandatory Dodd-Frank; discretionary misconduct clawback | Adopted July 2024; covers cash and equity, including time-based awards |
| Deferred comp | Eligible plan; no company match | No 2024 deferrals or balances reported |
| Pension/SERP | ARP/SRIP present values $9,817 / $37,777 (12/31/24) | Not vested in ARP/SRIP as of 12/31/24; SRIP benefits $0 at year-end vesting status |
Compensation Structure Analysis
- At-risk orientation: 86%+ of NEO pay at-risk; for DeBiase, 42% cash incentive and 44% equity LTI in 2024, consistent with Allstate’s pay-for-performance design .
- Mix shift: Company has increased PSAs and RSUs share of LTI, reduced options for non-CEO NEOs; DeBiase received PSAs, options and RSUs in 2024 .
- Discretionary element: $400k incremental AIP related to interim CHRO duties indicates targeted discretion layered atop formulaic funding (188.1%) .
- Performance metrics rigor: AIP ties to segment profitability and Performance Net Income; PSA thresholds/targets defined for ROE and TSR with catastrophe collars and net-income safeguard .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay approval: 86% support in 2024; program targeted at 50th percentile of peers and aligned with strategy .
- Engagement: Board/management engaged shareholders representing >35% of shares; feedback influenced adding TSR and adjusting LTI mix .
Equity Ownership & Pledging Risk Indicators
- Ownership guideline shortfall: 2.4× vs required 4× as of 12/31/24; typical for a recent hire, with policy requiring 75% of net vested shares to be retained until compliant .
- Pledging/hedging: Prohibited by policy; none of her shares pledged as of Mar. 1, 2025 .
- Option repricing: Not permitted; governance prevents value transfer via repricing .
Expertise & Qualifications
- Deep insurance regulatory and governance experience; led major corporate separation (Brighthouse from MetLife) .
- Legal leadership across compliance, corporate governance, sustainability; recognized for advancing equity .
Performance & Track Record
- During her tenure, Allstate’s 2024 corporate performance improved markedly: revenue $64.1B, net income $4.6B, ROE 25.8%, TSR 40.6% . AIP funded 188.1% reflecting these results; PSAs 2022–2024 vested at 62.2% due to earlier auto-loss impacts offset by strong TSR .
Equity Vesting Schedules and Potential Insider Selling Pressure
- Upcoming cliffs: 2024 options vest 1/3 on each of 2/21/25, 2/21/26, 2/21/27; RSUs from 2024 grant vest 1/3 annually; PSAs from 2024 grant vest after 3-year cycle, contingent on performance .
- In-the-money values: $396,624 exercisable and $1,160,692 unexercisable as of 12/31/24 could create sell pressure around vest/exercise windows, moderated by guideline retention requirements .
Compensation Peer Group (Benchmarking)
- Allstate benchmarks to sector peers; target pay positioned around the 50th percentile; peer group includes Progressive, Travelers, Chubb, MetLife, Hartford, among others .
Risk Indicators & Red Flags
- No related-party transactions; strong governance and clawback policies; no hedging/pledging; no option repricing .
- Discretionary AIP increment ($400k) is noteworthy but linked to interim CHRO responsibilities .
Investment Implications
- Alignment: High proportion of at-risk pay, robust PSA metrics, and strict ownership/hedging policies indicate strong alignment with shareholder value creation .
- Retention risk: Below-target ownership multiple (2.4× vs 4×) typical for a newer executive, with guidelines requiring retention of net vested shares—reducing near-term sell pressure and encouraging ownership build .
- Trading signals: Option and RSU vesting cadence through 2025–2027 may create episodic liquidity events; however, no 2024 option exercises and policy constraints lessen immediate sell risk . Corporate momentum from 2024 (high AIP funding, improved underwriting margins) supports continued alignment of incentives with profitability and TSR .