Suren Gupta
Executive Vice President, President, Protection Products & Enterprise Services at ALL
Executive
About Suren Gupta
Suren Gupta is Executive Vice President and President, Protection Products & Enterprise Services at Allstate Insurance Company (AIC), serving in this role since August 2023; prior roles include President, Enterprise Services (Oct 2022–Aug 2023) and EVP, Chief Information Technology & Enterprise Services Officer (Jan 2020–Oct 2022). He joined Allstate in 2011 after serving as Executive Vice President at Wells Fargo from 2003 to 2011; he is 63 years old as of February 1, 2025 . Company performance context during his recent tenure: 2024 revenue was $64.1B (+12.3% YoY), net income $4.6B, adjusted net income $4.9B, ROE 25.8%, and total shareholder return 40.6% for 2024; the annual cash incentive funded at 188.1% for 2024, while 2021–2023 PSAs paid 31% and 2022–2024 PSAs paid 62.2% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Allstate Insurance Company (AIC) | EVP, President, Protection Products & Enterprise Services | Aug 2023–present | Leads enterprise services and Protection Products; drove deployment of new property‑liability operating ecosystem and improved technology operations . |
| Allstate Insurance Company (AIC) | President, Enterprise Services | Oct 2022–Aug 2023 | Led enterprise services during transformative technology ecosystem rollout . |
| Allstate Insurance Company (AIC) | EVP, Chief Information Technology & Enterprise Services Officer | Jan 2020–Oct 2022 | Oversaw technology and enterprise services; supported Transformative Growth execution . |
| Wells Fargo | Executive Vice President | 2003–2011 | Senior leadership in financial services before joining Allstate . |
External Roles
No current public company board roles for Gupta are disclosed in Allstate’s executive officer listings and proxy appendices .
Fixed Compensation
| Metric | FY 2022 | FY 2023 |
|---|---|---|
| Base Salary ($) | $720,673 | $745,192 |
| Target Annual Bonus (% of Salary) | 90% | 90% |
| Actual Annual Incentive Paid ($) | $373,163 | $335,555 |
| Actual Annual Incentive (% of Target) | 57.5% | 50% |
| All Other Compensation ($) | $37,510 | $45,230 |
| Change in Pension Value ($) | $63,711 | $83,579 |
Performance Compensation
| Plan Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Incentive (FY 2023) | Total Premiums | 45% | Not disclosed | Corporate pool funded 100% but reduced 50% due to negative net income | 50% of target | Annual cash; paid after year-end . |
| Annual Cash Incentive (FY 2023) | Performance Net Income | 45% | Not disclosed | As above | 50% of target | Annual cash . |
| Annual Cash Incentive (FY 2023) | Net Investment Income | 10% | Not disclosed | As above | 50% of target | Annual cash . |
| PSAs (2011–2023 Cycle Result) | Average Performance Net Income ROE | 50% | Not disclosed | Below target | 31% payout | 3-year performance period; equity vests per plan . |
| PSAs (2011–2023 Cycle Result) | Relative TSR | 30% | Not disclosed | Below target | 31% payout | As above . |
| PSAs (2011–2023 Cycle Result) | Transformative Growth | 10% | Not disclosed | Not disclosed | 31% payout | As above . |
| PSAs (2011–2023 Cycle Result) | Inclusive Diversity & Equity (IDE) | 10% | Not disclosed | Not disclosed | 31% payout | As above . |
| PSAs (2012–2024 Cycle Result, Company) | Avg Performance Net Income ROE | 50% | Not disclosed | Mixed (improved in 2024) | 62.2% payout | 3-year performance; equity settles per plan . |
| PSAs (2012–2024 Cycle Result, Company) | Relative TSR | 30% | Not disclosed | Mixed | 62.2% payout | As above . |
| PSAs (2012–2024 Cycle Result, Company) | Items in Force Growth (Personal Property & Liability, All Other) | 20% aggregate | Not disclosed | Mixed | 62.2% payout | As above . |
| Equity Grants (Gupta) | Grant Date | Type | Shares/Units (#) | Exercise Price ($) | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| FY 2022 Target Equity | 2/17/2022 | PSAs | Not disclosed | — | $1,119,824 |
| FY 2022 Target Equity | 2/17/2022 | Options | — | $122.64 | $699,998 |
| FY 2023 Target Equity | 2/16/2023 | PSAs | Target 18,600 (max) | — | $1,343,943 |
| FY 2023 Target Equity | 2/16/2023 | Options | 26,907 | $137.10 | $849,992 |
| FY 2023 Special Retention | 9/6/2023 | RSUs | 13,898 | — | $1,500,011 |
Equity Ownership & Alignment
| As of March 1, 2024 | Common Shares Owned | Options Exercisable (≤60 days) | RSUs (≤60 days) | Total Stock-Based Ownership | Percent of Class |
|---|---|---|---|---|---|
| Suren Gupta | 92,293 | 329,365 | 0 | 421,658 | * (<1%) |
- None of the reported shares were pledged as security as of March 1, 2024 . Allstate prohibits hedging or pledging of company securities and maintains robust equity ownership requirements for executives .
- All incentive compensation (cash and equity) for executive officers is subject to clawback under Allstate policies (in addition to Dodd‑Frank) .
Vesting Schedules and Outstanding Awards (as of 12/31/2023)
| Option Grant Date | Unexercisable (#) | Exercise Price ($) | Expiration Date |
|---|---|---|---|
| 2/18/2021 | 14,978 | 105.08 | 2/18/2031 |
| 2/17/2022 | 22,244 | 122.64 | 2/17/2032 |
| 2/16/2023 | 26,907 | 137.10 | 2/16/2033 |
Vesting: Stock options vest one‑third on each of the first three anniversaries of the grant date (e.g., for 2/16/2023 grants: 2/16/2024, 2/16/2025, 2/16/2026); exercise price equals closing price on grant date .
| Other Outstanding Equity (12/31/2023) | Grant Date | Type | Not Vested/Unearned (#) | Market/Payout Value |
|---|---|---|---|---|
| PSAs (2023 grant) | 2/16/2023 | PSAs | 18,600 | $2,603,628 |
| PSAs (2022 grant) | 2/17/2022 | PSAs | 17,124 | $2,397,018 |
| RSUs (special) | 9/6/2023 | RSUs | 13,898 | $1,945,442 |
Employment Terms
| Scenario (as of 12/31/2023) | Severance ($) | Annual Incentive at Target ($) | Unvested Options Accelerated ($) | Unvested RSUs/PSAs Accelerated ($) | Welfare & Outplacement ($) | Total ($) |
|---|---|---|---|---|---|---|
| Retirement | 0 | $335,555 | $976,169 | $3,392,135 | 0 | $4,703,859 |
| Change in Control (CIC) + Qualifying Termination | $2,850,000 | $671,109 | $985,935 | $4,878,023 | $66,405 | $9,451,472 |
| Death | 0 | $335,555 | $985,935 | $4,878,023 | 0 | $6,199,513 |
| Disability | 0 | $335,555 | $985,935 | $4,878,023 | $1,191,272 | $7,390,785 |
- CIC severance equals two times the sum of base salary plus target annual incentive; equity does not accelerate on CIC unless accompanied by a qualifying termination (double trigger) .
- All awards subject to clawback per Allstate policy .
Insider Selling Pressure and Trading Arrangements
| Filing | Date Adopted | Type | Authorized Sales | Plan Expiry |
|---|---|---|---|---|
| 10‑Q (Q2 2025) – Item 5 (Other Information) | June 9, 2025 | Rule 10b5‑1 plan | Up to 48,400 shares of Allstate common stock | February 11, 2026 (or earlier upon completion) |
This pre‑scheduled trading plan indicates potential near‑term selling pressure but mitigates information asymmetry via Rule 10b5‑1 compliance .
Compensation Structure Analysis
- Mix shift: In response to shareholder feedback, stock options were reduced to 20% of equity incentives for NEOs beginning in 2024 (CEO 30%), with a greater emphasis on PSAs and RSUs (no time‑based RSUs for CEO) .
- Strong pay‑for‑performance linkage: 2023 annual cash incentive for NEOs was formulaically funded at 100% but reduced to 50% due to negative net income; 2024 pool funded at 188.1% amid improved results .
- Governance features: No hedging/pledging; robust ownership requirements; enhanced clawbacks beyond Dodd‑Frank .
Investment Implications
- Alignment and retention: Gupta’s ownership of 421,658 stock‑based units (including 329,365 options) demonstrates meaningful exposure to Allstate equity outcomes; no pledging enhances alignment . Double‑trigger CIC and robust clawbacks reduce windfall risk .
- Performance sensitivity: With annual incentives tied to premiums, performance net income, and investment income, plus PSAs linked to ROE, TSR, and strategic/IDE metrics, compensation is highly sensitive to underwriting margins and capital markets—key drivers of Allstate’s 2024 rebound .
- Selling overhang: The Rule 10b5‑1 plan authorizing up to 48,400 share sales through Feb 2026 introduces controlled, predictable supply but may create incremental near‑term selling pressure; its existence is not, by itself, a negative signal given the pre‑scheduled structure .