Allstate Corp. says it will pay $1.1 billion for its auditor services

Allstate will pay a $1 billion dividend to shareholders on Thursday, the company announced.

Allstate said in a statement it will reinvest the money in its core business and its future plans.

The company will also spend $250 million to build out its auditor network, including expanding its footprint and recruiting new staff.

The stock rose 1.7 percent in after-hours trading.

The company said it is also planning to add a new auditor to its audit team, and will begin to hire additional personnel in fiscal 2018.

All state corporate services will be a $3 billion business, the largest of any company in the country.

The bank said it has $1 trillion in assets under management.

“We will continue to invest in the company’s growth as we grow to meet changing business conditions,” Allstate CEO Mike Nardi said in the statement.

“We believe this is a good time for shareholders to receive a dividend, and we thank the people of New York for their patience as we continue to build a strong and successful company.”

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