Allstate closes $2 billion sale of employer voluntary benefits business to The Standard
By Mia MacGregor
April 1 - (The Insurer) - The Allstate Corporation has completed the sale of its employer voluntary benefits business to StanCorp Financial Group (The Standard) for $2 billion.
The deal wasfirst announced in August 2024 and follows Allstate’s January 2025 agreementto sell its group health business to Nationwide for $1.25 billion in cash, adjusted for the closing balance sheet.
The two transactions are expected to generate a total of $3.25 billion in proceeds in 2025, according to Tom Wilson, Allstate’s chair, president and CEO.
“The sale of employer voluntary benefits generated a financial book gain of about $625 million. The proceeds will support our disciplined capital management approach, including the recently announced share repurchase program,” said Jess Merten, Allstate’s chief financial officer.
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