NORTHFIELD TOWNSHIP (dpa-AFX) - Allstate Corp. (ALL) agreed to sell the Employer Voluntary Benefits business to StanCorp Financial Group Inc. for $2.0 billion in cash.
Allstate noted that the sale is the initial step in a strategic move to maximize the growth potential of its three Allstate Health & Benefits businesses-Employer Voluntary Benefits, Individual, and Group Health-by merging them with companies that offer complementary capabilities.
Allstate stated that the sale is anticipated to generate a gain of approximately $600 million and increase deployable capital by $1.6 billion.
The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.
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