The Allstate Corporation announced the completion of the sale of its Group Health business to Nationwide for $1.25 billion. This transaction finalizes Allstate's exit from its Health and Benefits segment, a key part of its strategic transformation.
This sale, combined with the earlier divestiture of the Employer Voluntary Benefits business, brings the total proceeds from the Health and Benefits segment sales to $3.25 billion. The Group Health sale is expected to generate a financial book gain of approximately $500 million.
The capital generated from these divestitures will be redeployed to accelerate organic growth in Allstate's core Property-Liability and Protection Services segments. This strategic move enhances shareholder value by focusing on businesses with greater alignment to the company's long-term growth plan.
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