The Allstate Corporation announced the completion of the sale of its Employer Voluntary Benefits business to StanCorp Financial Group, Inc. (The Standard) for $2.0 billion. This transaction is a key step in Allstate's strategy to enhance growth opportunities for its businesses and create additional value for shareholders. The agreement also includes a future distribution partnership, through which certain of The Standard’s products will be available to Allstate customers.
This sale, combined with the previously announced definitive agreement to sell the Group Health business, is expected to generate total proceeds of $3.25 billion in 2025. The Employer Voluntary Benefits business generated a financial book gain of approximately $625 million for Allstate. These proceeds will support the company's disciplined capital management approach, including the recently announced share repurchase program.
Tom Wilson, Allstate’s Chair, President, and CEO, stated that the company is now well-positioned to execute its strategy to increase personal property-liability market share and expand protection services. This divestiture allows Allstate to reallocate capital to its core strategic growth opportunities, streamlining its portfolio and focusing on its primary insurance offerings.
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