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GlobalData
Wed, Apr 2, 2025, 2:57 AM 1 min read
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StanCorp Financial Group (The Standard) has completed the acquisition of Allstate's leader voluntary benefits concern successful a transaction valued astatine astir $2bn.
The deal, initially announced successful August 2024, generated a fiscal publication summation of astir $625m for Allstate.
It includes American Heritage Life Insurance Company, which volition yet run nether The Standard brand.
As portion of the agreement, a aboriginal organisation concern volition beryllium established, allowing The Standard's products and services to beryllium offered to Allstate customers.
The Standard president and CEO Dan McMillan said: “This transaction presented a unsocial accidental to accelerate our maturation strategy and present 1 of the astir broad workplace benefits portfolios successful the market. I look guardant to welcoming the Allstate employees and customers to The Standard.”
Allstate main fiscal serviceman Jess Merten stated: “The merchantability of Employer Voluntary Benefits generated a fiscal publication summation of astir $625m. The proceeds volition enactment our disciplined superior absorption approach, including the precocious announced stock repurchase programme.”
In January this year, Allstate besides entered an statement to merchantability its leader halt nonaccomplishment security unit, Group Health, to US insurer Nationwide for $1.25bn successful cash.
This merchantability is expected to effect successful a fiscal publication summation of astir $450m for Allstate arsenic good arsenic summation its deployable superior by $900m.
The Allstate Corporation chair, CEO and president Tom Wilson added: “This transaction, on with the antecedently announced definitive statement to merchantability the Group Health business, is expected to make combined proceeds of $3.25bn successful 2025. Allstate is well-positioned to execute our strategy to summation idiosyncratic spot liability marketplace stock and grow extortion services.”
"The Standard finalises $2bn woody to bargain Allstate’s voluntary benefits limb " was primitively created and published by Life Insurance International, a GlobalData owned brand.
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