Allstate completes sale of Employer Voluntary Benefits business

Allstate (ALL) announced it has completed the sale of its Employer Voluntary Benefits business to StanCorp Financial for $2.0B. “The sale of the Employer Voluntary Benefits business improves the growth opportunities of a highly successful business, creating additional value for Allstate’s shareholders. This transaction, along with the previously announced definitive agreement to sell the Group Health business, is expected to generate combined proceeds of $3.25 billion in 2025. Allstate is well-positioned to execute our strategy to increase personal property-liability market share and expand protection services,” said Tom Wilson, Chair, President and CEO of The Allstate Corporation. “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,” added Jess Merten, Allstate’s Chief Financial Officer.