The Allstate Corporation (NYSE: ALL) announced a definitive agreement to sell the Employer Voluntary Benefits business to StanCorp Financial Group, Inc., (The Standard) for $2.0 billion. The sale represents the first step in the strategic decision to enable the three Allstate Health & Benefits businesses – Employer Voluntary Benefits, Individual and Group Health – to realize their full growth potential by combining them with companies that have additional capabilities. Allstate will sell its subsidiaries that provide employer voluntary benefits to The Standard for $2.0 billion in cash, adjusted for the closing balance sheet, and subject to customary closing conditions and approvals.
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Source: https://www.businesswire.com/news/home/20240813105300/en/Allstate-to-sell-Employer-Voluntary-Benefits-business-to-The-Standard