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- StanCorp Financial Group to acquire The Allstate Corporation’s (NYSE:ALL) employer voluntary benefits business for about $2 billion and enter into a product distribution partnership, the companies said Tuesday after market close.
- The transaction is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions.
- “We see significant synergies between Allstate’s industry-leading supplemental and voluntary life products and our group benefits business,” said Dan McMillan, President and CEO of The Standard.
- “Allstate’s Employer Voluntary Benefits business provides protection to over 3.5 million customers who will continue to be well served by The Standard,” said Tom Wilson, Chair, President and CEO of The Allstate Corporation (ALL).
- The transaction is expected to significantly accelerate The Standard’s growth and expand the scale and competitive position of the company’s employee benefits business in the U.S.
- Under the distribution partnership, The Standard will become Allstate’s exclusive carrier for sales of group life and disability, guaranteed standard issue individual disability, supplemental and voluntary products distributed by Allstate’s exclusive agents.
- Source: Press Release
