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.
Tom Wilson, Chair, President and CEO of The Allstate
Corporation: “Allstate’s Employer Voluntary Benefits business
provides protection to over 3.5 million customers who will continue
to be well served by The Standard. The alignment between Allstate’s
industry-leading product offerings, employer relationships,
distribution and talented team and The Standard’s group benefits
business will provide customers with broader protection and higher
value. Allstate agents will now offer a broader array of options to
customers under a five-year exclusive distribution arrangement.
Allstate shareholders will also benefit as capital is deployed to
increase market share in personal property-liability and expand
protection offerings. Discussions on the sale of the Individual and
Group Health businesses are continuing and are expected to achieve
the same success.”
Dan McMillan, President and CEO of The Standard: “We see
significant synergies between Allstate’s industry-leading
supplemental and voluntary life products and The Standard’s
expertise in workplace benefits. This transaction enhances our
suite of offerings for customers of all sizes. We look forward to
welcoming the talented Allstate Employer Voluntary Benefits
employees to The Standard and to a mutually beneficial distribution
partnership as we move forward.”
Transaction summary 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. For the
first half of 2024, these businesses had revenues of $535 million,
Adjusted Net Income of $45 million, and statutory capital and
surplus of $255 million.
“The sale is expected to generate a gain of about $600 million
and increase deployable capital by $1.6 billion,” said Jess Merten,
Allstate Chief Financial Officer. “Adjusted net income return on
equity will decline by about 100 basis points following the sale,
which is expected in the first half of 2025.”
Investors Allstate will host a conference call and webcast at 9
a.m. Eastern on Wednesday, Aug. 14 to discuss the transaction. The
investor webcast can be accessed at www.allstateinvestors.com. A
replay will be posted shortly after.
Advisers J.P. Morgan and Ardea Partners are acting as
financial advisors and Willkie Farr & Gallagher LLP is acting
as legal advisor to Allstate. Citi is acting as exclusive financial
advisor and Debevoise & Plimpton is acting as legal advisor to
The Standard.
Financial information, including material announcements about
The Allstate Corporation, is routinely posted on
www.allstateinvestors.com.
About Allstate The Allstate Corporation (NYSE: ALL)
protects people from life’s uncertainties with a wide array of
protection for autos, homes, electronic devices, and identity
theft. Products are available through a broad distribution network
including Allstate agents, independent agents, major retailers,
online, and at the workplace. Allstate is widely known for the
slogan “You’re in Good Hands with Allstate.” For more information,
visit www.allstate.com.
About The Standard The Standard is a family of companies
dedicated to helping customers achieve financial well-being and
peace of mind. In business since 1906, we are a leading provider of
financial protection products and services for employers and
individuals. Our products include group and individual disability
insurance, group life and accidental death and dismemberment
insurance, group dental and group vision insurance, voluntary and
supplemental benefits, absence management and paid family leave
services, retirement plans products and services and individual
annuities. For more information about The Standard, visit
standard.com and follow us on LinkedIn.
The Standard is the marketing name for StanCorp Financial Group,
Inc., and its subsidiaries: Standard Insurance Company, The
Standard Life Insurance Company of New York, Standard Retirement
Services, StanCorp Mortgage Investors, StanCorp Investment
Advisers, StanCorp Real Estate, StanCorp Equities, Anthem Life
Insurance Company, Anthem Life & Disability Insurance Company
and Greater Georgia Life Insurance Company.
Financial information, including material announcements about
The Allstate Corporation, is routinely posted on
www.allstateinvestors.com.
Forward-looking statements
This news release contains “forward-looking statements” that
anticipate results based on our estimates, assumptions and plans
that are subject to uncertainty. These statements are made subject
to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements do not relate
strictly to historical or current facts and may be identified by
their use of words like “plans,” “seeks,” “expects,” “will,”
“should,” “anticipates,” “estimates,” “intends,” “believes,”
“likely,” “targets” and other words with similar meanings. We
believe these statements are based on reasonable estimates,
assumptions, and plans. However, if the estimates, assumptions, or
plans underlying the forward-looking statements prove inaccurate or
if other risks or uncertainties arise, actual results could differ
materially from those communicated in these forward-looking
statements. Factors that could cause actual results to differ
materially from those expressed in, or implied by, the
forward-looking statements may be found in our filings with the
U.S. Securities and Exchange Commission, including the “Risk
Factors” section in our most recent annual report on Form 10-K.
Forward-looking statements are as of the date on which they are
made, and we assume no obligation to update or revise any
forward-looking statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20240813105300/en/
Nick Nottoli (847) 402-5600
Allister Gobin (847) 402-2800
Bob Speltz (The Standard) 971-212-9549
Allstate (NYSE:ALL)
過去 株価チャート
から 12 2024 まで 1 2025
Allstate (NYSE:ALL)
過去 株価チャート
から 1 2024 まで 1 2025
