Allstate sells employer voluntary benefits business

Written by Michael Griffiths

02/04/2025

US insurer Allstate has sold its employer voluntary benefits business to StanCorp Financial Group in a $2bn deal.

The Illinois-based group said the sale of its business would improve growth opportunities while creating additional value for its shareholders.

Chair, president and CEO of The Allstate Corporation, Tom Wilson, commented that the latest transaction, along with a previously announced definitive agreement to sell the group’s health business, would generate combined proceeds of $3.25bn in 2025.

Wilson said: “Allstate is well-positioned to execute our strategy to increase personal property liability market share and expand protection services.”

Allstate’s chief financial officer, Jess Merten, added: “The sale of employer voluntary benefits generated a financial book gain of about $625m. The proceeds will support our disciplined capital management approach, including the recently announced share repurchase program.”

StanCorp Financial Group’s main subsidiary is The Standard Insurance Company, based in Portland, Oregon.

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