Allstate to sell Employer Voluntary Benefits to The Standard for $2B cash; expects gain of ~$600M

ALLSTATE CORP

Sale includes American Heritage Life Insurance and American Heritage Service Company; expected close first half 2025.
Allstate sees gain of about $600M and increase in deployable capital by $1.6B; Adjusted net income ROE to decline ~100 bps.
Sold business had H1 2024 revenues of $535M, Adjusted Net Income of $45M, statutory capital and surplus of $255M.
Five-year exclusive distribution arrangement allows Allstate agents to offer broader options to customers.
Discussions on sale of Individual and Group Health businesses continuing; J.P. Morgan and Ardea Partners advising Allstate.

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