Allstate to sell Group Health business to Nationwide for $1.25B cash

ALLSTATE CORP

Allstate sells Group Health business (Direct General Life, NSM Sales, Association Benefits Solution) to Nationwide for $1.25B cash, subject to regulatory approvals.
Group Health had revenues of $608M and Adjusted Net Income of $69M for first nine months of 2024.
Transaction expected to generate ~$450M book gain and increase deployable capital by $0.9B; closing expected in 2025.
Combined with prior sale of Employer Voluntary Benefits to The Standard, total proceeds reach $3.25B.
Individual Health business (Adj. Net Income $18M in 9mo 2024) will be retained or combined with another company.

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