Allstate Announces Agreement to Sell Allstate Life Insurance Company wallstreet-online.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wallstreet-online.de Daily Mail and Mail on Sunday newspapers.
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The Allstate Corporation (NYSE: ALL) has reached an agreement to sell Allstate Life Insurance Company to entities that are managed by Blackstone for a total of USD 2.8 Billion. ALIC has a total of 80% or USD 23 Billion of Allstate’s life and annuity reserves, including generated net income of USD 467 Million 2019 with a net loss of USD 23 Million in the first nine months of 2020. This transaction is subject to regulatory approval and is anticipated to close within the second half of 2021.
“Allstate is deploying capital out of lower growth and return businesses while continuing to execute our strategy to grow market share in personal property-liability and expand protection solutions for customers,” said Tom Wilson, Chair, President and CEO. “Customers will be protected using non-proprietary life insurance products, as is currently done for annuities. Deployable capital will increase, and the
The Allstate Corporation has agreed to sell Allstate Life Insurance Company to entities managed by Blackstone for $2.8 billion, the company said in a news release.
ALIC holds approximately 80% (or $23 billion) of Allstate’s life and annuity reserves and generated net income of $467 million in 2019 and a net loss of $23 million in the first nine months of 2020. The transaction is subject to regulatory approval with an expected closing in the second half of 2021.
“Allstate is deploying capital out of lower growth and return businesses while continuing to execute our strategy to grow market share in personal property-liability and expand protection solutions for customers,” said Tom Wilson, chair, president and CEO. “Customers will be protected using non-proprietary life insurance products, as is currently done for annuities. Deployable capital will increase, and the transaction also provides increased transparency to the industry-leading returns of our core protection busines