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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."
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