Allstate sells Employer Voluntary Benefits business to The Standard
- August 11, 2025
- Posted by: Saumya Jain
- Category: Insurance
US primary insurer Allstate has closed the previously announced sale of its Employer Voluntary Benefits business to StanCorp Financial Group, Inc. (The Standard) for $2 billion.
It has been confirmed that this transaction, along with the previously announced definitive agreement to sell the Group Health business, is expected to generate combined proceeds of $3.25 billion in 2025.
In January 2025, Allstate entered into a definitive agreement to sell its Group Health business to Nationwide for $1.25 billion in cash, subject to standard closing conditions, including regulatory approvals.
The sale represents the first step to enable the three Allstate Health & Benefits businesses, namely Employer Voluntary Benefits, and Individual and Group Health, to grow to full potential by combining with companies with additional capabilities.
Tom Wilson, Chair, President and Chief Executive Officer of The Allstate Corporation, commented, “The sale of the Employer Voluntary Benefits business improves the growth opportunities of a highly successful business, creating additional value for Allstate’s shareholders.
“This transaction, along with the previously announced definitive agreement to sell the Group Health business, is expected to generate combined proceeds of $3.25 billion in 2025.
“Allstate is well-positioned to execute our strategy to increase personal property-liability market share and expand protection services.”
Jess Merten, Chief Financial Officer, Allstate, added, “The sale of Employer Voluntary Benefits generated a financial book gain of about $625 million. The proceeds will support our disciplined capital management approach, including the recently announced share repurchase program.”
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