(Reuters) – U.S. casualty insurer Allstate (NYSE:) has announced the sale of its employer voluntary benefits business to StanCorp Financial Group for $2 billion in cash on Tuesday.
StanCorp’s Japanese parent company, Meiji Yasuda Life Insurance, disclosed that the acquisition of Allstate units operating under the “American Heritage” brand is expected to be finalized by the April-June 2025 quarter, pending regulatory approvals in the U.S. and Japan.
In a statement, Meiji Yasuda highlighted the significance of overseas business in achieving its goal of generating 100 billion yen ($680 million) in base profit equivalents by the financial year 2026/2027. The company also expressed its intent to pursue additional investment opportunities.
($1 = 147.1000 yen)