Northbrook, Illinois, January 30, 2025 -Allstate Corporation (NYSE) has announced a decisive agreement to sell Group Health Business nationwide in $ 1.250 million. Includes the approval of regulatory authorities. For the first nine months of 2024, Group Health’s revenue was $ 688 million, and net income was $ 69 million.
“We have reached another strategic milestone to maximize shareholder value by combining health and welfare business with a larger strategic consistency company,” said AllState. Tom Wilson, Chairman of CEO, says. “Group Health provides stop loss insurance to small and medium -sized enterprises, so you can access the complementary product provision of Nationwide. Stancorp Financial Group, Inc. Combined with the sales of, the total sales fee is $ 3.25 billion in $ 3.25 million in the first nine months of net income adjusted for $ 18 million. It is combined with another company.
“It has been very capitalized nationwide, and this transaction is promoting growth strategies by expanding the product portfolio and distribution ability,” said Jess Merten, the highest financial manager of Allstate. “Allstate acquired the Group Health Business in 2021 as part of the acquisition of $ 4 billion of the National General. This sale produces the profits of a financial book of about $ 450 million and can develop capital. It is expected to increase $ 09 billion, but after closing expected in 2025, the adjusted net profit rate is reduced by 75.
JP Morgan and Ardea Partners are financial advisors, and WILLKIE FARR & GALLAGHER LLP is a legal advisor to Allstate. The city is a financial advisor, and Squire Patton Boggs LLP is a legal advisor nationwide.
About allstate
Allstate Corporation (NYSE) protects people, home, electronic devices, and personal information, and protects people from the uncertainty of life. Products can be obtained through a wide range of distribution networks in the ALLSTATE agent, independent agents, major retailers, online, and workplaces. Allstate is widely known for the slogan that you are in a good hand with Allstate. Please see for details www.allstate.com。
About the whole country
It is one of the largest and most powerful insurance and financial services in the United States, a Fortune 100 company based in Columbus, Ohio. Nationwide, it is evaluated as A+by Standard & Poor’s. Nationwide, an industry leader who promotes customer -centered innovation, offers all insurance and financial services products, such as automobiles, business, housing owners, farms, and life insurance. Public and private sector retirement plans, pensions, mutual funds. Excessive & surplus, specialized, warranty. Pets, motorcycles, boat insurance.
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