Home and auto insurer Allstate Corp. has announced a plan to sell its life insurance business Lincoln Benefit Life Co for $600 million to Resolution Life Holdings. The expected deal follows similar moves by major competitors. AXA SA sold its U.S. life insurance unit to Protective Life Corp in April and Sun Life Financial Inc sold its variable annuity business to Delaware Life Holdings in December. Reuters reported last month that British financial services firm Resolution Group was in the race to buy the Allstate unit for about $500 million to $900 million. The deal will generate cash proceeds of about $785 million, including tax benefits, Northbrook-based Allstate said in a statement on Wednesday.
(link below)
http://www.chicagotribune.com/business/breaking/chi-allstate-life-insurance-sale-20130717,0,2964078.story
Wednesday, July 17, 2013
ALLSTATE TO SELL LIFE INSURANCE BUSINESS FOR 600M
Home and auto insurer Allstate Corp. has announced a plan to sell its life insurance business Lincoln Benefit Life Co for $600 million to Resolution Life Holdings. The expected deal follows similar moves by major competitors. AXA SA sold its U.S. life insurance unit to Protective Life Corp in April and Sun Life Financial Inc sold its variable annuity business to Delaware Life Holdings in December. Reuters reported last month that British financial services firm Resolution Group was in the race to buy the Allstate unit for about $500 million to $900 million. The deal will generate cash proceeds of about $785 million, including tax benefits, Northbrook-based Allstate said in a statement on Wednesday.
(link below)
http://www.chicagotribune.com/business/breaking/chi-allstate-life-insurance-sale-20130717,0,2964078.story
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