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M&A Deal Summary

StanCorp Financial Group Acquires Allstate - Employer Voluntary Benefits Business

On August 13, 2024, StanCorp Financial Group acquired insurance company Allstate - Employer Voluntary Benefits Business from Allstate for 2.0B USD

Acquisition Highlights
  • This is StanCorp Financial Group’s 3rd transaction in the Insurance sector.
  • This is StanCorp Financial Group’s largest (disclosed) transaction.
  • This is StanCorp Financial Group’s 4th transaction in the United States.
  • This is StanCorp Financial Group’s 1st transaction in Illinois.

M&A Deal Summary
Date 2024-08-13
Target Allstate - Employer Voluntary Benefits Business
Sector Insurance
Buyer(s) StanCorp Financial Group
Sellers(s) Allstate
Deal Type Divestiture
Deal Value 2.0B USD

Target

Allstate - Employer Voluntary Benefits Business

Northbrook, Illinois, United States
Allstate's Employer Voluntary Benefits Business is a provider of supplemental and voluntary workplace benefits, including Whole Life, Universal Life, Accident, Hospital Indemnity, Cancer, and Critical Illness coverage.

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Buyer(S) 1

Buyer

StanCorp Financial Group

Portland, Oregon, United States
Category Company
Founded 1998
Sector Insurance
Employees2,803
Revenue 2.8B USD (2014)
DESCRIPTION

StanCorp Financial Group, Inc. is a provider of financial products and services, including group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and vision insurance, absence management services, retirement plans products and services, individual annuities and investment advice.

DEAL STATS #
Overall 4 of 4
Sector: Insurance M&A 3 of 3
Type: Divestiture M&A Deals 3 of 3
State: Illinois M&A 1 of 1
Country: United States M&A 4 of 4
Year: 2024 M&A 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-28 Elevance Health - Life & Disability Business

Indianapolis, Indiana, United States

Elevance Health's Life & Disability Business provides life, disability, and related employee benefits.

Buy -

Seller(S) 1

SELLER

Allstate

Northbrook, Illinois, United States
Category Company
Founded 1931
Sector Insurance
Employees55,000
Revenue 64.1B USD (2024)
DESCRIPTION
Entrance to Allstate's corporate headquarters in Northbrook, Illinois.
Entrance to Allstate's corporate headquarters in Northbrook, Illinois.

Allstate is a provider of insurance offerings, including property-liability insurance, auto/home, and life insurance. Allstate was formed in 1931 and is based in Northbrook, Illinois.

DEAL STATS #
Overall 6 of 7
Sector: Insurance M&A 4 of 5
Type: Divestiture M&A Deals 4 of 5
State: Illinois M&A 3 of 4
Country: United States M&A 6 of 7
Year: 2024 M&A 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-01 Everlake Life

Northbrook, Illinois, United States

Everlake Life is an insurance company specializing in life insurance and annuities. Everlake utilizes experience and financial strength to provide customers with high-quality service and policy solutions to meet their needs. Everlake Life was formed in 1957 and is based in Northbrook, Illinois.

Sell $4.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-30 Allstate - Group Health business

Northbrook, Illinois, United States

Allstate's Group Health business provides various health coverage options designed to meet the needs of small and mid-sized businesses. Allstate's Group Health business is based in Northbrook, Illinois.

Sell $1.3B
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