The Allstate Corporation has finalized the sale of its Group Health business to Nationwide for $1.25 billion. This transaction is part of a broader strategic move by Allstate, which includes selling its Group Health and Employer Voluntary Benefits businesses for a total of $3.25 billion.
Tom Wilson, Chair, President, and CEO of The Allstate Corporation, stated, "The sale delivers strong shareholder value and improves growth opportunities for Group Health by joining Nationwide’s stop-loss insurance business." He emphasized the strategic approach to capital management demonstrated through these sales.
Jess Merten, Allstate’s Chief Financial Officer, mentioned that "the sale of Group Health is expected to generate a financial book gain of approximately $500 million."
Allstate regularly updates financial information on its website www.allstateinvestors.com. The company offers protection across various domains including autos and homes and operates through multiple distribution channels.
Nationwide is recognized as one of the largest diversified insurance and financial services organizations in the United States. Headquartered in Columbus, Ohio, it holds an A+ rating from Standard & Poor’s and provides a wide range of products including auto, homeowners, life insurance, retirement plans, annuities, mutual funds among others.