logo
Share SHARE
FONT-SIZE Plus   Neg

Allstate Corp. To Sell Lincoln Benefit Life Co. For $600 Mln - Quick Facts

The Allstate Corp. (ALL) Wednesday announced agreement to sell its Lincoln Benefit Life Co. to Resolution Life Holdings, Inc. for $600 million, thereby exiting the consumer segment served by independent life insurance and annuity agencies.

Allstate Financial will also discontinue issuing fixed annuities at year-end 2013 and utilize third party annuity companies. The transaction reduces required capital in Allstate Financial by approximately $1 billion.

"The sale allows the company to focus on the Allstate agency channel while still providing a broad suite of products for our customers," said Thomas Wilson, Chairman, President and CEO.

The sale is estimated to generate an after-tax loss on sale in the range of $475 million to $525 million and a statutory gain in the order of $350 million to $400 million.

The transaction is expected to close by the end of the year, subject to customary regulatory approvals.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Telecommunications firm Sprint has extended its Black Friday unlimited data offer for a limited time, the company said in a statement on Monday. When customers switch at least one line to Sprint and sign up for Unlimited Freedom with AutoPay, they get unlimited data, talk and text starting at just $20 per month/line for a family of five until January 31, 2018. Shares of Cerecor Inc. (CERC) plunged over 13% on Monday on disappointing top-line clinical results from its phase II clinical trial of CERC-501 for smoking cessation. A US accounting watchdog slapped $8 million fine on Deloitte's Brazil division for issuing false audits of US-traded Brazilian airline Gol Intelligent Airlines in 2010. The agency also said that the company then doctored papers to thwart an investigation. The Public Company Accounting Oversight Board or PCAOB also announced a $750 thousand settlement with Deloitte Mexico.
comments powered by Disqus
Follow RTT