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
Morgan Stanley (MS) reported fourth-quarter net income applicable to company of $1.7 billion, or $0.81 per share compared with income of $908 million, or $0.39 per share, for the same period a year ago. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share... A federal judge this week ruled in favor of media company Viacom, stating that the fictional restaurant "The Krusty Krab" in the animated television series "SpongeBob SquarePants" is worthy of trademark protection. SpongeBob is aired by Viacom's Nickelodeon cable network. British American Tobacco plc Tuesday said it has agreed to buy the remaining 57.8 percent of Reynolds American Inc. it does not already own in $49.4 billion cash and stock deal. The companies said the deal would create a stronger, truly global tobacco and Next Generation Products company. The British tobacco major currently owns 42.2 percent of Reynolds.
comments powered by Disqus
Follow RTT