logo
Share SHARE
FONT-SIZE Plus   Neg

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

The Allstate Corp. (ALL: Quote) 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

Editors Pick
Internet video service Sling TV, on Wednesday said HBO would be available in time for the "Game of Thrones" and "Silicon Valley" season premieres on April 12, but did not specify a launch date. Memory chip maker Micron Technology, Inc. said Wednesday after the markets closed that its second quarter profit rose 28% from last year, helped by higher sales and lower income tax expenses. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly sales. Apple Watch is expected to post robust sales in the first weekend after its launch on April 24. A craze for Apple Watch may catapult the smartwatch industry into a lucrative market, while a not-so-impressive response for the Apple device may weigh on the industry.
comments powered by Disqus
Follow RTT