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

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7/17/2013 7:08 PM ET

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.

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by RTT Staff Writer

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