Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade ALL now with 

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.

Click here to receive FREE breaking news email alerts for Allstate Corp and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
First-time claims for U.S. unemployment benefits unexpectedly decreased in the week ended September 27th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims fell to 287,000, a decrease of 8,000 from the previous week's revised level of 295,000. After ending the previous session sharply lower, stocks may see some further downside in early trading on Thursday. The major index futures are currently pointing to a moderately lower open for the markets, with the Dow futures down by 31 points. The European Central Bank left its key interest rates unchanged at a record low, after reducing them in a surprise move last month, as economic momentum in the euro area remains subdued. The Governing Council, led by President Mario Draghi, held the refinancing rate at a record low 0.05 percent following its policy meeting in Naples, Italy on Thursday.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.