Allstate (ALL) shares reached an all-time high Wednesday after the insurance provider announced it sold its Employer Voluntary Benefits business to 澳洲幸运5官方开奖结果体彩网:privately owned StanCorp Financial Group, alܫso known as The Standard, for $2 billion.

The insurer said Tuesday that the move was the first step in its plan to enable its three Allstate Health & Benefits insurance units—Employee Voluntary Benefits, Individual Health, and Group Health—to "realize their full growth potential by combining them with companies that have additional capabilities." 

Allstate Aims To Sellꦜ Two Other Health & Benefits Units

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Tom Wilson said that Allsta💟te was continuing discussions to sell off the Indi✅vidual Health and Group Health segments, which "are expected to achieve the same success."

澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Jess Merten said that Allstate believes the agreement with StanCorp will "generate a gain of about $600 million and increase deployable capital by $1.6 billion." Merten added that adjusted net income 澳洲幸运5官方开奖结果体彩网:return on equity will decline by about 100 澳洲幸运5官方开奖结果体彩网:basis points (bps) after the closing of the transaction, which is expected in the first half of n♔ext year. 

Allstate stock jumped 4.7% as of 3 p.m. ET Wednesday to $180.05 after earlier hitting $181.28, a new all-time high, and joined the top four performers for the day in the S&P 500. Shares have ✃risen about 29% in 2024.