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posted: 11/2/2021 2:31 PM

Allstate completes sale of life and annuity businesses

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NORTHBROOK -- Allstate Corp, Tuesday said it has closed on the sale of Allstate Life Insurance Co. and certain subsidiaries to entities managed by Blackstone Insurance Solutions for total proceeds of $4 billion.

Final proceeds include Blackstone's approximately $2.8 billion purchase price, as well as increases in statutory surplus funds since March 31.

"Allstate's strategy is to increase personal property-liability market share and expand protection offerings to customers. This sale redeploys capital into highly attractive property-liability and protection service businesses and reduces interest-rate exposure," said Tom Wilson, chair, president and CEO of Allstate.

About $1.7 billion of deployable capital was generated by these transactions and was considered when authorizing the insurer's current $5 billion share repurchase program, Allstate said.