(Reuters) – U.S. casualty insurer Allstate (NYSE:) has sold its voluntary benefits business to StanCorp Financial Group for $2 billion in cash, Allstate announced on Tuesday.
StanCorp’s Japanese parent Meiji Yasuda Life Insurance said the acquisition of Allstate units under the ‘American Heritage’ brand would be completed in the April-June 2025 quarter, subject to regulatory approvals in the US and Japan .
Meiji Yasuda said in a statement that overseas operations are a key element in its plan to earn a base profit equivalent of 100 billion yen ($680 million) by the 2026/2027 financial year, and that it will continue to explore further investment opportunities.
($1 = 147.1000 yen)
