Allstate Sells Voluntary Benefits Subsidiaries
Piper Sandler Maintains Overweight Rating
Northbrook, Ill., August 13, 2024
The Allstate Corporation (NYSE: ALL) announced today that it has agreed to sell its subsidiaries that provide employer voluntary benefits to an undisclosed buyer. The transaction is expected to close in the fourth quarter of 2024.
Allstate's voluntary workplace benefits business was combined with National General's group and individual health businesses in 2021. Piper Sandler analyst Paul Newsome maintained a Buy rating on Allstate, citing potential benefits from the divestiture.
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