Allstate Completes $1.25 Bln Sale Of Group Health Business To Nationwide

(RTTNews) - The Allstate Corporation (ALL) has finalized the $1.25 billion sale of its Group Health business to Nationwide.

This divestiture is part of a broader $3.25 billion transaction that includes the sale of its Employer Voluntary Benefits business.

Allstate CEO Tom Wilson stated the sale enhances shareholder value and offers greater growth potential for Group Health under Nationwide's stop-loss insurance operations.

CFO Jess Merten noted the transaction is expected to result in a financial book gain of approximately $500 million.

ALL currently trades at $200.46 or 0.42% lower on the NYSE.