India, Jan. 30 -- Allstate Corporation (ALL) Thursday said it has agreed to sell its Group Health business to Nationwide for $1.25 billion in cash.
For the first nine months of 2024, Group Health had revenues of $608 million and adjusted net income of $69 million.
"We reached another milestone in the strategy to maximize shareholder value by combining the Health & Benefits businesses with companies that have greater strategic alignment," said Tom Wilson, Allstate's Chair, President and CEO. "Group Health provides stop-loss insurance to small businesses, which will gain access to Nationwide's complementary product offerings. When combined with the previously announced sale of Employer Voluntary Benefits to StanCorp Financial Group, Inc., (...