Fixed annuities no longer in Allstate’s hands
July 18, 2013 by Maria Wood
Allstate Corp. has agreed to sell its Lincoln Benefit Life Co. to Resolution Life Holdings Inc., for $600 million, yet another in a string of recent deals that have seen large insurers sell off their annuity businesses.
Once the deal is finalized, which should happen by the end of the year, Allstate will essentially abandon the consumer segment served by independent life insurance and annuity agencies. By doing so, the firm estimates it will reduce required capital in Allstate Financial by approximately $1 billion.
Originally Posted at LifeHealthPro on July 18, 2013 by Maria Wood.
Categories: Industry Articles