The Standard Completes Acquisition of Allstate Employer Voluntary Benefits Business

PORTLAND, Ore.--(BUSINESS WIRE)--StanCorp Financial Group, Inc. (The Standard) today announced the closing of the acquisition of Allstate’s Employer Voluntary Benefits business in accordance with the terms of the agreement reported on Aug. 13, 2024. The agreement includes a future distribution partnership through which certain of The Standard’s products and services will be made available to Allstate customers.

“This transaction presented a unique opportunity to accelerate our growth strategy and deliver one of the most comprehensive workplace benefits portfolios in the market,” said Dan McMillan, president and CEO of The Standard. “I look forward to welcoming the Allstate employees and customers to The Standard.”

The transaction combines the deep expertise of two leading workplace benefits providers who share a commitment to customer service. The acquired Allstate Employer Voluntary Benefits business, which is largely comprised of American Heritage Life Insurance Company, will operate under The Standard brand after a period of time. The companies are committed to a seamless transition for clients and partners.

About The Standard

The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and group vision insurance, voluntary and supplemental benefits, absence management and paid family leave services, retirement plans products and services and individual annuities. For more information about The Standard, visit standard.com and follow us on LinkedIn and Instagram.

About Allstate

The Allstate Corporation (NYSE: ALL) protects people from life’s uncertainties with a wide array of protection for autos, homes, electronic devices, and identity theft. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online, and at the workplace. Allstate is widely known for the slogan “You’re in Good Hands with Allstate.” For more information, visit www.allstate.com.

Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.