Allstate to Sell Life Insurance Unit to Blackstone for $2.8 Billion

January 27, 2021 by Josh Beckerman

Private equity giant Blackstone Group Inc. has agreed to buy Allstate Life Insurance Co. from Allstate Corp. for $2.8 billion, the latest in a slew of deals between financial firms and life insurance businesses.

Allstate Life Insurance Co. holds about 80%, or $23 billion, of Allstate’s life and annuity reserves. The companies expect to close the deal in the second half of the year.

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Originally Posted at The Wall Street Journal on January 26, 2021 by Josh Beckerman.