Allstate To Take $4 Billion Net Loss This Quarter On Life Sales

March 29, 2021 by Katherine Chiglinsky

Allstate Corp. struck another deal to sell part of a life-insurance business and warned investors that the divestitures will result in a roughly $4 billion net loss in the first quarter.

Wilton Re agreed to pay $220 million to buy Allstate Life Insurance Co. of New York in a transaction that will complete Allstate’s exit from the life and annuity market, according to a statement Monday. In January, Allstate reached a deal to sell a life business to Blackstone Group Inc. for $2.8 billion.

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Originally Posted at Financial Advisor on March 29, 2021 by Katherine Chiglinsky.