for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Allstate to sell life insurance company to Blackstone for $2.8 bln

Jan 26 (Reuters) - Allstate Corporation said on Tuesday it has agreed to sell its life insurance company to entities managed by buyout firm Blackstone Group Inc for $2.8 billion.

Allstate Life Insurance Company (ALIC) holds about 80% or $23 billion of Allstate’s life and annuity reserves and reported a net loss of $23 million for the first nine months of 2020, the insurer said.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up