Japan's Meiji Yasuda buys Allstate's voluntary benefits business for $2 billion

Quick Summary:

:U.S.casualty insurer Allstate has sold its employer voluntary benefits business to StanCorp Financial Group for $2 billion in cash, Allstate announced on Tuesday.

Meiji Yasuda said in a statement overseas business was a key element in its plan to earn 100 billion yen ($680 million) base profit equivalents by financial year 2026/2027, and it would continue to explore further investment opportunities.

StanCorp's Japanese parent company, Meiji Yasuda Life Insurance, said the acquisition of Allstate units under the "American Heritage" brand was set to close by the April-June 2025 quarter, subject to regulatory approvals in the U.S.and Japan.

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Category: EconomyBusiness

Markets: SingaporeJapan

Topics: Continue Financial Business Mediacorp Casualty Yasuda Allstate Stancorp Meiji Experience Billion

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-14 @ 06:03:08 (7 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

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