Blackstone Group acquired Allstate life insurance unit for $2.8 billion. 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.
Allstate Life Insurance posted a net income of $467 million in 2019 but incurred a net loss of $23 million for the first nine months of 2020. The acquisition is subject to regulatory approval and could close in the second half of 2021.
Past deals that involves financial companies, the company wants to
In many deals involving financial buyers, the newcomers aim to profit from investment-management fees and by savvy investments of the premiums paid by customers. Many deals have involved a basic savings product known as a fixed annuity, similar to a bank certificate of deposit.
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