The Standard Closes Acquisition of Life & Disability Business from Elevance Health, Enters Distribution Partnership

PORTLAND, Ore.--(BUSINESS WIRE)--
StanCorp Financial Group, Inc. (“The Standard”) today announced the closing of the acquisition of the Life & Disability business from Elevance Health in accordance with the terms of the agreement reported on March 28, 2023. The agreement includes a 10-year distribution partnership whereby The Standard’s products and services will be made available to Elevance Health customers.

“This transaction is an important milestone in our growth in the employee benefits marketplace as well as the beginning of a new mutually beneficial partnership with Elevance Health,” said Dan McMillan, President and CEO of The Standard. “I look forward to welcoming the Life & Disability employees, customers and partners to The Standard.”

The transaction combines the deep expertise of two leading employee benefits providers who share a commitment to customer service. The combined life and disability benefits businesses will operate under The Standard brand and include the Elevance Health Life & Disability employees and operations. The distribution agreement partners The Standard's sales team with Elevance Health's medical sales team, bringing a trusted partner to Elevance Health customers for group life, short term and long term disability, accidental death and dismemberment insurance, and paid family leave and absence management services.

“We look forward to our continued partnership with The Standard and value their expertise in the Life & Disability business,” said Morgan Kendrick, Executive Vice President and President, Commercial Health Benefits at Elevance Health. “Together we’re committed to ensuring a seamless transition for the customers we collectively serve.”

“This transaction underscores The Standard’s commitment to the life, disability and absence management market, and further expands the scale and distribution network of our employee benefits business,” said David Payne, Vice President of Employee Benefits at The Standard. “We are excited to partner with Elevance Health to bring our workplace product offerings and capabilities to their customers.”

About The Standard

The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, paid family leave and absence management services, and retirement plans and annuities for employers and individuals. For more information about The Standard, visit standard.com or follow us on Facebook or LinkedIn.

About Elevance Health, Inc.

Elevance Health is a lifetime, trusted health partner fueled by its purpose to improve the health of humanity. The company supports consumers, families, and communities across the entire care journey – connecting them to the care, support, and resources they need to lead healthier lives. Elevance Health’s companies serve more than 115 million customers through a diverse portfolio of industry-leading medical, digital, pharmacy, behavioral, clinical, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on “X” and Elevance Health on LinkedIn.

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The Standard
Bob Speltz
971.212.9549

Bob.Speltz@standard.com

Elevance Health
Leslie Porras
Leslie.Porras@elevancehealth.com

Source: The Standard