The Standard completes acquisition of Allstate employer voluntary benefits business

PORTLAND, Ore. — StanCorp Financial Group, Inc. (The Standard) today announced the closing of the acquisition of Allstate’s Employer Voluntary Benefits business in accordance with the terms of the agreement reported on Aug. 13, 2024. The agreement includes a future distribution partnership through which certain of The Standard’s products and services will be made available to Allstate customers.

“This transaction presented a unique opportunity to accelerate our growth strategy and deliver one of the most comprehensive workplace benefits portfolios in the market,” said Dan McMillan, president and CEO of The Standard. “I look forward to welcoming the Allstate employees and customers to The Standard.”

The transaction combines the deep expertise of two leading workplace benefits providers who share a commitment to customer service. The acquired Allstate Employer Voluntary Benefits business, which is largely comprised of American Heritage Life Insurance Company, will operate under The Standard brand after a period of time. The companies are committed to a seamless transition for clients and partners.