The Standard completes acquisition of Elevance Health life and disability business

PORTLAND, Ore. — April 1, 2024 — StanCorp Financial Group, Inc., also known as “The Standard,” today announced the closing of the acquisition of Elevance Health’s life and disability insurance business 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 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, working with 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.”

As of Dec. 31, 2022, Elevance Health served 4.8 million covered lives concentrated in 14 states.