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

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

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.

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.

($1 = 147.1000 yen)