StanCorp Financial Group, the Oregon-based US arm of Meiji Yasuda Life, agreed to buy Allstate's Employer Voluntary Benefits business, which sells workplace life, accident, critical illness and hospital indemnity coverage. StanCorp agreed to pay $2.0 billion in cash plus about $270 million of required statutory capital. The deal covers two Florida-based companies, American Heritage Life Insurance and American Heritage Service. The deal StanCorp, which does business as The Standard, agreed on August 13, 2024 to pay $2.0 billion in cash, plus about $270 million of required capital, for Allstate's Employer Voluntary Benefits business. The deal closed on March 31, 2025. Allstate was reported to book a gain of about $625 million. What it brings The business sells life, accident, critical illness, cancer and hospital coverage that employees buy at work through payroll deductions, covering more than 3.5 million people. Its main company, American Heritage Life of Jacksonville, Florida, is being rebranded under The Standard. Allstate's agents will also sell The Standard's group life, disability and voluntary products. A bigger Standard Meiji Yasuda bought StanCorp, based in Portland, Oregon, in 2016 for about $5 billion. This deal makes The Standard a much bigger player in workplace benefits, one of the fastest-growing parts of US life insurance.
