By Josh Beckerman

 

Allstate Corp. agreed to sell Allstate Life Insurance Co. for $2.8 billion to Blackstone Group Inc.

Allstate said it is "deploying capital out of lower growth and return businesses" while continuing its strategy to grow market share in personal property-liability.

ALIC holds about 80%, or $23 billion, of Allstate's life and annuity reserves.

 

Write to Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

January 26, 2021 18:32 ET (23:32 GMT)

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