|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||117.15 - 117.15|
|52-week range||117.15 - 117.15|
|Beta (5Y monthly)||0.83|
|PE ratio (TTM)||6.77|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
The big shareholder groups in The Allstate Corporation ( NYSE:ALL ) have power over the company. Institutions will...
Allstate's (ALL) divestiture of ALNY is indicative of its efforts to boost focus on high-growth areas of personal Property-Liability and Protection Services businesses.
(Bloomberg) -- Allstate Corp. struck another deal to sell part of a life-insurance business and warned investors that the divestitures will result in a roughly $4 billion net loss in the first quarter.Wilton Re agreed to pay $220 million to buy Allstate Life Insurance Co. of New York in a transaction that will complete Allstate’s exit from the life and annuity market, according to a statement Monday. In January, Allstate reached a deal to sell a life business to Blackstone Group Inc. for $2.8 billion.Allstate has been adjusting its strategy to focus more on personal property-liability coverage, expanding its distribution with independent agents through a $4 billion agreement to buy National General Holdings Corp. that was completed this year. The two life-insurance divestitures will contribute to the estimated $4 billion net loss under generally accepted accounting principles, while also generating $1.7 billion of deployable capital, the company said.What Bloomberg Intelligence Says“Allstate’s sale of the rest of its life and annuity unit is a positive, narrowing its focus to P&C, and we believe it should boost return on equity.”-- Matthew Palazola, senior industry analyst“This transaction has minimal impact on our strategy of increasing market share in personal property-liability and expanding protection solutions for customers,” Allstate Chief Financial Officer Mario Rizzo said in the statement. “Wilton Re is a trusted name with a history of excellent customer service and expert management of life-insurance and annuity portfolios.”Allstate also agreed to contribute $660 million of capital into the New York life business unit and then receive the $220 million payment from Wilton Re. Both the New York sale and the deal with Blackstone are expected to be completed in the second half of this year, Allstate said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.