06:05 PM EDT, 08/13/2024 (MT Newswires) -- Allstate ( ALL ) said Tuesday it signed an agreement to sell all of the shares of its wholly-owned indirect subsidiaries for $2 billion in cash to StanCorp Financial Group.

American Heritage Life Insurance and American Heritage Service comprise Allstate's ( ALL ) employer voluntary benefits business, according to a regulatory filing.

The deal is subject to regulatory approvals and customary closing conditions. StanCorp is a subsidiary of Japan-based Meiji Yasuda Life Insurance.

Allstate ( ALL ) shares were up 1% in after-hours activity.

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