Allstate sells Lincoln Benefit Life Company - News, Weather and Sports for Lincoln, NE; KLKNTV.com

Allstate sells Lincoln Benefit Life Company

Posted: Updated:

Posted By:  KLKN Newsroom
8@klkntv.com

The Allstate Corporation announced Wednesday an agreement to sell its Lincoln Benefit Life Company to Resolution Life Holdings, Inc. for $600 million.  Lincoln Benefit Life employs about 700 people - most are located in the Lincoln office.  A spokesperson for Allstate could not confirm how many employees would be affected by the sale.

A press release says Lincoln Benefit Life will exit the consumer segment served by independent life insurance and annuity agencies and reducing required capital in Allstate Financial by approximately $1 billion.

"The sale of Lincoln Benefit Life aligns with our strategy to serve distinct customer segments with differentiated offerings in markets where we have a competitive advantage. This will sharpen Allstate Financial's focus on the Allstate agency channel while still providing a broad suite of products for our customers," said Thomas J. Wilson, chairman, president and chief executive officer of The Allstate Corporation. "This divestiture is one of many actions we have taken to strategically focus Allstate Financial and deploy capital to earn attractive risk-adjusted returns. This action also advances Allstate's key priorities, including reducing exposure to spread-based business and interest rates."

Based in Lincoln, Neb., LBL was founded in 1938 and acquired by Allstate in 1984. Lincoln Benefit Life products are sold through independent agents by means of master brokerage agencies, independent agents, and Allstate exclusive agencies in all states except New York, the District of Columbia, Guam and the U.S. Virgin Islands.

 

  • Most Popular StoriesMost Popular StoriesMore>>

  • UPDATE: Two people in critical condition after garage explosion

    UPDATE: Two people in critical condition after garage explosion

    UPDATE: Two people in critical condition after garage explosion

    Lincoln Fire and Rescue are responding to an apparent garage explosion at a home at 45th and South Streets.

    More >>

    Lincoln Fire and Rescue are responding to an apparent garage explosion at a home at 45th and South Streets.

    More >>
  • Hasting's man drowned in rural lake

    Hasting's man drowned in rural lake

       AYR, Neb. (AP) _ Sheriff's officials say a 67-year-old Hastings man has drowned in a southern Nebraska lake.      The Adams County Sheriff's Office says Loren Winkelbauer drowned Friday afternoon at Crystal Lake Recreation Area. Witnesses told investigators that Winkelbauer was camping at the park when his hat blew into the lake. Witnesses say he went into the water to retrieve it, went under and did not resurface.      Emergency responders...

    More >>

       AYR, Neb. (AP) _ Sheriff's officials say a 67-year-old Hastings man has drowned in a southern Nebraska lake.      The Adams County Sheriff's Office says Loren Winkelbauer drowned Friday afternoon at Crystal Lake Recreation Area. Witnesses told investigators that Winkelbauer was camping at the park when his hat blew into the lake. Witnesses say he went into the water to retrieve it, went under and did not resurface.      Emergency responders...

    More >>
  • Garth's 'Teammates' also in town, spreading love

    Garth's 'Teammates' also in town, spreading love

    Garth Brooks' World Tour doesn't just feature him playing for thousands of fans.

    More >>

    Garth Brooks' World Tour doesn't just feature him playing for thousands of fans.

    More >>
Powered by Frankly
All content © Copyright 2000 - 2017 KLKN. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.