Elevance Health closes life, disability benefits business divestiture

Elevance Health has closed the divestiture of its disability, accidental death and dismemberment, absence management, and paid family leave businesses to the Standard. 

The deal was first announced in March 2023. The Standard is a Portland, Ore.-based disability and life insurance and employee benefits provider. 

As part of the acquisition, the two companies will enter a product distribution partnership, according to an April 1 news release. The Standard's life and disability offerings will be available to Elevance Health medical customers. 

Elevance's life and disability business covers 4.8 million lives in 14 states. The financial terms of the deal were not disclosed. 

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