Allstate is looking to sell its health benefits division in 2024, CEO Tom Wilson told investors on a Nov. 2 quarterly earnings call.
The health benefits division is composed of group, individual and voluntary benefits offerings. It generated $2.3 billion in revenue and $240 million in adjusted net income over the last 12 months. The division has about 48,000 customers ranging from Fortune 50 companies to small businesses.
"The growth potential of these businesses can be accelerated with greater alignment with a wide range of companies in the market," Mr. Wilson said. "With its attractive business profile and financial results, we expect the transaction to be completed in 2024."