Allstate Insurance Co. has put portions of its corporate group life and health insurance operations up for sale, saying it wants to focus on individual policies and agent-offered group programs.
Allstate, a subsidiary of Sears, Roebuck and Co., retained Goldman, Sachs and Co. as its financial adviser in the proposed sale.Allstate specifically proposes to eliminate the corporate accounts and group brokerage operations of its subsidiary, Allstate Life Insurance Co.
But Allstate Life Chairman Herbert E. Lister emphasized that the firm's group pension and agent group operations will not be affected.
"We've determined that in the life-health area, Allstate's resources will be better directed toward products and services upon which we can apply our traditional strengths with the American consumer," Lister said.
"We will focus our marketing strategies on individual life insurance, investment products and group policies sold by Allstate insurance agents," he said.
Lister said the operations up for sale account for less than 20 percent of Allstate Life's total revenues.
"It is our intention to sell these divisions as operating businesses to a qualified buyer who is able to continue to provide the high quality of service that our customers deserve and expect," Lister said.
"We plan to ensure that our customers do not experience any interruption in their coverage or service."