UnitedHealthcare Acquires Major Stake in Health and Benefits Portfolio

Allstate Closes Sale of One of Its Health and Benefits Businesses

Northbrook, IL - Allstate Corporation, a leading provider of insurance and financial services, announced today that it has completed the sale of one of its health and benefits businesses, Allstate Benefits, to Cigna Corporation.

The sale, which was first announced in November, marks the culmination of Allstate's efforts to streamline its operations and focus on its core insurance business. Allstate Benefits, which provides employee benefits and health insurance solutions, will now become part of Cigna's global health and benefits portfolio.

"This sale is a significant step forward in our efforts to simplify and focus our business," said Tom Wilson, Allstate's President and CEO. "We are pleased to have found a new home for Allstate Benefits, where it will continue to thrive and provide value to its customers."

The sale is expected to generate approximately $300 million in after-tax proceeds for Allstate, which will be used to strengthen the company's financial position and support its ongoing business initiatives.

Cigna, a leading global health insurance company, will absorb Allstate Benefits' employees, customers and operations, expanding its presence in the employee benefits and health insurance markets.

The transaction is effective immediately, and Allstate will begin winding down its operations related to Allstate Benefits. The company will continue to operate its core insurance business, including property, casualty, life and retirement products and services.