...NEW YORK (S&P Global Ratings) Jan. 27, 2021--S&P Global Ratings today said its ratings on The Allstate Corporation ("Allstate" or "the company") (A-/Stable/A-2) are unaffected by the announced sale of Allstate Life Insurance Company to funds managed by Blackstone for approximately $2.8 billion. The sale will result in a recorded GAAP loss of approximately $3.1 billion, expected to be recorded in the first quarter of 2021. While the loss recognition will negatively impact earnings, the transaction reflects Allstate's commitment to eliminate exposure to the annuity segment and investment risks associated with higher-crediting-rate policies, which have generally dragged down returns for the overall group. Additionally, it allows the Company to focus on strong growth and higher-return business lines, mainly the auto, home, and protection segments. Allstate will continue to offer its customers life insurance provided by third-party insurers. The sale did not include Allstate Life Insurance Company...
