Allstate Life

Allstate Life Insurance Company was incorporated and began business in 1957, extending the Allstate brand beyond auto and homeowners into long-term protection and retirement products.[1] For decades, life and annuity offerings were closely tied to Allstate's captive-agent distribution model, which enabled cross-selling to households that already used the brand for property and casualty coverage. The pitch was convenience: one advisor relationship, multiple coverage needs.

As market conditions changed, life and annuity economics changed with them. Prolonged low interest rates after the 2008 crisis increased the cost of supporting rich guarantees and made scale, asset management, and risk management even more important for companies that wanted to stay in the segment. Across the industry, insurers responded by adjusting product features, pricing, and investment strategy to keep promises sustainable.

In 2021, Allstate announced an agreement to sell its life and annuity businesses to entities managed by Blackstone, signaling a strategic shift back toward its core property and casualty focus.[2] The move reflects a broader pattern in which multi-line groups periodically reshape portfolios when capital-intensive businesses no longer fit growth priorities or risk appetite.

Sources: [1] Allstate statutory statement excerpt (incorporation and commencement date for Allstate Life Insurance Company): https://www.allstatecorporation.com/statements/statutory-statement/2006/allstate-life-insurance-company-2006-q4.pdf. [2] Allstate Newsroom press release announcing sale of life and annuity business to Blackstone-managed entities (2021): https://www.allstate.com/resources/allstate/about/press-room/allstate-to-sell-life-and-annuity.