Meiji Yasuda buys Allstate's American Heritage for $2b

The deal is expected to close by the second quarter of 2025.

StanCorp's parent company, Meiji Yasuda Life Insurance, has purchased Allstate’s employer voluntary benefits business “American Heritage”, reported Reuters.

The Japan insurer will be paying $2b in cash. The deal, announced on Tuesday, is expected to close by the second quarter of 2025, pending regulatory approvals in both the US and Japan.

Meiji Yasuda Life Insurance views this acquisition as part of its broader strategy to expand its overseas business. Meiji Yasuda aims to achieve a base profit equivalent of $680m by the 2026/2027 financial year and plans to continue exploring additional investment opportunities.