Nationwide Life Insurance Company agreed to acquire Direct General Life Insurance Company/NSM Sales Corporation/Association Benefits Solution, LLC from The Allstate Corporation (NYSE:ALL) for $1.3 billion on January 30, 2025. The sale is expected to generate a financial book gain of about $450 million, increase deployable capital by $0.9 billion but reduce adjusted net income return on equity by 75 basis points after closing, which is expected in 2025. The transaction is subject to approval by regulatory board / committee. The transaction is expected to close in the second half of 2025. As of April 30, 2025 The transaction is expected to close in 2025.

JPMorgan Chase & Co. acted as financial advisor for The Allstate Corporation. Ardea Partners LP acted as financial advisor for The Allstate Corporation. Willkie Farr & Gallagher LLP acted as legal advisor for The Allstate Corporation. Citigroup Inc. acted as financial advisor for Nationwide Life Insurance Company. Michele L. Connell of Squire Patton Boggs LLP acted as legal advisor for Nationwide Life Insurance Company.

Nationwide Life Insurance Company completed the acquisition of Direct General Life Insurance Company/NSM Sales Corporation/Association Benefits Solution, LLC from The Allstate Corporation (NYSE:ALL) on July 1, 2025.