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April 4, 2023

The Standard

Portland-based StanCorp Financial Group (The Standard) and Elevance Health announced a definitive agreement under which The Standard will acquire the Life & Disability business from Elevance Health and enter into a product distribution partnership. The Standard, a group life, disability and ancillary benefit provider, was founded in 1906. Elevance Health provides health solutions that serve customers through a portfolio of medical, digital, pharmacy, behavioral, clinical, and complex care solutions. Its Life & Disability unit provides life, disability and related employee benefits. The distribution agreement partners The Standard's sales team with Elevance Health's medical sales team, expanding The Standard's network and bringing a life and disability partner to Elevance Health customers. Upon closing, The Standard will acquire Elevance Health's life, disability, accidental death and dismemberment, absence management and paid family leave businesses. Citi is acting as financial advisor and Debevoise & Plimpton is acting as legal advisor to The Standard. Barclays is acting as financial advisor and Faegre Drinker is acting as legal advisor to Elevance Health.




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