Allmerica Financial Corporation has agreed to sell off the last of its life insurance business.[@@]
The company, based in Worcester, Mass., says it has entered into an agreement with the Goldman Sachs Group Inc. to sell its variable life insurance and variable annuity businesses.
AFC says it will ask the Massachusetts Division of Insurance for a dividend of $40 million from its remaining life business. It projects total cash proceeds from the sale and the dividend to be around $385 million.