(RTTNews) – StanCorp Financial Group, Inc. has agreed to buy the Life & Disability business from Elevance Health (ELV) and enter into a product distribution partnership.

Upon closing, The Standard will acquire Elevance Health’s life, disability, accidental death and dismemberment, absence management and paid family leave businesses.

The transaction will significantly accelerate The Standard’s growth and expand the scale and competitive position of the company’s employee benefits business in the U.S.

As of Dec. 31, 2022, Elevance Health served 4.8 million covered lives concentrated in 14 states.

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