Metropolitan Life Insurance Co. and Allstate Insurance...

Metropolitan Life Insurance Co. and Allstate Insurance Co. have agreed in principle to Met Life’s acquisition of a segment of Allstate’s group life and health insurance operations. Allstate is a subsidiary of Sears, Roebuck & Co. Specifically, Met Life will purchase Allstate’s group brokerage operations, which accounted for $416 million in revenues in 1987. Allstate announced its intention to sell the group life and health unit on June 15 of this year.