StanCorp Financial Group, Inc. entered into a definitive agreement to acquire Life & Disability business of Elevance Health, Inc. on March 28, 2023. The Standard will also enter into a product distribution partnership. The distribution agreement partners The Standard's sales team with Elevance Health's medical sales team, expanding The Standard's network and bringing a trusted life and disability partner to Elevance Health customers for group life, short term and long term disability and accidental death and dismemberment insurance products, as well as paid family leave and absence management services. The acquisition further expands The Standard's distribution network and provides a trusted life and disability partner for 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.

Citigroup Inc. (NYSE:C) acted as financial advisor and E. Drew Dutton, Nicholas F. Potter, Megan K. Arrogante, Robert M. Fettman, Kim T. Le, Keith J. Slattery, Franklin L. Mitchell, Michael Bolotin, Daniel Priest, Caroline P. Geiger, Michael Schaper, Erica S. Weisgerber, Kyra K. Bromley and Johanna N. Skrzypczyk of Debevoise & Plimpton LLP acted as legal advisor to StanCorp Financial Group, Inc. Barclays Capital PLC acted as financial advisor and Faegre Drinker Biddle & Reath LLP acted as legal advisor to Elevance Health, Inc. (NYSE:ELV).