Including tax benefits, Allstate expects to generate cash proceeds of an estimated $785 million from the transaction. The sale of LBL will also lower Allstate's required capital requirements by about $1 billion, the company said. A GAAP loss on sale of an estimated $475 million to $525 million, and a decline in GAAP equity between $575 million and $675 million, are expected. The transaction will likely close by year end, and is subject to customary closing conditions.