Ameriprise completes sale of auto & home business

Ameriprise Financial (NYSE: AMP) today announced it has completed the sale of De Pere, Wisconsin-based Ameriprise Auto & Home to Madison, Wisconsin-based American Family Insurance Mutual Holding Company (American Family Insurance).

Ameriprise received gross proceeds of approximately $1.135 billion in cash. After a payment to an affinity partner, the net proceeds were approximately $1.035 billion, which is subject to certain post-closing financial adjustments.

Ameriprise decided to pursue the sale after completing a review of the Auto & Home business. The sale is consistent with Ameriprise’s strategic focus on its core growth areas of Advice & Wealth Management and Asset Management.

There are no contingent liabilities associated with this transaction except for customary post-closing financial adjustments and indemnification obligations.