Blackstone Group Inc. agreed to buy a life business from Allstate Corp. for $2.8 billion as the private equity firm expands its foothold in the insurance industry.

Entities managed by Blackstone will purchase Allstate Life Insurance Co., the insurer said in a statement. Allstate will retain a New York life business and is seeking a way to sell or transfer risk from that unit to a third party.

Allstate has been looking to pivot away from life insurance and annuities as the Northbrook, Illinois-based firm focuses more on property-casualty products such as identity protection and personal coverage. The deal will help Blackstone expand further into life insurance and annuities after its work with FGL Holdings, which was bought by Fidelity National Financial Inc. last year.

The move helps Allstate deploy capital out of lower-growth businesses amid its plan to boost market share in personal property-liability, Chief Executive Officer Tom Wilson said in the statement.

Private equity firms such as Blackstone and Apollo Global Management Inc. have been drawn to annuity businesses for a steady stream of assets that can be invested.

“We believe our team’s extensive experience in the insurance sector and world-class asset origination capabilities will deliver significant benefits to policyholders and investors over the long term,” Gilles Dellaert, global head of Blackstone’s insurance solutions business, said in the statement.