Bank of America (NYSE:BAC) announced today that it will sell its Balboa Life Insurance unit to Securian Financial for an undisclosed amount. The move could be seen as a continuation of the bank’s strategy of selling off non-core units ahead of new regulations boosting capital requirements. Bank of America expects to record a pre-tax gain of $750M from the sale, which is expected to be completed by October 1, and that the deal will not be material to its earnings. Bank of America has a potential upside of 56.2% based on a current price of $10.77 and an average consensus analyst price target of $16.81.