Protective Life Corporation (“Protective”), a wholly owned U.S.
subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), announced today
that its principal subsidiary, Protective Life Insurance Company
(“Protective Life”), and Protective Life & Annuity Insurance Company,
completed the transaction with Lincoln Financial Group (“Lincoln”) to
acquire via reinsurance substantially all of the individual life and
annuity business of Liberty Life Assurance Company of Boston (“Liberty
Life”). The reinsurance transaction closed in conjunction with Lincoln’s
acquisition of Liberty Life from affiliates of Liberty Mutual Group Inc.
The transaction was originally announced on January 19, 2018.
The transaction is expected to represent a capital investment by
Protective of approximately $1.2 billion.
"We are pleased to announce the closing of our 49th life
and annuity acquisition, the largest in our history,” said Richard J.
Bielen, Protective’s President and Chief Executive Officer. “The
addition of this stable, high-quality block of business provides us with
a solid stream of earnings along with the unique opportunity to expand
our distribution network and significantly grow our retail business. It
is a testament to the strength and flexibility of our acquisition
capabilities here at Protective.”
ABOUT PROTECTIVE
Protective Life Corporation provides financial services through the
production, distribution and administration of insurance and investment
products throughout the U.S. The flagship subsidiary, Protective Life,
was founded in 1907. Protective’s home office is located in Birmingham,
Alabama. As of December 31, 2017, the Company had assets of
approximately $79.6 billion. Protective Life Corporation is a wholly
owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750). For more
information about Protective, please visit www.Protective.com.
Protective Life Corporation
Brittnie Bordonaro, 205-268-8611
Corporate Communications
[email protected]