BIRMINGHAM, Ala.--(BUSINESS WIRE)--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 Great-West Life & Annuity Insurance Company (GWL&A) to
acquire via reinsurance substantially all of its individual life and
annuity business. The transaction was announced on January 24, 2019.
The transaction is expected to represent a capital investment by
Protective of approximately $1.2 billion and is the company’s largest
acquisition to date. The business being transferred, which has been
marketed under the Great-West Financial brand, includes bank-owned and
corporate-owned life insurance, single premium life insurance,
individual annuities, and a portion of Great-West’s closed block life
insurance and annuities. GWL&A is retaining a block of participating
policies, which will now be administered by Protective.
"We are proud to announce the closing of our 57th
acquisition,” said Richard J. Bielen, Protective’s President and Chief
Executive Officer. “This is an exciting time in Protective’s history.
The addition of this seasoned, stable block of business diversifies our
product mix, while providing strategic opportunities in the bank
distribution channel and competitive positioning in new markets. We look
forward to the opportunity to serve more customers.”
This is the fourth acquisition completed since Protective became part of
Dai-ichi in 2015. Dai-ichi considers Protective to be its North American
growth platform and continues to aim for further expansion in the
region, through both acquisitions and organic growth in Protective’s
retail sales.
Morgan Stanley & Co. LLC acted as financial advisor to Protective for
the transaction and Willkie Farr & Gallagher LLP acted as legal counsel.
About Protective Life Corporation
Protective Life Corporation (Protective) provides financial services
through the production, distribution and administration of insurance and
investment products throughout the U.S. Protective traces its roots to
its flagship company, Protective Life Insurance Company – founded in
1907. Throughout its more than 110-year history, Protective’s growth and
success can be largely attributed to its ongoing commitment to serving
people and doing the right thing – for its employees, distributors, and
most importantly, its customers. Protective’s home office is located in
Birmingham, Alabama, and its 3,000+ employees are located in offices
across the United States. As of March 31, 2019, Protective had assets of
approximately $92 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.
Brittnie Bordonaro
Corporate Communications
(205) 268-8611
brittnie.bordonaro@protective.com