Protective Life Sale To Close Feb. 1
December 17, 2014 by Kelly Poe
PROTECTIVE LIFE
COMPANY PURCHASE
The acquisition of Birmingham’sProtective Life Corp. by Japan’sDai-ichi Life Insurance Co. is expected to closeFeb. 1, Protective announced.
Tokyo-based Dai-ichi announced the$5.7 billion purchase in June.
Dai-ichi was founded in 1902 and sells life insurance inJapan, Vietnam,Australia,Thailand,Indonesia andIndia. It also has offices inNew York,Hong Kong,Beijing andShanghai. It employs 67,000 people inJapan and is the second-largest life insurance company there as measured by total assets.
Protective Life was founded in 1907 and has annual revenues of$4 billion.
This combined company will create the world’s 13th-largest insurance company, with total assets of$424 billion. Protective Life’s leadership and management team will operate out of the firm’s headquarters onU.S. 280. About 2,400 people work atProtective Life, and both companies have said they don’t expect changes in the number of employees.
The merger’s completion is subject to regulatory approval.
