Dai-Ichi to Acquire Great-West U.S. Individual Life and Annuity Lines

January 29, 2019 by Allison Bell

A Japanese life insurer is acquiring a Canadian life insurer’s U.S. individual life and annuity business.

Protective Life Corp., a U.S.-based subsidiary of Dai-ichi Life Holdings Inc. of Tokyo, has agreed to acquire most of the U.S. individual life and annuity business of Great-West Lifeco Inc. through a reinsurance arrangement.

The deal has a value of about $1.2 billion, in U.S. dollars, according to Protective Life and Great-West.

Great-West says the businesses being transferred reported $95 million in net earnings during the first three quarters of 2018, meaning that the deal value amounts to about 9.7 times annual earnings.

Click HERE to read the full story via ThinkAdvisor.

Originally Posted at ThinkAdvisor on January 24, 2019 by Allison Bell.