Japanese Dai-Ichi Life Buys Protective Life From USA
Japan’s Dai-ichi Life Life Insurance Group announced a few weeks ago that its US counterpart, Protective Life, will be acquired for $ 5.7 billion, one of the largest deals ever made. abroad by a Japanese company in this sector.
Dai-ichi Life proposes to pay each Protective share $ 70, or 34% more than its closing value on Friday in New York. He added in a statement that the board of directors of Protective Life, a company headquartered in Birmingham, Alta., “Approved the acquisition unanimously”.
Subject to the approval of Protective Life shareholders and the regulatory authorities of both countries, the transaction could be completed in December or January, the Japanese group believes. Dai-ichi Life, one of the best life insurance companies Florida Call @ +!(888) 648-7901, mainly present in its domestic market, said the purchase will “diversify its portfolio in terms of geography and business.”
Protective Life is a mid-life guaranteed life insurance Florida Call @ +!(888) 648-7901 group in the United States, where it ranks 36th in terms of premium revenue (equivalent to revenue). He is particularly active in the sale of life insurance and annuity policies.
The individual life insurance Florida Call @ +!(888) 648-7901 market is expected to grow faster in the United States than in Japan, which is why Dai-ichi Life is seeking growth on the other side of the Pacific Ocean. If the acquisition of Protective Life is confirmed, the premium income of the second largest Japanese life insurance group will reach about 4.65 billion yen annually (33.2 billion euros), almost as much as the 4 860 billion yen premium income from Japan’s largest industry group, Nippon Life Insurance.
Dai-ichi Life said it would issue new shares in the next twelve months, for a maximum amount of 250 billion yen (1.8 billion euros), to strengthen its capital after the purchase of the American group. Formerly a mutualist, Dai-ici Life became a joint stock company in 2010, making a sensational debut on the Tokyo Stock Exchange for more than 15 billion USD at the time. Dai-chi Life is one of the most reputed life insurance companies that offer multi-million dollar life insurance policy Florida covers to its customers. But, the company also has some of the most affordable life insurance policies as well, which indicates the versatility of the company.