Protective Life Corp., U.S.-based unit of Japanese insurer Dai-ichi Life Holdings, Inc., plans to acquire all individual life insurance and annuity business owned by rival Great-West Life & Annuity Insurance Co.
The proposed business, which is marketed under 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.
Protective Life Corp, via its subsidiaries, Protective Life Insurance Co., and Protective Life & Annuity Insurance Co., will acquire the unit for approximately $1.2 billion, subject to adjustment.
The deal is expected to occur in the first half of 2019, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions.