The Canadian Press - ONLINE EDITION

Japan Dai-ichi Life to buy insurer Protective Life for $5.7 billion, eager to expand globally

  • Print

TOKYO - Japanese insurer Dai-ichi Life Insurance Co. is acquiring Protective Life Corp. of the U.S. for $5.7 billion.

The deal, which will make the American company a wholly-owned subsidiary of Dai-ichi Life, underlines the ambitions of Japan's insurance companies to expand abroad. The local market is shrinking as the Japanese population ages.

Dai-ichi said Wednesday that the acquisition will help realize its aspirations to become a global insurer. It said it was eager to do more business in the U.S., the world's largest life insurance market, although specific plans for that expansion were still undecided.

Dai-ichi, Japan's No. 2 life insurance company, already operates in Vietnam, Thailand, India, Indonesia and Australia in addition to Japan.

Protective Life, based in Birmingham, Alabama, is a medium-size insurer in the individual life and annuities business nationwide. It has a market share ranking of 36th in the U.S. as measured by group premium income.

Dai-ichi said it plans to change its management structure to ensure it keeps growing in the U.S.

The deal is subject to approval by Protective Life shareholders, in a vote set for August or September, and regulatory approval in both Japan and the U.S. The deal is expected to be completed by the end of this year or January 2015, according to Dai-ichi.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

O'Shea says the team is going to stick to the plan after first loss

View more like this

Photo Store Gallery

  • A young gosling flaps his wings after taking a bath in the duck pond at St Vital Park Tuesday morning- - Day 21– June 12, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • Marc Gallant / Winnipeg Free Press.  Local- (Standup Photo). Watcher in the woods. A young deer peers from the forest while eating leaves by Cricket Drive in Assiniboine Park. A group of eight deer were seen in the park. 060508.

View More Gallery Photos

Poll

Should political leaders be highly visible on the frontlines of flood fights and other natural disasters?

View Results

View Related Story

Ads by Google