Dai-ichi Life Holdings Inc. has announced that a U.S. subsidiary has agreed to transfer insurance blocks amounting to about $9.7 billion in policy reserves. The transfer is intended to improve the company’s earnings.
Protective Life Corp., a wholly-owned subsidiary of Dai-ichi Life based in Birmingham, Alabama, will cede the blocks to Resolution Life Group Holdings Ltd., a reinsurance firm. The Tokyo-based insurer anticipates an improvement in its adjusted profit of approximately $30–40 million in the medium to long term due to the transaction, according to a company statement.
