Dai-Ichi Life's Protective Life completes initial reinsurance block transfer
Dai-ichi Life Holdings (TSE:8750) announced that its subsidiary, Protective Life Corporation, has completed the first phase of its reinsurance transaction involving certain insurance blocks. The initial closing, effective April 1, 2025, (local time) involved the transfer of approximately 65% of the targeted block, which represents about USD 9.7 billion in stat-based policy reserves. This progress is based on the master transaction agreement executed on March 6, 2025. The remaining portion of the reinsurance is slated for completion following the establishment of a captive entity, projected between April and October 2025. The company expects the transaction, including the residual reinsurance, to result in an increase exceeding 30% of its consolidated net assets as of the fiscal year ending March 31, 2024. Dai-ichi Life affirms this transaction will not have a substantial impact on its consolidated financial results for the fiscal year ending March 31, 2025.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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