Dai-ichi Life Holdings (TYO:8750) said its US subsidiary Protective Life Corporation will cede about $9.7 billion in policy reserves from universal life and structured settlement contracts to Resolution Life, according to a Friday filing on the Tokyo Stock Exchange.
The deal, set to close in phases through October, is expected to improve Dai-ichi's adjusted profit by $30 million-$40 million annually and raise its ESR by around two percentage points.
The transaction will not involve asset transfers, but future revenue and expenses from the ceded contracts will shift to Resolution Life.
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