TOKYO: Japan’s Dai-ichi Life Insurance Co has agreed to buy US peer Protective Life for US$5.7bil, the largest acquisition by a Japanese insurer, displaying its determination to grow overseas to counter weak prospects at home.
Dai-ichi Life, Japan’s second-largest privatesector life insurer, said it would issue up to 250 billion yen (US$2.4bil) in new shares to help finance the widely expected purchase of Protective Life.
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