Genworth completes sale of blocks of term life insurance policies to Protective Life Insurance Co.
Henrico County-based Genworth Financial Inc. has completed the sale of certain blocks of term life insurance policies to Protective Life Insurance Co.
When the deal was announced in September 2015, Protective’s estimated capital investment in Genworth’s blocks of term life insurance was $661 million.
“The transaction represents another action toward increasing Genworth’s financial flexibility and strength by generating capital from low return blocks,” Genworth said in a statement.
Protective is headquartered in Birmingham, Ala. The company, a wholly owned U. S. subsidiary of the Japan-based Dai-ichi Life Insurance Co., provides financial services through the production, distribution and administration of insurance and investment products.