Protective Life to acquire Portfolio Holding to expand F&I offerings

BIRMINGHAM - Protective Life Corporation, a U.S. subsidiary of Dai-ichi Life Holdings (TSE:8750), announced Thursday it has entered into an agreement to acquire Portfolio Holding, Inc. and its subsidiaries from Abry Partners. Dai-ichi Life, with a market capitalization of $25.37 billion, has seen its shares rise 15.29% over the past year.

Portfolio is a provider of reinsurance management services and finance and insurance products for automotive dealers across the United States. The acquisition is expected to close by the end of 2025, subject to regulatory approvals and customary closing conditions.

The deal will expand Protective’s finance and insurance offerings across automotive, RV, powersports and marine products. Portfolio, founded in 1990 and headquartered in Lake Forest, California, offers dealer participation programs that help dealers build wealth through reinsurance structures.

According to InvestingPro data, Dai-ichi Life Holdings currently trades at a P/E ratio of 11.81 and offers an attractive dividend yield of 9.32%. InvestingPro analysis suggests the stock is slightly undervalued based on its Fair Value assessment.

"Portfolio is a natural fit for Protective—not only for its complementary offerings, but for its shared commitment to innovation and dealer success," said Scott Karchunas, President of Protective’s Asset Protection Division, in a press release statement.

Jeremy Lux, CEO of Portfolio, stated that "joining with Protective opens an exciting new chapter for our team as we seek to scale our impact across the dealer community."

Protective Asset Protection has provided F&I solutions to the automotive industry since 1962 and currently supports over 10,000 dealerships with vehicle protection plans, dealer participation programs and technology.

This transaction will mark Protective’s 61st acquisition and its eighth since becoming part of Dai-ichi Life Holdings in 2015. Dai-ichi is a global financial services organization with over $433 billion in total assets as of December 31, 2024. The company generated $62.12 billion in revenue over the last twelve months and maintains a "GOOD" overall financial health score of 2.54 according to InvestingPro metrics. Investors looking for deeper insights can access over 30 additional financial indicators and exclusive ProTips through an InvestingPro subscription.

Maynard Nexsen PC is serving as legal counsel to Protective with TD Securities as financial advisor. Kirkland & Ellis LLP is acting as legal counsel to Portfolio with Jefferies LLC as financial advisor.

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