A Southern insurer has completed previously announced efforts to acquire an insurance business from a giant bank holding company.
Protective Life Corp., Birmingham, Ala., ended up paying about $1.2 billion for the unit, Chase Insurance Group, Elgin, Ill., to the group’s former owner, JPMorgan Chase & Company, New York.
Protective and JPMorgan earlier had set a goal of completing the deal by Sept. 30.
Chase Insurance reported $79 million in operating earnings for 2005 on $644 million in revenue, according to JPMorgan.
Chase Insurance has about 1.2 million life insurance and annuity policies in-force and statutory reserves of about $8.7 billion.
JPMorgan ended up with Chase Insurance, which sells traditional life products as well as fixed and variable annuities, as a result of acquisitions.