INSURANCE TECHNOLOGY

Protective Life to Acquire AUL to Add Complementary Portfolio to Asset Protection Division

Protective Life | March 22, 2022

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Protective Life Corporation announced today that its subsidiary Protective Life Insurance Company (“Protective Life”) would acquire AUL Corp, a leading automotive finance and insurance provider. Protective Life Corporation is a well-known U.S. subsidiary of Dai‑ichi Life Holdings, Inc.

With a national footprint of agents and dealers, an experienced team in the vehicle service contract business in addition to distribution channel growth opportunities in the higher-mileage and the financial institution space, AUL’s product portfolio is a strong complement to Protective’s Asset Protection Division. Our Asset Protection Division has grown steadily through acquisitions and organic growth over recent years. It continues to be an essential part of our business, and we look forward to continuing the momentum with the acquisition of AUL.”

Rich Bielen, President and CEO of Protective.

AUL is enthusiastic about the opportunity to join the Protective family. Combining Protective’s resources and reach with our rapidly growing platform will allow us to provide more robust solutions for our agents and dealers. Protective and AUL also align in our focus on culture and opportunities for our employees, contributions to our communities, and award‑winning customer service. We’re excited to move forward together.”

Jimmy Atkinson, President and CEO of AUL.

Protective Asset Protection will offer guaranteed asset protection and ancillary products to protect consumers’ investments in automobiles, recreational vehicles, extended service contracts, watercraft, and powersports vehicles. In addition to this, it will also offer an incredible portfolio of dealer participation programs solutions regarding training and technology through a network of general agents and a direct sales force.

Meanwhile, Protective Asset Protection holds significant importance in the policy industry as it has served customers for 60 years by offering multiple and various insurance products. Whereas AUL, founded in 1990, is also a pioneer name in the industry and serves its customers with the finest solutions for insurance, service guarantee, and asset protection services.

AUL is an established industry leader in the automotive finance and insurance space. It offers a full suite of products and services for agents and their dealers. Through this acquisition, we are excited to continue growing Protective Asset Protection by serving the needs of more agents, dealers, and consumers across the country.”

Scott Karchunas, president of Protective Asset Protection.

Therefore, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions, the closing of the acquisition is anticipated to happen in the second quarter of 2022.

Spotlight

The insurance industry today is at a transformative stage, where it is witnessing an unrelenting march of digitization and a proliferation of devices. This is leading towards an integrated experience across multiple channels. Thereby, it not only enhances existing business models but also impacts newer opportunities for premium uplift and operational effectiveness. The customer enjoys being at the epicenter of this digital revolution, forcing insurance enterprises to relook their strategy.

Spotlight

The insurance industry today is at a transformative stage, where it is witnessing an unrelenting march of digitization and a proliferation of devices. This is leading towards an integrated experience across multiple channels. Thereby, it not only enhances existing business models but also impacts newer opportunities for premium uplift and operational effectiveness. The customer enjoys being at the epicenter of this digital revolution, forcing insurance enterprises to relook their strategy.

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