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Dai-Ichi Said in Talks on $4.9 Billion Protective Deal

Dai-ichi Life Insurance Co., Japan’s second-largest life insurer, is in talks to buy Protective Life Corp. for about 500 billion yen ($4.9 billion), said people with knowledge of the matter.

An agreement between the Japanese insurer and Birmingham, Alabama-based Protective Life may be reached as soon as this week, the people said, asking not to be named because the negotiations are private. Dai-ichi Life said it’s considering buying a U.S. insurer without identifying a target. The company said it may raise funds by selling shares and that no decision had been made.