State Street and Protective Life Corporation Agree to Expand Service Agreement and Add Outsourced Accounting Solution
September 21 2020 - 10:00AM
Business Wire
State Street Corporation (NYSE:STT) today announced that it has
renewed an expanded service agreement with Protective Life
Corporation (Protective), a wholly owned U.S. subsidiary of
Dai-ichi Life Holdings, Inc. and will now provide the insurer with
outsourced accounting services for a significant portion of its
separate account life and annuity business. Protective provides
financial services through the production, distribution and
administration of insurance and investment products throughout the
U.S.
Findings from State Street’s 2019 Growth Study suggest that
insurers across the globe are focused on back and middle office
enhancements. Thirty-one percent cited optimizing these parts of
their business as a critical short-term technology outcome that
will help them to realize their growth ambitions.
“At State Street, we’ve been developing solutions for the
insurance market for over 30 years,” said Christopher Coleman, head
of Global Client Coverage at State Street. “We are incredibly
pleased to announce this new outsourcing agreement with Protective,
as we are confident that our global accounting platform will
identify and resolve exceptions, enhance efficiencies, and help to
mitigate risk for Protective.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $33.52 trillion in assets
under custody and/or administration and $3.05 trillion* in assets
under management as of June 30, 2020, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
* Assets under management as of June 30, 2020 includes
approximately $67 billion of assets with respect to which State
Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as
marketing agent; SSGA FD and State Street Global Advisors are
affiliated.
© 2020 State Street Corporation - All Rights Reserved
Expiration Date: September 30, 2021
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