[October 24, 2023]

Protective Life Insurance Company Receives Favorable Private Letter Ruling on Advisory VUL Offering

Protective Life Insurance Company (Protective), a subsidiary of Dai-ichi Life Holdings, Inc. (Dai-ichi, TSE:8750), announces the Private Letter Ruling (PLR) from the Internal Revenue Service (IRS) related to Protective's fee-based advisory Variable Universal Life (VUL) offering. This ruling, an industry first for a life insurance product, was issued on July 17, 2023, by the IRS regarding Protective's Investors Benefit Advisory VUL offering.

"Obtaining this positive ruling from the IRS is a great example of Protective's dedication to our customers, industry and business," said Kathryn Cox, SVP, President of the Protection Division for Protective. "We're committed to doing what's best for customers and financial professionals, and we look forward to enhancing our efforts in the VUL business."

The PLR provides greater transparency for both advisors and clients. Specifically, the PLR states:

• The fees deducted from the life contract's cash value remitted to the advisor will not be treated as an "amount received" by the owner of the advisor life contract for purposes of section 72 (e).
• The fees do not constitute compensation to the advisor for services related to any assets of the owner other than the advisor life contract.
• The fees are an expense of the advisor life contract offering, not a distribution to the owner.

"Having the first PLR isued for an advisory VUL offering shows Protective's commitment to being an industry leader in fee-based insurance for Registered Investment Advisors (RIA)," said Chad Nulty, VP of Business Development for Protective's RIA Insurance. "We've broken new ground with this PLR. Fee-based RIAs focused on holistic financial planning now have a solution to meet their needs as an advisor as well as the needs of their clients."

As more financial advisors move to a fee-based model, Protective continues to enhance its insurance portfolio to meet the needs of these advisors. To learn more about Protective's fee-based advisory VUL offering, please contact [email protected].

The Protective Investors Benefit Advisory VUL offering is issued by Protective (Nashville, Tenn.) in all states except New York on policy form ICC19-V15 and state variations thereof. Product features and availability may vary by state. Variable universal life is distributed by Investment Distributors, Inc. (Birmingham, Ala.), a broker-dealer and principal underwriter for registered products issued by Protective, its affiliate.

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About Protective
Protective has helped people achieve protection and security in their lives for 116 years. Through its subsidiaries, Protective offers life insurance, annuity and asset protection solutions and is helping more than 14 million people protect what matters most. Protective's more than 3,700 employees put people first and deliver on the company's promises to customers, partners, colleagues and communities - because we're all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), has $113 billion in assets, as of Dec. 31, 2022. Protective is headquartered in Birmingham, Alabama, and supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about Protective, visit www.protective.com.

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