State Street and Protective Life Corporation Agree to Expand Service Agreement and Add Outsourced Accounting Solution
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.
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Expiration Date: September 30, 2021
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