Protective Completes Sales of Concourse Financial Group Securities and Concourse Financial Group Agency

Protective closes asset purchase agreement with Cetera Financial Group for Concourse Financial Group Securities, Inc.

Protective closes stock purchase agreement with Simplicity Group for Concourse Financial Group Agency, Inc.

Protective Life Corporation (Protective), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), today announced it has completed the sales of Concourse Financial Group Securities, Inc. (Concourse Securities) and Concourse Financial Group Agency, Inc. (Concourse Agency). Protective closed the asset purchase agreement with Cetera Financial Group (Cetera), which acquired Concourse Securities on February 20, 2025. Protective closed the stock purchase agreement with Simplicity Group (Simplicity), which acquired Concourse Agency, in November 2024.

“With the completion of these transactions, Concourse Securities and Concourse Agency financial professionals and clients join leaders in their fields with Cetera and Simplicity, and we are confident they will each have strong futures,” said Aaron Seurkamp, SVP, President of the Protection & Retirement Division. “These transactions also allow Protective to focus on our core competencies as an insurance provider and continue growing our business.”

Cetera is the premier financial advisor wealth hub with approximately 12,000 affiliated independent financial professionals and their teams. The acquisition brings approximately 350 financial professionals, who oversee more than $12 billion in assets under administration and $4 billion in assets under management, to the Cetera Wealth Partners community. With the closing of this transaction, Concourse Securities financial professionals now have access to the established community resources available through Cetera Wealth Partners, which are complemented by the Concourse Securities team resources.

“We are pleased to successfully close this important acquisition with high asset retention exceeding our target, and we welcome the Concourse team to Cetera, where they can keep growing as part of the Cetera Wealth Partners community,” said Mike Durbin, CEO of Cetera. “In Cetera Wealth Partners, the Concourse team joins a group of like-minded financial professionals focused on serving clients first while strategically growing their business for the future.”

Simplicity is a leading financial products distribution firm, delivering a combination of wealth accumulation and financial protection products that meet the needs of a consumer-oriented holistic financial plan. Simplicity is the nation’s largest and most successful partnership wholesaling annuities and life insurance.

“We are thrilled to work with Protective, to add Concourse Agency to our unrivalled team of insurance wholesaling professionals and to provide Concourse Agency’s existing agents, advisors and institutional clients access to Simplicity’s full suite of sales and marketing programs, proprietary products, and customized sales support to help them grow their businesses,” said Bruce Donaldson, Partner and CEO of Simplicity. “Our ‘One Simplicity’ platform is built to maximize growth for Concourse Agency’s agents and advisors as they help their clients meet all their key financial objectives.”

Moving forward, Concourse Distributors continues to provide distribution support to select third parties under Protective’s ownership. These teams support key business customers, and Protective looks forward to continuing these long-standing relationships.

Dentons LLP served as legal counsel to Cetera. Dentons Sirote LLP served as legal counsel to Simplicity. Maynard Nexsen PC and Eversheds Sutherland LP served as legal counsel and Morgan Stanley & Co. LLC served as financial advisor, in each case, to Protective.

About Protective

Protective has helped people achieve protection and security in their lives for 118 years. Through its subsidiaries, Protective offers life insurance, annuity, asset protection and employee benefits solutions and is helping nearly 17 million people protect what matters most. Protective’s approximately 3,800 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., has $125 billion in assets, as of Dec. 31, 2024. Protective is headquartered in Birmingham, Alabama, and is 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.

About Cetera

Cetera Financial Group, which is owned by Cetera Holdings (collectively, Cetera), is the premier financial advisor Wealth Hub where financial advisors and institutions optimize their control and value creation. Breaking away from a commoditized and homogenous IBD model, Cetera offers financial professionals and institutions the latest solutions, support, and services to grow, scale, or transition with a merger, sale, investment, or succession plan. Cetera proudly serves independent financial advisors, tax professionals, licensed administrators, large enterprises, as well as institutions, such as banks and credit unions, providing an established and repeatable blueprint for scalable growth.

Home to approximately 12,000 financial professionals and their teams, Cetera oversees more than $545 billion in assets under administration and $235 billion in assets under management, as of September 30, 2024. In a recent advisor satisfaction survey of nearly 35,000 reviews, Cetera's Voice of Customer (VoC) program vigorously measures advisor experience and satisfaction 24/7. Currently, it is ranked 4.8 out of 5 stars.

Visit www.cetera.com, and follow Cetera on LinkedIn, YouTube, X, and Facebook.

"Cetera Financial Group" refers to the network of independent retail firms encompassing, among others, Cetera Investment Advisers LLC, a registered investment adviser, and the following FINRA/SIPC members: Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.

About Simplicity Group

Simplicity is the leading partner for advisors, financial institutions, and consumers by delivering the best combination of wealth accumulation and financial protection products that meet the needs of a consumer-oriented holistic financial plan. As one of the fastest growing partnerships in the financial services industry, Simplicity offers an unrivalled array of tools and technologies to grow and protect wealth, which can be accessed through affiliation, outsourcing, or joining the partnership. In an ever-changing environment, Simplicity’s commitment to working in our clients’ best interest is unwavering and has always been anchored to our commitment to Education, Value, and Partnership. For more information, please visit: www.simplicitygroup.com and follow the Company on LinkedIn.

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