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TOKYO--Dai-ichi Life Insurance Co. (8750.TO) said Wednesday it plans to issue up to Y250 billion in new shares to finance its acquisition of U.S. life insurer Protective Life Corporation.

Dai-ichi Life said it will issue new shares between June 12 and June 11, 2015, with Goldman Sachs as an underwriter for the deal.

Also on Wednesday, Japan's third-largest private life insurer announced it will acquire all outstanding shares of Protective Life for $70.00 per share in cash, or a total transaction value of approximately $5.7 billion.

Write to Megumi Fujikawa at megumi.fujikawa@wsj.com

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