3. SIGNIFICANT ACQUISITIONS On December 31, 2010, Protective Life Insurance Company (?PLICO?), the Company?s principal operating subsidiary, completed the acquisition of all of the outstanding stock of United Investors Life Insurance Company (?United Investors?), pursuant to a Stock Purchase Agreement, between PLICO, Torchmark Corporation (?Torchmark?) and its wholly owned subsidiaries, Liberty National Life Insurance Company (?Liberty National?) and United Investors. The Company accounted for this transaction under the purchase method of accounting as required by FASB guidance under the ASC Business Combinations topic. This guidance requires that the total purchase price be allocated to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The aggregate purchase price for United Investors was $363.3 million. On April 29, 2011, PLICO closed a previously announced and unrelated reinsurance transaction with Liberty Life Insurance Company (?Liberty Life?) under the terms of which PLICO reinsured substantially all of the life and health business of Liberty Life. The transaction closed in conjunction with Athene Holding Ltd?s acquisition of Liberty Life from an affiliate of Royal Bank of Canada. The capital invested by PLICO in the transaction at closing was $321 million, including a $225 million ceding commission which has been recorded and is subject to adjustment upon completion of the final Liberty Life closing statutory balance sheet. In conjunction with the closing, PLICO invested $40 million in a surplus note issued by Athene Life Re. The Company accounted for this transaction in a manner consistent with the purchase method of accounting as required by FASB guidance under the ASC Business Combinations topic. This guidance requires that the total consideration paid be allocated to the assets acquired and liabilities assumed based on their fair values at the transaction date. The following table summarizes the fair values of the net assets acquired from the Liberty Life r