The sale includes the reinsurance of certain policies of Mony Life Insurance Co. of America or MOLA.
Go deeper with GlobalData
The sale does not include MONY subsidiaries MLOA, U.S. Financial Life Insurance Company, MONY International Holdings, LLC and MONY Financial Services, Inc.
"This large, high quality, seasoned book of business presents one of the most attractive acquisition opportunities we have seen in many years," said John Johns, Protective’s chairman, president and CEO.
"Our ability to move forward on such an important transaction again demonstrates our company’s ability to leverage our industry-leading acquisition capabilities to create value for our shareholders," Johns added.
AXA, which bought Mony in 2004 for $1.5 billion, will take a capital loss of below EUR100m.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe deal, expected to close in the second half of 2013, is in line with AXA’s capital optimization strategy and further growth in the U.S.
Willkie Farr & Gallagher LLP and Barclays PLC served as advisors to Protective during the transaction and PricewaterhouseCoopers LLP provided tax advisory services.
