The sale also includes the reinsurance of certain policies of Mony Life Insurance Company of America (MLOA).
The company said that its current plan is to close the transaction early in the fourth quarter of 2013, subject to the satisfaction and fulfillment of customary closing conditions.
Go deeper with GlobalData
The French insurer purchased Mony in 2004 for $1.5bn.
Protective Life provides financial services through the production, distribution and administration of insurance and investment products throughout the US.
GlobalData Strategic Intelligence
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 GlobalData
