Content area
Full text
Protective Life Insurance Co. agreed with certain units of AXA to acquire MONY Life Insurance Co. and reinsure certain policies of MONY Life Insurance Co. of America.
Assuming an Oct. 1 closing date, the purchase price should be about $1.06 billion, or [euro]820 million, including statutory capital and surplus of about $303 million. Protective Life Corp.'s capital investment is estimated at about $1.09 billion. The deal is subject to customary post-closing adjustments.
MONY Life Insurance Co. will transfer units that are not being sold to Protective to another of AXA's subsidiaries. These units are MONY Life Insurance Co. of America, U.S. Financial Life Insurance Co., MONY International Holdings LLC and MONY Financial Services Inc.
The disposal by AXA includes a run-off mortality book primarily underwritten before 2004, with $10.5 billion, or [euro]8.0 billion, of statutory liabilities as...