Reuters - - Protective Life Buys AXA Portfolio for $1.1B

Protective Life Corp. agreed to buy a portfolio of old policies from French insurer AXA SA's U.S. business for $1.1 billion, with the aim of squeezing more value out of them. Birmingham, Alabama-based Protective Life said the deal with Axa's Mony Life Insurance Company should produce a steady income stream and increase earnings per share. Most of the policies are life insurance written before 2004.

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