Protective Life Corp agreed to purchase 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.AXA, which bought Mony in 2004 for $1.5 billion, will take a capital loss of below 100 million euros ($131 million), in part attributable to the difference between what it paid for the establishment initially and what it is being sold for now.Last month, people familiar with the situation said Protective Life was the leading candidate to buy U.S. life insurance assets from Axa, which has been expanding into emerging markets while scaling back its presence in North America after years of underperformance in that region.
Insurance holding company.
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