Protective Life to buy AXA life insurance unit for $1.06 billion
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The protection of life (PL.N) said it would buy $ 1.06 billion of the parent company AXA SA (AXAF.PA) MONY Life Insurance Company to access its portfolio of life insurance policies.
The company believes that the deal, earnings per share in 2013 and $ 0.55, $ 0.65 per share in 2014, an increase of 0.10 U.S. dollars, U.S. dollars and 0.15.
Protect life CEO John John said in a statement: "This book of business, including life insurance policies written before 2004 ...... Over the years, it should produce a stable and predictable income flow. "
Birmingham, Alabama-based company shares closed up 2% $ 35.59 in New York Stock Exchange on Wednesday before the announcement.
Last month, people familiar with the situation said that the protection of life is the leading candidate from AXA has expanded to new markets, while reducing its North American operations in the region after years of underperformance buy U.S. life insurance assets.
Willkie Farr and Gallagher LLP and Barclays Bank acted as financial advisor to protect the lives of the transaction.
The protection of life is the capital surplus of $ 303 million dollars, a total investment of about $ 109 million, the company said.