Protective Life Insurance Company has completed the acquisition of MONY Life Insurance Company and has reinsured certain policies of MLOA.

On 10 April 2013, Protective Life embarked on an agreement with AXA to purchase MONY Life and reinsure certain policies of MLOA in a transaction valued at approximately $1.06bn, including statutory capital and surplus of almost $303m.

The MONY purchase price was $686m, subject to customary post-closing adjustments, and the surrendering commission for the reinsurance of the MLOA business was $370m.

Protective chairman, president and CEO John Johns said, "This book of business, comprised primarily of life insurance policies written prior to 2004, has a limited array of product and equity market guarantees and should produce a steady and predictable stream of earnings for many years to come."

Before closing the transaction, MONY will transfer other subsidiaries including MLOA, US Financial Life Insurance, MONY International Holdings, and MONY Financial Services to AXA, which are not part of the deal.

Protective Life is considering operating the acquired business through its existing workforce and administrative platform in Syracuse, New York, presently being used by AXA to service the business.

Willkie Farr & Gallagher and Barclays served as advisors to Protective and PricewaterhouseCoopers offered tax advisory services, pertaining to the transaction.

Protective Life offers insurance and investment products across the US, and had annual revenues of nearly $3.6bn and as of 31 December 2012, and assets of approximately $57.4bn.