AXA sells US book for $1bn

FRENCH insurance giant AXA yesterday agreed to sell a closed book of US life insurance policies to Alabama-based Protective Life for $1.1bn (£715m).

The closed-book industry involves buying existing life insurance policies and using them as a steady income stream rather trying to attract new customers.

The policies, most of which date to 2004 or earlier, belonged by AXA’s US Mony Life subsidiary. AXA said it would continue to write new business in the US under the brand.