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.
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The transaction does not affect AXA Equitable’s employees or operations in Connecticut, the company said. AXA Equitable has 196 employees in Connecticut and 67 financial professionals, or agents. The company’s wholesale life operations are in Farmington and AXA Equitable also has a branch office in Stamford.