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Axa Equitable to sell runoff businesses to Heritage Life

Axa Equitable Holdings Inc. has agreed to sell U.S. Financial Life Insurance Co. and MONY Life Insurance Co. of the Americas Ltd. to Heritage Life Insurance Co.

Total consideration to Axa Equitable was not disclosed and is subject to changes in financial condition before the transaction closes. Proceeds from the sale will be deployed consistent with the company's capital management program to invest in its core businesses and return capital to shareholders.

U.S. Financial Life and MONY Life were acquired by Axa Equitable in 2004 and have been in runoff since 2007. Their combined net statutory reserves amount to approximately $1.0 billion.

The transaction is anticipated to close in early 2020.

Wells Fargo Securities acted as exclusive financial adviser, while Debevoise & Plimpton LLP served as legal adviser to Axa Equitable in connection with the transaction. Sidley Austin LLP was the legal adviser to Heritage Life.