By Noemie Bisserbe

PARIS--French insurer AXA SA (CS.FR) said Wednesday it had completed the sale of a portfolio of U.S. life insurance policies to Protective Life Corp. (PL) for $1.06 billion.

AXA first announced in April it had signed an agreement with the Alabama-based insurance firm.

The French insurer, which bought Mony in 2004 for $1.5 billion, will take a capital loss of less than EUR100 million.

-Write to Noemie Bisserbe at noemie.bisserbe@wsj.com

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