French insurer Axa completes acquisition of MONY Group.

French insurance group Axa said it completed its $1.48 billion acquisition of MONY Group Inc. after clearing all regulatory hurdles and satisfying all conditions of the merger agreement.

MONY is now a wholly owned subsidiary of the Axa financial-services subsidiary Axa Financial Inc.

"We believe this merger significantly enhances the scale of Axa Financial and that, together, our industry-leading brands, robust production platforms, multichannel distribution networks, strong client bases and highly dedicated and trained sales and employee work forces will enable us to greatly expand our presence and influence in the U.S. market for financial advice," said Axa Financial's president and chief executive officer, Christopher Condron, in a statement.