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FINANCIAL SERVICES

Associated Press

* Anchor National Life Insurance Co. has agreed to buy the remaining life insurance businesses of the former Mutual Benefit Life Insurance Co. for $130 million in cash, helping to end a seven-year takeover of the company by the state of New Jersey. Anchor, a subsidiary of Los Angeles-based SunAmerica Inc., will buy about $5 billion worth of life insurance and annuity policies held by MBL Life Assurance Corp. The deal, which needs approval by a judge overseeing the takeover and by state regulators, is expected to contribute to an $800-million payout to 423,000 policyholders and creditors of Mutual Benefit, which collapsed in 1991 when failing real estate investments prompted customers to cash in, leaving the company in debt.


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