Royal Bank of Canada said today that it is selling its Liberty Life Insurance Co. to Athene Holding Ltd. for $628.1 million.

Royal Bank of Canada, the parent company of RBC Bank, said it expects the transaction to close in early 2011, pending regulatory approval. The bank said it expects to incur a loss of $115 million.

The move continues an effort by RBC to reorganize its U.S. banking and insurance business. RBC Bank initiated job cuts and overhauled management last year to cut costs and improve its performance. The bank has more than 430 branches in the Southeast and has increased its local visibility as it expanded in recent years, including plastering its name on its headquarters building in downtown Raleigh and on the city's sports arena. RBC Bank has about 500 workers in the Triangle.