UPDATE 1-Itau sells insurance unit to ACE, sees $497 mln profit boost

SAO PAULO, July 4 (Reuters) - Itau Unibanco Holding SA , Brazil's largest nongovernment bank, expects an earnings boost of 1.1 billion reais ($497 million) from the sale of its high-risk corporate insurance portfolio to global insurance company ACE Ltd, according to a Friday securities filing.