Newspaper article THE JOURNAL RECORD

Lincoln National to Buy Portion of Cigna Business

Newspaper article THE JOURNAL RECORD

Lincoln National to Buy Portion of Cigna Business

Article excerpt

FORT WAYNE, Ind. (Bloomberg) -- Lincoln National will buy Cigna's individual life insurance business for $1.4 billion, making it the eighth-largest U.S. retirement savings and life insurance company.

The purchase would give Lincoln $37 billion of individual life insurance policies sold through a network of more than 600 Cigna agents. Its assets would climb to about $56.4 billion from $49.9 billion based on last year's figures, putting it ahead of insurers including the Equitable's Equitable Life Assurance Society of the U.S., according to A.M. Best.

Lincoln's announcement comes at a time when life insurers are buying rivals to boost revenue and cut costs. Many insurers also are moving away from offering a range of policies toward specializing in products like annuities and life insurance for Lincoln or group insurance and managed care for Cigna. "Lincoln is trying to become a premier, planning-based financial services company," said Sabra Brinkmann, an analyst at Conning & Co. …

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