Financial Services Industry
Industry: Email Alert RSS FeedAetna To Sell Individual Life Business To Lincoln.(Aetna to sell its domestic individual life insurance business to Lincoln National Corp.)
National Underwriter Life & Health-Financial Services Edition, May, 1998 by Connolly, Jim
Aetna has agreed to sell its domestic individual life insurance business to Lincoln National Corp. for $1 billion in cash under an indemnity reinsurance agreement, which is expected to close in the third quarter of 1998.
The announcement was no surprise to analysts, who said the move by Aetna had been expected for some time.
Indeed, the issue for both companies will now be one of execution since their strategies are well in place, according to Larry Mayewski, senior vice president-life, with AM. Best Co., Oldwick, N.J.
The transaction includes approximately $50 billion of individual life insurance in force as well as access to a managing general agent and broker- age distribution channel.
The insurance involved in the transaction includes...
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