RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial Group (NYSE: LNC) announced today that it has completed its previously announced acquisition of Liberty Life Assurance Company of Boston, expanding Lincoln Financial’s group benefits market leadership position and expertise across all size employers. The transaction included reinsuring Liberty’s Individual Life and Annuity business to Protective Life Insurance Company.
“With the completion of this transaction, we have significantly increased our presence in the group benefits market while executing on our strategic priority to diversify our sources of earnings and leverage the strength of our balance sheet,” said Dennis R. Glass, president and chief executive officer of Lincoln Financial Group. “We are also pleased to extend a warm welcome to the many talented employees joining us from Liberty, as they augment our already impressive team and will enable us to achieve even higher levels of success on behalf of our customers and shareholders.”
With this acquisition, Lincoln Financial ranks first in market share in combined fully insured disability sales and third in combined total life and fully insured disability sales.1 Its group benefits organization now serves approximately 10 million employee customers across the U.S., through product offerings that include Disability, Life, Dental, Vision, Critical Illness, and Accident insurance, plus a full suite of absence management services.
“Today, with our acquisition complete, we go to the market with bigger, better and broader capabilities to offer our customers,” said Dick Mucci, president of Lincoln Financial’s group benefits business. “By combining the outstanding talent and knowledge of both organizations, we will deliver to all size employers an outstanding customer experience, a broad and competitive product suite, and a market leading disability and absence management competency.”
The acquisition was financed with cash and the issuance of debt and is expected to be accretive to Lincoln Financial’s earnings per share in 2019, excluding integration costs.
Goldman Sachs & Co. LLC acted as financial advisor to Lincoln Financial and Wachtell, Lipton, Rosen & Katz and Sidley Austin LLP acted as legal advisors. Barclays acted as financial advisor to Liberty Mutual, and Skadden, Arps, Slate, Meagher, & Flom LLP acted as legal advisor.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $253 billion in assets under management as of December 31, 2017. Lincoln Financial Group is a committed corporate citizen and was named one of the Forbes Best Employers for 2017, is a member of the Dow Jones Sustainability Index North America, and received a perfect score of 100 percent on the 2018 Corporate Equality Index. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
