Wilson Taylor, chief executive of CIGNA, said the individual life and annuity operations were "strong" but had limited strategic connection to the company's other businesses. Lincoln, a financial services company with $115bn in assets, provides annuities, life insurance, retirement income and life-health reinsurance.Reuse content
Cigna Corp in the US is selling its individual life and annuity businesses to Lincoln National Corp for about $1.4bn (pounds 850m) in cash. The deal includes the sale of its Cigna's career agency system with 600 agents, life brokerage operations and an annuity distribution system. Its corporate-owned life insurance, group life insurance and life, health and accident reinsurance businesses are not part of the transaction.