Acquisition Expands Group Benefits Market Leadership Position and Expertise Across All Size Employers
01 May 2018

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: Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at

[1] Source: Based on LIMRA, new sales premium, as of 12/31/17.

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this news announcement that are not historical facts, including statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “outlook” or words of similar meanings. These statements are based on the Company’s current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. Numerous factors, many of which are beyond the Company’s control, could cause actual results to differ materially from those expressed as forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility that expected benefits associated with the transaction may not be realized as expected, or at all; the parties being unable to successfully implement integration strategies or to achieve anticipated synergies and operational efficiencies related to the transaction within the expected time frames or at all; the failure to realize the expected benefits from the Company’s business process initiatives, including its strategic digitization initiative; the risks, challenges and uncertainties associated with the Company’s capital management plan, expense reduction initiatives and other action which may include acquisitions, divestitures or restructurings; uncertainties surrounding domestic and global economic conditions; the impact of recently enacted U.S. tax reform legislation; and other factors that are described in the Company’s filings on forms 8-K, 10-Q, and 10-K with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statements contained in this news announcement as a result of new information, future events or otherwise.


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