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May 3, 2018

Lincoln Financial completes $3.3B purchase of Boston life insurer

PHOTO | HBJ File Lincoln Financial offices are located in Hartford's Metro Center, 350 Church St.

Radnor, Pa., financial advisor Lincoln Financial Corp., a major tenant at the Metro Center on Church Street in Hartford, said it closed on its $3.3 billion acquisition of Boston's Liberty Life Assurance Co.

Lincoln Financial said the deal will allow it to expand its benefits market leadership position.

The deal will also keep Liberty's group benefits business intact and reinsure their individual life and annuity business as Protective Life Insurance Co., based in Alabama.

Lincoln’s group benefits organization now serves approximately 10 million employees and customers nationwide, through offerings such as life, dental, vision, disability, critical illness, accident insurance and absence management services.

“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, Lincoln Financial’s president and CEO.

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