Cigna sells life business for $1.4bn

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.

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.