SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 7, 1998
Date of earliest event reported: August 7, 1998
LINCOLN NATIONAL CORPORATION
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(exact name of registrant as specified in its charter)
Indiana 1-6028 35-1140070
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(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
200 East Berry Street, Fort Wayne, Indiana 46802-2706
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(Address of principal executive offices) (Zip Code)
219-455-2000
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(Registrant's telephone number)
ITEM 5. OTHER EVENTS
Attached as Exhibit 99 is a News Release of Lincoln National Corporation
dated August 7,1998.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit Item No. Description
Exhibit 99 News Release of Lincoln National Corporation
Dated August 7, 1998
Signature Page
LINCOLN NATIONAL CORPORATION
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
LINCOLN NATIONAL CORPORATION
BY: /S/ RICHARD C. VAUGHAN
Richard C. Vaughan
Executive Vice President and
Chief Financial Officer
Dated: August 7, 1998
LINCOLN NATIONAL TO SELL SPONSORED LIFE BUSINESS
FORT WAYNE, Ind., Aug. 7, 1998 -- Lincoln National Corporation (NYSE:LNC)
today announced it had reached an agreement to sell a block of sponsored
life business to Protective Life Corporation (NYSE: PL), Birmingham, Ala. The
purchase price was not disclosed.
This block of sponsored life being acquired by Protective is part of Lincoln
National's purchase of Aetna's domestic life insurance business. In addition to
sponsored life, the Aetna transaction involved Aetna's traditional life,
universal life, participating life and corporate-owned life insurance (COLI).
Lincoln National's purchase of the Aetna business is expected to close in the
fall of 1998. Lincoln National also hopes to complete the sale of its sponsored
business to Protective by the end of 1998.
"The sale of this block of business allows Lincoln National to focus its capital
on business lines with more significant strategic leverage," said Jon A. Boscia,
LNC president and chief executive officer. He said that Lincoln Life had exited
its own sponsored business two years ago. "We are pleased that such a quality
company is purchasing this business and we believe this transaction should be
beneficial to both parties," Boscia said. Sponsored life insurance is sold to
employees on a voluntary, payroll deduction basis.
Lincoln National Corporation holds a prominent position among financial services
companies in the United States, with more than $132 billion in assets under
management and $6 billion in annual revenues. Through its businesses, LNC
provides annuities, life insurance, 401(k) plans, life-health reinsurance,
institutional investment management, mutual funds and financial planning.
For further information, contact:
Bob Jones
219-455-3208
[email protected]
