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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to
Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 20, 1998
AETNA LIFE INSURANCE AND ANNUITY COMPANY
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(Exact Name of Registrant as Specified in its Charter)
Connecticut
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(State or Other Jurisdiction of Incorporation)
33-23376 71-0294708
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(Commission File Number) (I.R.S. Employer
Identification No.)
151 Farmington Avenue, Hartford, Connecticut 06156
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(Address of Principal Executive Offices) (ZIP Code)
(860) 273-0123
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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TABLE OF CONTENTS
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Page
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Item 5. Other Events. 3
Signatures 4
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Item 5. Other Events.
Aetna Inc., which is the ultimate parent of Aetna Life Insurance and Annuity
Company (the "Company"), announced today that it has entered into a definitive
agreement to sell its domestic individual life insurance business to Lincoln
National Corporation for $1 billion in cash. The transaction, to be accomplished
through an indemnity reinsurance agreement, is subject to federal and state
regulatory approvals and other customary conditions. It is expected to close in
the fall of 1998.
Relative to the Company, the transaction includes approximately $45 billion of
individual life insurance in-force as well as access to a managing general agent
and brokerage distribution channel. The insurance involved is in the following
lines: traditional life, universal life, sponsored life and corporate-owned life
insurance, which constitute the Company's life segment. It does not include the
Company's financial services segment, which includes its annuities, investment
advisory and pension plan administrative services businesses.
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SIGNATURES
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.
AETNA LIFE INSURANCE AND ANNUITY COMPANY
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(Registrant)
Date May 21, 1998 By /s/ Catherine H. Smith
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Catherine H. Smith
Senior Vice President,
Chief Financial Officer and
Director (Principal Financial
Officer)
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