Sun Life to Buy U.K. Business of Lincoln National

Sun Life Financial Inc. agreed to buy the U.K. insurance business of Lincoln National Corp. for about 195 million pounds ($319 million), increasing its U.K. assets under management by 60 percent.

The cash purchase will be completed in the third quarter, and will add 8 cents to 10 cents to earnings per share in 2010, according to a statement today from the Toronto-based company.

Sun Life Chief Executive Officer Donald Stewart said as recently as last month that Canada’s third-biggest insurer may buy books and lines of businesses, rather than entire companies. The insurer was in talks earlier this year to buy most of Hartford Financial Services Group Inc.’s life insurance unit, according to people with knowledge of the matter.

Read Full Article from Bloomberg

- Posted: 2009-06-15 10:14:51

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