Lincoln National Sells UK Unit To Sun Life

PHILADELPHIA (AP) — Lincoln National Corp. said Monday it will sell its United Kingdom operations to Sun Life Financial Inc. for 195 million pounds ($320.8 million).

The Philadelphia-based insurer and financial-services company said it expects to use the proceeds of about $280 million to $300 million, net of tax and subject to foreign currency fluctuations, for general corporate purposes.

The deal is expected to close by Sept. 30.

The acquisition will double Toronto-based Sun Life's number of polices. Sun Life provides life insurance, pensions and annuities products.

The move is the latest money raising effort for Lincoln National, which markets itself under the name Lincoln Financial Group. Separately on Monday, the company said it will raise more than $2 billion through stock and debt offerings, as well as tapping the government's Troubled Asset Relief Program.

Shares of Lincoln National closed Friday at $17.75, while Sun Life closed at $28.17.