Lincoln Financial Completes Sale Of UK Unit

PHILADELPHIA (AP) — Lincoln National Corp. said Thursday it completed the sale of its United Kingdom operations to Sun Life Financial Inc. for 195 million pounds ($312 million).

Proceeds will be used primarily for general corporate purposes, the Philadelphia-based insurer said in a statement.

The sale is one of several recent money raising efforts by Lincoln National, which markets itself as Lincoln Financial Group.

The firm received $950 million in early July from the government's Troubled Asset Relief Program, which was set up to support the financial services sector during the credit crisis.

Lincoln National was one of six large insurers to be granted access to the program.

Shares of Lincoln National fell $1.40, or 5.4 percent, to $24.51 in afternoon trading, amid a broader market drop Thursday. Sun Life stock declined $1.19, or 3.8 percent, to $30.05.