Honorable Mention

Principal Financial will partner with ARAG to provide financial wellness programs; Lincoln Financial completed its purchase of Liberty Life Assurance.

Principal in financial wellness deal

Principal Financial Group is partnering with ARAG, a leader in legal insurance, to roll out access to a legal document resource for retirement plan participants. This resource had previously only been available to group life insurance customers as part of the financial wellness resources Principal makes available to help people manage their financial future.

“With this new relationship, people can now take immediate action regarding their financial wellness and risk planning by preparing a will, healthcare power of attorney and more,” a Principal release said.

Many Americans report struggling with risk and protection planning, the release said. Only 26% of Americans have a complete will that is up to date and 71% don’t know how to get started with legal matters.

For individuals looking for a place to get started with risk planning, Principal, along with ARAG, provides education and resources. Once forms are filled out in the system, individuals can take steps to formalize their plan, often by taking their documents to a notary.

Lincoln Financial completes acquisition

Lincoln Financial Group has completed its previously announced acquisition of Liberty Life Assurance Company of Boston, expanding its benefits market position across all size employers. The transaction included reinsuring Liberty’s Individual Life and Annuity business to Protective Life Insurance Company.

With this acquisition, Lincoln Financial ranks first in market share in combined fully insured disability sales and third in combined total life and fully insured disability sales. Its group benefits organization now serves approximately 10 million employee customers across the U.S., through product offerings that include Disability, Life, Dental, Vision, Critical Illness, and Accident insurance, plus a full suite of absence management services.

The acquisition was financed with cash and the issuance of debt and is expected to be accretive to Lincoln Financial’s earnings per share in 2019, excluding integration costs.

Goldman Sachs & Co. LLC acted as financial advisor to Lincoln Financial and Wachtell, Lipton, Rosen & Katz and Sidley Austin LLP acted as legal advisors. Barclays acted as financial advisor to Liberty Mutual, and Skadden, Arps, Slate, Meagher, & Flom LLP acted as legal advisor.

Protective Life Corporation, a unit of Dai-ichi Life Holdings, Inc., said that its principal subsidiary, Protective Life Insurance Co., and Protective Life & Annuity Insurance Co., completed the transaction with Lincoln Financial Group to acquire via reinsurance substantially all of the individual life and annuity business of Liberty Life Assurance Company of Boston.

The reinsurance transaction closed in conjunction with Lincoln’s acquisition of Liberty Life from affiliates of Liberty Mutual Group Inc. The transaction was originally announced on January 19, 2018. The transaction is expected to represent a capital investment by Protective of approximately $1.2 billion.

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