Lincoln National to Buy Liberty Mutual Unit for $3.3 Billion

Lincoln National Corp., a provider of annuities and retirement products, agreed to pay $3.3 billion to buy a business from Liberty Mutual Holding Co. that sells insurance through employers.

Lincoln agreed to acquire the unit, called Liberty Life Assurance Co. of Boston, and will retain the group-benefits business, the Radnor, Pennsylvania-based insurer said Jan. 19 in a statement. The buyer will then reinsure the individual life and annuity business to Dai-ichi Life Holdings Inc.’s Protective Life Corp.

Insurers have been increasingly interested in group benefits, where they sell products such as life, dental and vision insurance through employers. Hartford Financial ...