Lincoln Acquiring Aetna Life Insurance Unit

Lincoln National Corp. is buying Aetna’s U.S. individual life insurance business for $1 billion, its second large life insurance acquisition this year. Under the deal, Lincoln National will purchase $50 billion in insurance business from Hartford, Conn.-based Aetna. Aetna would keep its group life and international life insurance businesses, as well as its health insurance business. Fort Wayne, Ind.-based Lincoln National expects to retain a “good number” of the 390 employees at Aetna’s individual life business, an Aetna spokeswoman said. On the NYSE, Aetna shares gained $1.13 cents to close at $80.13, and Lincoln National shares dipped $1.06 to $90.44.