A.M. Best has commented that the Credit Ratings of Lincoln National Corporation (Lincoln) (headquartered in Radnor, PA) (NYSE:LNC) and its insurance subsidiaries remain unchanged following the Jan. 19, 2018, announcement that Lincoln has reached a definitive agreement to acquire Liberty Life Assurance Company of Boston (Liberty Life) from Liberty Mutual Holding Company Inc.

As part of the transaction, all existing life and annuity business at Liberty Life will be reinsured to Protective Life Insurance Company with the net result that only group insurance will be retained by Lincoln. Following the transaction, it is expected that Lincoln will be a top five provider in the group disability and life markets based on sales, and a top five disability provider based on inforce premiums. Furthermore, the transaction is expected to increase materially Lincoln's operating performance in the segment, including sales, premiums and earnings. However, A.M. Best notes that the impact to the consolidated balance sheet and operating profile is relatively modest. The transaction is expected to close in the second quarter of 2018, pending regulatory approval and other customary closing conditions.

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