NU Online News Service, June 6, 2003, 5:31 p.m. EDT – Lincoln National Corp., Philadelphia, says it is combining its life and annuity businesses under the leadership of John Gotta.
Gotta will be in charge of integrating operations in Hartford and Fort Wayne, Ind., Lincoln says.
Lorry Stensrud, chief executive officer of the annuity business since Lincoln separated it from the life business in June 2000, “will no longer have a role within Lincoln as a result of the realignment,” the company says.
Lincoln says it may also change the Lincoln units that sell employer-sponsored retirement plans.
Gotta, formerly an executive at CIGNA Corp., Philadelphia, went to work for Lincoln in 1998 after Lincoln completed a $1.4 billion acquisition of CIGNA’s individual life and annuity operations.
The following year, Lincoln paid $1 billion to buy a large individual life insurance business from Aetna Inc., Hartford. Lincoln put Gotta in charge of combining the Lincoln, CIGNA and Aetna individual life operations.
“The integration of all three businesses was achieved a year sooner than expected and significantly exceeded cost saving targets while accomplishing substantial growth,” Lincoln Chairman Jon Boscia says in a statement.
Before Stensrud joined Lincoln, he was president of Cova Financial Services Life Insurance Company, which is now a unit of MetLife Inc., New York.
Lincoln praises Stensrud in the press release announcing the realignment.
“Among his accomplishments were a successful campaign to turn around net cash flows for the annuity business and positioning Lincoln as a leader in delivering solutions to meet the income distribution needs of the retirement market,” the company says. “Lorry will be missed.”