Lincoln Combines Life, Annuity Units Under Gotta

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.”