Sun Life shells out £195m to buy troubled Lincoln

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The move came as part of Lincoln's desperate move to shore up its finances.

The insurer also said today that it would take federal bailout money and raise $2billion (£1.2 billion) by issuing $950 million of shares to the US government through its Troubled Asset Relief Program, $600 million to shareholders and $500 million of new debt.

The deal will expand Sun Life of Canada's operations here by 60%, taking its funds under management up to £10.6 billion. It will also double its number of policies to 1.1 million and the Lincoln National name will disappear.

A Sun Life spokesman said the whole purpose of the deal was to integrate the two businesses.

He said it was too early to comment on redundancies but analysts said big job cuts were likely because of the similar nature of the two businesses.

If the likely cull falls at Lincoln National, it will mean more employment gloom for Gloucestershire after the decision by Lloyds to close Cheltenham & Gloucester last week.

Lincoln National employs 160 in Gloucester. Sun Life Canada's UK base is in Basingstoke, Hampshire, where it employs 60 people.