In another sign of how insurance companies are jockeying for position in a fast-consolidating environment, Cigna Corp. agreed to sell its individual life and annuity operations to Lincoln National Corp. for $1.4 billion in cash.

The transaction comes on the heels of Cigna's purchase of Healthsource Inc., a managed-care company, for about $1.7 billion, and Lincoln National's sale of its property-casualty business, American States Financial Corp., to Safeco Corp. for $2.82 billion.

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