LINCOLN NATIONAL TO SELL STAKE IN MEXICAN INSURANCE VENTURE

US-based Lincoln National Corp is to sell its 49% interest in Mexican insurer Seguros Serfin-Lincoln because its partner in the venture, Mexico’s Serfin banking and financial services group, has been taken over by the government. The change of ownership at Serfin came after the bank was hit by defaults and bad debts. The $100.4m sale of Lincoln National’s holding followed an accord signed in 1997 that allowed the US firm to sell its interest in the insurance venture if Serfin changed hands.