• A **Prudential Financial** focused on life insurance, annuities, and retirement solutions.
• Similar to **MetLife**, providing life insurance, annuities, and group benefits.

• Life Insurance: Provides various individual life insurance policies (e.g., term, universal, variable universal) to protect beneficiaries financially upon the policyholder's death.
• Annuities: Offers individual deferred and immediate annuity products designed to provide a steady income stream, often for retirement.
• Group Protection: Provides employers with group insurance products including disability, life, dental, vision, and critical illness coverage for their employees.

Lincoln National Corporation (LNC) is a financial services company that provides a diverse range of insurance and investment products. While it serves both individuals and businesses, its business model is largely centered on meeting the financial needs of individuals, either directly or through employer-sponsored plans.

Given the structure of its product offerings and the highly diversified nature of its business-to-business clients (employers for group benefits and retirement plans), Lincoln National primarily sells to individuals. Therefore, the major customers can be categorized as follows:

• Individuals Seeking Long-Term Financial Security and Retirement Income: This category includes individuals who are accumulating wealth for retirement, seeking stable income streams in their later years, or protecting their retirement savings. This covers customers purchasing individual annuities and participants in employer-sponsored defined contribution plans (e.g., 401(k)s, 403(b)s).
• Individuals and Families Seeking Financial Protection: This category encompasses customers looking to protect their loved ones and their financial well-being against life's uncertainties. This includes individuals purchasing life insurance to provide for dependents, as well as individuals covered by employer-sponsored group benefits such as life, disability, dental, and vision insurance.

• Reinsurance Group of America (RGA)
• PricewaterhouseCoopers LLP (No symbol)
• Microsoft (MSFT)
• Amazon (AMZN)

Ellen Cooper, Chairman, President and Chief Executive Officer

Ellen Cooper joined Lincoln National in 2012 as Executive Vice President and Chief Investment Officer. She became President, CEO, and Director in May 2022, and Chairman in May 2023. Prior to Lincoln, Cooper served as Managing Director and Global Head of Insurance Strategy for Goldman Sachs Asset Management from 2008 to 2012. Her earlier career also includes roles as Chief Risk Officer for Aegon USA (2006-2008), Principal at Ernst & Young LLP (2005-2006), and Senior Manager at Ernst & Young LLP (2000-2005).

Christopher Neczypor, Executive Vice President, Chief Financial Officer

Christopher Neczypor was appointed Executive Vice President and Chief Financial Officer of Lincoln National in February 2023. Before this, he served as Executive Vice President and Chief Strategy Officer from November 2021 to February 2023. He joined Lincoln Financial in 2018 as Head of Investment Risk and Strategy. Prior to Lincoln, Neczypor held portfolio management and investment roles at Kingdon Capital Management and Emrys Partners, a hedge fund manager. He was also the senior sell-side analyst for insurance at Goldman Sachs from 2006 to 2012 and began his career as a Certified Public Accountant at PricewaterhouseCoopers (PwC), auditing global insurance clients.

Jennifer Charters, Executive Vice President, Chief Information Officer

Jennifer Charters joined Lincoln Financial as Executive Vice President and Chief Information Officer in November 2024. Before her role at Lincoln, she served as Executive Vice President and Chief Information Officer at Flagstar Bank since 2018. She was also Chief Information Officer of Corporate Technology at Ally Financial. Charters started her career at Accenture, where she focused on large-scale systems development, process improvement, and change-enablement solutions for various organizations, including those in financial services, insurance, and telecommunications.

Andrew D. Rallis, Executive Vice President, Chief Risk Officer

Andrew D. Rallis was appointed Executive Vice President and Chief Risk Officer at Lincoln Financial in May 2023. He possesses over 40 years of experience in risk management within the insurance industry. Prior to joining Lincoln, Rallis served as Executive Vice President, Global Chief Actuary at MetLife. He has also been a longstanding volunteer with the Society of Actuaries (SOA), including serving as its President from 2019-2020, and was a founder and the inaugural President of the Chief Actuaries Forum.

John G. Morriss, Executive Vice President, Chief Investment Officer

John G. Morriss was appointed Executive Vice President and Chief Investment Officer for Lincoln Financial, effective October 2025. With over 30 years of investment experience, Morriss previously served as Senior Vice President, Head of Public and Private Fixed Income at Fortitude Re for four years. He also held a senior investment leadership role at Lincoln prior to his time at Fortitude Re. His career includes 18 years at TIAA, where he held leadership positions in structured finance research, international and high-yield credit, portfolio management, and fixed income research. Morriss began his career as a currency trader at Chase Manhattan Bank.

1. Market Volatility and Interest Rate Sensitivity: Lincoln National's financial performance is highly susceptible to fluctuations in market interest rates and overall market volatility. The company holds a substantial portfolio of fixed-income securities, and increases in market interest rates can materially decrease the value of this investment portfolio and adversely affect its capital position. For instance, a 40-50 basis point increase in the 10-year Treasury rate could significantly impact Lincoln National's tangible book value. This market sensitivity also impacts the profitability of products with guaranteed benefits.
2. Financial Strength Ratings and Regulatory Capital (RBC Ratio): A downgrade in Lincoln National's financial strength ratings can severely impede its ability to market products, increase policy surrenders, and damage relationships with creditors. The company's Risk-Based Capital (RBC) ratio is a crucial factor in determining these ratings. Concerns over decreases in statutory capital and RBC ratio have led to downgrades in financial strength ratings by agencies like AM Best.
3. Rising Expenses and Significant Debt: Lincoln National has experienced escalating total expenses over recent years, primarily due to increasing benefits expenses. These costs have shown significant year-over-year increases, impacting future margins. Additionally, the company carries a substantial total debt, which stood at $5.9 billion at the end of the first quarter of 2025, resulting in a debt-to-capitalization ratio significantly higher than the industry average.

The emergence and growth of digital-first competitors and business models, particularly in the insurtech and wealth management sectors, are clear emerging threats. These companies leverage advanced analytics, artificial intelligence, and streamlined digital platforms to offer simplified, faster, and often more cost-effective insurance products (e.g., life insurance, annuities) and wealth management services (e.g., automated investment advice, low-cost digital retirement planning). This trend directly challenges Lincoln National's traditional distribution models, underwriting processes, and advisory services by capturing market share, influencing customer expectations towards digital-first experiences, and pressuring pricing and operational efficiency.

Lincoln National Corporation (LNC) operates in several key markets within the United States, offering annuities, life insurance, group protection, and retirement plan services.

• Annuities: The U.S. annuity market's value is projected to reach approximately $388.42 billion by 2029, with a compound annual growth rate (CAGR) of 5.98%. Total U.S. annuity sales reached $432.6 billion in 2024, and are expected to exceed $400 billion in 2025.
• Life Insurance: The U.S. life insurance market was valued at an estimated $1.93 trillion in 2024 and is forecast to grow to about $4.74 trillion by 2034, demonstrating a CAGR of 9.40% from 2025 to 2034. The broader U.S. market size for life insurance and annuities combined is $1.0 trillion in 2025.
• Group Protection: Specifically focusing on group level term insurance, the U.S. market size was an estimated $7.32 billion in 2024, with projections to reach $7.73 billion in 2025. This market is expected to grow at a CAGR of 6.5% from 2025 to 2030. In 2022, the market value was $6.63 billion.
• Retirement Plan Services: The U.S. retirement market holds substantial assets, with approximately $30 trillion in retirement-related accounts. As of the first quarter of 2024, total retirement market assets in the U.S. were just under $40 trillion. The U.S. Pension Fund Market, a significant component of retirement services, was valued at $6.12 trillion in 2024 and is anticipated to grow to $10.24 trillion by 2030, at a CAGR of 9.02%. The Retirement & Pension Plans industry in the U.S. is estimated to be $449.5 billion in 2025.

Here are the expected drivers of future revenue growth for Lincoln National (LNC) over the next 2-3 years:

1. Growth in Annuities Business: Lincoln National anticipates continued momentum and success in its Annuities business, particularly through increased sales of fixed annuities and RILA (Registered Index-Linked Annuities) products. This growth is supported by higher account balances and increased spread income. The company is focused on diversifying its new business mix, leveraging foundational capabilities, enhancing investment strategies, expanding distribution, and optimizing its mix of internal and external reinsurance to accelerate profitability.
2. Strategic Realignment and Improvement in Life Insurance: The company is strategically shifting its Life Insurance business towards products that are expected to deliver more stable cash flows and higher risk-adjusted returns, such as accumulation products and life insurance risk-sharing products. This strategic realignment, coupled with disciplined pricing and product diversification, is aimed at attracting more volume and ensuring high policyholder retention, contributing to improved earnings and sales growth over time.
3. Expansion in Group Protection: Lincoln National expects revenue growth from its Group Protection business, driven by consistent premium growth and strong sales, particularly in supplemental health products. The strategy in Group Protection includes diversifying the business across products and market segments, with an emphasis on expanding its presence in the small market, and achieving sustainable target margins through disciplined pricing and operational performance.
4. Increased Deposits and Positive Flows in Retirement Plan Services: The Retirement Plan Services segment is positioned for continued earnings growth due to higher ending account balances, increased deposits, and positive net flows. The company is focused on strengthening its operational and service capabilities to build sustainable and profitable growth in this business, leveraging a robust new business pipeline.

Share Repurchases

• Lincoln National executed over $1.1 billion in share repurchases in 2021.
• In November 2021, the company's board of directors authorized an increase to its securities repurchase program, bringing the total aggregate authorization to $1.5 billion.
• Share repurchases declined and were halted entirely in 2023.

Share Issuance

• In April 2025, Lincoln National sold approximately 18.8 million shares of its common stock to Bain Capital for $44.00 per share, totaling $825 million.

Inbound Investments

• In April 2025, Lincoln Financial announced an $825 million strategic growth investment from Bain Capital, which acquired a 9.9% ownership stake in Lincoln.
• As part of this partnership, Bain Capital became a strategic asset management partner across various asset classes, including private credit, structured assets, mortgage loans, and private equity.