1. A Prudential Financial offering comprehensive life insurance, annuities, and retirement services.

2. A Principal Financial Group that also provides extensive individual life insurance.

• Annuities: Offers fixed, variable, and indexed variable annuities for retirement savings.
• Retirement Plan Services: Provides employers with retirement plan products and services, including variable/fixed annuities and mutual fund-based programs, alongside recordkeeping and compliance.
• Life Insurance Products: Includes term, universal, variable universal, and indexed universal life insurance, with optional critical illness and long-term care riders.
• Group Non-Medical Insurance Products: Offers short and long-term disability, group term life, dental, vision, accident, and critical illness benefits to employers.
• Absence Management Services: Administers statutory disability and paid family medical leave, along with general absence management services.

Major Customers of Lincoln National (LNC)

Lincoln National Corporation (LNC) serves a diverse range of customers, primarily falling into two broad categories: individuals and employers.

• Individuals seeking retirement income solutions: This includes individuals looking for annuities (fixed, variable, and indexed variable) to save for and generate income during retirement. These customers are typically served through financial advisors, planners, and agents.
• Individuals seeking personal and family financial protection: This encompasses individuals purchasing life insurance products (term, universal life, variable universal life, indexed universal life) as well as critical illness and long-term care riders to protect their financial future and their families. These products are also distributed through consultants, brokers, and agents.
• Employers providing employee benefits: This category includes companies and organizations that purchase retirement plan services (defined contribution plans, recordkeeping, compliance testing, participant education) and group protection products (short and long-term disability, statutory disability and paid family medical leave administration, term life, dental, vision, accident, and critical illness benefits) for their employees. Lincoln National serves this "employer marketplace" through consultants, brokers, and third-party administrators.

Ellen G. Cooper

Chairman, President and Chief Executive Officer

Ellen G. Cooper assumed the role of President and CEO of Lincoln Financial Group in May 2022 and became Chairman in May 2023. She joined Lincoln in 2012 as Executive Vice President and Chief Investment Officer, later expanding her responsibilities to include Head of Enterprise Risk and Head of the Annuity Solutions group. In these roles, she was critical in shaping and executing Lincoln’s investment strategy, overseeing over $300 billion in assets and managing the company’s hedging program. Before joining Lincoln, Cooper served as Managing Director and Global Head of Insurance Strategy for Goldman Sachs Asset Management. Her earlier career included serving as Chief Risk Officer for AEGON Americas, and holding insurance consulting positions as a Principal at Ernst & Young LLP and at Towers Perrin. Cooper holds a Bachelor of Business Administration in Actuarial Science from Temple University.

Christopher Neczypor

Executive Vice President & Chief Financial Officer

Christopher Neczypor was appointed Executive Vice President, Chief Financial Officer, effective February 17, 2023.

Jayson R. Bronchetti

Executive Vice President, Chief Investment Officer, Head of Hedging and Sustainability

Jayson R. Bronchetti serves as Executive Vice President, Chief Investment Officer, and Head of Hedging and Sustainability for Lincoln Financial Group.

Kenneth S. Solon

Executive Vice President, Chief Information Officer and Head of IT, Digital and Enterprise Services

Kenneth S. Solon is Executive Vice President, Chief Information Officer, and Head of IT, Digital and Enterprise Services at Lincoln Financial Group, and a member of the company's senior management committee. He joined Lincoln in 2008, bringing extensive experience in domestic and global strategy, planning, and information systems. Previously, Solon was Head of Shared Services, responsible for Customer Service for Lincoln's Individual Life, Individual Annuity, and Retirement Plan Services business lines. Before Lincoln, he spent 13 years at Chase Manhattan Banking Corporation, where he managed Operations and Information Technology functions across domestic, European, and Asian markets. He then spent nine years at Prudential Financial Inc., where he led Operations and Information Technology for the company's conversion to a publicly traded organization and oversaw customer service for Individual Life Insurance.

Sean N. Woodroffe

Executive Vice President, Chief People, Culture and Communications Officer

Sean N. Woodroffe was hired as Executive Vice President, Chief People, Culture and Communications Officer in 2023.

Here are the key risks to Lincoln National (LNC):

1. Market Volatility and Interest Rate Risk: Lincoln National's performance is highly susceptible to fluctuations in financial markets and interest rates. The company faces significant investment risks, including potential losses in its investment portfolio due to stock market declines or unrealized bond securities losses. For example, a substantial increase in the 10-year Treasury rate could significantly impact LNC's tangible book value. A prolonged low-interest-rate environment can diminish investment yields, putting pressure on payouts from products like annuities, while sharp increases can also create challenges. The company has also increased allocations to private credit and real estate, introducing concentration and liquidity risks.
2. Actuarial Risks and Underwriting Assumptions: As an insurance company, Lincoln National is exposed to the risk that actual claims and experience (such as mortality and morbidity rates) deviate significantly from its actuarial assumptions. Historically, changes in assumptions regarding certain annuity and life insurance products, like guaranteed universal life policies, have led to substantial losses and required significant adjustments to life insurance reserves. Increased benefit expenses due to higher policy payouts or adverse mortality trends can negatively impact future margins and financial stability.
3. Regulatory, Legal, and Competitive Pressures (including AI Disruption): The insurance and retirement services industry is heavily regulated, meaning changes in government regulations, such as increased capital reserve requirements, can strain operations and profitability. Lincoln National also faces ongoing legal proceedings that could result in financial damages and heightened scrutiny. Furthermore, the industry is intensely competitive, with new entrants and existing players exerting constant pressure on pricing and product offerings. The emergence of artificial intelligence (AI) poses a disruptive competitive threat, as AI-driven underwriting, claims management, and direct-to-consumer channels could compress margins and challenge traditional distribution models.

The clear emerging threats to Lincoln National (LNC) are:

• The rise of direct-to-consumer (D2C) Insurtech platforms that leverage advanced data analytics, AI, and streamlined digital interfaces to offer life insurance products directly to consumers, bypassing traditional agents and brokers. This threatens LNC's reliance on intermediary distribution channels, potentially leading to market share erosion and pricing pressure in its Life Insurance and Group Protection segments.
• The increasing prevalence of AI-driven and highly automated retirement plan administration platforms that offer lower-cost and more efficient recordkeeping and administrative services for employers. These solutions could appeal to businesses seeking to reduce costs and complexity, potentially disrupting LNC's Retirement Plan Services segment and its traditional service model.

The addressable markets for Lincoln National's main products and services in the U.S. are substantial across its various segments:

• Annuities: The total U.S. annuity sales reached $461.3 billion in 2025.
• Retirement Plan Services: Americans held $13.9 trillion in all employer-based defined contribution (DC) retirement plans as of September 30, 2025.
• Life Insurance: The U.S. life insurance market size was estimated at USD 1.93 trillion in 2024. For group life insurance, specifically, the U.S. market size was approximately $145.67 billion in 2025.
• Group Protection:
  • Disability Insurance: The U.S. disability insurance market size is projected to be $20.2 billion in 2025.
  • Dental Insurance: The U.S. dental insurance market size is calculated at USD 97.7 billion in 2025.
  • Vision Insurance: The market size of the Vision Insurance in the U.S. is estimated at $50.6 billion in 2025.

Lincoln National Corporation (LNC) is expected to drive future revenue growth over the next 2-3 years through several key strategies across its core business segments and strategic initiatives.

Here are 3-5 expected drivers of future revenue growth:

1. Growth in Annuities Segment with a Focus on Spread-Based Products: Lincoln National is prioritizing the expansion of its annuities business, particularly through fixed annuities and Registered Index-Linked Annuities (RILAs). Annuities sales demonstrated robust growth in 2025, with RILA sales increasing by 35% and variable annuity sales by 27%. The company's strategy involves shifting towards spread-based products to achieve more stable earnings and reduce market sensitivity. Recent product launches, such as the Lincoln FlexAdvantage Income and Lincoln OptiBlend Income fixed indexed annuities (FIAs) in March 2026, are designed to offer guaranteed growth for future income and lifetime income, further supporting growth in this segment. The annuities segment is highlighted as Lincoln National's largest operational component, with significant volume growth in spread-based products.
2. Enhanced Performance and Strategic Realignment in Life Insurance: The Life Insurance segment is expected to contribute to revenue growth through a focus on accumulation products and executive benefits. The company saw a significant 50% year-over-year increase in life insurance sales in Q4 2025, with executive benefits sales reaching $265 million, a notable rise from $59 million in 2024. Lincoln National anticipates continued growth in Core Life sales in 2026, building from a strong baseline. The company is also undertaking a strategic realignment in its Life business to emphasize products with greater risk sharing, aiming for profitable growth.
3. Expansion and Profitability in Group Protection: Lincoln National is focused on expanding its Group Protection business and improving its profitability. The segment's earnings, excluding the annual assumption review, increased by 16% year-over-year in Q4 2025, with premium growth of nearly 7% and supplemental health sales growing over 40%. The company is targeting an 8%+ margin in Group Protection and expects sustained premium growth and underlying earnings improvement in 2026. Favorable macroeconomic conditions and strong utilization rates are also seen as drivers for this segment.
4. Strategic Investments and Partnerships: Strategic investments and collaborations are crucial for accelerating future growth. A key development is the significant investment from Bain Capital, finalized in June 2025, which includes a 9.9% equity stake. This partnership is intended to optimize legacy liabilities in life insurance and fuel Lincoln's growth initiatives, particularly in expanding spread-based earnings and enhancing its life insurance portfolio. Such strategic alliances and strong distribution partnerships are anticipated to bolster overall future revenue growth.
5. Innovation and Service Expansion in Retirement Plan Services: The Retirement Plan Services segment is positioned for growth through new product solutions and an enhanced, personalized service model. Total deposits in this segment were up 13% year-over-year in Q4 2025, with first-year sales increasing by 32%. Lincoln National has introduced expanded product solutions like Pooled Employer Plans (PEPs), innovations in in-plan guaranteed income, stable value solutions, and its financial wellness platform, WellnessPATH®. The company has also broadened its Lincoln PathBuilder Income® powered by YourPath® product to offer a lifetime income guarantee, catering to the increasing demand for secure retirement options. The focus remains on improving the earnings profile and diversifying revenue streams within the existing customer base.

Capital Allocation Decisions (2021-2025)

Share Repurchases

• In November 2021, Lincoln National's Board of Directors authorized an increase to the company's securities repurchase authorization, bringing the total aggregate authorization to $1.5 billion, with no specified expiration date.
• The company suspended its share buyback program in 2023 to aid in recovery following a significant $2.6 billion loss reported in the third quarter of 2022.
• Analysts anticipate Lincoln National will resume share repurchases in 2026, with the volume of buybacks expected to increase in 2027 and 2028.

Share Issuance

• In April 2025, Lincoln National issued 18,759,497 shares of common stock to Bain Capital as part of an $825 million strategic growth investment. This issuance represented approximately 9.9% of the outstanding common stock on a post-issuance basis.

Inbound Investments

• Bain Capital made an $825 million strategic growth investment in Lincoln Financial in April 2025, acquiring a 9.9% ownership stake in the company.
• The partnership with Bain Capital also includes a 10-year investment management fee commitment of $1.4 billion in Assets Under Management (AUM) at or shortly after closing, with a minimum AUM commitment of $20 billion by the end of year six.