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Lincoln National Corporation (LNC), also known as Lincoln Financial Group, is a holding company that operates multiple insurance and retirement businesses through its subsidiary companies. The company, organized under the laws of Indiana in 1968, is headquartered in Radnor, Pennsylvania. LNC offers a wide range of products and services, including annuities, life insurance, group protection, and retirement plan services, marketed under the brand name "Lincoln Financial Group".
- Annuities - Offers variable annuities, fixed annuities (including indexed), and registered index-linked annuities (RILA).
- Life Insurance - Provides universal life insurance (UL), variable universal life insurance (VUL), linked-benefit UL and VUL, indexed universal life insurance (IUL), and term life insurance.
- Group Protection - Supplies group life, disability, and dental insurance products.
- Retirement Plan Services - Delivers employer-sponsored retirement plans and services.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Ellen G. Cooper ExecutiveBoard | President, CEO, and Director | Co-chair of the Steering Committee on Prudential Issues (ACLI); Member of ACLI Executive Committee and Board of Directors; Board member of the Alliance for Lifetime Income | Joined LNC in 2012; became CEO in May 2022; extensive experience in finance, investments, and risk management. | View Report → |
Andrew D. Rallis Executive | EVP and Chief Risk Officer | None | Joined LNC in May 2023; previously EVP and Global Chief Actuary at MetLife; extensive actuarial and risk management experience. | |
Christopher Neczypor Executive | EVP and Chief Financial Officer (CFO) | None | Joined LNC in April 2018; became CFO in February 2023; previously Chief Strategy Officer; background in investment and risk strategy. | |
James Reid Executive | EVP and President, Workplace Solutions | None | EVP and President of Workplace Solutions; focuses on employee benefits and workplace insurance solutions. | |
Jayson R. Bronchetti Executive | EVP, Chief Investment Officer, Head of Hedging, and Head of Sustainability | None | Joined LNC in March 2016; became CIO in November 2021; oversees investment strategies and sustainability initiatives. | |
Kenneth S. Solon Executive | EVP, Chief Information Officer, Head of IT and Digital, and Head of Enterprise Services | None | Joined LNC in January 2010; leads IT and digital strategy; oversees the Spark Initiative for cost savings. | |
Sean N. Woodroffe Executive | EVP and Chief People, Culture, and Communications Officer | None | Joined LNC in May 2023; previously Chief People Officer at TIAA; focuses on talent management and cultural alignment. | |
Dale LeFebvre Board | Director | Founder and Chairman of 3.5.7.11 | Director since 2021; expertise in private equity, strategic planning, and risk management. | |
Deirdre P. Connelly Board | Director | Board member at Macy’s, Inc. and Genmab A/S | Director since 2016; former President of North American Pharmaceuticals at GlaxoSmithKline; expertise in strategy, operations, and corporate governance. | |
Eric G. Johnson Board | Director | CEO of Baldwin Richardson Foods Company | Director since 1998; expertise in marketing, finance, and corporate strategy; CEO of Baldwin Richardson Foods. | |
Gary C. Kelly Board | Director | Executive Chairman of Southwest Airlines Co. | Director since 2009; former CEO of Southwest Airlines; expertise in finance and accounting. | |
M. Leanne Lachman Board | Director | President of Lachman Associates LLC; Executive-in-Residence at Columbia Business School | Director since 1985; expertise in real estate analysis and corporate governance. | |
Owen Ryan Board | Director | Chair of the Board and Co-CEO of BlackLine, Inc. | Director since 2023; expertise in insurance, finance, and risk management; Co-CEO of BlackLine. | |
Reginald E. Davis Board | Director | Senior EVP and President of Banking at New York Community Bancorp, Inc. | Director since 2020; extensive experience in financial services, risk management, and diversity initiatives. | |
William H. Cunningham Board | Lead Independent Director | Professor at The University of Texas at Austin; Board member at John Hancock Mutual Funds and Southwest Airlines Co. | Director since 2006; expertise in accounting, marketing, and corporate governance; former Independent Chair of the Board. |
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Given the minimal impact of your annual assumption review on the Life business this quarter, can you explain why you are confident in your current mortality and policyholder behavior assumptions, especially considering recent industry studies suggesting potential changes?
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Despite strong free cash flow generation exceeding expectations and taking a dividend from LNBar, you have not resumed share buybacks; can you provide an updated timeline on when investors might expect a return to capital distributions and elaborate on your capital deployment priorities?
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Annuity sales remained robust in the third quarter even with a pullback in interest rates; do you anticipate any slowdown in sales due to potential future rate declines, and can you clarify whether recent sales growth is driven by new customer inflows or exchanges from existing customers?
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With competitors announcing reinsurance transactions for guaranteed universal life blocks, what are your updated thoughts on pursuing similar deals for your remaining ULSG exposure, and what key considerations are influencing your decision?
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In Retirement Plan Services, you noted that fourth-quarter net flows could be challenged by known plan terminations despite strong sales this quarter; can you provide more details on these terminations and how you plan to mitigate their impact on future earnings?
Recent press releases and 8-K filings for LNC.
- Adjusted operating income reached $280 million ($1.60 per diluted share), normalized to $298 million ($1.70 per diluted share), reflecting a 14% YoY increase and marking the third consecutive quarter of growth
- Group business/Protection delivered strong results with a 26% YoY earnings increase, a margin expansion of 120bps, and annuities sales growing by 33% YoY
- Announced a strategic minority investment with Bain Capital, where Bain acquired a 9.9% stake at $44 per share and committed significant asset management investments to support the shift toward spread-based earnings and growth acceleration
- Maintained a solid capital foundation with an estimated RBC ratio >420% and a leverage ratio improvement of 260bps YoY
- Lincoln Financial announces a long-term strategic partnership with Bain Capital to serve as its strategic asset manager for general account assets, aiming to accelerate growth, create value, and support initiatives such as reducing its leverage ratio .
- Under the deal, Bain Capital acquires a 9.9% stake by purchasing approximately 18.8 million shares at $44 per share at a 25% premium for a total cash consideration of approximately $825 million with a 3-year lockup period .
- The collaboration establishes a 10-year, non-exclusive investment management relationship, commencing with $1.4 billion in AUM and targeting at least $20 billion by year six, while providing enhanced access to private asset origination and growth capital .