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    Lincoln National Corp (LNC)

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    Business Description

    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".

    1. Annuities - Offers variable annuities, fixed annuities (including indexed), and registered index-linked annuities (RILA).
    2. 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.
    3. Group Protection - Supplies group life, disability, and dental insurance products.
    4. Retirement Plan Services - Delivers employer-sponsored retirement plans and services.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Ellen G. CooperPresident, CEO, and DirectorMay 2022Ellen G. Cooper has served as President, CEO, and Director of LNC since May 2022. She joined LNC in 2012 as Executive Vice President and Chief Investment Officer, holding various leadership roles.
    Craig T. BeazerExecutive Vice President and General CounselDecember 2020Craig T. Beazer has served as Executive Vice President and General Counsel at LNC since December 2020. He previously held roles at KeyCorp and The Bank of New York Mellon Corporation.
    Jayson R. BronchettiExecutive Vice President, Chief Investment Officer, Head of Hedging and SustainabilityMay 2023Jayson R. Bronchetti serves as Executive Vice President, Chief Investment Officer, Head of Hedging (since May 2023), and Sustainability (since May 2022) at LNC. He has been Chief Investment Officer since November 2021.
    Matthew GroveExecutive Vice President and President of Retail SolutionsJuly 2022Matthew Grove joined LNC in July 2022 as the Executive Vice President and President of Retail Solutions. He previously served as CEO and President at Resolution Life USA.
    John C. KennedyExecutive Vice President and Chief Distribution and Brand Officer, President of LFDMarch 2021John C. Kennedy is the Executive Vice President and Chief Distribution and Brand Officer at LNC, having assumed the role of head of distribution in March 2021 and the role of head of brand in March 2022.
    Christopher NeczyporExecutive Vice President and Chief Financial OfficerFebruary 17, 2023Christopher Neczypor has served as Executive Vice President and Chief Financial Officer of LNC since February 17, 2023. He was previously Executive Vice President and Chief Strategy Officer.
    Andrew D. RallisExecutive Vice President and Chief Risk OfficerMay 2023Andrew D. Rallis is the Executive Vice President and Chief Risk Officer at LNC, a position he has held since May 2023. He previously served as the Executive Vice President and Global Chief Actuary at MetLife, Inc..
    James ReidExecutive Vice President and President of Workplace SolutionsAugust 2022James Reid serves as Executive Vice President and President of Workplace Solutions at LNC. He assumed this role in August 2022. He was previously President and CEO of Versant Health.
    Kenneth S. SolonExecutive Vice President, Chief Information Officer, Head of IT and Digital, and Head of Enterprise ServicesJuly 2018Kenneth S. Solon serves as Executive Vice President, Chief Information Officer, Head of IT and Digital, and Head of Enterprise Services at LNC. He has held the role of Executive Vice President, Chief Information Officer since July 2018.
    Sean N. WoodroffeExecutive Vice President and Chief People, Culture, and Communications OfficerMay 2023Sean N. Woodroffe serves as Executive Vice President and Chief People, Culture, and Communications Officer at LNC. He assumed this role in May 2023. He was previously Senior Executive Vice President and Chief People Officer at TIAA.
    Nancy A. SmithSenior Vice President and SecretaryFebruary 24, 2023Nancy A. Smith serves as Senior Vice President and Secretary at LNC. She is listed as the agent for service and signatory on multiple filings, including registration statements and proxy materials.

    Questions to Ask Management

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateNovember 10, 2021
    End Date/DurationNo expiration date
    Total Additional Amount$1.5 billion
    Remaining Authorization$714 million (as of September 30, 2024)
    DetailsPurpose is to return value to shareholders through share price accretion, dividends, and repurchases. Timing depends on capital ratios, rating agency expectations, free cash flow, and alternative capital uses.