 | |
 | |
| Lincoln Financial Group | |
| Company type | Public |
| Industry | |
| Founded | 1905; 120 years ago (1905) |
| Founder | Perry Randall |
| Headquarters | Radnor, Pennsylvania, U.S. |
Key people | Ellen Cooper (president &CEO) |
| Revenue |  US$19.230 billion (Fiscal Year Ended December 31, 2021)[1] |
| US$1.638 billion (Fiscal Year Ended December 31, 2021)[1] | |
| US$1.405 billion (Fiscal Year Ended December 31, 2021)[1] | |
| Total assets | US$387.301 billion (Fiscal Year Ended December 31, 2021)[1] |
| Total equity |  US$20.272 billion (Fiscal Year Ended December 31, 2021)[1] |
Number of employees | 11,000+ (2022) |
| Website | lincolnfinancial |
Lincoln National Corporation is aFortune 200 Americanholding company, which operates multipleinsurance and investment management businesses through subsidiary companies.Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.[2]
LNC was organized under the laws of the state ofIndiana in 1968, and maintains its principal executive offices inRadnor, Pennsylvania.[3] The company traces its roots to its earliest predecessor founded in 1905.[citation needed]
In addition, LNC is thenaming rights sponsor ofLincoln Financial Field inPhiladelphia, home field of thePhiladelphia Eagles of theNational Football League.
LNC divides operations into four business segments: annuities, life insurance, retirement plan services, and group protection.
The principal Lincoln subsidiaries are:
On December 31, 2016, LNC had consolidated assets under management of $262 billion and consolidated shareholders’ equity of $14.5 billion.[citation needed]
 | This sectiondoes notcite anysources. Please helpimprove this section byadding citations to reliable sources. Unsourced material may be challenged andremoved.(September 2023) (Learn how and when to remove this message) |
Ellen G. Cooper is president and chief executive officer of Lincoln Financial Group. She serves as a director on the Lincoln National Corporation Board. She is also president and serves on the board of the principal insurance subsidiaries of Lincoln Financial Group. She is the first female CEO of Lincoln Financial Group.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.
Lincoln Financial Foundation awards grants to hundreds of nonprofits each year. The Foundation consists of three pillars: Financial Wellness, Youth Education, and Human Services.[citation needed]
| This sectionneeds additional citations forverification. Please helpimprove this article byadding citations to reliable sources in this section. Unsourced material may be challenged and removed.(August 2009) (Learn how and when to remove this message) |
Lincoln traces its origin to June 12, 1905, inFort Wayne, Indiana, as the Lincoln National Life Insurance Company. Four men were initially founders of the organization, with an Attorney Daniel Ninde becoming the largest stockholder and first CFO for the company, according to Ninde family history. Daniel Ninde was educated as a Midshipman at the Naval Academy in Annapolis, MD. He descended from a local Fort Wayne family raising a number of Circuit Court Judges. Great Uncle Harry Ninde's farm is now downtown Fort Wayne. It is believed that the four founding men all worked at Lincoln National in one way or another. They bought a smaller insurance company located in North Dakota and needed to pass a 6-month residency requirement to complete the sale. They then bought a furnished home located in that state and spent the next six months on weekends playing poker for its furnishings. Daniel Ninde's family still owns a large oriental rug he won in a card game there. Manager Perry Randall, a Fort Wayne attorney and entrepreneur, suggested the name "Lincoln," arguing that the name ofAbraham Lincoln would powerfully convey a spirit of integrity. In August, 1905Robert Todd Lincoln provided a photograph of his father, along with a letter authorizing the use of his father's likeness and name for company stationery and advertising.
In 1928, LNC president Arthur Hall hired Dr. Louis A. Warren, a Lincoln scholar, and in 1929, LNC acquired one of the largest collections of books about Abraham Lincoln in the United States. The Lincoln Museum in Fort Wayne was the second largest Lincoln museum in the country. The Abraham Lincoln Presidential Library and Museum inSpringfield, Illinois is now the world's largest museum dedicated to the life and times of Abraham Lincoln, after the closing of the Fort Wayne Lincoln Museum June 30, 2008.
Ian Rolland started with Lincoln in 1956, and became president of Lincoln National Life in 1977. When Rolland retired in 1998, new president Jon A. Boscia moved LNC to Philadelphia and started using the Lincoln Financial Group name for marketing. Lincoln National Life, the largest subsidiary, and the Lincoln Museum remained in Fort Wayne.
Lincoln Reinsurance was the first USreinsurance company; it was sold toSwiss Re in 2001. K&K Insurance Specialties was the first to insure events likeNASCAR races; it was sold toAON in 1993.Safeco bought American States, a property/casualty insurance business because Lincoln was primarily in life/health. However, LNC even sold a block of disability income business toMetLife in 1999, as it narrowed its focus.
Lincoln moved its headquarters from Indiana to Philadelphia in 1999.[5] In Philadelphia Lincoln was headquartered in the West Tower ofCentre Square inCenter City.[6]
Lincoln Financial was naming rights sponsor for the2000 Rugby League World Cup which was held in England.
Lincoln Financial Group purchased the Administrative Management Group, Inc. based in Arlington Heights, Illinois in August 2002. Previously, AMG was a strategic partner of LFG for four years, providing recordkeeping services for the Lincoln Alliance product, a turnkey solution for "employer retirement and employee benefit programs, including investment choices, recordkeeping, plan design, compliance and employee retirement counseling and education."[7]
In 2007, the company moved 400 employees, including its top executives, to Radnor Township fromPhiladelphia.[5]
Following the acquisition of Jefferson-Pilot Corporation in March 2006, Lincoln Financial acquired group life, disability, and dental insurance divisions. Jefferson-Pilot Corporation was aFortune 500 company based inGreensboro, North Carolina, founded in 1986 from the merger of Jefferson Standard Insurance (founded 1907 by Charles W. Gold and Pleasant D. Gold, Jr., sons ofPleasant Daniel Gold) and Pilot Life Insurance (founded 1903). The two companies' association actually dated to 1945, when Jefferson Standard bought majority control of Pilot Life; Jefferson Standard had previously bailed Pilot out in the 1930s.[8] ThePilot Life headquarters built in the 1920s and located at 5300 High Point Road, "a careful replication ofthe governor's mansion built in 1767 inNew Bern," was nominated to theNational Register of Historic Places in 2022, when Clachan Properties ofRichmond, Virginia, was buying the property to develop apartments.[9] The 1986 merger marked the retirement of the Pilot Life brand, most notably the end of its "Sail with the Pilot" jingles, which had been heavily associated withAtlantic Coast Conference college basketball and had been heard on television since 1958.[10] The insurance operations would continue to be headquartered in what became theLincoln Financial Building.[11]
Lincoln Financial also acquired Jefferson-Pilot's television and radio operations, which were renamedLincoln Financial Media. Jefferson Standard Insurance putWBTV inCharlotte on the air on Channel 3 in 1949. At the time, Jefferson Standard Insurance also had a 16.5% interest in the Greensboro News Company, licensee ofWFMY, which signed on from Greensboro two months after WBTV.[citation needed] Jefferson Standard had purchasedWBT radio from CBS in 1945.[12] Jefferson Standard Broadcasting Co. was a subsidiary of Jefferson-Pilot Corp.[13] when in 1970 the media interests were folded into a new subsidiary, Jefferson-Pilot Communications, still owned by the insurance company. The broadcasting subsidiary acquired several other radio and television stations across the country, with WBTV serving as the company's flagship station.[citation needed] The group owned 18 radio stations inMiami, Florida;San Diego, California;Denver, Colorado; andAtlanta, Georgia. It also ownedWBTV, theCBS affiliate in Charlotte;WCSC-TV, the CBS affiliate inCharleston, South Carolina andWWBT, theNBC affiliate inRichmond, Virginia. In June 2007, the company publicly announced it would explore a sale of this division, and hired Merrill Lynch to assess its strategic options. It was announced on November 12 thatRaycom Media purchased the three TV stations,[14] including its sports production division, which was the co-holder to football and basketball games in theAtlantic Coast Conference with Raycom and sole rightsholders to theSoutheastern Conference until 2009, whenESPNPlus andCBS Sports acquired the rights. The Raycom Sports brand was merged with LFS as of January 1, 2008.
Though billed as a merger of equals, the merged company carries the LNC name, operates from the LNC offices, with current LNC stockholders holding 61% of the stock, and current LNC directors controlling the new board. The insurance division is based in Greensboro, North Carolina.
On January 19, 2018, Lincoln Financial Group announced that it entered into a definitive agreement to acquire Liberty Life Assurance Company of Boston from Liberty Mutual Insurance Group. Upon completion of the transaction, Lincoln Financial retained Liberty’s Group Benefits business and reinsured Liberty’s Individual Life and Annuity business to Protective Life Insurance Company.
Lincoln purchased Newton County Loan and Savings in order to restructure as abank holding company and qualify forTroubled Asset Relief Program (TARP) funding.
In January 2009, Lincoln sold itsDelaware Investments subsidiary toMacquarie Group.[15] Delaware Investments was integrated into Macquarie's global asset management arm, Macquarie Funds Group effective January 5, 2010.
In December 2023, Lincoln sold its wealth management unit toOsaic for an undisclosed amount.[16]
Lincoln National is the owner ofU.S. patent 7,089,201, “Method and apparatus for providing retirement income benefits”. This patent covers methods for administeringvariable annuities. Lincoln's commercial products that are covered by this patent include their i4LIFE Advantage and 4LaterSM Advantage annuities.[17]
In September 2006, Lincoln filed apatent infringement lawsuit againstTransamerica Life Insurance Company for allegedly infringing itsinsurance patent.[18] A similar lawsuit was filed againstJackson National Life in October 2007.[19]
On Feb. 19, 2009, a jury found the Lincoln patent valid and infringed by Transamerica et al. Damages were assessed at the "reasonable royalty rate" and Transamerica et al. were ordered to pay Lincoln $13 million, or 0.11% of the over $12 billion in assets they had under management by virtue of infringing the patent.[20] This verdict was later overturned by the Court of Appeals for the Federal Circuit finding Transamerica did not infringe Lincoln's patent.
Lincoln Financial Group is the grand sponsor of theNational Forensic League and itsNational Speech and Debate Tournament.[citation needed]
turnkey solutions for employer retirement and employee benefit programs, including investment choices, recordkeeping, plan design, compliance and employee retirement counseling and education.
