Lincoln National Corporation
Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.[2]
This article is about the insurance and asset management company. For the investment banking firm, see Lincoln International.
LNC was organized under the laws of the state of Indiana in 1968, and maintains its principal executive offices in Radnor, Pennsylvania.[3] The company traces its roots to its earliest predecessor founded in 1905.
In addition, LNC is the naming rights sponsor of Lincoln Financial Field in Philadelphia, home field of the Philadelphia Eagles of the National 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.
Lincoln Financial Foundation[edit]
Lincoln Financial Foundation awards grants to hundreds of nonprofits each year. The Foundation consists of three pillars: Financial Wellness, Youth Education, and Human Services.
Recent activity[edit]
Lincoln purchased Newton County Loan and Savings in order to restructure as a bank holding company and qualify for Troubled Asset Relief Program (TARP) funding.
In January 2009, Lincoln sold its Delaware Investments subsidiary to Macquarie 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 to Osaic for an undisclosed amount.[16]
Insurance patent[edit]
Lincoln National is the owner of U.S. patent 7,089,201, “Method and apparatus for providing retirement income benefits”. This patent covers methods for administering variable 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 a patent infringement lawsuit against Transamerica Life Insurance Company for allegedly infringing its insurance patent.[18] A similar lawsuit was filed against Jackson 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]
Affiliations[edit]
Lincoln Financial Group is the grand sponsor of the National Forensic League and its National Speech and Debate Tournament.