Lincoln National Corporation

Source: Wikipedia, the free encyclopedia.
This article is about the insurance and asset management company. For the investment banking firm, see Lincoln International.
Lincoln National Corporation
Number of employees
11,000+ (2022)
Websitelincolnfinancial.com

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]

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.[citation needed]

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.

Operations

LNC divides operations into four business segments: annuities, life insurance, retirement plan services, and group protection.

The principal Lincoln subsidiaries are:

  • Lincoln National Life Insurance Company
  • Lincoln Life & Annuity Company of New York
  • First Penn-Pacific Life Insurance Company
  • Lincoln Financial Distributors
  • Lincoln Financial Advisors
  • Lincoln Financial Securities[4]

On December 31, 2016, LNC had consolidated assets under management of $262 billion and consolidated shareholders’ equity of $14.5 billion.[citation needed]

Lincoln Financial Group

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

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]

History

Founding and early history

The iconic sign on Lincoln's former corporate headquarters in downtown Fort Wayne, Indiana

Lincoln traces its origin to June 12, 1905, in Fort 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 of Abraham Lincoln would powerfully convey a spirit of integrity. In August, 1905 Robert 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 in Springfield, 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.

1990–2007

Lincoln Reinsurance was the first US

AON 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 to MetLife
in 1999, as it narrowed its focus.

Lincoln moved its headquarters from Indiana to Philadelphia in 1999.

Centre Square in Center City.[6]

Lincoln Financial was naming rights sponsor for the 2000 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 from Philadelphia.[5]

Jefferson-Pilot acquisition

Following the acquisition of Jefferson-Pilot Corporation in March 2006, Lincoln Financial acquired group life, disability, and dental insurance divisions. Jefferson-Pilot Corporation was a

Lincoln Financial Building.[11]

Lincoln Financial also acquired Jefferson-Pilot's television and radio operations, which were renamed

ESPNPlus and CBS 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.

Liberty Mutual Acquisition

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.

Recent activity

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

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

Lincoln Financial Group is the grand sponsor of the

National Speech and Debate Tournament.[citation needed
]

See also

References

  1. ^ a b c d e "Lincoln National Corporation 2021 Full Year Financial Result". sec.gov. 31 December 2021. Retrieved 27 November 2022.
  2. ^ "Lincoln Financial Group rules, regulations and disclaimers". lfg. Retrieved 2020-09-08.
  3. ^ "Corporate Archived 2009-08-28 at the Wayback Machine." Lincoln National Corporation. Retrieved on August 24, 2009.
  4. ^ "LINCOLN FINANCIAL SECURITIES CORPORATION - FORT WAYNE , IN | Get The Facts, Find The Best, And Avoid Fraud". investingreview.org. Retrieved 2019-06-18.
  5. ^ a b Blumenthal, Jeff. "Lincoln sells Delaware Investments." Philadelphia Business Journal. Wednesday August 19, 2009. Modified Thursday August 20, 2009. Retrieved on August 24, 2009.
  6. ^ "Contact Us." Lincoln National Corporation. June 22, 2000. Retrieved on August 24, 2009.
  7. ^ Schneyer, Fred (August 13, 2002). "Lincoln Buys RK Firm". PlanSponsor (published January 8, 2003). Retrieved June 4, 2020. turnkey solutions for employer retirement and employee benefit programs, including investment choices, recordkeeping, plan design, compliance and employee retirement counseling and education.
  8. Greensboro News & Record
    . p. A4.
  9. ^ Caranna, Kenwyn (April 14, 2022). "Historic designation sought for landmark". News and Record.
  10. ^ Scism, Jack (August 10, 1986). "Ship of Pilot ads turns into last port". Greensboro News & Record. pp. A15, A16.
  11. ^ Barron, Richard (April 1, 2006). "Goodbye JP, Hello Lincoln National". News and Record.
  12. ^ Frye, George (December 9, 1970). "Crutchfield Becomes Chamber President". The Charlotte Observer. p. 1B.
  13. ^ "J-P Buys Texas Newspaper". The Charlotte Observer. November 22, 1970. p. 9B.
  14. ^ Malone, Michael (November 12, 2007). "Raycom Grabs Lincoln Financial Stations". Broadcasting Cable. Archived from the original on November 16, 2007. Retrieved October 5, 2017.
  15. ^ McFarland, Lyndal (August 20, 2009). "Macquarie to Acquire Delaware Investments". Wall Street Journal. Retrieved 4 June 2020.
  16. ^ Welsch, Andrew. "Insurer Lincoln National to Sell Wealth Management Unit to Osaic". www.barrons.com. Retrieved 2023-12-15.
  17. ^ "LINCOLN NATIONAL CORP - LNC Annual Report (10-K) PART I". edgar-online.com. 15 July 2012. Archived from the original on 15 July 2012.
  18. ^ David G. Luettgen (September 12, 2006). "Foley Sponsors Conference on Business Method Patents for the Financial Services Industry" (Press release). Foley. Archived from the original on 2007-05-06.
  19. ^ "Lincoln National Life Insurance Company v. Jackson National Life Insurance Company et al". Justia Dockets & Filings.
  20. ^ Mraeck, Karen (February 19, 2009). "Patent case ruling to cost Transamerica $13 million". Des Moines Register. Archived from the original on February 21, 2009. Retrieved September 8, 2020.

External links

  • Business data for Lincoln National Corporation:
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