Lincoln National Corp（LNC）のニュースとイベントLNCLincoln National Corp

Lincoln Financial Signs Agreement with Talcott to Cede $5.8B in Policy Reserves

Lincoln Financial entered into an agreement with Talcott Financial Group under which Lincoln will cede approximately $5.8B of in-force GUL statutory reserves, representing approximately 37% of Lincoln's remaining in-force guaranteed universal life block to a Talcott subsidiary. In connection with the transaction, Lincoln will also reinsure approximately $500M of funding agreement business with a subsidiary of Talcott. The transaction further reduces Lincoln's exposure to a legacy capital-intensive block of business and builds on the actions Lincoln has taken over the past several years to strengthen its balance sheet and improve the quality and durability of its free cash flow. Combined with Lincoln's 2023 reinsurance transaction with Fortitude Re, approximately 60% of Lincoln's total in-force GUL will be reinsured upon the closing of the transaction. The transaction is structured partly as coinsurance with funds withheld and partly as modified coinsurance, with counterparty protections including over-collateralization and agreed-upon investment guidelines designed to align with Lincoln's risk management framework. Under the terms of the transaction, Lincoln will retain account administration and recordkeeping for the policies, including claims management. The transaction will have no impact on Lincoln's commitments to its policyholders or distribution partners. Additionally, Lincoln remains focused on the continued growth of its Life Insurance business. The transaction reduces Lincoln's risk profile and is expected to be accretive to ongoing free cash flow while maintaining a strong capital position. Additional financial considerations include: The transaction, once closed, will represent an all-in statutory capital impact of approximately $200M on a pro forma basis, reducing Lincoln's estimated RBC ratio by approximately 10 percentage points. The transaction will be funded using a portion of the proceeds from Lincoln's strategic partnership with Bain Capital. Following the closing of the transaction, Lincoln expects to remain well in excess of its 420% RBC ratio buffer target. Will strengthen ongoing free cash flow and create shareholder value - expected to result in approximately $30-$40M increase in annual subsidiary remittances over the medium term. While the impacts of the transaction are expected to reduce net income due to amortization, Lincoln does not expect a material change to its adjusted operating income results attributable to the transaction. As reinsurance of exited business has grown to have a more significant impact over time, to further provide transparency into its operating results, beginning in the fourth quarter of 2026, the company plans to refine its definition of adjusted operating income to exclude amortization of deferred gains from blocks of business exited through reinsurance. Approvals and Timing The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2026 with an effective date of October 1, 2026.

Lincoln Financial Reports Significant Earnings Growth in Q2

"The second quarter marked a significant step forward in the execution of our long-term strategy and reflects the strength of the franchise we have built," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "We delivered another quarter of year-over-year earnings growth, supported by strength across all businesses. Life Insurance and Retirement Plan Services reported strong earnings growth, Group Protection extended its track record of excellent operating performance, and our Annuities business remained well positioned as we continue to diversify our earnings mix toward spread-based products."

Lincoln Financial Promotes Three Executives to Senior Management Committee

Lincoln Financial announced the promotion of three senior leaders to its Senior Management Committee, SMC: Darrel Tedrow as Executive Vice President, President of Life Insurance and Retail Shared Services; Curtis Chesney as Executive Vice President, President of Annuities; and Paul Spurr as Executive Vice President, Chief Risk Officer and Chief Actuary. All three report directly to Ellen Cooper, Chairman, President and CEO.