Lincoln National Corporation
Lincoln National Corporation is a U.S. insurance and financial-services holding company whose businesses operate primarily under the Lincoln Financial Group name.
Last updated August 26, 2026
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Overview
Lincoln National Corporation is an American holding company focused on insurance, retirement, and investment-related financial services. Its operating companies are marketed mainly through the Lincoln Financial Group brand. The company’s roots reach back to June 12, 1905, when Lincoln National Life Insurance Company was established in Fort Wayne, Indiana. The name was selected to associate the business with Abraham Lincoln’s reputation for integrity and public service; Robert Todd Lincoln later authorized the use of his father’s name and likeness in company materials. The corporation’s present legal structure dates from its organization under Indiana law in 1968, while its principal executive offices are now in Radnor Township, Pennsylvania. Lincoln relocated its headquarters from Indiana to Philadelphia in 1999 and subsequently moved its senior leadership and additional employees to Radnor in 2007. Under Jon A. Boscia, the company adopted Lincoln Financial Group as its principal marketing identity after he became president in 1998. Lincoln National Life Insurance Company remains one of the group’s principal operating subsidiaries, with a continuing connection to Fort Wayne. Historically, Lincoln expanded beyond individual life insurance through reinsurance, retirement services, group benefits, annuities, and selected financial-advisory and asset-management activities. It also made a number of portfolio-shaping divestitures. Lincoln Reinsurance was sold to Swiss Re in 2001, K&K Insurance Specialties was sold to Aon in 1993, and a block of disability-income business was sold to MetLife in 1999. The company sold Delaware Investments to Macquarie Group in 2009, transferring that asset-management business into Macquarie’s global funds organization. In December 2023, Lincoln sold its wealth-management unit to Osaic for an undisclosed amount. A major expansion occurred through the 2006 acquisition of Jefferson-Pilot Corporation. The transaction added group life, disability, and dental insurance operations and also brought Jefferson-Pilot’s broadcasting businesses into Lincoln’s portfolio. The media assets were later divested, with Raycom Media acquiring the principal television stations and related sports-production interests in 2007. Lincoln also agreed in 2018 to acquire Liberty Life Assurance Company of Boston from Liberty Mutual. Lincoln retained the acquired group-benefits business while the individual life and annuity operations were reinsured to Protective Life Insurance Company. Lincoln National’s principal business segments are annuities, life insurance, retirement plan services, and group protection. Its subsidiaries and affiliates have included Lincoln National Life Insurance Company, Lincoln Life & Annuity Company of New York, First Penn-Pacific Life Insurance Company, Lincoln Financial Distributors, Lincoln Financial Advisors, and Lincoln Financial Securities. The company serves individuals, employers, plan sponsors, and financial professionals through products such as life insurance, variable and fixed annuities, workplace retirement programs, and group insurance. The company has also pursued intellectual-property litigation involving methods for administering retirement-income benefits and variable annuities. A 2009 jury verdict found that Transamerica-related defendants infringed Lincoln’s patent and awarded damages, but the Federal Circuit later overturned the result after finding no infringement. In addition to its core financial activities, Lincoln has used sponsorships to build visibility, including naming rights for Lincoln Financial Field in Philadelphia, the home stadium of the Philadelphia Eagles, and sponsorship of the 2000 Rugby League World Cup. Lincoln Financial Group remains an active U.S. financial-services brand, with its business subject to insurance regulation, capital requirements, financial-market conditions, and changes in retirement and protection needs.
History
Lincoln National Corporation traces its origin to the formation of Lincoln National Life Insurance Company in Fort Wayne, Indiana, on June 12, 1905. The founders selected the Lincoln name because they believed Abraham Lincoln represented trustworthiness and integrity, qualities considered valuable for an insurance institution. Robert Todd Lincoln supplied a photograph of his father and authorized the company to use Abraham Lincoln’s name and likeness in stationery and advertising. The company developed a distinctive historical association with Lincoln scholarship. In 1928, president Arthur Hall hired Lincoln scholar Louis A. Warren, and in 1929 the company acquired a substantial collection of Lincoln-related books. The collection supported the Lincoln Museum in Fort Wayne, which became one of the most important museums devoted to Abraham Lincoln until its closure in 2008. Lincoln’s corporate organization was established under Indiana law in 1968. During the twentieth century it expanded from life insurance into reinsurance, retirement products, disability coverage, employee benefits, and other financial services. It sold K&K Insurance Specialties to Aon in 1993 and later narrowed parts of its insurance portfolio, including the 1999 sale of a disability-income business block to MetLife. Lincoln Reinsurance, described in the reference material as the first U.S. reinsurance company, was sold to Swiss Re in 2001. Ian Rolland joined Lincoln in 1956 and became president of Lincoln National Life in 1977. After Jon A. Boscia succeeded him in 1998, the company shifted its principal corporate and marketing emphasis toward Philadelphia and began using Lincoln Financial Group as the public-facing name for Lincoln National Corporation and its subsidiaries. The headquarters moved from Indiana to Philadelphia in 1999, and in 2007 the company transferred senior executives and approximately 400 employees to Radnor Township, Pennsylvania. The 2006 acquisition of Jefferson-Pilot Corporation was one of Lincoln’s most consequential expansion moves. Jefferson-Pilot brought group life, disability, and dental insurance operations, as well as a portfolio of television and radio stations. Lincoln later separated itself from the media business: in 2007 it announced a review of the division, and Raycom Media acquired the principal television stations and associated sports-production interests. Lincoln also acquired Administrative Management Group in 2002, strengthening recordkeeping and administrative capabilities for employer retirement and employee-benefit programs. During and after the financial crisis, Lincoln took steps to manage its balance sheet and business mix. It acquired Newton County Loan and Savings in connection with a restructuring as a bank holding company and qualification for Troubled Asset Relief Program funding. In 2009 it sold Delaware Investments to Macquarie Group. In 2018, Lincoln agreed to acquire Liberty Life Assurance Company of Boston from Liberty Mutual; the group-benefits business was retained while individual life and annuity liabilities were reinsured to Protective Life. Lincoln has operated across four principal lines: annuities, life insurance, retirement plan services, and group protection. Its products and services are distributed through insurance subsidiaries, financial professionals, employers, retirement-plan sponsors, and institutional channels. The company’s intellectual-property portfolio has included a patent covering methods for administering retirement-income benefits. Litigation over that patent produced a 2009 jury verdict in Lincoln’s favor against Transamerica-related defendants, but the verdict was later overturned by the Federal Circuit. The Lincoln Financial identity has also been used in sponsorship and community-facing activities. The company sponsored the 2000 Rugby League World Cup and became the naming-rights sponsor of Lincoln Financial Field in Philadelphia. In December 2023, it sold its wealth-management unit to Osaic, continuing a pattern of concentrating the enterprise on insurance, retirement, annuity, and group-protection businesses. Today Lincoln National Corporation remains a public U.S. financial-services holding company operating principally through the Lincoln Financial Group brand.
- 2023
Wealth-management unit sold to Osaic
[1]Lincoln sold its wealth-management unit to Osaic for an undisclosed amount.
- 2018
Liberty Life transaction announced
[1]Lincoln agreed to acquire Liberty Life Assurance Company of Boston and retain its group-benefits business.
- 2009
Delaware Investments sold to Macquarie
[1]Lincoln sold Delaware Investments to Macquarie Group, exiting that asset-management ownership position.
- 2007
Operations moved to Radnor
[1]Lincoln moved senior executives and approximately 400 employees from Philadelphia to Radnor Township, Pennsylvania.
- 2006
Jefferson-Pilot acquisition completed
[1]Lincoln acquired Jefferson-Pilot Corporation, adding group-benefits operations and media assets.
- 2001
Lincoln Reinsurance sold to Swiss Re
[1]The company divested its reinsurance operation to Swiss Re.
- 1999
Headquarters moved to Philadelphia
[1]Lincoln moved its headquarters from Indiana to Philadelphia as part of its broader corporate repositioning.
- 1998
Lincoln Financial Group marketing identity introduced
[1]Under Jon A. Boscia, the company began using Lincoln Financial Group as the principal marketing name for the corporation and its subsidiaries.
- 1968
Corporation organized under Indiana law
[1]Lincoln National Corporation was organized as a holding company under the laws of Indiana.
- 1929
Lincoln collection acquired
[1]The company acquired a major collection of books about Abraham Lincoln, supporting its long-running museum and educational association.
Products and positioning
A broad U.S. provider of protection, retirement-income, workplace-benefits, and investment-related solutions, combining insurance heritage with financial-planning and institutional distribution capabilities.
Life insurance
Individual life insurance
Lincoln’s life-insurance business provides individual protection products through its insurance subsidiaries. These offerings are designed to help policyholders address death-benefit needs, estate and legacy objectives, and broader financial-protection requirements. The business is one of the company’s foundational activities and remains central to the Lincoln Financial Group portfolio.
Retirement income
Annuities
Lincoln offers fixed and variable annuity products intended to support accumulation, tax-deferred savings, and retirement-income planning. Named offerings referenced in the company’s patent dispute include i4LIFE Advantage and 4Later Advantage. The annuity segment is one of Lincoln National’s four principal operating businesses.
Employer-sponsored retirement
Retirement plan services
Lincoln provides administrative and recordkeeping services for employer retirement programs, including plan design, compliance support, investment choices, participant education, and retirement counseling. The company strengthened this capability through its 2002 acquisition of Administrative Management Group.
Employee benefits
Group protection
The group-protection business serves employers and employees with workplace benefits such as group life, disability, and dental insurance. The business expanded materially through the Jefferson-Pilot acquisition and the retained group-benefits operations from the Liberty Life transaction.
Marketing campaigns
- 2003Lincoln Financial Field naming-rights sponsorship
United States
Lincoln became the naming-rights sponsor of Lincoln Financial Field in Philadelphia, the home stadium of the Philadelphia Eagles.
Outcome. The sponsorship established a prominent long-term public association between the Lincoln Financial brand and Philadelphia.
- 2000Lincoln Financial Group sponsorship of the Rugby League World Cup
United Kingdom
Lincoln Financial Group served as naming-rights sponsor of the 2000 Rugby League World Cup held in England, extending the brand beyond its U.S. insurance market.
Outcome. The sponsorship associated the Lincoln Financial name with an international sporting event; detailed campaign performance was not reported in the reference material.
- National Speech and Debate Tournament sponsorship
United States
Lincoln Financial Group has been identified as a grand sponsor of the National Forensic League and its National Speech and Debate Tournament.
Outcome. The reference material does not provide a campaign date or quantified outcome.
Brand decisions
2023
Sell wealth-management unit to OsaicM&ABackground
Lincoln continued to refine its business portfolio around insurance, annuities, retirement services, and group protection.
Action taken
Lincoln sold its wealth-management unit to Osaic. The transaction price was not disclosed in the reference material.
Aftermath
The sale reduced Lincoln’s direct involvement in wealth management and represented a further portfolio-concentration decision.
2018
Acquire Liberty Life Assurance Company of BostonM&ABackground
Lincoln pursued additional scale in employer-sponsored benefits through an agreement with Liberty Mutual Insurance Group.
Action taken
Lincoln agreed to acquire Liberty Life Assurance Company of Boston, retaining the group-benefits business and reinsuring the individual life and annuity business to Protective Life Insurance Company.
Aftermath
The transaction strengthened Lincoln’s group-protection platform while transferring the individual life and annuity exposure to another insurer through reinsurance.
2009
Sell Delaware Investments to Macquarie GroupM&ABackground
Lincoln reshaped its portfolio during a period of financial-market stress and focused on its core insurance and retirement businesses.
Action taken
Lincoln sold Delaware Investments to Macquarie Group. The business was integrated into Macquarie’s global asset-management organization in 2010.
Aftermath
Lincoln exited ownership of Delaware Investments while Macquarie expanded its asset-management platform.
2007
Review and divest Lincoln Financial MediaStrategyBackground
The broadcasting division inherited through Jefferson-Pilot was outside Lincoln’s primary life, retirement, and employee-benefits focus.
Action taken
Lincoln announced a strategic review and engaged Merrill Lynch to assess sale options. Raycom Media subsequently acquired the principal television stations and related sports-production interests.
Aftermath
Lincoln reduced its exposure to broadcasting and concentrated more closely on financial services.
2006
Acquire Jefferson-Pilot CorporationM&ABackground
Lincoln sought to expand its insurance platform, particularly in group life, disability, and dental benefits, through a transaction with Jefferson-Pilot.
Action taken
Lincoln completed the acquisition in a transaction described as a merger of equals. Lincoln National Corporation retained its name, and its shareholders held a majority of the combined company’s stock.
Aftermath
The transaction added insurance and media operations. Lincoln later sold the principal television assets and other media interests.
2006
Pursue insurance-patent litigationOtherBackground
Lincoln owned a U.S. patent covering methods and apparatus for providing retirement-income benefits, including methods associated with variable annuities.
Action taken
Lincoln filed an infringement case against Transamerica in 2006 and a similar case against Jackson National Life in 2007.
Aftermath
A 2009 jury found the patent valid and infringed and awarded damages, but the Federal Circuit later overturned the result after finding no infringement.
Jury-awarded damages. 13 million U.S. dollars awarded by the jury; later overturned on appeal (2009 and subsequent appeal)
- Transamerica Life Insurance Company — Transamerica defended the patent case and prevailed on appeal when the Federal Circuit determined that it did not infringe Lincoln’s patent.
- Jackson National Life — Jackson National Life was named in a similar infringement action; the reference material does not provide a separate final outcome.
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