LINCOLN NATIONAL Business Summary

Lincoln National Corporation, marketed as Lincoln Financial Group, is a diversified financial services provider that generates revenue through insurance premiums, fee-based retirement services, and investment income. The company’s operations are organized into four core segments: Annuities, Life Insurance, Retirement Plan Services, and Group Protection. In 2026, Lincoln is prioritizing a strategic shift toward capital-efficient, spread-based products and higher-margin segments like supplemental health to enhance free cash flow conversion and reduce market sensitivity. It maintains a competitive position alongside peers such as MetLife, Prudential Financial, Ameriprise Financial, and Principal Financial Group, distinguishing itself through a disciplined focus on risk-adjusted margins and a strengthened capital foundation bolstered by a 2025 strategic partnership with Bain Capital. Founded in 1905 by Perry Randall in Fort Wayne, Indiana, the company is currently led by Chairman, President, and CEO Ellen Cooper, whose pedigree includes executive leadership at Goldman Sachs Asset Management and Aegon. The senior management team includes EVP and CFO Christopher Neczypor, Chief Investment Officer John Morriss, and Chief AI, Data, and Analytics Officer Nilanjan Adhya, who was appointed in January 2026 to drive the firm’s technological and data strategies. The board of directors features prominent industry figures such as Lead Independent Director William Cunningham and former Pacific Life CEO Jim Morris. A notable institutional anchor is Bain Capital, which established a 9.9% equity stake in 2025 as part of a long-term strategic investment and management agreement.