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Lincoln National Corporation is a ''Fortune'' 200 American
holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
, which operates multiple
insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies. LNC was organized under the laws of the state of
Indiana Indiana () is a U.S. state in the Midwestern United States. It is the 38th-largest by area and the 17th-most populous of the 50 States. Its capital and largest city is Indianapolis. Indiana was admitted to the United States as the 19th s ...
in 1968, and maintains its principal executive offices in Radnor, Pennsylvania. The company traces its roots to its earliest predecessor founded in 1905. In addition, LNC is the
naming rights Naming rights are a financial transaction and form of advertising or memorialization whereby a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event, typically for a defined period of t ...
sponsor of
Lincoln Financial Field Lincoln Financial Field is an American football stadium located in Philadelphia, Pennsylvania. It serves as the home stadium of the Philadelphia Eagles of the National Football League (NFL) and the Temple Owls football team of Temple University. ...
in
Philadelphia Philadelphia, often called Philly, is the List of municipalities in Pennsylvania#Municipalities, largest city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, the List of United States cities by population, sixth-largest city i ...
, home field of the
Philadelphia Eagles The Philadelphia Eagles are a professional American football team based in Philadelphia. The Eagles compete in the National Football League (NFL) as a member club of the league's National Football Conference (NFC) East division. The team play ...
of the
National Football League The National Football League (NFL) is a professional American football league that consists of 32 teams, divided equally between the American Football Conference (AFC) and the National Football Conference (NFC). The NFL is one of the ...
.


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


History


Founding and early history

Lincoln traces its origin to June 12, 1905, in
Fort Wayne, Indiana Fort Wayne is a city in and the county seat of Allen County, Indiana, United States. Located in northeastern Indiana, the city is west of the Ohio border and south of the Michigan border. The city's population was 263,886 as of the 2020 Censu ...
, as the Lincoln National Life Insurance Company. Perry Randall, a Fort Wayne attorney and entrepreneur, suggested the name "Lincoln," arguing that the name of
Abraham Lincoln Abraham Lincoln ( ; February 12, 1809 – April 15, 1865) was an American lawyer, politician, and statesman who served as the 16th president of the United States from 1861 until his assassination in 1865. Lincoln led the nation thro ...
would powerfully convey a spirit of integrity. In August, 1905
Robert Todd Lincoln Robert Todd Lincoln (August 1, 1843 – July 26, 1926) was an American lawyer, businessman, and politician. He was the eldest son of President Abraham Lincoln and Mary Todd Lincoln. Robert Lincoln became a business lawyer and company presi ...
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 reinsurance company; it was sold to
Swiss Re Swiss Reinsurance Company Ltd,
Swiss Re. Retrieved on 18 January 2011. "Swiss Reinsurance Company Ltd ("Swiss Re") ...
in 2001. K&K Insurance Specialties was the first to insure events like
NASCAR The National Association for Stock Car Auto Racing, LLC (NASCAR) is an American auto racing sanctioning and operating company that is best known for stock car racing. The privately owned company was founded by Bill France Sr. in 1948, and ...
races; it was sold to AON in 1993.
Safeco Safeco Insurance, a member of Liberty Mutual Group, is an American insurance company. It held the naming rights to the Seattle Mariners' baseball stadium Safeco Field from its opening in 1999 through the end of the 2018 season. History 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.Blumenthal, Jeff.
Lincoln sells Delaware Investments
" ''
Philadelphia Business Journal American City Business Journals, Inc. (ACBJ) is an American newspaper publisher based in Charlotte, North Carolina. ACBJ publishes The Business Journals, which contains local business news for 44 markets in the United States, Hemmings Motor New ...
''. Wednesday August 19, 2009. Modified Thursday August 20, 2009. Retrieved on August 24, 2009.
In Philadelphia Lincoln was headquartered in the West Tower of Centre Square in Center City. 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." In 2007, the company moved 400 employees, including its top executives, to Radnor Township from
Philadelphia Philadelphia, often called Philly, is the List of municipalities in Pennsylvania#Municipalities, largest city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, the List of United States cities by population, sixth-largest city i ...
.


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 Fortune 500 company based in
Greensboro, North Carolina Greensboro (; formerly Greensborough) is a city in and the county seat of Guilford County, North Carolina, United States. It is the List of municipalities in North Carolina, third-most populous city in North Carolina after Charlotte, North Car ...
founded in 1968 from the merger of Jefferson Standard Insurance (founded 1907 by Charles W. Gold and Pleasant D. Gold, Jr., sons of
Pleasant Daniel Gold Pleasant Daniel Gold (March 25, 1833 – June 7, 1920) was an American publisher, lawyer, and Baptist minister. Ordained as a Primitive Baptist minister in the Kehukee Association, he was a prominent Baptist leader in North Carolina for over hal ...
) and Pilot Life Insurance (founded 1903). The two companies' association actually dated to 1945, when Jefferson Standard bought majority control of Pilot Life. The Pilot Life headquarters built in the 1920s and located at 5300 High Point Road, "a careful replication of the governor's mansion built in 1767 in
New Bern New Bern, formerly called Newbern, is a city in Craven County, North Carolina, United States. As of the 2010 census it had a population of 29,524, which had risen to an estimated 29,994 as of 2019. It is the county seat of Craven County and t ...
," was nominated to the
National Register of Historic Places The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artistic ...
in 2022. Clachan Properties of Richmond, Virginia was buying the property to develop apartments. The insurance operations would continue to be headquartered in what became the Lincoln Financial Building. Lincoln Financial also acquired Jefferson-Pilot's television and radio operations, which were renamed
Lincoln Financial Media Lincoln Financial Media was a subsidiary of Lincoln National Corporation that owned radio stations in the United States. The division was formed in 2006 following the company's acquisition of Jefferson-Pilot's television and radio operations, wh ...
. Jefferson Standard Insurance put
WBTV WBTV (channel 3) is a television station in Charlotte, North Carolina, United States, affiliated with CBS and owned by Gray Television. The station's studios are located off Morehead Street, just west of Uptown Charlotte, and its transmitter i ...
in
Charlotte Charlotte ( ) is the most populous city in the U.S. state of North Carolina. Located in the Piedmont region, it is the county seat of Mecklenburg County. The population was 874,579 at the 2020 census, making Charlotte the 16th-most populo ...
on the air on Channel 3 in 1949. At the time, Jefferson Standard Insurance also had a 16.5% interest in the Greensboro News Company, licensee of
WFMY WFMY-TV (channel 2) is a television station licensed to Greensboro, North Carolina, United States, serving as the CBS affiliate for the Piedmont Triad region. Owned by Tegna Inc., the station maintains studios on Phillips Avenue in Greensboro, a ...
, which signed on from Greensboro two months after WBTV. Jefferson Standard had purchased WBT radio from CBS in 1947. In 1970, the media interests were folded into a new subsidiary, Jefferson-Pilot Communications, still owned by the insurance company. The broadcasting subsidiary acquired several other radio and television stations across the country, with WBTV serving as the company's flagship station. The group owns 18 radio stations in
Miami, Florida Miami ( ), officially the City of Miami, known as "the 305", "The Magic City", and "Gateway to the Americas", is a East Coast of the United States, coastal metropolis and the County seat, county seat of Miami-Dade County, Florida, Miami-Dade C ...
;
San Diego, California San Diego ( , ; ) is a city on the Pacific Ocean coast of Southern California located immediately adjacent to the Mexico–United States border. With a 2020 population of 1,386,932, it is the eighth most populous city in the United Stat ...
;
Denver, Colorado Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the Unit ...
; and
Atlanta, Georgia Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,7 ...
. It also owned
WBTV WBTV (channel 3) is a television station in Charlotte, North Carolina, United States, affiliated with CBS and owned by Gray Television. The station's studios are located off Morehead Street, just west of Uptown Charlotte, and its transmitter i ...
, the
CBS CBS Broadcasting Inc., commonly shortened to CBS, the abbreviation of its former legal name Columbia Broadcasting System, is an American commercial broadcast television and radio network serving as the flagship property of the CBS Entertainm ...
affiliate in Charlotte; WCSC-TV, the CBS affiliate in Charleston, South Carolina and WWBT, the
NBC The National Broadcasting Company (NBC) is an American English-language commercial broadcast television and radio network. The flagship property of the NBC Entertainment division of NBCUniversal, a division of Comcast, its headquarters are l ...
affiliate in Richmond, Virginia. In June 2007, the company publicly announced it would explore a sale of this division, and hired Merrill Lynch to assess its strategic options. It was announced on November 12 that
Raycom Media Raycom Media, Inc. was an American television broadcasting company based in Montgomery, Alabama. Raycom owned and/or provided services for 65 television stations and two radio stations across 44 markets in 20 states. Raycom, through its Communi ...
purchased the three TV stations, including its sports production division, which was the co-holder to football and basketball games in the Atlantic Coast Conference with Raycom and sole rightsholders to the
Southeastern Conference The Southeastern Conference (SEC) is an American college athletic conference whose member institutions are located primarily in the South Central and Southeastern United States. Its fourteen members include the flagship public universities o ...
until 2009, when ESPNPlus and
CBS Sports CBS Sports is the sports division of the American television network CBS. Its headquarters are in the CBS Building on W 52nd Street in Midtown Manhattan, New York City, with programs produced out of Studio 43 at the CBS Broadcast Center on W ...
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.


Recent activity

Lincoln purchased Newton County Loan and Savings in order to restructure as a
bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') is often used to refer to these companies as well. United States ...
and qualify for
Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President ...
(TARP) funding. In January 2009, Lincoln sold its
Delaware Investments Delaware Investments was a US-based asset management firm with $174.2 billion in assets under management as of September 30, 2016 with 132 portfolio managers, analysts, and traders. It is a wholly owned subsidiary of Australia's Macquarie Gro ...
subsidiary to Macquarie Group. Delaware Investments was integrated into Macquarie's global asset management arm, Macquarie Funds Group effective January 5, 2010.


Insurance patent

Lincoln National is the owner of , “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. In September 2006, Lincoln filed a patent infringement lawsuit against Transamerica Life Insurance Company for allegedly infringing its insurance patent. A similar lawsuit was filed against Jackson National Life in October 2007. 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.


Affiliations

Lincoln Financial Group is the grand sponsor of the
National Forensic League The National Speech and Debate Association is an American student debating society. It was established in 1925 as the National Forensic League; the name was changed in 2014. It is one of four major national organizations that direct high schoo ...
and its
National Speech and Debate Tournament Extemporaneous Speaking (Extemp, or EXT) is a speech delivery style/speaking style, and a term that identifies a specific forensic competition. The competition is a speech event based on research and original analysis, done with a limited-prepar ...
.


See also

*
Lincoln Financial Media Lincoln Financial Media was a subsidiary of Lincoln National Corporation that owned radio stations in the United States. The division was formed in 2006 following the company's acquisition of Jefferson-Pilot's television and radio operations, wh ...
—subsidiary of Lincoln National Corporation that owns radio stations in the United States


References


External links


Lincoln Financial Foundation official website
{{Authority control 1905 establishments in Indiana Companies based in Delaware County, Pennsylvania Companies listed on the New York Stock Exchange Lincoln Financial Group Insurance companies of the United States Life insurance companies of the United States Radnor Township, Delaware County, Pennsylvania