Lincoln National Corp. LNC

Lincoln National Corporation, incorporated on January 5, 1968, is a holding company, which operates insurance and retirement businesses through its subsidiary companies. The Company operates in four segments: Annuities, Retirement Plan Services, Life Insurance and Group Protection. Through its segments, the Company sells a range of wealth protection, accumulation and retirement income products and solutions. These products include fixed and indexed annuities, variable annuities, universal life insurance (UL), variable universal life insurance (VUL), linked-benefit UL, term life insurance, indexed universal life insurance, employer-sponsored retirement plans and services, and group life, disability and dental.

Annuities

The Annuities segment provides tax-deferred investment growth and lifetime income opportunities for its clients by offering fixed (including indexed) and variable annuities. The Company offers guaranteed benefit riders with certain of its variable annuity products, such as a guaranteed death benefit (GDB), a guaranteed withdrawal benefit (GWB), a guaranteed income benefit (GIB) and a combination of such benefits. It offers product riders, including the Lincoln Lifetime Income Advantage 2.0 (Managed Risk) and Lincoln Lifetime Income Advantage 2 riders, which are hybrid benefit riders combining aspects of GWB and GIB. Contract holders under Lincoln Lifetime Income Advantage 2 (Managed Risk) are subject to the allocation of their account value to its Managed Risk Strategies fund options and certain fixed-income options. Contract holders under Lincoln Lifetime Income Advantage 2 are subject to restrictions on the allocation of their account value within the various investment choices.

The Company offers the i4LIFE Advantage, i4LIFE Advantage Guaranteed Income Benefit (Managed Risk) and i4LIFE Advantage Guaranteed Income Benefit riders. These riders allow variable annuity contract holders access and control during a portion of the income distribution phase of their contract. Contract holders under i4LIFE Advantage Guaranteed Income Benefit (Managed Risk) are subject to the allocation of their account value to its Managed Risk Strategies fund options and certain fixed-income options. Contract holders under i4LIFE Advantage Guaranteed Income Benefit are subject to restrictions on the allocation of their account value within the various investment choices.

The Company offers the 4LATER Advantage (Managed Risk) rider, which provides a minimum income base used to determine the GIB floor when a client begins income payments under i4LIFE Advantage Guaranteed Income Benefit (Managed Risk). 4LATER Advantage (Managed Risk) rider provides growth during the accumulation phase. Contract holders under the 4LATER Advantage (Managed Risk) rider are subject to the allocation of their account value to its Managed Risk Strategies fund options and certain fixed-income options. The Company offers single and flexible premium fixed deferred annuities. Single premium fixed deferred annuities are contracts that allow only a single premium to be paid. Flexible premium fixed deferred annuities are contracts that allow multiple premium payments on either a scheduled or non-scheduled basis. Its Lincoln Lifetime Income Edge provides the contract holder a lifetime withdrawal benefit.

Retirement Plan Services

The Retirement Plan Services segment provides employers with retirement plan products and services, primarily in the defined contribution retirement plan marketplace. The Company focuses on employer-sponsored defined contribution plans. It also serves the defined benefit plan and individual retirement account (IRA) markets. It provides a range of plan investment vehicles, including individual and group variable annuities, group fixed annuities and mutual fund-based programs. It also offers an array of plan services, including plan recordkeeping, compliance testing, participant education and trust and custodial services through its affiliated trust company, the Lincoln Financial Group Trust Company.

The Retirement Plan Services segment offers approximately three primary offerings to the employer-sponsored market: LINCOLN DIRECTOR group variable annuity, LINCOLN ALLIANCE program and Multi-Fund variable annuity. Retirement Plan Services also provides a series of IRA products, including the Lincoln Next Step and the Lincoln Next Step Select IRA. Additionally, it also offers the Lincoln Secured Retirement Income, a guaranteed withdrawal benefit (GWB) product available through a group variable annuity contract. The Company's LINCOLN DIRECTOR and Multi-Fund products are variable annuities. The LINCOLN ALLIANCE program is a mutual fund-based record-keeping platform. The LINCOLN DIRECTOR product offers participants an array of investment options from several fund families and a fixed account.

The Company's product, Multi-Fund Variable Annuity, is a defined contribution retirement plan solution with full-bundled administrative services and investment choices for small- to mid-sized healthcare, education, governmental and not-for-profit plans. The product is available to the employer through the Multi-Fund group variable annuity contract or directly to the individual through the Multi-Fund Select variable annuity contract. It earns mortality and expense charges, investment income on the fixed account and surrender charges from this product. It also receives fees for services that provides to funds in the underlying separate accounts. The Lincoln Next Step series of products is a suite of mutual fund-based IRAs available for participants in Lincoln-serviced retirement plans and their spouses. The products can accept rollovers and transfers from other providers, as well as ongoing contributions.

Life Insurance

The Life Insurance segment offers term insurance, both single (including company owned life insurance (COLI) and bank-owned life insurance (BOLI)) and survivorship versions of UL, VUL and IUL products, a linked-benefit product (which is UL with riders providing for long-term care costs) and a critical illness rider, which can be attached to UL, VUL or IUL policies. The Company offers four categories of life insurance products consisting of UL, VUL, Linked-Benefit Life Products and Products with Critical Illness Riders and Term Life Insurance. UL insurance products provide life insurance with account values that earn rates of return based on company-declared interest rates. Contract holder account values are invested in its general account investment portfolio. The Company offers a range of UL products, such as Lincoln LifeGuarantee UL, Lincoln LifeCurrent UL, and Lincoln LifeReserve UL. It also offers fixed IUL products, including Lincoln WealthAdvantage IUL, Lincoln LifeReserve IUL Accumulator, and Lincoln LifePreserve Survivorship IUL.

VUL products are UL products that provide a return on account values linked to an underlying investment portfolio of variable funds offered through the product. The Company's VUL products include single life insurance products, such as Lincoln AssetEdge VUL. It also offers survivorship versions of its individual VUL products, such as Lincoln Preservation Edge SVUL. Its linked-benefit life product, MoneyGuard, combines UL with long-term care insurance with riders. Term life insurance provides a fixed death benefit for a scheduled period.

Group Protection

The Company's Group Protection segment offers group non-medical insurance products, principally term life, disability and dental, to the employer marketplace through various forms of employee-paid and employer-paid plans. The Company offers employer-sponsored group term life insurance products including basic, optional and voluntary term life insurance to employees and their dependents. It offers short- and long-term employer-sponsored group disability insurance, which protects an employee against loss of wages due to illness or injury. It manages employers' family medical and company leave in conjunction with its disability coverage, in order to help employees recover and return to work. It offers a range of employer-sponsored group dental insurance plans, which cover a portion of the cost of eligible dental procedures for employees and their dependents. It also offers vision plans. The Company offers employer-sponsored group accident insurance products for employees and their covered dependents. It offers employer-sponsored group critical illness insurance to employees and their covered dependents. The product also includes Lincoln CareCompass, a package of benefits and services that assists employees and their family members in prevention, early detection and treatment of critical illness events.