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Lincoln National Corporation

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{{about|the insurance and asset management company|investment banking firm|Lincoln International}}
{{Infobox company
| name = Lincoln National Corporation
| logo = Lincoln National Corporation logo.svg
|caption=[[Gettysburg Address|Four score and seven years ago!!]]
| type = [[Public Company|Public]]
| traded_as = {{nyse|LNC}}<br />[[S&P 500|S&P 500 Component]]
| industry = [[Insurance]], [[Asset management]]
| foundation = 1905
| founder = [[Abraham Lincoln]]
| location = [[Radnor, Pennsylvania]], [[United States]]
| key_people = [[Dennis Glass]], President & CEO
| products =
| assets = {{profit}} $262 billion (Dec 2016)
<ref name="lfg.com">https://www.lfg.com/wcs-static/pdf/4Q%202016%20stat%20supp.pdf</ref>
| equity = {{profit}} $14.5 billion (Dec 2016)
| num_employees =
| revenue = {{profit}} $13.8 billion (2016)
<ref name="lfg.com"/>
| homepage = [http://www.lfg.com Lincoln Financial Group]
}}

'''Lincoln National Corporation''' is a Fortune 250 American [[holding company]], which operates multiple [[insurance]] 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]] in 1968, and maintains its principal executive offices in [[Radnor, Pennsylvania]].<ref>"[http://www.lfg.com/LincolnPageServer?LFGPage=/lfg/lfgclient/cus/corp/index.html Corporate] {{webarchive|url=https://web.archive.org/web/20090828105407/http://www.lfg.com/LincolnPageServer?LFGPage=%2Flfg%2Flfgclient%2Fcus%2Fcorp%2Findex.html |date=2009-08-28 }}." Lincoln National Corporation. Retrieved on August 24, 2009.</ref> The company traces its roots to its earliest predecessor founded in 1905.

In addition, LNC is the [[naming rights]] sponsor of [[Lincoln Financial Field]] in Philadelphia, home field of the [[Philadelphia Eagles]] of the [[National Football League]].

==Operations==
LNC divides operations into four business segments: 1) Annuities, 2) Life Insurance, 3) Retirement Plan Services, 4) 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

At December 31, 2016, LNC had consolidated assets under management of $262 billion and consolidated shareholders’ equity of $14.5 billion. They have over 27,000 [https://www.policypedia.com/agent-directory-by-insurer/LINCOLN%20NATIONAL%20LIFE%20INSURANCE%20COMPANY%20(THE)/0/1000000 insurance agents] licensed in California.

==History==
{{Refimprove section|date=August 2009}}

===Founding and early history===
[[Image:Lincoln National Corporation Sign, Fort Wayne, Indiana.JPG|thumb|The iconic sign on Lincoln's former corporate headquarters in downtown Fort Wayne, Indiana.]]
Lincoln traces its origin to June 12, 1905, in [[Fort Wayne, Indiana]], 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]] would powerfully convey a spirit of integrity. In August, 1905 [[Robert Todd Lincoln]] 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 he 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]] in 2001. K&K Insurance Specialties was the first to insure events like [[NASCAR]] races; it was sold to [[Aon Corp.|AON]] in 1993. [[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.<ref name="DelInv">Blumenthal, Jeff. "[http://www.bizjournals.com/philadelphia/stories/2009/08/17/daily18.html Lincoln sells Delaware Investments]." ''[[Philadelphia Business Journal]]''. Wednesday August 19, 2009. Modified Thursday August 20, 2009. Retrieved on August 24, 2009.</ref> In Philadelphia Lincoln was headquartered in the West Tower of [[Centre Square (Building)|Centre Square]] in [[Center City, Philadelphia|Center City]].<ref>"[https://web.archive.org/web/20000622021431/http://www.lfg.com/f_contct.htm Contact Us]." Lincoln National Corporation. June 22, 2000. Retrieved on August 24, 2009.</ref>

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."<ref name="AMGAcquisition">{{cite web|url=http://findarticles.com/p/articles/mi_m0EIN/is_2002_August_13/ai_90327918/|title=FindArticles.com - CBSi|author=|date=|website=findarticles.com}}</ref>

In 2007, the company moved 400 employees, including its top executives, to Radnor Township from [[Philadelphia]].<ref name="DelInv"/>

===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]] founded in 1968 from the merger of Jefferson Standard Insurance (founded 1907) and Pilot Life Insurance (founded 1903). The two companies' association actually dated to 1945, when Jefferson Standard bought majority control of Pilot Life.

Lincoln Financial also acquired Jefferson-Pilot's television and radio operations, which were renamed Lincoln Financial Media. The group owns 18 radio stations in [[Miami, Florida]]; [[San Diego, California]]; [[Denver, Colorado]]; and [[Atlanta, Georgia]]. It also owned [[WBTV]], the [[CBS]] affiliate in Charlotte; [[WCSC-TV]], the CBS affiliate in [[Charleston, South Carolina]] and [[WWBT]], the [[NBC]] 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]] purchased the three TV stations,<ref>{{cite web|url=http://www.broadcastingcable.com/article/CA6500245.html|title=Raycom Grabs Lincoln Financial Stations|publisher=Broadcasting Cable|first=Michael|last=Malone|archiveurl=https://web.archive.org/web/20071116024218/http://www.broadcastingcable.com/article/CA6500245.html|date=November 12, 2007|archivedate=November 16, 2007|access-date=October 5, 2017}}</ref> 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]] until 2009, when [[ESPN Regional Television|ESPNPlus]] and [[CBS Sports]] 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]] and qualify for [[Troubled Asset Relief Program]] (TARP) funding.

In January 2009, Lincoln sold its [[Delaware Investments]] subsidiary to [[Macquarie Group]]. Delaware Investments was integrated into Macquarie's global asset management arm, Macquarie Funds Group effective January 5, 2010.<ref>[http://www.tradingmarkets.com/news/stock-alert/lnc,mqbky/macquarie-group-acquires-delaware-investments-from-lincoln-national-681433.html Macquarie Group acquires Delaware Investments from Lincoln National]{{dead link|date=May 2017 |bot=InternetArchiveBot |fix-attempted=yes }}, Jan 2010</ref>

==Insurance patent==
Lincoln National is the owner of {{US patent|7089201}}, “Method and apparatus for providing retirement income benefits”. This patent covers methods for administering [[Annuity (financial contracts)|variable annuities]]. Lincoln's commercial products that are covered by this patent include their i4LIFE Advantage and 4LaterSM Advantage annuities.<ref>{{cite web|url=http://sec.edgar-online.com/lincoln-national-corp/10-k-annual-report/2007/03/01/Section2.aspx|archiveurl=https://archive.today/20120715065655/http://sec.edgar-online.com/lincoln-national-corp/10-k-annual-report/2007/03/01/Section2.aspx|deadurl=yes|title=LINCOLN NATIONAL CORP - LNC Annual Report (10-K) PART I|author=|date=15 July 2012|archivedate=15 July 2012|website=edgar-online.com}}</ref>

In September 2006, Lincoln filed a [[patent infringement]] lawsuit against [[Transamerica Corporation|Transamerica Life Insurance Company]] for allegedly infringing its [[insurance patent]].<ref>[http://www.foley.com/publications/pub_detail.aspx?pubid=3598 David G. Luettgen, “Foley Sponsors Conference on Business Method Patents for the Financial Services Industry”, Sept. 12, 2006] {{webarchive|url=https://web.archive.org/web/20070506165540/http://www.foley.com/publications/pub_detail.aspx?pubid=3598 |date=2007-05-06 }}</ref> A similar lawsuit was filed against [[Jackson National Life]] in October 2007.<ref>{{cite web|url=http://dockets.justia.com/docket/court-inndce/case_no-1:2007cv00265/case_id-52549/|title=Lincoln National Life Insurance Company v. Jackson National Life Insurance Company et al|author=|date=|website=Justia Dockets & Filings}}</ref>

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.<ref>[http://www.desmoinesregister.com/article/20090219/BUSINESS/902190356/1029/ KAREN MRACEK "Patent case ruling to cost Transamerica $13 million", Des Moine Register, Feb 19, 2009]{{dead link|date=May 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

==Affiliations==
Lincoln Financial Group is the grand sponsor of the [[National Forensic League]] and its [[National Speech and Debate Tournament]].

==See also==
*[[Lincoln Financial Media]] - subsidiary of Lincoln National Corporation that owns radio stations in the United States
{{Portalbar|Philadelphia|Companies}}

==References==
{{Reflist}}

==External links==
* [http://www.lincolnfinancial.com Lincoln National Corporation] (company website)
{{Finance links
| name = Lincoln National Corporation
| symbol = LNC
| sec_cik = LNC
| yahoo = LNC
| google = LNC
}}
* [https://www.lfg.com/public/aboutus/lincolnfinancialfoundation Lincoln Financial Foundation](company website)


{{Lincoln Financial Group}}
{{Major insurance companies}}
{{Philadelphia Corporations}}

[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Financial services companies of the United States]]
[[Category:Financial services companies established in 1905|Lincoln Financial Group]]
[[Category:Companies based in Philadelphia]]
[[Category:Life insurance companies]]
[[Category:1905 establishments in Indiana]]

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