Loln National Corporation

Summary
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers fixed, variable, and indexed variable annuities. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace. This segment offers individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and a range of plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The Life Insurance segment provides life insurance products, including term insurance, such as single and survivorship versions of universal life insurance; variable universal life insurance; indexed universal life insurance products; and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products comprising short and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is based in Radnor, Pennsylvania.

History

Founding and early history

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 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 in 2001. K&K Insurance Specialties was the first to insure events like NASCAR races; it was sold to 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. 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.

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 and Pilot Life Insurance . 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," was nominated to the National Register of Historic Places 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. Jefferson Standard Insurance put WBTV in Charlotte 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, 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; 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, 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 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 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.


Mission
At Loln National Corporation, we are committed to providing our customers with the highest quality products and services in the industry. We strive to be a leader in innovation and continually develop new methods and technologies to exceed our customer’s expectations. We work with integrity and respect to exceed our customers’ needs and exceed their expectations.

Vision
Our vision is to be a world leader in providing integrated services to customers across the globe. We strive to develop and maintain long-term relationships with our customers and create innovative ways to meet their needs. Our values are respect, integrity, teamwork, and excellence.

Key Team

Mr. Jayson Reagan Bronchetti C.A.I.A., C.F.A. (Exec. VP, Chief Investment Officer and Head of Risk & Sustainability)

Mr. Adam Cohen (Chief Accounting Officer)

Ms. Lucy Denise Gase (Sr. VP and Head of Admin. Services & Strategic Support)

Mr. Al Copersino (VP & Head of Investor Relations)

Mr. Steve Harris (Chief Ethics & Compliance Officer and Sr. VP)

Mr. Craig Todd Beazer (Exec. VP & Gen. Counsel)

Ms. Kristen Phillips (Head of Corp. Marketing and Enterprise Communications)


Recognition and Awards
Loln National Corporation has been acknowledged by numerous industry awards and recognitions for excellence in customer service, innovation, and leadership. We are proud to be recognized for our commitment to excellence and our dedication to our customers.

References
Loln National Corporation
Leadership team

Ms. Ellen Gail Cooper C.F.A., F.S.A. (Pres, CEO & Director)

Mr. Randal Jay Freitag FSA (Exec. VP, CFO & Head of Individual Life)

Mr. Kenneth Steven Solon (Exec. VP, Chief Information Officer and Head of Digital, IT & Enterprise Services)

Products/ Services
Advice, Finance, Financial Services, Insurance
Headquarters
Radnor, Pennsylvania, United States
Established
1905
Company Registration
SEC CIK number: 0000059558
Social Media
Fri Feb 23 2024
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