Lincoln National Corporation
|Traded as||NYSE: LNC
S&P 500 Component
|Industry||Insurance, Asset management|
|Headquarters||Radnor, Pennsylvania, United States|
|Key people||Dennis R. Glass, President & CEO|
|Total assets||$141 billion (2009)|
|Total equity||$11.7 billion (2009)|
Lincoln National Corporation is a Fortune 200 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.1 The company traces its roots to its earliest predecessor founded in 1905.
LNC divides operations into four business segments: 1) Lincoln Retirement, 2) Life Insurance, 3) Investment Management, 4) Lincoln Financial Media. The principal Lincoln subsidiaries are
- Lincoln Financial Advisors and Sagemark Consulting
- Lincoln Financial Distributors
- Lincoln National Life Insurance Company
- Lincoln Life & Annuity Company of New York
- First Penn-Pacific Life Insurance Company
- Lincoln Financial Media
At December 31, 2009, LNC had consolidated assets of $141 billion and consolidated shareholders’ equity of $11.7 billion.
||This section needs additional citations for verification. (August 2009)|
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.
Many of the jewels of Lincoln National Corporation have been shed in recent years. 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 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."4
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 , 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.
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, 2010.5
Lincoln National is the owner of U.S. Patent 7,089,201, “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.6
In September 2006, Lincoln filed a patent infringement lawsuit against Transamerica Life Insurance Company for allegedly infringing its insurance patent.7 A similar lawsuit was filed against Jackson National Life in October 2007.8
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.9
- Lincoln Financial Media - subsidiary of Lincoln National Corporation that owns radio stations in the United States
- "Corporate." Lincoln National Corporation. Retrieved on August 24, 2009.
- Blumenthal, Jeff. "Lincoln sells Delaware Investments." Philadelphia Business Journal. Wednesday August 19, 2009. Modified Thursday August 20, 2009. Retrieved on August 24, 2009.
- "Contact Us." Lincoln National Corporation. June 22, 2000. Retrieved on August 24, 2009.
- Macquarie Group acquires Delaware Investments from Lincoln National, Jan 2010
- Lincoln National Corp 2006 10k SEC filing
- David G. Luettgen, “Foley Sponsors Conference on Business Method Patents for the Financial Services Industry”, Sept. 12, 2006
- Lincoln National Life Insurance Company v. Jackson National Life Insurance Company, case 1:2007cv00265, October 30, 2007
- KAREN MRACEK "Patent case ruling to cost Transamerica $13 million", Des Moine Register, Feb 19, 2009
Content from Wikipedia, the Free Encyclopedia
What Is This Site? The Ultimate Study Guide is a mirror of English Wikipedia. It exists in order to provide Wikipedia content to those who are unable to access the main Wikipedia site due to draconian government, employer, or school restrictions. The site displays all the text content from Wikipedia. Our sponsors generously cover part of the cost of hosting this site, and their ads are shown as part of this agreement. We regret that we are unable to display certain controversial images on some pages the site at the request of the sponsors. If you need to see images which we are unable to show, we encourage you to view Wikipedia directly if possible, and apologize for this inconvenience.
A product of XPR Content Systems. 47 Union St #9K, Grand Falls-Windsor NL A2A 2C9 CANADA