Lincoln National Corp.LNC

Morningstar Rating

Stock Research and Analysis

by Alan Rambaldini

Lincoln National seeks to be a one-stop shop for high-net-worth baby boomers' wealth accumulation, protection, and transfer needs. Although Lincoln's ability to design attractive products and its unique wholesale distribution organization have enabled Read more

Bulls Say

The Pension Protection Act of 2006 should lead to increased demand for retirement products, from which Lincoln stands ready to benefit.

A wide-ranging platform of products will help the firm compete for baby boomers' retirement-saving needs.

Large equity market declines in 2008 may lead to large inflows to Lincoln's variable-annuity products with guaranteed returns as people nearing retirement age seek additional downside protection for their assets. Read more

Bears Say

Legislation that voids annuities' tax-deferral benefits or creates tax-advantaged savings plans, such as the proposed lifetime savings account, would nullify Lincoln's primary annuity selling point.

The firm's main products--annuities and life insurance--are commodities easily replicated by competitors and subject to customer switching in search of lower prices.

A prolonged equity market downturn could reduce demand for equity-based products, which make up about 30% of Lincoln's income. Read more

Strategy

Lincoln targets the high-net-worth market for its life insurance policies, annuities, and mutual funds. By strengthening and expanding its distribution system, the insurer seeks to increase its market Read more

Management

Jon A. Boscia retired as CEO in 2007 and was replaced by Dennis Glass, former CEO of Jefferson-Pilot. Glass was promoted from the position of president and COO of Lincoln, in which he served since the 2006 merger of Lincoln and Jefferson-Pilot. Although Read more

Profile

Founded in 1905, Philadelphia-based Lincoln National offers individual and group insurance, retirement, and investment products in the United States and the United Kingdom. Read more

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