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User:Nanorlb/Lincoln National Corporation

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Lincoln National Corporation
Company typePublic (NYSE: LNC)
IndustryFinance and Insurance
Founded1905
HeadquartersRadnor, PA
Key people
Dennis Glass, President, CEO, and Director
ProductsInsurance
Number of employees
9,696 (2008)
Websitewww.lfg.com

Lincoln National Corporation (NYSE: LNC), or Lincoln Financial Group, is an 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.[1] LNC was organized under the laws of the state of Indiana in 1968, and maintains its principal executive offices in Radnor CDP,[2] Radnor Township,[3] Pennsylvania, United States.[4]

History

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Origin

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The Lincoln National Corporation was founded June 12, 1905, in Fort Wayne, Indiana, as the Lincoln National Life Insurance Company.[1] Its founders suggested the name "Lincoln," arguing that the name of President Abraham Lincoln would powerfully convey a spirit of integrity and dependability. Robert Todd Lincoln provided a photograph of his father for company stationery and advertising.[5]

In 1964, President Henry F. Rood formulated plans to reorganize Lincoln National into a holding company, finally carrying through the creation of the Lincoln National Corporation as a holding company for all of the firm's operating properties in 1968. Lincoln National Corporation was listed for trading on the New York Stock Exchange in 1969.[1] Ian Rolland started with Lincoln in 1956, and became president of Lincoln National Life in 1977.[1] After Rolland's retirement in 1999, he was replaced by new president Jon A. Boscia.

1999-Present: Lincoln Financial Group

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Boscia moved Lincoln National Corporation's headquarters from Indiana to Philadelphia in 1999, and started using the Lincoln Financial Group name for marketing.[6] In Philadelphia Lincoln was headquartered in the West Tower of Centre Square in Center City.[7] Lincoln National Life, the largest subsidiary, and the Lincoln Museum remained in Fort Wayne. In 2007, the company moved 400 employees, including its top executives, from Philadelphia to Radnor Township.[6] In 2002, Lincoln National became the naming rights sponsor of Lincoln Financial Field in Philadelphia, home field of the Philadelphia Eagles of the National Football League.[8]

Lincoln National Corporation has divested many of its subunits. 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."[9] 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. Lincoln Financial also acquired the group life, disability, and dental insurance divisions of Jefferson-Pilot Corporation in April 2006.[10] Though billed as a merger of equals, the merged company carries the Lincoln Financial Group name and operates from the Lincoln National Corporation offices. Current Lincoln National Corporation stockholders hold 61% of the stock, and the current directors control the new board.[11] The insurance division is based in Greensboro, North Carolina. Lincoln Financial also acquired Jefferson-Pilot's television and radio operations, which were renamed Lincoln Financial Media.

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.[12] In September 2006, Lincoln filed a patent infringement lawsuit against Transamerica Life Insurance Company for allegedly infringing its insurance patent.[13] A similar lawsuit was filed against Jackson National Life in October 2007.[14] 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.[15]

Operations

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The Lincoln National Corporation divides its operations into two business segments, Lincoln Retirement and Life Insurance. Lincoln Financial Group’s primary financial products include retirement options (primarily individual annuities and defined contribution), and insurance solutions (life insurance and group protection).[16]

Companies

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The companies currently affiliated with Lincoln National Corporation are:[17]

  • First Penn-Pacific Life Insurance Company
  • Lincoln Life & Annuity Company of New York
  • Lincoln Financial Advisors Corp.
  • Lincoln Financial Distributors, Inc.
  • Lincoln Financial Foundation, Inc.
  • Lincoln Financial Securities Corp.
  • The Lincoln National Life Insurance Company

References

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  1. ^ a b c d Whitely, Laura, ed. (1998), International Directory of Company Histories, vol. 25, St James Press
  2. ^ "Radnor CDP, Pennsylvania." U.S. Census Bureau. Retrieved on August 20, 2009.
  3. ^ "Radnor township, Pennsylvania." U.S. Census Bureau. Retrieved on August 20, 2009.
  4. ^ "Corporate." Lincoln National Corporation. Retrieved on August 24, 2009.
  5. ^ Lincoln History: An Enterprise is Born, retrieved 2009-12-11
  6. ^ a b Blumenthal, Jeff. "Lincoln sells Delaware Investments." Philadelphia Business Journal. Wednesday August 19, 2009. Modified Thursday August 20, 2009. Retrieved on August 24, 2009.
  7. ^ "Contact Us." Lincoln National Corporation. June 22, 2000. Retrieved on August 24, 2009.
  8. ^ "New Eagles Stadium Named Lincoln Financial Field". Business Wire. Philadelphia, PA: Business Wire. 2002-06-03. Retrieved 2009-12-11. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  9. ^ http://findarticles.com/p/articles/mi_m0EIN/is_2002_August_13/ai_90327918/
  10. ^ "Done deal: Lincoln and Jefferson-Pilot merge". Investment News. 2006-04-03. Retrieved 2009-12-11. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  11. ^ Nowell, Paul (2005-10-11). "Lincoln National to Buy Jefferson-Pilot". Investment News. Charlotte, NC: 2006-04-03. Retrieved 2009-12-11. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  12. ^ Lincoln National Corp 2006 10k SEC filing
  13. ^ David G. Luettgen, “Foley Sponsors Conference on Business Method Patents for the Financial Services Industry”, Sept. 12, 2006
  14. ^ Lincoln National Life Insurance Company v. Jackson National Life Insurance Company, case 1:2007cv00265, October 30, 2007
  15. ^ KAREN MRACEK "Patent case ruling to cost Transamerica $13 million", Des Moine Register, Feb 19, 2009
  16. ^ "Lincoln Financial Group Reports Third Quarter 2009 Results" (Press release). Lincoln Financial Group. 2009-10-28. Retrieved 2010-01-20.
  17. ^ "Lincoln Financial Corporate Profile" (PDF). Lincoln National Corporation. 2009-03-31. Retrieved 2009-12-11.
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