LNC.WS Filings — Lincoln National Corp - FilingSpy
LNC.WS
Lincoln National Corp
A major U.S. insurance and retirement company, Lincoln National sells annuities, life insurance, and employer-sponsored disability, dental, and vision benefits under the marketing name Lincoln Financial Group. Founded in 1905 in Fort Wayne, Indiana, it was named with the blessing of Abraham Lincoln's son Robert Todd, who granted permission to use his father's name and likeness — a nod to the integrity the founders wanted after an era of public distrust in insurers.
Lincoln National CFO Christopher Neczypor to depart; Adam Cohen named interim CFO
On August 6, 2026, Christopher Neczypor, EVP and CFO, notified Lincoln National of his intention to leave for an opportunity outside the industry; departure is unrelated to company results or disagreements.
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Neczypor will remain through the end of August to assist with the transition.
Adam M. Cohen, SVP, Chief Accounting Officer and Treasurer, was appointed interim CFO effective immediately.
As interim CFO, Cohen will receive an annual base salary of $550,000, a 300% target AIP award, a $1,600,000 LTIP target award, and a $1,000,000 LTIP retention grant, subject to Compensation Committee approval.
Lincoln will conduct a comprehensive search for a permanent CFO, considering internal and external candidates.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Lincoln National prices $500M 6.800% subordinated notes due 2056
On June 29, 2026, Lincoln National Corporation completed a registered public offering of $500 million aggregate principal amount of 6.800% Fixed-to-Fixed Reset Rate Subordinated Notes due 2056.
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The notes were sold to underwriters led by Wells Fargo Securities, BofA Securities, Goldman Sachs, Morgan Stanley, and TD Securities at a price of 100% of principal, with a 1.000% underwriting discount.
Interest is payable semi-annually at 6.800% until July 15, 2036, then resets every five years to the five-year Treasury rate plus 2.400%.
The notes mature on July 15, 2056, and are redeemable under certain conditions, including par call periods and events such as tax, rating agency, or regulatory capital events.
Net proceeds are intended for general corporate purposes, potentially including repurchase or redemption of outstanding preferred stock (Series C and Series D).
8.01 Other Events · 9.01 Financial Statements and Exhibits
Lincoln National reports Q1 2026 net loss of $211M, adjusted operating income of $326M
First quarter 2026 net loss available to common stockholders was $(211) million, or $(1.10) per diluted share.
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Adjusted operating income available to common stockholders was $326 million, or $1.66 per diluted share.
Group Protection delivered record first quarter earnings with operating income of $112 million, up 11% year over year.
Annuities operating income was $275 million, down 5% year over year, but up 1% adjusting for net investment income allocation refinement and tax items.
Holding company available liquidity increased to $805 million, net of prefunding amounts.
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Lincoln National EVP Brian Kroll to retire June 1, 2026
Brian Kroll, Executive Vice President, Head of Retail Life and Annuity Solutions, and a named executive officer, notified Lincoln National of his intention to retire.
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His retirement is effective June 1, 2026.
The retirement is part of a planned succession for the Retail Life and Annuities businesses.
The company filed the 8-K on April 16, 2026, the same day it filed its 2026 proxy statement.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Lincoln National enters amended credit agreement with $2.0B capacity through 2031
On March 27, 2026, Lincoln National Corporation entered into a Third Amended and Restated Credit Agreement with a syndicate of banks, with Bank of America, N.A. as administrative agent.
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The unsecured credit facility allows for letters of credit and borrowings of up to $2.0 billion, with a commitment termination date of March 27, 2031.
The agreement replaces the prior amended and restated credit agreement dated December 21, 2023.
Fees include 1.0% per annum on issued syndicated letters of credit and a facility fee of 0.125% per annum on the aggregate commitment, subject to adjustment based on credit ratings.
The agreement includes financial covenants such as a minimum consolidated net worth of $9.932 billion plus 50% of net cash proceeds from equity issuances after December 31, 2025, and a debt-to-capital ratio not exceeding 0.35 to 1.00.
1.01 Entry into a Material Definitive Agreement · 9.01 Financial Statements and Exhibits