Lincoln Financial

Lincoln's roots go back to the early 1900s, when the company that would become The Lincoln National Life Insurance Company was founded in Indiana and built a national profile through agency distribution and a strong "Lincoln" brand identity.[1] Over the 20th century it expanded beyond traditional whole life into term and universal life as consumer needs shifted from estate planning toward income replacement and flexible protection.[1]

In the consolidation wave that reshaped U.S. life insurance, Lincoln National became an active acquirer. A notable example was its 2000s-era expansion through mergers and acquisitions that broadened its product set and distribution footprint.[2] In the late 2010s, the company also expanded its employee benefits platform by acquiring Liberty Mutual's Group Benefits business (Liberty Life Assurance Company of Boston), integrating a large life and disability franchise into Lincoln's portfolio.[3]

Those strategic moves were paired with continual shifts in risk management as the economic backdrop changed. When interest rates were high, insurers competed on credited rates; when rates stayed low for years, spread compression pushed carriers to re-price guarantees, refine underwriting, and lean harder on asset-liability management.[2] Lincoln's scale-across retail protection, annuities, and workplace benefits-created opportunities to diversify earnings, but also required careful use of hedging and reinsurance programs to keep long-duration promises sustainable through market cycles.[2]

Sources: [1] https://interactive.web.insurance.ca.gov/companyprofile/companyprofile?doFunction=getCompanyProfile&event=companyProfile&naic=65676 ; [2] https://en.wikipedia.org/wiki/Lincoln_National_Corporation ; [3] https://www.lfg.com/public/aboutus/newsroom/pressreleases/2018/lincoln-financial-group-completes-acquisition-of-liberty-mutuals-group-benefits-business