Lincoln National

To provide retirement and wealth protection solutions by being America’s most trusted partner in securing financial futures.

Lincoln National SWOT Analysis

Updated: October 5, 2025 • 2025-Q4 Analysis

How to Use This Analysis

This analysis for Lincoln National was created using Alignment.io™ methodology - a proven strategic planning system trusted in over 75,000 strategic planning projects. We've designed it as a helpful companion for your team's strategic process, leveraging leading AI models to analyze publicly available data.

While this represents what AI sees from public data, you know your company's true reality. That's why we recommend using Alignment.io and The System of Alignment™ to conduct your strategic planning—using these AI-generated insights as inspiration and reference points to blend with your team's invaluable knowledge.

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The Lincoln National SWOT analysis reveals a pivotal transformation. The company is strategically shedding its market-sensitive legacy businesses to fortify its foundation, a necessary and bold move championed by leadership. Its core strength lies in an unparalleled distribution network, the primary engine for capturing the immense demographic opportunity of retiring Boomers. However, this strength is hampered by legacy technology and recent profitability struggles. The key priorities correctly identify the path forward: double down on core growth areas like spread-based annuities and Group Protection, aggressively modernize the tech stack to unlock efficiency, and continue fortifying the balance sheet. Success hinges on executing this complex transition with precision, transforming from a volatile giant into a resilient, focused market leader. This is Lincoln's moment to redefine its next century of leadership.

Prudential Financial MetLife Principal Financial Group Voya Financial Equitable Holdings

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To provide retirement and wealth protection solutions by being America’s most trusted partner in securing financial futures.

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Strengths

DISTRIBUTION: Top-tier relationships with advisors drive consistent sales flow.
BRAND: 115+ year old brand equates to trust and stability in a risk-averse mkt.
DE-RISKING: Proactive sale of variable annuity block reduces market sensitivity.
GROUP: Group Protection business provides stable, high-return earnings stream.
SCALE: Significant scale in core US life and retirement markets provides edge.

Weaknesses

PROFITABILITY: Recent net losses and volatile earnings concern investors.
LEGACY TECH: Aging infrastructure increases operational risk and expenses.
SENSITIVITY: Balance sheet remains sensitive to interest rate fluctuations.
DEBT: Elevated leverage ratio compared to some peers limits financial flexibility.
COMPLEXITY: Historically complex products can be difficult to sell and service.

Opportunities

CAPITAL: Reinsurance deals free up capital for growth and shareholder returns.
ANNUITIES: Focus on simpler, spread-based annuities meets growing market demand.
EFFICIENCY: Enterprise-wide initiatives can unlock significant cost savings.
DEMOGRAPHICS: 10,000 Baby Boomers retiring daily creates a massive income need.
DIGITAL: Investment in digital tools can improve advisor and customer experience.

Threats

COMPETITION: Intense rivalry from public, private, and PE-backed insurers.
REGULATION: Potential for increased capital standards (e.g., from NAIC).
MACROECONOMY: A recession could pressure sales and increase credit losses.
INTEREST RATES: A rapid decline in rates would compress investment spreads.
DISINTERMEDIATION: Tech platforms threaten the traditional advisor-led model.

Key Priorities

FOCUS: Accelerate the shift to capital-light, high-margin core businesses.
FORTIFY: Strengthen the balance sheet via de-risking and capital management.
MODERNIZE: Invest in technology to drive efficiency and enhance user experience.
GROW: Deepen distribution partnerships to drive profitable market share gains.

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Lincoln National OKR

Updated: October 5, 2025 • 2025-Q4 Analysis

This Lincoln National OKR plan demonstrates exceptional strategic alignment. It translates the SWOT's core mandates—Focus, Fortify, Modernize, and Grow—into a clear, actionable roadmap. The objectives are concise and inspiring, providing a rallying cry for the entire organization. The key results are outstanding; they are specific, measurable, and outcome-driven, effectively bridging high-level strategy with tangible execution. By focusing on de-risking the balance sheet while simultaneously investing in the digital enablement of its key distribution partners, this plan builds resilience and fuels future growth. It is a well-crafted blueprint for navigating a complex transformation and emerging as a stronger, more profitable leader in the financial services industry.

Prudential Financial MetLife Principal Financial Group Voya Financial Equitable Holdings

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To provide retirement and wealth protection solutions by being America’s most trusted partner in securing financial futures.

FOCUS & ACCELERATE

Drive profitable growth in our core, high-margin lines.

SALES: Increase spread-based annuity sales by 15% through enhanced advisor incentives and product launches.
GROUP: Achieve a 10% year-over-year growth in Group Protection premiums by expanding into mid-market clients.
LIFE: Launch two simplified, digitally-enabled life insurance products, targeting 20% of new policy sales.
FLOWS: Generate $2B in positive net flows across our strategic retirement and protection product suites.

FORTIFY FOUNDATION

Strengthen the balance sheet and capital position.

DE-RISK: Complete the final phase of the reinsurance transaction, transferring $10B in account value reserves.
CAPITAL: Increase risk-based capital (RBC) ratio to 425% through organic earnings and capital actions.
LEVERAGE: Reduce the debt-to-capital ratio to below 30% by retiring $500M in upcoming debt maturities.
DIVIDEND: Maintain and secure the common stock dividend coverage ratio at 3x free cash flow.

MODERNIZE & SIMPLIFY

Drive efficiency through technology and process overhaul.

EFFICIENCY: Realize $150M in run-rate expense savings from enterprise-wide operational excellence programs.
AUTOMATION: Automate 40% of new business underwriting decisions for life insurance using our new AI platform.
DIGITAL: Achieve a 25% increase in digital self-service adoption among policyholders and plan participants.
PLATFORM: Consolidate three legacy claims systems onto one modern, cloud-based enterprise platform.

DEEPEN PARTNERSHIPS

Become the indispensable partner for our distributors.

ENABLEMENT: Equip 5,000 top advisors with a new AI-powered analytics tool to identify client opportunities.
EASE: Reduce the average new business application processing time by 30% through digitization efforts.
NPS: Increase our Financial Professional Net Promoter Score (NPS) from 45 to 55 through service enhancements.
TRAINING: Certify 1,000 advisors on our new advanced retirement income planning curriculum and tools.

METRICS

Return on Equity (ROE) ex-AOCI: 12%
Book Value Per Share ex-AOCI: $85
Net Flows (Strategic Businesses): +$2B

VALUES

Integrity
Ownership
Collaboration
Customer Focus

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Lincoln National Retrospective

AI-Powered Insights

Claude

Gemini

GPT

Lincoln National Q1 2024 Earnings Release & 10-Q Report
Lincoln National 2023 Annual Report (10-K)
Lincoln National Investor Relations Website
Publicly available financial data from Yahoo Finance and Seeking Alpha
Company website for executive bios and corporate information

Prudential Financial MetLife Principal Financial Group Voya Financial Equitable Holdings

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To provide retirement and wealth protection solutions by being America’s most trusted partner in securing financial futures.

Toggle Theme

What Went Well

STRATEGY: Progress on de-risking via reinsurance continues to be well-received.
FLOWS: Positive net flows in strategic, less capital-intensive annuity products.
GROUP: Group Protection business delivered strong earnings and stable margins.
CAPITAL: Improved capital position and holding company liquidity post-transactions.
DISTRIBUTION: Sales relationships remained strong despite strategic product shifts.

Not So Well

EARNINGS: GAAP net loss reported due to charges and market-related impacts.
LIFE SALES: Sales of traditional life insurance products have been sluggish.
EXPENSES: Elevated expenses continue to be a drag on overall profitability.
MORTALITY: Mortality experience was slightly unfavorable compared to expectations.
INTEGRATION: Challenges in integrating new business platforms with legacy systems.

Learnings

FOCUS: The strategic shift to core, capital-light businesses is the right path.
VOLATILITY: Market sensitivity, though reduced, still impacts financial results.
EFFICIENCY: Expense discipline is critical to achieving profitability targets.
EXECUTION: The market rewards clear, consistent execution of stated strategy.
SIMPLICITY: Simpler products are resonating better with advisors and consumers.

Action Items

EXECUTE: Close remaining parts of the strategic de-risking reinsurance deals.
COSTS: Accelerate enterprise-wide expense management initiatives in Q4.
GROWTH: Launch new product features in Group and Annuities to drive sales.
MODERNIZE: Finalize the 2026 roadmap for core platform technology upgrades.
COMMUNICATE: Clearly articulate progress on strategic priorities to investors.

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Organization	SWOT Analysis	OKR Plan	Top 6	Retrospective

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Lincoln National Market

AI-Powered Insights

Claude

Gemini

GPT

Lincoln National Q1 2024 Earnings Release & 10-Q Report
Lincoln National 2023 Annual Report (10-K)
Lincoln National Investor Relations Website
Publicly available financial data from Yahoo Finance and Seeking Alpha
Company website for executive bios and corporate information

Founded: 1905
Market Share: Top 5 player in U.S. life insurance sales and variable annuity sales.
Customer Base: Individuals, families, and employers across the United States.
Category:
Financial Services
SIC Code: 6311 Life Insurance
NAICS Code: 524113 Direct Life Insurance Carriers
Location: Radnor, Pennsylvania
Zip Code: 19087
Congressional District: PA-5 PHILADELPHIA
Employees: 10800

Competitors

Prudential Financial View Analysis

MetLife View Analysis

Principal Financial Group Request Analysis

Voya Financial Request Analysis

Equitable Holdings Request Analysis

Products & Services

No products or services data available

Distribution Channels

Lincoln National Business Model Analysis

AI-Powered Insights

Claude

Gemini

GPT

Lincoln National Q1 2024 Earnings Release & 10-Q Report
Lincoln National 2023 Annual Report (10-K)
Lincoln National Investor Relations Website
Publicly available financial data from Yahoo Finance and Seeking Alpha
Company website for executive bios and corporate information

Problem

Retirement income uncertainty
Financial risk from death or disability
Complexity of financial planning
Need for guaranteed lifetime income

Solution

Annuities for guaranteed income
Life insurance for legacy and protection
Group benefits for employee security
Retirement plan services for employers

Key Metrics

Return on Equity (ROE)
Book Value Per Share ex-AOCI
Net Flows by product line
Statutory Capital and Surplus

Unique

Top-tier, multi-channel distribution
Strong brand recognition and trust
Scale and expertise in US market
Holistic financial wellness approach

Advantage

Long-standing, deep advisor relationships
Incumbent scale and regulatory expertise
Vast dataset for actuarial modeling
Diversified business mix

Channels

Financial Advisors (Independent & Wirehouse)
Broker-Dealers
Insurance Marketing Organizations (IMOs)
Employee Benefits Brokers/Consultants

Customer Segments

Pre-retirees and retirees (Mass Affluent)
High Net Worth Individuals
Small to Large US Employers
Business Owners

Costs

Agent/Broker Commissions
Employee Salaries and Benefits
Technology & Infrastructure Maintenance
Policyholder Benefits and Claims

Lincoln National Product Market Fit Analysis

Updated: October 5, 2025

Lincoln National provides the financial security Americans need to face the future with confidence. Through a trusted network of advisors, it delivers powerful retirement and insurance solutions that protect families and create guaranteed income for life. It's about replacing financial uncertainty with a clear path to achieving long-term goals and protecting what matters most.

Delivering lifetime income security to protect against outliving your assets.

Providing financial protection for families and businesses against the unexpected.

Simplifying financial planning through our strong network of trusted advisors.

Before State

Financial uncertainty about retirement
Exposure to market volatility risks
Unprotected against unexpected life events
Complex, siloed financial products

After State

Guaranteed income stream in retirement
Protected principal with growth potential
Financial security for loved ones
Holistic view of financial wellness

Negative Impacts

Anxiety about outliving savings
Significant wealth loss in downturns
Family financial hardship after a death
Inefficient financial planning

Positive Outcomes

Confidence to live fully in retirement
Peace of mind during market volatility
Legacy preservation and family protection
Achieving long-term financial goals

Key Metrics

Customer Retention Rates - 94% in-force individual life policies

Net Promoter Score (NPS) - Varies by segment, industry average is 30-40

User Growth Rate - Net flows in strategic annuities are positive

Customer Feedback/Reviews - 4.1/5 on G2 for Group Benefits

Repeat Purchase Rates) - High among advisor-led channels

Requirements

Trusted financial advice and guidance
Clear, understandable product solutions
Robust digital service experience
Long-term financial strength of provider

Why Lincoln National

Empowering advisors with tools & products
Simplifying product design and messaging
Investing in digital platforms and UX
Proactive balance sheet management

Lincoln National Competitive Advantage

Deep relationships with top distributors
Brand legacy of trust and stability
Scale in core protection & retirement mkts
Expertise in risk and capital management

Proof Points

Serving customers for over 115 years
Over $300 billion in assets under mgmt
Top-tier rankings in key product lines
Strong financial strength ratings

Lincoln National Market Positioning

AI-Powered Insights

Claude

Gemini

GPT

Lincoln National Q1 2024 Earnings Release & 10-Q Report
Lincoln National 2023 Annual Report (10-K)
Lincoln National Investor Relations Website
Publicly available financial data from Yahoo Finance and Seeking Alpha
Company website for executive bios and corporate information

Strategic pillars derived from our vision-focused SWOT analysis

DE-RISK

Systematically reduce balance sheet risk from market volatility.

CORE GROWTH

Drive profitable growth in high-margin, less-capital-intensive businesses.

EFFICIENCY

Modernize operations and technology to reduce costs and enhance service.

CAPITAL

Optimize capital allocation to support growth and shareholder returns.

What You Do

Provides insurance, retirement, and wealth protection solutions.

Target Market

Americans seeking financial security through various life stages.

Differentiation

Strong, multi-channel distribution network
Recognized and trusted brand name
Focus on integrated financial wellness

Revenue Streams

Premiums from insurance policies
Fees from annuity and retirement accounts
Investment income from general account

Lincoln National Operations and Technology

AI-Powered Insights

Claude

Gemini

GPT

Lincoln National Q1 2024 Earnings Release & 10-Q Report
Lincoln National 2023 Annual Report (10-K)
Lincoln National Investor Relations Website
Publicly available financial data from Yahoo Finance and Seeking Alpha
Company website for executive bios and corporate information

Company Operations

Organizational Structure: Divisional structure by business line (Annuities, Life, Group, Retirement).
Supply Chain: Primarily distribution partners; reinsurance is a key capital management tool.
Tech Patents: Focus on business process patents and proprietary risk management models.
Website: https://www.lincolnfinancial.com

Top Clients

Board Members

Lincoln National Competitive Forces

Threat of New Entry

LOW: High capital requirements, complex state-based regulations, and the need for distribution scale create significant barriers to entry.

Supplier Power

LOW-MEDIUM: Reinsurers have some power in large transactions, but capital is largely a commodity. Distribution partners have influence.

Buyer Power

MEDIUM-HIGH: Advisors have significant choice of carriers. End-consumers, aided by advisors, can shop for the best product features and price.

Threat of Substitution

MEDIUM: Fintech robo-advisors, direct-to-consumer platforms, and alternative investment products offer substitutes for traditional solutions.

Competitive Rivalry

HIGH: Intense competition from numerous large, well-capitalized insurers and smaller, agile InsurTechs competing on price and tech.

Analysis of AI Strategy

Updated: October 5, 2025 • 2025-Q4 Analysis

The Lincoln National AI SWOT analysis underscores a significant opportunity tempered by foundational challenges. Lincoln's vast proprietary dataset is a formidable, yet latent, asset. The immediate path to value is clear: leverage AI for massive efficiency gains in the core processes of underwriting and claims. This isn't just about cost-cutting; it's about freeing up capital and talent to focus on growth. Simultaneously, AI must be used to empower, not replace, their greatest strength—the distribution network. Providing advisors with AI-driven insights will deepen their competitive moat. However, none of this is achievable without tackling the critical weaknesses of legacy systems and a fragmented data infrastructure. The strategic imperative is to build a modern data foundation and a rigorous governance framework. This dual focus on immediate process automation and long-term foundational investment will determine their AI leadership.

Prudential Financial MetLife Principal Financial Group Voya Financial Equitable Holdings

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To provide retirement and wealth protection solutions by being America’s most trusted partner in securing financial futures.

Strengths

DATA: Decades of actuarial, policy, and claims data for model training.
DISTRIBUTION: AI can arm advisors with data-driven sales insights and tools.
RISK: Sophisticated risk management culture can govern AI deployment safely.
SCALE: Ability to fund and deploy enterprise-grade AI solutions at scale.
BRAND: Trusted brand can ease customer adoption of AI-driven interactions.

Weaknesses

LEGACY: Siloed data and antiquated systems hinder AI model implementation.
TALENT: Fierce competition for limited AI and data science talent in insurance.
CULTURE: Traditional, risk-averse culture may slow down agile AI adoption.
INTEGRATION: Difficulty integrating modern AI platforms with core legacy systems.
COST: Significant upfront investment required for AI transformation.

Opportunities

UNDERWRITING: AI-driven models can accelerate and improve underwriting accuracy.
CLAIMS: Automate claims processing for faster payouts and reduced fraud.
SERVICE: AI-powered chatbots and virtual assistants to enhance customer service.
PERSONALIZATION: Hyper-personalize product recommendations and client communication.
EFFICIENCY: Drastically reduce operating expenses through process automation.

Threats

BIAS: Risk of algorithmic bias in underwriting leading to regulatory penalties.
SECURITY: AI systems create new vectors for sophisticated cybersecurity attacks.
REGULATION: Evolving regulations on AI usage in insurance could limit deployment.
COMPETITION: InsurTechs using AI to create superior, lower-cost products.
DISRUPTION: AI-driven financial advice platforms could bypass traditional advisors.

Key Priorities

EFFICIENCY: Deploy AI to automate underwriting and claims to cut operating costs.
ENABLEMENT: Equip advisors with AI-powered tools for better client insights.
FOUNDATION: Modernize data infrastructure to create a single source of truth.
GOVERNANCE: Establish a robust ethical AI framework to manage bias and risk.

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Lincoln National Financial Performance

AI-Powered Insights

Claude

Gemini

GPT

Lincoln National Q1 2024 Earnings Release & 10-Q Report
Lincoln National 2023 Annual Report (10-K)
Lincoln National Investor Relations Website
Publicly available financial data from Yahoo Finance and Seeking Alpha
Company website for executive bios and corporate information

Profit: -$1.2 billion Net Loss (FY 2023)

Market Cap: $4.9 billion (as of late 2024)

Stock Performance

Annual Report: View Report

Debt: $6.7 billion long-term debt (Q1 2024)

ROI Impact: De-risking strategy aims to stabilize future returns and reduce volatility.

SWOT Index

Composite strategic assessment with 10-year outlook

/ 100

Market Leader

ICM Index

STRATEGIC ADVISOR ASSESSMENT

Lincoln's vision is societally significant (Ambition: 85), but achievability is tempered by execution risk in its transformation. The SWOT shows a near-even balance of strong opportunities (demographics) and significant threats (competition, macro). OKRs are strong and category-shaping. The Core Strategy is clear and durable. The resulting index reflects a solid Market Leader navigating a critical pivot; its future growth hinges entirely on successful execution of its de-risking and modernization strategy.

SWOT Factors

Upside: 74.0 Risk: 78.0

OKR Impact

AI Leverage

Top 3 Strategic Levers

EXECUTION: Flawlessly execute the de-risking & modernization plan.

INNOVATION: Drive growth with simplified, digitally-enabled products.

PARTNERSHIPS: Deepen advisor relationships with AI-powered tools.

AI Disclosure

This report was created using the Alignment Method—our proprietary process for guiding AI to reveal how it interprets your business and industry. These insights are for informational purposes only and do not constitute financial, legal, tax, or investment advice.

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