Lincoln National Corp.

Lincoln National Corp.

Lincoln National was founded in 1905 in Fort Wayne, Indiana, and has grown into a publicly traded Fortune 250 insurance holding company. Ellen Cooper became President and CEO in May 2022 after serving as Chief Investment Officer, giving the general account a CEO with direct portfolio-construction roots. Unlike a pure family office, the firm's investing is inseparable from its insurance operations; Lincoln Financial Group's investment division manages the assets backing its life insurance, annuities, and group protection liabilities. The wealth management arm was divested in 2024 to Osaic, Inc., sharpening the firm's focus on insurance and its associated institutional portfolio. The general account portfolio is built around long-duration fixed income and private assets, including a substantial direct commercial mortgage operation. The firm holds office, multifamily, and industrial properties directly, with named real estate assets including its Radnor headquarters and operational hubs in Fort Wayne and Greensboro. Lincoln also deploys capital into private placement debt and infrastructure investments, although specific transaction names are rarely publicized. The portfolio's geographic focus is domestic, consistent with the liability-matching needs of a US-focused insurer. In 2024, the firm completed the sale of its wealth management business to Osaic, a strategic move that narrowed its operational scope to core insurance and asset management. The investment team operates primarily from the Radnor headquarters, with supporting offices in Fort Wayne and Greensboro. Dennis R. Glass, who led the company as CEO until 2022, remains on the board, providing continuity in the firm's institutional memory. The Lincoln Financial Foundation serves as the philanthropic vehicle, funded by the corporation rather than a separate family trust. No separate family office structure exists; all investment activity runs through the publicly traded corporate entity. Lincoln's structural differentiator is that it is a public-company asset owner without an external capital-raising imperative. The general account invests for its own balance sheet, matching long-dated insurance liabilities — a constraint that shapes a portfolio unlike a family office's permanent capital or a pension's liquidity demands. The divestiture of the wealth unit in 2024 underscores a deliberate architecture: an insurance-focused investment organization that originates and holds assets for decades, not a multi-strategy allocator competing for outside mandates.