Lincoln National Corporation

Ellen Cooper, elevated to Chairman, President, and CEO in 2022, oversees all capital allocation. Cooper previously served as Lincoln's Chief Investment Officer, so investment decision-making sits at the CEO level. The firm's investment team manages the general account portfolio from Radnor, Pennsylvania, with regional origination offices in Fort Wayne, Indiana, and Greensboro, North Carolina.

In October 2023, Bain Capital acquired a 9.9% equity stake in Lincoln National Corporation (per Reuters, 2023). The partnership grants Bain a board observer seat and establishes a strategic relationship designed to channel Bain's alternative asset management expertise into Lincoln's general account. This creates a co-investment pipeline that is unusual for a publicly traded mid-tier US insurer.

Lincoln's general account is heavily allocated to investment-grade corporate bonds, commercial mortgage loans, and private placement debt. The firm also invests in commercial real estate equity, institutional limited partnership commitments, and increasingly, alternative assets accessed through its Bain Capital relationship. The portfolio supports Lincoln's core life insurance and annuity liabilities.

Lincoln National Corporation is a publicly traded company listed on the New York Stock Exchange under ticker LNC. It is not a family office. The firm operates through its Lincoln Financial Group subsidiary and functions as both an insurance carrier and an institutional asset owner, with its general account deploying capital across public and private markets.

Yes, the Lincoln Financial Foundation serves as the firm's philanthropic arm, donating millions annually to community and educational causes. The foundation operates independently of the investment portfolio, drawing its funding from corporate contributions rather than general account assets.