Lincoln National Corporation · NYSE:LNC

Lincoln National — Merger or Acquisition (May 2023)

6 slides from Lincoln National's merger presentation, May 2, 2023

  1. Slide 1: Lincoln Announces $28 Billion Block Reinsurance Transaction

    Lincoln Announces $28 Billion Block Reinsurance Transaction May 2, 2023 Scott West Senior Analyst Ellen Cooper President and Chief Executive Officer Chris Neczypor EVP and February 24,Chief 2023 Financial Officer ©2023 Lincoln National Corporation 1

  2. Slide 2: Forward looking statements – cautionary language

    Forward looking statements – cautionary language Certain statements made in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without l

  3. Slide 3: Forward looking statements – cautionary language (contd.)

    Forward looking statements – cautionary language (contd.) • A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance res

  4. Slide 4: Advancing our Strategic Objectives

    Advancing our Strategic Objectives Reinsuring $28 billion of in-force ULSG1, MoneyGuard® and Fixed Annuity statutory reserves 1. Improves risk profile ~40% of total ULSG in-force 2. Strengthens capital position ~15 point RBC benefit at closing 3. Improves expected annual run-rate free cash flow2 $10

  5. Slide 5: Transaction Overview

    Transaction Overview  ULSG: ~$9 billion of statutory reserves, ~40% of ULSG in-force Reinsured  MoneyGuard: nearly $12 billion of statutory reserves, ~80% of MoneyGuard in-force Block  Fixed Annuities: nearly $8 billion of statutory reserves, ~40% of Fixed Annuities in-force  De-risks balance sh

  6. Slide 6: Continuing to Execute

    Continuing to Execute  Transitioned VA hedge program to provide explicit capital protection  Raised capital  Optimizing new business capital allocation  De-risking the balance sheet while improving FCF generation via reinsurance transactions ©2023 Lincoln National Corporation 6

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