Lincoln National Corporation
Industry: Insurance (Life)

Lincoln National is an insurance and investment management holding Company. LNC's subsidiaries operate in four business segments: life insurance and annuities, Lincoln UK, reinsurance, and investment management.

Business Summary
Lincoln National Corporation (LNC) is a holding company that operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies. LNC's operations are divided into four business segments: Lincoln Retirement, Life Insurance, Investment Management and Lincoln UK. Through these business segments, LNC sells a range of wealth protection and accumulation products. These products include fixed annuities, variable annuities, universal life insurance, variable universal life insurance, term life insurance, other individual insurance coverages, retail mutual funds, 529 college savings plans and managed accounts. On September 24, 2004, LNC completed the sale of its London-based international investment unit, Delaware International Advisors Ltd. (DIAL).

Financial Summary
LNC is an insurance and investment management holding Company. LNC's segments include Life Insurance, Lincoln Retirement, Lincoln UK, and Investment Management. For the 6 months ended 6/30/05, revenues rose 3% to $2.69B. Net income applicable to Common and before accounting change rose 19% to $376.8M. Revenues reflect favorable equity market performance and asset growth. Net income also benefited from improved operating margins.