Lincoln Financial Group (NYSE:LNC) announced that it received regulatory approval late yesterday for its previously announced reinsurance transaction with Fortitude Reinsurance Company Ltd. ("Fortitude Re"). The transaction will have an effective date of October 1, 2023, and is expected to close later this month. Under the terms of the agreement, upon closing Lincoln will cede approximately $28 billion of in-force universal life with secondary guarantees ("ULSG"), MoneyGuard® and fixed annuity statutory reserves to Fortitude Re.
Ellen Cooper, Chairman, President and CEO of Lincoln Financial Group stated, "This significant milestone is the culmination of months of hard work on behalf of our teams and marks a big step forward in our efforts to de-risk, strengthen the company's balance sheet and improve ongoing free cash flow. We expect economic benefits of this transaction to be in line with what we originally communicated."
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire with confidence. As of Dec. 31, 2022, approximately 16 million customers trust our guidance and solutions across four core businesses - annuities, life insurance, group protection and retirement plan services. As of September 30, 2023, the company had $290 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.
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