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Indiana
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1-6028
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35-1140070
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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[
]
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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[
]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[
]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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[
]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Company
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A.M.
Best
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S&P
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Moody’s
|
Fitch
|
|
LNL
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A+
(2nd
of
16)
|
AA
(3rd
of
21)
|
Aa3
(4th
of
21)
|
AA
(3rd
of
24)
|
|
LLANY
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A+
(2nd
of
16)
|
AA
(3rd
of
21)
|
Aa3
(4th
of
21)
|
AA
(3rd
of
24)
|
|
·
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Problems
arising with the ability to successfully integrate our and
Jefferson-Pilot’s businesses, which may affect our ability to operate as
effectively and efficiently as expected or to achieve the expected
synergies from the merger or to achieve such synergies within our
expected
timeframe, and the application of purchase price accounting on
results of
operations;
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·
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Legislative,
regulatory or tax changes, both domestic and foreign, that affect
the cost
of, or demand for, Lincoln’s products, the required amount of reserves
and/or surplus, or otherwise affect our ability to conduct business,
including changes to statutory reserves and/or risk-based capital
requirements related to secondary guarantees under universal life
and
variable annuity products such as Actuarial Guideline VACARVM;
restrictions on revenue sharing and 12b-1 payments; and the potential
for
U.S. Federal tax reform;
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|
·
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The
initiation of legal or regulatory proceedings against Lincoln or
its
subsidiaries and the outcome of any legal or regulatory proceedings,
such
as: (a) adverse actions related to present or past business practices
common in businesses in which Lincoln and its subsidiaries compete;
(b) adverse decisions in significant actions including, but not
limited to, actions brought by federal and state authorities, and
extra-contractual and class action damage cases; (c) new decisions
that result in changes in law; and (d) unexpected trial court
rulings;
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·
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Changes
in interest rates causing a reduction of investment income, the
margins of
Lincoln’s fixed annuity and life insurance businesses and demand for
Lincoln’s products;
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·
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A
decline in the equity markets causing a reduction in the sales
of
Lincoln’s products, a reduction of asset fees that Lincoln charges on
various investment and insurance products, an acceleration of amortization
of deferred acquisition costs, value of business acquired, deferred
sales
inducements and deferred front-end loads and an increase in liabilities
related to guaranteed benefit features of Lincoln’s variable annuity
products;
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·
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Ineffectiveness
of Lincoln’s various hedging strategies used to offset the impact of
declines in and volatility of the equity markets;
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·
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A
deviation in actual experience regarding future persistency, mortality,
morbidity, interest rates or equity market returns from Lincoln’s
assumptions used in pricing its products, in establishing related
insurance reserves, and in the amortization of intangibles that
may result
in an increase in reserves and a decrease in net income;
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·
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Changes
in accounting principles generally accepted in the United States
that may
result in unanticipated changes to Lincoln’s net income, including the
impact of adopting Statement of Position 05-1;
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·
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Lowering
of one or more of Lincoln’s debt ratings issued by nationally recognized
statistical rating organizations, and the adverse impact such action
may
have on Lincoln’s ability to raise capital and on its liquidity and
financial condition;
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·
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Lowering
of one or more of the insurer financial strength ratings of Lincoln’s
insurance subsidiaries and the adverse impact such action may have
on the
premium writings, policy retention, and profitability of its insurance
subsidiaries;
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·
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Significant
credit, accounting, fraud or corporate governance issues that may
adversely affect the value of certain investments in the portfolios
of
Lincoln’s companies requiring that Lincoln realize losses on such
investments;
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·
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The
impact of acquisitions and divestitures, restructurings, product
withdrawals and other unusual items, including Lincoln’s ability to
integrate acquisitions and to obtain the anticipated results and
synergies
from acquisitions;
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·
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The
adequacy and collectibility of reinsurance that Lincoln has
purchased;
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·
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Acts
of terrorism, war, or other man-made and natural catastrophes that
may
adversely affect Lincoln’s businesses and the cost and availability of
reinsurance;
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·
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Competitive
conditions, including pricing pressures, new product offerings
and the
emergence of new competitors, that may affect the level of premiums
and
fees that Lincoln can charge for its products;
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·
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The
unknown impact on Lincoln’s business resulting from changes in the
demographics of Lincoln’s client base, as aging baby-boomers move from the
asset-accumulation stage to the asset-distribution stage of
life;
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·
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Loss
of key management, portfolio managers in the Investment Management
segment, financial planners or wholesalers; and
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·
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Changes
in general economic or business conditions, both domestic and foreign,
that may be less favorable than expected and may affect foreign
exchange
rates, premium levels, claims experience, the level of pension
benefit
costs and funding, and investment results.
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Lincoln
National Corporation
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By:
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/s/
Frederick J. Crawford
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Frederick
J. Crawford
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Senior
Vice President and
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Chief
Financial Officer
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