Lincoln Financial Group Announces $28 Billion Reinsurance Transaction With Fortitude Re and Preliminary First Quarter 2023 Results

• Risk transfer transaction encompassing 40% of Lincoln’s universal life with secondary guarantees (“ULSG”) in-force, in addition to MoneyGuard® and fixed annuities
• Reduces Lincoln’s exposure to Life Insurance in-force long-term assumption risk and lowers invested asset leverage
• Expected to improve the risk-based capital (“RBC”) ratio by approximately 15 points at closing
• Expected to increase annual free cash flow1 by over $100 million
• Continued demonstration of executing on our strategic initiatives and our objectives to de-risk and strengthen the balance sheet and maximize distributable earnings
• In addition, Lincoln announces preliminary first quarter 2023 results

May 02, 2023 04:05 PM Eastern Daylight Time

RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial Group (NYSE: LNC) and Fortitude Reinsurance Company Ltd. (“Fortitude Re”) today announced that they have entered into an agreement under which Lincoln will cede approximately $28 billion of in-force ULSG, MoneyGuard and fixed annuity statutory reserves to Fortitude Re.

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