...Strengths Weaknesses + Very strong capital adequacy + Very competitive products sold by a diverse distribution force + Strong enterprise risk management (ERM) + Challenged, but improving, profitability in the group protection business + Flat or declining annuity sales in the past few years--in line with industry trends Rationale S&P Global Ratings' ratings on Lincoln Financial Group (LFG), reflect the group's very strong business risk profile (BRP) and very strong financial risk profile (FRP). LFG comprises: Lincoln National Corp. (LNC), the group's nonoperating holding company (NOHC); Lincoln National Life Insurance Co. (LNL), the lead operating company; Lincoln Life & Annuity Insurance Co. of New York (LLANY), an operating company; and Liberty Life Assurance Co. of Boston (LLACB), an operating company. The ratings also reflect LFG's projected maintenance of very strong capital adequacy, stable earnings, and exceptional liquidity. We view its capital adequacy as very strong due to its...
