Strong and diversified cash flows. Top-tier market position in key insurance segments. Extremely strong level of capitalization at operating companies. Strong fixed-charge coverage at 9.4x, with appropriate levels of financial leverage for the rating. Very competitive target markets. Modest exposure to the equity markets. The counterparty credit rating on Lincoln National Corp. (LNC) is based on the company's strong, diversified cash flows from its well-positioned businesses, top-tier market positions in its key insurance segments, and extremely strong capitalization at both the operating companies and the holding company. Adding to these strengths, the acquisition in April 2006 of the Jefferson Pilot Companies (JP) and its integration into LNC's operating unit, the Lincoln Financial Group (LFG), brings a greater diversity of regulated
