Following a review under our revised insurance criteria, we are affirming our 'A-' ratings on Lincoln National Corp. (LNC) and our 'AA-' ratings on its core operating subsidiaries, collectively, Lincoln Financial Group (LFG); the outlook is stable. Our ratings on LFG mainly reflect the group's very strong business risk profile as a top player in its key markets, as well as very strong capital and earnings supported by its robust enterprise risk management (ERM) program. The ratings on LNC further reflect the structural subordination of the holding company relative to its regulated insurance subsidiaries. The stable outlook is based on our view that LFG will maintain its very strong competitive position along with very strong capital adequacy and earnings. On
