We expect Lincoln Financial Group (LFG), inclusive of Lincoln National Corp. and its rated operating subsidiaries, to produce lower earnings over the next two years than we previously forecast. While the group maintains brand recognition, a diverse business with leading market shares in several products, and high-quality distribution, we believe its competitive position and operating performance are under pressure relative to peers. We therefore revised our outlook to negative from stable and affirmed our ratings. The negative outlook reflects our doubts about the sustainability of the group's very strong core competencies and about the improvement of overall profitability relative to peers. On Dec. 16, 2021, S&P Global Ratings revised its rating outlook on Lincoln Financial Group, including Lincoln National Corp.
