On Nov. 15, 2023, we published our revised criteria for analyzing insurers' risk-based capital (see "Insurer Risk-Based Capital Adequacy--Methodology And Assumptions"). Following the implementation of our revised capital model criteria, we continue to assess the capital and earnings of Lincoln National Corp. and its core subsidiaries as very strong owing to its redundancy at the 99.95% confidence level, per our new risk-based capital model. We affirmed our 'A+' long-term issuer credit and financial strength ratings on Lincoln National Life Insurance Co. And 'BBB+' long-term issuer credit rating on Lincoln National Corp. (LNC). The stable outlook reflects our expectation that Lincoln will execute on its strategic initiatives while maintaining very strong capital and earnings and strong competitive position. On July 1,
