Summary: Lincoln Financial Group

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 roughly 23% redundancy at the 'AA' confidence level per our risk-based capital (RBC) model at year-end 2017. ERM, management, and governance

...Local Currency Issuer Credit Rating A-/Stable/A-2 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 roughly 23% redundancy at the '##' confidence level per our risk-based capital (RBC) model at year-end 2017. ERM, management, and governance remain other key rating strengths....

Summary