Lincoln Financial Group (Lincoln) has completed a comprehensive capital plan comprised of a mix of common equity, debt, and preferred shares. The capital plan raised $2.1 billion in capital, including $690 million of common stock and $500 million of senior notes in the private markets.
The company has stated that it has completed the third component of capital plan by issuing $950 million in preferred shares pursuant to the US Treasury’s capital purchase program. Consistent with the objective of the capital purchase program, the company is now positioned to increase its investment in the US capital markets to help support economic recovery.
Lincoln has also increased the capital base of its flagship insurance subsidiary, The Lincoln National Life Insurance Company (LNL), by contributing $1 billion to it.
Dennis Glass, President and CEO of Lincoln Financial, said: “The successful execution of our balanced and prudent capital plan will benefit Lincoln, our policyowners, shareholders, employees and partners.”
Philadelphia-based, Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.
