Lincoln National (marketed as Lincoln Financial) is a life insurance and retirement savings company that sells individual and group insurance and retirement savings products primarily to working Americans and retirees, distributed through financial intermediaries and employee benefit brokers. Lincoln's largest business is Annuities, which sells variable, fixed/indexed, and registered index-linked annuities (RILAs) to individuals saving for or in retirement. Lincoln's second-largest business is Group Protection, which sells employer-sponsored group benefits — primarily disability, term life, and supplemental health — to employers of all sizes through employee benefit brokers. Lincoln also operates Life Insurance and Retirement Plan Services (401(k), 403(b), and 457 defined contribution plan recordkeeping) businesses. Lincoln earns money through spread income on fixed products, asset-based fees on variable products, and underwriting profits in Group Protection and Life. Lincoln is executing a multi-year repositioning focused on reducing earnings volatility by shifting the annuity mix toward spread-based products, growing Group Protection, and improving free cash flow from its legacy Life block. In mid-2025, Bain Capital took a 9.9% equity stake in Lincoln, entering a 10-year investment management agreement to provide access to private credit and structured securities to support Lincoln's expanding spread-based businesses.