Lincoln National (LNC) Partnership summary

Opening remarks and agenda

• A long-term strategic partnership was announced, with Bain Capital acquiring a 9.9% minority stake in Lincoln for $825 million at a 25% premium.

• The announcement was made on April 9, 2025, with an investor call scheduled to discuss the transaction.

• Forward-looking statements and related risks were highlighted, with reference to SEC filings for further details.

• No Q&A session due to quiet period before earnings; questions to be addressed at the next earnings call.

Objectives of the partnership

• The partnership aims to accelerate growth, unlock value creation, and provide growth capital for strategic priorities.

• Bain Capital's investment will support expansion in spread-based earnings, private asset origination, and product innovation.

• Capital from the transaction will be used to optimize the legacy life block, increase free cash flow, and reduce leverage toward a 25% target.

Partner introductions and roles

• Bain Capital, a global investment firm with $185 billion+ in AUM, will act as a strategic asset manager and collaborator in product and distribution innovation.

• Bain Capital will manage private credit, structured assets, mortgage loans, and private equity for Lincoln.

• Bain Capital receives observer rights on Lincoln's board, with potential for a future board seat.