UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| ITEM 8.01. | Other Events. |
On December 14, 2023, Lincoln National Corporation (the “Company”) entered into a Stock Purchase Agreement (the “Agreement”) with Osaic Holdings, Inc., a Delaware corporation (“Osaic”), pursuant to which Osaic agreed to acquire all of the ownership interests in the subsidiaries of the Company that comprise the Company’s wealth management business, including Lincoln Financial Advisors Corporation (“LFA”) and Lincoln Financial Securities Corporation. The transaction is expected to close in the first half of 2024, subject to customary closing conditions, including regulatory approvals. Upon closing, the transaction is expected to provide approximately $700 million of capital benefit to the Company. The capital benefit is equal to the proceeds from the sale less transaction expenses and less the current statutory carrying value of LFA reflected on the books of its direct parent company, The Lincoln National Life Insurance Company, net of the required capital held against that carrying value.
On December 14, 2023, the Company issued a press release announcing its entry into the Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
| Exhibit Number |
Description | |
| 99.1 | Press Release dated December 14, 2023. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LINCOLN NATIONAL CORPORATION | ||
| By | /s/ Christopher Neczypor | |
| Name: | Christopher Neczypor | |
| Title: | Executive Vice President and | |
| Chief Financial Officer | ||
Date: December 14, 2023