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Indiana
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1-6028
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35-1140070
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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[
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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[
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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·
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Continued
deterioration in general economic and business conditions, both domestic
and foreign, that may affect foreign exchange rates, premium levels,
claims experience, the level of pension benefit costs and funding and
investment results;
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·
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Continued
economic declines and credit market illiquidity could cause us to realize
additional impairments on investments and certain intangible assets,
including goodwill and a valuation allowance against deferred tax assets,
which may reduce future earnings and/or affect our financial condition and
ability to raise additional capital or refinance existing debt as it
matures;
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·
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Uncertainty
about the impact of the U.S. Treasury's Troubled Asset Relief Program on
the economy;
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·
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The
cost and other consequences of our participation in the
Capital Purchase Program, including the impact of existing and
future regulations to which we may become
subject;
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·
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Legislative,
regulatory or tax changes, both domestic and foreign, that affect the cost
of, or demand for, Lincoln's products, the required amount of reserves
and/or surplus, or otherwise affect our ability to conduct business,
including changes to statutory reserves and/or risk-based capital
requirements related to secondary guarantees under universal life and
variable annuity products such as Actuarial Guideline 43 also known as
VACARVM; restrictions on revenue sharing and 12b-1 payments; and the
potential for U.S. Federal tax
reform;
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·
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The
initiation of legal or regulatory proceedings against us or our
subsidiaries, and the outcome of any legal or regulatory proceedings, such
as: adverse actions related to present or past business
practices common in businesses in which we and our subsidiaries compete;
adverse decisions in significant actions including, but not limited to,
actions brought by federal and state authorities and extra-contractual and
class action damage cases; new decisions that result in changes in law;
and unexpected trial court rulings;
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·
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Changes
in interest rates causing a reduction of investment income, the margins on
our fixed annuity and life insurance businesses and demand for our
products;
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·
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A
decline in the equity markets causing a reduction in the sales of our
products, a reduction of asset-based fees that we charge on various
investment and insurance products, an acceleration of amortization of
deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads and an increase in liabilities
related to guaranteed benefit features of our variable annuity
products;
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·
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Ineffectiveness
of our various hedging strategies used to offset the impact of changes in
the value of liabilities due to changes in the level and volatility of the
equity markets and interest rates;
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·
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A
deviation in actual experience regarding future persistency, mortality,
morbidity, interest rates or equity market returns from the assumptions
used in pricing our products, in establishing related insurance reserves
and in the amortization of intangibles that may result in an increase in
reserves and a decrease in net
income;
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·
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Changes
in GAAP that may result in unanticipated changes to our net
income;
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·
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Lowering
of one or more of our debt ratings issued by nationally recognized
statistical rating organizations and the adverse impact such action may
have on our ability to raise capital and on our liquidity and financial
condition;
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·
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Lowering
of one or more of the insurer financial strength ratings of our insurance
subsidiaries and the adverse impact such action may have on the premium
writings, policy retention, profitability and liquidity of our insurance
subsidiaries;
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·
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Significant
credit, accounting, fraud or corporate governance issues that may
adversely affect the value of certain investments in the portfolios of our
companies requiring that we realize losses on such
investments;
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·
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The
impact of acquisitions and divestitures, restructurings, product
withdrawals and other unusual items, including our ability to integrate
acquisitions and to obtain the anticipated results and synergies from
acquisitions;
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·
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The
adequacy and collectibility of reinsurance that Lincoln has
purchased;
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·
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Acts
of terrorism, a pandemic, war or other man-made and natural catastrophes
that may adversely affect our businesses and the cost and availability of
reinsurance;
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·
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Competitive
conditions, including pricing pressures, new product offerings and the
emergence of new competitors, that may affect the level of premiums and
fees that we can charge for our
products;
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·
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The
unknown impact on our business resulting from changes in the demographics
of our client base, as aging baby-boomers move from the asset-accumulation
stage to the asset-distribution stage of life;
and
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·
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Loss
of key management, portfolio managers, financial planners or
wholesalers.
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Exhibit No.
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Description
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99.1
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LINCOLN
NATIONAL CORPORATION
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By
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/s/Frederick J. Crawford
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Name:
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Frederick
J. Crawford
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Title:
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Executive
Vice President and
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Chief
Financial Officer
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Exhibit No.
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Description
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99.1
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