AM Best Affirms Credit Ratings of Lincoln National Corporation and Its Subsidiaries

The ratings reflect Lincoln's strong balance sheet, operating performance, and enterprise risk management.

Mar. 13, 2026 at 9:04pm

Got story updates? Submit your updates here. ›

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a+" (Excellent) for The Lincoln National Life Insurance Company and its subsidiary Lincoln Life & Annuity Company of New York. The ratings also reflect the strong balance sheet, operating performance, and enterprise risk management of Lincoln National Corporation, the ultimate holding company.

Why it matters

The affirmation of Lincoln National Corporation's credit ratings is an important indicator of the company's financial stability and ability to meet its obligations. As a major life insurance and annuity provider, Lincoln National's ratings are closely watched by investors, regulators, and consumers.

The details

AM Best cited Lincoln's strong balance sheet, operating performance, and enterprise risk management as the key factors supporting the ratings. The company has rebuilt its risk-adjusted capitalization, managed sales volume and mix to mitigate capital strain, and maintained good financial flexibility through access to various liquidity sources. Partially offsetting these positive factors is Lincoln's high utilization of affiliate reinsurance, which retains more liabilities within the enterprise.

  • The ratings were affirmed on March 13, 2026.

The players

Lincoln National Corporation

The ultimate holding company for Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York, two of the key life/annuity insurance subsidiaries.

The Lincoln National Life Insurance Company

A wholly owned subsidiary of Lincoln National Corporation and one of the key life/annuity insurance subsidiaries.

Lincoln Life & Annuity Company of New York

A wholly owned subsidiary of Lincoln National Corporation and one of the key life/annuity insurance subsidiaries.

First Penn-Pacific Life Insurance Company

A wholly owned subsidiary of Lincoln National Corporation that is in run-off.

Bain Capital Prairie LLC

A subsidiary of Bain Capital that made a recent equity investment in Lincoln National Corporation.

Got photos? Submit your photos here. ›

The takeaway

Lincoln National Corporation's strong credit ratings underscore its financial stability and ability to navigate challenges in the life insurance and annuity markets. The company's focus on risk management, capital generation, and financial flexibility have been key to maintaining its position as a leading provider in these sectors.