Subsequent Event

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On May 6, 2024, LNC closed its previously announced sale of all of its ownership interests in the subsidiaries of LNC that comprise its wealth management business to Osaic, pursuant to the Stock Purchase Agreement entered into between LNC and Osaic on December 14, 2023 (the “Agreement”). Pursuant to the Agreement, LNC sold its ownership interests in the following subsidiaries of LNC: Lincoln Financial Advisors Corporation, Lincoln Financial Securities Corporation, California Fringe Benefit and Insurance Marketing Corporation, LFA, Limited Liability Company and LFA Management Corporation (collectively, the “Wealth Management Business”). The total consideration received by LNC for the Wealth Management Business at closing was $725 million.