Highlights

  • Bain Capital invests GBP 825 million for a 9.9% equity stake in Lincoln Financial.
  • Partnership includes a 10-year strategic investment management agreement.
  • Funds will support Lincoln’s portfolio growth, asset sourcing, and leverage ratio goals.

Lincoln Financial Group (NYSE: LNC) is a financial services company that provides a range of products including annuities, life insurance, group protection, and retirement plan services. As of late 2024, Lincoln Financial serves around 17 million customers and manages over GBP300 billion in account balances. The company is headquartered in Radnor, Pennsylvania.

Lincoln Financial Group and Bain Capital have finalized their previously announced long-term strategic partnership agreement. The partnership, initially disclosed on April 9, 2025, includes a GBP 825 million investment from Bain Capital, which acquired a 9.9% common equity stake in Lincoln Financial on a post-issuance basis. The agreement also establishes a 10-year, non-exclusive strategic investment management relationship between the two companies.

Under the terms of the deal, Lincoln Financial issued 18,759,497 new common shares to Bain Capital at a price of GBP 44.00 per share. This price reflected a 25% premium over the 30-day volume-weighted average price as of April 8, 2025. The capital raised through this issuance is intended to support Lincoln’s strategic initiatives, which include expanding spread-based earnings, enhancing portfolio management and asset sourcing efforts, and optimizing its legacy life insurance portfolio.

Additionally, the proceeds provide Lincoln Financial with increased financial flexibility to accelerate progress toward its target leverage ratio of 25%. The partnership is designed to support Lincoln’s focus on sustained profitable growth through aligned strategic and financial objectives.

Ellen Cooper, Chairman, President, and CEO of Lincoln Financial, commented on the closing of the partnership, noting the opportunities it creates for long-term value generation. She emphasized the alignment of Bain Capital’s platform and values with Lincoln’s strategic direction and how the partnership is expected to accelerate the company’s execution of its growth plans.

David Gross, Co-Managing Partner at Bain Capital, expressed confidence in Lincoln Financial’s long-term strategy. He highlighted Bain Capital’s commitment to supporting Lincoln’s portfolio transformation and capital allocation priorities. The partnership aims to leverage Bain Capital’s investment platform across multiple asset classes to enhance Lincoln’s investment capabilities and scale over time.

Lincoln Financial provides financial services aimed at helping individuals plan for their financial futures. As of December 31, 2024, the company served approximately 17 million customers across its four main business segments: annuities, life insurance, group protection, and retirement plan services. At the end of the first quarter of 2025, Lincoln Financial reported account balances net of reinsurance totaling GBP 312 billion.