Lincoln National sells wealth management business to Osaic for ~$700M capital benefit

LINCOLN NATIONAL CORP

Sale includes Lincoln Financial Advisors and Lincoln Financial Securities with ~1,450 financial professionals.
Expected ~$700M capital benefit primarily to increase risk-based capital ratio and reduce leverage.
Transaction expected to close first half of 2024, subject to customary regulatory approvals.
Lincoln retains Lincoln Financial Distributors (LFD) wholesale distribution franchise and independent agents.
No material impact on ongoing free cash flow or earnings anticipated from the sale.

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