Lincoln Financial, a U.S. financial services and insurance company, has closed its previously announced $6.3 bn reinsurance transaction with Talcott Financial Group, effective Oct. 1, 2026.
Under the transaction, a Talcott subsidiary will reinsure approximately $5.8 bn of in-force guaranteed universal life statutory reserves.
The business represents about 37% of Lincoln Financial’s remaining in-force GUL block, reducing the company’s exposure to a legacy business that carries significant capital requirements.
Combined with Lincoln’s 2023 reinsurance transaction with Fortitude Re, approximately 60% of its total GUL block is now reinsured. Lincoln will continue administering the policies covered by the Talcott agreement.
Lincoln Financial serves approximately 17 mn customers across annuities, life insurance, group protection and retirement plan services as of Dec. 31, 2025. The company reported $366 bn in end-of-period account balances, net of reinsurance, as of June 30, 2026.
Headquartered in Radnor, Pennsylvania, Lincoln Financial is the marketing name for Lincoln National Corporation and its affiliates.
