Subsidiaries
28
legal entities disclosed
Jurisdictions
14
states + countries
US / International
75% US
21 US · 5 intl
By functional typewhat each entity does, inferred from its legal name
Strategy & geographywhere the structure sits, and why
US onshore15 · 54%
Reinsurance / captive7 · 25%
Fund / SPV3 · 11%
International operations3 · 11%
25%
Offshore reins.
10.7%
Fund / SPV
4
Countries
International footprint
Europe
2
Other
1
What changed in the structurethis filing vs the prior annual report (2025-02-21) · 32 → 28 entities
+ Added (1)
As of December 31, 2025—
− Removed (5)
As of December 31, 2024—
Lincoln Financial Limited Liability Company IDelaware
Lincoln Reinsurance Company of South CarolinaSouth Carolina
Lincoln Reinsurance Company of Vermont IIIVermont
Lincoln Reinsurance Company of Vermont VVermont
Entities present in one annual Exhibit 21 but not the other, matched on a normalized legal name. Additions can be new formations, acquisitions, or first-time disclosures; removals can be wind-downs, mergers, or sales. Indicative.
By jurisdiction (top 14)
Vermont
5
Indiana
4
Delaware
4
New Hampshire
2
England
2
Ownership
1
North Carolina
1
Pennsylvania
1
Barbados
1
Bermuda
1
Connecticut
1
Tennessee
1
New York
1
Ohio
1
Subsidiaries
| Exhibit 21 | — |
| As of December 31, 2025 | — |
| Organized Under Law of: | Ownership |
| Lincoln National Corporation | Indiana |
| First Penn-Pacific Life Insurance Company | Indiana |
| Jefferson-Pilot Investments, Inc. | North Carolina |
| Lincoln Financial Insurance Agency Incorporated | New Hampshire |
| Lincoln Financial Reinsurance Company of Vermont | Vermont |
| Lincoln Insurance Services Limited | England |
| Lincoln SBP Trustee Limited | England |
| Lincoln Investment Management Company | Delaware |
| Lincoln National Management Corporation | Pennsylvania |
| Lincoln National Reinsurance Company (Barbados) Limited | Barbados |
| Lincoln Pinehurst Reinsurance Company (Bermuda) Limited | Bermuda |
| The Lincoln National Life Insurance Company | Indiana |
| LFD Insurance Agency, Limited Liability Company | Delaware |
| Lincoln Assignment Corporation | Delaware |
| Lincoln Financial Distributors, Inc. | Connecticut |
| Lincoln Financial Investments Corporation | Tennessee |
| Lincoln Investment Solutions, Inc. | Delaware |
| Lincoln Life & Annuity Company of New York | New York |
| Lincoln Reinsurance Company of Vermont I | Vermont |
| Lincoln Reinsurance Company of Vermont IV | Vermont |
| Lincoln Reinsurance Company of Vermont VI | Vermont |
| Lincoln Reinsurance Company of Vermont VII | Vermont |
| Lincoln Retirement Services Company, LLC | Indiana |
| Lincoln Financial Group Trust Company, Inc. | New Hampshire |
| Westfield Assigned Benefits Company | Ohio |
Subsidiaries as disclosed in the company's annual report (Exhibit 21 — Subsidiaries of the Registrant). Functional type is inferred from each entity's legal name and is indicative.