Introduction
Lincoln National Corp. (NYSE: LNC), a differentiated insurance provider and investment management company originally founded in 1905, has come out of the depths of the financial crisis in a relatively strong competitive position. Over the last ten years, the company has transformed itself in terms of operational efficiency, product focus, and overall risk profile, though the market seems slow to catch on to that fact. In this article, I'll go over the company's recent history, discussing how certain strategic initiatives have impacted financial results, what the trend appears to be, and whether or not