Lincoln National Corporation (NYSE:LNC) (LNC - $62.25 – NYSE) is an insurance company with an emphasis on retirement services including annuities and corporate and non-profit retirement plans. As interest rates and the stock market rose in 2017, the stock performed very well. For most of this year, the stock market (at least as measured by the S&P 500 Index) has been pretty stagnant, and longer-term rates came down in the second half of the quarter. In addition, the life insurance sector has been pressured by concerns over long-term care insurance, to which Lincoln has limited exposure. Finally, the recent acquisition of Liberty’s group insurance business has put its stock repurchase program on hold for a couple quarters. With it likely to resume in the third quarter, we think LNC will have a better second half.
From Keeley Management's Mid Cap Dividend Value Fund second quarter 2018 shareholder letter.
