Lincoln National Corporation will raise its quarterly dividend by 7.1 percent to $0.45 per share in 2021. This follows a dividend hike of 5 percent to 42 cents per share announced in the fourth quarter of 2020. The insurance company has now raised its dividend 12 years in a row.

The next LNC dividend is payable on February 1, 2022 to shareholders of record at the close of business on January 10, 2022. A new annual rate of $1.80 per share yields 2.5% at a stock price of $72.46. The ex-dividend date is January 7, 2022.

“Third quarter underlying results were solid, and our earnings power remains strong,” said Dennis R. Glass, president and CEO of Lincoln Financial Group. “Lincoln continued to execute on its proven strategy to drive earnings growth including continued focus on increasing sales, pricing discipline, ongoing expense management and share buybacks. We completed $200 million in share repurchases this quarter and recently commenced incremental repurchases associated with our block transaction through an accelerated share repurchase program. This, combined with formally communicating our new cost savings initiative and the increase in the dividend approved by our board, reflects our ongoing commitment to our shareholders and confidence in the future.”

Lincoln National Company is a holding company, which operates multiple insurance and retirement businesses through subsidiary companies. Through its business segments, the company sells wealth protection, accumulation and retirement income products and solutions. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. LNC was organized under the laws of the state of Indiana in 1968.