Lincoln Financial Group announced that it received regulatory approval late on November 2, 2023 for its previously announced reinsurance transaction with Fortitude Reinsurance Company Ltd. The transaction will have an effective date of October 1, 2023, and is expected to close later this month. Under the terms of the agreement, upon closing Lincoln will cede approximately $28 billion of in-force universal life with secondary guarantees ("ULSG"),MoneyGuard®? and fixed annuity statutory reserves to Fortitude Re.