Lincoln National Corporation: High Yield Plus Capital Appreciation

Lincoln National Corporation offers a 5.29% qualified dividend yield, replacing a lower-yielding position in my income portfolio. LNC's annuity business is growing, with 25% volume growth in 2025 and a focus on spread-based products to reduce market risk. Dividend safety is supported by a 35.34% payout ratio, a 'B' safety grade, and six consecutive quarters of adjusted operating earnings growth.