Dai-ichi Mutual Life reports sale of LNC stock

Business Wire, Dec 19, 1996

NEW YORK--(BUSINESS WIRE)--Dec. 19, 1996--Lincoln National Corporation and The Dai-ichi Mutual Life Insurance Company announced today that Dai-ichi has recently reduced its holdings in Lincoln National through market sales of Lincoln National common stock.

Dai-ichi reported that it has sold 1,057,157 shares of Lincoln National common stock in the open market since Jan. 24, 1996, as was stated in a 13D filed earlier today. This is the second announcement this year of the sale of Lincoln National shares by Dai-ichi.

Through private investment transactions in 1990 and 1991, Dai-ichi purchased 4,417,897 shares of Lincoln National preferred stock. In June 1995, Dai-ichi converted the entire holding into 8,835,794 shares of Lincoln National common stock based on a two-for-one conversion rate. On Jan. 24, 1996, Dai-ichi filed a 13D and reported that it had sold 1,024,326 shares of Lincoln National common stock.

Dai-ichi expects to maintain a substantial investment in Lincoln National and has said it has no present plans to sell more shares, but reserves the right to adjust its strategy at any time, subject to market conditions. According to the investment agreement between Dai-ichi and Lincoln National, Dai-ichi may sell in open market transactions about 500,000 or one-half of 1 percent of Lincoln National common shares outstanding in any three-month period.

Dai-ichi and Lincoln National have maintained a cooperative relationship which has included other business agreements and an active trainee exchange program. Both companies confirmed their interest in continuing the relationship, which will not be affected by the recent stock sales.

Dai-ichi Mutual Life Insurance Company was founded in 1902 as Japan's first mutual life insurance company. Dai-ichi, which is headquartered in Tokyo, has assets of $257 billion and annual revenues of $52 billion as of March 31, 1996. Dai-ichi currently has U.S. subsidiaries in New York and Los Angeles and operates overseas activities such as group reinsurance, individual reinsurance, investment and other research.

Lincoln National Corporation owns and operates financial services businesses that provide annuities, life insurance, life-health reinsurance, property-casualty insurance, mutual funds and investment management services. With headquarters in Fort Wayne, LNC has assets of $67 billion and annual revenues of $6.8 billion. Lincoln National Corporation is listed on the New York, London, Tokyo, Chicago and Pacific stock exchanges under the ticker symbol LNC. -0-

EDITORS: Please note that Mr. Yoshitani will be available for inquiries from 7 p.m. to 3 a.m. EST. Also, Monday, Dec. 23, is a national holiday in Japan and Dai-ichi offices will be closed.

CONTACT: Dai-ichi Mutual Life Insurance Company

Haruitsu Yoshitani

011-81-3-5221-4334

or

Lincoln National Corporation

Media: Scott M. Bushnell, 219/455-7512

Investors: Daniel W. Weber, 219/455-2336