A large financial services company is using cash to invest in its own operations.

Lincoln National Corp., Philadelphia, says it has agreed to buy about 5.5 million shares of its common stock from an outside broker-dealer using an accelerated stock repurchase program. The initial purchase price will be $350 million.

Lincoln can settle the price adjustment in cash or in shares of common stock.

Lincoln could complete the deal any time between now and Dec. 31.

Lincoln also has the authority to buy back up to about $972 million in securities through another repurchase arrangement.