Earnings summaries and quarterly performance for LINCOLN NATIONAL.
Executive leadership at LINCOLN NATIONAL.
Board of directors at LINCOLN NATIONAL.
Research analysts who have asked questions during LINCOLN NATIONAL earnings calls.
Suneet Kamath
Jefferies
6 questions for LNC
Also covers: AFL, AMP, BHF +12 more
Joel Hurwitz
Dowling & Partners Securities, LLC
3 questions for LNC
Also covers: AFL, CNO, CRBG +9 more
Ryan Krueger
KBW
3 questions for LNC
Also covers: AFL, AMP, ASGN +14 more
Alex Scott
Barclays PLC
2 questions for LNC
Also covers: ACGL, AFL, AIG +30 more
DB
Daniel Bergman
TD Cowen
2 questions for LNC
Also covers: CRBG, PRI
TG
Tom Gallagher
Evercore ISI
2 questions for LNC
Also covers: AMP, CRBG, EQH +6 more
WC
Wes Carmichael
Wells Fargo
2 questions for LNC
Also covers: AFL, CRBG, EQH +4 more
WC
Wesley Carmichael
Autonomous Research
2 questions for LNC
Also covers: ACGL, AFL, BHF +16 more
EG
Elyse Greenspan
Wells Fargo
1 question for LNC
Also covers: ACGL, AFL, AHL +32 more
NA
Nick Anido
Wells Fargo & Company
1 question for LNC
Also covers: MET
TG
Thomas Gallagher
Evercore
1 question for LNC
Also covers: AFL, AMP, BHF +13 more
Recent press releases and 8-K filings for LNC.
Lincoln Financial Reports Strong Q4 and Full-Year 2025 Results with Significant Earnings Growth and Improved Capital Position
LNC
Earnings
Guidance Update
Share Buyback
- Lincoln Financial reported Q4 2025 adjusted operating income of $434 million, or $2.21 per diluted share, contributing to a full-year 2025 adjusted operating income of over $1.5 billion, a 23% improvement compared to 2024. This marks the third consecutive year of growth for the company.
- The company achieved strong segment performance, with Group Protection operating earnings reaching $493 million for full-year 2025, up 16% from 2024, and its margin improving to 9%. Annuities delivered $311 million in operating income for Q4 2025, with ending account balances reaching a record $175 billion, up 7% year-over-year. The Life business improved significantly, reporting $146 million in operating earnings for full-year 2025, compared to a $71 million operating loss in 2024.
- Lincoln Financial's free cash flow conversion ratio improved to 45% in 2025, up from 35% in 2023, reflecting growth in its earnings base. The company expects continued growth in capital generation and free cash flow.
- The company strengthened its capital position, with holding company liquidity at $1.1 billion (or $655 million net of pre-funding) and its leverage ratio declining 500 basis points since the end of 2023, now back at its long-term target. The RBC ratio ended the year at 439%.
- Management provided a medium-term outlook for capital return to shareholders of $400 million-$600 million plus, indicating an expected increase in capital return after addressing preferred securities.
Feb 12, 2026, 1:00 PM
Lincoln National Reports Strong Q4 2025 Earnings and Sales Growth
LNC
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Lincoln National reported Adjusted Operating Income of $434 million, or $2.21 per share, for Q4 2025, representing a 31% increase year-over-year.
- The company achieved strong sales performance, with Annuities total sales up 33% year-over-year to $4.9 billion, Life Insurance sales increasing almost 20% year-over-year, and Group Protection premiums rising 8% year-over-year.
- Capital strength was enhanced, with Holding Company available liquidity reaching $655 million at year-end and the leverage ratio improving by 270 basis points year-over-year to 25.1%.
- For 2025, the Free Cash Flow Conversion Ratio was 45%.
- The 2026 current outlook for operating income mix projects Group at 24-25%, Annuities at 58-60%, Retirement at 8-9%, and Life at 8-9%.
Feb 12, 2026, 1:00 PM
Lincoln National Reports Strong Q4 and Full-Year 2025 Financial Results with Increased Annuity Sales and Improved Capital Position
LNC
Earnings
Guidance Update
Share Buyback
- Lincoln National reported Q4 2025 Adjusted Operating Income of $434 million or $2.21 per diluted share, and full-year 2025 Adjusted Operating Income of over $1.5 billion, marking a 23% improvement compared to 2024.
- The company achieved strong annuity sales in 2025, with total volumes up 25%, including 35% growth in RILA sales, 11% in Fixed Annuity sales, and 27% in Variable Annuity sales.
- Group Protection delivered Q4 2025 operating income of $109 million and full-year operating earnings of $493 million, a 16% increase from 2024. Life insurance operating earnings significantly improved to $77 million in Q4 2025 from an operating loss of $15 million in Q4 2024.
- Holding company liquidity ended 2025 at approximately $1.1 billion, with $655 million net of pre-funding, exceeding the historical operating range. The free cash flow conversion ratio improved to 45% in 2025, up from 35% in 2023.
- Lincoln National provided a medium-term outlook for $400 million-$600 million+ of capital return to shareholders and anticipates increased subsidiary remittances to the holding company.
Feb 12, 2026, 1:00 PM
Lincoln National Reports Strong Q4 and Full-Year 2025 Financial Results
LNC
Earnings
Guidance Update
Share Buyback
- Lincoln National reported Q4 2025 Adjusted Operating Income of $434 million or $2.21 per diluted share, contributing to a full-year 2025 Adjusted Operating Income of over $1.5 billion, a 23% improvement compared to 2024.
- The company's business segments showed strong performance, with total annuity sales up 25% in 2025 and full-year Group Protection operating earnings increasing 16% to $493 million. The Life business also saw significant improvement, moving from an operating loss in 2024 to $146 million in operating earnings in 2025.
- Lincoln National is focused on enhancing capital generation and free cash flow, with free cash flow conversion improving to 45% in 2025 from 35% in 2023. The company aims for $400 million-$600 million+ in capital return to shareholders over the medium term.
- Strategic priorities include evolving the annuity business towards a more balanced and less market-sensitive mix, repositioning the life business for stable cash flows, and maintaining expense discipline and strong investment portfolio management.
Feb 12, 2026, 1:00 PM
Lincoln National Reports Strong Fourth-Quarter Earnings and Strategic Appointments
LNC
Earnings
Management Change
Product Launch
- Lincoln National (LNC) reported strong fourth-quarter results, with revenue of approximately $4.9 billion and a net profit of $745 million, exceeding Street estimates with a non-GAAP EPS of $2.21.
- Adjusted operating income for the fourth quarter was $434 million, contributing to a full-year adjusted operating income of $1.54 billion, driven by a ~31% year-over-year increase in adjusted operating earnings, fueled by strong annuity and life-insurance sales.
- The company announced leadership appointments, including a Chief AI, Data & Analytics Officer, and launched new variable universal life products.
- Despite the positive earnings beat, Lincoln National's shares have fallen approximately 11.7% year-to-date, underperforming the S&P 500's gain of about 1.4%.
Feb 12, 2026, 12:34 PM
Lincoln Financial Reports Q4 and Full Year 2025 Results
LNC
Earnings
Revenue Acceleration/Inflection
- Lincoln Financial reported net income available to common stockholders of $745 million, or $3.80 per diluted share, for the fourth quarter ended December 31, 2025, and $1,086 million for the full year 2025.
- Adjusted operating income available to common stockholders was $434 million, or $2.21 per diluted share, for Q4 2025, and $1,537 million for the full year 2025.
- The company's holding company available liquidity increased to $655 million at year-end 2025, net of prefunding amounts.
- The Annuities segment delivered operating income of $311 million, up 3%, with sales of $4.9 billion, up 33% compared to the prior-year quarter, reaching record-high ending account balances of $175 billion.
- Life Insurance operating income increased by $92 million to $77 million, and Group Protection premiums were 8% higher year over year in Q4 2025.
Feb 12, 2026, 11:05 AM
Lincoln Financial Reports Q4 and Full Year 2025 Results
LNC
Earnings
Revenue Acceleration/Inflection
- Lincoln Financial reported Q4 2025 net income available to common stockholders of $745 million ($3.80 per diluted share) and adjusted operating income of $434 million ($2.21 per diluted share).
- For the full year 2025, adjusted operating income available to common stockholders was $1,537 million ($8.23 per diluted share).
- The company's holding company available liquidity increased to $655 million at year-end 2025.
- All business segments contributed positively to operating income in Q4 2025, with Annuities at $311 million, Life Insurance at $77 million, Group Protection at $109 million, and Retirement Plan Services at $46 million. Annuities sales increased 33% and Life Insurance sales increased 19% year-over-year.
Feb 12, 2026, 11:00 AM
Lincoln Financial Introduces Capital Group ETF Strategy for Fixed Indexed Annuities
LNC
Product Launch
New Projects/Investments
- Lincoln Financial has launched the first Capital Group ETF indexed account option for fixed indexed annuities (FIA), the 1 Year Capital Group Dividend Value (CGDV) ETF Participation account, available exclusively with Lincoln OptiBlend® FIAs.
- This new strategy offers investors active management and diversified equity exposure combined with 100% downside protection.
- The underlying Capital Group Dividend Value (CGDV) ETF holds a Morningstar Medalist Gold rating and has outperformed the S&P 500 and 99% of other ETFs in the Large Value category since its inception.
- The CGDV ETF is Capital Group's largest active ETF with over $19 billion in assets under management.
Dec 15, 2025, 2:00 PM
Lincoln National Corporation Completes $500 Million Senior Notes Offering
LNC
Debt Issuance
- Lincoln National Corporation (LNC) completed an offering of $500 million aggregate principal amount of 5.350% Senior Notes due 2035 on November 10, 2025.
- The notes were sold at 99.922% of the principal amount, resulting in $496,360,000 in net proceeds before expenses.
- A portion of the net proceeds will be used to repay $400 million of the company's 3.625% Senior Notes due 2026, with the remainder allocated for general corporate purposes, including other debt repayment.
- Interest on the new notes will be paid semi-annually, commencing May 15, 2026, and the notes will mature on November 15, 2035.
Nov 10, 2025, 9:57 PM
Lincoln Financial Reports Strong Q3 2025 Results
LNC
Earnings
Revenue Acceleration/Inflection
- Lincoln Financial reported Adjusted Operating Income of $397 million, or $2.04 per diluted share, for Q3 2025, representing a 13% year-over-year increase.
- The company experienced significant sales growth across its segments, with Annuities total sales of $4.5 billion, Life Insurance sales more than doubling year-over-year, Retirement Plan Services first-year sales increasing almost 50% year-over-year to $2.4 billion, and Group Protection sales rising 38% year-over-year.
- Annuities account balances reached a record $174 billion.
- The leverage ratio improved 320 basis points year-over-year to 25.2% in Q3 2025.
Oct 30, 2025, 12:00 PM
Quarterly earnings call transcripts for LINCOLN NATIONAL.
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