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Lincoln National Corporation

NYSE•LNC
CEO: Ms. Ellen R. Gail Cooper C.F.A., F.S.A.
Sector: Financial Services
Industry: Insurance - Life
Listing Date: 1980-03-17
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates in four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders. The Annuities segment offers variable, fixed, and registered index-linked annuities. The Group Protection segment offers group non-medical insurance products consisting of short and long-term disability and statutory disability; paid family medical leave administration and absence management services; term life; dental and vision; and accident, critical illness, and hospital indemnity benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace; individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and various plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.
Contact Information
150 North Radnor-Chester Road, Suite A305, Radnor, PA, 19087, United States
484-583-1400
www.lincolnfinancial.com
Market Cap
$6.20B
P/E (TTM)
5.3
13.9
Dividend Yield
5.5%
52W High
$46.82
52W Low
$27.58
52W Range
26%
Rank45Top 56.8%
3.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$4.92B+0.00%
4-Quarter Trend

EPS

$3.90+0.00%
4-Quarter Trend

FCF

$233.00M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Annuities Segment Income Rises Annuities income from operations reached $1.198B in 2025; higher fee income drove segment results favorably, increasing from $1.160B in 2024.
Group Protection Income Rises Group Protection income $532M in 2025, up from $425M in 2024; higher premiums and investment income drove results for the segment.
Common Stock Sale Completed Closed $825M common stock sale in June 2025, providing capital for strategic priorities and optimizing legacy life portfolio management efforts.

Risk Factors

Market Volatility Rating Downgrades Market volatility exposes substantial risk of loss and potential rating downgrades, adversely affecting competitive position and cost of capital.
Interest Rate Spread Compression Declining interest rates reduce profitability spreads on fixed products and challenge statutory requirements compliance, impacting net income.
Litigation and Regulatory Exposure Ongoing legal proceedings, including class actions related to cost of insurance, pose potential material adverse financial effects on operations.

Outlook

Strategic Investment Focus 2026 Focus 2026 strategy on business investment, product enhancement, advancing Group Protection, and maintaining expense discipline.
Leverage Bain Capital Partnership Leverage Bain Capital partnership for alternative asset expertise to drive differentiated asset sourcing and accelerate growth across annuity and life businesses.
Monitor Evolving Regulatory Changes Actively monitoring and evaluating potential impacts from evolving NAIC guidance like GOES and VM-22 on reserves and capital requirements.

Peer Comparison

Revenue (TTM)

MET stock ticker logoMET
$76.13B
+8.6%
PRU stock ticker logoPRU
$60.97B
-13.7%
MFC stock ticker logoMFC
$54.45B
+5.0%

Gross Margin (Latest Quarter)

JXN stock ticker logoJXN
213.5%
+36.7pp
EQH stock ticker logoEQH
88.1%
-47.6pp
PRI stock ticker logoPRI
80.8%
-1.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
AFL$56.13B15.813.1%7.2%
MFC$56.02B13.411.3%1.4%
MET$44.78B13.412.0%2.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
1.4%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
50%
Cash Flow Needs Attention

Deep Research

Next earnings:May 6, 2026
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EPS:-
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Financials
Earnings Calls
Reports
News
Income Statement
Balance Sheet
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Ratios
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Income Statement
LTM
No Data