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Jun 30, 2025
Lincoln National Q2 2025 Earnings Report
Lincoln Financial reported strong Q2 2025 results, driven by record Group Protection margins and robust annuities and life insurance sales.
Key Takeaways
Lincoln Financial posted $688 million in net income and strong earnings across its diversified segments in Q2 2025, reflecting strategic execution, improved investment income, and strong sales growth across annuities, life insurance, and group protection.
Net income available to common stockholders was $688 million with EPS of $3.80.
Adjusted operating income reached $427 million with non-GAAP EPS of $2.36.
Group Protection delivered a record $173 million operating income and 12.5% margin.
Annuities sales grew to $4.0 billion, 5% higher year over year.
Revenue by Segment
Forward Guidance
Lincoln Financial is focused on executing strategic initiatives to support sustainable growth with improved business mix and capital flexibility.
Positive Outlook
- Group Protection achieved record earnings and margin performance.
- Annuities delivered third-highest sales quarter in company history.
- Life Insurance turned profitable with higher investment income.
- Retirement deposits rose 10% YoY on strong first-year sales.
- Liquidity and capital position remained solid and stable.
Challenges Ahead
- Net outflows persisted in annuities due to partial withdrawals.
- Retirement net flows were negative due to plan terminations.
- Life Insurance faced ongoing volatility in account balances.
- Other Operations continued to report a loss from operations.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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