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Dec 31, 2025
Lincoln National Q4 2025 Earnings Report
Lincoln Financial reported fourth quarter 2025 results with lower net income year over year but improved adjusted operating income, driven by strength across core business segments.
Key Takeaways
For Q4 2025, Lincoln Financial reported net income available to common stockholders of 745000000 and diluted EPS of 3.80, with adjusted operating income available to common stockholders of 434000000. Performance was supported by growth in Annuities, Life Insurance, Group Protection and Retirement Plan Services, alongside higher account balances and strong sales momentum.
Net income available to common stockholders was 745000000, or 3.80 per diluted share.
Adjusted operating income available to common stockholders rose to 434000000, or 2.21 per diluted share.
Annuities generated record ending account balances of 175000000000 and sales increased 33% year over year.
Holding company available liquidity, net of prefunding, increased to 655000000 with an estimated RBC ratio above 420%.
Revenue by Segment
Forward Guidance
Management emphasized continued focus on disciplined capital management, balanced growth and improving profitability, while noting exposure to market and regulatory risks.
Positive Outlook
- Strong momentum across all core business segments.
- Improved mortality experience in Life Insurance.
- Record-high annuity account balances.
- Growth in deposits and sales in Retirement Plan Services.
- Robust capital position with RBC ratio above 420%.
Challenges Ahead
- Net annuity outflows of 1227000000 in the quarter.
- Exposure to equity market volatility affecting fees and reserves.
- Sensitivity to interest rate fluctuations impacting investment income.
- Ongoing regulatory and legal risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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