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Lincoln National
Lincoln National (LNC) investor relations material
Lincoln National Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Adjusted operating income rose 31% year-over-year in Q4 to $434 million ($2.21 per diluted share), with all business segments contributing to growth and a focus on capital efficiency and diversification.
Life Insurance earnings improved by $92 million year-over-year, driven by better mortality and strong alternative investment income.
Group Protection and Annuities led performance, with Group Protection earnings up 2% and annuity sales up 33% to $4.9 billion.
Capital strength was maintained, with holding company liquidity at $655 million and leverage ratio improved to 25.1%.
Full-year adjusted operating income reached $1.54 billion, with net income at $1.09 billion.
Financial highlights
Q4 adjusted operating income available to common stockholders was $434 million ($2.21 per diluted share); full-year adjusted income from operations exceeded $1.5 billion, up 23% from 2024.
Q4 net income available to common stockholders was $745 million ($3.80 per diluted share); full-year net income was $1.09 billion.
Annuities operating income increased 3% year-over-year to $311 million; total annuity sales rose 33% to $4.9 billion.
Group Protection operating income was $109 million (margin 7.9%); premiums up 8% year-over-year.
Holding company available liquidity increased to $655 million at year-end, net of prefunding.
Outlook and guidance
2026 operating income mix expected to be more balanced: Group 24-25%, Annuities 58-60%, Retirement 8-9%, Life 8-9%.
Continued focus on profitable growth, capital efficiency, and lower market sensitivity, especially in annuities.
Free cash flow conversion ratio target of 45% for 2025, meeting original 2026 target a year early.
Group Protection expected to sustain 8%+ margins and earnings growth through disciplined pricing and diversification.
Remittances to the holding company projected to increase as capital levels and free cash flow grow, supporting higher future shareholder returns.
Explain holding company net liquidity increase Q4.
Address persistent net outflows in Annuities & RPS.
What drove the reduction in AFS unrealized losses?
Annuity mix shift: 2026 profit/capital impact?
Life business: path to positive underlying FCF.
Capital return: timing post-preferreds management?
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Next Lincoln National earnings date
Q1 20267 May, 2026
Lincoln National
Next Lincoln National earnings date
Q1 20267 May, 2026
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Frequently asked questions
Lincoln National Corporation is a holding company. The Company operates through three segments: Individual Life, Group and Retirement. The Individual Life segment principally sells individual life and the Scottish Provident Life Assurance companies' annuity products. The Group segment primarily offers property and casualty insurance in the United States, Ireland and England through its subsidiaries: Lincoln National Casualty Company (Lincoln Casualty), Lincoln General Insurance Company (Lincoln General), London Market Excess of Loss Reinsurance Ltd. (LMXR), The Stacey Corporation (Stacey Corporation) and NW Insurance Company (NW Insurance).
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