LINCOLN NATIONAL CORP

Listed Company

LNC-PDCIK 0000059558NYSELarge AcceleratedLife InsuranceIndianaFY ends Dec 31

Period

FY 2025

Revenue

$18.21B

Net Income

$1.18B

Total Assets

$417.20B

Equity

$10.91B

Shares Out

190.09M

Op. Cash Flow

$-167.00M

+ 13F Filer

Business

LINCOLN NATIONAL CORP is a holding company that operates insurance and retirement businesses through subsidiary companies. It offers annuities (variable, fixed, indexed and RILA), universal and variable life insurance, linked-benefit and term life products, group disability and supplemental products, and retirement plan services. The company reports results through four business segments—Annuities, Life Insurance, Group Protection and Retirement Plan Services—and Other Operations. It distributes products through financial intermediaries—brokers, advisors, agents, TPAs and financial institutions—supported by internal wholesale teams and reinsurance arrangements.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Insurance premiums	6,666	6,425	3,672	6,087	5,617
Fee income	5,496	5,402	5,467	5,603	6,039
Net investment income	6,075	5,544	5,900	5,515	6,111
Realized gain (loss)	−799	269	−4,311	840	−867
Other revenues	774	802	917	765	777
Total revenues	18,212	18,442	11,645	18,810	17,715
Benefits	7,960	7,918	6,138	8,479	8,503
Policyholder liability remeasurement (gain) loss	−191	−190	−152	2,766	−183
Interest credited	3,743	3,443	3,248	2,877	2,929
Market risk benefit (gain) loss	−372	−2,677	−2,264	−3,246	−3,753
Commissions and other expenses	5,507	5,590	5,492	5,292	5,219
Interest and debt expense	227	336	331	283	270
Total expenses	16,874	14,420	12,793	17,085	13,072
Income (loss) before taxes	1,338	4,022	−1,148	1,725	4,643
Federal income tax expense (benefit)	161	747	−396	367	865
Net income (loss)	1,177	3,275	−752	1,358	3,778
Unrealized investment gain (loss)	1,638	−788	3,715	−18,059	—
Market risk benefit non-performance risk gain (loss)	−408	−924	−671	−210	−923
Policyholder liability discount rate remeasurement gain (loss)	−264	157	−160	2,012	591
Foreign currency translation adjustment	11	−3	8	−20	−2
Funded status of employee benefit plans	1	−2	−16	−59	47
Total other comprehensive income (loss), net of tax	978	−1,560	2,876	−16,336	−3,574
Comprehensive income (loss)	2,155	1,715	2,124	−14,978	204
Preferred stock dividends declared	−91	−91	−82	0	—
Net income (loss) available to common stockholders	1,086	3,184	−834	1,358	—
Basic (in dollars per share)	5.94	18.66	−4.92	7.93	20.17
Diluted (in dollars per share)	5.83	18.41	−4.92	7.78	19.96
Cash Dividends Declared Per Common Share (in dollars per share)	1.8	1.8	1.8	1.8	1.71

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity available-for-sale securities, at fair value, (amortized cost: 2025 - $101,462; 2024 - $97,415; allowance for credit losses: 2025 - $110; 2024 - $46)	93,448	87,111	88,738	99,736	—
Trading securities	1,676	2,025	2,359	3,498	4,482
Equity securities	636	294	306	427	318
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2025 - $199; 2024 - $232)	22,472	21,083	18,963	18,301	—
Policy loans	2,626	2,476	2,476	2,359	2,364
Derivative investments	9,945	9,677	6,474	3,594	5,437
Other investments	8,105	7,252	5,015	3,739	4,292
Total investments	138,908	129,918	124,331	131,654	153,630
Cash and invested cash	9,502	5,801	3,365	3,343	2,612
Deferred acquisition costs, value of business acquired and deferred sales inducements	12,827	12,537	12,397	12,235	—
Reinsurance recoverables, net of allowance for credit losses	28,012	28,750	29,843	19,953	20,300
Deposit assets, net of allowance for credit losses	33,690	30,776	29,247	11,628	—
Market risk benefit assets	4,753	4,860	3,894	2,807	—
Accrued investment income	1,122	1,108	1,082	1,253	1,189
Goodwill	1,144	1,144	1,144	1,144	1,778
Other assets	7,154	7,499	8,853	6,778	19,133
Separate account assets	180,092	168,438	158,257	143,536	182,583
Total assets	417,204	390,831	372,413	334,331	387,301
Policyholder account balances	136,245	126,197	120,737	114,435	111,702
Future contract benefits	42,077	39,807	39,864	38,826	41,030
Funds withheld reinsurance liabilities	17,922	16,907	17,641	5,740	2,118
Market risk benefit liabilities	1,118	1,046	1,716	2,078	—
Deferred front-end loads	7,586	6,730	5,901	5,091	—
Payables for collateral on investments	7,954	10,020	8,105	6,712	8,946
Short-term debt	400	300	250	500	300
Long-term debt	5,866	5,856	5,699	5,955	6,325
Other liabilities	7,038	7,261	7,350	6,356	16,143
Separate account liabilities	180,092	168,438	158,257	143,536	182,583
Total liabilities	406,298	382,562	365,520	329,229	367,029
Contingencies and Commitments (See Note 17)	—	—	—	—	—
Common stock 800,000,000 shares authorized; 190,051,477 and 170,380,646 shares issued and outstanding as of December 31, 2025 and 2024, respectively	5,592	4,674	4,605	4,544	4,735
Retained earnings	8,386	7,645	4,778	5,924	9,096
Accumulated other comprehensive income (loss)	−4,058	−5,036	−3,476	−6,352	6,441
Total stockholders equity	10,906	8,269	6,893	5,102	19,915
Total liabilities and stockholders equity	417,204	390,831	372,413	334,331	387,301

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Sales and maturities (purchases) of trading securities, net	367	343	1,301	300	−87
Net operating cash payments related to closing Fortitude Re reinsurance transaction	0	0	−1,438	0	0
Early extinguishment of debt (gain) loss	−94	0	0	—	—
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads	574	689	637	488	475
Accrued investment income	−28	−39	4	−67	16
Insurance liabilities and reinsurance-related balances	−2,688	−4,068	−3,963	4,377	−2,337
Accrued expenses	113	251	109	−91	399
Federal income tax accruals	77	747	−396	421	864
Other	−92	−259	377	275	−401
Net cash provided by (used in) operating activities	−167	−2,007	−2,074	3,609	−217
Purchases of available-for-sale securities and equity securities	−19,229	−11,442	−11,131	—	—
Sales of available-for-sale securities and equity securities	4,317	1,965	4,013	2,297	2,268
Maturities of available-for-sale securities	11,056	9,442	5,670	5,453	9,621
Purchases of other investments	−2,109	−1,390	−630	—	—
Sales and repayments of other investments	1,191	352	111	—	—
Issuance of mortgage loans on real estate	−4,255	−4,146	−1,946	−2,507	−3,079
Repayment and maturities of mortgage loans on real estate	2,871	1,673	1,268	2,255	1,881
Repayment (issuance) of policy loans, net	−147	0	−119	5	62
Net change in collateral on investments, certain derivatives and related settlements	2,176	4,052	−260	−4,070	3,261
Cash received from disposition, net of cash transferred	0	619	0	0	—
Other	116	−304	−310	−48	−303
Net cash provided by (used in) investing activities	−4,013	821	−3,334	−11,646	−3,584
Payment of long-term debt, including current maturities	−300	−100	−500	−300	0
Issuance of long-term debt, net of issuance costs	495	346	0	296	0
Payment related to early extinguishment of debt	−421	0	0	—	—
Payment related to sale-leaseback transactions	−7	−17	−79	−70	−59
Proceeds from certain financing arrangements	33	53	86	186	159
Payment related to certain financing arrangements	−148	−137	−49	0	0
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction	0	0	1,246	0	0
Deposits	21,109	16,060	16,404	16,203	13,426
Withdrawals	−12,499	−12,153	−10,660	−7,674	−7,174
Transfers from (to) separate accounts, net	−794	−27	−624	19	−175
Issuance of common stock	825	0	0	—	—
Common stock issued for benefit plans	4	−5	−7	−16	20
Dividends paid to preferred stockholders	−91	−91	−82	0	0
Dividends paid to common stockholders	−325	−307	−305	−310	−319
Net cash provided by (used in) financing activities	7,881	3,622	5,430	8,768	4,705
Net increase (decrease) in cash and invested cash	3,701	2,436	22	731	904

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 1,576 positions

Reported AUM

$4.84B

Holdings

1.6K

Top sector

$4.84B

Top sectors

Sector	Value	% of portfolio
Uncategorized	$4.84B	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
VANGUARD INDEX FDS	—	1.28M	$291.33M	6.0%
VANGUARD BD INDEX FDS	—	3.03M	$236.00M	4.9%
SPDR SER TR	—	7.68M	$232.35M	4.8%
VANGUARD WORLD FD	—	976.9K	$229.95M	4.8%
VANGUARD WORLD FD	—	1.88M	$201.78M	4.2%
VANGUARD CHARLOTTE FDS	—	3.36M	$176.14M	3.6%
VANGUARD INTL EQUITY INDEX F	—	2.63M	$151.66M	3.1%
VANGUARD BD INDEX FDS	—	1.53M	$140.44M	2.9%
VANGUARD TAX-MANAGED INTL FD	—	2.85M	$137.09M	2.8%
VANGUARD SCOTTSDALE FDS	—	2.73M	$136.74M	2.8%