LINCOLN NATIONAL CORPLNC

LINCOLN NATIONAL CORP Goodwill & Intangibles Disclosure

10-KFiled Feb 19, 20262 min read
Goodwill and Specifically Identifiable Intangible Assets
The changes in the carrying amount of goodwill (in millions) by segment were as follows:

For the Year Ended December 31, 2025
Gross
Goodwill
as of
Beginning-
of-Year		Accumulated
Impairment
as of
Beginning-
of-Year		Net
Goodwill
as of
Beginning-
of-Year		ImpairmentNet
Goodwill as
of End-
of-Year
Annuities$1,040 $(600)$440 $– $440 
Group Protection684 – 684 – 684 
Retirement Plan Services20 – 20 – 20 
Total goodwill$1,744 $(600)$1,144 $– $1,144 

For the Year Ended December 31, 2024
Gross
Goodwill
as of
Beginning-
of-Year		Accumulated
Impairment
as of
Beginning-
of-Year		Net
Goodwill
as of
Beginning-
of-Year		ImpairmentNet
Goodwill as
of End-
of-Year
Annuities$1,040 $(600)$440 $– $440 
Group Protection684 – 684 – 684 
Retirement Plan Services20 – 20 – 20 
Total goodwill$1,744 $(600)$1,144 $– $1,144 

2025, 2024 and 2023 Analysis

As of October 1, 2025, 2024 and 2023, respectively, we performed our annual goodwill impairment test for our Annuities, Group Protection and Retirement Plan Services reporting units, and, as of each such date, the fair value was in excess of each reporting unit’s carrying value.

The gross carrying amounts and accumulated amortization (in millions) for each major specifically identifiable intangible asset class by segment were as follows:

As of December 31, 2025As of December 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization
Life Insurance:
Sales force$100 $79 $100 $75 
Group Protection:
VOCRA576 205 576 175 
VODA31 17 31 15 
Retirement Plan Services:
Mutual fund contract rights (1)
5 – 5 – 
Total$712 $301 $712 $265 

(1) No amortization recorded as the intangible asset has indefinite life.
Future estimated amortization of specifically identifiable intangible assets (in millions) as of December 31, 2025, was as follows:

2026$37 
202737 
202837 
202935 
203035 
Thereafter225 

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 21, 2025
2023Feb 22, 2024
2022Feb 16, 2023
2021Feb 17, 2022
2020Feb 18, 2021
2019Feb 20, 2020
2018Feb 20, 2019
2017Feb 22, 2018
2016Feb 23, 2017
2015Feb 25, 2016

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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