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Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders. Its Annuities segment offers variable, fixed, and registered index-linked annuities. The Group Protection segment offers group nonmedical insurance products consisting of short and long-term disability and administration services, statutory disability; paid family medical leave administration and absence management services; term life; life; supplemental health insurance; accident, critical illness, and hospital indemnity benefits and dental and vision products to the employer marketplace through various forms of employee-paid and employer-paid plans. Its Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace; individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and various plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. It distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, financial institutions, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $18.3B | - | $1.2B | $-167M | 11.9% | 2.0% | -64.1% |
| 2024 | $18.0B | - | $3.3B | $-2.0B | 45.0% | 53.6% | -535.5% |
| 2023 | $11.7B | - | $-752M | $-2.1B | -12.7% | -38.1% | -155.4% |
| 2022 | $18.9B | - | $1.4B | $3.6B | 33.0% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 18,929 | 11,711 | 17,989 | 18,342 |
| Operating Revenue | - | 18,929 | 11,711 | 17,989 | 18,342 |
| Selling General And Administration | - | 2,407 | 2,543 | 2,738 | 2,647 |
| Total Expenses | - | 17,204 | 12,859 | 13,967 | 17,004 |
| EBIT | - | 2,008 | -817 | 4,358 | 1,565 |
| Interest Expense | - | 283 | 331 | 336 | 227 |
| Net Interest Income | - | -391 | -445 | -461 | -408 |
| Other Income Expense | - | 765 | 917 | 802 | 774 |
| Interest Expense Non Operating | - | 283 | 331 | 336 | 227 |
| Net Non Operating Interest Income Expense | - | -391 | -445 | -461 | -408 |
| Pretax Income | - | 1,725 | -1,148 | 4,022 | 1,338 |
| Tax Provision | - | 367 | -396 | 747 | 161 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -133.14 | -11.56 | 102.98 | -7.20 |
| Net Income Continuous Operations | - | 1,358 | -752 | 3,275 | 1,177 |
| Net Income From Continuing And Discontinued Operation | - | 1,358 | -752 | 3,275 | 1,177 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,358 | -752 | 3,275 | 1,177 |
| Net Income | - | 1,358 | -752 | 3,275 | 1,177 |
| Net Income Common Stockholders | - | 1,358 | -834 | 3,184 | 1,086 |
| Net Income Including Noncontrolling Interests | - | 1,358 | -752 | 3,275 | 1,177 |
| Normalized Income | - | 1,858.86 | -729.56 | 2,835.98 | 1,229.80 |
| Diluted NI Availto Com Stockholders | - | 1,345 | -835 | 3,187 | 1,086 |
| Basic Average Shares | - | 171.03 | 169.60 | 170.60 | 182.70 |
| Diluted Average Shares | - | 172.70 | 170.70 | 173.10 | 186.70 |
| Reconciled Depreciation | - | 65 | 44 | 96 | 148 |
| Total Unusual Items | - | -634 | -34 | 542 | -60 |
| Total Unusual Items Excluding Goodwill | - | -634 | -34 | 542 | -60 |
| Preferred Stock Dividends | - | - | 82 | 91 | 91 |
| Special Income Charges | - | -634 | -34 | 542 | -60 |
| Other Special Charges | - | - | - | -582 | 14 |
| Impairment Of Capital Assets | 0 | 634 | 0 | 0 | - |
| Restructuring And Mergern Acquisition | - | 0 | 34 | 40 | 46 |
| Depreciation And Amortization In Income Statement | - | 65 | 44 | 96 | 148 |
| General And Administrative Expense | - | 2,407 | 2,543 | 2,738 | 2,647 |
| Other Gand A | - | 2,407 | 2,543 | 2,738 | 2,647 |
| Total Other Finance Cost | - | 108 | 114 | 125 | 181 |
| Other Operating Expenses | - | -2,777 | -1,855 | -2,158 | 104 |
| Average Dilution Earnings | - | -13 | -1 | 3 | 0 |
| Amortization | - | 65 | 44 | 96 | 148 |
| Loss Adjustment Expense | - | 11,245 | 5,986 | 7,728 | 7,769 |
| Net Policyholder Benefits And Claims | - | 11,245 | 5,986 | 7,728 | 7,769 |
| Policyholder Benefits Gross | - | 13,111 | 10,677 | 10,667 | 10,627 |
| Policyholder Benefits Ceded | - | 1,866 | 4,691 | 2,939 | 2,858 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lincoln National Corporationthis co. | LNC | $6.5B | 5.53↓ discount | 0.66 | 11.9% | - |
| Jackson Financial Inc. | JXN | $7.4B | 273.73 | 0.78 | 0.3% | - |
| PJT Partners Inc. | PJT | $6.5B | 36.27 | 21.19 | 58.4% | 16.26 |
| StepStone Group Inc. | STEP | $5.8B | - | - | 129.6% | - |
| Ameris Bancorp | ABCB | $5.7B |
| - |
| - |
| - |
| - |
| - |
| - |
| 13.90 |
| 1.41 |
| 10.1% |
| - |
| Enact Holdings, Inc. | ACT | $5.7B | 8.48 | 1.07 | 12.6% | - |
| Victory Capital Holdings, Inc. | VCTR | $5.6B | 16.82 | 2.29 | 13.6% | 11.02 |
| Atlantic Union Bankshares Corporation | AUB | $5.4B | 19.74 | 1.08 | 5.5% | - |
| Mercury General Corporation | MCY | $5.4B | 9.99 | 2.24 | 22.4% | - |
| Peer Median | - | 16.82 | 1.41 | 13.1% | 13.64 | |