# LINCOLN NATIONAL CORP (LNC) Informational only - not investment advice. CIK: 0000059558 SIC: 6311 Life Insurance SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Insurance Carriers](/major-group/63/) > [SIC 6311 Life Insurance](/industry/6311/) Latest 10-K filed: 2026-02-19 SEC page: https://www.sec.gov/edgar/browse/?CIK=59558 Filing source: https://www.sec.gov/Archives/edgar/data/59558/000005955826000016/lnc-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0000059558-26-000016 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000059558.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 18,212,000,000 USD | 2025 | verified | | Net income | 1,177,000,000 USD | 2025 | verified | | Assets | 417,204,000,000 USD | 2025 | verified | | Net margin | 6.46% | 2025 | computed | | Revenue YoY | -1.25% | 2025 | computed | | ROE | 10.79% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Life insurers](/compare/life-insurers/) · SIC 6311 Life Insurance No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including LNC - Life insurers: [peer review](/compare/life-insurers/) · [market-risk page](/compare/life-insurers/risk/) ### Peer percentile fingerprint | Ratio | LNC | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 6.5% | 5.7% | 75 | 13 | | Revenue growth | -1.2% | 3.7% | 8 | 13 | | ROE | 10.8% | 8.8% | 58 | 13 | | ROA | 0.3% | 0.4% | 42 | 13 | | Liabilities / equity | 37.25 | 22.76 | 100 | 13 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6311 Life Insurance, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 18212000000 | USD | 2025 | 2026-02-19 | | Net income | 1177000000 | USD | 2025 | 2026-02-19 | | Assets | 417204000000 | USD | 2025 | 2026-02-19 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000059558.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 13,330,000,000 | 14,257,000,000 | 16,424,000,000 | 17,258,000,000 | 17,439,000,000 | 17,715,000,000 | 18,810,000,000 | 11,645,000,000 | 18,442,000,000 | 18,212,000,000 | | Net income | | 1,192,000,000 | 2,079,000,000 | 1,641,000,000 | 886,000,000 | 499,000,000 | 3,778,000,000 | 1,358,000,000 | -752,000,000 | 3,275,000,000 | 1,177,000,000 | | Diluted EPS | | 5.03 | 9.22 | 7.40 | 4.38 | 2.56 | 19.96 | 7.78 | -4.92 | 18.41 | 5.83 | | Operating cash flow | | 1,272,000,000 | 788,000,000 | 1,943,000,000 | -2,686,000,000 | 534,000,000 | -217,000,000 | 3,609,000,000 | -2,074,000,000 | -2,007,000,000 | -167,000,000 | | Dividends paid | | | | | | | 319,000,000 | 310,000,000 | 305,000,000 | 307,000,000 | 325,000,000 | | Share buybacks | 900,000,000 | 879,000,000 | 725,000,000 | 900,000,000 | 550,000,000 | 275,000,000 | 1,105,000,000 | 550,000,000 | 0.00 | 0.00 | | | Assets | | 261,627,000,000 | 281,763,000,000 | 298,147,000,000 | 334,761,000,000 | 365,948,000,000 | 386,945,000,000 | 334,331,000,000 | 372,413,000,000 | 390,831,000,000 | 417,204,000,000 | | Liabilities | | 247,149,000,000 | 264,441,000,000 | 283,797,000,000 | 315,072,000,000 | 343,249,000,000 | 366,191,000,000 | 329,229,000,000 | 365,520,000,000 | 382,562,000,000 | 406,298,000,000 | | Stockholders' equity | | 14,478,000,000 | 17,322,000,000 | 14,350,000,000 | 19,689,000,000 | 22,699,000,000 | 19,915,000,000 | 5,102,000,000 | 6,893,000,000 | 8,269,000,000 | 10,906,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 8.94% | 14.58% | 9.99% | 5.13% | 2.86% | 21.33% | 7.22% | -6.46% | 17.76% | 6.46% | | Return on equity | | 8.23% | 12.00% | 11.44% | 4.50% | 2.20% | 18.97% | 26.62% | -10.91% | 39.61% | 10.79% | | Return on assets | | 0.46% | 0.74% | 0.55% | 0.26% | 0.14% | 0.98% | 0.41% | -0.20% | 0.84% | 0.28% | | Liabilities / equity | | 17.07 | 15.27 | 19.78 | 16.00 | 15.12 | 18.39 | 64.53 | 53.03 | 46.26 | 37.25 | ## As-reported value updates 7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/LNC/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000059558.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -15.17 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -5.37 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 2.94 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 4,203,000,000 | 853,000,000 | 4.79 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 699,000,000 | -1,235,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 4,116,000,000 | 1,222,000,000 | 6.93 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 5,153,000,000 | 895,000,000 | 5.11 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 4,111,000,000 | -528,000,000 | -3.29 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 5,062,000,000 | 1,687,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 4,691,000,000 | -722,000,000 | -4.41 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 4,044,000,000 | 699,000,000 | 3.80 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 4,555,000,000 | 445,000,000 | 2.12 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 4,922,000,000 | 754,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 5,306,000,000 | -172,000,000 | -1.10 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 4,542,000,000 | 1,332,000,000 | 6.72 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from LNC's latest 10-K: [/company/LNC/business/](/company/LNC/business/). ## Risk Factors Verbatim Item 1A Risk Factors from LNC's latest 10-K: [/company/LNC/risk-factors/](/company/LNC/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/59558/000005955826000060/lnc-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-07-30 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [["","Page"],["Forward-Looking Statements \u2013 Cautionary Language","77"],["Introduction","78"],["Executive Summary","78"],["Summary of Critical Accounting Estimates","79"],["Results of Consolidated Operations","85"],["Results of Annuities","87"],["Results of Life Insurance","92"],["Results of Group Protection","97"],["Results of Retirement Plan Services","101"],["Results of Other Operations","104"],["Consolidated Investments","107"],["Liquidity and Capital Resources","123"]] [[/GREPCENT_TABLE]] 76 Table of Contents The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the financial condition as of June 30, 2026, compared with December 31, 2025, and the results of operations for the three and six months ended June 30, 2026, compared with the corresponding periods in 2025 of Lincoln National Corporation and its consolidated subsidiaries. Unless otherwise stated or the context otherwise requires, “LNC,” “Company,” “we,” “our” or “us” refers to Lincoln National Corporation and its consolidated subsidiaries. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying notes to the consolidated financial statements presented in “Part I – Item 1. Financial Statements” and our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). For more detailed information on the risks and uncertainties associated with the Company’s business activities, see the risks described in “Part I – Item 1A. Risk Factors” in our 2025 Form 10-K. FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE Certain statements made in this report and in other written or oral statements made by us or on our behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in our businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. We claim the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including: •Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience; •Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures; •The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations; •Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; and our affiliate reinsurance arrangements; •Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell; •The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products; •The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence (“AI”) that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability; •Continued scrutiny and evolving expectations and regulations regarding environmental, social and governance matters that may adversely affect our reputation and our investment portfolio; •Actions taken by reinsurers to raise rates on in-force business; •Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products; •Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses; •The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings; •A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance products; •Ineffectiveness of our risk management policies and procedures, including our various hedging strategies; 77 Table of Contents •A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings; •Changes in accounting principles that may affect our consolidated financial statements; •Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition; •Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention and profitability of our insurance subsidiaries and liquidity; •Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets; •Interruption in or failure of the telecommunication, information technology or other operational systems of the Company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems; •The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items; •The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives; •The adequacy and collectability of reinsurance that we have obtained; •Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance; •Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products; •The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and •The unanticipated loss of key management or wholesalers. The risks and uncertainties included here are not exhaustive. Other sections of this report and other reports that we file with the SEC include additional factors that could affect our businesses and financial performance, including “Part I – Item 1A. Risk Factors” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2025 Form 10-K. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we disclaim any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this report. INTRODUCTION Executive Summary We are a holding company that operates multiple insurance and retirement businesses through subsidiary companies. We sell a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions through our four business segments: •Annuities •Life Insurance •Group Protection •Retirement Plan Services We also have Other Operations, which includes the financial results for operations that are not directly related to the business segments. See “Part I – Item 1. Business” in our 2025 Form 10-K for a discussion of our business segments and products. In this report, in addition to providing consolidated net income (loss), we also provide income (loss) from operations because we believe it is a meaningful measure of the profitability of our business segments and Other Operations. Income (loss) from operations is the financial performance measure we use to evaluate and assess the results of our segments and Other Operations. Accordingly, we define and report income (loss) from operations by segment in Note 16. Our management believes that income (loss) from operations explains the results of our ongoing businesses in a manner that allows for a better understanding of the underlying trends in and performance of our current businesses. Certain items are excluded from income (loss) from operations because they are not necessarily indicative of [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/59558/000005955826000016/lnc-20251231.htm Complete FY 2025 MD&A: /company/LNC/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-02-19 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations [[GREPCENT_TABLE]] [["","Page"],["Forward-Looking Statements \u2013 Cautionary Language","42"],["Introduction","43"],["Executive Summary","43"],["Summary of Critical Accounting Estimates","45"],["Results of Consolidated Operations","54"],["Results of Annuities","56"],["Results of Life Insurance","61"],["Results of Group Protection","67"],["Results of Retirement Plan Services","71"],["Results of Other Operations","76"],["Consolidated Investments","78"],["Reinsurance","94"],["Liquidity and Capital Resources","95"]] [[/GREPCENT_TABLE]] 41 Table of Contents The following Management’s Discussion and Analysis of Financial Condition and Results of Operations(“MD&A”) is intended to help the reader understand the financial condition as of December 31, 2025, compared with December 31, 2024, and the results of operations in 2025 compared to 2024 of Lincoln National Corporation and its consolidated subsidiaries. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise stated or the context otherwise requires, “LNC,” “Company,” “we,” “our” or “us” refers to Lincoln National Corporation and its consolidated subsidiaries. The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying notes to the consolidated financial statements (“Notes”) presented in “Item 8. Financial Statements and Supplementary Data,” as well as “Part I – Item 1A. Risk Factors” above. FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE Certain statements made in this report and in other written or oral statements made by us or on our behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in our businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. We claim the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including: •Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience; •Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures; •The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations; •Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; and our affiliate reinsurance arrangements; •Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell; •The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products; •The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence (“AI”) that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability; •Continued scrutiny and evolving expectations and regulations regarding environmental, social and governance matters that may adversely affect our reputation and our investment portfolio; •Actions taken by reinsurers to raise rates on in-force business; •Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products; •Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses; •The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings; •A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance products; •Ineffectiveness of our risk management policies and procedures, including our various hedging strategies; 42 Table of Contents •A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings; •Changes in accounting principles that may affect our consolidated financial statements; •Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition; •Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention and profitability of our insurance subsidiaries and liquidity; •Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets; •Interruption in or failure of the telecommunication, information technology or other operational systems of the Company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems; •The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items; •The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives; •The adequacy and collectability of reinsurance that we have obtained; •Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance; •Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products; •The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and •The unanticipated loss of key management or wholesalers. The risks and uncertainties included here are not exhaustive. Other sections of this report and other reports that we file with the SEC include additional factors that could affect our businesses and financial performance, including “Part I – Item 1A. Risk Factors” and “Item 7A. Quantitative and Qualitative Disclosures About Market Risk,” which are incorporated herein by reference. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we disclaim any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this report. INTRODUCTION Executive Summary We are a holding company that operates multiple insurance and retirement businesses through subsidiary companies. We sell a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions through our four business segments: •Annuities •Life Insurance •Group Protection •Retirement Plan Services We also have Other Operations, which includes the financial results for operations that are not directly related to the business segments. See “Part I – Item 1. Business” above for a discussion of our business segments and products. In this report, in addition to providing consolidated net income (loss), we also provide income (loss) from operations because we believe it is a meaningful measure of the profitability of our business segments and Other Operations. Income (loss) from operations is the financial performance measure we use to evaluate and assess the results of our segments and Other Operations. Accordingly, we define and report income (loss) from operations by segment in Note 19. Our management believes that income (loss) from operations explains the results of our ongoing businesses in a manner that allows for a better understanding of the underlying trends in and performance of our current businesses. Certain items are excluded from income (loss) from operations beca [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/LNC/mda/fy2025/ All MD&A years: /company/LNC/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/LNC/mda/fy2024/): filed 2025-02-21; accession 0000059558-25-000023 (https://www.sec.gov/Archives/edgar/data/59558/000005955825000023/lnc-20241231.htm) - [FY 2023 MD&A](/company/LNC/mda/fy2023/): filed 2024-02-22; accession 0000059558-24-000013 (https://www.sec.gov/Archives/edgar/data/59558/000005955824000013/lnc-20231231.htm) - [FY 2022 MD&A](/company/LNC/mda/fy2022/): filed 2023-02-16; accession 0000059558-23-000009 (https://www.sec.gov/Archives/edgar/data/59558/000005955823000009/lnc-20221231x10k.htm) - [FY 2021 MD&A](/company/LNC/mda/fy2021/): filed 2022-02-17; accession 0000059558-22-000008 (https://www.sec.gov/Archives/edgar/data/59558/000005955822000008/lnc-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6311 Life Insurance) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/LNC.md · JSON record: /company/LNC.json · verified financials: /company/LNC/financials.json / /company/LNC/financials.csv · machine TOC for the whole site: /llms.txt