Lincoln National Corp (LNC)

Over the past six months, Lincoln National reported a 16% rise in adjusted operating income in Q1 2026, but also a GAAP net loss due to non-economic market risk benefit movements. The company reported better-than-expected earnings for Q4 2025, with EPS of $1.91 and revenue of $4.92 billion. Multiple analysts, including Morgan Stanley, Wells Fargo, UBS, and Barclays, have trimmed their price targets for LNC. SEC filings disclosed the company's growing alternative investment footprint. A quarterly dividend of $0.45/share was payable in April 2026. The planned retirement of EVP Brian Kroll, Head of Retail Life and Annuity Solutions, was disclosed. Lincoln National expanded its committed revolving line of credit to $2 billion through 2031.

Explicit information regarding the overall demand seasonality for Lincoln National Corp.'s full range of products and services is not readily available. However, management expects risk results for Group Protection to historically improve from the first to the second quarter, suggesting that demand or performance in the Group Protection segment may experience seasonal fluctuations.

Lincoln National Corp., marketed as Lincoln Financial Group, is an American holding company operating in the Financial Services sector, specifically in the Life Insurance industry. Its core business segments include Annuities, Life Insurance, Group Protection, and Retirement Plan Services. The company offers fixed, indexed, variable, and registered index-linked annuities, providing tax-deferred investment growth and lifetime income opportunities. They also provide term life insurance, universal life insurance (UL), variable universal life insurance (VUL), linked-benefit UL and VUL, and indexed universal life insurance (IUL). Additionally, they offer group non-medical insurance products and services such as short- and long-term disability, statutory disability, paid family medical leave administration, and group life and dental coverage. Finally, they provide employer-sponsored retirement plans and services, primarily in the defined contribution marketplace.

Lincoln National Corp.'s operations are predominantly U.S.-centric, serving millions of customers nationwide. While its primary focus is the domestic market, the company also offers individual and group insurance, retirement, and investment products in the United Kingdom. The company's headquarters are located in Radnor, Pennsylvania.

Lincoln National Corp.'s brand reputation has seen both positive affirmations and challenges. Fitch Ratings affirmed Lincoln National Corporation's life insurance operating subsidiaries' Insurer Financial Strength (IFS) ratings at 'A+' (Strong) and LNC's Long-Term Issuer Default Rating (IDR) at 'A-'. Lincoln National scored higher than 99% of companies evaluated by MarketBeat. AM Best affirmed Lincoln National Life Insurance Company's Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of a+ (Excellent). A securities class action lawsuit was filed against Lincoln National and certain executives on April 23, 2024. Lincoln National Life Insurance Company was involved in consumer protection violations in 2025 and 2023.

Lincoln National Corp. has a mixed ownership structure, with institutional investors holding a significant portion. Institutional ownership ranges from 48.22% to 94.5%, with insiders holding approximately 1.14% to 3.26%, and public companies and individual investors holding the rest. Major institutional owners include The Vanguard Group, Inc., BlackRock Inc., State Street Corporation, Dimensional Fund Advisors LP, Bain Capital Prairie, LLC / Bain Capital, LP, Massachusetts Financial Services Co /ma/, Price T Rowe Associates Inc /md/, First Trust Advisors Lp, Jennison Associates Llc and Geode Capital Management, LLC.