Lincoln National Corp
lincolnfinancial.comWhat Do They Do?
Sells group protection products, life insurance and annuities to individuals, banks and corporations.
10-K for FY2025, filed Feb 19, 2026Lincoln National Corporation (“LNC,” which also may be referred to as “Lincoln,” “we,” “our” or “us”) is a holding company that operates…View ↗
The results of Lincoln Financial Distributors (“LFD”), our wholesale distributor, are included in the segments for which it distributes…View ↗
The Annuities segment provides tax-deferred investment growth and lifetime wealth accumulation and protection opportunities for its clients…View ↗
The Life Insurance segment focuses on the creation and protection of wealth for its clients by providing life insurance products, including…View ↗
Our Lincoln PremierSM BOLI UL product is a UL-type product purchased by a bank that insures the lives of the bank’s employees. These…View ↗
Our Lincoln PremierSM VUL BOLI and COLI products and Lincoln Corporate ExecSM COLI products are also VUL-type products. COLI products are…View ↗
How Do They Make Money?
People with investment contracts pay fees tied to account balances and administration over time; Lincoln also charges fees when premiums are paid and when a contract is surrendered.
10-K for FY2025, filed Feb 19, 2026The timing of revenue recognition as it relates to fees assessed on investment contracts is determined based on the nature of such fees.…View ↗
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10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by reportable segment ↗
$18.2B
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10-K for FY2025, filed Feb 19, 2026
$18.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Annuities
Recurring
10-K for FY2025, filed Feb 19, 2026 |
27%
FY2022: 29%
|
Annuities, FY2025
$4.9B Sources
|
Recurring |
|
Life Insurance
Recurring
10-K for FY2025, filed Feb 19, 2026 |
32%
FY2022: 36%
|
Life Insurance, FY2025
$5.9B Sources
|
Recurring |
|
Group Protection
|
33%
FY2022: 28%
|
Group Protection, FY2025
$6.1B Sources
|
|
|
Retirement Plan Services
|
7.3%
FY2022: 6.7%
|
Retirement Plan Services, FY2025
$1.3B Sources
|
Who Are Their Customers?
Individual life and annuity products reach customers through financial advisers, brokers and financial institutions; group protection is distributed mainly through employee-benefit brokers, administrators and other benefit firms. Banks and mid- to large-sized corporations buy bank- and corporate-owned life insurance mainly through intermediaries.
10-K for FY2025, filed Feb 19, 2026The results of Lincoln Financial Distributors (“LFD”), our wholesale distributor, are included in the segments for which it distributes…View ↗
The Annuities segment distributes its individual fixed and variable annuity products through LFD. LFD’s distribution channels give the…View ↗
The Life Insurance segment’s products are sold through LFD. LFD provides the Life Insurance segment with access to financial intermediaries…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 6 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 19, 2026
10-K for FY2025, filed Feb 19, 2026
$1.2BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
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Aug 10, 2026
CFO to leave; interim successor appointed
Christopher Neczypor plans to leave, and Adam Cohen was appointed interim CFO while Lincoln searches for a permanent successor.
Sources
8-K, filed Aug 10, 2026
On August 6, 2026, Christopher Neczypor, Executive Vice President and Chief Financial Officer (“CFO”), notified Lincoln National…View ↗
Flat. Revenue was $18.2B in FY2025, about the same as the $17.7B of FY2021.
Retail distribution
The earlier report described LFN as a retail distributor offering Lincoln and outside products and advisory services; the latest describes LFN as former and notes the sale of its wealth-management business.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 19, 2026The results of Lincoln Financial Network (“LFN”) and Lincoln Financial Distributors (“LFD”), our retail and wholesale distributors…View ↗
The results through May 6, 2024, of Lincoln Financial Network (“LFN”), our former retail distributor, are included in the business segments…View ↗
VUL guarantee riders
The earlier report described lifetime guarantee riders on VUL products; the latest says Lincoln stopped new sales of VUL products with lifetime secondary guarantees and continues administering existing policies.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 19, 2026We offer lifetime guaranteed benefit riders with our Lincoln VULONE and Lincoln SVULONE products. The ONE rider features guarantee to the…View ↗
During 2024, we discontinued new sales of VUL products with lifetime secondary guarantees, but we still have an in-force block of such…View ↗
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