0000059558-26-000016
SEC filingLincoln National Corporation reported total revenues of $18.21 billion for FY 2025, with net income of $1.18 billion and comprehensive income of $2.15 billion. Key revenue drivers included insurance premiums ($6.67 billion), fee income ($5.50 billion), and net investment income ($6.08 billion), partially offset by a realized loss of $799 million. Total expenses were $16.87 billion, primarily consisting of benefits ($7.96 billion), commissions and other expenses ($5.51 billion), and interest credited ($3.74 billion). The company generated negative operating cash flow of $167 million but positive financing cash flow of $7.88 billion, resulting in a net cash increase of $3.70 billion. Total assets stood at $417.20 billion with stockholders' equity of $10.91 billion. The company paid $2 per share in common dividends and reported basic and diluted EPS of $6.
Lincoln National Corporation reported total revenues of $18.21 billion for fiscal year 2025, with net income of $1.18 billion and comprehensive income of $2.15 billion. The company's revenue composition included insurance premiums of $6.67 billion, fee income of $5.50 billion, net investment income of $6.08 billion, other revenues of $774 million, and a realized loss of $799 million. Total expenses amounted to $16.87 billion, consisting of benefits ($7.96 billion), commissions and other expenses ($5.51 billion), interest credited ($3.74 billion), market risk benefit loss ($372 million), policyholder liability remeasurement loss ($191 million), and interest and debt expense ($227 million). Income before taxes was $1.34 billion with federal income tax expense of $161 million. Other comprehensive income totaled $978 million, including unrealized investment gains of $1.64 billion, market risk benefit non-performance risk gains of $408 million, policyholder liability discount rate remeasurement gains of $264 million, foreign currency translation adjustments of $11 million, and funded status of employee benefit plans loss of $1 million.
The company's revenue streams were diversified across multiple sources. Insurance premiums represented the largest component at $6.67 billion, followed by net investment income of $6.08 billion and fee income of $5.50 billion. Other revenues contributed $774 million, while realized losses reduced total revenues by $799 million. The revenue mix demonstrates the company's dual focus on insurance operations and investment management activities. No segment breakdown or geographic mix was provided in the available data.
The company achieved a net income margin of approximately 6.5% based on net income of $1.18 billion relative to total revenues of $18.21 billion. The expense structure shows benefits as the largest cost component at $7.96 billion (47.2% of total expenses), followed by commissions and other expenses at $5.51 billion (32.7% of total expenses). Interest credited represented $3.74 billion (22.2% of total expenses). The company's profitability was supported by strong investment performance, with net investment income of $6.08 billion contributing significantly to overall results.
Operating activities generated negative cash flow of $167 million, primarily due to adjustments including a $799 million realized loss, $372 million market risk benefit loss, and changes in insurance liabilities and reinsurance-related balances of $2.69 billion. Investing activities used $4.01 billion in cash, mainly for purchases of available-for-sale and equity securities ($19.23 billion), partially offset by sales ($4.32 billion) and maturities ($11.06 billion). Financing activities provided $7.88 billion, driven by deposits of $21.11 billion, issuance of common stock ($825 million), and issuance of long-term debt ($495 million net). The balance sheet shows total assets of $417.20 billion, with investments comprising $138.91 billion, separate account assets of $180.09 billion, and cash of $9.50 billion. Total liabilities were $406.30 billion, including policyholder account balances of $136.25 billion and separate account liabilities of $180.09 billion. Stockholders' equity was $10.91 billion, with retained earnings of $8.39 billion and accumulated other comprehensive loss of $4.06 billion.
No specific management guidance, strategic priorities, or risk factors were provided in the available data. The filing contains standard financial statements without forward-looking statements or outlook commentary in the provided sections.