LNC · Lincoln National Corporation

Lincoln National Corporation reported first quarter 2026 results that showed continued progress against strategic objectives. Adjusted operating income available to common stockholders rose 16% year-over-year to $326 million, or $1.66 per diluted share, marking the seventh consecutive quarter of YoY growth. The improvement was driven by strong performance in Life Insurance and Group Protection, partially offset by headwinds in Annuities. Life Insurance operating income surged $57 million to $41 million, benefiting from strong alternative investment income (annualized return of 12.3% vs. 10% target) and the impact of the fourth quarter 2025 captive consolidation. Group Protection delivered record first quarter earnings of $112 million, up 11% YoY, driven by favorable life experience. Annuities operating income declined 5% to $275 million, impacted by a previously disclosed net investment income allocation refinement and unfavorable tax-related items; adjusting for these, operating income was up 1%. Retirement Plan Services operating income rose 26% to $43 million, driven by spread expansion and favorable equity markets. On a GAAP basis, the company reported a net loss available to common stockholders of $211 million, or $1.10 per diluted share, primarily due to non-economic changes in market risk benefits. Management highlighted disciplined execution and progress on strategic priorities, including strengthening the capital foundation and diversifying the business mix. Holding company available liquidity net of prefunding increased to $805 million, up from $655 million at year-end 2025. The RBC ratio remained above 420%.