Question 1

What is Lincoln National's separate account liabilities?

Accepted Answer

Lincoln National (LNC) reported separate account liabilities of $172.04B in Q1 2026.

Question 2

How has Lincoln National's separate account liabilities changed year-over-year?

Accepted Answer

Lincoln National's separate account liabilities increased by 5.9% year-over-year, from $162.51B to $172.04B.

Question 3

What is the long-term trend for Lincoln National's separate account liabilities?

Accepted Answer

Over 5 years (2020 to 2025), Lincoln National's separate account liabilities has grown at a 1.4% compound annual growth rate (CAGR), from $167.97B to $180.09B.

Question 4

What does separate account liabilities mean?

Accepted Answer

This represents the liabilities associated with assets held in separate accounts, where the investment risk is primarily borne by the policyholder rather than the insurance company. By definition, these liabilities equal the corresponding separate account assets and are typically associated with variable annuity or variable life insurance products. This metric indicates the volume of assets managed on behalf of policyholders that are legally segregated from the company's general account.

Line item	As of / March 31, 2026	As of / December 31, 2025
Short-term debt	400	400
Long-term debt	5,969	5,866
Other liabilities	6,793	7,038
Separate account liabilities	172,043	180,092
Total liabilities	395,949	406,298
Contingencies and Commitments (See Note 14)
Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized:

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