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Lincoln National LNC Annuities — Amortization of DAC and VOBA

Other segment segments

Retirement Plan Services
$18M0.0%
Other Operations
$0

Similar metrics at other companies

Ameriprise Financial logo
AMPVariable Annuity — Amortization of deferred acquisition costs
$27M-3.6%
MetLife logo
METGroup Benefits — Amortization of DAC, VOBA and negative VOBA
-$12M-100%
Principal Financial Group logo
PFGVariable Annuity — Deferred Policy Acquisition Cost Amortization Expense
$9.6M+17.1%
Unum logo
UNMVoluntary Benefits — Amortization of Deferred Acquisition Costs
$28.8M-3.4%
MetLife logo
METEMEA — Amortization of DAC, VOBA and negative VOBA
-$97M-3.2%
MetLife logo
METRIS — Amortization of DAC, VOBA and negative VOBA
-$23M-21.1%

Other financials

Income statement

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Revenue$5.3B+13.1%
Net income-$172.0M+76.2%
EPS (diluted)-$1.10+75.1%

Balance sheet

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Cash & equivalents$7.3B+71.5%
Total debt$6.4B+8.5%
Total equity$10.2B+24.6%
Total assets$406.16B+6.1%

Cash flow

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Operating cash flow$138.0M+151%

Valuation

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Market cap$7.11B+10.3%
Enterprise value$6.13B-25.1%
P/E4.1×-0.7×
P/S0.4×0.0×

Profitability

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Net margin9.2%+2.2pp

Returns & leverage

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Return on equity18.8%+1.8pp
Debt / equity0.6×-0.1×

Where this comes from

Reported directly by Lincoln National in its filing.

Tagged under the XBRL concept us-gaap:SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCosts.

The official record: Lincoln National’s 10-K, filed February 19, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Lincoln National's annuities — amortization of DAC and VOBA?
Lincoln National (LNC) reported annuities — amortization of DAC and VOBA of $119.75M in Q4 2025.
How has Lincoln National's annuities — amortization of DAC and VOBA changed year-over-year?
Lincoln National's annuities — amortization of DAC and VOBA increased by 12.2% year-over-year, from $106.75M to $119.75M.
What is the long-term trend for Lincoln National's annuities — amortization of DAC and VOBA?
Over 4 years (2021 to 2025), Lincoln National's annuities — amortization of DAC and VOBA has grown at a 4.4% compound annual growth rate (CAGR), from $403M to $479M.
What does annuities — amortization of DAC and VOBA mean?
The periodic expense recognized to write down the deferred acquisition costs and the present value of future profits over the life of the annuity contracts. This reflects the systematic recognition of costs incurred to acquire business in alignment with the revenue generated from those policies.