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Lincoln National LNC Annuities — Supplementary Insurance Information Net Investment Income

Other segment segments

Life
$2.45B-10.2%
Retirement Plan Services
$997M-1.5%
Group Protection
$376M+8.0%
Other Operations
$147M+32.4%

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AFGProperty And Casualty Insurance — Supplementary Insurance Information Net Investment Income
$181.25M-7.5%
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WRBInsurance — Net Investment Income
$279.65M+5.8%

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:SupplementaryInsuranceInformationNetInvestmentIncome.

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 — supplementary insurance information net investment income?
Lincoln National (LNC) reported annuities — supplementary insurance information net investment income of $473.5M in Q4 2025.
How has Lincoln National's annuities — supplementary insurance information net investment income changed year-over-year?
Lincoln National's annuities — supplementary insurance information net investment income increased by 15.8% year-over-year, from $409M to $473.5M.
What is the long-term trend for Lincoln National's annuities — supplementary insurance information net investment income?
Over 4 years (2021 to 2025), Lincoln National's annuities — supplementary insurance information net investment income has grown at a 7.8% compound annual growth rate (CAGR), from $1.4B to $1.89B.
What does annuities — supplementary insurance information net investment income mean?
The income earned from the investment portfolio backing the annuities segment's liabilities, net of related investment expenses. This is a primary driver of profitability for insurance segments, reflecting the effectiveness of asset-liability management strategies.