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Lincoln National LNC Fixed Annuities — Deferred Policy Acquisition Cost

Other product segments

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$4.04B+3.9%

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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$8.98B+20.1%
Enterprise value$8B+31.2%
P/E5.2×-1.4×
P/S0.5×+0.1×

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:DeferredPolicyAcquisitionCosts.

The source filing: Lincoln National’s 10-Q, filed May 7, 2026.

Filed
May 7, 2026, 4:23 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000059558-26-000035
Line itemVariable AnnuitiesFixed AnnuitiesTraditional LifeUL and OtherGroup ProtectionRetirement Plan Services
Balance as of beginning-of-year$4,008$452$1,281$6,057$198$242
Deferrals1424624106305
Amortization(108)(19)(35)(83)(32)(4)
Balance as of end-of-period$4,042$479$1,270$6,080$196$243

Item 1. Financial Statements

FAQ

What is Lincoln National's fixed annuities — deferred policy acquisition cost?
Lincoln National (LNC) reported fixed annuities — deferred policy acquisition cost of $479M in Q1 2026.
How has Lincoln National's fixed annuities — deferred policy acquisition cost changed year-over-year?
Lincoln National's fixed annuities — deferred policy acquisition cost increased by 23.5% year-over-year, from $388M to $479M.
What is the long-term trend for Lincoln National's fixed annuities — deferred policy acquisition cost?
Over 2 years (2023 to 2025), Lincoln National's fixed annuities — deferred policy acquisition cost has grown at a -2.0% compound annual growth rate (CAGR), from $1.7B to $1.64B.
What does fixed annuities — deferred policy acquisition cost mean?
This represents the capitalized costs directly related to the successful acquisition of new insurance policies, such as commissions and underwriting expenses. These costs are deferred and amortized over the expected life of the annuity contracts to match expenses with related revenues. It serves as a key indicator of the scale of new business acquisition efforts.

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