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Lincoln National LNC Group Protection — Amortization of DAC and VOBA

Other segment segments

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

Similar metrics at other companies

MetLife logo
METGroup Benefits — Amortization of DAC, VOBA and negative VOBA
-$12M-100%
Prudential Financial logo
PRUGroup Insurance — Amortization of DAC
$2.25M+50.0%
MetLife logo
METGroup Benefits — Deferred Policy Acquisition Costs, Amortization Expense
$12M+100%
MetLife logo
METGroup Benefits — Deferred policy acquisition costs and value of business acquired
$250M0.0%
MetLife logo
METGroup Benefits — Present Value of Future Insurance Profits, Amortization Expense
$0
MetLife logo
METEMEA — Amortization of DAC, VOBA and negative VOBA
-$97M-3.2%

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 group protection — amortization of DAC and VOBA?
Lincoln National (LNC) reported group protection — amortization of DAC and VOBA of $30.5M in Q4 2025.
How has Lincoln National's group protection — amortization of DAC and VOBA changed year-over-year?
Lincoln National's group protection — amortization of DAC and VOBA increased by 9.9% year-over-year, from $27.75M to $30.5M.
What is the long-term trend for Lincoln National's group protection — amortization of DAC and VOBA?
Over 4 years (2021 to 2025), Lincoln National's group protection — amortization of DAC and VOBA has grown at a -3.2% compound annual growth rate (CAGR), from $139M to $122M.
What does group protection — amortization of DAC and VOBA mean?
The systematic expensing of capitalized acquisition costs and the value of business acquired over the expected life of the insurance contracts. It reflects the ongoing cost of maintaining the book of business and is essential for accurate periodic profitability assessment.