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Lincoln National LNC Group Protection — Benefit payments

Other segment segments

UL and Other
-$304M-52.0%
Traditional Life
-$199M+15.0%
Payout Annuities
-$55M-12.2%

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-$27.44M+17.1%
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-$2.4B-19.9%
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-$363M+7.4%
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METFixed Annuity — Benefit payments
-$245M-21.9%

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:LiabilityForFuturePolicyBenefitsPaymentForBenefits.

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 itemGroup Protection / As of or For the Three Months Ended March 31, 2026Group Protection / As of or For the Three Months Ended March 31, 2025
Adjusted beginning-of-year balance6,1526,106
New incidence377402
Interest5550
Benefit payments(380)(371)
Ending balance at original discount rate6,2046,187
Effect of cumulative changes in discount
rate assumptions(411)(475)
Balance as of end-of-period5,7935,712

Item 1. Financial Statements

FAQ

What is Lincoln National's group protection — benefit payments?
Lincoln National (LNC) reported group protection — benefit payments of -$380M in Q1 2026.
How has Lincoln National's group protection — benefit payments changed year-over-year?
Lincoln National's group protection — benefit payments decreased by 2.4% year-over-year, from -$371M to -$380M.
What is the long-term trend for Lincoln National's group protection — benefit payments?
Over 3 years (2022 to 2025), Lincoln National's group protection — benefit payments has grown at a 0.2% compound annual growth rate (CAGR), from -$1.43B to -$1.44B.
What does group protection — benefit payments mean?
The total cash outflows paid to policyholders or beneficiaries for claims incurred under group insurance contracts. Monitoring this metric helps assess the actual loss experience relative to premiums earned and the adequacy of existing reserves.

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