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Lincoln National LNC Group Protection — Other Operating Expense

Other segment segments

Other Operations
$597M-32.3%
Retirement Plan Services
$441M+3.3%

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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$8.81B+21.6%
Enterprise value$7.84B+33.5%
P/E5.1×-1.3×
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:SupplementaryInsuranceInformationOtherOperatingExpense.

The source filing: Lincoln National’s 10-K, filed February 19, 2026.

Filed
Feb 19, 2026, 5:22 PM EST
Fiscal year
FY2025
Accession
0000059558-26-000016
Column A / Business Segments and Other OperationsColumn G / Net / Investment / IncomeColumn H / Benefits / and / Interest / CreditedColumn I / Amortization / of DAC / and / VOBAColumn J / Other / Operating / ExpensesColumn K / Premiums / Written
Annuities$1,894$1,944$479$1,205
Life Insurance2,6364,851511856
Group Protection3764,1181221,490
Retirement Plan Services1,02269219455
Other Operations14798597
Total$6,075$11,703$1,131$4,603
As of or For the Year Ended December 31, 2024
Annuities$1,636$1,711$427$1,411

Item 15. Exhibits and Financial Statement Schedules

FAQ

What is Lincoln National's group protection — other operating expense?
Lincoln National (LNC) reported group protection — other operating expense of $372.5M in Q4 2025.
How has Lincoln National's group protection — other operating expense changed year-over-year?
Lincoln National's group protection — other operating expense increased by 8.8% year-over-year, from $342.5M to $372.5M.
What is the long-term trend for Lincoln National's group protection — other operating expense?
Over 4 years (2021 to 2025), Lincoln National's group protection — other operating expense has grown at a 6.6% compound annual growth rate (CAGR), from $1.15B to $1.49B.
What does group protection — other operating expense mean?
Represents the aggregate of non-commission and non-acquisition related administrative costs incurred to support the operations of the group insurance segment. This includes overhead, technology, and personnel expenses necessary to manage employer-sponsored benefit plans.

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