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Lincoln National LNC Life Insurance — Operating Expenses

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$1.41B+1.4%

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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:OperatingExpenses.

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 itemAnnuitiesLife InsuranceGroup ProtectionRetirement Plan ServicesOther OperationsTotal
General and administrative expenses1331292308963644
Interest and debt expense8181
Other (3)(42)795374101
Total operating expenses9491,5861,4122951994,441
Total federal income tax expense (benefit)591308(31)67
Total income (loss) from operations2754111243(111)360
Reconciliation of total income (loss) from
operations to net income (loss):

Item 1. Financial Statements

FAQ

What is Lincoln National's life insurance — operating expenses?
Lincoln National (LNC) reported life insurance — operating expenses of $1.59B in Q1 2026.
How has Lincoln National's life insurance — operating expenses changed year-over-year?
Lincoln National's life insurance — operating expenses decreased by 2.0% year-over-year, from $1.62B to $1.59B.
What is the long-term trend for Lincoln National's life insurance — operating expenses?
Over 3 years (2022 to 2025), Lincoln National's life insurance — operating expenses has grown at a -12.4% compound annual growth rate (CAGR), from $9.43B to $6.33B.
What does life insurance — operating expenses mean?
The aggregate of all costs incurred to maintain the life insurance segment's operations, including commissions, administrative expenses, and policyholder benefits. This metric is the primary benchmark for evaluating the total cost structure of the business. It is used to calculate the segment's operating margin and overall cost-to-income efficiency.

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