What does life insurance — policyholder account balances mean?

The total value of funds held by the insurer on behalf of policyholders, typically associated with universal life or investment-linked insurance products. This balance represents the company's core liability to policyholders for their accumulated account values.

Lincoln National (LNC) Life Insurance — Policyholder Account Balances

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Other segment segments

Retirement Plan Services

$23.62B-0.7%

Other Operations

$7.4B+64.2%

Similar metrics at other companies

UNMColonial Life — Policyholder Account Balances

$858.9M-0.4%

UNMClosed Block — Policyholder Account Balances

$4.11B+0.4%

UNMUnum International — Policyholder Account Balances

$0—

UNMUnum US — Policyholder Account Balances

$665.7M-1.5%

CRBGLife Insurance — Policy and Contract Claims

$831M+4.0%

ORISpecialty Insurance Segment — Other Policyholders' Benefits and Funds

$139.1M+3.4%

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

See full

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:SupplementaryInsuranceInformationOtherPolicyClaimsAndBenefitsPayable.

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 Operations	Column B / DAC / and / VOBA	Column C / Future / Contract / Benefits	Column D / Unearned / Premiums (1)	Column E / Policyholder / Account / Balances	Column F / Insurance / Premiums / and / Fee Income
Annuities	$4,472	$2,053	–	$68,788	$2,509
Life Insurance	7,704	24,402	–	36,215	3,837
Group Protection	198	6,443	–	–	5,490
Retirement Plan Services	242	–	–	23,843	301
Other Operations	6	9,179	–	7,399	25
Total	$12,622	$42,077	–	$136,245	$12,162
	As of or For the Year Ended December 31, 2024
Annuities	$4,258	$2,019	–	$61,230	$2,508

Item 15. Exhibits and Financial Statement Schedules

FAQ

What is Lincoln National's life insurance — policyholder account balances?: Lincoln National (LNC) reported life insurance — policyholder account balances of $36.22B in Q4 2025.
How has Lincoln National's life insurance — policyholder account balances changed year-over-year?: Lincoln National's life insurance — policyholder account balances decreased by 1.7% year-over-year, from $36.84B to $36.22B.
What does life insurance — policyholder account balances mean?: The total value of funds held by the insurer on behalf of policyholders, typically associated with universal life or investment-linked insurance products. This balance represents the company's core liability to policyholders for their accumulated account values.