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Lincoln National LNC Other Operations — Net Investment Income

Other segment segments

Life
$2.45B-10.2%
Annuities
$1.64B-1.9%
Retirement Plan Services
$997M-1.5%
Group Protection
$376M+8.0%

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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:SupplementaryInsuranceInformationNetInvestmentIncome.

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
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
Life Insurance2,4524,886503763

Item 15. Exhibits and Financial Statement Schedules

FAQ

What is Lincoln National's other operations — net investment income?
Lincoln National (LNC) reported other operations — net investment income of $36.75M in Q4 2025.
How has Lincoln National's other operations — net investment income changed year-over-year?
Lincoln National's other operations — net investment income increased by 32.4% year-over-year, from $27.75M to $36.75M.
What is the long-term trend for Lincoln National's other operations — net investment income?
Over 4 years (2021 to 2025), Lincoln National's other operations — net investment income has grown at a -0.2% compound annual growth rate (CAGR), from $148M to $147M.
What does other operations — net investment income mean?
This metric measures the income earned from the investment portfolio supporting the Other Operations segment, net of investment expenses. It is a critical driver of profitability, reflecting the company's ability to generate returns on assets held to cover policyholder liabilities.

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