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Lincoln National LNC Payout Annuities — Less: Reinsurance recoverables

Other segment segments

UL and Other
$5.58B+5.0%
Traditional Life
$261M-27.5%
Group Protection
$123M+1.7%

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GNWFixed annuities — Less: reinsurance recoverable
$7.84B-3.7%
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$104M-4.6%
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$10.02B+3.7%

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:LiabilityForFuturePolicyBenefitReinsuranceRecoverableAfterAllowance.

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 itemAs of or For the Three Months Ended March 31, 2026 / Payout AnnuitiesAs of or For the Three Months Ended March 31, 2026 / Traditional LifeAs of or For the Three Months Ended March 31, 2025 / Payout AnnuitiesAs of or For the Three Months Ended March 31, 2025 / Traditional Life
Effect of cumulative changes in discount
rate assumptions(211)(262)(221)(305)
Balance as of end-of-period$1,990$8,922$2,033$9,654
Net balance as of end-of-period$1,990$3,703$2,033$3,821
Less: Reinsurance recoverables1,3892611,478360
Net balance as of end-of-period, net of reinsurance$601$3,442$555$3,461
Weighted-average duration of future policyholder
benefit liability (years)8899

Item 1. Financial Statements

FAQ

What is Lincoln National's payout annuities — less: reinsurance recoverables?
Lincoln National (LNC) reported payout annuities — less: reinsurance recoverables of $1.39B in Q1 2026.
How has Lincoln National's payout annuities — less: reinsurance recoverables changed year-over-year?
Lincoln National's payout annuities — less: reinsurance recoverables decreased by 6.0% year-over-year, from $1.48B to $1.39B.
What is the long-term trend for Lincoln National's payout annuities — less: reinsurance recoverables?
Over 2 years (2023 to 2025), Lincoln National's payout annuities — less: reinsurance recoverables has grown at a 89.5% compound annual growth rate (CAGR), from $1.63B to $5.84B.
What does payout annuities — less: reinsurance recoverables mean?
This represents the portion of the total annuity liability that is ceded to third-party reinsurers. It quantifies the company's reliance on reinsurance to mitigate risk and manage capital requirements. A higher value indicates a greater transfer of insurance risk to external partners.

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