Lincoln National (LNC) Retirement Plan Services — Future Contract Benefits

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Other segment segments

Other Operations

$9.18B+1.2%

Similar metrics at other companies

CRBGGroup Retirement — Future Policy Benefits

$311M+46.0%

CRBGIndividual Retirement — Future Policy Benefits

$1.22B+3.0%

PRURetirement Strategies — Future Policy Benefits, Losses, Claims Expenses

$87.01B+1.3%

EQHRetirement — Future policy benefits and other policyholders’ liabilities

$5.32B+3.8%

VOYAEmployee Benefits — Future Policy Benefits and Contract Owner Account Balances

$2.3B-5.7%

PRUIndividual Retirement Strategies — Future Policy Benefits, Losses, Claims Expenses

$1.32B+11.9%

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$8.93B+19.5%

Enterprise value$7.96B+30.5%

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:SupplementaryInsuranceInformationLiabilityForFuturePolicyBenefitsLossesClaimsAndLossExpenseReserves.

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 retirement plan services — future contract benefits?: Lincoln National (LNC) reported retirement plan services — future contract benefits of $0 in Q4 2025.
What does retirement plan services — future contract benefits mean?: The estimated liability representing the present value of future benefit payments expected to be made to policyholders and plan participants. This is a primary measure of the long-term financial obligations and actuarial risk inherent in the retirement services product suite.