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Lincoln National LNC UL and Other — Benefit payments

Other segment segments

Group Protection
-$380M-2.4%
Traditional Life
-$199M+15.0%
Payout Annuities
-$55M-12.2%

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-$363M+7.4%

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

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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:LiabilityForFuturePolicyBenefitsPaymentForBenefits.

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 itemUL and Other / As of or For the Three Months Ended March 31, 2026UL and Other / As of or For the Three Months Ended March 31, 2025
Adjusted beginning-of-year balance20,20218,758
Interest accrual248228
Net assessments collected318293
Benefit payments(304)(200)
Balance as of end-of-period, excluding shadow
balance in AOCI20,46419,079
Effect of cumulative changes in shadow
balance in AOCI(2,156)(2,377)

Item 1. Financial Statements

FAQ

What is Lincoln National's UL and other — benefit payments?
Lincoln National (LNC) reported UL and other — benefit payments of -$304M in Q1 2026.
How has Lincoln National's UL and other — benefit payments changed year-over-year?
Lincoln National's UL and other — benefit payments decreased by 52.0% year-over-year, from -$200M to -$304M.
What is the long-term trend for Lincoln National's UL and other — benefit payments?
Over 3 years (2022 to 2025), Lincoln National's UL and other — benefit payments has grown at a 19.7% compound annual growth rate (CAGR), from -$628M to -$1.08B.
What does UL and other — benefit payments mean?
Represents the total cash outflows paid to policyholders or beneficiaries for claims, surrenders, or matured policies within the Universal Life and related insurance segments. This metric reflects the actual realization of insurance risk and is a primary driver of liquidity requirements for the segment.

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