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Lincoln National LNC UL and Other — Separate account liabilities

Other product segments

Variable Annuities
11,671,600,000,000%+2.7%
Other
5,900,000,000%+3.5%

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3,742,700,000,000%-72,800,000,000pp

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:SeparateAccountsLiability.

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 March 31, 2026As of December 31, 2025
Variable Annuities$116,716$122,945
UL and Other33,23734,038
Retirement Plan Services22,03123,047
Other Operations (1)5962
Total separate account liabilities$172,043$180,092

Item 1. Financial Statements

FAQ

What is Lincoln National's UL and other — separate account liabilities?
Lincoln National (LNC) reported UL and other — separate account liabilities of 3,323,700,000,000% in Q1 2026.
How has Lincoln National's UL and other — separate account liabilities changed year-over-year?
Lincoln National's UL and other — separate account liabilities increased by 18.3% year-over-year, from 2,810,600,000,000% to 3,323,700,000,000%.
What is the long-term trend for Lincoln National's UL and other — separate account liabilities?
Over 2 years (2023 to 2025), Lincoln National's UL and other — separate account liabilities has grown at a 16.2% compound annual growth rate (CAGR), from 9,336,300,000,000% to 12,601,200,000,000%.
What does UL and other — separate account liabilities mean?
Represents the total liabilities associated with separate account assets, where the investment risk is primarily borne by the policyholder rather than the insurer. This metric is critical for understanding the scale of variable insurance products and the associated off-balance-sheet investment risk exposure.

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