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Lincoln National LNC Variable Annuities — Deferrals

Other product segments

Fixed Annuities
$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:DeferredPolicyAcquisitionCostsAdditions.

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 itemVariable AnnuitiesFixed AnnuitiesTraditional LifeUL and OtherGroup ProtectionRetirement Plan Services
Balance as of beginning-of-year$4,008$452$1,281$6,057$198$242
Deferrals1424624106305
Amortization(108)(19)(35)(83)(32)(4)
Balance as of end-of-period$4,042$479$1,270$6,080$196$243

Item 1. Financial Statements

FAQ

What is Lincoln National's variable annuities — deferrals?
Lincoln National (LNC) reported variable annuities — deferrals of $142M in Q1 2026.
How has Lincoln National's variable annuities — deferrals changed year-over-year?
Lincoln National's variable annuities — deferrals increased by 4.4% year-over-year, from $136M to $142M.
What is the long-term trend for Lincoln National's variable annuities — deferrals?
Over 3 years (2022 to 2025), Lincoln National's variable annuities — deferrals has grown at a 13.4% compound annual growth rate (CAGR), from $391M to $570M.
What does variable annuities — deferrals mean?
This represents the new costs capitalized during the period that are associated with acquiring or inducing the sale of insurance products. These deferrals reflect the immediate cash outlay for growth initiatives that will be expensed in future periods. Tracking this helps investors understand the current level of investment in new business acquisition.

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