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Lincoln National LNC Variable Annuities — Deferred Policy Acquisition Cost

Other product segments

Fixed Annuities
$479M+23.5%

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$1.51B+14.7%

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:DeferredPolicyAcquisitionCosts.

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 — deferred policy acquisition cost?
Lincoln National (LNC) reported variable annuities — deferred policy acquisition cost of $4.04B in Q1 2026.
How has Lincoln National's variable annuities — deferred policy acquisition cost changed year-over-year?
Lincoln National's variable annuities — deferred policy acquisition cost increased by 3.9% year-over-year, from $3.89B to $4.04B.
What is the long-term trend for Lincoln National's variable annuities — deferred policy acquisition cost?
Over 2 years (2023 to 2025), Lincoln National's variable annuities — deferred policy acquisition cost has grown at a 2.6% compound annual growth rate (CAGR), from $14.99B to $15.77B.
What does variable annuities — deferred policy acquisition cost mean?
This metric tracks the capitalized costs directly related to the successful acquisition of new insurance policies, such as commissions and underwriting expenses. These costs are deferred on the balance sheet and amortized over the expected duration of the policy to match expenses with related revenues. It is a key indicator of the efficiency and scale of the company's sales and distribution efforts.

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