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Lincoln National LNC Variable Annuities — Market risk benefit liabilities

Other product segments

Fixed Annuities
$168M+22.6%

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PRUAnnuities — Market risk benefit liabilities
$4.24B-6.3%
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GNWFixed annuities — Market risk benefit liabilities
$52M-1.9%
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PRUTotal — Market risk benefit liabilities
$4.73B-2.6%
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BHFAssumed Reinsurance — Market risk benefit liabilities
$14M-12.5%
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BHFCeded Reinsurance — Market risk benefit liabilities
$0

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:MarketRiskBenefitLiabilityAmount.

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, 2026 / AssetsAs of March 31, 2026 / LiabilitiesAs of March 31, 2026 / Net (Assets) LiabilitiesAs of December 31, 2025 / AssetsAs of December 31, 2025 / LiabilitiesAs of December 31, 2025 / Net (Assets) Liabilities
Variable Annuities$4,210$957$(3,253)$4,655$940$(3,715)
Fixed Annuities4916811951175124
Retirement Plan Services442(42)473(44)
Total MRBs$4,303$1,127$(3,176)$4,753$1,118$(3,635)

Item 1. Financial Statements

FAQ

What is Lincoln National's variable annuities — market risk benefit liabilities?
Lincoln National (LNC) reported variable annuities — market risk benefit liabilities of $957M in Q1 2026.
How has Lincoln National's variable annuities — market risk benefit liabilities changed year-over-year?
Lincoln National's variable annuities — market risk benefit liabilities decreased by 17.9% year-over-year, from $1.17B to $957M.
What is the long-term trend for Lincoln National's variable annuities — market risk benefit liabilities?
Over 2 years (2023 to 2025), Lincoln National's variable annuities — market risk benefit liabilities has grown at a -18.2% compound annual growth rate (CAGR), from $6.23B to $4.17B.
What does variable annuities — market risk benefit liabilities mean?
Reflects the estimated present value of future obligations arising from market risk benefits, such as guaranteed minimum withdrawal or income benefits, within variable annuity products. This liability fluctuates based on market performance, interest rates, and policyholder behavior assumptions. High or rising liabilities may indicate increased exposure to market volatility and potential future capital requirements.

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