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Lincoln National LNC Variable Annuities — Net amount at risk

Other product segments

UL and Other
$292.05B-2.4%
Fixed Annuities
$425M+66.7%

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$7.91B-9.4%
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$17.21B+10.4%
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GNWFixed annuities — Net amount at risk
$30M+3.4%

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:PolicyholderAccountBalanceNetAmountAtRisk.

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 AnnuitiesUL and OtherRetirement Plan Services
Net transfers from (to) separate account(651)6886
Interest credited230256357169
Change in fair value of embedded derivative
instruments and other(1,444)(97)(27)
Balance as of end-of-period$39,143$28,974$35,723$23,694
Weighted-average crediting rate2.3%3.6%4.0%2.8%
Net amount at risk (1)(2)$2,652$425$292,048$3
Cash surrender value37,75727,66932,38523,657

Item 1. Financial Statements

FAQ

What is Lincoln National's variable annuities — net amount at risk?
Lincoln National (LNC) reported variable annuities — net amount at risk of $2.65B in Q1 2026.
How has Lincoln National's variable annuities — net amount at risk changed year-over-year?
Lincoln National's variable annuities — net amount at risk increased by 5.3% year-over-year, from $2.52B to $2.65B.
What is the long-term trend for Lincoln National's variable annuities — net amount at risk?
Over 2 years (2023 to 2025), Lincoln National's variable annuities — net amount at risk has grown at a -40.1% compound annual growth rate (CAGR), from $20.32B to $7.29B.
What does variable annuities — net amount at risk mean?
The excess of the guaranteed benefit amount over the current account value for annuity contracts with living or death benefit guarantees. It measures the company's potential exposure to market downturns and the adequacy of its reserves for future claims.

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