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Lincoln National LNC Deferred acquisition costs, value of business acquired and deferred sales inducements

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Segments

By segment

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UL and Other$6.43B+1.8%
Traditional Life$1.3B-4.2%
Group Protection$196M+8.3%

By product

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Variable Annuities$4.14B+3.5%
Fixed Annuities$504M+21.2%

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 lnc:DeferredPolicyAcquisitionCostsValueOfBusinessAcquiredAndDeferredSalesInducements.

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
Other investments8,7428,105
Total investments138,737138,908
Cash and invested cash7,3459,502
Deferred acquisition costs, value of business acquired and deferred sales inducements12,88612,827
Reinsurance recoverables, net of allowance for credit losses27,68828,012
Deposit assets, net of allowance for credit losses33,59733,690
Market risk benefit assets4,3034,753
Accrued investment income1,1701,122

Item 1. Financial Statements

FAQ

What is Lincoln National's deferred acquisition costs, value of business acquired and deferred sales inducements?
Lincoln National (LNC) reported deferred acquisition costs, value of business acquired and deferred sales inducements of $12.89B in Q1 2026.
How has Lincoln National's deferred acquisition costs, value of business acquired and deferred sales inducements changed year-over-year?
Lincoln National's deferred acquisition costs, value of business acquired and deferred sales inducements increased by 2.6% year-over-year, from $12.56B to $12.89B.
What is the long-term trend for Lincoln National's deferred acquisition costs, value of business acquired and deferred sales inducements?
Over 4 years (2020 to 2025), Lincoln National's deferred acquisition costs, value of business acquired and deferred sales inducements has grown at a 1.5% compound annual growth rate (CAGR), from $12.1B to $12.83B.
What does deferred acquisition costs, value of business acquired and deferred sales inducements mean?
Represents capitalized costs directly associated with the acquisition of new insurance contracts, such as commissions and underwriting expenses, which are amortized over the life of the policy. This metric is a critical indicator of long-term profitability and the efficiency of the company's sales and distribution efforts. High balances suggest significant recent growth in new business volume.

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