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Lincoln National LNC Direct market risk benefit (gain) loss

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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 lnc:DirectMarketRiskBenefitGainLoss.

The source filing: Lincoln National’s 10-K, filed February 19, 2026.

Filed
Feb 19, 2026, 5:22 PM EST
Fiscal year
FY2025
Accession
0000059558-26-000016
Line itemFor the Years Ended December 31, 2025For the Years Ended December 31, 2024For the Years Ended December 31, 2023
Direct insurance benefits$10,818$10,857$10,829
Reinsurance ceded (1)(2,858)(2,939)(4,691)
Total benefits$7,960$7,918$6,138
Direct market risk benefit (gain) loss$(350)$(2,818)$(2,309)
Reinsurance ceded(22)14145
Total market risk benefit (gain) loss$(372)$(2,677)$(2,264)
Direct policyholder liability remeasurement (gain) loss$(173)$86$(224)
Reinsurance ceded(18)(276)72

Item 8. Financial Statements and Supplementary Data

FAQ

What is Lincoln National's direct market risk benefit (gain) loss?
Lincoln National (LNC) reported direct market risk benefit (gain) loss of -$87.5M in Q4 2025.
How has Lincoln National's direct market risk benefit (gain) loss changed year-over-year?
Lincoln National's direct market risk benefit (gain) loss increased by 87.6% year-over-year, from -$704.5M to -$87.5M.
What is the long-term trend for Lincoln National's direct market risk benefit (gain) loss?
Over 4 years (2021 to 2025), Lincoln National's direct market risk benefit (gain) loss has grown at a -45.6% compound annual growth rate (CAGR), from -$4.01B to -$350M.
What does direct market risk benefit (gain) loss mean?
Captures the direct gains or losses resulting from changes in the fair value of market risk benefits associated with variable annuity or similar insurance products. It reflects the company's exposure to financial market fluctuations and the effectiveness of its hedging programs.

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