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Lincoln National Corporation
NYSE: LNC Financials Insurance 🔎 Screen
🏹 Trader: 🚀 Stage 2 + Near High 📈 Stage 2 🎯 Near 52W High | BRS 76 Ready View all →
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$8.0B
Market Cap
7.6
P/E
0.44
PEG
5.6%
ROCE
12.3%
ROE
0.65
D/E
5.8%
OPM
-6.7%
% from 52W High
73
α RS
🔍 LNC is showing a near-52W-high setup because it's within 6.7% of its 52-week high, it matches 2 of 39 tracked screener presets, and RS Rating is 73. Net: Broad signal stack, not a recommendation. ? 52W High Conviction RS Rating
Sources
6.7% from 52W high · Conviction 2/39 · RS Rating 73
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🌏 Global Investor Returns
Currency-adjusted total returns for LNC including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders. Its Annuities segment offers variable, fixed, and registered index-linked annuities. The Group Protection segment offers group nonmedical insurance products consisting of short and long-term disability and administration services, statutory disability; paid family medical leave administration and absence management services; term life; life; supplemental health insurance; accident, critical illness, and hospital indemnity benefits and dental and vision products to the employer marketplace through various forms of employee-paid and employer-paid plans. Its Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace; individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and various plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. It distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, financial institutions, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding LNC
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 207.8K $7.4M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED Lincoln Financial reports 16% adjusted operating income growth in Q1 2026
Revenue & Profitability
Adjusted operating income available to common stockholders was $326 million, or $1.66 per diluted share. Net loss available to common stockholders was $211 million, or $1.10 per share, driven by negative market risk benefits from lower equity markets. Segment operating income: Group Protection $112 million, Annuities $275 million (adjusted for NII reallocation and tax items, underlying earnings modestly improved year-over-year), Retirement Plan Services $43 million, Life Insurance $41 million. Holding company liquidity net of prefunding was $805 million, and the leverage ratio improved to 25%.
Outlook
Management expects growth trajectory to continue, although not linear, due to market volatility and mortality variability. They anticipate Group Protection premium growth of 3%-6% over the medium term. The annuities business faces headwinds from traditional variable annuity outflows and lower starting account balances, but equity market recoveries may offset. The Retirement Plan Services realignment is in early stages, with a focus on disciplined growth and service excellence.
Growth Drivers
Key growth levers include Life Insurance sales (up over 30% year-over-year, driven by IUL, accumulation VUL, and executive benefits), Group Protection local market premium (up over 4%, strongest in nearly a decade) and supplemental health (up 28% year-over-year), and annuities spread-based products (FIA sales up 90% year-over-year, with fixed annuity account balances growing). The company is also focusing on expanding FIA and executive benefits.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Group Protection margin expanded 60 basis points year-over-year to 8%, driven by improved Group Life loss ratio (67% vs. 75% prior year). Retirement Plan Services base spreads expanded 13 basis points to 116 basis points. Expense discipline remains a priority, with G&A expenses of $589 million, up modestly year-over-year due to investments. The company sees opportunity for broader enterprise operating leverage through automation and digital capabilities.
Key Risks
Key risks highlighted include market volatility and equity market declines impacting fee income and variable annuity outflows. Disability business is normalizing from record low levels, with higher loss ratios from new paid family leave states and resolution severity. Mortality experience can vary quarter-to-quarter, although recent trends are favorable. Alternative investment returns may experience variability due to market conditions.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Second quarter results showed 3% year-over-year growth in adjusted operating income, with all business segments advancing their strategies. A major reinsurance deal and capital actions enhanced flexibility, while favorable mortality and disciplined pricing supported strong segment performance.
Q1 2026 Q1 2026 2026-05-07
Adjusted operating income grew 16% year-over-year, driven by strong segment performance, disciplined capital management, and ongoing digital investments. Group Protection, Life, and Retirement Plan Services all posted significant gains, while annuities shifted toward higher-quality, less market-sensitive products.
Q4 2025 Q4 2025 2026-02-12
Adjusted operating income rose 31% year-over-year in Q4, with all segments contributing to growth and a strong shift toward capital efficiency and diversification. Group Protection and annuities led performance, while Life Insurance rebounded. Free cash flow and capital levels support higher future shareholder returns.
Q3 2025 Q3 2025 2025-10-30
Delivered strong Q3 results with fifth consecutive quarter of adjusted operating income growth, robust segment performance, and continued capital strength. Group Protection and annuities led earnings, while disciplined expense and capital management support a positive outlook.
Q2 2025 Q2 2025 2025-07-31
Adjusted operating income grew 32% year-over-year, with all segments posting double-digit sales growth and group protection achieving record earnings and margin. Strategic capital deployment and product diversification are driving sustainable, higher-margin growth, while strong sales pipelines and disciplined execution support a positive outlook.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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