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Lincoln National Corporation (LNC) investor relations material
Lincoln National Corporation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved fifth consecutive quarter of year-over-year growth in adjusted operating income, with Q3 2025 net income of $411 million ($2.12 per diluted share) and adjusted operating income of $397 million ($2.04 per share), reflecting strong execution and broad-based business momentum.
Strategic focus on risk-adjusted return on capital, operational efficiency, and profitable growth is yielding measurable benefits, supported by robust sales and higher account balances across all segments.
Transformation initiatives and disciplined capital and expense management are reshaping the company into a more agile, scalable, and growth-focused enterprise.
The annual assumption review had a $50 million unfavorable impact on net income and a $2 million favorable impact on adjusted operating income.
Completed a $825 million equity issuance to Bain Capital, representing 9.9% of outstanding shares, to support strategic priorities.
Financial highlights
Q3 2025 net income available to common stockholders was $411 million, up from a net loss of $562 million in Q3 2024; adjusted operating income was $397 million, up from $358 million in Q3 2024.
Revenues for Q3 2025 were $4.56 billion, up from $4.11 billion in Q3 2024; net investment income was $1.54 billion, up from $1.42 billion.
Record annuity account balances of $174 billion, up 5% year-over-year.
Book value per share, excluding AOCI, was $69.66, and adjusted book value per share was $74.23 at quarter-end.
Stockholders' equity increased to $10.45 billion from $8.27 billion at year-end 2024.
Outlook and guidance
Management remains focused on capital flexibility, profitability, and operational efficiencies to drive long-term shareholder value.
Expect full-year Group Protection margin in the mid to upper 8% range, about 50 basis points higher year-over-year.
Anticipate some normalization in disability loss ratios, but positive trends in supplemental health and repricing should offset margin pressures.
Fourth quarter expenses expected to rise sequentially due to higher variable compensation and strategic investments, but full-year expenses to remain flat year-over-year.
Management expects to deploy new capital toward growing spread-based earnings, portfolio management, and optimizing the legacy life portfolio.
Annual assumption review's Q3 net income impact?
Impact of reinsurance embedded derivatives?
Adjusted BVPS trend and drivers
Detail legacy life block optimization plans.
Group Protection 2025 margin outlook?
Private credit growth strategy and asset quality?
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Next Lincoln National Corporation earnings date
Q4 20255 Feb, 2026
Next Lincoln National Corporation earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Lincoln National Corporation is a holding company. The Company operates through three segments: Individual Life, Group and Retirement. The Individual Life segment principally sells individual life and the Scottish Provident Life Assurance companies' annuity products. The Group segment primarily offers property and casualty insurance in the United States, Ireland and England through its subsidiaries: Lincoln National Casualty Company (Lincoln Casualty), Lincoln General Insurance Company (Lincoln General), London Market Excess of Loss Reinsurance Ltd. (LMXR), The Stacey Corporation (Stacey Corporation) and NW Insurance Company (NW Insurance).
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