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Lincoln National Corporation (LNC) investor relations material
Lincoln National Corporation Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Adjusted operating income rose 32% year over year to $427M, marking the fourth consecutive quarter of growth and reflecting strategic repositioning and operational efficiency.
Net income for Q2 2025 was $688M–$699M, down from the prior year, impacted by capital market volatility and one-time items.
Group Protection achieved record earnings, up 33% year over year, with a margin of 12.5%.
Closed partnership transaction with Bain Capital, raising $825M to support strategic priorities and capital position.
Life Insurance returned to positive operating income of $32M, supported by improved mortality and investment income.
Financial highlights
Q2 2025 adjusted operating income was $427M ($2.36 per diluted share), up from $324M in Q2 2024.
Net income per diluted share was $3.80–$3.88; revenues were $4.04B, down from $5.15B in Q2 2024.
Group Protection delivered record operating earnings of $173M, up 33% year over year, with a margin of 12.5%.
Life Insurance sales rose 15% year over year; Group Protection sales grew 16% year over year.
Stockholders' equity rose to $9.55B; book value per share (excluding AOCI) was $67.95.
Outlook and guidance
Group Protection margin for 2025 expected to be broadly in line with 2024, with a projected 9%+ margin for the year.
Free cash flow conversion guidance of 45–60% for 2026 remains intact, with potential to exceed as Bain capital is deployed.
Management expects to deploy new capital toward growth in spread-based earnings and legacy life portfolio optimization.
Anticipates positive net flows in Retirement Plan Services in the third quarter, supported by a strong sales pipeline.
Ongoing focus on maintaining an RBC ratio above 400% and improving operational efficiency.
Explain the drivers behind Group Protection's margin increase.
How did alternative investments impact Life Insurance?
Detail Annuities' product mix shift.
Group margin expansion beyond 2025?
Excess capital deployment timeline?
RPS net flows positive in Q3?
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Next Lincoln National Corporation earnings date
Q3 202530 Oct, 2025
Next Lincoln National Corporation earnings date
Q3 202530 Oct, 2025
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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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