Lincoln Financial Group Reports Strong 2025 Q4 Results on Life Insurance and Annuities
Lincoln Financial Group Releases 2025 Financial Results
Lincoln Financial Group (NYSE: LNC) has announced its financial results for the fourth quarter and the fiscal year ending December 31, 2025. Ellen Cooper, Chairman, President, and CEO, highlighted improvements across all business areas, driven by prudent capital management and enhanced operational efficiencies. The company's performance underscores its strategic positioning within the industry, focusing on regulatory compliance requirements and leveraging competitive strengths.
The life insurance segment reported significant earnings growth due to favorable mortality rates and increased investment returns. Concurrently, the group protection segment achieved premium growth across all offerings, supported by robust customer retention and strategic pricing. Annuities and retirement plan services also saw earnings enhancements, bolstered by record-high account balances.
Cooper stated, "Substantial strides have been made in solidifying our firm's foundation, focusing on our strategic priorities and leveraging our competitive strengths."
Financial Highlights
In the fourth quarter, net income was recorded at $754 million, a decrease from $1,686 million the previous year, while the full-year net income reached $1,177 million, down from $3,275 million in 2024. Adjusted operating income for the fourth quarter increased to $445 million from $343 million in 2024, with annual figures rising from $1,315 million to $1,628 million. The book value per share, excluding accumulated other comprehensive income (AOCI), rose to $73.10 from $72.06 at the previous year-end.
Segment Performance
The annuities segment posted a 7% increase in operating revenues for the fourth quarter, supported by a 25% growth in total annual sales. The life insurance segment witnessed a 3.1% rise in annual operating revenues, with sales expanding by 50%. The group protection segment's annual operating revenues increased by 6.7%, though sales experienced a slight decline of 0.6%. Retirement Plan Services saw a 2.4% increase in annual operating revenues, with deposits growing by 13%.
Capital and Liquidity
At year-end, the company's available liquidity at the holding company level stood at $1,055 million. The RBC ratio remained robust, exceeding 420%, reflecting solid capitalization and risk management strategies. Overall, Lincoln Financial Group demonstrated resilience, with strategic focus areas fostering improved results and setting a path for consistent performance in future periods.
For detailed financial information and insights, the company's fourth-quarter statistical supplement and earnings supplement are accessible through its investor relations website. Lincoln will further discuss these results with the investment community in a webcast on February 12, 2026.
[Source: Lincoln Financial Group Press Release]