- Annuities: Operating income was $311 million, an increase of 3% year-over-year. Total annuity sales reached $4.9 billion, up 33% from the prior year.
- Retirement Plan Services: Operating income was $46 million. Total deposits increased by 13% compared to the fourth quarter of 2024.
- Life Insurance: Operating income was $77 million. Sales for the segment reached $204 million.
- Group Protection: Operating income was $109 million, compared to $107 million in the prior year. Insurance premiums increased by 8% year-over-year.
Financial Trends
Full Year Results Context
For the full year 2025, Lincoln National reported total revenue of $18.43 billion. Adjusted operating income for the year was $1.54 billion, representing a 23% increase from the $1.25 billion reported for the full year 2024. The results indicate a directional trend of expansion across the company’s primary insurance and retirement segments.
Business & Operations Update
The company appointed Nilanjan Adhya as Executive Vice President and Chief AI, Data, and Analytics Officer. John Muething was named Head of Investor Relations. Operational developments included the launch of two new variable universal life insurance products focused on death benefit protection.
M&A or Strategic Moves
Lincoln National focused on internal leadership restructuring and product line expansions during the period. No new large-scale mergers or acquisitions were announced in the fourth quarter disclosure. The company prioritized its capital management strategy and the growth of its Registered Index-Linked Annuity portfolio.
Guidance & Outlook
The company issued commentary regarding the conversion of adjusted operating income into free cash flow. Management indicated they are tracking toward medium-term financial targets. Items to watch include the performance of the Group Protection margin and the impact of newly launched life insurance products on total sales volume.
Performance Summary
Lincoln National stock rose 4.83% following the announcement of fourth quarter results. The company reported a quarterly net profit of $745 million on revenue of $4.92 billion. Segment performance included a 33% increase in annuity sales and an 8% rise in group protection premiums. The results conclude the 2025 fiscal year with growth in adjusted operating income.