Q4 2025 Lincoln National Corp Earnings Call Transcript
Key Points
- Lincoln National Corp (LNC) reported a 31% year-over-year increase in adjusted operating income for the fourth quarter, marking the highest level in four years.
- The company achieved its sixth consecutive quarter of year-over-year adjusted operating earnings growth, demonstrating strong performance across its business segments.
- Annuity sales were strong in 2025, with total volumes up 25%, driven by a diversified product mix and strategic market positioning.
- Group Protection segment delivered a record year with a 16% increase in full-year earnings, supported by premium growth and disciplined pricing.
- The company has made significant progress in optimizing its operating model, creating a more efficient and scalable organization with sustained expense discipline.
- The competitive landscape in the RILA market is intensifying, which may impact future sales growth in this segment.
- Variable annuity net outflows continued, reflecting ongoing challenges in retaining business amidst higher equity markets.
- Retirement Plan Services experienced net outflows of approximately $1 billion for the quarter, driven by participant withdrawals and plan terminations.
- The company anticipates sequential pressure on annuities earnings in the first quarter of 2026 due to fewer fee days and resetting of favorable mortality experience.
- Despite improvements, the Life Insurance segment still faces challenges in rebuilding sales momentum and optimizing free cash flow.
Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome you to the Lincoln Financial fourth-quarter 2025 earnings webcast. (Operator Instructions) I would now like to turn the conference over to John Muething, Head of Investor Relations. John, go ahead.
Good morning, everyone, and welcome to our fourth quarter earnings call. We appreciate your interest in Lincoln. Our quarterly earnings press release, earnings supplement and statistical supplement can all be found on the Investor Relations page of our website, www.lincolnfinancial.com.
These documents include reconciliations of the non-GAAP measures used on today's call, including adjusted income from operations and adjusted income from operations available to common stockholders or adjusted operating income to their most comparable GAAP measures.
Before we begin, I
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
