RADNOR, PA — Lincoln Financial Group (NYSE: LNC) reported strong third-quarter 2025 results, posting $411 million in net income available to common stockholders, or $2.12 per diluted share. Adjusted operating income reached $397 million, or $2.04 per diluted share, reflecting solid performance across all business segments.
Ellen Cooper, Lincoln Financial’s chairman, president, and CEO, said the quarter reflected “broad-based momentum across Lincoln as we advance our strategic priorities.” She noted that annuities posted year-over-year earnings growth driven by higher account balances and improved spread income, while life insurance results were supported by stable mortality and operational efficiencies. Group Protection and Retirement Plan Services also saw steady gains, benefiting from premium growth and favorable market conditions.
Annuities reported operating income of $318 million, up 6% from the prior year, with sales of $4.5 billion—a 32% increase. Life Insurance delivered $54 million in operating income, more than tripling from the year-ago quarter, while sales surged to $298 million. Group Protection generated $110 million in operating income, matching last year’s result but on higher premiums and continued disciplined growth. Retirement Plan Services added $46 million in operating income, a 5% increase year over year, with total deposits up 20% and net inflows of $800 million.
Companywide, sales were described as “robust and well-balanced,” with each line of business meeting strategic targets. Cooper said Lincoln remains focused on “maintaining capital flexibility, increasing profitability, and leveraging operational efficiencies” to drive long-term shareholder value.
Lincoln Financial reported book value per share excluding accumulated other comprehensive income (AOCI) of $69.66 and adjusted book value per share of $74.23 at the end of the quarter. The company’s risk-based capital ratio exceeded 420%, and available liquidity stood at $461 million.
Headquartered in Radnor, Pennsylvania, Lincoln Financial serves approximately 17 million customers across its four core businesses: annuities, life insurance, group protection, and retirement plan services.
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