RADNOR, PA — Lincoln Financial (NYSE: LNC) reported fourth-quarter net income available to common stockholders of $745 million, or $3.80 per diluted share, and full-year 2025 results reflecting growth across its business segments, the company announced.
Adjusted operating income available to common stockholders was $434 million, or $2.21 per diluted share, for the fourth quarter. The company said the difference between net income and adjusted operating income was primarily due to non-economic impacts from changes in market risk benefits.
Chairman, President and Chief Executive Officer Ellen Cooper said results reflected broad-based performance. “Fourth-quarter results reflected continued broad-based momentum and strong execution against our strategic priorities,” Cooper said. She added that Life Insurance saw “significant year-over-year earnings improvement driven by improved mortality and higher investment returns,” while other segments reported earnings growth supported by higher account balances.
Retail Solutions
Annuities generated operating income of $311 million in the quarter, up 3% from the prior-year period. Total sales reached $4.9 billion, a 33% increase year over year, with spread-based products accounting for nearly two-thirds of sales. Ending account balances, net of reinsurance, were $175 billion, a record high.
Life Insurance reported operating income of $77 million, compared with a $15 million loss in the prior-year quarter. Sales totaled $142 million, up 19% year over year. Average account balances increased 10% to $49 billion.
Workplace Solutions
Group Protection recorded operating income of $109 million, up 2% from the prior year. Insurance premiums increased 8% to $1.4 billion, while sales declined 16% compared with a record fourth quarter in 2024. The operating margin was 7.9%, and the total loss ratio rose to 71.4%.
Retirement Plan Services reported operating income of $46 million, up 7% year over year. Total deposits increased 13% to $3.9 billion, with first-year sales rising 32% to $1.7 billion. Average account balances grew 9% to $124 billion, supported by equity markets.
Capital and Liquidity
Holding company available liquidity increased to $655 million at year-end, net of prefunding amounts. Net unrealized losses on available-for-sale securities totaled $7.9 billion pre-tax as of December 31, 2025, compared with $10.3 billion a year earlier, reflecting lower Treasury rates.
Cooper said the company has focused on strengthening its foundation and aligning products with strategic objectives. “We are focused on products and segments aligned with our strategic and financial objectives, leveraging franchise strengths and competitive advantages,” she said.
Additional financial details are available in the company’s fourth-quarter 2025 earnings materials at http://www.lincolnfinancial.com/investor.
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