Lincoln National reported Q3 2025 earnings, posting a net income of $411 million, or $2.12 per diluted share, and an adjusted operating income of $397 million, or $2.04 per diluted share. Total revenue for the quarter was $4.55 billion, below the consensus estimate of $4.80 billion but in line with the company’s historical revenue trend.
The annuity segment generated operating income of $318 million, up from $290 million in the prior quarter, while the group protection segment produced $110 million in operating income, a slight increase from $101 million. Life insurance reported operating income of $54 million, reversing a $16 million loss in Q2 2025. Retirement plan services earned $46 million, and other operations recorded a modest operating loss of $84 million, reflecting ongoing restructuring and cost‑control initiatives.
Lincoln National’s risk‑based capital ratio remained well above its target, exceeding 420%. The company maintained $466 million in available liquidity and reported a narrowing of net unrealized losses in available‑for‑sale securities by $1.4 billion year‑over‑year as of June 30 2025.
CEO Ellen Cooper highlighted the company’s focus on advancing strategic priorities, capital flexibility, and operational efficiencies. She noted that the earnings beat was driven by strong performance in the annuity and group protection segments and that the company remains committed to delivering long‑term value to policyholders.
The results marked the fifth consecutive quarter of year‑over‑year growth in adjusted operating income, underscoring Lincoln National’s consistent performance. While revenue fell short of expectations, the earnings beat and robust segment results demonstrate the company’s resilience amid a competitive insurance and retirement landscape.
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