Lincoln National Corporation
Description
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates in four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders. The Annuities segment offers variable, fixed, and registered index-linked annuities. The Group Protection segment offers group non-medical insurance products consisting of short and long-term disability and statutory disability; paid family medical leave administration and absence management services; term life; dental and vision; and accident, critical illness, and hospital indemnity benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace; individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and various plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.
About
CEO
Ms. Ellen R. Gail Cooper C.F.A., F.S.A.
Employees
11,024
Instrument type
Common Stock
Sector
Financial Services
Industry
Insurance - Life
MIC code
XNYS
Address
150 North Radnor-Chester Road, Radnor, PA 19087, United States
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Oscillators
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Summary
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Moving Averages
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Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Oct 29, 2025 | — | — | — | — |
| Jul 30, 2025 | — | — | — | — |
| May 8, 2025 | — | — | — | — |
| Apr 30, 2025 | — | — | — | — |
Earnings estimate
|
Next Quarter
(Mar 2025)
|
Next Year
(Dec 2025)
|
|||
|---|---|---|---|---|
| Number of analysts | — | 9 | — | 12 |
| Average estimate | — | 1.63 | — | 7.68 |
| Low estimate | — | 1.47 | — | 7.50 |
| High estimate | — | 1.81 | — | 7.91 |
| Last year EPS | — | 0.41 | — | 6.57 |
[stock_revenue_estimate]
Growth estimates
Current qtr
20.320%
Next qtr. (Mar 2025)
298.450%
Current year
25.830%
Next year (Dec 2025)
16.880%
Next 5 years (per annum)
—
Past 5 years (per annum)
—
Income statement
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total reported revenue | 11.71B | 18.93B | 17.61B | 17.58B | 17.26B |
| Cost of revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating expense | |||||
| Research & development | — | — | — | — | — |
| Selling general and admin | 2.39B | 2.24B | 2.25B | 2.07B | 2.21B |
| Other operating expenses | -1.70B | -2.61B | -3.43B | 532.00M | 410.00M |
| Operating income | — | — | — | — | — |
| Non operating interest income | |||||
| Income | — | — | — | — | — |
| Expense | 331.00M | 283.00M | 270.00M | 284.00M | 326.00M |
| Other income expense | 938.00M | 765.00M | 815.00M | 699.00M | 31.00M |
| Pretax income | -1.15B | 1.73B | 4.64B | 423.00M | 919.00M |
| Tax provision | -396.00M | 367.00M | 865.00M | -76.00M | 33.00M |
| Net income | -752.00M | 1.36B | 3.78B | 499.00M | 886.00M |
| Basic EPS | -4.92 | 7.93 | 7.93 | 2.59 | 4.51 |
| Diluted EPS | -4.92 | 7.78 | 7.43 | 2.56 | 4.38 |
| Basic average shares | 169.60M | 171.03M | 177.19M | 192.33M | 196.67M |
| Diluted average shares | 169.60M | 171.03M | 177.19M | 192.33M | 196.67M |
| EBITDA | — | — | — | — | — |
| Net income from continuing op. | -752.00M | 1.36B | 3.78B | 499.00M | 886.00M |
| Minority interests | — | — | — | — | — |
| Preferred stock dividends | — | — | — | — | — |
Balance sheet
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | — | — | — | — | — |
| Current assets | |||||
| Cash | — | — | — | — | — |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 3.37B | 3.34B | 2.61B | 1.71B | 2.56B |
| Other short term investments | 19.63B | 99.74B | 118.71B | 123.04B | 105.20B |
| Accounts receivable | 29.84B | 19.95B | 20.30B | 16.98B | 17.61B |
| Other receivables | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| Prepaid assets | — | — | — | — | — |
| Restricted cash | — | — | — | — | — |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | — | — | — | — | — |
| Non current assets | |||||
| Properties | — | — | — | — | — |
| Land and improvements | — | — | — | — | — |
| Machinery furniture equipment | — | — | — | — | — |
| Construction in progress | — | — | — | — | — |
| Leases | — | — | — | — | — |
| Accumulated depreciation | — | — | — | — | — |
| Goodwill | 2.29B | 2.29B | 3.56B | 3.56B | 3.56B |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | — | — | — | — | — |
| Investments and advances | 91.40B | 103.66B | 123.55B | 127.67B | 109.98B |
| Other non current assets | — | — | — | — | — |
| Total liabilities | — | — | — | — | — |
| Current liabilities | |||||
| Accounts payable | — | — | — | — | — |
| Accrued expenses | — | — | — | — | — |
| Short term debt | 250.00M | 500.00M | 550.00M | 250.00M | 550.00M |
| Deferred revenue | — | — | — | — | — |
| Tax payable | — | — | — | — | — |
| Pensions | — | — | — | — | — |
| Other current liabilities | — | — | — | — | — |
| Non current liabilities | |||||
| Long term debt | 5.87B | 6.13B | 6.10B | 6.41B | 5.66B |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | — | — | — | — | — |
| Derivative product liabilities | -172.00M | -177.00M | -21.00M | 417.00M | 487.00M |
| Other non current liabilities | — | — | — | — | — |
| Shareholders equity | |||||
| Common stock | 4.61B | 4.54B | 4.74B | 5.08B | 5.16B |
| Retained earnings | 4.78B | 5.92B | 9.58B | 8.69B | 8.85B |
| Other shareholders equity | -3.48B | -6.35B | 6.44B | 8.93B | 5.67B |
| Total shareholders equity | 6.89B | 5.10B | 20.75B | 22.70B | 19.69B |
| Additional paid in capital | — | — | — | — | — |
| Treasury stock | — | — | — | — | — |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | 1992 | 1991 | 1990 | 1989 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||||||||||||||||||||||||||||
| Net Income | -752.00M | 1.36B | 3.78B | 499.00M | 886.00M | 1.64B | 2.08B | 1.19B | 1.15B | 1.52B | 1.24B | 1.31B | 221.00M | 902.00M | -485.00M | 57.00M | 1.22B | 1.32B | 831.00M | -707.01M | 511.94M | 91.59M | 590.21M | 621.39M | 460.35M | 509.78M | 22.20M | 513.56M | 482.19M | 349.90M | 415.30M | 362.90M | 208.40M | 191.50M | 268.80M |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Deferred Taxes | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -59.60M | -96.50M | — | — | — | — |
| Stock-Based Compensation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 35.00M | 47.00M | 53.00M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Non-Cash Items | -2.31B | -2.71B | -4.28B | 394.00M | 394.00M | 80.00M | 77.00M | 232.00M | 35.00M | 548.00M | -191.00M | -37.00M | -88.00M | -159.00M | 265.00M | 84.00M | -1.07B | -337.00M | 780.00M | 2.82B | 1.83B | -221.69B | 81.08B | 316.29B | -266.12M | 1.01B | -1.41B | -1.76B | -1.39B | 1.97B | 288.00M | 591.30M | 1.53B | 1.34B | 1.89B |
| Accounts Receivable | — | -54.00M | -93.00M | -21.00M | 105.00M | -87.00M | 34.00M | -54.00M | 97.00M | -53.00M | -40.00M | 28.00M | -73.00M | -14.00M | 128.00M | 69.00M | 21.00M | 49.00M | 113.00M | 96.51M | -666.26M | 187.13M | 63.93M | -37.08M | -14.80M | 3.15M | 79.64M | -77.38M | -450.86M | -765.19M | 189.70M | 134.00M | 82.40M | -258.60M | -57.00M |
| Accounts Payable | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 82.00M | 117.00M | -470.85M | 1.20B | -361.43M | 627.60M | 1.14B | 1.36B | 1.86B | 1.18B | 1.35B | 1.90B | — | — | — | — | — | — |
| Other Assets & Liabilities | — | -530.00M | 232.00M | -98.00M | -134.00M | 718.00M | 128.00M | 226.00M | -252.00M | -9.00M | 300.00M | 9.00M | 59.00M | 665.00M | -466.00M | 991.00M | 2.13B | 1.44B | 150.00M | -470.85M | 1.20B | -334.66M | 498.28M | 1.14B | 1.04B | 979.30M | 1.15B | 1.20B | 1.39B | — | — | — | — | — | — |
| Operating Cash Flow | -3.06B | -1.94B | -362.00M | 774.00M | 1.25B | 2.35B | 2.32B | 1.60B | 1.03B | 2.00B | 1.31B | 1.31B | 119.00M | 1.39B | -558.00M | 1.24B | 2.34B | 2.60B | 1.99B | 1.27B | 4.06B | -222.11B | 82.86B | 319.15B | 2.58B | 4.36B | 1.02B | 1.23B | 1.94B | 1.50B | 796.50M | 1.09B | 1.82B | 1.28B | 2.10B |
| Investing Activities | |||||||||||||||||||||||||||||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -195.00M | — | — | — | -2.29B | -11.80M | -71.60M | -737.00M | — | — | -49.90M | -64.20M | -66.10M | -71.20M |
| Net Intangibles | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Acquisitions | — | — | — | — | — | -1.42B | — | — | 75.00M | — | — | — | — | 321.00M | 327.00M | 648.00M | 64.00M | -1.83B | 14.00M | 173.56M | — | -195.00M | 2.04B | 85.00M | -501.47M | -2.29B | 2.64B | -71.59M | -550.07M | 417.37M | — | — | — | — | — |
| Purchase of Investments | -11.76B | -15.48B | -17.67B | -17.16B | -15.76B | -12.96B | -10.51B | -11.42B | -9.75B | -9.01B | -13.42B | -13.51B | -13.98B | -16.64B | -17.79B | -10.31B | -14.87B | -10.52B | -6.88B | -11.26B | -15.32B | -15.51B | -12.95B | -6.83B | -8.96B | -14.70B | -12.87B | -15.61B | -17.14B | -15.23B | -17.15B | -17.51B | -14.83B | -11.30B | -14.41B |
| Sale of Investments | 9.79B | 8.20B | 12.27B | 6.95B | 13.51B | 9.85B | 7.68B | 8.56B | 5.94B | 6.57B | 9.76B | 9.38B | 9.92B | 11.01B | 11.49B | 9.78B | 13.14B | 10.00B | 7.55B | 11.44B | 15.43B | 12.70B | 10.37B | 7.62B | 8.30B | 13.13B | 13.64B | 15.30B | 16.41B | 13.21B | 14.68B | 15.10B | 12.92B | 10.58B | 11.70B |
| Investing Cash Flow | -2.54B | -11.40B | -2.45B | -8.89B | -2.43B | -3.99B | -3.37B | -2.55B | -3.24B | -1.45B | -4.71B | -3.86B | -2.13B | -5.63B | -7.85B | 2.57B | -1.96B | -2.27B | 635.00M | -1.05B | -2.05B | -3.46B | 1.42B | 991.84M | -1.14B | -3.98B | 3.77B | -472.36M | -1.43B | -1.52B | -2.29B | -2.15B | -3.35B | -1.93B | -2.33B |
| Financing Activities | |||||||||||||||||||||||||||||||||||
| Long-Term Debt Issuance | 86.00M | 482.00M | 159.00M | 1.40B | 851.00M | 1.18B | 62.00M | 480.00M | 345.00M | 83.00M | 393.00M | 300.00M | 298.00M | 749.00M | 788.00M | 450.00M | 1.42B | 2.05B | — | 243.77M | 145.28M | 248.99M | 249.22M | — | — | 299.20M | 1.12M | 2.08M | 197.79M | 199.38M | 2.48B | 204.00M | 400,000 | 11.30M | 1.00M |
| Long-Term Debt Payments | -628.00M | -370.00M | -59.00M | -1.14B | -391.00M | -537.00M | — | -600.00M | -250.00M | -500.00M | — | -320.00M | -525.00M | -405.00M | -522.00M | -300.00M | -658.00M | -742.00M | -241.00M | -126.62M | -204.99M | — | -99.97M | — | -476,000 | -99.98M | -116.94M | -35.07M | -14.18M | -184.71M | -1.51B | -32.90M | -11.30M | -11.60M | -98.70M |
| Other Financing Charges | 6.37B | 8.55B | 6.01B | 8.43B | 8.82B | 5.14B | 3.19B | 3.18B | 2.17B | 2.04B | 2.20B | 2.91B | 3.58B | 2.82B | 3.60B | 1.09B | 338.00M | -2.56B | -692.00M | 316.03M | 1.43B | 2.19B | 1.40B | -2.31B | -1.33B | -1.36B | -1.72B | -1.03B | 7.75M | 815.33M | 970.50M | 2.12B | 1.52B | 1.46B | -97.70M |
| Financing Cash Flow | 5.44B | 8.78B | 4.69B | 8.10B | 8.42B | 4.60B | 2.26B | 1.94B | 1.16B | 802.00M | 2.01B | 2.31B | 2.62B | 3.46B | 4.22B | 431.00M | 49.00M | -3.21B | -1.19B | -106.64M | 1.03B | 1.62B | 682.15M | -2.86B | -1.73B | -916.74M | -2.23B | -1.52B | 38.33M | 594.29M | 1.95B | 1.92B | 1.74B | 1.17B | -117.20M |
| Other Cash Details | |||||||||||||||||||||||||||||||||||
| End Cash Position | 3.37B | 3.34B | 2.61B | 1.71B | 2.56B | 2.35B | 1.63B | 2.72B | 3.15B | 3.92B | 2.36B | 4.23B | 4.51B | 2.74B | 4.18B | 5.93B | 1.67B | 1.62B | 2.31B | 1.66B | 1.71B | 1.69B | 3.10B | 1.93B | 1.90B | 2.43B | 3.79B | 1.14B | 1.57B | 1.04B | — | — | — | — | — |
| Income Tax Paid | — | — | 1.00M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Interest Paid | 344.00M | 269.00M | 277.00M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Free Cash Flow | -2.07B | 3.61B | -217.00M | 534.00M | -2.69B | 1.94B | 788.00M | 1.27B | 2.24B | 2.53B | 799.00M | 1.27B | 1.28B | 1.72B | 937.00M | 1.26B | 1.96B | 3.05B | 1.21B | 1.11B | 1.04B | 294.56M | 1.25B | 1.99B | 2.33B | 1.25B | 1.10B | 1.30B | 1.18B | 1.19B | 1.01B | 820.60M | 1.29B | 920.70M | 1.94B |
Top Institutional Holders
| Holder | Date Reported | Shares | Value | % Held |
|---|---|---|---|---|
| iShares Core S&P Smallcap ETF | Nov 30, 2024 | 8,547,054 | 287.95M | 5.02% |
| Vanguard Total Stock Market Index Fund | Sep 30, 2024 | 5,440,943 | 183.31M | 3.19% |
| Vanguard Small-Cap Index Fund | Sep 30, 2024 | 4,261,554 | 143.57M | 2.50% |
| Vanguard Small Cap Value Index Fund | Sep 30, 2024 | 2,884,135 | 97.17M | 1.69% |
| MFS Series Trust XI-MFS Mid Cap Value Fund | Sep 30, 2024 | 2,798,815 | 94.29M | 1.64% |
| Vanguard Extended Market Index Fund | Sep 30, 2024 | 2,520,182 | 84.90M | 1.48% |
| iShares S&P Smallcap 600 Value ETF | Nov 30, 2024 | 1,743,434 | 58.74M | 1.02% |
| SPDR Portfolio S&P 600 Small Cap ETF | Nov 30, 2024 | 1,555,723 | 52.41M | 0.91% |
| Vanguard Tax Managed Fund-Small Cap Fund | Sep 30, 2024 | 1,180,091 | 39.76M | 0.69% |
| SPDR (R) Ser Tr-SPDR S&P 600 Small Cap Value ETF | Nov 30, 2024 | 981,951 | 33.08M | 0.58% |
Article
Lincoln National Q4 Earnings Beat on Strong Group Protection Unit
LNC's Q4 results benefit from strong insurance premiums in the Annuities unit and new business growth in the Group Protection segment, partly offset by escalating benefits expense.
Feb 7, 2025
Article
AM Best Revises Outlooks to Stable for Lincoln National Corporation and Most of Its Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlooks of the Long-Term Issuer Credit Ratings (Long-Term ICR) to stable from negative and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of The Lincoln National Life Insurance Company and its wholly owned subsidiary, Lincoln Life & Annuity Company of New York (Syracuse, NY). These companies are the key life and annuity insurance subsidiaries of Lincoln National Corporation (LN.
Feb 7, 2025
Article
Lincoln National (LNC) Q4 2024 Earnings Call Transcript
Lincoln National Corporation (NYSE:LNC ) Q4 2024 Earnings Conference Call February 6, 2025 8:00 AM ET Company Participants Ellen Cooper - President, Chief Executive Officer Christopher Neczypor - Executive Vice President, Chief Financial Officer Tina Madon - Senior Vice President, Head of Investor Relations Conference Call Participants Ryan Krueger - KBW Suneet Kamath - Jefferies Dan Bergman - TD Cowen Nick Annitto - Wells Fargo Operator Good morning and thank you for joining Lincoln Financial's 2024 fourth quarter and full year earnings conference call. At this time, all lines are in listen-only mode.
Feb 6, 2025
