**Lincoln National Corporation Reports Third Quarter 2025 Results**
Lincoln National Corporation (LNC) has released its financial results for the third quarter of 2025, showcasing a net income of $445 million, or $2.15 per basic share, a significant turnaround from a net loss of $528 million, or $3.29 per basic share, in the same period last year. Total revenues for the quarter reached $4.555 billion, compared to $4.111 billion in the third quarter of 2024. The company's consolidated balance sheet as of September 30, 2025, shows total assets of $415.275 billion and total liabilities of $404.823 billion. The number of outstanding shares of the registrant’s common stock as of October 24, 2025, was 189,939,050.
The company's performance was driven by several factors, including higher fee income due to increased average daily separate account balances. Net investment income also contributed positively, although it was partially offset by lower investment income within the surplus portfolio. The Annuities segment reported operating revenues of $1.270 billion and income from operations of $310 million. The Life Insurance segment reported operating revenues of $1.610 billion and income from operations of $25 million. The Group Protection segment reported operating revenues of $1.507 billion and income from operations of $149 million. The Retirement Plan Services segment reported operating revenues of $343 million and income from operations of $46 million.
Significant changes in the company's investment portfolio include a decrease in gross unrealized losses on fixed maturity available-for-sale (AFS) securities by $2.0 billion for the nine months ended September 30, 2025. The company also issued $500 million of 2.330% Senior Notes due 2030 and repaid $300 million of 3.35% Senior Notes due 2025. The company also repurchased $34 million of its 3.05% Senior Notes due 2030, $129 million of its 4.35% Senior Notes due 2048, $136 million of its 4.375% Senior Notes due 2050, $97 million of its Subordinated Notes due 2066, $97 million of its Subordinated Notes due 2067, $21 million of its Capital Securities due 2066 and $5 million of its Capital Securities due 2067.
Looking ahead, Lincoln National Corporation continues to focus on its strategic priorities, including growing spread-based earnings, advancing portfolio management efforts, and optimizing its legacy life portfolio. The company's capital allocation strategy remains focused on balancing reinvestment in the business, maintaining a strong capital position, and returning capital to shareholders. The company's management believes that its diversified business model and disciplined risk management approach will enable it to navigate the evolving market landscape and deliver long-term value to its stakeholders.
About LINCOLN NATIONAL CORP
Lincoln National Corporation is a diversified insurance and retirement services company offering annuities, life insurance, group protection, and retirement plan solutions. Its core business includes wealth accumulation, protection, and income products for individual and employer markets. The company distributes through financial intermediaries and emphasizes risk management, competitive product features, and strong financial ratings to serve a broad customer base across the U.S.
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