Lincoln National Corporation reported its financial results for the second quarter and first half of 2025, revealing a net income of $699 million for the three months ended June 30, 2025, compared to $895 million for the same period in 2024. For the six months ended June 30, 2025, the company experienced a net loss of $23 million, a significant decline from the $2.116 billion net income reported in the prior year. Total revenues for the second quarter were $4.044 billion, a slight increase from $4.527 billion in the same quarter of 2024, while total revenues for the first half of 2025 were $8.735 billion, down from $9.269 billion in 2024.
The company noted several operational changes, including a strategic stock sale to Bain Capital Prairie, LLC, which raised $825 million through the issuance of approximately 18.8 million shares at $44.00 per share. This capital is expected to support Lincoln's strategic priorities, including enhancing its portfolio management and optimizing its legacy life portfolio. Additionally, Lincoln National entered into two reinsurance agreements with Fortitude Re, which are expected to impact its future liabilities and capital management.
In terms of operational metrics, Lincoln National's total assets increased to $399.065 billion as of June 30, 2025, up from $390.831 billion at the end of 2024. The company reported a total policyholder account balance of $129.209 billion, reflecting a modest increase from $126.197 billion at the end of the previous year. The company’s employee headcount remained stable, with no significant changes reported in staffing levels.
The filing also highlighted the impact of market conditions on the company's financial performance. Lincoln National experienced a loss in net annuity product features in 2025 compared to a gain in 2024, primarily due to unfavorable capital market conditions. The company reported a decrease in investment income, which was partially offset by lower losses on fixed maturity available-for-sale securities. Looking ahead, Lincoln National anticipates that ongoing market volatility and interest rate fluctuations will continue to influence its financial results, with management emphasizing the importance of maintaining adequate liquidity and capital to navigate these challenges.
About LINCOLN NATIONAL CORP
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