**Lincoln National Corporation Navigates Market Volatility in 2025**
Lincoln National Corporation (LNC), a holding company operating multiple insurance and retirement businesses, reported its financial results for the fiscal year 2025. The company, which sells wealth accumulation, wealth protection, group protection, and retirement income products, confirmed that it had filed all reports required by the Securities Exchange Act of 1934. As of February 12, 2026, the company had 190,090,406 shares of common stock outstanding.
The company's financial performance in 2025 reflected a complex interplay of market conditions and strategic initiatives. Net income for the year was $1.177 billion, compared to $3.275 billion in 2024. This decrease was primarily attributed to lower gains in net annuity product features, unfavorable changes in the fair value of reinsurance-related embedded derivatives, trading securities, and certain mortgage loans, as well as the absence of a gain on other non-financial assets that was present in the previous year due to the sale of the wealth management business. These negative impacts were partially offset by improvements in the Life Insurance segment's income from operations, a more favorable total loss ratio in the Group Protection segment, and growth in average account balances.
Operationally, Lincoln National continued to execute its strategic priorities. A significant development was the closing of a stock purchase agreement with Bain Capital, resulting in $825 million in proceeds. These funds are being deployed to support spread-based earnings growth, portfolio management, and optimization of the legacy life portfolio. The company also strategically managed its debt profile, issuing $500 million in fixed-rate senior notes and using the proceeds to extinguish existing long-term debt. Furthermore, LNC's insurance subsidiary, LNL, engaged in affiliate reinsurance transactions with Lincoln Pinehurst Reinsurance Company (Bermuda) Limited (LPINE) to manage its statutory capital position.
Looking ahead, Lincoln National plans to continue investing in its businesses, leveraging its partnership with Bain Capital, and maintaining a disciplined approach to capital allocation. The company also intends to focus on expense management to improve operational efficiency. These efforts are aimed at navigating the ongoing market volatility and positioning the company for sustainable, profitable growth.
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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