LINCOLN NATIONAL CORP (LNC) Form 8-K — Nov 5, 2026
Lincoln Financial reported Q3 2026 net income of $1.4 billion, or $6.77 per diluted share, versus $445 million ($2.12) a year ago, though the headline was inflated by non-economic market risk benefit marks. Adjusted operating income fell to $339 million ($1.72 per share) from $397 million ($2.04), hurt by a -$0.48 impact from the annual assumption review. The quarter showed capital-strength wins: holding company liquidity reached about $1.0 billion net of prefunding, the company resumed buybacks with $50 million of repurchases, and retired $437 million of preferred stock via tender offers after closing its Talcott reinsurance deal in October.
Key figures
- Eps
- 6.77
- Revenue
- 5481000000
- Net Income
- 1399000000
- Total Debt
- 6440000000
- Revenue Yoy
- 20.3% increase vs Q3 2025 ($4,555M)
- Total Assets
- 418695000000
- Cash Position
- Holding company available liquidity $1.067B ($1.004B net of prefunding), up ~$350M since year-end 2025
- Shares Outstanding
- 192.1 million basic end-of-period
- Rbc ratio
- >420%
- Share repurchases
- $50 million common stock repurchased; $437 million preferred stock retired via tender offers
- Unrealized afs loss
- $12.4 billion pre-tax vs $7.9 billion a year ago
- Book value per share
- $46.17 including AOCI; $80.63 adjusted
- Annuities net outflows
- $2.7 billion
- Total account balances
- $359 billion net of reinsurance
- Retirement net outflows
- $1.9 billion
- Assumption review impact
- -$0.47 per diluted share net income, -$0.48 adjusted operating EPS
- Adjusted operating income
- $339M ($1.72 per diluted share), down from $397M ($2.04) in Q3 2025
- Annuities operating income
- $294M ($304M ex-assumption review)
- Life insurance operating income
- $105M ($130M ex-review, up $76M YoY)
- Group protection operating income
- $46M (margin 3.3% vs 11.0% prior year; 5.5% ex-review)
- Retirement plan services operating income
- $55M, up 20% YoY
AI analysis
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