Lincoln National Corporation Q3 2025 Earnings Recap

Lincoln Financial delivered robust financial results in Q3 2025, marking its fifth consecutive quarter of year-over-year growth in adjusted operating income, driven by strategic execution across its four business segments.

Key Takeaways

• Annuities segment posted $4.5 billion in sales, achieving a 36% increase in fixed annuity sales year-over-year.
• Life Insurance and Group Protection divisions saw improved earnings due to operational efficiencies and healthy premium growth.
• Retirement Plan Services reported positive net flows and higher earnings, fueled by increased account balances.
• The annual assumption review yielded favorable adjustments, aligning underlying experience with future expectations.
• Enhanced operational efficiency and a strong capital position with well above the 20 percentage point RBC buffer solidify Lincoln's growth strategy.