Lincoln National Corporation Q3 2026 Earnings Recap

Lincoln shares fell 5.9% after earnings, with Group Protection’s lower earnings and moderating margins likely weighing on investors despite growth elsewhere. The quarter’s adjusted operating income also benefited in part from very strong alternative investment returns, while the company has not yet provided details here on its next phase of objectives.

Key Takeaways

• Adjusted operating income, excluding the annual assumption review, rose 10% year over year, supported in part by alternative investment returns.
• Growth in Life Insurance and Retirement Plan Services offset lower earnings in Group Protection; management also described Group Protection margins as moderating.
• Lincoln said it substantially achieved the financial targets in its three-year outlook and has delivered the large majority of its commitments.
• Following the Talcott transaction’s October 1 close and the Fortitude Re transaction, roughly 60% of guaranteed universal life reserves have been transferred to reinsurance partners.
• The company retired more than 40% of its preferred stock through tender offers, funded the remainder about a year ahead of the first call date, and resumed share repurchases this quarter.