Lincoln National Corporation (LNC) 10-Year Financial Performance & Capital Metrics

LNC • • Insurance & Managed Care

Financial ServicesLife InsuranceDiversified Life & Health InsurersUS Diversified Insurers

AboutLincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers fixed, variable, and indexed variable annuities. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace. This segment offers individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and a range of plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The Life Insurance segment provides life insurance products, including term insurance, such as single and survivorship versions of universal life insurance; variable universal life insurance; indexed universal life insurance products; and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products comprising short and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is based in Radnor, Pennsylvania.Show more

Revenue $17.99B +53.6%
Combined Ratio 77.64% -29.3%
Net Income $3.27B +535.5%
Return on Equity 43.2% +444.5%
Medical Cost Ratio 74.45% -25.2%
Operating Margin 22.36% +328.1%
Net Margin 18.21% +383.5%
ROA 0.86% +503.3%
Equity / Assets 2.12% +14.3%
Book Value per Share 47.58 +17.0%
Tangible BV/Share 35.37 +4.3%
Debt/Equity 0.77 -13.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 77.6% combined ratio
✓Strong 5Y profit CAGR of 29.9%
✓Healthy dividend yield of 4.3%
✓Trading at only 0.9x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.84%

5Y0.84%

3Y0.72%

TTM35.46%

Profit (Net Income) CAGR

10Y8.01%

5Y29.88%

3Y-4.65%

TTM495.76%

EPS CAGR

10Y12.5%

5Y33.26%

3Y35.32%

TTM690.78%

ROCE

10Y Avg3.2%

5Y Avg0.52%

3Y Avg0.42%

Latest1.1%

Peer Comparison

US Diversified Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLGlobe Life Inc.	11.13B	139.82	11.71	6.07%	19.36%	20.22%	11.96%	0.52
AFLAflac Incorporated	57.45B	109.61	11.38	1.52%	23.21%	14.53%	4.71%	0.29
CNOCNO Financial Group, Inc.	4.01B	42.10	11.26	7.21%	6.64%	11.29%	15.64%	1.81
LNCLincoln National Corporation	7.89B	41.52	2.26	53.61%	11.43%	20.18%		0.77

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	13.57B	13.33B	14.26B	16.42B	17.25B	17.58B	17.61B	18.93B	11.71B	17.99B
Revenue Growth %	-0%	-0.02%	0.07%	0.15%	0.05%	0.02%	0%	0.08%	-0.38%	0.54%
Medical Costs & Claims+	9.83B	9.51B	9.82B	11.72B	13.15B	14.12B	13.71B	16.5B	11.66B	13.39B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	3.74B	3.82B	4.43B	4.7B	4.11B	3.46B	3.9B	2.43B	50M	4.6B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.13%	0.02%	0.16%	0.06%	-0.13%	-0.16%	0.13%	-0.38%	-0.98%	90.92%
Operating Expenses+	2.31B	2.36B	3.3B	2.81B	3.19B	3.04B	-743M	709M	1.2B	574M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	4M	4M	4M	9M	26M	37M	50M	65M	44M	96M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.43B	1.46B	1.13B	1.89B	919M	423M	4.64B	1.73B	-1.15B	4.02B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.28%	0.02%	-0.22%	0.67%	-0.51%	-0.54%	9.98%	-0.63%	-1.67%	4.5%
EBITDA+	1.43B	1.46B	1.13B	1.89B	945M	460M	4.69B	1.79B	-1.1B	4.12B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	272M	331M	253M	297M	326M	284M	270M	283M	331M	336M
Non-Operating Income	-272M	-331M	-253M	-297M	-326M	-284M	-270M	-283M	-331M	-336M
Pretax Income+	1.43B	1.46B	1.13B	1.89B	919M	423M	4.64B	1.73B	-1.15B	4.02B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	276M	266M	-949M	244M	33M	-76M	865M	367M	-396M	747M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.15B	1.19B	2.08B	1.64B	886M	499M	3.78B	1.36B	-752M	3.27B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.24%	0.03%	0.74%	-0.21%	-0.46%	-0.44%	6.57%	-0.64%	-1.55%	5.36%
EPS (Diluted)+	4.51	5.03	9.22	7.47	4.38	2.57	7.43	7.78	-4.92	18.41
EPS Growth %	-0.2%	0.12%	0.83%	-0.19%	-0.41%	-0.41%	1.89%	0.05%	-1.63%	4.74%
EPS (Basic)	4.60	5.09	9.36	7.60	4.42	2.58	20.16	7.94	-4.92	18.66
Diluted Shares Outstanding	254.94M	236.83M	226.22M	219.55M	202.11M	194.47M	189.1M	172.7M	169.56M	173.8M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	251.94B	261.63B	281.76B	298.15B	334.76B	365.95B	387.3B	334.22B	372.41B	390.83B
Asset Growth %	-0.01%	0.04%	0.08%	0.06%	0.12%	0.09%	0.06%	-0.14%	0.11%	0.05%
Total Investment Assets+	173.45B	180.69B	191.79B	190.1B	215.18B	153.96B	242.29B	131.65B	124.33B	9.68B
Long-Term Investments	87.65B	91.2B	96.71B	96.07B	109.98B	127.67B	123.55B	103.66B	91.4B	-11.24B
Short-Term Investments	85.8B	89.49B	95.09B	94.02B	105.2B	123.04B	118.75B	99.74B	88.74B	20.92B
Total Current Assets+	106.42B	110.5B	115.8B	118.68B	125.37B	0	142.23B	122.96B	0	55.47B
Cash & Equivalents	3.15B	2.72B	1.63B	2.35B	2.56B	1.71B	2.61B	3.34B	3.37B	5.8B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	11.48B	12.6B	13.78B	3.99B	6.99B	-141.73B	7.99B	7.44B	-121.95B	0
Goodwill & Intangibles+	2.42B	2.42B	1.52B	2.55B	2.41B	1.78B	2.34B	2.05B	1.14B	2.12B
Goodwill	2.27B	2.27B	1.37B	1.78B	1.78B	1.78B	1.78B	1.14B	1.14B	1.14B
Intangible Assets	144M	148M	152M	771M	633M	0	560M	904M	0	977M
PP&E (Net)	-2.08B	-1.84B	-1.07B	-1.19B	233M	0	147M	140M	0	0
Other Assets	55.59B	57.65B	67.89B	81.61B	-505M	-129.45B	-4.98B	-3.79B	-92.55B	344.48B
Total Liabilities	238.32B	247.15B	264.44B	283.8B	315.07B	343.25B	367.03B	329.12B	365.52B	382.56B
Total Debt+	5.58B	5.34B	5.34B	5.84B	6.37B	6.66B	6.63B	6.46B	6.12B	6.36B
Net Debt	2.44B	2.62B	3.72B	3.49B	3.8B	4.95B	4.01B	3.11B	2.76B	554M
Long-Term Debt	5.58B	5.34B	4.89B	5.84B	6.07B	6.41B	7.15B	5.96B	5.87B	6.05B
Short-Term Debt	0	0	450M	0	300M	250M	300M	500M	250M	300M
Total Current Liabilities+	232.74B	241.8B	259.55B	277.96B	300M	0	300M	750M	0	17.21B
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-4.66B	-5B	-4.87B	-4.8B	-5.08B	-6.47B	-8.95B	-6.46B	-8.36B	6.89B
Deferred Taxes	-1000K	-1000K	-1000K	-1000K	-1000K	0	1000K	-1000K	0	0
Other Liabilities	-98M	-24M	-4.89B	277.96B	0	-6.41B	360.4B	-8.44B	-11.77B	352.57B
Total Equity+	13.62B	14.48B	17.32B	14.35B	19.69B	22.7B	20.27B	5.1B	6.89B	8.27B
Equity Growth %	-0.13%	0.06%	0.2%	-0.17%	0.37%	0.15%	-0.11%	-0.75%	0.35%	0.2%
Shareholders Equity	13.62B	14.48B	17.32B	14.35B	19.69B	22.7B	20.27B	5.1B	6.89B	8.27B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	6.47B	7.04B	8.4B	8.55B	8.85B	8.69B	9.1B	5.92B	4.78B	7.64B
Common Stock	6.3B	5.87B	5.69B	5.39B	5.16B	5.08B	4.74B	4.54B	4.61B	4.67B
Accumulated OCI	845M	1.57B	3.23B	407M	5.67B	8.93B	6.44B	-6.35B	-3.48B	-5.04B
Return on Equity (ROE)	0.08%	0.08%	0.13%	0.1%	0.05%	0.02%	0.18%	0.11%	-0.13%	0.43%
Return on Assets (ROA)	0%	0%	0.01%	0.01%	0%	0%	0.01%	0%	-0%	0.01%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.41x	0.37x	0.31x	0.41x	0.32x	0.29x	0.33x	1.27x	0.89x	0.77x
Book Value per Share	53.41	61.13	76.57	65.36	97.42	116.73	107.20	29.54	40.65	47.58
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.24B	1.27B	788M	1.94B	-2.69B	534M	-217M	3.61B	-2.07B	-2.01B
Operating CF Growth %	-0.11%	-0.43%	-0.38%	1.47%	-2.38%	1.2%	-1.41%	17.63%	-1.57%	0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.15B	1.19B	2.08B	1.64B	886M	499M	3.78B	1.36B	-752M	3.27B
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	332M	739M	1.27B	-179M	-1.51B	907M	-3.41B	-2.88B	2.04B	-3.61B
Working Capital Changes	757M	-659M	-2.56B	481M	-2.07B	-872M	-583M	5.13B	-3.37B	-1.67B
Cash from Investing+	-4.22B	-3.67B	-4.19B	-5.82B	-5.5B	-9.48B	-3.58B	-11.65B	-3.33B	821M
Capital Expenditures	0	0	0	-1.82B	0	0	0	0	0	0
Acquisitions	75M	0	0	-1.42B	0	0	0	0	0	619M
Purchase of Investments	-9.75B	-11.41B	-10.51B	-12.96B	-15.76B	-17.16B	-17.67B	-15.48B	-11.76B	-12.83B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-481M	-812M	-1.36B	-1.28B	-3.25B	725M	1.82B	-4.37B	-1.37B	1.27B
Cash from Financing+	1.21B	1.97B	2.31B	4.59B	8.4B	8.09B	4.71B	8.77B	5.43B	3.62B
Dividends Paid	-204M	-238M	-262M	-289M	-303M	-311M	-319M	-310M	-387M	-398M
Share Repurchases	-900M	-879M	-725M	-900M	-550M	-275M	-1.1B	-550M	0	0
Stock Issued	0	0	0	0	0	0	0	0	0	0
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Other Financing	2.22B	3.21B	3.23B	5.13B	8.8B	8.42B	6.03B	8.53B	6.36B	3.88B
Net Change in Cash+	-773M	-424M	-1.09B	717M	218M	-855M	904M	731M	22M	2.44B
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	3.92B	3.15B	2.72B	1.63B	2.35B	2.56B	1.71B	2.61B	3.34B	3.37B
Cash at End	3.15B	2.72B	1.63B	2.35B	2.56B	1.71B	2.61B	3.34B	3.37B	5.8B
Free Cash Flow+	2.24B	1.27B	788M	1.94B	-2.69B	534M	-217M	3.61B	-2.07B	-2.01B
FCF Growth %	-0.11%	-0.43%	-0.38%	1.47%	-2.38%	1.2%	-1.41%	17.63%	-1.57%	0.03%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	8.8	5.37	3.48	8.85	-13.29	2.75	-1.15	20.9	-12.23	-11.55

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	89.46%	89.06%	92.07%	88.52%	94.67%	97.59%	73.63%	90.89%	109.8%	77.64%
Medical Cost Ratio	72.45%	71.37%	68.91%	71.4%	76.21%	80.32%	77.85%	87.14%	99.57%	74.45%
Return on Equity (ROE)	7.86%	8.49%	13.08%	10.36%	5.21%	2.35%	17.58%	10.7%	-12.54%	43.2%
Return on Assets (ROA)	0.46%	0.46%	0.77%	0.57%	0.28%	0.14%	1%	0.38%	-0.21%	0.86%
Equity / Assets	5.4%	5.53%	6.15%	4.81%	5.88%	6.2%	5.23%	1.53%	1.85%	2.12%
Book Value / Share	53.41	61.13	76.57	65.36	97.42	116.73	107.2	29.54	40.65	47.58
Debt / Equity	0.41x	0.37x	0.31x	0.41x	0.32x	0.29x	0.33x	1.27x	0.89x	0.77x
Revenue Growth	-0.18%	-1.74%	6.95%	15.16%	5.1%	1.88%	0.15%	7.52%	-38.13%	53.61%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Life	-	-	-	6.92B	7.44B	7.52B	8.14B	7.16B	1.16B	6.29B
Life Growth	-	-	-	-	7.45%	1.05%	8.26%	-12.06%	-83.76%	441.14%
Group Protection	-	-	-	3.76B	4.59B	4.79B	5B	5.3B	5.01B	5.72B
Group Protection Growth	-	-	-	-	22.12%	4.47%	4.24%	6.14%	-5.45%	14.02%
Annuities	-	-	-	4.38B	4.6B	4.46B	5B	4.77B	-1.58B	4.9B
Annuities Growth	-	-	-	-	4.95%	-3.15%	12.28%	-4.56%	-133.18%	409.09%
Retirement Plan Services	1.1B	1.1B	1.17B	1.18B	1.2B	1.21B	1.32B	1.27B	-	1.32B
Retirement Plan Services Growth	-	0.18%	5.62%	1.12%	1.87%	1.08%	9.15%	-3.85%	-	-
Other Operations	-	-	-	235M	220M	185M	180M	159M	-920M	-
Other Operations Growth	-	-	-	-	-6.38%	-15.91%	-2.70%	-11.67%	-678.62%	-
Amortization Of Dfel Associated With Benefit Ratio Unlocking Pre Tax	-2M	1M	3M	-5M	6M	-	-	-	-	-
Amortization Of Dfel Associated With Benefit Ratio Unlocking Pre Tax Growth	-	150.00%	200.00%	-266.67%	220.00%	-	-	-	-	-
Excluded Realized Gain Loss Pre Tax Reconciling Item	-329M	-518M	-336M	-46M	-794M	-	-	-	-	-
Excluded Realized Gain Loss Pre Tax Reconciling Item Growth	-	-57.45%	35.14%	86.31%	-1626.09%	-	-	-	-	-
Amortization Of Deferred Gain Arising From Reserve Changes On Business Sold Through Reinsurance Pre Tax	3M	3M	1M	-	-	-	-	-	-	-
Amortization Of Deferred Gain Arising From Reserve Changes On Business Sold Through Reinsurance Pre Tax Growth	-	0.00%	-66.67%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Lincoln National Corporation (LNC) has a price-to-earnings (P/E) ratio of 2.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Lincoln National Corporation (LNC) grew revenue by 53.6% over the past year. This is strong growth.

Yes, Lincoln National Corporation (LNC) is profitable, generating $2.11B in net income for fiscal year 2024 (18.2% net margin).

Dividend & Returns

Yes, Lincoln National Corporation (LNC) pays a dividend with a yield of 4.25%. This makes it attractive for income-focused investors.

Lincoln National Corporation (LNC) has a return on equity (ROE) of 43.2%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Lincoln National Corporation (LNC) has a combined ratio of 77.6%. A ratio below 100% indicates underwriting profitability.

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