Lincoln Financial (NYSE: LNC) has reported its financial results for the fourth quarter and full year ended December 31, 2025. The company's fourth-quarter net income available to common stockholders was $745 million, or $3.80 per diluted share, while the fourth-quarter adjusted operating income available to common stockholders was $434 million, or $2.21 per diluted share.
In the annuities segment, operating income was $311 million, up 3% compared to the prior-year quarter. Annuities recorded $175 billion in ending account balances, net of reinsurance, a record high, and sales of $4.9 billion, up 33% year over year. Life insurance delivered operating income of $77 million, a $92 million increase from the prior-year quarter, with total sales of $142 million, up 19% compared to the prior-year quarter. Group protection delivered operating income of $109 million, compared to $107 million in the prior-year quarter, with premiums 8% higher year over year, and retirement plan services reported operating income of $46 million in the quarter, up 7% year over year.
For the full year 2025, net income per diluted share available to common stockholders was $5.83, compared to $18.41 in 2024. Adjusted income from operations per diluted share available to common stockholders was $8.23 for the full year 2025, down from $7.07 in 2024.
The company's holding company available liquidity increased to $655 million at year-end, net of prefunding amounts, compared to $463 million in the prior year. The book value per share, excluding accumulated other comprehensive income (AOCI), was $73.10, up from $67.95 in the prior year, and the adjusted book value per share was $76.33, up from $72.77 in the prior year.
In the annuities segment, total sales were $13.7 billion for the full year 2025, up 25% from the prior year, and net flows were $(5.2) billion, an improvement from $(6.5) billion in 2024. The average account balances, net of reinsurance, were $167.3 billion, up 4.5% from the prior year.
For the life insurance segment, total sales were $657 million for the full year 2025, a 50% increase from the prior year, and average account balances, net of reinsurance, were $46.5 billion, up 6.8% from the prior year.
In the group protection segment, total sales were $851 million, nearly flat compared to the prior year, and the total loss ratio was 71.4%, up from 69.5% in the prior year.
In the retirement plan services segment, total deposits were $16.7 billion for the full year 2025, up 13% from the prior year, and net flows were $(3.0) billion, an improvement from $(3.1) billion in 2024. The average account balances were $117.1 billion, up 8.1% from the prior year.
Today the company's shares have moved -1.49% to a price of $40.90. Check out the company's full 8-K submission here.
