LINCOLN NATIONAL CORP
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
LNC$40.05+2.3%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets as of (Unaudited) and December 31,
CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
| As of | As of | |
|---|---|---|
| June 30, | December 31, | |
| 2025 | 2024 | |
| (Unaudited) | ||
| ASSETS | ||
| Investments: | ||
| Fixed maturity available-for-sale securities, at fair value | ||
| (amortized cost: 2025 - $98,529; 2024 - $97,415; allowance for credit losses: 2025 - $85; 2024 - $46) | $89,386 | $87,111 |
| Trading securities | 1,909 | 2,025 |
| Equity securities | 341 | 294 |
| Mortgage loans on real estate, net of allowance for credit losses | ||
| (portion at fair value: 2025 - $232; 2024 - $232) | 21,996 | 21,083 |
| Policy loans | 2,552 | 2,476 |
| Derivative investments | 8,349 | 9,677 |
| Other investments | 6,611 | 6,588 |
| Total investments | 131,144 | 129,254 |
| Cash and invested cash | 7,143 | 5,801 |
| Deferred acquisition costs, value of business acquired and deferred sales inducements | 12,604 | 12,537 |
| Reinsurance recoverables, net of allowance for credit losses | 28,440 | 28,750 |
| Deposit assets, net of allowance for credit losses | 31,754 | 30,776 |
| Market risk benefit assets | 4,577 | 4,860 |
| Accrued investment income | 1,136 | 1,108 |
| Goodwill | 1,144 | 1,144 |
| Other assets | 8,181 | 8,163 |
| Separate account assets | 172,942 | 168,438 |
| Total assets | $399,065 | $390,831 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Liabilities | ||
| Policyholder account balances | $129,209 | $126,197 |
| Future contract benefits | 41,053 | 39,807 |
| Funds withheld reinsurance liabilities | 16,700 | 16,907 |
| Market risk benefit liabilities | 1,205 | 1,046 |
| Deferred front-end loads | 7,119 | 6,730 |
| Payables for collateral on investments | 8,466 | 10,020 |
| Short-term debt | – | 300 |
| Long-term debt | 5,767 | 5,856 |
| Other liabilities | 7,056 | 7,261 |
| Separate account liabilities | 172,942 | 168,438 |
| Total liabilities | 389,517 | 382,562 |
| Contingencies and Commitments (See Note 14) | ||
| Stockholders’ Equity | ||
| Preferred stock – 10,000,000 shares authorized: | ||
| Series C preferred stock – 20,000 shares authorized, issued and outstanding | ||
| as of June 30, 2025, and December 31, 2024 | 493 | 493 |
| Series D preferred stock – 20,000 shares authorized, issued and outstanding | ||
| as of June 30, 2025, and December 31, 2024 | 493 | 493 |
| Common stock – 800,000,000 shares authorized; 189,570,904 and 170,380,646 shares | ||
| issued and outstanding as of June 30, 2025, and December 31, 2024, respectively | 5,545 | 4,674 |
| Retained earnings | 7,409 | 7,645 |
| Accumulated other comprehensive income (loss) | (4,392) | (5,036) |
| Total stockholders’ equity | 9,548 | 8,269 |
| Total liabilities and stockholders’ equity | $399,065 | $390,831 |
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