LINCOLN NATIONAL CORP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
LNC$42.98+7.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(in millions, except share data)
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Investments: | ||
| Fixed maturity available-for-sale securities, at fair value | ||
| (amortized cost: 2025 - $101,462; 2024 - $97,415; allowance for credit losses: 2025 - $110; 2024 - $46) | $93,448 | $87,111 |
| Trading securities | 1,676 | 2,025 |
| Equity securities | 636 | 294 |
| Mortgage loans on real estate, net of allowance for credit losses | ||
| (portion at fair value: 2025 - $199; 2024 - $232) | 22,472 | 21,083 |
| Policy loans | 2,626 | 2,476 |
| Derivative investments | 9,945 | 9,677 |
| Other investments | 8,105 | 7,252 |
| Total investments | 138,908 | 129,918 |
| Cash and invested cash | 9,502 | 5,801 |
| Deferred acquisition costs, value of business acquired and deferred sales inducements | 12,827 | 12,537 |
| Reinsurance recoverables, net of allowance for credit losses | 28,012 | 28,750 |
| Deposit assets, net of allowance for credit losses | 33,690 | 30,776 |
| Market risk benefit assets | 4,753 | 4,860 |
| Accrued investment income | 1,122 | 1,108 |
| Goodwill | 1,144 | 1,144 |
| Other assets | 7,154 | 7,499 |
| Separate account assets | 180,092 | 168,438 |
| Total assets | $417,204 | $390,831 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Liabilities | ||
| Policyholder account balances | $136,245 | $126,197 |
| Future contract benefits | 42,077 | 39,807 |
| Funds withheld reinsurance liabilities | 17,922 | 16,907 |
| Market risk benefit liabilities | 1,118 | 1,046 |
| Deferred front-end loads | 7,586 | 6,730 |
| Payables for collateral on investments | 7,954 | 10,020 |
| Short-term debt | 400 | 300 |
| Long-term debt | 5,866 | 5,856 |
| Other liabilities | 7,038 | 7,261 |
| Separate account liabilities | 180,092 | 168,438 |
| Total liabilities | 406,298 | 382,562 |
| Contingencies and Commitments (See Note 17) | ||
| Stockholders’ Equity | ||
| Preferred stock – 10,000,000 shares authorized: | ||
| Series C preferred stock – 20,000 shares authorized, issued and outstanding | ||
| as of December 31, 2025 and 2024 | 493 | 493 |
| Series D preferred stock – 20,000 shares authorized, issued and outstanding | ||
| as of December 31, 2025 and 2024 | 493 | 493 |
| Common stock – 800,000,000 shares authorized; 190,051,477 and 170,380,646 shares | ||
| issued and outstanding as of December 31, 2025 and 2024, respectively | 5,592 | 4,674 |
| Retained earnings | 8,386 | 7,645 |
| Accumulated other comprehensive income (loss) | (4,058) | (5,036) |
| Total stockholders’ equity | 10,906 | 8,269 |
| Total liabilities and stockholders’ equity | $417,204 | $390,831 |
See accompanying Notes to Consolidated Financial Statements
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