Lincoln Financial narrows net loss as adjusted operating income climbs 16%

Lincoln National (NYSE:LNC) reported improved underlying financial performance for the first quarter of 2026, as core earnings growth across its primary business lines helped narrow its GAAP net loss.

The Radnor-based insurer posted total revenue of $5.3 billion, a 13.1% increase compared to the first quarter of 2025.

The company reported a net loss available to common stockholders of $211 million, or $1.10 per diluted share, a substantial improvement from the $756 million loss recorded in the prior-year period.

The GAAP results primarily reflected non-economic market risk benefit movements.

On an adjusted basis, operating income available to common stockholders rose to $326 million, or $1.66 per diluted share, up from $280 million, or $1.60 per share, in the first quarter of 2025.

Elsewhere, Lincoln Financial saw a notable recovery in its Life Insurance segment, which swung to an operating profit of $41 million from a loss in the previous year.

The Group Protection and Retirement Plan Services segments also delivered strong momentum, with Retirement generating $43 million in operating income, a 26% year-over-year increase.

The company also maintained a solid capital buffer during the quarter.

Holding-company available liquidity reached $1.2 billion, or $805 million net of prefunding.

Lincoln’s Risk-Based Capital (RBC) ratio remained comfortably above the 420% threshold, while adjusted book value per share increased to $77.77.