LNC Lincoln National (LNC) Q1 FY26 earnings call
Lincoln National delivered strong Q1 FY26 results, demonstrating continued execution of its strategy to strengthen the balance sheet, optimize operations, and drive profitable growth. The company is pivoting its business mix towards more capital-efficient and less market-sensitive products, particularly in Annuities and Life Insurance, while maintaining a disciplined approach to pricing and capital deployment. Management remains confident in building a higher-quality earnings profile and durable value creation despite ongoing market volatility.
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LNC operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Net new assets Annuities | ~-$2.2BTotal net outflows for the quarter were approximately $2.2 billion, an increase from the prior year quarter, reflecting higher traditional variable annuity outflows, partially offset by continued positive net flows in spread-based products.Source: earnings call transcript | ~-$2.9BTotal net outflows were approximately $2.9 billion, driven by traditional variable annuities.Source: earnings call transcript | — |
| Net new assets Traditional variable annuity | ~-$2.6BTraditional variable annuity net outflows for the quarter were approximately $2.6 billion.Source: earnings call transcript | ~-$2.7BTraditional variable annuity net outflows were about $2.7 billion with the pace of outflows consistent with recent quarters and in line with our expectations.Source: earnings call transcript | — |
| Net new assets Retirement Plan Services | ~-$200MNet outflows for the quarter were approximately $200 million, a meaningful improvement from the prior year quarter.Source: earnings call transcript | ~-$2.4BNet outflows were approximately $2.4 billion in the quarter, driven by 3 large plan sponsor terminations, none of which met our profitability thresholds.Source: earnings call transcript | — |
| Leverage ratio | 25%Second, our leverage ratio improved further during the quarter to 25%, which is now at our long-term target.Source: earnings call transcript | ~25%Our estimated RBC ratio remains well above our 400% target and the 20-point buffer we hold on top of it, and we maintained our leverage ratio at roughly 25%, in line with our long-term target.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.