Group Protection was the largest of Lincoln National Corp’s 4 reported lines in fiscal 2025, at $24.40B — 34% of $72.75B.
| Segment | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2023 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Life Insurance | $19.72B | $23.60B | |||||||
| Annuities | — | $19.44B | |||||||
| Group Protection | $22.21B | $24.40B | |||||||
| Retirement Plan Services | $5.10B | $5.32B | |||||||
| Other Operations | — | — | |||||||
| Amortization Of Deferred Gain Arising From Reserve Changes On Business Sold Through Reinsurance, Pre-Tax | — | — | |||||||
| Amortization Of Dfel Associated With Benefit Ratio Unlocking, Pre-Tax | — | — | |||||||
| Excluded Realized Gain (Loss) | — | — | |||||||
| Excluded Realized Gain (Loss), Pre-Tax | — | — | |||||||
| Excluded Realized Gain (Loss) Pre-Tax | — | — | |||||||
| Total | $47.02B | $72.75B |
In fiscal 2025, which ended December 31, 2025, the 4 segments Lincoln National Corp reported in this breakdown added up to $72.75B. The segments reported changed from fiscal 2023, so the total is not directly comparable with the $47.02B reported that year. Group Protection was the largest segment, at $24.40B or 33.5% of the total, followed by Life Insurance ($23.60B, 32.4%) and Annuities ($19.44B, 26.7%). Together, the two largest segments made up 66.0% of this total.
Compared with fiscal 2023, the latest earlier year reported, Life Insurance grew the fastest, rising 19.7% to $23.60B. Every sizeable segment reported in both years grew. Because segments were added or dropped between the two years, part of this reflects how Lincoln National Corp regrouped its reporting.
The table also keeps 6 segments that Lincoln National Corp no longer reports, so earlier years can still be read on their original basis; use "Show 6 discontinued" beneath the table to see them. This breakdown covers 9 fiscal years between 2012 and 2025, as reported in Lincoln National Corp's annual filings.
As Previously Reported was the largest of Lincoln National Corp’s 2 reported lines in fiscal 2022, at $19.19B — 100% of $19.12B.
| Revision of Prior Period | FY 2021 | FY 2021 | FY 2021 | FY 2022 | FY 2022 | FY 2022 |
|---|---|---|---|---|---|---|
| As Previously Reported | $5.62B | $5.59B | $5.58B | $18.75B | $5.99B | $19.19B |
| Restatement Impacts | -$24.00M | $24.00M | — | -$52.00M | — | -$68.00M |
| Total | $5.60B | $5.62B | $5.58B | $18.70B | $5.99B | $19.12B |
In fiscal 2022, which ended September 30, 2022, the 2 revenue lines Lincoln National Corp reported in this breakdown added up to $19.12B. The revenue lines reported changed from fiscal 2022, so the total is not directly comparable with the $5.99B reported that year. As Previously Reported was the largest revenue line, at $19.19B or 100.4% of the total.
Figures are shown as reported, so the total is net of Restatement Impacts, which was -$68.00M in fiscal 2022. This breakdown covers 6 fiscal years between 2021 and 2022, as reported in Lincoln National Corp's annual filings.
Fixed Maturity Afs Securities was the largest of Lincoln National Corp’s 7 reported lines in fiscal 2021, at $17.40B — 79% of $22.10B.
| Investment Type | FY 2015 | FY 2017 | FY 2019 | FY 2021 |
|---|---|---|---|---|
| Fixed Maturity Afs Securities | $17.12B | $17.40B | ||
| Mortgage Loans On Real Estate | $2.52B | $2.72B | ||
| Trading Securities | $764.00M | $668.00M | ||
| Commercial Mortgage Loan Prepayment & Bond Makewhole Premiums | $476.00M | $796.00M | ||
| Policy Loans | $516.00M | $460.00M | ||
| Alternative Investments | $88.00M | — | ||
| Invested Cash | $160.00M | — | ||
| Other Investments | $120.00M | — | ||
| Equity Afs Securities | — | — | ||
| Consent Fees | $32.00M | $40.00M | ||
| Equity Securities | $16.00M | $12.00M | ||
| Real Estate | $4.00M | — | ||
| Total | $21.82B | $22.10B |
In fiscal 2021, which ended December 31, 2021, the 7 revenue lines Lincoln National Corp reported in this breakdown added up to $22.10B. The revenue lines reported changed from fiscal 2019, so the total is not directly comparable with the $21.82B reported that year. Fixed Maturity Afs Securities was the largest revenue line, at $17.40B or 78.8% of the total, followed by Mortgage Loans On Real Estate ($2.72B, 12.3%) and Commercial Mortgage Loan Prepayment & Bond Makewhole Premiums ($796.00M, 3.6%). Together, the two largest revenue lines made up 91.1% of this total.
Compared with fiscal 2019, the latest earlier year reported, Commercial Mortgage Loan Prepayment & Bond Makewhole Premiums grew the fastest, rising 67.2% to $796.00M. Trading Securities fell the most, down 12.6% to $668.00M. Because revenue lines were added or dropped between the two years, part of this reflects how Lincoln National Corp regrouped its reporting.
The table also keeps 5 revenue lines that Lincoln National Corp no longer reports, so earlier years can still be read on their original basis; use "Show 5 discontinued" beneath the table to see them. This breakdown covers 4 fiscal years between 2015 and 2021, as reported in Lincoln National Corp's annual filings.
Lincoln National Corp (LNC) breaks its revenue down by segment and revenue line. In fiscal 2025, its largest segment was Group Protection, with $24.40B or 33.5% of the total, followed by Life Insurance at $23.60B (32.4%).
Group Protection was Lincoln National Corp's largest segment in fiscal 2025, with $24.40B in revenue, 33.5% of the $72.75B reported across its 4 segments.
As Previously Reported was Lincoln National Corp's largest revenue line in fiscal 2022, with $19.19B in revenue, 100.4% of the $19.12B reported across its 2 revenue lines.
Every figure is taken from Lincoln National Corp's annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by segment covers fiscal 2012 to 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.