Group Protection was Lincoln National’s largest segment in fiscal 2025, bringing in $24.40B of $72.75B (34%).
| 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 |
Lincoln National brought in $72.75B from its four segments in fiscal 2025, the year ended December 31, 2025. Lincoln National regrouped these segments after fiscal 2023, so the total does not compare directly with that year's $47.02B. Group Protection was the largest at $24.40B (33.5%), ahead of Life Insurance at $23.60B (32.4%) and Annuities at $19.44B (26.7%). The remaining segment, Retirement Plan Services, brought in $5.32B.
Compared with fiscal 2023, the previous year with figures, Life Insurance grew fastest, up 19.7% to $23.60B. Every segment above 2% of revenue grew.
As Previously Reported was Lincoln National’s largest revenue line in fiscal 2022, bringing in $19.19B of $19.12B (100%).
| 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 |
Lincoln National brought in $19.12B from its two revenue lines in fiscal 2022, the year ended September 30, 2022. Lincoln National regrouped these revenue lines after fiscal 2022, so the total does not compare directly with that year's $5.99B. As Previously Reported was the largest at $19.19B (100.4%).
The total is net of Restatement Impacts, which took $68.00M off revenue in fiscal 2022.
Fixed Maturity Afs Securities was Lincoln National’s largest revenue line in fiscal 2021, bringing in $17.40B of $22.10B (79%).
| 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 |
Lincoln National brought in $22.10B from its seven revenue lines in fiscal 2021, the year ended December 31, 2021. Lincoln National regrouped these revenue lines after fiscal 2019, so the total does not compare directly with that year's $21.82B. Fixed Maturity Afs Securities was the largest at $17.40B (78.8%), ahead of Mortgage Loans On Real Estate at $2.72B (12.3%) and Commercial Mortgage Loan Prepayment & Bond Makewhole Premiums at $796.00M (3.6%). The other four revenue lines brought in $1.18B combined.
Compared with fiscal 2019, the previous year with figures, Commercial Mortgage Loan Prepayment & Bond Makewhole Premiums grew fastest, up 67.2% to $796.00M, while Trading Securities fell the most, down 12.6% to $668.00M.
Lincoln National stopped reporting Invested Cash ($160.00M in fiscal 2019), Other Investments ($120.00M in fiscal 2019), Alternative Investments ($88.00M in fiscal 2019) and one other as separate revenue lines.
Lincoln National (LNC) reports its revenue by segment, by revision of prior period and by investment type. In fiscal 2025, Group Protection was its largest segment, bringing in $24.40B (33.5% of the total), followed by Life Insurance at $23.60B (32.4%).
Group Protection was Lincoln National's largest segment in fiscal 2025, bringing in $24.40B, or 33.5% of the $72.75B total across its four segments.
As Previously Reported was Lincoln National's largest revenue line in fiscal 2022, bringing in $19.19B, or 100.4% of the $19.12B total across its two revenue lines.
Every figure comes from Lincoln National's annual financial filings, as reported. Each line keeps the name Lincoln National gives it, and years follow its fiscal calendar.
Lincoln National's revenue by segment goes back to fiscal 2012, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.