Lincoln Financial (LNC)
Sells annuities, life insurance and employer-sponsored benefits through independent advisors and workplace consultants.
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Provides annuities, life insurance, employer-sponsored group benefits and retirement-plan recordkeeping, distributed through independent advisors, brokers and workplace consultants across the United States. A large share of legacy universal-life, long-term-care and fixed-annuity risk has been reinsured to Bermuda-based affiliates as part of an ongoing effort to reduce sensitivity to markets and interest rates.
Operates as a life-insurance and retirement-services holding company founded in 1905, selling annuities, individual life insurance, employer-sponsored group benefits and retirement-plan recordkeeping.
Distribution runs mainly through independent financial advisors, brokers and workplace-benefits consultants, with business concentrated in the United States. Group Protection, built out through an acquired benefits book, is among the larger providers of employer-sponsored life, disability and dental coverage, and the Life Insurance lineup includes a hybrid product bundling long-term-care coverage (MoneyGuard) alongside standard universal and variable policies.
A large share of legacy universal-life, long-term-care and fixed-annuity reserves has been ceded to Bermuda-based reinsurance affiliates to reduce capital sensitivity to equity markets and interest rates, and ongoing capital adequacy is measured against state risk-based-capital targets that govern how much can be returned to shareholders.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 24, 2026 | National Bank | Target | Target: $47 | Target: $50 |
| Jul 30, 2026 | National Bank | Target | Target: $57 | Target: $47 |
| Jul 10, 2026 | National Bank | Target | Target: $51 | Target: $57 |
| Jul 9, 2026 | National Bank | Target | Target: $40 | Target: $51 |
| Jul 8, 2026 | UBS | Reiterate | Rating: —Target: $39 | Target: $44 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $52.32B · Total debt $6.87B · Total assets $429.80B · Shareholders' equity $11.35B
- Revenue
- $4.54B
- Operating income
- $1.64B
- Net income
- $1.33B
HistoryDividendAnnual yieldUpcoming
| Institutions | 86.85% | 166.28M shares | |
|---|---|---|---|
| 655 holders · as of Jun 30, 2026 | |||
| Insiders | 8.94% | 17.11M shares | |
| 18 holders · as of Aug 26, 2026 | |||
| Other | 4.21% | 8.06M shares | |
| remainder | |||
191.45M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Bain Capital Prairie, LLCInstitution | 9.80% | 18.76M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 9.70% | 18.56M | as of Jun 30, 2026 |
Dan HaganInsider | 7.84% | 15.00M | filed Jan 26, 2022 |
Vanguard Portfolio Management LLCInstitution | 5.45% | 10.43M | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 4.48% | 8.57M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Sean Woodroffe | officer: EVP, Ch Ppl Comms Ent Srvc Off | −11,000 | $45.28 |
| Aug 12, 2026 | Gary C. Kelly | director | −15,007 | $26.50 |
| Jun 5, 2026 | CraigT T. Beazer | officer: EVP & General Counsel | −30,000 | $34.45 |
| Mar 13, 2026 | Jennifer Charters | officer: EVP, Chief Information Officer | +300 | $32.61 |
| Mar 9, 2026 | Sean Woodroffe | officer: EVP, Ch Ppl Comms Ent Srvc Off | −8,000 | $32.74 |
- Prudential Financial
Broadest overlap — annuities, individual life, and group insurance all collide.
- MetLife
Largest single rival in group benefits, plus institutional retirement overlap.
- Equitable
RILA category leader — direct annuities rival, plus life and recordkeeping.
- Apollo Global Management
Athene, its retirement arm, is the top seller of fixed and indexed annuities.
- Voya
Leading DC recordkeeper and workplace-benefits rival in retirement and group.
- Unum Group
Group-disability leader — deepest single-segment rival in Group Protection.
- Principal Financial Group
Recordkeeping and group-benefits rival in retirement plans and workplace.
- Manulife Financial
John Hancock's U.S. life and retirement business overlaps two of four segments.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lincoln Financial | $41.01 | −1.61% | $7.98B | 3.5 | 5.0 | 0.4 | +21.2% |
| Prudential Financial | $117.67 | −0.73% | $41.13B | 10.7 | 8.3 | 0.6 | +2.8% |
| MetLife | $96.27 | −0.38% | $62.18B | 18.5 | 9.1 | 0.8 | +10.0% |
| Equitable | $52.83 | −1.93% | $14.70B | — | 6.5 | 1.4 | −29.8% |
| Apollo Global Management | $124.86 | −2.38% | $73.67B | 28.6 | 12.7 | 2.0 | +63.7% |
| Voya | $98.25 | −2.27% | $9.11B | 17.0 | 9.3 | 2.4 | +3.2% |
| Unum Group | $93.75 | +0.20% | $14.81B | 21.8 | 10.5 | 1.1 | −13.8% |
| Principal Financial Group | $114.07 | −2.06% | $24.94B | 16.6 | 11.4 | 1.6 | +8.9% |
| Manulife Financial | $44.28 | −0.68% | $74.40B | 17.0 | 13.9 | 1.8 | +22.6% |
| Median | 17.0 | 9.9 | 1.5 | +6.0% |