LNC Stock: Insider Activity, Filings & Research
Lincoln National Corporation (LNC) — Drillr’s hub for LNC insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, LNC insiders filed 1 open-market buy and 1 sale (SEC Form 4).
LNC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 26, 2026 | Rallis Andrewofficer: EVP, Chief Risk Officer | Tax | 32,281 | $36.03 |
| May 26, 2026 | Kennedy John Christopherofficer: EVP, Chief Dist. & Brand Off | Tax | 23,801 | $36.03 |
| May 26, 2026 | Woodroffe Seanofficer: EVP, Ch Ppl Comms Ent Srvc Off | Tax | 45,150 | $36.03 |
| Apr 2, 2026 | LACHMAN M LEANNEdirector | Grant | 1,268 | — |
| Apr 2, 2026 | CUNNINGHAM WILLIAM H DRdirector | Grant | 1,690 | — |
| Apr 2, 2026 | JOHNSON ERIC Gdirector | Grant | 1,268 | — |
| Apr 2, 2026 | Morris James Tdirector | Grant | 1,268 | — |
| Apr 2, 2026 | Ryan Owendirector | Grant | 1,268 | — |
| Apr 2, 2026 | LeFebvre Daledirector | Grant | 1,268 | — |
| Apr 2, 2026 | Davis Reginald Edirector | Grant | 1,268 | — |
| Apr 2, 2026 | KELLY GARY Cdirector | Grant | 1,268 | — |
| Apr 2, 2026 | Connelly Deirdre Pdirector | Grant | 1,268 | — |
| Mar 16, 2026 | Charters Jenniferofficer: EVP, Chief Information Officer | Buy | 300 | $32.61 |
| Mar 9, 2026 | Woodroffe Seanofficer: EVP, Ch Ppl Comms Ent Srvc Off | Sell | 8,000 | $32.74 |
| Mar 2, 2026 | Woodroffe Seanofficer: EVP, Ch Ppl Comms Ent Srvc Off | Sell | 10,000 | $34.46 |
Source: LNC SEC Form 4 filings, latest May 26, 2026. For informational purposes only — not investment advice.
Lincoln National Corporation company profile
Overview
Lincoln National Corporation (NYSE:LNC) is a major American financial services company founded in 1905 and headquartered in Radnor, Pennsylvania. The company has evolved from its origins as a life insurance provider into a diversified financial services organization operating multiple insurance and retirement businesses across the United States. Lincoln National went public in 1980 and has established itself as a significant player in the life insurance, annuities, retirement services, and group protection markets, serving millions of customers through a network of financial advisors, brokers, and other intermediaries.
Business
Lincoln National Corporation operates in the financial services sector, specifically focusing on insurance and retirement products. The company provides essential financial protection and wealth accumulation solutions to individuals and businesses across four main business segments. The Annuities segment offers various types of annuity products, which are financial contracts that provide guaranteed income streams, typically for retirement. This includes fixed annuities (guaranteed interest rates), variable annuities (investment-linked returns), and indexed variable annuities. Annuities serve as retirement income solutions, allowing customers to accumulate wealth during their working years and convert it to steady income during retirement. This segment represents approximately 65% of the company's operating income based on recent quarters. The Group Protection segment provides employer-sponsored insurance benefits to businesses and their employees. This includes short-term and long-term disability insurance, life insurance, dental and vision coverage, and absence management services. These products help employers provide comprehensive benefit packages while protecting employees against income loss due to illness, injury, or death. This segment has shown strong performance, contributing roughly 25% of operating income. The Retirement Plan Services segment focuses on workplace retirement plans, primarily serving the defined contribution market (like 401(k) plans). The company provides recordkeeping services, investment options through mutual funds and variable annuities, compliance testing, participant education, and trust services. This business helps employers manage their retirement benefit programs while helping employees save for retirement, representing about 10% of operating income. The Life Insurance segment offers individual life insurance products including term life, universal life, variable universal life, and indexed universal life insurance. These products provide death benefit protection and, in some cases, cash value accumulation. The segment also offers critical illness and long-term care riders. This segment has been undergoing strategic repositioning and currently represents a smaller portion of overall profitability.
Revenue model
Lincoln National generates revenue through multiple business models across its segments. The company primarily makes money through insurance premiums, investment management fees, spread income, and service fees. In the annuities business, Lincoln earns money through management fees charged on assets under management, surrender charges when customers withdraw funds early, and spread income (the difference between what they earn on invested premiums and what they credit to customer accounts). The shift toward spread-based products has been a key strategic focus, as these provide more stable and predictable earnings. The Group Protection segment operates on traditional insurance principles, collecting premiums from employer customers and paying out claims. Profitability depends on accurate underwriting, claims management, and maintaining favorable loss ratios. Recent performance has shown strong margin expansion reaching over 8% operating margins. Retirement Plan Services generates revenue through recordkeeping fees, asset-based management fees on plan investments, and various administrative service fees charged to plan sponsors and participants. This creates recurring revenue streams tied to both the number of participants and total assets under management. The Life Insurance segment earns through premium collections, policy fees, and investment spreads on reserves. However, this segment faces challenges from low interest rates affecting spread income and mortality experience impacting claims costs. Key factors affecting profitability include interest rate environments (higher rates generally benefit spread-based products), equity market performance (affects fee-based revenue and hedge costs), mortality and morbidity experience (claims costs), regulatory capital requirements, and competitive pricing pressure. The company has been working to reduce sensitivity to market volatility while optimizing its product mix toward more capital-efficient offerings.
Competitive moat
Lincoln National operates in a moderately competitive industry with several structural advantages, though its moat is not exceptionally deep. The company benefits from regulatory barriers to entry, as insurance businesses require substantial capital, regulatory approvals, and actuarial expertise that create natural barriers for new entrants. The company's distribution relationships with financial advisors, brokers, and consultants provide some competitive advantage, as these relationships take years to build and maintain. Lincoln's broad product portfolio allows it to serve as a comprehensive solution provider, making it more valuable to distribution partners than single-product competitors. Scale advantages exist in areas like technology infrastructure, compliance costs, and risk pooling, though these benefits are shared among other large incumbents. The company's expertise in complex actuarial modeling and risk management, particularly in variable annuities and group insurance, provides some differentiation. However, Lincoln faces significant competitive pressures. The annuities market includes numerous well-capitalized competitors, and the shift toward fee-based advisory models has reduced some traditional distribution advantages. Private equity-backed insurers have brought aggressive pricing and innovative capital structures. Additionally, technological disruption from fintech companies and robo-advisors threatens traditional distribution models, particularly in retirement services. The company's competitive position appears moderate rather than dominant. While regulatory barriers and relationships provide some protection, the commoditized nature of many insurance products and intense price competition limit pricing power. Lincoln's recent strategic initiatives, including the partnership with Bain Capital and focus on spread-based products, suggest management recognizes the need to strengthen competitive positioning through enhanced capital efficiency and product innovation.
Risks & safety
Lincoln National presents a mixed margin of safety profile with both strengths and concerns. **Overall Assessment:** Moderate financial stability with improving capital position but elevated leverage and earnings volatility. **Capital and Solvency:** - Risk-Based Capital (RBC) ratio above 420% (well above regulatory minimums) - Total debt-to-equity ratio of 0.72 (elevated but manageable for insurance company) - Cash and short-term investments of $4.3 billion providing liquidity buffer - Strong current ratio of 3.28 indicating adequate short-term liquidity **Valuation Metrics:** - Price-to-book ratio of 0.75 (trading below book value) - Negative P/E ratio due to recent quarterly loss, though full-year 2024 P/E was reasonable at 1.65 - EV/EBITDA metrics volatile due to earnings fluctuations **Other Considerations:** - Negative free cash flow in recent quarter ($272 million outflow) raises concerns about cash generation - Large asset base ($383 billion) relative to equity provides operational leverage but also risk - Recent quarterly net loss of $722 million indicates earnings volatility - Strategic partnership with Bain Capital provides additional capital and expertise
Recent development
Over the past few years, Lincoln National has undergone significant strategic transformation focused on improving capital efficiency and reducing market sensitivity. The company has been repositioning its product mix away from capital-intensive variable annuities toward spread-based products that generate more stable earnings and require less regulatory capital. A major development has been the establishment of Alpine, a Bermuda-based reinsurance subsidiary, which helps optimize capital efficiency for new business and potentially provides opportunities for in-force block optimization. The company also completed a reinsurance transaction with Fortitude Re and sold its wealth management business to focus on core insurance operations. The strategic partnership with Bain Capital announced in Q1 2025 represents a significant milestone, with Bain taking a 9.9% equity stake and entering a 10-year investment management agreement. This partnership is expected to accelerate growth in spread-based products and provide additional capital for strategic investments, potentially including repositioning legacy life insurance blocks. Lincoln has implemented the Spark enterprise-wide expense initiative to reduce costs and improve operational efficiency across all business segments. The company has also been repositioning its variable annuity hedge program to reduce sensitivity to market volatility and improve capital predictability. In Group Protection, the company has achieved remarkable margin expansion through disciplined underwriting and pricing, with operating margins improving from negative territory to over 8%. The Retirement Plan Services segment has maintained consistent positive net flows for ten consecutive years, while the annuities business has shifted toward more profitable spread-based products that now represent two-thirds of sales.
LNC company profile · for informational purposes only — not investment advice.
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