Lincoln Financial reported FY 2025 net income of USD 1.18 billion, down 64% year over year, and income from operations of USD 1.63 billion, up 8% year over year. By segment in FY 2025, income from operations was USD 1.20 billion for Annuities (+3%), USD 117 million for Life Insurance (vs. a loss of USD 63 million in FY 2024), USD 532 million for Group Protection (+25%), and USD 163 million for Retirement Plan Services (flat), while Other Operations posted a loss from operations of USD 382 million. Key FY 2025 items included the closing of a Bain Capital transaction in which Lincoln Financial sold about 18.8 million common shares for USD 825 million; the company also issued USD 1.00 billion of senior notes (USD 500 million due 2030 and USD 500 million due 2035), repaid USD 300 million of senior notes at maturity, and recorded USD 94 million of gains on early extinguishment of debt. Lincoln Financial said it issued USD 2.80 billion of institutional funding agreements during 2025 and completed a fourth-quarter restructuring of certain captive reinsurance subsidiaries aimed at reducing operating expenses and improving free cash flow in its Life Insurance segment.

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