Lincoln Financial Q1 net loss $756M, adjusted operating income $280M; announces Bain Capital partnership

LINCOLN NATIONAL CORP

2025-Q1 EPS reported -$4.41 revenue$4,691,000,000

Q1 net loss available to common stockholders of $756M ($4.41/diluted share) vs prior-year net income $1.19B.
Adjusted operating income available to common stockholders $280M ($1.60/diluted share), up from $210M ($1.22) YoY.
Annuities operating income $290M (+12%); Life Insurance loss improved to $16M from $35M loss; Group Protection income up 26% to $101M.
RBC ratio estimated above 420% in Q1 2025; adjusted book value per share $73.19.
Announced minority investment partnership with Bain Capital expected to close H2 2025.

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