Lincoln Financial Q2 adjusted op income $427M ($2.36/share); Group Protection record margin 12.5%

LINCOLN NATIONAL CORP

2025-Q2 EPS reported -$0.39 revenue$8,735,000,000

Net income $688M ($3.80 diluted) vs $884M ($5.11) a year ago; adjusted operating income $427M ($2.36) up from $324M ($1.87).
Group Protection operating income $173M (+33% YoY), margin 12.5% (record); premiums up 7%, sales up 16%.
Annuities sales $4.0B (+5%), operating income $287M (-3%); Life Insurance returned to profit $32M vs loss $35M.
Total liquidity $314.4M, net debt leverage 3.5x, RBC >420%.
Closed Bain Capital partnership to accelerate strategic priorities.

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