Lincoln Financial Q4 adjusted EPS $2.21 vs $1.91 YoY; net income falls to $745M

LINCOLN NATIONAL CORP

2025-FY EPS reported $5.83 revenue$18,212,000,000

Q4 adjusted operating income available to common $434M ($2.21/diluted share), up from $332M ($1.91) YoY.
Net income available to common $745M ($3.80/sh) vs $1,675M ($9.63) in Q4 2024 due to non-economic market risk benefit changes.
Life Insurance operating income $77M, a $92M improvement YoY, driven by improved mortality and alternative investment income.
Annuities operating income $311M (+3% YoY) on record account balances of $175B; sales up 33% to $4.9B.
Holding company liquidity net of prefunding $655M at year-end; RBC ratio >420%.

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