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Private company

LINCOLN NATIONAL LIFE INSURANCE CO /IN/

American life insurance company, incorporated in Indiana1

In its 2026 annual report the company says: “We also own several non-insurance companies, including Lincoln Financial Distributors, Inc., our wholesale distributor. We also have Other Operations, which includes the financial results for operations that are not directly related to the business segments.”3 It is headquartered in Fort Wayne, Indiana.1

Last updated Oct 21, 2026.

Overview

  • IndustryLife Insurance1
  • HeadquartersFort Wayne, Indiana1
  • Incorporated inIN2
  • Business address1301 South Harrison Street, Fort Wayne, In 468022

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The Lincoln National Life Insurance Company (“LNL” or the “Company,” which also may be referred to as “we,” “our” or “us”) is a wholly owned subsidiary of Lincoln National Corporation (“LNC” or the “Parent Company”). We own 100% of the outstanding common stock of one insurance company subsidiary, Lincoln Life & Annuity Company of New York (“LLANY”). We also own several non-insurance companies, including Lincoln Financial Distributors, Inc. (“LFD”), our wholesale distributor. LNL’s principal businesses consist of underwriting annuities, life insurance and deposit-type contracts through multiple distribution channels. LNL is licensed and sells its products throughout the U.S. and several U.S. territories.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.4%Net margin4
22.3%Revenue growth, 20254
8.1%Return on equity4
0.12×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs93¢$14.0B
  • Income tax1¢$103.0M
  • Profit6¢$965.0M

Out of $15.0B in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid100¢$685.0M
  • Kept or used elsewhere0¢$2.0M

Out of $687.0M of cash from operations.4

Financial statements

Revenue564$15.0B in 2025−19% since 2021
0$5.0B$10.0B$15.0B$20.0B2021: $18.5B$18.5B20212022: $17.6B$17.6B2022−5%2023: $10.1B$10.1B2023−43%2024: $12.3B$12.3B2024+22%2025: $15.0B$15.0B2025+22%
Net income564$965.0M in 2025−71% since 2021
-$2.0B0$2.0B$4.0B2021: $3.3B$3.3B20212022: -$1.7B-$1.7B20222023: -$1.8B-$1.8B2023+7%2024: $2.1B$2.1B20242025: $965.0M$965.0M2025−55%
Fiscal year20212022202320242025
Revenue$18.5B5$17.6B6$10.1B4$12.3B4$15.0B4
Income before tax$4.0B5-$2.1B6-$2.5B4$2.6B4$1.1B4
Income tax$737.0M5-$437.0M6-$673.0M4$452.0M4$103.0M4
Net income$3.3B5-$1.7B6-$1.8B4$2.1B4$965.0M4

Compare LINCOLN NATIONAL LIFE INSURANCE CO /IN/ with another company

Corporate structure

LINCOLN NATIONAL LIFE INSURANCE CO /IN/ sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Built from major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What LINCOLN NATIONAL LIFE INSURANCE CO /IN/ reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$30.0M4 Dec 31, 2025$49.0M4 Dec 31, 2024−38.8%

Investments

ItemLatestA year beforeChange
Equity securities at fair value$629.0M4 Dec 31, 2025$294.0M4 Dec 31, 2024+113.9%
Loans, net of allowance$22.3B4 Dec 31, 2025$20.9B4 Dec 31, 2024+6.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.1B4 Dec 31, 2025$1.1B4 Dec 31, 20240%
Accumulated amortization$301.0M4 Dec 31, 2025$265.0M4 Dec 31, 2024+13.6%

Properties, in its own words

Our principal executive office is located in Fort Wayne, Indiana. As of December 31, 2025, LNL and our subsidiaries owned or leased 1.9 million square feet of office and other space. Space that is owned or leased includes office space in: (i) Fort Wayne, Indiana, primarily for our Annuities and Retirement Plan Services segments; (ii) Greensboro, North Carolina, primarily for our Life Insurance segment; and (iii) Omaha, Nebraska, primarily for our Group Protection segment. A subsidiary of our Parent Company leased space in Radnor, Pennsylvania, for the corporate center and for LFD.

Item 2 of the 10-K filed Mar 12, 2026.3

Timeline

  1. May 23, 20238-K Other events11
  2. Mar 27, 20238-K Earlier financial statements no longer reliable12

Filings

190 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 2 major events, 167 other. The latest 20:

  1. Oct 7, 2026485APOS POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(A) EDGAR
  2. Oct 7, 2026485APOS SUPPLEMENT EDGAR
  3. Aug 5, 202610-Q EDGAR
  4. May 13, 202610-Q EDGAR
  5. May 1, 2026497 EDGAR
  6. May 1, 2026497 EDGAR
  7. May 1, 2026497 EDGAR
  8. May 1, 2026497 EDGAR
  9. Apr 29, 2026497VPU EDGAR
  10. Apr 29, 2026497VPU EDGAR
  11. Apr 29, 2026497VPU EDGAR
  12. Apr 29, 2026497VPU EDGAR
  13. Apr 29, 2026497VPU EDGAR
  14. Apr 29, 2026497VPI EDGAR
  15. Apr 29, 2026497VPU EDGAR
  16. Apr 29, 2026497VPI EDGAR
  17. Apr 29, 2026497VPU EDGAR
  18. Apr 29, 2026497VPI EDGAR
  19. Apr 29, 2026497VPU EDGAR
  20. Apr 29, 2026497VPI EDGAR

The 190 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Stakes it holds

LINCOLN NATIONAL LIFE INSURANCE CO /IN/ has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

SEC filer profile

How LINCOLN NATIONAL LIFE INSURANCE CO /IN/ is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLINCOLN NATIONAL LIFE INSURANCE CO /IN/1
  • CIK0000726865
  • Employer ID (EIN)35-04723003
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inIndiana3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6311 Life Insurance1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address1301 South Harrison Street, Fort Wayne, IN 468021
  • Phone26045520001
  • Shares outstanding10,000,000 as of Aug 5, 20269
  • Public float$0 as of Jun 30, 20254
  • AuditorErnst & Young LLP, Philadelphia, Pennsylvania PCAOB ID 42; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceJan 28, 20031
  • Filings306 in all: 424B3 (44), 497VPU (37), 497VPI (36), 10-Q (26), CORRESP (17), POS AM (17), EFFECT (16), 40-OIP/A (15)1
    All 37 form types

    497 (15), 10-K (9), 4 (8), 3 (7), 485BPOS (6), 485APOS (5), S-3 (5), 40-APP (4), APP WD (4), S-3/A (4), 40-6C (3), 40-APP/A (3), 8-K (3), UPLOAD (3), 3/A (2), N-4 (2), N-4/A (2), N-VPFS (2), 10-12G (1), 10-12G/A (1), 10-K/A (1), 24F-2NT (1), 40-OIP (1), 485BXT (1), NO ACT (1), OIP NTC (1), OIP ORDR (1), S-3ASR (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Latest 8-K (8-K) May 23, 2023

Risk factors and legal proceedings

The risks LINCOLN NATIONAL LIFE INSURANCE CO /IN/ names in Item 1A of its 10-K filed Mar 12, 2026: 41 risks under these headings, as written.3

  • Market Conditions
  • Weak conditions in the global capital markets and the economy generally may materially adversely affect our business and results of operations.
  • Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements.
  • Increases in interest rates and sustained higher interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals and surrenders.
  • Because the equity markets impact the profitability and expected profitability of many of our products, changes in equity markets may significantly affect our business and profitability.
  • Changes in the equity markets, interest rates and/or volatility affect the profitability of our products with guaranteed benefits; therefore, such changes may have a material adverse effect on our business and profitability.
  • Our hedging strategies may not be fully effective to offset the changes in the carrying value of the guarantees on certain of our products, which could result in volatility in our results of operations and financial condition under GAAP and in our capital levels.
  • Legislative, Regulatory and Tax
  • Our businesses are heavily regulated and changes in regulation and in supervisory and enforcement policies may affect our capital requirements, reduce our profitability, limit our growth or otherwise adversely affect our business, results of operations and financial condition.
  • Compliance with existing and emerging privacy laws and regulations could result in increased compliance costs and/or lead to changes in business practices and policies, and any failure to protect the confidentiality of personal information could adversely affect our reputation and have a material adverse effect on our business, financial condition and results of operations.
  • Compliance with existing and emerging rules and regulations governing the use of AI could result in increased compliance costs and/or lead to changes in business practices and policies, and challenges with properly managing the use of AI could result in reputational harm, competitive harm and legal liability.
  • Continued scrutiny and evolving expectations from investors, customers, regulators and other stakeholders regarding ESG matters may adversely affect our reputation or otherwise adversely impact our business and results of operations.
The other 31 risks
  • Federal or state regulatory actions could result in substantial fines, penalties or prohibitions or restrictions on our business activities that could materially adversely affect our business, results of operations and financial condition.
  • Changes to laws or regulations could adversely affect our distribution model and sales of our products and may result in additional disclosure and other requirements related to the sale and delivery of our products and services, which may adversely affect our business, results of operations and financial condition.
  • Changes in tax law or the interpretation or application of existing tax laws could impact our tax costs and the products that we sell.
  • Legal and regulatory actions are inherent in our businesses and could result in financial losses or harm our businesses.
  • Climate change and climate change regulation may adversely affect our investment portfolio and financial condition.
  • Changes in accounting standards issued by the Financial Accounting Standards Board or other standard-setting bodies may adversely affect our financial statements.
  • Liquidity and Capital Position
  • Adverse capital and credit market conditions may affect our ability to meet liquidity needs, access to capital and cost of capital.
  • A decrease in our capital and surplus may result in a downgrade to our insurer financial strength ratings.
  • An inability to access our credit facility or committed repurchase facilities could result in a reduction in our liquidity, which in turn could lead to downgrades in our financial strength ratings.
  • Assumptions and Estimates
  • As a result of changes in assumptions, estimates and methods in calculating reserves, our reserves for future policy benefits and claims related to our current and future business as well as businesses we may acquire in the future may prove to be inadequate.
  • We may be required to recognize an impairment of our goodwill or to establish a valuation allowance against our deferred income tax assets.
  • The determination of the amount of allowance for credit losses and impairments taken on our investments is highly subjective and could materially impact our results of operations and financial condition.
  • Changes to our valuation of investments and our methodologies, estimations and assumptions could harm our results of operations and financial condition.
  • Significant adverse mortality experience may result in the loss of, or higher prices for, reinsurance, which could adversely affect our profitability.
  • Pandemics and other catastrophes may adversely impact liabilities for contract holder claims.
  • Operational Matters
  • Our enterprise risk management policies and procedures may leave us exposed to unidentified or unanticipated risk, which could negatively affect our businesses or result in losses.
  • We face risks of non-collectability of reinsurance and increased reinsurance rates, which could materially affect our results of operations.
  • Competition for our employees is intense, and we may not be able to attract and retain the highly skilled people we need to support our business.
  • We may not be able to protect our intellectual property and may be subject to infringement claims.
  • Our information systems may experience interruptions, breaches in security and/or a failure of disaster recovery systems that could result in a loss or disclosure of confidential information, damage to our reputation, impairment of our ability to conduct business effectively and increased expense.
  • We are subject to third-party information system and other operational risks due to our reliance on third-party vendors and suppliers and the outsourcing of certain of our business operations.
  • Acquisitions and dispositions of businesses may not produce anticipated benefits and could result in operating difficulties, unforeseen liabilities or asset impairments, which may adversely affect our operating results and financial condition.
  • A downgrade in our financial strength ratings could limit our ability to market products, increase the number or value of policies being surrendered and/or hurt our relationships with creditors.
  • Certain blocks of our insurance business purchased from third-party insurers under indemnity reinsurance agreements may require us to place assets in trust, secure letters of credit or return the business, if the financial strength ratings and/or capital ratios of us or LLANY are not maintained at specified levels.
  • We may have difficulty selling certain holdings in our investment portfolio in a timely manner and realizing full value.
  • The amount and timing of income from certain investments can be uneven, and their valuations infrequent or volatile, which can impact the amount of income we record or lead to lower-than-expected returns, and thereby adversely impact our earnings.
  • Defaults and write-downs on our mortgage loans may adversely affect our profitability.
  • The difficulties faced by other financial institutions could adversely affect us.
  • Our requirements to post collateral or make payments related to declines in market value of specified assets may adversely affect our liquidity and expose us to counterparty credit risk.
  • Intense competition could negatively affect our ability to maintain or increase our profitability.
  • The sales representatives through which LFD distributes our products are not captive and may sell products of our competitors.

Legal proceedings

For information regarding legal proceedings, see “Regulatory and Litigation Matters” in Note 17, which is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.3

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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