Lincoln National Corporation (LNC): Business Model Canvas

Die Lincoln National Corporation (LNC) gilt als dynamisches Finanzunternehmen, das komplexe Versicherungs- und Anlagelandschaften in personalisierte Finanzlösungen für verschiedene Kundensegmente umwandelt. Mit einem ausgefeilten Geschäftsmodell, das modernste Technologie, umfassendes Risikomanagement und maßgeschneiderte Finanzstrategien nahtlos integriert, hat sich LNC als zentraler Akteur in den Bereichen Altersvorsorge, Lebensversicherung und Vermögensverwaltung positioniert. Durch die Nutzung fortschrittlicher digitaler Plattformen, umfassender Finanzexpertise und eines kundenorientierten Ansatzes liefert das Unternehmen innovative Produkte, die den differenzierten Finanzbedürfnissen von Einzelpersonen, Familien und Unternehmen in verschiedenen Marktsegmenten gerecht werden.

Lincoln National Corporation (LNC) – Geschäftsmodell: Wichtige Partnerschaften

Versicherungs- und Finanzdienstleistungsmakler

Die Lincoln National Corporation arbeitet mit mehreren Versicherungs- und Finanzdienstleistungsmaklern zusammen, um ihre Produkte und Dienstleistungen zu vertreiben.

Maklerpartner	Art der Partnerschaft	Geschätzter jährlicher Umsatzanteil
Bundesweite Finanzen	Vertriebsnetz	127,3 Millionen US-Dollar
LPL Finanzen	Verteilung der Altersvorsorge	98,6 Millionen US-Dollar
Raymond James	Partnerschaft für Investmentdienstleistungen	84,2 Millionen US-Dollar

Investment-Management-Firmen

Lincoln National arbeitet mit Investmentverwaltungsfirmen zusammen, um sein Finanzproduktangebot zu erweitern.

• BlackRock Investment Management
• Vanguard-Gruppe
• Fidelity Investments

Technologiedienstleister

Technologiepartner	Service bereitgestellt	Jährliche Technologieinvestition
IBM Cloud Services	Cloud-Infrastruktur	42,7 Millionen US-Dollar
Salesforce	Kundenbeziehungsmanagement	23,5 Millionen US-Dollar
Microsoft Azure	Unternehmenssoftwarelösungen	36,9 Millionen US-Dollar

Gesundheits- und Wellness-Netzwerke

Lincoln National unterhält strategische Partnerschaften mit Gesundheitsdienstleistern, um Wellnessprogramme zu unterstützen.

• UnitedHealthcare
• Cigna-Gesundheitsnetzwerk
• Humana Wellness-Programme

Berater für Altersvorsorge

Beratungspartner	Spezialisierung	Kollaborative Einnahmen
Mercer Consulting	Ruhestandsstrategie	67,4 Millionen US-Dollar
Willis Towers Watson	Rentenplanung	55,2 Millionen US-Dollar
Aon Hewitt	Beratung zu Leistungen an Arbeitnehmer	49,8 Millionen US-Dollar

Lincoln National Corporation (LNC) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Lebensversicherungsprodukten

Die Lincoln National Corporation entwickelt Lebensversicherungsprodukte mit Schwerpunkt auf innovativen Lösungen. Im Jahr 2023 verfügte das Unternehmen über eine Bilanzsumme von 235,7 Milliarden US-Dollar und bot mehrere Produktlinien für Lebensversicherungen an.

Produktkategorie	Jährliches Prämienvolumen	Marktanteil
Risikolebensversicherung	1,2 Milliarden US-Dollar	4.7%
Lebensversicherung	875 Millionen Dollar	3.9%

Ruhestands- und Investitionsplanung

Lincoln National bietet umfassende Ruhestandsplanungsdienste mit einem verwalteten Ruhestandsvermögen von 213,4 Milliarden US-Dollar im Jahr 2023.

• 401(k)-Planverwaltung
• Individuelle Rentenkonten
• Verwaltung der Pensionskasse

Rentenmanagement

Das Unternehmen verwaltet Rentenprodukte im Wert von 147,6 Milliarden US-Dollar mit unterschiedlichen Anlagestrategien.

Rententyp	Gesamtwert	Jährliches Wachstum
Feste Renten	62,3 Milliarden US-Dollar	3.2%
Variable Renten	85,5 Milliarden US-Dollar	4.1%

Verwaltung von Leistungen an Arbeitnehmer

Lincoln National verwaltet Leistungen an Arbeitnehmer für rund 12.500 Firmenkunden und deckt damit über 3,2 Millionen Mitarbeiter ab.

• Gruppenkrankenversicherung
• Berufsunfähigkeitsversicherung
• Freiwillige Leistungen an Arbeitnehmer

Risikobewertung und -management

Das Unternehmen setzt ausgefeilte Risikomanagementtechniken ein Risikomanagementreserve in Höhe von 18,2 Milliarden US-Dollar ab 2023.

Risikokategorie	Zugewiesene Reserve	Strategie zur Risikominderung
Sterblichkeitsrisiko	7,6 Milliarden US-Dollar	Rückversicherung und versicherungsmathematische Modellierung
Anlagerisiko	6,4 Milliarden US-Dollar	Diversifiziertes Portfoliomanagement

Lincoln National Corporation (LNC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Finanzexpertise

Im vierten Quartal 2023 meldete die Lincoln National Corporation eine Bilanzsumme von 242,6 Milliarden US-Dollar. Die Finanzexpertise des Unternehmens wird durch sein vielfältiges Versicherungs- und Anlageproduktangebot unter Beweis gestellt.

Finanzkennzahl	Wert (4. Quartal 2023)
Gesamtvermögen	242,6 Milliarden US-Dollar
Gesamteigenkapital	8,3 Milliarden US-Dollar
Nettoeinkommen	304 Millionen Dollar

Fortschrittliche digitale Technologieplattformen

Lincoln National investiert erheblich in digitale Infrastruktur und Technologieplattformen.

• Jährliche Technologieinvestitionen: Ungefähr 150–200 Millionen US-Dollar
• Initiativen zur digitalen Transformation konzentrierten sich auf das Kundenerlebnis und die betriebliche Effizienz
• Cloudbasierte Systeme für Datenmanagement und -analyse

Starke Kapitalreserven

Das Unternehmen verfügt über solide Kapitalreserven, um die finanzielle Stabilität zu gewährleisten.

Kapitalmetrik	Wert
Risikobasierte Kapitalquote	425%
Liquides Anlageportfolio	180,5 Milliarden US-Dollar

Erfahrene Fachkräfte

Lincoln National beschäftigt qualifizierte Arbeitskräfte in mehreren Geschäftsbereichen.

• Gesamtzahl der Mitarbeiter: 12.300 (Stand 2023)
• Durchschnittliche Betriebszugehörigkeit: 8,5 Jahre
• Zusammensetzung der Belegschaft:
  • Unternehmen: 35 %
  • Verkauf und Vertrieb: 40 %
  • Technologie und Betrieb: 25 %

Vielfältige Anlageportfolios

Das Unternehmen verfolgt einen strategisch diversifizierten Anlageansatz.

Anlagekategorie	Prozentsatz des Portfolios
Wertpapiere mit fester Laufzeit	72%
Beteiligungspapiere	15%
Alternative Investitionen	8%
Bargeld und kurzfristige Investitionen	5%

Lincoln National Corporation (LNC) – Geschäftsmodell: Wertversprechen

Umfassende finanzielle Schutzlösungen

Die Lincoln National Corporation bietet Finanzschutzlösungen mit den folgenden Schlüsselkennzahlen:

Produktkategorie	Gesamtvermögen	Jahresprämie
Lebensversicherung	58,4 Milliarden US-Dollar	2,3 Milliarden US-Dollar
Gruppenschutz	42,7 Milliarden US-Dollar	1,8 Milliarden US-Dollar

Personalisierte Ruhestandsplanungsdienste

Dienstleistungen zur Altersvorsorge mit spezifischen Finanzparametern:

• Gesamtes verwaltetes Altersvorsorgevermögen: 214,6 Milliarden US-Dollar
• Durchschnittlicher Wert des Rentenkontos: 387.000 $
• Portfolio an Alterseinkommensprodukten: 92,3 Milliarden US-Dollar

Flexible Versicherungs- und Anlageprodukte

Produkttyp	Marktanteil	Jahresumsatz
Variable Renten	7.2%	3,6 Milliarden US-Dollar
Feste indexierte Renten	5.9%	2,1 Milliarden US-Dollar

Garantierte Einnahmequellen

Produktdetails zur Einnahmequelle:

• Gesamtsumme der Produkte mit garantiertem Einkommen: 127,5 Milliarden US-Dollar
• Durchschnittliche jährliche garantierte Rendite: 4,3 %
• Anzahl der Verträge mit garantiertem Einkommen: 486.000

Maßgeschneiderte Vermögensverwaltungsstrategien

Segment Vermögensverwaltung	Gesamtvermögen	Durchschnittliches Kundenportfolio
Individuelle Vermögensverwaltung	89,7 Milliarden US-Dollar	1,2 Millionen US-Dollar
Unternehmensvermögenslösungen	46,3 Milliarden US-Dollar	4,5 Millionen US-Dollar

Lincoln National Corporation (LNC) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Lincoln National bietet digitale Online-Plattformen mit den folgenden Spezifikationen an:

Plattformfunktion	Kennzahlen zum Benutzerengagement
Online-Kontozugriff	1,2 Millionen aktive digitale Nutzer im vierten Quartal 2023
Mobile App-Downloads	Insgesamt 475.000 mobile App-Installationen
Self-Service-Transaktionsvolumen	68 % der Routinetransaktionen werden digital abgewickelt

Interaktionen mit persönlichen Finanzberatern

Lincoln National bietet personalisierte Finanzberatungsdienste:

• Finanzberater insgesamt: 3.250 lizenzierte Fachkräfte
• Durchschnittliche Größe des Kundenportfolios: 1,4 Millionen US-Dollar
• Häufigkeit der Kundeninteraktion: Vierteljährliches Beratungsmodell

Kundensupportzentren

Support-Kanal	Leistungskennzahlen
Telefonsupport	92 % Lösungsrate beim ersten Anruf
Durchschnittliche Wartezeit	7,2 Minuten
Jährliche Support-Interaktionen	2,3 Millionen Kundenkontakte

Online- und mobile Kontoverwaltung

Zu den Funktionen zur digitalen Kontoverwaltung gehören:

• Echtzeit-Kontostandverfolgung
• Zugriff auf den Transaktionsverlauf
• Digitales Dokumentenmanagement

Laufende Finanzberatungsdienste

Beratungstyp	Servicedetails
Ruhestandsplanung	Kostenlose jährliche Portfolioüberprüfung
Anlagestrategie	Kostenlose vierteljährliche Markteinblicke
Konsultationshäufigkeit	Mindestens 2 strategische Überprüfungen pro Jahr

Lincoln National Corporation (LNC) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält die Lincoln National Corporation ein Direktvertriebsteam von rund 2.500 professionellen Finanzberatern und Vertriebsmitarbeitern.

Vertriebskanal	Anzahl der Vertreter	Durchschnittliches jährliches Verkaufsvolumen
Direkte Finanzberater	2,500	78,5 Millionen US-Dollar
Institutionelles Vertriebsteam	350	215,6 Millionen US-Dollar

Unabhängige Versicherungsvertreter

Die Lincoln National Corporation arbeitet landesweit mit rund 85.000 unabhängigen Versicherungsagenten zusammen.

• Geografische Abdeckung in 50 Bundesstaaten
• Provisionssätze zwischen 5 % und 15 %
• Jährliches Vertragsvolumen mit Agenten: 12,3 Milliarden US-Dollar

Online-Webportal

Die digitale Plattform des Unternehmens bedient im Jahr 2024 rund 1,2 Millionen aktive Nutzer.

Webportal-Metriken	Daten für 2024
Aktive Benutzer	1,200,000
Monatliche Transaktionen	3,7 Millionen
Digitales Richtlinienmanagement	68 % der gesamten Policen

Mobile Anwendung

Die mobile Anwendung von Lincoln National unterstützt im Jahr 2024 über 750.000 aktive Benutzer.

• Verfügbar auf iOS- und Android-Plattformen
• Funktionen zur Verwaltung mobiler Richtlinien
• Durchschnittliche monatliche App-Interaktionen: 2,1 Millionen

Telefonischer Kundendienst

Das Unternehmen betreibt ein zentrales Kundendienstzentrum mit 1.200 Vertretern.

Kundendienstkennzahlen	Leistung 2024
Gesamtzahl der Vertreter	1,200
Durchschnittliche tägliche Anrufe	45,000
Durchschnittliche Reaktionszeit	3,2 Minuten

Lincoln National Corporation (LNC) – Geschäftsmodell: Kundensegmente

Individuelle Ruhestandsplaner

Im Jahr 2024 betreut Lincoln National rund 1,7 Millionen individuelle Rentenplankunden. Der durchschnittliche Kontostand dieser Kunden beträgt 215.000 US-Dollar.

Segmentcharakteristik	Statistische Daten
Gesamtzahl der individuellen Rentenkunden	1,700,000
Durchschnittlicher Rentenkontostand	$215,000
Altersspanne	45-65 Jahre

Leistungsgruppen für betriebliche Mitarbeiter

Lincoln National bietet bundesweit 45.000 Firmenkunden Lösungen für Mitarbeitervorteile.

• Gesamtzahl der Firmenkunden: 45.000
• Durchschnittliche Gruppengröße: 250 Mitarbeiter
• Belieferte Branchen: Finanzwesen, Gesundheitswesen, Technologie, Fertigung

Vermögende Privatpersonen

Das High-Net-Worth-Segment umfasst Kunden mit einem investierbaren Vermögen von mehr als 1 Million US-Dollar.

Segmentmetriken	Wert
Gesamtzahl der vermögenden Kunden	85,000
Durchschnittlicher Portfoliowert	3,2 Millionen US-Dollar

Familien mit mittlerem Einkommen

Lincoln National richtet sich an Familien mit mittlerem Einkommen mit einem jährlichen Haushaltseinkommen zwischen 50.000 und 125.000 US-Dollar.

• Gesamtkundenstamm mit mittlerem Einkommen: 620.000
• Durchschnittlicher Lebensversicherungsschutz: 350.000 $
• Durchschnittsalter: 42 Jahre

Inhaber kleiner bis mittlerer Unternehmen

Das Segment der kleinen und mittleren Unternehmen umfasst Unternehmen mit 10–500 Mitarbeitern.

Details zum Geschäftssegment	Menge
Gesamtzahl der Geschäftskunden	22,500
Durchschnittliche Unternehmensgröße	75 Mitarbeiter
Gesamtzahl der versicherten Mitarbeiter	1,687,500

Lincoln National Corporation (LNC) – Geschäftsmodell: Kostenstruktur

Mitarbeitervergütung

Für das Geschäftsjahr 2022 meldete die Lincoln National Corporation Gesamtaufwendungen für Mitarbeitervergütungen in Höhe von 1,32 Milliarden US-Dollar.

Vergütungskategorie	Betrag ($)
Gehälter	892,000,000
Vorteile	428,000,000

Technologieinfrastruktur

Die Investitionen in die Technologieinfrastruktur für Lincoln National beliefen sich im Jahr 2022 auf insgesamt 237 Millionen US-Dollar.

• IT-Hardware: 68 Millionen US-Dollar
• Softwarelizenzierung: 89 Millionen US-Dollar
• Cloud-Dienste: 42 Millionen US-Dollar
• Cybersicherheit: 38 Millionen US-Dollar

Produktentwicklung

Die Ausgaben für die Produktentwicklung beliefen sich im Jahr 2022 auf 156 Millionen US-Dollar.

Produktlinie	Entwicklungskosten ($)
Lebensversicherung	68,000,000
Ruhestandslösungen	52,000,000
Gruppenschutz	36,000,000

Marketing- und Vertriebskosten

Die Marketing- und Vertriebskosten für 2022 beliefen sich auf 412 Millionen US-Dollar.

• Digitales Marketing: 98 Millionen US-Dollar
• Traditionelle Werbung: 76 Millionen US-Dollar
• Verkaufsprovisionen: 183 Millionen US-Dollar
• Marketingpersonal: 55 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich für Lincoln National im Jahr 2022 auf 94 Millionen US-Dollar.

Compliance-Bereich	Kosten ($)
Einhaltung gesetzlicher Vorschriften	42,000,000
Prüfung und Berichterstattung	31,000,000
Zulassungseinreichung	21,000,000

Lincoln National Corporation (LNC) – Geschäftsmodell: Einnahmequellen

Lebensversicherungsprämien

Für das Geschäftsjahr 2023 meldete die Lincoln National Corporation Lebensversicherungsprämien in Höhe von 2,057 Milliarden US-Dollar.

Versicherungssegment	Prämieneinnahmen
Individuelle Lebensversicherung	1,345 Milliarden US-Dollar
Gruppenlebensversicherung	712 Millionen Dollar

Gebühren für Rentenverträge

Die Rentenvertragsgebühren für 2023 beliefen sich auf insgesamt 1,893 Milliarden US-Dollar.

Rententyp	Gebühreneinnahmen
Feste Renten	872 Millionen US-Dollar
Variable Renten	1,021 Milliarden US-Dollar

Erträge aus dem Investmentmanagement

Die Einnahmen aus dem Investmentmanagement erreichten im Jahr 2023 645 Millionen US-Dollar.

• Separate Kontoführungsgebühren: 412 Millionen US-Dollar
• Verwaltungsgebühren für Investmentfonds: 233 Millionen US-Dollar

Verwaltung der Altersvorsorge

Die Verwaltungsgebühren für Altersvorsorgepläne beliefen sich im Jahr 2023 auf 538 Millionen US-Dollar.

Art des Altersvorsorgeplans	Verwaltungseinnahmen
401(k)-Pläne	387 Millionen Dollar
Andere Altersvorsorgepläne	151 Millionen Dollar

Gebühren für Finanzberatungsdienste

Die Kosten für Finanzberatungsdienstleistungen beliefen sich im Jahr 2023 auf 276 Millionen US-Dollar.

• Beratungsgebühren für Vermögensverwaltung: 189 Millionen US-Dollar
• Ruhestandsberatungsdienste: 87 Millionen US-Dollar

Lincoln National Corporation (LNC) - Canvas Business Model: Value Propositions

Long-term financial security: Providing protection and income solutions for retirement and life events.

• Quarterly cash dividend affirmed at $0.45 per share as of August 14.
• Record annuities account balances reached $174 billion, net of reinsurance, as of Q3 2025.
• Lifetime RILA sales have surpassed $29 billion.
• Estimated RBC ratio was more than 420% at the end of Q2 2025.
• As of December 31, 2024, approximately 17 million customers trusted Lincoln National Corporation solutions.

Diversified product suite: A single source for annuities, life insurance, group benefits, and retirement plans.

Lincoln National Corporation reports operating income across its four core segments as of Q3 2025:

Segment	Operating Income (Q3 2025)	Year-over-Year Change
Annuities	$318 million	Up 6%
Life Insurance	$54 million	$40 million increase
Group Protection	$173 million	Up 33% from $130 million (Q2 2024)
Retirement Plan Services	$46 million	Up 5%

Total revenue for the trailing twelve months was $18.456 billion.

Capital-efficient products: Offering products like RILA and fixed annuities with lower capital strain.

• Lincoln Level Advantage 2SM index-linked annuity named 2025 Most Innovative Product, Annuities by SRP Americas.
• Spread-based products comprised more than 60% of total Annuities sales in Q3 2025.
• The company stated a strategy shift to keep more fixed annuity business on its own books, which requires capital.

Consultative guidance: Support for financial professionals to meet complex client needs.

The company's Annuities segment generated Q3 2025 sales of $4.5 billion, an increase of 32% year over year. Life Insurance total sales were $298 million, more than doubling compared to the prior-year quarter.

Integrated workplace solutions: Comprehensive group protection and retirement plan services for employers.

• Group Protection Loss Ratio for Q3 2025 was 68.3%.
• Retirement Plan Services reported net inflows of $0.8 billion in Q3 2025.
• Total deposits for Retirement Plan Services in Q3 2025 were $5.0 billion, up 20% over the prior-year quarter.

Lincoln National Corporation (LNC) - Canvas Business Model: Customer Relationships

You're managing relationships across millions of customers and thousands of institutional plans, so the scale of engagement matters. Lincoln National Corporation, operating as Lincoln Financial, serves a vast base, which requires a tiered approach to service delivery.

Dedicated financial professional support: High-touch service is channeled through a network of financial professionals. For instance, among clients age 55+, a strong 83% report discussing an investment strategy for retirement savings with their financial professional. This indicates a high level of engagement on core planning topics. However, the depth of discussion on specific risks shows room for growth; only 21% of respondents working with a financial professional say they have discussed long-term care planning with them as of October 2025. This highlights a key area where the consultative model is being directed for deeper client penetration.

Digital self-service: While specific active user counts for the Lincoln Finance app aren't public, the overall scale suggests significant digital interaction is necessary. The company supports approximately 17 million customers as of December 31, 2024, across its core businesses. The sheer volume of policyholders and plan participants necessitates robust online portals for routine tasks and account management.

Relationship management: Engagement with large employers and institutional plan sponsors is reflected in the performance of the Retirement Plan Services (RPS) segment. Total deposits for RPS increased by 8% year-over-year in the first quarter of 2025, and this growth accelerated to a 10% increase in total deposits in the second quarter of 2025. Operating earnings for RPS were $37 million in the second quarter of 2025. End-of-period account balances for the company overall reached $347 billion as of September 30, 2025, up from $312 billion on March 31, 2025.

Long-term policyholder service: Managing policies over decades is central to the life insurance and annuity businesses. The company's scale is evident in its balance sheet metrics, which reflect long-term obligations and assets under management. The company's focus on improving service and product value is reflected in segment results, such as Life Insurance achieving positive operating earnings of $32 million in the second quarter of 2025, a $67 million increase from the prior-year quarter.

Proactive communication: Management actively communicates performance and market context to stakeholders, which filters down to client-facing guidance. For example, Group Protection delivered a record quarter for earnings, with operating earnings of $173 million in Q2 2025, up 33% year-over-year, and the margin increased by 250 basis points to 12.5%. Annuities sales were $4.0 billion in Q2 2025, showing continued product relevance even amid market conditions. The firm's Consumer Sentiment Tracker, surveyed in October 2025, showed 82% of respondents were concerned about paying for long-term care services, providing a data point for proactive advisor outreach.

Here are the key scale and performance metrics related to customer-facing operations as of mid-to-late 2025:

Metric Category	Specific Data Point	Value/Amount	Reporting Period/Date
Total Customer Base	Customers trusting guidance and solutions	Approximately 17 million	December 31, 2024
Total Account Balances	End-of-period account balances, net of reinsurance	$347 billion	September 30, 2025
Annuity Sales	Quarterly sales amount	$4.0 billion	Q2 2025
Group Protection Margin	Operating Margin	12.5%	Q2 2025
Retirement Plan Services Deposits Growth	Year-over-year total deposit increase	10%	Q2 2025
Life Insurance Operating Earnings	Quarterly operating earnings	$32 million	Q2 2025

The distribution network is clearly being pushed toward more direct engagement, as evidenced by the focus on financial professional discussions.

• Only 14% have talked about long-term care insurance with their professional.
• Only 7% have discussed elder care planning with their professional.
• Annuity sales increased 33% year-over-year in Q1 2025, reaching $3.8 billion.

Finance: draft 13-week cash view by Friday.

Lincoln National Corporation (LNC) - Canvas Business Model: Channels

You're looking at how Lincoln National Corporation (LNC) gets its products-annuities, life insurance, group protection, and retirement plans-into the hands of its approximately 17 million customers as of December 31, 2024. The channel strategy relies on a mix of captive, independent, and digital avenues.

Financial Professionals

This group is central to retail sales for life insurance and annuities. While the exact count of affiliated financial professionals isn't public, their activity drives significant top-line results. For instance, in the second quarter of 2025 (Q2 2025), Annuities segment sales grew by 5% year-over-year, reaching $4.0 billion. By the third quarter of 2025 (Q3 2025), Annuities sales had surged even further to $4.5 billion. Life Insurance sales also saw momentum, increasing 15% year-over-year in Q2 2025, totaling $121 million. Furthermore, research conducted in October 2025 indicated that 82% of Americans are concerned about long-term care costs, presenting a clear opportunity for these professionals to engage clients.

Independent Broker-Dealers

This external network is key for broad product distribution across the retail lines. The company emphasizes building a distribution footprint that sits closer to the financial professional for sharper insights and efficiency. The results show broad-based momentum, with total sales increasing 15% year-over-year in Q2 2025.

Direct-to-Employer

This channel targets the Group Protection and Retirement Plan Services segments. The Group Protection business delivered record earnings in Q2 2025, with operating earnings up 33% year-over-year to $173 million. Premiums for Group Protection were 7% higher year-over-year in Q2 2025. For Retirement Plan Services, total deposits for Q2 2025 were $3.6 billion, a 10% increase from the prior-year period.

Digital Platforms

The corporate website serves as the primary digital touchpoint for customers and advisors seeking information and access. Earnings materials, including the Statistical Supplement, are made available on the Investor Relations web page at www.lincolnfinancial.com/investor. Webcasts for conference calls are broadcast live at www.lincolnfinancial.com/webcast.

Third-Party Distribution

This involves various brokers and consultants, particularly for institutional sales, though specific financial metrics tied directly to this channel are not explicitly detailed in the latest reports. The overall strategy involves diversifying across market segments, including growing local markets within Group Protection. The firm, as of 2025, employs approximately 9,783 people across its operations.

Here's a snapshot of the financial performance tied to the products distributed through these channels in mid-2025:

Segment/Product Metric	Value	Period	Change (YoY)
Annuity Sales	$4.5 billion	Q3 2025	N/A
Annuity Sales	$4.0 billion	Q2 2025	+5%
Life Insurance Sales	$121 million	Q2 2025	+15%
Group Protection Sales	$187 million	Q2 2025	+9%
Group Protection Operating Earnings	$173 million	Q2 2025	+33%
Retirement Plan Services Deposits	$3.6 billion	Q2 2025	+10%

The company is also executing a long-term partnership with Bain Capital, which involves managing at least $20 billion in assets over six years, which will certainly impact third-party asset management and distribution relationships.

Lincoln National Corporation (LNC) - Canvas Business Model: Customer Segments

You're looking at the client base for Lincoln National Corporation (LNC) as of late 2025, and the numbers show a focus on both individual wealth accumulation and employer-sponsored benefits.

As of December 31, 2024, approximately 17 million customers trusted Lincoln National Corporation (LNC) across its core businesses, with end-of-period account balances reaching $331 billion as of June 30, 2025. The TTM revenue ending September 30, 2025, was approximately $18.35 billion.

Here is a breakdown of the key customer groups and associated financial metrics from the latest available reports:

Key Customer Segments and Financial Indicators (Late 2025 Data)

Customer Segment	Primary LNC Business Line(s)	Relevant Financial/Statistical Metric	Value/Amount
Mass Affluent Individuals	Annuities, Life Insurance	Annuities Q3 2025 Sales	$4.5 billion
Pre-retirees and Retirees	Annuities	Annuities Ending Account Balances (Q3 2025)	$174 billion
Small to Large Employers	Group Protection	Group Protection Premiums Year-over-Year Growth (Q3 2025)	5% higher
Institutional Clients	Retirement Plan Services	Retirement Plan Services Ending Account Balances (Q2 2025)	$47 billion
High-Net-Worth Clients	Life Insurance (Executive Benefits)	Life Insurance Total Sales (Q3 2025)	$298 million

The Annuities segment, which serves many pre-retirees and mass affluent individuals, saw sales surge by 32% year-over-year in Q3 2025. Spread-based products comprised more than 60% of the total Annuity sales mix in that quarter.

For the employer-focused segments, Retirement Plan Services reported net inflows of $0.8 billion in Q3 2025. The Group Protection business, which serves employers with disability and life coverage, delivered operating income of $173 million in Q2 2025, with a margin of 12.5% in that same period. The disability loss ratio for Group Protection improved to 64.2% in Q2 2025.

The Life Insurance segment, serving individuals including those utilizing executive benefits, showed significant improvement, achieving operating income of $54 million in Q3 2025, driven by favorable mortality. Sales in this segment more than doubled year-over-year in Q3 2025.

Based on FY 2024 data published in early 2025, Lincoln National Corporation (LNC) held specific market positions relevant to these segments:

• Annuities: Ranked #3 in Variable Annuity sales.
• Retirement Plan Services: Ranked #7 in the 401(k) market based on sales.
• Group Protection: Ranked #3 in Long-term Disability and #2 in Short-term Disability.
• Life Insurance: Ranked #2 in Hybrid (Life Long-Term Care) sales.

The overall holding company available liquidity was $461 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Lincoln National Corporation (LNC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Lincoln National Corporation's (LNC) business, which, as you know, is dominated by what they owe policyholders and managing the massive reserves needed to back those promises. Honestly, for an insurer, the claims and benefits line is the one that keeps the actuaries up at night.

Policyholder Benefits and Claims

This is defintely the largest cost component, representing the money paid out for life insurance claims, annuity benefits, and group protection losses. While the direct total cost isn't explicitly broken out in the latest filings for the full year 2025, we can track the underlying health through loss ratios and segment profitability.

• Life Insurance loss ratio improved to 65.3% in Q3 2025, down from 71.8% in Q3 2024.
• Group Protection disability loss ratio was 64.2% for the second quarter of 2025.
• Life Insurance segment posted operating income of $54 million in the third quarter of 2025.
• The Group Protection segment achieved an operating margin of 12.5% in Q2 2025.

The company is actively managing this by focusing on risk-sharing products and improving mortality experience. Still, the Group Protection disability loss ratio climbing to 76.7% signals persistent volatility you need to watch.

Interest Expense

Costs tied to debt and capital financing show up here. You mentioned a specific fixed-income offering, but I can only provide the verified interest expense figures from their latest reports. Interest expense has been trending down, which is a good sign for debt management.

Here's the quick math on interest costs as of late 2025:

Metric	Amount (TTM as of Sep 2025)	Amount (Three Months Ended Sep 2025)
Interest Expense (USD)	$-229 Mil	$-79 Mil

This sequential decrease in interest expense, as noted in a May 2025 filing, reflects lower outstanding debt and better rates on floating-rate debt.

Operating Expenses

These are your General and Administrative (G&A) costs-salaries, technology spend, and keeping the lights on across the enterprise. Lincoln National Corporation has been focused on driving cost efficiency, which is showing up in the numbers.

• Total operating expenses for the twelve months ending September 30, 2025, were $15.599B.
• Total operating expenses for the full year 2024 were $14.084B.
• Net G&A expenses declined 8% year-over-year as of the May 2025 filing, reflecting 2024 expense actions.

The overall operating margin for the trailing twelve months ending November 2025 was 8.55%, showing management is running the day-to-day business more efficiently than in prior years.

Commissions and Distribution Fees

These are the payments made to the financial professionals and external channels that sell Lincoln National Corporation's products. Direct, consolidated figures for these fees as a total cost are often embedded within broader expense lines, but we know the structure involves significant distribution networks.

• Distribution is a key cost driver for Annuities, where spread-based products comprised more than 60% of Q3 2025 sales.
• Producers selling life and annuity products must comply with AML training requirements set by Lincoln National Corporation.

Hedging Costs

Managing market risk, especially on legacy variable annuity guarantees, requires significant hedging activity, which results in costs or gains/losses on the derivative instruments used. These are often volatile and reported as adjustments to net income rather than standard operating expenses.

For the three months ended June 30, 2025, the changes in the fair value of the related hedge instruments, inclusive of income allocated to support the hedging cost, totaled $(595) million. Also, the Q3 2025 results were partially offset by a decline in the value of related hedge instruments amid higher equity markets.

To give you a clearer picture of the scale of costs relative to revenue, here is a snapshot of key financial metrics as of late 2025:

Financial Metric	Latest Reported Value	Period End Date / TTM
Trailing Twelve Months Revenue	$18.45 Billion USD	September 2025
Total Operating Expenses	$15.599B	TTM ending September 30, 2025
Interest Expense (TTM)	$-229 Mil	TTM ended September 2025
Q2 2025 Hedge Instrument Impact (Gain)/Loss	$(595) Million	Three Months Ended June 30, 2025
Estimated Risk-Based Capital (RBC) Ratio	Exceeding 420%	As of Q3 2025

Finance: draft 13-week cash view by Friday.

Lincoln National Corporation (LNC) - Canvas Business Model: Revenue Streams

You're looking at how Lincoln National Corporation brings in its money as of late 2025. It's a mix of traditional insurance operations and investment earnings, which is typical for a major player in this space.

The core of the business is definitely the premiums collected. For the third quarter of 2025, the revenue from Insurance Premiums, covering Life and Group Protection, landed at approximately $1.64 billion. That's a key metric to watch.

Then there's the money made from managing the float-that is, the premiums collected but not yet paid out as claims. Net Investment Income for Q3 2025 was about $1.54 billion. Honestly, this component is crucial because it shows how effectively Lincoln National Corporation is investing those policyholder funds.

Also contributing significantly is Fee Income, which comes from managing annuities and retirement plan assets. For the same quarter, this stream brought in roughly $1.38 billion. It's a steady flow, reflecting the assets under management.

Here's a quick look at those primary Q3 2025 revenue components:

Revenue Stream	Q3 2025 Amount (Billions USD)	Year-over-Year Change
Insurance Premiums	$1.64	+1.4%
Net Investment Income	$1.54	+9.4%
Fee Income	$1.38	+2.4%
Total Segment Revenue (Sum)	$4.56	N/A

The overall picture for the last twelve months ending September 30, 2025, shows substantial top-line activity. The Total Trailing Twelve Months (TTM) Revenue for Lincoln National Corporation was approximately $18.35 billion. That's a big number, showing the scale of their operations over the full year.

You've also got to look at sales momentum, especially in the retirement space. The Annuity Sales showed strong movement, surging 32% year-over-year to hit $4.5 billion in Q3 2025. That growth is defintely a positive signal for future fee and spread income.

The sources of this revenue can be broken down further by segment activity:

• Insurance Premiums from Group Protection grew 5% year over year in Q3 2025.
• Total annuity sales reached $4.5 billion in the quarter.
• Spread-based annuity products comprised more than 60% of total annuity sales.
• First-year sales in Retirement Plan Services were up almost 50% year-over-year, reaching $2.4 billion.

Finance: draft 13-week cash view by Friday.