Lincoln National Corporation (LNC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Lincoln National Corporation (LNC) se erige como una potencia financiera dinámica, transformando complejos paisajes de seguros e inversiones en soluciones financieras personalizadas para diversos segmentos de clientes. Con un modelo de negocio sofisticado que integra perfectamente la tecnología de vanguardia, la gestión de riesgos integral y las estrategias financieras personalizadas, LNC se ha posicionado como un jugador fundamental en la planificación de la jubilación, el seguro de vida y la gestión de la patrimonio. Al aprovechar plataformas digitales avanzadas, una amplia experiencia financiera y un enfoque centrado en el cliente, la compañía ofrece productos innovadores que abordan las necesidades financieras matizadas de individuos, familias y empresas en múltiples segmentos de mercado.

Lincoln National Corporation (LNC) - Modelo de negocios: asociaciones clave

Corredores de seguros y servicios financieros

Lincoln National Corporation colabora con múltiples corredores de seguros y servicios financieros para distribuir sus productos y servicios.

Socio de corredor	Tipo de asociación	Participación de ingresos anual estimada
Financiero a nivel nacional	Red de distribución	$ 127.3 millones
LPL Financial	Distribución de planificación de jubilación	$ 98.6 millones
Raymond James	Asociación de servicios de inversión	$ 84.2 millones

Empresas de gestión de inversiones

Lincoln National se asocia con las empresas de gestión de inversiones para mejorar sus ofertas de productos financieros.

• Gestión de inversiones de BlackRock
• Grupo de vanguardia
• Inversiones de fidelidad

Proveedores de servicios de tecnología

Socio tecnológico	Servicio proporcionado	Inversión tecnológica anual
Servicios en la nube de IBM	Infraestructura en la nube	$ 42.7 millones
Salesforce	Gestión de la relación con el cliente	$ 23.5 millones
Microsoft Azure	Soluciones de software empresarial	$ 36.9 millones

Redes de salud y bienestar

Lincoln National mantiene asociaciones estratégicas con proveedores de atención médica para apoyar los programas de bienestar.

• UnitedHealthcare
• Red de atención médica de Cigna
• Programas de bienestar de Humana

Consultores de planificación de jubilación

Consultor	Especialización	Ingresos colaborativos
Consultoría de mercer	Estrategia de jubilación	$ 67.4 millones
Willis Towers Watson	Planificación de pensiones	$ 55.2 millones
Aon Hewitt	Consultoría de beneficios para empleados	$ 49.8 millones

Lincoln National Corporation (LNC) - Modelo de negocios: actividades clave

Desarrollo de productos de seguros de vida

Lincoln National Corporation desarrolla productos de seguros de vida con un enfoque en soluciones innovadoras. A partir de 2023, la compañía tenía $ 235.7 mil millones en activos totales y ofreció múltiples líneas de productos de seguros de vida.

Categoría de productos	Volumen premium anual	Cuota de mercado
Seguro de vida a plazo	$ 1.2 mil millones	4.7%
Seguro de vida completo	$ 875 millones	3.9%

Planificación de jubilación e inversiones

Lincoln National brinda servicios integrales de planificación de jubilación con $ 213.4 mil millones en activos de jubilación bajo administración en 2023.

• Gestión de planes 401 (k)
• Cuentas de jubilación individuales
• Administración de fondos de pensiones

Gestión de anualidades

La compañía administra $ 147.6 mil millones en productos de anualidad con diversas estrategias de inversión.

Tipo de anualidad	Valor total	Crecimiento anual
Anualidades fijas	$ 62.3 mil millones	3.2%
Anualidades variables	$ 85.5 mil millones	4.1%

Administración de beneficios para empleados

Lincoln National administra los beneficios de los empleados para aproximadamente 12.500 clientes corporativos, que cubre más de 3.2 millones de empleados.

• Seguro de salud grupal
• Cobertura de discapacidad
• Beneficios voluntarios de los empleados

Evaluación y gestión de riesgos

La empresa emplea técnicas sofisticadas de gestión de riesgos con un $ 18.2 mil millones de reserva de gestión de riesgos a partir de 2023.

Categoría de riesgo	Reserva asignada	Estrategia de mitigación de riesgos
Riesgo de mortalidad	$ 7.6 mil millones	Reaseguro y modelado actuarial
Riesgo de inversión	$ 6.4 mil millones	Gestión de cartera diversificada

Lincoln National Corporation (LNC) - Modelo de negocio: recursos clave

Experiencia financiera extensa

A partir del cuarto trimestre de 2023, Lincoln National Corporation reportó activos totales de $ 242.6 mil millones. La experiencia financiera de la Compañía se demuestra a través de sus diversas ofertas de productos de seguros e inversiones.

Métrica financiera	Valor (cuarto trimestre 2023)
Activos totales	$ 242.6 mil millones
Equidad total de los accionistas	$ 8.3 mil millones
Lngresos netos	$ 304 millones

Plataformas de tecnología digital avanzadas

Lincoln National invierte significativamente en plataformas de infraestructura digital y tecnología.

• Inversión de tecnología anual: aproximadamente $ 150-200 millones
• Iniciativas de transformación digital centradas en la experiencia del cliente y la eficiencia operativa
• Sistemas basados ​​en la nube para gestión de datos y análisis

Reservas de capital fuertes

La compañía mantiene reservas de capital robustas para garantizar la estabilidad financiera.

Métrico de capital	Valor
Relación de capital basada en el riesgo	425%
Cartera de inversiones líquidas	$ 180.5 mil millones

Fuerza laboral profesional experimentada

Lincoln National emplea una fuerza laboral calificada en múltiples segmentos comerciales.

• Total de empleados: 12,300 (a partir de 2023)
• Promedio de la tenencia del empleado: 8.5 años
• Composición de la fuerza laboral:
  • Corporativo: 35%
  • Ventas y distribución: 40%
  • Tecnología y operaciones: 25%

Diversas carteras de inversión

La compañía mantiene un enfoque de inversión estratégicamente diversificado.

Categoría de inversión	Porcentaje de cartera
Valores de vencimiento fijo	72%
Valores de renta variable	15%
Inversiones alternativas	8%
Inversiones en efectivo y a corto plazo	5%

Lincoln National Corporation (LNC) - Modelo de negocio: propuestas de valor

Soluciones integrales de protección financiera

Lincoln National Corporation ofrece soluciones de protección financiera con las siguientes métricas clave:

Categoría de productos	Activos totales	Prima anual
Seguro de vida	$ 58.4 mil millones	$ 2.3 mil millones
Protección grupal	$ 42.7 mil millones	$ 1.8 mil millones

Servicios de planificación de jubilación personalizados

Servicios de planificación de jubilación con parámetros financieros específicos:

• Activos de jubilación total bajo administración: $ 214.6 mil millones
• Valor promedio de la cuenta de jubilación: $ 387,000
• Portafolio de productos de ingresos de jubilación: $ 92.3 mil millones

Productos flexibles de seguros e inversión

Tipo de producto	Cuota de mercado	Ingresos anuales
Anualidades variables	7.2%	$ 3.6 mil millones
Anualidades indexadas fijas	5.9%	$ 2.1 mil millones

Flujos de ingresos garantizados

Detalles del producto del flujo de ingresos:

• Productos de ingresos garantizados totales: $ 127.5 mil millones
• Retorno promedio anual garantizado: 4.3%
• Número de contratos de ingresos garantizados: 486,000

Estrategias de gestión de patrimonio a medida

Segmento de gestión de patrimonio	Activos totales	Cartera promedio de clientes
Gestión de patrimonio individual	$ 89.7 mil millones	$ 1.2 millones
Soluciones de riqueza corporativa	$ 46.3 mil millones	$ 4.5 millones

Lincoln National Corporation (LNC) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

Lincoln National ofrece plataformas digitales en línea con las siguientes especificaciones:

Característica de la plataforma	Métricas de participación del usuario
Acceso a la cuenta en línea	1.2 millones de usuarios digitales activos a partir del cuarto trimestre 2023
Descargas de aplicaciones móviles	475,000 instalaciones totales de aplicaciones móviles
Volumen de transacción de autoservicio	68% de las transacciones de rutina completadas digitalmente

Interacciones de asesores financieros personales

Lincoln National ofrece servicios de asesoramiento financiero personalizado:

• Asesores financieros totales: 3.250 profesionales con licencia
• Tamaño promedio de la cartera de clientes: $ 1.4 millones
• Frecuencia de interacción del cliente: modelo de consulta trimestral

Centros de atención al cliente

Canal de soporte	Métricas de rendimiento
Soporte telefónico	Tasa de resolución de primer llamado del 92%
Tiempo de espera promedio	7.2 minutos
Interacciones de soporte anual	2.3 millones de contactos de clientes

Gestión de cuentas en línea y móvil

Las capacidades de gestión de cuentas digitales incluyen:

• Seguimiento de saldo en tiempo real
• Acceso al historial de transacciones
• Gestión de documentos digitales

Servicios de consulta financiera continua

Tipo de consulta	Detalles del servicio
Planificación de jubilación	Revisión anual de cartera anual gratuita
Estrategia de inversión	Insights de mercado trimestrales complementarios
Frecuencia de consulta	Mínimo 2 revisiones estratégicas por año

Lincoln National Corporation (LNC) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Lincoln National Corporation mantiene un equipo de ventas directas de aproximadamente 2,500 asesores financieros y representantes de ventas profesionales.

Canal de ventas	Número de representantes	Volumen de ventas anual promedio
Asesores financieros directos	2,500	$ 78.5 millones
Equipo de ventas institucional	350	$ 215.6 millones

Agentes de seguros independientes

Lincoln National Corporation trabaja con aproximadamente 85,000 agentes de seguros independientes en todo el país.

• Cobertura geográfica en 50 estados
• Tasas de comisión que van del 5% al ​​15%
• Volumen anual del contrato con agentes: $ 12.3 mil millones

Portal web en línea

La plataforma digital de la compañía atiende a aproximadamente 1,2 millones de usuarios activos en 2024.

Métricas del portal web	2024 datos
Usuarios activos	1,200,000
Transacciones mensuales	3.7 millones
Gestión de políticas digitales	68% de las políticas totales

Aplicación móvil

La aplicación móvil de Lincoln National admite más de 750,000 usuarios activos en 2024.

• Disponible en plataformas iOS y Android
• Características de gestión de políticas móviles
• Interacciones promedio de la aplicación mensual: 2.1 millones

Servicio al cliente telefónico

La compañía opera un centro de servicio al cliente centralizado con 1.200 representantes.

Métricas de servicio al cliente	2024 rendimiento
Representantes totales	1,200
Llamadas diarias promedio	45,000
Tiempo de respuesta promedio	3.2 minutos

Lincoln National Corporation (LNC) - Modelo de negocios: segmentos de clientes

Planificadores de jubilación individuales

A partir de 2024, Lincoln National atiende a aproximadamente 1,7 millones de clientes del plan de jubilación individual. El saldo promedio de la cuenta de jubilación para estos clientes es de $ 215,000.

Característica de segmento	Datos estadísticos
Clientes de jubilación individuales totales	1,700,000
Saldo promedio de la cuenta de jubilación	$215,000
Rango de edad	45-65 años

Grupos de beneficios de empleados corporativos

Lincoln National ofrece soluciones de beneficios para empleados a 45,000 clientes corporativos en todo el país.

• Total de clientes corporativos: 45,000
• Tamaño promedio del grupo: 250 empleados
• Industrias atendidas: financiera, de atención médica, tecnología, fabricación

Individuos de alto nivel de red

El segmento de alto patrimonio de la red representa a los clientes con activos invertibles superiores a $ 1 millón.

Métricas de segmento	Valor
Total de los clientes de alto nivel de red	85,000
Valor de cartera promedio	$ 3.2 millones

Familias de ingresos medios

Lincoln National apunta a las familias de ingresos medios con ingresos anuales de los hogares entre $ 50,000 y $ 125,000.

• Base de clientes de ingresos medios totales: 620,000
• Cobertura promedio de seguro de vida: $ 350,000
• Edad media: 42 años

Dueños de negocios pequeños a medianos

El segmento de empresas pequeñas a medianas incluye empresas con 10-500 empleados.

Detalles del segmento de negocios	Cantidad
Total de clientes comerciales	22,500
Tamaño promedio del negocio	75 empleados
Empleados asegurados totales	1,687,500

Lincoln National Corporation (LNC) - Modelo de negocio: Estructura de costos

Compensación de empleados

Para el año fiscal 2022, Lincoln National Corporation reportó gastos totales de compensación de empleados de $ 1.32 mil millones.

Categoría de compensación	Monto ($)
Salarios	892,000,000
Beneficios	428,000,000

Infraestructura tecnológica

Las inversiones en infraestructura tecnológica para Lincoln National totalizaron $ 237 millones en 2022.

• Hardware de TI: $ 68 millones
• Licencias de software: $ 89 millones
• Servicios en la nube: $ 42 millones
• Ciberseguridad: $ 38 millones

Desarrollo de productos

Los gastos de desarrollo de productos fueron de $ 156 millones en 2022.

Línea de productos	Costo de desarrollo ($)
Seguro de vida	68,000,000
Soluciones de jubilación	52,000,000
Protección grupal	36,000,000

Gastos de marketing y ventas

Los costos de marketing y ventas para 2022 ascendieron a $ 412 millones.

• Marketing digital: $ 98 millones
• Publicidad tradicional: $ 76 millones
• Comisiones de ventas: $ 183 millones
• Personal de marketing: $ 55 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para Lincoln National fueron de $ 94 millones en 2022.

Área de cumplimiento	Costo ($)
Cumplimiento legal	42,000,000
Auditoría e informes	31,000,000
Presentación regulatoria	21,000,000

Lincoln National Corporation (LNC) - Modelo de negocios: flujos de ingresos

Primas de seguro de vida

Para el año fiscal 2023, Lincoln National Corporation informó primas de seguro de vida de $ 2.057 mil millones.

Segmento de seguro	Ingresos premium
Seguro de vida individual	$ 1.345 mil millones
Seguro de vida grupal	$ 712 millones

Tarifas de contrato de anualidad

Las tarifas de contrato de anualidad para 2023 totalizaron $ 1.893 mil millones.

Tipo de anualidad	Ingresos por tarifas
Anualidades fijas	$ 872 millones
Anualidades variables	$ 1.021 mil millones

Ingresos de gestión de inversiones

Los ingresos de la gestión de inversiones alcanzaron los $ 645 millones en 2023.

• Tarifas de gestión de cuentas separadas: $ 412 millones
• Tarifas de gestión de fondos mutuos: $ 233 millones

Administración del plan de jubilación

Las tarifas de administración del plan de jubilación para 2023 fueron de $ 538 millones.

Tipo de plan de jubilación	Ingresos por administración
Planes 401 (k)	$ 387 millones
Otros planes de jubilación	$ 151 millones

Cargos de servicio de asesoramiento financiero

Los cargos de servicio de asesoramiento financiero ascendieron a $ 276 millones en 2023.

• Tarifas de asesoramiento de gestión de patrimonio: $ 189 millones
• Servicios de consultoría de jubilación: $ 87 millones

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.