Lincoln National Corporation (LNC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Lincoln National Corporation (LNC) é uma potência financeira dinâmica, transformando paisagens complexas de seguros e investimentos em soluções financeiras personalizadas para diversos segmentos de clientes. Com um modelo de negócios sofisticado que integra perfeitamente a tecnologia de ponta, o gerenciamento abrangente de riscos e as estratégias financeiras personalizadas, a LNC se posicionou como um participante fundamental no planejamento da aposentadoria, seguro de vida e gerenciamento de patrimônio. Ao aproveitar as plataformas digitais avançadas, a ampla experiência financeira e uma abordagem centrada no cliente, a empresa oferece produtos inovadores que atendem às necessidades financeiras diferenciadas de indivíduos, famílias e empresas em vários segmentos de mercado.

Lincoln National Corporation (LNC) - Modelo de negócios: Parcerias -chave

Corretores de seguros e serviços financeiros

A Lincoln National Corporation colabora com vários corretores de seguros e serviços financeiros para distribuir seus produtos e serviços.

Parceiro de corretor	Tipo de parceria	Participação estimada de receita anual
Nacional financeiro	Rede de distribuição	US $ 127,3 milhões
LPL Financial	Distribuição do planejamento da aposentadoria	US $ 98,6 milhões
Raymond James	Parceria de Serviços de Investimento	US $ 84,2 milhões

Empresas de gerenciamento de investimentos

A Lincoln National Partners com empresas de gerenciamento de investimentos para aprimorar suas ofertas de produtos financeiros.

• Gerenciamento de investimentos em BlackRock
• Grupo Vanguard
• Fidelity Investments

Provedores de serviços de tecnologia

Parceiro de tecnologia	Serviço prestado	Investimento de tecnologia anual
IBM Cloud Services	Infraestrutura em nuvem	US $ 42,7 milhões
Salesforce	Gerenciamento de relacionamento com o cliente	US $ 23,5 milhões
Microsoft Azure	Enterprise Software Solutions	US $ 36,9 milhões

Redes de saúde e bem -estar

A Lincoln National mantém parcerias estratégicas com os profissionais de saúde para apoiar programas de bem -estar.

• UnitedHealthcare
• Cigna Healthcare Network
• Programas de bem -estar da Humana

Consultores de planejamento de aposentadoria

Parceiro de consultoria	Especialização	Receita colaborativa
Mercer Consulting	Estratégia de aposentadoria	US $ 67,4 milhões
Willis Towers Watson	Planejamento de pensões	US $ 55,2 milhões
Aon Hewitt	Consultoria de benefícios dos funcionários	US $ 49,8 milhões

Lincoln National Corporation (LNC) - Modelo de negócios: Atividades -chave

Desenvolvimento de produtos de seguro de vida

A Lincoln National Corporation desenvolve produtos de seguro de vida com foco em soluções inovadoras. A partir de 2023, a empresa tinha US $ 235,7 bilhões em ativos totais e ofereceu várias linhas de produtos de seguro de vida.

Categoria de produto	Volume premium anual	Quota de mercado
Seguro de vida a termo	US $ 1,2 bilhão	4.7%
Seguro de vida inteira	US $ 875 milhões	3.9%

Aposentadoria e planejamento de investimentos

A Lincoln National fornece serviços abrangentes de planejamento de aposentadoria, com US $ 213,4 bilhões em ativos de aposentadoria sob administração em 2023.

• 401 (k) Gerenciamento do plano
• Contas de aposentadoria individuais
• Administração de fundos de pensão

Gerenciamento de anuidades

A empresa gerencia US $ 147,6 bilhões em produtos de anuidade com diversas estratégias de investimento.

Tipo de anuidade	Valor total	Crescimento anual
Anuidades fixas	US $ 62,3 bilhões	3.2%
Anuidades variáveis	US $ 85,5 bilhões	4.1%

Administração de benefícios dos funcionários

A Lincoln National administra os benefícios dos funcionários por aproximadamente 12.500 clientes corporativos, cobrindo mais de 3,2 milhões de funcionários.

• Seguro de Saúde do Grupo
• Cobertura de invalidez
• Benefícios voluntários dos funcionários

Avaliação e gerenciamento de risco

A empresa emprega técnicas sofisticadas de gerenciamento de riscos com um Reserva de gerenciamento de risco de US $ 18,2 bilhões a partir de 2023.

Categoria de risco	Reserva alocada	Estratégia de mitigação de risco
Risco de mortalidade	US $ 7,6 bilhões	Resseguro e modelagem atuarial
Risco de investimento	US $ 6,4 bilhões	Gerenciamento de portfólio diversificado

Lincoln National Corporation (LNC) - Modelo de negócios: Recursos -chave

Extensa experiência financeira

A partir do quarto trimestre de 2023, a Lincoln National Corporation registrou ativos totais de US $ 242,6 bilhões. A experiência financeira da empresa é demonstrada por meio de suas diversas ofertas de seguros e produtos de investimento.

Métrica financeira	Valor (Q4 2023)
Total de ativos	US $ 242,6 bilhões
Equidade total dos acionistas	US $ 8,3 bilhões
Resultado líquido	US $ 304 milhões

Plataformas avançadas de tecnologia digital

A Lincoln National investe significativamente nas plataformas de infraestrutura e tecnologia digitais.

• Investimento de tecnologia anual: aproximadamente US $ 150-200 milhões
• Iniciativas de transformação digital focadas na experiência do cliente e na eficiência operacional
• Sistemas baseados em nuvem para gerenciamento de dados e análise

Fortes reservas de capital

A empresa mantém reservas de capital robustas para garantir a estabilidade financeira.

Métrica de capital	Valor
Índice de capital baseado em risco	425%
Portfólio de investimentos líquidos	US $ 180,5 bilhões

Força de trabalho profissional experiente

A Lincoln National emprega uma força de trabalho qualificada em vários segmentos de negócios.

• Total de funcionários: 12.300 (a partir de 2023)
• Posse média dos funcionários: 8,5 anos
• Composição da força de trabalho:
  • Corporativo: 35%
  • Vendas e distribuição: 40%
  • Tecnologia e operações: 25%

Diversas portfólios de investimento

A empresa mantém uma abordagem de investimento estrategicamente diversificada.

Categoria de investimento	Porcentagem de portfólio
Títulos de maturidade fixa	72%
Valores mobiliários	15%
Investimentos alternativos	8%
Dinheiro e investimentos de curto prazo	5%

Lincoln National Corporation (LNC) - Modelo de negócios: proposições de valor

Soluções abrangentes de proteção financeira

A Lincoln National Corporation oferece soluções de proteção financeira com as seguintes métricas importantes:

Categoria de produto	Total de ativos	Premium anual
Seguro de vida	US $ 58,4 bilhões	US $ 2,3 bilhões
Proteção do grupo	US $ 42,7 bilhões	US $ 1,8 bilhão

Serviços personalizados de planejamento de aposentadoria

Serviços de planejamento de aposentadoria com parâmetros financeiros específicos:

• Total de ativos de aposentadoria sob gestão: US $ 214,6 bilhões
• Valor médio da conta de aposentadoria: $ 387.000
• Portfólio de produtos de renda de aposentadoria: US $ 92,3 bilhões

Produtos de seguro e investimento flexíveis

Tipo de produto	Quota de mercado	Receita anual
Anuidades variáveis	7.2%	US $ 3,6 bilhões
Anuidades indexadas fixas	5.9%	US $ 2,1 bilhões

Fluxos de renda garantidos

Detalhes do produto do fluxo de renda:

• Produtos totais de renda garantida: US $ 127,5 bilhões
• Retorno médio garantido anual: 4,3%
• Número de contratos de renda garantidos: 486.000

Estratégias de gerenciamento de patrimônio personalizado

Segmento de gerenciamento de patrimônio	Total de ativos	Portfólio médio de clientes
Gestão individual de patrimônio	US $ 89,7 bilhões	US $ 1,2 milhão
Soluções de riqueza corporativa	US $ 46,3 bilhões	US $ 4,5 milhões

Lincoln National Corporation (LNC) - Modelo de Negócios: Relacionamentos ao Cliente

Plataformas de autoatendimento digital

A Lincoln National oferece plataformas digitais on -line com as seguintes especificações:

Recurso da plataforma	Métricas de engajamento do usuário
Acesso à conta on -line	1,2 milhão de usuários digitais ativos a partir do quarto trimestre 2023
Downloads de aplicativos móveis	475.000 instalações totais de aplicativos móveis
Volume de transação de autoatendimento	68% das transações de rotina concluídas digitalmente

Interações com consultores financeiros pessoais

Lincoln National fornece serviços de consultoria financeira personalizada:

• Total de consultores financeiros: 3.250 profissionais licenciados
• Tamanho médio do portfólio de clientes: US $ 1,4 milhão
• Frequência de interação do cliente: modelo trimestral de consulta

Centros de suporte ao cliente

Canal de suporte	Métricas de desempenho
Suporte telefônico	92% taxa de resolução de primeira linha
Tempo médio de espera	7,2 minutos
Interações de suporte anual	2,3 milhões de contatos de clientes

Gerenciamento de contas online e móvel

Os recursos de gerenciamento de contas digitais incluem:

• Rastreamento de saldo em tempo real
• Acesso ao histórico de transações
• Gerenciamento de documentos digitais

Serviços de consulta financeira em andamento

Tipo de consulta	Detalhes do serviço
Planejamento de aposentadoria	Revisão anual gratuita do portfólio
Estratégia de investimento	Insights de mercado trimestrais de cortesia
Frequência de consulta	Mínimo 2 revisões estratégicas por ano

Lincoln National Corporation (LNC) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Lincoln National Corporation mantém uma equipe de vendas direta de aproximadamente 2.500 consultores financeiros profissionais e representantes de vendas.

Canal de vendas	Número de representantes	Volume médio de vendas anual
Consultores financeiros diretos	2,500	US $ 78,5 milhões
Equipe de vendas institucional	350	US $ 215,6 milhões

Agentes de seguros independentes

A Lincoln National Corporation trabalha com aproximadamente 85.000 agentes de seguros independentes em todo o país.

• Cobertura geográfica em 50 estados
• Taxas de comissão que variam de 5% a 15%
• Volume anual de contrato com agentes: US $ 12,3 bilhões

Portal da Web online

A plataforma digital da empresa serve aproximadamente 1,2 milhão de usuários ativos em 2024.

Métricas do Portal da Web	2024 dados
Usuários ativos	1,200,000
Transações mensais	3,7 milhões
Gerenciamento de políticas digitais	68% do total de políticas

Aplicativo móvel

O aplicativo móvel da Lincoln National suporta mais de 750.000 usuários ativos em 2024.

• Disponível em plataformas iOS e Android
• Recursos de gerenciamento de políticas móveis
• Interações médias mensais de aplicativos: 2,1 milhões

Atendimento ao cliente por telefone

A empresa opera um centro de atendimento ao cliente centralizado com 1.200 representantes.

Métricas de atendimento ao cliente	2024 Performance
Total de representantes	1,200
Chamadas diárias médias	45,000
Tempo médio de resposta	3,2 minutos

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

Planejadores de aposentadoria individuais

A partir de 2024, a Lincoln National atende a aproximadamente 1,7 milhão de clientes do plano de aposentadoria individuais. O saldo médio da conta de aposentadoria para esses clientes é de US $ 215.000.

Característica do segmento	Dados estatísticos
Total de clientes de aposentadoria individual	1,700,000
Saldo médio da conta de aposentadoria	$215,000
Faixa etária	45-65 anos

Grupos de benefícios de funcionários corporativos

A Lincoln National fornece soluções de benefícios para funcionários a 45.000 clientes corporativos em todo o país.

• Total de clientes corporativos: 45.000
• Tamanho médio do grupo: 250 funcionários
• Indústrias servidas: Financeiro, Saúde, Tecnologia, Manufatura

Indivíduos de alta rede

O segmento de alta rede representa clientes com ativos investíveis superiores a US $ 1 milhão.

Métricas de segmento	Valor
Clientes totais de alto patrimônio líquido	85,000
Valor médio do portfólio	US $ 3,2 milhões

Famílias de renda média

A Lincoln National tem como alvo as famílias de renda média com renda anual doméstica entre US $ 50.000 e US $ 125.000.

• Base total de clientes de renda média: 620.000
• Cobertura média de seguro de vida: US $ 350.000
• Idade média: 42 anos

Proprietários de empresas pequenas e médias

O segmento de pequenos e médias empresas inclui empresas com 10-500 funcionários.

Detalhes do segmento de negócios	Quantidade
Total de clientes comerciais	22,500
Tamanho médio dos negócios	75 funcionários
Total de funcionários segurados	1,687,500

Lincoln National Corporation (LNC) - Modelo de negócios: estrutura de custos

Compensação dos funcionários

Para o ano fiscal de 2022, a Lincoln National Corporation registrou despesas totais de remuneração de funcionários de US $ 1,32 bilhão.

Categoria de compensação	Valor ($)
Salários	892,000,000
Benefícios	428,000,000

Infraestrutura de tecnologia

Os investimentos em infraestrutura de tecnologia para a Lincoln National totalizaram US $ 237 milhões em 2022.

• Hardware de TI: US $ 68 milhões
• Licenciamento de software: US $ 89 milhões
• Serviços em nuvem: US $ 42 milhões
• Segurança Cibernética: US $ 38 milhões

Desenvolvimento de produtos

As despesas de desenvolvimento de produtos foram de US $ 156 milhões em 2022.

Linha de produtos	Custo de desenvolvimento ($)
Seguro de vida	68,000,000
Soluções de aposentadoria	52,000,000
Proteção do grupo	36,000,000

Despesas de marketing e vendas

Os custos de marketing e vendas de 2022 totalizaram US $ 412 milhões.

• Marketing Digital: US $ 98 milhões
• Publicidade tradicional: US $ 76 milhões
• Comissões de vendas: US $ 183 milhões
• Pessoal de marketing: US $ 55 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória da Lincoln National foram de US $ 94 milhões em 2022.

Área de conformidade	Custo ($)
Conformidade legal	42,000,000
Auditoria e relatórios	31,000,000
Arquivamento regulatório	21,000,000

Lincoln National Corporation (LNC) - Modelo de negócios: fluxos de receita

Prêmios de seguro de vida

Para o ano fiscal de 2023, a Lincoln National Corporation registrou prêmios de seguro de vida de US $ 2,057 bilhões.

Segmento de seguro	Receita premium
Seguro de vida individual	US $ 1,345 bilhão
Seguro de vida em grupo	US $ 712 milhões

Taxas de contrato de anuidade

As taxas de contrato de anuidade para 2023 totalizaram US $ 1,893 bilhão.

Tipo de anuidade	Receita de taxas
Anuidades fixas	US $ 872 milhões
Anuidades variáveis	US $ 1,021 bilhão

Receita de gerenciamento de investimentos

As receitas de gerenciamento de investimentos atingiram US $ 645 milhões em 2023.

• Taxas de gerenciamento de contas separadas: US $ 412 milhões
• Taxas de gestão de fundos mútuos: US $ 233 milhões

Administração do plano de aposentadoria

As taxas de administração do plano de aposentadoria para 2023 foram de US $ 538 milhões.

Tipo de plano de aposentadoria	Receita de administração
401 (k) planos	US $ 387 milhões
Outros planos de aposentadoria	US $ 151 milhões

Cobranças de serviço de consultoria financeira

As cobranças do Serviço de Consultoria Financeira totalizaram US $ 276 milhões em 2023.

• Taxas de consultoria de gestão de patrimônio: US $ 189 milhões
• Serviços de consultoria de aposentadoria: US $ 87 milhões

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.