OakChart

Lincoln National Corp

LNCFinancial·Insurance - Life·USA·Mid·NYSE·Nov 11 • 3:59 PM ET

42.56-0.21 (-0.49%)
2026-11-12 02:32 CET
Market cap
8,104.40 USD m
Revenue, TTM
22,246.00 USD m
Net income, TTM
3,187.00 USD m
Free cash flow, TTM
688.00 USD m
EPS diluted, TTM
16.22
P/E
2.62
Compare

Price

LNC against its 20, 50 and 200-day averages
2050200beat
35.0040.0045.002.9M5.8MVolumeMay 26Jun 26Jul 26Aug 26Sep 26Oct 26Nov 26LNCclose 42.5620-day 40.8350-day 41.52200-day 39.0242.5652w high

10.7% under the 52-week high of 47.67 on 5 Aug 2026. 52-week low 32.18 on 3 Mar 2026. Last 15 sessions, 12.2% high to low

Volume 0.69× normal · the line is the 50-bar volume average

Profile

LNC
52-week range, 67% of the way up
32.1847.67

Lincoln National Corp. is a holding company, which operates multiple insurance and retirement businesses through its subsidiary companies. It provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. It operates through the following segments: Annuities, Retirement Plan Services, Life Insurance, Group Protection, and Other Operations. The Annuities segment offers tax-deferred investment growth and lifetime income opportunities for its clients by offering fixed and variable annuities. The Retirement Plan Services segment includes employers with retirement plan products and services, primarily in the defined contribution retirement plan marketplaces. The Life Insurance segment focuses on the creation and protection of wealth for its clients by providing life insurance products, including term insurance, both single and survivorship versions of universal life insurance, variable universal life insurance, and indexed universal life insurance products. The Group Protection segment is involved in group non-medical insurance products, which includes term life, disability, dental, vision and accident and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The Other Operations segment includes the financial data for operations. The company was founded in 1968 and is headquartered in Radnor, PA.

IndexRUI
Employees9423
IPOAug 20, 1969
Beta1.13
ATR, 14d1.36
Rel volume0.69
Short float5.79%
Insider own1.01%
Inst own86.70%

Snapshot

6 groups

Valuation

IndexRUI
Market Cap8.10B
Enterprise Value-
Income3.19B
Sales22.25B
Book/sh46.58
Cash/sh-
Dividend Est.1.80 (4.24%)
Dividend TTM1.80 (4.23%)
Dividend Ex-DateOct 09, 2026
Dividend Gr. 3/5Y0.00% 2.13%
Payout30.84%
Employees9423
IPOAug 20, 1969

Ratios

P/E2.62
Forward P/E4.87
PEG0.84
P/S0.36
P/B0.91
P/C-
P/FCF11.78
EV/EBITDA-
EV/Sales-
Quick Ratio-
Current Ratio-
Debt/Eq0.68
LT Debt/Eq0.68
Option/ShortYes / Yes

Earnings

EPS (ttm)16.22
EPS next Y8.73
EPS next Q2.08
EPS this Y-5.30%
EPS next Y12.05%
EPS next 5Y5.82%
EPS past 3/5Y-9.75% 17.86%
Sales past 3/5Y-0.80% 1.55%
EPS Y/Y TTM45.09%
Sales Y/Y TTM12.34%
EPS Q/Q220.23%
Sales Q/Q31.96%
EarningsNov 05 BMO
EPS/Sales Surpr.-12.04% 10.29%

Ownership

Insider Own1.01%
Insider Trans-8.07%
Inst Own86.70%
Inst Trans3.12%
ROA0.85%
ROE33.34%
ROIC20.88%
Gross Margin-
Oper. Margin19.76%
Profit Margin14.33%
SMA204.24%
SMA502.50%
SMA2009.08%
Trades-

Technical

Shs Outstand190.42M
Shs Float188.50M
Short Float5.79%
Short Ratio5.45
Short Interest10.91M
52W High47.67 -10.71%
52W Low32.18 32.26%
Volatility4.48% 3.05%
ATR (14)1.36
RSI (14)56.82
Beta1.13
Rel Volume0.69
Avg Volume2.00M
Volume1,381,995

Performance

Perf Week2.31%
Perf Month4.75%
Perf Quarter-6.01%
Perf Half Y24.92%
Perf YTD-4.42%
Perf Year3.25%
Perf 3Y93.37%
Perf 5Y-41.93%
Perf 10Y-29.20%
Recom2.47
Target Price48.08
Prev Close42.77
Price42.56
Change %-0.49%

Analyst ratings

latest 10 of 20
DateActionAnalystRating changeTargetImplied
Jul 06, 2026UpgradeBBarclaysEqual Weight → Overweight$45+5.7%
Feb 25, 2026UpgradeWWells FargoEqual Weight → Overweight$48+12.8%
Dec 16, 2025InitiatedMMizuhoOutperform
Sep 19, 2025UpgradeMMorgan StanleyEqual-Weight → Overweight$58+36.3%
Sep 16, 2025InitiatedWWolfe ResearchUnderperform$37-13.1%
Oct 09, 2024InitiatedTTD CowenHold$34-20.1%
Sep 05, 2024InitiatedBBarclaysEqual Weight$35-17.8%
May 22, 2024UpgradeJJefferiesHold → Buy$26 → $34-20.1%
Feb 12, 2024UpgradeJJefferiesUnderperform → Hold$2622+6,060.7%
Jan 03, 2024DowngradeJJP MorganNeutral → Underweight$26-38.9%

Peers

Mkt cap
TickerCompanyMkt cap
BHFBrighthouse Financial Inc2.61B
JXNJackson Financial Inc9.21B
PRUPrudential Financial Inc42.20B
EQHEquitable Holdings Inc14.90B
METMetlife Inc64.69B
CRBGCorebridge Financial Inc15.84B
UNMUnum Group12.61B
MFCManulife Financial Corp73.80B
PFGPrincipal Financial Group Inc24.36B
VOYAVoya Financial Inc9.26B

Insider trading

latest 14 of 28
InsiderRelationshipDateTransactionCostSharesValueTotal heldForm
Beazer CraigT TEVP, GC & Chief Gov OfficerNov 09 '26Sale42.5017,980764,15087,702Nov 10 04:20 PM
Woodroffe SeanEVP, Ch Ppl Comms Ent Srvc OffNov 06 '26Sale40.2417,500704,200103,296Nov 09 04:21 PM
Reid James WaltmanEVP, Pres. Workplace SolutionsNov 06 '26Sale39.2652,4342,058,559129,533Nov 09 04:20 PM
Craig BeazerOfficerNov 09 '26Proposed Sale42.5017,980764,150Nov 09 01:37 PM
Sean WoodroffeOfficerNov 06 '26Proposed Sale39.1617,500685,300Nov 06 05:30 PM
James ReidOfficerNov 06 '26Proposed Sale39.1852,4342,054,421Nov 06 12:56 PM
Christopher NeczyporOfficerSep 03 '26Proposed Sale45.2356,2202,542,830Sep 03 11:56 AM
Woodroffe SeanEVP, Ch Ppl Comms Ent Srvc OffAug 17 '26Sale45.2811,000498,080119,947Aug 18 04:21 PM
Christopher NeczyporOfficerAug 18 '26Proposed Sale45.1253,6812,422,082Aug 18 04:14 PM
Sean WoodroffeOfficerAug 17 '26Proposed Sale45.4611,000500,060Aug 17 07:21 PM
KELLY GARY CDirectorAug 12 '26Sale26.5015,007397,6740Aug 14 04:21 PM
KELLY GARY CDirectorAug 12 '26Proposed Sale26.5415,006398,259Aug 12 01:30 PM
Beazer CraigT TEVP & General CounselJun 05 '26Sale34.4530,0001,033,500103,906Jun 08 04:20 PM
Craig BeazerOfficerJun 05 '26Proposed Sale34.4630,0001,033,769Jun 05 03:57 PM

Held by

AUM
TickerCompanyAUM
IJRiShares Core S&P Small-Cap ETFAUM: 106.27B
VTIVanguard Morningstar Total Stock Market ETFAUM: 687.42B
VBVanguard Morningstar Small-Cap ETFAUM: 79.59B
DVYiShares Select Dividend ETFAUM: 23.68B
DFSVUS Small Cap Value Portfolio ETF Class SharesAUM: 8.52B
VBRVanguard Morningstar Small-Cap Value ETFAUM: 37.76B
DFATU.S. Targeted Value Portfolio-ETF Class SharesAUM: 14.47B
VXFVanguard Extended Market Index ETFAUM: 30.47B
SPSMState Street SPDR Portfolio S&P 600TM Small Cap ETFAUM: 16.06B
IJSiShares S&P Small-Cap 600 Value ETFAUM: 7.74B

News

latest 14 of 200
  • Lincoln National Corporation's Board of Directors Declares Quarterly Cash Dividend (Business Wire)
  • Lincoln Financial Research Finds 80% of Families Haven't Had In-Depth Conversations About Age-Related Healthcare Costs (Business Wire) +7.32%
  • Lincoln National Misses As Group Disability Deteriorates, But Its Capital-Return Inflection Has Arrived (Earnings Whispers) -5.87%
  • Lincoln Financial Reports 2026 Third Quarter Results (Business Wire)
  • Lincoln National Corporation's Board of Directors Declares Series D Preferred Stock Dividend (Business Wire)
  • Lincoln National Must Back Its Inflection-Point Claim With Alt Returns And Buybacks (Earnings Whispers)
  • Lincoln Financial and TGR Foundation Launch Bold Starts, a Program to Empower Youth Through Financial Education Opportunities (Business Wire)
  • Lincoln Financial Closes $6.3 Billion Reinsurance Transaction with Talcott (Business Wire)
  • Lincoln Financial to Report 2026 Third Quarter Results on November 5 (Business Wire)
  • Lincoln Financial and EBRI Research Highlights the Critical Importance of Benefits Education and Communication (Business Wire)
  • Lincoln Financial Announces Expiration and Results of Cash Tender Offers for Its Series C and Series D Depositary Shares (Business Wire)
  • Lincoln Financial Research Finds 78% of Families Haven't Discussed Life Insurance (Business Wire)
  • Americans Ready to Take Control of Financial Stress, Lincoln Financial Research Finds (Business Wire)
  • Lincoln Financial and Integrated Benefits Institute Outline How Employers Can Close Workforce Mental Health Gap (Business Wire)

Quarterly earnings

actual against estimate
PeriodReportedEPS actEPS estEPS repSales actSales estAnalysts
2026Q32026-11-051.7201.9566.7705,4814,97014
2026Q22026-07-302.2401.9586.7254,9264,88714
2026Q12026-05-071.6601.579-1.0745,3064,93414
2025Q42026-02-122.2101.8993.7954,8944,84114
2025Q32025-10-302.0401.8682.1154,5554,80315
2025Q22025-07-312.3601.8843.8104,7264,66214
2025Q12025-05-081.6001.539-4.4134,6914,68714
2024Q42025-02-061.9101.7569.6264,6284,67714
2024Q32024-10-312.0601.610-3.2914,6034,60712
2024Q22024-08-011.8401.7745.1134,5274,61112
2024Q12024-05-020.4101.1046.9314,5844,58411
2023Q42024-02-081.4501.311-7.3441,9674,38113
2023Q32023-11-010.2301.7614.7934,2034,71714
2023Q22023-08-022.0201.8522.9442,9294,64615
2023Q12023-05-091.5201.606-5.3673,8144,58716
2022Q42023-02-080.9701.8410.0354,1964,58815

Annual earnings

PeriodEPS actEPS estEPS repSales actSales est
2018FY8.4808.4597.47416,42416,370
2019FY6.7106.6734.38417,25818,041
2020FY4.4504.4592.56618,16218,144
2021FY8.2008.5247.43019,23019,589
2022FY-5.220-4.3487.94018,78418,582
2023FY5.2205.089-4.92416,02718,536
2024FY7.0706.77618.41318,34218,394
2025FY8.2307.9095.83019,08519,032
2026FY-7.794--19,849
2027FY-8.733--20,534
2028FY-9.754--21,265
2029FY-11.354--22,126

Estimate revisions

last 14 periods
PeriodTypeDateEstimatesUpDownMeanLowHigh
2026Q4S2026-11-076215,0054,9765,034
2026Q4S2026-11-067214,9944,9305,034
2026Q4S2026-11-057124,9814,9235,034
2026Q4S2026-10-207124,9844,9235,034
2026Q4S2026-10-147124,9834,9235,034
2026Q4S2026-10-137124,9884,9235,071
2026Q4S2026-10-097134,9884,9235,071
2026Q4S2026-10-057125,0014,9305,071
2026Q4S2026-10-037024,9914,9235,071
2026Q4S2026-09-217124,9914,9235,071
2026Q4S2026-09-127224,9914,9235,071
2026Q4S2026-09-107324,9914,9235,071
2026Q4S2026-08-267315,0004,9235,071
2026Q4S2026-08-107214,9934,9235,071

Estimate history

EPS, annual9.197.4744.3842.5667.437.94-4.92418.4135.83716.2205
Period201720182019202020212022202320242025TTM
EPS, quarterly-3.2919.626-4.4133.812.1153.795-1.0746.7256.773
PeriodQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Sales, annual14234164151722717398191841924814061207271878922246
Period201720182019202020212022202320242025TTM
Sales, quarterly350663773457507248975363436560566462
PeriodQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Shares, annual218.09205.863196.669192.33177.194169.221169.666170.381190.051190.421
Period201720182019202020212022202320242025MRQ
Shares, quarterly170.341170.381170.695189.571189.921190.051191.21191.425190.421
PeriodQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26

Income statement, annual

Currency USD, millions
MetricTTM2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY
Total Revenue22,246.0018,789.0020,727.0014,061.0019,248.0019,184.0017,398.0017,227.0016,415.00
Losses, Claims & Reserves12,045.0011,688.0011,361.009,386.0011,356.0011,444.0011,600.0010,660.009,403.00
Selling, General and Administrative Incl. Other5,806.005,476.005,550.005,458.005,292.005,864.005,112.005,223.004,754.00
Operating Income before Interest Expense4,395.001,625.003,816.00-783.002,600.001,876.00686.001,344.002,258.00
Interest Expense334.00227.00336.00331.00283.00270.00284.00326.00297.00
Unusual Expense-46.0040.0034.00634.0014.0020.00130.0085.00
Net Income Before Taxes4,047.001,338.004,022.00-1,148.001,725.001,638.00423.00919.001,885.00
Income Taxes734.00161.00747.00-396.00367.00233.00-76.0033.00244.00
Consolidated Net Income3,313.001,177.003,275.00-752.001,358.001,405.00499.00886.001,641.00
Net Income From Continuing Operations3,313.001,177.003,275.00-752.001,358.001,405.00499.00886.001,641.00
Net Income3,187.001,086.003,184.00-834.001,358.001,405.00499.00886.001,641.00
EPS (Recurring)16.226.0118.58-4.7810.437.482.644.837.75
EPS (Basic, Before Extraordinaries)16.575.9518.66-4.927.947.502.584.427.60
EPS (Diluted)16.225.8418.41-4.927.947.432.574.387.47
Non-Operating Income (Expense)-14.00-14.00582.000.0042.0046.0041.0031.009.00
Other After Tax Adjustments0.000.000.000.000.000.000.000.000.00
Stock Option Compensation Expense-65.0053.0052.0040.0048.0040.0049.0040.00
Price To Earnings Ratio2.622.6222.5011.22-9.2119.7113.526.85
Price To Sales Ratio0.360.440.260.330.280.670.560.690.69
Operating Margin19.768.6518.41-5.5713.519.783.947.8013.76
Net Margin14.335.7815.36-5.937.067.322.875.1410.00
Shares Outstanding190.42190.05170.38169.67169.22177.19192.33196.67205.86
Market Capitalization8,104.408,104.405,401.584,575.785,198.2812,335.209,723.1611,703.5110,960.07
Operating Income after Interest Expense-1,398.003,480.00-1,114.002,317.001,606.00402.001,018.001,961.00
Reserves Increase (Decrease)-0.000.000.000.000.000.000.000.00

Income statement, quarterly

Currency USD, millions
Metric2026Q32026Q22026Q12025Q42025Q32025Q22025Q12024Q4
Total Revenue6,462.006,056.004,365.005,363.004,897.005,072.003,457.006,377.00
Losses, Claims & Reserves3,099.002,944.003,050.002,952.002,876.002,910.002,958.002,858.00
Selling, General and Administrative Incl. Other1,538.001,387.001,480.001,401.00293.001,327.001,368.001,336.00
Operating Income before Interest Expense1,825.001,725.00-165.001,010.00603.00835.00-869.002,183.00
Interest Expense90.0082.0081.0081.0079.000.0080.0083.00
Operating Income after Interest Expense1,735.001,643.00-246.00929.00524.00835.00-949.002,100.00
Net Income Before Taxes1,735.001,643.00-246.00915.00524.00848.00-949.002,100.00
Income Taxes336.00311.00-74.00161.0079.00149.00-227.00414.00
Consolidated Net Income1,399.001,332.00-172.00754.00445.00699.00-722.001,686.00
Net Income From Continuing Operations1,399.001,332.00-172.00754.00445.00699.00-722.001,686.00
Net Income1,329.001,321.00-206.00743.00411.00688.00-756.001,675.00
EPS (Recurring)6.766.73-1.073.802.123.81-4.419.63
EPS (Basic, Before Extraordinaries)6.906.85-1.073.902.153.88-4.419.80
EPS (Diluted)6.776.73-1.073.802.123.81-4.419.63
Non-Operating Income (Expense)0.000.000.00-14.000.0013.000.000.00
Other After Tax Adjustments0.000.000.000.000.000.000.000.00
Price To Earnings Ratio2.624.096.694.007.044.921.9522.50
Price To Sales Ratio0.360.340.350.470.400.340.340.27
Operating Margin28.2428.48-3.7818.8312.3116.46-25.1434.23
Net Margin20.5721.81-4.7213.858.3913.56-21.8726.27
Shares Outstanding190.42191.43191.21190.05189.92189.57170.70170.38
Market Capitalization8,104.406,759.386,748.198,457.987,645.765,907.406,119.215,401.58

Balance sheet, annual

Currency USD, millions
Metric2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY
Total Cash9,502.005,801.003,365.003,343.002,612.001,708.002,563.002,345.001,628.00
Investments138,908.00129,254.00124,331.00131,654.00153,630.00153,956.00133,697.00115,216.00113,089.00
Premium Balance Receivables - Insurance0.000.000.000.00580.00486.00465.00570.00396.00
Net Property, Plant & Equipment58.0085.00118.00140.00147.00182.00233.000.000.00
Investment in Unconsolidated Affiliates0.000.000.000.000.000.000.000.000.00
Deferred Tax Assets5,151.004,982.004,388.003,647.004,272.002,971.001,158.00-2,347.001,072.00
Other Intangible Assets240,463.00226,337.00213,827.00177,928.00210,037.00193,120.00180,659.00162,268.00161,743.00
Total Assets394,082.00366,459.00346,029.00316,712.00371,278.00352,423.00318,775.00278,052.00277,928.00
Insurance Policy Liabilities - Insurance159,014.00145,030.00138,375.00140,477.00132,437.00129,723.00117,294.00108,133.0098,189.00
Total Debt6,329.006,245.006,078.006,607.006,782.006,876.006,607.005,839.005,344.00
Long Term Debt5,903.005,916.005,828.006,107.006,482.006,876.006,307.005,839.004,894.00
Provision for Risks Charges889.00809.00736.00777.00963.00872.00792.00730.00768.00
Deferred Tax Liabilities4,890.004,378.003,459.002,334.007,072.006,227.003,601.00-1,189.003,167.00
Other Liabilities212,054.00201,728.00190,488.00161,415.00203,752.00186,026.00170,792.00150,189.00153,138.00
Total Liabilities383,176.00358,190.00339,136.00311,610.00351,006.00329,724.00299,086.00263,702.00260,606.00
Non-Equity Reserves0.000.000.000.000.000.000.000.000.00
Preferred Stock - Carrying Value986.00986.00986.00986.000.000.000.000.000.00
Common Equity9,920.007,283.005,907.004,116.0020,272.0022,699.0019,689.0014,350.0017,322.00
Total Shareholders Equity10,906.008,269.006,893.005,102.0020,272.0022,699.0019,689.0014,350.0017,322.00
Accumulated Minority Interest0.000.000.000.000.000.000.000.000.00
Total Equity10,906.008,269.006,893.005,102.0020,272.0022,699.0019,689.0014,350.0017,322.00
Total Liabilities & Stockholders Equity394,082.00366,459.00346,029.00316,712.00371,278.00352,423.00318,775.00278,052.00277,928.00
Book Value Per Share52.2042.7534.8224.32114.41118.02100.1169.7179.43
Tangible Book Value Per Share40.8530.3022.5312.22101.21105.6887.8557.3172.46
Full-Time Employees9,4239,78311,02411,31610,84810,96611,35710,0009,047
Price to Book Ratio0.910.672.072.340.600.430.590.741.03
Return on Assets0.310.92-0.230.390.390.150.300.590.78
Return on Equity12.2843.20-12.5410.706.542.355.2110.3613.08
Return on Invested Capital7.0023.09-5.9112.125.251.693.418.139.36

Cash flow, annual

Currency USD, millions
MetricTTM2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY
Funds from Operations396.001,877.00672.001,158.00-1,836.001,455.001,237.00-1,045.001,373.00
Extraordinary Item0.000.000.000.000.000.000.000.000.00
Changes in Working Capital292.00-2,044.00-2,679.00-3,232.005,445.00-1,312.00-703.00-1,641.00570.00
Cash from Operating Activities688.00-167.00-2,007.00-2,074.003,609.00143.00534.00-2,686.001,943.00
Capital Expenditures0.000.000.000.000.000.000.000.000.00
Net Assets From Acquisitions0.000.000.000.000.000.000.000.00-1,422.00
Sale of Fixed Assets and Businesses0.000.00619.000.000.000.000.000.000.00
Purchase or Sale of Investments-5,998.00-4,129.00506.00-3,024.00-11,598.00-3,264.00-9,328.00-5,238.00-4,200.00
Purchase of Investments-35,241.00-25,593.00-16,978.00-14,086.00-22,049.00-20,734.00-18,957.00-20,021.00-15,891.00
Sale Or Maturity of Investments29,243.0021,464.0017,484.0011,062.0010,451.0017,470.009,629.0014,783.0011,691.00
Other Uses0.000.00-304.00-310.00-48.00-303.00-153.00-261.00-193.00
Other Sources85.00116.000.000.000.000.000.000.000.00
Cash from Investing Activities-5,913.00-4,013.00821.00-3,334.00-11,646.00-3,567.00-9,481.00-5,499.00-5,815.00
Cash Dividends Paid-435.00-416.00-398.00-387.00-310.00-319.00-311.00-303.00-289.00
Change in Capital Stock-541.00825.000.000.00436.00-1,105.00-275.00-550.00-900.00
Repurchase of Common Pref Stock-537.000.000.000.00-550.00-1,105.00-275.00-550.00-900.00
Sale of Common Pref Stock-4.00825.000.000.00986.000.000.000.000.00
Proceedsfrom Stock Options0.00825.000.000.00986.000.000.000.000.00
Issuance or Reduction of Debt, Net684.00188.00229.00-579.00-74.00-59.00242.00418.00622.00
Change in Long Term Debt684.00188.00229.00-579.00-74.00-59.00242.00418.00622.00
Issuance of Long Term Debt1,239.00495.00346.000.00296.000.001,385.00809.001,159.00
Reduction of Long Term Debt-555.00-307.00-117.00-579.00-370.00-59.00-1,143.00-391.00-537.00
Net Financing Active Other Cash Flow4,640.007,284.003,791.006,396.008,716.005,811.008,436.008,838.005,156.00
Other Financing Activities Uses-16,600.00-13,858.00-12,322.00-11,340.00-7,692.00-7,007.00-6,126.00-7,231.00-8,482.00
Cash from Financing Activities4,348.007,881.003,622.005,430.008,768.004,328.008,092.008,403.004,589.00
Net Change in Cash-877.003,701.002,436.0022.00731.00904.00-855.00218.00717.00
Free Cash Flow688.00-167.00-2,007.00-2,074.003,609.00143.00534.00-2,686.001,943.00
Preferred Dividends (Cash Flow)--91.00-91.00-82.000.000.000.000.000.00
Price to Free Cash Flow31.29---1.61-43.87-6.81

Balance sheet, quarterly

Currency USD, millions
Metric2026Q32026Q22026Q12025Q42025Q32025Q2
Total Cash9,791.0010,165.007,345.009,502.0010,668.007,143.00
Investments139,291.00143,310.00138,737.00138,908.00136,102.00131,144.00
Net Property, Plant & Equipment0.000.000.0058.000.000.00
Investment in Unconsolidated Affiliates0.000.000.000.000.000.00
Deferred Tax Assets---5,151.00--
Other Intangible Assets243,605.00249,097.00232,391.00240,463.00239,840.00232,338.00
Total Assets392,687.00402,572.00378,473.00394,082.00386,610.00370,625.00
Insurance Policy Liabilities - Insurance163,981.00163,416.00158,936.00159,014.00154,949.00150,146.00
Total Debt6,440.006,865.006,369.006,329.005,772.005,767.00
Long Term Debt6,440.006,465.005,969.005,903.005,772.005,767.00
Provision for Risks Charges0.000.000.00889.000.000.00
Deferred Tax Liabilities---4,890.00--
Other Liabilities212,842.00220,942.00202,956.00212,054.00215,437.00205,164.00
Total Liabilities383,263.00391,223.00368,261.00383,176.00376,158.00361,077.00
Non-Equity Reserves0.000.000.000.000.000.00
Preferred Stock - Carrying Value555.00986.00986.00986.00986.00986.00
Common Equity8,869.0010,363.009,226.009,920.009,466.008,562.00
Total Shareholders Equity9,424.0011,349.0010,212.0010,906.0010,452.009,548.00
Accumulated Minority Interest0.000.000.000.000.000.00
Total Equity9,424.0011,349.0010,212.0010,906.0010,452.009,548.00
Total Liabilities & Stockholders Equity392,687.00402,572.00378,473.00394,082.00386,610.00370,625.00
Book Value Per Share46.5854.1448.2552.2049.8445.17
Tangible Book Value Per Share40.5748.1642.2740.8543.8239.13
Full-Time Employees---9,423--
Price to Book Ratio0.910.730.680.890.890.82
Return on Assets0.850.610.470.310.560.31
Return on Equity33.3422.5818.7612.2721.6612.97
Return on Invested Capital8.827.48-1.064.492.744.56

Cash flow, quarterly

Currency USD, millions
Metric2026Q32026Q22026Q12025Q42025Q32025Q2
Funds from Operations85.00303.00452.00-444.00871.00819.00
Extraordinary Item0.000.000.000.000.000.00
Changes in Working Capital790.00-861.00-314.00677.00-2,012.00194.00
Cash from Operating Activities875.00-558.00138.00233.00-1,141.001,013.00
Capital Expenditures0.000.000.000.000.000.00
Net Assets From Acquisitions0.000.000.000.000.000.00
Sale of Fixed Assets and Businesses0.000.000.000.000.000.00
Purchase or Sale of Investments-1,312.002,646.00-3,419.00-3,913.002,134.00-372.00
Purchase of Investments-13,048.00-5,554.00-7,599.00-9,040.00-5,694.00-4,968.00
Sale Or Maturity of Investments11,736.008,200.004,180.005,127.007,828.004,596.00
Other Uses103.00-68.00-35.000.000.0068.00
Other Sources85.000.000.000.0078.0038.00
Cash from Investing Activities-1,124.002,578.00-3,454.00-3,913.002,212.00-266.00
Cash Dividends Paid-120.00-98.00-120.00-97.00-120.00-88.00
Preferred Dividends (Cash Flow)-34.00-12.00-34.00-11.00-34.00-12.00
Change in Capital Stock-510.00-4.00-23.00-4.004.00825.00
Repurchase of Common Pref Stock-510.00-4.00-23.000.000.000.00
Sale of Common Pref Stock0.000.000.00-4.004.00825.00
Proceedsfrom Stock Options0.000.000.000.000.00825.00
Issuance or Reduction of Debt, Net-401.00493.0099.00493.00-1.00-2.00
Change in Long Term Debt-401.00493.0099.00493.00-1.00-2.00
Issuance of Long Term Debt0.00494.00250.00495.000.000.00
Reduction of Long Term Debt-401.00-1.00-151.00-2.00-1.00-2.00
Net Financing Active Other Cash Flow906.00409.001,203.002,122.002,571.001,377.00
Other Financing Activities Uses-4,924.00-4,339.00-3,744.00-3,593.00-3,200.00-3,845.00
Cash from Financing Activities-125.00800.001,159.002,514.002,454.002,112.00
Net Change in Cash-374.002,820.00-2,157.00-1,166.003,525.002,859.00
Free Cash Flow875.00-558.00138.00233.00-1,141.001,013.00
Price to Free Cash Flow31.29----11.61

Revenue breakdown

United States2024: 18.44B 2025: 18.21B
Annuities2024: 4.70B 2025: 4.86B
Consolidation, Policy2024: 463.00M 2025: 24.00M
Group Protection2024: 5.71B 2025: 6.10B
Life2024: 6.29B 2025: 5.90B
Retirement Plan Services2024: 1.28B 2025: 1.33B

Short interest

shares short against float, oldest to newest
SettlementOf floatShares shortFloatAvg volume
2026-10-305.79%10.9M188.5M1.92M
2026-10-156.32%12.0M189.5M2.01M
2026-09-307.67%14.5M189.5M1.97M
2026-09-156.41%12.1M189.5M1.96M
2026-08-317.29%13.8M189.5M1.91M
2026-08-145.46%10.4M189.5M1.88M
2026-07-315.55%10.5M189.6M1.95M
2026-07-155.58%10.6M189.3M1.81M
2026-06-305.61%10.6M189.3M1.78M
2026-06-155.07%9.6M189.3M1.92M
2026-05-294.81%9.1M189.3M2.06M
2026-05-154.81%9.1M189.2M2.29M
2026-04-303.75%7.1M189.0M2.31M
2026-04-153.60%6.8M187.9M2.33M
2026-03-313.76%7.1M187.9M2.35M
2026-03-133.19%6.0M187.9M2.08M
2026-02-272.66%5.0M187.9M1.94M
2026-02-132.81%5.3M187.9M1.69M
2026-01-303.03%5.7M187.8M1.60M
2026-01-152.55%4.8M188.4M1.55M

Option chain

expiry 2026-11-20
TypeStrikeBidAskLastIVOpen intVolumeDeltaThetaVega
call20.0022.1023.2021.473.6040.000.000.984-0.0330.003
call22.5019.6020.700.003.1210.000.000.981-0.0320.003
call25.0017.2018.200.002.6900.000.000.978-0.0310.003
call27.5014.7015.800.002.3950.000.000.975-0.0310.004
call30.0012.2013.3011.602.0210.000.000.970-0.0300.004
call32.509.7010.808.401.6690.000.000.963-0.0280.005
call35.006.908.404.601.39831.000.000.954-0.0270.006
call37.504.705.805.561.00642910.000.937-0.0240.008
call40.002.653.302.980.6735670.000.791-0.0550.019
call42.500.901.101.100.4041,53310.000.522-0.0610.026
call45.000.100.250.220.3851,42145.000.193-0.0410.018
call47.500.000.200.070.5642,8052.000.114-0.0410.013
call50.000.000.150.050.6453100.000.077-0.0330.010
call52.500.000.400.120.85075.000.000.064-0.0400.008
call55.000.000.350.110.9961720.000.057-0.0420.008
call60.000.001.800.051.24620.000.000.047-0.0460.007
put20.000.000.600.102.45937.000.00-0.015-0.0350.003
put22.500.000.600.052.11237.000.00-0.018-0.0340.003
put25.000.000.400.081.8003030.00-0.021-0.0340.003
put27.500.000.400.051.5163120.00-0.024-0.0320.004
put30.000.000.400.051.2532280.00-0.029-0.0310.004
put32.500.000.400.051.0061,5860.00-0.036-0.0300.005
put35.000.000.100.050.7722660.00-0.045-0.0280.006
put37.500.050.100.070.5451,1713.00-0.062-0.0250.008
put40.000.150.350.170.4813,48441.00-0.208-0.0560.019
put42.500.801.050.740.4112,0374.00-0.477-0.0610.026
put45.002.152.802.800.4494981.00-0.805-0.0410.018
put47.504.305.503.800.79613.000.00-0.885-0.0400.013
put50.006.807.900.000.9490.000.00-0.923-0.0360.009
put52.509.3010.400.001.1350.000.00-0.935-0.0390.008
put55.0011.8012.900.001.3040.000.00-0.942-0.0410.008
put60.0016.8017.900.001.6040.000.00-0.952-0.0440.007

Latest SEC filings

30
FiledFormDescriptionPeriodLink
2026-11-104Statement of changes in beneficial ownership of securities2026-11-09SEC
2026-11-09144Filing for proposed sale of securities under Rule 144.SEC
2026-11-094Statement of changes in beneficial ownership of securities2026-11-06SEC
2026-11-094Statement of changes in beneficial ownership of securities2026-11-06SEC
2026-11-0913F-HRFurther understand that each of 13F-HR, 13F-NT, and amendments thereto are mandatory electronic filings (hardship exemption exists to submit in paper; never used to the knowledge of IM staff);2026-09-30SEC
2026-11-06144Filing for proposed sale of securities under Rule 144.SEC
2026-11-06144Filing for proposed sale of securities under Rule 144.SEC
2026-11-0510-QQuarterly report pursuant to Section 13 or 15(d)2026-09-30SEC
2026-11-058-KCurrent report2026-11-05SEC
2026-10-27SCHEDULE 13G/ASEC
2026-10-024Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-024Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-024Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-024Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-024Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-024Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-024Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-024Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-10-024Statement of changes in beneficial ownership of securities2026-09-30SEC
2026-09-10FWPFiling under Securities Act Rule 163/433 of free writing prospectuses.SEC
2026-09-094/A2026-08-17SEC
2026-09-09SC TO-I/ASEC
2026-09-03144Filing for proposed sale of securities under Rule 144.SEC
2026-08-264Statement of changes in beneficial ownership of securities2026-08-24SEC
2026-08-21SCHEDULE 13GSEC
2026-08-18144Filing for proposed sale of securities under Rule 144.SEC
2026-08-184Statement of changes in beneficial ownership of securities2026-08-17SEC
2026-08-184Statement of changes in beneficial ownership of securities2026-08-17SEC
2026-08-17144Filing for proposed sale of securities under Rule 144.SEC
2026-08-144Statement of changes in beneficial ownership of securities2026-08-12SEC

Insider activity by month

MonthBoughtBuysSoldSells
2026-11003.53M3
2026-100000
2026-090000
2026-0800895.75K2
2026-070000
2026-06001.90M2
2026-050000
2026-040000
2026-039.78K1606.52K2
2026-0200127.52K1
2026-010000
2025-1200155.36K1
2025-1184.34K100

Institutional holders

Manager% owned
Bain Capital Prairie, LLC9.81%
BlackRock, Inc.9.71%
VANGUARD PORTFOLIO MANAGEMENT LLC5.45%
DIMENSIONAL FUND ADVISORS LP4.72%
VANGUARD CAPITAL MANAGEMENT LLC4.37%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/3.33%
STATE STREET CORP3.19%
PRICE T ROWE ASSOCIATES INC /MD/2.61%
JENNISON ASSOCIATES LLC1.97%
MORGAN STANLEY1.90%

Funds

Fund% owned
Fidelity Investment Grade Bond Central Fund17.85%
VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND16.56%
Thompson Bond Fund14.95%
Guggenheim Total Return Bond Fund12.87%
Baird Aggregate Bond Fund12.53%
LORD ABBETT BOND DEBENTURE FUND INC11.99%
Nuveen Preferred Securities and Income Fund11.19%
Nuveen Preferred & Income Opportunities Fund8.74%
Guggenheim Macro Opportunities Fund7.71%
Baird Core Plus Bond Fund6.80%

OakChart. LNC. Cached 15 minutes.