Lincoln National Corporation (LNC) Stock Analysis

Lincoln National Corporation’s primary competitive advantages stem from its scale, product breadth, and distribution reach. The company is a top-tier provider in both retail (annuities, life insurance) and workplace (group protection, retirement plans) solutions, serving over 17 million customers and managing $349 billion in account balances as of year-end 2025. Its distribution network—comprising more than 1,000 sales professionals and access to ~60,000 financial professionals and brokers—rivals that of Prudential and MetLife, supporting broad market penetration.

LNC’s product portfolio is notably diversified, with strong positions in fixed, indexed, and variable annuities, as well as indexed universal life and group benefits. Recent innovation, such as the launch of new RILA (registered index-linked annuity) and IUL (indexed universal life) products, has driven above-industry sales growth: annuity sales rose 33% year-over-year in 2025, outpacing most peers.

Operationally, LNC’s capital efficiency is improving, aided by affiliated Bermuda reinsurance and a strategic partnership with Bain Capital. The company’s risk-based capital ratio exceeded 420% in 2025, and its leverage ratio improved to 25.1%, both stronger than many mid-cap rivals.

However, LNC lacks the brand recognition and scale of industry leaders like Prudential or MetLife, and its recent history of earnings volatility and credit rating downgrades remains a vulnerability. Nonetheless, its focus on capital-light products, disciplined pricing, and expense management positions it well for stable, risk-adjusted growth.