Key Points – Lincoln National posted its seventh straight quarter of year-over-year adjusted operating income growth, with Q1 adjusted operating income up 16% to $326 million.
Management said the gains reflect continued progress from its multi-year restructuring and capital-strengthening efforts. – GAAP results were pressured by market volatility, as the company reported a net loss of $211 million due largely to negative movement in market risk benefits tied to lower equity markets
The company said its hedge program continued to perform as expected. – Core businesses showed mixed but improving trends: annuities continued shifting toward spread-based products, while Group Protection, Life Insurance, and Retirement Plan Services all posted stronger operating income. Lincoln also said its capital position remains above targets, with leverage now at its long-term goal. Lincoln National (NYSE:LNC) reported a seventh consecutive quarter of year-over-year adjusted operating income growth, with management pointing to stronger underwriting results, spread income growth and continued capital generation as evidence that its multi-year restructuring strategy is gaining traction.
On the company’s first-quarter 2026 earnings call, Chairman, President and Chief Executive Officer Ellen Cooper said adjusted operating income increased 16% from the prior-year period. She attributed the performance to actions taken over several years to strengthen the balance sheet, improve operating efficiency and shift the business mix toward more durable sources of earnings. “Our first quarter results reflect continued execution,” Cooper said, adding that Lincoln remains focused on three strategic priorities: fortifying its capital foundation, optimizing its operating model and driving profitable growth across its businesses. Adjusted Earnings Rise as GAAP Results Reflect Market Pressure Chief Financial Officer Chris Neczypor said Lincoln reported adjusted operating income available to common…