Lincoln National Q2 adjusted EPS beats estimates on higher life insurance income

Lincoln National

30/07/2026 11:21

Overview
US life insurance and retirement provider's Q2 revenue declined and missed analyst expectations
Adjusted EPS for Q2 beat analyst expectations
Company completed $500 mln subordinated debt issuance to support capital flexibility

Outlook
Company did not provide specific guidance for the current or upcoming quarters

Result Drivers
LIFE INSURANCE GROWTH - Life Insurance operating income rose $25 mln year-over-year, driven by favorable mortality and growth in Executive Benefits and Core Life sales
GROUP PROTECTION DECLINE - Group Protection earnings fell $26 mln year-over-year, with higher disability loss ratio and changes in experience refund timing partially offset by improved life loss ratio
ANNUITIES MIXED PERFORMANCE - Annuities operating income was flat year-over-year, as favorable equity markets and higher spread income were offset by variable annuity outflows and net investment income reallocation

Company press release: ID:nBw7hpHSWa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$4.54 bln
$4.91 bln (5 Analysts)
Q2 Adjusted EPS
Beat
$2.24
$1.96 (13 Analysts)
Q2 Net Income
 
$1.33 bln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 7 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the life & health insurance peer group is "buy."
Wall Street's median 12-month price target for Lincoln National Corp is $45.00, about 8.6% above its July 29 closing price of $41.43
The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 4 three months ago

Reuters Recommended Reads
July 28 - Unum Group Q2 revenue eases past estimates on premium growth
July 27 - Principal Financial profit rises on higher premiums, strength in retirement business
July 28 - Canada's Great-West Lifeco Q2 base EPS rises on retirement, wealth business momentum

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)