Lincoln Financial reported a net loss to common shareholders of $211 million in the first quarter of 2026, compared with a net loss of $756 million in the same period a year earlier.
Adjusted operating income available to common shareholders in the first quarter of ’26 was $326 million, up from $280 million in the first quarter of ’25.
Within its Retail Solutions segment, annuity operating income was $275 million, down 5% from the prior year, impacted by a breakdown in net investment income allocations and unfavorable tax-related items.
Life Insurance generated operating income of $41 million, a year-over-year increase of $57 million, driven by strong alternative investment income and the impact of captive insurance consolidation in the fourth quarter of 2025.
Within Workplace Solutions, Group Protection revenue rose from $101 million to $112 million, driven by good life experiences. Premiums increased 2% year over year as strong sales in the first 12 months were partially offset by large case lapses.
Retirement Plan Services Inc. reported operating income of $43 million, up 26%, helped by wider spreads and a favorable stock market, partially offset by outflows over the past 12 months.
After deducting the amount of pre-financing, the holding company’s available liquidity increased to US$805 million.
“Our first quarter results reflect our continued disciplined execution and continued, meaningful progress on our strategic priorities,” said Ellen Cooper, chairman, president and chief executive officer of Lincoln Financial Corporation.
“Group Protection posted record first-quarter earnings, while Life Insurance and Retirement Plan Services delivered strong earnings growth. In Annuities, we delivered another quarter of diversification into new business with a more balanced mix and less market sensitivity.
“The cumulative impact of the actions we have taken – strengthening our capital base, optimizing our operating model and diversifying our business portfolio – is translating into a more resilient, higher quality earnings profile. We will continue to focus on advancing these priorities to further build on this trajectory and create sustainable long-term value for shareholders.”
