LNC

RADNOR, Pa., September 09, 2026--(BUSINESS WIRE)--Lincoln Financial (NYSE: LNC) today announced the expiration and results of the previously announced concurrent but separate tender offers (each, an "Offer" and, together, the "Offers") by Lincoln National Corporation (the "Company") to purchase for cash up to $500 million in aggregate Liquidation Preference (as defined below) (such amount, the "Maximum Aggregate Liquidation Preference") of its outstanding depositary shares, representing fractional interests in certain series of its preferred stock, listed in the table below (collectively, the "Depositary Shares," and each series of Depositary Shares, a "series" of Depositary Shares). The Offers were made solely pursuant to, and were subject to the terms and conditions set forth in, the Offer to Purchase, dated August 10, 2026 (the "Offer to Purchase"), and the related Letter of Transmittal (the "Letter of Transmittal" and, together with the Offer to Purchase, the "Offer Documents"). Each Offer expired at 5:00 p.m., New York City time, on September 8, 2026 (the "Expiration Date"). The table below sets forth the aggregate Liquidation Preference of Depositary Shares of each series validly tendered and not validly withdrawn as of the Expiration Date, according to the final share information provided by the tender agent. The aggregate Liquidation Preference of Depositary Shares validly tendered in the Offers is less than the Maximum Aggregate Liquidation Preference. As a result, the Company will accept for purchase all validly tendered and not validly withdrawn Depositary Shares. The shares accepted for purchase represent approximately 53.2% of the Company’s issued and outstanding Series C Depositary Shares and approximately 34.3% of the Company’s issued and outstanding Series D Depositary Shares as of the date hereof. Information with respect to the Total Consideration payable for Depositary Shares purchased in the Offers is set forth in the table above. The Total Consideration payable for each Depositary Share of a series purchased in the Offers consists of the applicable Offer Price, plus, in each case, Accrued Dividends. The aggregate Total Consideration, including Accrued Dividends, payable by the Company for the Depositary Shares to be accepted for purchase is approximately $461.8 million. The Company expects that the settlement date for each Offer will be September 10, 2026. Holders of Depositary Shares may direct questions and requests for assistance regarding the Offers to the dealer managers for the Offers: BNP Paribas Securities Corp. at (888) 210-4358 (toll free) or (212) 841-3059 (collect), Morgan Stanley & Co. LLC at (855) 483-0952 (toll free), Wells Fargo Securities, LLC at (866) 309-6316 (toll free) or (704) 410-4820 (collect) or J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3554 (collect). Holders of Depositary Shares may request copies of the Offer to Purchase, the Letter of Transmittal or any related documents from Global Bondholder Services Corporation, the information agent and tender agent for the Offers, at (855) 654-2015 (toll free) or, for banks and brokers, (212) 430-3774 (collect). Holders of Depositary Shares may also obtain copies of the Offer Documents online at the website of the Securities and Exchange Commission (the "SEC") at www.sec.gov as exhibits to the Tender Offer Statement on Schedule TO initially filed by the Company with the SEC on August 10, 2026 and amended on the date hereof. About Lincoln FinancialLincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2026, the Company had $366 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA, Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com. FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE Certain statements made in this press release are forward-looking statements. A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: "anticipate," "believe," "estimate," "expect," "project," "shall," "will" and other words or phrases with similar meaning in connection with a discussion of future events, operating performance, or financial performance. In particular, these include statements relating to expectations regarding the Offers, the Company’s ability to satisfy or, if applicable, its willingness to waive the conditions of the Offers, the impact of completion of the Offers on the Company and other statements that do not directly relate to historical or current facts. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors that could affect future events and our businesses and financial performance, including those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other reports that the Company files with the SEC. Moreover, the Company operates in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on the Company’s businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, the Company disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260909302550/en/ Contacts John MuethingInvestor [email protected] Karyn BaldwinMedia [email protected]

RADNOR, Pa., August 10, 2026--(BUSINESS WIRE)--Lincoln Financial (NYSE: LNC) announced today that the board of directors of Lincoln National Corporation declared a quarterly cash dividend of $0.45 per share on the company’s common stock. The dividend on the common stock will be payable November 2, 2026, to shareholders of record at the close of business on October 12, 2026. The company also announced that it intends to resume repurchasing shares of its common stock this quarter. Any repurchases will be made pursuant to the company’s existing $1.5 billion securities repurchase authorization approved by the company’s Board of Directors in November 2021, approximately $714 million of which remains available. The repurchase authorization does not have an expiration date. The amount and timing of share repurchases depends on key capital ratios, rating agency expectations, the generation of free cash flow and an evaluation of the costs and benefits associated with alternative uses of capital. Stock repurchases may be effected from time to time through open market purchases or in privately negotiated transactions and may be made pursuant to an accelerated share repurchase agreement or plans designed to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. The purchase program may be suspended, modified or terminated at any time. About Lincoln Financial Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2026, the company had $366 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com. Forward-Looking Statements – Cautionary Language Certain statements made in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: "anticipate," "believe," "estimate," "expect," "project," "shall," "will" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, performance or financial results, including our plans to repurchase shares, and the timing thereof. Our most recent Annual Report on Form 10-K, as well as other reports that we file with the SEC, include risk factors that could affect our future actions, businesses and financial performance and results. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors or to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we disclaim any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release. View source version on businesswire.com: https://www.businesswire.com/news/home/20260810562361/en/ Contacts John MuethingInvestor [email protected] Amy PonticelloMedia [email protected]

Sun Life Financial Inc. SLF delivered second-quarter 2026 underlying earnings of $1.46 per share, beating the Zacks Consensus Estimate of $1.39 by 5%. The bottom line increased 13% year over year. Underlying net income rose 11% to C$1.12 billion, aided by growth across Canada, Asia and the United States. Revenues of $10.09 billion increased 51.9% year over year and surpassed the Zacks Consensus Estimate of $6.46 billion by 56.2%. Group insurance sales jumped 27%, while individual insurance sales increased 16%. Assets under management rose 10% to C$1.70 trillion. Sun Life Financial Inc. price-consensus-eps-surprise-chart | Sun Life Financial Inc. Quote Insurance revenues increased 4.7% year over year to C$6.24 billion ($4.50 billion). Fee income rose 4% to C$2.22 billion ($1.60 billion), while net investment income surged nearly fourfold year over year to C$5.52 billion ($3.98 billion), providing a significant lift to the top line. Underlying insurance service results also improved. The underlying net insurance service result climbed to C$913 million ($659.44 million) from C$760 million, helped by favorable mortality and morbidity experience. Mortality gains reflected fewer claims across Canada, the United States and Asia, while Canada benefited from strong long-term disability experience. Operating expenses and commissions increased 6.2% year over year to C$2.37 billion ($1.71 billion). Canada generated underlying net income of C$427 million ($308.4 million), up 23% year over year. Asset management gross flows and wealth sales increased 60% to more than C$7 billion, driven by large defined-contribution cases, higher rollover volumes and stronger mutual fund sales. Individual insurance sales rose 3% year over year to C$140 million ($101.1 million) while Sun Life Health sales were C$203 million ($146.62 million). The U.S. business posted underlying net income of $164 million, up 15% year over year. Total U.S. sales increased 43% year over year to $324 million. Medical stop-loss sales surged 86% year over year to $225 million, driven by larger cases, strong close rates and disciplined pricing. Employee Benefits sales rose 24% to $67 million, though Dental sales declined 37% year over year to $32 million. Asia underlying net income advanced 18% year over year to C$222 million ($160.34 million), benefiting from sales momentum and in-force growth in Hong Kong, lower expenses and favorable credit experience. The gains were partly offset by lower fee income related to Hong Kong's transition to the centralized eMPF administration platform.Individual insurance sales climbed 19% year over year to C$862 million ($622.6 million), with higher sales in Hong Kong and strong growth in India, Malaysia and Indonesia. Asset management gross flows and wealth sales rose 22% year over year to C$1.1 billion. However, new business contractual service margin declined to C$277 million from C$299 million amid a more competitive environment in Hong Kong. Sun Life Asset Management recorded underlying net income of $262 million, up 4%. MFS Investment Management (MFS) benefited from higher fee income on increased average net assets, while SLC Management gained from higher net seed investment income. MFS' pre-tax net operating margin improved to 35.7% from 35.1%. Asset Management generated $1.5 billion in net inflows, in contrast to $10.9 billion in net outflows a year ago. Solutions & Other recorded $19.7 billion of inflows, helped by a large fixed-income mandate in India, while SLC Management generated $4.6 billion. These inflows more than offset $22.9 billion of MFS outflows. Managed assets increased 7% year over year to $1.03 trillion. Sun Life ended the quarter with a 145% LICAT ratio, compared with 151% a year earlier and 143% in the first quarter. The financial leverage ratio increased to 23.8% from 20.4% a year ago. Book value per common share rose 7% to C$42.49. Total contractual service margin, representing future insurance profit embedded in existing contracts, increased 12% year over year to C$15.3 billion. New business CSM declined 8% year over year to C$400 million ($288.9 million), largely reflecting lower margins in Hong Kong. Underlying return on equity improved to 19.1% from 17.6%, while the underlying dividend payout ratio was 48%, within Sun Life's medium-term target range of 40-50%. Sun Life currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Manulife Financial Corporation MFC reported second-quarter 2026 core earnings of 79 cents per share, which beat the Zacks Consensus Estimate by 1.3%. The bottom line increased 16% year over year. Revenues of $7.82 billion surpassed the consensus estimate of $7.42 billion by 5.4%. Core earnings were C$1.92 billion ($1.38 billion), up 12% year over year.Net income attributed to shareholders increased C$321 million to C$2.11 billion, aided by favorable market experience. Core return on equity expanded 130 basis points year over year to 16.3%. The expense efficiency ratio improved 100 basis points year over year to 44.5%, indicating positive operating leverage during the quarter.Voya Financial, Inc. VOYA reported second-quarter 2026 adjusted operating earnings of $1.51 per share, missing the Zacks Consensus Estimate of $1.88 by 19.7%. The bottom line declined 38.6% year over year. Revenues of $269 million missed the consensus mark by 4.6%. After-tax adjusted operating earnings fell to $140 million from $240 million in the year-ago quarter. Results included about $40 million of pre-tax severance expenses and a $15 million pre-tax loss tied to alternative investment performance. Consolidated revenues declined 4.3% year over year to $1.90 billion. Fee income increased 7.5% to $620 million, but net investment income fell 8% to $537 million. Premiums remained nearly flat at $716 million. Lincoln National Corporation LNC reported second-quarter 2026 adjusted earnings per share of $2.24, which surpassed the Zacks Consensus Estimate by 12%. The bottom line declined 5.1% year over year. Adjusted operating revenues grew 4.2% year over year to $4.93 billion, surpassing the Zacks Consensus Estimate by 1.4%.LNC's estimated RBC ratio remained above 420% at the end of the reported quarter. Insurance premiums inched up 2% year over year to $1.7 billion, marginally missing the Zacks Consensus Estimate by 0.01%. Fee income was $1.4 billion, which improved 4.3% year over year but missed the consensus mark by 0.4%. Net investment income advanced 10.5% year over year to $1.6 billion and beat the consensus mark by 10.8%. Meanwhile, other revenues of $202 million rose 9.8% year over year in the quarter under review. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sun Life Financial Inc. (SLF) : Free Stock Analysis Report Lincoln National Corporation (LNC) : Free Stock Analysis Report Manulife Financial Corp (MFC) : Free Stock Analysis Report Voya Financial, Inc. (VOYA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Brighthouse Financial, Inc. BHF reported second-quarter 2026 adjusted net income of $4.45 per share, which missed the Zacks Consensus Estimate by 10.4%. However, the bottom line grew 29.7% year over year. The quarterly results benefited from improved underwriting margins in the Life and Run-off segments, reduced expenses and higher earnings in the Annuities business. However, lower adjusted net investment income and weaker annuity sales on a year-over-year basis partly offset the upside. Total operating revenues of $2.1 billion decreased 2% year over year, due to lower universal life and investment-type product policy fees, net investment income and other revenues, partly offset by slightly higher premiums. The figure was below the Zacks Consensus Estimate by 8.1%. Brighthouse Financial, Inc. price-consensus-eps-surprise-chart | Brighthouse Financial, Inc. Quote Premiums of $165 million increased 0.6% year over year. Adjusted net investment income was $1.2 billion in the quarter under review, down 4.1% year over year, primarily due to lower alternative investment income. The adjusted net investment income yield was 4.17%. Total expenses were $396 million, which declined 49.1% year over year. Corporate expenses, pretax, were $204 million, up 1% year over year. Annuities recorded an adjusted operating income of $349 million, up 5.1% year over year. Annuity sales decreased 7.1% year over year to $2.4 billion, driven by lower fixed annuity sales. Life’s adjusted operating loss was $4 million, narrower than the year-ago loss of $26 million. It reflected a lower underwriting margin and lower net investment income, partially offset by lower expenses. Life insurance sales increased 18.2% quarter over quarter to $39 million. Adjusted operating loss at Run-off was $56 million, narrower than the year-ago loss of $83 million. It reflected a higher underwriting margin and lower expenses, partially offset by lower net investment income. Corporate & Other incurred an adjusted operating loss of $31 million, wider than the year-ago loss of $25 million, reflecting lower net investment income, partially offset by higher interest credited. Cash and cash equivalents were $7.1 billion, up 28.2% year over year. Shareholders’ equity of $6.6 billion at the end of the second quarter of 2026 increased 15.4% year over year. As of June 30, 2026, book value per share, excluding accumulated other comprehensive income, was $156.10, up 8.3% year over year. As of June 30, 2026, Statutory combined total adjusted capital was $4.9 billion, down 12.5% year over year. As of June 30, 2026, the estimated combined risk-based capital ratio was between 430% and 450%. Brighthouse Financial currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Voya Financial, Inc. VOYA reported second-quarter 2026 adjusted operating earnings of $1.51 per share, missing the Zacks Consensus Estimate of $1.88 by 19.7%. The bottom line declined 38.6% year over year. Revenues of $269 million missed the consensus mark by 4.6%. After-tax adjusted operating earnings fell to $140 million from $240 million in the year-ago quarter. Results included about $40 million of pre-tax severance expenses and a $15 million pre-tax loss tied to alternative investment performance. Consolidated revenues declined 4.3% year over year to $1.90 billion. Fee income increased 7.5% to $620 million, but net investment income fell 8% to $537 million. Premiums remained nearly flat at $716 million. Total benefits and expenses rose 3.8% to $1.86 billion, including a 4.8% increase in operating expenses. Manulife Financial Corporation MFC reported second-quarter 2026 core earnings of 79 cents per share, which beat the Zacks Consensus Estimate by 1.3%. The bottom line increased 16% year over year. Revenues of $7.82 billion surpassed the consensus estimate of $7.42 billion by 5.4%. Core earnings were C$1.92 billion ($1.38 billion), up 12% year over year. APE sales advanced 21% year over year to C$2.70 billion ($1.95 billion). Asia remained the largest contributor, with sales rising to C$2.07 billion from C$1.71 billion. Canada APE sales increased 23% year over year to C$426 million ($307.69 million). Lincoln National Corporation LNC reported second-quarter 2026 adjusted earnings per share of $2.24, which surpassed the Zacks Consensus Estimate by 12%. The bottom line declined 5.1% year over year. Adjusted operating revenues grew 4.2% year over year to $4.93 billion, surpassing the Zacks Consensus Estimate by 1.4%. Management had earlier projected that the Annuities, Life Insurance, Group Protection and Retirement Plan Services units would account for 58-60%, 8-9%, 24-25% and 8-9%, respectively, of the company's total operating income in 2026. Management had earlier projected an RBC ratio of more than 420% in 2026 and over the long term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Brighthouse Financial, Inc. (BHF) : Free Stock Analysis Report Lincoln National Corporation (LNC) : Free Stock Analysis Report Manulife Financial Corp (MFC) : Free Stock Analysis Report Voya Financial, Inc. (VOYA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Reinsurance Group of America, Incorporated (RGA) reported second-quarter 2026 adjusted operating earnings of $8.89 per share, which beat the Zacks Consensus Estimate by 36.6%. The bottom line rose 88.3% from the year-ago quarter. RGA reported strong second-quarter results, driven by solid growth in Financial Solutions businesses across the United States, EMEA and the Asia/Pacific, along with higher investment income and premium growth. However, higher expenses and lower premiums in the United States and Latin America Traditional segment and foreign currency headwinds partially offset the strong performance. Reinsurance Group of America, Incorporated price-consensus-eps-surprise-chart | Reinsurance Group of America, Incorporated Quote RGA's operating revenues of $6.7 billion beat the Zacks Consensus Estimate by 1%. The top line improved 18.5% year over year on higher net investment income, net premiums and other revenues. Net premiums of $4.5 billion increased 7.7% year over year and missed the Zacks Consensus Estimates by 4.2%. Investment income improved 10.3% from the prior-year quarter to $1.8 billion and beat the Zacks Consensus Estimates by 13%. The increase was driven by a larger average invested asset base and higher earned yields. The average investment yield increased to 5.33% from 5.31% in the prior-year period, driven by higher variable investment income. Total benefits and expenses increased 14.7% year over year to $6 billion, driven by higher claims and other policy benefits, interest credited, policy acquisition costs and other insurance expenses, and other operating expenses. U.S. and Latin America: Total pre-tax adjusted operating income was $319 million, which increased 215.8% year over year. The Traditional segment reported pre-tax adjusted operating income of $165 million, which rose from $4 million in the prior-year quarter. Net premiums declined 2.9% from the year-ago quarter to $2 billion. The Financial Solutions segment’s pre-tax adjusted operating income increased 58.8% to $154 million. Canada: Total pre-tax adjusted operating income rose 51.4% year over year to $56 million. The Traditional segment delivered a 35.7% year-over-year increase in pre-tax adjusted operating income to $38 million. Net premiums grew 2.7% to $348 million. Foreign currency exchange rates had an immaterial effect on net premiums for the quarter. The Financial Solutions segment’s pre-tax adjusted operating income doubled year over year to $18 million, benefiting from strong variable investment income. EMEA: Total pre-tax adjusted operating income grew 28.4% to $172 million. Pre-tax adjusted operating profit of the Traditional segment was $39 million, higher than the year-ago quarter’s profit of $18 million, driven by improved claims experience and favorable one-time items. Net premiums decreased 0.9% year over year to $568 million. Foreign currency exchange rates had a favorable effect on net premiums of $10 million for the quarter. The Financial Solutions pre-tax adjusted operating income increased 14.7% year over year to $133 million, supported by new business and associated investment income. Asia/Pacific: Total pre-tax adjusted operating income rose nearly 37.6% from the year-ago quarter’s level to $249 million. The Traditional segment’s pre-tax adjusted operating income rose 24% year over year to $129 million, including a $2 million unfavorable impact from foreign currency exchange rates. Premiums increased 4.2% to $850 million, benefiting from new business growth. Foreign currency exchange rates had an unfavorable effect on net premiums of $4 million for the quarter. The Financial Solutions segment’s pre-tax adjusted operating income increased 55.8% to $120 million. Foreign currency exchange rates had an immaterial impact of $7 million on adjusted operating income before taxes. Corporate and Other: Pre-tax adjusted operating loss widened slightly to $35 million from a loss of $32 million in the year-ago quarter. As of June 30, 2026, total assets were $167 billion, up 6.7% from the 2025-end level. Book value per share, excluding accumulated other comprehensive income, increased 11.5% to $173.77 from the 2025-end level. Adjusted operating return on equity was 17.4%, representing a 470-basis-point year-over-year increase. Reinsurance Group returned $111 million to shareholders in the second quarter, including $50 million of share repurchases and $61 million in dividends. The company’s board of directors declared a quarterly dividend of 98 cents, to be paid out on Sept 1, 2026, to shareholders of record as of Aug 18, 2026. RGA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Voya Financial, Inc. VOYA reported second-quarter 2026 adjusted operating earnings of $1.51 per share, missing the Zacks Consensus Estimate of $1.88 by 19.7%. The bottom line declined 38.6% year over year. Revenues of $269 million missed the consensus mark by 4.6%. After-tax adjusted operating earnings fell to $140 million from $240 million in the year-ago quarter. Results included about $40 million of pre-tax severance expenses and a $15 million pre-tax loss tied to alternative investment performance. Consolidated revenues declined 4.3% year over year to $1.90 billion. Fee income increased 7.5% to $620 million, but net investment income fell 8% to $537 million. Premiums remained nearly flat at $716 million. Total benefits and expenses rose 3.8% to $1.86 billion, including a 4.8% increase in operating expenses. Manulife Financial Corporation MFC reported second-quarter 2026 core earnings of 79 cents per share, which beat the Zacks Consensus Estimate by 1.3%. The bottom line increased 16% year over year. Revenues of $7.82 billion surpassed the consensus estimate of $7.42 billion by 5.4%. Core earnings were C$1.92 billion ($1.38 billion), up 12% year over year. APE sales advanced 21% year over year to C$2.70 billion ($1.95 billion). Asia remained the largest contributor, with sales rising to C$2.07 billion from C$1.71 billion. Canada APE sales increased 23% year over year to C$426 million ($307.69 million). Lincoln National Corporation LNC reported second-quarter 2026 adjusted earnings per share of $2.24, which surpassed the Zacks Consensus Estimate by 12%. The bottom line declined 5.1% year over year. Adjusted operating revenues grew 4.2% year over year to $4.93 billion, surpassing the Zacks Consensus Estimate by 1.4%. Management had earlier projected that the Annuities, Life Insurance, Group Protection and Retirement Plan Services units would account for 58-60%, 8-9%, 24-25% and 8-9%, respectively, of the company's total operating income in 2026. Management had earlier projected an RBC ratio of more than 420% in 2026 and over the long term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Reinsurance Group of America, Incorporated (RGA) : Free Stock Analysis Report Lincoln National Corporation (LNC) : Free Stock Analysis Report Manulife Financial Corp (MFC) : Free Stock Analysis Report Voya Financial, Inc. (VOYA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Manulife Financial Corporation MFC reported second-quarter 2026 core earnings of 79 cents per share, which beat the Zacks Consensus Estimate by 1.3%. The bottom line increased 16% year over year. Revenues of $7.82 billion surpassed the consensus estimate of $7.42 billion by 5.4%.Results benefited from business growth in Asia and Global Wealth and Asset Management, along with a lower expected credit loss charge. Annualized premium equivalent sales increased 21%, while new business contractual service margin and new business value rose 16% and 10%, respectively. Manulife Financial Corp price-consensus-eps-surprise-chart | Manulife Financial Corp Quote Core earnings were C$1.92 billion ($1.38 billion), up 12% year over year. The improvement reflected continued growth in Asia, higher Global WAM earnings and the net positive impact of updates to actuarial methods and assumptions made in 2025.The increase was partly offset by unfavorable insurance experience in Canada and Asia, lower U.S. investment spreads and the effect of the eMPF transition in Hong Kong. Net income attributed to shareholders increased C$321 million to C$2.11 billion, aided by favorable market experience.Core return on equity expanded 130 basis points year over year to 16.3%. The expense efficiency ratio improved 100 basis points year over year to 44.5%, indicating positive operating leverage during the quarter. APE sales advanced 21% year over year to C$2.70 billion ($1.95 billion). Asia remained the largest contributor, with sales rising to C$2.07 billion from C$1.71 billion. Canada APE sales increased 23% year over year to C$426 million ($307.69 million).New business CSM increased 16% year over year to C$1.02 billion ($0.7 billion). This measure represents the expected future profit from new insurance contracts. New business value climbed 10% year over year to C$929 million ($671 million), highlighting broad-based momentum across the insurance portfolio.The CSM balance, net of non-controlling interests, reached C$27.26 billion as of June 30, 2026. Annualized organic CSM growth was 10%, supported by new business contributions, interest accretion and insurance experience. Asia core earnings increased 21% year over year to $616 million. APE sales advanced 21%, new business CSM rose 17%, and new business value improved 13%, led by growth in Hong Kong, Singapore and Japan. Changes in business mix moderated growth in profitability metrics relative to sales.U.S. core earnings jumped 55% year over year to $218 million. Improved claims experience in life insurance and long-term care, along with a lower expected credit loss charge, more than offset weaker investment spreads. APE sales rose 12%, though new business CSM declined 1% because of product mix.Canada core earnings fell 10% year over year to C$379 million ($273.74). Unfavorable claims experience and higher Group Insurance expenses weighed on results, partly offset by actuarial assumption benefits, higher investment spreads and an expected credit loss provision release. Global WAM core earnings increased 9% year over year to C$505 million ($364.75 million). Higher average assets under management and administration and contributions from the Comvest acquisition supported the increase. These benefits were partly offset by the eMPF transition and expenses associated with business growth.Average AUMA rose 15% year over year to C$1.16 trillion. The core EBITDA margin expanded 110 basis points to 31.2%, reflecting improved operating economics.Global WAM generated net inflows of C$0.4 billion. Institutional inflows of C$6.7 billion, including contributions from CQS and Comvest, offset retirement outflows of C$4.9 billion and retail outflows of C$1.4 billion. Manulife ended the quarter with a Life Insurance Capital Adequacy Test ratio of 136%, unchanged from the year-ago period. Its financial leverage ratio declined 140 basis points to 22.2%, remaining below the company’s medium-term target of 25%.Book value per common share increased 10% to C$27.48. Adjusted book value per share rose 15% to C$41.12, including a CSM balance per share of C$13.64.The company returned C$1.4 billion to shareholders during the quarter through C$0.8 billion of common share dividends and C$0.6 billion of share repurchases. It also announced a long-term care reinsurance transaction that is expected to reduce its cumulative long-term care risk by 24% upon closing. Manulife currently has a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Voya Financial, Inc. VOYA reported second-quarter 2026 adjusted operating earnings of $1.51 per share, missing the Zacks Consensus Estimate of $1.88 by 19.7%. The bottom line declined 38.6% year over year. Revenues of $269 million missed the consensus mark by 4.6%. After-tax adjusted operating earnings fell to $140 million from $240 million in the year-ago quarter. Results included about $40 million of pre-tax severance expenses and a $15 million pre-tax loss tied to alternative investment performance. Consolidated revenues declined 4.3% year over year to $1.90 billion. Fee income increased 7.5% to $620 million, but net investment income fell 8% to $537 million. Premiums remained nearly flat at $716 million. Total benefits and expenses rose 3.8% to $1.86 billion, including a 4.8% increase in operating expenses.Lincoln National Corporation LNC reported second-quarter 2026 adjusted earnings per share of $2.24, which surpassed the Zacks Consensus Estimate by 12%. The bottom line declined 5.1% year over year. Adjusted operating revenues grew 4.2% year over year to $4.93 billion, surpassing the Zacks Consensus Estimate by 1.4%.LNC's estimated RBC ratio remained above 420% at the end of the reported quarter. Insurance premiums inched up 2% year over year to $1.7 billion, marginally missing the Zacks Consensus Estimate by 0.01%. Fee income was $1.4 billion, which improved 4.3% year over year but missed the consensus mark by 0.4%. Net investment income advanced 10.5% year over year to $1.6 billion and beat the consensus mark by 10.8%. Meanwhile, other revenues of $202 million rose 9.8% year over year in the quarter under review.Globe Life Inc. GL reported second-quarter 2026 net operating income of $3.61 per share, which missed the Zacks Consensus Estimate of $3.67 by 1.6%. The bottom line, however, improved 10% year over year, driven by higher insurance underwriting income. Operating revenues increased 8% year over year to $1.60 billion. The top line surpassed the Zacks Consensus Estimate by 0.6%.Total premium revenues increased 7% year over year to $1.30 billion. Life insurance premiums rose 3% to $860.8 million, while health insurance premiums climbed 16% to $436.9 million, supported by strong growth at United American and Family Heritage. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Manulife Financial Corp (MFC) : Free Stock Analysis Report Lincoln National Corporation (LNC) : Free Stock Analysis Report Voya Financial, Inc. (VOYA) : Free Stock Analysis Report Globe Life Inc. (GL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Voya Financial, Inc. VOYA reported second-quarter 2026 adjusted operating earnings of $1.51 per share, missing the Zacks Consensus Estimate of $1.88 by 19.7%. The bottom line declined 38.6% year over year. Revenues of $269 million missed the consensus mark by 4.6%.Lower alternative investment income and severance expenses put pressure on results despite higher fee income and continued commercial momentum. Retirement fee-based revenues rose 10%, while Investment Management delivered positive net flows and earnings growth. After-tax adjusted operating earnings fell to $140 million from $240 million in the year-ago quarter. Results included about $40 million of pre-tax severance expenses and a $15 million pre-tax loss tied to alternative investment performance.Consolidated revenues declined 4.3% year over year to $1.90 billion. Fee income increased 7.5% to $620 million, but net investment income fell 8% to $537 million. Premiums remained nearly flat at $716 million. Total benefits and expenses rose 3.8% to $1.86 billion, including a 4.8% increase in operating expenses. Voya Financial, Inc. price-consensus-eps-surprise-chart | Voya Financial, Inc. Quote Retirement pre-tax adjusted operating earnings decreased 19.1% year over year to $190 million. Strong underlying business momentum and higher fee-based revenues were more than offset by weaker alternative investment income and planned strategic investments.Total client assets increased 14% to $863 billion as of June 30, 2026. Voya also surpassed 10 million participant accounts and completed the integration of OneAmerica. Defined contribution net flows totaled $8.1 billion, demonstrating sustained commercial momentum. Trailing-12-month retirement net revenues rose 10% to $2.42 billion. Adjusted operating earnings increased 6% over the same period to $915 million, although the adjusted operating margin contracted to 37.9% from 39.3%. Investment Management pre-tax adjusted operating earnings, excluding noncontrolling interest, increased 11.8% year over year to $57 million. Higher fee-based revenues, positive capital markets and disciplined expense management supported the improvement.Assets under management reached $377 billion, up 4.7% from the prior-year quarter. The business generated $1.2 billion of net inflows during the quarter, excluding divested businesses. Assets under advisory rose to $63 billion from $54 billion, with quarterly net inflows of $1 billion.Trailing-12-month net revenues increased 6%, while the adjusted operating margin expanded 100 basis points to 29%. Net inflows over the past 12 months totaled $6.3 billion, strengthening the segment’s earnings base. Employee Benefits pre-tax adjusted operating earnings dropped to $22 million from $69 million. The prior-year period had benefited from more favorable Stop Loss claims development, while Voluntary loss ratios increased from unusually low levels.Still, underlying profitability improved over the trailing 12 months. Net revenues advanced 13% to $1.11 billion, and the aggregate loss ratio improved 500 basis points to 74%. The adjusted operating margin expanded to 11% from 3.7%.Management attributed the progress to underwriting discipline, pricing actions and expense management. Stop Loss and Group Life performance contributed more than $110 million of net underwriting improvement during the past 12 months. Voya generated approximately $150 million of excess capital during the quarter, exceeding 100% of after-tax adjusted operating earnings. The company returned about $200 million to shareholders through dividends and share repurchases.VOYA completed a $150 million accelerated share repurchase program at an average price of $78.97 and paid $42 million in common dividends. Remaining repurchase authorization totaled $263 million at quarter-end.The company ended June with approximately $200 million of excess capital. Its risk-based capital ratio was about 390%, above the 375% target, while financial leverage of 27.6% remained within the targeted 25-30% range. Management expects the operating-efficiency measures taken during the quarter to generate recurring savings that fully offset the severance expense within two quarters. These actions are expected to support improved margins and stronger earnings in the second half of 2026.Retirement administrative expenses are projected between $530 million and $545 million for the second half. Employee Benefits administrative expenses are expected between $265 million and $275 million. Management also expects 2026 cash generation to exceed the 2025 level, supported by commercial growth and disciplined expense execution. VOYA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Lincoln National Corporation LNC reported second-quarter 2026 adjusted earnings per share of $2.24, which surpassed the Zacks Consensus Estimate by 12%. The bottom line declined 5.1% year over year. Adjusted operating revenues grew 4.2% year over year to $4.93 billion, surpassing the Zacks Consensus Estimate by 1.4%.Management had earlier projected that the Annuities, Life Insurance, Group Protection and Retirement Plan Services units would account for 58-60%, 8-9%, 24-25% and 8-9%, respectively, of the company's total operating income in 2026. Management had earlier projected an RBC ratio of more than 420% in 2026 and over the long term.AMERISAFE AMSF reported second-quarter adjusted earnings per share of 44 cents, which missed the Zacks Consensus Estimate by 17%. The bottom line declined 17% year over year.  Operating revenues increased 10.3% year over year to $83.95 million and topped the Zacks Consensus Estimate by 1%. AMERISAFE’s quarterly results were affected by higher expenses and weaker underwriting margins, with additional pressure from lower investment income. Strong premium growth partly offset these headwinds.Globe Life Inc. GL reported second-quarter 2026 net operating income of $3.61 per share, which missed the Zacks Consensus Estimate of $3.67 by 1.6%. The bottom line, however, improved 10% year over year, driven by higher insurance underwriting income. Operating revenues increased 8% year over year to $1.60 billion, driven by higher premium income, stronger net investment income and realized investment gains. The top line surpassed the Zacks Consensus Estimate by 0.6%.Total premium revenues increased 7% year over year to $1.30 billion. Life insurance premiums rose 3% to $860.8 million, while health insurance premiums climbed 16% to $436.9 million, supported by strong growth at United American and Family Heritage. Globe Life raised its full-year 2026 net operating income guidance to a range of $15.55-$15.95 per share, suggesting a 10-cent increase at the midpoint from its prior outlook. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Voya Financial, Inc. (VOYA) : Free Stock Analysis Report Lincoln National Corporation (LNC) : Free Stock Analysis Report AMERISAFE, Inc. (AMSF) : Free Stock Analysis Report Globe Life Inc. (GL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Insurance provider American International Group, Inc. AIG is set to report its second-quarter 2026 results on Aug. 6, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at $1.89 per shareon revenues of $7.27 billion. The second-quarter earnings estimate declined by 4 cents over the past 60 days. Yet, the bottom-line projection indicates year-over-year growth of 4.4%. Also, the Zacks Consensus Estimate for quarterly revenues suggests a year-over-year increase of 6.3%. Image Source: Zacks Investment Research For 2026, the Zacks Consensus Estimate for American International’s revenues is pegged at $29.09 billion, implying a rise of 5.9% year over year. Also, the consensus mark for 2026 EPS is pegged at $7.97, implying a 12.4% year-over-year growth. American International beat earnings estimates in each of the past four quarters, with the average surprise being 15.1%. This is depicted in the figure below. American International Group, Inc. price-eps-surprise | American International Group, Inc. Quote However, our proven model does not conclusively predict an earnings beat for the company this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That’s not the case here. AIG has an Earnings ESP of -1.12% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. You can see the complete list of today’s Zacks #1 Rank stocks here. The Zacks Consensus Estimate for second-quarter General Insurance net premiums earned indicates 7.7% year-over-year growth. Also, North America and International units are expected to have witnessed year-over-year increases. The consensus estimate for adjusted pre-tax income from General Insurance indicates around a 0.6% increase from the year-ago quarter. But the same from the Other Operations indicates a higher level of loss in the second quarter of 2025 from the year-ago period. The Zacks Consensus Estimate for second-quarter combined ratio from the General Insurance segment is pegged at 90.1%, deteriorating from the year-ago level of 89.3%. Also, the combined ratio from its international commercial operations indicates a deterioration to 87.6% from 85.9% a year ago. The consensus mark for net investment income suggests a 32.1% decline from the year-ago period, likely due to changes in the fair value of its investments in Corebridge and equity securities. These are likely to have partially offset the positives in the second quarter, making an earnings beat uncertain. Several insurance companies, including Marsh & McLennan Companies, Inc. MRSH, Lincoln National Corporation LNC and RenaissanceRe Holdings Ltd. RNR, have already reported their financial results for the June quarter of 2026. Here’s how they performed: Marsh reported second-quarter 2026 adjusted earnings per share of $2.96, which surpassed the Zacks Consensus Estimate by 2.8%. The bottom line advanced 8.8% year over year.Its strong quarterly results benefited from solid growth in the Risk and Insurance Services and Consulting units. However, the upside was partially offset by Marsh’s elevated operating expenses, primarily due to increased compensation and benefits. Lincoln National reported second-quarter 2026 adjusted earnings per share of $2.24, which surpassed the Zacks Consensus Estimate by 12%, but declined 5.1% year over year. The quarterly earnings were supported by higher net investment income and lower expenses. Improved profitability in the Life Insurance and Retirement Plan Services segments also contributed to the upside. Nevertheless, these gains were partly offset by lower sales in LNC’s Annuities and Group Protection segments. RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%. The bottom line also improved 5.1% year over year. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, the upside was partly offset by lower net premiums earned, weaker underwriting results in RNR’s Casualty & Specialty segment and lower fee income. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American International Group, Inc. (AIG) : Free Stock Analysis Report Lincoln National Corporation (LNC) : Free Stock Analysis Report RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report Marsh (MRSH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Lincoln National Corporation LNC reported second-quarter 2026 adjusted earnings per share of $2.24, which surpassed the Zacks Consensus Estimate by 12%. The bottom line declined 5.1% year over year. Adjusted operating revenues grew 4.2% year over year to $4.93 billion, surpassing the Zacks Consensus Estimate by 1.4% The quarterly earnings were supported by higher net investment income and lower expenses. Improved profitability in the Life Insurance and Retirement Plan Services segments also contributed to the upside. Nevertheless, these gains were partly offset by lower sales in the Annuities and Group Protection segments. Lincoln National Corporation price-consensus-eps-surprise-chart | Lincoln National Corporation Quote LNC's estimated RBC ratio remained above 420% at the end of the reported quarter. Insurance premiums inched up 2% year over year to $1.7 billion, marginally missing the Zacks Consensus Estimate by 0.01%. Fee income was $1.4 billion, which improved 4.3% year over year but missed the consensus mark by 0.4%. Net investment income advanced 10.5% year over year to $1.6 billion and beat the consensus mark by 10.8%. Meanwhile, other revenues of $202 million rose 9.8% year over year in the quarter under review. Total expenses declined 9.3% year over year to $2.9 billion. Interest credited rose 11.8% year over year to $1 billion. Lincoln National reported net income of $1.3 billion, up 90.6% year over year from $699 million. The Annuities and Life Insurance segments form part of LNC’s Retail Solutions business, while Group Protection and Retirement Plan Services units make up the Workplace Solutions business. The Annuities segment's operating income totaled $287 million, flat year over year, and missed the Zacks Consensus Estimate by 2.6%. Favorable equity markets and higher spread income were partly offset by variable annuity outflows and the $12 million impact of the previously disclosed net investment income reallocation to non-operating income. The segment's operating revenues increased 10.5% year over year to $1.3 billion. Total annuity deposits were $3.5 billion, which fell 12.5% year over year. The Life Insurance segment recorded operating income of $57 million, which improved from $32 million in the prior-year quarter and beat the Zacks Consensus Estimate of $26.7 million. The increase was driven by favorable mortality, partly offset by lower alternative investment income. Operating revenues declined 1.9% year over year to $1.6 billion. Total Life Insurance sales of $216 million advanced 78.5% year over year. Total deposits grew 30.6% year over year to $1.7 billion. The Group Protection segment's operating income decreased 15% year over year to $147 million but beat the Zacks Consensus Estimate of $142 million. Operating revenues increased 2.5% year over year to $1.6 billion, driven by a 2.5% rise in insurance premiums. Sales of $155 million declined 17.1% year over year. The Retirement Plan Services segment recorded operating income of $49 million, which grew 32.4% year over year and outpaced the Zacks Consensus Estimate of $44.1 million. The increase was driven by spread expansion and favorable equity markets. Operating revenues increased 6.6% year over year to $353 million. Total deposits rose 4% year over year to $3.7 billion. Other Operations reported an operating loss of $90 million, narrower than the prior-year quarter's loss of $91 million and better than the Zacks Consensus Estimate of a loss of $93.7 million. Lincoln National exited the second quarter with cash and invested cash of $10.2 billion, up from $9.5 billion as of 2025-end. Total assets increased to $429.8 billion from $417.2 billion as of 2025-end. Long-term debt rose to $6.5 billion from $5.9 billion as of Dec. 31, 2025. Total stockholders' equity increased to $11.3 billion from $10.9 billion as of 2025-end. Book value per share, excluding accumulated other comprehensive income (AOCI), was $77.39, up from $73.10 as of 2025-end. Adjusted income from operations ROE declined 130 basis points year over year to 11.6%. Lincoln National paid quarterly common dividends of $86 million, up 11.7% from the prior-year quarter’s level. Management had earlier projected that the Annuities, Life Insurance, Group Protection and Retirement Plan Services units would account for 58-60%, 8-9%, 24-25% and 8-9%, respectively, of the company's total operating income in 2026. Management had earlier projected an RBC ratio of more than 420% in 2026 and over the long term. LNC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Several companies in the insurance space, including Aon plc AON, RenaissanceRe Holdings Ltd. RNR and AMERISAFE, Inc. AMSF, have already reported their financial results for the June quarter of 2026. Here’s how they have performed: Aon reported second-quarter 2026 adjusted earnings of $3.81 per share, which surpassed the Zacks Consensus Estimate by 1.1%. The bottom line advanced 9% year over year. Aon’s total revenues of $4.2 billion grew 2% year over year.  The top line missed the consensus mark by 0.4%. Organic revenue growth was 5%. The quarterly results were supported by strong organic revenue growth, healthy client retention, operating margin expansion and disciplined execution. Solid performance across the Commercial Risk, Reinsurance and Health Solutions businesses was partly offset by weakness in Wealth Solutions. RenaissanceRe reported second-quarter 2026 operating income of $12.92 per share, which surpassed the Zacks Consensus Estimate by 12.9%.  The bottom line also improved 5.1% year over year.  RNR’s total operating revenues declined 6.7% year over year to $2.64 billion. The top line missed the consensus mark by 1%. The quarterly earnings benefited from lower expenses, higher net investment income and an improved total combined ratio. However, the upside was partly offset by lower net premiums earned, weaker underwriting results in the Casualty & Specialty segment and lower fee income. AMERISAFE reported second-quarter adjusted earnings per share of 44 cents, which missed the Zacks Consensus Estimate by 17%. The bottom line declined 17% year over year.  Operating revenues increased 10.3% year over year to $83.95 million and topped the Zacks Consensus Estimate by 1%. AMERISAFE’s quarterly results were affected by higher expenses and weaker underwriting margins, with additional pressure from lower investment income. Strong premium growth partly offset these headwinds. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lincoln National Corporation (LNC) : Free Stock Analysis Report RenaissanceRe Holdings Ltd. (RNR) : Free Stock Analysis Report AMERISAFE, Inc. (AMSF) : Free Stock Analysis Report Aon plc (AON) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Lincoln National Corporation recently reported past second-quarter 2026 results with revenue of US$4.54 billion, net income of US$1.33 billion, and diluted EPS from continuing operations of US$6.72, alongside stronger earnings and operating metrics than analysts had expected. Alongside the earnings beat, Lincoln National agreed to cede about US$5.80 billion of guaranteed universal life reserves to Talcott Financial Group, materially reducing exposure to capital-intensive legacy products and aiming to strengthen future cash flow flexibility. With Lincoln National outperforming earnings expectations and offloading a large guaranteed universal life block, we’ll now examine how this reshapes its investment narrative. The latest GPUs need a type of rare earth metal called Terbium and there are only 29 companies in the world exploring or producing it. Find the list for free. To own Lincoln National, you need to be comfortable with a complex life and retirement insurer that is still managing legacy guarantees while trying to improve cash generation. The latest earnings beat and the US$5.80 billion GUL reinsurance deal speak directly to the near term catalyst of freeing up capital, but they do not remove key risks around legacy guarantees, reliance on reinsurance partners, or potential earnings volatility in weaker markets. The Talcott Financial Group agreement to cede roughly 37% of Lincoln National’s remaining guaranteed universal life block is the most relevant recent announcement here. It directly addresses concerns about capital strain from legacy life policies and could support higher subsidiary remittances, which matters for investors focused on dividend support and financial flexibility, even as broader risks around group protection results and technology execution remain very much in focus. Yet this progress on capital still leaves investors exposed to complex reinsurance, regulatory and execution risks you should be aware of... Read the full narrative on Lincoln National (it's free!) Lincoln National’s narrative projects $21.2 billion revenue and $1.8 billion earnings by 2029. This requires 4.0% yearly revenue growth and about a $0.2 billion earnings increase from $1.6 billion today. Uncover how Lincoln National's forecasts yield a $42.83 fair value, a 7% downside to its current price. More cautious analysts were assuming only about 1.9% annual revenue growth and earnings near US$1.7 billion by 2029, so if you worry that investments in technology and strategy shifts could compress margins before they help cash flow, this news might challenge their more pessimistic assumptions. Explore 4 other fair value estimates on Lincoln National - why the stock might be worth over 2x more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Lincoln National research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. Our free Lincoln National research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Lincoln National's overall financial health at a glance. These stocks are moving-our analysis flagged them today. Act fast before the price catches up: The future of work is here. Discover the 34 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. Outshine the giants: these 16 early-stage AI stocks could fund your retirement. AI is about to change healthcare. These 41 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LNC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Lincoln National Corporation? Here are five stocks we like better. Lincoln National reported solid second-quarter results, with adjusted operating income rising 3% year over year to $439 million, or $2.24 per share—the company’s eighth consecutive quarter of annual earnings growth. Net income reached $1.3 billion, aided by favorable market risk benefit changes. The company agreed to reinsure approximately $5.8 billion of guaranteed universal life reserves and $500 million of funding agreement business with a Talcott subsidiary. The transaction is expected to reduce long-term risk, increase annual free cash flow by $30 million to $40 million, and bring roughly 60% of Lincoln’s guaranteed universal life block under reinsurance once completed. Retirement Plan Services and Life Insurance improved, with operating income increasing 32% and 78%, respectively, while Annuities income was flat and Group Protection declined. Lincoln maintained strong capital levels, with its RBC ratio above target, and prefunded the potential repurchase or redemption of half of its preferred stock callable next year. Lincoln National (NYSE:LNC) reported second-quarter adjusted operating income available to common stockholders of $439 million, or $2.24 per diluted share, as the insurer posted its eighth consecutive quarter of year-over-year adjusted operating earnings growth. Adjusted operating income rose 3% from a year earlier. Net income available to common stockholders was $1.3 billion, or $6.72 per diluted share, with the difference from adjusted operating income driven primarily by favorable changes in market risk benefits amid higher equity markets and interest rates. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Alongside its quarterly results, Lincoln announced an agreement with a Talcott Financial Group subsidiary to reinsure a legacy block of guaranteed universal life business. The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Under the agreement, Lincoln will cede approximately $5.8 billion of in-force guaranteed universal life statutory reserves, representing about 37% of its remaining guaranteed universal life block, along with roughly $500 million of funding agreement business. The deal is structured partly as coinsurance with funds withheld and partly as modified coinsurance, according to Chief Financial Officer Chris Neczypor. → Microsoft Just Flipped the AI Spending Narrative Overnight Combined with Lincoln’s 2023 transaction with Fortitude Re, about 60% of Lincoln’s total in-force guaranteed universal life business will be reinsured after the Talcott transaction closes. “Guaranteed Universal Life is among the most capital-intensive, long-tailed parts of our in-force,” Neczypor said, adding that the transaction is intended to reduce exposure to long-term mortality, lapse and interest-rate risks. → Carrier Earnings Could Send the Stock to a New All-Time High Lincoln expects the transaction to have an all-in statutory capital impact of approximately $200 million, or about 10 RBC percentage points. The company plans to fund that impact with a portion of remaining proceeds from its 2025 Bain Capital transaction and expects to remain meaningfully above its 420% RBC ratio buffer after closing. The insurer expects the transaction to increase annual free cash flow by approximately $30 million to $40 million. It expects a reduction in GAAP net income through amortization of a deferred loss, but no material change to adjusted operating income. Beginning in the fourth quarter, Lincoln plans to refine its adjusted operating income definition to exclude amortization of deferred gains and losses on blocks exited through reinsurance. Group Protection reported operating income of $147 million, compared with a record $173 million in the prior-year quarter. The segment’s margin was 10.4%, down 210 basis points year over year. Excluding a $15 million prior-year annual experience refund tied to one state’s paid family leave program, earnings declined $11 million as favorable group life mortality was more than offset by moderation in disability results. Lincoln said it expects Group Protection to deliver a full-year margin within its targeted 8% to 9% range. Supplemental health premiums increased 28% year over year, while local-market premiums rose more than 3%. Annuities operating income was $287 million, flat from the prior-year quarter and up $12 million sequentially. Higher average account balances and spread income were offset year over year by the company’s reallocation of net investment income related to index-credit hedging collateral to non-operating income. Total annuity sales were $3.5 billion, with spread-based products accounting for 63% of sales. Registered index-linked annuity sales rose 10% from a year earlier, while variable annuity sales without living-benefit guarantees increased more than 60% and exceeded sales of variable annuities with guarantees for the first time, according to Chief Executive Officer Ellen Cooper. Average annuity account balances, net of reinsurance, were approximately $179 billion, up 12% from a year earlier. Net outflows totaled about $2.9 billion, driven largely by traditional variable annuities. Retirement Plan Services operating income rose 32% to $49 million. The unit benefited from higher equity markets, higher average account balances and spread expansion. Average account balances grew about 15% to $128 billion, while net outflows of approximately $2.4 billion reflected three large plan sponsor terminations that did not meet Lincoln’s profitability thresholds. Life insurance operating income increased to $57 million from $32 million a year earlier, helped by favorable mortality and the benefit of a fourth-quarter captive consolidation. Lower alternative investment returns partially offset those gains. Alternative investments generated an annualized return of 4.9%, below Lincoln’s 10% target, creating an approximately $39 million headwind for the life segment. Lincoln said it prefunded the repurchase and/or redemption of half of the preferred stock that becomes callable next year. During the quarter, the company issued $500 million of hybrid securities and ended the period with approximately $900 million of holding-company cash net of prefunding, up about $100 million from the first quarter. Operating subsidiaries remitted $310 million during the quarter, bringing year-to-date remittances to $580 million. Neczypor said Lincoln continues to expect full-year subsidiary remittances of approximately $1.2 billion to $1.3 billion. The company’s estimated RBC ratio remained above its 400% target and 20-point buffer, while its leverage ratio was about 25%, in line with its long-term target. Lincoln has an existing $1.5 billion share repurchase authorization, with more than $700 million remaining, although the program has been dormant since 2022. Neczypor said the board recently reconfirmed the authorization but the company was not announcing timing for any repurchases. Lincoln National Corporation, doing business as Lincoln Financial Group, is a diversified financial services holding company focused on providing retirement, insurance, and wealth management solutions in the United States and select international markets. Headquartered in Radnor, Pennsylvania, the company operates through several business segments, including Retirement Plan Services, Life Insurance, and Group Protection. Its offerings are designed to help individuals, families, and institutions plan and prepare for their financial futures. The Retirement Plan Services segment delivers recordkeeping, administrative services, and investment management for defined contribution and defined benefit plans. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Lincoln National Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.