Lincoln National Set to Announce Q1 Earnings on May 7
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 06 2026
0mins
Source: seekingalpha
- Earnings Announcement: Lincoln National is set to release its Q1 2023 earnings on May 7 before market open, with consensus EPS estimate at $1.60 (flat YoY) and revenue estimate at $4.94B (+5.3% YoY), providing critical performance indicators for investors.
- Historical Performance: Over the past two years, Lincoln National has beaten EPS estimates 100% of the time and revenue estimates 50% of the time, indicating the company's stability in profitability and market confidence.
- Estimate Revisions: In the last three months, there have been no upward revisions to EPS estimates, with 8 downward revisions, while revenue estimates also saw no upward revisions and 3 downward revisions, reflecting a cautious market outlook on the company's future performance.
- Risk Management Strategy: Lincoln National is seeking a deal to lower life insurance risk, and the U.S. Treasury is consulting insurance regulators on rising private credit risks, indicating the company's proactive strategies in addressing market challenges.
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Analyst Views on LNC
Wall Street analysts forecast LNC stock price to rise
9 Analyst Rating
3 Buy
5 Hold
1 Sell
Hold
Current: 34.900
Low
41.00
Averages
47.56
High
59.00
Current: 34.900
Low
41.00
Averages
47.56
High
59.00
About LNC
Lincoln National Corporation is a holding company, which operates multiple insurance and retirement businesses through subsidiary companies. The Company operates through four segments, which include Annuities, Life Insurance, Group Protection and Retirement Plan Services. The Annuities segment provides tax-deferred investment growth and lifetime wealth accumulation and protection opportunities for its clients by offering variable annuities, fixed including indexed annuities and registered index-linked annuities (RILA). The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (IUL) and variable universal life insurance (VUL) products, linked-benefit products, and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products and services, including short- and long-term disability, statutory disability and paid family medical leave administration.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Business Restructuring: The company reorganized its retail operations, with Tedrow continuing to lead the life insurance segment and Chesney focusing on the annuity sector, emphasizing growth, product strategy, and stable cash flow generation to enhance overall business efficiency and market competitiveness.
- New Risk Management Appointment: Paul Spurr has been appointed as Chief Risk Officer and Chief Actuary, highlighting the company's focus on risk management to ensure robust operations in a complex market environment.
- Executive Retirements: The retirement of senior executives Brian Kroll and Andy Rallis effective June 1, 2026, signals a shift in the leadership structure, indicating a new phase of strategic adjustments and business direction for the company.
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- Structural Evolution: This promotion marks a structural evolution in the leadership of the Life Insurance and Annuity businesses, with each now having a dedicated President reporting directly to CEO Ellen Cooper, ensuring independent execution of their respective strategies.
- Strategic Focus: Tedrow will continue to lead the Life business while overseeing retail shared services, Chesney will focus on financial objectives and market strategies for annuity products, and Spurr will integrate risk and actuarial functions to enhance overall risk management capabilities, ensuring effective capital allocation and product strategy.
- Leadership Transition: These promotions coincide with the planned retirements of Brian Kroll and Andy Rallis, ensuring a smooth transition during the executive handover while also highlighting Lincoln Financial's ongoing commitment to developing future leadership talent.
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- Consistent Dividend Record: The company has announced a $0.45 dividend for nineteen consecutive quarters, a policy that not only boosts investor confidence but also reflects strong cash flow and profitability.
- Dividend Yield: The current dividend yield stands at 5.13%, providing relative attractiveness in the current market environment, which may draw more income-focused investors and enhance the stock's market performance.
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- Retirement Plan Services Outlook: Management anticipates net outflows in Retirement Plan Services to rise to between $2 billion and $2.5 billion in Q2, primarily due to plan terminations that did not meet profitability targets, highlighting the importance of profitability in the company's short-term cash flow management.
- Life Insurance Business Improvement: The life insurance segment reported operating income of $41 million in Q1, a significant improvement from a loss of $16 million in the prior year, reflecting the ongoing benefits from alternative investment returns and consolidation efforts, although the earnings flow will take time to materialize meaningfully.
See More
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- Executive Promotions: Lincoln Financial Group announced the promotion of Darrel Tedrow, Curtis Chesney, and Paul Spurr to its Senior Management Committee, reflecting the company's commitment to leadership and strategic growth initiatives.
- Business Restructuring: The company reorganized its retail operations, with Tedrow continuing to lead the life insurance segment and Chesney focusing on the annuity sector, emphasizing growth, product strategy, and stable cash flow generation to enhance overall business efficiency and market competitiveness.
- New Risk Management Appointment: Paul Spurr has been appointed as Chief Risk Officer and Chief Actuary, highlighting the company's focus on risk management to ensure robust operations in a complex market environment.
- Executive Retirements: The retirement of senior executives Brian Kroll and Andy Rallis effective June 1, 2026, signals a shift in the leadership structure, indicating a new phase of strategic adjustments and business direction for the company.
See More
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- Executive Promotions: Lincoln Financial announced the elevation of Darrel Tedrow, Curtis Chesney, and Paul Spurr to the Senior Management Committee, reflecting the depth of internal talent development and commitment to strategic execution aimed at driving future growth and innovation.
- Structural Evolution: This promotion marks a structural evolution in the leadership of the Life Insurance and Annuity businesses, with each now having a dedicated President reporting directly to CEO Ellen Cooper, ensuring independent execution of their respective strategies.
- Strategic Focus: Tedrow will continue to lead the Life business while overseeing retail shared services, Chesney will focus on financial objectives and market strategies for annuity products, and Spurr will integrate risk and actuarial functions to enhance overall risk management capabilities, ensuring effective capital allocation and product strategy.
- Leadership Transition: These promotions coincide with the planned retirements of Brian Kroll and Andy Rallis, ensuring a smooth transition during the executive handover while also highlighting Lincoln Financial's ongoing commitment to developing future leadership talent.
See More
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- Quarterly Dividend Stability: Lincoln National has declared a quarterly dividend of $0.45 per share, consistent with previous announcements, demonstrating the company's stability amid market uncertainties, which is likely to attract income-seeking investors.
- Consistent Dividend Record: The company has announced a $0.45 dividend for nineteen consecutive quarters, a policy that not only boosts investor confidence but also reflects strong cash flow and profitability.
- Dividend Yield: The current dividend yield stands at 5.13%, providing relative attractiveness in the current market environment, which may draw more income-focused investors and enhance the stock's market performance.
- Future Outlook: Despite anticipating $2B-$2.5B in net outflows from retirement plan services in Q2 2026, Lincoln National maintains its Group Protection margin goal of over 8%, indicating confidence in its future profitability.
See More
Bill Miller's High-Yield Stock Investments
- Miller's Investment Strategy: Bill Miller is renowned for his unique deep value investment strategy, having outperformed the S&P 500 for 15 consecutive years, showcasing his exceptional ability to identify overlooked investment opportunities; although his son, Bill Miller IV, now manages the fund, Miller still retains a stake, ensuring the continuity of his investment philosophy.
- Lincoln National: Lincoln National is the second-largest holding in Miller Value Partners, comprising nearly 8% of total assets; despite trimming its position by about 3% in Q4 2025, the stock has become attractive due to a more than 20% decline year-to-date, currently offering a dividend yield of 5.24% with a payout ratio below 20%, indicating relatively safe dividend potential.
- Gray Media: As the third-largest holding in Miller Value Partners, Gray Media saw a 12% increase in its stake in Q4 2025; despite its stock price plummeting over 80% from its 2021 peak, its 7.71% high dividend yield continues to attract investors, although its 74% payout ratio raises concerns about sustainability.
- Quad/Graphics Performance: Quad/Graphics ranks as the fifth-largest holding in Miller Value Partners, with a 4.4% increase in position in Q4 2025; the stock has more than doubled over the past three years, currently offering a 5.5% dividend yield, and after cutting dividends from 2019 to 2024, it has recently begun to increase payouts, indicating improved financial health.
See More
Stadion Partners with Morningstar to Launch Retirement Account Services
- Strategic Collaboration Announced: Stadion Money Management has formed a strategic partnership with Morningstar Retirement to launch Stadion Managed Accounts through Lincoln Financial's Retirement Plan Services, combining Stadion's professional investment management with Morningstar's personalization technology to deliver more tailored investment offerings for plan participants.
- Innovative Service Features: The new service leverages Stadion's investment management expertise alongside Morningstar's personalization engine, aiming to enhance investment outcomes in the retirement market and help participants achieve better retirement results, reflecting Lincoln Financial's ongoing commitment to innovative solutions.
- Market Impact: This service is now available to eligible retirement plans on Lincoln Financial's Alliance platform, with plan sponsors encouraged to contact their Lincoln Financial representatives for more information, which is expected to attract more client interest and enhance market competitiveness.
- Company Background: Founded in 1993, Stadion focuses on retirement plan and participant investment solutions and is a wholly owned subsidiary of Smart USA, collaborating with financial professionals and asset managers to provide high-quality retirement investment services.
See More
Lincoln National Corporation Q1 2026 Earnings Call Insights
- Sustained Operating Income Growth: Lincoln National Corporation reported a 16% year-over-year increase in adjusted operating income for Q1, reaching $326 million or $1.66 per diluted share, demonstrating the company's ongoing execution in fortifying its capital foundation and driving profitable growth, despite a GAAP net loss of $211 million reflecting market risk impacts.
- Annuity Sales Dynamics: Total annuity sales for the first quarter were $3.9 billion, with spread-based products accounting for 64%, although variable annuity sales declined year-over-year, aligning with the company's strategic goal to reduce market sensitivity, indicating a shift towards a more balanced business mix.
- Retirement Plan Services Outlook: Management anticipates net outflows in Retirement Plan Services to rise to between $2 billion and $2.5 billion in Q2, primarily due to plan terminations that did not meet profitability targets, highlighting the importance of profitability in the company's short-term cash flow management.
- Life Insurance Business Improvement: The life insurance segment reported operating income of $41 million in Q1, a significant improvement from a loss of $16 million in the prior year, reflecting the ongoing benefits from alternative investment returns and consolidation efforts, although the earnings flow will take time to materialize meaningfully.
See More
