Lincoln Financial has reported a net loss available to common stockholders of $211 million for the first quarter of 2026, compared to a net loss of $756 million in the same period a year earlier.
In Q1’26, adjusted operating income available to common stockholders was $326 million, up from $280 million in Q1’25.
Within its Retail Solutions segment, Annuities posted operating income of $275 million, down 5% from the prior-year quarter, driven by the impact of net investment income allocation refinement and unfavourable tax-related items.
Life Insurance delivered operating income of $41 million, a $57 million year-over-year increase, driven by strong alternative investment income and the impact of the fourth quarter 2025 captive consolidation.
Within Workplace Solutions, Group Protection reported operating income of $112 million, up from $101 million, driven by favourable life experience. Premiums increased 2% year over year, as strong sales over the prior 12 months were partially offset by a large case lapse.
Retirement Plan Services reported operating income of $43 million, up 26%, driven by spread expansion and favourable equity markets, partially offset by trailing-12-month outflows.
Holding company available liquidity increased to $805 million, net of pre-funding amounts.
Ellen Cooper, Chairman, President and CEO of Lincoln Financial, said, “Our first quarter results reflect continued disciplined execution and consistent, meaningful progress against our strategic priorities.
“Group Protection delivered record first quarter earnings, while Life Insurance and Retirement Plan Services generated strong earnings growth. In Annuities, we achieved another quarter of diversification in new business with a more balanced mix and less market sensitivity.
“The cumulative impact of the actions we’ve taken — strengthening our capital foundation, optimising our operating model, and diversifying our business mix — are translating into a more resilient, higher-quality earnings profile. We remain focused on advancing these priorities to further build on this trajectory and create sustainable, long-term value for shareholders.”
