Earnings Supplement Fourth Quarter 2025 February 12, 2026 1 Forward-Looking Statements – Cautionary Language Certain statements made in this presentation and in other written or oral statements made by Lincoln or on Lincoln's behalf 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 ...

Financial Performance - Adjusted income from operations available to common stockholders was reported at $X million, reflecting a Y% increase compared to the previous quarter[5] - Adjusted operating revenues reached $X million, which is a Y% increase year-over-year[4] - The company reported a return on equity (ROE) of X%, which is an improvement of Y% compared to the previous quarter[15] - Future guidance indicates expected adjusted income from operations growth of Y% for the next quarter[4] - Net income available to common stockholders for the twelve months ended December 31, 2025, fell by 65.9% to $1,086 million from $3,187 million[21] - Earnings per share (diluted) for the twelve months ended December 31, 2025, decreased by 68.3% to $5.83 compared to $18.41 for the previous year[21] - Net income decreased by 64.1% from $3,275 million to $1,177 million[24] - Adjusted income from operations for the twelve months ended December 31, 2025, increased to $8.23, reflecting a growth of 16.4% from $7.07 in 2024[44] Revenue and Sales Growth - Total operating revenues for the twelve months ended December 31, 2025, increased by 4.1% to $19,085 million from $18,342 million in 2024[28] - Total operating revenues for Lincoln Financial increased by 2.2% to $1,610 million for the three months ended September 30, 2025, compared to $1,608 million for the same period in 2024[31] - Total adjusted operating revenues rose by 5.7% to $4,894 million for the three months ended December 31, 2025, compared to $4,628 million in the same period of 2024[28] - Total Annuities sales increased by 32.5% year-over-year to $4,889 million for the three months ended December 31, 2025, compared to $3,689 million in the same period of 2024[27] - RILA sales grew by 50.7% year-over-year to $1,936 million for the twelve months ended December 31, 2025, up from $4,526 million in 2024[27] Assets and Equity - Total stockholders' equity, excluding AOCI and preferred stock, was $X million, indicating a Y% increase from the previous quarter[8] - Book value per share, excluding AOCI, was calculated at $X, representing a Y% increase from the prior year[10] - Total assets as of December 31, 2025, increased by 6.7% to $417,204 million from $390,831 million as of December 31, 2024[22] - Total liabilities increased by 6.2% from $382,562 million to $406,298 million[23] - Stockholders' equity at the end of December 31, 2025, reached $10,906 million, representing a 31.9% increase from $8,269 million at the end of 2024[47] Investment Performance - Net investment income rose by 9.6% to $6,075 million for the twelve months ended December 31, 2025, up from $5,544 million[21] - The company reported a significant increase in the change in market value and reinvestment, from $11,748 million in 2024 to $14,738 million in 2025, representing a 25.5% increase[41] - The balance of commercial mortgage loans, net of modified coinsurance and funds withheld investments, was $17,482 million as of December 31, 2025, showing a slight increase from $17,422 million in the previous year[41] Expenses and Costs - General and Administrative Expenses for Annuities increased by 8.9% to $122 million for the three months ended December 31, 2025, compared to $112 million in the same period of 2024[28] - Total operating expenses rose by 3.5% to $298 million for the three months ended 12/31/25, up from $288 million in the same period last year[33] - Commissions incurred rose by 19.8% to $689 million for the three months ended December 31, 2025, compared to the previous quarter[29] Market Strategy and Future Outlook - The company plans to expand its market presence through strategic acquisitions and partnerships in the upcoming fiscal year[6] - The company plans to continue focusing on market expansion and new product development to drive future growth[42] Insurance and Annuities - Insurance premiums for the twelve months ended December 31, 2025, increased by 3.8% to $6,666 million compared to $6,425 million for the previous year[21] - Deposits in the Annuities segment surged by 32.4% to $4,890 million for the three months ended December 31, 2025, from $3,692 million in the same quarter of 2024[26] - Life insurance gross deposits in the separate account increased by 78.4% to $2,646 million for the twelve months ended December 31, 2025, compared to $1,483 million in the previous year[37]

Core Insights - Lincoln Financial reported strong financial results for the fourth quarter and full year ended December 31, 2025, highlighting sustained momentum and balanced growth across all business segments [1] Financial Performance - Fourth quarter net income available to common stockholders was $745 million, translating to $3.80 per diluted share [1] - Adjusted operating income for the fourth quarter available to common stockholders was $434 million [1]

Core Viewpoint - Ford is recalling 116,672 vehicles due to a fire risk associated with engine block heaters, highlighting ongoing quality issues within the company [1][2][4]. Group 1: Recall Details - The National Highway Traffic Safety Administration (NHTSA) issued Recall No. 26V011, affecting Ford and Lincoln models with a 2.0L engine that may overheat and develop coolant leaks, leading to a short circuit and fire risk [2]. - The recall includes models such as the 2013-2018 Ford Focus (49,080 units), 2015-2016 Lincoln MKC (1,909 units), and 2013-2019 Ford Escape (65,683 units) [6]. - This recall is part of a larger trend, as Ford issued the most safety recalls among automakers in 2025, totaling over 103 alerts [4]. Group 2: Company Response and Historical Context - Ford's Chief Operating Officer expressed dissatisfaction with the current level of recalls and the number of vehicles affected during the Q2 2025 earnings call [5]. - The issue of engine block heaters posing a fire risk is not new, with a similar recall in 2025 linked to wiring flaws and coolant leaks [3]. - Autotrader's Executive Editor noted that the increasing complexity of vehicles has led to quality issues for Ford, raising concerns about the high number of recalls [6]. Group 3: Consumer Guidance - Ford advises affected vehicle owners to refrain from using the engine block heater until repairs are completed, which will be provided free of charge [7][8]. - Signs of potential issues include coolant spots, loss of cabin heat, overheating, and warning indicators for low coolant levels [8]. - Ford is developing a new block heater element and offers the option to remove the block heater and install a threaded plug at no cost [9].

Core Viewpoint - Lincoln National Corporation (LNC) is currently identified as a deep value stock, trading at a significant discount with a market price around $41, while its book value is approximately $69.50 per share [1]. Company Analysis - The company is considered undervalued based on its book value, indicating potential for price appreciation [1]. - The analysis emphasizes the importance of financial trends, profit growth, and institutional capital accumulation in identifying stocks with significant upside potential [1]. Investment Strategy - The investment strategy combines technical analysis with the CAN SLIM method to identify high-growth, underanalyzed companies [1]. - Key indicators prioritized include relative strength, trading volume shifts, and accelerating profit growth, which help in pinpointing stocks with the highest potential [1]. Research Approach - The research approach integrates both fundamental and technical analysis, allowing for the identification of strong growth stocks before they gain widespread attention [1]. - Writing for Seeking Alpha is part of the investment process, aimed at refining strategies, testing investment theses, and engaging with the investor community [1].

Core Viewpoint - Lincoln National Corporation (LNC) is currently identified as a deep value stock, trading at a significant discount with a market price around $41 compared to its book value of approximately $69.50 per share [1]. Group 1: Company Analysis - LNC is undervalued based on its book value, indicating potential for price appreciation [1]. - The current trading price suggests that the market has not fully recognized the intrinsic value of LNC [1]. Group 2: Investment Strategy - The investment strategy employed focuses on identifying high-growth, underanalyzed companies through a combination of technical analysis and the CAN SLIM method [1]. - Key indicators for stock selection include relative strength, trading volume shifts, and accelerating profit growth, which are essential for pinpointing stocks with high potential [1].

Core Viewpoint - The article discusses the investment positions held by the author in specific companies, indicating a long position in LNC and SCRYY, which may suggest a positive outlook on these stocks [1]. Group 1 - The author expresses personal opinions on the stocks mentioned, emphasizing that the article is not influenced by external compensation [1]. - There is a clear distinction made that the author is not a licensed financial advisor, which may affect the interpretation of the information provided [2]. - The article highlights the importance of individual due diligence and research before making investment decisions, particularly in high-risk trading styles [2]. Group 2 - The article notes that past performance of stocks does not guarantee future results, indicating a cautious approach to investment recommendations [3]. - It clarifies that the views expressed may not represent the broader opinions of Seeking Alpha, suggesting a diversity of perspectives within the platform [3]. - The article emphasizes that the authors are third-party contributors, which may include both professional and individual investors without formal licensing [3].

Core Insights - S&P Global Mobility announced the winners of its 30th annual Automotive Loyalty Awards, with General Motors and Tesla receiving the top awards for customer retention [1][2] Group 1: Awards and Winners - General Motors won the 'Overall Loyalty to Manufacturer' award for the 11th consecutive year [2][8] - Tesla secured the 'Overall Loyalty to Make' award for the fourth consecutive year [2][8] - The awards were based on an analysis of 13.6 million new retail vehicle registrations in the U.S. from October 2024 through September 2025 [2][10] Group 2: Market Analysis - The analysis indicates that the market is rewarding manufacturers with broad portfolios, emphasizing the importance of customer retention as a performance indicator [3][4] - The competition for awards was intense, with several categories decided by less than one percentage point, highlighting the significance of each win [4] Group 3: Strategies for Success - Product redesigns were identified as a key driver of loyalty, exemplified by Mini's win for 'Most Improved Make Loyalty' due to updates to its Cooper and Countryman models [4] - Chevrolet Equinox achieved 'Overall Loyalty to Model' following a redesign that resulted in a four-percentage-point increase in model loyalty year-over-year [4] Group 4: Brand-Specific Insights - Subaru's award for 'Overall Loyalty to Dealer' was attributed to strong performance in East Coast markets, where dealer loyalty reached 43.7%, significantly above the national average of 37.9% [5] - Tesla's strategy of targeted market appeal led to high retention rates among Asian (63.6%) and Hispanic (61.9%) households, surpassing national averages [6]

Group 1 - Lincoln Financial will report its fourth quarter and full year results for 2025 on February 12, 2026, at 6:00 a.m. Eastern Time [1] - A conference call is scheduled for the same day at 8:00 a.m. Eastern Time, with earnings materials available on the company's Investor Relations webpage [1][2] - The company had approximately 17 million customers as of December 31, 2024, and $347 billion in end-of-period account balances as of September 30, 2025 [3] Group 2 - Lincoln Financial operates in four core businesses: annuities, life insurance, group protection, and retirement plan services [3] - The company is headquartered in Radnor, PA, and is the marketing name for Lincoln National Corporation and its affiliates [3]

Core Insights - Lincoln National Corporation (LNC) is positioned for growth due to strong performance across all segments, new product rollouts, and expense management, with shares increasing by 28.1% over the past six months compared to the industry's 7.1% rise [1][9] Company Overview - LNC has a market capitalization of $8.5 billion and operates as a diversified life insurance and investment management company, offering a variety of wealth accumulation, protection, and retirement products [2] - The trailing 12-month price-to-book (P/B) ratio for LNC is 0.89X, which is below the industry average of 2X [2] Earnings Estimates - The Zacks Consensus Estimate for LNC's 2025 earnings is $7.89 per share, reflecting an 11.6% year-over-year increase, with revenues projected at $19 billion [3] - LNC has consistently beaten earnings estimates in the past four quarters, averaging a surprise of 12% [3] Growth Drivers - LNC operates through four segments: Annuities, Life Insurance, Group Protection, and Retirement Plan Services, with revenues supported by a balanced business mix and higher insurance premiums [4] - The Annuities segment benefits from strong demand and favorable equity markets, while Life Insurance is gaining traction through improved operating efficiency [5] - Group Protection shows steady premium growth due to pricing discipline, and Retirement Plan Services is seeing positive net flows and increasing account balances [5] Strategic Focus - The company is enhancing its business mix towards higher-margin growth and investing in digital tools and technology modernization to improve service capabilities and customer experience [6] - LNC's financial foundation is strong, with cash and invested cash at $10.7 billion as of September 30, 2025, an increase of 83.9% from the previous year, and total debt at $5.8 billion [7] Financial Stability - LNC's dividend yield stands at 4%, higher than the industry average of 3.1%, supported by a rising cash balance and declining debt levels [7][9] - However, LNC has a higher total debt-to-capital ratio of 35.6% compared to the industry average of 14.6% [10]