Lincoln(US:LNC)2025-10-30 12:00Financial Performance - Adjusted operating income increased by 13% year-over-year, driven by a diversified business mix[7, 14] - Life Insurance operating income reached $54 million, benefiting from stable mortality and higher investment income[7, 14] - The leverage ratio improved by 320 basis points year-over-year to 252%, primarily due to equity growth[7, 14] Sales and Account Balances - Annuities total sales increased by 32% year-over-year to $45 billion[14, 21] - Retirement Plan Services achieved first-year sales of $24 billion, up almost 50% year-over-year[14, 30] - Group Protection sales increased by 38% year-over-year, diversified across segments and products[14, 27] - Annuities account balances grew 5% year-over-year, reaching a record $174 billion[7, 26] Capital and Risk Management - The estimated RBC ratio is greater than 420%, exceeding the 20 percentage point capital buffer above the 400% target[14] - The investment portfolio is well-diversified, with 97% of assets rated as investment grade[55, 58, 62] - New money yield achieved 59%, approximately 130 basis points above the portfolio yield[55]