Lincoln National Corporation (LNC) Stock Price & How to Invest
Last updated July 2026
Short answer
LNC is Lincoln National Corporation, the NYSE-listed life insurer and retirement company that markets under the Lincoln Financial brand; investing in it is a bet on annuities, life insurance, group benefits, and retirement plan services throwing off steady earnings and dividends.
LNC stock price
As of 2026-07-24, Lincoln National Corporation (LNC) last closed at $41.36, up 18.7% over the past year. Over the past 52 weeks it has traded between $32.59 and $46.46.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Lincoln National Corporation's investor relations page. Walnut is informational, not investment advice.
What does Lincoln National Corporation (LNC) do?
Lincoln National Corporation, which operates as Lincoln Financial, is a diversified US life insurer and retirement company with four segments: Annuities, Life Insurance, Group Protection, and Retirement Plan Services. It sells fixed and variable annuities, term and universal life insurance, workplace group benefits, and defined-contribution retirement plans, earning money from insurance premiums, fees on account balances, and net investment income on a large general-account bond portfolio.
The investment picture is that of a turnaround value name in the insurance sector. After several difficult years, Lincoln has reported a run of consecutive quarters of adjusted operating income growth (up roughly 16 percent year over year in the first quarter of 2026), helped by strong annuity deposits, rising net investment income, and expense discipline. The stock trades at a very low earnings multiple and a mid-single-digit dividend yield, so it is a bet on continued balance-sheet repair and earnings consistency rather than on rapid top-line growth.
What's driving Lincoln National Corporation (LNC)?
1. Annuities and net investment income
Annuities is Lincoln's largest earnings engine, and higher interest rates have lifted net investment income on the general account while supporting strong annuity deposit flows. Continued favorable equity markets also raise the fee-based value of variable annuity and account balances. This segment is central to the recent run of operating income growth.
2. Balance-sheet repair and capital
Much of the story is Lincoln rebuilding capital and free cash flow after prior reserve and hedging pressures, including reinsurance transactions that freed up capital. Management has emphasized improving its risk-based capital position and persistent balance-sheet strengthening. Progress here is what would let the company sustain its dividend and buybacks.
3. Deep valuation discount
LNC trades at a very low price-to-earnings multiple (around 4 to 5 times) and near or below book value, a discount to peers like Principal and MetLife. If earnings prove durable and the balance sheet keeps improving, that gap could narrow. The mid-single-digit dividend yield pays holders while that thesis plays out.
4. Group Protection and Retirement Plan Services
The Group Protection (workplace disability, life, dental) and Retirement Plan Services segments diversify earnings away from market-sensitive annuities. Group Protection margins have been a focus after weaker sales, while Retirement Plan Services adds fee income. Steadier results here would reduce reliance on investment markets.
What are the risks to Lincoln National Corporation (LNC)?
As a life insurer, Lincoln carries substantial interest-rate, credit, and equity-market risk through its large general-account bond portfolio and its variable-annuity guarantees, so a sharp move in rates, spreads, or stocks can swing reported results and capital. The company has a history of reserve charges and hedging losses that drove past net losses, and quarterly GAAP results can still show volatility even when adjusted operating income rises. Commercial real estate and other credit exposures within the investment portfolio are a watch item. The dividend, while covered, depends on continued subsidiary cash flow and capital ratios. Competition from larger and better-capitalized insurers pressures pricing across annuities, life, and group benefits.
How is Lincoln National Corporation (LNC) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Lincoln National Corporation's investor relations page or your broker.
- Revenue (TTM): ~$18.5B
- Market cap: ~$7B
- P/E ratio: ~4 to 5x
- Dividend yield: ~4.9%
- Q1 2026 adjusted EPS: ~$1.66
- Q1 2026 operating revenue: ~$4.9B
Lincoln trades at a strikingly low earnings multiple and near book value, reflecting the market's memory of prior charges more than current results. First-quarter 2026 adjusted operating income rose about 16 percent year over year on strong annuity deposits and higher net investment income. The mid-single-digit dividend yield and modest payout ratio give holders income while the balance-sheet recovery continues.
Who competes with Lincoln National Corporation (LNC)?
Large diversified life and retirement insurers
MetLife, Prudential Financial, Principal Financial, and Equitable Holdings compete directly across annuities, life insurance, and retirement, and are generally larger and higher-rated than Lincoln, which pressures pricing and distribution.
Annuity and mutual insurance specialists
Pacific Life, Brighthouse Financial, Corebridge Financial, plus mutual heavyweights like Northwestern Mutual and New York Life compete for annuity deposits and life sales, an area where scale and financial-strength ratings matter to advisers and clients.
Group and workplace benefits providers
In Group Protection and workplace benefits, Lincoln faces Unum, Guardian, MetLife, and Principal for employer disability, life, and dental business, where underwriting margins and employer relationships drive results.
How to invest in Lincoln National Corporation (LNC)
There are three common ways to get LNC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so LNC sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where LNC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Lincoln National Corporation (LNC)
The investment picture is a deeply discounted, dividend-paying life insurer whose recovery in operating earnings is weighed against the balance-sheet and interest-rate sensitivity inherent to the business.
More on Lincoln National Corporation (LNC)
Whether LNC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is LNC a buy?, and where the stock could go from here in the LNC stock forecast.
For income investors, whether LNC pays a dividend and how the payout looks is covered in does LNC pay a dividend?
Build a basket around LNC with Walnut
Use Lincoln National Corporation as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does LNC stand for?
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LNC is the NYSE ticker for Lincoln National Corporation, the holding company that operates under the Lincoln Financial brand. It is a US life insurance and retirement services company, not to be confused with the unrelated Lincoln vehicle brand.
What business is Lincoln National in?
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Lincoln National sells annuities, life insurance, workplace group protection benefits, and retirement plan services. It earns money from insurance premiums, fees on annuity and account balances, and net investment income on a large bond portfolio.
How big is Lincoln National?
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As of July 2026 Lincoln National has a market capitalization of roughly $7 billion and trailing twelve-month revenue of about $18.5 billion, placing it among the mid-size US life insurers rather than the largest players like MetLife or Prudential.
Why is LNC's P/E ratio so low?
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LNC trades around 4 to 5 times earnings, well below the market and many peers. The low multiple reflects the market's caution after prior reserve charges and hedging losses that produced past net losses, even as recent adjusted operating income has been growing.
Does Lincoln National pay a dividend?
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Yes. As of mid-2026 Lincoln National pays an annual dividend near $1.80 per share, a yield of roughly 4.9 percent, with a payout ratio around 25 percent on a trailing basis. The dividend depends on continued subsidiary cash flow and capital strength.
How did LNC perform in its most recent quarter?
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In the first quarter of 2026 Lincoln reported adjusted operating revenue of about $4.9 billion and adjusted EPS near $1.66, with adjusted operating income up about 16 percent year over year, marking a continued run of earnings growth driven by annuities and investment income.
What are the main risks to Lincoln National?
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Key risks include interest-rate, credit, and equity-market sensitivity through its bond portfolio and annuity guarantees, a history of reserve and hedging charges, volatility in GAAP results, credit exposures such as commercial real estate, and competition from larger, higher-rated insurers.
Who competes with Lincoln National?
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Lincoln competes with diversified insurers such as MetLife, Prudential, Principal, and Equitable, annuity and mutual specialists like Pacific Life, Brighthouse, Corebridge, Northwestern Mutual, and New York Life, and group-benefits rivals including Unum and Guardian.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Lincoln National Corporation's investor relations page or your broker before making investment decisions.