Risk Sleuth
LNC · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Lincoln National

31 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Indemnity reinsurance cedents

earns from · 100% indemnity reinsurancenamed as a risk
If these ratings or capital ratios are not maintained, depending upon the reinsurance agreement, the cedent may recapture the business, or require us to place assets in trust or provide LOCs at least equal to the relevant statutory reserves.Risk factors (Item 1A)

Suppliers

Cloud-service providers

depends onnamed as a risk
In addition, we increasingly rely on a small number of cloud-service providers to host key applications, store regulated data and support core business processes.Risk factors (Item 1A)

Also named by ALLY, BAC, BX, C, EFX, HLT, IDXX, MSCI and 5 more

Partners and platforms

Reinsurers (life insurance ceded)

depends on · $1.2 trillion of life insurance in forcenamed as a risk
As of December 31, 2025, we ceded $1.2 trillion of life insurance in force to reinsurers for reinsurance protection.Risk factors (Item 1A)

Also named by CB, CI, CINF, ORI, PRI, RLI, WRB

Commonwealth Annuity and Life Insurance Company (Global Atlantic)

depends onnamed as a risk
Fortitude Reinsurance Company Ltd. (“Fortitude Re”), Protective Life Insurance Company, Security Life of Denver Insurance Company (a subsidiary of Resolution Life), Commonwealth Annuity and Life Insurance Company (a subsidiary of Global Atlantic), Hannover Life Reassurance Company of America (Bermuda) Ltd. and Athene Holding Ltd. represent our largest reinsurance exposures.Business (Item 1)

Also named by AMP, UNM

Fortitude Reinsurance Company Ltd. (Fortitude Re)

depends onnamed as a risk
Fortitude Reinsurance Company Ltd. (“Fortitude Re”), Protective Life Insurance Company, Security Life of Denver Insurance Company (a subsidiary of Resolution Life), Commonwealth Annuity and Life Insurance Company (a subsidiary of Global Atlantic), Hannover Life Reassurance Company of America (Bermuda) Ltd. and Athene Holding Ltd. represent our largest reinsurance exposures.Business (Item 1)

Also named by UNM

Protective Life Insurance Company

depends onnamed as a risk
Fortitude Reinsurance Company Ltd. (“Fortitude Re”), Protective Life Insurance Company, Security Life of Denver Insurance Company (a subsidiary of Resolution Life), Commonwealth Annuity and Life Insurance Company (a subsidiary of Global Atlantic), Hannover Life Reassurance Company of America (Bermuda) Ltd. and Athene Holding Ltd. represent our largest reinsurance exposures.Business (Item 1)

Security Life of Denver Insurance Company (Resolution Life)

depends onnamed as a risk
Fortitude Reinsurance Company Ltd. (“Fortitude Re”), Protective Life Insurance Company, Security Life of Denver Insurance Company (a subsidiary of Resolution Life), Commonwealth Annuity and Life Insurance Company (a subsidiary of Global Atlantic), Hannover Life Reassurance Company of America (Bermuda) Ltd. and Athene Holding Ltd. represent our largest reinsurance exposures.Business (Item 1)

Hannover Life Reassurance Company of America (Bermuda) Ltd.

depends onnamed as a risk
Fortitude Reinsurance Company Ltd. (“Fortitude Re”), Protective Life Insurance Company, Security Life of Denver Insurance Company (a subsidiary of Resolution Life), Commonwealth Annuity and Life Insurance Company (a subsidiary of Global Atlantic), Hannover Life Reassurance Company of America (Bermuda) Ltd. and Athene Holding Ltd. represent our largest reinsurance exposures.Business (Item 1)

Athene Holding Ltd.

depends onnamed as a risk
Fortitude Reinsurance Company Ltd. (“Fortitude Re”), Protective Life Insurance Company, Security Life of Denver Insurance Company (a subsidiary of Resolution Life), Commonwealth Annuity and Life Insurance Company (a subsidiary of Global Atlantic), Hannover Life Reassurance Company of America (Bermuda) Ltd. and Athene Holding Ltd. represent our largest reinsurance exposures.Business (Item 1)

Lincoln Financial Distributors (LFD) independent sales representatives

depends onnamed as a risk
If our competitors offer products that are more attractive than ours or pay higher commission rates or compensation to the sales representatives than we do, these representatives may concentrate their efforts in selling our competitors’ products instead of ours.Risk factors (Item 1A)

Other companies

S&P Global Ratings

named as a risk
For example, in November 2023, S&P implemented changes to its insurer RBC capital adequacy model, which altered the amount of statutory capital we are required to hold in certain scenarios in order to maintain our current ratings.Risk factors (Item 1A)

Also named by AMG, MSTR

Hazards

Pandemics and natural catastrophes (mortality/morbidity)

insures or lends tonamed as a risk
In addition, in our group insurance operations, an event that affects the workplace of one or more of our group insurance customers, such as a pandemic or a natural disaster, could also cause a significant loss due to concentrated mortality or morbidity claims.Risk factors (Item 1A)

Commodities and inputs

Commercial mortgage loans

insures or lends to · $22.5 billionnamed as a risk
Of this total, $70.2 billion and $67.9 billion consisted of corporate bonds and $22.5 billion and $21.1 billion consisted of mortgage loans on real estate as of December 31, 2025 and 2024, respectively.Market risk (Item 7A)

Also named by PFG

Illiquid investments (private placements, mortgage loans, policy loans, limited partnerships)

concentrated in · 40% of the carrying value of our total investmentsnamed as a risk
These asset classes represented 40% of the carrying value of our total investments as of December 31, 2025.Risk factors (Item 1A)

Private equity investments

exposed to its price · $5,386named as a risk
As a result, the amount of income that we record from these investments can vary substantially from quarter to quarter, and a sudden or sustained decline in the markets or valuation of one or more substantial investments could result in lower-than-expected returns earned by our investment portfolio and thereby adversely impact our earnings.Risk factors (Item 1A)

S&P 500 Index

exposed to its price
The available indices are the S&P 500® Index, the Russell 2000® Index, the MSCI EAFE, the Capital Strength Net Fee IndexSM, the First Trust American Leadership IndexTM and the NASDAQ-100 Index®.Business (Item 1)

Also named by CBOE, FNF, RLI, UHAL/B

Regulators

Bermuda Monetary Authority

subject tonamed as a risk
Any changes in the method for calculating reserves for our group disability, annuity and life insurance products under SAP or applicable state insurance regulations, or changes in the method for calculating reserves or capital for our products under the BMA’s or Barbados FSC’s regulations, may result in increased reserve requirements.Risk factors (Item 1A)

Also named by AFL, AIG, APO, ARES, CAT, CB, CG, COIN and 8 more

FINRA

subject tonamed as a risk
Our broker-dealer and investment adviser subsidiaries, our variable annuities and variable life insurance products and the mutual funds and closed-end funds that we sponsor are subject to regulation and supervision by the SEC, FINRA and/or state securities regulators.Risk factors (Item 1A)

Also named by AJG, ARES, BGC, CBOE, CG, GLXY, JXN, KKR and 7 more

New York Department of Financial Services

subject to
LLANY is domiciled in New York and its principal insurance regulatory authority is the New York Department of Financial Services (the “NYDFS”).Business (Item 1)

Also named by ALLY, FIS, JXN, ORI

Indiana Department of Insurance

subject to
LNL and FPP are domiciled in Indiana and their principal insurance regulatory authority is the Indiana Department of Insurance (the “IDOI”).Business (Item 1)

Also named by KKR

Barbados Financial Services Commission

subject to
Our Bermuda-based reinsurance subsidiary, LPINE, and our Barbados-based reinsurance subsidiary, Lincoln National Reinsurance Company (Barbados) Limited, are regulated by the Bermuda Monetary Authority (the “BMA”) and the Barbados Financial Services Commission (“FSC”), respectively, each of which enforces standards related to solvency, capital adequacy and other applicable regulatory requirements.Business (Item 1)

Laws and programs

NAIC Interest Maintenance Reserve temporary guidance

subject to · approximate 10 percentage-point increase to our estimated risk-based capital (“RBC”) rationamed as a risk
This guidance has had the effect of increasing our statutory capital, corresponding to an approximate 10 percentage-point increase to our estimated risk-based capital (“RBC”) ratio as of December 31, 2025.Business (Item 1)

California climate disclosure laws

subject tonamed as a risk
In addition, California has enacted two pieces of legislation that, beginning in 2026, require significant climate-related disclosures (in some cases beyond the disclosures required by the SEC’s rule) by large entities doing business in that state.Risk factors (Item 1A)

Also named by CFG, GXO, IEX, POOL, SON, SSB

SEC Regulation Best Interest

subject tonamed as a risk
For example, if any new rules are implemented that are more onerous than Regulation Best Interest, or are not coordinated with Regulation Best Interest, the adverse impact on our business could be substantial.Risk factors (Item 1A)

Also named by AMP, BX, JXN, PRU, SF

Social Security Disability Insurance

named as a risk
Outside of potential tax law changes, the uncertainty of federal funding and the future of the Social Security Disability Insurance (“SSDI”) program can have a substantial impact on the entire group benefit market because SSDI benefits are a direct offset to the benefits paid under group disability policies.Business (Item 1)

Also named by UNM

NAIC Generator of Economic Scenarios (GOES)

subject tonamed as a risk
The new GOES produces scenarios with characteristics that differ from the prior economic scenario generator, which could adversely affect the statutory reserves and required capital for products in scope upon adoption as well as affect how the statutory reserves and required capital for these products respond to changes in market conditions.Business (Item 1)

NAIC VM-22

subject tonamed as a risk
The transition to GOES and VM-22 could adversely impact the statutory reserves and required capital for products in scope upon adoption as well as affect how the statutory reserves and required capital for these products respond to changes in market conditions.Risk factors (Item 1A)

DOL Fiduciary Advice Rule

subject tonamed as a risk
As finalized, these revisions would potentially apply to almost all sales to retirement plan participants and IRA investors, resulting in more extensive disclosure and other compliance obligations as well as increased potential legal exposure for those involved in sales activities that would be newly treated as fiduciary advice.Business (Item 1)

ERISA

subject to
Our insurance, plan administrative services and other businesses provide services to employee benefit plans subject to ERISA, including services where we may act as an ERISA fiduciary.Business (Item 1)

Also named by BBSI, BLK, KKR, LPLA, MET, MRSH, STT, WHR

SECURE Act

subject to
We believe that the financial services industry will continue to benefit from the adoption of these legislative changes through continued or increased savings in retirement and annuity solutions, including through the utilization of Lincoln’s suite of offerings.Business (Item 1)

Also named by PRU

Bermuda Personal Information Protection Act

subject to
In addition, we may also collect, process and maintain personal information subject to Bermuda’s Personal Information Protection Act (“PIPA”), which imposes similar requirements and requires that we ensure a lawful basis for the processing of personal information and implement safeguards for cross-border transfers of such data.Business (Item 1)

Also named by BWIN