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 reported operating income of $275 million, down 5% from the prior-year quarter, driven by the impact of net investment income allocation amortization and adverse tax-related items.
Life insurance delivered operating income of $41 million, an increase of $57 million year-over-year, driven by strong alternative investment income and the impact of fourth quarter 2025 captive consolidation.
Within Workplace Solutions, Group Protection reported operating income of $112 million, up from $101 million due to favorable life experience. Premiums increased 2% year-over-year, as strong sales over the past 12 months were partially offset by a large case lapse.
Retirement Plan Services recorded operating income of $43 million, an increase of 26%, driven by spread expansion and favorable equity markets, partially offset by 12-month outflows.
The holding company’s available liquidity increased to $805 million, net of the pre-financing amount.
“Our first quarter results reflect continued disciplined execution and consistent, meaningful progress against our strategic priorities,” said Alan Cooper, Chairman, President and CEO of Lincoln Financial.
“Group Protection delivered record earnings in the first quarter, while Life Insurance and Retirement Planning Services generated strong earnings growth. In Annuities, we achieved another quarter of diversification into new business with a more balanced mix and less market sensitivity.
“The cumulative effect of the actions we have taken – strengthening our capital foundation, optimizing our operating model and diversifying our business mix – is translating into a more resilient, higher-quality earnings profile. We are focused on accelerating this trajectory and advancing these priorities to create sustainable, long-term value for shareholders.”
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