Key Highlights

  • Lincoln’s $0.45 quarterly common Dividend trades ex-dividend October 9, 2026, with payment on November 2.
  • Second-quarter Net Income available to common stockholders was $1,321 million, or $6.72 per diluted share, on a GAAP basis.
  • Adjusted Operating Income (non-GAAP) was $439 million, or $2.24 per diluted share, with $903 million of net Holding Company liquidity.
  • The company intends to resume share repurchases in the third quarter, with about $714 million remaining on its authorization.

Lincoln National Corporation (NYSE:LNC) declared a quarterly common dividend of $0.45 per share, a Yield of 4.39%, payable November 2, with shares trading ex-dividend on October 9, 2026. The $0.45 amount equals 20.1% of second-quarter adjusted operating income of $2.24 per diluted share (non-GAAP) and 6.7% of GAAP diluted Earnings of $6.72.

Dividend Program and Shareholder Returns

The company announced the $0.45 quarterly common dividend in an August release, payable November 2. The shares trade ex-dividend on October 9. The same release stated that the company intends to resume repurchasing common stock in the third quarter under its $1.5 billion authorization, approved in November 2021, with about $714 million remaining and no expiration.

The $0.45 quarterly amount equals $1.80 on an annualized basis, a computed figure. Second-quarter results subtract $11 million of preferred stock dividends from both GAAP and adjusted income. Each dividend remains subject to board approval.

About the Company

Lincoln National Corporation reports annuities, life insurance, group protection and retirement plan services results. The release stated that approximately 17 million customers trust the company’s guidance and solutions as of December 31, 2025. As of June 30, 2026, the company had $366 billion of end-of-period account balances, net of reinsurance. Book Value per share excluding accumulated other comprehensive income was $77.39, adjusted book value per share was $79.45, and the risk-based Capital ratio was above 420%, an estimate.

Second-Quarter Earnings and Segment Results

Net income available to common stockholders was $1,321 million, or $6.72 per diluted share. Adjusted operating income available to common stockholders (non-GAAP) was $439 million, or $2.24 per diluted share. The company attributed the gap mainly to the non-economic impact of changes in Market Risk benefits, which were $1,450 million within net Annuity product features of $1,497 million pre-tax.

Income from operations was $287 million for Annuities, $57 million for Life Insurance, $147 million for Group Protection and $49 million for Retirement Plan Services. Annuities reported net outflows of about $2.9 billion, and Retirement Plan Services reported net outflows of $2,425 million.

Capital Actions and the Talcott Transaction

Holding company available Liquidity was $1,803 million in total, or $903 million net of prefunding. The company completed a $500 million subordinated Debt issuance, with proceeds supporting capital flexibility to repurchase or redeem outstanding preferred stock.

The Talcott Reinsurance transaction closed on October 1, covering $6.3 billion in total, including about $5.8 billion of guaranteed universal life reserves, or 37% of the remaining block. The company’s preferred tender offers accepted $265.945 million of Series C and $171.355 million of Series D at prices of $1,055 and $26.30, about $461.8 million in total.

Dividend and Earnings Relationships

The $1.80 annualized dividend equals 20.1% of the second-quarter adjusted operating income per share and 6.7% of GAAP earnings per share, both computed from a single quarter.

Holding company liquidity of $903 million net of prefunding is about 2.1 times adjusted operating income, a computed ratio. The $714 million of remaining repurchase authorization equals 47.6% of the original $1.5 billion, also computed.

Outlook

Lincoln’s $0.45 quarterly common dividend is payable November 2, with shares trading ex-dividend on October 9, 2026. The resumption of share repurchases, the preferred stock tender results, the closed Talcott transaction, and the risk-based capital ratio estimate above 420% are the relevant considerations.