L
LNC
LNCUnverified4 segments tracked|4 years of data|Annual (10-K)
Total Revenue
$18.2B1.2%
FY2025
Operating Segments
4Active segments
Blended Margin
11.1%Operating margin
Highest Margin
24.7%Annuities Segment
Segment Shift
Annuities Segment has grown from 27.0% to 26.7% of total revenue since FY2018, with 24.7% operating margins. Meanwhile, Group Protection Segment is the fastest growing at +6.8% YoY.
Segment Revenue Over Time
Revenue Mix
Segment Breakdown — FY2025
| Segment | Revenue | Op. Income | Margin | % of Total | YoY |
|---|---|---|---|---|---|
| Group Protection Segment | $6.1B | $532M | 8.7% | 33.5% | +6.8% |
| Life Segment | $5.9B | $117M | 2.0% | 32.4% | -6.2% |
| Annuities Segment | $4.9B | $1.2B | 24.7% | 26.7% | +3.3% |
| Retirement Plan Services Segment | $1.3B | $163M | 12.2% | 7.3% | +4.1% |
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