Short answer
Lincoln National Corp (LNC) filed its fiscal 2018 10-K annual report with the SEC on Feb 20, 2019. It reported revenue of $16.4B (+15.2% year over year) and net income of $1.6B.
- Top risk flagged: NAIC variable-annuity framework, effective January 1, 2020, may increase reserves, capital requirements and volatility
FY2018 key financial metrics · XBRL
- Revenue
- $16.4B
- +15.2% YoY
- Net income
- $1.6B
- −21.1% YoY
- EPS (diluted)
- $7.40
- −19.7% YoY
- ROE
- 11.4%
- −0.6 pp YoY
- Operating cash flow
- $1.9B
- +146.6% YoY
Source: XBRL data from the Lincoln National Corp (LNC) FY2018 10-K on SEC EDGAR. USD.
Lincoln National Corp FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Multi-segment insurer offering wealth protection, accumulation and retirement-income solutions through annuities, retirement plans, life insurance and group benefits
- $1.5B Liberty Group Business acquisition, expanding Group Protection across employers from fewer than 100 to 10,000-plus employees
- New YourPath target-date portfolios, multi-path investment design supporting personalized employer-sponsored retirement plans
- Consolidated assets $298.1B and equity $14.4B as of December 31, 2018
- Group Protection enhanced disability and absence-management capabilities through Liberty acquisition, including mobile and web self-service tools
Management Discussion & Analysis
- Net income $1.641B, down from $2.079B, despite $1.322B Tax Act benefit in 2017
- Revenue: Life Insurance operating revenue $6.922B vs $6.558B, up $364M
- Best segment: Group Protection premiums $3.383B vs $1.998B, driven by Liberty Life acquisition
- Worst segment: Other Operations loss $225M vs $108M loss, with higher digitization and debt expense
- Capital allocation: $450M accelerated share repurchase, with digitization benefits targeted at $90M to $150M pre-tax beyond 2020
Risk Factors
- NAIC variable-annuity framework, effective January 1, 2020, may increase reserves, capital requirements and volatility
- Capital-market weakness and slowing global growth threaten credit and equity exposures, with 28% of invested assets relatively illiquid
- Reinsurance concentration: $17.7B receivables, including $12.1B from Protective and $2.4B Swiss Re trust balance
- Intense competition from larger, better-capitalized financial firms with broader distribution and stronger ratings
- Holding-company liquidity constrained by subsidiary dividends, generally capped at 10% of contract holders’ surplus or prior-year statutory net gain
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