Zacks Investment Research maintains a Hold rating on Lincoln National Corporation, citing its strategic shift toward spread-based annuity products and improving momentum in life insurance and group protection. The company's annuity sales rose 4% year over year to $3.9 billion in the first quarter of 2026, with spread-based products accounting for nearly two-thirds of total sales, while total life insurance sales climbed 33% to $129 million. Group Protection operating income increased 10.9% to $112 million, and holding company available liquidity reached $805 million as of March 31, 2026. However, Lincoln National's total debt-to-capital ratio of 38.4% remains significantly above the industry average of 15.2%, and its stock trades at 0.78 times trailing 12-month price-to-book, below the industry average of 2.17 times. The Zacks Consensus Estimate for 2026 earnings is $7.72 per share on revenues of $19.5 billion, implying 2.2% top-line growth.
Lincoln National CorporationHold rating maintained; strategic shift to spread-based annuities and life insurance growth noted, but high debt-to-capital ratio and low price-to-book are concerns.
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