Lincoln National Corp Pre-2Q26 EPS Update

Research evidence excerpt

Lincoln National Corp Pre-2Q26 EPS Update

Global Research

8 July 2026ab

Lincoln National Corp Equities

United StatesPre-2Q26 EPS Update

Insurance, Life

12-month rating Neutral *

Model revisions in conjunction with our 2Q26 preview

Our 2Q26E EPS of $2.05 includes 10c of unfavorable alternatives returns ($2.15 core). 12m price target US$44.00

Model updates include: 1) alternatives returns 10c below expectations in 2Q26E, 2)

annuities segment net benefit from favorable equity markets which benefits fee

Price (08 Jul 2026) US$38.65

revenues but this is partially offset by simultaneous increase in expenses; 3) refined

baseline for the life segment to reflect the benefits of captive utilization and seasonal RIC: LNC.N BBG: LNC US

mortality but this segment also sees the primary impact of adverse alternatives returns.

Trading data and key metrics

4) refining our estimates for group protection to recognize the y/y comp included an

52-wk range US$46.46-32.59

experience benefit of $15m; this was changed to be incurred on an accrued basis in late

2025. Market cap. US$6.55b

Shares o/s 170m (COM)

Focus areas Free float 94%

We expect continued focus on Group Protection where growth is a positive narrative for Avg. daily volume ('000) 583

LNC despite competitive markets. We see this segment as strategically important long- Avg. daily value (m) US$21.1

term from a mix shift perspective for LNC though it's likely to take several years to Common s/h equity (12/26E) US$15.3b

meaningfully improve consolidated valuation in our view. We believe LNC continues to P/BV (12/26E) 1.3x

receive undue characterization at least quantitatively from private credit skeptics given EPS (UBS, diluted) (USD)

the Bain partnership, but this relationship is still in its infancy and we expect methodical 12/26E