[8-K] Lincoln National Corp. Reports Material Event

Rhea-AI Filing Summary

Q1 FY25 (Apr–Jun 2025, J-GAAP) snapshot:

• Ordinary income ¥2.13 tn, –10.5 % YoY on softer trading and loan yields.
• Ordinary profit ¥368.6 bn, +4.0 % YoY; net profit attributable to owners ¥290.5 bn, +0.4 % (EPS ¥115.90).
• Total assets fell 1.6 % since Mar-25 to ¥278.7 tn; own-capital ratio edged up to 3.7 %.
• NPL ratio improved to 0.73 % (–23 bp); credit-related costs a modest ¥11.4 bn.

Guidance & shareholder returns: Full-year profit target lifted 8.5 % to ¥1.02 tn (15 % YoY growth), implying FY EPS ¥407.81. Dividend outlook unchanged at ¥145/share (up ¥5 YoY) with ¥72.5 interim.

Segment colour: Retail & Business Banking and CIBC drove net business profit growth; Global Markets cooled as ETF-related gains shrank to ¥3.2 bn (vs ¥31.7 bn). Net interest income rose 30 % YoY while trading income slid 14 %.

Balance-sheet trends: Loans down ¥0.14 tn to ¥94.0 tn; deposits down ¥0.62 tn to ¥154.3 tn. Unrealised gains on securities up ¥162 bn to ¥1.37 tn, aided by equity market strength. Treasury stock grew to 14.4 m shares.

Takeaway: Upgraded guidance, better asset quality and stable dividends offset revenue pressure and a still-thin capital base, signalling cautious but improving fundamentals.

Positive

• FY25 net-profit guidance raised 8.5 % to ¥1.02 tn, signalling management confidence.
• NPL ratio improved to 0.73 % and high-risk loan balances fell ¥254 bn.
• Dividend forecast of ¥145/share represents a ¥5 increase YoY, supporting yield.
• Own-capital ratio ticked up to 3.7 % and unrealised securities gains rose ¥162 bn.

Negative

• Ordinary income declined 10.5 % YoY, driven by weaker trading and interest income.
• Global Markets profit fell as ETF gains dropped to ¥3.2 bn from ¥31.7 bn.
• Capital base remains thin; 3.7 % own-capital ratio trails international peers.
• Total assets and loan book contracted, suggesting limited organic growth.

Insights

Banking Equity Analyst

TL;DR: Guidance raised, credit clean-up continues; revenue softness and low capital temper outlook.

MHFG’s 8.5 % hike in FY25 net-profit guidance to ¥1.02 tn is the key positive, reflecting lower funding costs and realised equity gains. Credit metrics are encouraging: NPL ratio at 0.73 % and credit costs <¥12 bn provide headroom for shareholder returns. However, ordinary income fell double-digits and Global Markets profit dropped sharply as ETF gains normalised, highlighting earnings volatility. Own-capital ratio of 3.7 % remains well below global peers, limiting buyback flexibility. Net interest income momentum (-loan spreads wider, deposit beta contained) should partially offset weaker trading, but asset and deposit contraction suggests subdued balance-sheet growth. Overall, moderately positive with valuation support from higher dividend.

Risk Analyst

TL;DR: Asset-quality gains solid; market-risk dependence and thin capital still key risks.

Sharp drop in high-risk claims (–¥254 bn) and lower NPL ratio signal effective credit risk management. Securities unrealised gains improved and hedge losses narrowed, reducing OCI volatility. Yet ordinary income decline stems largely from diminished trading revenues, underscoring exposure to market swings. Capital ratio only nudged to 3.7 %, far from Basel III leverage comfort, and treasury-share increase implies limited buffer. Rising rates could pressure JGB valuations (¥67 bn latent loss). While near-term risk appears contained, structural capital weakness warrants caution; impact classified as neutral to slightly positive.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July 31, 2025

Date of Report (Date of earliest event reported)

                  Lincoln National Corporation             

(Exact name of registrant as specified in its charter)

Indiana

1-6028

35-1140070

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

150 N. Radnor Chester Road, Radnor, PA 19087

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (484) 583-1400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common Stock			LNC			New York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a share of 9.000% Non-Cumulative Preferred Stock, Series D			LNC PRD			New York Stock Exchange

__________________________________

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Item 2.02. Results of Operations and Financial Condition.

On July 31, 2025, Lincoln National Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2025, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference. The Company’s statistical supplement for the quarter ended June 30, 2025, is attached as Exhibit 99.2 and is incorporated herein by reference.

The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

On July 31, 2025, in connection with the Company’s second quarter 2025 earnings conference call scheduled for the same date, the Company made available on its website a second quarter 2025 earnings supplement presentation dated July 31, 2025, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

This presentation is being furnished under this Item 7.01 and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.3 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

The following exhibits are being furnished with this Form 8-K.

Exhibit Number			Description
99.1			Press release dated July 31, 2025, announcing Lincoln National Corporation’s financial results for the quarter ended June 30, 2025.
99.2			Lincoln National Corporation Statistical Supplement for the quarter ended June 30, 2025.
99.3			Second Quarter 2025 Earnings Supplement dated July 31, 2025.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LINCOLN NATIONAL CORPORATION

By

/s/ Adam Cohen

Name:

Adam Cohen

Title:

Senior Vice President, Chief Accounting Officer and Treasurer

Date: July 31, 2025

FAQ

Why did Mizuho Financial Group (MFG) raise its FY2025 earnings guidance?

Management cites lower credit costs, improved funding spreads and realised equity gains, lifting net-profit target to ¥1.02 tn (+8.5 %).

How did credit quality trend in Q1 FY2025 for MFG?

High-risk claims fell ¥254 bn and the NPL ratio improved to 0.73 %, reflecting stronger asset quality.

What is MFG’s updated dividend outlook?

The group maintains a forecast of ¥145 per share for FY25, up ¥5 YoY, with an interim payment of ¥72.5.

How did trading activities affect Q1 results?

Net trading income dropped 14 % YoY to ¥185.1 bn; ETF gains shrank sharply, weighing on ordinary income.

What are the key balance-sheet changes since March 2025?

Total assets fell to ¥278.7 tn (–1.6 %), loans to ¥94.0 tn (–¥0.14 tn) and deposits to ¥154.3 tn (–¥0.62 tn).

Is MFG’s capital position improving?

Own-capital ratio edged up to 3.7 %, but remains low compared with global peers.