Lincoln National Future Growth

Future criteria checks 4/6

Lincoln National is forecast to grow earnings and revenue by 22.3% and 9.8% per annum respectively. EPS is expected to grow by 22% per annum. Return on equity is forecast to be 11.1% in 3 years.

Key information

22.3%

Earnings growth rate

22.0%

EPS growth rate

Insurance earnings growth	5.6%
Revenue growth rate	9.8%
Future return on equity	11.1%
Analyst coverage	Good
Last updated	04 Nov 2024

Recent future growth updates

Recent updates

Earnings and Revenue Growth Forecasts

DB:LCO - Analysts future estimates and past financials data (USD Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2026	19,767	1,428	N/A	N/A	7
12/31/2025	19,160	1,279	600	N/A	7
12/31/2024	18,404	1,761	N/A	N/A	7
9/30/2024	13,545	262	-4,097	-4,097	N/A
6/30/2024	13,586	1,642	-4,024	-4,024	N/A
3/31/2024	11,940	1,258	-2,643	-2,643	N/A
12/31/2023	11,645	-834	-2,074	-2,074	N/A
9/30/2023	14,823	1,233	388	388	N/A
6/30/2023	15,267	-1,362	992	992	N/A
3/31/2023	17,909	-1,030	2,359	2,359	N/A
12/31/2022	18,810	1,358	3,609	3,609	N/A
9/30/2022	20,204	1,239	3,075	3,075	N/A
6/30/2022	20,773	3,334	2,764	2,764	N/A
3/31/2022	20,048	3,144	1,286	1,286	N/A
12/31/2021	17,715	3,778	-217	-217	N/A
9/30/2021	18,763	1,328	301	301	N/A
6/30/2021	18,883	1,408	-668	-668	N/A
3/31/2021	17,548	672	-563	-563	N/A
12/31/2020	17,439	499	534	534	N/A
9/30/2020	17,648	788	512	512	N/A
6/30/2020	16,925	228	847	847	N/A
3/31/2020	17,718	686	-900	-900	N/A
12/31/2019	17,258	886	-2,686	-2,686	N/A
9/30/2019	17,444	853	-1,948	-1,948	N/A
6/30/2019	17,070	1,505	-1,251	-1,251	N/A
3/31/2019	16,780	1,526	472	472	N/A
12/31/2018	16,424	1,641	1,943	1,943	N/A
9/30/2018	15,562	2,057	1,213	1,213	N/A
6/30/2018	14,809	1,985	N/A	1,218	N/A
3/31/2018	14,366	2,011	N/A	819	N/A
12/31/2017	14,257	2,079	N/A	788	N/A
9/30/2017	13,842	1,454	N/A	1,201	N/A
6/30/2017	13,856	1,502	N/A	938	N/A
3/31/2017	13,587	1,416	N/A	1,083	N/A
12/31/2016	13,330	1,192	N/A	1,272	N/A
9/30/2016	13,248	1,285	N/A	1,436	N/A
6/30/2016	13,438	1,046	N/A	2,197	N/A
3/31/2016	13,511	1,065	N/A	2,245	N/A
12/31/2015	13,572	1,154	N/A	2,243	N/A
9/30/2015	14,085	1,219	N/A	2,918	N/A
6/30/2015	13,782	1,431	N/A	2,737	N/A
3/31/2015	13,682	1,485	N/A	2,559	N/A
12/31/2014	13,554	1,514	N/A	2,526	N/A
9/30/2014	12,991	1,517	N/A	1,390	N/A
6/30/2014	12,588	1,415	N/A	1,115	N/A
3/31/2014	12,306	1,334	N/A	1,313	N/A
12/31/2013	11,969	1,244	N/A	799	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: LCO's forecast earnings growth (22.3% per year) is above the savings rate (0.8%).

Earnings vs Market: LCO's earnings (22.3% per year) are forecast to grow faster than the German market (20.1% per year).

High Growth Earnings: LCO's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: LCO's revenue (9.8% per year) is forecast to grow faster than the German market (5.5% per year).

High Growth Revenue: LCO's revenue (9.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: LCO's Return on Equity is forecast to be low in 3 years time (11.1%).

Lincoln National Future Growth

Future criteria checks 4/6

Key information

Recent future growth updates

Lincoln National Corporation Provides Preliminary Earnings Guidance for the First Quarter of 2023

Recent updates

New major risk - Dividend sustainability

Third quarter 2024 earnings released: US$3.10 loss per share (vs US$4.83 profit in 3Q 2023)

Lincoln Financial Announces Executive Changes

Lincoln National Corporation to Report Q2, 2025 Results on Jul 31, 2025

Upcoming dividend of US$0.45 per share

Lincoln Financial Reports Passing of Board Member Michael F. Mee

Second quarter dividend of US$0.45 announced

Lincoln National Corporation Declares Quarterly Cash Dividend, Payable on November 1, 2024

Lincoln Financial Group Expands Suite of In-Plan Guaranteed Lifetime Income Products to Offer More Flexibility, Choice and Customization in Retirement

Second quarter 2024 earnings released: EPS: US$5.18 (vs US$2.96 in 2Q 2023)

Upcoming dividend of US$0.45 per share

Executive VP and Chief People recently sold €1.7m worth of stock

First quarter dividend of US$0.45 announced

Lincoln National Corporation Declares Quarterly Cash Dividend, Payable on August 1, 2024

Lincoln Financial Group Announces New Version of its Lincoln Level Advantage®? Index-Linked Annuity with the Launch of Lincoln Level Advantage 2SM

Lincoln Financial Group Appoints Brian Kroll as Executive Vice President, Head of Retail Life and Annuity Solutions

Lincoln National Corporation Ceases Matthew Grove as Executive Officer

Osaic Inc. completed the acquisition of Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation from Lincoln National Corporation (NYSE:LNC).

First quarter 2024 earnings released: EPS: US$6.93 (vs US$5.37 loss in 1Q 2023)

Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Lincoln National Corporation

Lincoln National Corporation, Annual General Meeting, May 23, 2024

Lincoln National Corporation to Report Q4, 2024 Results on Feb 06, 2025

Lincoln Financial Group Introduces Side-By-Side Pooled Employer Retirement Solutions for Businesses and Not-For-Profit Organizations

Upcoming dividend of US$0.45 per share

Full year 2023 earnings released: US$4.92 loss per share (vs US$7.94 profit in FY 2022)

Fourth quarter dividend of US$0.45 announced

Lincoln National Corporation Declares Quarterly Cash Dividend, Payable from May 1, 2024

Full year 2023 earnings released: US$4.92 loss per share (vs US$13.10 loss in FY 2022)

Now 22% undervalued

Lincoln National Corporation to Report Q2, 2024 Results on Aug 01, 2024

Upcoming dividend of US$0.45 per share at 6.7% yield

Lincoln Financial Group Declares Quarterly Dividend, Payable on February 1, 2024

New major risk - Financial position

Third quarter 2023 earnings released: EPS: US$4.83 (vs US$10.47 loss in 3Q 2022)

Lincoln Financial Group Receives Regulatory Approval for Reinsurance Transaction with Fortitude Re Ltd

Lincoln Financial Group Introduces Comprehensive Health Savings Solutions for Plan Sponsors

Lincoln Financial Group Names Tina Madon as Senior Vice President, Head of Investor Relations

Lincoln National Corporation to Report Q3, 2023 Results on Nov 01, 2023

Upcoming dividend of US$0.45 per share at 7.5% yield

Lincoln Financial Group Names Jared Nepa as Head of Life and Moneyguard Distribution

Lincoln National Corporation Elects Owen Ryan to Serve on the Board of Directors

Lincoln Financial Group Enhances Customer Experience for Its Employer Clients with New Onboarding Collaboration Tool

Lincoln National Corporation's Declares Quarterly Cash Dividend, Payable on November 1, 2023

Second quarter 2023 earnings released: EPS: US$2.95 (vs US$1.39 in 2Q 2022)

Lincoln National Corporation to Report Q2, 2023 Results on Aug 02, 2023

Upcoming dividend of US$0.45 per share at 7.1% yield

Lincoln Financial Group Announces Executive Changes

Lincoln National Corporation Approves the Appointment of Deirdre P. Connelly as Director

Lincoln National Corporation Declares Quarterly Cash Dividend, Payable August 1, 2023

Lincoln Financial Group Names Andrew D. Rallis as Executive Vice President and Chief Risk Officer, Effective May 15, 2023

First quarter 2023 earnings released: US$5.37 loss per share (vs US$0.60 profit in 1Q 2022)

Lincoln National Corporation Provides Preliminary Earnings Guidance for the First Quarter of 2023

Upcoming dividend of US$0.45 per share at 8.3% yield

Now 20% undervalued after recent price drop

Lincoln National Corporation Declares Quarterly Cash Dividend, Payable on May 1, 2023

Lincoln Financial Group Appoints Christen White as New Head of Group Benefit Claims

Full year 2022 earnings released: US$13.10 loss per share (vs US$7.50 profit in FY 2021)

Lincoln National Corporation Appoints Christopher Neczypor as Chief Financial Officer

Lincoln Financial Group Names Vince Garzarella Senior Vice President, Retirement Plan Services Operations

Now 21% undervalued after recent price drop

Upcoming dividend of US$0.45 per share

Now 20% undervalued after recent price drop

Lincoln National Corporation to Report Q4, 2022 Results on Feb 08, 2023

Independent Director recently bought €108k worth of stock

Third quarter 2022 earnings released: US$15.17 loss per share (vs US$1.70 profit in 3Q 2021)

Lincoln National Corporation Reports Impairment Charges for the Third Quarter Ended September 30, 2022

Lincoln Financial Group Names Jim O’Boyle Senior Vice President, Life & Annuity Operations, Effective November 1

Lincoln National Corporation to Report Q3, 2022 Results on Nov 02, 2022

Upcoming dividend of US$0.45 per share

Lincoln Financial Group Appoints Matt Condos as Senior Vice President, Retirement Plan Services Product

Lincoln National Corporation Declares Quarterly Cash Dividend, Payable on November 1, 2022

Second quarter 2022 earnings released: EPS: US$1.34 (vs US$3.38 in 2Q 2021)

Lincoln Financial Group Announces Executive Changes

Lincoln Financial Group Announces Executive Changes