Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and …
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Competitive advantage assessment
Key strengths
Strong Return on EquityROE signal is strong (score 0.82), with ROE at 12.3% — indicating efficient capital deployment.
Consistent Investment IncomeInvestment consistency is high (score 0.73), reflecting a stable portfolio with predictable float income.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Lincoln National Corporation ranks #9 of 21
scored companies in Insurance - Life by moat score — the top 43%.
The widest moat in the group is Primerica, Inc. (PRI)
at 78/100.
Moat scores for companies ranked near LNC in Insurance - Life
How LNC scores on the Insurance & Reinsurance defenses
Underwriting Discipline
Score 52
· 25% of the moat score
Underwriting discipline is the core insurance moat, and it consists mostly of the willingness to lose business.
Float Investment Quality
Score 62
· 20% of the moat score
Float is the money an insurer holds between collecting premiums and paying claims — capital it invests but does not own.
Pricing Power
Score 59
· 18% of the moat score
For an insurer, pricing power is the ability to push rate ahead of claims inflation and keep the policyholders anyway.
Capital Strength & Solvency
Score 58
· 17% of the moat score
Capital is what lets an insurer credibly promise to pay a claim that has not happened yet, and it is scrutinised by regulators and rating agencies alike.
Operational Efficiency
Score 60
· 12% of the moat score
The expense ratio — what it costs to acquire and administer a policy — is the half of the combined ratio management fully controls.
Scale & Diversification
Score 48
· 8% of the moat score
Diversification is a real economic advantage in insurance rather than a portfolio preference: risks spread across perils, geographies and lines are less likely to arrive at once, so the same capital supports more premium.
What is Lincoln National Corporation's moat score?
Lincoln National Corporation (LNC) scores 57 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #9 of 21 scored companies in Insurance - Life, the top 43%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 22 companies in Insurance - Life. Its strongest defense is Float Investment Quality (62/100) and its weakest is Scale & Diversification (48/100).
How does Lincoln National Corporation compare with other Insurance - Life companies?
Lincoln National Corporation ranks #9 of 21 scored companies in Insurance - Life by moat score. The widest moat in Insurance - Life is Primerica, Inc. (PRI) at 78/100. The companies ranked closest are Prudential Financial, Inc. (PRU) at 58 just above it and Unum Group (UNM) at 56 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Insurance & Reinsurance in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 22 companies in Insurance - Life. The defenses are then weighted to produce the overall score out of 100.
Why is Lincoln National Corporation scored with the Insurance & Reinsurance template?
An insurer is paid before it knows what its product cost, and invests the money in the meantime. Profit therefore comes from two sources that must both work: pricing risk better than rivals, and earning a return on the float those premiums create. The Insurance template scores that pair, along with the capital that lets a company survive the year in which the losses arrive together.
Which competitive defenses are measured for Lincoln National Corporation?
The Insurance & Reinsurance template measures 6 defenses, and LNC scores: Underwriting Discipline (52), Float Investment Quality (62), Pricing Power (59), Capital Strength & Solvency (58), Operational Efficiency (60), Scale & Diversification (48). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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