Lincoln National layoffs, on the record
Every job cut, severance charge and restructuring Lincoln National reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 11,024 to 9,423.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 11,024 | December 31, 2023 |
| 10-K for 2024 | 9,783 | December 31, 2024 |
| 10-K for 2025 | 9,423 | December 31, 2025 |
Job cuts, severance and restructuring
Our summaryRecorded severance expense for initiatives to realign the workforce, a footnote to the financial statements.
Word for word“Includes severance expense related to initiatives to realign the workforce of $(74) million and $(7) million for the years ended December 31, 2024 and 2023, respectively.” 10-K for 2024
Our summaryRecorded severance expense related to initiatives to realign the workforce, shown as a reconciling item in the 2024 segment or total results.
Word for word“(7) Includes severance expense related to initiatives to realign the workforce of $( 74 ) million.” 10-K for 2024
Our summaryRecorded severance expense related to initiatives to realign the workforce in the 2023 comparison table.
Word for word“(8) Includes severance expense related to initiatives to realign the workforce of $( 7 ) million.” 10-K for 2024
Our summaryAdopted the Severance Plan for Officers of LNC, amended and restated, filed as an exhibit.
Word for word“The Severance Plan for Officers of LNC (Amended and Restated effective as of August 22, 2024) is incorporated by reference to Exhibit 10.1 to LNC's Form 8-K (File No. 1-6028) filed with the SEC on August 26, 2024.*” 10-K for 2024
Our summaryThe company recorded severance expense for initiatives to realign its workforce in 2025.
Word for word“(8) Includes severance expense related to initiatives to realign the workforce of $( 24 ) million.” 10-K for 2025
Our summaryThe company restructured certain captive reinsurance subsidiaries in the fourth quarter of 2025 to cut operating expenses and improve free cash flow in its Life Insurance segment.
Word for word“In the fourth quarter of 2025, we restructured certain captive reinsurance subsidiaries to reduce operating expenses and improve free cash flow within our Life Insurance segment.” 10-K for 2025
Our summaryThe company incurred transaction costs tied to restructuring certain captive reinsurance subsidiaries in 2025.
Word for word“(9) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $( 55 ) million of transaction costs related to restructuring certain captive reinsurance subsidiaries, $( 25 ) million related to the sale of our wealth management business, $( 22 ) million related to Life Insurance segment persistency optimization and $( 21 ) million primarily related to the Bain Capital transaction.” 10-K for 2025
Lincoln National has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Lincoln National’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-19. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.