SCHEDULE: Vanguard Group Amends Lincoln National Stake to 10.39%

The Vanguard Group has filed an amendment to its Schedule 13G, disclosing a 10.39% beneficial ownership stake in Lincoln National Corp as of December 31, 2025.

Summary

• The Vanguard Group reported beneficial ownership of 19,741,163 shares of Lincoln National Corp common stock.
• This represents 10.39% of the class of securities.
• Vanguard holds shared voting power over 1,329,804 shares and shared dispositive power over 19,741,163 shares.
• An internal realignment occurred at The Vanguard Group, Inc. on January 12, 2026, where it ceased performing portfolio management services or administering proxy voting.
• Certain subsidiaries or business divisions of Vanguard are expected to report beneficial ownership separately (on a disaggregated basis) going forward.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Lincoln National Corp.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-slightly positive update. While it's a routine disclosure, the continued significant passive stake by Vanguard is a baseline positive, though the internal realignment introduces a minor reporting complexity.

Positives

• The Vanguard Group, a major institutional investor, maintains a significant stake in Lincoln National Corp, indicating continued confidence in the company's long-term prospects from a passive investment perspective.

Negatives

• The internal realignment at The Vanguard Group, Inc. means the parent entity will no longer directly perform portfolio management or proxy voting, potentially leading to disaggregated reporting from subsidiaries, which could alter the perception of a single large block holder.

Future Outlook

The filing indicates that certain Vanguard subsidiaries or business divisions will report beneficial ownership separately in the future following an internal realignment. This suggests a change in how Vanguard's aggregate holdings might be presented in subsequent filings.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures by passive institutional investors holding more than 5% of a company's stock. The Vanguard Group's continued significant stake in Lincoln National Corp is consistent with its strategy as a major index fund and ETF provider, reflecting its broad market exposure rather than a specific strategic move related to Lincoln National's industry position. The internal realignment within Vanguard is an operational change for the investment adviser itself, not directly impacting Lincoln National's industry standing.

Comparison to Industry Standards

• This filing is a standard disclosure of beneficial ownership by a large institutional investor. It does not contain performance metrics for Lincoln National Corp that would allow for a comparison to industry standards or specific comparable companies like Prudential Financial, MetLife, or Aflac. The 10.39% stake is a significant passive holding, typical for large index fund managers like Vanguard across many publicly traded companies.

Stakeholder Impact

• Shareholders: Existing shareholders will see that a major institutional investor, The Vanguard Group, continues to hold a significant passive stake, which can provide a degree of stability. The future disaggregated reporting from Vanguard's subsidiaries might change how this aggregate ownership is presented.

Next Steps

• Certain subsidiaries or business divisions of The Vanguard Group, Inc. are anticipated to report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on SEC Release No. 34-39538.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of passive ownership by a large institutional investor and does not contain new information about Lincoln National Corp's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The internal realignment at Vanguard is an administrative change for the reporting entity, not the issuer. Therefore, a 'hold' recommendation is appropriate as the filing provides no new fundamental catalysts for a 'buy' or 'sell' decision.

Keywords

Lincoln National Corp, Vanguard Group, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, SEC Filing, Investment Adviser, LNC