HDFC Life vs Lincoln National: Revenue, Profit and Business Model
HDFC Life had ~$11.6B of annual revenue in FY2026 and ~$221.8M of net income. Lincoln National had $18.2B of annual revenue in FY2025 and $1.2B of net income.
Latest financial snapshot
HDFC Life
- Latest annual revenue
- ~$11.6B (FY2026)
- Net income
- ~$221.8M
- Net margin
- 1.9%
- Revenue growth
- +10.2% a year, FY2022–FY2026
Lincoln National
- Latest annual revenue
- $18.2B (FY2025)
- Net income
- $1.2B
- Net margin
- 6.5%
- Revenue growth
- +3.5% a year, FY2016–FY2025
Financial summary
HDFC Life
Life insurance needs capital up front and earns its return over many years, so HDFC Life's results depend on premiums collected over the life of each policy and on persistency, meaning how many customers keep paying. The company has shifted its mix toward protection and savings products with higher margins. It reported a FY26 new business margin of 24.2% and Indian Embedded Value of about $7.21 billion (INR 62,139 crore). HDFC Life Insurance Company is one of the premier long-term life insurance providers in India, sustaining a robust market valuation generally exceeding $18 billion.
Lincoln National
Lincoln's reported results swing more than its underlying earnings because changes in market risk benefits (tied to variable and indexed annuity guarantees) run through net income. It lost $752 million in 2023 after a 2022 universal life assumption charge and capital rebuild, then earned $3.275 billion in 2024 and $1.177 billion in 2025 on revenue of about $18.2 billion. In Q2 2026, net income available to common stockholders was $1.3 billion ($6.72 per diluted share) and adjusted operating income was $439 million ($2.24 per share), which management described as an eighth straight quarter of year-over-year adjusted operating income growth. Lincoln National Corporation, which operates as Lincoln Financial Group, is a major American holding company maintaining a market valuation typically exceeding $4 billion.
Revenue and profit by year
HDFC Life
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$11.6B | ~$221.8M | 1.9% | +2.7% | Source |
| FY2025 | ~$11.3B | ~$210.1M | 1.9% | -4.7% | Source |
| FY2024 | ~$11.8B | ~$182.6M | 1.5% | +44.1% | Source |
| FY2023 | ~$8.2B | ~$158.7M | 1.9% | +4.7% | Source |
| FY2022 | ~$7.8B | ~$153.9M | 2.0% | — | Source |
Lincoln National
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $18.2B | $1.2B | 6.5% | -1.2% | Source |
| FY2024 | $18.4B | $3.3B | 17.8% | +58.4% | Source |
| FY2023 | $11.6B | -$752M | -6.5% | -38.1% | Source |
| FY2022 | $18.8B | $1.4B | 7.2% | +6.2% | Source |
| FY2021 | $17.7B | $3.8B | 21.3% | +1.6% | Source |
| FY2020 | $17.4B | $499M | 2.9% | +1.0% | Source |
| FY2019 | $17.3B | $886M | 5.1% | +5.1% | Source |
| FY2018 | $16.4B | $1.6B | 10.0% | +15.2% | Source |
| FY2017 | $14.3B | $2.1B | 14.6% | +7.0% | Source |
| FY2016 | $13.3B | $1.2B | 8.9% | — | Source |
Where the revenue comes from
HDFC Life
- Non-Participating Savings & Guaranteed Return Plans~35%
Fixed-return long-term savings products (Sanchay Plus) offering guaranteed income payouts.
- Unit Linked Insurance Plans (ULIPs)~25%
Market-linked equity and debt investment products earning fund management and administration fees.
- Term Protection & Critical Illness Plans~20%
Pure mortality risk protection plans (Click 2 Protect) delivering high-margin underwriting profits.
- Annuities & Pension Solutions~15%
Immediate and deferred retirement pension products providing guaranteed lifetime income.
- Group Life & Credit Protection~5%
Corporate group term life and bank borrower loan protection coverage.
Lincoln National
- Insurance premiums$6.666B
Premiums from life insurance, group protection, and other insurance products in FY2025.
- Fee income$5.496B
Fees from annuity, retirement, insurance, and account-based products in FY2025.
- Net investment income$6.075B
Investment income earned on general-account assets supporting insurance and annuity liabilities.
- Other revenue and realized gains/lossesVariable
Other revenues and realized investment gains or losses, which can swing year to year.
Business model and strategy
HDFC Life
How it makes money
HDFC Life sells protection and savings products to individuals. Beyond term life cover, a large part of its business is products that combine insurance with investment, such as unit-linked plans (ULIPs) and annuities. Its main sales channel is bancassurance: policies are sold through HDFC Bank's branch network to the bank's customers.
Growth strategy
HDFC Life is building proprietary channels (agency and direct) alongside HDFC Bank bancassurance, pushing retail protection and annuities, and using digital underwriting to issue policies faster. The 2022 acquisition of Exide Life Insurance for ~$776 million (₹6,687 crore) added an agency force concentrated in South India.
Competitive advantage
HDFC Life's advantage is the trust attached to the HDFC name and its bancassurance distribution. Buying life insurance depends on confidence that the insurer will still be there decades later, and HDFC is one of India's best-known financial brands. Selling through HDFC Bank's existing branches also costs less than building a large agent force, which keeps customer acquisition costs low.
Lincoln National
How it makes money
Lincoln Financial makes money in four reporting segments. Annuities sells variable, fixed, indexed, and registered index-linked annuities (RILAs) through banks, broker-dealers, and independent advisors, earning fees and investment spread; ending account balances net of reinsurance reached a record $182 billion in Q2 2026.
Growth strategy
Since 2023 Lincoln has shifted sales toward products that tie up less capital: RILAs, fixed and indexed annuities, term and executive-benefit life insurance, and workplace benefits, while de-emphasizing guaranteed universal life and variable annuities with living benefits.
Competitive advantage
Lincoln relies on third-party distribution rather than a captive agent force. Its annuity and life products are sold through wirehouses, independent broker-dealers, banks, and marketing organizations, and it has been an early, large issuer of RILAs through its Lincoln Level Advantage line.
Questions about HDFC Life vs Lincoln National
Which company has higher revenue — HDFC Life Insurance Company Limited or Lincoln National Corporation?
HDFC Life Insurance Company Limited had ~$11.6B (FY2026), while Lincoln National Corporation had $18.2B (FY2025). By latest annual revenue, Lincoln National Corporation is the larger business, with HDFC Life Insurance Company Limited showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of HDFC Life Insurance Company Limited vs Lincoln National Corporation?
HDFC Life Insurance Company Limited's market capitalisation stands at $12.8B, while Lincoln National Corporation's is $8.3B. HDFC Life Insurance Company Limited carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Lincoln National Corporation.
How does revenue per employee compare for HDFC Life Insurance Company Limited and Lincoln National Corporation?
HDFC Life Insurance Company Limited has $331k / employee in revenue per employee, while Lincoln National Corporation has $1.93M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do HDFC Life Insurance Company Limited and Lincoln National Corporation make money?
HDFC Life Insurance Company Limited and Lincoln National Corporation generate revenue in fundamentally different ways. HDFC Life Insurance Company Limited: HDFC Life sells protection and savings products to individuals. Lincoln National Corporation: Lincoln Financial makes money in four reporting segments.
Which company is valued higher relative to revenue — HDFC Life Insurance Company Limited or Lincoln National Corporation?
On a price-to-sales (P/S) basis, HDFC Life Insurance Company Limited trades at 1.1x P/S and Lincoln National Corporation at 0.5x P/S. HDFC Life Insurance Company Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Lincoln National Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is HDFC Life Insurance Company Limited bigger than Lincoln National Corporation?
By last reported revenue, Lincoln National Corporation ($18.2B (FY2025)) is the larger company compared to HDFC Life Insurance Company Limited (~$11.6B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the HDFC Life vs Lincoln National overview