• Lincoln National average debt/equity ratio for 2023 was 1.15, a 8.73% decline from 2022.
• Lincoln National average debt/equity ratio for 2022 was 1.26, a 320% decline from 2021.
• Lincoln National average debt/equity ratio for 2021 was 0.3, a 9.09% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.