リンカーンナショナルの適時開示・決算・その他

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

October 30, 2025

Date of Report (Date of earliest event reported)

Lincoln National Corporation

(Exact name of registrant as specified in its charter)

Indiana

1-6028

35-1140070

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

150 N. Radnor Chester Road, Radnor, PA 19087

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (484) 583-1400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	LNC	New York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a share of 9.000% Non-Cumulative Preferred Stock, Series D	LNC PRD	New York Stock Exchange

__________________________________

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 30, 2025, Lincoln National Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2025, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference. The Company’s statistical supplement for the quarter ended September 30, 2025, is attached as Exhibit 99.2 and is incorporated herein by reference.

The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

On October 30, 2025, in connection with the Company’s third quarter 2025 earnings conference call scheduled for the same date, the Company made available on its website a third quarter 2025 earnings supplement presentation dated October 30, 2025, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

This presentation is being furnished under this Item 7.01 and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.3 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

The following exhibits are being furnished with this Form 8-K.



Exhibit Number			Description
99.1			Press release dated October 3 0 , 2025, announcing Lincoln National Corporation’s financial results for the quarter ended September 30, 2025.
99.2			Lincoln National Corporation Statistical Supplement for the quarter ended September 30, 2025.
99.3			Third Quarter 2025 Earnings Supplement dated October 3 0 , 2025.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LINCOLN NATIONAL CORPORATION

/s/ Adam Cohen

Name:

Adam Cohen

Title:

Senior Vice President, Chief Accounting Officer and Treasurer

Date: October 30, 2025

EX-99.1 2 a3q2025lncearningspr.htm EX-99.1 Document

For Immediate Release

Lincoln Financial Reports 2025 Third Quarter Results

____________________________________

Radnor, PA, October 30, 2025: Lincoln Financial (NYSE: LNC) today reported financial results for the third quarter ended September 30, 2025.

•Strong financial performance in the quarter demonstrates broadening of momentum and balanced growth across all business segments.

•Third quarter net income available to common stockholders was $411 million, or $2.12 per diluted share.

•Third quarter adjusted operating income available to common stockholders was $397 million, or $2.04 per diluted share.

◦The difference between net income and adjusted operating income was primarily attributable to the non-economic impact of changes in market risk benefits and a change in the fair value of an embedded derivative related to the Fortitude Re reinsurance transaction.

•The annual assumption review resulted in a $50 million unfavorable impact to net income and a $2 million favorable impact to adjusted operating income in the quarter.

"This quarter’s results underscore the broad-based momentum across Lincoln as we advance our strategic priorities," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "Annuities delivered year-over-year earnings growth driven by higher account balances and an increase in spread income. Life Insurance posted solid results supported by stable mortality and operational efficiencies, while Group Protection continued to execute its profitable growth strategy with another quarter of increased premiums year over year. Retirement Plan Services also reported strong performance, attributable to higher account balances. Across the enterprise, sales were robust and well-balanced, with each business delivering results aligned to its targeted strategies.

"We continue to see opportunities to invest in the business to drive sustained growth. Our disciplined focus on maintaining capital flexibility, increasing profitability, and leveraging operational efficiencies positions us to deliver long-term shareholder value." Our 2025 third-quarter results reflected broad-based execution across our four businesses as they continued to deliver on their respective strategic priorities.

Business Highlights

The segment operating results presented below do not include the impacts of our annual assumption review. See the segment discussions that follow for additional information.

Retail Solutions

•Annuities delivered operating income of $318 million, up 6% compared to the prior-year quarter, primarily driven by favorable equity markets, higher spread income, and favorable tax items. Annuities recorded $174 billion in ending account balances, net of reinsurance, a record high, and sales of $4.5 billion, up 32% year over year. Each product category continued to generate over $1 billion of sales. Spread-based products accounted for more than 60% of total sales in the quarter.

•Life Insurance delivered operating income of $54 million, a $40 million increase from the prior-year quarter, driven by stable mortality, higher investment income, and lower net G&A expenses. Alternative investment income returns were essentially in line with our annual target. Our increased emphasis on risk-sharing products drove strong growth across executive benefits and other life products, resulting in total sales of $298 million—more than doubling compared to the prior-year quarter.

Workplace Solutions

•Group Protection delivered operating income of $110 million, in line with the prior-year quarter, as favorable life experience was offset by unfavorable long-term disability resolutions. Premiums were 5% higher year over year, resulting from robust prior-year sales and strong persistency. Sales of $116 million in the quarter were 38% higher year over year, driven by disciplined growth across market segments and products.

•Retirement Plan Services reported operating income of $46 million in the quarter, up 5% year over year, driven primarily by favorable equity markets and spread expansion, partially offset by stable value outflows. Net inflows were $0.8 billion, compared to $0.7 billion in the year-ago quarter. Total deposits were $5.0 billion in the quarter, up 20% over the prior-year quarter, and first-year sales of $2.4 billion were up almost 50% year over year.

Earnings Summary


(in millions, except per share data)	For the Three Months Ended				For the Nine Months Ended
	9/30/2024		9/30/25		9/30/24		9/30/25
Net income (loss)	$	(528)	$	445	$	1,588	$	423
Net income (loss) available to common stockholders — diluted	(562)		411		1,511		343
Net income (loss) per diluted share available to common stockholders(1)	$	(3.29)	$	2.12	$	8.75	$	1.87
Adjusted income (loss) from operations	392		431		971		1,183
Adjusted income (loss) from operations available to common stockholders	358		397		891		1,103
Adjusted income (loss) from operations per diluted share available to common stockholders	$	2.06	$	2.04	$	5.16	$	6.01

(1) In periods where a net loss is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as using diluted shares would result in a lower loss per share.

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations(1)


(in millions)	For the Three Months Ended				For the Nine Months Ended
	9/30/24		9/30/25		9/30/24		9/30/25
Net income (loss) available to common stockholders — diluted	$	(562)	$	411	$	1,511	$	343
Less:
Preferred stock dividends declared	(34)		(34)		(80)		(80)
Adjustment for deferred units of LNC stock in our deferred compensation plans	—		—		3		—
Net income (loss)	(528)		445		1,588		423
Less:
Net annuity product features, pre-tax(1)	(381)		410		1,319		(277)
Net life insurance product features, pre-tax	(125)		(22)		(253)		(37)
Credit loss-related adjustments, pre-tax	(88)		(38)		(124)		(91)
Investment gains (losses), pre-tax	(105)		(35)		(416)		(218)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, pre-tax(1)	(446)		(191)		(51)		(266)
Gains (losses) on other non-financial assets - sale of
subsidiaries/businesses, pre-tax(1)	(2)		—		582		—
Other items, pre-tax(1)	(19)		(105)		(238)		(65)
Income tax benefit (expense) related to the above pre-tax items	246		(5)		(202)		194
Adjusted income (loss) from operations	$	392	$	431	$	971	$	1,183
Adjusted income (loss) from operations available to common stockholders	$	358	$	397	$	891	$	1,103

(1) Refer to the full reconciliation at the back of this release for footnotes.

Variable Investment Income


Alternative Investment Income, after-tax(1)	For the Three Months Ended										For the Nine Months Ended
(in millions)	9/30/24		12/31/24		3/31/25		6/30/25		9/30/25		9/30/24		9/30/25
Annuities	$	3	$	3	$	2	$	3	$	2	$	6	$	7
Life Insurance	73		76		55		74		75		157		204
Group Protection	1		1		1		1		2		3		4
Retirement Plan Services	2		2		1		2		1		3		4
Other Operations	—		1		—		—		—		—		—
Consolidated	$	79	$	83	$	59	$	80	$	80	$	169	$	219

(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have limited economic interest in those investments.


Prepayment Income, after-tax	For the Three Months Ended										For the Nine Months Ended
(in millions)	9/30/24		12/31/24		3/31/25		6/30/25		9/30/25		9/30/24		9/30/25
Annuities	$	—	$	2	$	—	$	3	$	3	$	1	$	6
Life Insurance	3		1		1		—		1		5		2
Group Protection	1		1		—		1		—		—		1
Retirement Plan Services	—		1		—		—		1		1		1
Other Operations	—		—		—		—		—		—		—
Consolidated	$	4	$	5	$	1	$	4	$	5	$	7	$	10

Items Impacting Segment and Other Operations Results


	For the Three Months Ended September 30, 2025
(in millions)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
After-tax impacts:
Alternative investment income compared to return target(1)	$	—	$	(2)	$	—	$	—	$	—
Prepayment income(2)	3		1		—		1		—
Annual assumption review	(8)		(29)		39		—		—
Tax items	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	(5)	$	(30)	$	39	$	1	$	—


	For the Three Months Ended September 30, 2024
(in millions)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
After-tax impacts:
Alternative investment income compared to return target(1)	$	1	$	6	$	—	$	—	$	—
Prepayment income(2)	—		3		1		—		—
Annual assumption review	1		8		(1)		—		—
Tax items	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	2	$	17	$	—	$	—	$	—

(1) Alternative investment income comparison to return target assumes a 10% annual return on the alternative investment portfolio.

(2) Prepayment income is actual income reported in the quarter.

Capital and Liquidity


	As of or For the Three Months Ended
(in millions, except percent and per share data)	9/30/24		12/31/24			3/31/25		6/30/25		9/30/25
Holding company available liquidity(1)	$	459	$	463		$	466	$	466	$	461
RBC ratio(2)	>420%		433		%	>420%		>420%		>420%
Book value per share (BVPS), including AOCI	$	46.97	$	42.60		$	41.96	$	44.91	$	49.56
Book value per share, excluding AOCI(3)	$	62.67	$	72.06		$	67.04	$	67.95	$	69.66
Adjusted book value per share(3)	$	70.04	$	72.34		$	73.19	$	72.77	$	74.23

(1) Holding company available liquidity presented as of 9/30/24 and 12/31/24 does not include the $300 million prefunding of a 2025 maturity.

(2) The RBC ratio is calculated annually as of December 31, but is reported in the March statutory reporting, and as such, the quarterly ratios presented for 9/30/24, 3/31/25, 6/30/25 and 9/30/25 are considered estimates based on information known at the time of reporting.

(3) Refer to the reconciliation to book value per share, including AOCI, at the back of this release.

Annuities


(in millions, except ROA data)	As of or For the Three Months Ended												As of or For the Nine Months Ended
	9/30/24		12/31/24		3/31/25		6/30/25		9/30/25		Change		9/30/24		9/30/25		Change
Total operating revenues	$	1,195	$	1,223	$	1,198	$	1,214	$	1,270	6.3	%	$	3,673	$	3,682	0.2	%
Total operating expenses	836		864		858		876		902		7.9	%	2,645		2,636		(0.3)	%
Income (loss) from operations before taxes	359		359		340		338		368		2.5	%	1,028		1,046		1.8	%
Federal income tax expense (benefit)	58		56		50		51		58		0.0%		171		160		(6.4)	%
Income (loss) from operations	$	301	$	303	$	290	$	287	$	310	3.0	%	$	857	$	886	3.4	%
Income (loss) from operations, excluding impact of annual assumption review	$	300	$	303	$	290	$	287	$	318	6.0	%	$	856	$	894	4.4	%
Total sales	$	3,375	$	3,689	$	3,789	$	4,019	$	4,467	32.4	%	$	10,038	$	12,274	22.3	%
Net flows	$	(1,637)	$	(1,891)	$	(1,676)	$	(1,162)	$	(1,143)	30.2	%	$	(4,584)	$	(3,981)	13.2	%
Average account balances, net of reinsurance	$	161,680	$	165,424	$	163,688	$	159,806	$	170,318	5.3	%	$	158,245	$	164,735	4.1	%
Return on average account balances (bps)	74		73		71		72		73				72		72
Return on average account balances (bps), excluding impact of annual assumption review	74		73		71		72		75				72		72

•Income from operations was $310 million for the third quarter, compared to $301 million in the prior-year quarter. The annual assumption review had an $8 million unfavorable impact on income from operations in the current quarter, compared to a $1 million favorable impact in the third quarter of 2024.

•Not including the impact of the annual assumption review, income from operations was $318 million, up 6% compared to the prior-year quarter, primarily driven by favorable equity markets, higher spread income, and favorable tax items.

•Total sales were $4.5 billion in the quarter, increasing 32% compared to the prior year. Spread-based products comprised more than 60% of total sales.

•Net outflows were approximately $1.1 billion in the quarter, compared to net outflows of $1.6 billion in the prior-year quarter, driven by strong sales momentum.

•Average account balances, net of reinsurance, were $170 billion, increasing 5% over the prior-year quarter, primarily due to growth in RILA.

Life Insurance


(in millions)	As of or For the Three Months Ended												As of or For the Nine Months Ended
	9/30/24		12/31/24		3/31/25		6/30/25		9/30/25		Change		9/30/24		9/30/25		Change

Total operating revenues	$	1,589	$	1,608	$	1,587	$	1,602	$	1,610	1.3	%	$	4,640	$	4,798	3.4	%
Total operating expenses	1,568		1,634		1,619		1,568		1,586		1.1	%	4,719		4,772		1.1	%
Income (loss) from operations before taxes	21		(26)		(32)		34		24		14.3	%	(79)		26		132.9	%
Federal income tax expense (benefit)	(1)		(11)		(16)		2		(1)		0.0%		(31)		(14)		54.8	%
Income (loss) from operations	$	22	$	(15)	$	(16)	$	32	$	25	13.6	%	$	(48)	$	40	183.3	%
Income (loss) from operations, excluding the impact of annual assumption review	$	14	$	(15)	$	(16)	$	32	$	54	285.7	%	$	(56)	$	69	223.2	%
Average account balances, net of reinsurance	$	44,055	$	44,746	$	44,390	$	45,651	$	48,534	10.2	%	$	43,188	$	46,192	7.0	%
Total sales	$	122	$	119	$	97	$	121	$	298	144.3	%	$	319	$	516	61.8	%

•Income from operations was $25 million, compared to $22 million in the prior-year quarter. The third quarter 2025 annual assumption review had a $29 million unfavorable impact on income from operations, compared to a favorable impact of $8 million in the prior-year quarter.

•Not including the impact of the annual assumption review, income from operations was $54 million, compared to $14 million in the third quarter of 2024, driven by stable mortality, higher investment income, and lower net G&A expenses.

•Total sales were $298 million, up 144% compared to the prior-year quarter, as our focus on risk-sharing products resulted in strong growth in our executive benefits and other life products.

•Average account balances, net of reinsurance, were $49 billion, up 10% versus the prior-year quarter.

Group Protection


(in millions, except margin data)	As of or For the Three Months Ended																	As of or For the Nine Months Ended
	9/30/24			12/31/24			3/31/25			6/30/25			9/30/25			Change		9/30/24			9/30/25			Change
Total operating revenues	$	1,432		$	1,418		$	1,521		$	1,538		$	1,507		5.2	%	$	4,299		$	4,566		6.2	%
Total operating expenses	1,295			1,282			1,393			1,319			1,319			1.9	%	3,896			4,030			3.4	%
Income (loss) from operations before taxes	137			136			128			219			188			37.2	%	403			536			33.0	%
Federal income tax expense (benefit)	28			29			27			46			39			39.3	%	85			113			32.9	%
Income (loss) from operations	$	109		$	107		$	101		$	173		$	149		36.7	%	$	318		$	423		33.0	%
Income (loss) from operations, excluding the impact of annual assumption review	$	110		$	107		$	101		$	173		$	110		0.0	%	$	319		$	384		20.4	%
Insurance premiums	$	1,288		$	1,274		$	1,371		$	1,386		$	1,352		5.0	%	$	3,871		$	4,109		6.1	%
Total sales	$	84		$	467		$	157		$	187		$	116		38.1	%	$	389		$	460		18.3	%
Total loss ratio	71.4		%	71.0		%	72.4		%	65.9		%	68.3		%			72.2		%	68.9		%
Total loss ratio, excluding the impact of the annual assumption review	71.3		%	71.0		%	72.4		%	65.9		%	72.2		%			72.1		%	70.2		%
Operating margin(1)	8.4		%	8.4		%	7.4		%	12.5		%	11.0		%			8.2		%	10.3		%
Operating margin, excluding the impact of annual assumption review	8.5		%	8.4		%	7.4		%	12.5		%	8.1		%			8.2		%	9.3		%

(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

•Income from operations was $149 million in the quarter, 37% higher than the prior-year quarter. The annual assumption review had a $39 million favorable impact on income from operations in the current quarter, compared to a $1 million unfavorable impact in the prior-year quarter. The reported operating margin was 11.0%, compared to 8.4% in the third quarter of 2024.

•Not including the impact of the annual assumption review, income from operations was $110 million, in line with the prior-year quarter, as more favorable life experience was offset by unfavorable long-term disability resolutions, and the operating margin was 8.1%, 40 basis points lower than the prior-year quarter.

•Insurance premiums were $1.4 billion in the quarter, increasing 5% year over year due to robust prior-year sales and strong persistency.

•Sales increased 38% year over year, driven by disciplined growth across market segments and products.

•The reported total loss ratio was 68.3%, 310 basis points lower than the prior-year quarter. Not including the impact of the annual assumption review, the total loss ratio was 72.2% compared to 71.3% in the prior-year quarter.

Retirement Plan Services


(in millions, except ROA data)	As of or For the Three Months Ended												As of or For the Nine Months Ended
	9/30/24		12/31/24		3/31/25		6/30/25		9/30/25		Change		9/30/24		9/30/25		Change
Total operating revenues	$	335	$	337	$	327	$	331	$	343	2.4	%	$	984	$	1,001	1.7	%
Total operating expenses	286		288		289		289		290		1.4	%	847		867		2.4	%
Income (loss) from operations before taxes	49		49		38		42		53		8.2	%	137		134		(2.2)	%
Federal income tax expense (benefit)	5		6		4		5		7		40.0	%	17		18		5.9	%
Income (loss) from operations	$	44	$	43	$	34	$	37	$	46	4.5	%	$	120	$	116	(3.3)	%

Deposits	$	4,180	$	3,473	$	4,115	$	3,594	$	5,008	19.8	%	$	11,265	$	12,717	12.9	%
Net flows	$	651	$	(732)	$	(2,184)	$	(585)	$	755	16.0	%	$	845	$	(2,014)	NM
Average account balances	$	110,550	$	113,711	$	113,075	$	111,734	$	119,259	7.9	%	$	106,595	$	115,014	7.9	%
Return on average account balances (bps)	16		15		12		13		15				15		14

•Income from operations was $46 million in the quarter, up 5% compared to the prior year, primarily resulting from favorable equity markets and spread expansion, partially offset by stable value outflows.

•Net inflows were $0.8 billion, primarily due to continued strength in first-year sales.

•Total deposits were $5.0 billion, up 20% over the prior-year quarter. First-year sales of $2.4 billion were up almost 50% year over year.

•Average account balances were $119 billion, increasing 8% from the prior year, driven by favorable equity markets.

Other Operations


(in millions)	As of or For the Three Months Ended												As of or For the Nine Months Ended
	9/30/24		12/31/24		3/31/25		6/30/25		9/30/25		Change		9/30/24		9/30/25		Change
Total operating revenues	$	52	$	42	$	52	$	41	$	50	(3.8)	%	$	118	$	143	21.2	%
Total operating expenses	157		160		164		157		177		12.7	%	466		499		7.1	%
Income (loss) from operations before taxes	(105)		(118)		(112)		(116)		(127)		(21.0)	%	(348)		(356)		(2.3)	%
Federal income tax expense (benefit)	(21)		(23)		(17)		(25)		(28)		(33.3)	%	(72)		(74)		(2.8)	%
Income (loss) from operations(1)	$	(84)	$	(95)	$	(95)	$	(91)	$	(99)	(17.9)	%	$	(276)	$	(282)	(2.2)	%

(1) Income (loss) from operations does not include preferred dividends.

Unrealized Gains and Losses

The company reported a net unrealized loss of $7.9 billion (pre-tax) on its available-for-sale securities as of September 30, 2025, compared to a net unrealized loss of $7.0 billion (pre-tax) as of September 30, 2024. The year-over-year increase was primarily due to higher Treasury rates.

The tables attached to this release define and reconcile the non-GAAP measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share excluding AOCI, and adjusted book value per share to net income (loss), net income (loss) available to common stockholders, and book value per share including AOCI, calculated in accordance with GAAP.

This press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements – Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the company’s current expectations.

For other financial information, please refer to the company’s third quarter 2025 statistical supplement and third quarter 2025 earnings supplement, which are available in the investor relations section of its website http://www.lincolnfinancial.com/investor.

Conference Call Information

Lincoln Financial will discuss the company’s third quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, October 30, 2025.

The call will be broadcast live through the company’s website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the call to download and install any necessary streaming media software. A replay of the call will be available by 10:30 a.m. Eastern Time on October 30, 2025, at www.lincolnfinancial.com/webcast.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of September 30, 2025, the company had $347 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Contacts:

Tina Madon

Sarah Boxler

Investor Relations

Media Relations

Tina.Madon@LFG.com

Sarah.Boxler@LFG.com

Non-GAAP Measures

Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income (loss)) and adjusted income (loss) from operations per diluted share available to common stockholders is helpful to investors in evaluating the company’s performance.

Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition below) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.

Management also believes that the use of the non-GAAP financial measures book value per share, excluding accumulated other comprehensive income (“AOCI”), and adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

For the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and/or are included in the Statistical Supplements for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: http://www.lincolnfinancial.com/investor.

Definitions of Non-GAAP Measures Used in this Press Release

Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share, excluding AOCI, and adjusted book value per share, as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), net income (loss) available to common stockholders, and book value per share, including AOCI, the most directly comparable GAAP measures.

Adjusted Income (Loss) from Operations

Adjusted income (loss) from operations is GAAP net income (loss) excluding the following items, as applicable:

•Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”);

•Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

•Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

•Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);

•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);

•Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law;

•Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

•Losses from the impairment of intangible assets and gains (losses) on other non-financial assets;

•Income (loss) from discontinued operations;

•Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and

•Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.

Adjusted Income (Loss) from Operations Available to Common Stockholders

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

Book Value Per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated based upon a non-GAAP financial measure.

•It is calculated by dividing (a) stockholders’ equity, excluding AOCI and preferred stock, by (b) common shares outstanding.

•Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value Per Share

Adjusted book value per share is calculated based upon a non-GAAP financial measure.

•It is calculated by dividing (a) stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”) by (b) common shares outstanding.

•Book value per share is the most directly comparable GAAP measure.

Other Definitions

Holding Company Available Liquidity

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper outstanding.

Sales

Sales as reported consist of the following:

•Annuities and Retirement Plan Services – deposits from new and existing customers;

•Universal life insurance (“UL”), indexed universal life insurance (“IUL”), variable universal life insurance (“VUL”) – first-year commissionable premiums plus 5% of excess premiums received;

•MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market Advantage® (VUL), 150% of commissionable premiums;

•Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits;

•Term – 100% of annualized first-year premiums; and

•Group Protection – annualized first-year premiums from new policies.

Lincoln National Corporation

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations and

Average Stockholders' Equity to Adjusted Average Stockholders' Equity


	For the				For the
(in millions, except per share data)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024












Net Income (Loss) Available to Common
Stockholders – Diluted	$	411	$	(562)	$	343	$	1,511
Less:
Preferred stock dividends declared	(34)		(34)		(80)		(80)
Adjustment for deferred units of LNC stock in our
deferred compensation plans	—		—		—		3
Net Income (Loss)	445		(528)		423		1,588
Less:
Net annuity product features, pre-tax (1)	410		(381)		(277)		1,319
Net life insurance product features, pre-tax	(22)		(125)		(37)		(253)
Credit loss-related adjustments, pre-tax	(38)		(88)		(91)		(124)
Investment gains (losses), pre-tax	(35)		(105)		(218)		(416)
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax (2)	(191)		(446)		(266)		(51)

Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax (3)	—		(2)		—		582
Other items, pre-tax (4)(5)(6)(7)(8)	(105)		(19)		(65)		(238)
Income tax benefit (expense) related
to the above pre-tax items	(5)		246		194		(202)
Total adjustments	14		(920)		(760)		617
Adjusted Income (Loss) from Operations	$	431	$	392	$	1,183	$	971
Add:
Preferred stock dividends declared	(34)		(34)		(80)		(80)
Adjusted Income (Loss) from Operations Available to Common Stockholders	$	397	$	358	$	1,103	$	891

Earnings (Loss) Per Common Share – Diluted (9)
Net income (loss)	$	2.12	$	(3.29)	$	1.87	$	8.75
Adjusted income (loss) from operations	2.04		2.06		6.01		5.16

Stockholders’ Equity, Average
Stockholders' equity	$	10,000	$	8,481	$	9,034	$	7,816
Less:
Preferred stock	986		986		986		986
AOCI	(4,116)		(3,526)		(4,379)		(3,800)
Stockholders’ equity, excluding AOCI and preferred stock	13,130		11,021		12,427		10,630
Changes in MRBs	3,002		2,410		2,717		2,288
GLB and GDB hedge instruments gains (losses)	(3,654)		(2,767)		(3,326)		(2,623)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(245)		(455)		(203)		(462)
Adjusted average stockholders' equity	$	14,027	$	11,833	$	13,239	$	11,427

(1) For the three months ended September 30, 2025 and 2024, includes changes in MRBs of $337 million and $(666) million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $30 million and $188 million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $43 million and $97 million, respectively. For the nine months ended September 30, 2025 and 2024, includes changes in MRBs of $(33) million and $1,354 million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(307) million and $(350) million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $63 million and $315 million, respectively.

(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.

(3) Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.

(4) Includes certain legal accruals of $(9) million for the three and nine months ended September 30, 2025; and $(114) million for the nine months ended September 30, 2024, primarily related to the settlement of cost of insurance litigation in the first quarter of 2024.

(5) Includes severance expense related to initiatives to realign the workforce of $(5) million and $(16) million for the three months ended September 30, 2025 and 2024, respectively, and $(13) million and $(72) million for the nine months ended September 30, 2025 and 2024, respectively.

(6) 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 and $(22) million related to Life Insurance segment persistency optimization for the three months ended September 30, 2025; $(2) million related to the sale of our wealth management business for the three months ended September 30, 2024; for the nine months ended September 30, 2025, includes $(55) million of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(22) million related to Life Insurance segment persistency optimization, $(20) million related to the sale of our wealth management business and $(18) million primarily related to the Bain Capital transaction; for the nine months ended September 30, 2024, includes $(39) million primarily related to the sale of our wealth management business.

(7) Includes deferred compensation mark-to-market adjustment of $(14) million and $(1) million for the three months ended September 30, 2025 and 2024, respectively, and $(22) million and $(13) million for the nine months ended September 30, 2025 and 2024, respectively.

(8) Includes gains on early extinguishment of debt of $94 million for the nine months ended September 30, 2025.

(9) In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted EPS calculations, as the use of diluted shares would result in a lower loss per share.

Lincoln National Corporation

Reconciliation of Book Value per Share


	As of the Three Months Ended
	9/30/24		12/31/24		3/31/25		6/30/25		9/30/25
Book Value Per Common Share
Book value per share	$	46.97	$	42.60	$	41.96	$	44.91	$	49.56
Less:
AOCI	(15.70)		(29.46)		(25.08)		(23.04)		(20.10)
Book value per share, excluding AOCI	62.67		72.06		67.04		67.95		69.66
Less:
Changes in MRBs	12.56		18.51		12.42		15.05		16.42
GLB and GDB hedge instruments gains (losses)	(16.17)		(17.91)		(17.43)		(18.89)		(19.40)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(3.76)		(0.88)		(1.14)		(0.98)		(1.59)
Adjusted book value per share	$	70.04	$	72.34	$	73.19	$	72.77	$	74.23

Lincoln National Corporation

Digest of Earnings


	For the				For the
(in millions, except per share data)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Revenues	$	4,555	$	4,111	$	13,290	$	13,380

Net Income (Loss)	$	445	$	(528)	$	423	$	1,588
Preferred stock dividends declared	(34)		(34)		(80)		(80)
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)	—		—		—		3
Net Income (Loss) Available to Common
Stockholders – Diluted	$	411	$	(562)	$	343	$	1,511

Net Income (Loss) Per Common Share – Basic	$	2.15	$	(3.29)	$	1.90	$	8.85
Net Income (Loss) Per Common Share – Diluted (2)	$	2.12	$	(3.29)	$	1.87	$	8.75

Average Shares – Basic	190,826,396		170,773,438		179,845,834		170,482,264
Average Shares – Diluted	194,304,105		172,848,870		182,851,283		172,767,554

(1) We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.

(2) In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares would result in a lower loss per share.

FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE

Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.

Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

•Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience;

•Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;

•The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations;

•Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; our affiliate reinsurance arrangements; and restrictions on the payment of revenue sharing and 12b-1 distribution fees;

•Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell;

•The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products;

•The impact of new and emerging rules, laws and regulations relating to privacy, cybersecurity and artificial intelligence that may lead to increased compliance costs, reputation risk and/or changes in business practices;

•Increasing scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;

•Actions taken by reinsurers to raise rates on in-force business;

•Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;

•Rapidly increasing or sustained high interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses;

•The impact of the implementation of the provisions of the European Market Infrastructure Regulation relating to the regulation of derivatives transactions;

•The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;

•A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefit riders, which are accounted for as market risk benefits, of our subsidiaries’ variable annuity products;

•Ineffectiveness of our risk management policies and procedures, including our various hedging strategies;

•A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings;

•Changes in accounting principles that may affect our consolidated financial statements;

•Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;

•Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, and profitability of our insurance subsidiaries and liquidity;

•Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;

•Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems;

•The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items;

•The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives;

•The adequacy and collectability of reinsurance that we have obtained;

•Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance;

•Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;

•The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and

•The unanticipated loss of key management or wholesalers.

The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

The reporting of Risk-Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

EX-99.2 3 statsuppdocument3q25.htm EX-99.2 Document

Statistical Supplement

Third Quarter 2025


			Lincoln Financial
			Table of Contents


			Notes .................................................................................................................................................................................................................................................................			1-3
			Credit Ratings ...................................................................................................................................................................................................................................................			4
			Consolidated
			Consolidated Statements of Income (Loss) ................................................................................................................................................................................................			5
			Consolidated Balance Sheets .......................................................................................................................................................................................................................			6-7
			Earnings, Shares and Return on Equity .........................................................................................................................................................................................................			8
			Key Stakeholder Metrics ...............................................................................................................................................................................................................................			9
			Select Earnings Drivers By Segment ............................................................................................................................................................................................................			10
			Sales By Segment ..........................................................................................................................................................................................................................................			11
			Operating Revenues and General and Administrative Expenses By Segment and Other Operations......................................................................................................			12
			Operating Commissions and Other Expenses .............................................................................................................................................................................................			13

			Select Earnings and Operational Data from Business Segments and Other Operations

			Annuities .........................................................................................................................................................................................................................................................			14
			Life Insurance ................................................................................................................................................................................................................................................			15
			Group Protection ............................................................................................................................................................................................................................................			16
			Retirement Plan Services ..............................................................................................................................................................................................................................			17
			Other Operations ............................................................................................................................................................................................................................................			18
			DAC and Account Balance Roll Forwards
			Consolidated DAC, VOBA, DSI and DFEL Roll Forwards ..............................................................................................................................................................................			19
			Account Balance Roll Forwards:
			Annuities ......................................................................................................................................................................................................................................................			20-21
			Life Insurance ..............................................................................................................................................................................................................................................			22
			Retirement Plan Services ............................................................................................................................................................................................................................			23
			Investment Information
			Fixed-Income Asset Class .............................................................................................................................................................................................................................			24
			Fixed-Income Credit Quality ..........................................................................................................................................................................................................................			25
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................			26-30

Tab le of Contents

Lincoln Financial

Notes

Non-GAAP Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 26.

Adjusted Income (Loss) From Operations

Adjusted income (loss) from operations is GAAP net income (loss) excluding the effects of the following items, as applicable:

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”);

• Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance (“VUL”) hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance (“IUL”) contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

• Credit loss-related adjustments on fixed maturity available-for-sale (“AFS”) securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

• Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);

• Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law;

• Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

• Losses from the impairment of intangible assets and gains (losses) on other non-financial assets;

• Income (loss) from discontinued operations;

• Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and

• Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

Adjusted Operating Revenues

Adjusted operating revenues represent GAAP revenues excluding the effects of the following items, as applicable:

• Changes in the fair value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity and IUL products (“revenue adjustments from annuity and life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;

• Revenue adjustments from the initial adoption of new accounting standards;

• Amortization of deferred gains arising from reserve changes on business sold through reinsurance; and

• Gains (losses) on other non-financial assets.

Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted income (loss) from operations per diluted share available to common stockholders and adjusted operating revenues is helpful to investors in evaluating the company’s performance.

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Lincoln Financial

Notes

Non-GAAP Measures, Continued

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding accumulated other comprehensive income (loss) (“AOCI”) and preferred stock is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors to analyze our net worth because it eliminates market movements that can fluctuate significantly from period to period, primarily related to changes in interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, GLB and GDB hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”). Management believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Book Value per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. Management believes that using book value per share, excluding AOCI enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI, is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value per Share

Adjusted book value per share is calculated by dividing adjusted stockholders’ equity by common shares outstanding. Management believes that using adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Income (Loss) From Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE

Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by average stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that can fluctuate significantly from period to period, primarily related to changes in interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

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Lincoln Financial

Notes

Non-GAAP Measures, Continued

Adjusted Income (Loss) From Operations ROE

Adjusted income (loss) from operations ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders’ equity. Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Computations

• The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.

• The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.

• We exclude deferred units of LNC stock that are antidilutive from our diluted net income (loss) earnings per share calculation. In addition, for any period where a net loss or adjusted loss from operations is experienced, shares used in the diluted EPS calculation represent basic shares, as the use of diluted shares would result in a lower loss per share .

Definitions

Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. See adjusted income (loss) from operations ROE above and adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE on page 2 for further information on how these metrics are calculated. Management evaluates consolidated ROE by both including and excluding the effect of average goodwill.

Leverage ratio is a measure that we use to monitor the level of our debt relative to our total capitalization. Debt used in this metric reflects total debt and preferred stock adjusted for certain items.

Total capitalization reflects debt used in the numerator of this ratio and stockholders' equity adjusted for certain items.

Sales as reported consist of the following:

• Annuities and Retirement Plan Services – deposits from new and existing customers;

• Universal life insurance (“UL”), IUL, VUL – first-year commissionable premiums plus 5% of excess premiums received;

• MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market AdvantageSM (VUL), 150% of commissionable premiums;

• Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits;

• Term – 100% of annualized first-year premiums; and

• Group Protection – annualized first-year premiums from new policies.

Certain amounts reported in prior periods have been reclassified to conform to the presentation adopted in the current period.

Statistical Supplement is Dated

This document is dated October 30, 2025, and has not been updated since that date. Lincoln Financial does not intend to update this document.

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Lincoln Financial

Credit Ratings

Ratings as of October 30, 2025

Standard

AM Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

bbb+

BBB+

Baa2

BBB+

Financial Strength Ratings

The Lincoln National Life Insurance Company

A+

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

Investor Inquiries May Be Directed To:

Tina Madon, Senior Vice President,

Investor Relations

Email: InvestorRelations@lfg.com

Phone: 800-237-2920

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Lincoln Financial
Consolidated Statements of Income (Loss)
Unaudited (millions of dollars, except per share data)

		For the Three Months Ended												For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
Revenues
Insurance premiums	$	1,614	$	1,586	$	1,676	$	1,682	$	1,637	1.4	%	$	4,839	$	4,995	3.2	%
Fee income		1,352		1,387		1,365		1,340		1,384	2.4	%		4,015		4,089	1.8	%
Net investment income		1,416		1,439		1,462		1,471		1,544	9.0	%		4,104		4,478	9.1	%
Realized gain (loss)		(431)		470		11		(641)		(216)	49.9	%		(201)		(847)	NM
Other revenues		160		181		177		192		206	28.8	%		623		575	-7.7	%
Total revenues		4,111		5,063		4,691		4,044		4,555	10.8	%		13,380		13,290	-0.7	%

Expenses
Benefits and policyholder liability remeasurement		1,887		1,947		2,009		1,906		1,927	2.1	%		5,782		5,842	1.0	%
Interest credited		880		888		890		916		954	8.4	%		2,555		2,759	8.0	%
Market risk benefit (gain) loss		657		(1,291)		1,293		(940)		(343)	NM			(1,386)		10	100.7	%

Commissions and other expenses		1,304		1,336		1,368		1,327		1,414	8.4	%		4,254		4,110	-3.4	%
Interest and debt expense		86		83		80		(13)		79	-8.1	%		253		146	-42.3	%


Total expenses		4,814		2,963		5,640		3,196		4,031	-16.3	%		11,458		12,867	12.3	%
Income (loss) before taxes		(703)		2,100		(949)		848		524	174.5	%		1,922		423	-78.0	%
Federal income tax expense (benefit)		(175)		414		(227)		149		79	145.1	%		334		—	-100.0	%


Net income (loss)		(528)		1,686		(722)		699		445	184.3	%		1,588		423	-73.4	%
Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%			(80)		(80)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		—		—		—	NM			3		—	-100.0	%
Net income (loss) available to common
stockholders – diluted	$	(562)	$	1,675	$	(756)	$	688	$	411	173.1	%	$	1,511	$	343	-77.3	%


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	(3.29)	$	9.63	$	(4.41)	$	3.80	$	2.12	164.4	%	$	8.75	$	1.87	-78.6	%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	70,234	$	66,450	$	66,885	$	67,371	$	68,351	-2.7%
U.S. government bonds		398		391		538		564		619	55.5%
State and municipal bonds		2,567		2,371		2,350		2,254		2,235	-12.9%
Foreign government bonds		252		237		239		239		244	-3.2%
Residential mortgage-backed securities		1,882		1,863		1,941		2,063		2,118	12.5%
Commercial mortgage-backed securities		1,643		1,665		1,830		1,972		2,150	30.9%
Asset-backed securities		13,444		13,880		14,241		14,658		14,706	9.4%
Hybrid and redeemable preferred securities		262		254		273		265		257	-1.9%


Total fixed maturity AFS securities, net of allowance for credit losses		90,682		87,111		88,297		89,386		90,680	0.0%
Trading securities		2,206		2,025		1,984		1,909		1,853	-16.0%
Equity securities		293		294		345		341		542	85.0%
Mortgage loans on real estate, net of allowance for credit losses		20,856		21,083		21,558		21,996		22,230	6.6%

Policy loans		2,510		2,476		2,529		2,552		2,584	2.9%
Derivative investments		9,522		9,677		7,849		8,349		10,427	9.5%
Other investments		6,403		7,252		7,314		7,276		7,786	21.6%
Total investments		132,472		129,918		129,876		131,809		136,102	2.7%
Cash and invested cash		6,013		5,801		4,284		7,143		10,668	77.4%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,475		12,537		12,563		12,604		12,681	1.7%

Reinsurance recoverables, net of allowance for credit losses		29,233		28,750		28,580		28,440		28,665	-1.9%


Deposit assets, net of allowance for credit losses		30,938		30,776		31,048		31,754		33,066	6.9%
Market risk benefit assets		4,565		4,860		4,157		4,577		4,694	2.8%
Accrued investment income		1,160		1,108		1,134		1,136		1,172	1.0%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		7,357		7,499		7,606		7,516		7,223	-1.8%
Separate account assets		171,483		168,438		162,506		172,942		179,860	4.9%
Total assets	$	396,840	$	390,831	$	382,898	$	399,065	$	415,275	4.6%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	125,968	$	126,197	$	125,262	$	129,209	$	133,223	5.8	%
Future contract benefits		41,169		39,807		40,665		41,053		41,852	1.7	%
Funds withheld reinsurance liabilities		17,595		16,907		16,838		16,700		17,559	-0.2	%
Market risk benefit liabilities		1,272		1,046		1,306		1,205		1,190	-6.4	%

Deferred front-end loads		6,517		6,730		6,910		7,119		7,349	12.8	%
Payables for collateral on investments		10,570		10,020		8,282		8,466		11,153	5.5	%
Short-term debt		300		300		—		—		—	-100.0	%
Long-term debt by rating agency leverage definitions:
Operating (see note (1) on page 9 for details)		867		868		868		868		868	0.1	%
Financial		5,030		4,988		5,000		4,899		4,904	-2.5	%




Other liabilities		7,056		7,261		7,068		7,056		6,865	-2.7	%






Separate account liabilities		171,483		168,438		162,506		172,942		179,860	4.9	%
Total liabilities		387,827		382,562		374,705		389,517		404,823	4.4	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,660		4,674		4,703		5,545		5,574	19.6	%
Retained earnings		6,049		7,645		6,810		7,409		7,731	27.8	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(3,565)		(5,601)		(5,078)		(4,750)		(3,930)	-10.2	%



Market risk benefit non-performance risk gain (loss)		781		146		464		114		(58)	NM
Policyholder liability discount rate remeasurement gain (loss)		422		744		633		569		474	12.3	%
Foreign currency translation adjustment		(18)		(29)		(24)		(14)		(18)	0.0%
Funded status of employee benefit plans		(302)		(296)		(301)		(311)		(307)	-1.7	%
Total accumulated other comprehensive income (loss)		(2,682)		(5,036)		(4,306)		(4,392)		(3,839)	-43.1	%
Total stockholders’ equity		9,013		8,269		8,193		9,548		10,452	16.0	%
Total liabilities and stockholders’ equity	$	396,840	$	390,831	$	382,898	$	399,065	$	415,275	4.6	%

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Lincoln Financial
Earnings, Shares and Return on Equity
Unaudited (millions of dollars, except per share data)


		As of or For the Three Months Ended																As of or For the Nine Months Ended

		9/30/24			12/31/24			3/31/25			6/30/25			9/30/25		Change			9/30/24			9/30/25		Change
Income (Loss)
Net income (loss)	$	(528)		$	1,686		$	(722)		$	699		$	445		184.3	%	$	1,588		$	423		-73.4	%
Pre-tax adjusted income (loss) from operations		461			400			362			517			506		9.8	%		1,141			1,386		21.5	%
After-tax adjusted income (loss) from operations (1)		392			343			314			438			431		9.9	%		971			1,183		21.8	%
Adjusted operating tax rate		15.0	%		14.1	%		13.3	%		15.4	%		14.8	%				14.9	%		14.6	%
Adjusted income (loss) from operations available to
common stockholders (1)		358			332			280			427			397		10.9	%		891			1,103		23.8	%







ROE
Net income (loss) ROE		-24.9	%		78.1	%		-35.1	%		31.5	%		17.8	%				27.1	%		6.2	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE		13.0	%		11.5	%		9.4	%		14.0	%		12.1	%				11.2	%		11.8	%
Adjusted income (loss) from operations ROE		12.1	%		10.9	%		9.0	%		12.9	%		11.3	%				10.4	%		11.1	%

Per Common Share
Net income (loss) (diluted)	$	(3.29)		$	9.63		$	(4.41)		$	3.80		$	2.12		164.4	%	$	8.75		$	1.87		-78.6	%
Adjusted income (loss) from operations (diluted) (2)		2.06			1.91			1.60			2.36			2.04		-1.0	%		5.16			6.01		16.5	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			1.35			1.35		0.0%

Book Value Per Common Share
Book value per share	$	46.97		$	42.60		$	41.96		$	44.91		$	49.56		5.5	%	$	46.97		$	49.56		5.5	%

Book value per share, excluding AOCI (3)		62.67			72.06			67.04			67.95			69.66		11.2	%		62.67			69.66		11.2	%
Adjusted book value per share (3)		70.04			72.34			73.19			72.77			74.23		6.0	%		70.04			74.23		6.0	%

Common Shares

End-of-period – basic		170.9			171.0			171.7			190.6			191.0		11.8	%		170.9			191.0		11.8	%
Average for the period – basic		170.8			170.9			171.3			177.2			190.8		11.7	%		170.5			179.8		5.5	%
End-of-period – diluted		173.6			174.1			175.3			194.0			196.0		12.9	%		173.6			196.0		12.9	%
Average for the period – diluted (4)		173.6			174.0			174.7			180.6			195.0		12.3	%		172.8			183.5		6.2	%

(1) See reconciliation to net income (loss) and net income (loss) available to common stockholders – diluted on page 26.

(2) See reconciliation to earnings (loss) per common share – diluted on page 28.

(3) See reconciliation to stockholders’ equity and book value per common share on page 30.

(4) Represents shares used in our adjusted income (loss) from operations – diluted per share calculations.

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Lincoln Financial
Key Stakeholder Metrics
Unaudited (millions of dollars, except per share data)

	As of or For the Three Months Ended																	For the Nine Months Ended

		9/30/24			12/31/24			3/31/25			6/30/25			9/30/25		Change			9/30/24		9/30/25	Change



Cash Returned to Common Stockholders – Common Dividends	$	77		$	77		$	77		$	77		$	85		10.4	%	$	229	$	239	4.4	%


Cash Returned to Preferred Stockholders – Preferred Dividends	$	34		$	11		$	34		$	11		$	34		0.0%		$	80	$	80	0.0%


Leverage Ratio
Short-term debt	$	300		$	300		$	—		$	—		$	—		-100.0	%
Long-term debt		5,897			5,856			5,868			5,767			5,772		-2.1	%
Total debt		6,197			6,156			5,868			5,767			5,772		-6.9	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		7,183			7,142			6,854			6,753			6,758		-5.9	%







Less:
Operating debt (1)		867			868			868			868			868		0.1	%
Pre-funding of upcoming debt maturities		300			300			—			—			—		-100.0	%
25% of capital securities and subordinated notes		302			302			302			247			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Carrying value of fair value hedges and other items		153			111			122			119			119		-22.2	%
Total numerator	$	5,068		$	5,068		$	5,069		$	5,026		$	5,031		-0.7	%

Adjusted stockholders’ equity (2)	$	11,967		$	12,367		$	12,569		$	13,873		$	14,180		18.5	%


Add:
25% of capital securities and subordinated notes		302			302			302			247			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Total numerator		5,068			5,068			5,069			5,026			5,031		-0.7	%
Total denominator	$	17,830		$	18,230		$	18,433		$	19,639		$	19,951		11.9	%

Leverage ratio		28.4	%		27.8	%		27.5	%		25.6	%		25.2	%


Holding Company Available Liquidity (3)	$	759		$	763		$	466		$	466		$	461		-39.3	%

(1) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.

(2) See reconciliation to stockholders’ equity on page 30.

(3) Includes pre-funding of upcoming debt maturities.

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Lincoln Financial
Select Earnings Drivers By Segment
Unaudited (millions of dollars)

	For the Three Months Ended													For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
Annuities
Operating revenues	$	1,195	$	1,223	$	1,198	$	1,214	$	1,270	6.3	%	$	3,673	$	3,682	0.2	%
Deposits		3,383		3,692		3,799		4,024		4,470	32.1	%		10,056		12,293	22.2	%
Net flows		(1,637)		(1,891)		(1,676)		(1,162)		(1,143)	30.2	%		(4,584)		(3,981)	13.2	%



Average account balances, net of reinsurance		161,680		165,424		163,688		159,806		170,318	5.3	%		158,245		164,735	4.1	%
Alternative investment income (1)		4		4		2		3		2	-50.0	%		7		8	14.3	%

Life Insurance
Operating revenues	$	1,589	$	1,608	$	1,587	$	1,602	$	1,610	1.3	%	$	4,640	$	4,798	3.4	%
Deposits		1,262		1,402		1,218		1,281		2,247	78.1	%		3,699		4,747	28.3	%
Net flows		738		930		569		633		1,659	124.8	%		2,230		2,861	28.3	%
Average account balances, net of reinsurance		44,055		44,746		44,390		45,651		48,534	10.2	%		43,188		46,192	7.0	%
Average in-force face amount		1,083,176		1,080,074		1,074,858		1,069,688		1,067,503	-1.4	%		1,085,321		1,070,683	-1.3	%
Alternative investment income (1)		92		96		70		94		95	3.3	%		199		258	29.6	%

Group Protection
Operating revenues	$	1,432	$	1,418	$	1,521	$	1,538	$	1,507	5.2	%	$	4,299	$	4,566	6.2	%
Insurance premiums		1,288		1,274		1,371		1,386		1,352	5.0	%		3,871		4,109	6.1	%
Alternative investment income (1)		1		2		1		2		2	100.0	%		3		5	66.7	%

Retirement Plan Services
Operating revenues	$	335	$	337	$	327	$	331	$	343	2.4	%	$	984	$	1,001	1.7	%
Deposits		4,180		3,473		4,115		3,594		5,008	19.8	%		11,265		12,717	12.9	%
Net flows		651		(732)		(2,184)		(585)		755	16.0	%		845		(2,014)	NM
Average account balances		110,550		113,711		113,075		111,734		119,259	7.9	%		106,595		115,014	7.9	%
Alternative investment income (1)		2		2		2		2		2	0.0%			4		6	50.0	%

Consolidated
Adjusted operating revenues (2)	$	4,603	$	4,628	$	4,685	$	4,726	$	4,780	3.8	%	$	13,714	$	14,190	3.5	%
Deposits		8,825		8,567		9,132		8,899		11,725	32.9	%		25,020		29,757	18.9	%
Net flows		(248)		(1,693)		(3,291)		(1,114)		1,271	NM			(1,509)		(3,134)	NM
Average account balances, net of reinsurance		316,285		323,881		321,153		317,191		338,111	6.9	%		308,028		325,941	5.8	%
Alternative investment income (1)		100		105		75		101		101	1.0	%		214		277	29.4	%

(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have a limited economic interest in the investments.

(2) See reconciliation to total revenues on page 27.

Tab le of Contents


Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Nine Months Ended

		9/30/24			12/31/24			3/31/25			6/30/25			9/30/25		Change			9/30/24			9/30/25		Change
Sales
Annuities:
RILA	$	1,203		$	1,285		$	1,292		$	1,447		$	1,457		21.1	%	$	3,241		$	4,195		29.4	%
Fixed		1,009			560			863			1,221			1,368		35.6	%		3,645			3,451		-5.3	%
Traditional variable with GLBs		691			1,243			1,099			935			1,080		56.3	%		1,870			3,113		66.5	%
Traditional variable without GLBs		472			601			535			416			562		19.1	%		1,282			1,515		18.2	%

Total Annuities	$	3,375		$	3,689		$	3,789		$	4,019		$	4,467		32.4	%	$	10,038		$	12,274		22.3	%


Life Insurance:
IUL/UL	$	32		$	26		$	24		$	28		$	25		-21.9	%	$	75		$	78		4.0	%
MoneyGuard®		35			35			28			29			31		-11.4	%		93			89		-4.3	%

VUL		22			21			15			15			26		18.2	%		64			56		-12.5	%
Term		15			13			13			15			15		0.0%			52			42		-19.2	%

Executive Benefits		18			24			17			34			201		NM			35			251		NM
Total Life Insurance	$	122		$	119		$	97		$	121		$	298		144.3	%	$	319		$	516		61.8	%


Group Protection:
Life	$	42		$	184		$	101		$	104		$	50		19.0	%	$	208		$	255		22.6	%
Disability		36			253			48			70			47		30.6	%		161			165		2.5	%
Dental		6			30			8			13			19		216.7	%		20			40		100.0	%
Total Group Protection	$	84		$	467		$	157		$	187		$	116		38.1	%	$	389		$	460		18.3	%

Percent employee-paid		52.8	%		34.3	%		72.3	%		58.7	%		46.5	%				58.1	%		60.3	%

Retirement Plan Services:
First-year sales	$	1,652		$	1,273		$	1,104		$	1,222		$	2,440		47.7	%	$	3,601		$	4,766		32.4	%
Recurring deposits		2,528			2,200			3,011			2,372			2,568		1.6	%		7,664			7,951		3.7	%
Total Retirement Plan Services	$	4,180		$	3,473		$	4,115		$	3,594		$	5,008		19.8	%	$	11,265		$	12,717		12.9	%

Tab le of Contents


Lincoln Financial
Operating Revenues and General and Administrative Expenses By Segment and Other Operations
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Nine Months Ended

		9/30/24			12/31/24			3/31/25			6/30/25			9/30/25		Change			9/30/24			9/30/25		Change
Operating Revenues
Annuities	$	1,195		$	1,223		$	1,198		$	1,214		$	1,270		6.3	%	$	3,673		$	3,682		0.2	%
Life Insurance		1,589			1,608			1,587			1,602			1,610		1.3	%		4,640			4,798		3.4	%
Group Protection		1,432			1,418			1,521			1,538			1,507		5.2	%		4,299			4,566		6.2	%
Retirement Plan Services		335			337			327			331			343		2.4	%		984			1,001		1.7	%
Other Operations		52			42			52			41			50		-3.8	%		118			143		21.2	%
Total adjusted operating revenues	$	4,603		$	4,628		$	4,685		$	4,726		$	4,780		3.8	%	$	13,714		$	14,190		3.5	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	103		$	112		$	108		$	110		$	108		4.9	%	$	350		$	326		-6.9	%
Life Insurance		126			129			119			122			121		-4.0	%		382			362		-5.2	%
Group Protection		195			195			202			206			200		2.6	%		575			608		5.7	%
Retirement Plan Services		81			82			81			80			80		-1.2	%		242			241		-0.4	%
Other Operations		67			70			65			55			62		-7.5	%		186			183		-1.6	%
Total	$	572		$	588		$	575		$	573		$	571		-0.2	%	$	1,735		$	1,720		-0.9	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		8.6	%		9.2	%		9.0	%		9.1	%		8.5	%				9.5	%		8.8	%
Life Insurance		7.9	%		8.0	%		7.5	%		7.6	%		7.5	%				8.2	%		7.6	%
Group Protection		13.6	%		13.8	%		13.3	%		13.4	%		13.2	%				13.4	%		13.3	%
Retirement Plan Services		24.3	%		24.3	%		24.9	%		24.1	%		23.2	%				24.6	%		24.1	%

Total		12.4	%		12.7	%		12.3	%		12.1	%		11.9	%				12.7	%		12.1	%

Tab le of Contents


Lincoln Financial
Operating Commissions and Other Expenses
Unaudited (millions of dollars)

	For the Three Months Ended													For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	632	$	650	$	629	$	627	$	637	0.8	%	$	1,911	$	1,893	-0.9	%
Commissions		546		575		558		570		609	11.5	%		1,746		1,737	-0.5	%
Taxes, licenses and fees		80		75		98		80		86	7.5	%		247		263	6.5	%
Interest and debt expense		86		83		80		81		79	-8.1	%		253		240	-5.1	%
Expenses associated with reserve financing
and letters of credit		32		36		32		33		35	9.4	%		90		101	12.2	%
Total adjusted operating commissions and
other expenses incurred		1,376		1,419		1,397		1,391		1,446	5.1	%		4,247		4,234	-0.3	%

Less Amounts Capitalized
General and administrative expenses		(60)		(62)		(54)		(54)		(66)	-10.0	%		(176)		(173)	1.7	%
Commissions		(236)		(263)		(238)		(252)		(281)	-19.1	%		(665)		(771)	-15.9	%
Taxes, licenses and fees		(8)		(7)		(9)		(7)		(15)	-87.5	%		(24)		(32)	-33.3	%
Total amounts capitalized		(304)		(332)		(301)		(313)		(362)	-19.1	%		(865)		(976)	-12.8	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,072		1,087		1,096		1,078		1,084	1.1	%		3,382		3,258	-3.7	%

Amortization
Amortization of DAC, VOBA and other intangibles		299		302		309		307		324	8.4	%		843		940	11.5	%
Total operating commissions and
other expenses	$	1,371	$	1,389	$	1,405	$	1,385	$	1,408	2.7	%	$	4,225	$	4,198	-0.6	%

Tab le of Contents


Lincoln Financial
Annuities – Select Earnings and Operational Data
Unaudited (millions of dollars)

																			As of or For the
	As of or For the Three Months Ended																		Nine Months Ended

		9/30/24			12/31/24			3/31/25			6/30/25			9/30/25		Change			9/30/24			9/30/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	38		$	29		$	21		$	28		$	25		-34.2	%	$	98		$	75		-23.5	%
Fee income (1)		601			612			591			575			617		2.7	%		1,769			1,782		0.7	%
Net investment income		442			462			466			487			497		12.4	%		1,297			1,449		11.7	%



Other revenues		114			120			120			124			131		14.9	%		509			376		-26.1	%
Total operating revenues		1,195			1,223			1,198			1,214			1,270		6.3	%		3,673			3,682		0.2	%
Operating expenses:
Benefits and policyholder liability remeasurement		38			40			28			32			24		-36.8	%		105			84		-20.0	%
Interest credited		399			407			419			439			459		15.0	%		1,129			1,317		16.7	%


Commissions incurred		285			307			298			292			327		14.7	%		808			917		13.5	%
Other expenses incurred		136			157			145			142			138		1.5	%		625			424		-32.2	%
Amounts capitalized		(129)			(155)			(147)			(144)			(174)		-34.9	%		(342)			(464)		-35.7	%
Amortization		107			108			115			115			128		19.6	%		320			358		11.9	%
Total operating expenses		836			864			858			876			902		7.9	%		2,645			2,636		-0.3	%
Income (loss) from operations before taxes		359			359			340			338			368		2.5	%		1,028			1,046		1.8	%
Federal income tax expense (benefit)		58			56			50			51			58		0.0%			171			160		-6.4	%
Income (loss) from operations	$	301		$	303		$	290		$	287		$	310		3.0	%	$	857		$	886		3.4	%





Effective Federal Income Tax Rate		16.3	%		15.7	%		14.7	%		15.2	%		15.8	%				16.7	%		15.2	%







Return on Average Account Balances, Net of
Reinsurance (bps)		74			73			71			72			73		(1)			72			72		—








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	33,245		$	34,310		$	33,527		$	36,256		$	38,499		15.8	%	$	33,245		$	38,499		15.8	%
Fixed account balances		10,349			10,352			10,415			10,727			11,492		11.0	%		10,349			11,492		11.0	%
Traditional variable account balances with GLBs		72,664			70,756			67,101			71,527			73,174		0.7	%		72,664			73,174		0.7	%
Traditional variable account balances without GLBs		48,899			48,193			47,371			49,283			50,914		4.1	%		48,899			50,914		4.1	%
Total account balances	$	165,157		$	163,611		$	158,414		$	167,793		$	174,079		5.4	%	$	165,157		$	174,079		5.4	%
Percent traditional variable account balances with GLBs		44.0	%		43.2	%		42.4	%		42.6	%		42.0	%				44.0	%		42.0	%

Fee Income, Gross of Hedge Allowance	$	802		$	811		$	790		$	775		$	817		1.9	%	$	2,369		$	2,382		0.5	%
Net Investment Income, Net of Reinsurance (2)		412			438			443			465			475		15.3	%		1,205			1,383		14.8	%
Interest Credited, Net of Reinsurance (2)		270			282			290			300			314		16.3	%		769			904		17.6	%

(1) Fee income is reported net of the hedge allowance, which represents fees allocated to net annuity product features to support the cost of hedging.

(2) Net investment income and interest credited are both reported gross of reinsurance. Reinsurance impacts are settled through other revenues.

Tab le of Contents


Lincoln Financial
Life Insurance – Select Earnings and Operational Data
Unaudited (millions of dollars)

																	As of or For the
	As of or For the Three Months Ended																Nine Months Ended

		9/30/24		12/31/24			3/31/25			6/30/25			9/30/25	Change			9/30/24			9/30/25	Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	286	$	283		$	283		$	267		$	260	-9.1	%	$	866		$	810	-6.5	%
Fee income		672		694			698			688			683	1.6	%		2,021			2,069	2.4	%
Net investment income		601		598			574			606			623	3.7	%		1,724			1,803	4.6	%
Operating realized gain (loss)		(2)		(2)			(2)			(1)			(1)	50.0	%		(5)			(4)	20.0	%


Other revenues		32		35			34			42			45	40.6	%		34			120	252.9	%
Total operating revenues		1,589		1,608			1,587			1,602			1,610	1.3	%		4,640			4,798	3.4	%
Operating expenses:
Benefits and policyholder liability remeasurement		937		1,006			1,002			956			961	2.6	%		2,886			2,919	1.1	%
Interest credited		302		300			287			289			298	-1.3	%		894			874	-2.2	%
Commissions incurred		120		115			99			111			119	-0.8	%		346			329	-4.9	%
Other expenses incurred		198		198			194			191			199	0.5	%		596			584	-2.0	%
Amounts capitalized		(140)		(137)			(115)			(128)			(144)	-2.9	%		(406)			(387)	4.7	%
Amortization of DAC and VOBA		127		128			128			125			129	1.6	%		379			382	0.8	%
Amortization of deferred loss on business
sold through reinsurance		24		24			24			24			24	0.0%			24			71	195.8	%
Total operating expenses		1,568		1,634			1,619			1,568			1,586	1.1	%		4,719			4,772	1.1	%
Income (loss) from operations before taxes		21		(26)			(32)			34			24	14.3	%		(79)			26	132.9	%
Federal income tax expense (benefit)		(1)		(11)			(16)			2			(1)	0.0%			(31)			(14)	54.8	%
Income (loss) from operations	$	22	$	(15)		$	(16)		$	32		$	25	13.6	%	$	(48)		$	40	183.3	%


Effective Federal Income Tax Rate		NM		41.2	%		47.9	%		5.2	%		NM				39.6	%		NM





Average Account Balances, Net of Reinsurance	$	44,055	$	44,746		$	44,390		$	45,651		$	48,534	10.2	%	$	43,188		$	46,192	7.0	%

In-Force Face Amount
UL and other	$	364,766	$	363,950		$	361,480		$	360,617		$	361,964	-0.8	%	$	364,766		$	361,964	-0.8	%
Term insurance		717,071		714,362			709,924			707,355			705,069	-1.7	%		717,071			705,069	-1.7	%
Total in-force face amount	$	1,081,837	$	1,078,312		$	1,071,404		$	1,067,972		$	1,067,033	-1.4	%	$	1,081,837		$	1,067,033	-1.4	%

Tab le of Contents


Lincoln Financial
Group Protection – Select Earnings and Operational Data
Unaudited (millions of dollars)

																		As of or For the
	As of or For the Three Months Ended																	Nine Months Ended

		9/30/24			12/31/24			3/31/25			6/30/25			9/30/25		Change			9/30/24			9/30/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,288		$	1,274		$	1,371		$	1,386		$	1,352		5.0	%	$	3,871		$	4,109		6.1	%
Net investment income		87			87			89			94			98		12.6	%		261			281		7.7	%
Other revenues		57			57			61			58			57		0.0%			167			176		5.4	%
Total operating revenues		1,432			1,418			1,521			1,538			1,507		5.2	%		4,299			4,566		6.2	%
Operating expenses:
Benefits and policyholder liability remeasurement		919			902			994			913			923		0.4	%		2,790			2,830		1.4	%
Interest credited		1			3			—			1			1		0.0%			3			1		-66.7	%
Commissions incurred		114			125			133			139			132		15.8	%		336			404		20.2	%
Other expenses incurred		255			249			261			263			260		2.0	%		762			783		2.8	%
Amounts capitalized		(30)			(34)			(32)			(35)			(36)		-20.0	%		(101)			(103)		-2.0	%
Amortization		36			37			37			38			39		8.3	%		106			115		8.5	%
Total operating expenses		1,295			1,282			1,393			1,319			1,319		1.9	%		3,896			4,030		3.4	%
Income (loss) from operations before taxes		137			136			128			219			188		37.2	%		403			536		33.0	%
Federal income tax expense (benefit)		28			29			27			46			39		39.3	%		85			113		32.9	%
Income (loss) from operations	$	109		$	107		$	101		$	173		$	149		36.7	%	$	318		$	423		33.0	%


Effective Federal Income Tax Rate		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%				21.0	%		21.0	%

Operating Margin (1)		8.4	%		8.4	%		7.4	%		12.5	%		11.0	%				8.2	%		10.3	%





Loss Ratios by Product Line
Life		68.1	%		64.7	%		75.2	%		67.2	%		59.6	%				73.2	%		67.4	%
Disability		73.2	%		75.0	%		70.1	%		64.2	%		73.8	%				71.1	%		69.3	%
Dental		79.0	%		73.3	%		79.0	%		80.4	%		78.0	%				78.1	%		79.1	%
Total		71.4	%		71.0	%		72.4	%		65.9	%		68.3	%				72.2	%		68.9	%

(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

Tab le of Contents


Lincoln Financial
Retirement Plan Services – Select Earnings and Operational Data
Unaudited (millions of dollars)

																		As of or For the
	As of or For the Three Months Ended																	Nine Months Ended

		9/30/24			12/31/24			3/31/25			6/30/25			9/30/25		Change			9/30/24			9/30/25		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	74		$	76		$	72		$	72		$	77		4.1	%	$	216		$	221		2.3	%
Net investment income		253			253			251			252			257		1.6	%		744			760		2.2	%
Other revenues		8			8			4			7			9		12.5	%		24			20		-16.7	%
Total operating revenues		335			337			327			331			343		2.4	%		984			1,001		1.7	%
Operating expenses:
Interest credited		170			172			170			174			174		2.4	%		505			518		2.6	%


Commissions incurred		28			27			27			28			30		7.1	%		76			84		10.5	%
Other expenses incurred		88			90			91			87			87		-1.1	%		267			265		-0.7	%
Amounts capitalized		(5)			(6)			(4)			(5)			(5)		0.0%			(15)			(14)		6.7	%
Amortization		5			5			5			5			4		-20.0	%		14			14		0.0%
Total operating expenses		286			288			289			289			290		1.4	%		847			867		2.4	%
Income (loss) from operations before taxes		49			49			38			42			53		8.2	%		137			134		-2.2	%
Federal income tax expense (benefit)		5			6			4			5			7		40.0	%		17			18		5.9	%
Income (loss) from operations	$	44		$	43		$	34		$	37		$	46		4.5	%	$	120		$	116		-3.3	%


Effective Federal Income Tax Rate		10.0	%		13.5	%		11.8	%		12.3	%		14.2	%				12.0	%		13.0	%





Return on Average Account Balances (bps)		16			15			12			13			15		(1)			15			14		(1)



Net Flows by Market
Small Market	$	11		$	(34)		$	(79)		$	28		$	190		NM		$	22		$	139		NM
Mid - Large Market		1,069			(178)			(1,732)			(200)			1,025		-4.1	%		2,122			(908)		NM
Multi-Fund® and Other		(429)			(520)			(373)			(413)			(460)		-7.2	%		(1,299)			(1,245)		4.2	%

Net Flows – Trailing Twelve Months	$	513		$	112		$	(2,462)		$	(2,850)		$	(2,746)		NM		$	513		$	(2,746)		NM

Base Spreads, Excluding Variable
Investment Income (1)		1.05	%		1.01	%		1.03	%		0.99	%		1.07	%	2			1.03	%		1.03	%	0

(1) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums.

Tab le of Contents


Lincoln Financial
Other Operations – Select Earnings and Operational Data
Unaudited (millions of dollars)


		As of or For the Three Months Ended											For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
Other Operations
Operating revenues:
Insurance premiums	$	1	$	—	$	—	$	—	$	—	-100.0	%	$	4	$	1	-75.0	%

Net investment income		35		33		44		25		33	-5.7	%		79		102	29.1	%


Other revenues		16		9		8		16		17	6.3	%		35		40	14.3	%
Total operating revenues		52		42		52		41		50	-3.8	%		118		143	21.2	%
Operating expenses:
Benefits and policyholder liability remeasurement		(3)		2		5		7		4	233.3	%		10		14	40.0	%
Interest credited		8		7		13		13		22	175.0	%		26		49	88.5	%
Other expenses incurred		66		68		66		56		72	9.1	%		177		196	10.7	%
Interest and debt expense		86		83		80		81		79	-8.1	%		253		240	-5.1	%

Total operating expenses		157		160		164		157		177	12.7	%		466		499	7.1	%
Income (loss) from operations before taxes		(105)		(118)		(112)		(116)		(127)	-21.0	%		(348)		(356)	-2.3	%
Federal income tax expense (benefit)		(21)		(23)		(17)		(25)		(28)	-33.3	%		(72)		(74)	-2.8	%
Income (loss) from operations	$	(84)	$	(95)	$	(95)	$	(91)	$	(99)	-17.9	%	$	(276)	$	(282)	-2.2	%

Tab le of Contents


Lincoln Financial
Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	12,435	$	12,475	$	12,537	$	12,563	$	12,604	1.4	%	$	12,397	$	12,537	1.1	%




Deferrals		309		334		304		318		370	19.7	%		881		993	12.7	%
Operating amortization		(269)		(272)		(278)		(277)		(293)	-8.9	%		(803)		(849)	-5.7	%






Balance as of end-of-period	$	12,475	$	12,537	$	12,563	$	12,604	$	12,681	1.7	%	$	12,475	$	12,681	1.7	%


DFEL
Balance as of beginning-of-period	$	6,306	$	6,517	$	6,730	$	6,910	$	7,119	12.9	%	$	5,901	$	6,730	14.0	%



Deferrals		289		295		284		300		322	11.4	%		845		906	7.2	%
Operating amortization		(78)		(82)		(104)		(91)		(92)	-17.9	%		(229)		(287)	-25.3	%




Balance as of end-of-period	$	6,517	$	6,730	$	6,910	$	7,119	$	7,349	12.8	%	$	6,517	$	7,349	12.8	%


DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	4,707	$	4,588	$	4,466	$	4,333	$	4,212	-10.5	%	$	4,707	$	4,212	-10.5	%

Tab le of Contents


Lincoln Financial
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	117,990	$	121,568	$	118,954	$	114,477	$	120,815	2.4	%	$	114,963	$	118,954	3.5	%
Gross deposits		1,163		1,844		1,634		1,351		1,642	41.2	%		3,152		4,628	46.8	%
Surrenders, withdrawals and benefits		(3,554)		(3,688)		(3,678)		(3,451)		(3,843)	-8.1	%		(10,263)		(10,973)	-6.9	%

Net flows		(2,391)		(1,844)		(2,044)		(2,100)		(2,201)	7.9	%		(7,111)		(6,345)	10.8	%
Policyholder assessments		(666)		(666)		(652)		(639)		(670)	-0.6	%		(1,961)		(1,962)	-0.1	%
Change in market value and reinvestment		6,635		(104)		(1,781)		9,077		6,149	-7.3	%		15,677		13,446	-14.2	%

Balance as of end-of-period, gross		121,568		118,954		114,477		120,815		124,093	2.1	%		121,568		124,093	2.1	%
Account balances reinsured		(5)		(5)		(5)		(5)		(5)	0.0%			(5)		(5)	0.0%
Balance as of end-of-period, net	$	121,563	$	118,949	$	114,472	$	120,810	$	124,088	2.1	%	$	121,563	$	124,088	2.1	%


RILA
Balance as of beginning-of-period	$	31,633	$	33,245	$	34,310	$	33,527	$	36,256	14.6	%	$	27,533	$	34,310	24.6	%
Gross deposits		1,203		1,285		1,292		1,447		1,457	21.1	%		3,241		4,195	29.4	%
Surrenders, withdrawals and benefits		(344)		(791)		(850)		(938)		(1,106)	NM			(653)		(2,893)	NM

Net flows		859		494		442		509		351	-59.1	%		2,588		1,302	-49.7	%
Policyholder assessments		(3)		(4)		(5)		(4)		(4)	-33.3	%		(10)		(12)	-20.0	%

Change in market value and reinvestment		325		375		346		341		392	20.6	%		860		1,078	25.3	%
Change in fair value of embedded derivative instruments and other		431		200		(1,566)		1,883		1,504	249.0	%		2,274		1,821	-19.9	%
Balance as of end-of-period, gross	$	33,245	$	34,310	$	33,527	$	36,256	$	38,499	15.8	%	$	33,245	$	38,499	15.8	%

Tab le of Contents


Lincoln Financial
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
Fixed Annuities
Balance as of beginning-of-period	$	25,837	$	26,359	$	25,963	$	26,039	$	26,832	3.9	%	$	25,355	$	25,963	2.4	%
Gross deposits		1,017		563		873		1,226		1,371	34.8	%		3,663		3,470	-5.3	%
Surrenders, withdrawals and benefits		(1,122)		(1,104)		(947)		(797)		(664)	40.8	%		(3,724)		(2,408)	35.3	%

Net flows		(105)		(541)		(74)		429		707	NM			(61)		1,062	NM
Policyholder assessments		(14)		(16)		(15)		(15)		(14)	0.0%			(45)		(44)	2.2	%
Reinvested interest credited		211		209		210		228		238	12.8	%		593		675	13.8	%
Change in fair value of embedded derivative instruments
and other		430		(48)		(45)		151		111	-74.2	%		517		218	-57.8	%
Balance as of end-of-period, gross		26,359		25,963		26,039		26,832		27,874	5.7	%		26,359		27,874	5.7	%
Account balances reinsured		(16,010)		(15,611)		(15,624)		(16,105)		(16,382)	-2.3	%		(16,010)		(16,382)	-2.3	%
Balance as of end-of-period, net	$	10,349	$	10,352	$	10,415	$	10,727	$	11,492	11.0	%	$	10,349	$	11,492	11.0	%


Total
Balance as of beginning-of-period	$	175,460	$	181,172	$	179,227	$	174,043	$	183,903	4.8	%	$	167,851	$	179,227	6.8	%
Gross deposits		3,383		3,692		3,799		4,024		4,470	32.1	%		10,056		12,293	22.2	%
Surrenders, withdrawals and benefits		(5,020)		(5,583)		(5,475)		(5,186)		(5,613)	-11.8	%		(14,640)		(16,274)	-11.2	%

Net flows		(1,637)		(1,891)		(1,676)		(1,162)		(1,143)	30.2	%		(4,584)		(3,981)	13.2	%
Policyholder assessments		(683)		(686)		(672)		(658)		(688)	-0.7	%		(2,016)		(2,018)	-0.1	%
Change in market value, reinvestment and interest credited		7,171		480		(1,225)		9,646		6,779	-5.5	%		17,130		15,199	-11.3	%
Change in fair value of embedded derivative instruments
and other		861		152		(1,611)		2,034		1,615	87.6	%		2,791		2,039	-26.9	%
Balance as of end-of-period, gross		181,172		179,227		174,043		183,903		190,466	5.1	%		181,172		190,466	5.1	%
Account balances reinsured		(16,015)		(15,616)		(15,629)		(16,110)		(16,387)	-2.3	%		(16,015)		(16,387)	-2.3	%
Balance as of end-of-period, net	$	165,157	$	163,611	$	158,414	$	167,793	$	174,079	5.4	%	$	165,157	$	174,079	5.4	%

Tab le of Contents


Lincoln Financial
Life Insurance – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended													For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25		Change
General Account
Balance as of beginning-of-period	$	36,848	$	36,692	$	36,599	$	36,220	$	36,116	-2.0	%	$	37,180	$	36,599		-1.6	%
Gross deposits		899		977		865		847		851	-5.3	%		2,641		2,564		-2.9	%
Withdrawals and deaths		(369)		(342)		(445)		(372)		(357)	3.3	%		(1,122)		(1,174)		-4.6	%
Net flows		530		635		420		475		494	-6.8	%		1,519		1,390		-8.5	%
Transfers between general and separate accounts		30		53		14		49		72	140.0	%		143		134		-6.3	%
Policyholder assessments		(1,129)		(1,137)		(1,104)		(1,102)		(1,114)	1.3	%		(3,383)		(3,320)		1.9	%
Reinvested interest credited		375		365		356		360		367	-2.1	%		1,109		1,083		-2.3	%
Change in fair value of embedded derivative instruments
and other		38		(9)		(65)		114		73	92.1	%		124		122		-1.6	%
Balance as of end-of-period, gross		36,692		36,599		36,220		36,116		36,008	-1.9	%		36,692		36,008		-1.9	%
Account balances reinsured		(15,301)		(15,147)		(14,965)		(14,816)		(14,658)	4.2	%		(15,301)		(14,658)		4.2	%
Balance as of end-of-period, net	$	21,391	$	21,452	$	21,255	$	21,300	$	21,350	-0.2	%	$	21,391	$	21,350		-0.2	%


Separate Account
Balance as of beginning-of-period	$	27,381	$	28,921	$	28,841	$	28,106	$	30,616	11.8	%		25,150		$	28,841	14.7	%
Gross deposits		363		425		353		434		1,396	284.6	%		1,058		2,183		106.3	%
Withdrawals and deaths		(155)		(130)		(204)		(276)		(231)	-49.0	%		(347)		(712)		NM
Net flows		208		295		149		158		1,165	NM			711		1,471		106.9	%
Transfers between general and separate accounts		(30)		(53)		(14)		(48)		(71)	NM			(143)		(134)		6.3	%
Policyholder assessments		(248)		(253)		(246)		(248)		(251)	-1.2	%		(742)		(745)		-0.4	%
Change in market value and reinvestment		1,610		(69)		(624)		2,648		1,793	11.4	%		3,945		3,819		-3.2	%
Balance as of end-of-period, gross		28,921		28,841		28,106		30,616		33,252	15.0	%		28,921		33,252		15.0	%
Account balances reinsured		(5,593)		(5,521)		(5,354)		(4,621)		(4,828)	13.7	%		(5,593)		(4,828)		13.7	%
Balance as of end-of-period, net	$	23,328	$	23,320	$	22,752	$	25,995	$	28,424	21.8	%	$	23,328	$	28,424		21.8	%


Total
Balance as of beginning-of-period	$	64,229	$	65,613	$	65,440	$	64,326	$	66,732	3.9	%	$	62,330	$	65,440		5.0	%
Gross deposits		1,262		1,402		1,218		1,281		2,247	78.1	%		3,699		4,747		28.3	%
Withdrawals and deaths		(524)		(472)		(649)		(648)		(588)	-12.2	%		(1,469)		(1,886)		-28.4	%
Net flows		738		930		569		633		1,659	124.8	%		2,230		2,861		28.3	%
Transfers between general and separate accounts		—		—		—		1		1	NM			—		—		NM
Policyholder assessments		(1,377)		(1,390)		(1,350)		(1,350)		(1,365)	0.9	%		(4,125)		(4,065)		1.5	%
Change in market value and reinvestment		1,985		296		(268)		3,008		2,160	8.8	%		5,054		4,902		-3.0	%
Change in fair value of embedded derivative instruments
and other		38		(9)		(65)		114		73	92.1	%		124		122		-1.6	%
Balance as of end-of-period, gross		65,613		65,440		64,326		66,732		69,260	5.6	%		65,613		69,260		5.6	%
Account balances reinsured		(20,894)		(20,668)		(20,319)		(19,437)		(19,486)	6.7	%		(20,894)		(19,486)		6.7	%
Balance as of end-of-period, net	$	44,719	$	44,772	$	44,007	$	47,295	$	49,774	11.3	%	$	44,719	$	49,774		11.3	%

Tab le of Contents


Lincoln Financial
Retirement Plan Services – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
General Account
Balance as of beginning-of-period	$	23,598	$	23,727	$	23,619	$	23,479	$	23,700	0.4	%	$	23,784	$	23,619	-0.7	%
Gross deposits		944		826		811		1,109		1,090	15.5	%		2,580		3,011	16.7	%
Withdrawals		(1,095)		(1,125)		(1,330)		(1,103)		(1,287)	-17.5	%		(3,370)		(3,720)	-10.4	%
Net flows		(151)		(299)		(519)		6		(197)	-30.5	%		(790)		(709)	10.3	%
Transfers between fixed and variable accounts		110		22		211		44		171	55.5	%		230		426	85.2	%
Policyholder assessments		(4)		(4)		(4)		(4)		(4)	0.0%			(10)		(13)	-30.0	%
Reinvested interest credited		174		173		172		175		182	4.6	%		513		529	3.1	%
Balance as of end-of-period	$	23,727	$	23,619	$	23,479	$	23,700	$	23,852	0.5	%	$	23,727	$	23,852	0.5	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	84,274	$	90,069	$	88,962	$	85,754	$	92,683	10.0	%	$	77,201	$	88,962	15.2	%
Gross deposits		3,236		2,647		3,304		2,485		3,918	21.1	%		8,685		9,706	11.8	%
Withdrawals		(2,434)		(3,080)		(4,969)		(3,076)		(2,966)	-21.9	%		(7,050)		(11,011)	-56.2	%
Net flows		802		(433)		(1,665)		(591)		952	18.7	%		1,635		(1,305)	NM
Transfers between fixed and variable accounts		(106)		(19)		(200)		(54)		(149)	-40.6	%		(210)		(404)	-92.4	%
Policyholder assessments		(70)		(72)		(69)		(69)		(73)	-4.3	%		(201)		(210)	-4.5	%
Change in market value and reinvestment		5,169		(583)		(1,274)		7,643		5,487	6.2	%		11,644		11,857	1.8	%
Balance as of end-of-period	$	90,069	$	88,962	$	85,754	$	92,683	$	98,900	9.8	%	$	90,069	$	98,900	9.8	%


Total
Balance as of beginning-of-period	$	107,872	$	113,796	$	112,581	$	109,233	$	116,383	7.9	%	$	100,985	$	112,581	11.5	%
Gross deposits		4,180		3,473		4,115		3,594		5,008	19.8	%		11,265		12,717	12.9	%
Withdrawals		(3,529)		(4,205)		(6,299)		(4,179)		(4,253)	-20.5	%		(10,420)		(14,731)	-41.4	%
Net flows		651		(732)		(2,184)		(585)		755	16.0	%		845		(2,014)	NM
Transfers between fixed and variable accounts		4		3		11		(10)		22	NM			20		22	10.0	%
Policyholder assessments		(74)		(76)		(73)		(73)		(77)	-4.1	%		(211)		(223)	-5.7	%
Change in market value and reinvestment		5,343		(410)		(1,102)		7,818		5,669	6.1	%		12,157		12,386	1.9	%
Balance as of end-of-period	$	113,796	$	112,581	$	109,233	$	116,383	$	122,752	7.9	%	$	113,796	$	122,752	7.9	%

Tab le of Contents


Lincoln Financial
Fixed-Income Asset Class
Unaudited (millions of dollars)

	As of 9/30/24					As of 12/31/24					As of 9/30/25
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
Investments and Allowance for Credit Losses, at Amortized Cost (1)
Industry corporate bonds:
Financial services	$	12,472		14.3	%	$	12,728		14.6	%	$	12,848		14.5	%
Basic industry		2,906		3.3	%		2,840		3.3	%		2,778		3.1	%
Capital goods		5,523		6.3	%		5,490		6.3	%		5,541		6.2	%
Communications		2,792		3.2	%		2,798		3.2	%		2,786		3.1	%
Consumer cyclical		5,403		6.2	%		5,408		6.2	%		5,243		5.9	%
Consumer non-cyclical		12,801		14.8	%		12,485		14.4	%		12,476		14.0	%
Energy		2,571		3.0	%		2,472		2.8	%		2,529		2.8	%
Technology		4,041		4.6	%		3,882		4.5	%		4,083		4.6	%
Transportation		3,191		3.7	%		3,124		3.6	%		3,173		3.6	%
Industrial other		2,174		2.5	%		2,183		2.5	%		2,282		2.6	%
Utilities		11,269		12.9	%		11,194		12.9	%		11,417		12.9	%
Government-related entities		1,216		1.4	%		1,170		1.3	%		1,111		1.3	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,558		1.8	%		1,608		1.8	%		1,758		2.0	%
Non-agency backed		320		0.4	%		328		0.4	%		363		0.4	%
Commercial mortgage-backed securities ("CMBS")		1,673		1.9	%		1,724		2.0	%		2,152		2.4	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		8,124		9.3	%		8,189		9.4	%		7,738		8.7	%
Other ABS		5,375		6.2	%		5,864		6.7	%		6,923		7.8	%
Municipals		2,689		3.1	%		2,647		3.0	%		2,454		2.8	%
United States and foreign government		699		0.8	%		711		0.8	%		923		1.0	%


Hybrid and redeemable preferred securities		243		0.3	%		235		0.3	%		236		0.3	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		87,040		100.0	%		87,080		100.0	%		88,814		100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		515					511					498
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		263					264					508
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		87,818					87,855					89,820
Modified coinsurance and funds withheld investments		12,426					11,992					11,194
Total fixed maturity AFS, trading and equity securities	$	100,244				$	99,847				$	101,014

(1) Net investment income and net gains (losses) related to assets held by us to support certain modified coinsurance and funds withheld agreements are included in periodic payments to or from the reinsurers, resulting in the economic benefits of these assets flowing to the reinsurers. Accordingly, these assets have been excluded from summaries provided on pages 24 and 25 as we have a limited economic interest in the assets.

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Lincoln Financial
Fixed-Income Credit Quality
Unaudited (millions of dollars)

	As of 9/30/24					As of 12/31/24					As of 9/30/25
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
and Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	51,370		58.9	%	$	51,922		59.6	%	$	53,083		59.8	%
NAIC 2 (BBB)		32,774		37.7	%		32,198		37.0	%		32,762		36.9	%
Total investment grade		84,144		96.6	%		84,120		96.6	%		85,845		96.7	%

NAIC 3 (BB)		1,008		1.2	%		907		1.1	%		956		1.1	%
NAIC 4 (B)		1,828		2.1	%		1,857		2.1	%		1,879		2.1	%
NAIC 5 (CCC and lower)		55		0.1	%		109		0.1	%		61		0.0	%
NAIC 6 (in or near default)		5		0.0	%		87		0.1	%		73		0.1	%
Total below investment grade		2,896		3.4	%		2,960		3.4	%		2,969		3.3	%
Total	$	87,040		100.0	%	$	87,080		100.0	%	$	88,814		100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,665		77.8	%	$	13,450		77.2	%	$	12,439		74.1	%
CM2 (BBB)		3,819		21.7	%		3,873		22.2	%		4,193		25.0	%
CM3-7 (BB and lower) (3)		93		0.5	%		99		0.6	%		146		0.9	%
Total	$	17,577		100.0	%	$	17,422		100.0	%	$	16,778		100.0	%


Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified
Coinsurance and Funds Withheld Investments, at Amortized Cost (1)(2)
AAA-A	$	65,035		62.1	%	$	65,372		62.6	%	$	65,522		62.0	%
BBB		36,593		35.0	%		36,071		34.5	%		36,955		35.0	%
BB and lower		2,989		2.9	%		3,059		2.9	%		3,115		3.0	%
Total	$	104,617		100.0	%	$	104,502		100.0	%	$	105,592		100.0	%

(1) Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or based upon ratings from credit rating agencies to derive the NAIC designation.

(2) CM Ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2 and NAIC 3-6 = CM3-7.

(3) Includes mortgage fund limited partnerships classified as CM3 that are included in “Other investments” on the Consolidated Balance Sheets.

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	Lincoln Financial
	Select GAAP to Non-GAAP Reconciliations
	Unaudited (millions of dollars)

		For the Three Months Ended												For the Nine Months Ended

			9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
	Net Income
	Net income (loss) available to common stockholders – diluted	$	(562)	$	1,675	$	(756)	$	688	$	411	173.1	%	$	1,511	$	343	-77	%
	Less:
	Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%			(80)		(80)	0.0%
	Adjustment for deferred units of LNC stock
	in our deferred compensation plans		—		—		—		—		—	NM			3		—	-100	%
	Net income (loss)		(528)		1,686		(722)		699		445	184.3	%		1,588		423	-73	%
	Less:
	Net annuity product features, pre-tax (1)		(381)		1,187		(1,092)		405		410	207.6	%		1,319		(277)	NM
	Net life insurance product features, pre-tax		(125)		46		42		(58)		(22)	82.4	%		(253)		(37)	85	%
	Credit loss-related adjustments, pre-tax		(88)		(28)		(28)		(25)		(38)	56.8	%		(124)		(91)	27	%
	Investment gains (losses), pre-tax		(105)		(67)		(103)		(81)		(35)	66.7	%		(416)		(218)	48	%
	Changes in the fair value of reinsurance-related
	embedded derivatives, trading securities and certain
	mortgage loans, pre-tax (2)		(446)		587		(90)		14		(191)	57.2	%		(51)		(266)	NM





	Gains (losses) on other non-financial assets – sale of
	subsidiaries/businesses, pre-tax (3)		(2)		—		—		—		—	100.0	%		582		—	-100	%
	Other items, pre-tax (4)(5)(6)(7)(8)		(19)		(32)		(35)		75		(105)	NM			(238)		(65)	72.7	%

	Income tax benefit (expense) related to the above pre-tax items		246		(350)		270		(69)		(5)	NM			(202)		194	196.0	%
	Total adjustments		(920)		1,343		(1,036)		261		14	101.5	%		617		(760)	NM
	Adjusted income (loss) from operations		392		343		314		438		431	9.9	%		971		1,183	22	%
	Add:
	Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%			(80)		(80)	0.0%
	Adjusted income (loss) from operations available
	to common stockholders	$	358	$	332	$	280	$	427	$	397	10.9	%	$	891	$	1,103	24	%


(1) Includes changes in MRBs of $1,895 million, $126 million, $(666) million, $1,282 million, $(1,302) million, $932 million and $337 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(587) million, $50 million, $188 million, $(212) million, $268 million, $(605) million and $30 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $142 million, $76 million, $97 million, $117 million, $(58) million, $78 million and $43 million for the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025 and third quarter of 2025.
(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(3) Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.
(4) For the first quarter of 2024, includes certain legal accruals of $(114) million primarily related to the settlement of cost of insurance litigation; for the fourth quarter of 2024, includes certain legal accruals of $(15) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries; for the third quarter of 2025, includes certain legal accruals of $(9) million.

(continued on the next page)

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Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

(continued from the previous page)

(5) Includes severance expense related to initiatives to realign the workforce of $(49) million, $(7) million, $(16) million, $(2) million, $(6) million, $(2) million and $(5) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025 and third quarter of 2025, respectively.

(6) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(10) million, $(27) million, $(2) million, $(1) million and $(20) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively, related to the sale of our wealth management business; $(18) million in the second quarter of 2025 primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization.

(7) Includes deferred compensation mark-to-market adjustment of $(13) million, $1 million, $(1) million, $(2) million, $(9) million, $1 million and $(14) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025 and third quarter of 2025, respectively.

(8) Includes gains on early extinguishment of debt of $94 million in the second quarter of 2025.


	For the Three Months Ended												For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
Revenues
Total revenues	$	4,111	$	5,063	$	4,691	$	4,044	$	4,555	10.8	%	$	13,380	$	13,290	-0.7	%
Less:
Revenue adjustments from annuity
and life insurance product features		149		(57)		227		(590)		39	-73.8	%		(325)		(325)	0.0%
Credit loss-related adjustments		(88)		(28)		(28)		(25)		(38)	56.8	%		(124)		(91)	26.6	%
Investment gains (losses)		(105)		(67)		(103)		(81)		(35)	66.7	%		(416)		(218)	47.6	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans (1)		(446)		587		(90)		14		(191)	57.2	%		(51)		(266)	NM
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses (2)		(2)		—		—		—		—	100.0	%		582		—	-100.0	%



Adjusted operating revenues	$	4,603	$	4,628	$	4,685	$	4,726	$	4,780	3.8	%	$	13,714	$	14,190	3.5	%

(1) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter of 2023 reinsurance transaction.

(2) Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.

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Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended												For the Nine Months Ended

Earnings (Loss) Per Common Share – Diluted		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
Net income (loss)	$	(3.29)	$	9.63	$	(4.41)	$	3.80	$	2.12	164.4	%	$	8.75	$	1.87	-78.6	%
Less:
Net annuity product features, pre-tax (1)		(2.23)		6.83		(6.36)		2.24		2.11	194.6	%		7.65		(1.52)	NM
Net life insurance product features, pre-tax		(0.73)		0.27		0.25		(0.32)		(0.11)	84.9	%		(1.46)		(0.20)	86.3	%
Credit loss-related adjustments, pre-tax		(0.53)		(0.16)		(0.17)		(0.14)		(0.20)	62.3	%		(0.72)		(0.50)	30.6	%
Investment gains (losses), pre-tax		(0.61)		(0.38)		(0.60)		(0.45)		(0.18)	70.5	%		(2.41)		(1.19)	50.6	%


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		(2.61)		3.37		(0.53)		0.08		(0.98)	62.5	%		(0.30)		(1.46)	NM



Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax		(0.01)		—		—		—		—	100.0	%		3.37		—	-100.0	%
Other items, pre-tax (2)(3)(4)(5)(6)		(0.11)		(0.19)		(0.20)		0.42		(0.53)	NM			(1.38)		(0.35)	74.6	%
Income tax benefit (expense) related
to the above pre-tax items		1.44		(2.02)		1.57		(0.39)		(0.03)	NM			(1.16)		1.06	191.4	%
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss) (7)		0.04		—		0.03		—		—	-100.0	%		—		0.02	NM


Adjusted income (loss) from operations	$	2.06	$	1.91	$	1.60	$	2.36	$	2.04	-1.0	%	$	5.16	$	6.01	16.5	%

(continued on the next page)

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Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited

(continued from the previous page)


(1) Includes changes in MRBs of $(3.90), $7.38, $(7.59), $5.15, $1.74, $7.85 and $(0.18); changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $1.10, $(1.22), $1.57, $(3.34), $0.15, $(2.02) and $(1.68); changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $0.57, $0.67, $(0.34), $0.43, $0.22, $1.82 and $0.34 for the third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, nine months ended 2024 and nine months ended 2025, respectively.
(2) For the fourth quarter of 2024, includes certain legal accruals of $(0.09) and regulatory accruals of $(0.07) related to estimated state guaranty fund assessments net of estimated state premium tax recoveries; for the third quarter of 2025, includes certain legal accruals of $(0.05). For the nine months ended 2024, includes certain legal accruals of $(0.65) primarily related to the settlement of cost of insurance litigation. For the nine months ended 2025, includes certain legal accruals of $(0.05).
(3) Includes severance expense related to initiatives to realign the workforce of $(0.09), $(0.01), $(0.03), $(0.01), $(0.02), $(0.42) and $(0.07) in the third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, nine months ended 2024 and nine months ended 2025, respectively.
(4) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.01), $(0.01) and $(0.12) in the third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively, related to the sale of our wealth management business; $(0.10) in the second quarter of 2025 primarily related to the Bain Capital transaction; $(0.28) in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(0.11) related to Life Insurance segment persistency optimization; for the nine months ended 2024, includes $(0.23) primarily related to the sale of our wealth management business; for the nine months ended 2025, includes $(0.30) of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(0.11) related to Life Insurance segment persistency optimization, $(0.11) related to the sale of our wealth management business and $(0.10) primarily related to the Bain Capital transaction.
(5) Includes deferred compensation mark-to-market adjustment of $(0.01), $(0.01), $(0.05), $0.01, $(0.07), $(0.08) and $(0.12) in the third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, nine months ended 2024 and nine months ended 2025, respectively.
(6) Includes gains on early extinguishment of debt of $0.52 and $0.51 in the second quarter of 2025 and nine months ended 2025, respectively.
(7) In periods where net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. Due to reporting adjusted income (loss) from operations per common share on a different share basis than net income (loss) per common share, we have included an adjustment to reconcile the two metrics.

Tab le of Contents


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars, except per share data)

	For the Three Months Ended													For the Nine Months Ended

		9/30/24		12/31/24		3/31/25		6/30/25		9/30/25	Change			9/30/24		9/30/25	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	9,013	$	8,269	$	8,193	$	9,548	$	10,452	16.0	%	$	9,013	$	10,452	16.0	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(2,682)		(5,036)		(4,306)		(4,392)		(3,839)	-43.1	%		(2,682)		(3,839)	-43.1	%
Stockholders’ equity, excluding AOCI and preferred stock		10,709		12,319		11,513		12,954		13,305	24.2	%		10,709		13,305	24.2	%
Changes in MRBs		2,147		3,165		2,133		2,869		3,136	46.1	%		2,147		3,136	46.1	%
GLB and GDB hedge instruments gains (losses)		(2,763)		(3,062)		(2,993)		(3,602)		(3,706)	-34.1	%		(2,763)		(3,706)	-34.1	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(642)		(151)		(196)		(186)		(305)	52.5	%		(642)		(305)	52.5	%
Adjusted stockholders’ equity	$	11,967	$	12,367	$	12,569	$	13,873	$	14,180	18.5	%	$	11,967	$	14,180	18.5	%


Stockholders’ Equity, Average
Stockholders’ equity	$	8,481	$	8,641	$	8,231	$	8,871	$	10,000	17.9	%	$	7,816	$	9,034	15.6	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(3,526)		(3,860)		(4,671)		(4,349)		(4,116)	-16.7	%		(3,800)		(4,379)	-15.2	%
Stockholders’ equity, excluding AOCI and preferred stock		11,021		11,515		11,916		12,234		13,130	19.1	%		10,630		12,427	16.9	%
Changes in MRBs		2,410		2,656		2,649		2,501		3,002	24.6	%		2,288		2,717	18.8	%
GLB and GDB hedge instruments gains (losses)		(2,767)		(2,913)		(3,027)		(3,297)		(3,654)	-32.1	%		(2,623)		(3,326)	-26.8	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(455)		(396)		(173)		(191)		(245)	46.2	%		(462)		(203)	56.1	%
Adjusted average stockholders' equity	$	11,833	$	12,168	$	12,467	$	13,221	$	14,027	18.5	%	$	11,427	$	13,239	15.9	%


Book Value Per Common Share
Book value per share	$	46.97	$	42.60	$	41.96	$	44.91	$	49.56	5.5	%	$	46.97	$	49.56	5.5	%
Less:
AOCI		(15.70)		(29.46)		(25.08)		(23.04)		(20.10)	-28.0	%		(15.70)		(20.10)	-28.0	%
Book value per share, excluding AOCI		62.67		72.06		67.04		67.95		69.66	11.2	%		62.67		69.66	11.2	%
Less:
Changes in MRBs		12.56		18.51		12.42		15.05		16.42	30.7	%		12.56		16.42	30.7	%
GLB and GDB hedge instruments gains (losses)		(16.17)		(17.91)		(17.43)		(18.89)		(19.40)	-20.0	%		(16.17)		(19.40)	-20.0	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(3.76)		(0.88)		(1.14)		(0.98)		(1.59)	57.7	%		(3.76)		(1.59)	57.7	%
Adjusted book value per share	$	70.04	$	72.34	$	73.19	$	72.77	$	74.23	6.0	%	$	70.04	$	74.23	6.0	%

EX-99.3 4 a3q2025investorsupplemen.htm EX-99.3 a3q2025investorsupplemen

Earnings Supplement Third Quarter 2025 October 30, 2025

2 Forward-Looking Statements – Cautionary Language Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including: • Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience; • Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures; • The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations; • Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; our affiliate reinsurance arrangements; and restrictions on the payment of revenue sharing and 12b-1 distribution fees; • Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell; • The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products; • The impact of new and emerging rules, laws and regulations relating to privacy, cybersecurity and artificial intelligence that may lead to increased compliance costs, reputation risk and/or changes in business practices; • Increasing scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio; • Actions taken by reinsurers to raise rates on in-force business; • Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products; • Rapidly increasing or sustained high interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses; • The impact of the implementation of the provisions of the European Market Infrastructure Regulation relating to the regulation of derivatives transactions; • The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings; • A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefit riders, which are accounted for as market risk benefits, of our subsidiaries’ variable annuity products; • Ineffectiveness of our risk management policies and procedures, including our various hedging strategies; • A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings; • Changes in accounting principles that may affect our consolidated financial statements; • Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition; • Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, and profitability of our insurance subsidiaries and liquidity; • Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets; • Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems; • The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items; • The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives; • The adequacy and collectability of reinsurance that we have obtained; • Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance; • Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products; • The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and • The unanticipated loss of key management or wholesalers. The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release. The reporting of Risk-Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

3 1 Represents Adjusted Operating Income Available to Common Stockholders, excluding significant items. See Non-GAAP Financial Measures Appendix for definition and reconciliations. 2 Excludes the $(29M) unfavorable impact of the annual assumption review. 3 See Non-GAAP Financial Measures Appendix for definition and reconciliation. 3Q25 Scorecard Annuities Account Balances $174B Record quarter for ending account balances, net of reinsurance Adjusted Operating Income1 +13% YoY Diversified earnings mix supported profitable growth Group Protection Premium Growth +5% YoY Supported by prior-year sales and strong persistency Leverage Ratio3 -320bps YoY Equity growth drove improvement RPS Net Flows $755M Driven by strong first-year sales Life Insurance Operating Income2 $54M Continued progress in repositioning for profitability

4 • Annuities total sales of $4.5B driven by a diversified and balanced mix. • Life Insurance sales more than doubled YoY, primarily driven by executive benefits. • Retirement Plan Services achieved first-year sales of $2.4B, up almost 50% YoY. • Group Protection sales up 38% YoY, broadly diversified across segments and products. $ in millions After- tax Per share Adjusted Operating Income, ex. sig and norm. items $397 $2.04 Significant items Assumption Review Annuities $(8) $(0.04) Life $(29) $(0.15) Group Protection $39 $0.20 Total impact $2 $0.01 Normalizing item Alternative investment income compared to our 10% long-term return target $(2) (0.01) Adjusted Operating Income5 $397 $2.04 3Q25 Key Messages 1 Represents Adjusted Operating Income Available to Common Stockholders, excluding significant items. See Non-GAAP Financial Measures Appendix for definition and reconciliations. 2 Excludes the $(29M) unfavorable impact of the annual assumption review. 3 The RBC ratio is calculated as of December 31 annually, but is reported in the March statutory reporting, and as such, the ratio presented is considered an estimate based on information known at the time of reporting. 4 See Non-GAAP Financial Measures Appendix for definition and reconciliations. 5 Represents Adjusted Operating Income Available to Common Stockholders. See Non-GAAP Financial Measures Appendix for definition and reconciliation. Broadening momentum resulted in fifth consecutive quarter of YoY earnings growth • Adjusted operating income1 increased 13% YoY, supported by a diversified business mix. • Life Insurance earnings of $54M2 driven by stable mortality and higher investment income. • Annuities and Retirement Plan Services earnings reflected strong account balance growth. Significant sales growth driven by execution of targeted strategies across all businesses Maintained capital strength while executing on targeted capital deployment actions • Estimated RBC ratio3 >420%, well in excess of 20pp capital buffer above 400% target. • Leverage ratio4 improved 320bps YoY to 25.2%, driven primarily by equity growth. • Continued to scale FABN program; moved to full retention of fixed annuity business.

5 Annuities Group Protection Operating Income1 Primary Drivers Operating Income1 Primary Drivers Retirement Plan Services Life Insurance Operating Income Primary Drivers Operating Income1 Primary Drivers • Favorable life experience • LTD resolutions 3Q25 Earnings Drivers $ in millions • Favorable equity markets • Higher spread income • Favorable tax items • Traditional variable annuity outflows • Favorable equity markets • Spread expansion • Stable value outflows • Stable mortality • Higher investment income • Lower net G&A expenses $300 $318 3Q24 3Q25 $110 $110 3Q24 3Q25 $44 $46 3Q24 3Q25 $14 $54 3Q24 3Q25 1 Excludes the impact of the annual assumption review in 3Q25 of $(8)M in Annuities, $39M in Group Protection, and $(29)M in Life, and 3Q24 of $1M in Annuities, $(1)M in Group Protection, and $8M in Life.

6 $165 $164 $158 $168 $174 Key Highlights Operating Income1 ($M) Sales ($B) • Operating income1 increased 6% YoY, primarily driven by favorable equity markets, higher spread income, and favorable tax items. • Total sales of $4.5B increased 32% YoY, with spread-based products comprising more than 60% of total sales. • Account balances2 grew 5% YoY, driven by RILA growth and favorable equity markets, resulting in a record ending balance. Key Priorities Ending Account Balances2 ($B) Return on Average Account Balances1,2 • Grow our addressable market by expanding our presence in spread-based products. • Increase market competitiveness through development of new products and features. • Optimize general account to support spread expansion. 6% 6% 7% 6% 7% 20% 21% 21% 22% 22% 30% 30% 30% 29% 29% 44% 43% 42% 43% 42% 3Q24 4Q24 1Q25 2Q25 3Q25 Fixed RILA VA w/o GLBs VA w/ GLBs Annuities 0.74% 0.73% 0.71% 0.72% 0.75% 3Q24 4Q24 1Q25 2Q25 3Q25 $300 $303 $290 $287 $318 3Q24 4Q24 1Q25 2Q25 3Q25 30% 15% 23% 30% 31% 36% 35% 34% 36% 32%14% 16% 14% 11% 13%20% 34% 29% 23% 24% 3Q24 4Q24 1Q25 2Q25 3Q25 Fixed RILA VA w/o GLB VA w/ GLB $4.0 $3.4 1 Excludes $(8)M in 3Q25 and $1M in 3Q24 related to annual assumption review. 2 Net of reinsurance. $3.7 $3.8 $4.5

7 Key Highlights Operating Income1 ($M) Sales ($M) • Operating income1 in line with prior-year quarter, as favorable life experience was offset by unfavorable LTD resolutions. • Total sales up 38% YoY, driven by disciplined growth across market segments and products. • Premiums were 5% higher YoY driven by robust prior-year sales and strong persistency. Key Priorities Premiums and Margin1,2 ($M) Loss Ratios1,2 • Diversify across market segments with an emphasis on growing presence in local markets. • Expand and deepen product portfolio with a focus on growth in supplemental health. • Continued pricing discipline focused on profitable growth while investing in capabilities to improve the customer experience. $1,288 $1,274 $1,371 $1,386 $1,357 8.4% 7.4% 12.5% 8.5% 11.4% 8.1% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% $- $200 $400 $600 $800 $1,000 $1,200 $1,400 3Q24 4Q24 1Q25 2Q25 3Q25 Premiums Margin Margin, ex. Experience Refund Group Protection 43% 54% 31% 38% 40% 31% 37% 24% 30% 35%26% 9% 45% 32% 25% 3Q24 4Q24 1Q25 2Q25 3Q25 Disability Life Supp Health / Dental 72% 65% 75% 67% 65% 71% 75% 70% 67% 77% 3Q24 4Q24 1Q25 2Q25 3Q25 Life Disability $467 $84 1 Excludes $39M in 3Q25 and $(1)M in 3Q24 related to annual assumption review. 2 Excludes the after-tax impact of the $15M experience refund in 2Q25. 3 Life loss ratio includes supplemental health. 3 3Q24 4Q24 1Q25 2Q25 3Q25 Operating Income Experience Refund $110$110 $107 $101 $157 $173 $187 $116

8 Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income increased by 5% YoY, driven by favorable equity markets and spread expansion, partially offset by stable value outflows. • First-year sales of $2.4B, up almost 50% YoY; positive net flows of $755M. • Ending account balances were up 8% YoY, supported by favorable equity markets. Key Priorities Ending Account Balances ($B) Net G&A Expenses ($M) • Growth in core recordkeeping and institutional market segments through our differentiated service model. • Expand access to retirement solutions by leveraging distribution relationships and product innovation. • Increase operational and expense efficiencies to drive down our cost per participant and improve profitability. 79% 79% 79% 80% 81% 21% 21% 21% 20% 19% $114 $113 $109 $116 $123 3Q24 4Q24 1Q25 2Q25 3Q25 General Account Separate Account and Mutual Funds $44 $43 $34 $37 $46 3Q24 4Q24 1Q25 2Q25 3Q25 $81 $82 $81 $80 $80 3Q24 4Q24 1Q25 2Q25 3Q25 27% 45% 31% 32% 22% 62% 35% 44% 26% 62% 11% 20% 25% 42% 16% 3Q24 4Q24 1Q25 2Q25 3Q25 Sm. Market Mid-Large Market Stable Value/Other $1.7 $1.3 $1.1 $1.2 $2.4

9 Key Highlights Operating Income (Loss)1 ($M) Sales ($M) • Operating income1 improved by $40M YoY, driven by stable mortality, higher investment income, and lower net G&A expenses. • Total sales more than doubled YoY as focus on risk-sharing products drove growth in executive benefits and other life products. • Net G&A expenses declined 4% YoY, reflecting the benefits of improved operational efficiency. Key Priorities Net Death Benefits ($M) Net G&A Expenses ($M) • Optimize product portfolio to support pivot toward products with more stable cash flows and higher risk-adjusted returns. • Continue efforts to reduce expense base to drive cost efficiency and earnings growth. • Maintain focus on optimizing the legacy in force and increase earnings. 92% 91% 85% 80% 83% 8% 9% 15% 20% 17% 13% 8% 14% 19% 13% 19% 14% 1Q24 2Q24 3Q24 4Q24 1Q25 Underlying Earnings Alts Above Target Alts Below Target $126 $129 $119 $122 $121 3Q24 4Q24 1Q25 2Q25 3Q25 $8 $(22) $(1) $32 $56 $6 $7 $(15) $(2) 3Q24 4Q24 1Q25 2Q25 3Q25 $638 $690 $684 $621 $650 $663 $706 $610 $690 $713 3Q24 4Q24 1Q25 2Q25 3Q25 Net death benefits Death claims ceded $(15) $14 1 Excludes $(29)M in 3Q25 and $8M in 3Q24 related to annual assumption review. $(16) Life Insurance $32 85% 80% 82% 72% 33% 15% 20% 18% 28% 67% $122 $119 $97 $121 $298 3Q24 4Q24 1Q25 2Q25 3Q25 Core Executive Benefits $54

10 Key Highlights Operating Loss and Preferred Dividend ($M) Interest Expense ($M) • Operating loss modestly higher than recent trend driven by project investments. • Interest expense decreased $7M YoY, reflecting lower average outstanding debt and a decline in rates on floating rate debt. • Leverage ratio improved by 320 basis points driven by equity growth. Key Priorities Other Expenses ($M) Leverage Ratio1 • Reduce leverage ratio through continued growth in capital and opportunistic deleveraging. • Continued focus on operational efficiency, including the conclusion of Spark initiative-related projects in 2025. Other Operations ($84) ($95) ($95) ($91) ($99) ($34) ($11) ($34) ($11) ($34) 3Q24 4Q24 1Q25 2Q25 3Q25 Operating Loss Preferred Dividend $86 $83 $80 $81 $79 3Q24 4Q24 1Q25 2Q25 3Q25 28.4% 27.8% 27.5% 25.6% 25.2% 3Q24 4Q24 1Q25 2Q25 3Q25 $66 $68 $66 $56 $72 3Q24 4Q24 1Q25 2Q25 3Q25 1 See Non-GAAP Financial Measures Appendix for definition and reconciliations.

11 Investment Portfolio Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Well-diversified portfolio with 97% investment- grade-rated assets. • Achieved a 5.9% new money yield; ~130bps above the portfolio yield, driven by the rate environment and our investment strategy optimization. • Our diversified alternatives portfolio delivered a 2.5% quarterly return or 10% annualized return, essentially in-line with our long-term expectation of 10%. Key Priorities New Money Yields Alternative Investment Income ($M), Pre-Tax • Leveraging the sourcing capabilities and security selection of our multi-manager platform for portfolio construction. • Optimizing our new money strategy with focus on maintaining diversification and high quality while capitalizing on less liquid assets and structured asset class premiums. • Achieving attractive risk-adjusted alternative investment returns. 4.53% 4.55% 4.57% 4.61% 4.64% 6.4% 6.2% 6.0% 6.1% 5.9% 3Q24 4Q24 1Q25 2Q25 3Q25 Portfolio Yield New Money Yield $100 $105 $75 $101 $101 2.7% 2.8% 1.9% 2.5% 2.5% 3Q24 4Q24 1Q25 2Q25 3Q25 % Returns, Unannualized 62% 62% 62% 63% 62% 35% 35% 35% 34% 35% 3% 3% 3% 3% 3% 3Q24 4Q24 1Q25 2Q25 3Q25 NAIC 1/CM1 NAIC 2/CM2 NAIC 3-6/CM3-7 38% 38% 38% 37% 36% 18% 17% 18% 17% 17% 14% 15% 15% 16% 15% 18% 18% 18% 18% 18% 3% 3% 3% 3% 3% 9% 9% 8% 9% 11% 3Q24 4Q24 1Q25 2Q25 3Q25 Public Corps Private Corps Structured Mortgage Loans Alts Other $118 $119 $119 1 Mortgage Loans include CMLs and RMLs. 2 Other includes municipals, cash, COLI assets, common and preferred stock, sovereign government and UST/agency. $122 1 2 $126

12 Appendix

13 Investment portfolio High quality and well-diversified portfolio1 Industrial Other 2% Energy 2% Municipal 2% Communications 2% Basic Industry 2% Transportation 3% Alts 3% Technology 3% Consumer Cyclical 5% Capital Goods 4% Other2 10% Utilities 9% Consumer Non- Cyclical 10% Financials 6% Banking 4% Structured 15% CMLs 14% RMLs 4% The portfolio is well-positioned • Long-term investment strategy is tightly aligned with our liability profile and positioned for various economic cycles. • 97% investment grade, the portfolio remains high quality, providing flexibility to further add incremental yield. • Well positioned to further optimize the portfolio asset allocation given high-quality asset mix and shift toward shorter duration liabilities. $126B Average A- Rated Portfolio allocation by asset class 1 Data on slide is as of September 30, 2025. 2 Other includes cash, COLI assets, common and preferred stock, sovereign government and UST/agency. Note: All information regarding LNC’s investment portfolio in this earnings supplement excludes assets related to certain modified coinsurance and coinsurance with funds withheld transactions. The modified coinsurance and funds withheld reinsurance agreements investment portfolio has counterparty protections in place including investment guidelines, as well as additional support including trusts and letters of credit that were established to meet LNC’s risk management objectives.

14 Non-GAAP Financial Measures Appendix

15 Non-GAAP Financial Measures Non-GAAP Financial Measures Non-GAAP financial measures do not replace the most directly comparable GAAP measures. Reconciliations of the following non-GAAP financial measures to the most directly comparable GAAP financial measures or calculations of such measures, as applicable, are presented herein beginning on slide 17. Adjusted Income (Loss) From Operations Adjusted income (loss) from operations is GAAP net income (loss) excluding the effects of the following items, as applicable: • Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”); • Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance (“VUL”) hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance (“IUL”) contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”); • Credit loss-related adjustments on fixed maturity available-for-sale (“AFS”) securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”); • Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”); • Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”); • Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law; • Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance; • Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; • Income (loss) from discontinued operations; • Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and • Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances. Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

16 Non-GAAP Financial Measures, Cont’d Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income) and adjusted income (loss) from operations per diluted share available to common stockholders is helpful to investors in evaluating the company’s performance. Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results. Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals. Adjusted Stockholders' Equity Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”). Management believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure. Leverage Ratio Leverage ratio is a measure that we use to monitor the level of our debt relative to our total capitalization. Debt used in this metric reflects total debt and preferred stock adjusted for certain items. Total capitalization reflects debt used in the numerator of this ratio and stockholders' equity adjusted for certain items.

17 Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders Unaudited (millions of dollars, except per share data) For the Three Months Ended 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Net Income Net income (loss) available to common stockholders – diluted $ (562) $ 1,675 $ (756) $ 688 $ 411 Less: Preferred stock dividends declared (34) (11) (34) (11) (34) Net income (loss) (528) 1,686 (722) 699 445 Less: Net annuity product features, pre-tax (1) (381) 1,187 (1,092) 405 410 Net life insurance product features, pre-tax (125) 46 42 (58) (22) Credit loss-related adjustments, pre-tax (88) (28) (28) (25) (38) Investment gains (losses), pre-tax (105) (67) (103) (81) (35) Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax (2) (446) 587 (90) 14 (191) Gains (losses) on other non-financial assets – sale of subsidiaries/businesses, pre-tax (3) (2) — — — — Other items, pre-tax (4)(5)(6)(7)(8) (19) (32) (35) 75 (105) Income tax benefit (expense) related to the above pre-tax items 246 (350) 270 (69) (5) Total adjustments (920) 1,343 (1,036) 261 14 Adjusted income (loss) from operations 392 343 314 438 431 Add: Preferred stock dividends declared (34) (11) (34) (11) (34) Adjusted income (loss) from operations available to common stockholders $ 358 $ 332 $ 280 $ 427 $ 397 Earnings (Loss) Per Common Share – Diluted Net income (loss) (diluted) $ (3.29) $ 9.63 $ (4.41) $ 3.80 $ 2.12 Adjusted income (loss) from operations (diluted) 2.06 1.91 1.60 2.36 2.04 Refer to following slide 18 for footnotes to table.

18 Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders (continued from previous slide) Unaudited (millions of dollars) (1) Includes changes in MRBs of $(666) million, $1,282 million, $(1,302) million, $932 million and $337 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $188 million, $(212) million, $268 million, $(605) million and $30 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $97 million, $117 million, $(58) million, $78 million and $43 million for the third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025 and third quarter of 2025. (2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. (3) Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit. (4) For the fourth quarter of 2024, includes certain legal accruals of $(15) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries; for the third quarter of 2025, includes certain legal accruals of $(9) million. (5) Includes severance expense related to initiatives to realign the workforce of $(16) million, $(2) million, $(6) million, $(2) million and $(5) million in the third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025 and third quarter of 2025, respectively. (6) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(2) million, $(1) million and $(20) million in the third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively, related to the sale of our wealth management business; $(18) million in the second quarter of 2025 primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization. (7) Includes deferred compensation mark-to-market adjustment of $(1) million, $(2) million, $(9) million, $1 million and $(14) million in the third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025 and third quarter of 2025, respectively. (8) Includes gains on early extinguishment of debt of $94 million in the second quarter of 2025.

19 Reconciliation of Adjusted Income (Loss) from Operations Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders, excluding Significant Items Unaudited (millions of dollars) For the Three Months Ended 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Adjusted income from operations available to common stockholders1 $358 $332 $280 $427 $397 Less significant items: Annual assumption review (8) - - - (2) Total significant items (8) - - - (2) Adjusted income from operations available to common stockholders, excluding significant items $350 $332 $280 $427 $395 (1) See reconciliation to Net Income (Loss) Available to Common Stockholders on slide 17.

20 Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Leverage Ratio Short-term debt $ 300 $ 300 $ — $ — $ — Long-term debt 5,897 5,856 5,868 5,767 5,772 Total debt 6,197 6,156 5,868 5,767 5,772 Preferred stock 986 986 986 986 986 Total debt and preferred stock 7,183 7,142 6,854 6,753 6,758 Less: Operating debt (1) 867 868 868 868 868 Pre-funding of upcoming debt maturities 300 300 — — — 25% of capital securities and subordinated notes 302 302 302 247 247 50% of preferred stock 493 493 493 493 493 Carrying value of fair value hedges and other items 153 111 122 119 119 Total numerator $ 5,068 $ 5,068 $ 5,069 $ 5,026 $ 5,031 Adjusted stockholders’ equity (2) $ 11,967 $ 12,367 $ 12,569 $ 13,873 $ 14,180 Add: 25% of capital securities and subordinated notes 302 302 302 247 247 50% of preferred stock 493 493 493 493 493 Total numerator 5,068 5,068 5,069 5,026 5,031 Total denominator $ 17,830 $ 18,230 $ 18,433 $ 19,639 $ 19,951 Leverage ratio 28.4 % 27.8 % 27.5 % 25.6 % 25.2 % (1) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee universal life insurance and term policies. (2) See reconciliation to stockholders’ equity on slide 21.

21 Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity Unaudited (millions of dollars) As of or For the Three Months Ended 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 9,013 $ 8,269 $ 8,193 $ 9,548 $ 10,452 Less: Preferred stock 986 986 986 986 986 AOCI (2,682) (5,036) (4,306) (4,392) (3,839) Stockholders’ equity, excluding AOCI and preferred stock 10,709 12,319 11,513 12,954 13,305 Changes in MRBs 2,147 3,165 2,133 2,869 3,136 GLB and GDB hedge instruments gains (losses) (2,763) (3,062) (2,993) (3,602) (3,706) Reinsurance-related embedded derivatives and portfolio gains (losses) (642) (151) (196) (186) (305) Adjusted stockholders’ equity $ 11,967 $ 12,367 $ 12,569 $ 13,873 $ 14,180