株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549  
FORM 10-Q
(Mark One)
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2025
OR
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _________ to _________.
Commission File Number: 1-6028  
_______________________________________________________________________________________________________

LINCOLN NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________________________________  
Indiana
35-1140070
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
150 N. Radnor-Chester Road, Suite A305, Radnor, Pennsylvania
19087
(Address of principal executive offices) (Zip Code)
(484) 583-1400  
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

_____________________________________________________________________________________________________
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large Accelerated Filer
☒
 Accelerated Filer ☐
Non-accelerated Filer ☐ Smaller Reporting Company ☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐   No  ☒  

As of October 24, 2025, there were 189,939,050 shares of the registrant’s common stock outstanding.
—————————————————————————————————————————————————————




Table of Contents

Lincoln National Corporation
 
Table of Contents

Page
PART I
Item 1.
ended September 30, 2025 and 2024
ended September 30, 2025 and 2024
ended September 30, 2025 and 2024
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item1A.
Item 2.
Item 5.
Item 6.

Table of Contents

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
LINCOLN NATIONAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
As of As of
September 30, December 31,
2025 2024
(Unaudited)
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: 2025 - $98,632; 2024 - $97,415; allowance for credit losses: 2025 - $97; 2024 - $46)
 $ 90,680  $ 87,111 
Trading securities 1,853  2,025 
Equity securities 542  294 
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2025 - $230; 2024 - $232)
 22,230  21,083 
Policy loans 2,584  2,476 
Derivative investments 10,427  9,677 
Other investments 7,786  7,252 
Total investments 136,102  129,918 
Cash and invested cash 10,668  5,801 
Deferred acquisition costs, value of business acquired and deferred sales inducements 12,681  12,537 
Reinsurance recoverables, net of allowance for credit losses 28,665  28,750 
Deposit assets, net of allowance for credit losses 33,066  30,776 
Market risk benefit assets 4,694  4,860 
Accrued investment income 1,172  1,108 
Goodwill 1,144  1,144 
Other assets 7,223  7,499 
Separate account assets 179,860  168,438 
Total assets $ 415,275  $ 390,831 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances $ 133,223  $ 126,197 
Future contract benefits 41,852  39,807 
Funds withheld reinsurance liabilities 17,559  16,907 
Market risk benefit liabilities 1,190  1,046 
Deferred front-end loads 7,349  6,730 
Payables for collateral on investments 11,153  10,020 
Short-term debt –  300 
Long-term debt 5,772  5,856 
Other liabilities 6,865  7,261 
Separate account liabilities 179,860  168,438 
Total liabilities 404,823  382,562 
Contingencies and Commitments (See Note 14)
Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized:
Series C preferred stock – 20,000 shares authorized, issued and outstanding
as of September 30, 2025, and December 31, 2024
 493  493 
Series D preferred stock – 20,000 shares authorized, issued and outstanding
as of September 30, 2025, and December 31, 2024
 493  493 
Common stock – 800,000,000 shares authorized; 189,920,627 and 170,380,646 shares
issued and outstanding as of September 30, 2025, and December 31, 2024, respectively
 5,574  4,674 
Retained earnings 7,731  7,645 
Accumulated other comprehensive income (loss) (3,839) (5,036)
Total stockholders’ equity 10,452  8,269 
Total liabilities and stockholders’ equity $ 415,275  $ 390,831 
See accompanying Notes to Consolidated Financial Statements
1
Table of Contents


LINCOLN NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited, in millions, except per share data)
 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Revenues
Insurance premiums $ 1,637  $ 1,614  $ 4,995  $ 4,839 
Fee income 1,384  1,352  4,089  4,015 
Net investment income 1,544  1,416  4,478  4,104 
Realized gain (loss) (216) (431) (847) (201)
Other revenues 206  160  575  623 
Total revenues 4,555  4,111  13,290  13,380 
Expenses
Benefits 1,926  1,937  5,988  5,948 
Policyholder liability remeasurement (gain) loss 1  (50) (146) (166)
Interest credited 954  880  2,759  2,555 
Market risk benefit (gain) loss (343) 657  10  (1,386)
Commissions and other expenses 1,414  1,304  4,110  4,254 
Interest and debt expense 79  86  146  253 
Total expenses 4,031  4,814  12,867  11,458 
Income (loss) before taxes 524  (703) 423  1,922 
Federal income tax expense (benefit) 79  (175) –  334 
Net income (loss) 445  (528) 423  1,588 
Other comprehensive income (loss), net of tax:
Unrealized investment gain (loss) 820  1,688  1,671  1,248 
Market risk benefit non-performance risk gain (loss) (172) 372  (204) (289)
Policyholder liability discount rate remeasurement gain (loss) (95) (373) (270) (165)
Foreign currency translation adjustment (3) 9  11  8 
Funded status of employee benefit plans 3  (9) (11) (8)
Total other comprehensive income (loss), net of tax 553  1,687  1,197  794 
Comprehensive income (loss) $ 998  $ 1,159  $ 1,620  $ 2,382 
Net Income (Loss) Available to Common Stockholders
Net income (loss) $ 445  $ (528) $ 423  $ 1,588 
Preferred stock dividends declared (34) (34) (80) (80)
Net income (loss) available to common stockholders $ 411  $ (562) $ 343  $ 1,508 
Net Income (Loss) Per Common Share
Basic $ 2.15  $ (3.29) $ 1.90  $ 8.85 
Diluted 2.12  (3.29) 1.87  8.75 
Cash Dividends Declared Per Common Share $ 0.45  $ 0.45  $ 1.35  $ 1.35 


See accompanying Notes to Consolidated Financial Statements
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LINCOLN NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in millions)
 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Preferred Stock
Balance as of beginning-of-period $ 986  $ 986  $ 986  $ 986 
Balance as of end-of-period 986  986  986  986 
Common Stock
Balance as of beginning-of-period 5,545  4,641  4,674  4,605 
Issuance of common stock –  –  825  – 
Stock compensation/issued for benefit plans 29  19  75  55 
Balance as of end-of-period 5,574  4,660  5,574  4,660 
Retained Earnings
Balance as of beginning-of-period 7,409  6,691  7,645  4,778 
Net income (loss) 445  (528) 423  1,588 
Preferred stock dividends declared (34) (34) (80) (80)
Common stock dividends declared (89) (80) (257) (237)
Balance as of end-of-period 7,731  6,049  7,731  6,049 
Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-period (4,392) (4,369) (5,036) (3,476)
Other comprehensive income (loss), net of tax 553  1,687  1,197  794 
Balance as of end-of-period (3,839) (2,682) (3,839) (2,682)
Total stockholders’ equity as of end-of-period $ 10,452  $ 9,013  $ 10,452  $ 9,013 


See accompanying Notes to Consolidated Financial Statements
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LINCOLN NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
For the Nine
Months Ended
September 30,
2025 2024
Cash Flows from Operating Activities
Net income (loss) $ 423  $ 1,588 
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Realized (gain) loss 847  201 
Market risk benefit (gain) loss 10  (1,386)
Sales and maturities (purchases) of trading securities, net 653  225 
Early extinguishment of debt (gain) loss (94) – 
Change in:
Deferred acquisition costs, value of business acquired, deferred sales inducements
and deferred front-end loads 482  538 
Accrued investment income (48) (63)
Insurance liabilities and reinsurance-related balances (1,552) (2,921)
Accrued expenses 16  82 
Federal income tax accruals (56) 334 
Other (1,081) (827)
Net cash provided by (used in) operating activities (400) (2,229)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities (12,192) (7,685)
Sales of available-for-sale securities and equity securities 2,595  1,404 
Maturities of available-for-sale securities 8,413  6,312 
Purchases of other investments (1,556) (897)
Sales and repayments of other investments 858  258 
Issuance of mortgage loans on real estate (2,805) (3,098)
Repayment and maturities of mortgage loans on real estate 1,778  995 
Repayment (issuance) of policy loans, net (108) (34)
Net change in collateral on investments, certain derivatives and related settlements 2,801  3,756 
Cash received from disposition, net of cash transferred –  619 
Other 116  (92)
Net cash provided by (used in) investing activities (100) 1,538 
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities (300) (100)
Issuance of long-term debt, net of issuance costs –  346 
Payment related to early extinguishment of debt (421) – 
Payment related to sale-leaseback transactions (5) (12)
Proceeds from certain financing arrangements 33  53 
Payment related to certain financing arrangements (98) (103)
Policyholder account balances:
Deposits 15,394  12,312 
Withdrawals (9,256) (8,974)
Transfers from (to) separate accounts, net (490) 131 
Issuance of common stock 825  – 
Common stock issued for benefit plans 4  (4)
Dividends paid to preferred stockholders (80) (80)
Dividends paid to common stockholders (239) (230)
Net cash provided by (used in) financing activities 5,367  3,339 
Net increase (decrease) in cash, invested cash and restricted cash 4,867  2,648 
Cash, invested cash and restricted cash as of beginning-of-year 5,801  3,365 
Cash, invested cash and restricted cash as of end-of-period $ 10,668  $ 6,013 


See accompanying Notes to Consolidated Financial Statements
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LINCOLN NATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Nature of Operations and Basis of Presentation

Nature of Operations

Lincoln National Corporation and its subsidiaries (“LNC” or the “Company,” which also may be referred to as “we,” “our” or “us”) operate multiple insurance businesses through four business segments: Annuities, Life Insurance, Group Protection and Retirement Plan Services. In addition, we include financial results for operations that are not directly related to our business segments in Other Operations. The collective group of businesses uses “Lincoln Financial” as its marketing identity. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions. These products primarily include variable annuities, fixed annuities (including indexed), registered index-linked annuities (“RILA”), universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, group life, disability and dental and employer-sponsored retirement plans and services. For more information on our segments and the products and solutions we provide, see Note 16.

Basis of Presentation

The accompanying unaudited consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information contained in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”), should be read in connection with the reading of these interim unaudited consolidated financial statements.

Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in our 2024 Form 10-K.

In the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Interim results for the nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025. All material inter-company accounts and transactions have been eliminated in consolidation.

Certain amounts reported in prior period consolidated financial statements have been reclassified to conform to the presentation adopted in the current period. Effective in the third quarter of 2025, we reclassified the investments in company-owned life insurance from other assets to other investments on the Consolidated Balance Sheets and the associated income statement activity from other revenues to net investment income on the Statements of Consolidated Comprehensive Income (Loss), which had no impact to total assets, total stockholders’ equity, total net income (loss) or net cash provided by (used in) investing activities in any such prior period.

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by business segment as follows:

Business Segment
Level of Aggregation
Annuities
Variable Annuities
Fixed Annuities
Payout Annuities
Life Insurance
Traditional Life
UL and Other
Group Protection
Group Protection
Retirement Plan Services
Retirement Plan Services

The variable annuities level of aggregation includes RILA products, which are indexed variable annuities. The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company (“Protective”) and Swiss Re Life & Health America, Inc (“Swiss Re”) as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business.

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2. New Accounting Standards

Adoption of Accounting Standards

The following table provides a description of current period adoptions of Accounting Standards Updates (“ASUs”).

Standard
Description
Effective Date
Effect on Financial Statements or Other Significant Matters
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
This ASU aims to enhance reportable segment disclosure requirements. It requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), disclose and describe other segment items and report additional measures of a segment’s profit or loss if used by the CODM.
January 1, 2024 (Annual Filings) and January 1, 2025 (Quarterly Filings)
We adopted this ASU on the applicable effective dates, incorporating the required disclosures in the Segment Information Note to the consolidated financial statements, along with retrospectively updating the applicable tabular disclosures.

Future Adoption of Accounting Standards

The following table provides a description of future adoptions of ASUs that may have an impact on the consolidated financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

Standard
Description
Effective Date
Effect on Financial Statements or Other Significant Matters
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
This ASU establishes new income tax disclosure requirements, as well as adjusts certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation.
January 1, 2025 (Annual Filings)
We do not expect the adoption to have a material impact to the consolidated financial statements, including disclosures within the Federal Income Taxes Note.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)
This ASU requires disclosure of specified information about certain costs and expenses, including employee compensation, depreciation and intangible asset amortization.
 January 1, 2027
We are evaluating the impact of this ASU to the consolidated financial statements.
ASU 2025-06, Intangibles - Goodwill and Other – Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software This ASU removes all references to prescriptive and sequential software development stages (referred to as “project stages”) and requires capitalization of software costs when both of the following occur: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). January 1, 2028 We are evaluating the impact of this ASU to the consolidated financial statements.

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3. Investments

Fixed Maturity AFS Securities

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity available-for-sale (“AFS”) securities (in millions) were as follows:

As of September 30, 2025
Amortized Cost Gross Unrealized Allowance for Credit Losses Fair Value
Gains Losses
Fixed maturity AFS securities:
Corporate bonds $ 75,526  $ 862  $ 7,988  $ 49  $ 68,351 
U.S. government bonds 642  8  31  –  619 
State and municipal bonds 2,605  21  391  –  2,235 
Foreign government bonds 281  14  51  –  244 
RMBS 2,246  39  161  6  2,118 
CMBS 2,244  13  107  –  2,150 
ABS 14,846  135  234  41  14,706 
Hybrid and redeemable preferred securities 242  24  8  1  257 
Total fixed maturity AFS securities $ 98,632  $ 1,116  $ 8,971  $ 97  $ 90,680 
    

As of December 31, 2024
Amortized Cost Gross Unrealized Allowance for Credit Losses Fair Value
Gains Losses
Fixed maturity AFS securities:
Corporate bonds $ 75,556  $ 563  $ 9,655  $ 14  $ 66,450 
U.S. government bonds 429  3  41  –  391 
State and municipal bonds 2,798  18  445  –  2,371 
Foreign government bonds 282  11  56  –  237 
RMBS 2,066  24  220  7  1,863 
CMBS 1,817  4  156  –  1,665 
ABS 14,226  99  421  24  13,880 
Hybrid and redeemable preferred securities 241  25  11  1  254 
Total fixed maturity AFS securities $ 97,415  $ 747  $ 11,005  $ 46  $ 87,111 

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of September 30, 2025, were as follows:

Amortized Cost Fair Value
Due in one year or less $ 4,300  $ 4,265 
Due after one year through five years 19,455  19,178 
Due after five years through ten years 12,484  12,061 
Due after ten years 43,057  36,202 
Subtotal 79,296  71,706 
Structured securities (RMBS, CMBS, ABS) 19,336  18,974 
Total fixed maturity AFS securities $ 98,632  $ 90,680 

Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

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The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

As of September 30, 2025
Less Than or Equal
to Twelve Months		 Greater Than Twelve Months Total
Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value
Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds $ 16,303  $ 3,308  $ 32,356  $ 4,680  $ 48,659  $ 7,988 
U.S. government bonds 69  6  200  25  269  31 
State and municipal bonds 689  176  970  215  1,659  391 
Foreign government bonds 4  1  141  50  145  51 
RMBS 405  40  851  121  1,256  161 
CMBS 317  16  1,024  91  1,341  107 
ABS 1,831  35  3,623  199  5,454  234 
Hybrid and redeemable
preferred securities 16  2  63  6  79  8 
Total fixed maturity AFS securities $ 19,634  $ 3,584  $ 39,228  $ 5,387  $ 58,862  $ 8,971 
Total number of fixed maturity AFS securities in an unrealized loss position 5,999 

As of December 31, 2024
Less Than or Equal
to Twelve Months		 Greater Than Twelve Months Total
Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value
Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds $ 24,657  $ 4,054  $ 29,786  $ 5,601  $ 54,443  $ 9,655 
U.S. government bonds 86  3  224  38  310  41 
State and municipal bonds 1,087  228  760  217  1,847  445 
Foreign government bonds 32  5  118  51  150  56 
RMBS 795  76  760  144  1,555  220 
CMBS 579  50  777  106  1,356  156 
ABS 2,907  118  3,827  303  6,734  421 
Hybrid and redeemable
preferred securities 23  3  93  8  116  11 
Total fixed maturity AFS securities $ 30,166  $ 4,537  $ 36,345  $ 6,468  $ 66,511  $ 11,005 
Total number of fixed maturity AFS securities in an unrealized loss position 6,985 

(1) As of September 30, 2025, and December 31, 2024, we recognized $20 million and $23 million of gross unrealized losses, respectively, in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

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The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

As of September 30, 2025
Fair Value Gross Unrealized Losses
Number
of
Securities (1)
Less than six months $ 1,168  $ 518  185 
Six months or greater, but less than nine months 465  161  133 
Nine months or greater, but less than twelve months 750  220  192 
Twelve months or greater 5,284  2,216  907 
Total $ 7,667  $ 3,115  1,417 

As of December 31, 2024
Fair Value Gross Unrealized Losses
Number
of
Securities (1)
Less than six months $ 5,405  $ 1,621  799 
Six months or greater, but less than nine months 371  198  216 
Nine months or greater, but less than twelve months 71  28  37 
Twelve months or greater 4,440  2,218  741 
Total $ 10,287  $ 4,065  1,793 

(1) We may reflect a security in more than one aging category based on various purchase dates.

Our gross unrealized losses on fixed maturity AFS securities decreased by $2.0 billion for the nine months ended September 30, 2025. As discussed further below, we do not believe the unrealized loss position as of September 30, 2025, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of September 30, 2025, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of September 30, 2025, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.
 
Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of September 30, 2025, and December 31, 2024, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of September 30, 2025, and December 31, 2024, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $3.0 billion and $2.9 billion, respectively, and a fair value of $2.8 billion. Based upon the analysis discussed above, we believe that as of September 30, 2025, and December 31, 2024, we would have recovered the amortized cost of each corporate bond.

As of September 30, 2025, the unrealized losses associated with our mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

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As of September 30, 2025, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

Credit Loss Impairment on Fixed Maturity AFS Securities

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:

As of or For the Three Months Ended September 30, 2025
Corporate Bonds RMBS ABS Hybrids Total
Balance as of beginning-of-period $ 36  $ 5  $ 43  $ 1  $ 85 
Additions from purchases of PCD debt securities (1)
 –  –  –  –  – 
Additions for securities for which credit losses were
  not previously recognized 14  –  –  –  14 
Additions (reductions) for securities for which
credit losses were previously recognized 5  1  (1) –  5 
Reductions for disposed securities –  –  (1) –  (1)
Reductions for securities charged off (6) –  –  –  (6)
Balance as of end-of-period (2)
 $ 49  $ 6  $ 41  $ 1  $ 97 

As of or For the Nine Months Ended September 30, 2025
Corporate Bonds RMBS ABS Hybrids Total
Balance as of beginning-of-year $ 14  $ 7  $ 24  $ 1  $ 46 
Additions from purchases of PCD debt securities (1)
 –  –  –  –  – 
Additions for securities for which credit losses were
  not previously recognized 31  –  12  –  43 
Additions (reductions) for securities for which
credit losses were previously recognized 17  (1) 7  –  23 
Reductions for disposed securities –  –  (1) –  (1)
Reductions for securities charged-off (13) –  (1) –  (14)
Balance as of end-of-period (2)
 $ 49  $ 6  $ 41  $ 1  $ 97 

As of or For the Three Months Ended September 30, 2024
Corporate Bonds RMBS ABS Hybrids Total
Balance as of beginning-of-period $ 13  $ 6  $ 19  $ 1  $ 39 
Additions from purchases of PCD debt securities (1)
 –  –  –  –  – 
Additions for securities for which credit losses were
  not previously recognized 6  –  1  –  7 
Additions (reductions) for securities for which
credit losses were previously recognized 4  1  3  –  8 
Reductions for disposed securities (1) –  –  –  (1)
Reductions for securities charged off (5) –  –  –  (5)
Balance as of end-of-period (2)
 $ 17  $ 7  $ 23  $ 1  $ 48 

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As of or For the Nine Months Ended September 30, 2024
Corporate Bonds RMBS ABS Hybrids Total
Balance as of beginning-of-year $ 8  $ 6  $ 4  $ 1  $ 19 
Additions from purchases of PCD debt securities (1)
 –  –  –  –  – 
Additions for securities for which credit losses were
  not previously recognized 8  –  15  –  23 
Additions (reductions) for securities for which
credit losses were previously recognized 12  1  4  –  17 
Reductions for disposed securities –  –  –  –  – 
Reductions for securities charged-off (11) –  –  –  (11)
Balance as of end-of-period (2)
 $ 17  $ 7  $ 23  $ 1  $ 48 

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.
(2) As of September 30, 2025 and 2024, accrued investment income on fixed maturity AFS securities totaled $920 million and $927 million, respectively, and was excluded from the estimate of credit losses.

Losses from loan modifications were $3 million and less than $1 million for the three months ended September 30, 2025 and 2024, respectively, and $21 million and $3 million for the nine months ended September 30, 2025 and 2024, respectively, reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Mortgage Loans on Real Estate

The following provides the current and past due composition of our mortgage loans on real estate (in millions):

As of September 30, 2025 As of December 31, 2024
Commercial Residential Total Commercial Residential Total
Current $ 17,670  $ 4,387  $ 22,057  $ 17,567  $ 3,387  $ 20,954 
30 to 59 days past due –  69  69  6  71  77 
60 to 89 days past due –  44  44  –  33  33 
90 or more days past due 36  125  161  35  90  125 
Allowance for credit losses (97) (68) (165) (99) (53) (152)
Unamortized premium (discount) (5) 103  98  (6) 83  77 
Mark-to-market gains (losses) (1)
 (34) –  (34) (31) –  (31)
Total carrying value $ 17,570  $ 4,660  $ 22,230  $ 17,472  $ 3,611  $ 21,083 

(1) Represents the mark-to-market on certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers, and for which we have elected the fair value option. As of September 30, 2025, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $20 million, respectively. As of December 31, 2024, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $21 million, respectively. As of September 30, 2025 and December 31, 2024, there were no such mortgage loans on real estate that were more than 90 days past due and still accruing interest. For additional information, see “Fair Value Option” in Note 13.

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows, excluding certain mortgage loans on real estate that support our modified coinsurance agreements where the investment results are passed directly to the reinsurers:

As of
September 30,
 2025		 As of
December 31,
 2024
Commercial mortgage loans on real estate $ 6  $ 4 
Residential mortgage loans on real estate 128  92 
Total $ 134  $ 96 
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We use loan-to-value (“LTV”) and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:

As of September 30, 2025
LTV
Less Than 65%		 Debt-Service Coverage Ratio LTV
65% to 75%		 Debt-Service Coverage Ratio LTV
Greater Than 75%		 Debt-Service Coverage Ratio Total
Origination Year
2025 $ 916  1.59  $ 133  1.32  $ 10  1.20  $ 1,059 
2024 1,544  1.68  71  1.43  1  2.01  1,616 
2023 1,340  1.87  38  1.37  1  1.17  1,379 
2022 1,712  2.21  79  1.59  5  1.81  1,796 
2021 2,232  3.67  39  1.70  9  2.20  2,280 
2020 and prior 9,495  2.55  48  1.54  28  1.95  9,571 
Total $ 17,239  $ 408  $ 54  $ 17,701 

As of December 31, 2024
LTV
Less Than 65%		 Debt-Service Coverage Ratio LTV
65% to 75%		 Debt-Service Coverage Ratio LTV
Greater Than 75%		 Debt-Service Coverage Ratio Total
Origination Year
2024 $ 1,548  1.73  $ 83  1.41  $ –  –  $ 1,631 
2023 1,348  1.78  44  1.36  –  –  1,392 
2022 1,724  2.11  94  1.55  4  1.30  1,822 
2021 2,267  3.50  47  1.52  –  –  2,314 
2020 1,167  3.33  4  1.53  –  –  1,171 
2019 and prior 9,138  2.38  126  1.58  8  1.30  9,272 
Total $ 17,192  $ 398  $ 12  $ 17,602 

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:

As of September 30, 2025
Performing Nonperforming Total
Origination Year
2025 $ 1,156  $ –  $ 1,156 
2024 1,951  51  2,002 
2023 455  20  475 
2022 443  32  475 
2021 392  14  406 
2020 and prior 203  11  214 
Total $ 4,600  $ 128  $ 4,728 

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As of December 31, 2024
Performing Nonperforming Total
Origination Year
2024 $ 1,895  $ 14  $ 1,909 
2023 557  16  573 
2022 492  33  525 
2021 427  11  438 
2020 65  4  69 
2019 and prior 136  14  150 
Total $ 3,572  $ 92  $ 3,664 

Credit Losses on Mortgage Loans on Real Estate

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value.

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:

As of or For the Three Months Ended
September 30, 2025
Commercial Residential Total
Balance as of beginning-of-period $ 97  $ 65  $ 162 
Additions (reductions) from provision for credit loss
expense (1)
 3  3  6 
Additions from purchases of PCD mortgage loans on
real estate –  –  – 
Reductions for mortgage loans on real estate charged off (3) –  (3)
Balance as of end-of-period (2)
 $ 97  $ 68  $ 165 

As of or For the Nine Months Ended
September 30, 2025
Commercial Residential Total
Balance as of beginning-of-year $ 99  $ 53  $ 152 
Additions (reductions) from provision for credit loss
expense (1)
 1  15  16 
Additions from purchases of PCD mortgage loans on
real estate –  –  – 
Reductions for mortgage loans on real estate charged off (3) –  (3)
Balance as of end-of-period (2)
 $ 97  $ 68  $ 165 

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As of or For the Three Months Ended
September 30, 2024
Commercial Residential Total
Balance as of beginning-of-period $ 93  $ 40  $ 133 
Additions (reductions) from provision for credit loss
expense (1)
 40  7  47 
Additions from purchases of PCD mortgage loans on
real estate –  –  – 
Reductions for mortgage loans on real estate charged off (10) –  (10)
Balance as of end-of-period (2)
 $ 123  $ 47  $ 170 

As of or For the Nine Months Ended
September 30, 2024
Commercial Residential Total
Balance as of beginning-of-year $ 86  $ 28  $ 114 
Additions (reductions) from provision for credit loss
expense (1)
 47  19  66 
Additions from purchases of PCD mortgage loans on
real estate –  –  – 
Reductions for mortgage loans on real estate charged off (10) –  (10)
Balance as of end-of-period (2)
 $ 123  $ 47  $ 170 

(1) We recognized $(1) million and less than $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended September 30, 2025 and 2024, respectively, and less than $1 million and $1 million for the nine months ended September 30, 2025 and 2024, respectively.
(2) Accrued investment income on mortgage loans on real estate totaled $110 million and $89 million as of September 30, 2025 and 2024, respectively, and was excluded from the estimate of credit losses.

Alternative Investments 

As of September 30, 2025, and December 31, 2024, alternative investments included investments in 381 and 371 different partnerships, respectively, and represented approximately 3% of total investments. These amounts do not include alternative investments that support funds withheld and modified coinsurance reinsurance agreements where the investment results are passed directly to the reinsurers.

Impairments on Fixed Maturity AFS Securities

Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds $ (19) $ (9) $ (48) $ (20)
RMBS (1) (1) 1  (1)
ABS 2  (4) (18) (19)
Total credit loss benefit (expense) $ (18) $ (14) $ (65) $ (40)
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Payables for Collateral on Investments

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:

As of September 30, 2025 As of December 31, 2024
Carrying Value Fair Value Carrying Value Fair Value
Collateral payable for derivative investments (1)
 $ 8,756  $ 8,756  $ 7,213  $ 7,213 
Securities pledged under securities lending agreements (2)
 172  165  157  151 
Securities pledged under repurchase agreements (3)
 210  224  –  – 
Investments pledged for FHLB (4)
 2,015  2,758  2,650  3,657 
Total payables for collateral on investments $ 11,153  $ 11,903  $ 10,020  $ 11,021 

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.
(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.
(3) Our pledged securities under repurchase agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. This also includes payable from cash collateral received as a result of market value fluctuations on our pledged securities. The cash received in our repurchase program is typically invested in cash and invested cash or fixed maturity AFS securities.
(4) Our pledged investments for Federal Home Loan Bank (“FHLB”) are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:

For the Nine
Months Ended
September 30,
2025 2024
Collateral payable for derivative investments $ 1,543  $ 1,935 
Securities pledged under securities
lending agreements 15  (20)
Securities pledged under repurchase agreements 210  – 
Investments pledged for FHLB (635) 550 
Total increase (decrease) in payables for
collateral on investments $ 1,133  $ 2,465 

We have elected not to offset our repurchase agreements and securities lending transactions in the consolidated financial statements. The remaining contractual maturities of repurchase agreements and securities lending transactions accounted for as secured borrowings (in millions) were as follows:
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As of September 30, 2025
Overnight
 and
 Continuous		 Up to 30 Days 30-90 Days Greater Than
90 Days		 Total
Repurchase Agreements
Corporate bonds $ –  $ –  $ 207  $ –  $ 207 
Securities Lending
Corporate bonds $ 161  $ –  $ –  $ –  $ 161 
Foreign government bonds 8  –  –  –  8 
Equity securities 3  –  –  –  3 
Total gross secured borrowings $ 172  $ –  $ 207  $ –  $ 379 

As of December 31, 2024
Overnight
 and
 Continuous		 Up to 30 Days 30-90 Days Greater Than
90 Days		 Total
Securities Lending
Corporate bonds $ 144  $ –  $ –  $ –  $ 144 
U.S. government bonds 1  –  –  –  1 
Equity securities 12  –  –  –  12 
Total gross secured borrowings $ 157  $ –  $ –  $ –  $ 157 

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of September 30, 2025, we had not received any collateral and, therefore, had not sold or repledged any
collateral under these agreements.

We also accept collateral from derivative counterparties in the form of securities that we are permitted to sell or re-pledge. As of September 30, 2025, the fair value of this collateral received that we are permitted to sell or re-pledge was $1.6 billion, and we had re-pledged $593 million of this collateral to cover our collateral requirements.

Assets Pledged as Collateral

We pledge assets as collateral in connection with derivative, securities lending and repurchase agreements, our funding agreement-backed repurchase agreement (“FABR”) program, membership obligations with the FHLB and regulatory deposits. See “Payables for Collateral on Investments” above and “Funding Agreements – FABR Program” in Note 10 for additional information. Assets pledged as collateral at carrying value as reported on the Consolidated Balance Sheets were as follows:

As of September 30, 2025 As of December 31, 2024
Fixed maturity AFS securities $ 2,299  $ 1,737 
Trading securities 24  24 
Equity securities 3  12 
Mortgage loans on real estate 2,486  3,530 
Other investments 71  68 
Cash and invested cash 54  111 
Total assets pledged as collateral $ 4,937  $ 5,482 


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Investment Commitments

As of September 30, 2025, our investment commitments were $5.9 billion, which included $3.6 billion of limited partnerships (“LPs”), $1.4 billion of mortgage loans on real estate, $600 million of asset-backed variable interest entities and $353 million of private placement securities.

Concentrations of Financial Instruments

As of September 30, 2025, and December 31, 2024, our most significant investments in one issuer were our investments in securities issued by the Federal National Mortgage Association with a fair value of $966 million and $851 million, respectively, or 1% of total investments, and our investments in securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $668 million and $566 million, respectively, or less than 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

As of September 30, 2025, and December 31, 2024, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $13.8 billion and $13.4 billion, respectively, or 10% of total investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $13.1 billion and $12.9 billion, respectively, or 10% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

4. Variable Interest Entities

Consolidated VIEs

Asset information (dollars in millions) for the consolidated variable interest entities (“VIEs”) included on the Consolidated Balance Sheets was as follows:

As of September 30, 2025 As of December 31, 2024
Number of Instruments Notional Amounts Carrying Value Number of Instruments Notional Amounts Carrying Value
Assets
Total return swap 1  $ 496  $ –  1  $ 522  $ – 

There were no gains or losses for consolidated VIEs recognized on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024.

Unconsolidated VIEs

Structured Securities

Through our investment activities, we make passive investments in structured securities issued by VIEs for which we are not the manager. These structured securities include our ABS, residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). We have not provided financial or other support with respect to these VIEs other than our original investment. We have determined that we are not the primary beneficiary of these VIEs due to the relative size of our investment in comparison to the principal amount of the structured securities issued by the VIEs and the level of credit subordination that reduces our obligation to absorb losses or right to receive benefits. Our maximum exposure to loss on these structured securities is limited to the amortized cost for these investments. We recognize our variable interest in these VIEs at fair value on the Consolidated Balance Sheets. For information about these structured securities, see Note 3.

Limited Partnerships and Limited Liability Companies

We invest in certain LPs and limited liability companies (“LLCs”) that we have concluded are VIEs. Our exposure to loss is limited to the capital we invest in the LPs and LLCs. We do not hold any substantive kick-out or participation rights in the LPs and LLCs, and we do not receive any performance fees or decision maker fees from the LPs and LLCs. Based on our analysis of the LPs and LLCs, we are not the primary beneficiary of the VIEs as we do not have the power to direct the most significant activities of the LPs and LLCs. The carrying amounts of our investments in the LPs and LLCs are recognized in other investments on the Consolidated Balance Sheets and were $5.7 billion and $5.3 billion as of September 30, 2025, and December 31, 2024, respectively.

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5. Derivative Instruments

We maintain an overall risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk. We assess these risks by continually identifying and monitoring changes in our exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities.

Derivative activities are monitored by various management committees. The committees are responsible for overseeing the implementation of various hedging strategies that are developed through the analysis of financial simulation models and other internal and industry sources. The resulting hedging strategies are incorporated into our overall risk management strategies.

See Note 13 for additional disclosures related to the fair value of our derivative instruments.

Interest Rate Contracts

We use derivative instruments as part of our interest rate risk management strategy. These instruments are economic hedges unless otherwise noted and include:

Forward-Starting Interest Rate Swaps

We use forward-starting interest rate swaps to hedge the interest rate exposure within our annuity, life insurance and retirement products.

Interest Rate Cap Corridors

We use interest rate cap corridors to provide a level of protection from the effect of rising interest rates for certain annuity contracts and life insurance products. Interest rate cap corridors involve purchasing an interest rate cap at a specific cap rate and selling an interest rate cap with a higher cap rate. For each corridor, the amount of quarterly payments, if any, is determined by the rate at which the underlying index rate resets above the original capped rate. The corridor limits the benefit the purchaser can receive as the related interest rate index rises above the higher capped rate. There is no additional liability to us other than the purchase price associated with the interest rate cap corridor.

Interest Rate Futures

We use interest rate futures contracts to hedge the liability exposure on certain options in variable annuity and RILA products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

Interest Rate Swap Agreements

We use interest rate swap agreements to hedge the liability exposure on certain options in variable annuity and RILA products.

We also use interest rate swap agreements designated and qualifying as cash flow hedges to hedge the interest rate risk of floating-rate bond coupon payments on certain variable-rate long-term debt and other variable-rate bonds held by replicating a fixed-rate bond.

Finally, we use interest rate swap agreements designated and qualifying as fair value hedges to hedge against changes in the fair value of certain fixed-rate long-term debt and fixed maturity securities due to interest rate risks.

Bond Forwards and Treasury and Reverse Treasury Locks

We use treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to our issuance of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. In addition, we use bond forwards and reverse treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to the anticipated purchase of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. These derivatives are primarily structured to hedge interest rate risk inherent in the assumptions used to price certain liabilities.

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Foreign Currency Contracts

We use derivative instruments as part of our foreign currency risk management strategy. These instruments are economic hedges unless otherwise noted and include:

Currency Futures

We use currency futures to hedge foreign exchange risk associated with certain options in variable annuity products. Currency futures exchange one currency for another at a specified date in the future at a specified exchange rate.

Foreign Currency Swaps

We use foreign currency swaps to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency swap is a contractual agreement to exchange one currency for another at specified dates in the future at a specified exchange rate.

We also use foreign currency swaps designated and qualifying as cash flow and fair value hedges to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies.

Foreign Currency Forwards

We use foreign currency forwards to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency forward is a contractual agreement to exchange one currency for another at specified dates in the future at a specified current exchange rate.

Equity Market Contracts

We use derivative instruments as part of our equity market risk management strategy that are economic hedges and include:

Call Options Based on the S&P 500® Index and Other Indices

We use call options to hedge the liability exposure on certain options in variable annuity, RILA, fixed indexed annuity, IUL and VUL products.

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500 Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use call options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

Consumer Price Index Swaps

We use consumer price index swaps to hedge the liability exposure on certain options in fixed annuity products. Consumer price index swaps are contracts entered into at no cost and whose payoff is the difference between the consumer price index inflation rate and the fixed-rate determined as of inception.

Equity Futures

We use equity futures contracts to hedge the liability exposure on certain options in variable annuity and RILA products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

Put Options

We use put options to hedge the liability exposure on certain options in variable annuity, RILA and VUL products. Put options are contracts that require the buyers to pay at a specified future date the amount, if any, by which a specified equity index is less than the strike rate stated in the agreement, applied to a notional amount.

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Total Return Swaps

We use total return swaps to hedge the liability exposure on certain options in variable annuity, RILA and VUL products.

In addition, we use total return swaps to hedge a portion of the liability related to our deferred compensation plans. We receive the total return on a portfolio of indexes and pay a floating-rate of interest.

Commodity Contracts

We use commodity contracts to economically hedge certain investments that are closely tied to the changes in commodity values. The commodity contract is an over-the-counter contract that combines a purchase put/sold call to lock in a commodity price within a predetermined range in exchange for a net premium.

Credit Contracts

We use derivative instruments as part of our credit risk management strategy that are economic hedges and include:

Credit Default Swaps – Buying Protection

We use credit default swaps (“CDSs”) to hedge the liability exposure on certain options in variable annuity products.

We buy CDSs to hedge against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows us to put the bond back to the counterparty at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

CDSs – Selling Protection

We use CDSs to hedge the liability exposure on certain options in variable annuity products.

We sell CDSs to offer credit protection to policyholders and investors. The CDSs hedge the policyholders and investors against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows the investor to put the bond back to us at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

Embedded Derivatives

We have embedded derivatives that include:

RILA, Fixed Indexed Annuity and IUL Contracts Embedded Derivatives

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500® Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

Reinsurance-Related Embedded Derivatives

We have certain modified coinsurance and coinsurance with funds withheld reinsurance agreements with embedded derivatives related to the withheld assets of the related funds. These derivatives are considered total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

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Primary Risks Managed by Derivatives

We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the related credit exposure. Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:
As of September 30, 2025 As of December 31, 2024
Notional Amounts Fair Value Notional Amounts Fair Value
Asset Liability Asset Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)
 $ 1,075  $ 20  $ 3  $ 1,230  $ 156  $ 16 
Foreign currency contracts (1)
 4,919  404  134  4,738  556  44 
Total cash flow hedges 5,994  424  137  5,968  712  60 
Fair value hedges:
Interest rate contracts (1)
 1,195  1  31  1,066  10  16 
Foreign currency contracts (1)
 25  –  2  25  1  – 
Total fair value hedges 1,220  1  33  1,091  11  16 
Non-Qualifying Hedges
Interest rate contracts (1)
 84,378  80  361  75,445  63  439 
Foreign currency contracts (1)
 337  16  5  348  30  2 
Equity market contracts (1)
 277,748  16,790  6,489  191,666  13,072  3,879 
Credit contracts (1)
 1  –  –  57  –  – 
Embedded derivatives:
Reinsurance-related (2)
 –  –  354  –  –  30 
RILA, fixed indexed annuity and IUL
contracts (3)
 –  1,333  14,918  –  1,115  12,449 
Total derivative instruments $ 369,678  $ 18,644  $ 22,297  $ 274,575  $ 15,003  $ 16,875 

(1) These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements.
(2) Reported in funds withheld reinsurance liabilities on the Consolidated Balance Sheets.
(3) Reported in policyholder account balances and deposit assets on the Consolidated Balance Sheets.

The maturity of the notional amounts of derivative instruments (in millions) was as follows:

Remaining Life as of September 30, 2025
Less Than
1 Year		 1 - 5
Years		 6 - 10
Years		 11 - 30
Years		 Over 30
Years		 Total
Interest rate contracts (1)
 $ 17,128  $ 18,734  $ 23,297  $ 27,489  $ –  $ 86,648 
Foreign currency contracts (2)
 283  1,326  1,778  1,852  42  5,281 
Equity market contracts 225,171  39,756  10,793  7  2,021  277,748 
Credit contracts –  1  –  –  –  1 
Total derivative instruments with
notional amounts $ 242,582  $ 59,817  $ 35,868  $ 29,348  $ 2,063  $ 369,678 

(1) As of September 30, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was January 28, 2030.
(2) As of September 30, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.

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The following amounts (in millions) were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

Amortized Cost of the Hedged Assets (Liabilities) Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets (Liabilities)
As of
 September 30,
2025		 As of
 December 31,
2024		 As of
 September 30,
2025		 As of
 December 31,
2024
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value $ 634  $ 484  $ 27  $ 7 
Long-term debt (1)
 (697) (676) 178  199 

(1) Includes $(297) million and $(310) million of unamortized adjustments from discontinued hedges as of September 30, 2025, and December 31, 2024, respectively.

The change in our unrealized gain (loss) on derivative instruments within accumulated other comprehensive income (loss) (“AOCI”) (in millions) was as follows:

For the Nine
Months Ended
September 30,
2025 2024
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year $ 638  $ 375 
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period:
Cash flow hedges:
Interest rate contracts 43  138 
Foreign currency contracts 234  167 
Change in foreign currency exchange rate adjustment (433) (121)
Income tax benefit (expense) 33  (39)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Interest rate contracts (1)
 –  (2)
Interest rate contracts (2)
 10  20 
Foreign currency contracts (1)
 42  41 
Foreign currency contracts (3)
 2  1 
Income tax benefit (expense) (11) (13)
Balance as of end-of-period $ 472  $ 473 

(1) The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss).
(2) The OCI offset is reported within interest and debt expense on the Consolidated Statements of Comprehensive Income (Loss).
(3) The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
 
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The effects of qualifying and non-qualifying hedges (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

Gain (Loss) Recognized in Income
For the Three Months Ended September 30,
2025 2024
Realized Gain (Loss) Net Investment Income Interest and Debt Expense Realized Gain (Loss) Net Investment Income Interest and Debt Expense
Total Line Items in which the
Effects of Fair Value or Cash
Flow Hedges are Recorded $ (216) $ 1,544  $ 79  $ (431) $ 1,416  $ 86 
Qualifying Hedges
Gain or (loss) on fair value hedging
relationships:
Interest rate contracts:
Hedged items –  2  (4) –  27  (34)
Derivatives designated as hedging
instruments –  (2) 4  –  (27) 34 
Foreign currency contracts:
Hedged items –  –  –  –  1  – 
Derivatives designated as hedging
instruments –  –  –  –  (1) – 
Gain or (loss) on cash flow hedging
relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified
from AOCI into income –  (1) 2  –  (1) 5 
Foreign currency contracts:
Amount of gain or (loss) reclassified
from AOCI into income (1) 15  –  2  12  – 
Non-Qualifying Hedges
Interest rate contracts (12) –  –  370  –  – 
Foreign currency contracts –  –  –  (1) –  – 
Equity market contracts 2,574  –  –  1,108  –  – 
Embedded derivatives:
Reinsurance-related (213) –  –  (513) –  – 
RILA, fixed indexed annuity and IUL
contracts (1,628) –  –  (707) –  – 

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Gain (Loss) Recognized in Income
For the Nine Months Ended September 30,
2025 2024
Realized Gain (Loss) Net Investment Income Interest and Debt Expense Realized Gain (Loss) Net Investment Income Interest and Debt Expense
Total Line Items in which the
Effects of Fair Value or Cash
Flow Hedges are Recorded $ (847) $ 4,478  $ 146  $ (201) $ 4,104  $ 253 
Qualifying Hedges
Gain or (loss) on fair value hedging
relationships:
Interest rate contracts:
Hedged items –  16  (21) –  3  (11)
Derivatives designated as hedging
instruments –  (16) 21  –  (3) 11 
Foreign currency contracts:
Hedged items –  3  –  –  –  – 
Derivatives designated as hedging
instruments –  (3) –  –  –  – 
Gain or (loss) on cash flow hedging
relationships:
Interest rate contracts:
Amount of gain or (loss) reclassified
from AOCI into income –  –  10  –  (2) 20 
Foreign currency contracts:
Amount of gain or (loss) reclassified
from AOCI into income 2  42  –  1  41  – 
Non-Qualifying Hedges
Interest rate contracts 86  –  –  93  –  – 
Foreign currency contracts (5) –  –  (1) –  – 
Equity market contracts 2,504  –  –  4,060  –  – 
Credit contracts 2  –  –  –  –  – 
Embedded derivatives:
Reinsurance-related (324) –  –  (116) –  – 
RILA, fixed indexed annuity and IUL
contracts (2,048) –  –  (2,677) –  – 

As of September 30, 2025, $62 million of the deferred net gains (losses) on derivative instruments in AOCI were expected to be reclassified to earnings during the next 12 months. This reclassification would be due primarily to interest rate variances related to our interest rate swap agreements.

For the nine months ended September 30, 2025 and 2024, there were no material reclassifications to earnings due to hedged firm commitments no longer deemed probable or due to hedged forecasted transactions that had not occurred by the end of the originally specified time period.
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Information related to our CDSs for which we are the seller (dollars in millions) was as follows:

As of September 30, 2025
Maturity Reason for Entering Name of Recourse
Credit Rating of Underlying Obligation (1)
 Number of Instruments
Fair Value (2)
 Maximum Potential Payout
Credit Contract Type
Basket CDSs 6/20/2030
(3)
(4)
 BBB+ 1 $ –  $ 1 

(1)    Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings.
(2)    Third-party valuation specialists are used to determine the market value of our CDSs.
(3)    CDSs were entered into in order to hedge the liability exposure on certain variable annuity products.
(4)    Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract.

As of December 31, 2024, we did not have any exposure related to CDSs for which we are the seller.

Details underlying the associated collateral of our CDSs for which we are the seller if credit risk-related contingent features were triggered (in millions) were as follows:

As of
 September 30,
2025		 As of
 December 31,
2024
Maximum potential payout $ 1  $ – 
Less: Counterparty thresholds –  – 
Maximum collateral potentially required to post $ 1  $ – 

Certain of our CDS agreements contain contractual provisions that allow for the netting of collateral with our counterparties related to all of our collateralized financing transactions that we have outstanding. If these netting agreements were not in place, our counterparties would have been required to post less than $1 million of collateral as of September 30, 2025.

Credit Risk

We are exposed to credit losses in the event of non-performance by our counterparties on various derivative contracts and reflect assumptions regarding the credit or non-performance risk. The non-performance risk is based upon assumptions for each counterparty’s credit spread over the estimated weighted average life of the counterparty exposure, less collateral held. As of September 30, 2025, the non-performance risk adjustment was zero. The credit risk associated with such agreements is minimized by entering into agreements with financial institutions with long-standing, superior performance records. Additionally, we maintain a policy of requiring derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement. We are required to maintain minimum ratings as a matter of routine practice in negotiating ISDA agreements. Under nearly all of our ISDA agreements, our insurance subsidiaries have agreed to maintain certain financial strength ratings. A downgrade below these levels could result in termination of derivative contracts, at which time any amounts payable by us would be dependent on the market value of the underlying derivative contracts. In certain transactions, we and the counterparty have entered into a credit support annex requiring either party to post collateral when net exposures exceed pre-determined thresholds. These thresholds vary by counterparty and credit rating. The amount of such exposure is essentially the net replacement cost or market value less collateral held for such agreements with each counterparty if the net market value is in our favor. We did not have any exposure as of September 30, 2025, or December 31, 2024.

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The amounts recognized (in millions) by S&P credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows:

As of September 30, 2025 As of December 31, 2024
Collateral
Posted by
Counterparty		 Collateral
Posted to
Counterparty		 Collateral Posted by Counterparty Collateral Posted to Counterparty
S&P Credit Rating of Counterparty
AA- $ 3,379  $ (5) $ 4,043  $ (21)
A+ 4,606  (48) 2,460  (89)
A 70  –  47  – 
A- 672  –  632  – 
Total cash collateral $ 8,727  $ (53) $ 7,182  $ (110)

Balance Sheet Offsetting

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:

As of September 30, 2025
Derivative
Instruments		 Embedded
Derivative
Instruments		 Total
Financial Assets
Gross amount of recognized assets $ 17,243  $ 1,333  $ 18,576 
Gross amounts offset (6,816) –  (6,816)
Net amount of assets 10,427  1,333  11,760 
Gross amounts not offset:
Cash collateral (8,727) –  (8,727)
Non-cash collateral (1)
 (1,700) –  (1,700)
Net amount $ –  $ 1,333  $ 1,333 
Financial Liabilities
Gross amount of recognized liabilities $ 232  $ 15,272  $ 15,504 
Gross amounts offset (91) –  (91)
Net amount of liabilities 141  15,272  15,413 
Gross amounts not offset:
Cash collateral (53) –  (53)
Non-cash collateral
 (35) –  (35)
Net amount $ 53  $ 15,272  $ 15,325 

(1) Excludes excess non-cash collateral received of $1.2 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.
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As of December 31, 2024
Derivative
Instruments		 Embedded
Derivative
Instruments		 Total
Financial Assets
Gross amount of recognized assets $ 13,483  $ 1,115  $ 14,598 
Gross amounts offset (3,806) –  (3,806)
Net amount of assets 9,677  1,115  10,792 
Gross amounts not offset:
Cash collateral
(7,182) –  (7,182)
Non-cash collateral (1)
 (2,495) –  (2,495)
Net amount $ –  $ 1,115  $ 1,115 
Financial Liabilities
Gross amount of recognized liabilities $ 617  $ 12,479  $ 13,096 
Gross amounts offset (432) –  (432)
Net amount of liabilities 185  12,479  12,664 
Gross amounts not offset:
Cash collateral
(110) –  (110)
Non-cash collateral (2)
 (75) –  (75)
Net amount $ –  $ 12,479  $ 12,479 

(1) Excludes excess non-cash collateral received of $817 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.
(2) Excludes excess non-cash collateral pledged of $39 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

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6. DAC, VOBA, DSI and DFEL

The following table reconciles deferred acquisition costs (“DAC”), value of business acquired (“VOBA”) and deferred sales inducements (“DSI”) (in millions) to the Consolidated Balance Sheets:

As of
September 30, 		As of
December 31,
2025 2024
DAC, VOBA and DSI
Variable Annuities $ 4,054  $ 3,964 
Fixed Annuities 434  423 
Traditional Life 1,323  1,370 
UL and Other 6,372  6,318 
Group Protection 191  178 
Retirement Plan Services 300  284 
Other Operations 7  – 
Total DAC, VOBA and DSI $ 12,681  $ 12,537 

The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:

As of
September 30, 		As of
December 31,
2025 2024
DFEL
Variable Annuities $ 266  $ 273 
UL and Other 7,027  6,406 
Other Operations (1)
 56  51 
Total DFEL $ 7,349  $ 6,730 

(1) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $56 million and $51 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of September 30, 2025, and December 31, 2024, respectively.

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The following tables summarize the changes in DAC (in millions):

As of or For the Nine Months Ended September 30, 2025
Variable
Annuities		 Fixed
Annuities		 Traditional
Life		 UL and
Other		 Group Protection Retirement
Plan
Services
Balance as of beginning-of-year $ 3,851  $ 394  $ 1,335  $ 5,916  $ 178  $ 242 
Deferrals 404  60  66  321  103  14 
Amortization (307) (47) (107) (238) (90) (14)
Balance as of end-of-period $ 3,948  $ 407  $ 1,294  $ 5,999  $ 191  $ 242 

As of or For the Nine Months Ended September 30, 2024
Variable
Annuities		 Fixed
Annuities		 Traditional
Life		 UL and
Other		 Group Protection Retirement
Plan
Services
Balance as of beginning-of-year $ 3,751  $ 421  $ 1,376  $ 5,791  $ 154  $ 239 
Deferrals 307  35  85  320  100  15 
Amortization (262) (55) (111) (231) (81) (14)
Balance as of end-of-period $ 3,796  $ 401  $ 1,350  $ 5,880  $ 173  $ 240 

DAC amortization expense of $277 million and $803 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025, respectively, and $253 million and $754 million, respectively, was recorded for the corresponding periods in 2024.

The following tables summarize the changes in VOBA (in millions):

As of or For the Nine Months Ended
September 30, 2025
Fixed
Annuities		 Traditional
Life		 UL and
Other
Balance as of beginning-of-year $ 13  $ 35  $ 375 
Amortization (1) (6) (28)
Balance as of end-of-period $ 12  $ 29  $ 347 

As of or For the Nine Months Ended
September 30, 2024
Fixed
Annuities		 Traditional
Life		 UL and
Other
Balance as of beginning-of-year $ 15  $ 42  $ 413 
Deferrals –  –  1 
Amortization (2) (6) (29)
Balance as of end-of-period $ 13  $ 36  $ 385 

VOBA amortization expense of $12 million and $35 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025, respectively, and $12 million and $37 million, respectively, was recorded for the corresponding periods in 2024. No additions or write-offs were recorded for each respective period.

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The following tables summarize the changes in DSI (in millions):

As of or For the Nine Months Ended
September 30, 2025
Variable
Annuities		 Fixed
Annuities		 UL and
Other		 Retirement
Plan
Services
Balance as of beginning-of-year $ 113  $ 16  $ 27  $ 42 
Deferrals 1  –  –  17 
Amortization (8) (1) (1) (1)
Balance as of end-of-period $ 106  $ 15  $ 26  $ 58 

As of or For the Nine Months Ended
September 30, 2024
Variable
Annuities		 Fixed
Annuities		 UL and
Other		 Retirement
Plan
Services
Balance as of beginning-of-year $ 122  $ 19  $ 28  $ 26 
Deferrals 1  –  1  17 
Amortization (8) (2) (2) (1)
Balance as of end-of-period $ 115  $ 17  $ 27  $ 42 
 
DSI amortization expense of $4 million and $11 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025, respectively, and $4 million and $13 million, respectively, was recorded for the corresponding periods in 2024.

The following tables summarize the changes in DFEL (in millions):

As of or For the Nine
Months Ended
September 30, 2025		 As of or For the Nine
Months Ended
September 30, 2024
Variable
Annuities		 UL and
Other		 Variable
Annuities		 UL and
Other
Balance as of beginning-of-year $ 273  $ 6,406  $ 278  $ 5,579 
Deferrals 11  890  14  826 
Amortization (18) (269) (18) (212)
Balance as of end-of-period 266  7,027  274  6,193 
Less: Ceded DFEL –  229  –  257 
Balance as of end-of-period, net of reinsurance $ 266  $ 6,798  $ 274  $ 5,936 

DFEL amortization of $92 million and $287 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025, respectively, and $79 million and $230 million, respectively, was recorded for the corresponding periods in 2024.

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7. Reinsurance

Fortitude Re

Effective October 1, 2023, we entered into two reinsurance agreements with Fortitude Reinsurance Company Ltd. (“Fortitude Re”), an authorized Bermuda reinsurer with reciprocal jurisdiction reinsurer status in Indiana, to reinsure certain blocks of in-force UL with secondary guarantees (“ULSG”), MoneyGuard® and fixed annuity products, including group pension annuities. Fortitude Re represents our largest reinsurance exposure as of September 30, 2025, and December 31, 2024.

The first agreement was structured as a coinsurance treaty between us and Fortitude Re for the ULSG and fixed annuities blocks. As significant insurance risk was transferred for ULSG products and life-contingent annuities, amounts recoverable from Fortitude Re were $10.6 billion as of September 30, 2025, and December 31, 2024. We reported a deferred loss on the transaction of $2.5 billion and $2.6 billion as of September 30, 2025, and December 31, 2024, respectively. We amortized $23 million and $69 million of the deferred loss during the three and nine months ended September 30, 2025, respectively, and $23 million and $67 million for the three and nine months ended September 30, 2024, respectively. Annuities that are not life-contingent do not contain significant insurance risk; therefore, we reported deposit assets for these contracts of $2.5 billion and $3.0 billion as of September 30, 2025, and December 31, 2024, respectively.

The second agreement was structured as coinsurance with funds withheld for the MoneyGuard block; however, as we retained significant insurance risk under the agreement, we reported deposit assets of $8.4 billion and $8.1 billion as of September 30, 2025, and December 31, 2024, respectively. In this coinsurance with funds withheld reinsurance agreement, we as the ceding company withhold, and therefore retain, the assets backing the deposit assets. We held investments with a carrying value of $9.1 billion and $9.3 billion in support of reserves associated with the Fortitude Re transaction in a funds withheld arrangement as of September 30, 2025, and December 31, 2024, respectively, which consisted of the following (in millions):

As of
September 30, 		As of
December 31,
2025 2024
Fixed maturity AFS securities $ 7,607  $ 7,764 
Derivative investments 25  30 
Other investments 1,392  1,419 
Cash and invested cash 10  28 
Accrued investment income 91  96 
Other assets 1  – 
Total $ 9,126  $ 9,337 

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8. MRBs

The following table reconciles market risk benefits (“MRBs”) (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:

As of September 30, 2025 As of December 31, 2024
Assets Liabilities Net (Assets) Liabilities Assets Liabilities Net (Assets) Liabilities
Variable Annuities $ 4,595  $ 1,013  $ (3,582) $ 4,737  $ 933  $ (3,804)
Fixed Annuities 53  174  121  78  110  32 
Retirement Plan Services 46  3  (43) 45  3  (42)
Total MRBs $ 4,694  $ 1,190  $ (3,504) $ 4,860  $ 1,046  $ (3,814)

The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):

As of or For the Nine
Months Ended
September 30, 2025		 As of or For the Nine
Months Ended
September 30, 2024
Variable Annuities Fixed Annuities Retirement Plan Services Variable Annuities Fixed Annuities Retirement Plan Services
Balance as of beginning-of-year $ (3,804) $ 32  $ (42) $ (2,180) $ 32  $ (30)
Less: Effect of cumulative changes in
non-performance risk (153) (33) –  (1,299) (58) (4)
Balance as of beginning-of-year, before the effect
of changes in non-performance risk (3,651) 65  (42) (881) 90  (26)
Issuances 12  –  –  6  –  – 
Attributed fees collected 1,105  23  5  1,143  24  4 
Benefit payments (20) –  –  (29) –  – 
Effect of changes in interest rates 75  38  (3) (101) 8  (6)
Effect of changes in equity markets (1,667) (6) (6) (2,347) (16) (8)
Effect of changes in equity index volatility 36  7  –  (65) (4) – 
In-force updates and other changes in MRBs (1)
 367  19  3  69  3  6 
Effect of assumption review:
Effect of changes in future expected
policyholder behavior 37  15  (1) 7  11  – 
Effect of changes in other future expected
assumptions (2)
10  –  1  (199) 18  (6)
Balance as of end-of-period, before the effect of
changes in non-performance risk (3,696) 161  (43) (2,397) 134  (36)
Effect of cumulative changes in
non-performance risk 114  (40) –  (930) (60) (4)
Balance as of end-of-period (3,582) 121  (43) (3,327) 74  (40)
Less: Ceded MRB assets (liabilities) (347) –  –  (340) –  – 
Balance as of end-of-period, net of reinsurance $ (3,235) $ 121  $ (43) $ (2,987) $ 74  $ (40)
Weighted-average age of policyholders (years) 73 70 63 72 69 63
Net amount at risk (3)
 $ 1,442  $ 288  $ 2  $ 1,544  $ 231  $ 3 

(1)     Consists primarily of changes in MRB assets and liabilities due to the impact of changes in actual to expected policyholder behavior and aggregation impacts related to fund performance and other assumptions.
(2)     Consists primarily of the update of fund mapping, volatility and other capital market assumptions.
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(3)     Net amount at risk (“NAR”) is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For guaranteed living benefits (“GLBs”), the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

Effect of Annual Assumption Review

For the nine months ended September 30, 2025, Variable Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review driven by updates to policyholder behavior and capital market assumptions and other items, partially offset by model enhancements and updates to separate account fee assumptions. For the nine months ended September 30, 2025, Fixed Annuities and Retirement Plan Services did not have any significant assumption updates.

For the nine months ended September 30, 2024, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to capital market assumptions. For the nine months ended September 30, 2024, Fixed Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to policyholder GLB utilization assumptions. Retirement Plan Services did not have any significant assumption updates.

See “MRBs” in Note 13 for details related to our fair value judgments, assumptions, inputs and valuation methodology.

9. Separate Accounts

The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

As of
September 30, 		As of
December 31,
2025 2024
Mutual funds and collective investment trusts:
Equity funds:
Domestic $ 84,324  $ 77,740 
International 17,986  16,282 
Other equity funds 1,498  1,403 
Balanced funds 46,769  45,683 
Bond funds 24,046  23,399 
Money market funds 2,053  1,931 
Other funds 1,474  1,321 
Exchange-traded funds 330  336 
Fixed maturity AFS securities 168  161 
Cash and invested cash 6  12 
Other investments 1,206  170 
Total separate account assets $ 179,860  $ 168,438 

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

As of
September 30, 		As of
December 31,
2025 2024
Variable Annuities $ 123,428  $ 117,998 
UL and Other 33,252  28,841 
Retirement Plan Services 23,119  21,541 
Other Operations (1)
 61  58 
Total separate account liabilities $ 179,860  $ 168,438 

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(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($52 million and $49 million as of September 30, 2025, and December 31, 2024, respectively) that are excluded from the following tables.

The following table summarizes the balances of and changes in separate account liabilities (in millions):

As of or For the Nine
Months Ended
September 30, 2025		 As of or For the Nine
Months Ended
September 30, 2024
Variable Annuities UL and Other Retirement Plan Services Variable Annuities UL and Other Retirement Plan Services
Balance as of beginning-of-year $ 117,998  $ 28,841  $ 21,541  $ 113,356  $ 25,150  $ 19,699 
Gross deposits 4,392  2,183  1,755  3,002  1,058  1,751 
Withdrawals (11,949) (712) (2,730) (10,190) (347) (2,382)
Policyholder assessments (1,972) (745) (138) (1,970) (742) (134)
Change in market performance 13,445  3,819  2,751  15,664  3,945  3,065 
Net transfers from (to) general account 1,514  (134) (60) 608  (143) 34 
Balance as of end-of-period $ 123,428  $ 33,252  $ 23,119  $ 120,470  $ 28,921  $ 22,033 
Cash surrender value $ 122,028  $ 30,837  $ 23,105  $ 119,106  $ 26,498  $ 22,018 

10. Policyholder Account Balances

The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:

  As of
September 30, 		As of
December 31,
2025 2024
Variable Annuities $ 39,165 $ 35,267
Fixed Annuities 27,874 25,963
UL and Other 36,008 36,599
Retirement Plan Services 23,852 23,619
Other (1)
 6,324 4,749
Total policyholder account balances $ 133,223 $ 126,197

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.1 billion and $4.4 billion as of September 30, 2025, and December 31, 2024, respectively) and funding agreements ($1.9 billion and none as of September 30, 2025, and December 31, 2024, respectively).
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The following table summarizes the balances and changes in policyholder account balances (in millions):

As of or For the Nine Months Ended September 30, 2025
Variable Annuities Fixed Annuities UL and
Other		 Retirement
Plan
Services
Balance as of beginning-of-year $ 35,267  $ 25,963  $ 36,599  $ 23,619 
Gross deposits 4,431  3,470  2,564  3,011 
Withdrawals (1,917) (2,408) (1,174) (3,720)
Policyholder assessments (2) (44) (3,320) (13)
Net transfers from (to) separate account (1,050) –  134  426 
Interest credited 615  675  1,083  529 
Change in fair value of embedded derivative
instruments and other 1,821  218  122  – 
Balance as of end-of-period $ 39,165 $ 27,874 $ 36,008 $ 23,852
Weighted-average crediting rate 2.3% 3.4% 4.0% 3.0%
Net amount at risk (1)(2)
 $ 1,442 $ 288 $ 292,154 $ 2
Cash surrender value 37,857 26,625 32,341 23,815

As of or For the Nine Months Ended September 30, 2024
Variable Annuities Fixed Annuities UL and
Other		 Retirement
Plan
Services
Balance as of beginning-of-year $ 29,141 $ 25,355 $ 37,180 $ 23,784
Gross deposits 3,391 3,663 2,641 2,580
Withdrawals (726) (3,724) (1,122) (3,370)
Policyholder assessments (1) (45) (3,383) (10)
Net transfers from (to) separate account (241) – 143 230
Interest credited 506 593 1,109 513
Change in fair value of embedded derivative
instruments and other 2,274 517 124 –
Balance as of end-of-period $ 34,344 $ 26,359 $ 36,692 $ 23,727
Weighted-average crediting rate 2.1  % 3.1  % 4.0  % 2.9  %
Net amount at risk (1)(2)
 $ 1,544 $ 231 $ 298,334 $ 3
Cash surrender value 33,107 25,236 32,982 23,697

(1) NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.
(2) Calculation is based on total account balances and includes both policyholder account balances and separate account balances.

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The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums:

As of September 30, 2025
At
Guaranteed
Minimum		 1-50
Basis
Points
Above		 51-100
Basis
Points
Above		 101-150
Basis
Points
Above		 Greater
Than 150
Basis
Points
Above		 Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%
 $ – $ – $ – $ – $ – $ –
1.01% - 2.00%
3 – – – 7 10
2.01% - 3.00%
 472 – – – – 472
3.01% - 4.00%
 1,144 – – – – 1,144
4.01% and above
 7 – – – – 7
Other (1)
 – – – – – 37,532
 Total $ 1,626 $ – $ – $ – $ 7 $ 39,165
Fixed Annuities
Up to 1.00%
 $ 97 $ 853 $ 397 $ 168 $ 2,227 $ 3,742
1.01% - 2.00%
 206 202 114 106 7,555 8,183
2.01% - 3.00%
 1,304 131 1 2 53 1,491
3.01% - 4.00%
 849 – – – – 849
4.01% and above
 160 – – – – 160
Other (1)
 – – – – – 13,449
 Total $ 2,616 $ 1,186 $ 512 $ 276 $ 9,835 $ 27,874
UL and Other
Up to 1.00%
 $ 272 $ – $ 229 $ 76 $ 586 $ 1,163
1.01% - 2.00%
 529 – 6 – 2,798 3,333
2.01% - 3.00%
 6,503 8 145 – – 6,656
3.01% - 4.00%
 14,406 – 1 – – 14,407
4.01% and above
 3,447 – – – – 3,447
Other (1)
 – – – – – 7,002
 Total $ 25,157 $ 8 $ 381 $ 76 $ 3,384 $ 36,008
Retirement Plan Services
Up to 1.00%
 $ 613 $ 409 $ 626 $ 3,365 $ 6,657 $ 11,670
1.01% - 2.00%
 480 960 1,847 507 525 4,319
2.01% - 3.00%
 1,707 527 1 3 – 2,238
3.01% - 4.00%
 3,961 100 7 11 – 4,079
4.01% and above
 1,546 – – – – 1,546
 Total $ 8,307 $ 1,996 $ 2,481 $ 3,886 $ 7,182 $ 23,852
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As of September 30, 2024
At
Guaranteed
Minimum		 1-50
Basis
Points
Above		 51-100
Basis
Points
Above		 101-150
Basis
Points
Above		 Greater
Than 150
Basis
Points
Above		 Total
Range of Guaranteed
Minimum Crediting Rate
Variable Annuities
Up to 1.00%
 $ – $ – $ – $ – $ – $ –
1.01% - 2.00%
 3 – – – 7 10
2.01% - 3.00%
 523 – – – – 523
3.01% - 4.00%
 1,257 – – – – 1,257
4.01% and above
 8 – – – – 8
Other (1)
 – – – – – 32,546
 Total $ 1,791 $ – $ – $ – $ 7 $ 34,344
Fixed Annuities
Up to 1.00%
 $ 436 $ 730 $ 620 $ 373 $ 2,381 $ 4,540
1.01% - 2.00%
 253 145 200 239 4,685 5,522
2.01% - 3.00%
 1,649 38 6 2 33 1,728
3.01% - 4.00%
 1,312 – – – – 1,312
4.01% and above
 170 – – – – 170
Other (1)
 – – – – – 13,087
 Total $ 3,820 $ 913 $ 826 $ 614 $ 7,099 $ 26,359
UL and Other
Up to 1.00%
 $ 261 $ – $ 222 $ 121 $ 52 $ 656
1.01% - 2.00%
553 – – – 3,161 3,714
2.01% - 3.00%
 6,651 10 151 – – 6,812
3.01% - 4.00%
 15,426 – 1 – – 15,427
4.01% and above
 3,582 – – – – 3,582
Other (1)
 – – – – – 6,501
 Total $ 26,473 $ 10 $ 374 $ 121 $ 3,213 $ 36,692
Retirement Plan Services
Up to 1.00%
 $ 515 $ 287 $ 731 $ 3,417 $ 5,277 $ 10,227
1.01% - 2.00%
470 1,028 1,947 990 503 4,938
2.01% - 3.00%
 2,253 112 1 1 – 2,367
3.01% - 4.00%
 4,493 85 6 8 – 4,592
4.01% and above
 1,603 – – – – 1,603
 Total $ 9,334 $ 1,512 $ 2,685 $ 4,416 $ 5,780 $ 23,727

(1) Consists of indexed account balances that include the fair value of embedded derivative instruments, non-life contingent payout annuity account balances, short-term dollar cost averaging annuities business and policy loans.

Funding Agreements

Funding agreements, which are discussed below, are reported in policyholder account balances on the Consolidated Balance Sheets, and the associated interest is reported within interest credited on the Consolidated Statements of Comprehensive Income (Loss).

Funding Agreement-Backed Notes Program

The Lincoln National Life Insurance Company (“LNL”) established a $5.0 billion funding agreement-backed notes (“FABN”) program in 2024 pursuant to which LNL may issue unsecured funding agreements to an unaffiliated and unconsolidated special purpose statutory trust (the “Trust”) that will then issue medium-term notes for which payment of interest and principal is secured by such funding agreement.
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We had funding agreements issued under the program totaling $1.5 billion as of September 30, 2025, compared to none as of December 31, 2024.

FABR Program

During the third quarter of 2025, LNL issued a $400 million secured funding agreement under our FABR program that is secured by a portfolio of assets pledged to the special-purpose entity. Our FABR program involves an unaffiliated and unconsolidated special-purpose entity that enters into a repurchase agreement with a third party, the proceeds of which are used by a special-purpose entity to purchase funding agreements from LNL. See “Assets Pledged as Collateral” in Note 3 for information on pledged assets.

11. Future Contract Benefits

The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

As of
September 30, 		As of
December 31,
2025 2024
Payout Annuities (1)
 $ 2,052  $ 2,009 
Traditional Life (1)
 3,742  3,774 
Group Protection (2)
 5,794  5,628 
UL and Other (3)
 17,637  16,062 
Other Operations (4)
 9,268  9,070 
Other (5)
 3,359  3,264 
Total future contract benefits $ 41,852  $ 39,807 

(1) See “Liability for Future Policy Benefits” below for further information.
(2) See “Liability for Future Claims” below for further information.
(3) See “Additional Liabilities for Other Insurance Benefits” below for further information.
(4) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($5.4 billion as of September 30, 2025, and December 31, 2024) and Swiss Re ($2.0 billion and $1.8 billion as of September 30, 2025, and December 31, 2024, respectively) that are excluded from the following tables.
(5) Represents other miscellaneous reserves that are not representative of long-duration contracts, primarily related to participating traditional life insurance contracts and incurred but not reported and in course of settlement life insurance liabilities, and are excluded from the following tables.

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Liability for Future Policy Benefits

The liability for future policy benefits represents reserves associated with our limited payment life-contingent annuities and non-participating traditional life insurance contracts (i.e., term insurance). The reserve is the net of present value of expected future policy benefits less present value of expected net premiums as summarized in the following table (in millions, except years):

As of or For the Nine
Months Ended
September 30, 2025		 As of or For the Nine
Months Ended
September 30, 2024
Payout Annuities Traditional Life Payout Annuities Traditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year $ –  $ 5,873  $ –  $ 6,200 
Less: Effect of cumulative changes in discount
rate assumptions –  (275) –  (148)
Beginning balance at original discount rate –  6,148  –  6,348 
Effect of changes in cash flow assumptions (1)
 –  (405) –  28 
Effect of actual variances from expected experience (2)
 –  (53) –  (59)
Adjusted balance as of beginning-of-year –  5,690  –  6,317 
Issuances –  213  –  289 
Interest accrual –  181  –  188 
Net premiums collected –  (564) –  (596)
Flooring impact of LFPB –  (8) –  1 
Ending balance at original discount rate –  5,512  –  6,199 
Effect of cumulative changes in discount
rate assumptions –  (81) –  (19)
Balance as of end-of-period $ –  $ 5,431  $ –  $ 6,180 
Present Value of Expected Future Policy Benefits
Balance as of beginning-of-year $ 2,009  $ 9,647  $ 2,085  $ 10,041 
Less: Effect of cumulative changes in discount
rate assumptions (251) (438) (187) (189)
Beginning balance at original discount rate (3)
 2,260  10,085  2,272  10,230 
Effect of changes in cash flow assumptions (1)
 (8) (573) –  (68)
Effect of actual variances from expected experience (2)
 (11) (48) 3  (70)
Adjusted balance as of beginning-of-year 2,241  9,464  2,275  10,092 
Issuances 72  213  78  289 
Interest accrual 66  292  65  299 
Benefit payments (150) (677) (152) (576)
Ending balance at original discount rate (3)
 2,229  9,292  2,266  10,104 
Effect of cumulative changes in discount
rate assumptions (177) (119) (147) 14 
Balance as of end-of-period $ 2,052  $ 9,173  $ 2,119  $ 10,118 
Net balance as of end-of-period $ 2,052  $ 3,742  $ 2,119  $ 3,938 
Less: Reinsurance recoverables 1,461  290  1,578  388 
Net balance as of end-of-period, net of reinsurance $ 591  $ 3,452  $ 541  $ 3,550 
Weighted-average duration of future policyholder
benefit liability (years) 8 8 9 9

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(1) The cash flow assumption impact to the liability is calculated as the present value of expected future policy benefits less the present value of expected net premiums. For the nine months ended September 30, 2025 and 2024, the net effect of changes in cash flow assumptions gross of reinsurance reduced the liability by $167 million and $96 million, respectively, primarily associated with favorable updates to mortality assumptions. See “Effect of Annual Assumption Review” below for more information.
(2) For the nine months ended September 30, 2025, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to policyholder behavior and mortality, which unfavorably impacted the liability by $38 million and $15 million, respectively; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to policyholder behavior, which favorably impacted the liability by $51 million, which was partially offset by $3 million related to mortality. For the nine months ended September 30, 2024, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to mortality and policyholder behavior, which unfavorably impacted the liability by $49 million and $10 million, respectively; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to mortality, which favorably impacted the liability by $74 million, which was partially offset by $4 million primarily related to policyholder behavior. For the nine months ended September 30, 2025 and 2024, Payout Annuities did not have any significantly different actual experience compared to expected.
(3) Includes deferred profit liability within Payout Annuities of $88 million and $60 million as of September 30, 2025 and 2024, respectively.

Effect of Annual Assumption Review

For the nine months ended September 30, 2025, Payout Annuities did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review, and Traditional Life had a favorable cash flow assumption impact from updates to mortality and policyholder behavior assumptions.

For the nine months ended September 30, 2024, Payout Annuities did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review, and Traditional Life had a favorable cash flow assumption impact from updates to mortality assumptions, partially offset by an unfavorable impact from updates to policyholder behavior assumptions.

The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

As of September 30, 2025 As of September 30, 2024
Undiscounted Discounted Undiscounted Discounted
Payout Annuities
Expected future gross premiums $ –  $ –  $ –  $ – 
Expected future benefit payments 3,299  2,052  3,437  2,119 
Traditional Life
Expected future gross premiums 13,242  9,285  14,126  9,964 
Expected future benefit payments 13,074  9,173  14,377  10,118 

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Payout Annuities
Gross premiums $ 26  $ 40  $ 74  $ 84 
Interest accretion 22  22  66  65 
Traditional Life
Gross premiums 307  311  933  942 
Interest accretion 36  37  111  111 

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The following table summarizes the weighted-average interest rates:

For the Nine
Months Ended
September 30,
2025 2024
Payout Annuities
Interest accretion rate 4.0  % 4.0  %
Current discount rate 5.0  % 4.7  %
Traditional Life
Interest accretion rate 5.0  % 5.0  %
Current discount rate 4.6  % 4.4  %
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Liability for Future Claims

The liability for future claims represents reserves associated with our group long-term disability and life waiver products. The following table summarizes the balances of and changes in liability for future claims (in millions, except years):

Group Protection
As of or For the Nine
Months Ended
September 30,
2025 2024
Balance as of beginning-of-year $ 5,628  $ 5,689 
Less: Effect of cumulative changes in discount
rate assumptions (550) (490)
Beginning balance at original discount rate 6,178  6,179 
Effect of changes in cash flow assumptions (66) (2)
Effect of actual variances from expected experience (1)
 (191) (278)
Adjusted beginning-of-year balance 5,921  5,899 
New incidence 1,176  1,236 
Interest 148  138 
Benefit payments (1,080) (1,125)
Ending balance at original discount rate 6,165  6,148 
Effect of cumulative changes in discount
 rate assumptions (371) (375)
Balance as of end-of-period 5,794  5,773 
Less: Reinsurance recoverables 127  120 
Balance as of end-of-period, net of reinsurance $ 5,667  $ 5,653 
Weighted-average duration of liability for future
claims (years) 5 5

(1) Generally, the experience exhibited for the Group Protection business relates to morbidity and, to a lesser extent, mortality. Group Protection long-duration products have limited exposure to lapse risk, as the liabilities for future claims are limited to those associated with claim reserves. For the nine months ended September 30, 2025 and 2024, morbidity comprised substantially all of the favorable effect of actual variances from expected experience, as our claims experience was more favorable than assumed.

Effect of Annual Assumption Review

For the nine months ended September 30, 2025, we had a favorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to the claim termination rate assumption, partially offset by updates to social security and incurred assumptions. For the nine months ended September 30, 2024, we did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review.

The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

As of September 30, 2025 As of September 30, 2024
Undiscounted Discounted Undiscounted Discounted
Group Protection
Expected future benefit payments $ 7,486  $ 5,794  $ 7,154  $ 5,773 

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The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Group Protection
Gross premiums $ 917  $ 887  $ 2,776  $ 2,676 
Interest accretion 48  45  148  138 

The following table summarizes the weighted-average interest rates:

For the Nine
Months Ended
September 30,
2025 2024
Group Protection
Interest accretion rate 3.5  % 3.3  %
Current discount rate 4.7  % 4.4  %

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Additional Liabilities for Other Insurance Benefits

Additional liabilities for other insurance benefits represent reserves associated with our UL and VUL contracts with secondary guarantees, including MoneyGuard®. The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

UL and Other
As of or For the Nine
Months Ended
September 30,
2025 2024
Balance as of beginning-of-year $ 16,062  $ 15,000 
Less: Effect of cumulative changes in shadow
balance in AOCI (2,673) (2,222)
Balance as of beginning-of-year, excluding
shadow balance in AOCI 18,735  17,222 
Effect of changes in cash flow assumptions 121  244 
Effect of actual variances from expected experience (1)(2)
 183  170 
Adjusted beginning-of-year balance 19,039  17,636 
Interest accrual 700  639 
Net assessments collected 922  860 
Benefit payments (850) (718)
Balance as of end-of-period, excluding shadow
balance in AOCI 19,811  18,417 
Effect of cumulative changes in shadow
balance in AOCI (2,174) (1,863)
Balance as of end-of-period 17,637  16,554 
Less: Reinsurance recoverables 5,414  5,139 
Balance as of end-of-period, net of reinsurance $ 12,223  $ 11,415 
Weighted-average duration of additional liabilities
for other insurance benefits (years) 16 16

(1) For the nine months ended September 30, 2025 and 2024, the actual to expected reserve impact was attributable primarily to mortality, which unfavorably impacted the liability by $193 million and $160 million, respectively.
(2) For the nine months ended September 30, 2025 and 2024, the effect of actual variances from expected experience, net of reinsurance, was $88 million and $115 million, respectively.

Effect of Annual Assumption Review

For the nine months ended September 30, 2025, we had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to mortality and policyholder behavior assumptions, partially offset by updates to the morbidity assumption.

For the nine months ended September 30, 2024, we had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review impacting reinsured blocks of MoneyGuard® business for updates to policyholder behavior and mortality assumptions that were partially offset by updates to capital market assumptions.

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The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
UL and Other
Gross assessments $ 743  $ 732  $ 2,229  $ 2,177 
Interest accretion 239  218  700  639 

The following table summarizes the weighted-average interest rates:

For the Nine
Months Ended
September 30,
2025 2024
UL and Other
Interest accretion rate 5.5  % 5.4  %

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12. Debt

Changes in debt (in millions) were as follows:

For the Nine
Months Ended
September 30,
2025
Balance as of beginning-of-year $ 6,156 
Issuance of 2.330% Senior Notes, due 2030
 500 
Repayment of 3.35% Senior Notes, due 2025
 (300)
Early extinguishment of senior notes:
3.05% notes, due 2030
 (34)
4.35% notes, due 2048
 (129)
4.375% notes, due 2050
 (136)
Early extinguishment of subordinated notes:
Variable rate, due 2066 (97)
Variable rate, due 2067 (97)
Early extinguishment of capital securities:
Variable rate, due 2066 (21)
Variable rate, due 2067 (5)
Unamortized premiums (discounts) (76)
Unamortized debt issuance costs 2 
Unamortized adjustments from discontinued hedges (12)
Fair value hedge on interest rate swap agreements 21 
Balance as of end-of-period $ 5,772 

Details underlying the recognition of a gain (loss) on the early extinguishment of debt (in millions) reported within interest expense on
our Consolidated Statements of Comprehensive Income (Loss) were as follows:

For the Nine
Months Ended
September 30,
2025
Principal balance outstanding prior to repurchase (1)
 $ 519 
Unamortized debt issuance costs and discounts (4)
Amount paid to repurchase debt (421)
Gain (loss) on early extinguishment of debt, pre-tax $ 94 

(1) In May 2025, pursuant to a tender offer, we repurchased $34 million of our 3.05% Senior Notes due 2030, $129 million of our 4.35% Senior Notes due 2048, $136 million of our 4.375% Senior Notes due 2050, $97 million of our Subordinated Notes due 2066, $97 million of our Subordinated Notes due 2067, $21 million of our Capital Securities due 2066 and $5 million of our Capital Securities due 2067.

Facility Agreements for Senior Notes Issuances

Trust I Facility Agreement

On August 18, 2020, LNC entered into a 10-year facility agreement (the “Trust I Facility Agreement”) with Belrose Funding Trust, a Delaware statutory trust (“Trust I”), in connection with Trust I’s sale of $500 million of its Pre-Capitalized Trust Securities Redeemable August 15, 2030, (the “2030 P-Caps”) in a private placement pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Trust I invested the proceeds from the sale of the 2030 P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities (the “Trust I Eligible Assets”). The Trust I Facility Agreement provided LNC the right to issue to Trust I, and to require Trust I to purchase from LNC, on one or more occasions, up to an aggregate principal amount outstanding at any one time of $500 million of LNC’s 2.330% Senior Notes due 2030 (the “2.330% Senior Notes”) in exchange for a corresponding amount of the Trust I Eligible Assets.
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In return, LNC paid Trust I a semi-annual facility fee at a rate of 1.691% per year (applied to the unexercised portion of the issuance right) and reimbursed Trust I for its expenses.

On May 13, 2025, LNC exercised in full its issuance right under the Trust I Facility Agreement and on May 15, 2025, LNC issued $500 million aggregate principal amount of the 2.330% Senior Notes to Trust I in exchange for the Trust I Eligible Assets, which had a fair value of $418 million when the 2.330% Senior Notes were issued. The net proceeds from the issuance of the 2.330% Senior Notes and subsequent sale of the Trust I Eligible Assets were used to early extinguish long-term debt during the second quarter of 2025 pursuant to a tender offer.

In connection with the exercise of its issuance right, LNC waived its right to repurchase the 2.330% Senior Notes and directed the trustee of Trust I to dissolve Trust I and deliver the 2.330% Senior Notes to the beneficial holders of the 2030 P-Caps pro rata in respect of each 2030 P-Cap. On May 20, 2025, Trust I was dissolved and The Depository Trust Company distributed the 2.330% Senior Notes to the beneficial holders of the 2030 P-Caps pro rata in respect of each 2030 P-Cap.

Trust II Facility Agreement

On May 20, 2025, LNC entered into a 30-year facility agreement (the “Trust II Facility Agreement”) with Belrose Funding Trust II, a Delaware statutory trust (“Trust II”), in connection with Trust II’s sale of $1.0 billion of its Pre-Capitalized Trust Securities Redeemable May 15, 2055, (the “2055 P-Caps”) in a private placement pursuant to Rule 144A under the Securities Act. Trust II invested the proceeds from the sale of the 2055 P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities (the “Trust II Eligible Assets”). The Trust II Facility Agreement provides LNC the right to issue to Trust II, and to require Trust II to purchase from LNC, on one or more occasions, up to an aggregate principal amount outstanding at any one time of $1.0 billion of LNC’s 6.792% Senior Notes due 2055 (the “6.792% senior notes”) in exchange for a corresponding amount of the Trust II Eligible Assets. LNC may direct Trust II to grant all or a portion of the issuance right to one or more assignees (who are LNC’s consolidated subsidiaries or persons to whom LNC or any such consolidated subsidiary has an obligation or liability) (each, an “Issuance Right Assignee”) who may cause a corresponding portion of the 6.792% senior notes to be issued to Trust II and receive the corresponding Trust II Eligible Assets that would otherwise have been delivered to LNC pursuant to the exercise of the issuance right. The 6.792% senior notes will not be issued unless and until the issuance right is exercised. In return, LNC pays Trust II a semi-annual facility fee at a rate of 1.888% per year (applied to the unexercised portion of the issuance right) and reimburses Trust II for its expenses.

The issuance right will be exercised automatically in full upon (1) LNC’s failure to make certain payments to Trust II, such as the facility fee or payments for Trust II’s expenses, or failure to purchase and pay for any defaulted Trust II Eligible Assets that LNC is required to purchase at their face amount from Trust II pursuant to the Trust II Facility Agreement, in each case if the failure is not cured within 30 days, or (2) certain bankruptcy events involving LNC. LNC is also required to exercise the issuance right in full if it reasonably believes that its consolidated stockholders’ equity (excluding AOCI and equity of noncontrolling interests attributable thereto) has fallen below a minimum threshold (which was $2.75 billion as of September 30, 2025, and is subject to adjustment from time to time in certain cases), if an event of default under the indenture governing the 6.792% senior notes has occurred or would have occurs, and upon certain other events described in the Trust II Facility Agreement.

Prior to any involuntary exercise of the issuance right, LNC has the right to repurchase the 6.792% senior notes then outstanding and held by Trust II, in whole or in part, in exchange for principal and/or interest strips of U.S. Treasury securities, and may exercise or assign the issuance right with respect to the repurchased 6.792% senior notes at a later date. Additionally, LNC may redeem any outstanding 6.792% senior notes, in whole or in part, prior to their maturity. Prior to November 15, 2054, the redemption price will equal the greater of par and a make-whole redemption price. On or after November 15, 2054, any outstanding 6.792% senior notes may be redeemed at par.

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13. Fair Value of Financial Instruments

Financial Instruments Carried at Fair Value

The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

As of September 30, 2025
Quoted
Prices
in Active
Markets for Significant Significant
Identical Observable Unobservable Total
Assets Inputs Inputs Fair
(Level 1) (Level 2) (Level 3) Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds $ –  $ 65,158  $ 3,193  $ 68,351 
U.S. government bonds 599  20  –  619 
State and municipal bonds –  2,235  –  2,235 
Foreign government bonds –  244  –  244 
RMBS –  2,106  12  2,118 
CMBS –  2,089  61  2,150 
ABS –  11,317  3,389  14,706 
Hybrid and redeemable preferred securities 35  130  92  257 
Trading securities –  1,550  303  1,853 
Equity securities 205  251  86  542 
Mortgage loans on real estate –  –  230  230 
Derivative investments (1)
 –  17,279  32  17,311 
Other investments – short-term investments –  214  8  222 
MRB assets –  –  4,694  4,694 
Other assets:
Ceded MRBs –  –  2  2 
Indexed annuity ceded embedded derivatives –  –  1,333  1,333 
Separate account assets 385  179,475  –  179,860 
Total assets $ 1,224  $ 282,068  $ 13,435  $ 296,727 
Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts $ –  $ –  $ (14,918) $ (14,918)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives –  147  (501) (354)
MRB liabilities –  –  (1,190) (1,190)
Other liabilities:
Ceded MRBs –  –  (349) (349)
Derivative liabilities (1)
 –  (6,882) (143) (7,025)
Total liabilities $ –  $ (6,735) $ (17,101) $ (23,836)
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As of December 31, 2024
Quoted
Prices
in Active
Markets for Significant Significant
Identical Observable Unobservable Total
Assets Inputs Inputs Fair
(Level 1) (Level 2) (Level 3) Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds $ –  $ 63,585  $ 2,865  $ 66,450 
U.S. government bonds 371  20  –  391 
State and municipal bonds –  2,371  –  2,371 
Foreign government bonds –  237  –  237 
RMBS –  1,851  12  1,863 
CMBS –  1,657  8  1,665 
ABS –  11,781  2,099  13,880 
Hybrid and redeemable preferred securities 48  133  73  254 
Trading securities –  1,760  265  2,025 
Equity securities –  260  34  294 
Mortgage loans on real estate –  –  232  232 
Derivative investments (1)
 –  13,884  3  13,887 
Other investments – short-term investments –  369  23  392 
MRB assets –  –  4,860  4,860 
Other assets:
Ceded MRBs –  –  2  2 
Indexed annuity ceded embedded derivatives –  –  1,115  1,115 
Separate account assets 391  168,047  –  168,438 
Total assets $ 810  $ 265,955  $ 11,591  $ 278,356 
Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts $ –  $ –  $ (12,449) $ (12,449)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives –  204  (234) (30)
MRB liabilities –  –  (1,046) (1,046)
Other liabilities:
Ceded MRBs –  –  (381) (381)
Derivative liabilities (1)
 –  (4,256) (139) (4,395)
Total liabilities $ –  $ (4,052) $ (14,249) $ (18,301)

(1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty.

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The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 8.

For the Three Months Ended September 30, 2025
Gains Issuances, Transfers
Items (Losses) Sales, Into or
Included in Maturities, Out
Beginning in OCI Settlements, of Ending
Fair Net and Calls, Level 3, Fair
Value Income
Other (1)
 Net Net Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds $ 3,076  $ (6) $ 6  $ 169  $ (52) $ 3,193 
RMBS 79  –  –  –  (67) 12 
CMBS 41  –  1  19  –  61 
ABS 3,000  –  34  427  (72) 3,389 
Hybrid and redeemable preferred
securities 92  –  –  –  –  92 
Trading securities 296  3  –  4  –  303 
Equity securities 83  (1) –  4  –  86 
Mortgage loans on real estate 232  (1) (1) –  –  230 
Other investments – short-term
investments 24  –  –  (16) –  8 
Other assets:
Ceded MRBs (3)
 2  –  –  – –  2 
Indexed annuity ceded embedded
derivatives (4)
 1,236  64  –  33  –  1,333 
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)
 (13,089) (1,693) –  (136) –  (14,918)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)
 (309) (192) –  – –  (501)
Other liabilities:
Ceded MRBs (3)
 (341) (8) –  – –  (349)
Derivative liabilities (115) 4  –  – –  (111)
Total, net $ (5,693) $ (1,830) $ 40  $ 504  $ (191) $ (7,170)

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For the Three Months Ended September 30, 2024
Gains Issuances, Transfers
Items (Losses) Sales, Into or
Included in Maturities, Out
Beginning in OCI Settlements, of Ending
Fair Net and Calls, Level 3, Fair
Value Income
Other (1)
 Net Net Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds $ 2,581  $ (1) $ 43  $ 50  $ (7) $ 2,666 
RMBS 18  –  –  –  (5) 13 
CMBS 23  –  –  14  (16) 21 
ABS 1,997  –  50  232  (178) 2,101 
Hybrid and redeemable preferred
securities 50  –  1  16  10  77 
Trading securities 273  7  –  (6) –  274 
Equity securities 38  –  –  1  (4) 35 
Mortgage loans on real estate 258  2  4  (1) –  263 
Derivative investments (8) 6  –  1  –  (1)
Other investments – short-term
investments –  –  –  10  10  20 
Other assets:
Ceded MRBs (3)
 2  –  –  –  –  2 
Indexed annuity ceded embedded
derivatives (4)
 967  191  –  (26) –  1,132 
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)
 (11,417) (898) –  45  –  (12,270)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)
 (204) 661  –  –  –  457 
Other liabilities – ceded MRBs (3)
 (344) 3  –  –  –  (341)
Total, net $ (5,766) $ (29) $ 98  $ 336  $ (190) $ (5,551)



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For the Nine Months Ended September 30, 2025
Gains Issuances, Transfers
Items (Losses) Sales, Into or
Included in Maturities, Out
Beginning in OCI Settlements, of Ending
Fair Net and Calls, Level 3, Fair
Value Income
Other (1)
 Net Net Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds $ 2,865  $ (43) $ 12  $ 300  $ 59  $ 3,193 
RMBS 12  –  –  74  (74) 12 
CMBS 8  –  1  59  (7) 61 
ABS 2,099  (21) 41  1,324  (54) 3,389 
Hybrid and redeemable preferred
securities 73  –  –  19  –  92 
Trading securities 265  7  –  7  24  303 
Equity securities 34  (9) –  7  54  86 
Mortgage loans on real estate 232  (3) 3  (2) –  230 
Other investments – short-term
investments 23  –  –  (15) –  8 
Other assets:
Ceded MRBs (3)
 2  –  –  –  –  2 
Indexed annuity ceded embedded
derivatives (4)
 1,115  112  –  106  –  1,333 
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)
 (12,449) (2,161) –  (308) –  (14,918)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)
 (234) (267) –  –  –  (501)
Other liabilities:
Ceded MRBs (3)
 (381) 32  –  –  –  (349)
Derivative liabilities (136) 25  –  –  –  (111)
Total, net $ (6,472) $ (2,328) $ 57  $ 1,571  $ 2  $ (7,170)

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For the Nine Months Ended September 30, 2024
Gains Issuances, Transfers
Items (Losses) Sales, Into or
Included in Maturities, Out
Beginning in OCI Settlements, of Ending
Fair Net and Calls, Level 3, Fair
Value Income
Other (1)
 Net Net Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds $ 2,497  $ 1  $ 25  $ 264  $ (121) $ 2,666 
State and municipal bonds 5  –  –  –  (5) – 
RMBS 13  –  (1) 6  (5) 13 
CMBS 8  –  –  29  (16) 21 
ABS 1,484  –  55  798  (236) 2,101 
Hybrid and redeemable preferred
securities 48  –  3  16  10  77 
Trading securities 284  7  –  (17) –  274 
Equity securities 42  (3) –  –  (4) 35 
Mortgage loans on real estate 288  6  5  (36) –  263 
Derivative investments 36  11  –  3  (51) (1)
Other investments – short-term
investments –  –  –  10  10  20 
Other assets:
Ceded MRBs (3)
 2  –  –  –  –  2 
Indexed annuity ceded embedded
derivatives (4)
 940  238  –  (46) –  1,132 
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)
 (9,077) (2,915) –  (278) –  (12,270)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)
 (789) 1,246  –  –  –  457 
Other liabilities – ceded MRBs (3)
 (239) (102) –  –  –  (341)
Total, net $ (4,458) $ (1,511) $ 87  $ 749  $ (418) $ (5,551)

(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).
(2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

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The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:

For the Three Months Ended September 30, 2025
Issuances Sales Maturities Settlements Calls Total
Investments:
Fixed maturity AFS securities:
Corporate bonds $ 342  $ (7) $ –  $ (166) $ –  $ 169 
CMBS 19  –  –  –  –  19 
ABS 581  (38) –  (84) (32) 427 
Trading securities 22  (8) (5) (5) –  4 
Equity securities 5  (1) –  –  –  4 
Mortgage loans on real estate 1  –  –  (1) –  – 
Other investments – short-term investments –  –  –  (16) –  (16)
Other assets – indexed annuity ceded
embedded derivatives 37  –  –  (4) –  33 
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (398) –  –  262  –  (136)
Total, net $ 609  $ (54) $ (5) $ (14) $ (32) $ 504 

For the Three Months Ended September 30, 2024
Issuances Sales Maturities Settlements Calls Total
Investments:
Fixed maturity AFS securities:
Corporate bonds $ 281  $ (61) $ –  $ (170) $ –  $ 50 
CMBS 14  –  –  –  –  14 
ABS 402  (20) –  (104) (46) 232 
Hybrid and redeemable preferred
securities 16  –  –  –  –  16 
Trading securities 1  –  –  (7) –  (6)
Equity securities 1  –  –  –  –  1 
Mortgage loans on real estate –  –  –  (1) –  (1)
Derivative investments –  –  1  –  –  1 
Other investments – short-term investments 10  –  –  –  –  10 
Other assets – indexed annuity ceded
embedded derivatives 51  –  –  (77) –  (26)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (317) –  –  362  –  45 
Total, net $ 459  $ (81) $ 1  $ 3  $ (46) $ 336 

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For the Nine Months Ended September 30, 2025
Issuances Sales Maturities Settlements Calls Total
Investments:
Fixed maturity AFS securities:
Corporate bonds $ 1,002  $ (295) $ (6) $ (391) $ (10) $ 300 
RMBS 75  –  –  (1) –  74 
CMBS 74  (15) –  –  –  59 
ABS 1,752  (78) (10) (251) (89) 1,324 
Hybrid and redeemable preferred
securities 21  (2) –  –  –  19 
Trading securities 83  (60) (5) (11) –  7 
Equity securities 20  (13) –  –  –  7 
Mortgage loans on real estate 2  (1) –  (3) –  (2)
Other investments – short-term investments 11  –  (10) (16) –  (15)
Other assets – indexed annuity ceded
embedded derivatives 130  –  –  (24) –  106 
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (1,057) –  –  749  –  (308)
Total, net $ 2,113  $ (464) $ (31) $ 52  $ (99) $ 1,571 

For the Nine Months Ended September 30, 2024
Issuances Sales Maturities Settlements Calls Total
Investments:
Fixed maturity AFS securities:
Corporate bonds $ 922  $ (260) $ (2) $ (395) $ (1) $ 264 
RMBS 6  –  –  –  –  6 
CMBS 29  –  –  –  –  29 
ABS 1,128  (50) –  (223) (57) 798 
Hybrid and redeemable preferred
securities 16  –  –  –  –  16 
Trading securities 6  (2) –  (21) –  (17)
Equity securities 1  (1) –  –  –  – 
Mortgage loans on real estate 1  (31) –  (6) –  (36)
Derivative investments 4  –  (1) –  –  3 
Other investments – short-term investments 10  –  –  –  –  10 
Other assets – indexed annuity ceded
embedded derivatives 103  –  –  (149) –  (46)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (849) –  –  571  –  (278)
Total, net $ 1,377  $ (344) $ (3) $ (223) $ (58) $ 749 

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The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Investments:
Trading securities (1)
 $ 3  $ 7  $ 3  $ 6 
Equity securities (1)
 2  –  (5) (2)
Mortgage loans on real estate (1)
 (1) 2  (3) (2)
Derivative investments (1)
 34  5  (9) 14 
MRBs (2)
 (349) (665) (10) 1,357 
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)
 (192) 661  (267) 1,246 
Embedded derivatives – indexed annuity
and IUL contracts (1)
 239  23  596  755 
Total, net
 $ (264) $ 33  $ 305  $ 3,374 

(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Investments:
Fixed maturity AFS securities:
Corporate bonds $ 1  $ 43  $ (14) $ 2 
RMBS –  1  –  – 
ABS 32  47  43  27 
Hybrid and redeemable preferred
securities –  1  –  2 
Mortgage loans on real estate (1) 4  3  5 
Total, net $ 32  $ 96  $ 32  $ 36 

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The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

 For the Three
Months Ended
September 30, 2025		  For the Three
Months Ended
September 30, 2024
Transfers Transfers Transfers Transfers
Into Out of Into Out of
Level 3 Level 3 Total Level 3 Level 3 Total
Investments:
Fixed maturity AFS securities:
Corporate bonds $ –  $ (52) $ (52) $ –  $ (7) $ (7)
RMBS –  (67) (67) –  (5) (5)
CMBS –  –  –  –  (16) (16)
ABS –  (72) (72) –  (178) (178)
Hybrid and redeemable preferred
securities –  –  –  10  –  10 
Equity securities –  –  –  –  (4) (4)
Other investments – short-term investments –  –  –  10  –  10 
Total, net $ –  $ (191) $ (191) $ 20  $ (210) $ (190)

For the Nine
Months Ended
September 30, 2025		 For the Nine
Months Ended
September 30, 2024
Transfers Transfers Transfers Transfers
Into Out of Into Out of
Level 3 Level 3 Total Level 3 Level 3 Total
Investments:
Fixed maturity AFS securities:
Corporate bonds $ 112  $ (53) $ 59  $ 22  $ (143) $ (121)
RMBS –  (74) (74) –  (5) (5)
CMBS –  (7) (7) –  (16) (16)
State and municipal bonds –  –  –  –  (5) (5)
ABS 70  (124) (54) 50  (286) (236)
Hybrid and redeemable preferred
securities 10  (10) –  10  –  10 
Trading securities 24  –  24  –  –  – 
Equity securities 54  –  54  –  (4) (4)
Derivative investments –  –  –  –  (51) (51)
Other investments – short-term investments –  –  –  10  –  10 
Total, net $ 270  $ (268) $ 2  $ 92  $ (510) $ (418)

Transfers into and out of Level 3 are generally the result of observable market information on financial instruments no longer being available or becoming available to our pricing vendors. For the three and nine months ended September 30, 2025 and 2024, transfers in and out of Level 3 were attributable primarily to the financial instruments’ observable market information no longer being available or becoming available.
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The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of September 30, 2025:

Weighted
Average
Fair Valuation Significant Assumption or Input
Value Technique Unobservable Inputs Input Ranges
Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds $ 248  Discounted cash flow
Liquidity/duration adjustment (2)
 0.0  % –  5.2  % 2.0  %
ABS 8  Discounted cash flow
Liquidity/duration adjustment (2)
 1.4  % –  1.4  % 1.4  %
CMBS 42  Discounted cash flow
Liquidity/duration adjustment (2)
 1.7  % –  1.8  % 1.8  %
Hybrid and redeemable
preferred securities 40  Discounted cash flow
Liquidity/duration adjustment (2)
 1.0  % –  2.0  % 1.8  %
Equity securities 5  Discounted cash flow
Liquidity/duration adjustment (2)
 4.5  % –  4.5  % 4.5  %
MRB assets 4,694  Discounted cash flow
Lapse (3)
 1.0  % –  30.0  %
(10)
Utilization of GLB withdrawals (4)
 85.0  % –  100.0  % 93.0  %
Claims utilization factor (5)
 50.0  % –  100.0  %
(10)
Premiums utilization factor (5)
 80.0  % –  115.0  %
(10)
Non-performance risk (6)
 0.2  % –  1.8  % 1.4  %
Mortality (7)
(9)
(10)
Volatility (8)
 1.0  % –  27.0  % 15.1  %
Other assets:
Ceded MRBs (11)
2 
Indexed annuity
ceded embedded
derivatives 1,333  Discounted cash flow
Lapse (3)
 0.0  % –  9.0  %
(10)
Mortality (7)
(9)
(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives $ (14,829) Discounted cash flow
Lapse (3)
 0.0  % –  9.0  %
(10)
Mortality (7)
(9)
(10)
MRB liabilities (1,190) Discounted cash flow
Lapse (3)
 1.0  % –  30.0  %
(10)
Utilization of GLB withdrawals (4)
 85.0  % –  100.0  % 93.0  %
Claims utilization factor (5)
 50.0  % –  100.0  %
(10)
Premiums utilization factor (5)
 80.0  % –  115.0  %
(10)
Non-performance risk (6)
 0.2  % –  1.8  % 1.4  %
Mortality (7)
(9)
(10)
Volatility (8)
 1.0  % –  27.0  % 15.1  %
Other liabilities – ceded
MRBs (11)
(349)

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The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2024:

Weighted
Average
Fair Valuation Significant Assumption or Input
Value Technique Unobservable Inputs Input Ranges
Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds $ 187  Discounted cash flow
Liquidity/duration adjustment (2)
 0.0  % –  3.1  % 1.7  %
ABS 10  Discounted cash flow
Liquidity/duration adjustment (2)
 1.3  % –  1.3  % 1.3  %
CMBS 8  Discounted cash flow
Liquidity/duration adjustment (2)
 1.9  % –  1.9  % 1.9  %
Hybrid and redeemable
preferred securities 19  Discounted cash flow
Liquidity/duration adjustment (2)
 1.4  % –  1.9  % 1.8  %
Equity securities 5  Discounted cash flow
Liquidity/duration adjustment (2)
 4.5  % –  4.5  % 4.5  %
MRB assets 4,860  Discounted cash flow
Lapse (3)
 1.0  % –  30.0  %
(10)
Utilization of GLB withdrawals (4)
 85.0  % –  100.0  % 92.0  %
Claims utilization factor (5)
 60.0  % –  100.0  %
(10)
Premiums utilization factor (5)
 80.0  % –  115.0  %
(10)
Non-performance risk (6)
 0.3  % –  2.0  % 1.6  %
Mortality (7)
(9)
(10)
Volatility (8)
 1.0  % –  29.0  % 14.5  %
Other assets:
Ceded MRBs (11)
2 
Indexed annuity
ceded embedded
derivatives 1,115  Discounted cash flow
Lapse (3)
 0.0  % –  9.0  %
(10)
Mortality (7)
(9)
(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives $ (12,402) Discounted cash flow
Lapse (3)
 0.0  % –  9.0  %
(10)
Mortality (7)
(9)
(10)
MRB liabilities (1,046) Discounted cash flow
Lapse (3)
 1.0  % –  30.0  %
(10)
Utilization of GLB withdrawals (4)
 85.0  % –  100.0  % 92.0  %
Claims utilization factor (5)
 60.0  % –  100.0  %
(10)
Premiums utilization factor (5)
 80.0  % –  115.0  %
(10)
Non-performance risk (6)
 0.3  % –  2.0  % 1.6  %
Mortality (7)
(9)
(10)
Volatility (8)
 1.0  % –  29.0  % 14.5  %
Other liabilities – ceded
MRBs (11)
(381)

(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.
(2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.
(3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.
(4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.
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(5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.
(6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption.
(7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.
(8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.
(9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors.
(10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.
(11) The fair value inputs for ceded MRBs are consistent with those used to value MRB assets and liabilities.

From the table above, we have excluded Level 3 fair value measurements obtained from independent, third-party pricing sources. We do not develop the significant inputs used to measure the fair value of these assets and liabilities, and the information regarding the significant inputs is not readily available to us. Independent broker-quoted fair values are non-binding quotes developed by market makers or broker-dealers obtained from third-party sources recognized as market participants. The fair value of a broker-quoted asset or liability is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant as we do not adjust broker quotes when used as the fair value measurement for an asset or liability. Significant increases or decreases in any of the quotes received from a third-party broker-dealer may result in a significantly higher or lower fair value measurement.

The embedded derivative liability associated with Fortitude Re was excluded from the above table. As discussed in Note 7, this embedded derivative liability was created through a coinsurance with funds withheld reinsurance agreement where the investments supporting the reinsurance agreement were withheld by and continue to be reported on the Consolidated Balance Sheets. This reinsurance-related embedded derivative is valued as a total return swap with reference to the fair value of the investments held by us. Accordingly, the unobservable inputs utilized in the valuation of the reinsurance-related embedded derivative are a component of the investments supporting the reinsurance agreement that are reported on the Consolidated Balance Sheets.

Changes in any of the significant inputs presented in the table above would have resulted in a significant change in the fair value measurement of the asset or liability as follows:

•Investments – An increase in the liquidity/duration adjustment input would have resulted in a decrease in the fair value measurement.
•Indexed annuity contracts embedded derivatives – For direct embedded derivatives, an increase in the lapse or mortality inputs would have resulted in a decrease in the fair value measurement.
•MRBs – Assuming our MRBs are in a liability position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in a decrease in the fair value measurement, except for policies with guaranteed death benefit (“GDB”) riders only, in which case an increase in mortality inputs would have resulted in an increase in the fair value measurement.

For each category discussed above, the unobservable inputs are not inter-related; therefore, a directional change in one input would not have affected the other inputs.

As part of our ongoing valuation process, we assess the reasonableness of our valuation techniques or models and make adjustments as necessary.

Fair Value Option

Mortgage loans on real estate, net of allowance for credit losses, as reported on the Consolidated Balance Sheets, includes mortgage loans on real estate for which the fair value option was elected. The fair value option allows us to elect fair value as an alternative measurement for mortgage loans not otherwise reported at fair value. We have made these elections for certain mortgage loans associated with modified coinsurance agreements to help mitigate the inconsistency in earnings that would otherwise result from the use of embedded derivatives included with these loans. Changes in fair value are reflected in realized gain (loss) on the Consolidated Statement of Comprehensive Income (Loss). Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Mortgage loans on real estate for which the fair value option was elected are valued using third-party pricing services. We have procedures in place to review the valuations each quarter to ensure they are reasonable, including utilizing a separate third party to reperform the valuation for a selection of mortgage loans on an annual basis. Due to lack of observable inputs, mortgage loans electing the fair value option are classified as Level 3 within the fair value hierarchy.

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The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:

As of
September 30,		 As of
December 31,
2025 2024
Fair value $ 230  $ 232 
Aggregate contractual principal 263  263 

For information on current and past due composition and accruing status for loans where we have elected the fair value option, see Note 3.

Financial Instruments Not Carried at Fair Value

The following summarizes the fair value by the fair value hierarchy levels and the carrying amount of our financial instruments not carried at fair value (in millions):

As of September 30, 2025
Quoted
Prices
in Active
Markets for Significant Significant
Identical Observable Unobservable Total
Assets Inputs Inputs Fair Carrying
(Level 1) (Level 2) (Level 3) Value Amount
Assets
Investments:
Mortgage loans on real estate $ –  $ 21,375  $ –  $ 21,375  $ 22,000 
Other investments –  659  5,724  6,383  6,383 
Policy loans –  2,584  –  2,584  2,584 
Cash and invested cash –  10,668  –  10,668  10,668 
Liabilities
Policyholder account balances – certain investment
contracts and other liabilities $ –  $ –  $ (36,352) $ (36,352) $ (43,203)
Policyholder account balances – funding agreements –  (1,942) –  (1,942) (1,892)
Long-term debt –  (5,497) –  (5,497) (5,772)
Funds withheld reinsurance-related liabilities – excluding
embedded derivatives –  –  (17,205) (17,205) (17,205)

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As of December 31, 2024
Quoted
Prices
in Active
Markets for Significant Significant
Identical Observable Unobservable Total
Assets Inputs Inputs Fair Carrying
(Level 1) (Level 2) (Level 3) Value Amount
Assets
Investments:
Mortgage loans on real estate $ –  $ 19,647  $ –  $ 19,647  $ 21,083 
Other investments –  1,119  5,469  6,588  6,588 
Policy loans –  2,476  –  2,476  2,476 
Cash and invested cash –  5,801  –  5,801  5,801 
Liabilities
Policyholder account balances – certain investment
contracts and other liabilities $ –  $ –  $ (30,505) $ (30,505) $ (40,394)
Short-term debt –  (299) –  (299) (300)
Long-term debt –  (5,304) –  (5,304) (5,856)
Funds withheld reinsurance-related liabilities – excluding
embedded derivatives –  –  (16,877) (16,877) (16,877)

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on the Consolidated Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown above are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

Mortgage Loans on Real Estate

The fair value of mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, is established using a discounted cash flow method based on credit rating, maturity and future income. The ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt-service coverage, LTV, quality of tenancy, borrower and payment record. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, are classified as Level 2 within the fair value hierarchy.

Other Investments

The carrying value of our assets classified as other investments, excluding short-term investments, approximates fair value. Other investments includes primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. Other investments also includes FHLB stock carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. The inputs used to measure the fair value of our LPs, other privately held investments and FHLB stock are classified as Level 3 within the fair value hierarchy. The remaining assets in other investments include cash collateral receivables and securities that are not LPs or other privately held investments. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.

Policy Loans

The carrying value for policy loans are the unpaid principal balances. Policy loans are fully collateralized by the cash surrender value of underlying insurance policies. As a result, the carrying value of the policy loans approximates the fair value. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.

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Cash and Invested Cash

Cash and invested cash is carried at cost. The inputs used to measure its fair value are classified as Level 2 within the fair value hierarchy.

Policyholder Account Balances – Certain Investment Contracts and Other Liabilities

Policyholder account balances and other liabilities include account balances of certain investment contracts that exclude significant mortality or morbidity risk. The fair value of the account balances of certain investment contracts is based on a discounted cash flow model as of the balance sheet date. The inputs used to measure the fair value of these policyholder account balances are classified as Level 3 within the fair value hierarchy.

Policyholder Account Balances – Funding Agreements

The fair value of funding agreements issued under the FABN program is based on quoted market prices. The fair value of secured funding agreements under the FABR program is based on a discounted cash flow model as of the balance sheet date. The inputs used to measure the fair value of funding agreements are classified as Level 2 within the fair value hierarchy. For more information on funding agreements, see Note 10.

Short-Term and Long-Term Debt

The fair value of short-term and long-term debt is based on quoted market prices. The inputs used to measure the fair value of our short-term and long-term debt are classified as Level 2 within the fair value hierarchy.

Funds Withheld Reinsurance Liabilities

Funds withheld reinsurance liabilities includes our obligation to pay reinsurers under coinsurance with funds withheld and modified coinsurance arrangements where the Company is the cedant. This liability includes embedded derivatives, which are total return swaps with contractual returns that are attributable to the Company’s reinsurance agreements. The embedded derivatives are carried at fair value and thus excluded from the preceding table. The inputs used to measure the remaining balance are classified as Level 3 within the fair value hierarchy.

14. Contingencies and Commitments

Contingencies

Regulatory and Litigation Matters

Regulatory bodies, such as state insurance departments, the SEC, the Financial Industry Regulatory Authority, tax authorities and other regulatory bodies regularly make inquiries and conduct examinations, investigations or audits concerning our compliance with, among other things, insurance laws, securities laws, tax laws, laws governing the activities of broker-dealers and registered investment advisers and unclaimed property laws. Tax-related matters can include disputes with taxing authorities, ongoing audits, evaluation of filing positions and any potential assessments related thereto.

LNC is involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding verdicts obtained in the jurisdiction for similar matters. This variability in pleadings, together with the actual experiences of LNC in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.
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We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of September 30, 2025.

For some matters, the Company is able to estimate a reasonably possible range of loss. For such matters in which a loss is probable, an accrual has been made. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Accordingly, the estimate contained in this paragraph reflects two types of matters. For some matters included within this estimate, an accrual has been made, but there is a reasonable possibility that an exposure exists in excess of the amount accrued. In these cases, the estimate reflects the reasonably possible range of loss in excess of the accrued amount. For other matters included within this estimation, no accrual has been made because a loss, while potentially estimable, is believed to be reasonably possible but not probable. In these cases, the estimate reflects the reasonably possible loss or range of loss. As of September 30, 2025, we estimate the aggregate range of reasonably possible losses, including amounts in excess of amounts accrued for these matters as of such date, to be up to approximately $150 million, after-tax. Any estimate is not an indication of expected loss, if any, or of the Company’s maximum possible loss exposure on such matters.

For other matters, we are not currently able to estimate the reasonably possible loss or range of loss. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts and the progress of settlement negotiations. On a quarterly and annual basis, we review relevant information with respect to litigation contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Among other matters, we are presently engaged in litigation, including relating to cost of insurance rates (“Cost of Insurance and Other Litigation”), as described below. No accrual has been made for some of these matters. Although a loss is believed to be reasonably possible for these matters, for some of these matters, we are not able to estimate a reasonably possible amount or range of potential liability. An adverse outcome in one or more of these matters may have a material impact on the consolidated financial statements, but, based on information currently known, management does not believe those cases are likely to have such an impact.

Cost of Insurance and Other Litigation

Cost of Insurance Litigation

Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company, filed in the U.S. District Court for the District of Connecticut, No. 3:16-cv-00827, is a putative class action that was served on The Lincoln National Life Insurance Company (“LNL”) on June 8, 2016. Plaintiff is the owner of a universal life insurance policy who alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who owned policies containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on behalf of all such policyholders. On January 11, 2019, the court dismissed plaintiff’s complaint in its entirety. In response, plaintiff filed a motion for leave to amend the complaint, which, on September 25, 2023, the court granted in part and denied in part. Plaintiff filed an amended complaint on October 10, 2023. On March 7, 2024, the parties entered into a provisional settlement agreement that encompasses policies that are at issue in this case, which also includes all policies at issue in the lawsuits captioned Iwanski v. First Penn-Pacific Life Insurance Company, TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company and Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, each of which are described below. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the provisional settlement. On June 16, 2025, the court granted final approval of the provisional settlement and on June 18, 2025, entered final judgment and dismissed the case. On July 16, 2025, plaintiffs in the Iwanski, TVPX ARS INC. and Vida cases appealed the final approval of the provisional settlement to the U.S. Court of Appeals for the Second Circuit. The provisional settlement, which is subject to the outcome of the appeal, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski, TVPX ARS INC. and Vida). As of September 30, 2025, the total provisional settlement amount of $147.5 million, pre-tax, remains accrued.

Iwanski v. First Penn-Pacific Life Insurance Company (“FPP”), No. 2:18-cv-01573, filed in the U.S. District Court for the Eastern District of Pennsylvania is a putative class action that was filed on April 13, 2018. Plaintiff alleges that defendant FPP breached the terms of his life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued by FPP containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a provisional settlement agreement that encompasses all policies at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuits captioned TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD.
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v. The Lincoln National Life Insurance Company and Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York (both discussed below). The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the provisional settlement. On June 16, 2025, the court granted final approval of the Glover provisional settlement and on June 18, 2025, entered final judgment and dismissed the case. On July 16, 2025, plaintiffs in the Iwanski, TVPX ARS INC. and Vida cases appealed the final approval of the provisional settlement to the U.S. Court of Appeals for the Second Circuit. The provisional settlement, which is subject to the outcome of the appeal, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski, TVPX ARS INC. and Vida). A motion has been filed to stay the proceedings in this matter pending the completion of the settlement approval process in Glover.

TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company, filed in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-02989, is a putative class action that was filed on July 17, 2018. Plaintiff alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who own policies issued by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on behalf of all such policyholders. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a provisional settlement agreement that encompasses all policies at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuits captioned Iwanski v. First Penn-Pacific Life Insurance Company (discussed above) and Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York (discussed below). The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the provisional settlement. On June 16, 2025, the court granted final approval of the Glover provisional settlement and on June 18, 2025, entered final judgment and dismissed the case. On July 16, 2025, plaintiffs in the Iwanski, TVPX ARS INC. and Vida cases appealed the final approval of the provisional settlement to the U.S. Court of Appeals for the Second Circuit. The provisional settlement, which is subject to the outcome of the appeal, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski, TVPX ARS INC. and Vida). A motion has been filed to stay the proceedings in this matter pending the completion of the settlement approval process in Glover.

Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:19-cv-06004, is a putative class action that was filed on June 27, 2019. Plaintiff alleges that Lincoln Life & Annuity Company of New York (“LLANY”) charged more for non-guaranteed cost of insurance than was permitted by the policies. On March 31, 2022, the court issued an order granting plaintiff’s motion for class certification and certified a class of all current or former owners of six universal life insurance products issued by LLANY that were assessed a cost of insurance charge any time on or after June 27, 2013. Plaintiff seeks damages on behalf of the class. On April 19, 2023, LLANY filed a motion for summary judgment. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a provisional settlement agreement that encompasses all policies at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuits captioned Iwanski v. First Penn-Pacific Life Insurance Company and TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company (both discussed above). The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On March 29, 2024, the court issued its summary judgment decision, granting LLANY’s motion in part and denying it in part, and entering summary judgment against twenty-two policyholders that the court determined were not economically harmed. On June 25, 2024, the court granted LLANY’s April 12, 2024, motion to stay proceedings in this matter pending the completion of the approval process in Glover. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the Glover provisional settlement. On June 16, 2025, the court granted final approval of the Glover provisional settlement and on June 18, 2025, entered final judgment and dismissed the case. On July 16, 2025, plaintiffs in the Iwanski, TVPX ARS INC. and Vida cases appealed the final approval of the provisional settlement to the U.S. Court of Appeals for the Second Circuit. The provisional settlement, which is subject to the outcome of the appeal, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski, TVPX ARS INC. and Vida).

Angus v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:22-cv-01878, is a putative class action filed on May 13, 2022. Plaintiff alleges that defendant LNL breached the terms of her life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued or insured by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. On August 26, 2022, LNL filed a motion to dismiss. We are vigorously defending this matter.

EFG Bank AG, Cayman Branch, et al. v. The Lincoln National Life Insurance Company, No. 17-cv-02592-GJP (E.D. Pa.), filed on February 1, 2017; Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company, No. 2:23-cv-2251-GJP (E.D. Pa.), filed on April 20, 2023 (and transferred to the U.S. District Court for the Eastern District of Pennsylvania on June 12, 2023); and Ryan K. Crayne, on behalf of and as trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company, No. 2:24-cv-00053-GJP, filed on November 17, 2023 (and transferred to the U.S. District Court for the Eastern District of Pennsylvania on January 4, 2024) are consolidated civil actions pending in the Eastern District of Pennsylvania.
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In each case other than Crayne, plaintiffs purport to own universal life insurance policies or interests in universal life insurance policies originally issued by Jefferson-Pilot (now LNL). In Crayne, plaintiffs purport to own litigation claims concerning universal life policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs in each case allege that LNL breached the terms of policyholders’ contracts when it increased non-guaranteed cost of insurance rates beginning in 2016 (or, in Brighton Trustees, in 2016 and 2017). We are vigorously defending these consolidated matters. Wells Fargo Bank, N.A, solely in its capacity as securities intermediary v. The Lincoln National Life Insurance Company, No. 25-cv-00152-GJP (E.D. Pa.), filed on December 4, 2024 (and transferred to the U.S. District Court for the Eastern District of Pennsylvania on January 9, 2025) was previously consolidated with the above civil actions. On October 7, 2025, we entered into an agreement fully and finally settling the Wells Fargo case, and the Wells Fargo parties filed a stipulation of dismissal of the Wells Fargo case with prejudice.

Other Litigation

Henry Morgan et al. v. Lincoln National Corporation d/b/a Lincoln Financial Group, et al, filed in the District Court of the 14th Judicial District of Dallas County, Texas, No. DC-23-02492, is a putative class action that was filed on February 22, 2023. Plaintiffs Henry Morgan, Susan Smith, Charles Smith, Laura Seale, Terri Cogburn, Laura Baesel, Kathleen Walton, Terry Warner, and Toni Hale (“Plaintiffs”) allege on behalf of a putative class that Lincoln National Corporation d/b/a Lincoln Financial Group, LNL and LLANY (together, “Lincoln”), FMR, LLC, and Fidelity Product Services, LLC (“Fidelity”) created and marketed misleading and deceptive insurance products with attributes of investment products. The putative class comprises all individuals and entities who purchased Lincoln OptiBlend products that allocated account monies to the 1-Year Fidelity AIM Dividend Participation Account, between January 1, 2020, to December 31, 2022. Plaintiffs assert the following claims individually and on behalf of the class, (1) violations of the Texas Deceptive Trade Practices Act against Lincoln; (2) common-law fraud against Lincoln; (3) negligent misrepresentation against Lincoln and Fidelity; and (4) aiding and abetting fraud against Fidelity. Plaintiffs allege they suffered damages from “a missed investment return of approximately 5-6%” and mitigation damages. They seek actual, consequential and punitive damages, as well as pre-judgment and post-judgment interest, attorney’s fees and litigation costs. On March 31, 2023, the Lincoln defendants filed a notice of removal removing the action from the 14th Judicial District of Dallas County, Texas, to the United States District Court for the Northern District of Texas, Dallas Division. On May 8, 2023, the Lincoln defendants and the Fidelity defendants filed motions to dismiss, which remain pending. We are vigorously defending this matter.

Donald C. Meade v. Lincoln National Corporation, Ellen Cooper, Dennis Glass, and Randal Freitag (“Defendants”), No. 2:24-cv-01704, pending in the U.S. District Court for the Eastern District of Pennsylvania, is a putative class action that was filed on April 23, 2024. On June 24, 2024, Local 295 IBT Employer Group Pension Trust Fund (“Local 295”) filed a motion for appointment as lead plaintiff. On October 23, 2024, the court granted this motion. Local 295 seeks to represent persons and entities that purchased or otherwise acquired Lincoln National Corporation common stock between December 8, 2021, and November 2, 2022, inclusive (the “Class Period”). On December 23, 2024, plaintiff filed an amended complaint. Plaintiff alleges claims under Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934, and under SEC Rule 10b-5. Plaintiff alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts that plaintiff alleges Defendants knew, or recklessly disregarded, at the time the statements were made, about the Company’s business, operations, and prospects with respect to its Guaranteed Universal Life policies and their lapse rates. The action seeks unspecified compensatory damages and reasonable costs and expenses incurred in this action, including counsel fees and expert fees, together with equitable/injunctive relief or such other relief as the court may deem just and proper. On February 21, 2025, Defendants filed a motion to dismiss. On July 24, 2025, the court granted Defendants’ motion to dismiss and dismissed the amended complaint without prejudice. Plaintiff was given 14 days from the date of the court’s order to file a second amended complaint. On August 7, 2025, plaintiff informed the court that it would pursue its appellate rights and would not file a second amended complaint. On August 28, 2025, the court entered an Order of Judgment granting Defendants’ motion to dismiss and directing that the amended complaint be dismissed with prejudice. On September 25, 2025, plaintiff filed a Notice to Appeal to the United States Court of Appeals for the Third Circuit in respect of the court’s order of July 24, 2025, and Order of Judgment of August 28, 2025 (including as to all prior opinions and orders that have merged into that order). We are vigorously defending this matter.

In Re Lincoln National Corporation Stockholder Derivative Litigation, No. 2:24-cv-02713, is the matter name for the following two civil actions that were consolidated for all purposes on September 26, 2024, by the U.S. District Court for the Eastern District of Pennsylvania: Lawrence Hollin, derivatively on behalf of Nominal Defendant Lincoln National Corporation v. Ellen G. Cooper, Dennis R. Glass, Randal J. Freitag, Deirdre P Connelly, William H. Cunningham, Reginald E. Davis, Eric G. Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Michael F. Mee, Lynn M. Utter and Patrick S. Pittard (“Individual Defendants”) and Lincoln National Corporation (“Nominal Defendant”), No. 2:24-cv-02713 (E.D. Pa.), filed on June 20, 2024; and Robert R. Wiersum, derivatively on behalf of Lincoln National Corporation v. Ellen G. Cooper, Dennis R. Glass, Randal J. Freitag, Deirdre P Connelly, William H. Cunningham, Reginald E. Davis, Eric G. Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Michael F. Mee, Lynn M. Utter and Patrick S. Pittard (“Individual Defendants”) and Lincoln National Corporation (“Nominal Defendant”), No. 2:24-cv-03251 (E.D. Pa.), filed on July 23, 2024. By the same September 26, 2024, order, the court directed, among other things, that all proceedings and deadlines in this consolidated case be stayed until 30 days after resolution of all motions to dismiss (including the exhaustion of all related appeals) in the Meade matter discussed above. Plaintiffs bring this complaint for, inter alia, alleged breaches of fiduciary duties between November 4, 2020, at latest, through the date of filing and allege violations of the federal securities laws caused by the issuance of allegedly materially false and misleading statements issued, or caused to be issued, by the Individual Defendants in the Company’s SEC filings and other public statements. Plaintiffs allege that the Company thereby suffered loss, injury and damage.
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Among other relief, plaintiffs seek, in favor of the Company, damages sustained by the Company, punitive damages and attorney’s fees, an accounting for all damages to the Company and an unspecified order directing the Company to improve existing corporate governance and internal procedures. The Individual Defendants are vigorously defending these consolidated matters.

In Re Lincoln National Corporation Shareholder Derivative Litigation, No. CV-2024-0011319, is the matter name for the following two civil actions that were consolidated for all purposes on February 28, 2025, by the Court of Common Pleas of Delaware County, Pennsylvania: Anthony Morgan, derivatively on behalf of Nominal Defendant Lincoln National Corporation v. Ellen G. Cooper, Deirdre P. Connelly, William H. Cunningham, Reginald Davis, Eric C. [G.] Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Lynn M. Utter, Dennis Glass and Randal Freitag (“Individual Defendants”) and Lincoln National Corporation (“Nominal Defendant”), No. CV-2024-011319 (Court of Common Pleas of Delaware County, Pennsylvania) filed on December 31, 2024; and Harry Rosenthal, derivatively on behalf of Nominal Defendant Lincoln National Corporation v. Ellen G. Cooper, Deirdre P Connelly, William H. Cunningham, Reginald Davis, Eric C. [G.] Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Lynn M. Utter, Dennis Glass and Randal Freitag (“Individual Defendants”) and Lincoln National Corporation (“Nominal Defendant”), No. CV-2025-00146 (Court of Common Pleas of Delaware County, Pennsylvania) filed on January 3, 2025. By the same February 28, 2025, order, the court directed, among other things, that all proceedings and deadlines in this consolidated case be stayed until 30 days after resolution of all motions to dismiss (including the exhaustion of all related appeals) in the Meade matter discussed above. Plaintiffs bring this verified stockholder derivative complaint purportedly on behalf of Nominal Defendant Lincoln National Corporation against the Individual Defendants, inter alia, for alleged breaches of fiduciary duties for allegedly failing to comply with federal securities laws, by the issuance of allegedly materially false and misleading statements in the Company’s SEC filings and other public statements. Plaintiffs allege claims against the Individual Defendants for breach of fiduciary duties and for unjust enrichment. Plaintiffs allege, inter alia, that the Individual Defendants failed to disclose to investors: (i) that the Company was experiencing a decline in its VUL business; (ii) that, as a result, the goodwill associated with the life insurance business was overstated; (iii) that, as a result, the Company’s policy lapse assumptions were outdated; (iv) that, as a result, the Company’s reserves were overstated; (v) that, as a result, the Company’s reported financial results and financial statements were misstated; and (vi) that, as a result, the Individual Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis. Plaintiffs allege that the Company thereby suffered loss, injury and damage. Among other relief, the action seeks specifically, in favor of the Company: damages sustained by the Company; a direction by the court for the Company to take all necessary actions to reform and improve its corporate governance and internal procedures to comply with all applicable laws and to protect the Company and its shareholders; restitution from the Individual Defendants, and each of them, and an order for the disgorgement of all profits, benefits and other compensation obtained by the Individual Defendants; the costs and disbursements of the action, including reasonable attorneys’ fees, accountants’ and experts’ fees, costs and expenses; and such other and further relief as the court deems just and proper. The Individual Defendants are vigorously defending this matter.

Kelly Grink v. Virtua Health and Lincoln National Corporation et al., No. 1:24-cv-09919, is a putative class action filed on October 18, 2024, in the U.S. District Court for the District of New Jersey. On March 7, 2025, plaintiffs filed an amended complaint which, inter alia, added an additional named plaintiff (Steven Molnar) and additional named defendants, including Lincoln Retirement Services Company, LLC, and [The] Lincoln National Life Insurance Company. Plaintiffs Kelly Grink, Diane Trump and Steven Molnar are participants in Virtua Health’s defined contribution plans. Plaintiffs seek to represent all current and former participants or beneficiaries of Virtua’s 401(k) savings plan and 403(b) retirement program (together, the “Plans”) who invested in the Plans’ fixed annuity option in the six years prior to the filing of this lawsuit. Lincoln offers a fixed annuity investment option to plan participants through its group annuity contract with the Plans. Lincoln also provides recordkeeping and administration services to the Plans. Plaintiffs allege that the Virtua defendants acted in breach of their fiduciary duty including by maintaining the Plans’ investment in the Lincoln stable value fund when other investment providers are alleged to have provided superior alternatives at substantially lower cost. Plaintiffs allege that the Lincoln defendants were at all relevant times fiduciaries to the Plans and were parties in interest to a prohibited transaction under ERISA. The action seeks relief against the Lincoln defendants including the disgorgement of any profits they received as a result of the alleged breaches of fiduciary duty, together with plaintiffs’ attorney’s fees and costs, prejudgment and post-judgment interest and such other equitable or remedial relief as the court deems appropriate. On April 4, 2025, the Lincoln defendants filed a motion to dismiss. We are vigorously defending this matter.

Maria Laurino and Ricardo Miller v. The Valley Hospital and Lincoln National Corporation and The Lincoln National Life Insurance Company, et. al., No. 2:25-cv-15263, is a putative class action lawsuit filed on September 4, 2025 in the U.S. District Court for the District of New Jersey. Plaintiffs are participants in Valley Hospital Health System Partnership Plan (the “Plan”), which is the 401(k) defined contribution plan for The Valley Hospital and affiliated entities. Plaintiffs seek to represent all current and former participants and beneficiaries in the Plan since September 4, 2019. Lincoln offers a fixed annuity investment option to Plan participants through its group annuity contract with the Plan. Lincoln also provides recordkeeping and administration services to the Plan. Plaintiffs allege that The Valley Hospital defendants acted in breach of their fiduciary duty, including by maintaining the Plan’s investment in the Lincoln stable value fund when other investment providers are alleged to have provided superior investment alternatives, and by participating in an alleged fiduciary breach by Lincoln. Plaintiffs allege that the Lincoln defendants were fiduciaries to the Plan and were parties in interest to a prohibited transaction under ERISA. The action seeks relief against the Lincoln defendants, including the disgorgement of profits, attorney’s fees and costs, pre-judgment and post-judgment interest and such other equitable or remedial relief as the court deems appropriate. We are vigorously defending this matter.

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Tax Assessment Proceeding

Lincoln National Life Insurance Company v. Township of Radnor, pending in the Court of Common Pleas of Delaware County, Pennsylvania Civil Division, No. 2022-001894, is a de novo appeal filed by LNL on March 21, 2022, regarding a September 30, 2021, Notice of Tax Assessment issued by the Township of Radnor (the “Township”) to LNL for additional business privilege tax for the years 2014-2019/2020 estimate. The assessment was based on an audit undertaken by a third-party auditor and consultant to the Township, following a periodic business review of LNL undertaken by the same individual in 2018. The assessment is comprised of taxes, interest and penalties for the period in question. LNL filed a motion for summary judgment that was denied by the court. The trial of this matter was held in the fourth quarter of 2024. On July 16, 2025, the trial court entered judgment in favor of LNL. On July 25, 2025, the Township filed a post-trial motion asking the trial court to vacate that judgment, reinstate the assessment subject to accrued statutory interest and enter judgment in favor of the Township. On August 15, 2025, the Township filed a notice of appeal in the Commonwealth Court of Pennsylvania. On the same date, LNL filed a motion to strike the Township’s post-trial motion in the trial court, and the trial court granted LNL’s motion.

Reinsurance Disputes

Certain reinsurers have in the past sought, and may in the future seek, rate increases on certain yearly renewable term agreements. We may initiate legal proceedings, as necessary, under these agreements in order to protect our contractual rights. Additionally, reinsurers have in the past initiated, and may in the future initiate, legal proceedings against us.

State Guaranty Fund Assessments

State guaranty associations levy assessments on insurance companies doing business within their jurisdictions to cover policyholder losses from insolvent or impaired insurance companies. Mandatory assessments may be partially recovered through a reduction in future premium taxes in some states. We accrue the cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life & Health Insurance Guaranty Associations and the amount of premiums written in each state. We reported the undiscounted expected state guaranty fund assessment liability within other liabilities on the Consolidated Balance Sheets of $63 million as of September 30, 2025, and December 31, 2024. The actual amount of assessments levied against us in connection with insurance company insolvencies may vary from this estimate. Future guaranty fund assessments are expected to be paid based on anticipated funding periods for each guaranty association obligation. In addition, we reported the related receivable for expected future state premium tax recoveries within other assets on the Consolidated Balance Sheets of $100 million and $99 million as of September 30, 2025, and December 31, 2024, respectively. Premium tax recoveries are expected to be realized based on regulations set forth by the various state taxing authorities. The balance sheet position as of September 30, 2025, and December 31, 2024, nets to recoveries of $37 million and $36 million, respectively.

15. Shares and Stockholders’ Equity

Preferred Shares

Preferred stock authorized, issued and outstanding (number of shares) was as follows:

As of September 30, 2025 As of December 31, 2024
Shares Authorized Shares Issued Shares Outstanding Shares Authorized Shares Issued Shares Outstanding
9.250% Fixed Rate Reset Non-Cumulative
Preferred Stock, Series C 20,000  20,000  20,000  20,000  20,000  20,000 
9.000% Non-Cumulative Preferred Stock,
  Series D
 20,000  20,000  20,000  20,000  20,000  20,000 
Not designated 9,960,000  –  –  9,960,000  –  – 
Total preferred shares 10,000,000  40,000  40,000  10,000,000  40,000  40,000 

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The per share and aggregate dividends declared for preferred stock by series (in millions except per share data) was as follows:

For the Three Months Ended September 30,
2025 2024
Dividend Aggregate Dividend Aggregate
Series Per Share Dividend Per Share Dividend
Series C $ 1,156.25  $ 23  $ 1,156.25  $ 23 
Series D 562.50  11  562.50  11 
Total $ 1,718.75  $ 34  $ 1,718.75  $ 34 

For the Nine Months Ended September 30,
2025 2024
Dividend Aggregate Dividend Aggregate
Series Per Share Dividend Per Share Dividend
Series C $ 2,312.50  $ 46  $ 2,312.50  $ 46 
Series D 1,687.50  34  1,687.50  34 
Total $ 4,000.00  $ 80  $ 4,000.00  $ 80 

Common Shares

The changes in our common stock (number of shares) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Common Stock
Balance as of beginning-of-period 189,570,904  170,188,487  170,380,646  169,666,137 
Issuance of common stock –  –  18,759,497  – 
Stock compensation/issued for benefit
  plans		 349,723  152,980  780,484  675,330 
Balance as of end-of-period 189,920,627  170,341,467  189,920,627  170,341,467 

Our common stock is without par value.

Issuance of Common Stock

On June 5, 2025, we closed the previously announced stock purchase agreement (the “Purchase Agreement”) with Bain Capital Prairie, LLC (the “Buyer”), a newly formed subsidiary of Bain Capital, under which we agreed to sell shares representing 9.9% of our outstanding common stock on a post-issuance basis to the Buyer. Under the final terms, Lincoln issued 18,759,497 shares of common stock at $44.00 per share, based on a 25% premium to the 30-day volume-weighted average price as of April 8, 2025, for aggregate consideration of $825 million.

The Purchase Agreement provides for, among other things, certain limitations on the Buyer’s and certain of its affiliates’ ability to transfer common stock, purchase additional common stock, and take certain other actions with respect to the Company and its common stock, and an agreement that the Buyer and certain of its affiliates will, subject to certain limitations, vote common stock they beneficially own in favor of the matters recommended for approval by the Company’s board of directors (the “Board”). The Purchase Agreement also grants the Buyer the right to designate one observer to be present in a nonvoting capacity at all meetings of the Board and, following the first anniversary of the closing of the Transaction, the right to replace such observer with a voting member of the Board, in each case subject to the Buyer’s satisfaction of certain conditions and approval of the Board.

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Earnings Per Share

The calculation of earnings per share (“EPS”) was as follows (in millions except per share data):

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Net income (loss) available to common stockholders – basic $ 411  $ (562) $ 343  $ 1,508 
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 
Weighted-average shares, as used in basic calculation 190,826,396 170,773,438 179,845,834 170,482,264
Incremental common shares from assumed exercise or
issuance of stock-based incentive compensation awards 3,477,709 2,075,432 3,005,449 1,575,034
Average deferred compensation shares (1)
 –  –  –  710,256
Weighted-average shares, as used in diluted calculation (2)
 194,304,105 172,848,870 182,851,283 172,767,554
Net income (loss) per share:
Basic $ 2.15  $ (3.29) $ 1.90  $ 8.85 
Diluted 2.12  (3.29) 1.87  8.75 

(1)    We have participants in our deferred compensation plans who selected LNC stock as the measure for the investment return attributable to all or a portion of their deferral amounts. This obligation is settled in either cash or LNC stock pursuant to the applicable plan document. We exclude deferred units of LNC stock that are antidilutive from our diluted EPS calculation.
(2)     Due to reporting a net loss for the three months ended September 30, 2024, basic shares were used in the diluted EPS calculation for this period as the use of diluted shares would have resulted in a lower loss per share.

In the event the average market price of LNC common stock exceeds the issue price of stock options and the options have a dilutive effect to our EPS, such options will be shown in the table above.

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AOCI

The following summarizes the components and changes in AOCI (in millions):

For the Nine
Months Ended
September 30,
2025 2024
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year $ (6,239) $ (5,188)
Unrealized holding gains (losses) 2,263  1,555 
Change in foreign currency exchange rate adjustment 441  124 
Change in future contract benefits and policyholder account balances,
net of reinsurance (514) (382)
Income tax benefit (expense) (463) (276)
Less:
Reclassification adjustment for gains (losses) included in net income (loss) (139) (163)
Income tax benefit (expense) 29  34 
Balance as of end-of-period $ (4,402) $ (4,038)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year $ 638  $ 375 
Unrealized holding gains (losses) 277  305 
Change in foreign currency exchange rate adjustment (433) (121)
Income tax benefit (expense) 33  (39)
Less:
Reclassification adjustment for gains (losses) included in net income (loss) 54  60 
Income tax benefit (expense) (11) (13)
Balance as of end-of-period $ 472  $ 473 
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year $ 146  $ 1,070 
OCI before reclassification (260) (367)
Income tax benefit (expense) 56  78 
Balance as of end-of-period $ (58) $ 781 
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year $ 744  $ 587 
OCI before reclassification (342) (209)
Income tax benefit (expense) 72  44 
Balance as of end-of-period $ 474  $ 422 
Foreign Currency Translation Adjustment
Balance as of beginning-of-year $ (29) $ (26)
OCI before reclassification 11  8 
Balance as of end-of-period $ (18) $ (18)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year $ (296) $ (294)
OCI before reclassification (11) (8)
Balance as of end-of-period $ (307) $ (302)
    
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The following summarizes the reclassifications out of AOCI (in millions) and the associated line item on the Consolidated Statements of Comprehensive Income (Loss):

For the Nine
Months Ended
September 30,
2025 2024
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification $ (173) $ (193) Realized gain (loss)
Associated change in future contract benefits 34  30  Benefits
Reclassification before income tax benefit (expense) (139) (163) Income (loss) before taxes
Income tax benefit (expense) 29  34  Federal income tax expense (benefit)
Reclassification, net of income tax $ (110) $ (129) Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Interest rate contracts $ –  $ (2) Net investment income
Interest rate contracts 10  20  Interest and debt expense
Foreign currency contracts 42  41  Net investment income
Foreign currency contracts 2  1  Realized gain (loss)
Reclassification before income tax benefit (expense) 54  60  Income (loss) before taxes
Income tax benefit (expense) (11) (13) Federal income tax expense (benefit)
Reclassification, net of income tax $ 43  $ 47  Net income (loss)


16. Segment Information

We provide products and services and report results through our Annuities, Life Insurance, Group Protection and Retirement Plan Services business segments. The accounting policies of the business segments and Other Operations are the same as those described in Note 1 in our 2024 Form 10-K. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our business segments and Other Operations reflect the manner by which our CODM views and manages the business. Our CODM is the Chief Executive Officer. A discussion of these segments and Other Operations is found in Note 19 in our 2024 Form 10-K.

Income (loss) from operations is the internal measure used by our CODM that explains the results of our ongoing operations in a manner that allows for a better understanding of the underlying trends by excluding items that are not necessarily indicative of current operating fundamentals or future performance, and, in most instances, decisions regarding these adjustments do not necessarily relate to the operations of the individual business segments. Income (loss) from operations is used by our CODM to evaluate financial performance, to assess the budgeting and forecasting process and to determine future resource allocation.

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 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;
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•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.

We use our prevailing corporate federal income tax rate of 21% and an estimated state income tax rate, where applicable, net of the impacts related to dividends-received deduction and foreign tax credits and any other permanent differences for events recognized differently in the consolidated financial statements and federal income tax returns.

We do not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance.






































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The tables below reconcile our internal measure of performance to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

For the Three Months Ended September 30, 2025
Annuities Life Insurance Group Protection Retirement Plan Services Other Operations Total
Operating Revenues (1)
 $ 1,270  $ 1,610  $ 1,507  $ 343  $ 50  $ 4,780 
Operating Expenses (2)
Benefits and policyholder liability
remeasurement 24  961  923  –  4  1,912 
Interest credited 459  298  1  174  22  954 
Commissions 327  119  132  30  3  611 
General and administrative expenses 130  134  225  83  65  637 
Interest and debt expense –  –  –  –  79  79 
Other (3)
 (38) 74  38  3  4  81 
Total operating expenses 902  1,586  1,319  290  177  4,274 
Total federal income tax expense (benefit) 58  (1) 39  7  (28) 75 
Total income (loss) from operations 310  25  149  46  (99) 431 
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)
 410 
Net life insurance product features, pre-tax (22)
Credit loss-related adjustments, pre-tax (38)
Investment gains (losses), pre-tax (35)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)
 (191)
Other items, pre-tax (6)(7)(8)(9)
 (105)
Income tax benefit (expense) related to
the above pre-tax items (5)
Total net income (loss) $ 445 

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).
(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
(3)    Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; expenses associated with reserve financing and letters of credit (“LOCs”); taxes, licenses and fees and amortization of deferred loss on business sold through reinsurance. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; amortization of deferred loss on business sold through reinsurance and other intangible amortization. Group Protection: DAC capitalization and amortization; taxes, licenses and fees; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Taxes, licenses and fees; DAC capitalization and amortization and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.
(4)    Includes changes in MRBs of $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 $30 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $43 million.
(5)    Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.
(6)    Includes certain legal accruals of $(9) million.
(7)    Includes severance expense related to initiatives to realign the workforce of $(5) million.
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(8)    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.
(9)    Includes deferred compensation mark-to-market adjustment of $(14) million.

For the Three Months Ended September 30, 2024
Annuities Life Insurance Group Protection Retirement Plan Services Other Operations Total
Operating Revenues (1)
 $ 1,195  $ 1,589  $ 1,432  $ 335  $ 52  $ 4,603 
Operating Expenses (2)
Benefits and policyholder liability
remeasurement 38  937  919  –  (3) 1,891 
Interest credited 399  302  1  170  8  880 
Commissions 285  120  114  28  –  547 
General and administrative expenses 122  138  219  85  67  631 
Interest and debt expense –  –  –  –  86  86 
Other (3)
 (8) 71  42  3  (1) 107 
Total operating expenses 836  1,568  1,295  286  157  4,142 
Total federal income tax expense (benefit) 58  (1) 28  5  (21) 69 
Total income (loss) from operations 301  22  109  44  (84) 392 
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)
 (381)
Net life insurance product features, pre-tax (125)
Credit loss-related adjustments, pre-tax (88)
Investment gains (losses), pre-tax (105)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)
 (446)
Gains (losses) on other non-financial assets –
sale of subsidiaries/businesses, pre-tax (6)
 (2)
Other items, pre-tax (7)(8)(9)
 (19)
Income tax benefit (expense) related to
the above pre-tax items 246 
Total net income (loss) $ (528)

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).
(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
(3)    Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and amortization of deferred loss on business sold through reinsurance. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; amortization of deferred loss on business sold through reinsurance and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Taxes, licenses and fees and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.
(4)    Includes changes in MRBs of $(666) 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; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $97 million.
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(5)    Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.
(6)    Relates to the sale of our wealth management business.
(7)    Includes severance expense related to initiatives to realign the workforce of $(16) million.
(8)    Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(2) million related to the sale of our wealth management business.
(9)    Includes deferred compensation mark-to-market adjustment of $(1) million.

For the Nine Months Ended September 30, 2025
Annuities Life Insurance Group Protection Retirement Plan Services Other Operations Total
Operating Revenues (1)
 $ 3,682  $ 4,798  $ 4,566  $ 1,001  $ 143  $ 14,190 
Operating Expenses (2)
Benefits and policyholder liability
remeasurement 84  2,919  2,830  –  14  5,847 
Interest credited 1,317  874  1  518  49  2,759 
Commissions 917  329  404  84  4  1,738 
General and administrative expenses 381  397  674  251  189  1,892 
Interest and debt expense –  –  –  –  240  240 
Other (3)
 (63) 253  121  14  3  328 
Total operating expenses 2,636  4,772  4,030  867  499  12,804 
Total federal income tax expense (benefit) 160  (14) 113  18  (74) 203 
Total income (loss) from operations 886  40  423  116  (282) 1,183 
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)
 (277)
Net life insurance product features, pre-tax (37)
Credit loss-related adjustments, pre-tax (91)
Investment gains (losses), pre-tax (218)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)
 (266)
Other items, pre-tax (6)(7)(8)(9)(10)
 (65)
Income tax benefit (expense) related to
the above pre-tax items 194 
Total net income (loss) $ 423 

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).
(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
(3)    Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and amortization of deferred loss on business sold through reinsurance. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; amortization of deferred loss on business sold through reinsurance and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Taxes, licenses and fees; DAC capitalization and amortization and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.
(4)    Includes changes in MRBs of $(33) 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 $(307) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $63 million.
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(5)    Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.
(6)    Includes certain legal accruals of $(9) million.
(7)    Includes severance expense related to initiatives to realign the workforce of $(13) million.
(8)    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, $(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.
(9)    Includes deferred compensation mark-to-market adjustment of $(22) million.
(10)    Includes gains on early extinguishment of debt of $94 million.

For the Nine Months Ended September 30, 2024
Annuities Life Insurance Group Protection Retirement Plan Services Other Operations Total
Operating Revenues (1)
 $ 3,673  $ 4,640  $ 4,299  $ 984  $ 118  $ 13,714 
Operating Expenses (2)
Benefits and policyholder liability
remeasurement 105  2,886  2,790  –  12  5,793 
Interest credited 1,129  894  3  505  24  2,555 
Commissions 808  346  336  76  –  1,566 
General and administrative expenses 358  421  653  253  187  1,872 
Interest and debt expense –  –  –  –  253  253 
Other (3)
 245  172  114  13  (10) 534 
Total operating expenses 2,645  4,719  3,896  847  466  12,573 
Total federal income tax expense (benefit) 171  (31) 85  17  (72) 170 
Total income (loss) from operations 857  (48) 318  120  (276) 971 
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)
 1,319 
Net life insurance product features, pre-tax (253)
Credit loss-related adjustments, pre-tax (124)
Investment gains (losses), pre-tax (416)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)
 (51)
Gains (losses) on other non-financial assets –
sale of subsidiaries/businesses, pre-tax (6)
 582 
Other items, pre-tax (7)(8)(9)(10)
 (238)
Income tax benefit (expense) related to
the above pre-tax items (202)
Total net income (loss) $ 1,588 

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).
(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
(3) Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; broker-dealer expenses; taxes, licenses and fees; expenses associated with reserve financing and LOCs and amortization of deferred loss on business sold through reinsurance. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; amortization of deferred loss on business sold through reinsurance and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Taxes, licenses and fees and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.
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(4)    Includes changes in MRBs of $1,354 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 $(350) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $315 million.
(5)    Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.
(6)    Relates to the sale of our wealth management business.
(7)    Includes certain legal accruals of $(114) million primarily related to the settlement of cost of insurance litigation in the first quarter of 2024.
(8)    Includes severance expense related to initiatives to realign the workforce of $(72) million.
(9)    Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(39) million primarily related to the sale of our wealth management business.
(10)    Includes deferred compensation mark-to-market adjustment of $(13) million.

The tables below reconcile our total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

For the Three Months Ended September 30, 2025
Annuities Life Insurance Group Protection Retirement Plan Services Other Operations Total
Operating revenues $ 1,270  $ 1,610  $ 1,507  $ 343  $ 50  $ 4,780 
Revenue adjustments from annuity and life
insurance product features 73  (34) –  –  –  39 
Credit loss-related adjustments 10  (17) (2) (1) (28) (38)
Investment gains (losses) 2  (17) (1) –  (19) (35)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans –  (193) –  –  2  (191)
Total revenues $ 1,355  $ 1,349  $ 1,504  $ 342  $ 5  $ 4,555 


For the Three Months Ended September 30, 2024
Annuities Life Insurance Group Protection Retirement Plan Services Other Operations Total
Operating revenues $ 1,195  $ 1,589  $ 1,432  $ 335  $ 52  $ 4,603 
Revenue adjustments from annuity and life
insurance product features 285  (136) –  –  –  149 
Credit loss-related adjustments (44) (8) (2) (14) (20) (88)
Investment gains (losses) (43) (24) (1) (6) (31) (105)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans (7) (455) –  –  16  (446)
Gains (losses) on other non-financial assets -
sale of subsidiaries/businesses –  –  –  –  (2) (2)
Total revenues $ 1,386  $ 966  $ 1,429  $ 315  $ 15  $ 4,111 

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For the Nine Months Ended September 30, 2025
Annuities Life Insurance Group Protection Retirement Plan Services Other Operations Total
Operating revenues $ 3,682  $ 4,798  $ 4,566  $ 1,001  $ 143  $ 14,190 
Revenue adjustments from annuity and life
insurance product features (244) (81) –  –  –  (325)
Credit loss-related adjustments (10) (18) (5) (10) (48) (91)
Investment gains (losses) (6) (150) –  (6) (56) (218)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans 10  (269) –  –  (7) (266)
Total revenues $ 3,431  $ 4,280  $ 4,561  $ 986  $ 32  $ 13,290 

For the Nine Months Ended September 30, 2024
Annuities Life Insurance Group Protection Retirement Plan Services Other Operations Total
Operating revenues $ 3,673  $ 4,640  $ 4,299  $ 984  $ 118  $ 13,714 
Revenue adjustments from annuity and life
insurance product features (35) (290) –  –  –  (325)
Credit loss-related adjustments (67) 4  (2) (27) (32) (124)
Investment gains (losses) (16) (172) (2) (12) (214) (416)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans (9) (47) –  –  5  (51)
Gains (losses) on other non-financial assets -
sale of subsidiaries/businesses –  –  –  –  582  582 
Total revenues $ 3,546  $ 4,135  $ 4,295  $ 945  $ 459  $ 13,380 

Other business segment and Other Operations information (in millions) was as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Net Investment Income
Annuities $ 469  $ 418  $ 1,385  $ 1,203 
Life Insurance 687  623  1,950  1,817 
Group Protection 98  87  281  261 
Retirement Plan Services 257  253  760  744 
Other Operations 33  35  102  79 
Total net investment income $ 1,544  $ 1,416  $ 4,478  $ 4,104 
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17. Realized Gain (Loss)

Realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value for mortgage loans on real estate accounted for under the fair value option, changes in fair value of equity securities, VUL derivative and embedded derivative gains and losses, gains and losses on the sale of subsidiaries and businesses and net gains and losses on reinsurance-related embedded derivatives and trading securities. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is also net of allocations of investment gains and losses to certain policyholders, certain funds withheld on reinsurance arrangements and certain modified coinsurance arrangements for which we have a contractual obligation. Details underlying realized gain (loss) (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Fixed maturity AFS securities:
Gross gains $ 11  $ 3  $ 17  $ 11 
Gross losses (41) (38) (190) (204)
Credit loss benefit (expense) (1)
 (18) (14) (65) (40)
Realized gain (loss) on equity securities (2)
 (1) 6  (2) 18 
Credit loss benefit (expense) on mortgage loans on real estate (1)
 (7) (47) (16) (65)
Credit loss benefit (expense) on reinsurance-related assets (3)
 (14) (27) (9) (19)
Realized gain (loss) on the mark-to-market on certain
instruments (4)(5)
 (253) (623) (406) (523)
Indexed product derivative results (6)
 30  120  28  342 
Derivative results (7)
 68  209  (216) (258)
Realized gain (loss) on subsidiaries/businesses (8)
 –  (2) –  582 
Other realized gain (loss) 9  (18) 12  (45)
Total realized gain (loss) $ (216) $ (431) $ (847) $ (201)

(1) Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.
(2) Includes mark-to-market adjustments on equity securities still held of $1 million and $6 million for the three months ended September 30, 2025 and 2024, respectively, and $8 million and $21 million for the nine months ended September 30, 2025 and 2024, respectively.
(3) Includes changes in the allowance for credit losses pertaining to reinsurance recoverables and deposit assets.
(4) Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities.
(5) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $(1) million and $1 million for the three months ended September 30, 2025 and 2024, respectively, and $(3) million and $4 million for the nine months ended September 30, 2025 and 2024, respectively.
(6) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts, and the associated index options to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products.
(7) Includes the change in the fair value of the derivative instruments we own to support capital needs associated with our GLB and GDB riders net of fee income allocated to support the cost of purchasing the hedging instruments.
(8) Relates to the sale of our wealth management business.

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18. Federal Income Taxes

The effective tax rate is the ratio of tax expense (benefit) over pre-tax income (loss). The effective tax rate was 15% and 0% for the three and nine months ended September 30, 2025, respectively, compared to 25% and 17%, respectively, for the corresponding periods in 2024. The effective tax rate on pre-tax income is typically lower than the prevailing corporate federal income tax rate of 21% due to benefits from preferential tax items including the separate account dividends-received deduction and tax credits.

For the three months ended September 30, 2025, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of preferential tax items. For the nine months ended September 30, 2025, the effective tax rate differed from the prevailing corporate federal income tax rate due to lower pre-tax income from pre-tax losses during the first quarter of 2025 in addition to the effects of preferential tax items.

For the three months ended September 30, 2024, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to a tax benefit of 21% from pre-tax losses in addition to the effects of preferential tax items. For the nine months ended September 30, 2024, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of preferential tax items.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations

Page

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The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the financial condition as of September 30, 2025, compared with December 31, 2024, and the results of operations for the three and nine months ended September 30, 2025, compared with the corresponding periods in 2024 of Lincoln National Corporation and its consolidated subsidiaries. Unless otherwise stated or the context otherwise requires, “LNC,” “Company,” “we,” “our” or “us” refers to Lincoln National Corporation and its consolidated subsidiaries.

The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying notes to the consolidated financial statements (“Notes”) presented in “Part I – Item 1. Financial Statements” and our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). For more detailed information on the risks and uncertainties associated with the Company’s business activities, see the risks described in “Part I – Item 1A. Risk Factors” in our 2024 Form 10-K.

FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE

Certain statements made in this report and in other written or oral statements made by us or on our 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 our businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. We claim 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 environmental, social and governance 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 (“MRBs”), of our subsidiaries’ variable annuity products;
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•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. Other sections of this report and other reports that we file with the SEC include additional factors that could affect our businesses and financial performance, including “Part I – Item 1A. Risk Factors” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Form 10-K. 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, we disclaim any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this report.

INTRODUCTION

Executive Summary

We are a holding company that operates multiple insurance and retirement businesses through subsidiary companies. We sell a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions through our four business segments:

•Annuities
•Life Insurance
•Group Protection
•Retirement Plan Services

We also have Other Operations, which includes the financial results for operations that are not directly related to the business segments. See “Part I – Item 1. Business” in our 2024 Form 10-K for a discussion of our business segments and products.

In this report, in addition to providing consolidated net income (loss), we also provide income (loss) from operations because we believe it is a meaningful measure of the profitability of our business segments and Other Operations. Income (loss) from operations is the financial performance measure we use to evaluate and assess the results of our segments and Other Operations. Accordingly, we define and report income (loss) from operations by segment in Note 16. Our management believes that income (loss) from operations explains the results of our ongoing businesses in a manner that allows for a better understanding of the underlying trends in and performance of our current businesses. Certain items are excluded from income (loss) from operations because they 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.
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We provide information about our business segments’ and Other Operations’ operating revenue and expense line items, key drivers of changes and historical details underlying the line items below. For factors that could cause actual results to differ materially from those set forth, see “Forward-Looking Statements – Cautionary Language” above and “Part I – Item 1A. Risk Factors” in our 2024 Form 10-K.

On June 5, 2025, we closed our previously announced stock sale transaction pursuant to the purchase agreement (the “Purchase Agreement”) with Bain Capital Prairie, LLC (the “Buyer”), a newly formed subsidiary of Bain Capital, under which we agreed to sell shares representing 9.9% of our outstanding common stock on a post-issuance basis to the Buyer. Under the final terms, Lincoln sold approximately 18.8 million shares of its common stock for aggregate consideration of $825 million. The transaction provided us with capital that we expect to deploy toward our strategic priorities, including growing spread-based earnings, advancing our portfolio management efforts and asset sourcing capabilities and optimizing our legacy life portfolio. For additional information on the Bain Capital transaction, see Note 15.

Industry trends and significant operational matters are described in “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary” of our 2024 Form 10-K, which is further updated by the discussion that follows.

Interest Rate Environment

During the third quarter of 2025, the Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 4.00% to 4.25%, as the labor market shows signs of softening while acknowledging inflation and economic outlook uncertainty remain somewhat elevated. In October 2025, the Federal Reserve announced an additional 25 basis point reduction, setting the federal funds rate target range to 3.75% to 4.00%. In addition, the Federal Reserve announced that it will end the balance sheet reduction program, which began in 2022, effective December 1, 2025. The Federal Reserve noted that it will continue to monitor economic data and adjust its stance on monetary policy if risks emerge that could negatively impact the attainment of its goal of maximum employment and inflation at 2% over the long term.

Risks related to changes in interest rates are disclosed in our 2024 Form 10-K in “Part I – Item 1A. Risk Factors – Market Conditions – Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements,” “Part I – Item 1A. Risk Factors – Market Conditions – Increases in interest rates and sustained high interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals and surrenders” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk.”



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Summary of Critical Accounting Estimates

The MD&A included in our 2024 Form 10-K contains a detailed discussion of our critical accounting estimates. The following information updates the “Summary of Critical Accounting Estimates” provided in our 2024 Form 10-K, and therefore, should be read in conjunction with that disclosure.

Investments

Investment Valuation
 
The following summarizes investments on the Consolidated Balance Sheets carried at fair value by pricing source and fair value hierarchy level (in millions) as of September 30, 2025:

Quoted
Prices
in Active
Markets for Significant Significant
Identical Observable Unobservable
Assets Inputs Inputs Total
(Level 1) (Level 2) (Level 3) Fair Value
Priced by third-party pricing services $ 839  $ 78,417  $ 158  $ 79,414 
Priced by independent broker quotations –  –  6,762  6,762 
Priced by matrices –  17,294  –  17,294 
Priced by other methods (1)
 –  –  343  343 
Total $ 839  $ 95,711  $ 7,263  $ 103,813 
Percent of total 1% 92% 7% 100%

(1) Represents primarily securities for which pricing models were used to compute fair value.

For more information about the valuation of our financial instruments carried at fair value, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Summary of Critical Accounting Estimates – Investments – Investment Valuation” in our 2024 Form 10-K and Note 13 herein.

Derivatives

Derivatives are primarily used for hedging purposes. We hedge certain portions of our exposure to interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk by entering into derivative transactions. We also purchase and issue financial instruments that contain embedded derivative instruments. See “Policyholder Account Balances” below for information on embedded derivatives. Assessing the effectiveness of hedging and evaluating the carrying values of the related derivatives often involve a variety of assumptions and estimates

We carry our derivative instruments at fair value, which we determine through valuation techniques or models that use market data inputs or independent broker quotations. The fair values fluctuate from period to period due to the volatility of the valuation inputs, including but not limited to swap interest rates, interest and equity volatility and equity index levels, foreign currency forward and spot rates, credit spreads and correlations, some of which are significantly affected by economic conditions. The effect to revenue is reported in realized gain (loss) and such amount along with the associated federal income taxes is excluded from income (loss) from operations of our segments.

For more information on derivatives, see Note 1 in our 2024 Form 10-K and Note 5 herein. For more information on market exposures associated with our derivatives, including sensitivities, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Form 10-K.

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Future Contract Benefits

Future contract benefits represent liability reserves that we have established and carry based on estimates of how much we will need to pay for future benefits and claims.

Liability for Future Policy Benefits

Liability for future policy benefits (“LFPB”) represents the reserve amounts associated with non-participating traditional life insurance contracts and limited payment life-contingent annuity contracts that are calculated to meet the various policy and contract obligations as they mature. Establishing adequate reserves for our obligations to policyholders requires assumptions to be made that are intended to represent an estimation of experience for the period that policy benefits are payable. If actual experience is better than or equal to the assumptions, then reserves should be adequate to provide for future benefits and expenses. If experience is worse than the assumptions, additional reserves may be required. Significant assumptions include mortality rates, morbidity and policyholder behavior (e.g., persistency) and withdrawals. During the third quarter of each year, we conduct our comprehensive review of the actuarial assumptions to best estimate future premium and benefit cash flows (“cash flow assumptions”) and projection models used in estimating these liabilities and update these assumptions as needed (excluding the claims settlement expense assumption that is locked-in at inception) in the calculation of the net premium ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. See “Annual Assumption Review” below for more information. In measuring our LFPB, we establish cohorts, which are groupings of long-duration contracts. On a quarterly basis, we retrospectively update the net premium ratio at the cohort level for actual experience. For all contract cohorts issued after January 1, 2021, interest is accrued on LFPB at the single-A interest rate on the contract cohort inception date. For contract cohorts issued prior to January 1, 2021, interest remains accruing at the original discount rate in effect on the contract cohort inception date due to the modified retrospective transition method. We also remeasure the LFPB using the single-A interest rate as of the end of each reporting period.

Liability for Future Claims

Future contract benefits include reserves for long-term disability and life waiver claims associated with our Group Protection segment. These reserves use actuarial assumptions primarily based on claim termination rates, mortality rates, offsets for other insurance including social security, morbidity, incidence and severity assumptions. Such cash flow assumptions are subject to the comprehensive review process discussed above. We remeasure the liability for future claims using a single-A interest rate as of the end of each reporting period. See “Annual Assumption Review” below for more information.

Additional Liabilities for Other Insurance Benefits

We previously issued UL-type contracts where we provided a secondary guarantee to the policyholder. The policy can remain in force, even if the base policy account balance is zero, as long as contractual secondary guarantee requirements have been met. These guaranteed benefits require an additional liability that is calculated based on the application of a benefit ratio (calculated as the present value of total expected benefit payments over the life of the contract from inception divided by the present value of total expected assessments over the life of the contract). These secondary guarantees are reported within future contract benefits on the Consolidated Balance Sheets. The level and direction of the change in reserves will vary over time based on the emergence of the benefit ratio and the level of assessments associated with the contracts. Cash flow assumptions incorporated in a benefit ratio in measuring these additional liabilities for other insurance benefits include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions in the calculation of the benefit ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. See “Annual Assumption Review” below for more information.

For additional information on future contract benefits, see Note 11.

Market Risk Benefits

MRBs are contracts or contract features that provide protection to the policyholder from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk upon the occurrence of a specific event or circumstance, such as death, annuitization or periodic withdrawal. An MRB can be in either an asset or a liability position. Our MRB assets and MRB liabilities are reported at fair value separately on the Consolidated Balance Sheets.

We issue variable and fixed annuity contracts that may include various types of guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders that we have accounted for as MRBs. For contracts that contain multiple riders that qualify as MRBs, the MRBs are valued on a combined basis using an integrated model. We have entered into reinsurance agreements to cede certain GLB and GDB riders where the reinsurance agreements themselves are accounted for as MRBs or contain MRBs. We therefore record ceded MRB assets and ceded MRB liabilities associated with these reinsurance agreements.
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We report ceded MRBs associated with these reinsurance agreements in other assets or other liabilities on the Consolidated Balance Sheets.

Net amount at risk (“NAR”) represents the amount of GLB or GDB in excess of a policyholder’s account balance at the balance sheet date. Underperforming markets increase our exposure to potential benefits with the GLB and GDB riders. A contract with a GDB rider is “in the money” if the policyholder’s account balance falls below the GDB. As of September 30, 2025 and 2024, 3% and 5%, respectively, of all in-force contracts with a GDB rider were “in the money.” A contract with a GLB rider is “in the money” if the policyholder’s account balance falls below the present value of GLB payments, assuming no full surrenders. As of September 30, 2025 and 2024, 12% and 13%, respectively, of all in-force contracts with a GLB rider were “in the money.” However, the only way the policyholder can realize the excess of the present value of benefits over the account balance of the contract is through a series of withdrawals or income payments that do not exceed a maximum amount. If, after the series of withdrawals or income payments, the account balance is exhausted, the policyholder will continue to receive a series of annuity payments. The account balance can also fluctuate with market returns on a daily basis resulting in increases or decreases in the excess of the present value of benefits over account balance.

Many policyholders have both a GLB and GDB present on the same policy. The total NAR represents the greater of GLB NAR and GDB NAR for each policy as only one benefit can be exercised in practice. Details underlying the NAR, net of reinsurance, (in millions) were as follows:

Annuities Retirement Plan Services
As of September 30, As of September 30,
2025 2024 2025 2024
GLB NAR $ 1,256  $ 1,236  $ 1  $ 1 
GDB NAR 454  540  1  2 
Total NAR 1,676  1,721  2  3 

The change in the fair value of MRB assets and liabilities is reported in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss), except for the portion attributable to the change in non-performance risk, which is recognized in other comprehensive income (loss) (“OCI”). The change in the fair value of ceded MRB assets and liabilities, including the changes in our counterparties’ non-performance risks, is reported in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our non-performance risk. Ceded MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our counterparties’ non-performance risk. The scenario assumptions, at each valuation date, are those we view to be appropriate for a hypothetical market participant and include assumptions for capital markets, lapse, benefit utilization, mortality, risk margin and administrative expenses. These assumptions are based on a combination of historical data and actuarial judgments. The assumption for our own non-performance risk and our counterparties’ non-performance risk for MRBs and ceded MRBs, respectively, are determined at each valuation date and reflect our risk and our counterparties’ risks of not fulfilling the obligations of the underlying liability. The spread for the non-performance risk is added to the discount rates used in determining the fair value from the net cash flows. We believe these assumptions are consistent with those that would be used by a market participant; however, as the related markets develop, we will continue to reassess our assumptions. During the third quarter of each year, we conduct our comprehensive review of the assumptions used in calculating the fair value of these MRBs and update these assumptions on a prospective basis as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. For information on fair value inputs, see Note 13. See “Annual Assumption Review” below for more information.

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For illustrative purposes, the following presents hypothetical effects to MRBs attributable to changes to key assumptions / inputs, assuming all other factors remain constant:

Hypothetical Hypothetical
Effect Effect
Assumption / Input Actual Experience to MRB Liability to Net Income Description of Assumption / Input
Equity market return Increase / (Decrease) (Decrease) / Increase Increase / (Decrease) Equity market return input represents impact based on movements in equity markets.
Interest rate Higher /
 Lower		 (Decrease) / Increase Increase / (Decrease) Interest rate input represents impact based on movements in interest rates and impact to fixed-income assets.
Volatility Increase / (Decrease) Increase / (Decrease) (Decrease) / Increase Volatility assumption represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of difference indices.
Mortality Increase / (Decrease) (Decrease) / Increase Increase / (Decrease) Mortality represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.
Mortality contracts with only GDB rider Increase / (Decrease) Increase / (Decrease) (Decrease) / Increase Mortality represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.
Lapse Higher /
Lower		 (Decrease) / Increase Increase / (Decrease) Lapse assumption represents the estimated probability of a contract surrendering during a year, thereby forgoing any future benefits.
Benefit utilization Higher /
 Lower		 Increase / (Decrease) (Decrease) / Increase Benefit utilization assumption of guaranteed withdrawals represents the estimated percentage of policyholders that utilize the guaranteed withdrawal feature.

We use derivative instruments to hedge our exposure to selected risk caused by changes in equity markets and interest rates associated with GLB and GDB riders that are available in our variable annuity products and accounted for as MRBs. Our hedge program focuses on generating sufficient income to fund future claims with a goal of maximizing distributable earnings and explicitly protecting capital. We utilize options and total return swaps on U.S.-based equity indices, and futures on U.S.-based and international equity indices, as well as interest rate futures, interest rate swaps and currency futures. For additional information on our derivatives, see Note 5.

As part of our hedge program, equity market and interest rate conditions are monitored on a daily basis. We rebalance our hedge positions based upon changes in these factors as needed. While we actively manage our hedge positions, these positions may not completely offset changes in the fair value of our GLB and GDB riders caused by movements in these factors due to, among other things, differences in timing between when a market exposure changes and corresponding changes to the hedge positions, extreme swings in the equity markets, interest rates and market-implied volatilities, realized market volatility, policyholder behavior, divergence between the performance of the underlying funds and the hedging indices, divergence between the actual and expected performance of the hedge instruments or our ability to purchase hedging instruments at prices consistent with our desired risk and return trade-off.

The following table presents our after-tax estimates of the potential instantaneous effect to net income (loss) that could result from sudden changes that may occur in equity markets and interest rates (in millions) and excludes the net cost of operating the hedge program. The amounts represent the difference between the change in GLB and GDB riders and the change in the fair value of the underlying hedge instruments. These estimates are based upon the balance as of September 30, 2025, net of reinsurance, and the related hedge instruments in place as of that date.

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The effects presented in the table below are not representative of the aggregate impacts that could result if a combination of such changes to equity market returns and interest rates occurred.

In-Force Sensitivities
Equity Market Return -10% +10%
Hypothetical effect to net income $ (825) $ 725
Interest Rates -25 bps +25 bps
Hypothetical effect to net income $ (400) $ 375

The actual effects of the results illustrated in the table above could vary significantly depending on a variety of factors, many of which are out of our control, and consideration should be given to the following:

•The analysis is only valid as of September 30, 2025, due to changing market conditions, policyholder activity, hedge positions and other factors;
•The analysis assumes instantaneous shifts in the capital market factors and no ability to rebalance hedge positions prior to the market changes;
•The analysis assumes constant exchange rates and implied dividend yields;
•Assumptions regarding shifts in the market factors, such as assuming parallel shifts in interest rates, may be overly simplistic and not indicative of actual market behavior in stress scenarios;
•It is very unlikely that one capital market sector (e.g., equity markets) will sustain such a large instantaneous movement without affecting other capital market sectors; and
•The analysis assumes that there is no tracking or basis risk between the funds and/or indices affecting the GLB and GDB riders and the instruments utilized to hedge these exposures.

For additional information on MRBs, see Note 8.

Policyholder Account Balances

Policyholder account balances include the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability includes universal life insurance (“UL”), MoneyGuard®, variable universal life insurance (“VUL”), indexed universal life insurance (“IUL”), investment-type annuity (including registered index-linked annuities (“RILA”)), individual and group fixed and fixed portion of variable annuities, fixed indexed deferred annuities and non-life contingent payout fixed annuities) and funding agreement products where account balances are equal to deposits plus interest credited less withdrawals, surrender charges, asset-based fees and policyholder administration charges (collectively known as “policyholder assessments”), as well as amounts representing the fair value of embedded derivative instruments associated with our fixed indexed annuity and IUL products. During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models underlying our reserves and embedded derivatives and update assumptions as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. See “Annual Assumption Review” below for more information.

Our indexed annuity and IUL contracts permit the holder to elect a fixed interest rate return or a return where interest credited to the contracts is linked to the performance of the S&P 500® Index or other indices. The value of the variable portion of the policyholder’s account balance varies with the performance of the underlying variable funds chosen by the policyholder. Policyholders may elect to rebalance among the various accounts within the product at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing different participation rates, caps, spreads or specified rates, subject to contractual guarantees. We purchase and sell index options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period. The mark-to-market of the options held generally offsets the change in value of the embedded derivative within the contract, both of which are recorded as a component of realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). The Derivatives and Hedging and the Fair Value Measurements and Disclosures Topics of the Financial Accounting Standards Board Accounting Standards CodificationTM
require that we calculate fair values of index options we may purchase or sell in the future to hedge policyholder index allocations in future reset periods. These fair values represent an estimate of the cost of the options we will purchase or sell in the future, discounted back to the date of the balance sheet, using current market indicators of volatility and interest rates. Changes in the fair values of these liabilities are included as a component of realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). For more information on indexed product derivative results, see Note 17.

For additional information on the liability for policyholder account balances, see Note 10.

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Reinsurance Recoverables

Reinsurance recoverables are generally measured and recognized consistent with the assumptions and methodologies used to project the future performance of the underlying direct business as discussed in the “Future Contract Benefits” and “Policyholder Account Balances” sections above. During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models and update assumptions as needed. See “Annual Assumption Review” below for more information. In addition, we consider the potential impact of counterparty credit risks related to the reinsurance recoverable by estimating an allowance for credit losses using a probability of loss model approach to estimate expected credit losses for reinsurance recoverables. For additional information on our allowance for credit losses on reinsurance-related assets, see Note 7 in our 2024 Form 10-K.

Annual Assumption Review

During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models used in estimating MRBs, our reserves and embedded derivatives. For more information on our comprehensive review, see Note 1 in our 2024 Form 10-K. Details underlying the impact to net income (loss) from our annual assumption review (in millions) were as follows:

 For the Three
Months Ended
September 30,
2025 2024
Income (loss) from operations:
Annuities $ (8) $ 1 
Life Insurance (29) 8 
Group Protection 39  (1)
Retirement Plan Services –  – 
Excluded from income (loss) from operations (52) 208 
Net income (loss) $ (50) $ 216 

The impacts of our annual assumption review were driven primarily by the following:

2025
•For Annuities, the unfavorable impact was driven by model enhancements and updates to policyholder behavior assumptions.
•For Life Insurance, the unfavorable impact was driven by updates to mortality assumptions for our UL products with secondary guarantees and policyholder behavior assumptions, partially offset by updates to mortality assumptions for our traditional life insurance business and morbidity assumptions.
•For Group Protection, the favorable impact was driven by updates to the claim termination rate assumption, partially offset by updates to social security and incurred assumptions and other items.
•For excluded from income (loss) from operations, the unfavorable impact, related to net annuity product features, was driven by updates to policyholder behavior assumptions, model enhancements and other items, partially offset by updates to separate account fee assumptions.

2024
•For Life Insurance, the favorable impact was driven by updates to capital market assumptions on reinsured blocks of MoneyGuard® business and other items, partially offset by unfavorable updates to policyholder behavior assumptions on reinsured blocks of MoneyGuard business.
•For Group Protection, the unfavorable impact was driven by updates to disability claim termination rate assumptions, partially offset by favorable updates to life waiver incurred assumptions.
•For excluded from income (loss) from operations, the favorable impact, related to net annuity product features, was driven by model enhancements.

Goodwill

During the fourth quarter of 2025, we will perform our annual quantitative goodwill impairment test as of October 1, 2025, on all of our reporting units. For more information on goodwill, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Summary of Critical Accounting Estimates – Goodwill and Other Intangible Assets” and Notes 1 and 8 in our 2024 Form 10-K.
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Income Taxes

Management uses certain assumptions and estimates in determining the income taxes payable or refundable for the current year, the deferred income tax assets and liabilities for items recognized differently in its financial statements from amounts shown on its income tax returns and the federal income tax expense. Determining these amounts requires analysis and interpretation of current tax laws and regulations. Management exercises judgment in evaluating the amount and timing of recognition of the resulting income tax assets and liabilities. These judgments and estimates are re-evaluated on a continual basis as regulatory and business factors change. Legislative changes to the Internal Revenue Code of 1986, as amended, modifications or new regulations, administrative rulings, or court decisions could increase or decrease our effective tax rate.

The application of GAAP requires us to evaluate the recoverability of our deferred tax assets and establish a valuation allowance, if necessary, to reduce our deferred tax asset to an amount that is more likely than not to be realizable. Judgment and the use of estimates are required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, we consider many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of existing temporary differences; the length of time carryovers can be utilized; and any future prudent and feasible tax planning strategies.

As of September 30, 2025, we had an approximate $1.7 billion deferred tax asset related to net unrealized losses on fixed maturity available-for-sale (“AFS”) securities. In the assessment of the future realizability of this deferred tax asset, management concluded that its tax planning strategies, including holding these securities to recovery, were prudent and feasible as these unrealized losses were caused by factors other than credit loss, and we have the intent and ability to hold these securities to recovery and collect all of the contractual cash flows.

Although realization is not assured, management believes it is more likely than not that the deferred tax assets, will be realized.

For risks related to establishing a valuation allowance against our deferred tax assets, see “Part I – Item 1A. Risk Factors – Assumptions and Estimates – We may be required to recognize an impairment of our goodwill or to establish a valuation allowance against our deferred tax assets” in our 2024 Form 10-K.

For additional information on income taxes, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Summary of Critical Accounting Estimates – Income Taxes” and Note 23 in our 2024 Form 10-K and Note 18 herein.
 
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RESULTS OF CONSOLIDATED OPERATIONS

Details underlying the consolidated results (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Net Income (Loss)
Income (loss) from operations:
Annuities $ 310  $ 301  $ 886  $ 857 
Life Insurance 25  22  40  (48)
Group Protection 149  109  423  318 
Retirement Plan Services 46  44  116  120 
Other Operations (99) (84) (282) (276)
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)
Net income (loss) $ 445  $ (528) $ 423  $ 1,588 

(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. The coinsurance with funds withheld investment portfolio includes fixed maturity securities classified as AFS with changes in fair value recorded in OCI. Since the corresponding and offsetting changes in fair value of the embedded derivative related to the coinsurance with funds withheld investment portfolio are recorded in realized gain (loss), volatility can occur within net income (loss). See Note 7 for more information.
(3)    For information on the sale of our wealth management business, see Note 1 in our 2024 Form 10-K.
(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.
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(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.

Comparison of the Three Months Ended September 30, 2025 to 2024

Net income increased due primarily to the following:

•Gain in net annuity product features in 2025 compared to loss in 2024 driven by the impact of capital markets.
•Lower unfavorable changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans driven by the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
•Lower loss in net life insurance product features driven by the change in the fair value of hedges associated with VUL products attributable to the impact of capital markets.
•Lower investment losses driven by gains in 2025 on certain investments associated with the fourth quarter 2023 reinsurance transaction compared to losses in 2024 and lower realized losses on certain investments.
•Lower credit loss-related adjustments on our mortgage loans on real estate.

The increase in net income was partially offset by the following:

•Unfavorable impact from our annual assumption review in 2025 compared to favorable impact in 2024.
•Higher net unfavorable other items driven by transaction costs related to restructuring certain captive reinsurance subsidiaries and persistency optimization in our Life Insurance segment in 2025.

Comparison of the Nine Months Ended September 30, 2025 to 2024

Net income decreased due primarily to the following:

•Loss in net annuity product features in 2025 compared to gain in 2024 driven by the impact of capital markets.
•Gain on other non-financial assets in 2024 due to the sale of our wealth management business.
•Unfavorable impact from our annual assumption review in 2025 compared to favorable impact in 2024.
•Higher unfavorable changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans driven by the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.

The decrease in net income was partially offset by the following:

•Lower loss in net life insurance product features driven by the change in the fair value of hedges associated with VUL products attributable to the impact of capital markets.
•Lower investment losses driven by favorable changes in the fair value of certain derivatives, higher gains on certain investments associated with the fourth quarter 2023 reinsurance transaction and lower realized losses on certain investments.
•Lower net unfavorable other items driven by gain on extinguishment of debt in 2025 and settlement of cost of reinsurance litigation in 2024, partially offset by transaction costs related to restructuring certain captive reinsurance subsidiaries and persistency optimization in our Life Insurance segment in 2025.
•Improvement in our total loss ratio in our Group Protection segment and growth in average account balances.
•Higher investment income on alternative investments.

See “Summary of Critical Accounting Estimates – Annual Assumption Review” above for information on the impacts from our annual assumption review.


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RESULTS OF ANNUITIES

Income (Loss) from Operations

Details underlying the results for Annuities (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Operating Revenues
Insurance premiums (1)
 $ 25  $ 38  $ 75  $ 98 
Fee income 617  601  1,782  1,769 
Net investment income
 497  442  1,449  1,297 
Other revenues (2)
 131  114  376  509 
Total operating revenues 1,270  1,195  3,682  3,673 
Operating Expenses
Benefits and policyholder liability remeasurement (1)
 24  38  84  105 
Interest credited 459  399  1,317  1,129 
Commissions and other expenses 419  399  1,235  1,411 
Total operating expenses 902  836  2,636  2,645 
Income (loss) from operations before taxes 368  359  1,046  1,028 
Federal income tax expense (benefit) 58  58  160  171 
Income (loss) from operations $ 310  $ 301  $ 886  $ 857 

(1) Insurance premiums include primarily our income annuities that have a corresponding offset in benefits and policyholder liability remeasurement. Benefits and policyholder liability remeasurement include primarily changes in income annuity reserves driven by insurance premiums.
(2) Consists primarily of revenues attributable to the net settlement related to certain reinsurance transactions, which has a corresponding offset in net investment income and interest credited; and broker-dealer services, which are subject to market volatility and have a comparable offset in commissions and other expenses. During the second quarter of 2024, we closed the sale of our wealth management business. For more information, see Note 1 in our 2024 Form 10-K.

Comparison of the Three Months Ended September 30, 2025 to 2024

Income from operations for this segment increased due to higher fee income driven by higher average daily separate account balances.

The increase in income from operations was partially offset by the following:

•Higher commissions and other expenses, driven by the impact from our annual assumption review and higher deferred acquisition costs (“DAC”) amortization.
•Lower net investment income, net of interest credited, in certain reinsured portfolios and lower investment income within our surplus portfolio, which more than offset impacts from higher average general account balances and improving portfolio yields from the current interest rate environment. The lower net investment income, net of interest credited in certain reinsured portfolios had a corresponding increase in other revenues.
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Comparison of the Nine Months Ended September 30, 2025 to 2024

Income from operations for this segment increased due primarily to:

•Higher fee income driven by higher average daily separate account balances.
•Lower federal income tax expense due to more unfavorable separate account dividends-received deduction true-ups in 2024.

The increase in income from operations was partially offset by the following:

•Higher commissions and other expenses, net of broker-dealer expenses, driven by higher DAC amortization and the impact from our annual assumption review.
•Lower net investment income, net of interest credited, in certain reinsured portfolios and lower investment income within our surplus portfolio, which more than offset impacts from higher average general account balances and improving portfolio yields from the current interest rate environment. The lower net investment income, net of interest credited, in certain reinsured portfolios had a corresponding increase in other revenues.

The increase in income from operations was also due to higher commissions and other expenses in the first quarter of 2024 related to a balance sheet true-up in preparation for the close of the sale of the wealth management business.

See “Summary of Critical Accounting Estimates – Annual Assumption Review” above for information on the impacts from our annual assumption review.

Additional Information

New deposits are an important component of net flows and key to our efforts to grow our business. Although deposits do not significantly affect current period income from operations, they can significantly impact future income from operations.

The other component of net flows relates to the retention of new business and account balances. An important measure of retention is the reduction in account balances caused by full surrenders, deaths and other contract benefits. These outflows as a percentage of average gross account balances were 11% for the three and nine months ended September 30, 2025 and 2024.

Our fixed annuities and RILA have discretionary fixed and indexed crediting rates that reset on an annual or periodic basis and may be subject to surrender charges. Our ability to retain these annuities will be subject to current competitive conditions at the time crediting rates for these products reset. We expect to manage the effects of spreads on near-term income from operations through portfolio management and, to a lesser extent, crediting rate actions, which assumes no significant changes in net flows or other changes that may cause interest rate spreads to differ from our expectations. For information on interest rate spreads and interest rate risk, see “Part I – Item 1A. Risk Factors – Market Conditions – Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements,” “Part I – Item 1A. Risk Factors – Market Conditions – Increases in interest rates and sustained high interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals and surrenders” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2024 Form 10-K. For information on the interest rate environment, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary – Industry Trends – Interest Rate Environment” in our 2024 Form 10-K.

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Fee Income

Details underlying fee income (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Fee Income
Mortality, expense and other assessments (1)
 $ 602  $ 586  $ 1,738  $ 1,718 
Surrender charges 13  14  38  46 
DFEL:
Deferrals (4) (5) (12) (14)
Amortization 6  6  18  19 
Total fee income $ 617  $ 601  $ 1,782  $ 1,769 

(1) Presented net of GLB and GDB hedge allowance.

We charge policyholders mortality and expense assessments on variable annuity accounts to cover insurance and administrative expenses. These assessments are a function of the rates priced into the product and the average daily separate account balances. Average daily separate account balances are driven by net flows and variable fund returns. Charges on GLB riders are assessed based on a contractual rate that is applied either to the account balance or the guaranteed amount. We allocate a portion of these fees to support the cost of hedging GLB and GDB riders. For more information, see Note 15. We may collect surrender charges when our fixed and variable annuity policyholders surrender their contracts during the surrender charge period to protect us from premature withdrawals.

Net Investment Income and Interest Credited

Details underlying net investment income and interest credited (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Net Investment Income
Fixed maturity AFS securities, mortgage loans on real
estate and other, net of investment expenses $ 464  $ 397  $ 1,342  $ 1,175 
Commercial mortgage loan prepayment and bond
make-whole premiums (1)
 3  –  5  1 
Surplus investments (2)
 30  45  102  112 
Net investment income pertaining to broker-dealer services –  –  –  9 
Total net investment income $ 497  $ 442  $ 1,449  $ 1,297 
Interest Credited
Amount provided to policyholders $ 457  $ 396  $ 1,309  $ 1,120 
DSI deferrals –  –  (1) (1)
Interest credited before DSI amortization 457  396  1,308  1,119 
DSI amortization 2  3  9  10 
Total interest credited $ 459  $ 399  $ 1,317  $ 1,129 

(1) See “Consolidated Investments – Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums” below for additional information.
(2) Represents net investment income on the required statutory surplus for this segment and includes the effect of investment income on alternative investments for such assets that are held in the portfolios supporting statutory surplus versus the portfolios supporting product liabilities. See “Consolidated Investments – Alternative Investments” below for more information on alternative investments.
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A portion of our investment income earned is credited to the policyholders of our deferred fixed annuities, the fixed portion of our variable annuities and our RILA contracts. We expect to earn a spread between what we earn on the underlying general account investments supporting the fixed annuities, fixed portion of the variable annuities and RILA contracts and what we credit to our policyholders’ accounts. Changes in commercial mortgage loan prepayments and bond make-whole premiums, investment income on alternative investments and surplus investment income can vary significantly from period to period due to a number of factors and, therefore, may contribute to investment income results that are not indicative of the underlying trends.

Account Balances

Details underlying account balances (dollars in millions) were as follows:

As of or For the Three
Months Ended
September 30, 		As of or For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Separate Account Balance Information (1)
Separate account deposits $ 1,561  $ 1,076  $ 4,392  $ 3,002 
Separate account net flows (2,705) (2,509) (7,557) (7,189)
Separate account balances 123,428  120,469  123,428  120,469 
Average daily separate account balances 121,539  117,913  117,988  116,270 
Average daily S&P 500® Index (2)
 6,427  5,546  6,020  5,266 
General Account Balance Information
General account deposits $ 2,909  $ 2,307  $ 7,901  $ 7,054 
General account net flows 1,562  872  3,576  2,605 
General account balances (3)
 50,651  44,688  50,651  44,688 
Average general account balances (3)
 48,779  43,767  46,747  41,975 

(1) Excludes the fixed portion of variable annuities and RILA indexed account balances.
(2) We generally use the S&P 500 Index as a benchmark for the performance of our separate account balances. The account balances of our variable annuity contracts are invested by our policyholders in a variety of investment options including, but not limited to, domestic and international equity securities and fixed income, which do not necessarily align with S&P 500 Index performance.
(3) Net of reinsurance.

For more information on account balances, see Notes 9 and 10.


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Commissions and Other Expenses

Details underlying commissions and other expenses (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Commissions and Other Expenses
Commissions:
Deferrable $ 152  $ 109  $ 407  $ 294 
Non-deferrable 175  176  510  514 
General and administrative expenses 130  122  381  358 
Expenses associated with reserve financing
and LOC expenses 5  5  18  15 
Taxes, licenses and fees 3  9  25  32 
Total expenses incurred, excluding broker-dealer 465  421  1,341  1,213 
DAC deferrals (174) (129) (464) (342)
Total pre-broker-dealer expenses incurred,
excluding amortization 291  292  877  871 
DAC, VOBA and other amortization:
Amortization 116  109  346  322 
Impact from annual assumption review 12  (2) 12  (2)
Broker-dealer expenses incurred (1)
 –  –  –  220 
Total commissions and other expenses $ 419  $ 399  $ 1,235  $ 1,411 
DAC Deferrals
As a percentage of sales/deposits 3.9  % 3.8  % 3.8  % 3.4  %

(1) During the second quarter of 2024, we closed the sale of our wealth management business. For more information, see Note 1 in our 2024 Form 10-K.

Commissions and other expenses that result directly from and are essential to the successful acquisition of new or renewal business are deferred to the extent recoverable and are amortized on a constant level basis over the expected term of the related contracts using the groupings and actuarial assumptions consistent with those used for calculating the related policyholder liability balances. Certain types of commissions, such as trail commissions that are based on account balances, are expensed as incurred rather than deferred and amortized.

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RESULTS OF LIFE INSURANCE

Income (Loss) from Operations

Details underlying the results for Life Insurance (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Operating Revenues
Insurance premiums (1)
 $ 260  $ 286  $ 810  $ 866 
Fee income 683  672  2,069  2,021 
Net investment income 623  601  1,803  1,724 
Operating realized gain (loss)
 (1) (2) (4) (5)
Other revenues
 45  32  120  34 
Total operating revenues 1,610  1,589  4,798  4,640 
Operating Expenses
Benefits and policyholder liability remeasurement
 961  937  2,919  2,886 
Interest credited 298  302  874  894 
Commissions and other expenses 327  329  979  939 
Total operating expenses 1,586  1,568  4,772  4,719 
Income (loss) from operations before taxes 24  21  26  (79)
Federal income tax expense (benefit) (1) (1) (14) (31)
Income (loss) from operations $ 25  $ 22  $ 40  $ (48)

(1)    Includes term insurance premiums, which have a corresponding partial offset in benefits and policyholder liability remeasurement for changes in reserves. The decrease in insurance premiums in the third quarter of 2025 was driven by the expiration of a 10-year assumed reinsurance treaty in the first quarter of 2025, which has a corresponding offset in benefits and policyholder liability remeasurement.

Comparison of the Three and Nine Months Ended September 30, 2025 to 2024

Income from operations for this segment increased due primarily to the following:

•Higher net investment income, net of interest credited, driven by growth in investments and moderate spread expansion.
•Higher fee income driven by higher deferred front-end loads (“DFEL”) amortization.
•Lower commissions and other expenses, net of amortization of deferred loss on business sold through reinsurance, due to expense management.

The increase in income from operations for this segment was partially offset by higher benefits and policyholder liability remeasurement driven by the impact from our annual assumption review and aging of the block, partially offset by improved mortality due to lower claims incidence.

Additionally, for the nine months ended September 30, 2025, the increase in income from operations was driven by higher net investment income, net of interest credited, due to higher investment income on alternative investments.

See “Summary of Critical Accounting Estimates – Annual Assumption Review” above for information on the impacts from our annual assumption review.

Additional Information

For information on interest rate spreads and interest rate risk, see “Part I – Item 1A. Risk Factors – Market Conditions – Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements,” “Part I – Item 1A. Risk Factors – Market Conditions – Increases in interest rates and sustained high interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals and surrenders” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2024 Form 10-K. For information on the interest rate environment, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary – Industry Trends – Interest Rate Environment” in our 2024 Form 10-K.
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Insurance Premiums

Insurance premiums relate to traditional products and are a function of the rates priced into the product and insurance in force. Insurance in force, in turn, is driven by sales, persistency and mortality claims.

Fee Income

Details underlying fee income, sales, net flows, account balances and in-force face amount (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Fee Income
Cost of insurance assessments $ 528  $ 520  $ 1,612  $ 1,572 
Expense assessments 381  355  1,076  1,041 
Surrender charges 9  6  30  23 
DFEL:
Deferrals (317) (281) (890) (826)
Amortization 84  73  243  212 
Impact from annual assumption review (2) (1) (2) (1)
Total fee income $ 683  $ 672  $ 2,069  $ 2,021 

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Sales by Product
IUL/UL $ 25  $ 32  $ 78  $ 75 
MoneyGuard®
 31  35  89  93 
VUL 26  22  56  64 
Term 15  15  42  52 
Executive Benefits 201  18  251  35 
Total sales $ 298  $ 122  $ 516  $ 319 
Net Flows
Deposits $ 2,247  $ 1,262  $ 4,747  $ 3,699 
Withdrawals and deaths (588) (524) (1,886) (1,469)
Net flows $ 1,659  $ 738  $ 2,861  $ 2,230 
Policyholder Assessments $ 1,365  $ 1,377  $ 4,065  $ 4,125 
 
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As of September 30,
2025 2024
Account Balances (1)
General account $ 21,350  $ 21,391 
Separate account 28,424  23,328 
Total account balances $ 49,774  $ 44,719 
In-Force Face Amount
UL and other $ 361,964  $ 364,766 
Term insurance 705,069  717,071 
Total in-force face amount $ 1,067,033  $ 1,081,837 
 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Average General Account Balances (1)
 $ 21,325  $ 21,386  $ 21,318  $ 21,392 

(1) Net of reinsurance ceded.

Fee income relates only to interest-sensitive products and includes cost of insurance assessments, expense assessments and surrender charges. Both cost of insurance and expense assessments can have deferrals and amortization related to DFEL. Cost of insurance and expense assessments are deducted from our policyholders’ account balances. These amounts are a function of the rates priced into the product and premiums received, face amount in force and account balances.

Sales are not recorded as a component of revenues (other than for traditional products) and do not have a significant effect on current quarter income from operations but are indicators of future profitability. Generally, we have higher sales during the second half of the year with the fourth quarter being our strongest.

Sales in the table above and as discussed above were reported as follows:

•UL, IUL and 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; and
•Term – 100% of annualized first-year premiums.

We monitor the business environment, including but not limited to the regulatory and interest rate environments, and make changes to our product offerings and in-force products as needed, and as permitted under the terms of the policies, to sustain the future profitability of our segment.
 
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Net Investment Income and Interest Credited

Details underlying net investment income and interest credited (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Net Investment Income
Fixed maturity AFS securities, mortgage loans on real
estate and other, net of investment expenses $ 473  $ 458  $ 1,389  $ 1,393 
Commercial mortgage loan prepayment and bond
make-whole premiums (1)
 1  4  2  6 
Surplus investments (2)
 49  42  140  113 
Other investments (3)
 100  97  272  212 
Total net investment income $ 623  $ 601  $ 1,803  $ 1,724 
Interest Credited $ 298  $ 302  $ 874  $ 894 

(1)    See “Consolidated Investments – Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums” below for additional information.
(2)    Represents net investment income on the required statutory surplus for this segment and includes the effect of investment income on alternative investments for such assets that are held in the portfolios supporting statutory surplus versus the portfolios supporting product liabilities.
(3)    Includes primarily net investment income earned on our alternative investments portfolio. See “Consolidated Investments – Alternative Investments” below for more information on alternative investments.

A portion of the investment income earned for this segment is credited to policyholder accounts. Statutory reserves will typically grow at a faster rate than account balances because of reserve requirements. Investments allocated to this segment are based upon the statutory reserve liabilities and are affected by various reserve adjustments, including financing transactions providing relief from reserve requirements. These financing transactions lead to a transfer of investments from this segment to Other Operations. We expect to earn a spread between what we earn on the underlying general account investments and what we credit to our policyholders’ accounts. Investment income partially offsets the earnings effect of the associated growth of our policy reserves. Commercial mortgage loan prepayments and bond make-whole premiums and investment income on alternative investments can vary significantly from period to period due to a number of factors, and, therefore, may contribute to investment income results that are not indicative of the underlying trends.



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Benefits and Policyholder Liability Remeasurement

Details underlying benefits and policyholder liability remeasurement (dollars in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Benefits and Policyholder Liability Remeasurement
Death claims direct and assumed $ 1,680  $ 1,437  $ 4,629  $ 4,420 
Death claims ceded (713) (662) (2,013) (2,028)
Reserves released on death (317) (137) (661) (445)
Net death benefits 650  638  1,955  1,947 
Change in secondary guarantee life insurance product
reserves:
Change in reserves 75  100  281  291 
Impact from annual assumption review 165  20  165  20 
Change in MoneyGuard® reserves:
Change in reserves 160  149  473  419 
Impact from annual assumption review (4) 53  (4) 53 
Change in traditional product reserves:
Change in reserves 13  29  43  117 
Impact from annual assumption review (129) (84) (129) (84)
Other benefits (1)
 31  32  135  123 
Total benefits and policyholder liability remeasurement $ 961  $ 937  $ 2,919  $ 2,886 
Death claims per $1,000 of in-force 2.43  2.36  2.43  2.39 

(1)    Includes primarily long-term care claims and life surrender benefits.

Benefits for this segment include claims incurred during the period in excess of the associated reserves for its interest-sensitive and traditional products. In addition, benefits include the change in secondary guarantee, linked-benefit and term life insurance product reserves. These reserves are affected by changes in expected future trends of assessments and benefits causing remeasurements. Generally, we experience higher mortality in the first quarter of the year due to the seasonality of claims.

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Commissions and Other Expenses

Details underlying commissions and other expenses (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Commissions and Other Expenses
Commissions $ 119  $ 120  $ 329  $ 346 
General and administrative expenses 134  138  397  421 
Expenses associated with reserve financing 25  25  77  72 
Taxes, licenses and fees 41  35  109  103 
Total expenses incurred 319  318  912  942 
DAC and VOBA deferrals (144) (140) (387) (406)
Total expenses recognized before amortization 175  178  525  536 
DAC and VOBA amortization:
Amortization 125  126  378  376 
Impact from annual assumption review 2  –  2  – 
Amortization of deferred loss on business sold
through reinsurance 24  24  71  24 
Other intangible amortization 1  1  3  3 
Total commissions and other expenses $ 327  $ 329  $ 979  $ 939 
DAC and VOBA Deferrals
As a percentage of sales 48.3  % 114.8  % 75.0  % 127.3  %

Commissions and other expenses that result directly from and are essential to the successful acquisition of new or renewal business are deferred to the extent recoverable. For our interest-sensitive and traditional products, DAC and value of business acquired (“VOBA”) are amortized on a constant level basis over the expected term of the related contracts using the groupings and actuarial assumptions consistent with those used for calculating the related policyholder liability balances.

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RESULTS OF GROUP PROTECTION

Income (Loss) from Operations

Details underlying the results for Group Protection (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Operating Revenues
Insurance premiums $ 1,352  $ 1,288  $ 4,109  $ 3,871 
Net investment income 98  87  281  261 
Other revenues (1)
 57  57  176  167 
Total operating revenues 1,507  1,432  4,566  4,299 
Operating Expenses
Benefits and policyholder liability remeasurement 923  919  2,830  2,790 
Interest credited 1  1  1  3 
Commissions and other expenses 395  375  1,199  1,103 
Total operating expenses 1,319  1,295  4,030  3,896 
Income (loss) from operations before taxes 188  137  536  403 
Federal income tax expense (benefit) 39  28  113  85 
Income (loss) from operations $ 149  $ 109  $ 423  $ 318 

(1) Consists of revenue from third parties for administrative services performed, which has a corresponding partial offset in commissions and other expenses.

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Income (Loss) from Operations by Product Line
Life $ 71  $ 37  $ 120  $ 56 
Disability 81  75  311  269 
Dental (3) (3) (8) (7)
Income (loss) from operations $ 149  $ 109  $ 423  $ 318 

Comparison of the Three and Nine Months Ended September 30, 2025 to 2024

Income from operations for this segment increased due primarily to the following:

•Higher insurance premiums due to growth in business in force and persistency.
•Higher net investment income, net of interest credited, driven by growth in business in force.

The increase in income from operations was partially offset by the following:

•Higher commissions and other expenses due to incentive compensation as a result of production performance.
•Higher benefits and policyholder liability remeasurement driven by less favorable claims experience than expected in our disability business and growth in business in force, partially offset by the impact of the annual assumption review, lower claims severity and incidence in our life business and lower incidence in our disability business.

See “ Summary of Critical Accounting Estimates – Annual Assumption Review” for information on the impacts from our annual assumption review.
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Additional Information

For information about the effect of the loss ratio sensitivity on our income (loss) from operations, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Group Protection – Additional Information” in our 2024 Form 10-K.

For information on the effects of current interest rates on our long-term disability claim reserves, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk – Effect of Interest Rate Sensitivity” in our 2024 Form 10-K. For information on the interest rate environment, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary” in our 2024 Form 10-K.

Insurance Premiums

Details underlying insurance premiums (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Insurance Premiums by Product Line
Life $ 531  $ 505  $ 1,613  $ 1,504 
Disability 774  739  2,356  2,229 
Dental 47  44  140  138 
Total insurance premiums $ 1,352  $ 1,288  $ 4,109  $ 3,871 
Sales by Product Line
Life 50  42  $ 255  $ 208 
Disability 47  36  165  161 
Dental 19  6  40  20 
Total sales $ 116  $ 84  $ 460  $ 389 

Premiums are a function of the rates priced into the product and our business in force. Business in force, in turn, is driven by sales and persistency experience.

Sales relate to new policyholders and new coverages sold to existing policyholders. We believe that the trend in sales is an important indicator of development of business in force over time. Sales in the table above are the combined annualized premiums for our products. Generally, we have higher sales during the fourth quarter of the year.


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Net Investment Income

We use our investment income to offset the earnings effect of the associated build of our reserves, which are a function of our insurance premiums and the yields on our investments. Details underlying net investment income (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Net Investment Income
Fixed maturity AFS securities, mortgage loans on real estate
and other, net of investment expenses $ 79  $ 65  $ 221  $ 203 
Commercial mortgage loan prepayment and bond
make-whole premiums (1)
 – 1 1 1
Surplus investments (2)
 19  21  59  57 
Total net investment income $ 98  $ 87  $ 281  $ 261 

(1) See “Consolidated Investments – Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums” below for additional information.
(2) Represents net investment income on the required statutory surplus for this segment and includes the effect of investment income on alternative investments for such assets that are held in the portfolios supporting statutory surplus versus the portfolios supporting product liabilities. See “Consolidated Investments – Alternative Investments” below for more information on alternative investments.

Benefits and Policyholder Liability Remeasurement

Details underlying benefits and policyholder liability remeasurement (in millions) and loss ratios by product line were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Benefits and Policyholder Liability
Remeasurement by Product Line
Life $ 316 $ 343 $ 1,087 $ 1,102
Disability 571 541 1,633 1,584
Dental 37 36 111 107
Total benefits and policyholder liability
remeasurement by product line $ 924 $ 920 $ 2,831 $ 2,793
Loss Ratios by Product Line
Life 59.6  % 68.1  % 67.4  % 73.2  %
Disability 73.8  % 73.2  % 69.3  % 71.1  %
Dental 78.0  % 79.0  % 79.1  % 78.1  %
Total 68.3  % 71.4  % 68.9  % 72.2  %

Generally, we experience higher mortality in the first quarter of the year and higher disability claims in the fourth quarter of the year due to the seasonality of claims. For additional information on our loss ratios, see “Additional Information” above.

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Commissions and Other Expenses

Details underlying commissions and other expenses (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Commissions and Other Expenses
Commissions $ 132  $ 114  $ 404  $ 336 
General and administrative expenses 225  219  674  653 
Taxes, licenses and fees 34  35  106  106 
Other 1  1  3  3 
Total expenses incurred 392  369  1,187  1,098 
DAC deferrals (36) (30) (103) (101)
Total expenses recognized before amortization 356  339  1,084  997 
DAC and other intangible amortization 39  36  115  106 
Total commissions and other expenses $ 395  $ 375  $ 1,199  $ 1,103 
DAC Deferrals
As a percentage of insurance premiums 2.7  % 2.3  % 2.5  % 2.6  %

Commissions and other expenses that result directly from and are essential to the successful acquisition of new or renewal business are deferred to the extent recoverable and are amortized on a constant level basis over the expected term of the related contracts using the groupings and actuarial assumptions consistent with those used for calculating the related policyholder liability balances. Certain broker commissions that vary with and are related to paid premiums are expensed as incurred rather than deferred and amortized.

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RESULTS OF RETIREMENT PLAN SERVICES

Income (Loss) from Operations

Details underlying the results for Retirement Plan Services (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Operating Revenues
Fee income $ 77  $ 74  $ 221  $ 216 
Net investment income 257  253  760  744 
Other revenues (1)
 9  8  20  24 
Total operating revenues 343  335  1,001  984 
Operating Expenses
Interest credited 174  170  518  505 
Commissions and other expenses 116  116  349  342 
Total operating expenses 290  286  867  847 
Income (loss) from operations before taxes 53  49  134  137 
Federal income tax expense (benefit) 7  5  18  17 
Income (loss) from operations $ 46  $ 44  $ 116  $ 120 

(1) Consists primarily of mutual fund account program revenues from mid to large employers.

Comparison of the Three Months Ended September 30, 2025 to 2024

Income from operations for this segment increased due primarily to higher fee income driven by higher average daily separate account balances.

Comparison of the Nine Months Ended September 30, 2025 to 2024

Income from operations for this segment decreased due primarily to the following:

•Higher commissions and other expenses driven by higher trail commissions resulting from higher average daily separate account balances.
•Lower other revenues due to a plan termination during the fourth quarter of 2024.

The decrease in income from operations was partially offset by the following:

•Higher fee income driven by higher average daily separate account balances.
•Higher net investment income, net of interest credited, driven by higher investment income on prepayment and bond make-whole premiums, higher average general account balances and impacts to portfolio yields from the current interest rate environment, partially offset by an increase in crediting rates.

Additional Information

Net flows in this business fluctuate based on the timing of larger plans being implemented and terminating over the course of the year.

New deposits are an important component of net flows and key to our efforts to grow our business. Although deposits do not significantly affect current period income from operations, they can significantly impact future income from operations. The other component of net flows relates to the retention of the business. An important measure of retention is the reduction in account balances caused by plan sponsor terminations and participant withdrawals. These outflows as a percentage of average account balances were 14% and 17% for the three and nine months ended September 30, 2025, and 13% for the corresponding periods in 2024. The increase in the outflow rate for the nine months ended September 30, 2025, was attributable primarily to a large plan termination during the first quarter of 2025.

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Our net flows are negatively affected by the continued net outflows from our oldest blocks of annuities business (as presented on our Net Flows By Market table below as “Multi-Fund® and other”), which are among our higher margin product lines in this segment, due to the fact that they are mature blocks with low distribution and servicing costs. The proportion of these products to our total account balances was 12% and 13% as of September 30, 2025 and 2024, respectively. Due to this overall shift in business mix toward products with lower returns, new deposit production continues to be necessary to maintain earnings at current levels.

Our fixed annuity business includes products with discretionary and index-based crediting rates that are reset on either a quarterly or semi-annual basis. Our ability to retain quarterly or semi-annual reset annuities will be subject to current competitive conditions at the time crediting rates for these products reset. We expect to manage the effects of spreads on near-term income from operations through portfolio management and, to a lesser extent, crediting rate actions, which assumes no significant changes in net flows into or out of our fixed accounts or other changes that may cause interest rate spreads to differ from our expectations. For information on interest rate spreads and interest rate risk, see “Part I – Item 1A. Risk Factors – Market Conditions – Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements,” “Part I – Item 1A. Risk Factors – Market Conditions – Increases in interest rates and sustained high interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals and surrenders” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2024 Form 10-K. For information on the interest rate environment, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary – Industry Trends – Interest Rate Environment” in our 2024 Form 10-K.

Fee Income

Details underlying fee income (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Fee Income
Annuity expense assessments $ 56  $ 54  $ 161  $ 158 
Mutual fund fees 20  19  58  56 
Total expense assessments 76  73  219  214 
Surrender charges 1  1  2  2 
Total fee income $ 77  $ 74  $ 221  $ 216 

Our fee income is primarily composed of expense assessments that we charge to cover insurance and administrative expenses, and mutual fund fees earned for services we provide to our mutual fund programs. Fee income is primarily based on average account balances, both general and separate, which are driven by net flows and the equity markets. Fee income is also driven by non-account balance-related items such as participant counts. We may collect surrender charges when our policyholders surrender their contracts during the surrender charge period to protect us from premature withdrawals.
 
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Net Investment Income and Interest Credited

Details underlying net investment income and interest credited (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Net Investment Income
Fixed maturity AFS securities, mortgage loans on real estate
and other, net of investment expenses $ 237  $ 231  $ 701  $ 686 
Commercial mortgage loan prepayment and
bond make-whole premiums (1)
 2  –  2  1 
Surplus investments (2)
 18  22  57  57 
Total net investment income $ 257  $ 253  $ 760  $ 744 
Interest Credited $ 174  $ 170  $ 518  $ 505 

(1) See “Consolidated Investments – Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums” below for additional information.
(2) Represents net investment income on the required statutory surplus for this segment and includes the effect of investment income on alternative investments for such assets that are held in the portfolios supporting statutory surplus versus the portfolios supporting product liabilities. See “Consolidated Investments – Alternative Investments” below for more information on alternative investments.

A portion of our investment income earned is credited to the policyholders of our fixed annuity products, including the fixed portion of variable annuity contracts. We expect to earn a spread between what we earn on the underlying general account investments supporting the fixed annuity product line, including the fixed portion of variable annuity contracts, and what we credit to our policyholders’ accounts. Commercial mortgage loan prepayments and bond make-whole premiums, investment income on alternative investments and surplus investment income can vary significantly from period to period due to a number of factors and, therefore, may contribute to investment income results that are not indicative of the underlying trends.

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Account Balances

Details underlying account balances (dollars in millions) were as follows:

As of or For the Three
Months Ended September 30,		 As of or For the Nine
Months Ended September 30,
2025 2024 2025 2024
Separate Account Balance Information (1)
Separate account deposits $ 564  $ 633  $ 1,712  $ 1,688 
Separate account net flows (361) (233) (1,002) (680)
Separate account balances 23,071  21,985  23,071  21,985 
Average daily separate account balances 22,582  21,272  21,702  20,688 
Average daily S&P 500® Index (2)
 6,427  5,546  6,020  5,266 
General Account Balance Information
General account deposits $ 1,090  $ 944  $ 3,011  $ 2,580 
General account net flows (197) (151) (709) (790)
General account balances 23,852  23,727  23,852  23,727 
Average general account balances 23,787  23,604  23,638  23,605 
Mutual Fund Account Balance Information
Mutual fund deposits $ 3,354  $ 2,603  $ 7,994  $ 6,997 
Mutual fund net flows 1,313  1,035  (303) 2,315 
Mutual fund account balances (3)
 75,829  68,084  75,829  68,084 

(1) Excludes the fixed portion of variable annuities.
(2) We generally use the S&P 500 Index as a benchmark for the performance of our separate account balances. The account balances of our variable annuity contracts are invested by our policyholders in a variety of investment options including, but not limited to, domestic and international equity securities and fixed income, which do not necessarily align with S&P 500 Index performance.
(3) Mutual funds are not included in the separate accounts reported on the Consolidated Balance Sheets as we do not have any ownership interest in them.

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Net Flows By Market
Small market $ 190  $ 11  $ 139  $ 22 
Mid – large market 1,025  1,069  (908) 2,122 
Multi-Fund® and other
 (460) (429) (1,245) (1,299)
Total net flows $ 755  $ 651  $ (2,014) $ 845 

For more information on account balances, see Notes 9 and 10.



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Commissions and Other Expenses

Details underlying commissions and other expenses (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Commissions and Other Expenses
Commissions:
Deferrable $ 1 $ 1 $ 4 $ 4
Non-deferrable 29 27 80 72
General and administrative expenses 83 85 251 253
Taxes, licenses and fees 4 3 14 14
Total expenses incurred 117 116 349 343
DAC deferrals (5) (5) (14) (15)
Total expenses recognized before amortization 112 111 335 328
DAC amortization 4 5 14 14
Total commissions and other expenses $ 116 $ 116 $ 349 $ 342
DAC Deferrals
As a percentage of annuity sales/deposits 0.3% 0.3% 0.3% 0.4%

Commissions and other expenses that result directly from and are essential to the successful acquisition of new or renewal business are deferred to the extent recoverable and are amortized on a constant level basis over the expected term of the related contracts using the groupings and actuarial assumptions consistent with those used for calculating the related policyholder liability balances. Certain types of commissions, such as trail commissions that are based on account balances, are expensed as incurred rather than deferred and amortized. Distribution expenses associated with the sale of mutual fund products are expensed as incurred.

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RESULTS OF OTHER OPERATIONS

Income (Loss) from Operations

Details underlying the results for Other Operations (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Operating Revenues
Insurance premiums (1)
 $ –  $ 1  $ 1  $ 4 
Net investment income (2)
 33  35  102  79 
Other revenues (3)
 17  16  40  35 
Total operating revenues 50  52  143  118 
Operating Expenses
Benefits and policyholder liability remeasurement 4  (3) 14  10 
Interest credited 22  8  49  26 
Other expenses 72  66  196  177 
Interest and debt expense 79  86  240  253 
Total operating expenses 177  157  499  466 
Income (loss) from operations before taxes (127) (105) (356) (348)
Federal income tax expense (benefit) (28) (21) (74) (72)
Income (loss) from operations $ (99) $ (84) $ (282) $ (276)

(1)    Includes our disability income business, which has a corresponding offset in benefits and policyholder liability remeasurement for changes in reserves.
(2)    Includes our institutional pension business, which has a corresponding offset in premiums and benefits and policyholder liability remeasurement for changes in reserves, and funding agreement activity beginning in 2025, which has a partial offset in interest credited. For information on funding agreements, see Note 10.
(3)    Includes certain third-party advisory fees, which has a partial offset in other expenses.

Comparison of the Three Months Ended September 30, 2025 to 2024

Loss from operations for Other Operations increased due primarily to the following:

•Lower net investment income, net of interest credited, related to lower allocated investments driven by a decrease in excess capital retained by Other Operations.
•Higher other expenses associated with other costs pertaining to business operations.

The increase in loss from operations was partially offset by lower interest and debt expense driven by a decline in average outstanding debt and interest rates.

Comparison of the Nine Months Ended September 30, 2025 to 2024

Loss from operations for Other Operations increased due primarily to higher other expenses associated with other costs pertaining to business operations.

The increase in loss from operations was partially offset by the following:

•Lower interest and debt expense driven by a decline in average outstanding debt and interest rates.
•Higher other revenues due to the effect of market fluctuations on assets held as part of certain compensation plans.

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Net Investment Income and Interest Credited

We utilize an internal formula to determine the amount of capital that is allocated to our business segments. Investment income on capital in excess of the calculated amounts is reported in Other Operations. If our business segments require increases in statutory reserves, surplus or investments, the amount of excess capital that is retained by Other Operations would decrease and net investment income would be negatively affected.

Write-downs for impairments decrease the recorded value of investments owned by the business segments. These write-downs are not included in the income from operations of our business segments. When impairment occurs, assets are transferred to the business segments’ portfolios and will reduce the future net investment income for Other Operations. Statutory reserve adjustments for our business segments can also cause allocations of investments between the business segments and Other Operations.

The majority of our interest credited relates to our reinsurance operations sold to Swiss Re Life & Health America, Inc. (“Swiss Re”) in 2001. A substantial amount of the business was sold through indemnity reinsurance transactions, which is still recorded in the consolidated financial statements. The interest credited corresponds to investment income earnings on the assets we continue to hold for this business. There is no effect to income or loss in Other Operations or on a consolidated basis for these amounts because interest earned on the blocks that continue to be reinsured is passed through to Swiss Re in the form of interest credited.

Benefits and Policyholder Liability Remeasurement

Benefits are recognized when incurred for institutional pension products and disability income business. Policyholder liability remeasurement gains (losses) result from updates in cash flow assumptions and actual variance from expected experience used in the net premium ratio or benefit ratio calculation for future policy benefits associated with institutional pension products.

Other Expenses

Details underlying other expenses (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
General and administrative expenses:
Legal $ 2  $ 2  $ 4  $ 4 
Branding 12  9  33  32 
Other (1)
 51  56  152  151 
Total general and administrative expenses 65  67  189  187 
DAC and VOBA deferrals
 (2) –  (7) – 
Other (2)
 9  (1) 14  (10)
Total other expenses $ 72  $ 66  $ 196  $ 177 

(1)    Includes expenses that are corporate in nature and not allocated to our business segments.
(2)    Consists primarily of reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of letters of credit (“LOCs”) and taxes, licenses and fees.

Interest and Debt Expense

Our current level of interest expense may not be indicative of the future due to, among other things, the timing of the use of cash and the future cost of capital. For additional information on our financing activities, see “Liquidity and Capital Resources – Holding Company Sources and Uses of Liquidity and Capital – Debt” below.







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CONSOLIDATED INVESTMENTS

Details underlying consolidated investment balances (in millions) were as follows:

Percentage of
Total Investments
As of
September 30, 		As of
 December 31,		 As of
September 30, 		As of
 December 31,
2025 2024 2025 2024
Investments
Fixed maturity AFS securities $ 90,680  $ 87,111  66.6  % 67.1  %
Trading securities 1,853  2,025  1.4  % 1.6  %
Equity securities 542  294  0.4  % 0.2  %
Mortgage loans on real estate 22,230  21,083  16.3  % 16.2  %
Policy loans 2,584  2,476  1.9  % 1.9  %
Derivative investments 10,427  9,677  7.6  % 7.4  %
Other investments:
Alternative investments 4,144  3,836  3.0  % 3.0  %
Alternative investments – reinsurance-related (1)
 1,440  1,464  1.1  % 1.1  %
Company-owned life insurance 1,181  664  0.9  % 0.5  %
Other 1,021  1,288  0.8  % 1.0  %
Total investments $ 136,102  $ 129,918  100.0  % 100.0  %

(1) Represents alternative investments that support reinsurance funds withheld and modified coinsurance agreements where the investment results are passed directly to the reinsurers. For more information, see Note 7 in our 2024 Form 10-K.

Investment Objective

Investments are an integral part of our operations. We follow a balanced approach to investing for both current income and prudent risk management, with an emphasis on generating sufficient current income, net of income tax, to meet our obligations to customers, as well as other general liabilities. This balanced approach requires the evaluation of expected return and risk of each asset class utilized, while still meeting our income objectives. This approach is important to our asset-liability management because decisions can be made based upon both the economic and current investment income considerations affecting assets and liabilities. For a discussion of our risk management process, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Form 10-K.

Investment Portfolio Composition and Diversification

Fundamental to our investment policy is diversification across asset classes. Our investment portfolio, excluding cash and invested cash, is composed of fixed maturity securities, mortgage loans on real estate, real estate (either wholly owned or in joint ventures) and other long-term investments. We purchase investments for our segmented portfolios that have yield, duration and other characteristics that take into account the liabilities of the products being supported.

We have the ability to maintain our investment holdings throughout credit cycles because of our capital position, the long-term nature of our liabilities and the matching of our portfolios of investment assets with the liabilities of our various products.


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Fixed Maturity and Equity Securities Portfolios

Fixed maturity securities consist of portfolios classified as AFS and trading. Details underlying our fixed maturity AFS securities by industry classification (in millions) are presented in the tables below. These tables agree in total with the presentation of fixed maturity AFS securities in Note 3; however, the categories below represent a more detailed breakout of the fixed maturity AFS portfolio. Therefore, the investment classifications listed below do not agree to the investment categories provided in Note 3.

As of September 30, 2025
Net %
Amortized Gross Unrealized Fair Fair
Cost (1)
 Gains Losses Value Value
Fixed Maturity AFS Securities
Industry corporate bonds:
Financial services $ 14,324  $ 152  $ 1,034  $ 13,442  14.8  %
Basic industry 3,278  54  321  3,011  3.3  %
Capital goods 6,252  82  590  5,744  6.3  %
Communications 3,178  60  349  2,889  3.2  %
Consumer cyclical 5,665  62  464  5,263  5.8  %
Consumer non-cyclical 14,873  156  2,036  12,993  14.4  %
Energy 3,021  40  269  2,792  3.1  %
Technology 4,840  32  500  4,372  4.8  %
Transportation 3,492  47  310  3,229  3.6  %
Industrial other 2,549  17  426  2,140  2.4  %
Utilities 12,702  136  1,471  11,367  12.5  %
Government-related entities 1,303  24  218  1,109  1.2  %
Collateralized mortgage and other obligations (“CMOs”):
Agency backed 1,172  4  125  1,051  1.2  %
Non-agency backed 364  26  3  387  0.4  %
Mortgage pass through securities (“MPTS”):
Agency backed 704  9  33  680  0.7  %
Commercial mortgage-backed securities (“CMBS”):
Non-agency backed 2,244  13  107  2,150  2.4  %
Asset-backed securities (“ABS”):
Collateralized loan obligations (“CLOs”) 7,852  14  146  7,720  8.5  %
Other (2)
 6,953  121  88  6,986  7.7  %
Municipals:
Taxable 2,570  21  388  2,203  2.4  %
Tax-exempt 35  –  3  32  0.0  %
Government:
United States 642  8  31  619  0.7  %
Foreign 281  14  51  244  0.3  %
Hybrid and redeemable preferred securities 241  24  8  257  0.3  %
Total fixed maturity AFS securities 98,535  1,116  8,971  90,680  100.0  %
Trading Securities (3)
 1,933  47  127  1,853 
Equity Securities 546  10  14  542 
Total fixed maturity AFS, trading and equity securities $ 101,014  $ 1,173  $ 9,112  $ 93,075 
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As of December 31, 2024
Net %
Amortized Gross Unrealized Fair Fair
Cost (1)
 Gains Losses Value Value
Fixed Maturity AFS Securities
Industry corporate bonds:
Financial services $ 14,276  $ 97  $ 1,396  $ 12,977  14.9  %
Basic industry 3,395  40  381  3,054  3.5  %
Capital goods 6,223  51  745  5,529  6.4  %
Communications 3,242  49  437  2,854  3.3  %
Consumer cyclical 5,899  38  593  5,344  6.1  %
Consumer non-cyclical 15,042  115  2,356  12,801  14.7  %
Energy 3,000  27  341  2,686  3.1  %
Technology 4,708  19  620  4,107  4.7  %
Transportation 3,451  28  370  3,109  3.6  %
Industrial other 2,450  7  445  2,012  2.3  %
Utilities 12,494  76  1,750  10,820  12.4  %
Government-related entities 1,362  16  221  1,157  1.3  %
CMOs:
Agency backed 1,202  3  168  1,037  1.2  %
Non-agency backed 328  21  4  345  0.4  %
MPTS:
Agency backed 529  –  48  481  0.6  %
CMBS:
Non-agency backed 1,817  4  156  1,665  1.9  %
ABS:
CLOs 8,307  21  277  8,051  9.2  %
Other (2)
 5,895  78  144  5,829  6.6  %
Municipals:
Taxable 2,765  18  443  2,340  2.7  %
Tax-exempt 33  –  2  31  0.0  %
Government:
United States 429  3  41  391  0.5  %
Foreign 282  11  56  237  0.3  %
Hybrid and redeemable preferred securities 240  25  11  254  0.3  %
Total fixed maturity AFS securities 97,369  747  11,005  87,111  100.0  %
Trading Securities (3)
 2,168  35  178  2,025 
Equity Securities 310  6  22  294 
Total fixed maturity AFS, trading and equity securities $ 99,847  $ 788  $ 11,205  $ 89,430 

(1) Represents amortized cost, net of the allowance for credit losses.
(2) Includes securities collateralized by consumer loans, equipment loans and other asset types.
(3) Certain of our trading securities support our reinsurance funds withheld and modified coinsurance agreements and the investment results are passed directly to the reinsurers. See “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Investments – Fixed Maturity and Equity Securities Portfolios – Trading Securities” in our 2024 Form 10-K for more information.
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Fixed Maturity AFS Securities

In accordance with the fixed maturity AFS accounting guidance, we reflect stockholders’ equity as if unrealized gains and losses were actually recognized and consider all related accounting adjustments that would occur upon such a hypothetical recognition of unrealized gains and losses. Such related balance sheet effects include adjustments to future contract benefits, policyholder account balances and deferred income taxes. Adjustments to each of these balances are charged or credited to accumulated other comprehensive income (loss) (“AOCI”). For instance, deferred income tax balances are adjusted because unrealized gains or losses do not affect actual taxes currently paid.

The quality of our fixed maturity AFS securities portfolio, as measured at estimated fair value and by the percentage of fixed maturity AFS securities invested in various ratings categories, relative to the entire fixed maturity AFS security portfolio (in millions) was as follows:

As of September 30, 2025 As of December 31, 2024
Rating Agency Net Net
NAIC Equivalent Amortized Fair % of Amortized Fair % of
Designation (1)
Designation (1)
 Cost Value Total Cost Value Total
Investment Grade Securities
1 AAA / AA / A $ 59,186  $ 53,980  59.5  % $ 58,103  $ 51,596  59.2  %
2 BBB 36,294  33,711  37.2  % 36,224  32,583  37.4  %
Total investment grade securities 95,480  87,691  96.7  % 94,327  84,179  96.6  %
Below Investment Grade Securities
3 BB 999  949  1.0  % 960  910  1.0  %
4 B 1,880  1,870  2.1  % 1,857  1,826  2.1  %
5 CCC and lower 103  101  0.1  % 138  124  0.2  %
6 In or near default 73  69  0.1  % 87  72  0.1  %
Total below investment grade securities 3,055  2,989  3.3  % 3,042  2,932  3.4  %
Total fixed maturity AFS securities $ 98,535  $ 90,680  100.0  % $ 97,369  $ 87,111  100.0  %

Total securities below investment
grade as a percentage of total
fixed maturity AFS securities 3.1  % 3.3  % 3.1  % 3.4  %

(1) Based upon the rating designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or the major credit rating agencies (Fitch Ratings (“Fitch”), Moody’s Investors Service (“Moody’s”) and S&P Global Ratings (“S&P”)). For securities where the ratings assigned by the major credit rating agencies are not equivalent, the second lowest rating assigned is used. For those securities where ratings by the major credit rating agencies are not available, which does not represent a significant amount of our total fixed maturity AFS securities, we base the ratings disclosed upon internal ratings. The average credit quality was A- as of September 30, 2025.

Comparisons between the NAIC designations and rating agency designations are published by the NAIC. The NAIC assigns securities quality designations and uniform valuations, which are used by insurers when preparing their annual statements. The NAIC designations are similar to the rating agency designations of the Nationally Recognized Statistical Rating Organizations for marketable bonds. NAIC designations 1 and 2 include bonds generally considered investment grade (rated Baa3 or higher by Moody’s, or rated BBB- or higher by S&P and Fitch) by such ratings organizations. However, securities designated NAIC 1 and 2 could be deemed below investment grade by the rating agencies as a result of the current risk-based capital (“RBC”) rules for residential mortgage-backed securities (“RMBS”) and CMBS for statutory reporting. NAIC designations 3 through 6 include bonds generally considered below investment grade (rated Ba1 or lower by Moody’s, or rated BB+ or lower by S&P and Fitch).

As of September 30, 2025, and December 31, 2024, 97% of the total fixed maturity AFS securities in an unrealized loss position were investment grade. Our gross unrealized losses recognized in OCI on fixed maturity AFS securities as of September 30, 2025, decreased by $2.0 billion since December 31, 2024. For the nine months ended September 30, 2025, we recognized $190 million of gross losses, on fixed maturity AFS securities, which were primarily related to sales that support our reinsurance funds withheld agreements where the investment results are passed directly to the reinsurers. For the nine months ended September 30, 2024, we recognized $204 million of gross losses on fixed maturity AFS securities, which were primarily related to portfolio rebalancing and sales that support our reinsurance funds withheld agreements where the investment results are passed directly to the reinsurers.
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We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require a credit allowance. We do not believe the unrealized loss position as of September 30, 2025, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. This conclusion is consistent with our asset-liability management process. Management considered the following as part of the evaluation:

•The current economic environment and market conditions;
•Our business strategy and current business plans;
•The nature and type of security, including expected maturities and exposure to general credit, liquidity, market and interest rate risk;
•Our analysis of data from financial models and other internal and industry sources to evaluate the current effectiveness of our hedging and overall risk management strategies;
•The current and expected timing of contractual maturities of our assets and liabilities, expectations of prepayments on investments and expectations for surrenders and withdrawals of annuity contracts and life insurance policies;
•The capital risk limits approved by management; and
•Our current financial condition and liquidity demands.

We recognized $(18) million and $(65) million of credit loss benefit (expense) on our fixed maturity AFS securities for the three and nine months ended September 30, 2025, respectively, and $(14) million and $(40) million, respectively, for the corresponding periods in 2024. In order to determine the amount of credit loss, we calculated the recovery value by performing a discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover. To determine the recoverability, we considered the facts and circumstances surrounding the underlying issuer including, but not limited to, the following:

•Historical and implied volatility of the security;
•The extent to which the fair value has been less than amortized cost;
•Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area;
•Failure, if any, of the issuer of the security to make scheduled payments; and
•Recoveries or additional declines in fair value subsequent to the balance sheet date.

For information on credit loss impairment on fixed maturity AFS securities, see Notes 3 and 16 herein and Note 1 in our 2024 Form 10-K.

As reported on the Consolidated Balance Sheets, we had $146.8 billion of investments and cash and invested cash, which exceeded the liabilities for our future obligations under insurance policies and contracts, net of amounts recoverable from reinsurers and amounts on deposit with reinsurers, which totaled $117.2 billion as of September 30, 2025. If it were necessary to liquidate fixed maturity AFS securities prior to maturity or call to meet cash flow needs, we would first look to those fixed maturity AFS securities that are in an unrealized gain position, which had a fair value of $31.8 billion as of September 30, 2025, rather than selling fixed maturity AFS securities in an unrealized loss position. The amount of cash that we have on hand at any point in time takes into account our liquidity needs in the future, other sources of cash, such as the maturities of investments, interest and dividends we earn on our investments and the ongoing cash flows from new and existing business. For additional information, see “Liquidity and Capital Resources” below.

As of September 30, 2025, and December 31, 2024, the estimated fair value for all private placement securities was $22.4 billion and $20.9 billion, respectively, representing 16% of total investments.

Mortgage-Backed Securities (Included in Fixed Maturity AFS and Trading Securities)

See “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Investments – Mortgage-Backed Securities” in our 2024 Form 10-K for a discussion of our mortgage-backed securities.









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The market value of fixed maturity AFS and trading securities backed by subprime loans was $177 million and represented less than 1% of our total investment portfolio as of September 30, 2025. Fixed maturity AFS securities represented $170 million, or 96%, and trading securities represented $7 million, or 4%, of the subprime exposure as of September 30, 2025. The table below summarizes our investments in fixed maturity AFS securities backed by pools of residential mortgages (in millions) as of September 30, 2025:

Agency Non-Agency Total
Net Amortized Cost Fair Value Net Amortized Cost Fair Value Net Amortized Cost Fair Value
Type
RMBS $ 1,876  $ 1,732  $ 364  $ 386  $ 2,240  $ 2,118 
ABS home equity –  –  152  188  152  188 
Total by type (1)(2)
 $ 1,876  $ 1,732  $ 516  $ 574  $ 2,392  $ 2,306 
NAIC Designation
1 $ 1,876  $ 1,732  $ 422  $ 475  $ 2,298  $ 2,207 
2 –  –  76  75  76  75 
3 –  –  7  6  7  6 
4 –  –  9  17  9  17 
5 –  –  2  1  2  1 
6 –  –  –  –  –  – 
Total by NAIC designation (1)(2)(3)
 $ 1,876  $ 1,732  $ 516  $ 574  $ 2,392  $ 2,306 
Total fixed maturity AFS securities backed by pools of
residential mortgages as a percentage of total fixed maturity AFS securities 2.4  % 2.5  %
Total non-agency backed as a percentage of total fixed maturity AFS securities 0.5  % 0.6  %

(1) Does not include the amortized cost of trading securities totaling $54 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $54 million in trading securities consisted of $15 million agency and $39 million non-agency.
(2) Does not include the fair value of trading securities totaling $48 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $48 million in trading securities consisted of $14 million agency and $34 million non-agency.
(3) Based upon the rating designations determined and provided by the NAIC.

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The market value of fixed maturity AFS and trading securities backed by subprime loans was $179 million and represented less than 1% of our total investment portfolio as of December 31, 2024. Fixed maturity AFS securities represented $172 million, or 96%, and trading securities represented $7 million, or 4%, of the subprime exposure as of December 31, 2024. The table below summarizes our investments in fixed maturity AFS securities backed by pools of residential mortgages (in millions) as of December 31, 2024:

Agency Non-Agency Total
Net Amortized Cost Fair Value Net Amortized Cost Fair Value Net Amortized Cost Fair Value
Type
RMBS $ 1,731  $ 1,518  $ 328  $ 345  $ 2,059  $ 1,863 
ABS home equity –  –  159  189  159  189 
Total by type (1)(2)
 $ 1,731  $ 1,518  $ 487  $ 534  $ 2,218  $ 2,052 
NAIC Designation
1 $ 1,731  $ 1,518  $ 460  $ 502  $ 2,191  $ 2,020 
2 –  –  6  6  6  6 
3 –  –  10  9  10  9 
4 –  –  9  15  9  15 
5 –  –  2  2  2  2 
6 –  –  –  –  –  – 
Total by NAIC designation (1)(2)(3)
 $ 1,731  $ 1,518  $ 487  $ 534  $ 2,218  $ 2,052 
Total fixed maturity AFS securities backed by pools of
residential mortgages as a percentage of total fixed maturity AFS securities 2.3  % 2.4  %
Total non-agency backed as a percentage of total fixed maturity AFS securities 0.5  % 0.6  %

(1) Does not include the amortized cost of trading securities totaling $64 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $64 million in trading securities consisted of $15 million agency and $49 million non-agency.
(2) Does not include the fair value of trading securities totaling $54 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $54 million in trading securities consisted of $14 million agency and $40 million non-agency.
(3) Based upon the rating designations determined and provided by the NAIC.

None of these investments as of September 30, 2025, and December 31, 2024, included any direct investments in subprime lenders or mortgages. We are not aware of material exposure to subprime loans in our alternative investment portfolio as of September 30, 2025, and December 31, 2024.
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The following summarizes our investments in fixed maturity AFS securities backed by pools of commercial mortgages (in millions) as of September 30, 2025:

Multiple Property Single Property Total
Net Amortized Cost Fair Value Net Amortized Cost Fair Value Net Amortized Cost Fair Value
Type
CMBS (1)(2)
 $ 2,046  $ 1,955  $ 198  $ 195  $ 2,244  $ 2,150 
NAIC Designation
1 $ 2,011  $ 1,922  $ 198  $ 195  $ 2,209  $ 2,117 
2 35  33  –  –  35  33 
3 –  –  –  –  –  – 
4 –  –  –  –  –  – 
5 –  –  –  –  –  – 
6 –  –  — –  –  — –  – 
Total by NAIC designation (1)(2)(3)
 $ 2,046  $ 1,955  $ 198  $ 195  $ 2,244  $ 2,150 
Total fixed maturity AFS securities backed by pools of
commercial mortgages as a percentage of total fixed maturity AFS securities 2.3  % 2.4  %

(1) Does not include the amortized cost of trading securities totaling $129 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $129 million in trading securities consisted of $80 million of multiple property CMBS and $49 million of single property CMBS.
(2) Does not include the fair value of trading securities totaling $114 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $114 million in trading securities consisted of $73 million of multiple property CMBS and $41 million of single property CMBS.
(3) Based upon the rating designations determined and provided by the NAIC.

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The following summarizes our investments in fixed maturity AFS securities backed by pools of commercial mortgages (in millions) as of December 31, 2024:

Multiple Property Single Property Total
Net Amortized Cost Fair Value Net Amortized Cost Fair Value Net Amortized Cost Fair Value
Type
CMBS (1)(2)
 $ 1,672  $ 1,526  $ 145  $ 139  $ 1,817  $ 1,665 
NAIC Designation
1 $ 1,667  $ 1,522  $ 145  $ 139  $ 1,812  $ 1,661 
2 5  4  –  –  5  4 
3 –  –  –  –  –  – 
4 –  –  –  –  –  – 
5 –  –  –  –  –  – 
6 –  –  –  –  –  – 
Total by NAIC designation (1)(2)(3)
 $ 1,672  $ 1,526  $ 145  $ 139  $ 1,817  $ 1,665 

Total fixed maturity AFS securities backed by pools of
commercial mortgages as a percentage of total fixed maturity AFS securities 1.9  % 1.9  %

(1) Does not include the amortized cost of trading securities totaling $126 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $126 million in trading securities consisted of $77 million of multiple property CMBS and $49 million of single property CMBS.
(2) Does not include the fair value of trading securities totaling $109 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $109 million in trading securities consisted of $68 million of multiple property CMBS and $41 million of single property CMBS.
(3) Based upon the rating designations determined and provided by the NAIC.

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The following summarizes our investments in ABS within fixed maturity AFS securities (in millions) as of September 30, 2025:

CLOs Other Total
Net Amortized Cost Fair Value Net Amortized Cost Fair Value Net Amortized Cost Fair Value
Type
ABS (1)(2)
 $ 7,852  $ 7,720  $ 6,953  $ 6,986  $ 14,805  $ 14,706 
NAIC Designation
1 $ 7,398  $ 7,266  $ 5,197  $ 5,239  $ 12,595  $ 12,505 
2 454  454  1,645  1,634  2,099  2,088 
3 –  –  36  36  36  36 
4 –  –  6  14  6  14 
5 –  –  –  –  –  – 
6 –  –  – 69  63  – 69  63 
Total by NAIC designation (1)(2)(3)
 $ 7,852  $ 7,720  $ 6,953  $ 6,986  $ 14,805  $ 14,706 

(1) Does not include the amortized cost of trading securities totaling $322 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $322 million in trading securities consisted of $210 million of CLOs and $112 million of Other ABS.
(2) Does not include the fair value of trading securities totaling $319 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $319 million in trading securities consisted of $209 million of CLOs and $110 million of Other ABS.
(3) Based upon the rating designations determined and provided by the NAIC.

The following summarizes our investments in ABS within fixed maturity AFS securities (in millions) as of December 31, 2024:

CLOs Other Total
Net Amortized Cost Fair Value Net Amortized Cost Fair Value Net Amortized Cost Fair Value
Type
ABS (1)(2)
 $ 8,307  $ 8,051  $ 5,895  $ 5,829  $ 14,202  $ 13,880 
NAIC Designation
1 $ 8,106  $ 7,848  $ 4,453  $ 4,425  $ 12,559  $ 12,273 
2 201  203  1,354  1,325  1,555  1,528 
3 –  –  –  –  –  – 
4 –  –  6  13  6  13 
5 –  –  –  –  –  – 
6 –  –  – 82  66  – 82  66 
Total by NAIC designation (1)(2)(3)
 $ 8,307  $ 8,051  $ 5,895  $ 5,829  $ 14,202  $ 13,880 

(1) Does not include the amortized cost of trading securities totaling $378 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $378 million in trading securities consisted of $240 million of CLOs and $138 million of Other ABS.
(2) Does not include the fair value of trading securities totaling $369 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $369 million in trading securities consisted of $240 million of CLOs and $129 million of Other ABS.
(3) Based upon the rating designations determined and provided by the NAIC.




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Composition by Industry Categories of our Unrealized Losses on Fixed Maturity AFS Securities

When considering unrealized gain and loss information, it is important to recognize that the information relates to the position of securities at a particular point in time and may not be indicative of the position of our investment portfolios subsequent to the balance sheet date. Further, because the timing of the recognition of realized investment gains and losses through the selection of which securities are sold is largely at management’s discretion, it is important to consider the information provided below within the context of the overall unrealized gain or loss position of our investment portfolios. These are important considerations that should be included in any evaluation of the potential effect of securities in an unrealized loss position on our future earnings. The composition by industry categories of all fixed maturity AFS securities in an unrealized loss position (in millions) as of September 30, 2025, was as follows:

Net Amortized Cost %
 Net Amortized Cost		 Gross Unrealized Losses %
Gross Unrealized Losses		 Fair Value %
Fair Value
Healthcare $ 5,657  8.3  % $ 1,151  12.8  % $ 4,506  7.7  %
Electric 6,587  9.7  % 995  11.1  % 5,592  9.5  %
Technology 3,527  5.2  % 499  5.6  % 3,028  5.1  %
Food and beverage 3,343  4.9  % 479  5.3  % 2,864  4.9  %
Industrial – other 1,991  2.9  % 434  4.8  % 1,557  2.6  %
Local authorities 2,081  3.1  % 397  4.4  % 1,684  2.9  %
Pharmaceuticals 2,026  3.0  % 266  3.0  % 1,760  3.0  %
Banking 3,832  5.6  % 264  2.9  % 3,568  6.1  %
Diversified manufacturing 2,026  3.0  % 260  2.9  % 1,766  3.0  %
Natural gas 1,492  2.2  % 243  2.7  % 1,249  2.1  %
ABS 5,449  8.0  % 230  2.6  % 5,219  8.9  %
Retail 1,437  2.1  % 213  2.4  % 1,224  2.1  %
Chemicals 1,726  2.5  % 211  2.4  % 1,515  2.6  %
Brokerage asset management 1,467  2.2  % 184  2.1  % 1,283  2.2  %
Property and casualty 1,217  1.8  % 178  2.0  % 1,039  1.8  %
Life insurance 1,193  1.8  % 173  1.9  % 1,020  1.7  %
Transportation services 1,730  2.6  % 171  1.9  % 1,559  2.6  %
Aerospace and defense 1,164  1.7  % 166  1.9  % 998  1.7  %
Utility – other 1,077  1.6  % 166  1.9  % 911  1.5  %
Government sponsored 425  0.6  % 158  1.8  % 267  0.5  %
Railroads 798  1.2  % 136  1.5  % 662  1.1  %
Wirelines 798  1.2  % 133  1.4  % 665  1.1  %
Midstream 1,198  1.8  % 131  1.4  % 1,067  1.8  %
Consumer products 766  1.1  % 109  1.2  % 657  1.1  %
Non-agency CMBS 1,439  2.1  % 106  1.2  % 1,333  2.3  %
Integrated 598  0.9  % 104  1.2  % 494  0.8  %
Wireless 661  1.0  % 101  1.1  % 559  0.9  %
Industries with unrealized losses
less than $100 million 12,129  17.9  % 1,313  14.6  % 10,816  18.4  %
Total by industry $ 67,834  100.0  % $ 8,971  100.0  % $ 58,862  100.0  %
Total by industry as a percentage of
total fixed maturity AFS securities 68.8  % 100.0  % 64.9  %

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The composition by industry categories of all fixed maturity AFS securities in an unrealized loss position (in millions) as of December 31, 2024, was as follows:

Net Amortized Cost %
 Net Amortized Cost		 Gross Unrealized Losses %
Gross Unrealized Losses		 Fair Value %
Fair Value
Healthcare $ 5,802 7.5  % $ 1,255 11.3  % $ 4,547 6.8  %
Electric 7,301 9.4  % 1,187 10.8  % 6,114 9.2  %
Technology 3,988 5.1  % 621 5.6  % 3,367 5.1  %
Food and beverage 3,603 4.6  % 556 5.1  % 3,047 4.6  %
Industrial – other 2,086 2.7  % 451 4.1  % 1,635 2.5  %
Local authorities 2,306 3.0  % 451 4.1  % 1,855 2.8  %
Banking 5,015 6.5  % 419 3.8  % 4,596 6.9  %
ABS 6,807 8.8  % 406 3.7  % 6,401 9.6  %
Pharmaceuticals 2,267 2.9  % 335 3.0  % 1,932 2.9  %
Diversified manufacturing 2,262 2.9  % 323 2.9  % 1,939 2.9  %
Natural gas 1,634 2.1  % 285 2.6  % 1,349 2.0  %
Retail 1,565 2.0  % 261 2.4  % 1,304 2.1  %
Chemicals 1,893 2.4  % 248 2.3  % 1,645 2.5  %
Brokerage asset management 1,658 2.1  % 239 2.2  % 1,419 2.1  %
Property and casualty 1,376 1.8  % 216 2.0  % 1,160 1.6  %
Transportation services 1,922 2.5  % 215 2.0  % 1,707 2.6  %
Life insurance 1,274 1.7  % 213 1.9  % 1,061 1.6  %
Aerospace and defense 1,357 1.8  % 212 1.9  % 1,145 1.7  %
Utility – other 1,164 1.5  % 192 1.7  % 972 1.5  %
Consumer products 1,071 1.4  % 173 1.6  % 898 1.4  %
Midstream 1,383 1.8  % 163 1.5  % 1,220 1.8  %
Non-agency CMBS 1,503 1.9  % 155 1.4  % 1,348 2.0  %
Wirelines 857 1.1  % 154 1.4  % 703 1.1  %
Railroads 846 1.1  % 149 1.4  % 697 1.0  %
Government-sponsored 459 0.6  % 144 1.3  % 315 0.5  %
Integrated 682 0.9  % 125 1.1  % 557 0.8  %
Automotive 1,463 1.9  % 123 1.1  % 1,340 2.0  %
Wireless 712 0.9  % 120 1.1  % 592 0.9  %
Industries with unrealized losses
less than $100 million 13,260 17.1  % 1,614 14.7  % 11,646 17.5  %
Total by industry $ 77,516 100.0  % $ 11,005 100.0  % $ 66,511 100.0  %
Total by industry as a percentage of
total fixed maturity AFS securities 79.6  % 100.0  % 76.4  %


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Mortgage Loans on Real Estate

The following tables summarize key information on mortgage loans on real estate (in millions):

As of September 30, 2025
Commercial Residential Total %
Credit Quality Indicator
Current $ 17,642  $ 4,596  $ 22,238  99.3  %
Delinquent (1)
 22  41  63  0.3  %
Foreclosure
 3  91  94  0.4  %
Total mortgage loans on real estate before allowance 17,667  4,728  22,395  100.0  %
Allowance for credit losses (97) (68) (165)
Total mortgage loans on real estate $ 17,570  $ 4,660  $ 22,230 

As of December 31, 2024
Commercial Residential Total %
Credit Quality Indicator
Current $ 17,546  $ 3,572  $ 21,118  99.4  %
Delinquent (1)
 25  33  58  0.3  %
Foreclosure
 –  59  59  0.3  %
Total mortgage loans on real estate before allowance 17,571  3,664  21,235  100.0  %
Allowance for credit losses (99) (53) (152)
Total mortgage loans on real estate $ 17,472  $ 3,611  $ 21,083 

(1) Includes certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers. As of September 30, 2025, and December 31, 2024, the fair value of such commercial mortgage loans on real estate that were in delinquent status was $20 million and $21 million, respectively.

As of September 30, 2025, there were specifically identified impaired commercial and residential mortgage loans with an aggregate carrying value of $35 million and $82 million, respectively, or less than 1% of total mortgage loans on real estate. As of December 31, 2024, there were specifically identified impaired commercial and residential mortgage loans with an aggregate carrying value of $36 million and $58 million, respectively, or less than 1% of total mortgage loans on real estate.

The total outstanding principal and interest on commercial mortgage loans that were two or more payments delinquent, excluding foreclosures, as of September 30, 2025, and December 31, 2024, was $33 million and $34 million, respectively, or less than 1% of total mortgage loans on real estate. The total outstanding principal and interest on residential mortgage loans that were three or more payments delinquent, excluding foreclosures, as of September 30, 2025, and December 31, 2024, was $40 million and $32 million, respectively, or less than 1% of total mortgage loans on real estate.

The carrying value of mortgage loans on real estate by business segment and Other Operations (in millions) was as follows:

As of
 September 30,
2025		 As of
 December 31,
2024
Segment
Annuities $ 9,841  $ 8,783 
Life Insurance 3,367  3,527 
Group Protection 1,761  1,608 
Retirement Plan Services 5,273  5,380 
Other Operations 1,988  1,785 
Total mortgage loans on real estate $ 22,230  $ 21,083 

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The composition of commercial mortgage loans (in millions) by property type, geographic region and state is shown below as of September 30, 2025:

Carrying Value % Carrying Value %
Property Type State
Apartment $ 5,480  31.1  % CA $ 4,765  27.1  %
Industrial 5,200  29.6  % TX 1,771  10.1  %
Office building 3,016  17.2  % FL 1,009  5.7  %
Retail 2,785  15.9  % NY 895  5.1  %
Other commercial 821  4.7  % PA 887  5.0  %
Mixed use 165  0.9  % AZ 872  5.0  %
Hotel/motel 103  0.6  % GA 656  3.7  %
Total $ 17,570  100.0  % MD 650  3.7  %
Geographic Region WA 641  3.6  %
Pacific 5,723  32.6  % NC 524  3.0  %
South Atlantic 3,716  21.1  % TN 504  2.9  %
Middle Atlantic 2,204  12.5  % VA 432  2.5  %
West South Central 1,908  10.9  % NJ 421  2.4  %
Mountain 1,560  8.9  % UT 398  2.3  %
East North Central 1,068  6.1  % OH 322  1.8  %
East South Central 601  3.4  % OR 317  1.8  %
West North Central 437  2.5  % IL 298  1.7  %
New England 353  2.0  % All other states 2,208  12.6  %
Total $ 17,570  100.0  % Total $ 17,570  100.0  %

The composition of commercial mortgage loans (in millions) by property type, geographic region and state is shown below as of December 31, 2024:

Carrying Value % Carrying Value %
Property Type State
Apartment $ 5,551  31.8  % CA $ 4,707  26.9  %
Industrial 5,033  28.8  % TX 1,693  9.7  %
Office building 3,077  17.6  % FL 1,011  5.8  %
Retail 2,754  15.8  % AZ 906  5.2  %
Other commercial 803  4.6  % PA 899  5.1  %
Mixed use 145  0.8  % NY 895  5.1  %
Hotel/motel 109  0.6  % WA 673  4.0  %
Total $ 17,472  100.0  % MD 671  3.8  %
Geographic Region GA 639  3.7  %
Pacific 5,683  32.5  % TN 533  3.1  %
South Atlantic 3,683  21.1  % NC 471  2.7  %
Middle Atlantic 2,199  12.6  % VA 420  2.4  %
West South Central 1,829  10.5  % NJ 405  2.3  %
Mountain 1,525  8.7  % IL 339  1.9  %
East North Central 1,139  6.5  % WI 328  1.9  %
East South Central 646  3.7  % OH 323  1.8  %
West North Central 448  2.6  % UT 322  1.8  %
New England 320  1.8  % All other states 2,237  12.8  %
Total $ 17,472  100.0  % Total $ 17,472  100.0  %

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The following table shows the principal amount (in millions) of our commercial and residential mortgage loans by year in which the principal is contractually obligated to be repaid:

As of September 30, 2025
Commercial Residential Total %
Principal Repayment Year
2025 $ 322  $ 238  $ 560  2.5  %
2026 1,413  563  1,976  8.8  %
2027 1,847  128  1,975  8.8  %
2028 2,222  52  2,274  10.2  %
2029 1,922  55  1,977  8.9  %
2030 and thereafter 9,980  3,589  13,569  60.8  %
Total $ 17,706  $ 4,625  $ 22,331  100.0  %

See Note 3 for information regarding our loan-to-value and debt-service coverage ratios and our allowance for credit losses.

Alternative Investments

Investment income (loss) on alternative investments by business segment (in millions) was as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Annuities $ 2  $ 5  $ 8  $ 8 
Life Insurance 95  92  258  198 
Group Protection 2  1  5  3 
Retirement Plan Services 2  2  6  4 
Other Operations –  –  –  1 
Total (1)
 $ 101  $ 100  $ 277  $ 214 

(1) Includes net investment income on the alternative investments supporting the required statutory surplus of our insurance businesses, not including alternative investments that support reinsurance funds withheld and modified coinsurance agreements where the investment results are passed directly to the reinsurers.

As of September 30, 2025, and December 31, 2024, alternative investments included investments in 381 and 371 different partnerships, respectively, and the portfolio represented approximately 3% of total investments. These amounts do not include alternative investments that support funds withheld and modified coinsurance reinsurance agreements where the investment results are passed directly to the reinsurers. The partnerships do not represent off-balance sheet financing and generally involve several third-party partners. Some of our partnerships contain capital calls, which require us to contribute capital upon notification by the general partner. These capital calls are contemplated during the initial investment decision and are planned for well in advance of the call date. The capital calls are not material in size and are not material to our liquidity. Alternative investments are accounted for using the equity method of accounting and are included in other investments on the Consolidated Balance Sheets.

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Net Investment Income

Details underlying net investment income (in millions) and our investment yield were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Net Investment Income
Fixed maturity AFS securities $ 1,079  $ 1,068  $ 3,207  $ 3,169 
Trading securities 25  31  76  93 
Equity securities 3  3  8  17 
Mortgage loans on real estate 264  232  774  644 
Policy loans 26  21  77  70 
Cash and invested cash 81  59  189  138 
Commercial mortgage loan prepayment
and bond make-whole premiums (1)
 6  5  14  9 
Other investments (2)
 140  72  374  214 
Investment income 1,624  1,491  4,719  4,354 
Investment expense (80) (75) (241) (250)
Net investment income $ 1,544  $ 1,416  $ 4,478  $ 4,104 

(1) See “Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums” below for additional information.
(2) Includes primarily investment income on alternative investments. See “Alternative Investments” above for additional information.


 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Interest Rate Yield
Fixed maturity AFS securities, mortgage loans on
real estate and other, net of investment expenses 4.20  % 4.14  % 4.13  % 4.02  %
Commercial mortgage loan prepayment and
bond make-whole premiums 0.02  % 0.01  % 0.01  % 0.01  %
Other investments 0.42  % 0.22  % 0.38  % 0.22  %
Net investment income yield on invested assets 4.64  % 4.37  % 4.52  % 4.25  %

We earn investment income on our general account investments supporting our liabilities associated with investment-type annuities (including RILA, individual and group fixed and fixed portion of variable annuities, fixed indexed deferred annuities and non-life contingent payout fixed annuities), UL, MoneyGuard(R), VUL, IUL and funding agreement products. The profitability of our products is affected by our ability to achieve target spreads, or margins, between the interest income earned on the general account assets and the interest credited to the policyholder account balance. The net investment income and the interest rate yield tables above each include commercial mortgage loan prepayments and bond make-whole premiums, alternative investments and contingent interest and standby real estate equity commitments. These items can vary significantly from period to period due to a number of factors and, therefore, can provide results that are not indicative of the underlying trends.

Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums

Prepayment and make-whole premiums are collected when borrowers elect to call or prepay their debt prior to the stated maturity. A prepayment or make-whole premium allows investors to attain the same yield as if the borrower made all scheduled interest payments until maturity. These premiums are designed to make investors indifferent to prepayment.

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LIQUIDITY AND CAPITAL RESOURCES

Overview

Liquidity

Liquidity refers to our ability to generate adequate amounts of cash from our normal operations to meet cash requirements with a prudent margin of safety. Our ability to generate and maintain sufficient liquidity depends on the profitability of our businesses, general economic conditions and access to the capital markets and other sources of liquidity and capital as described below.

When considering our liquidity, it is important to distinguish between the needs of our insurance subsidiaries and the needs of the holding company, LNC. As a holding company with no operations of its own, LNC is largely dependent upon the dividend capacity of its insurance and other subsidiaries as well as their ability to advance or repay funds to it through inter-company borrowing arrangements, which may be affected by factors influencing the subsidiaries’ capital position, as discussed further below. Based on the sources of liquidity available to us as discussed below, we currently expect to be able to meet the holding company’s ongoing cash needs.

Capital

Capital refers to our long-term financial resources to support the operations of our businesses, to fund long-term growth strategies and to support our operations during adverse conditions. Our ability to generate and maintain sufficient capital depends on the profitability of our businesses, general economic conditions and access to the capital markets and other sources of liquidity and capital as described below.

Disruptions, uncertainty or volatility in the capital and credit markets may materially affect our business operations and results of operations and may adversely affect our subsidiaries’ capital position, which may cause them to retain more capital. This in turn may pressure our subsidiaries’ ability to pay dividends to LNC, which may lead us to take steps to preserve or raise additional capital. We believe we have appropriate capital to operate our business in accordance with our strategy. For more information, see “Subsidiaries’ Capital” below.

For factors that could cause actual results to differ materially from those set forth in this section and that could affect our expectations for liquidity and capital, see “Forward-Looking Statements – Cautionary Language” above and “Part I – Item 1A. Risk Factors” in our 2024 Form 10-K.

Consolidated Sources and Uses of Liquidity and Capital

Our primary sources of liquidity and capital are insurance premiums and fees, investment income, maturities and sales of investments, issuance of debt or other types of securities and policyholder deposits. We also have access to alternative sources of liquidity as discussed below. Our primary uses are to pay policy claims and benefits, to fund commissions and other general operating expenses, to purchase investments, to fund policy surrenders and withdrawals, to pay dividends to our common and preferred stockholders, to repurchase our common stock and to repay debt. Our operating activities provided (used) cash of $(400) million and $(2.2) billion for the nine months ended September 30, 2025 and 2024, respectively. Cash flows from operating activities will fluctuate based on the timing of insurance premiums received and benefit payments to policyholders, as well as other business activities including cash payments on certain derivatives used to hedge exposure to product-related risks.

Holding Company Sources and Uses of Liquidity and Capital

The primary sources of liquidity and capital at the holding company level are dividends, return of capital and interest payments from subsidiaries, augmented by holding company short-term investments, bank lines of credit and the ongoing availability of long-term public financing under an effective shelf registration statement, which allows us to issue, in unlimited amounts, securities, including debt securities, preferred stock, common stock, warrants, stock purchase contracts, stock purchase units and depository shares. These sources support the general corporate needs of the holding company, including its common and preferred stock dividends, common stock repurchases, interest and debt service, funding of callable securities, acquisitions and investment in core businesses.
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Details underlying the primary sources of the holding company’s liquidity (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Cash Dividends and Return of Capital from Subsidiaries
The Lincoln National Life Insurance Company $ 165  $ 125  $ 565  $ 320 
Lincoln Investment Management Company –  40  –  40 
Lincoln National Reinsurance Company (Barbados) Limited 50  50  50  50 
Total cash dividends and return of capital from subsidiaries $ 215  $ 215  $ 615  $ 410 
Interest from Subsidiaries
Interest on inter-company notes $ 34  $ 40  $ 103  $ 117 

The table above focuses on significant and recurring cash flow items and excludes the effects of certain financing activities, including the periodic issuance and retirement of debt, issuance of preferred stock or common stock, cash flows related to our inter-company cash management program and certain investing activities, including capital contributions to subsidiaries. These activities are discussed below. Taxes have been eliminated from the analysis due to a tax sharing agreement among our primary subsidiaries resulting in a modest effect on net cash flows at the holding company. Also excluded from this analysis is the modest amount of investment income on short-term investments of the holding company and employee stock exercise activity related to our stock-based incentive compensation plans. See “Part IV – Item 15(a)(2) Financial Statement Schedules – Schedule II – Condensed Financial Information of Registrant” in our 2024 Form 10-K for the holding company cash flow statement. For information regarding limits on the dividends that our insurance subsidiaries may pay without prior approval, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Holding Company Sources and Uses of Liquidity and Capital – Restrictions on Subsidiaries’ Dividends” in our 2024 Form 10-K.

During the second quarter of 2024, The Lincoln National Life Insurance Company (“LNL”) made a $929 million extraordinary dividend in the form of investments to LNC for the purpose of the initial capitalization of Lincoln Pinehurst Reinsurance Company (Bermuda) Limited (“LPINE”). See “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary – Significant Operational Matters” in our 2024 Form 10-K for more information about LPINE.

Subsidiaries’ Capital

Our insurance subsidiaries must maintain certain regulatory capital levels. We utilize the RBC ratio as a primary measure of the capital adequacy of our insurance subsidiaries. The RBC ratio is an important factor in the determination of the credit and financial strength ratings of LNC and its subsidiaries, as a reduction in our insurance subsidiaries’ surplus will affect their RBC ratios and dividend-paying capacity. For additional information on RBC ratios, see “Part I – Item 1. Business – Regulatory – Insurance Regulation – Risk-Based Capital” in our 2024 Form 10-K.

Our insurance subsidiaries’ regulatory capital levels are affected by statutory accounting rules, which are subject to change by each applicable insurance regulator. For instance, our term products and UL products containing secondary guarantees subject to the NAIC RBC framework require reserves calculated pursuant to the Valuation of Life Insurance Policies Model Regulation (“XXX”) and Actuarial Guideline XXXVIII (“AG38”), respectively. Our insurance subsidiaries employ strategies to reduce the strain caused by XXX and AG38 by reinsuring the business to reinsurance captives or reinsurance subsidiaries. Our captive reinsurance and reinsurance subsidiaries provide a mechanism for financing a portion of the excess reserve amounts in a more efficient manner and free up capital the insurance subsidiaries can use for any number of purposes, including paying dividends to the holding company. We use long-dated LOCs and debt financing as well as other financing strategies to finance those reserves. Included in the LOCs issued as of September 30, 2025, was $1.7 billion of long-dated LOCs issued to support inter-company reinsurance agreements for term products and UL products containing secondary guarantees. For information on the LOCs, see the credit facilities table in Note 13 in our 2024 Form 10-K. Our captive reinsurance and reinsurance subsidiaries have also issued long-term notes of $3.6 billion to finance a portion of the excess reserves associated with our term and UL products with secondary guarantees as of September 30, 2025; of this amount, $3.0 billion involve exposure to variable interest entities. For information on these long-term notes issued by our captive reinsurance and reinsurance subsidiaries, see Note 4 in our 2024 Form 10-K. We have also used the proceeds from senior note issuances of $875 million to execute long-term structured solutions primarily supporting reinsurance of UL products containing secondary guarantees. LOCs and related capital market solutions lower the capital effect of term products and UL products containing secondary guarantees.

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Statutory reserves for variable annuity guaranteed benefit riders and guaranteed benefits on VUL policies, as well as certain components of the NAIC RBC calculation that are impacted by such guaranteed benefits, are sensitive to changes in the equity markets and interest rates, and such statutory reserves and our RBC levels are also affected by the level of account balances relative to the level of any guarantees, product design and reinsurance arrangements. As a result, the relationship between reserve changes and equity market performance is non-linear during any given reporting period. Our insurance subsidiaries cede a portion of the variable annuity guaranteed benefit riders to Lincoln National Reinsurance Company (Barbados) Limited (“LNBAR”) through a modified coinsurance agreement. Our variable annuity hedge program mitigates the risk to LNBAR from guaranteed benefit riders and continues to focus on generating sufficient income to fund future claims with a goal of maximizing distributable earnings and explicitly protecting capital. LNL also uses a partial hedge and a third-party reinsurance agreement to mitigate potential capital volatility from guaranteed benefits on VUL policies. Market conditions greatly influence the ultimate capital required due to its effect on the valuation of reserves and supporting derivatives. For more information, see Note 4 in our 2024 Form 10-K.

Changes in equity markets may also affect the capital position of our insurance subsidiaries. We may decide to reallocate available capital among our insurance subsidiaries, as well as our captive reinsurance or reinsurance subsidiaries, which would result in different RBC ratios for our insurance subsidiaries. In addition, changes in the equity markets can affect the value of our variable annuity and VUL separate accounts. When the market value of our separate account assets increases, the statutory surplus within our insurance subsidiaries also increases, all else equal. Contrarily, when the market value of our separate account assets decreases, the statutory surplus within our insurance subsidiaries also decreases, all else equal, which will affect RBC ratios, and in the case of our separate account assets becoming less than the related product liabilities, we must allocate additional capital to fund the difference.

LNC made $162 million and $967 million in capital contributions in cash to subsidiaries for the three and nine months ended September 30, 2025, respectively, including $800 million to LNL in the second quarter of 2025 using proceeds from the Bain Capital transaction. For more information on the Bain Capital transaction, see “Issuance of Common Stock” below and Note 15 herein.

During the second quarter of 2024, LNC contributed $929 million of investments and $22 million in cash to LPINE, a wholly owned subsidiary of LNC and a licensed Bermuda-based life and annuity reinsurance company, in support of an inter-company reinsurance agreement with LNL. See “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary – Significant Operational Matters” in our 2024 Form 10-K for more information about LPINE.

LNC made capital contributions in cash to other subsidiaries of zero and $5 million for the three and nine months ended September 30, 2024, respectively.

Debt

Although our subsidiaries currently generate adequate cash flow to meet the needs of our normal operations, periodically LNC may issue debt to maintain ratings and increase liquidity, as well as to fund internal growth, acquisitions and the retirement of its debt. Details underlying our debt activities (in millions) for the nine months ended September 30, 2025, were as follows:

Beginning Balance Issuance Maturities, Repayments and Refinancing Change in Fair Value Hedges
Other
Changes (1)
 Ending Balance
Short-Term Debt
Current maturities of long-term debt (2)
 $ 300  $ –  $ (300) $ –  $ –  $ – 
Long-Term Debt
Senior notes (3)(4)
 4,498  500  (299) 21  (86) 4,634 
Term loans 150  –  –  –  –  150 
Subordinated notes (5)(7)
 995  –  (194) –  –  801 
Capital securities (6)(7)
 213  –  (26) –  –  187 
Total long-term debt $ 5,856  $ 500  $ (519) $ 21  $ (86) $ 5,772 

(1)    Includes the non-cash reclassification of long-term debt to current maturities of long-term debt, premium (discount) associated with debt issuance, accretion (amortization) of discounts and premiums, amortization of debt issuance costs and amortization of adjustments from discontinued hedges, as applicable.
(2)    We repaid our 3.35% Senior Notes that matured on March 9, 2025.
(3)    For information on the debt issuance, see “Alternative Sources of Liquidity – Facility Agreements for Senior Notes Issuances” below.
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(4)    In May 2025, we repurchased $34 million of our 3.05% Senior Notes due 2030, $129 million of our 4.35% Senior Notes due 2048 and $136 million of our 4.375% Senior Notes due 2050.
(5)    In May 2025, we repurchased $97 million of our Subordinated Notes due 2066 and $97 million of our Subordinated Notes due 2067.
(6)    In May 2025, we repurchased $21 million of our Capital Securities due 2066 and $5 million of our Capital Securities due 2067.
(7)    We use interest rate swaps to partially hedge the variability in rates.

LNC made interest payments to service debt to third parties of $86 million and $246 million for the three and nine months ended September 30, 2025, respectively, compared to $85 million and $231 million for the three and nine months ended September 30, 2024, respectively.

For additional information about our short-term and long-term debt and our credit facilities, see Note 12 herein and Note 13 in our 2024 Form 10-K.
 
Preferred Stock

Details underlying preferred stock dividends paid (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Series C preferred stock dividends $ 23  $ 23  $ 46  $ 46 
Series D preferred stock dividends 11  11  34  34 
Total preferred stock dividends $ 34  $ 34  $ 80  $ 80 

For additional information on preferred stock, see Note 15 herein and Note 18 in our 2024 Form 10-K.

Issuance of Common Stock

On June 5, 2025, we closed our previously announced stock sale transaction pursuant to the Purchase Agreement with Bain Capital Prairie, LLC, a newly formed subsidiary of Bain Capital, under which we agreed to sell shares representing 9.9% of our outstanding common stock on a post-issuance basis to the Buyer. Under the final terms, Lincoln sold approximately 18.8 million shares of its common stock for aggregate consideration of $825 million. The transaction provided us with capital that we expect to deploy toward our strategic priorities, including growing spread-based earnings, advancing our portfolio management efforts and asset sourcing capabilities and optimizing our legacy life portfolio. For additional information on the Bain Capital transaction, see Note 15.

Return of Capital to Common Stockholders

One of our primary goals is to provide a return to our common stockholders through share price accretion, dividends and stock repurchases. In determining dividends, the Board of Directors takes into consideration items such as current and expected earnings, capital needs, rating agency considerations and requirements for financial flexibility. The amount and timing of share repurchases depends on key capital ratios, rating agency expectations, the generation of dividends from our subsidiaries and an evaluation of the costs and benefits associated with alternative uses of capital. We did not repurchase any shares of common stock under our buyback program for the nine months ended September 30, 2025 and 2024. For additional information regarding share repurchases, see “Part II – Item 2(c)” below.

Details underlying return of capital to common stockholders (in millions) were as follows:

 For the Three
Months Ended
September 30, 		For the Nine
Months Ended
September 30,
2025 2024 2025 2024
Dividends to common stockholders $ 85  $ 77  $ 239  $ 229 
Total cash returned to common stockholders $ 85  $ 77  $ 239  $ 229 

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Alternative Sources of Liquidity

Inter-Company Cash Management Program

To meet short-term liquidity needs that arise in the ordinary course of business, we utilize an inter-company cash management program between LNC and participating subsidiaries whereby participating subsidiaries can borrow cash from or lend cash to LNC. Loans under the inter-company cash management program are permitted under applicable insurance laws subject to certain restrictions. For our Indiana-domiciled insurance subsidiary, the borrowing and lending limit is currently 3% of the insurance company’s admitted assets as of its most recent year end. For our New York-domiciled insurance subsidiary, it may borrow from LNC less than 2% of its admitted assets as of its most recent year end but may not lend any amounts to LNC. As of September 30, 2025, LNC had $139 million of outstanding borrowings from the cash management program related primarily to liquidity management.

Facility Agreement for Senior Notes Issuance

On May 13, 2025, LNC exercised in full its issuance right under the 10-year facility agreement, dated as of August 18, 2020 (the “Trust I Facility Agreement”) with Belrose Funding Trust, a Delaware statutory trust (“Trust I”) and on May 15, 2025, LNC issued $500 million aggregate principal amount of its 2.330% Senior Notes due 2030 (the “2.330% Senior Notes”) to Trust I in exchange for the principal and interest strips of U.S. Treasury securities held by Trust I (the “Trust I Eligible Assets”), which had a fair value of $418 million when the 2.330% Senior Notes were issued. The net proceeds from the issuance of the 2.330% Senior Notes and subsequent sale of the Trust I Eligible Assets were used to early extinguish long-term debt during the second quarter of 2025 pursuant to a tender offer. For more information on the early extinguishment of debt, see “Debt” above and Note 12 herein.

On May 20, 2025, LNC entered into a 30-year facility agreement (the “Trust II Facility Agreement”) with Belrose Funding Trust II, a Delaware statutory trust (“Trust II”), in connection with Trust II’s sale of $1.0 billion of its Pre-Capitalized Trust Securities Redeemable May 15, 2055 (the “2055 P-Caps”) in a private placement pursuant to Rule 144A under the Securities Act of 1933, as amended. Trust II invested the proceeds from the sale of the 2055 P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities (the “Trust II Eligible Assets”). The Trust II Facility Agreement provides LNC the right to issue to Trust II, and to require Trust II to purchase from LNC, on one or more occasions, up to an aggregate principal amount outstanding at any one time of $1.0 billion of LNC’s 6.792% Senior Notes due 2055 (the “6.792% senior notes”) in exchange for a corresponding amount of the Trust II Eligible Assets. LNC may direct Trust II to grant all or a portion of the issuance right to one or more assignees (who are LNC’s consolidated subsidiaries or persons to whom LNC or any such consolidated subsidiary has an obligation or liability) (each, an “Issuance Right Assignee”) who may cause a corresponding portion of the 6.792% senior notes to be issued to Trust II and receive the corresponding Trust II Eligible Assets that would otherwise have been delivered to LNC pursuant to the exercise of the issuance right. The 6.792% senior notes will not be issued unless and until the issuance right is exercised. In return, LNC pays Trust II a semi-annual facility fee at a rate of 1.888% per year (applied to the unexercised portion of the issuance right) and reimburses Trust II for its expenses.

For additional information on the facility agreements for senior notes issuances, see Note 12 herein.
 
Federal Home Loan Bank

Our primary insurance subsidiary, LNL, is a member of the Federal Home Loan Bank (“FHLB”) of Indianapolis (“FHLBI”). Membership allows LNL access to the FHLBI’s financial services, including the ability to obtain loans and to issue funding agreements as an alternative source of liquidity that are collateralized by qualifying mortgage-related assets, agency securities or U.S. Treasury securities. Borrowings under this facility are subject to the FHLBI’s discretion and require the availability of qualifying assets at LNL. As of September 30, 2025, LNL had an estimated maximum borrowing capacity of $7.0 billion under the FHLBI facility and maximum available borrowing based on qualifying assets of $4.6 billion. As of September 30, 2025, LNL had outstanding borrowings of $2.0 billion under this facility reported within payables for collateral on investments on the Consolidated Balance Sheets. Lincoln Life & Annuity Company of New York (“LLANY”) is a member of the Federal Home Loan Bank of New York (“FHLBNY”) with an estimated maximum borrowing capacity of $750 million. Borrowings under this facility are subject to the FHLBNY’s discretion and require the availability of qualifying assets at LLANY. As of September 30, 2025, LLANY had no outstanding borrowings under this facility. For additional information, see “Payables for Collateral on Investments” in Note 3.

Repurchase Agreements and Securities Lending Programs

Our insurance and reinsurance subsidiaries had access to $2.6 billion through committed repurchase agreements, of which none was utilized as of September 30, 2025. Our insurance subsidiaries, by virtue of their general account fixed-income investment holdings, can also access liquidity through securities lending programs and uncommitted repurchase agreements. As of September 30, 2025, our insurance subsidiaries had securities pledged under securities lending agreements and uncommitted repurchase agreements with a carrying value of $172 million and $210 million, respectively. For additional information, see “Payables for Collateral on Investments” in Note 3.

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Collateral on Derivative Contracts

Our cash flows associated with collateral received from counterparties (when we are in a net collateral payable position) and posted with counterparties (when we are in a net collateral receivable position) change as the market value of the underlying derivative contract changes. The net collateral position depends on changes in interest rates and equity markets related to the amount of the exposures hedged. As of September 30, 2025, we were in a net collateral payable position of $8.7 billion compared to $7.1 billion as of December 31, 2024. In the event of adverse changes in fair value of our derivative instruments, we may need to return, post or pledge collateral to counterparties. If we do not have sufficient high quality securities or cash to provide as collateral to counterparties, we have alternative sources of liquidity. In addition to the liquidity from repurchase agreements and FHLB facilities discussed above, we also have a five-year revolving credit facility discussed in Note 13 in our 2024 Form 10-K. For additional information, see “Credit Risk” in Note 5.

Ratings

Financial Strength Ratings

See “Part I – Item 1. Business – Financial Strength Ratings” in our 2024 Form 10-K for information on our financial strength ratings.

Credit Ratings

See “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Ratings” in our 2024 Form 10-K for information on our credit ratings.

If our current financial strength ratings or credit ratings were downgraded in the future, terms in our derivative agreements and/or certain repurchase agreements may be triggered, which could negatively affect overall liquidity. For the majority of our derivative counterparties, there is a termination event if the long-term credit ratings of LNC drop below BBB-/Baa3 (S&P/Moody’s) or if the financial strength ratings of LNL drop below BBB-/Baa3 (S&P/Moody’s). For certain repurchase agreements, there is a termination event if the long-term credit ratings of LNC drop below BBB-/Baa3 (S&P/Moody’s) or if the financial strength ratings of LNL drop below BBB+/Baa1 (S&P/Moody’s). In addition, contractual selling agreements with intermediaries could be negatively affected, which could have an adverse effect on overall sales of annuities, life insurance and investment products. See “Part I – Item 1A. Risk Factors – Covenants and Ratings – A downgrade in our financial strength or credit ratings could limit our ability to market products, increase the number or value of policies being surrendered and/or hurt our relationships with creditors” in our 2024 Form 10-K for more information.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We analyze and manage the risks arising from market exposures of financial instruments, as well as other risks, in an integrated asset-liability management process that considers diversification. We have exposures to several market risks including interest rate risk, equity market risk, credit risk and, to a lesser extent, foreign currency exchange risk. For information on these market risks, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Form 10-K.

Item 4. Controls and Procedures

Conclusions Regarding Disclosure Controls and Procedures

We maintain disclosure controls and procedures, which are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. As of the end of the period required by this report, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act).

Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective in timely alerting them to material information relating to us and our consolidated subsidiaries required to be disclosed in our periodic reports under the Exchange Act.

Changes in Internal Control Over Financial Reporting

There was no change in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended September 30, 2025, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

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A control system, no matter how well designed and operated, can provide only reasonable assurance that the control system’s objectives will be met. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. Projections of any evaluation of control effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.


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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Reference is made to the lawsuit captioned Wells Fargo Bank, N.A, solely in its capacity as securities intermediary v. The Lincoln National Life Insurance Company, previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). On October 7, 2025, we entered into an agreement fully and finally settling the Wells Fargo case, and the Wells Fargo parties filed a stipulation of dismissal of the Wells Fargo case with prejudice.

Reference is made to the lawsuit captioned Donald C. Meade v. Lincoln National Corporation, Ellen Cooper, Dennis Glass, and Randal Freitag (“Defendants”), previously disclosed in our 2024 10-K, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (“Second Quarter 2025 Form 10-Q”). On August 7, 2025, plaintiff informed the court that it would pursue its appellate rights and would not file a second amended complaint. On August 28, 2025, the court entered an Order of Judgment granting Defendants’ motion to dismiss and directing that the amended complaint be dismissed with prejudice. On September 25, 2025, plaintiff filed a Notice to Appeal to the United States Court of Appeals for the Third Circuit in respect of the court’s order of July 24, 2025, and Order of Judgment of August 28, 2025 (including as to all prior opinions and orders that have merged into that order).

Maria Laurino and Ricardo Miller v. The Valley Hospital and Lincoln National Corporation and The Lincoln National Life Insurance Company, et. al., No. 2:25-cv-15263, is a putative class action lawsuit filed on September 4, 2025 in the U.S. District Court for the District of New Jersey. Plaintiffs are participants in Valley Hospital Health System Partnership Plan (the “Plan”), which is the 401(k) defined contribution plan for The Valley Hospital and affiliated entities. Plaintiffs seek to represent all current and former participants and beneficiaries in the Plan since September 4, 2019. Lincoln offers a fixed annuity investment option to Plan participants through its group annuity contract with the Plan. Lincoln also provides recordkeeping and administration services to the Plan. Plaintiffs allege that The Valley Hospital defendants acted in breach of their fiduciary duty, including by maintaining the Plan’s investment in the Lincoln stable value fund when other investment providers are alleged to have provided superior investment alternatives, and by participating in an alleged fiduciary breach by Lincoln. Plaintiffs allege that the Lincoln defendants were fiduciaries to the Plan and were parties in interest to a prohibited transaction under ERISA. The action seeks relief against the Lincoln defendants, including the disgorgement of profits, attorney’s fees and costs, pre-judgment and post-judgment interest and such other equitable or remedial relief as the court deems appropriate. We are vigorously defending this matter.

Reference is made to the tax assessment proceeding captioned Lincoln National Life Insurance Company v. Township of Radnor, previously disclosed in our 2024 Form 10-K and Second Quarter 2025 Form 10-Q. On July 25, 2025, the Township of Radnor (the “Township”) filed a post-trial motion asking the trial court to vacate its July 16, 2025, judgment in favor of The Lincoln National Life Insurance Company (“LNL”), reinstate the assessment subject to accrued statutory interest and enter judgment in favor of the Township. On August 15, 2025, the Township filed a notice of appeal in the Commonwealth Court of Pennsylvania. On the same date, LNL filed a motion to strike the Township’s post-trial motion in the trial court, and the trial court granted LNL’s motion.

See Note 14 in “Part I – Item 1. Financial Statements” for further discussion regarding these matters and other contingencies.

Item 1A. Risk Factors

In addition to the factors set forth in “Part I – Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements – Cautionary Language,” you should carefully consider the risks described under “Part I – Item 1A. Risk Factors” in our 2024 Form 10-K. Such risks and uncertainties are not the only ones facing our Company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any of these risks actually occur, our business, financial condition and results of operations could be materially affected. In that case, the value of our securities could decline substantially.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) The following summarizes purchases of equity securities by the Company during the quarter ended September 30, 2025 (dollars in millions, except per share data):

(c) Total Number (d) Approximate Dollar
(a) Total of Shares Value of Shares
Number (b) Average Purchased as Part of that May Yet Be
of Shares Price Paid Publicly Announced Purchased Under the
Period Purchased per Share
Plans or Programs (1)
Plans or Programs (1)
7/1/25 – 7/31/25 –  $ –  –  $ 714 
8/1/25 – 8/31/25 –  –  –  714
9/1/25 – 9/30/25 –  –  –  714

(1) On November 10, 2021, our Board of Directors authorized an increase in our securities repurchase authorization, bringing the total aggregate repurchase authorization to $1.5 billion. As of September 30, 2025, our remaining security repurchase authorization was $714 million. The security repurchase authorization does not have an expiration date. The amount and timing of share repurchases depends on key capital ratios, rating agency expectations, the generation of free cash flow and an evaluation of the costs and benefits associated with alternative uses of capital. Our stock repurchases may be effected from time to time through open market purchases or in privately negotiated transactions and may be made pursuant to an accelerated share repurchase agreement or Rule 10b5-1 plan.

Item 5. Other Information

Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements

During the three months ended September 30, 2025, none of our directors or officers (as defined in Exchange Act Rule 16a-1(f)) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits

The Exhibits included in this report are listed in the Exhibit Index beginning on page 142, which is incorporated herein by reference.
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LINCOLN NATIONAL CORPORATION
Exhibit Index for the Report on Form 10-Q
For the Quarter Ended September 30, 2025

101.INS XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH XBRL Taxonomy Extension Schema Document.
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB XBRL Taxonomy Extension Label Linkbase Document.
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF XBRL Taxonomy Extension Definition Linkbase Document.
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).




























142

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, thereunto duly authorized.


LINCOLN NATIONAL CORPORATION
By:
/s/ Christopher Neczypor
Christopher Neczypor
Executive Vice President and Chief Financial Officer
By:
/s/ Adam Cohen
Adam Cohen
Senior Vice President, Chief Accounting Officer and Treasurer
Dated: October 30, 2025


































143
EX-31.1 2 exhibit311-lnc10qx3q2025.htm EX-31.1 Document



Exhibit 31.1

Certification Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002

I, Ellen G. Cooper, President and Chief Executive Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Lincoln National Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: October 30, 2025
 /s/ Ellen G. Cooper
Name: Ellen G. Cooper
Title: President and Chief Executive Officer



EX-31.2 3 exhibit312-lnc10qx3q2025.htm EX-31.2 Document





Exhibit 31.2

Certification Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002

I, Christopher Neczypor, Executive Vice President and Chief Financial Officer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Lincoln National Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: October 30, 2025
/s/ Christopher Neczypor
Name: Christopher Neczypor
Title: Executive Vice President and Chief Financial Officer

EX-32.1 4 exhibit321-lnc10qx3q2025.htm EX-32.1 Document

Exhibit 32.1

Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Lincoln National Corporation (the “Company”), hereby certifies that the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated: October 30, 2025
/s/ Ellen G. Cooper
Name: Ellen G. Cooper
Title: President and Chief Executive Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required under Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.


EX-32.2 5 exhibit322-lnc10qx3q2025.htm EX-32.2 Document

Exhibit 32.2

Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Lincoln National Corporation (the “Company”), hereby certifies that the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated: October 30, 2025
/s/ Christopher Neczypor
Name: Christopher Neczypor
Title: Executive Vice President and Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required under Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.