$LNC-PD

LINCOLN NATIONAL CORP

CIK:0000059558|SEC Filings

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Insurance premiums	$ 1,715	$ 1,682	$ 3,388	$ 3,358
Fee income	1,406	1,348	2,783	2,721
Net investment income	1,625	1,471	3,230	2,934
Realized gain (loss)	(406)	(641)	60	(631)
Other revenues	202	184	387	353
Total revenues	4,542	4,044	9,848	8,735
Expenses
Benefits	1,920	1,994	3,975	4,062
Policyholder liability remeasurement (gain) loss	(54)	(88)	(100)	(146)
Interest credited	1,024	916	2,023	1,805
Market risk benefit (gain) loss	(1,460)	(940)	(473)	353
Commissions and other expenses	1,387	1,327	2,862	2,695
Interest and debt expense	82	(13)	164	67
Total expenses	2,899	3,196	8,451	8,836
Income (loss) before taxes	1,643	848	1,397	(101)
Federal income tax expense (benefit)	311	149	237	(78)
Net income (loss)	1,332	699	1,160	(23)
Other comprehensive income (loss), net of tax:
Unrealized investment gain (loss)	279	328	(658)	851
Market risk benefit non-performance risk gain (loss)	(404)	(350)	38	(32)
Policyholder liability discount rate remeasurement gain (loss)	14	(64)	100	(175)
Foreign currency translation adjustment	0	10	(2)	15
Funded status of employee benefit plans	0	(10)	2	(15)
Total other comprehensive income (loss), net of tax	(111)	(86)	(520)	644
Comprehensive income (loss)	1,221	613	640	621
Net Income (Loss) Available to Common Stockholders
Net income (loss)	1,332	699	1,160	(23)
Preferred stock dividends declared	(11)	(11)	(46)	(46)
Net income (loss) available to common stockholders	$ 1,321	$ 688	$ 1,114	$ (69)
Net Income (Loss) Per Common Share
Basic (in dollars per share)	$ 6.85	$ 3.88	$ 5.79	$ (0.39)
Diluted (in dollars per share)	6.72	3.80	5.65	(0.39)
Cash Dividends Declared Per Common Share (in dollars per share)	$ 0.45	$ 0.45	$ 0.90	$ 0.90

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net income (loss)	$ 1,160	$ (23)
Adjustments to reconile net income (loss) to net cash provided by (used in) operating activities:
Realized (gain) loss	(60)	631
Market risk benefit (gain) loss	(473)	353
Sales and maturities (purchases) of trading securities, net	128	583
Early extinguishment of debt (gain) loss	0	(94)
Change in:
Deferred acquisition costs, value of business acquired, deferred ales inducements and deferred front-end loads	386	326
Accrued investment income	(47)	(36)
Insurance liabilities and reinsurance-related balances	(1,259)	(559)
Accrued expenses	(174)	(156)
Federal income tax accruals	221	(123)
Other	(302)	(161)
Net cash provided by (used in) operating activities	(420)	741
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities	(9,401)	(6,793)
Sales and maturities of available-for-sale securities and equity securities	7,483	5,795
Purchases of other investments	(918)	(686)
Sales and repayments of other investments	536	584
Issuance of mortgage loans on real estate	(2,834)	(1,933)
Repayment and maturities of mortgage loans on real estate	1,647	1,075
Repayment (issuance) of policy loans, net	30	(76)
Net change in collateral on investments, certain derivatives and related settlements	2,684	(306)
Other	(103)	28
Net cash provided by (used in) investing activities	(876)	(2,312)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities	(150)	(300)
Issuance of long-term debt, net of issuance costs	744	0
Payment related to early extinguishment of debt	0	(421)
Payment related to sale-leaseback transactions	(2)	(4)
Proceeds from certain financing arrangements	0	33
Payment related to certain financing arrangements	(75)	(84)
Policyholder Account Balance [Abstract]
Deposits	9,695	9,623
Withdrawals	(7,023)	(6,250)
Transfers from (to) separate accounts, net	(985)	(303)
Issuance of common stock	0	825
Common stock issued for benefit plans	(27)	(7)
Dividends paid to preferred stockholders	(46)	(46)
Dividends paid to common stockholders	(172)	(153)
Net cash provided by (used in) financing activities	1,959	2,913
Net increase (decrease) in cash and invested cash	663	1,342
Cash and invested cash as of beginning-of-year	9,502	5,801
Cash and invested cash as of end-of-period	$ 10,165	$ 7,143

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2026 - $103,761; 2025 - $101,462 allowance for credit losses: 2026 - $139; 2025 - $110)	$ 95,085	$ 93,448
Trading securities	1,515	1,676
Equity securities	456	636
Mortgage loans on real estate, net of allowance for credit losses	23,406	22,472
Policy loans	2,596	2,626
Derivative investments	11,382	9,945
Other investments	8,870	8,105
Total investments	143,310	138,908
Cash and invested cash	10,165	9,502
Deferred acquisition costs, value of business acquired and deferred sales inducements	12,918	12,827
Reinsurance recoverables, net of allowance for credit losses	27,225	28,012
Deposit assets, net of allowance for credit losses	33,619	33,690
Market risk benefit assets	5,077	4,753
Accrued investment income	1,169	1,122
Goodwill	1,144	1,144
Other assets	6,918	7,154
Separate account assets	188,252	180,092
Total assets	429,797	417,204
Liabilities
Policyholder account balances	139,510	136,245
Future contract benefits	42,177	42,077
Funds withheld reinsurance liabilities	16,808	17,922
Market risk benefit liabilities	895	1,118
Deferred front-end loads	8,059	7,586
Payables for collateral on investments	9,232	7,954
Short-term debt	400	400
Long-term debt	6,465	5,866
Other liabilities	6,650	7,038
Separate account liabilities	188,252	180,092
Total liabilities	418,448	406,298
Contingencies and Commitments (See Note 14)
Stockholders’ Equity
Common stock	5,619	5,592
Retained earnings	9,322	8,386
Accumulated other comprehensive income (loss)	(4,578)	(4,058)
Total stockholders’ equity	11,349	10,906
Total liabilities and stockholders’ equity	429,797	417,204
Series C Preferred Stock
Stockholders’ Equity
Preferred stock	493	493
Series D Preferred Stock
Stockholders’ Equity
Preferred stock	$ 493	$ 493