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Statistical Supplement

Fourth Quarter 2025


			Lincoln Financial
			Table of Contents


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

			Select Earnings and Operational Data from Business Segments and Other Operations

			Annuities .........................................................................................................................................................................................................................................................			14
			Life Insurance ................................................................................................................................................................................................................................................			15
			Group Protection ............................................................................................................................................................................................................................................			16
			Retirement Plan Services ..............................................................................................................................................................................................................................			17
			Other Operations ............................................................................................................................................................................................................................................			18
			Account Balance Roll Forwards
			Annuities ......................................................................................................................................................................................................................................................			19-20
			Life Insurance ..............................................................................................................................................................................................................................................			21
			Retirement Plan Services ............................................................................................................................................................................................................................			22
			Investment Information
			Fixed-Income Asset Class .............................................................................................................................................................................................................................			23
			Fixed-Income Credit Quality ..........................................................................................................................................................................................................................			24
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................			25-29

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Lincoln Financial

Notes

Non-GAAP Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 25.

Adjusted Income (Loss) From Operations

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

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

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

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

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

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

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

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

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

• Income (loss) from discontinued operations;

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

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

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

Adjusted Operating Revenues

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

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

• Credit loss-related adjustments;

• Investment gains (losses);

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

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

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

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

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

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Lincoln Financial

Notes

Non-GAAP Measures, Continued

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

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

Stockholders’ Equity, Excluding AOCI and Preferred Stock

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

Adjusted Stockholders’ Equity

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

Book Value per Share, Excluding AOCI

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

Adjusted Book Value per Share

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

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

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

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Lincoln Financial

Notes

Non-GAAP Measures, Continued

Adjusted Income (Loss) From Operations ROE

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

Computations

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

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

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

Definitions

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

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

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

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

Sales as reported consist of the following:

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

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

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

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

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

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

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

Statistical Supplement is Dated

This document is dated February 12, 2026, and has not been updated since that date. Lincoln Financial does not intend to update this document.

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Lincoln Financial

Credit Ratings

Ratings as of February 12, 2026

Standard

AM Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

bbb+

BBB+

Baa2

BBB+

Financial Strength Ratings

The Lincoln National Life Insurance Company

A+

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

Investor Inquiries May Be Directed To:

John Muething, Vice President,

Investor Relations

Email: InvestorRelations@lfg.com

Phone: 800-237-2920

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

		For the Three Months Ended												For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Revenues
Insurance premiums	$	1,586	$	1,676	$	1,682	$	1,637	$	1,671	5.4	%	$	6,425	$	6,666	3.8	%
Fee income		1,387		1,365		1,340		1,384		1,407	1.4	%		5,402		5,496	1.7	%
Net investment income		1,439		1,462		1,471		1,544		1,597	11.0	%		5,544		6,075	9.6	%
Realized gain (loss)		470		11		(641)		(216)		47	-90.0	%		269		(799)	NM
Other revenues		181		177		192		206		200	10.5	%		802		774	-3.5	%
Total revenues		5,063		4,691		4,044		4,555		4,922	-2.8	%		18,442		18,212	-1.2	%

Expenses
Benefits and policyholder liability remeasurement		1,947		2,009		1,906		1,927		1,927	-1.0	%		7,728		7,769	0.5	%
Interest credited		888		890		916		954		984	10.8	%		3,443		3,743	8.7	%
Market risk benefit (gain) loss		(1,291)		1,293		(940)		(343)		(382)	70.4	%		(2,677)		(372)	86.1	%

Commissions and other expenses		1,336		1,368		1,327		1,414		1,397	4.6	%		5,590		5,507	-1.5	%
Interest and debt expense		83		80		(13)		79		81	-2.4	%		336		227	-32.4	%


Total expenses		2,963		5,640		3,196		4,031		4,007	35.2	%		14,420		16,874	17.0	%
Income (loss) before taxes		2,100		(949)		848		524		915	-56.4	%		4,022		1,338	-66.7	%
Federal income tax expense (benefit)		414		(227)		149		79		161	-61.1	%		747		161	-78.4	%


Net income (loss)		1,686		(722)		699		445		754	-55.3	%		3,275		1,177	-64.1	%
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(91)		(91)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		—		—		2	NM			3		—	-100.0	%
Net income (loss) available to common
stockholders – diluted	$	1,675	$	(756)	$	688	$	411	$	745	-55.5	%	$	3,187	$	1,086	-65.9	%


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	9.63	$	(4.41)	$	3.80	$	2.12	$	3.80	-60.5	%	$	18.41	$	5.83	-68.3	%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	66,450	$	66,885	$	67,371	$	68,351	$	69,045	3.9%
U.S. government bonds		391		538		564		619		869	122.3%
State and municipal bonds		2,371		2,350		2,254		2,235		2,147	-9.4%
Foreign government bonds		237		239		239		244		226	-4.6%
Residential mortgage-backed securities		1,863		1,941		2,063		2,118		2,122	13.9%
Commercial mortgage-backed securities		1,665		1,830		1,972		2,150		2,502	50.3%
Asset-backed securities		13,880		14,241		14,658		14,706		16,282	17.3%
Hybrid and redeemable preferred securities		254		273		265		257		255	0.4%


Total fixed maturity AFS securities, net of allowance for credit losses		87,111		88,297		89,386		90,680		93,448	7.3%
Trading securities		2,025		1,984		1,909		1,853		1,676	-17.2%
Equity securities		294		345		341		542		636	116.3%
Mortgage loans on real estate, net of allowance for credit losses		21,083		21,558		21,996		22,230		22,472	6.6%

Policy loans		2,476		2,529		2,552		2,584		2,626	6.1%
Derivative investments		9,677		7,849		8,349		10,427		9,945	2.8%
Other investments		7,252		7,314		7,276		7,786		8,105	11.8%
Total investments		129,918		129,876		131,809		136,102		138,908	6.9%
Cash and invested cash		5,801		4,284		7,143		10,668		9,502	63.8%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,537		12,563		12,604		12,681		12,827	2.3%

Reinsurance recoverables, net of allowance for credit losses		28,750		28,580		28,440		28,665		28,012	-2.6%


Deposit assets, net of allowance for credit losses		30,776		31,048		31,754		33,066		33,690	9.5%
Market risk benefit assets		4,860		4,157		4,577		4,694		4,753	-2.2%
Accrued investment income		1,108		1,134		1,136		1,172		1,122	1.3%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		7,499		7,606		7,516		7,223		7,154	-4.6%
Separate account assets		168,438		162,506		172,942		179,860		180,092	6.9%
Total assets	$	390,831	$	382,898	$	399,065	$	415,275	$	417,204	6.7%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	126,197	$	125,262	$	129,209	$	133,223	$	136,245	8.0	%
Future contract benefits		39,807		40,665		41,053		41,852		42,077	5.7	%
Funds withheld reinsurance liabilities		16,907		16,838		16,700		17,559		17,922	6.0	%
Market risk benefit liabilities		1,046		1,306		1,205		1,190		1,118	6.9	%

Deferred front-end loads		6,730		6,910		7,119		7,349		7,586	12.7	%
Payables for collateral on investments		10,020		8,282		8,466		11,153		7,954	-20.6	%
Short-term debt		300		—		—		—		400	33.3	%
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 9 for details)		868		868		868		868		868	0.0%
Financial		4,988		5,000		4,899		4,904		4,998	0.2	%




Other liabilities		7,261		7,068		7,056		6,865		7,038	-3.1	%






Separate account liabilities		168,438		162,506		172,942		179,860		180,092	6.9	%
Total liabilities		382,562		374,705		389,517		404,823		406,298	6.2	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,674		4,703		5,545		5,574		5,592	19.6	%
Retained earnings		7,645		6,810		7,409		7,731		8,386	9.7	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(5,601)		(5,078)		(4,750)		(3,930)		(3,964)	29.2	%



Market risk benefit non-performance risk gain (loss)		146		464		114		(58)		(261)	NM
Policyholder liability discount rate remeasurement gain (loss)		744		633		569		474		480	-35.5	%
Foreign currency translation adjustment		(29)		(24)		(14)		(18)		(18)	37.9	%
Funded status of employee benefit plans		(296)		(301)		(311)		(307)		(295)	0.3	%
Total accumulated other comprehensive income (loss)		(5,036)		(4,306)		(4,392)		(3,839)		(4,058)	19.4	%
Total stockholders’ equity		8,269		8,193		9,548		10,452		10,906	31.9	%
Total liabilities and stockholders’ equity	$	390,831	$	382,898	$	399,065	$	415,275	$	417,204	6.7	%

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


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

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Income (Loss)
Net income (loss)	$	1,686		$	(722)		$	699		$	445		$	754		-55.3	%	$	3,275		$	1,177		-64.1	%
Pre-tax adjusted income (loss) from operations		400			362			517			506			524		31.0	%		1,541			1,909		23.9	%
After-tax adjusted income (loss) from operations (1)		343			314			438			431			445		29.7	%		1,315			1,628		23.8	%
Adjusted operating tax rate		14.1	%		13.3	%		15.4	%		14.8	%		15.0	%				14.7	%		14.7	%
Adjusted income (loss) from operations available to
common stockholders (1)		332			280			427			397			434		30.7	%		1,224			1,537		25.6	%







ROE
Net income (loss) ROE		78.1	%		-35.1	%		31.5	%		17.8	%		28.3	%				40.8	%		12.5	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE		11.5	%		9.4	%		14.0	%		12.1	%		12.7	%				11.3	%		12.1	%
Adjusted income (loss) from operations ROE		10.9	%		9.0	%		12.9	%		11.3	%		12.1	%				10.5	%		11.4	%

Per Common Share
Net income (loss) (diluted)	$	9.63		$	(4.41)		$	3.80		$	2.12		$	3.80		-60.5	%	$	18.41		$	5.83		-68.3	%
Adjusted income (loss) from operations (diluted) (2)		1.91			1.60			2.36			2.04			2.21		15.7	%		7.07			8.23		16.4	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			1.80			1.80		0.0%

Book Value Per Common Share
Book value per share	$	42.60		$	41.96		$	44.91		$	49.56		$	51.88		21.8	%	$	42.60		$	51.88		21.8	%

Book value per share, excluding AOCI (3)		72.06			67.04			67.95			69.66			73.10		1.4	%		72.06			73.10		1.4	%
Adjusted book value per share (3)		72.34			73.19			72.77			74.23			76.33		5.5	%		72.34			76.33		5.5	%

Common Shares

End-of-period – basic		171.0			171.7			190.6			191.0			191.2		11.8	%		171.0			191.2		11.8	%
Average for the period – basic		170.9			171.3			177.2			190.8			191.1		11.8	%		170.6			182.7		7.1	%
End-of-period – diluted		174.1			175.3			194.0			196.0			196.7		13.0	%		174.1			196.7		13.0	%
Average for the period – diluted (4)		174.0			174.7			180.6			195.0			196.3		12.8	%		173.1			186.7		7.9	%

(1) See reconciliation to net income (loss) and net income (loss) available to common stockholders – diluted on page 25.

(2) See reconciliation to earnings (loss) per common share – diluted on page 27.

(3) See reconciliation to stockholders’ equity and book value per common share on page 29.

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

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

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

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



Cash Returned to Common Stockholders – Common Dividends	$	77		$	77		$	77		$	85		$	85		10.4	%	$	306	$	324	5.9	%


Cash Returned to Preferred Stockholders – Preferred Dividends	$	11		$	34		$	11		$	34		$	11		0.0%		$	91	$	91	0.0%


Leverage Ratio
Short-term debt (1)	$	300		$	—		$	—		$	—		$	400		33.3	%
Long-term debt		5,856			5,868			5,767			5,772			5,866		0.2	%
Total debt		6,156			5,868			5,767			5,772			6,266		1.8	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		7,142			6,854			6,753			6,758			7,252		1.5	%







Less:
Operating debt (2)		868			868			868			868			868		0.0%
Prefunding of upcoming debt maturities (3)		300			—			—			—			400		33.3	%
25% of capital securities and subordinated notes		302			302			247			247			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Carrying value of fair value hedges and other items		111			122			119			119			114		2.7	%
Total numerator	$	5,068		$	5,069		$	5,026		$	5,031		$	5,130		1.2	%

Adjusted stockholders’ equity (4)	$	12,367		$	12,569		$	13,873		$	14,180		$	14,595		18.0	%


Add:
25% of capital securities and subordinated notes		302			302			247			247			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Total numerator		5,068			5,069			5,026			5,031			5,130		1.2	%
Total denominator	$	18,230		$	18,433		$	19,639		$	19,951		$	20,465		12.3	%

Leverage ratio		27.8	%		27.5	%		25.6	%		25.2	%		25.1	%


Holding Company Available Liquidity (3)	$	763		$	466		$	466		$	461		$	1,055		38.3	%


Holding Company Available Liquidity, Net of Prefunding	$	463		$	466		$	466		$	461		$	655		41.5	%

(1) As of December 31, 2025, consists of $400 million principal amount of our 3.625% Senior Notes due December 12, 2026.

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

(3) Holding company available liquidity includes prefunding of upcoming debt maturities.

(4) See reconciliation to stockholders’ equity on page 29.

Tab le of Contents


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

	For the Three Months Ended													For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Annuities
Operating revenues	$	1,223	$	1,198	$	1,214	$	1,270	$	1,308	7.0	%	$	4,896	$	4,990	1.9	%
Deposits		3,692		3,799		4,024		4,470		4,890	32.4	%		13,748		17,183	25.0	%
Net flows		(1,891)		(1,676)		(1,162)		(1,143)		(1,227)	35.1	%		(6,475)		(5,208)	19.6	%



Average account balances, net of reinsurance		165,424		163,688		159,806		170,318		174,668	5.6	%		160,032		167,291	4.5	%
Alternative investment income (1)		4		2		3		2		3	-25.0	%		12		11	-8.3	%

Life Insurance
Operating revenues	$	1,608	$	1,587	$	1,602	$	1,610	$	1,643	2.2	%	$	6,248	$	6,442	3.1	%
Deposits		1,402		1,218		1,281		2,247		1,457	3.9	%		5,102		6,203	21.6	%
Net flows		930		569		633		1,659		974	4.7	%		3,161		3,835	21.3	%
Average account balances, net of reinsurance		44,746		44,390		45,147		47,503		49,150	9.8	%		43,578		46,547	6.8	%
Average in-force face amount		1,080,074		1,074,858		1,069,688		1,067,503		1,065,813	-1.3	%		1,084,010		1,069,466	-1.3	%
Alternative investment income (1)		96		70		94		95		115	19.8	%		294		373	26.9	%

Group Protection
Operating revenues	$	1,418	$	1,521	$	1,538	$	1,507	$	1,535	8.3	%	$	5,717	$	6,102	6.7	%
Insurance premiums		1,274		1,371		1,386		1,352		1,380	8.3	%		5,145		5,490	6.7	%
Alternative investment income (1)		2		1		2		2		3	50.0	%		5		8	60.0	%

Retirement Plan Services
Operating revenues	$	337	$	327	$	331	$	343	$	352	4.5	%	$	1,321	$	1,353	2.4	%
Deposits		3,473		4,115		3,594		5,008		3,939	13.4	%		14,738		16,656	13.0	%
Net flows		(732)		(2,184)		(585)		755		(998)	-36.3	%		112		(3,012)	NM
Average account balances		113,711		113,075		111,734		119,259		123,533	8.6	%		108,259		117,073	8.1	%
Alternative investment income (1)		2		2		2		2		3	50.0	%		6		9	50.0	%

Consolidated
Adjusted operating revenues (2)	$	4,628	$	4,685	$	4,726	$	4,780	$	4,894	5.7	%	$	18,342	$	19,085	4.1	%
Deposits		8,567		9,132		8,899		11,725		10,286	20.1	%		33,588		40,042	19.2	%
Net flows		(1,693)		(3,291)		(1,114)		1,271		(1,251)	26.1	%		(3,202)		(4,385)	-36.9	%
Average account balances, net of reinsurance		323,881		321,153		316,687		337,080		347,351	7.2	%		311,869		330,911	6.1	%
Alternative investment income (1)		105		75		101		101		124	18.1	%		319		401	25.7	%

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

(2) See reconciliation to total revenues on page 26.

Tab le of Contents


Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Twelve Months Ended

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Sales
Annuities:
RILA	$	1,285		$	1,292		$	1,447		$	1,457		$	1,936		50.7	%	$	4,526		$	6,131		35.5	%
Fixed		560			863			1,221			1,368			1,227		119.1	%		4,205			4,678		11.2	%
Traditional variable with GLBs		1,243			1,099			935			1,080			1,119		-10.0	%		3,114			4,232		35.9	%
Traditional variable without GLBs		601			535			416			562			607		1.0	%		1,882			2,122		12.8	%

Total Annuities	$	3,689		$	3,789		$	4,019		$	4,467		$	4,889		32.5	%	$	13,727		$	17,163		25.0	%


Life Insurance:
IUL/UL	$	26		$	24		$	28		$	25		$	42		61.5	%	$	100		$	119		19.0	%
MoneyGuard®		35			28			29			31			35		0.0%			128			124		-3.1	%

VUL		21			15			15			26			36		71.4	%		85			92		8.2	%
Term		13			13			15			15			14		7.7	%		66			57		-13.6	%

Executive Benefits		24			17			34			201			15		-37.5	%		59			265		NM
Total Life Insurance	$	119		$	97		$	121		$	298		$	142		19.3	%	$	438		$	657		50.0	%


Group Protection:
Life	$	184		$	101		$	104		$	50		$	136		-26.1	%	$	392		$	390		-0.5	%
Disability		253			48			70			47			232		-8.3	%		414			397		-4.1	%
Dental		30			8			13			19			23		-23.3	%		50			64		28.0	%
Total Group Protection	$	467		$	157		$	187		$	116		$	391		-16.3	%	$	856		$	851		-0.6	%

Percent employee-paid		34.3	%		72.3	%		58.7	%		46.5	%		28.7	%				45.2	%		45.8	%

Retirement Plan Services:
First-year sales	$	1,273		$	1,104		$	1,222		$	2,440		$	1,683		32.2	%	$	4,873		$	6,449		32.3	%
Recurring deposits		2,200			3,011			2,372			2,568			2,256		2.5	%		9,865			10,207		3.5	%
Total Retirement Plan Services	$	3,473		$	4,115		$	3,594		$	5,008		$	3,939		13.4	%	$	14,738		$	16,656		13.0	%

Tab le of Contents


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

	For the Three Months Ended																		For the Twelve Months Ended

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Operating Revenues
Annuities	$	1,223		$	1,198		$	1,214		$	1,270		$	1,308		7.0	%	$	4,896		$	4,990		1.9	%
Life Insurance		1,608			1,587			1,602			1,610			1,643		2.2	%		6,248			6,442		3.1	%
Group Protection		1,418			1,521			1,538			1,507			1,535		8.3	%		5,717			6,102		6.7	%
Retirement Plan Services		337			327			331			343			352		4.5	%		1,321			1,353		2.4	%
Other Operations		42			52			41			50			56		33.3	%		160			198		23.8	%
Total adjusted operating revenues	$	4,628		$	4,685		$	4,726		$	4,780		$	4,894		5.7	%	$	18,342		$	19,085		4.1	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	112		$	108		$	110		$	108		$	122		8.9	%	$	462		$	447		-3.2	%
Life Insurance		129			119			122			121			130		0.8	%		510			492		-3.5	%
Group Protection		195			202			206			200			215		10.3	%		770			823		6.9	%
Retirement Plan Services		82			81			80			80			87		6.1	%		324			328		1.2	%
Other Operations		70			65			55			62			65		-7.1	%		257			248		-3.5	%
Total	$	588		$	575		$	573		$	571		$	619		5.3	%	$	2,323		$	2,338		0.6	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.2	%		9.0	%		9.1	%		8.5	%		9.3	%				9.4	%		9.0	%
Life Insurance		8.0	%		7.5	%		7.6	%		7.5	%		7.9	%				8.2	%		7.6	%
Group Protection		13.8	%		13.3	%		13.4	%		13.2	%		14.0	%				13.5	%		13.5	%
Retirement Plan Services		24.3	%		24.9	%		24.1	%		23.2	%		24.8	%				24.6	%		24.3	%

Total		12.7	%		12.3	%		12.1	%		11.9	%		12.6	%				12.7	%		12.3	%

Tab le of Contents


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

	For the Three Months Ended													For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	650	$	629	$	627	$	637	$	693	6.6	%	$	2,561	$	2,585	0.9	%
Commissions		575		558		570		609		689	19.8	%		2,321		2,425	4.5	%
Taxes, licenses and fees		75		98		80		86		74	-1.3	%		323		337	4.3	%
Interest and debt expense		83		80		81		79		81	-2.4	%		336		321	-4.5	%
Expenses associated with reserve financing
and letters of credit		36		32		33		35		25	-30.6	%		125		125	0.0%
Total adjusted operating commissions and
other expenses incurred		1,419		1,397		1,391		1,446		1,562	10.1	%		5,666		5,793	2.2	%

Less Amounts Capitalized
General and administrative expenses		(62)		(54)		(54)		(66)		(74)	-19.4	%		(238)		(247)	-3.8	%
Commissions		(263)		(238)		(252)		(281)		(360)	-36.9	%		(927)		(1,130)	-21.9	%
Taxes, licenses and fees		(7)		(9)		(7)		(15)		(8)	-14.3	%		(31)		(39)	-25.8	%
Total amounts capitalized		(332)		(301)		(313)		(362)		(442)	-33.1	%		(1,196)		(1,416)	-18.4	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,087		1,096		1,078		1,084		1,120	3.0	%		4,470		4,377	-2.1	%

Amortization
Amortization of DAC, VOBA and other intangibles		302		309		307		324		328	8.6	%		1,146		1,269	10.7	%
Total operating commissions and
other expenses	$	1,389	$	1,405	$	1,385	$	1,408	$	1,448	4.2	%	$	5,616	$	5,646	0.5	%

Tab le of Contents


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

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

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	29		$	21		$	28		$	25		$	28		-3.4	%	$	127		$	103		-18.9	%
Fee income (1)		612			591			575			617			624		2.0	%		2,381			2,406		1.0	%
Net investment income		462			466			487			497			517		11.9	%		1,759			1,966		11.8	%



Other revenues		120			120			124			131			139		15.8	%		629			515		-18.1	%
Total operating revenues		1,223			1,198			1,214			1,270			1,308		7.0	%		4,896			4,990		1.9	%
Operating expenses:
Benefits and policyholder liability remeasurement		40			28			32			24			24		-40.0	%		145			108		-25.5	%
Interest credited		407			419			439			459			480		17.9	%		1,536			1,799		17.1	%


Commissions incurred		307			298			292			327			374		21.8	%		1,115			1,291		15.8	%
Other expenses incurred		157			145			142			138			162		3.2	%		780			586		-24.9	%
Amounts capitalized		(155)			(147)			(144)			(174)			(228)		-47.1	%		(498)			(693)		-39.2	%
Amortization		108			115			115			128			127		17.6	%		430			484		12.6	%
Total operating expenses		864			858			876			902			939		8.7	%		3,508			3,575		1.9	%
Income (loss) from operations before taxes		359			340			338			368			369		2.8	%		1,388			1,415		1.9	%
Federal income tax expense (benefit)		56			50			51			58			58		3.6	%		228			217		-4.8	%
Income (loss) from operations	$	303		$	290		$	287		$	310		$	311		2.6	%	$	1,160		$	1,198		3.3	%





Effective Federal Income Tax Rate		15.7	%		14.7	%		15.2	%		15.8	%		15.7	%				16.4	%		15.4	%







Return on Average Account Balances, Net of
Reinsurance (bps)		73			71			72			73			71		(2)			72			72		—








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	34,310		$	33,527		$	36,256		$	38,499		$	39,443		15.0	%	$	34,310		$	39,443		15.0	%
Fixed account balances		10,352			10,415			10,727			11,492			12,388		19.7	%		10,352			12,388		19.7	%
Traditional variable account balances with GLBs		70,756			67,101			71,527			73,174			72,809		2.9	%		70,756			72,809		2.9	%
Traditional variable account balances without GLBs		48,193			47,371			49,283			50,914			50,748		5.3	%		48,193			50,748		5.3	%
Total account balances	$	163,611		$	158,414		$	167,793		$	174,079		$	175,388		7.2	%	$	163,611		$	175,388		7.2	%
Percent traditional variable account balances with GLBs		43.2	%		42.4	%		42.6	%		42.0	%		41.5	%				43.2	%		41.5	%

Fee Income, Gross of Hedge Allowance	$	811		$	790		$	775		$	817		$	825		1.7	%	$	3,180		$	3,207		0.8	%
Net Investment Income, Net of Reinsurance (2)		438			443			465			475			500		14.2	%		1,643			1,882		14.5	%
Interest Credited, Net of Reinsurance (2)		282			290			300			314			333		18.1	%		1,050			1,238		17.9	%

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

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

Tab le of Contents


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

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

		12/31/24			3/31/25			6/30/25			9/30/25		12/31/25		Change			12/31/24			12/31/25	Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	283		$	283		$	267		$	260	$	262		-7.4	%	$	1,149		$	1,072	-6.7	%
Fee income		694			698			688			683		696		0.3	%		2,715			2,765	1.8	%
Net investment income		598			574			606			623		643		7.5	%		2,321			2,446	5.4	%
Operating realized gain (loss)		(2)			(2)			(1)			(1)		—		100.0	%		(6)			(4)	33.3	%


Other revenues (1)		35			34			42			45		42		20.0	%		69			163	136.2	%
Total operating revenues		1,608			1,587			1,602			1,610		1,643		2.2	%		6,248			6,442	3.1	%
Operating expenses:
Benefits and policyholder liability remeasurement		1,006			1,002			956			961		928		-7.8	%		3,893			3,846	-1.2	%
Interest credited		300			287			289			298		295		-1.7	%		1,194			1,170	-2.0	%
Commissions incurred		115			99			111			119		145		26.1	%		461			474	2.8	%
Other expenses incurred		198			194			191			199		196		-1.0	%		794			779	-1.9	%
Amounts capitalized		(137)			(115)			(128)			(144)		(166)		-21.2	%		(543)			(553)	-1.8	%
Amortization of DAC and VOBA		128			128			125			129		133		3.9	%		507			516	1.8	%
Amortization of deferred loss on business
sold through reinsurance		24			24			24			24		24		0.0%			47			96	104.3	%
Total operating expenses		1,634			1,619			1,568			1,586		1,555		-4.8	%		6,353			6,328	-0.4	%
Income (loss) from operations before taxes		(26)			(32)			34			24		88		NM			(105)			114	208.6	%
Federal income tax expense (benefit)		(11)			(16)			2			(1)		11		200.0	%		(42)			(3)	92.9	%
Income (loss) from operations	$	(15)		$	(16)		$	32		$	25	$	77		NM		$	(63)		$	117	285.7	%


Effective Federal Income Tax Rate		41.2	%		47.9	%		5.2	%		NM		12.6	%				40.0	%		NM





Average Account Balances, Net of Reinsurance	$	44,746		$	44,390		$	45,147		$	47,503	$	49,150		9.8	%	$	43,578		$	46,547	6.8	%

In-Force Face Amount
UL and other	$	363,950		$	361,480		$	360,617		$	361,964	$	362,312		-0.5	%	$	363,950		$	362,312	-0.5	%
Term insurance		714,362			709,924			707,355			705,069		702,280		-1.7	%		714,362			702,280	-1.7	%
Total in-force face amount	$	1,078,312		$	1,071,404		$	1,067,972		$	1,067,033	$	1,064,592		-1.3	%	$	1,078,312		$	1,064,592	-1.3	%

(1) Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain

amortization to other revenues and presenting the amortization of deferred loss within operating expenses. For prior periods, the amortization of deferred gain (loss)

on business sold through reinsurance is presented on a net basis within other revenues.

Tab le of Contents


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

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

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,274		$	1,371		$	1,386		$	1,352		$	1,380		8.3	%	$	5,145		$	5,490		6.7	%
Net investment income		87			89			94			98			95		9.2	%		348			376		8.0	%
Other revenues		57			61			58			57			60		5.3	%		224			236		5.4	%
Total operating revenues		1,418			1,521			1,538			1,507			1,535		8.3	%		5,717			6,102		6.7	%
Operating expenses:
Benefits and policyholder liability remeasurement		902			994			913			923			984		9.1	%		3,692			3,814		3.3	%
Interest credited		3			—			1			1			1		-66.7	%		6			2		-66.7	%
Commissions incurred		125			133			139			132			137		9.6	%		462			541		17.1	%
Other expenses incurred		249			261			263			260			275		10.4	%		1,011			1,059		4.7	%
Amounts capitalized		(34)			(32)			(35)			(36)			(40)		-17.6	%		(135)			(142)		-5.2	%
Amortization		37			37			38			39			40		8.1	%		143			155		8.4	%
Total operating expenses		1,282			1,393			1,319			1,319			1,397		9.0	%		5,179			5,429		4.8	%
Income (loss) from operations before taxes		136			128			219			188			138		1.5	%		538			673		25.1	%
Federal income tax expense (benefit)		29			27			46			39			29		0.0%			113			141		24.8	%
Income (loss) from operations	$	107		$	101		$	173		$	149		$	109		1.9	%	$	425		$	532		25.2	%


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

Operating Margin (1)		8.4	%		7.4	%		12.5	%		11.0	%		7.9	%				8.3	%		9.7	%





Loss Ratios by Product Line
Life		64.7	%		75.2	%		67.2	%		59.6	%		67.9	%				71.1	%		67.5	%
Disability		75.0	%		70.1	%		64.2	%		73.8	%		73.6	%				72.1	%		70.4	%
Dental		73.3	%		79.0	%		80.4	%		78.0	%		74.9	%				77.0	%		78.0	%
Total		71.0	%		72.4	%		65.9	%		68.3	%		71.4	%				71.9	%		69.5	%

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

Tab le of Contents


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

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

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	76		$	72		$	72		$	77		$	80		5.3	%	$	292		$	301		3.1	%
Net investment income		253			251			252			257			262		3.6	%		997			1,022		2.5	%
Other revenues		8			4			7			9			10		25.0	%		32			30		-6.3	%
Total operating revenues		337			327			331			343			352		4.5	%		1,321			1,353		2.4	%
Operating expenses:
Interest credited		172			170			174			174			174		1.2	%		675			692		2.5	%


Commissions incurred		27			27			28			30			31		14.8	%		103			115		11.7	%
Other expenses incurred		90			91			87			87			95		5.6	%		359			360		0.3	%
Amounts capitalized		(6)			(4)			(5)			(5)			(6)		0.0%			(21)			(20)		4.8	%
Amortization		5			5			5			4			4		-20.0	%		19			18		-5.3	%
Total operating expenses		288			289			289			290			298		3.5	%		1,135			1,165		2.6	%
Income (loss) from operations before taxes		49			38			42			53			54		10.2	%		186			188		1.1	%
Federal income tax expense (benefit)		6			4			5			7			8		33.3	%		23			25		8.7	%
Income (loss) from operations	$	43		$	34		$	37		$	46		$	46		7.0	%	$	163		$	163		0.0%


Effective Federal Income Tax Rate		13.5	%		11.8	%		12.3	%		14.2	%		14.2	%				12.4	%		13.3	%





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



Net Flows by Market
Small Market	$	(34)		$	(79)		$	28		$	190		$	(43)		-26.5	%	$	(11)		$	96		NM
Mid - Large Market		(178)			(1,732)			(200)			1,025			(401)		NM			1,944			(1,309)		NM
Multi-Fund® and Other		(520)			(373)			(413)			(460)			(554)		-6.5	%		(1,821)			(1,799)		1.2	%

Net Flows – Trailing Twelve Months	$	112		$	(2,462)		$	(2,850)		$	(2,746)		$	(3,012)		NM		$	112		$	(3,012)		NM

Base Spreads, Excluding Variable
Investment Income (1)		1.01	%		1.03	%		0.99	%		1.07	%		1.10	%	9			1.03	%		1.05	%	2

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

Tab le of Contents


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


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

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Other Operations
Operating revenues:
Insurance premiums	$	—	$	—	$	—	$	—	$	—	NM		$	4	$	2	-50.0	%

Net investment income		33		44		25		33		46	39.4	%		111		147	32.4	%


Other revenues		9		8		16		17		10	11.1	%		45		49	8.9	%
Total operating revenues		42		52		41		50		56	33.3	%		160		198	23.8	%
Operating expenses:
Benefits and policyholder liability remeasurement		2		5		7		4		2	0.0%			12		19	58.3	%
Interest credited		7		13		13		22		34	NM			32		80	150.0	%
Other expenses incurred		68		66		56		72		64	-5.9	%		246		259	5.3	%
Interest and debt expense		83		80		81		79		81	-2.4	%		336		321	-4.5	%

Total operating expenses		160		164		157		177		181	13.1	%		626		679	8.5	%
Income (loss) from operations before taxes		(118)		(112)		(116)		(127)		(125)	-5.9	%		(466)		(481)	-3.2	%
Federal income tax expense (benefit)		(23)		(17)		(25)		(28)		(27)	-17.4	%		(96)		(99)	-3.1	%
Income (loss) from operations	$	(95)	$	(95)	$	(91)	$	(99)	$	(98)	-3.2	%	$	(370)	$	(382)	-3.2	%

Tab le of Contents


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

	For the Three Months Ended												For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	121,568	$	118,954	$	114,477	$	120,815	$	124,093	2.1	%	$	114,963	$	118,954	3.5	%
Gross deposits		1,844		1,634		1,351		1,642		1,726	-6.4	%		4,996		6,354	27.2	%
Surrenders, withdrawals and benefits		(3,688)		(3,678)		(3,451)		(3,843)		(4,066)	-10.2	%		(13,950)		(15,039)	-7.8	%

Net flows		(1,844)		(2,044)		(2,100)		(2,201)		(2,340)	-26.9	%		(8,954)		(8,685)	3.0	%
Policyholder assessments		(666)		(652)		(639)		(670)		(674)	-1.2	%		(2,627)		(2,636)	-0.3	%
Change in market value and reinvestment		(104)		(1,781)		9,077		6,149		2,483	NM			15,572		15,929	2.3	%

Balance as of end-of-period, gross		118,954		114,477		120,815		124,093		123,562	3.9	%		118,954		123,562	3.9	%
Account balances reinsured		(5)		(5)		(5)		(5)		(5)	0.0%			(5)		(5)	0.0%
Balance as of end-of-period, net	$	118,949	$	114,472	$	120,810	$	124,088	$	123,557	3.9	%	$	118,949	$	123,557	3.9	%


RILA
Balance as of beginning-of-period	$	33,245	$	34,310	$	33,527	$	36,256	$	38,499	15.8	%	$	27,533	$	34,310	24.6	%
Gross deposits		1,285		1,292		1,447		1,457		1,936	50.7	%		4,526		6,131	35.5	%
Surrenders, withdrawals and benefits		(791)		(850)		(938)		(1,106)		(1,370)	-73.2	%		(1,445)		(4,263)	NM

Net flows		494		442		509		351		566	14.6	%		3,081		1,868	-39.4	%
Policyholder assessments		(4)		(5)		(4)		(4)		(4)	0.0%			(13)		(16)	-23.1	%

Change in market value and reinvestment		375		346		341		392		402	7.2	%		1,235		1,479	19.8	%
Change in fair value of embedded derivative instruments and other		200		(1,566)		1,883		1,504		(20)	NM			2,474		1,802	-27.2	%
Balance as of end-of-period, gross	$	34,310	$	33,527	$	36,256	$	38,499	$	39,443	15.0	%	$	34,310	$	39,443	15.0	%

Tab le of Contents


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

	For the Three Months Ended												For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Fixed Annuities
Balance as of beginning-of-period	$	26,359	$	25,963	$	26,039	$	26,832	$	27,874	5.7	%	$	25,355	$	25,963	2.4	%
Gross deposits		563		873		1,226		1,371		1,228	118.1	%		4,226		4,698	11.2	%
Surrenders, withdrawals and benefits		(1,104)		(947)		(797)		(664)		(681)	38.3	%		(4,828)		(3,089)	36.0	%

Net flows		(541)		(74)		429		707		547	201.1	%		(602)		1,609	NM
Policyholder assessments		(16)		(15)		(15)		(14)		(16)	0.0%			(61)		(59)	3.3	%
Reinvested interest credited		209		210		228		238		255	22.0	%		802		929	15.8	%
Change in fair value of embedded derivative instruments
and other		(48)		(45)		151		111		68	241.7	%		469		286	-39.0	%
Balance as of end-of-period, gross		25,963		26,039		26,832		27,874		28,728	10.6	%		25,963		28,728	10.6	%
Account balances reinsured		(15,611)		(15,624)		(16,105)		(16,382)		(16,340)	-4.7	%		(15,611)		(16,340)	-4.7	%
Balance as of end-of-period, net	$	10,352	$	10,415	$	10,727	$	11,492	$	12,388	19.7	%	$	10,352	$	12,388	19.7	%


Total
Balance as of beginning-of-period	$	181,172	$	179,227	$	174,043	$	183,903	$	190,466	5.1	%	$	167,851	$	179,227	6.8	%
Gross deposits		3,692		3,799		4,024		4,470		4,890	32.4	%		13,748		17,183	25.0	%
Surrenders, withdrawals and benefits		(5,583)		(5,475)		(5,186)		(5,613)		(6,117)	-9.6	%		(20,223)		(22,391)	-10.7	%

Net flows		(1,891)		(1,676)		(1,162)		(1,143)		(1,227)	35.1	%		(6,475)		(5,208)	19.6	%
Policyholder assessments		(686)		(672)		(658)		(688)		(694)	-1.2	%		(2,701)		(2,711)	-0.4	%
Change in market value, reinvestment and interest credited		480		(1,225)		9,646		6,779		3,140	NM			17,609		18,337	4.1	%
Change in fair value of embedded derivative instruments
and other		152		(1,611)		2,034		1,615		48	-68.4	%		2,943		2,088	-29.1	%
Balance as of end-of-period, gross		179,227		174,043		183,903		190,466		191,733	7.0	%		179,227		191,733	7.0	%
Account balances reinsured		(15,616)		(15,629)		(16,110)		(16,387)		(16,345)	-4.7	%		(15,616)		(16,345)	-4.7	%
Balance as of end-of-period, net	$	163,611	$	158,414	$	167,793	$	174,079	$	175,388	7.2	%	$	163,611	$	175,388	7.2	%

Tab le of Contents


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

	For the Three Months Ended													For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25		Change
General Account
Balance as of beginning-of-period	$	36,692	$	36,599	$	36,220	$	36,116	$	36,008	-1.9	%	$	37,180	$	36,599		-1.6	%
Gross deposits		977		865		847		851		993	1.6	%		3,619		3,557		-1.7	%
Withdrawals and deaths		(342)		(445)		(372)		(357)		(327)	4.4	%		(1,464)		(1,501)		-2.5	%
Net flows		635		420		475		494		666	4.9	%		2,155		2,056		-4.6	%
Transfers between general and separate accounts		53		14		49		72		48	-9.4	%		196		183		-6.6	%
Policyholder assessments		(1,137)		(1,104)		(1,102)		(1,114)		(1,130)	0.6	%		(4,522)		(4,450)		1.6	%
Reinvested interest credited		365		356		360		367		361	-1.1	%		1,474		1,443		-2.1	%
Change in fair value of embedded derivative instruments
and other		(9)		(65)		114		73		33	NM			116		155		33.6	%
Balance as of end-of-period, gross		36,599		36,220		36,116		36,008		35,986	-1.7	%		36,599		35,986		-1.7	%
Account balances reinsured		(15,147)		(14,965)		(14,816)		(14,658)		(14,500)	4.3	%		(15,147)		(14,500)		4.3	%
Balance as of end-of-period, net	$	21,452	$	21,255	$	21,300	$	21,350	$	21,486	0.2	%	$	21,452	$	21,486		0.2	%


Separate Account
Balance as of beginning-of-period	$	28,921	$	28,841	$	28,106	$	30,616	$	33,252	15.0	%		25,150		$	28,841	14.7	%
Gross deposits		425		353		434		1,396		464	9.2	%		1,483		2,646		78.4	%
Withdrawals and deaths		(130)		(204)		(276)		(231)		(156)	-20.0	%		(477)		(867)		-81.8	%
Net flows		295		149		158		1,165		308	4.4	%		1,006		1,779		76.8	%
Transfers between general and separate accounts		(53)		(14)		(48)		(71)		(48)	9.4	%		(196)		(182)		7.1	%
Policyholder assessments		(253)		(246)		(248)		(251)		(255)	-0.8	%		(995)		(1,000)		-0.5	%
Change in market value and reinvestment		(69)		(624)		2,648		1,793		781	NM			3,876		4,600		18.7	%
Balance as of end-of-period, gross		28,841		28,106		30,616		33,252		34,038	18.0	%		28,841		34,038		18.0	%
Account balances reinsured		(5,521)		(5,354)		(5,629)		(5,883)		(5,943)	-7.6	%		(5,521)		(5,943)		-7.6	%
Balance as of end-of-period, net	$	23,320	$	22,752	$	24,987	$	27,369	$	28,095	20.5	%	$	23,320	$	28,095		20.5	%


Total
Balance as of beginning-of-period	$	65,613	$	65,440	$	64,326	$	66,732	$	69,260	5.6	%	$	62,330	$	65,440		5.0	%
Gross deposits		1,402		1,218		1,281		2,247		1,457	3.9	%		5,102		6,203		21.6	%
Withdrawals and deaths		(472)		(649)		(648)		(588)		(483)	-2.3	%		(1,941)		(2,368)		-22.0	%
Net flows		930		569		633		1,659		974	4.7	%		3,161		3,835		21.3	%
Transfers between general and separate accounts		—		—		1		1		—	0.0%			—		1		NM
Policyholder assessments		(1,390)		(1,350)		(1,350)		(1,365)		(1,385)	0.4	%		(5,517)		(5,450)		1.2	%
Change in market value and reinvestment		296		(268)		3,008		2,160		1,142	285.8	%		5,350		6,043		13.0	%
Change in fair value of embedded derivative instruments
and other		(9)		(65)		114		73		33	NM			116		155		33.6	%
Balance as of end-of-period, gross		65,440		64,326		66,732		69,260		70,024	7.0	%		65,440		70,024		7.0	%
Account balances reinsured		(20,668)		(20,319)		(20,445)		(20,541)		(20,443)	1.1	%		(20,668)		(20,443)		1.1	%
Balance as of end-of-period, net	$	44,772	$	44,007	$	46,287	$	48,719	$	49,581	10.7	%	$	44,772	$	49,581		10.7	%

Tab le of Contents


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

	For the Three Months Ended												For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
General Account
Balance as of beginning-of-period	$	23,727	$	23,619	$	23,479	$	23,700	$	23,852	0.5	%	$	23,784	$	23,619	-0.7	%
Gross deposits		826		811		1,109		1,090		1,054	27.6	%		3,407		4,065	19.3	%
Withdrawals		(1,125)		(1,330)		(1,103)		(1,287)		(1,350)	-20.0	%		(4,495)		(5,071)	-12.8	%
Net flows		(299)		(519)		6		(197)		(296)	1.0	%		(1,088)		(1,006)	7.5	%
Transfers between fixed and variable accounts		22		211		44		171		114	NM			251		540	115.1	%
Policyholder assessments		(4)		(4)		(4)		(4)		(4)	0.0%			(14)		(17)	-21.4	%
Reinvested interest credited		173		172		175		182		177	2.3	%		686		707	3.1	%
Balance as of end-of-period	$	23,619	$	23,479	$	23,700	$	23,852	$	23,843	0.9	%	$	23,619	$	23,843	0.9	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	90,069	$	88,962	$	85,754	$	92,683	$	98,900	9.8	%	$	77,201	$	88,962	15.2	%
Gross deposits		2,647		3,304		2,485		3,918		2,885	9.0	%		11,331		12,591	11.1	%
Withdrawals		(3,080)		(4,969)		(3,076)		(2,966)		(3,587)	-16.5	%		(10,131)		(14,597)	-44.1	%
Net flows		(433)		(1,665)		(591)		952		(702)	-62.1	%		1,200		(2,006)	NM
Transfers between fixed and variable accounts		(19)		(200)		(54)		(149)		(101)	NM			(227)		(505)	NM
Policyholder assessments		(72)		(69)		(69)		(73)		(75)	-4.2	%		(274)		(285)	-4.0	%
Change in market value and reinvestment		(583)		(1,274)		7,643		5,487		2,175	NM			11,062		14,031	26.8	%
Balance as of end-of-period	$	88,962	$	85,754	$	92,683	$	98,900	$	100,197	12.6	%	$	88,962	$	100,197	12.6	%


Total
Balance as of beginning-of-period	$	113,796	$	112,581	$	109,233	$	116,383	$	122,752	7.9	%	$	100,985	$	112,581	11.5	%
Gross deposits		3,473		4,115		3,594		5,008		3,939	13.4	%		14,738		16,656	13.0	%
Withdrawals		(4,205)		(6,299)		(4,179)		(4,253)		(4,937)	-17.4	%		(14,626)		(19,668)	-34.5	%
Net flows		(732)		(2,184)		(585)		755		(998)	-36.3	%		112		(3,012)	NM
Transfers between fixed and variable accounts		3		11		(10)		22		13	NM			24		35	45.8	%
Policyholder assessments		(76)		(73)		(73)		(77)		(79)	-3.9	%		(288)		(302)	-4.9	%
Change in market value and reinvestment		(410)		(1,102)		7,818		5,669		2,352	NM			11,748		14,738	25.5	%
Balance as of end-of-period	$	112,581	$	109,233	$	116,383	$	122,752	$	124,040	10.2	%	$	112,581	$	124,040	10.2	%

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

	As of 12/31/24				As of 12/31/25
		Amount		%		Amount			%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
Investments and Allowance for Credit Losses, at Amortized Cost (1)
Industry corporate bonds:
Financial services			$	12,728		14.6	%	$	13,135	14.3	%
Basic industry				2,840		3.3	%		2,749	3.0	%
Capital goods				5,490		6.3	%		5,574	6.1	%
Communications				2,798		3.2	%		2,936	3.2	%
Consumer cyclical				5,408		6.2	%		5,360	5.8	%
Consumer non-cyclical				12,485		14.4	%		12,623	13.6	%
Energy				2,472		2.8	%		2,487	2.7	%
Technology				3,882		4.5	%		4,307	4.7	%
Transportation				3,124		3.6	%		3,243	3.5	%
Industrial other				2,183		2.5	%		2,346	2.6	%
Utilities				11,194		12.9	%		11,459	12.4	%
Government-related entities				1,170		1.3	%		1,108	1.2	%
Residential mortgage-backed securities ("RMBS")
Agency backed				1,608		1.8	%		1,715	1.9	%
Non-agency backed				328		0.4	%		399	0.4	%
Commercial mortgage-backed securities ("CMBS")				1,724		2.0	%		2,503	2.7	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")				8,189		9.4	%		8,512	9.3	%
Other ABS				5,864		6.7	%		7,713	8.4	%
Municipals				2,647		3.0	%		2,424	2.6	%
United States and foreign government				711		0.8	%		1,153	1.3	%


Hybrid and redeemable preferred securities				235		0.3	%		236	0.3	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost				87,080		100.0	%		91,982	100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments				511					434
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments				264					561
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost				87,855					92,977
Modified coinsurance and funds withheld investments				11,992					10,738
Total fixed maturity AFS, trading and equity securities			$	99,847				$	103,715

(1) Net investment income and net gains (losses) related to assets held by us to support certain modified coinsurance and funds withheld agreements are included in periodic payments to or from the reinsurers, resulting in the economic benefits of these assets flowing to the reinsurers. Accordingly, these assets have been excluded from summaries provided on pages 23 and 24 as we have a limited economic interest in the assets.

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

	As of 12/31/24				As of 12/31/25
		Amount		%		Amount			%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
and Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)			$	51,922		59.6	%	$	55,596	60.4	%
NAIC 2 (BBB)				32,198		37.0	%		33,291	36.2	%
Total investment grade				84,120		96.6	%		88,887	96.6	%

NAIC 3 (BB)				907		1.1	%		994	1.1	%
NAIC 4 (B)				1,857		2.1	%		1,966	2.1	%
NAIC 5 (CCC and lower)				109		0.1	%		63	0.1	%
NAIC 6 (in or near default)				87		0.1	%		72	0.1	%
Total below investment grade				2,960		3.4	%		3,095	3.4	%
Total			$	87,080		100.0	%	$	91,982	100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)			$	13,450		77.2	%	$	12,814	73.3	%
CM2 (BBB)				3,873		22.2	%		4,527	25.9	%
CM3-7 (BB and lower) (3)				99		0.6	%		141	0.8	%
Total			$	17,422		100.0	%	$	17,482	100.0	%


Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified
Coinsurance and Funds Withheld Investments, at Amortized Cost (1)(2)
AAA-A			$	65,372		62.6	%	$	68,410	62.5	%
BBB				36,071		34.5	%		37,818	34.5	%
BB and lower				3,059		2.9	%		3,236	3.0	%
Total			$	104,502		100.0	%	$	109,464	100.0	%

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

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

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

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

		For the Three Months Ended												For the Twelve Months Ended

			12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
	Net Income
	Net income (loss) available to common stockholders – diluted	$	1,675	$	(756)	$	688	$	411	$	745	-55.5	%	$	3,187	$	1,086	-65.9	%
	Less:
	Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(91)		(91)	0.0%
	Adjustment for deferred units of LNC stock
	in our deferred compensation plans		—		—		—		—		2	NM			3		—	-100.0	%
	Net income (loss)		1,686		(722)		699		445		754	-55.3	%		3,275		1,177	-64.1	%
	Less:
	Net annuity product features, pre-tax (1)		1,187		(1,092)		405		410		515	-56.6	%		2,508		238	-90.5	%
	Net life insurance product features, pre-tax		46		42		(58)		(22)		(5)	NM			(207)		(42)	79.7	%
	Credit loss-related adjustments, pre-tax		(28)		(28)		(25)		(38)		(43)	-53.6	%		(152)		(134)	11.8	%
	Investment gains (losses), pre-tax		(67)		(103)		(81)		(35)		(101)	-50.7	%		(483)		(319)	34.0	%
	Changes in the fair value of reinsurance-related
	embedded derivatives, trading securities and certain
	mortgage loans, pre-tax (2)		587		(90)		14		(191)		65	-88.9	%		535		(201)	NM






	Gains (losses) on other non-financial assets, pre-tax (3)		—		—		—		—		(14)	NM			582		(14)	NM
	Other items, pre-tax (4)(5)(6)(7)(8)		(32)		(35)		75		(105)		(27)	15.6	%		(270)		(92)	65.9	%

	Income tax benefit (expense) related to the above pre-tax items		(350)		270		(69)		(5)		(81)	76.9	%		(553)		113	120.4	%
	Total adjustments		1,343		(1,036)		261		14		309	-77.0	%		1,960		(451)	NM
	Adjusted income (loss) from operations		343		314		438		431		445	29.7	%		1,315		1,628	23.8	%
	Add:
	Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(91)		(91)	0.0%
	Adjusted income (loss) from operations available
	to common stockholders	$	332	$	280	$	427	$	397	$	434	30.7	%	$	1,224	$	1,537	25.6	%


(1) Includes changes in MRBs of $1,895 million, $126 million, $(666) million, $1,282 million, $(1,302) million, $932 million, $337 million and $374 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(587) million, $50 million, $188 million, $(212) million, $268 million, $(605) million, $30 million and $44 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $142 million, $76 million, $97 million, $117 million, $(58) million, $78 million, $43 million and $97 million for the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025 and fourth quarter of 2025.
(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(3) For the fourth quarter of 2025, represents impairment of long-lived assets. For the twelve months ended 2024, relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.
(4) For the first quarter of 2024, includes certain legal accruals of $(114) million primarily related to the settlement of cost of insurance litigation; for the fourth quarter of 2024, includes certain legal accruals of $(15) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries; for the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million.

(continued on the next page)

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Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

(continued from the previous page)

(5) Includes severance expense related to initiatives to realign the workforce of $(49) million, $(7) million, $(16) million, $(2) million, $(6) million, $(2) million, $(5) million and $(11) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025 and fourth quarter of 2025, respectively.

(6) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(10) million, $(27) million, $(2) million, $(1) million, $(20) million and $(5) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(18) million and $(3) million in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization.

(7) Includes deferred compensation mark-to-market adjustment of $(13) million, $1 million, $(1) million, $(2) million, $(9) million, $1 million, $(14) million and $(10) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025 and fourth quarter of 2025, respectively.

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


	For the Three Months Ended												For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Revenues
Total revenues	$	5,063	$	4,691	$	4,044	$	4,555	$	4,922	-2.8	%	$	18,442	$	18,212	-1.2	%
Less:
Revenue adjustments from annuity
and life insurance product features		(57)		227		(590)		39		121	NM			(382)		(205)	46.3	%
Credit loss-related adjustments		(28)		(28)		(25)		(38)		(43)	-53.6	%		(152)		(134)	11.8	%
Investment gains (losses)		(67)		(103)		(81)		(35)		(101)	-50.7	%		(483)		(319)	34.0	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans (1)		587		(90)		14		(191)		65	-88.9	%		535		(201)	NM

Gains (losses) on other non-financial assets (2)		—		—		—		—		(14)	NM			582		(14)	NM



Adjusted operating revenues	$	4,628	$	4,685	$	4,726	$	4,780	$	4,894	5.7	%	$	18,342	$	19,085	4.1	%

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

(2) For the fourth quarter of 2025, represents impairment of long-lived assets. For the twelve months ended 2024, relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.

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Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended												For the Twelve Months Ended

Earnings (Loss) Per Common Share – Diluted		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Net income (loss)	$	9.63	$	(4.41)	$	3.80	$	2.12	$	3.80	-60.5	%	$	18.41	$	5.83	-68.3	%
Less:
Net annuity product features, pre-tax (1)		6.83		(6.36)		2.24		2.11		2.62	-61.6	%		14.49		1.28	-91.2	%
Net life insurance product features, pre-tax		0.27		0.25		(0.32)		(0.11)		(0.02)	NM			(1.18)		(0.23)	80.5	%
Credit loss-related adjustments, pre-tax		(0.16)		(0.17)		(0.14)		(0.20)		(0.22)	-37.5	%		(0.88)		(0.72)	18.2	%
Investment gains (losses), pre-tax		(0.38)		(0.60)		(0.45)		(0.18)		(0.51)	-34.2	%		(2.78)		(1.71)	38.5	%


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		3.37		(0.53)		0.08		(0.98)		0.34	-89.9	%		3.09		(1.08)	NM




Gains (losses) on other non-financial assets, pre-tax		—		—		—		—		(0.07)	NM			3.36		(0.08)	NM
Other items, pre-tax (2)(3)(4)(5)(6)		(0.19)		(0.20)		0.42		(0.53)		(0.14)	26.3	%		(1.57)		(0.50)	68.2	%
Income tax benefit (expense) related
to the above pre-tax items		(2.02)		1.57		(0.39)		(0.03)		(0.41)	79.7	%		(3.19)		0.61	119.1	%
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss) (7)		—		0.03		—		—		—	NM			—		0.03	NM


Adjusted income (loss) from operations	$	1.91	$	1.60	$	2.36	$	2.04	$	2.21	15.7	%	$	7.07	$	8.23	16.4	%

(continued on the next page)

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Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited

(continued from the previous page)


(1) Includes changes in MRBs of $7.38, $(7.59), $5.15, $1.74, $1.91, $15.23 and $1.83; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(1.22), $1.57, $(3.34), $0.15, $0.22, $(3.24) and $(1.41); changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $0.67, $(0.34), $0.43, $0.22, $0.49, $2.50 and $0.86 for the fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, twelve months ended 2024 and twelve months ended 2025, respectively.
(2) For the fourth quarter of 2024, includes certain legal accruals of $(0.09) and regulatory accruals of $(0.07) related to estimated state guaranty fund assessments net of estimated state premium tax recoveries; for the third quarter of 2025, includes certain legal accruals of $(0.05); for the fourth quarter of 2025, includes certain regulatory accruals of $0.01. For the twelve months ended 2024, includes certain legal accruals of $(0.75) primarily related to the settlement of cost of insurance litigation and certain regulatory accruals of $(0.07) related to estimated state guaranty fund assessments net of estimated state premium tax recoveries. For the twelve months ended 2025, includes certain legal accruals of $(0.05) and certain regulatory accruals of $0.01.
(3) Includes severance expense related to initiatives to realign the workforce of $(0.01), $(0.03), $(0.01), $(0.02), $(0.06), $(0.43) and $(0.14) in the fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, twelve months ended 2024 and twelve months ended 2025, respectively.
(4) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.01), $(0.12) and $(0.03) in the fourth quarter of 2024, first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(0.10) and $(0.01) in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(0.28) in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(0.11) in the third quarter of 2025 related to Life Insurance segment persistency optimization; for the twelve months ended 2024, includes $(0.23) primarily related to the sale of our wealth management business; for the twelve months ended 2025, includes $(0.30) of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(0.13) related to the sale of our wealth management business, $(0.11) related to Life Insurance segment persistency optimization and $(0.11) primarily related to the Bain Capital transaction.
(5) Includes deferred compensation mark-to-market adjustment of $(0.01), $(0.05), $0.01, $(0.07), $(0.05), $(0.09) and $(0.17) in the fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, twelve months ended 2024 and twelve months ended 2025, respectively.
(6) Includes gains on early extinguishment of debt of $0.52 and $0.50 in the second quarter of 2025 and twelve months ended 2025, respectively.
(7) In periods where net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. Due to reporting adjusted income (loss) from operations per common share on a different share basis than net income (loss) per common share, we have included an adjustment to reconcile the two metrics.

Tab le of Contents


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

	For the Three Months Ended													For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	8,269	$	8,193	$	9,548	$	10,452	$	10,906	31.9	%	$	8,269	$	10,906	31.9	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(5,036)		(4,306)		(4,392)		(3,839)		(4,058)	19.4	%		(5,036)		(4,058)	19.4	%
Stockholders’ equity, excluding AOCI and preferred stock		12,319		11,513		12,954		13,305		13,978	13.5	%		12,319		13,978	13.5	%
Changes in MRBs		3,165		2,133		2,869		3,136		3,431	8.4	%		3,165		3,431	8.4	%
GLB and GDB hedge instruments gains (losses)		(3,062)		(2,993)		(3,602)		(3,706)		(3,812)	-24.5	%		(3,062)		(3,812)	-24.5	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(151)		(196)		(186)		(305)		(236)	-56.3	%		(151)		(236)	-56.3	%
Adjusted stockholders’ equity	$	12,367	$	12,569	$	13,873	$	14,180	$	14,595	18.0	%	$	12,367	$	14,595	18.0	%


Stockholders’ Equity, Average
Stockholders’ equity	$	8,641	$	8,231	$	8,871	$	10,000	$	10,679	23.6	%	$	8,022	$	9,445	17.7	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(3,860)		(4,671)		(4,349)		(4,116)		(3,948)	-2.3	%		(3,815)		(4,271)	-12.0	%
Stockholders’ equity, excluding AOCI and preferred stock		11,515		11,916		12,234		13,130		13,641	18.5	%		10,851		12,730	17.3	%
Changes in MRBs		2,656		2,649		2,501		3,002		3,283	23.6	%		2,380		2,859	20.1	%
GLB and GDB hedge instruments gains (losses)		(2,913)		(3,027)		(3,297)		(3,654)		(3,759)	-29.0	%		(2,695)		(3,434)	-27.4	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(396)		(173)		(191)		(245)		(270)	31.8	%		(445)		(220)	50.6	%
Adjusted average stockholders' equity	$	12,168	$	12,467	$	13,221	$	14,027	$	14,387	18.2	%	$	11,611	$	13,525	16.5	%


Book Value Per Common Share
Book value per share	$	42.60	$	41.96	$	44.91	$	49.56	$	51.88	21.8	%	$	42.60	$	51.88	21.8	%
Less:
AOCI		(29.46)		(25.08)		(23.04)		(20.10)		(21.22)	28.0	%		(29.46)		(21.22)	28.0	%
Book value per share, excluding AOCI		72.06		67.04		67.95		69.66		73.10	1.4	%		72.06		73.10	1.4	%
Less:
Changes in MRBs		18.51		12.42		15.05		16.42		17.94	-3.1	%		18.51		17.94	-3.1	%
GLB and GDB hedge instruments gains (losses)		(17.91)		(17.43)		(18.89)		(19.40)		(19.94)	-11.3	%		(17.91)		(19.94)	-11.3	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(0.88)		(1.14)		(0.98)		(1.59)		(1.23)	-39.8	%		(0.88)		(1.23)	-39.8	%
Adjusted book value per share	$	72.34	$	73.19	$	72.77	$	74.23	$	76.33	5.5	%	$	72.34	$	76.33	5.5	%