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Statistical Supplement

First Quarter 2026


			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) and adjusted income (loss) from operations earnings per share calculations.

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 May 7, 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 May 7, 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	A+	A2	A+
First Penn-Pacific Life Insurance Company		A	A+	A2	A-
Lincoln Life & Annuity Company of New York		A	A+	A2	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

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Revenues
Insurance premiums	$	1,676	$	1,682	$	1,637	$	1,671	$	1,674	-0.1	%
Fee income		1,373		1,348		1,392		1,416		1,377	0.3	%
Net investment income		1,462		1,471		1,544		1,597		1,605	9.8	%
Realized gain (loss)		11		(641)		(216)		47		466	NM
Other revenues		169		184		198		191		184	8.9	%
Total revenues		4,691		4,044		4,555		4,922		5,306	13.1	%

Expenses
Benefits and policyholder liability remeasurement		2,009		1,906		1,927		1,927		2,009	0.0%
Interest credited		890		916		954		984		999	12.2	%
Market risk benefit (gain) loss		1,293		(940)		(343)		(382)		987	-23.7	%

Commissions and other expenses		1,368		1,327		1,414		1,397		1,476	7.9	%
Interest and debt expense		80		(13)		79		81		81	1.3	%


Total expenses		5,640		3,196		4,031		4,007		5,552	-1.6	%
Income (loss) before taxes		(949)		848		524		915		(246)	74.1	%
Federal income tax expense (benefit)		(227)		149		79		161		(74)	67.4	%


Net income (loss)		(722)		699		445		754		(172)	76.2	%
Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		—		2		(5)	NM
Net income (loss) available to common
stockholders – diluted	$	(756)	$	688	$	411	$	745	$	(211)	72.1	%


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	(4.41)	$	3.80	$	2.12	$	3.80	$	(1.10)	75.1	%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	66,885	$	67,371	$	68,351	$	69,045	$	68,284	2.1%
U.S. government bonds		538		564		619		869		919	70.8%
State and municipal bonds		2,350		2,254		2,235		2,147		2,124	-9.6%
Foreign government bonds		239		239		244		226		202	-15.5%
Residential mortgage-backed securities		1,941		2,063		2,118		2,122		2,063	6.3%
Commercial mortgage-backed securities		1,830		1,972		2,150		2,502		2,669	45.8%
Asset-backed securities		14,241		14,658		14,706		16,282		17,703	24.3%
Hybrid and redeemable preferred securities		273		265		257		255		236	-13.6%


Total fixed maturity AFS securities, net of allowance for credit losses		88,297		89,386		90,680		93,448		94,200	6.7%
Trading securities		1,984		1,909		1,853		1,676		1,552	-21.8%
Equity securities		345		341		542		636		475	37.7%
Mortgage loans on real estate, net of allowance for credit losses		21,558		21,996		22,230		22,472		22,825	5.9%

Policy loans		2,529		2,552		2,584		2,626		2,606	3.0%
Derivative investments		7,849		8,349		10,427		9,945		8,337	6.2%
Other investments		7,314		7,276		7,786		8,105		8,742	19.5%
Total investments		129,876		131,809		136,102		138,908		138,737	6.8%
Cash and invested cash		4,284		7,143		10,668		9,502		7,345	71.5%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,563		12,604		12,681		12,827		12,886	2.6%

Reinsurance recoverables, net of allowance for credit losses		28,580		28,440		28,665		28,012		27,688	-3.1%


Deposit assets, net of allowance for credit losses		31,048		31,754		33,066		33,690		33,597	8.2%
Market risk benefit assets		4,157		4,577		4,694		4,753		4,303	3.5%
Accrued investment income		1,134		1,136		1,172		1,122		1,170	3.2%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		7,606		7,516		7,223		7,154		7,248	-4.7%
Separate account assets		162,506		172,942		179,860		180,092		172,043	5.9%
Total assets	$	382,898	$	399,065	$	415,275	$	417,204	$	406,161	6.1%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	125,262	$	129,209	$	133,223	$	136,245	$	135,683	8.3	%
Future contract benefits		40,665		41,053		41,852		42,077		42,010	3.3	%
Funds withheld reinsurance liabilities		16,838		16,700		17,559		17,922		17,564	4.3	%
Market risk benefit liabilities		1,306		1,205		1,190		1,118		1,127	-13.7	%

Deferred front-end loads		6,910		7,119		7,349		7,586		7,804	12.9	%
Payables for collateral on investments		8,282		8,466		11,153		7,954		6,556	-20.8	%
Short-term debt		—		—		—		400		400	NM
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		5,000		4,899		4,904		4,998		5,101	2.0	%




Other liabilities		7,068		7,056		6,865		7,038		6,793	-3.9	%






Separate account liabilities		162,506		172,942		179,860		180,092		172,043	5.9	%
Total liabilities		374,705		389,517		404,823		406,298		395,949	5.7	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,703		5,545		5,574		5,592		5,602	19.1	%
Retained earnings		6,810		7,409		7,731		8,386		8,091	18.8	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(5,078)		(4,750)		(3,930)		(3,964)		(4,900)	3.5	%



Market risk benefit non-performance risk gain (loss)		464		114		(58)		(261)		179	-61.4	%
Policyholder liability discount rate remeasurement gain (loss)		633		569		474		480		566	-10.6	%
Foreign currency translation adjustment		(24)		(14)		(18)		(18)		(20)	16.7	%
Funded status of employee benefit plans		(301)		(311)		(307)		(295)		(292)	3.0	%
Total accumulated other comprehensive income (loss)		(4,306)		(4,392)		(3,839)		(4,058)		(4,467)	-3.7	%
Total stockholders’ equity		8,193		9,548		10,452		10,906		10,212	24.6	%
Total liabilities and stockholders’ equity	$	382,898	$	399,065	$	415,275	$	417,204	$	406,161	6.1	%

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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

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Income (Loss)
Net income (loss)	$	(722)		$	699		$	445		$	754		$	(172)		76.2	%
Pre-tax adjusted income (loss) from operations		362			517			506			524			427		18.0	%
After-tax adjusted income (loss) from operations (1)		314			438			431			445			360		14.6	%
Adjusted operating tax rate		13.3	%		15.4	%		14.8	%		15.0	%		15.8	%
Adjusted income (loss) from operations available to
common stockholders (1)		280			427			397			434			326		16.4	%







ROE
Net income (loss) ROE		-35.1	%		31.5	%		17.8	%		28.3	%		-6.5	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE		9.4	%		14.0	%		12.1	%		12.7	%		9.4	%
Adjusted income (loss) from operations ROE		9.0	%		12.9	%		11.3	%		12.1	%		8.8	%

Per Common Share
Net income (loss) (diluted) (2)	$	(4.41)		$	3.80		$	2.12		$	3.80		$	(1.10)		75.1	%
Adjusted income (loss) from operations (diluted) (3)		1.60			2.36			2.04			2.21			1.66		3.7	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%

Book Value Per Common Share
Book value per share	$	41.96		$	44.91		$	49.56		$	51.88		$	47.87		14.1	%

Book value per share, excluding AOCI (4)		67.04			67.95			69.66			73.10			71.06		6.0	%
Adjusted book value per share (4)		73.19			72.77			74.23			76.33			77.77		6.3	%

Common Shares

End-of-period – basic		171.7			190.6			191.0			191.2			192.7		12.2	%
Average for the period – basic		171.3			177.2			190.8			191.1			191.9		12.0	%
End-of-period – diluted		175.3			194.0			196.0			196.7			196.3		12.0	%
Average for the period – diluted (5)		174.7			180.6			195.0			196.3			196.5		12.5	%

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

(2) Due to reporting a net loss for the three months ended March 31, 2026 and 2025, basic shares were used in the diluted EPS calculation for these periods as the use of diluted shares would have resulted in a lower loss per share. Additionally, the diluted EPS calculation for the three months ended March 31, 2026, reflects the assumed settlement of certain deferred units of LNC stock in our deferred compensation plans.

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

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

(5) 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

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change



Cash Returned to Common Stockholders – Common Dividends	$	77		$	77		$	85		$	85		$	86		11.7	%


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


Leverage Ratio
Short-term debt (1)	$	—		$	—		$	—		$	400		$	400		NM
Long-term debt		5,868			5,767			5,772			5,866			5,969		1.7	%
Total debt		5,868			5,767			5,772			6,266			6,369		8.5	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		6,854			6,753			6,758			7,252			7,355		7.3	%







Less:
Operating debt (2)		868			868			868			868			868		0.0%
Prefunding of upcoming debt maturities (3)		—			—			—			400			400		NM
25% of capital securities and subordinated notes		302			247			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		122			119			119			114			112		-8.2	%
Total numerator	$	5,069		$	5,026		$	5,031		$	5,130		$	5,235		3.3	%

Adjusted stockholders’ equity (4)	$	12,569		$	13,873		$	14,180		$	14,595		$	14,987		19.2	%


Add:
25% of capital securities and subordinated notes		302			247			247			247			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Total numerator		5,069			5,026			5,031			5,130			5,235		3.3	%
Total denominator	$	18,433		$	19,639		$	19,951		$	20,465		$	20,962		13.7	%

Leverage ratio		27.5	%		25.6	%		25.2	%		25.1	%		25.0	%


Holding Company Available Liquidity (3)	$	466		$	466		$	461		$	1,055		$	1,205		158.6	%


Holding Company Available Liquidity, Net of Prefunding	$	466		$	466		$	461		$	655		$	805		72.7	%

(1) As of March 31, 2026, 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

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Annuities
Operating revenues	$	1,198	$	1,214	$	1,270	$	1,308	$	1,283	7.1	%
Deposits		3,799		4,024		4,470		4,890		3,941	3.7	%
Net flows		(1,676)		(1,162)		(1,143)		(1,227)		(2,196)	-31.0	%



Average account balances, net of reinsurance		163,688		159,806		170,318		174,668		175,173	7.0	%
Alternative investment income (1)		2		3		2		3		3	50.0	%

Life Insurance
Operating revenues	$	1,587	$	1,602	$	1,610	$	1,643	$	1,628	2.6	%
Deposits		1,218		1,281		2,247		1,457		1,253	2.9	%
Net flows		569		633		1,659		974		634	11.4	%
Average account balances, net of reinsurance		44,390		45,147		47,503		49,150		49,232	10.9	%
Average in-force face amount		1,074,858		1,069,688		1,067,503		1,065,813		1,062,558	-1.1	%
Alternative investment income (1)		70		94		95		115		121	72.9	%

Group Protection
Operating revenues	$	1,521	$	1,538	$	1,507	$	1,535	$	1,554	2.2	%
Insurance premiums		1,371		1,386		1,352		1,380		1,399	2.0	%
Alternative investment income (1)		1		2		2		3		2	100.0	%

Retirement Plan Services
Operating revenues	$	327	$	331	$	343	$	352	$	346	5.8	%
Deposits		4,115		3,594		5,008		3,939		4,142	0.7	%
Net flows		(2,184)		(585)		755		(998)		(213)	90.2	%
Average account balances		113,075		111,734		119,259		123,533		124,766	10.3	%
Alternative investment income (1)		2		2		2		3		3	50.0	%

Consolidated
Adjusted operating revenues (2)	$	4,685	$	4,726	$	4,780	$	4,894	$	4,868	3.9	%
Deposits		9,132		8,899		11,725		10,286		9,336	2.2	%
Net flows		(3,291)		(1,114)		1,271		(1,251)		(1,775)	46.1	%
Average account balances, net of reinsurance		321,153		316,687		337,080		347,351		349,171	8.7	%
Alternative investment income (1)		75		101		101		124		129	72.0	%

(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

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Sales
Annuities:
RILA	$	1,292		$	1,447		$	1,457		$	1,936		$	1,822		41.0	%
Fixed		863			1,221			1,368			1,227			716		-17.0	%
Traditional variable with GLBs		1,099			935			1,080			1,119			867		-21.1	%
Traditional variable without GLBs		535			416			562			607			534		-0.2	%

Total Annuities	$	3,789		$	4,019		$	4,467		$	4,889		$	3,939		4.0	%


Life Insurance:
IUL/UL	$	24		$	28		$	25		$	42		$	29		20.8	%
MoneyGuard®		28			29			31			35			29		3.6	%

VUL		15			15			26			36			22		46.7	%
Term		13			15			15			14			16		23.1	%

Executive Benefits		17			34			201			15			33		94.1	%
Total Life Insurance	$	97		$	121		$	298		$	142		$	129		33.0	%


Group Protection:
Life	$	101		$	104		$	50		$	136		$	97		-4.0	%
Disability		48			70			47			232			45		-6.3	%
Dental		8			13			19			23			8		0.0%
Total Group Protection	$	157		$	187		$	116		$	391		$	150		-4.5	%

Percent employee-paid		72.3	%		58.7	%		46.5	%		28.7	%		70.7	%

Retirement Plan Services:
First-year sales	$	1,104		$	1,222		$	2,440		$	1,683		$	1,134		2.7	%
Recurring deposits		3,011			2,372			2,568			2,256			3,008		-0.1	%
Total Retirement Plan Services	$	4,115		$	3,594		$	5,008		$	3,939		$	4,142		0.7	%

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

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Operating Revenues
Annuities	$	1,198		$	1,214		$	1,270		$	1,308		$	1,283		7.1	%
Life Insurance		1,587			1,602			1,610			1,643			1,628		2.6	%
Group Protection		1,521			1,538			1,507			1,535			1,554		2.2	%
Retirement Plan Services		327			331			343			352			346		5.8	%
Other Operations		52			41			50			56			57		9.6	%
Total adjusted operating revenues	$	4,685		$	4,726		$	4,780		$	4,894		$	4,868		3.9	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	108		$	110		$	108		$	122		$	111		2.8	%
Life Insurance		119			122			121			130			119		0.0%
Group Protection		202			206			200			215			211		4.5	%
Retirement Plan Services		81			80			80			87			86		6.2	%
Other Operations		65			55			62			65			62		-4.6	%
Total	$	575		$	573		$	571		$	619		$	589		2.4	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.0	%		9.1	%		8.5	%		9.3	%		8.6	%
Life Insurance		7.5	%		7.6	%		7.5	%		7.9	%		7.3	%
Group Protection		13.3	%		13.4	%		13.2	%		14.0	%		13.6	%
Retirement Plan Services		24.9	%		24.1	%		23.2	%		24.8	%		24.8	%

Total		12.3	%		12.1	%		11.9	%		12.6	%		12.1	%

Tab le of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	629	$	627	$	637	$	693	$	644	2.4	%
Commissions		558		570		609		689		617	10.6	%
Taxes, licenses and fees		98		80		86		74		100	2.0	%
Interest and debt expense		80		81		79		81		81	1.3	%
Expenses associated with reserve financing
and letters of credit		32		33		35		25		26	-18.8	%
Total adjusted operating commissions and
other expenses incurred		1,397		1,391		1,446		1,562		1,468	5.1	%

Less Amounts Capitalized
General and administrative expenses		(54)		(54)		(66)		(74)		(55)	-1.9	%
Commissions		(238)		(252)		(281)		(360)		(289)	-21.4	%
Taxes, licenses and fees		(9)		(7)		(15)		(8)		(9)	0.0%
Total amounts capitalized		(301)		(313)		(362)		(442)		(353)	-17.3	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,096		1,078		1,084		1,120		1,115	1.7	%

Amortization
Amortization of DAC, VOBA and other intangibles		309		307		324		328		327	5.8	%
Total operating commissions and
other expenses	$	1,405	$	1,385	$	1,408	$	1,448	$	1,442	2.6	%

Tab le of Contents


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

	As of or For the Three Months Ended

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	21		$	28		$	25		$	28		$	18		-14.3	%
Fee income (1)		591			575			617			624			608		2.9	%
Net investment income		466			487			497			517			525		12.7	%



Other revenues		120			124			131			139			132		10.0	%
Total operating revenues		1,198			1,214			1,270			1,308			1,283		7.1	%
Operating expenses:
Benefits and policyholder liability remeasurement		28			32			24			24			24		-14.3	%
Interest credited		419			439			459			480			495		18.1	%


Commissions incurred		298			292			327			374			339		13.8	%
Other expenses incurred		145			142			138			162			150		3.4	%
Amounts capitalized		(147)			(144)			(174)			(228)			(187)		-27.2	%
Amortization		115			115			128			127			128		11.3	%
Total operating expenses		858			876			902			939			949		10.6	%
Income (loss) from operations before taxes		340			338			368			369			334		-1.8	%
Federal income tax expense (benefit)		50			51			58			58			59		18.0	%
Income (loss) from operations	$	290		$	287		$	310		$	311		$	275		-5.2	%





Effective Federal Income Tax Rate		14.7	%		15.2	%		15.8	%		15.7	%		17.6	%







Return on Average Account Balances, Net of
Reinsurance (bps)		71			72			73			71			63		(8)








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	33,527		$	36,256		$	38,499		$	39,443		$	38,659		15.3	%
Fixed account balances		10,415			10,727			11,492			12,388			12,919		24.0	%
Traditional variable account balances with GLBs		67,101			71,527			73,174			72,809			68,484		2.1	%
Traditional variable account balances without GLBs		47,371			49,283			50,914			50,748			48,711		2.8	%
Total account balances	$	158,414		$	167,793		$	174,079		$	175,388		$	168,773		6.5	%
Percent traditional variable account balances with GLBs		42.4	%		42.6	%		42.0	%		41.5	%		40.6	%

Fee Income, Gross of Hedge Allowance	$	790		$	775		$	817		$	825		$	807		2.2	%
Net Investment Income, Net of Reinsurance (2)		443			465			475			500			508		14.7	%
Interest Credited, Net of Reinsurance (2)		290			300			314			333			351		21.0	%

(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 Three Months Ended

		3/31/25			6/30/25			9/30/25		12/31/25			3/31/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	283		$	267		$	260	$	262		$	256		-9.5	%
Fee income		698			688			683		696			677		-3.0	%
Net investment income		574			606			623		643			647		12.7	%
Operating realized gain (loss)		(2)			(1)			(1)		—			—		100.0	%


Other revenues		34			42			45		42			48		41.2	%
Total operating revenues		1,587			1,602			1,610		1,643			1,628		2.6	%
Operating expenses:
Benefits and policyholder liability remeasurement		1,002			956			961		928			975		-2.7	%
Interest credited		287			289			298		295			291		1.4	%
Commissions incurred		99			111			119		145			112		13.1	%
Other expenses incurred		194			191			199		196			183		-5.7	%
Amounts capitalized		(115)			(128)			(144)		(166)			(130)		-13.0	%
Amortization of DAC and VOBA		128			125			129		133			131		2.3	%
Amortization of deferred loss on business
sold through reinsurance		24			24			24		24			24		0.0%
Total operating expenses		1,619			1,568			1,586		1,555			1,586		-2.0	%
Income (loss) from operations before taxes		(32)			34			24		88			42		231.3	%
Federal income tax expense (benefit)		(16)			2			(1)		11			1		106.3	%
Income (loss) from operations	$	(16)		$	32		$	25	$	77		$	41		NM


Effective Federal Income Tax Rate		47.9	%		5.2	%		NM		12.6	%		3.7	%





Average Account Balances, Net of Reinsurance	$	44,390		$	45,147		$	47,503	$	49,150		$	49,232		10.9	%

In-Force Face Amount
UL and other	$	361,480		$	360,617		$	361,964	$	362,312		$	361,544		0.0%
Term insurance		709,924			707,355			705,069		702,280			698,981		-1.5	%
Total in-force face amount	$	1,071,404		$	1,067,972		$	1,067,033	$	1,064,592		$	1,060,525		-1.0	%

Tab le of Contents


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

	As of or For the Three Months Ended

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,371		$	1,386		$	1,352		$	1,380		$	1,399		2.0	%
Net investment income		89			94			98			95			96		7.9	%
Other revenues		61			58			57			60			59		-3.3	%
Total operating revenues		1,521			1,538			1,507			1,535			1,554		2.2	%
Operating expenses:
Benefits and policyholder liability remeasurement		994			913			923			984			994		0.0%
Interest credited		—			1			1			1			—		NM
Commissions incurred		133			139			132			137			135		1.5	%
Other expenses incurred		261			263			260			275			272		4.2	%
Amounts capitalized		(32)			(35)			(36)			(40)			(29)		9.4	%
Amortization		37			38			39			40			40		8.1	%
Total operating expenses		1,393			1,319			1,319			1,397			1,412		1.4	%
Income (loss) from operations before taxes		128			219			188			138			142		10.9	%
Federal income tax expense (benefit)		27			46			39			29			30		11.1	%
Income (loss) from operations	$	101		$	173		$	149		$	109		$	112		10.9	%


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

Operating Margin (1)		7.4	%		12.5	%		11.0	%		7.9	%		8.0	%





Loss Ratios by Product Line
Life		75.2	%		67.2	%		59.6	%		67.9	%		66.9	%
Disability		70.1	%		64.2	%		73.8	%		73.6	%		73.4	%
Dental		79.0	%		80.4	%		78.0	%		74.9	%		81.6	%
Total		72.4	%		65.9	%		68.3	%		71.4	%		71.1	%

(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 Three Months Ended

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	80		$	80		$	85		$	89		$	86		7.5	%
Net investment income		251			252			257			262			260		3.6	%
Other revenues		(4)			(1)			1			1			—		100.0	%
Total operating revenues		327			331			343			352			346		5.8	%
Operating expenses:
Interest credited		170			174			174			174			170		0.0%


Commissions incurred		27			28			30			31			29		7.4	%
Other expenses incurred		91			87			87			95			97		6.6	%
Amounts capitalized		(4)			(5)			(5)			(6)			(5)		-25.0	%
Amortization		5			5			4			4			4		-20.0	%
Total operating expenses		289			289			290			298			295		2.1	%
Income (loss) from operations before taxes		38			42			53			54			51		34.2	%
Federal income tax expense (benefit)		4			5			7			8			8		100.0	%
Income (loss) from operations	$	34		$	37		$	46		$	46		$	43		26.5	%


Effective Federal Income Tax Rate		11.8	%		12.3	%		14.2	%		14.2	%		15.2	%





Return on Average Account Balances (bps)		12			13			15			15			14		2



Net Flows by Market
Core Market (1)	$	(79)		$	28		$	190		$	(43)		$	(201)		NM
Mid-Large Market		(1,732)			(200)			1,025			(401)			403		123.3	%
Multi-Fund® and Other		(373)			(413)			(460)			(554)			(415)		-11.3	%

Net Flows – Trailing Twelve Months	$	(2,462)		$	(2,850)		$	(2,746)		$	(3,012)		$	(1,041)		57.7	%

Base Spreads, Excluding Variable
Investment Income (2)		1.03	%		0.99	%		1.07	%		1.10	%		1.16	%	13

(1) Formerly referred to as “Small Market.”

(2) 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

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Other Operations
Operating revenues:


Net investment income	$	44	$	25	$	33	$	46	$	52	18.2	%


Other revenues		8		16		17		10		5	-37.5	%
Total operating revenues		52		41		50		56		57	9.6	%
Operating expenses:
Benefits and policyholder liability remeasurement		5		7		4		2		7	40.0	%
Interest credited		13		13		22		34		43	230.8	%
Other expenses incurred		66		56		72		64		68	3.0	%
Interest and debt expense		80		81		79		81		81	1.3	%

Total operating expenses		164		157		177		181		199	21.3	%
Income (loss) from operations before taxes		(112)		(116)		(127)		(125)		(142)	-26.8	%
Federal income tax expense (benefit)		(17)		(25)		(28)		(27)		(31)	-82.4	%
Income (loss) from operations	$	(95)	$	(91)	$	(99)	$	(98)	$	(111)	-16.8	%

Tab le of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	118,954	$	114,477	$	120,815	$	124,093	$	123,562	3.9	%
Gross deposits		1,634		1,351		1,642		1,726		1,401	-14.3	%
Surrenders, withdrawals and benefits		(3,678)		(3,451)		(3,843)		(4,066)		(3,982)	-8.3	%

Net flows		(2,044)		(2,100)		(2,201)		(2,340)		(2,581)	-26.3	%
Policyholder assessments		(652)		(639)		(670)		(674)		(664)	-1.8	%
Change in market value and reinvestment		(1,781)		9,077		6,149		2,483		(3,117)	-75.0	%

Balance as of end-of-period, gross		114,477		120,815		124,093		123,562		117,200	2.4	%
Account balances reinsured		(5)		(5)		(5)		(5)		(5)	0.0%
Balance as of end-of-period, net	$	114,472	$	120,810	$	124,088	$	123,557	$	117,195	2.4	%


RILA
Balance as of beginning-of-period	$	34,310	$	33,527	$	36,256	$	38,499	$	39,443	15.0	%
Gross deposits		1,292		1,447		1,457		1,936		1,822	41.0	%
Surrenders, withdrawals and benefits		(850)		(938)		(1,106)		(1,370)		(1,539)	-81.1	%

Net flows		442		509		351		566		283	-36.0	%
Policyholder assessments		(5)		(4)		(4)		(4)		(4)	20.0	%

Change in market value and reinvestment		346		341		392		402		381	10.1	%
Change in fair value of embedded derivative instruments and other		(1,566)		1,883		1,504		(20)		(1,444)	7.8	%
Balance as of end-of-period, gross	$	33,527	$	36,256	$	38,499	$	39,443	$	38,659	15.3	%

Tab le of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Fixed Annuities
Balance as of beginning-of-period	$	25,963	$	26,039	$	26,832	$	27,874	$	28,728	10.6	%
Gross deposits		873		1,226		1,371		1,228		718	-17.8	%
Surrenders, withdrawals and benefits		(947)		(797)		(664)		(681)		(616)	35.0	%

Net flows		(74)		429		707		547		102	237.8	%
Policyholder assessments		(15)		(15)		(14)		(16)		(15)	0.0%
Reinvested interest credited		210		228		238		255		256	21.9	%
Change in fair value of embedded derivative instruments
and other		(45)		151		111		68		(97)	NM
Balance as of end-of-period, gross		26,039		26,832		27,874		28,728		28,974	11.3	%
Account balances reinsured		(15,624)		(16,105)		(16,382)		(16,340)		(16,055)	-2.8	%
Balance as of end-of-period, net	$	10,415	$	10,727	$	11,492	$	12,388	$	12,919	24.0	%


Total
Balance as of beginning-of-period	$	179,227	$	174,043	$	183,903	$	190,466	$	191,733	7.0	%
Gross deposits		3,799		4,024		4,470		4,890		3,941	3.7	%
Surrenders, withdrawals and benefits		(5,475)		(5,186)		(5,613)		(6,117)		(6,137)	-12.1	%

Net flows		(1,676)		(1,162)		(1,143)		(1,227)		(2,196)	-31.0	%
Policyholder assessments		(672)		(658)		(688)		(694)		(683)	-1.6	%
Change in market value, reinvestment and interest credited		(1,225)		9,646		6,779		3,140		(2,480)	NM
Change in fair value of embedded derivative instruments
and other		(1,611)		2,034		1,615		48		(1,541)	4.3	%
Balance as of end-of-period, gross		174,043		183,903		190,466		191,733		184,833	6.2	%
Account balances reinsured		(15,629)		(16,110)		(16,387)		(16,345)		(16,060)	-2.8	%
Balance as of end-of-period, net	$	158,414	$	167,793	$	174,079	$	175,388	$	168,773	6.5	%

Tab le of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
General Account
Balance as of beginning-of-period	$	36,599	$	36,220	$	36,116	$	36,008	$	35,986	-1.7	%
Gross deposits		865		847		851		993		837	-3.2	%
Withdrawals and deaths		(445)		(372)		(357)		(327)		(403)	9.4	%
Net flows		420		475		494		666		434	3.3	%
Transfers between general and separate accounts		14		49		72		48		68	NM
Policyholder assessments		(1,104)		(1,102)		(1,114)		(1,130)		(1,095)	0.8	%
Reinvested interest credited		356		360		367		361		357	0.3	%
Change in fair value of embedded derivative instruments
and other		(65)		114		73		33		(27)	58.5	%
Balance as of end-of-period, gross		36,220		36,116		36,008		35,986		35,723	-1.4	%
Account balances reinsured		(14,965)		(14,816)		(14,658)		(14,500)		(14,304)	4.4	%
Balance as of end-of-period, net	$	21,255	$	21,300	$	21,350	$	21,486	$	21,419	0.8	%


Separate Account
Balance as of beginning-of-period	$	28,841	$	28,106	$	30,616	$	33,252	$	34,038	18.0	%
Gross deposits		353		434		1,396		464		416	17.8	%
Withdrawals and deaths		(204)		(276)		(231)		(156)		(216)	-5.9	%
Net flows		149		158		1,165		308		200	34.2	%
Transfers between general and separate accounts		(14)		(48)		(71)		(48)		(68)	NM
Policyholder assessments		(246)		(248)		(251)		(255)		(252)	-2.4	%
Change in market value and reinvestment		(624)		2,648		1,793		781		(681)	-9.1	%
Balance as of end-of-period, gross		28,106		30,616		33,252		34,038		33,237	18.3	%
Account balances reinsured		(5,354)		(5,629)		(5,883)		(5,943)		(5,772)	-7.8	%
Balance as of end-of-period, net	$	22,752	$	24,987	$	27,369	$	28,095	$	27,465	20.7	%


Total
Balance as of beginning-of-period	$	65,440	$	64,326	$	66,732	$	69,260	$	70,024	7.0	%
Gross deposits		1,218		1,281		2,247		1,457		1,253	2.9	%
Withdrawals and deaths		(649)		(648)		(588)		(483)		(619)	4.6	%
Net flows		569		633		1,659		974		634	11.4	%
Transfers between general and separate accounts		—		1		1		—		—	0.0%
Policyholder assessments		(1,350)		(1,350)		(1,365)		(1,385)		(1,347)	0.2	%
Change in market value and reinvestment		(268)		3,008		2,160		1,142		(324)	-20.9	%
Change in fair value of embedded derivative instruments
and other		(65)		114		73		33		(27)	58.5	%
Balance as of end-of-period, gross		64,326		66,732		69,260		70,024		68,960	7.2	%
Account balances reinsured		(20,319)		(20,445)		(20,541)		(20,443)		(20,076)	1.2	%
Balance as of end-of-period, net	$	44,007	$	46,287	$	48,719	$	49,581	$	48,884	11.1	%

Tab le of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
General Account
Balance as of beginning-of-period	$	23,619	$	23,479	$	23,700	$	23,852	$	23,843	0.9	%
Gross deposits		811		1,109		1,090		1,054		880	8.5	%
Withdrawals		(1,330)		(1,103)		(1,287)		(1,350)		(1,279)	3.8	%
Net flows		(519)		6		(197)		(296)		(399)	23.1	%
Transfers between fixed and variable accounts		211		44		171		114		86	-59.2	%
Policyholder assessments		(4)		(4)		(4)		(4)		(5)	-25.0	%
Reinvested interest credited		172		175		182		177		169	-1.7	%
Balance as of end-of-period	$	23,479	$	23,700	$	23,852	$	23,843	$	23,694	0.9	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	88,962	$	85,754	$	92,683	$	98,900	$	100,197	12.6	%
Gross deposits		3,304		2,485		3,918		2,885		3,262	-1.3	%
Withdrawals		(4,969)		(3,076)		(2,966)		(3,587)		(3,076)	38.1	%
Net flows		(1,665)		(591)		952		(702)		186	111.2	%
Transfers between fixed and variable accounts		(200)		(54)		(149)		(101)		(82)	59.0	%
Policyholder assessments		(69)		(69)		(73)		(75)		(76)	-10.1	%
Change in market value and reinvestment		(1,274)		7,643		5,487		2,175		(2,074)	-62.8	%
Balance as of end-of-period	$	85,754	$	92,683	$	98,900	$	100,197	$	98,151	14.5	%


Total
Balance as of beginning-of-period	$	112,581	$	109,233	$	116,383	$	122,752	$	124,040	10.2	%
Gross deposits		4,115		3,594		5,008		3,939		4,142	0.7	%
Withdrawals		(6,299)		(4,179)		(4,253)		(4,937)		(4,355)	30.9	%
Net flows		(2,184)		(585)		755		(998)		(213)	90.2	%
Transfers between fixed and variable accounts		11		(10)		22		13		4	-63.6	%
Policyholder assessments		(73)		(73)		(77)		(79)		(81)	-11.0	%
Change in market value and reinvestment		(1,102)		7,818		5,669		2,352		(1,905)	-72.9	%
Balance as of end-of-period	$	109,233	$	116,383	$	122,752	$	124,040	$	121,845	11.5	%

Tab le of Contents


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

	As of 3/31/25					As of 12/31/25					As of 3/31/26
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
Investments and Allowance for Credit Losses, at Amortized Cost (1)
Industry corporate bonds:
Financial services	$	12,804		14.6	%	$	13,135		14.3	%	$	13,395		14.2	%
Basic industry		2,822		3.2	%		2,749		3.0	%		2,755		2.9	%
Capital goods		5,454		6.2	%		5,574		6.1	%		5,547		5.9	%
Communications		2,800		3.2	%		2,936		3.2	%		2,884		3.1	%
Consumer cyclical		5,317		6.1	%		5,360		5.8	%		5,422		5.8	%
Consumer non-cyclical		12,571		14.4	%		12,623		13.6	%		12,764		13.5	%
Energy		2,488		2.8	%		2,487		2.7	%		2,521		2.7	%
Technology		3,993		4.5	%		4,307		4.7	%		4,235		4.5	%
Transportation		3,130		3.6	%		3,243		3.5	%		3,200		3.4	%
Industrial other		2,214		2.5	%		2,346		2.6	%		2,347		2.5	%
Utilities		11,240		12.8	%		11,459		12.4	%		11,499		12.2	%
Government-related entities		1,145		1.3	%		1,108		1.2	%		1,107		1.2	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,653		1.9	%		1,715		1.9	%		1,689		1.8	%
Non-agency backed		323		0.4	%		399		0.4	%		385		0.4	%
Commercial mortgage-backed securities ("CMBS")		1,868		2.1	%		2,503		2.7	%		2,691		2.9	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		7,888		9.0	%		8,512		9.3	%		9,213		9.8	%
Other ABS		6,437		7.3	%		7,713		8.4	%		8,532		9.1	%
Municipals		2,591		2.9	%		2,424		2.6	%		2,412		2.6	%
United States and foreign government		849		0.9	%		1,153		1.3	%		1,192		1.3	%


Hybrid and redeemable preferred securities		253		0.3	%		236		0.3	%		228		0.2	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		87,840		100.0	%		91,982		100.0	%		94,018		100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		507					434					425
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		322					561					423
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		88,669					92,977					94,866
Modified coinsurance and funds withheld investments		11,587					10,738					10,568
Total fixed maturity AFS, trading and equity securities	$	100,256				$	103,715				$	105,434

(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.

Tab le of Contents


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

	As of 3/31/25					As of 12/31/25					As of 3/31/26
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
and Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	52,563		59.9	%	$	55,596		60.4	%	$	57,194		60.9	%
NAIC 2 (BBB)		32,404		36.9	%		33,291		36.2	%		33,790		35.9	%
Total investment grade		84,967		96.8	%		88,887		96.6	%		90,984		96.8	%

NAIC 3 (BB)		830		0.9	%		994		1.1	%		1,353		1.4	%
NAIC 4 (B)		1,877		2.1	%		1,966		2.1	%		1,548		1.6	%
NAIC 5 (CCC and lower)		92		0.1	%		63		0.1	%		87		0.1	%
NAIC 6 (in or near default)		74		0.1	%		72		0.1	%		46		0.1	%
Total below investment grade		2,873		3.2	%		3,095		3.4	%		3,034		3.2	%
Total	$	87,840		100.0	%	$	91,982		100.0	%	$	94,018		100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,362		76.8	%	$	12,814		73.3	%	$	12,626		72.4	%
CM2 (BBB)		3,979		22.8	%		4,527		25.9	%		4,664		26.7	%
CM3-7 (BB and lower) (3)		77		0.4	%		141		0.8	%		152		0.9	%
Total	$	17,418		100.0	%	$	17,482		100.0	%	$	17,442		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	$	65,925		62.6	%	$	68,410		62.5	%	$	69,820		62.6	%
BBB		36,383		34.6	%		37,818		34.5	%		38,454		34.5	%
BB and lower		2,950		2.8	%		3,236		3.0	%		3,186		2.9	%
Total	$	105,258		100.0	%	$	109,464		100.0	%	$	111,460		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.

Tab le of Contents


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

		For the Three Months Ended

			3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
	Net Income
	Net income (loss) available to common stockholders – diluted	$	(756)	$	688	$	411	$	745	$	(211)	72.1	%
	Less:
	Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%
	Adjustment for deferred units of LNC stock
	in our deferred compensation plans		—		—		—		2		(5)	NM
	Net income (loss)		(722)		699		445		754		(172)	76.2	%
	Less:
	Net annuity product features, pre-tax (1)		(1,092)		405		410		515		(695)	36.4	%
	Net life insurance product features, pre-tax		42		(58)		(22)		(5)		22	-47.6	%
	Credit loss-related adjustments, pre-tax		(28)		(25)		(38)		(43)		(20)	28.6	%
	Investment gains (losses), pre-tax		(103)		(81)		(35)		(101)		(42)	59.2	%
	Changes in the fair value of reinsurance-related
	embedded derivatives, trading securities and certain
	mortgage loans, pre-tax (2)		(90)		14		(191)		65		179	298.9	%






	Gains (losses) on other non-financial assets, pre-tax		—		—		—		(14)		(6)	NM
	Other items, pre-tax (3)(4)(5)(6)(7)		(35)		75		(105)		(27)		(111)	NM

	Income tax benefit (expense) related to the above pre-tax items		270		(69)		(5)		(81)		141	-47.8	%
	Total adjustments		(1,036)		261		14		309		(532)	48.6	%
	Adjusted income (loss) from operations		314		438		431		445		360	14.6	%
	Add:
	Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%
	Adjusted income (loss) from operations available
	to common stockholders	$	280	$	427	$	397	$	434	$	326	16.4	%


(1) Includes changes in MRBs of $(1,302) million, $932 million, $337 million, $374 million and $(997) 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 $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026.
(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(3) 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; for the first quarter of 2026, includes certain legal accruals of $(122) million.
(4) Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively.

(continued on the next page)

Tab le of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

(continued from the previous page)

(5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(20) million and $(5) million in the 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.

(6) Includes deferred compensation mark-to-market adjustment of $(9) million, $1 million, $(14) million, $(10) million and $18 million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively.

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


	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Revenues
Total revenues	$	4,691	$	4,044	$	4,555	$	4,922	$	5,306	13.1	%
Less:
Revenue adjustments from annuity
and life insurance product features		227		(590)		39		121		327	44.1	%
Credit loss-related adjustments		(28)		(25)		(38)		(43)		(20)	28.6	%
Investment gains (losses)		(103)		(81)		(35)		(101)		(42)	59.2	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans (1)		(90)		14		(191)		65		179	298.9	%

Gains (losses) on other non-financial assets		—		—		—		(14)		(6)	NM



Adjusted operating revenues	$	4,685	$	4,726	$	4,780	$	4,894	$	4,868	3.9	%

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

Tab le of Contents


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	(4.41)	$	3.80	$	2.12	$	3.80	$	(1.10)	75.1	%
Less:
Net annuity product features, pre-tax (1)		(6.36)		2.24		2.11		2.62		(3.60)	43.4	%
Net life insurance product features, pre-tax		0.25		(0.32)		(0.11)		(0.02)		0.12	-52.0	%
Credit loss-related adjustments, pre-tax		(0.17)		(0.14)		(0.20)		(0.22)		(0.10)	41.2	%
Investment gains (losses), pre-tax		(0.60)		(0.45)		(0.18)		(0.51)		(0.22)	63.3	%


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		(0.53)		0.08		(0.98)		0.34		0.92	273.6	%




Gains (losses) on other non-financial assets, pre-tax		—		—		—		(0.07)		(0.03)	NM
Other items, pre-tax (2)(3)(4)(5)(6)		(0.20)		0.42		(0.53)		(0.14)		(0.58)	NM
Income tax benefit (expense) related
to the above pre-tax items		1.57		(0.39)		(0.03)		(0.41)		0.73	-53.5	%
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss)		0.03		—		—		—		—	-100.0	%


Adjusted income (loss) from operations	$	1.60	$	2.36	$	2.04	$	2.21	$	1.66	3.7	%

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Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited

(continued from the previous page)


(1) Includes changes in MRBs of $(7.59), $5.15, $1.74, $1.91 and $(5.17); changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $1.57, $(3.34), $0.15, $0.22 and $0.92; changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(0.34), $0.43, $0.22, $0.49 and $0.65 for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively.
(2) 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 first quarter of 2026, includes certain legal accruals of $(0.63).
(3) Includes severance expense related to initiatives to realign the workforce of $(0.03), $(0.01), $(0.02), $(0.06) and $(0.04) in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively.
(4) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.12) and $(0.03) in the 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.
(5) Includes deferred compensation mark-to-market adjustment of $(0.05), $0.01, $(0.07), $(0.05) and $0.09 in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively.
(6) Includes gains on early extinguishment of debt of $0.52 in the second quarter of 2025.

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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	8,193	$	9,548	$	10,452	$	10,906	$	10,212	24.6	%
Less:
Preferred stock		986		986		986		986		986	0.0%
AOCI		(4,306)		(4,392)		(3,839)		(4,058)		(4,467)	-3.7	%
Stockholders’ equity, excluding AOCI and preferred stock		11,513		12,954		13,305		13,978		13,693	18.9	%
Changes in MRBs		2,133		2,869		3,136		3,431		2,643	23.9	%
GLB and GDB hedge instruments gains (losses)		(2,993)		(3,602)		(3,706)		(3,812)		(3,829)	-27.9	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(196)		(186)		(305)		(236)		(108)	44.9	%
Adjusted stockholders’ equity	$	12,569	$	13,873	$	14,180	$	14,595	$	14,987	19.2	%


Stockholders’ Equity, Average
Stockholders’ equity	$	8,231	$	8,871	$	10,000	$	10,679	$	10,559	28.3	%
Less:
Preferred stock		986		986		986		986		986	0.0%
AOCI		(4,671)		(4,349)		(4,116)		(3,948)		(4,262)	8.8	%
Stockholders’ equity, excluding AOCI and preferred stock		11,916		12,234		13,130		13,641		13,835	16.1	%
Changes in MRBs		2,649		2,501		3,002		3,283		3,037	14.6	%
GLB and GDB hedge instruments gains (losses)		(3,027)		(3,297)		(3,654)		(3,759)		(3,820)	-26.2	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(173)		(191)		(245)		(270)		(172)	0.6	%
Adjusted average stockholders' equity	$	12,467	$	13,221	$	14,027	$	14,387	$	14,790	18.6	%


Book Value Per Common Share
Book value per share	$	41.96	$	44.91	$	49.56	$	51.88	$	47.87	14.1	%
Less:
AOCI		(25.08)		(23.04)		(20.10)		(21.22)		(23.19)	7.5	%
Book value per share, excluding AOCI		67.04		67.95		69.66		73.10		71.06	6.0	%
Less:
Changes in MRBs		12.42		15.05		16.42		17.94		13.72	10.5	%
GLB and GDB hedge instruments gains (losses)		(17.43)		(18.89)		(19.40)		(19.94)		(19.87)	-14.0	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(1.14)		(0.98)		(1.59)		(1.23)		(0.56)	50.9	%
Adjusted book value per share	$	73.19	$	72.77	$	74.23	$	76.33	$	77.77	6.3	%