lnc-20230208x8k

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	Lincoln Financial Group
	Table of Contents


	Notes	1
	Credit Ratings	2
	Consolidated
	Consolidated Statements of Income (Loss)	3
	Consolidated Balance Sheets	4
	Earnings, Shares and Return on Equity	5
	Key Stakeholder Metrics	6
	Segment and Sources of Earnings	7
	Select Earnings Drivers By Segment	8
	Sales By Segment	9
	Operating Revenues and General and Administrative Expenses By Segment	10
	Operating Commissions and Other Expenses	11
	Interest Rate Yields and Spreads By Segment	12
	Select Earnings and Operational Data from Business Segments
	Life Insurance	13
	Annuities	14
	Group Protection	15
	Retirement Plan Services	16
	Other Operations	17
	DAC & Account Value Rollforwards
	Consolidated DAC, VOBA, DSI and DFEL Roll Forwards	18
	Account Value Roll Forwards:
	Life Insurance	19
	Annuities	20
	Retirement Plan Services	21
	Other Information
	Fixed-Income Asset Class	22
	Fixed-Income Credit Quality	23
	Realized Gain (Loss), After-DAC	24
	Select GAAP to Non-GAAP Reconciliations	25

Lincoln Financial Group

Notes

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 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.

• Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. ROE is calculated by dividing annualized net income (loss) (or adjusted income (loss)

from operations) by average equity, excluding accumulated other comprehensive income (loss) (“AOCI”). Management evaluates consolidated ROE by both including and excluding the effect

of average goodwill.

• Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. We provide book value per share, excluding

AOCI, to enable investors to analyze the amount of our net worth that is attributable primarily to our business operations. Management believes 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.

• Pre-tax net margin is calculated by dividing adjusted income (loss) from operations before taxes by net revenue, which is defined as total adjusted operating revenues less interest credited.

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.

Sales as reported consist of the following:

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

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

• MoneyGuard® linked-benefit products – MoneyGuard® (UL), 15% of total expected premium deposits, 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.

Throughout the document, “after-DAC” refers to the associated amortization expense of deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”)

and deferred front-end loads (“DFEL”) and changes in other contract holder funds.

Sources of earnings are defined as follows:

• Investment spread earnings consist primarily of net investment income, net of interest credited earned on the underlying general account investments supporting our fixed products less related

expenses.

• Mortality/morbidity earnings result from mortality margins, morbidity margins, and certain expense assessments and related fees that are a function of the rates priced into the product and level

of insurance in force.

• Fees on assets under management (“AUM”) earnings results consist primarily of asset-based fees charged based on variable account values less associated benefits and related expenses.

• Variable annuity (“VA”) riders earnings consist of fees charged to the contract holder related to guaranteed benefit rider features, less the net valuation premium and associated change in

benefit reserves and related expenses.

Page 1a

Lincoln Financial Group

Notes

Non-GAAP Performance Measures

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

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

• Realized gains and losses associated with the following (“excluded realized gain (loss)”):

▪ Sales or disposals and impairments of financial assets;

▪ Changes in the fair value of equity securities;

▪ Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities (“gain (loss) on the mark-to-market on certain instruments”);

▪ Changes in the fair value of the derivatives we own to hedge our guaranteed death benefit (“GDB”) riders within our variable annuities;

▪ Changes in the fair value of the embedded derivatives of our guaranteed living benefit (“GLB”) riders reflected within variable annuity net derivative results accounted for at fair value;

▪ Changes in the fair value of the derivatives we own to hedge our GLB riders reflected within variable annuity net derivative results; and

▪ Changes in the fair value of the embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to

future reset periods for our indexed annuity products accounted for at fair value (“indexed annuity forward-starting options”);

• Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders and variable universal life insurance products with secondary guarantees (“benefit ratio unlocking”);

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

• Gains (losses) on modification or early extinguishment of debt;

• Losses from the impairment of intangible assets;

• Income (loss) from discontinued operations;

• Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; and

• Income (loss) from the initial adoption of new accounting standards, regulations and policy changes including the net impact from the Tax Cuts and Jobs Act.

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

• Excluded realized gain (loss);

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

• Amortization of DFEL arising from changes in benefit ratio unlocking; and

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

Management believes that the non-GAAP performance measures previously discussed explain the results of our ongoing businesses in a manner that allows for a better understanding of the underlying

trends in our current business as the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in many

instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. In addition, we believe that our definitions of adjusted operating revenues and adjusted

income from operations provide investors with more valuable measures of our performance as they better reveal trends in our business.

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

Statistical Supplement is Dated

The financial data in this document is dated February 8, 2023, and has not been updated since that date. Lincoln Financial Group does not intend to update this document.

Page 1b

Lincoln Financial Group

Credit Ratings

Ratings as of February 8, 2023

Standard

AM Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

bbb+

BBB+

Baa1

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:

Albert Copersino, Vice President, Investor Relations

Email: [email protected]

Phone: 203-257-4493

Page 2


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Revenues
Insurance premiums	$	1,420	$	1,477	$	1,498	$	1,548	$	1,564	10.1%	$	5,617	$	6,087	8.4%
Fee income		1,628		1,568		1,506		1,527		1,453	-10.7%		6,887		6,054	-12.1%
Net investment income		1,445		1,412		1,369		1,326		1,403	-2.9%		6,115		5,511	-9.9%
Realized gain (loss)		(115)		29		522		220		(435)	NM		(212)		336	258.5%
Amortization of deferred gain on business
sold through reinsurance		19		19		19		18		18	-5.3%		46		74	60.9%
Other revenues		207		182		190		159		193	-6.8%		777		722	-7.1%
Total revenues		4,604		4,687		5,104		4,798		4,196	-8.9%		19,230		18,784	-2.3%

Expenses
Interest credited		692		697		706		722		746	7.8%		2,915		2,870	-1.5%
Benefits		2,251		2,565		2,890		5,106		1,986	-11.8%		8,529		12,546	47.1%
Commissions and other expenses		1,328		1,236		1,128		1,358		1,373	3.4%		5,791		5,095	-12.0%
Interest and debt expense		66		66		68		71		77	16.7%		270		283	4.8%
Spark program expense		30		31		43		44		49	63.3%		87		167	92.0%
Impairment of intangibles		-		-		-		634		-	NM		-		634	NM
Total expenses		4,367		4,595		4,835		7,935		4,231	-3.1%		17,592		21,595	22.8%
Income (loss) before taxes		237		92		269		(3,137)		(35)	NM		1,638		(2,811)	NM
Federal income tax expense (benefit)		17		(12)		31		(563)		(41)	NM		233		(584)	NM
Net income (loss)		220		104		238		(2,574)		6	-97.3%		1,405		(2,227)	NM
Adjustment for deferred units of LNC stock
in our deferred compensation plans		-		(1)		(7)		(1)		(5)	NM		-		(13)	NM
Net income (loss) available to common
stockholders – diluted	$	220	$	103	$	231	$	(2,575)	$	1	-99.5%	$	1,405	$	(2,240)	NM

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	1.20	$	0.58	$	1.34	$	(15.17)	$	0.01	-99.2%	$	7.43	$	(13.10)	NM

ROE, including AOCI
Net income (loss)		4.2%		2.4%		8.0%		NM		0.8%			6.7%		-23.3%





Page 3


Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)

	As of
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	98,120	$	90,561	$	83,158	$	77,446	$	79,023	-19.5%
U.S. government bonds		433		418		415		384		379	-12.5%
State and municipal bonds		6,621		6,001		5,523		5,089		5,070	-23.4%
Foreign government bonds		432		383		348		338		318	-26.4%
Residential mortgage-backed securities		2,525		2,338		2,181		2,048		2,009	-20.4%
Commercial mortgage-backed securities		1,599		1,592		1,557		1,549		1,674	4.7%
Asset-backed securities		8,512		8,929		9,711		10,347		10,904	28.1%
Hybrid and redeemable preferred securities		504		473		472		371		359	-28.8%
Total fixed maturity AFS securities, net of allowance for credit losses		118,746		110,695		103,365		97,572		99,736	-16.0%
Trading securities		4,482		4,385		3,822		3,580		3,498	-22.0%
Equity securities		318		346		344		427		427	34.3%
Mortgage loans on real estate, net of allowance for credit losses		17,991		17,892		17,922		18,066		18,301	1.7%
Policy loans		2,364		2,339		2,368		2,347		2,359	-0.2%
Derivative investments		5,437		4,840		3,370		3,681		3,736	-31.3%
Other investments		4,292		4,127		4,054		3,820		3,739	-12.9%
Total investments		153,630		144,624		135,245		129,493		131,796	-14.2%
Cash and invested cash		2,612		1,960		1,567		1,472		3,343	28.0%
DAC and VOBA		6,081		8,810		11,872		13,676		13,588	123.5%
Accrued investment income		1,189		1,247		1,226		1,283		1,253	5.4%
Reinsurance recoverables, net of allowance for credit losses		20,295		20,044		19,909		20,045		19,882	-2.0%
Goodwill		1,778		1,778		1,778		1,144		1,144	-35.7%
Other assets		19,133		18,587		18,381		20,275		20,895	9.2%
Separate account assets		182,583		168,879		145,791		137,295		143,536	-21.4%
Total assets	$	387,301	$	365,929	$	335,769	$	324,683	$	335,437	-13.4%





Page 4a


Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)

	As of
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	41,030	$	39,773	$	39,306	$	41,716	$	42,151	2.7%
Other contract holder funds		111,702		112,901		115,127		118,174		120,800	8.1%
Short-term debt		300		-		-		500		500	66.7%
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 6 for details)		867		867		867		867		867	0.0%
Financial		5,458		5,694		5,631		5,092		5,088	-6.8%
Payables for collateral on investments		8,946		8,927		7,524		6,865		6,712	-25.0%
Other liabilities		16,143		14,176		12,335		11,957		11,682	-27.6%
Separate account liabilities		182,583		168,879		145,791		137,295		143,536	-21.4%
Total liabilities		367,029		351,217		326,581		322,466		331,336	-9.7%

Stockholders’ Equity
Preferred stock:
Series C preferred stock		-		-		-		-		493	NM
Series D preferred stock		-		-		-		-		493	NM
Common stock		4,735		4,586		4,546		4,534		4,544	-4.0%
Retained earnings		9,096		8,876		8,985		6,311		6,239	-31.4%
AOCI:
Unrealized investment gains (losses)		6,674		1,485		(4,104)		(8,384)		(7,356)	NM
Foreign currency translation adjustment		(14)		(19)		(33)		(47)		(34)	NM
Funded status of employee benefit plans		(219)		(216)		(206)		(197)		(278)	-26.9%
Total AOCI		6,441		1,250		(4,343)		(8,628)		(7,668)	NM
Total stockholders’ equity		20,272		14,712		9,188		2,217		4,101	-79.8%
Total liabilities and stockholders’ equity	$	387,301	$	365,929	$	335,769	$	324,683	$	335,437	-13.4%







Page 4b


Lincoln Financial Group
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
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Income (Loss)
Net income (loss)	$	220	$	104	$	238	$	(2,574)	$	6	-97.3%	$	1,405	$	(2,227)	NM
Pre-tax adjusted income (loss) from operations		320		333		463		(2,243)		173	-45.9%		1,824		(1,274)	NM
After-tax adjusted income (loss) from operations (1)		286		294		391		(1,735)		170	-40.6%		1,551		(880)	NM
Adjusted operating tax rate		10.6%		11.5%		15.6%		22.6%		1.5%			15.0%		30.9%

Average Stockholders’ Equity
Average equity, including AOCI	$	20,721	$	17,492	$	11,950	$	5,702	$	3,159	-84.8%	$	20,999	$	9,576	-54.4%
Average AOCI		6,645		3,846		(1,547)		(6,485)		(8,148)	NM		6,944		(3,084)	NM
Average equity, excluding AOCI	$	14,076	$	13,646	$	13,497	$	12,187	$	11,307	-19.7%	$	14,055	$	12,660	-9.9%

ROE, Excluding AOCI
Net income (loss)		6.3%		3.0%		7.0%		-84.5%		0.2%			10.0%		-17.6%
Adjusted income (loss) from operations		8.1%		8.6%		11.6%		-57.0%		6.0%			11.0%		-6.9%

Per Common Share
Net income (loss) (diluted)	$	1.20	$	0.58	$	1.34	$	(15.17)	$	0.01	-99.2%	$	7.43	$	(13.10)	NM
Adjusted income (loss) from operations (diluted)		1.56		1.66		2.23		(10.23)		0.97	-37.8%		8.20		(5.22)	NM
Dividends declared during the period		0.45		0.45		0.45		0.45		0.45	0.0%		1.71		1.80	5.3%

Book value, including AOCI	$	114.41	$	85.59	$	53.97	$	13.10	$	18.41	-83.9%	$	114.41	$	18.41	-83.9%
Per share impact of AOCI		36.36		7.27		(25.52)		(50.99)		(45.32)	NM		36.36		(45.32)	NM
Book value, excluding AOCI	$	78.05	$	78.32	$	79.49	$	64.09	$	63.73	-18.3%	$	78.05	$	63.73	-18.3%

Common Shares
Repurchased during the period		9.1		5.8		1.8		1.0		-	-100.0%		16.2		8.7	-46.3%
End-of-period – basic		177.2		171.9		170.2		169.2		169.2	-4.5%		177.2		169.2	-4.5%
Average for the period – basic		180.5		174.2		171.1		169.7		169.2	-6.3%		187.4		171.0	-8.8%
End-of-period – diluted		179.8		173.8		171.6		170.7		170.5	-5.2%		179.8		170.5	-5.2%
Average for the period – diluted		183.2		176.4		172.7		171.1		170.6	-6.9%		189.1		172.7	-8.7%

(1) See reconciliation to net income (loss) on page 25.



Page 5


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

	As of or For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Cash Returned to Common Stockholders
Shares repurchased	$	650	$	400	$	100	$	50	$	-	-100.0%	$	1,105	$	550	-50.2%
Common dividends		78		80		77		77		76	-2.6%		319		310	-2.8%
Total cash returned to common stockholders	$	728	$	480	$	177	$	127	$	76	-89.6%	$	1,424	$	860	-39.6%

Leverage Ratio
Short-term debt	$	300	$	-	$	-	$	500	$	500	66.7%
Long-term debt		6,325		6,561		6,498		5,959		5,955	-5.8%
Total debt (1)		6,625		6,561		6,498		6,459		6,455	-2.6%
Preferred stock		-		-		-		-		986	NM
Total debt and preferred stock		6,625		6,561		6,498		6,459		7,441	12.3%
Less:
Operating debt (2)		867		867		867		867		867	0.0%
Pre-funding of upcoming debt maturities		300		300		300		300		500	66.7%
25% of capital securities and subordinated notes		302		302		302		302		302	0.0%
50% of preferred stock		-		-		-		-		493	NM
Carrying value of fair value hedges and other items		335		273		209		169		164	-51.0%
Total numerator	$	4,821	$	4,819	$	4,820	$	4,821	$	5,115	6.1%

Total stockholders’ equity, excluding unrealized
investment gains (losses)	$	13,598	$	13,227	$	13,292	$	10,601	$	11,457	-15.7%
Add: 25% of capital securities and subordinated
notes		302		302		302		302		302	0.0%
Less: 50% of preferred stock		-		-		-		-		493	NM
Total numerator		4,821		4,819		4,820		4,821		5,115	6.1%
Total denominator	$	18,721	$	18,348	$	18,414	$	15,724	$	16,381	-12.5%

Leverage ratio		25.8%		26.3%		26.2%		30.7%		31.2%

Holding Company Available Liquidity	$	1,117	$	755	$	756	$	756	$	960	-14.1%

(1) Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets.
(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.

Page 6


Lincoln Financial Group
Segment and Sources of Earnings
Unaudited (millions of dollars)

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Income (Loss) from Operations, Pre-Tax
Life Insurance	$	97	$	65	$	139	$	(2,743)	$	51	-47.4%	$	657	$	(2,487)	NM
Annuities		391		351		295		534		272	-30.4%		1,524		1,452	-4.7%
Group Protection		(146)		(52)		75		46		59	140.4%		(160)		129	180.6%
Retirement Plan Services		68		64		63		60		57	-16.2%		284		244	-14.1%
Other Operations		(90)		(95)		(109)		(140)		(266)	NM		(481)		(612)	-27.2%
Adjusted income (loss) from operations, before
income taxes	$	320	$	333	$	463	$	(2,243)	$	173	-45.9%	$	1,824	$	(1,274)	NM

Income (Loss) from Operations, After-Tax
Life Insurance	$	80	$	58	$	114	$	(2,160)	$	46	-42.5%	$	535	$	(1,941)	NM
Annuities		332		302		256		449		238	-28.3%		1,283		1,245	-3.0%
Group Protection		(115)		(41)		59		37		47	140.9%		(127)		102	180.3%
Retirement Plan Services		57		55		54		52		49	-14.0%		235		209	-11.1%
Other Operations		(68)		(80)		(92)		(113)		(210)	NM		(375)		(495)	-32.0%
Adjusted income (loss) from operations	$	286	$	294	$	391	$	(1,735)	$	170	-40.6%	$	1,551	$	(880)	NM

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Sources of Earnings, Pre-Tax
Investment spread	$	113	$	99	$	128	$	(919)	$	99	-12.4%	$	624	$	(593)	NM
Mortality/morbidity		(81)		(11)		150		(1,620)		85	204.9%		199		(1,396)	NM
Fees on AUM		355		325		305		221		254	-28.5%		1,428		1,107	-22.5%
VA riders		23		15		(11)		215		1	-95.7%		54		220	NM
Total sources of earnings, before income taxes		410		428		572		(2,103)		439	7.1%		2,305		(662)	NM
Other Operations		(90)		(95)		(109)		(140)		(266)	NM		(481)		(612)	-27.2%
Adjusted income (loss) from operations, before
income taxes	$	320	$	333	$	463	$	(2,243)	$	173	-45.9%	$	1,824	$	(1,274)	NM

Sources of Earnings, Pre-Tax, Percentage By Component
Investment spread		27.6%		23.2%		22.3%		-43.7%		22.4%			27.1%		-89.5%
Mortality/morbidity		-19.7%		-2.6%		26.2%		-77.1%		19.4%			8.6%		-210.7%
Fees on AUM		86.5%		76.0%		53.3%		10.5%		57.9%			62.0%		166.9%
VA riders		5.6%		3.4%		-1.8%		10.3%		0.3%			2.3%		33.3%
Total		100.0%		100.0%		100.0%		100.0%		100.0%			100.0%		100.0%

Page 7


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Life Insurance
Operating revenues	$	1,844	$	1,825	$	1,800	$	1,762	$	1,769	-4.1%	$	8,137	$	7,156	-12.1%
Deposits		1,872		1,334		1,439		1,386		1,575	-15.9%		5,693		5,735	0.7%
Net flows		1,438		883		1,038		978		1,100	-23.5%		3,982		3,998	0.4%
Average account values, net of reinsurance		51,067		51,236		49,380		47,742		47,993	-6.0%		56,943		49,088	-13.8%
Average in-force face amount		959,478		985,286		1,010,659		1,037,952		1,061,415	10.6%		928,037		1,023,828	10.3%

Annuities
Operating revenues	$	1,282	$	1,232	$	1,169	$	1,183	$	1,190	-7.2%	$	5,002	$	4,774	-4.6%
Deposits		3,011		2,705		2,702		3,262		3,210	6.6%		11,740		11,879	1.2%
Net flows		(655)		(553)		(318)		319		137	120.9%		(2,569)		(415)	83.8%
Average account values, net of reinsurance		170,953		163,628		152,025		147,049		144,302	-15.6%		166,691		151,796	-8.9%

Group Protection
Operating revenues	$	1,252	$	1,303	$	1,323	$	1,333	$	1,344	7.3%	$	4,996	$	5,303	6.1%
Insurance premiums		1,117		1,169		1,187		1,200		1,213	8.6%		4,450		4,768	7.1%

Retirement Plan Services
Operating revenues	$	335	$	318	$	315	$	316	$	324	-3.3%	$	1,324	$	1,273	-3.9%
Deposits		3,000		3,367		2,943		2,799		2,777	-7.4%		10,840		11,886	9.6%
Net flows		(380)		946		913		811		235	161.8%		464		2,905	NM
Average account values		98,008		95,843		90,628		88,194		87,985	-10.2%		94,649		90,973	-3.9%

Consolidated
Adjusted operating revenues (1)	$	4,769	$	4,718	$	4,641	$	4,630	$	4,676	-2.0%	$	19,639	$	18,665	-5.0%
Deposits		7,883		7,406		7,084		7,447		7,562	-4.1%		28,273		29,500	4.3%
Net flows		403		1,276		1,633		2,108		1,472	265.3%		1,877		6,488	245.7%
Average account values, net of reinsurance		320,028		310,707		292,033		282,985		280,280	-12.4%		318,283		291,857	-8.3%

(1) See reconciliation to total revenues on page 25.





Page 8


Lincoln Financial Group
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Sales
Life Insurance:
IUL/UL	$	42	$	26	$	27	$	40	$	41	-2.4%	$	104	$	135	29.8%
MoneyGuard®		36		22		24		22		26	-27.8%		101		94	-6.9%
VUL		92		34		44		36		49	-46.7%		181		163	-9.9%
Term		47		43		48		47		39	-17.0%		152		177	16.4%
Executive Benefits		37		30		50		26		31	-16.2%		122		136	11.5%
Total Life Insurance	$	254	$	155	$	193	$	171	$	186	-26.8%	$	660	$	705	6.8%

Annuities:
Indexed variable	$	977	$	1,048	$	1,220	$	1,246	$	1,211	24.0%	$	4,910	$	4,726	-3.7%
Other variable without GLBs		787		605		422		374		303	-61.5%		2,818		1,701	-39.6%
Other variable with GLBs		834		678		536		475		432	-48.2%		2,988		2,121	-29.0%
Total variable		2,598		2,331		2,178		2,095		1,946	-25.1%		10,716		8,548	-20.2%
Fixed		413		374		524		1,167		1,264	206.1%		1,024		3,331	225.3%
Total Annuities	$	3,011	$	2,705	$	2,702	$	3,262	$	3,210	6.6%	$	11,740	$	11,879	1.2%
Percent with GLBs		27.7%		25.1%		19.8%		14.6%		13.5%			25.5%		17.9%
Percent with GLBs, including the impact of VA reinsurance		20.8%		17.9%		14.0%		11.4%		11.0%			19.8%		13.3%

Group Protection:
Life	$	163	$	53	$	62	$	41	$	141	-13.5%	$	264	$	299	13.3%
Disability		199		47		59		37		195	-2.0%		284		337	18.7%
Dental		23		5		6		10		20	-13.0%		38		40	5.3%
Total Group Protection	$	385	$	105	$	127	$	88	$	356	-7.5%	$	586	$	676	15.4%
Percent employee-paid		35.0%		57.0%		48.5%		49.4%		35.7%			43.1%		43.2%

Retirement Plan Services:
First-year sales	$	1,270	$	1,198	$	1,210	$	991	$	1,059	-16.6%	$	3,810	$	4,458	17.0%
Recurring deposits		1,730		2,169		1,733		1,808		1,718	-0.7%		7,030		7,428	5.7%
Total Retirement Plan Services	$	3,000	$	3,367	$	2,943	$	2,799	$	2,777	-7.4%	$	10,840	$	11,886	9.6%





Page 9


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Operating Revenues
Life Insurance	$	1,844	$	1,825	$	1,800	$	1,762	$	1,769	-4.1%	$	8,137	$	7,156	-12.1%
Annuities		1,282		1,232		1,169		1,183		1,190	-7.2%		5,002		4,774	-4.6%
Group Protection		1,252		1,303		1,323		1,333		1,344	7.3%		4,996		5,303	6.1%
Retirement Plan Services		335		318		315		316		324	-3.3%		1,324		1,273	-3.9%
Other Operations		56		40		34		36		49	-12.5%		180		159	-11.7%
Total segment operating revenues	$	4,769	$	4,718	$	4,641	$	4,630	$	4,676	-2.0%	$	19,639	$	18,665	-5.0%

General and Administrative Expenses,
Net of Amounts Capitalized (1)
Life Insurance	$	138	$	117	$	115	$	132	$	123	-10.9%	$	503	$	488	-3.0%
Annuities		125		112		108		118		110	-12.0%		477		448	-6.1%
Group Protection		177		165		166		182		173	-2.3%		659		686	4.1%
Retirement Plan Services		80		69		69		75		75	-6.3%		293		288	-1.7%
Other Operations		52		48		48		70		212	NM		285		377	32.3%
Total	$	572	$	511	$	506	$	577	$	693	21.2%	$	2,217	$	2,287	3.2%

General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Life Insurance		7.5%		6.4%		6.4%		7.5%		7.0%			6.2%		6.8%
Annuities		9.7%		9.1%		9.3%		10.0%		9.3%			9.5%		9.4%
Group Protection		14.1%		12.7%		12.5%		13.7%		12.9%			13.2%		12.9%
Retirement Plan Services		23.8%		21.7%		21.8%		23.7%		23.3%			22.1%		22.7%
Other Operations		96.8%		116.6%		141.5%		195.3%		437.1%			159.0%		237.7%
Total		12.0%		10.8%		10.9%		12.5%		14.8%			11.3%		12.3%

(1) See page 11 for general and administrative expenses capitalized.







Page 10


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	642	$	562	$	559	$	634	$	751	17.0%	$	2,440	$	2,505	2.7%
Commissions		760		654		656		659		654	-13.9%		2,684		2,623	-2.3%
Taxes, licenses and fees		89		98		83		82		86	-3.4%		341		349	2.3%
Interest and debt expense		66		66		68		71		77	16.7%		262		283	8.0%
Expenses associated with reserve financing
and letters of credit		26		26		27		27		28	7.7%		102		108	5.9%
Total adjusted operating commissions and other
expenses incurred		1,583		1,406		1,393		1,473		1,596	0.8%		5,829		5,868	0.7%

Less Amounts Capitalized
General and administrative expenses		(70)		(51)		(53)		(57)		(58)	17.1%		(223)		(218)	2.2%
Commissions		(361)		(265)		(281)		(283)		(288)	20.2%		(1,106)		(1,117)	-1.0%
Taxes, licenses and fees		(15)		(11)		(10)		(9)		(10)	33.3%		(44)		(40)	9.1%
Total amounts capitalized		(446)		(327)		(344)		(349)		(356)	20.2%		(1,373)		(1,375)	-0.1%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,137		1,079		1,049		1,124		1,240	9.1%		4,456		4,493	0.8%

Amortization
Amortization of DAC, VOBA and other intangibles		263		289		250		381		238	-9.5%		1,647		1,157	-29.8%
Total operating commissions and other expenses	$	1,400	$	1,368	$	1,299	$	1,505	$	1,478	5.6%	$	6,103	$	5,650	-7.4%













Page 11


Lincoln Financial Group
Interest Rate Yields and Spreads By Segment
Unaudited

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Life Insurance – Interest-Sensitive
Earned rate on reserves		4.67%		4.60%		4.50%		4.49%		4.47%	(20)		4.68%		4.52%	(16)
Variable investment income on reserves (1)		0.85%		0.54%		0.36%		-0.35%		0.12%	(73)		1.13%		0.16%	(97)
Net investment income yield on reserves		5.52%		5.14%		4.86%		4.14%		4.59%	(93)		5.81%		4.68%	(113)
Interest rate credited to contract holders		3.76%		3.77%		3.74%		3.79%		3.75%	(1)		3.77%		3.77%	-
Interest rate spread		1.76%		1.37%		1.12%		0.35%		0.84%	(92)		2.04%		0.91%	(113)

Base spreads excluding alternative investments		1.12%		1.06%		0.99%		0.93%		0.95%	(17)		1.08%		0.98%	(10)
Base spreads assuming 10% annualized yield on alternative
investments		1.35%		1.30%		1.25%		1.19%		1.22%	(13)		1.27%		1.23%	(4)

Annuities
Earned rate on reserves		3.06%		2.99%		3.09%		3.25%		3.59%	53		3.12%		3.24%	12
Variable investment income on reserves (1)		0.31%		0.23%		0.11%		0.01%		0.02%	(29)		0.24%		0.09%	(15)
Net investment income yield on reserves		3.37%		3.22%		3.20%		3.26%		3.61%	24		3.36%		3.33%	(3)
Interest rate credited to contract holders		1.82%		1.85%		1.90%		1.93%		2.09%	27		1.93%		1.94%	1
Interest rate spread		1.55%		1.37%		1.30%		1.33%		1.52%	(3)		1.43%		1.39%	(4)
Base spreads excluding variable investment income		1.24%		1.14%		1.19%		1.32%		1.50%	26		1.19%		1.30%	11

Retirement Plan Services
Earned rate on reserves		3.51%		3.45%		3.49%		3.62%		3.74%	23		3.58%		3.58%	-
Variable investment income on reserves (1)		0.39%		0.19%		0.14%		0.03%		0.01%	(38)		0.25%		0.09%	(16)
Net investment income yield on reserves		3.90%		3.64%		3.63%		3.65%		3.75%	(15)		3.83%		3.67%	(16)
Interest rate credited to contract holders		2.63%		2.55%		2.55%		2.57%		2.56%	(7)		2.66%		2.56%	(10)
Interest rate spread		1.27%		1.09%		1.08%		1.08%		1.19%	(8)		1.17%		1.11%	(6)
Base spreads excluding variable investment income		0.88%		0.90%		0.94%		1.05%		1.18%	30		0.92%		1.02%	10

Total (2)
Earned rate (3)		3.80%		3.80%		3.77%		3.96%		3.96%	16		3.92%		3.87%	(5)
Variable investment income (1) (3)		0.53%		0.36%		0.22%		-0.14%		0.06%	(47)		0.66%		0.13%	(53)
Net investment income yield (3)		4.33%		4.16%		3.99%		3.82%		4.02%	(31)		4.58%		4.00%	(58)

(1) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments.
(2) Includes the results of all of our business segments and Other Operations.
(3) Includes investment yields on reserves and surplus.

Page 12


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

	As of or For the Three Months Ended											As of or For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	266	$	277	$	283	$	289	$	297	11.7%	$	1,033	$	1,146	10.9%
Fee income		848		846		840		876		813	-4.1%		3,863		3,374	-12.7%
Net investment income		716		688		665		586		646	-9.8%		3,209		2,585	-19.4%
Operating realized gain (loss)		(4)		1		(2)		(3)		(3)	25.0%		(9)		(6)	33.3%
Amortization of deferred gain on
business sold through reinsurance		13		12		12		12		12	-7.7%		20		49	145.0%
Other revenues		5		1		2		2		4	-20.0%		21		8	-61.9%
Total operating revenues		1,844		1,825		1,800		1,762		1,769	-4.1%		8,137		7,156	-12.1%
Operating expenses:
Interest credited		322		325		329		329		325	0.9%		1,439		1,307	-9.2%
Benefits		1,126		1,126		1,041		3,736		1,116	-0.9%		4,275		7,020	64.2%
Commissions incurred		236		156		176		177		189	-19.9%		639		698	9.2%
Other expenses incurred		234		202		199		208		210	-10.3%		838		818	-2.4%
Amounts capitalized		(276)		(182)		(204)		(202)		(217)	21.4%		(745)		(805)	-8.1%
Amortization		105		133		120		257		95	-9.5%		1,034		605	-41.5%
Total operating expenses		1,747		1,760		1,661		4,505		1,718	-1.7%		7,480		9,643	28.9%
Income (loss) from operations before taxes		97		65		139		(2,743)		51	-47.4%		657		(2,487)	NM
Federal income tax expense (benefit)		17		7		25		(583)		5	-70.6%		122		(546)	NM
Income (loss) from operations	$	80	$	58	$	114	$	(2,160)	$	46	-42.5%	$	535	$	(1,941)	NM

Effective Federal Income Tax Rate		17.1%		11.3%		17.6%		21.3%		9.9%			18.6%		22.0%

Average Equity, Excluding Goodwill and AOCI	$	8,971	$	8,831	$	9,294	$	8,213	$	7,342	-18.2%	$	9,040	$	8,420	-6.9%

ROE, Excluding Goodwill and AOCI		3.6%		2.6%		4.9%		NM		2.5%			5.9%		-23.1%

Average Account Values, Net of Reinsurance	$	51,067	$	51,236	$	49,380	$	47,742	$	47,993	-6.0%	$	56,943	$	49,088	-13.8%

In-Force Face Amount
UL and other	$	362,106	$	361,490	$	361,565	$	362,098	$	363,884	0.5%	$	362,106	$	363,884	0.5%
Term insurance		611,854		635,123		663,140		689,101		707,747	15.7%		611,854		707,747	15.7%
Total in-force face amount	$	973,960	$	996,613	$	1,024,705	$	1,051,199	$	1,071,631	10.0%	$	973,960	$	1,071,631	10.0%




Page 13


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

	As of or For the Three Months Ended											As of or For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	27	$	30	$	25	$	57	$	52	92.6%	$	116	$	165	42.2%
Fee income		702		658		611		590		574	-18.2%		2,724		2,434	-10.6%
Net investment income		349		360		337		379		385	10.3%		1,401		1,461	4.3%
Operating realized gain (loss)		55		54		51		52		50	-9.1%		208		207	-0.5%
Amortization of deferred gain		7		6		6		6		6	-14.3%		26		25	-3.8%
Other revenues		142		124		139		99		123	-13.4%		527		482	-8.5%
Total operating revenues		1,282		1,232		1,169		1,183		1,190	-7.2%		5,002		4,774	-4.6%
Operating expenses:
Interest credited		203		207		214		224		249	22.7%		811		894	10.2%
Benefits		138		152		180		(56)		190	37.7%		548		468	-14.6%
Commissions incurred		287		268		257		255		240	-16.4%		1,136		1,020	-10.2%
Other expenses incurred		280		260		243		251		239	-14.6%		1,056		993	-6.0%
Amounts capitalized		(132)		(118)		(110)		(117)		(103)	22.0%		(515)		(449)	12.8%
Amortization		115		112		90		92		103	-10.4%		442		396	-10.4%
Total operating expenses		891		881		874		649		918	3.0%		3,478		3,322	-4.5%
Income (loss) from operations before taxes		391		351		295		534		272	-30.4%		1,524		1,452	-4.7%
Federal income tax expense (benefit)		59		49		39		85		34	-42.4%		241		207	-14.1%
Income (loss) from operations	$	332	$	302	$	256	$	449	$	238	-28.3%	$	1,283	$	1,245	-3.0%

Effective Federal Income Tax Rate		15.1%		14.0%		13.1%		15.9%		12.5%			15.8%		14.2%

Average Equity, Excluding Goodwill and AOCI	$	5,310	$	5,298	$	5,665	$	6,266	$	6,321	19.0%	$	5,185	$	5,887	13.5%

ROE, Excluding Goodwill and AOCI		25.0%		22.8%		18.1%		28.7%		15.1%			24.7%		21.2%

Return on Average Account Values		78		74		67		122		66	(12)		77		82	5

Income (Loss) from Operations
Variable annuity		295		269		230		401		205	-30.5%		1,135		1,105	-2.6%
Fixed annuity		37		33		26		48		33	-10.8%		148		140	-5.4%

Account Values, Net of Reinsurance – End of Period
Variable account values without GLBs	$	69,625	$	66,584	$	59,163	$	57,749	$	61,911	-11.1%	$	69,625	$	61,911	-11.1%
Variable account values with GLBs		86,234		78,837		68,468		64,057		65,877	-23.6%		86,234		65,877	-23.6%
Fixed account values		16,866		16,723		16,621		16,974		17,177	1.8%		16,866		17,177	1.8%
Total account values		172,725		162,144		144,252		138,780		144,965	-16.1%		172,725		144,965
Percent variable account values with GLBs		49.9%		48.6%		47.5%		46.2%		45.4%			49.9%		45.4%


Page 14


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

	As of or For the Three Months Ended											As of or For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,117	$	1,169	$	1,187	$	1,200	$	1,213	8.6%	$	4,450	$	4,768	7.1%
Net investment income		90		85		86		83		79	-12.2%		366		333	-9.0%
Other revenues		45		49		50		50		52	15.6%		180		202	12.2%
Total operating revenues		1,252		1,303		1,323		1,333		1,344	7.3%		4,996		5,303	6.1%
Operating expenses:
Interest credited		2		1		2		1		1	-50.0%		6		5	-16.7%
Benefits		1,072		1,027		926		939		953	-11.1%		3,890		3,844	-1.2%
Commissions incurred		95		94		96		101		103	8.4%		361		394	9.1%
Other expenses incurred		225		217		214		235		223	-0.9%		851		892	4.8%
Amounts capitalized		(30)		(21)		(24)		(23)		(29)	3.3%		(91)		(99)	-8.8%
Amortization		34		37		34		34		34	0.0%		139		138	-0.7%
Total operating expenses		1,398		1,355		1,248		1,287		1,285	-8.1%		5,156		5,174	0.3%
Income (loss) from operations before taxes		(146)		(52)		75		46		59	140.4%		(160)		129	180.6%
Federal income tax expense (benefit)		(31)		(11)		16		9		12	138.7%		(33)		27	181.8%
Income (loss) from operations	$	(115)	$	(41)	$	59	$	37	$	47	140.9%	$	(127)	$	102	180.3%

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

Average Equity, Excluding Goodwill and AOCI	$	2,810	$	2,899	$	2,988	$	3,012	$	2,888	2.8%	$	2,755	$	2,947	7.0%

ROE, Excluding Goodwill and AOCI		-16.4%		-5.6%		7.9%		4.9%		6.5%			-4.6%		3.5%

Loss Ratios by Product Line
Life		108.7%		91.0%		80.5%		71.6%		74.6%			98.6%		79.4%
Disability		90.2%		87.2%		76.7%		83.2%		81.7%			81.4%		82.2%
Dental		71.1%		71.1%		76.9%		72.0%		74.0%			76.3%		73.5%
Total		96.1%		88.0%		78.2%		78.3%		78.7%			87.5%		80.7%








Page 15


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

	As of or For the Three Months Ended											As of or For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	76	$	70	$	65	$	64	$	63	-17.1%	$	296	$	261	-11.8%
Net investment income		250		238		241		244		252	0.8%		992		975	-1.7%
Other revenues		9		10		9		8		9	0.0%		36		37	2.8%
Total operating revenues		335		318		315		316		324	-3.3%		1,324		1,273	-3.9%
Operating expenses:
Interest credited		154		152		156		161		161	4.5%		617		630	2.1%
Benefits		1		1		1		1		1	0.0%		3		3	0.0%
Commissions incurred		21		20		18		20		21	0.0%		84		79	-6.0%
Other expenses incurred		89		79		76		82		83	-6.7%		326		320	-1.8%
Amounts capitalized		(7)		(5)		(5)		(6)		(5)	28.6%		(22)		(21)	4.5%
Amortization		9		7		6		(2)		6	-33.3%		32		18	-43.8%
Total operating expenses		267		254		252		256		267	0.0%		1,040		1,029	-1.1%
Income (loss) from operations before taxes		68		64		63		60		57	-16.2%		284		244	-14.1%
Federal income tax expense (benefit)		11		9		9		8		8	-27.3%		49		35	-28.6%
Income (loss) from operations	$	57	$	55	$	54	$	52	$	49	-14.0%	$	235	$	209	-11.1%

Effective Federal Income Tax Rate		16.3%		13.7%		15.5%		13.2%		14.6%			17.2%		14.3%

Average Equity, Excluding Goodwill and AOCI	$	1,477	$	1,534	$	1,618	$	1,696	$	1,697	14.9%	$	1,507	$	1,636	8.6%

ROE, Excluding Goodwill and AOCI		15.4%		14.4%		13.3%		12.2%		11.5%			15.6%		12.8%

Return on Average Account Values		23		23		24		24		22	(1)		25		23	(2)

Pre-tax Net Margin		37.6%		38.6%		39.8%		38.5%		35.0%			40.2%		38.0%

Net Flows by Market
Small Market	$	98	$	(116)	$	80	$	157	$	174	77.6%	$	133	$	295	121.8%
Mid - Large Market		(58)		1,350		1,074		906		482	NM		1,800		3,811	111.7%
Multi-Fund® and Other		(420)		(288)		(241)		(252)		(421)	-0.2%		(1,469)		(1,201)	18.2%

Net Flows – Trailing Twelve Months	$	464	$	1,062	$	1,458	$	2,290	$	2,905	NM	$	464	$	2,905	NM





Page 16

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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	10	$	1	$	3	$	2	$	2	-80.0%	$	19	$	8	-57.9%
Net investment income		40		41		40		34		41	2.5%		147		157	6.8%
Other revenues		6		(2)		(9)		-		6	0.0%		14		(6)	NM
Total operating revenues		56		40		34		36		49	-12.5%		180		159	-11.7%
Operating expenses:
Interest credited		10		12		9		9		8	-20.0%		42		39	-7.1%
Benefits		21		14		21		24		21	0.0%		81		79	-2.5%
Commissions and other expenses		19		12		2		28		160	NM		189		203	7.4%
Interest and debt expense		66		66		68		71		77	16.7%		262		283	8.0%
Spark program expense		30		31		43		44		49	63.3%		87		167	92.0%
Total operating expenses		146		135		143		176		315	115.8%		661		771	16.6%
Income (loss) from operations before taxes		(90)		(95)		(109)		(140)		(266)	NM		(481)		(612)	-27.2%
Federal income tax expense (benefit)		(22)		(15)		(17)		(27)		(56)	NM		(106)		(117)	-10.4%
Income (loss) from operations	$	(68)	$	(80)	$	(92)	$	(113)	$	(210)	NM	$	(375)	$	(495)	-32.0%



















Page 17


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	6,169	$	6,284	$	9,020	$	12,087	$	13,896	125.3%	$	6,025	$	6,284	4.3%
Business acquired (sold) through reinsurance		(650)		-		-		-		-	100.0%		(650)		-	100.0%
Deferrals		446		328		345		350		357	-20.0%		1,378		1,380	0.1%
Operating amortization		(259)		(284)		(245)		(375)		(234)	9.7%		(1,637)		(1,139)	30.4%
Deferrals, net of operating amortization		187		44		100		(25)		123	-34.2%		(259)		241	193.1%
Amortization associated with benefit ratio unlocking		(11)		36		64		35		(22)	-100.0%		(23)		113	NM
Adjustment related to realized (gains) losses		36		(37)		(131)		(35)		69	91.7%		86		(133)	NM
Adjustment related to unrealized (gains) losses		553		2,693		3,034		1,834		(263)	NM		1,105		7,298	NM
Balance as of end-of-period	$	6,284	$	9,020	$	12,087	$	13,896	$	13,803	119.7%	$	6,284	$	13,803	119.7%

DFEL
Balance as of beginning-of-period	$	396	$	415	$	1,363	$	4,097	$	5,752	NM	$	401	$	415	3.5%
Business acquired (sold) through reinsurance		(290)		-		-		-		-	100.0%		(290)		-	100.0%
Deferrals		294		256		270		273		284	-3.4%		1,015		1,083	6.7%
Operating amortization		(147)		(151)		(145)		(190)		(143)	2.7%		(979)		(629)	35.8%
Deferrals, net of operating amortization		147		105		125		83		141	-4.1%		36		454	NM
Amortization associated with benefit ratio unlocking		(1)		6		10		3		(3)	NM		(3)		15	NM
Adjustment related to realized (gains) losses		(1)		(6)		(12)		(18)		(1)	0.0%		(10)		(35)	NM
Adjustment related to unrealized (gains) losses		164		843		2,611		1,587		(220)	NM		281		4,820	NM
Balance as of end-of-period	$	415	$	1,363	$	4,097	$	5,752	$	5,669	NM	$	415	$	5,669	NM

DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	4,637	$	6,049	$	6,312	$	6,434	$	6,426	38.6%	$	4,637	$	6,426	38.6%











Page 18

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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
General Account
Balance as of beginning-of-period	$	37,969	$	38,094	$	37,921	$	37,817	$	37,701	-0.7%	$	38,136	$	38,094	-0.1%
Deposits		1,050		878		880		925		1,001	-4.7%		3,738		3,685	-1.4%
Withdrawals and deaths		(213)		(315)		(226)		(271)		(253)	-18.8%		(988)		(1,067)	-8.0%
Net flows		837		563		654		654		748	-10.6%		2,750		2,618	-4.8%
Contract holder assessments		(1,107)		(1,131)		(1,096)		(1,101)		(1,113)	-0.5%		(4,343)		(4,440)	-2.2%
Reinvested interest credited		395		395		338		331		334	-15.4%		1,551		1,398	-9.9%
Balance as of end-of-period, gross		38,094		37,921		37,817		37,701		37,670	-1.1%		38,094		37,670	-1.1%
Reinsurance ceded		(5,562)		(5,544)		(5,549)		(5,533)		(5,512)	0.9%		(5,562)		(5,512)	0.9%
Balance as of end-of-period, net	$	32,532	$	32,377	$	32,268	$	32,168	$	32,158	-1.1%	$	32,532	$	32,158	-1.1%

Separate Account
Balance as of beginning-of-period	$	23,250	$	24,907	$	23,464	$	20,363	$	19,392	-16.6%	$	21,078	$	24,907	18.2%
Deposits		822		456		559		461		574	-30.2%		1,955		2,050	4.9%
Withdrawals and deaths		(221)		(136)		(175)		(137)		(222)	-0.5%		(723)		(670)	7.3%
Net flows		601		320		384		324		352	-41.4%		1,232		1,380	12.0%
Contract holder assessments		(247)		(218)		(230)		(231)		(241)	2.4%		(858)		(921)	-7.3%
Change in market value and reinvestment		1,303		(1,545)		(3,255)		(1,064)		1,394	7.0%		3,455		(4,469)	NM
Balance as of end-of-period, gross		24,907		23,464		20,363		19,392		20,897	-16.1%		24,907		20,897	-16.1%
Reinsurance ceded		(5,593)		(5,215)		(4,498)		(4,209)		(4,421)	21.0%		(5,593)		(4,421)	21.0%
Balance as of end-of-period, net	$	19,314	$	18,249	$	15,865	$	15,183	$	16,476	-14.7%	$	19,314	$	16,476	-14.7%

Total
Balance as of beginning-of-period	$	61,219	$	63,001	$	61,385	$	58,180	$	57,093	-6.7%	$	59,214	$	63,001	6.4%
Deposits		1,872		1,334		1,439		1,386		1,575	-15.9%		5,693		5,735	0.7%
Withdrawals and deaths		(434)		(451)		(401)		(408)		(475)	-9.4%		(1,711)		(1,737)	-1.5%
Net flows		1,438		883		1,038		978		1,100	-23.5%		3,982		3,998	0.4%
Contract holder assessments		(1,354)		(1,349)		(1,326)		(1,332)		(1,354)	0.0%		(5,201)		(5,361)	-3.1%
Change in market value and reinvestment		1,698		(1,150)		(2,917)		(733)		1,728	1.8%		5,006		(3,071)	NM
Balance as of end-of-period, gross		63,001		61,385		58,180		57,093		58,567	-7.0%		63,001		58,567	-7.0%
Reinsurance ceded		(11,155)		(10,759)		(10,047)		(9,742)		(9,933)	11.0%		(11,155)		(9,933)	11.0%
Balance as of end-of-period, net	$	51,846	$	50,626	$	48,133	$	47,351	$	48,634	-6.2%	$	51,846	$	48,634	-6.2%




Page 19


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Fixed Annuities
Balance as of beginning-of-period	$	24,642	$	24,728	$	24,475	$	24,253	$	24,836	0.8%	$	25,405	$	24,728	-2.7%
Gross deposits		413		374		524		1,167		1,264	206.1%		1,024		3,331	225.3%
Full surrenders and deaths		(415)		(420)		(457)		(489)		(547)	-31.8%		(1,879)		(1,913)	-1.8%
Other contract benefits		(198)		(171)		(176)		(167)		(208)	-5.1%		(617)		(722)	-17.0%
Net flows		(200)		(217)		(109)		511		509	NM		(1,472)		696	147.3%
Contract holder assessments		(17)		(15)		(12)		(10)		(12)	29.4%		(84)		(51)	39.3%
Reinvested interest credited		303		(21)		(101)		82		223	-26.4%		879		183	-79.2%
Balance as of end-of-period, gross		24,728		24,475		24,253		24,836		25,556	3.3%		24,728		25,556	3.3%
Reinsurance ceded		(7,862)		(7,752)		(7,632)		(7,862)		(8,379)	-6.6%		(7,862)		(8,379)	-6.6%
Balance as of end-of-period, net	$	16,866	$	16,723	$	16,621	$	16,974	$	17,177	1.8%	$	16,866	$	17,177	1.8%

Variable Annuities
Balance as of beginning-of-period	$	149,550	$	155,866	$	145,428	$	127,639	$	121,814	-18.5%	$	140,313	$	155,866	11.1%
Gross deposits		2,598		2,331		2,178		2,095		1,946	-25.1%		10,716		8,548	-20.2%
Full surrenders and deaths		(1,858)		(1,567)		(1,366)		(1,302)		(1,210)	34.9%		(7,505)		(5,444)	27.5%
Other contract benefits		(1,195)		(1,100)		(1,021)		(985)		(1,108)	7.3%		(4,308)		(4,215)	2.2%
Net flows		(455)		(336)		(209)		(192)		(372)	18.2%		(1,097)		(1,111)	-1.3%
Contract holder assessments		(727)		(692)		(655)		(638)		(619)	14.9%		(2,839)		(2,605)	8.2%
Change in market value and reinvestment		7,498		(9,410)		(16,925)		(4,995)		6,973	-7.0%		19,489		(24,354)	NM
Balance as of end-of-period, gross		155,866		145,428		127,639		121,814		127,796	-18.0%		155,866		127,796	-18.0%
Reinsurance ceded		(7)		(7)		(8)		(8)		(8)	-14.3%		(7)		(8)	-14.3%
Balance as of end-of-period, net	$	155,859	$	145,421	$	127,631	$	121,806	$	127,788	-18.0%	$	155,859	$	127,788	-18.0%

Total
Balance as of beginning-of-period	$	174,192	$	180,594	$	169,903	$	151,892	$	146,650	-15.8%	$	165,718	$	180,594	9.0%
Gross deposits		3,011		2,705		2,702		3,262		3,210	6.6%		11,740		11,879	1.2%
Full surrenders and deaths		(2,273)		(1,987)		(1,823)		(1,791)		(1,757)	22.7%		(9,384)		(7,357)	21.6%
Other contract benefits		(1,393)		(1,271)		(1,197)		(1,152)		(1,316)	5.5%		(4,925)		(4,937)	-0.2%
Net flows		(655)		(553)		(318)		319		137	120.9%		(2,569)		(415)	83.8%
Contract holder assessments		(744)		(707)		(667)		(648)		(631)	15.2%		(2,923)		(2,656)	9.1%
Change in market value and reinvestment		7,801		(9,431)		(17,026)		(4,913)		7,196	-7.8%		20,368		(24,171)	NM
Balance as of end-of-period, gross		180,594		169,903		151,892		146,650		153,352	-15.1%		180,594		153,352	-15.1%
Reinsurance ceded		(7,869)		(7,759)		(7,640)		(7,870)		(8,387)	-6.6%		(7,869)		(8,387)	-6.6%
Balance as of end-of-period, net	$	172,725	$	162,144	$	144,252	$	138,780	$	144,965	-16.1%	$	172,725	$	144,965	-16.1%

Page 20


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
General Account
Balance as of beginning-of-period	$	23,152	$	23,639	$	23,958	$	24,917	$	25,272	9.2%	$	22,916	$	23,639	3.2%
Gross deposits		908		572		1,132		702		590	-35.0%		2,325		2,996	28.9%
Withdrawals		(631)		(554)		(485)		(575)		(738)	-17.0%		(2,451)		(2,352)	4.0%
Net flows		277		18		647		127		(148)	NM		(126)		644	NM
Transfers between fixed and variable accounts		59		154		160		69		(145)	NM		247		238	-3.6%
Contract holder assessments		(4)		(3)		(3)		(3)		(3)	25.0%		(14)		(13)	7.1%
Reinvestment interest credited		155		150		155		162		161	3.9%		616		629	2.1%
Balance as of end-of-period	$	23,639	$	23,958	$	24,917	$	25,272	$	25,137	6.3%	$	23,639	$	25,137	6.3%

Separate Account and Mutual Funds
Balance as of beginning-of-period	$	72,454	$	75,475	$	71,385	$	61,789	$	59,072	-18.5%	$	65,391	$	75,475	15.4%
Gross deposits		2,092		2,795		1,811		2,097		2,187	4.5%		8,515		8,890	4.4%
Withdrawals		(2,749)		(1,867)		(1,545)		(1,413)		(1,804)	34.4%		(7,925)		(6,629)	16.4%
Net flows		(657)		928		266		684		383	158.3%		590		2,261	283.2%
Transfers between fixed and variable accounts		(77)		(230)		(9)		(41)		(57)	26.0%		(417)		(337)	19.2%
Contract holder assessments		(67)		(64)		(60)		(57)		(57)	14.9%		(260)		(238)	8.5%
Change in market value and reinvestment		3,822		(4,724)		(9,793)		(3,303)		4,257	11.4%		10,171		(13,563)	NM
Balance as of end-of-period	$	75,475	$	71,385	$	61,789	$	59,072	$	63,598	-15.7%	$	75,475	$	63,598	-15.7%

Total
Balance as of beginning-of-period	$	95,606	$	99,114	$	95,343	$	86,706	$	84,344	-11.8%	$	88,307	$	99,114	12.2%
Gross deposits		3,000		3,367		2,943		2,799		2,777	-7.4%		10,840		11,886	9.6%
Withdrawals		(3,380)		(2,421)		(2,030)		(1,988)		(2,542)	24.8%		(10,376)		(8,981)	13.4%
Net flows		(380)		946		913		811		235	161.8%		464		2,905	NM
Transfers between fixed and variable accounts		(18)		(76)		151		28		(202)	NM		(170)		(99)	41.8%
Contract holder assessments		(71)		(67)		(63)		(60)		(60)	15.5%		(274)		(251)	8.4%
Change in market value and reinvestment		3,977		(4,574)		(9,638)		(3,141)		4,418	11.1%		10,787		(12,934)	NM
Balance as of end-of-period	$	99,114	$	95,343	$	86,706	$	84,344	$	88,735	-10.5%	$	99,114	$	88,735	-10.5%







Page 21


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

	As of 12/31/21				As of 12/31/22
	Amount		%		Amount		%
Fixed Maturity AFS Securities, Net of Allowance for Credit Losses, at Amortized Cost
Industry corporate bonds:
Financial services	$	16,438		15.6%	$	17,762		15.9%
Basic industry		4,436		4.2%		4,353		3.9%
Capital goods		7,316		7.0%		7,374		6.6%
Communications		4,124		3.9%		4,239		3.8%
Consumer cyclical		5,811		5.5%		6,056		5.4%
Consumer non-cyclical		16,905		16.1%		17,080		15.3%
Energy		4,932		4.7%		4,776		4.3%
Technology		5,173		4.9%		5,581		5.0%
Transportation		3,414		3.2%		3,665		3.3%
Industrial other		2,159		2.1%		2,330		2.1%
Utilities		13,785		13.0%		14,204		12.8%
Government-related entities		1,863		1.8%		1,820		1.6%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,973		1.9%		1,845		1.7%
Non-agency backed		360		0.3%		364		0.3%
Commercial mortgage-backed securities ("CMBS")		1,552		1.5%		1,917		1.7%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		6,356		6.0%		8,498		7.6%
Other ABS		2,083		2.0%		3,294		2.9%
Municipals		5,322		5.1%		5,410		4.8%
Government:
United States		375		0.4%		405		0.4%
Foreign		373		0.4%		348		0.3%
Hybrid & redeemable preferred securities		408		0.4%		364		0.3%
Total fixed maturity AFS securities, net of allowance for credit losses, at amortized cost		105,158		100.0%		111,685		100.0%
Trading Securities		4,170				3,833
Equity Securities		285				383
Total fixed maturity AFS, trading and equity securities	$	109,613			$	115,901





Page 22


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

	As of 12/31/21				As of 12/31/22
	Amount		%		Amount		%
Fixed Maturity AFS Securities, Net of Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	58,542		55.6%	$	63,741		57.1%
NAIC 2 (BBB)		42,797		40.7%		44,103		39.5%
Total investment grade		101,339		96.3%		107,844		96.6%

NAIC 3 (BB)		2,278		2.2%		2,101		1.9%
NAIC 4 (B)		1,424		1.4%		1,679		1.4%
NAIC 5 (CCC and lower)		51		0.0%		59		0.1%
NAIC 6 (in or near default)		66		0.1%		2		0.0%
Total below investment grade		3,819		3.7%		3,841		3.4%
Total	$	105,158		100.0%	$	111,685		100.0%

Commercial Mortgage Loans, at Amortized Cost (1)(2)
CM1 (AAA-A)	$	14,028		81.7%	$	13,361		78.5%
CM2 (BBB)		2,878		16.8%		3,382		19.9%
CM3-7 (BB and lower)		265		1.5%		271		1.6%
Total	$	17,171		100.0%	$	17,014		100.0%

Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, at Amortized Cost (1)(2)
AAA-A	$	72,570		59.3%	$	77,102		59.9%
BBB		45,675		37.3%		47,485		36.9%
BB and lower		4,084		3.4%		4,112		3.2%
Total	$	122,329		100.0%	$	128,699		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.







Page 23

Lincoln Financial Group
Realized Gain (Loss), After-DAC
Unaudited (millions of dollars)

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Components of Realized Gain (Loss), Pre-Tax
Total adjusted operating realized gain (loss)	$	51	$	55	$	49	$	49	$	47	-7.8%	$	199	$	201	1.0%
Total excluded realized gain (loss)		(166)		(26)		473		171		(482)	NM		(411)		135	132.8%
Total realized gain (loss), pre-tax	$	(115)	$	29	$	522	$	220	$	(435)	NM	$	(212)	$	336	258.5%

Components of Excluded Realized Gain (Loss), After-Tax
Credit loss benefit (expense) on mortgage loans on
real estate	$	26	$	13	$	(5)	$	(7)	$	(8)	NM	$	79	$	(7)	NM
Credit loss benefit (expense) on reinsurance-related assets		6		(3)		(1)		(103)		8	33.3%		2		(99)	NM
Credit loss benefit (expense) on other financial assets		(1)		(1)		(3)		(5)		(4)	NM		(10)		(12)	-20.0%
Realized gain (loss) related to certain financial assets		(6)		(7)		(5)		(40)		(14)	NM		(14)		(67)	NM
Realized gain (loss) on equity securities		4		3		(6)		2		14	250.0%		32		13	-59.4%
Realized gain (loss) on the mark-to-market on certain
instruments		34		(9)		-		48		9	-73.5%		60		48	-20.0%
Total realized gain (loss) related to financial
instruments and reinsurance-related assets		63		(4)		(20)		(105)		5	-92.1%		149		(124)	NM
Variable annuity net derivative results:
Hedge program performance, including unlocking
for GLB reserves hedged and benefit ratio unlocking		(78)		(247)		(183)		(82)		(76)	2.6%		(109)		(588)	NM
GLB non-performance risk component		(47)		18		74		(11)		(64)	-36.2%		(195)		17	108.7%
Total variable annuity net derivative results		(125)		(229)		(109)		(93)		(140)	-12.0%		(304)		(571)	-87.8%
Indexed annuity forward-starting option		7		43		(3)		2		(37)	NM		26		4	-84.6%
Excluded realized gain (loss), including
benefit ratio unlocking		(55)		(190)		(132)		(196)		(172)	NM		(129)		(691)	NM
Less: benefit ratio unlocking on GDB
and GLB riders		77		(170)		(506)		(330)		209	171.4%		196		(798)	-30.0%
Total excluded realized gain (loss), after-tax	$	(132)	$	(20)	$	374	$	134	$	(381)	NM	$	(325)	$	107	9.1%










Page 24


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/21		3/31/22		6/30/22		9/30/22		12/31/22		Change	12/31/21		12/31/22		Change
Revenues
Total revenues	$	4,604	$	4,687	$	5,104	$	4,798	$	4,196	-8.9%	$	19,230	$	18,784	-2.3%
Less:
Excluded realized gain (loss)		(166)		(26)		473		171		(482)	NM		(411)		135	132.8%
Amortization of DFEL associated with
benefit ratio unlocking		1		(5)		(10)		(3)		2	100.0%		2		(16)	NM
Adjusted operating revenues	$	4,769	$	4,718	$	4,641	$	4,630	$	4,676	-2.0%	$	19,639	$	18,665	-5.0%

Net Income
Net income (loss)	$	220	$	104	$	238	$	(2,574)	$	6	-97.3%	$	1,405	$	(2,227)	NM
Less:
Excluded realized gain (loss), after-tax		(132)		(20)		374		134		(381)	NM		(325)		107	132.9%
Benefit ratio unlocking, after-tax		77		(170)		(527)		(339)		217	181.8%		196		(820)	NM
Impairment of intangibles		-		-		-		(634)		-	NM		-		(634)	NM
Transaction and integration costs related to
mergers, acquisitions and divestitures, after-tax		(11)		-		-		-		-	100.0%		(11)		-	100.0%
Gain (loss) on modification or early extinguishment
of debt, after-tax		-		-		-		-		-	NM		(6)		-	100.0%
Total adjustments		(66)		(190)		(153)		(839)		(164)	NM		(146)		(1,347)	NM
Adjusted income (loss) from operations	$	286	$	294	$	391	$	(1,735)	$	170	-40.6%	$	1,551	$	(880)	NM

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	1.20	$	0.58	$	1.34	$	(15.17)	$	0.01	-99.2%	$	7.43	$	(13.10)	NM
Less:
Excluded realized gain (loss), after-tax		(0.72)		(0.11)		2.16		0.79		(2.23)	NM		(1.71)		0.62	136.3%
Benefit ratio unlocking, after-tax		0.42		(0.97)		(3.05)		(2.00)		1.27	202.4%		1.03		(4.80)	NM
Impairment of intangibles		-		-		-		(3.73)		-	NM		-		(3.70)	NM
Transaction and integration costs related to
mergers, acquisitions and divestitures, after-tax		(0.06)		-		-		-		-	100.0%		(0.06)		-	100.0%
Gain (loss) on modification or early extinguishment
of debt, after-tax		-		-		-		-		-	NM		(0.03)		-	100.0%
Adjusted income (loss) from operations	$	1.56	$	1.66	$	2.23	$	(10.23)	$	0.97	-37.8%	$	8.20	$	(5.22)	NM




Page 25


Indiana	1-6028	35-1140070
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)


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


Exhibit Number	Description
99.1	Press release dated February 8, 2023, announcing Lincoln National Corporation’s financial results for the quarter and full year ended December 31, 2022.
99.2	Lincoln National Corporation Statistical Supplement for the quarter ended December 31, 2022.


				LINCOLN NATIONAL CORPORATION

				By	/s/ Adam Cohen
				Name:	Adam Cohen
				Title:	Senior Vice President and Chief
					Accounting Officer



	For the
(in millions, except per share data)	Three Months Ended
	December 31,
	2022		2021

Revenues	$	4,196	$	4,604

Net Income (Loss)	$	6	$	220
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)		(5)		-
Net Income (Loss) Available to Common
Stockholders – Diluted	$	1	$	220

Earnings (Loss) Per Common Share – Basic	$	0.04	$	1.22
Earnings (Loss) Per Common Share – Diluted		0.01		1.20

Average Shares – Basic	169,217,427		180,519,527
Average Shares – Diluted	170,632,350		183,246,238

	For the
	Twelve Months Ended
	December 31,
	2022		2021

Revenues	$	18,784	$	19,230

Net Income (Loss)	$	(2,227)	$	1,405
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)		(13)		-
Net Income (Loss) Available to Common
Stockholders – Diluted	$	(2,240)	$	1,405

Earnings (Loss) Per Common Share – Basic	$	(13.02)	$	7.50
Earnings (Loss) Per Common Share – Diluted (2)		(13.10)		7.43

Average Shares – Basic	171,034,695		187,359,884
Average Shares – Diluted	172,700,155		189,098,767



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

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


	As of or For the				As of or For the
	Three Months Ended				Year Ended
	December 31,				December 31,
(in millions, except per share data)	2022		2021		2022		2021
Net Income (Loss)	$	6	$	220	$	(2,227)	$	1,405
Net Income (Loss) Available to Common Stockholders		1		220		(2,240)		1,405
Net Income (Loss) per Diluted Share Available to Common Stockholders(1)		0.01		1.20		(13.10)		7.43
Revenues		4,196		4,604		18,784		19,230
Adjusted Income (Loss) from Operations		170		286		(880)		1,551
Adjusted Income (Loss) from Operations per Diluted Share Available to
Common Stockholders(1)		0.97		1.56		(5.22)		8.20
Average Basic Shares		169.2		180.5		171.0		187.4
Average Diluted Shares		170.6		183.2		172.7		189.1
Return on Equity (ROE), Including Accumulated Other Comprehensive
Income (AOCI) (Net Income)		0.8%		4.2%		-23.3%		6.7%
Adjusted Operating ROE, Excluding AOCI (Adjusted Income from Operations)		6.0%		8.1%		-6.9%		11.0%
Book Value per Share (BVPS), Including AOCI	$	18.41	$	114.41	$	18.41	$	114.41
Book Value per Share, Excluding AOCI		63.73		78.05		63.73		78.05

(1) Due to reporting a net loss and net adjusted loss from operations for the twelve months ended December 31, 2022, basic shares
were used in the diluted EPS calculation for that period as the use of diluted shares would have resulted in a lower loss per share.



	As of December 31,
	2022		2021
Book value per share, including AOCI	$	18.41	$	114.41
Per share impact of AOCI		(45.32)		36.36
Book value per share, excluding AOCI		63.73		78.05