lnc-20210203x8k


	Lincoln Financial Group
	Table of Contents


	Analyst Coverage and Credit Ratings	1
	Notes	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
	Annuities	13
	Retirement Plan Services	14
	Life Insurance	15
	Group Protection	16
	Other Operations	17
	DAC & Account Value Rollforwards
	Consolidated DAC, VOBA, DSI and DFEL Roll Forwards	18
	Account Value Roll Forwards:
	Annuities	19
	Retirement Plan Services	20
	Life Insurance	21
	Other Information
	Select Investment Data	22
	Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC	23
	Select GAAP to Non-GAAP Reconciliations	24


Lincoln Financial Group
Analyst Coverage and Credit Ratings


Firm	Analyst				Phone Number
Autonomous Research U.S., L.P.	Erik Bass					646-561-6248
B. Riley FBR	Randy Binner					703-312-1890
Bank of America	Joshua Shanker					646-855-5716
Barclays	Tracy Benguigui					212-526-1521
Citi Research	Suneet Kamath					212-816-3457
Credit Suisse	Andrew Kligerman					212-325-5069
Dowling & Partners	Humphrey Lee					860-676-7324
Evercore	Thomas Gallagher					212-446-9439
Goldman Sachs	Yaron Kinar					212-902-9592
J.P. Morgan Securities	Jimmy Bhullar					212-622-6397
Keefe, Bruyette & Woods, Inc.	Ryan Krueger					860-722-5930
Morgan Stanley	Nigel Dally					212-761-4132
Piper Sandler & Co.	John Barnidge					312-281-3412
RBC Capital Markets	Mark Dwelle					804-782-4008
Wells Fargo	Elyse Greenspan					212-214-8031

This list is provided for informational purposes only. Lincoln Financial Group does not endorse the analyses, conclusions or recommendations contained in any report issued by these
or any other analysts.

		Ratings as of February 3, 2021
						Standard
		A.M Best	Fitch	Moody's		& Poor's
Senior Debt Ratings		a-	BBB+	Baa1		A-
Financial Strength Ratings
The Lincoln National Life Insurance Company		A+	A+	A1		AA-
First Penn-Pacific Life Insurance Company		A	A+	A1		A-
Lincoln Life & Annuity Company of New York		A+	A+	A1		AA-
Lincoln Life Assurance Company of Boston		A+				AA-

Investor Inquiries May Be Directed To:
Albert Copersino, Vice President, Investor Relations
Email: [email protected]
Phone: 203-257-4493



Page 1

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.

• If the effect of equity classification would result in a more dilutive Earnings Per Share (“EPS”), the numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market

adjustment for deferred units of LNC stock in our deferred compensation plans. 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, 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;

• MoneyGuard®, our linked-benefit product – 15% of total expected premium deposits;

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

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

premium received;

• 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.

Page 2a

Lincoln Financial Group

Notes

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.

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 (“benefit ratio unlocking”);

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

• Gains (losses) on early extinguishment of debt;

• Losses from the impairment of intangible assets;

• Income (loss) from discontinued operations;

• Acquisition and integration costs related to mergers and acquisitions; 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 GDB and GLB benefit ratio unlocking; and

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

Page 2b

Lincoln Financial Group

Notes

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.

Statistical Supplement is Dated

The financial data in this document is dated February 3, 2021, and has not been updated since that date. Lincoln Financial Group does not intend to update this document.

Page 2c


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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Revenues
Insurance premiums	$	1,344	$	1,373	$	1,342	$	1,293	$	1,364	1.5%	$	5,513	$	5,372	-2.6%
Fee income		1,572		1,539		1,458		1,815		1,559	-0.8%		6,497		6,371	-1.9%
Net investment income		1,381		1,375		1,172		1,458		1,505	9.0%		5,223		5,510	5.5%
Realized gain (loss)		(119)		(24)		(647)		629		(470)	NM		(610)		(513)	15.9%
Amortization of deferred gains on business
sold through reinsurance		7		11		11		11		9	28.6%		31		41	32.3%
Other revenues		159		151		181		155		168	5.7%		604		658	8.9%
Total revenues		4,344		4,425		3,517		5,361		4,135	-4.8%		17,258		17,439	1.0%

Expenses
Interest credited		717		725		732		732		734	2.4%		2,780		2,923	5.1%
Benefits		1,768		2,501		1,725		2,484		1,966	11.2%		7,880		8,677	10.1%
Commissions and other expenses		1,288		1,085		1,123		1,599		1,258	-2.3%		5,287		5,064	-4.2%
Interest and debt expense		72		68		84		66		65	-9.7%		326		284	-12.9%
Strategic digitization expense		18		12		14		20		23	27.8%		66		68	3.0%
Total expenses		3,863		4,391		3,678		4,901		4,046	4.7%		16,339		17,016	4.1%
Income (loss) before taxes		481		34		(161)		460		89	-81.5%		919		423	-54.0%
Federal income tax expense (benefit)		50		(18)		(67)		62		(54)	NM		33		(76)	NM
Net income (loss)		431		52		(94)		398		143	-66.8%		886		499	-43.7%
Adjustment for LNC stock units in our
deferred compensation plans		(1)		(23)		-		(5)		-	100.0%		-		-	NM
Net income (loss) available to common
stockholders – diluted	$	430	$	29	$	(94)	$	393	$	143	-66.7%	$	886	$	499	-43.7%

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	2.15	$	0.15	$	(0.49)	$	2.01	$	0.74	-65.6%	$	4.38	$	2.56	-41.6%

ROE, including AOCI
Net income (loss)		8.7%		1.1%		-2.0%		7.5%		2.6%			4.9%		2.5%






Page 3


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

	As of
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	88,716	$	85,797	$	95,390	$	98,717	$	102,789	15.9%
U.S. government bonds		435		482		504		496		484	11.3%
State and municipal bonds		5,884		5,906		6,393		6,774		6,921	17.6%
Foreign government bonds		393		389		436		436		470	19.6%
Residential mortgage-backed securities		3,241		3,271		3,272		3,203		3,076	-5.1%
Commercial mortgage-backed securities		1,083		1,119		1,226		1,430		1,505	39.0%
Asset-backed securities		4,889		5,086		5,716		6,590		7,184	46.9%
Hybrid and redeemable preferred securities		559		556		582		606		615	10.0%
Total fixed maturity AFS securities, net of allowance for credit losses		105,200		102,606		113,519		118,252		123,044	17.0%
Trading securities		4,673		4,019		4,651		4,633		4,501	-3.7%
Equity securities		103		83		87		122		129	25.2%
Mortgage loans on real estate, net of allowance for credit losses		16,339		16,791		16,578		16,541		16,763	2.6%
Policy loans		2,477		2,571		2,551		2,527		2,426	-2.1%
Derivative investments		1,911		4,417		2,957		3,236		3,109	62.7%
Other investments		2,994		4,765		4,574		4,204		3,984	33.1%
Total investments		133,697		135,252		144,917		149,515		153,956	15.2%
Cash and invested cash		2,563		6,202		4,201		2,595		1,708	-33.4%
DAC and VOBA		7,694		9,212		7,012		6,307		5,812	-24.5%
Premiums and fees receivable		465		562		490		498		486	4.5%
Accrued investment income		1,148		1,185		1,168		1,320		1,257	9.5%
Reinsurance recoverables, net of allowance for credit losses		17,144		16,923		16,866		16,610		16,496	-3.8%
Reinsurance related embedded derivatives		-		137		-		-		-	NM
Funds withheld reinsurance assets		536		535		535		539		530	-1.1%
Goodwill		1,778		1,778		1,778		1,778		1,778	0.0%
Other assets		16,170		16,246		15,905		15,667		15,956	-1.3%
Separate account assets		153,566		130,617		146,787		152,975		167,965	9.4%
Total assets	$	334,761	$	318,649	$	339,659	$	347,804	$	365,944	9.3%
		`



Page 4a


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

	As of
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	36,420	$	37,100	$	38,604	$	40,089	$	40,814	12.1%
Other contract holder funds		98,018		99,508		100,537		102,568		105,405	7.5%
Short-term debt		300		-		-		-		-	-100.0%
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 6 for details)		866		866		866		866		866	0.0%
Financial		5,201		5,882		5,870		5,848		5,816	11.8%
Reinsurance related embedded derivatives		327		-		245		334		392	19.9%
Funds withheld reinsurance liabilities		1,810		1,843		1,867		1,910		1,942	7.3%
Payables for collateral on investments		5,082		8,434		7,031		6,435		6,222	22.4%
Other liabilities		13,482		17,824		17,121		15,230		13,823	2.5%
Separate account liabilities		153,566		130,617		146,787		152,975		167,965	9.4%
Total liabilities		315,072		302,074		318,928		326,255		343,245	8.9%

Stockholders’ Equity
Common stock		5,162		5,071		5,081		5,093		5,082	-1.5%
Retained earnings		8,854		8,500		8,327		8,647		8,686	-1.9%
AOCI:
Unrealized investment gains (losses)		6,017		3,348		7,668		8,153		9,209	53.0%
Foreign currency translation adjustment		(17)		(27)		(28)		(21)		(12)	29.4%
Funded status of employee benefit plans		(327)		(317)		(317)		(323)		(266)	18.7%
Total AOCI		5,673		3,004		7,323		7,809		8,931	57.4%
Total stockholders’ equity		19,689		16,575		20,731		21,549		22,699	15.3%
Total liabilities and stockholders’ equity	$	334,761	$	318,649	$	339,659	$	347,804	$	365,944	9.3%










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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Income (Loss)
Net income (loss)	$	431	$	52	$	(94)	$	398	$	143	-66.8%	$	886	$	499	-43.7%
Pre-tax adjusted income (loss) from operations		566		558		195		(212)		393	-30.6%		1,535		934	-39.2%
After-tax adjusted income (loss) from operations (1)		482		465		187		(133)		346	-28.2%		1,355		865	-36.2%
Adjusted operating tax rate		14.8%		16.5%		4.0%		37.2%		12.0%			11.7%		7.4%

Average Stockholders’ Equity
Average equity, including AOCI	$	19,844	$	18,132	$	18,653	$	21,140	$	22,124	11.5%	$	17,973	$	20,012	11.3%
Average AOCI		5,961		4,338		5,164		7,566		8,370	40.4%		4,019		6,359	58.2%
Average equity, excluding AOCI	$	13,883	$	13,794	$	13,489	$	13,574	$	13,754	-0.9%	$	13,954	$	13,653	-2.2%

ROE, Excluding AOCI
Net income (loss)		12.4%		1.5%		-2.8%		11.7%		4.2%			6.3%		3.7%
Adjusted income (loss) from operations		13.9%		13.5%		5.5%		-3.9%		10.1%			9.7%		6.3%

Per Share
Net income (loss) (diluted)	$	2.15	$	0.15	$	(0.49)	$	2.01	$	0.74	-65.6%	$	4.38	$	2.56	-41.6%
Adjusted income (loss) from operations (diluted)		2.41		2.24		0.97		(0.72)		1.78	-26.1%		6.71		4.45	-33.7%
Dividends declared during the period		0.40		0.40		0.40		0.40		0.42	5.0%		1.51		1.62	7.3%

Book value, including AOCI	$	100.11	$	85.79	$	107.28	$	111.51	$	118.02	17.9%	$	100.11	$	118.02	17.9%
Per share impact of AOCI		28.84		15.55		37.90		40.41		46.43	61.0%		28.84		46.43	61.0%
Book value, excluding AOCI	$	71.27	$	70.24	$	69.38	$	71.10	$	71.59	0.4%	$	71.27	$	71.59	0.4%

Shares
Repurchased during the period		1.7		3.8		-		-		1.1	-35.3%		10.4		4.9	-52.9%
End-of-period – basic		196.7		193.2		193.2		193.3		192.3	-2.2%		196.7		192.3	-2.2%
End-of-period – diluted		199.2		195.0		194.0		195.3		193.7	-2.8%		199.2		193.7	-2.8%
Average for the period – diluted		200.0		197.3		193.8		195.4		193.9	-3.1%		202.1		195.8	-3.1%

(1) See reconciliation to net income (loss) on page 24.




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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Cash Returned to Common Stockholders
Shares repurchased	$	100	$	225	$	-	$	-	$	50	-50.0%	$	640	$	275	-57.0%
Common dividends		73		79		77		77		77	5.5%		298		311	4.4%
Total cash returned to common stockholders	$	173	$	304	$	77	$	77	$	127	-26.6%	$	938	$	586	-37.5%

Leverage Ratio
Short-term debt	$	300	$	-	$	-	$	-	$	-	-100.0%
Long-term debt		6,067		6,748		6,736		6,714		6,682	10.1%
Total debt (1)		6,367		6,748		6,736		6,714		6,682	4.9%
Less:
Operating debt (2)		866		866		866		866		866	0.0%
25% of capital securities		302		302		302		302		302	0.0%
Carrying value of fair value hedges and other items		278		459		451		428		395	42.1%
Total numerator	$	4,921	$	5,121	$	5,117	$	5,118	$	5,119	4.0%

Stockholders’ equity, excluding unrealized
investment gains (losses)	$	13,672	$	13,227	$	13,063	$	13,396	$	13,490	-1.3%
Add: 25% of capital securities		302		302		302		302		302	0.0%
Total numerator		4,921		5,121		5,117		5,118		5,119	4.0%
Total denominator	$	18,895	$	18,650	$	18,482	$	18,816	$	18,911	0.1%

Leverage ratio		26.0%		27.5%		27.7%		27.2%		27.1%

Holding Company Available Liquidity	$	702	$	760	$	774	$	756	$	754	7.4%

(1) Excludes obligations under finance leases and certain financing arrangements of $450 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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Income (Loss) from Operations, Pre-Tax
Annuities	$	312	$	302	$	272	$	220	$	338	8.3%	$	1,093	$	1,132	3.6%
Retirement Plan Services		54		45		33		58		57	5.6%		195		192	-1.5%
Life Insurance		222		209		(52)		(400)		177	-20.3%		306		(67)	NM
Group Protection		68		50		49		8		(54)	NM		301		54	-82.1%
Other Operations		(90)		(48)		(107)		(98)		(125)	-38.9%		(360)		(377)	-4.7%
Adjusted income (loss) from operations, before
income taxes	$	566	$	558	$	195	$	(212)	$	393	-30.6%	$	1,535	$	934	-39.2%

Income (Loss) from Operations, After-Tax
Annuities	$	269	$	261	$	237	$	196	$	289	7.4%	$	954	$	983	3.0%
Retirement Plan Services		47		40		30		50		49	4.3%		172		168	-2.3%
Life Insurance		179		171		(37)		(311)		144	-19.6%		259		(34)	NM
Group Protection		54		40		39		6		(42)	NM		238		43	-81.9%
Other Operations		(67)		(47)		(82)		(74)		(94)	-40.3%		(268)		(295)	-10.1%
Adjusted income (loss) from operations	$	482	$	465	$	187	$	(133)	$	346	-28.2%	$	1,355	$	865	-36.2%

	For the Three Months Ended											For the Twelve Months Ended
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Sources of Earnings, Pre-Tax
Investment spread	$	173	$	151	$	39	$	(119)	$	147	-15.0%	$	363	$	218	-39.9%
Mortality/morbidity		189		165		15		(208)		47	-75.1%		446		19	-95.7%
Fees on AUM		275		290		245		321		308	12.0%		1,046		1,163	11.2%
VA riders		19		-		3		(108)		16	-15.8%		40		(89)	NM
Total sources of earnings, before income taxes		656		606		302		(114)		518	-21.0%		1,895		1,311	-30.8%
Other Operations		(90)		(48)		(107)		(98)		(125)	-38.9%		(360)		(377)	-4.7%
Adjusted income (loss) from operations, before
income taxes	$	566	$	558	$	195	$	(212)	$	393	-30.6%	$	1,535	$	934	-39.2%

Sources of Earnings, Pre-Tax, Percentage By Component
Investment spread		26.4%		25.0%		12.7%		103.7%		28.5%			19.2%		16.6%
Mortality/morbidity		28.8%		27.3%		4.8%		181.6%		9.1%			23.5%		1.4%
Fees on AUM		42.0%		47.8%		81.3%		-279.5%		59.4%			55.2%		88.8%
VA riders		2.8%		-0.1%		1.2%		94.2%		3.0%			2.1%		-6.8%
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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Annuities
Operating revenues	$	1,153	$	1,129	$	1,037	$	1,126	$	1,163	0.9%	$	4,600	$	4,455	-3.2%
Deposits		3,902		3,697		2,515		2,539		2,510	-35.7%		14,525		11,260	-22.5%
Net flows		729		528		58		(283)		(644)	NM		1,851		(341)	NM
Average account values		137,817		137,922		134,197		144,368		150,875	9.5%		132,695		141,921	7.0%

Retirement Plan Services
Operating revenues	$	310	$	297	$	282	$	311	$	323	4.2%	$	1,200	$	1,213	1.1%
Deposits		2,663		2,779		2,307		2,374		2,557	-4.0%		9,465		10,017	5.8%
Net flows		422		671		(1,207)		362		340	-19.4%		620		166	-73.2%
Average account values		76,478		75,845		73,611		79,644		83,889	9.7%		73,292		78,647	7.3%

Life Insurance
Operating revenues	$	1,838	$	1,821	$	1,639	$	2,127	$	1,928	4.9%	$	7,438	$	7,516	1.0%
Deposits		2,413		1,450		1,428		1,537		1,476	-38.8%		7,320		5,890	-19.5%
Net flows		1,957		963		1,023		1,156		996	-49.1%		5,422		4,137	-23.7%
Average account values		53,243		52,866		52,693		54,570		56,419	6.0%		51,786		54,137	4.5%
Average in-force face amount		814,865		836,488		853,071		870,505		886,005	8.7%		782,801		861,517	10.1%

Group Protection
Operating revenues	$	1,158	$	1,224	$	1,199	$	1,184	$	1,184	2.2%	$	4,588	$	4,793	4.5%
Insurance premiums		1,035		1,094		1,086		1,052		1,049	1.4%		4,113		4,280	4.1%

Consolidated
Adjusted operating revenues (1)	$	4,513	$	4,509	$	4,209	$	4,788	$	4,655	3.1%	$	18,046	$	18,162	0.6%
Deposits		8,978		7,926		6,250		6,450		6,543	-27.1%		31,310		27,167	-13.2%
Net flows		3,108		2,162		(126)		1,235		692	-77.7%		7,893		3,962	-49.8%
Average account values		267,538		266,633		260,501		278,582		291,183	8.8%		257,773		274,705	6.6%

(1) See reconciliation to total revenues on page 24.





Page 8


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Sales
Annuities:
With guaranteed living benefits	$	1,428	$	1,185	$	824	$	541	$	507	-64.5%	$	4,972	$	3,058	-38.5%
Without guaranteed living benefits		1,298		1,454		1,392		1,911		1,921	48.0%		4,468		6,677	49.4%
Variable		2,726		2,639		2,216		2,452		2,428	-10.9%		9,440		9,735	3.1%
Fixed		1,176		1,058		299		87		82	-93.0%		5,085		1,525	-70.0%
Total Annuities	$	3,902	$	3,697	$	2,515	$	2,539	$	2,510	-35.7%	$	14,525	$	11,260	-22.5%

Retirement Plan Services:
First-year sales	$	1,227	$	867	$	827	$	870	$	1,107	-9.8%	$	3,388	$	3,670	8.3%
Recurring deposits		1,436		1,912		1,480		1,504		1,450	1.0%		6,077		6,347	4.4%
Total Retirement Plan Services	$	2,663	$	2,779	$	2,307	$	2,374	$	2,557	-4.0%	$	9,465	$	10,017	5.8%

Life Insurance:
UL	$	20	$	9	$	5	$	3	$	3	-85.0%	$	57	$	20	-64.9%
MoneyGuard®		124		34		36		35		22	-82.3%		298		127	-57.4%
IUL		76		21		23		24		22	-71.1%		155		91	-41.3%
VUL		107		44		55		60		30	-72.0%		265		188	-29.1%
Term		39		35		36		28		32	-17.9%		144		132	-8.3%
Total individual life insurance		366		143		155		150		109	-70.2%		919		558	-39.3%
Executive Benefits		81		26		4		36		6	-92.6%		163		72	-55.8%
Total Life Insurance	$	447	$	169	$	159	$	186	$	115	-74.3%	$	1,082	$	630	-41.8%

Group Protection:
Life	$	108	$	50	$	47	$	24	$	144	33.3%	$	344	$	265	-23.0%
Disability		140		42		47		17		291	107.9%		319		397	24.5%
Dental		49		10		11		8		15	-69.4%		89		44	-50.6%
Total Group Protection	$	297	$	102	$	105	$	49	$	450	51.5%	$	752	$	706	-6.1%
Percent employee-paid		37.6%		59.9%		51.6%		58.9%		28.4%			42.3%		38.5%






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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Operating Revenues
Annuities	$	1,153	$	1,129	$	1,037	$	1,126	$	1,163	0.9%	$	4,600	$	4,455	-3.2%
Retirement Plan Services		310		297		282		311		323	4.2%		1,200		1,213	1.1%
Life Insurance		1,838		1,821		1,639		2,127		1,928	4.9%		7,438		7,516	1.0%
Group Protection		1,158		1,224		1,199		1,184		1,184	2.2%		4,588		4,793	4.5%
Other Operations		54		38		52		40		57	5.6%		220		185	-15.9%
Total segment operating revenues	$	4,513	$	4,509	$	4,209	$	4,788	$	4,655	3.1%	$	18,046	$	18,162	0.6%

General and Administrative Expenses,
Net of Amounts Capitalized (1)
Annuities		132	$	120	$	111	$	111	$	126	-4.5%	$	493	$	469	-4.9%
Retirement Plan Services		78		72		68		69		78	0.0%		302		288	-4.6%
Life Insurance		145		121		116		118		126	-13.1%		521		481	-7.7%
Group Protection		174		154		153		155		164	-5.7%		656		624	-4.9%
Other Operations		43		(4)		55		34		71	65.1%		146		156	6.8%
Total	$	572	$	463	$	503	$	487	$	565	-1.2%	$	2,118	$	2,018	-4.7%

General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		11.4%		10.7%		10.7%		9.9%		10.8%			10.7%		10.5%
Retirement Plan Services		25.3%		24.4%		24.3%		22.3%		24.2%			25.2%		23.8%
Life Insurance		7.9%		6.7%		7.1%		5.5%		6.5%			7.0%		6.4%
Group Protection		15.0%		12.5%		12.7%		13.1%		13.8%			14.3%		13.0%
Other Operations		81.8%		-10.0%		107.5%		83.7%		125.8%			66.6%		83.5%
Total		12.7%		10.3%		12.0%		10.2%		12.1%			11.7%		11.1%

(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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	663	$	520	$	554	$	537	$	638	-3.8%	$	2,388	$	2,248	-5.9%
Commissions		867		706		621		611		625	-27.9%		2,912		2,562	-12.0%
Taxes, licenses and fees		87		90		79		85		73	-16.1%		348		327	-6.0%
Interest and debt expense		72		68		68		66		65	-9.7%		284		269	-5.3%
Expenses associated with reserve financing
and unrelated letters of credit		23		23		23		24		25	8.7%		88		94	6.8%
Total adjusted operating commissions and other
expenses incurred		1,712		1,407		1,345		1,323		1,426	-16.7%		6,020		5,500	-8.6%

Less Amounts Capitalized
General and administrative expenses		(91)		(57)		(51)		(50)		(73)	19.8%		(270)		(230)	14.8%
Commissions		(523)		(362)		(291)		(272)		(250)	52.2%		(1,569)		(1,172)	25.3%
Taxes, licenses and fees		(26)		(13)		(13)		(11)		(9)	65.4%		(69)		(46)	33.3%
Total amounts capitalized		(640)		(432)		(355)		(333)		(332)	48.1%		(1,908)		(1,448)	24.1%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,072		975		990		990		1,094	2.1%		4,112		4,052	-1.5%

Amortization
Amortization of DAC, VOBA and other intangibles		261		247		207		680		218	-16.5%		1,351		1,352	0.1%
Total operating commissions and other expenses	$	1,333	$	1,222	$	1,197	$	1,670	$	1,312	-1.6%	$	5,463	$	5,404	-1.1%













Page 11


Lincoln Financial Group
Interest Rate Yields and Spreads By Segment
Unaudited

	For the Three Months Ended											For the Twelve Months Ended
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Annuities
Earned rate on reserves		3.84%		3.73%		3.69%		3.63%		3.42%	(42)		3.98%		3.61%	(37)
Variable investment income on reserves (1)		0.20%		0.03%		0.10%		0.09%		0.15%	(5)		0.11%		0.08%	(3)
Net investment income yield on reserves		4.04%		3.76%		3.79%		3.72%		3.57%	(47)		4.09%		3.69%	(40)
Interest rate credited to contract holders		2.47%		2.31%		2.26%		2.12%		1.97%	(50)		2.42%		2.15%	(27)
Interest rate spread		1.57%		1.45%		1.53%		1.60%		1.60%	3		1.67%		1.54%	(13)
Base spreads excluding variable investment income		1.37%		1.42%		1.43%		1.51%		1.45%	8		1.56%		1.46%	(10)

Retirement Plan Services
Earned rate on reserves		4.07%		3.95%		3.85%		3.82%		3.68%	(39)		4.13%		3.82%	(31)
Variable investment income on reserves (1)		0.24%		0.05%		0.06%		0.10%		0.21%	(3)		0.13%		0.11%	(2)
Net investment income yield on reserves		4.31%		4.00%		3.91%		3.92%		3.89%	(42)		4.26%		3.93%	(33)
Interest rate credited to contract holders		2.89%		2.87%		2.86%		2.81%		2.78%	(11)		2.90%		2.83%	(7)
Interest rate spread		1.42%		1.13%		1.05%		1.11%		1.11%	(31)		1.36%		1.10%	(26)
Base spreads excluding variable investment income		1.18%		1.08%		0.99%		1.01%		0.90%	(28)		1.23%		0.99%	(24)

Life Insurance – Interest-Sensitive
Earned rate on reserves		4.84%		4.77%		4.78%		4.76%		4.71%	(13)		4.85%		4.75%	(10)
Variable investment income on reserves (1)		0.33%		0.31%		-0.72%		0.76%		0.95%	62		0.12%		0.33%	21
Net investment income yield on reserves		5.17%		5.08%		4.06%		5.52%		5.66%	49		4.97%		5.08%	11
Interest rate credited to contract holders		3.71%		3.80%		3.81%		3.75%		3.83%	12		3.70%		3.80%	10
Interest rate spread		1.46%		1.28%		0.25%		1.77%		1.83%	37		1.27%		1.28%	1
Base spreads excluding variable investment income		1.13%		0.97%		0.97%		1.01%		0.88%	(25)		1.15%		0.95%	(20)

Total (2)
Earned rate (3)		4.33%		4.29%		4.06%		4.09%		4.04%	(29)		4.35%		4.12%	(23)
Variable investment income (1) (3)		0.28%		0.19%		-0.34%		0.45%		0.56%	28		0.12%		0.22%	10
Net investment income yield (3)		4.61%		4.48%		3.72%		4.54%		4.60%	(1)		4.47%		4.34%	(13)

(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
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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	78	$	53	$	22	$	17	$	29	-62.8%	$	502	$	121	-75.9%
Fee income		606		593		567		608		626	3.3%		2,357		2,394	1.6%
Net investment income		309		326		270		334		343	11.0%		1,140		1,272	11.6%
Operating realized gain (loss)		53		54		49		57		54	1.9%		190		214	12.6%
Amortization of deferred gain		7		8		8		8		5	-28.6%		30		29	-3.3%
Other revenues		100		95		121		102		106	6.0%		381		425	11.5%
Total operating revenues		1,153		1,129		1,037		1,126		1,163	0.9%		4,600		4,455	-3.2%
Operating expenses:
Interest credited		190		192		192		198		191	0.5%		698		773	10.7%
Benefits		163		170		127		261		138	-15.3%		938		696	-25.8%
Commissions incurred		322		311		246		248		255	-20.8%		1,171		1,061	-9.4%
Other expenses incurred		257		250		221		232		252	-1.9%		973		954	-2.0%
Amounts capitalized		(198)		(191)		(122)		(118)		(117)	40.9%		(681)		(548)	19.5%
Amortization		107		95		101		85		106	-0.9%		408		387	-5.1%
Total operating expenses		841		827		765		906		825	-1.9%		3,507		3,323	-5.2%
Income (loss) from operations before taxes		312		302		272		220		338	8.3%		1,093		1,132	3.6%
Federal income tax expense (benefit)		43		41		35		24		49	14.0%		139		149	7.2%
Income (loss) from operations	$	269	$	261	$	237	$	196	$	289	7.4%	$	954	$	983	3.0%

Effective Federal Income Tax Rate		13.9%		13.4%		12.9%		11.1%		14.5%			12.7%		13.2%

Average Equity, Excluding Goodwill and AOCI	$	4,883	$	4,887	$	5,002	$	5,394	$	5,405	10.7%	$	4,814	$	5,172	7.4%

ROE, Excluding Goodwill and AOCI		22.0%		21.4%		19.0%		14.5%		21.4%			19.8%		19.0%

Return on Average Account Values		78		76		71		54		77	(1)		72		69	(3)

Income (Loss) from Operations
Variable annuity		233		232		207		176		254	9.0%		877		869	-0.9%
Fixed annuity		36		29		30		20		35	-2.8%		77		114	48.1%

Account Values
Variable annuity account values:
Average	$	121,632	$	120,972	$	116,861	$	127,011	$	133,630	9.9%	$	117,879	$	124,708	5.8%
End-of-period		125,492		108,689		121,712		127,585		140,313	11.8%		125,492		140,313	11.8%
Fixed annuity account values:
Average		16,185		16,950		17,336		17,357		17,245	6.5%		14,816		17,213	16.2%
End-of-period		16,636		17,208		17,349		17,263		17,205	3.4%		16,636		17,205	3.4%

Page 13


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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	66	$	61	$	58	$	65	$	69	4.5%	$	252	$	253	0.4%
Net investment income		239		229		218		240		246	2.9%		924		933	1.0%
Other revenues		5		7		6		6		8	60.0%		24		27	12.5%
Total operating revenues		310		297		282		311		323	4.2%		1,200		1,213	1.1%
Operating expenses:
Interest credited		148		150		153		155		157	6.1%		585		615	5.1%
Benefits		1		-		1		1		-	-100.0%		2		2	0.0%
Commissions incurred		20		19		18		19		20	0.0%		79		76	-3.8%
Other expenses incurred		86		82		77		74		86	0.0%		336		320	-4.8%
Amounts capitalized		(7)		(6)		(6)		(4)		(5)	28.6%		(23)		(21)	8.7%
Amortization		8		7		6		8		8	0.0%		26		29	11.5%
Total operating expenses		256		252		249		253		266	3.9%		1,005		1,021	1.6%
Income (loss) from operations before taxes		54		45		33		58		57	5.6%		195		192	-1.5%
Federal income tax expense (benefit)		7		5		3		8		8	14.3%		23		24	4.3%
Income (loss) from operations	$	47	$	40	$	30	$	50	$	49	4.3%	$	172	$	168	-2.3%

Effective Federal Income Tax Rate		13.7%		11.3%		10.1%		13.7%		14.6%			11.6%		12.8%

Average Equity, Excluding Goodwill and AOCI	$	1,440	$	1,415	$	1,410	$	1,441	$	1,480	2.8%	$	1,430	$	1,437	0.5%

ROE, Excluding Goodwill and AOCI		13.0%		11.2%		8.5%		13.8%		13.2%			12.1%		11.7%

Pre-tax Net Margin		33.6%		30.4%		25.8%		36.8%		34.4%			31.7%		32.2%

Return on Average Account Values		25		21		16		25		23	(2)		24		21	(3)

Net Flows by Market
Small Market		118		141		30		113		66	-44.1%	$	449	$	350	-22.0%
Mid - Large Market		651		790		(1,084)		500		587	-9.8%		1,336		792	-40.7%
Multi-Fund® and Other		(347)		(260)		(153)		(251)		(313)	9.8%		(1,165)		(976)	16.2%

Net Flows – Trailing Twelve Months	$	620	$	1,672	$	158	$	248	$	166	-73.2%	$	620	$	166	-73.2%





Page 14


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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	228	$	224	$	230	$	223	$	274	20.2%	$	885	$	950	7.3%
Fee income		898		893		830		1,141		861	-4.1%		3,882		3,727	-4.0%
Net investment income		706		697		577		761		787	11.5%		2,658		2,823	6.2%
Operating realized gain (loss)		(1)		(3)		(2)		-		(1)	0.0%		(6)		(6)	0.0%
Amortization of deferred gain on
business sold through reinsurance		-		3		3		3		4	NM		-		12	NM
Other revenues		7		7		1		(1)		3	-57.1%		19		10	-47.4%
Total operating revenues		1,838		1,821		1,639		2,127		1,928	4.9%		7,438		7,516	1.0%
Operating expenses:
Interest credited		364		371		375		369		375	3.0%		1,433		1,491	4.0%
Benefits		942		954		1,084		1,428		1,120	18.9%		4,183		4,586	9.6%
Commissions incurred		337		191		173		171		152	-54.9%		931		687	-26.2%
Other expenses incurred		256		209		195		209		204	-20.3%		896		819	-8.6%
Amounts capitalized		(397)		(216)		(202)		(202)		(168)	57.7%		(1,094)		(788)	28.0%
Amortization		114		103		66		552		68	-40.4%		783		788	0.6%
Total operating expenses		1,616		1,612		1,691		2,527		1,751	8.4%		7,132		7,583	6.3%
Income (loss) from operations before taxes		222		209		(52)		(400)		177	-20.3%		306		(67)	NM
Federal income tax expense (benefit)		43		38		(15)		(89)		33	-23.3%		47		(33)	NM
Income (loss) from operations	$	179	$	171	$	(37)	$	(311)	$	144	-19.6%	$	259	$	(34)	NM

Effective Federal Income Tax Rate		19.2%		18.1%		28.9%		22.2%		18.6%			15.6%		49.9%

Average Equity, Excluding Goodwill and AOCI	$	8,502	$	8,798	$	8,977	$	8,854	$	8,784	3.3%	$	8,550	$	8,853	3.5%

ROE, Excluding Goodwill and AOCI		8.4%		7.8%		-1.6%		-14.1%		6.5%			3.0%		-0.4%

Average Account Values	$	53,243	$	52,866	$	52,693	$	54,570	$	56,419	6.0%	$	51,786	$	54,137	4.5%

In-Force Face Amount
UL and other	$	357,726	$	356,889	$	357,690	$	358,897	$	358,554	0.2%	$	357,726	$	358,554	0.2%
Term insurance		472,050		486,311		505,251		519,173		535,387	13.4%		472,050		535,387	13.4%
Total in-force face amount	$	829,776	$	843,200	$	862,941	$	878,070	$	893,941	7.7%	$	829,776	$	893,941	7.7%




Page 15


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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,035	$	1,094	$	1,086	$	1,052	$	1,049	1.4%	$	4,113	$	4,280	4.1%
Net investment income		81		81		69		88		91	12.3%		307		330	7.5%
Other revenues		42		49		44		44		44	4.8%		168		183	8.9%
Total operating revenues		1,158		1,224		1,199		1,184		1,184	2.2%		4,588		4,793	4.5%
Operating expenses:
Interest credited		1		2		1		1		1	0.0%		5		5	0.0%
Benefits		768		862		843		875		920	19.8%		3,036		3,500	15.3%
Commissions incurred		95		87		97		80		95	0.0%		367		359	-2.2%
Other expenses incurred		232		200		198		194		227	-2.2%		855		819	-4.2%
Amounts capitalized		(38)		(19)		(23)		(9)		(41)	-7.9%		(110)		(92)	16.4%
Amortization		32		42		34		35		36	12.5%		134		148	10.4%
Total operating expenses		1,090		1,174		1,150		1,176		1,238	13.6%		4,287		4,739	10.5%
Income (loss) from operations before taxes		68		50		49		8		(54)	NM		301		54	-82.1%
Federal income tax expense (benefit)		14		10		10		2		(12)	NM		63		11	-82.5%
Income (loss) from operations	$	54	$	40	$	39	$	6	$	(42)	NM	$	238	$	43	-81.9%

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	$	2,554	$	2,601	$	2,628	$	2,678	$	2,711	6.1%	$	2,393	$	2,655	10.9%

ROE, Excluding Goodwill and AOCI		8.4%		6.1%		5.9%		0.9%		-6.3%			10.0%		1.6%

Loss Ratios by Product Line
Life		65.7%		79.4%		82.6%		91.9%		93.4%			69.7%		86.7%
Disability		80.5%		78.3%		78.7%		78.9%		86.2%			76.8%		80.5%
Dental		70.7%		74.6%		40.2%		70.1%		67.3%			72.8%		63.1%
Total		74.4%		78.5%		77.8%		83.2%		87.8%			73.9%		81.8%








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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Other Operations
Operating revenues:
Insurance premiums	$	4	$	2	$	5	$	2	$	11	175.0%	$	13	$	21	61.5%
Net investment income		46		42		38		35		38	-17.4%		194		152	-21.6%
Other revenues		4		(6)		9		3		8	100.0%		13		12	-7.7%
Total operating revenues		54		38		52		40		57	5.6%		220		185	-15.9%
Operating expenses:
Interest credited		14		12		11		9		8	-42.9%		58		39	-32.8%
Benefits		23		16		30		33		40	73.9%		110		117	6.4%
Commissions and other expenses		17		(22)		36		10		46	170.6%		62		69	11.3%
Interest and debt expenses		72		68		68		66		65	-9.7%		284		269	-5.3%
Strategic digitization expense		18		12		14		20		23	27.8%		66		68	3.0%
Total operating expenses		144		86		159		138		182	26.4%		580		562	-3.1%
Income (loss) from operations before taxes		(90)		(48)		(107)		(98)		(125)	-38.9%		(360)		(377)	-4.7%
Federal income tax expense (benefit)		(23)		(1)		(25)		(24)		(31)	-34.8%		(92)		(82)	10.9%
Income (loss) from operations	$	(67)	$	(47)	$	(82)	$	(74)	$	(94)	-40.3%	$	(268)	$	(295)	-10.1%



















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
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	7,731	$	7,928	$	9,457	$	7,241	$	6,520	-15.7%	$	10,512	$	7,928	-24.6%
Business acquired (sold) through reinsurance		-		(10)		-		-		-	NM		-		(10)	NM
Cumulative effect from adoption of new
accounting standard		-		5		-		-		-	NM		-		5	NM
Deferrals		643		435		355		334		333	-48.2%		1,934		1,456	-24.7%
Operating amortization		(262)		(243)		(204)		(679)		(212)	19.1%		(1,354)		(1,337)	1.3%
Deferrals, net of operating amortization		381		192		151		(345)		121	-68.2%		580		119	-79.5%
Amortization associated with benefit ratio unlocking		(16)		66		(4)		(10)		(30)	-87.5%		(46)		23	150.0%
Adjustment related to realized (gains) losses		22		58		33		(198)		87	295.5%		55		(20)	NM
Adjustment related to unrealized (gains) losses		(190)		1,218		(2,396)		(168)		(673)	NM		(3,173)		(2,020)	36.3%
Balance as of end-of-period	$	7,928	$	9,457	$	7,241	$	6,520	$	6,025	-24.0%	$	7,928	$	6,025	-24.0%

DFEL
Balance as of beginning-of-period	$	482	$	650	$	1,379	$	433	$	392	-18.7%	$	2,769	$	650	-76.5%
Cumulative effect from adoption of new
accounting standard		-		4		-		-		-	NM		-		4	NM
Deferrals		368		240		252		263		249	-32.3%		1,095		1,003	-8.4%
Operating amortization		(163)		(160)		(111)		(424)		(120)	26.4%		(964)		(815)	15.5%
Deferrals, net of operating amortization		205		80		141		(161)		129	-37.1%		131		188	43.5%
Amortization associated with benefit ratio unlocking		(2)		8		(2)		(1)		(4)	-100.0%		(6)		2	133.3%
Adjustment related to realized (gains) losses		3		17		12		(14)		9	200.0%		-		25	NM
Adjustment related to unrealized (gains) losses		(38)		620		(1,097)		135		(125)	NM		(2,244)		(468)	79.1%
Balance as of end-of-period	$	650	$	1,379	$	433	$	392	$	401	-38.3%	$	650	$	401	-38.3%

DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	5,750	$	6,382	$	5,378	$	4,841	$	4,443	-22.7%	$	5,750	$	4,443	-22.7%








Page 18


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Fixed Annuities
Balance as of beginning-of-period	$	24,448	$	25,384	$	25,740	$	25,801	$	25,572	4.6%	$	21,666	$	25,384	17.2%
Gross deposits		1,176		1,058		299		87		82	-93.0%		5,085		1,525	-70.0%
Full surrenders and deaths		(355)		(400)		(384)		(399)		(400)	-12.7%		(1,766)		(1,583)	10.4%
Other contract benefits		(170)		(156)		(143)		(135)		(145)	14.7%		(601)		(578)	3.8%
Net flows		651		502		(228)		(447)		(463)	NM		2,718		(636)	NM
Contract holder assessments		(11)		(13)		(16)		(16)		(19)	-72.7%		(39)		(64)	-64.1%
Reinvested interest credited		296		(133)		305		234		315	6.4%		1,039		721	-30.6%
Balance as of end-of-period, gross		25,384		25,740		25,801		25,572		25,405	0.1%		25,384		25,405	0.1%
Reinsurance ceded		(8,748)		(8,532)		(8,452)		(8,309)		(8,200)	6.3%		(8,748)		(8,200)	6.3%
Balance as of end-of-period, net	$	16,636	$	17,208	$	17,349	$	17,263	$	17,205	3.4%	$	16,636	$	17,205	3.4%

Variable Annuities
Balance as of beginning-of-period	$	118,424	$	125,492	$	108,689	$	121,713	$	127,585	7.7%	$	108,536	$	125,492	15.6%
Gross deposits		2,726		2,639		2,216		2,452		2,428	-10.9%		9,440		9,735	3.1%
Full surrenders and deaths		(1,642)		(1,602)		(1,068)		(1,384)		(1,600)	2.6%		(6,533)		(5,655)	13.4%
Other contract benefits		(1,006)		(1,011)		(862)		(904)		(1,009)	-0.3%		(3,774)		(3,785)	-0.3%
Net flows		78		26		286		164		(181)	NM		(867)		295	134.0%
Contract holder assessments		(638)		(632)		(611)		(648)		(666)	-4.4%		(2,495)		(2,556)	-2.4%
Change in market value and reinvestment		7,628		(16,197)		13,349		6,356		13,575	78.0%		20,318		17,082	-15.9%
Balance as of end-of-period, gross		125,492		108,689		121,713		127,585		140,313	11.8%		125,492		140,313	11.8%
Reinsurance ceded		-		-		(1)		-		-	NM		-		-	NM
Balance as of end-of-period, gross and net	$	125,492	$	108,689	$	121,712	$	127,585	$	140,313	11.8%	$	125,492	$	140,313	11.8%

Total
Balance as of beginning-of-period	$	142,872	$	150,876	$	134,429	$	147,514	$	153,157	7.2%	$	130,202	$	150,876	15.9%
Gross deposits		3,902		3,697		2,515		2,539		2,510	-35.7%		14,525		11,260	-22.5%
Full surrenders and deaths		(1,997)		(2,002)		(1,452)		(1,783)		(2,000)	-0.2%		(8,299)		(7,238)	12.8%
Other contract benefits		(1,176)		(1,167)		(1,005)		(1,039)		(1,154)	1.9%		(4,375)		(4,363)	0.3%
Net flows		729		528		58		(283)		(644)	NM		1,851		(341)	NM
Contract holder assessments		(649)		(645)		(627)		(664)		(685)	-5.5%		(2,534)		(2,620)	-3.4%
Change in market value and reinvestment		7,924		(16,330)		13,654		6,590		13,890	75.3%		21,357		17,803	-16.6%
Balance as of end-of-period, gross		150,876		134,429		147,514		153,157		165,718	9.8%		150,876		165,718	9.8%
Reinsurance ceded		(8,748)		(8,532)		(8,453)		(8,309)		(8,200)	6.3%		(8,748)		(8,200)	6.3%
Balance as of end-of-period, net	$	142,128	$	125,897	$	139,061	$	144,848	$	157,518	10.8%	$	142,128	$	157,518	10.8%

Page 19


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
General Account
Balance as of beginning-of-period	$	20,337	$	20,558	$	21,335	$	21,672	$	22,316	9.7%	$	19,766	$	20,558	4.0%
Gross deposits		663		609		817		568		731	10.3%		1,983		2,725	37.4%
Withdrawals		(682)		(565)		(752)		(477)		(533)	21.8%		(2,161)		(2,326)	-7.6%
Net flows		(19)		44		65		91		198	NM		(178)		399	NM
Transfers between fixed and variable accounts		94		587		124		402		247	162.8%		397		1,359	242.3%
Contract holder assessments		(3)		(3)		(3)		(4)		(3)	0.0%		(12)		(13)	-8.3%
Reinvestment interest credited		149		149		151		155		158	6.0%		585		613	4.8%
Balance as of end-of-period	$	20,558	$	21,335	$	21,672	$	22,316	$	22,916	11.5%	$	20,558	$	22,916	11.5%

Separate Account and Mutual Funds
Balance as of beginning-of-period	$	54,227	$	58,131	$	48,301	$	54,886	$	58,255	7.4%	$	47,289	$	58,131	22.9%
Gross deposits		2,000		2,170		1,490		1,806		1,826	-8.7%		7,482		7,292	-2.5%
Withdrawals		(1,559)		(1,543)		(2,762)		(1,535)		(1,684)	-8.0%		(6,684)		(7,525)	-12.6%
Net flows		441		627		(1,272)		271		142	-67.8%		798		(233)	NM
Transfers between fixed and variable accounts		(171)		(610)		(161)		(436)		(326)	-90.6%		(712)		(1,532)	NM
Contract holder assessments		(55)		(54)		(49)		(50)		(59)	-7.3%		(212)		(212)	0.0%
Change in market value and reinvestment		3,689		(9,793)		8,067		3,584		7,379	100.0%		10,968		9,237	-15.8%
Balance as of end-of-period	$	58,131	$	48,301	$	54,886	$	58,255	$	65,391	12.5%	$	58,131	$	65,391	12.5%

Total
Balance as of beginning-of-period	$	74,564	$	78,689	$	69,636	$	76,558	$	80,571	8.1%	$	67,055	$	78,689	17.3%
Gross deposits		2,663		2,779		2,307		2,374		2,557	-4.0%		9,465		10,017	5.8%
Withdrawals		(2,241)		(2,108)		(3,514)		(2,012)		(2,217)	1.1%		(8,845)		(9,851)	-11.4%
Net flows		422		671		(1,207)		362		340	-19.4%		620		166	-73.2%
Transfers between fixed and variable accounts		(77)		(23)		(37)		(34)		(79)	-2.6%		(315)		(173)	45.1%
Contract holder assessments		(58)		(57)		(52)		(54)		(62)	-6.9%		(224)		(225)	-0.4%
Change in market value and reinvestment		3,838		(9,644)		8,218		3,739		7,537	96.4%		11,553		9,850	-14.7%
Balance as of end-of-period	$	78,689	$	69,636	$	76,558	$	80,571	$	88,307	12.2%	$	78,689	$	88,307	12.2%







Page 20


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
General Account
Balance as of beginning-of-period	$	37,582	$	38,141	$	38,054	$	38,034	$	38,080	1.3%	$	37,289	$	38,141	2.3%
Deposits		1,525		996		964		966		1,028	-32.6%		4,806		3,954	-17.7%
Withdrawals and deaths		(156)		(380)		(263)		(230)		(282)	-80.8%		(925)		(1,156)	-25.0%
Net flows		1,369		616		701		736		746	-45.5%		3,881		2,798	-27.9%
Contract holder assessments		(1,184)		(1,075)		(1,073)		(1,079)		(1,088)	8.1%		(4,428)		(4,313)	2.6%
Reinvested interest credited		374		372		352		389		398	6.4%		1,399		1,510	7.9%
Balance as of end-of-period, gross		38,141		38,054		38,034		38,080		38,136	0.0%		38,141		38,136	0.0%
Reinsurance ceded		(656)		(649)		(646)		(646)		(640)	2.4%		(656)		(640)	2.4%
Balance as of end-of-period, net	$	37,485	$	37,405	$	37,388	$	37,434	$	37,496	0.0%	$	37,485	$	37,496	0.0%

Separate Account
Balance as of beginning-of-period	$	16,136	$	17,646	$	14,782	$	17,351	$	18,671	15.7%	$	13,735	$	17,646	28.5%
Deposits		888		454		464		571		448	-49.5%		2,514		1,936	-23.0%
Withdrawals and deaths		(300)		(107)		(142)		(151)		(198)	34.0%		(973)		(597)	38.6%
Net flows		588		347		322		420		250	-57.5%		1,541		1,339	-13.1%
Contract holder assessments		(230)		(204)		(211)		(217)		(209)	9.1%		(815)		(841)	-3.2%
Change in market value and reinvestment		1,152		(3,007)		2,458		1,117		2,366	105.4%		3,185		2,934	-7.9%
Balance as of end-of-period, gross		17,646		14,782		17,351		18,671		21,078	19.4%		17,646		21,078	19.4%
Reinsurance ceded		(876)		(712)		(830)		(874)		(969)	-10.6%		(876)		(969)	-10.6%
Balance as of end-of-period, net	$	16,770	$	14,070	$	16,521	$	17,797	$	20,109	19.9%	$	16,770	$	20,109	19.9%

Total
Balance as of beginning-of-period	$	53,718	$	55,787	$	52,836	$	55,385	$	56,751	5.6%	$	51,024	$	55,787	9.3%
Deposits		2,413		1,450		1,428		1,537		1,476	-38.8%		7,320		5,890	-19.5%
Withdrawals and deaths		(456)		(487)		(405)		(381)		(480)	-5.3%		(1,898)		(1,753)	7.6%
Net flows		1,957		963		1,023		1,156		996	-49.1%		5,422		4,137	-23.7%
Contract holder assessments		(1,414)		(1,279)		(1,284)		(1,296)		(1,297)	8.3%		(5,243)		(5,154)	1.7%
Change in market value and reinvestment		1,526		(2,635)		2,810		1,506		2,764	81.1%		4,584		4,444	-3.1%
Balance as of end-of-period, gross		55,787		52,836		55,385		56,751		59,214	6.1%		55,787		59,214	6.1%
Reinsurance ceded		(1,532)		(1,361)		(1,476)		(1,520)		(1,609)	-5.0%		(1,532)		(1,609)	-5.0%
Balance as of end-of-period, net	$	54,255	$	51,475	$	53,909	$	55,231	$	57,605	6.2%	$	54,255	$	57,605	6.2%




Page 21


Lincoln Financial Group
Select Investment Data
Unaudited (millions of dollars)

	As of 12/31/19				As of 12/31/20
	Amount		%		Amount		%
Fixed Maturity AFS, Trading and Equity Securities, at Fair Value
Fixed maturity AFS securities, net of allowance for credit losses:
Corporate bonds	$	88,716		80.7%	$	102,789		80.5%
U.S. government bonds		435		0.4%		484		0.4%
State and municipal bonds		5,884		5.4%		6,921		5.4%
Foreign government bonds		393		0.4%		470		0.4%
Residential mortgage-backed securities		3,241		2.9%		3,076		2.4%
Commercial mortgage-backed securities		1,083		1.0%		1,505		1.2%
Asset-backed securities		4,889		4.4%		7,184		5.6%
Hybrid and redeemable preferred securities		559		0.5%		615		0.5%
Total fixed maturity AFS securities, net of allowance for credit losses		105,200		95.7%		123,044		96.4%
Trading securities		4,673		4.2%		4,501		3.5%
Equity securities		103		0.1%		129		0.1%
Total fixed maturity AFS securities, net of allowance for credit losses, and trading and
equity securities	$	109,976		100.0%	$	127,674		100.0%

Fixed Maturity AFS, Trading and Equity Securities, at Amortized Cost
Fixed maturity AFS securities	$	94,295		95.8%	$	104,174		96.1%
Trading securities		4,005		4.1%		4,072		3.8%
Equity securities		123		0.1%		132		0.1%
Total fixed maturity AFS, trading and equity securities	$	98,423		100.0%	$	108,378		100.0%

Percentage of Fixed Maturity AFS Securities, at Amortized Cost
Investment grade				96.3%				95.9%
Below investment grade				3.7%				4.1%










Page 22


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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Components of Realized Gain (Loss), Pre-Tax
Total adjusted operating realized gain (loss)	$	52	$	51	$	47	$	57	$	53	1.9%	$	184	$	208	13.0%
Total excluded realized gain (loss)		(171)		(75)		(694)		572		(523)	NM		(794)		(721)	9.2%
Total realized gain (loss), pre-tax	$	(119)	$	(24)	$	(647)	$	629	$	(470)	NM	$	(610)	$	(513)	15.9%

Reconciliation of Excluded Realized Gain (Loss)
Net of Benefit Ratio Unlocking, After-Tax
Total excluded realized gain (loss)	$	(135)	$	(60)	$	(548)	$	452	$	(414)	NM	$	(627)	$	(570)	9.1%
Benefit ratio unlocking		91		(349)		282		83		177	94.5%		277		194	-30.0%
Excluded realized gain (loss) net of
benefit ratio unlocking, after-tax	$	(44)	$	(409)	$	(266)	$	535	$	(237)	NM	$	(350)	$	(376)	-7.4%

Components of Excluded Realized Gain (Loss) Net
of Benefit Ratio Unlocking, After-Tax
Credit loss benefit (expense) on mortgage loans on
real estate	$	-	$	(51)	$	(79)	$	50	$	(6)	NM	$	-	$	(85)	NM
Credit loss benefit (expense) on other financial assets		-		(16)		(1)		(1)		(2)	NM		-		(20)	NM
OTTI		(1)		-		-		-		-	100.0%		(12)		-	100.0%
Realized gain (loss) related to certain financial assets		(8)		14		(36)		(5)		(7)	14.7%		(44)		(35)	20.5%
Realized gain (loss) on equity securities		3		(15)		2		3		13	NM		(2)		4	300.0%
Realized gain (loss) on the mark-to-market on certain
instruments		9		38		(1)		(6)		2	-77.8%		(95)		33	134.7%
Realized gain (loss) related to financial assets, after-tax		3		(30)		(115)		41		-	-100.0%		(153)		(103)	32.7%
Variable annuity net derivative results:
Hedge program performance, including unlocking
for GLB reserves hedged		2		(496)		(71)		12		(9)	NM		(97)		(564)	NM
GLB non-performance risk component		(55)		147		(79)		464		(240)	NM		(41)		293	NM
Total variable annuity net derivative results		(53)		(349)		(150)		476		(249)	NM		(138)		(271)	-96.4%
Indexed annuity forward-starting option		6		(30)		(1)		18		12	100.0%		(59)		(2)	96.6%
Excluded realized gain (loss) net of
benefit ratio unlocking, after-tax	$	(44)	$	(409)	$	(266)	$	535	$	(237)	NM	$	(350)	$	(376)	-7.4%





Page 23

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

	For the Three Months Ended											For the Twelve Months Ended
	12/31/19		3/31/20		6/30/20		9/30/20		12/31/20		Change	12/31/19		12/31/20		Change
Revenues
Total revenues	$	4,344	$	4,425	$	3,517	$	5,361	$	4,135	-4.8%	$	17,258	$	17,439	1.0%
Less:
Excluded realized gain (loss)		(171)		(75)		(694)		572		(523)	NM		(794)		(721)	9.2%
Amortization of DFEL associated with
benefit ratio unlocking		2		(9)		2		1		3	50.0%		6		(2)	NM
Adjusted operating revenues	$	4,513	$	4,509	$	4,209	$	4,788	$	4,655	3.1%	$	18,046	$	18,162	0.6%

Net Income
Net income (loss)	$	431	$	52	$	(94)	$	398	$	143	-66.8%	$	886	$	499	-43.7%
Less:
Excluded realized gain (loss), after-tax		(135)		(60)		(548)		452		(414)	NM		(627)		(570)	9.1%
Benefit ratio unlocking, after-tax		91		(349)		282		83		177	94.5%		277		194	-30.0%
Net impact from the Tax Cuts and Jobs Act		17		-		-		-		37	117.6%		17		37	117.6%
Acquisition and integration costs related to
mergers and acquisitions, after-tax		(24)		(4)		(3)		(4)		(3)	87.5%		(103)		(15)	85.4%
Gain (loss) on early extinguishment of debt, after-tax		-		-		(12)		-		-	NM		(33)		(12)	63.6%
Total adjustments		(51)		(413)		(281)		531		(203)	NM		(469)		(366)	22.0%
Adjusted income (loss) from operations	$	482	$	465	$	187	$	(133)	$	346	-28.2%	$	1,355	$	865	-36.2%

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	2.15	$	0.15	$	(0.49)	$	2.01	$	0.74	-65.6%	$	4.38	$	2.56	-41.6%
Less:
Excluded realized gain (loss), after-tax		(0.68)		(0.30)		(2.85)		2.32		(2.12)	NM		(3.11)		(2.93)	5.8%
Benefit ratio unlocking, after-tax		0.46		(1.77)		1.46		0.43		0.91	97.8%		1.38		0.99	-28.3%
Net impact from the Tax Cuts and Jobs Act		0.08		-		-		-		0.19	137.5%		0.08		0.19	137.5%
Acquisition and integration costs related to mergers
and acquisitions, after-tax		(0.12)		(0.02)		(0.01)		(0.02)		(0.02)	83.3%		(0.51)		(0.08)	84.3%
Gain (loss) on early extinguishment of debt, after-tax		-		-		(0.06)		-		-	NM		(0.17)		(0.06)	64.7%
Adjusted income (loss) from operations	$	2.41	$	2.24	$	0.97	$	(0.72)	$	1.78	-26.1%	$	6.71	$	4.45	-33.7%





Page 24


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


Exhibit Number	Description
99.1	Press release dated February 3, 2021, announcing Lincoln National Corporation’s financial results for the quarter and full year ended December 31, 2020.
99.2	Lincoln National Corporation Statistical Supplement for the quarter ended December 31, 2020.


				LINCOLN NATIONAL CORPORATION

				By	/s/ Christine A. Janofsky
				Name:	Christine A. Janofsky
				Title:	Senior Vice President and
					Chief Accounting Officer



	For the
(in millions, except per share data)	Three Months Ended
	December 31,
	2020		2019

Revenues	$	4,135	$	4,344

Net Income (Loss)	$	143	$	431
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)		-		(1)
Net Income (Loss) Available to Common
Stockholders – Diluted	$	143	$	430

Earnings (Loss) per Common Share – Basic	$	0.74	$	2.18
Earnings (Loss) per Common Share – Diluted		0.74		2.15

Average Shares – Basic	192,896,621		197,534,951
Average Shares – Diluted	193,898,721		200,005,404

	For the Year Ended
	December 31,
	2020		2019

Revenues	$	17,439	$	17,258

Net Income (Loss)	$	499	$	886
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)		-		-
Net Income (Loss) Available to Common
Stockholders – Diluted	$	499	$	886

Earnings (Loss) per Common Share – Basic	$	2.58	$	4.41
Earnings (Loss) per Common Share – Diluted		2.56		4.38

Average Shares – Basic	193,610,225		200,608,737
Average Shares – Diluted	195,772,374		202,105,134


(1) If the effect of equity classification would result in a more dilutive EPS, the numerator used in the calculation of our diluted EPS is
adjusted to remove the mark-to-market adjustment for deferred units of LNC stock in our deferred compensation plans.


	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)	2020		2019		2020		2019
Net Income (Loss)	$	143	$	431	$	499	$	886
Net Income (Loss) Available to Common Stockholders		143		430		499		886
Net Income (Loss) per Diluted Share Available to Common Stockholders		0.74		2.15		2.56		4.38
Revenues		4,135		4,344		17,439		17,258
Adjusted Income (Loss) from Operations		346		482		865		1,355
Adjusted Income (Loss) from Operations per Diluted Share Available to
Common Stockholders		1.78		2.41		4.45		6.71
Average Diluted Shares		193.9		200.0		195.8		202.1
Return on Equity (ROE), Including Accumulated Other Comprehensive
Income (AOCI) (Net Income)		2.6%		8.7%		2.5%		4.9%
Adjusted Operating ROE, Excluding AOCI (Income from Operations)		10.1%		13.9%		6.3%		9.7%
Book Value per Share, Including AOCI	$	118.02	$	100.11	$	118.02	$	100.11
Book Value per Share, Excluding AOCI		71.59		71.27		71.59		71.27



	As of December 31,
	2020		2019
Book value per share, including AOCI	$	118.02	$	100.11
Per share impact of AOCI		46.43		28.84
Book value per share, excluding AOCI		71.59		71.27