lnc-20250731

For Immediate Release

Lincoln Financial Reports 2025 Second Quarter Results

____________________________________

Radnor, PA, July 31, 2025: Lincoln Financial (NYSE: LNC) today reported financial results for the second quarter ended June 30, 2025.

•Strong performance in the quarter was driven by an increasingly diversified earnings mix and disciplined execution on strategic and financial objectives.

•Second quarter net income (loss) available to common stockholders was $688 million, or $3.80 per diluted share.

•Second quarter adjusted operating income (loss) available to common stockholders was $427 million, or $2.36 per diluted share.

◦The primary difference between net income (loss) and adjusted operating income (loss) resulted from a $0.3 billion net after-tax gain, or $1.77 per diluted share, primarily due to the non-economic impacts of changes in market risk benefits.

•Closed transaction with Bain Capital, a partnership expected to support acceleration of strategic priorities.

"Our second-quarter performance was strong and reflected the significant progress we have made in executing our strategy to reposition Lincoln for sustainable, long-term value creation," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "Group Protection delivered a record quarter for earnings and its highest-ever margin. Annuities generated its third-highest sales quarter, supported by a more diverse and balanced product mix. Retirement Plan Services saw an increase in total deposits resulting from strong first-year sales growth. Life Insurance delivered positive earnings, driven by favorable mortality and improved expenses.

"With a more balanced business mix, greater capital flexibility, and a disciplined focus on generating profitable growth with attractive risk-adjusted returns, we are well positioned to build on this momentum and unlock Lincoln's full potential."

Business Highlights

Our 2025 second-quarter results reflected the benefits of a more diverse earnings mix and continued execution against strategic initiatives by each business.

Retail Solutions

•Annuities reported operating income of $287 million, down 3% compared to the prior-year quarter, as outflows drove a decline in traditional variable annuities average account balances, partially offset by favorable equity markets. Annuities generated sales of $4.0 billion, up 5% year over year, with over $1 billion of sales in each of its primary product categories, a reflection of our diversified product offering. Spread-based products accounted for 66% of total sales in the quarter.

•Life Insurance reported operating income of $32 million, a $67 million increase from the prior-year quarter, driven by higher alternative investment income and favorable mortality. Alternative investment income returns were in line with our annual target in the second quarter. Total sales were $121 million, 15% higher than the prior-year period, as momentum in sales of risk-sharing products continued.

Workplace Solutions

•Group Protection reported operating income of $173 million, up 33% compared to the prior-year quarter, and a margin of 12.5%, up 250 basis points over the same period. This improvement was driven by life experience and favorable long-term disability results. Premiums were 7% higher year over year, resulting from prior-year sales and strong persistency. Sales of $187 million were 16% higher year over year, driven by growth in the local market segment and strong supplemental health sales.

•Retirement Plan Services reported operating income of $37 million in the quarter, down 8% year over year, primarily due to stable value outflows, partially offset by favorable equity markets. Net outflows were $0.6 billion, compared to $0.2 billion in the year-ago quarter, as plan terminations were partially offset by continued strength in first-year sales. Total deposits were $3.6 billion in the quarter, 10% higher than the prior-year period, driven by almost 50% first-year sales growth.

Earnings Summary


(in millions, except per share data)	For the Three Months Ended				For the Six Months Ended
	6/30/2024 (1)		6/30/25		6/30/24 (1)		6/30/25
Net income (loss)	$	895	$	699	$	2,116	$	(23)
Net income (loss) available to common stockholders — diluted	884		688		2,073		(69)
Net income (loss) per diluted share available to common stockholders(2)	$	5.11	$	3.80	$	12.03	$	(0.39)
Adjusted income (loss) from operations	335		438		580		752
Adjusted income (loss) from operations available to common stockholders	324		427		534		706
Adjusted income (loss) from operations per diluted share available to common stockholders	$	1.87	$	2.36	$	3.10	$	3.97

(1) Prior period amounts have been recast to conform to the current period presentation.

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

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations(1)


(in millions)	For the Three Months Ended				For the Six Months Ended
	6/30/24 (1)		6/30/25		6/30/24 (1)		6/30/25
Net income (loss) available to common stockholders — diluted	$	884	$	688	$	2,073	$	(69)
Less:
Preferred stock dividends declared	(11)		(11)		(46)		(46)
Adjusted for deferred units of LNC stock in our deferred compensation plans	—		—		3		—
Net income (loss)	895		699		2,116		(23)
Less:
Net annuity product features, pre-tax(2)	252		405		1,702		(687)
Net life insurance product features, pre-tax	4		(58)		(128)		(15)
Credit loss-related adjustments, pre-tax	(34)		(25)		(36)		(53)
Investment gains (losses), pre-tax	(230)		(81)		(311)		(183)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, pre-tax(2)	201		14		395		(76)
Gains (losses) on other non-financial assets - sale of
subsidiaries/businesses, pre-tax(2)	584		—		584		—
Other items, pre-tax(2)	(33)		75		(219)		40
Income tax benefit (expense) related to the above pre-tax items	(184)		(69)		(451)		199
Adjusted income (loss) from operations	$	335	$	438	$	580	$	752
Adjusted income (loss) from operations available to common stockholders	$	324	$	427	$	534	$	706

(1) See the definition of Adjusted Income (Loss) from Operations at the back of this press release for revisions made to the definition in the third quarter of 2024 and further explanation of reconciliation line items. Prior period amounts have been recast to conform to the current period presentation.

(2) Refer to the full reconciliation at the back of this release for footnotes.

Variable Investment Income


Alternative Investment Income, after-tax(1)	For the Three Months Ended										For the Six Months Ended
(in millions)	6/30/24		9/30/24		12/31/24		3/31/25		6/30/25		6/30/24		6/30/25
Annuities	$	1	$	3	$	3	$	2	$	3	$	3	$	5
Life Insurance	26		73		76		55		74		84		129
Group Protection	1		1		1		1		1		2		2
Retirement Plan Services	—		2		2		1		2		1		3
Other Operations	—		—		1		—		—		—		—
Consolidated	$	28	$	79	$	83	$	59	$	80	$	90	$	139

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


Prepayment Income, after-tax	For the Three Months Ended										For the Six Months Ended
(in millions)	6/30/24		9/30/24		12/31/24		3/31/25		6/30/25		6/30/24		6/30/25
Annuities	$	—	$	—	$	2	$	—	$	3	$	1	$	3
Life Insurance	2		3		1		1		—		2		1
Group Protection	—		1		1		—		1		—		1
Retirement Plan Services	—		—		1		—		—		1		—
Other Operations	—		—		—		—		—		—		—
Consolidated	$	2	$	4	$	5	$	1	$	4	$	4	$	5

Items Impacting Segment and Other Operations Results


	For the Three Months Ended June 30, 2025
(in millions)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
After-tax impacts:
Alternative investment income compared to return target(1)	$	—	$	—	$	—	$	—	$	—
Prepayment income(2)	3		—		1		—		—
Annual assumption review	—		—		—		—		—
Tax items	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	3	$	—	$	1	$	—	$	—


	For the Three Months Ended June 30, 2024
(in millions)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
After-tax impacts:
Alternative investment income compared to return target(1)	$	(1)	$	(39)	$	(1)	$	—	$	—
Prepayment income(2)	—		2		—		—		—
Annual assumption review	—		—		—		—		—
Tax items	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	(1)	$	(37)	$	(1)	$	—	$	—

(1) Alternative investment income comparison to return target assumes a 10% annual return on the alternative investment portfolio.

(2) Prepayment income is actual income reported in the quarter.

Capital and Liquidity


	As of or For the Three Months Ended
(in millions, except percent and per share data)	6/30/24		9/30/24		12/31/24			3/31/25		6/30/25
Holding company available liquidity(1)	$	463	$	459	$	463		$	466	$	466
RBC ratio(2)	>420%		>420%		433		%	>420%		>420%
Book value per share (BVPS), including AOCI	$	40.78	$	46.97	$	42.60		$	41.96	$	44.91
Book value per share, excluding AOCI(3)	$	66.37	$	62.67	$	72.06		$	67.04	$	67.95
Adjusted book value per share(3)	$	68.51	$	70.04	$	72.34		$	73.19	$	72.77

(1) Holding company available liquidity presented as of 6/30/24, 9/30/24 and 12/31/24 does not include the $300 million prefunding of a 2025 maturity.

(2) The RBC ratio is calculated annually as of December 31, but is reported in the March statutory reporting, and as such, the quarterly ratios presented for 6/30/24, 9/30/24, 3/31/25, and 6/30/2025 are considered estimates based on information known at the time of reporting.

(3) Refer to the reconciliation to book value per share, including AOCI, at the back of this release.

Annuities


(in millions, except ROA data)	As of or For the Three Months Ended												As of or For the Six Months Ended
	6/30/24		9/30/24		12/31/24		3/31/25		6/30/25		Change		6/30/24		6/30/25		Change
Total operating revenues	$	1,209	$	1,195	$	1,223	$	1,198	$	1,214	0.4	%	$	2,477	$	2,412	(2.6)	%
Total operating expenses	858		836		864		858		876		2.1	%	1,808		1,734		(4.1)	%
Income (loss) from operations before taxes	351		359		359		340		338		(3.7)	%	669		678		1.3	%
Federal income tax expense (benefit)	54		58		56		50		51		(5.6)	%	113		101		(10.6)	%
Income (loss) from operations	$	297	$	301	$	303	$	290	$	287	(3.4)	%	$	556	$	577	3.8	%
Income (loss) from operations, excluding impact of annual assumption review	$	297	$	300	$	303	$	290	$	287	(3.4)	%	$	556	$	577	3.8	%
Total sales	$	3,817	$	3,375	$	3,689	$	3,789	$	4,019	5.3	%	$	6,663	$	7,807	17.2	%
Net flows	$	(954)	$	(1,637)	$	(1,891)	$	(1,676)	$	(1,162)	(21.8)	%	$	(2,946)	$	(2,838)	3.7	%
Average account balances, net of reinsurance	$	158,370	$	161,680	$	165,424	$	163,688	$	159,806	0.9	%	$	156,531	$	161,877	3.4	%
Return on average account balances (bps)	75		74		73		71		72				71		71

•Income from operations was $287 million for the second quarter, down 3% compared to the prior-year quarter, as outflows drove a decline in traditional variable annuities average account balances, partially offset by favorable equity markets.

•Total sales were $4.0 billion in the quarter, increasing 5% compared to the prior year. Spread-based products comprised 66% of total sales.

•Net outflows were approximately $1.2 billion in the quarter, compared to net outflows of $1.0 billion in the prior-year quarter, with higher outflows driven by partial withdrawals.

•Average account balances, net of reinsurance, were $160 billion, increasing 1% over the prior-year quarter. This result was primarily due to growth in RILA, partially offset by a decline in traditional variable annuities.

Life Insurance


(in millions)	As of or For the Three Months Ended												As of or For the Six Months Ended
	6/30/24		9/30/24		12/31/24		3/31/25		6/30/25		Change		6/30/24		6/30/25		Change

Total operating revenues	$	1,511	$	1,589	$	1,608	$	1,587	$	1,602	6.0	%	$	3,052	$	3,188	4.5	%
Total operating expenses	1,562		1,568		1,634		1,619		1,568		0.4	%	3,153		3,186		1.0	%
Income (loss) from operations before taxes	(51)		21		(26)		(32)		34		166.7	%	(101)		2		102.0	%
Federal income tax expense (benefit)	(16)		(1)		(11)		(16)		2		112.5	%	(31)		(14)		54.8	%
Income (loss) from operations	$	(35)	$	22	$	(15)	$	(16)	$	32	191.4	%	$	(70)	$	16	122.9	%
Income (loss) from operations, excluding the impact of annual assumption review	$	(35)	$	14	$	(15)	$	(16)	$	32	191.4	%	$	(70)	$	16	122.9	%
Average account balances, net of reinsurance	$	43,230	$	44,055	$	44,746	$	44,390	$	45,651	5.6	%	$	42,755	$	45,020	5.3	%
Total sales	$	105	$	122	$	119	$	97	$	121	15.2	%	$	197	$	218	10.7	%

•Income from operations was $32 million, compared to a loss of $35 million in the prior-year quarter, resulting from higher alternative investment income and favorable mortality.

•Total sales were $121 million, up 15% compared to the prior-year quarter, as sales momentum in risk-sharing products continued.

•Average account balances, net of reinsurance, were $46 billion, up 6% versus the prior-year quarter.

Group Protection


(in millions, except margin data)	As of or For the Three Months Ended																	As of or For the Six Months Ended
	6/30/24			9/30/24			12/31/24			3/31/25			6/30/25			Change		6/30/24			6/30/25			Change
Total operating revenues	$	1,441		$	1,432		$	1,418		$	1,521		$	1,538		6.7	%	$	2,867		$	3,059		6.7	%
Total operating expenses	1,276			1,295			1,282			1,393			1,319			3.4	%	2,601			2,712			4.3	%
Income (loss) from operations before taxes	165			137			136			128			219			32.7	%	266			347			30.5	%
Federal income tax expense (benefit)	35			28			29			27			46			31.4	%	56			73			30.4	%
Income (loss) from operations	$	130		$	109		$	107		$	101		$	173		33.1	%	$	210		$	274		30.5	%
Income (loss) from operations, excluding the impact of annual assumption review	$	130		$	110		$	107		$	101		$	173		33.1	%	$	210		$	274		30.5	%
Insurance premiums	$	1,298		$	1,288		$	1,274		$	1,371		$	1,386		6.8	%	$	2,583		$	2,757		6.7	%
Total sales	$	161		$	84		$	467		$	157		$	187		16.1	%	$	306		$	344		12.4	%
Total loss ratio	70.1		%	71.4		%	71.0		%	72.4		%	65.9		%			72.5		%	69.2		%
Operating margin(1)	10.0		%	8.4		%	8.4		%	7.4		%	12.5		%			8.1		%	9.9		%
Operating margin, excluding the impact of annual assumption review	10.0		%	8.5		%	8.4		%	7.4		%	12.5		%			8.1		%	9.9		%

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

•Income from operations was $173 million in the quarter, 33% higher than the prior-year quarter, and the operating margin improved by 250 basis points to 12.5%. Life experience and favorable long-term disability results drove the year-over-year improvement.

•Insurance premiums were $1.4 billion in the quarter, increasing 7% year over year due to prior-year sales and strong persistency.

•Sales increased 16% year over year, driven by growth in the local market segment and strong supplemental health sales.

•The total loss ratio was 65.9%, 420 basis points lower than the prior-year quarter, driven by life experience and favorable long-term disability results.

Retirement Plan Services


(in millions, except ROA data)	As of or For the Three Months Ended												As of or For the Six Months Ended
	6/30/24		9/30/24		12/31/24		3/31/25		6/30/25		Change		6/30/24		6/30/25		Change
Total operating revenues	$	327	$	335	$	337	$	327	$	331	1.2	%	$	649	$	658	1.4	%
Total operating expenses	281		286		288		289		289		2.8	%	561		578		3.0	%
Income (loss) from operations before taxes	46		49		49		38		42		(8.7)	%	88		80		(9.1)	%
Federal income tax expense (benefit)	6		5		6		4		5		(16.7)	%	12		9		(25.0)	%
Income (loss) from operations	$	40	$	44	$	43	$	34	$	37	(7.5)	%	$	76	$	71	(6.6)	%

Deposits	$	3,282	$	4,180	$	3,473	$	4,115	$	3,594	9.5	%	$	7,085	$	7,709	8.8	%
Net flows	$	(197)	$	651	$	(732)	$	(2,184)	$	(585)	NM		$	194	$	(2,768)	NM
Average account balances	$	106,374	$	110,550	$	113,711	$	113,075	$	111,734	5.0	%	$	104,518	$	112,772	7.9	%
Return on average account balances (bps)	15		16		15		12		13				15		13

•Income from operations was $37 million in the quarter, down 8% compared to the prior year, primarily due to stable value outflows, partially offset by favorable equity markets.

•Net outflows were $0.6 billion, primarily due to plan terminations, partially offset by continued strength in first-year sales.

•Total deposits were $3.6 billion, 10% higher than the prior-year quarter, driven by significant first-year sales growth of nearly 50%.

•Average account balances were $112 billion, increasing 5% from the prior year.

Other Operations


(in millions)	As of or For the Three Months Ended												As of or For the Six Months Ended
	6/30/24		9/30/24		12/31/24		3/31/25		6/30/25		Change		6/30/24(1)		6/30/25		Change
Total operating revenues	$	39	$	52	$	42	$	52	$	41	5.1	%	$	66	$	94	42.4	%
Total operating expenses	161		157		160		164		157		(2.5)	%	308		322		4.5	%
Income (loss) from operations before taxes	(122)		(105)		(118)		(112)		(116)		4.9	%	(242)		(228)		5.8	%
Federal income tax expense (benefit)	(25)		(21)		(23)		(17)		(25)		0.0%		(50)		(42)		16.0	%
Income (loss) from operations(2)	$	(97)	$	(84)	$	(95)	$	(95)	$	(91)	6.2	%	$	(192)	$	(186)	3.1	%

(1) The six-month period ended June 30, 2024 has been recast to conform to the revised definition of income (loss) from operations. See Definitions of Non-GAAP Measures at the back of this press release.

(2) Income (loss) from operations does not include preferred dividends.

Unrealized Gains and Losses

The company reported a net unrealized loss of $9.1 billion (pre-tax) on its available-for-sale securities as of June 30, 2025, compared to a net unrealized loss of $10.5 billion (pre-tax) as of June 30, 2024. The year-over-year decrease was primarily due to lower Treasury rates.

The tables attached to this release define and reconcile the non-GAAP measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share excluding AOCI, and adjusted book value per share to net income (loss), net income (loss) available to common stockholders, and book value per share including AOCI, calculated in accordance with GAAP.

This press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements – Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the company’s current expectations.

For other financial information, please refer to the company’s second quarter 2025 statistical supplement and second quarter 2025 earnings supplement, which are available in the investor relations section of its website http://www.lincolnfinancial.com/investor.

Conference Call Information

Lincoln Financial will discuss the company’s second quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, July 31, 2025.

The call will be broadcast live through the company’s website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the call to download and install any necessary streaming media software. A replay of the call will be available by 10:30 a.m. Eastern Time on July 31, 2025, at www.lincolnfinancial.com/webcast.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2025, the company had $331 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Contacts:

Tina Madon

Sarah Boxler

Investor Relations

Media Relations

[email protected]

Non-GAAP Measures

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

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

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

Management also believes that the use of the non-GAAP financial measures book value per share, excluding accumulated other comprehensive income (“AOCI”), and adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

For the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and/or are included in the Statistical Supplements for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: http://www.lincolnfinancial.com/investor.

Definitions of Non-GAAP Measures Used in this Press Release

Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share, excluding AOCI, and adjusted book value per share, as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), net income (loss) available to common stockholders, and book value per share, including AOCI, the most directly comparable GAAP measures.

Adjusted Income (Loss) from Operations

In the third quarter of 2024, we revised our definition of adjusted income (loss) from operations to exclude the impact of certain additional items that are not indicative of the ongoing operations of the business and may obscure trends in the underlying performance of the Company. The presentation of prior period adjusted income (loss) from operations was recast for such third quarter 2024 revisions to conform to the current period presentation.

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

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

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

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

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

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

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

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

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

•Income (loss) from discontinued operations;

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

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

Adjusted Income (Loss) from Operations Available to Common Stockholders

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

Book Value Per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated based upon a non-GAAP financial measure.

•It is calculated by dividing (a) stockholders’ equity, excluding AOCI and preferred stock, by (b) common shares outstanding.

•Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value Per Share

Adjusted book value per share is calculated based upon a non-GAAP financial measure.

•It is calculated by dividing (a) stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”) by (b) common shares outstanding.

•Book value per share is the most directly comparable GAAP measure.

Other Definitions

Holding Company Available Liquidity

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

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) and MoneyGuard Market Advantage® (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.

Lincoln National Corporation

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations and

Average Stockholders' Equity to Adjusted Average Stockholders' Equity


	For the				For the
(in millions, except per share data)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024 (1)		2025		2024 (1)












Net Income (Loss) Available to Common
Stockholders – Diluted	$	688	$	884	$	(69)	$	2,073
Less:
Preferred stock dividends declared	(11)		(11)		(46)		(46)
Adjustment for deferred units of LNC stock in our
deferred compensation plans	—		—		—		3
Net Income (Loss)	699		895		(23)		2,116
Less:
Net annuity product features, pre-tax (2)	405		252		(687)		1,702
Net life insurance product features, pre-tax	(58)		4		(15)		(128)
Credit loss-related adjustments, pre-tax	(25)		(34)		(53)		(36)
Investment gains (losses), pre-tax	(81)		(230)		(183)		(311)
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax (3)	14		201		(76)		395

Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax (4)	—		584		—		584
Other items, pre-tax (5)(6)(7)(8)(9)	75		(33)		40		(219)
Income tax benefit (expense) related
to the above pre-tax items	(69)		(184)		199		(451)
Total adjustments	261		560		(775)		1,536
Adjusted Income (Loss) from Operations	$	438	$	335	$	752	$	580
Add:
Preferred stock dividends declared	(11)		(11)		(46)		(46)
Adjusted Income (Loss) from Operations Available to Common Stockholders	$	427	$	324	$	706	$	534

Earnings (Loss) Per Common Share – Diluted (10)
Net income (loss)	$	3.80	$	5.11	$	(0.39)	$	12.03
Adjusted income (loss) from operations	2.36		1.87		3.97		3.10

Stockholders’ Equity, Average
Stockholders' equity	$	8,871	$	7,747	$	8,551	$	7,483
Less:
Preferred stock	986		986		986		986
AOCI	(4,349)		(4,160)		(4,510)		(3,937)
Stockholders’ equity, excluding AOCI and preferred stock	12,234		10,921		12,075		10,434
Changes in MRBs	2,501		2,624		2,575		2,227
GLB and GDB hedge instruments gains (losses)	(3,297)		(2,723)		(3,162)		(2,551)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(191)		(372)		(182)		(465)
Adjusted average stockholders' equity	$	13,221	$	11,392	$	12,844	$	11,223

(1) Prior period amounts have been recast to conform to the current period presentation. See definitions of Non-GAAP measures earlier in this release.

(2) For the three months ended June 30, 2025 and 2024, includes changes in MRBs of $932 million and $126 million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(595) million and $50 million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $68 million and $76 million, respectively. For the six months ended June 30, 2025 and 2024, includes changes in MRBs of $(370) million and $2,021 million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(321) million and $(537) million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $4 million and $218 million, respectively.

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

(4) Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.

(5) Includes $(114) million for the six months ended June 30, 2024, primarily related to the settlement of cost of insurance litigation in the first quarter of 2024.

(6) Includes severance expense related to initiatives to realign the workforce of $(2) million and $(7) million for the three months ended June 30, 2025 and 2024, respectively, and $(8) million and $(56) million for the six months ended June 30, 2025 and 2024, respectively.

(7) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives for the three months ended June 30, 2025 and 2024, respectively, of $(18) million primarily related to the Bain Capital transaction and $(27) million related to the sale of our wealth management business; and for the six months ended June 30, 2025 and 2024, respectively, of $(38) million related to the Bain Capital transaction and the sale of our wealth management business and $(37) million primarily related to the sale of our wealth management business.

(8) Includes deferred compensation mark-to-market adjustment of $1 million for the three months ended June 30, 2025 and 2024, and $(8) million and $(12) million for the six months ended June 30, 2025 and 2024, respectively.

(9) Includes gains (losses) on early extinguishment of debt of $94 million for the three and six months ended June 30, 2025.

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

Lincoln National Corporation

Reconciliation of Book Value per Share


	As of the Three Months Ended
	6/30/24		9/30/24		12/31/24		3/31/25		6/30/25
Book Value Per Common Share
Book value per share	$	40.78	$	46.97	$	42.60	$	41.96	$	44.91
Less:
AOCI	(25.59)		(15.70)		(29.46)		(25.08)		(23.04)
Book value per share, excluding AOCI	66.37		62.67		72.06		67.04		67.95
Less:
Changes in MRBs	15.66		12.56		18.51		12.42		15.05
GLB and GDB hedge instruments gains (losses)	(16.22)		(16.17)		(17.91)		(17.43)		(18.89)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(1.58)		(3.76)		(0.88)		(1.14)		(0.98)
Adjusted book value per share	$	68.51	$	70.04	$	72.34	$	73.19	$	72.77

Lincoln National Corporation

Digest of Earnings


	For the				For the
(in millions, except per share data)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

Revenues	$	4,044	$	5,153	$	8,735	$	9,269

Net Income (Loss)	$	699	$	895	$	(23)	$	2,116
Preferred stock dividends declared	(11)		(11)		(46)		(46)
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)	—		—		—		3
Net Income (Loss) Available to Common
Stockholders – Diluted	$	688	$	884	$	(69)	$	2,073

Net Income (Loss) Per Common Share – Basic	$	3.88	$	5.18	$	(0.39)	$	12.16
Net Income (Loss) Per Common Share – Diluted (2)	$	3.80	$	5.11	$	(0.39)	$	12.03

Average Shares – Basic	177,175,326		170,620,161		174,264,554		170,335,077
Average Shares – Diluted	180,602,665		172,892,566		177,033,874		172,363,656

(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.

FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE

Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.

Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

•Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience;

•Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;

•The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations;

•Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; our affiliate reinsurance arrangements; and restrictions on the payment of revenue sharing and 12b-1 distribution fees;

•Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell;

•The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products;

•The impact of new and emerging rules, laws and regulations relating to privacy, cybersecurity and artificial intelligence that may lead to increased compliance costs, reputation risk and/or changes in business practices;

•Increasing scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;

•Actions taken by reinsurers to raise rates on in-force business;

•Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;

•Rapidly increasing or sustained high interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses;

•The impact of the implementation of the provisions of the European Market Infrastructure Regulation relating to the regulation of derivatives transactions;

•The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;

•A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefit riders, which are accounted for as market risk benefits, of our subsidiaries’ variable annuity products;

•Ineffectiveness of our risk management policies and procedures, including our various hedging strategies;

•A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings;

•Changes in accounting principles that may affect our consolidated financial statements;

•Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;

•Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, and profitability of our insurance subsidiaries and liquidity;

•Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;

•Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems;

•The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items;

•The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives;

•The adequacy and collectability of reinsurance that we have obtained;

•Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance;

•Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;

•The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and

•The unanticipated loss of key management or wholesalers.

The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

The reporting of Risk-Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

Statistical Supplement

Second Quarter 2025


			Lincoln Financial
			Table of Contents


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

			Select Earnings and Operational Data from Business Segments and Other Operations

			Annuities .........................................................................................................................................................................................................................................................			14
			Life Insurance ................................................................................................................................................................................................................................................			15
			Group Protection ............................................................................................................................................................................................................................................			16
			Retirement Plan Services ..............................................................................................................................................................................................................................			17
			Other Operations ............................................................................................................................................................................................................................................			18
			DAC and Account Balance Roll Forwards
			Consolidated DAC, VOBA, DSI and DFEL Roll Forwards ..............................................................................................................................................................................			19
			Account Balance Roll Forwards:
			Annuities ......................................................................................................................................................................................................................................................			20-21
			Life Insurance ..............................................................................................................................................................................................................................................			22
			Retirement Plan Services ............................................................................................................................................................................................................................			23
			Investment Information
			Fixed-Income Asset Class .............................................................................................................................................................................................................................			24
			Fixed-Income Credit Quality ..........................................................................................................................................................................................................................			25
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................			26-30

Tab le of Contents

Lincoln Financial

Notes

Non-GAAP Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 26.

the business and may obscure trends in the underlying performance of the Company. The six month period ended June 30, 2024, has been recast for such third quarter 2024 revisions to conform to

the current period presentation.

Adjusted Income (Loss) From Operations

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

cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity

product features”);

• Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance (“VUL”) hedging, changes in reserves resulting

from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance (“IUL”) contracts

and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

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

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

(collectively, “investment gains (losses)”);

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

embedded derivatives, trading securities and certain mortgage loans”);

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

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

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

• Income (loss) from discontinued operations;

and acquisitions, including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment

related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt;

and impacts from settlement or curtailment of defined benefit obligations; and

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

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

Adjusted Operating Revenues

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

• Changes in the fair value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders inclusive of income allocated to support the cost of

hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity and IUL products (“revenue adjustments from

annuity and life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

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

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

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

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

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Lincoln Financial

Notes

Non-GAAP Measures, Continued

Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted

income (loss) from operations per diluted share available to common stockholders and adjusted operating revenues is helpful to investors in evaluating the company’s performance.

Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our

variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on

managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related

adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period

to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the

fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios

supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals

or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes

excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business

fundamentals.

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding accumulated other comprehensive income (loss) (“AOCI”) and preferred stock is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is

useful to investors to analyze our net worth because it eliminates market movements that can fluctuate significantly from period to period, primarily related to changes in interest rates. Stockholders’ equity

is the most directly comparable GAAP measure.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, GLB and GDB hedge instruments gains (losses), and the difference between amounts

recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”). Management

believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes

in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Book Value per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. Management believes that using book value

per share, excluding AOCI enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI, is useful to investors because

it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value per Share

Adjusted book value per share is calculated by dividing adjusted stockholders’ equity by common shares outstanding. Management believes that using adjusted book value per share enables investors to

analyze the amount of our net worth that is attributable to our business operations. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate

significantly from period to period, primarily based on changes in equity markets and interest rates. Book value per share is the most directly comparable GAAP measure.

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

Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE is calculated by dividing annualized adjusted income (loss) from operations available

to common stockholders by average stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates the effect of market movements

on ROE that can fluctuate significantly from period to period, primarily related to changes in interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Tab le of Contents

Lincoln Financial

Notes

Non-GAAP Measures, Continued

Adjusted Income (Loss) From Operations ROE

Adjusted income (loss) from operations ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders’ equity.

Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that can fluctuate significantly from period to period, primarily related to changes

in equity markets and interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Computations

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

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

• We exclude deferred units of LNC stock that are antidilutive from our diluted net income (loss) earnings per share calculation. In addition, for any period where a net loss or adjusted loss from operations

is experienced, shares used in the diluted EPS calculation represent basic shares, as the use of diluted shares would result in a lower loss per share.

Definitions

outstanding.

Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. See adjusted income (loss) from operations ROE above and adjusted income (loss) from

operations available to common stockholders, excluding AOCI and preferred stock ROE on page 2 for further information on how these metrics are calculated. Management evaluates consolidated ROE by both

including and excluding the effect of average goodwill.

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

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

Sales as reported consist of the following:

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

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

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

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

single premium deposits;

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

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

Statistical Supplement is Dated

This document is dated July 31, 2025, and has not been updated since that date. Lincoln Financial does not intend to update this document.

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Lincoln Financial

Credit Ratings

Ratings as of July 31, 2025

Standard

AM Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

bbb+

BBB+

Baa2

BBB+

Financial Strength Ratings

The Lincoln National Life Insurance Company

A+

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

Investor Inquiries May Be Directed To:

Tina Madon, Senior Vice President,

Investor Relations

Email: [email protected]

Phone: 800-237-2920

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

		For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Revenues
Insurance premiums	$	1,625	$	1,614	$	1,586	$	1,676	$	1,682	3.5	%	$	3,226	$	3,358	4.1	%
Fee income		1,339		1,352		1,387		1,365		1,340	0.1	%		2,662		2,706	1.7	%
Net investment income		1,332		1,411		1,435		1,457		1,466	10.1	%		2,679		2,924	9.1	%
Realized gain (loss)		663		(431)		470		11		(641)	NM			230		(631)	NM
Other revenues		194		165		185		182		197	1.5	%		472		378	-19.9	%
Total revenues		5,153		4,111		5,063		4,691		4,044	-21.5	%		9,269		8,735	-5.8	%

Expenses
Benefits		2,008		1,937		1,970		2,068		1,994	-0.7	%		4,011		4,062	1.3	%
Interest credited		853		880		888		890		916	7.4	%		1,675		1,805	7.8	%
Market risk benefit (gain) loss		(136)		657		(1,291)		1,293		(940)	NM			(2,043)		353	117.3	%
Policyholder liability remeasurement (gain) loss		(105)		(50)		(23)		(59)		(88)	16.2	%		(117)		(146)	-24.8	%
Commissions and other expenses		1,351		1,304		1,336		1,368		1,327	-1.8	%		2,951		2,695	-8.7	%
Interest and debt expense		86		86		83		80		(13)	NM			167		67	-59.9	%


Total expenses		4,057		4,814		2,963		5,640		3,196	-21.2	%		6,644		8,836	33.0	%
Income (loss) before taxes		1,096		(703)		2,100		(949)		848	-22.6	%		2,625		(101)	NM
Federal income tax expense (benefit)		201		(175)		414		(227)		149	-25.9	%		509		(78)	NM


Net income (loss)		895		(528)		1,686		(722)		699	-21.9	%		2,116		(23)	NM
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		—		—		—	NM			3		—	-100.0	%
Net income (loss) available to common
stockholders – diluted	$	884	$	(562)	$	1,675	$	(756)	$	688	-22.2	%	$	2,073	$	(69)	NM


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	5.11	$	(3.29)	$	9.63	$	(4.41)	$	3.80	-25.6	%	$	12.03	$	(0.39)	NM

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	67,313	$	70,234	$	66,450	$	66,885	$	67,371	0.1%
U.S. government bonds		389		398		391		538		564	45.0%
State and municipal bonds		2,564		2,567		2,371		2,350		2,254	-12.1%
Foreign government bonds		260		252		237		239		239	-8.1%
Residential mortgage-backed securities		1,795		1,882		1,863		1,941		2,063	14.9%
Commercial mortgage-backed securities		1,542		1,643		1,665		1,830		1,972	27.9%
Asset-backed securities		13,072		13,444		13,880		14,241		14,658	12.1%
Hybrid and redeemable preferred securities		239		262		254		273		265	10.9%


Total fixed maturity AFS securities, net of allowance for credit losses		87,174		90,682		87,111		88,297		89,386	2.5%
Trading securities		2,201		2,206		2,025		1,984		1,909	-13.3%
Equity securities		295		293		294		345		341	15.6%
Mortgage loans on real estate, net of allowance for credit losses		20,152		20,856		21,083		21,558		21,996	9.2%

Policy loans		2,513		2,510		2,476		2,529		2,552	1.6%
Derivative investments		8,608		9,522		9,677		7,849		8,349	-3.0%
Other investments		5,652		5,743		6,588		6,653		6,611	17.0%
Total investments		126,595		131,812		129,254		129,215		131,144	3.6%
Cash and invested cash		5,475		6,013		5,801		4,284		7,143	30.5%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,435		12,475		12,537		12,563		12,604	1.4%

Reinsurance recoverables, net of allowance for credit losses		29,126		29,233		28,750		28,580		28,440	-2.4%


Deposit assets, net of allowance for credit losses		30,330		30,938		30,776		31,048		31,754	4.7%
Market risk benefit assets		4,754		4,565		4,860		4,157		4,577	-3.7%
Accrued investment income		1,135		1,160		1,108		1,134		1,136	0.1%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		8,340		8,017		8,163		8,267		8,181	-1.9%
Separate account assets		165,199		171,483		168,438		162,506		172,942	4.7%
Total assets	$	384,533	$	396,840	$	390,831	$	382,898	$	399,065	3.8%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	124,113	$	125,968	$	126,197	$	125,262	$	129,209	4.1	%
Future contract benefits		38,560		41,169		39,807		40,665		41,053	6.5	%
Funds withheld reinsurance liabilities		17,044		17,595		16,907		16,838		16,700	-2.0	%
Market risk benefit liabilities		1,275		1,272		1,046		1,306		1,205	-5.5	%

Deferred front-end loads		6,306		6,517		6,730		6,910		7,119	12.9	%
Payables for collateral on investments		11,114		10,570		10,020		8,282		8,466	-23.8	%
Short-term debt		450		300		300		—		—	-100.0	%
Long-term debt by rating agency leverage definitions:
Operating (see note (1) on page 9 for details)		867		867		868		868		868	0.1	%
Financial		4,849		5,030		4,988		5,000		4,899	1.0	%




Other liabilities		6,807		7,056		7,261		7,068		7,056	3.7	%






Separate account liabilities		165,199		171,483		168,438		162,506		172,942	4.7	%
Total liabilities		376,584		387,827		382,562		374,705		389,517	3.4	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,641		4,660		4,674		4,703		5,545	19.5	%
Retained earnings		6,691		6,049		7,645		6,810		7,409	10.7	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(5,253)		(3,565)		(5,601)		(5,078)		(4,750)	9.6	%



Market risk benefit non-performance risk gain (loss)		409		781		146		464		114	-72.1	%
Policyholder liability discount rate remeasurement gain (loss)		795		422		744		633		569	-28.4	%
Foreign currency translation adjustment		(27)		(18)		(29)		(24)		(14)	48.1	%
Funded status of employee benefit plans		(293)		(302)		(296)		(301)		(311)	-6.1	%
Total accumulated other comprehensive income (loss)		(4,369)		(2,682)		(5,036)		(4,306)		(4,392)	-0.5	%
Total stockholders’ equity		7,949		9,013		8,269		8,193		9,548	20.1	%
Total liabilities and stockholders’ equity	$	384,533	$	396,840	$	390,831	$	382,898	$	399,065	3.8	%

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


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

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Income (Loss)
Net income (loss)	$	895		$	(528)		$	1,686		$	(722)		$	699		-21.9	%	$	2,116		$	(23)		NM
Pre-tax adjusted income (loss) from operations (1)		389			461			400			362			517		32.9	%		680			879		29.3	%
After-tax adjusted income (loss) from operations (1)(2)		335			392			343			314			438		30.7	%		580			752		29.7	%
Adjusted operating tax rate (1)		13.7	%		15.0	%		14.1	%		13.3	%		15.4	%				14.7	%		14.4	%
Adjusted income (loss) from operations available to
common stockholders (1)		324			358			332			280			427		31.8	%		534			706		32.2	%







ROE
Net income (loss) ROE		46.2	%		-24.9	%		78.1	%		-35.1	%		31.5	%				56.6	%		-0.5	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE (1)		11.9	%		13.0	%		11.5	%		9.4	%		14.0	%				10.2	%		11.7	%
Adjusted income (loss) from operations ROE (1)		11.4	%		12.1	%		10.9	%		9.0	%		12.9	%				9.5	%		11.0	%

Per Common Share
Net income (loss) (diluted)	$	5.11		$	(3.29)		$	9.63		$	(4.41)		$	3.80		-25.6	%	$	12.03		$	(0.39)		NM
Adjusted income (loss) from operations (diluted) (1)(3)		1.87			2.06			1.91			1.60			2.36		26.2	%		3.10			3.97		28.1	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			0.90			0.90		0.0%

Book Value Per Common Share
Book value per share	$	40.78		$	46.97		$	42.60		$	41.96		$	44.91		10.1	%	$	40.78		$	44.91		10.1	%

Book value per share, excluding AOCI (4)		66.37			62.67			72.06			67.04			67.95		2.4	%		66.37			67.95		2.4	%
Adjusted book value per share (4)		68.51			70.04			72.34			73.19			72.77		6.2	%		68.51			72.77		6.2	%

Common Shares

End-of-period – basic		170.7			170.9			171.0			171.7			190.6		11.7	%		170.7			190.6		11.7	%
Average for the period – basic		170.6			170.8			170.9			171.3			177.2		3.9	%		170.3			174.3		2.3	%
End-of-period – diluted (1)		173.4			173.6			174.1			175.3			194.0		11.9	%		173.4			194.0		11.9	%
Average for the period – diluted (1)		172.9			173.6			174.0			174.7			180.6		4.5	%		172.4			177.7		3.1	%


(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.
(2) See reconciliation to net income (loss) on page 26.
(3) See reconciliation to earnings (loss) per common share – diluted on page 28.
(4) See reconciliation to stockholders’ equity and book value per common share on page 30.

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

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

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



Cash Returned to Common Stockholders – Common Dividends	$	77		$	77		$	77		$	77		$	77		0.0%		$	153	$	154	0.7	%


Cash Returned to Preferred Stockholders – Preferred Dividends	$	11		$	34		$	11		$	34		$	11		0.0%		$	46	$	46	0.0%


Leverage Ratio
Short-term debt	$	450		$	300		$	300		$	—		$	—		-100.0	%
Long-term debt		5,716			5,897			5,856			5,868			5,767		0.9	%
Total debt		6,166			6,197			6,156			5,868			5,767		-6.5	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		7,152			7,183			7,142			6,854			6,753		-5.6	%







Less:
Operating debt (1)		867			867			868			868			868		0.1	%
Pre-funding of upcoming debt maturities		300			300			300			—			—		-100.0	%
25% of capital securities and subordinated notes		302			302			302			302			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Carrying value of fair value hedges and other items		123			153			111			122			119		-3.3	%
Total numerator	$	5,067		$	5,068		$	5,068		$	5,069		$	5,026		-0.8	%

Adjusted stockholders’ equity (2)	$	11,698		$	11,967		$	12,367		$	12,569		$	13,873		18.6	%


Add:
25% of capital securities and subordinated notes		302			302			302			302			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Total numerator		5,067			5,068			5,068			5,069			5,026		-0.8	%
Total denominator	$	17,560		$	17,830		$	18,230		$	18,433		$	19,639		11.8	%

Leverage ratio		28.9	%		28.4	%		27.8	%		27.5	%		25.6	%


Holding Company Available Liquidity (3)	$	763		$	759		$	763		$	466		$	466		-38.9	%




(1) 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.
(2) See reconciliation to stockholders’ equity on page 30.





(3) Includes pre-funding of upcoming debt maturities.

Tab le of Contents


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

	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Annuities
Operating revenues	$	1,209	$	1,195	$	1,223	$	1,198	$	1,214	0.4	%	$	2,477	$	2,412	-2.6	%
Deposits		3,823		3,383		3,692		3,799		4,024	5.3	%		6,672		7,823	17.3	%
Net flows		(954)		(1,637)		(1,891)		(1,676)		(1,162)	-21.8	%		(2,946)		(2,838)	3.7	%



Average account balances, net of reinsurance		158,370		161,680		165,424		163,688		159,806	0.9	%		156,531		161,877	3.4	%
Alternative investment income (1)		1		4		4		2		3	200.0	%		4		6	50.0	%

Life Insurance
Operating revenues	$	1,511	$	1,589	$	1,608	$	1,587	$	1,602	6.0	%	$	3,052	$	3,188	4.5	%
Deposits		1,230		1,262		1,402		1,218		1,281	4.1	%		2,438		2,500	2.5	%
Net flows		751		738		930		569		633	-15.7	%		1,492		1,202	-19.4	%
Average account balances, net of reinsurance		43,230		44,055		44,746		44,390		45,651	5.6	%		42,755		45,020	5.3	%
Average in-force face amount		1,085,383		1,083,176		1,080,074		1,074,858		1,069,688	-1.4	%		1,086,394		1,072,273	-1.3	%
Alternative investment income (1)		32		92		96		70		94	193.8	%		106		163	53.8	%

Group Protection
Operating revenues	$	1,441	$	1,432	$	1,418	$	1,521	$	1,538	6.7	%	$	2,867	$	3,059	6.7	%
Insurance premiums		1,298		1,288		1,274		1,371		1,386	6.8	%		2,583		2,757	6.7	%
Alternative investment income (1)		1		1		2		1		2	100.0	%		2		3	50.0	%

Retirement Plan Services
Operating revenues	$	327	$	335	$	337	$	327	$	331	1.2	%	$	649	$	658	1.4	%
Deposits		3,282		4,180		3,473		4,115		3,594	9.5	%		7,085		7,709	8.8	%
Net flows		(197)		651		(732)		(2,184)		(585)	NM			194		(2,768)	NM
Average account balances		106,374		110,550		113,711		113,075		111,734	5.0	%		104,518		112,772	7.9	%
Alternative investment income (1)		1		2		2		2		2	100.0	%		2		4	100.0	%

Consolidated
Adjusted operating revenues (2)	$	4,527	$	4,603	$	4,628	$	4,685	$	4,726	4.4	%	$	9,111	$	9,411	3.3	%
Deposits		8,335		8,825		8,567		9,132		8,899	6.8	%		16,195		18,032	11.3	%
Net flows		(400)		(248)		(1,693)		(3,291)		(1,114)	NM			(1,260)		(4,404)	NM
Average account balances, net of reinsurance		307,974		316,285		323,881		321,153		317,191	3.0	%		303,804		319,669	5.2	%
Alternative investment income (1)		36		100		105		75		101	180.6	%		114		176	54.4	%


(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have a limited
economic interest in the investments.
(2) See reconciliation to total revenues on page 27.

Tab le of Contents


Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Six Months Ended

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Sales
Annuities:
RILA	$	1,096		$	1,203		$	1,285		$	1,292		$	1,447		32.0	%	$	2,038		$	2,739		34.4	%
Fixed		1,667			1,009			560			863			1,221		-26.8	%		2,637			2,083		-21.0	%
Traditional variable with GLBs		634			691			1,243			1,099			935		47.5	%		1,179			2,033		72.4	%
Traditional variable without GLBs		420			472			601			535			416		-1.0	%		809			952		17.7	%

Total Annuities	$	3,817		$	3,375		$	3,689		$	3,789		$	4,019		5.3	%	$	6,663		$	7,807		17.2	%


Life Insurance:
IUL/UL	$	25		$	32		$	26		$	24		$	28		12.0	%	$	43		$	52		20.9	%
MoneyGuard®		34			35			35			28			29		-14.7	%		58			58		0.0%

VUL		19			22			21			15			15		-21.1	%		43			30		-30.2	%
Term		18			15			13			13			15		-16.7	%		37			28		-24.3	%

Executive Benefits		9			18			24			17			34		277.8	%		16			50		212.5	%
Total Life Insurance	$	105		$	122		$	119		$	97		$	121		15.2	%	$	197		$	218		10.7	%


Group Protection:
Life	$	81		$	42		$	184		$	101		$	104		28.4	%	$	167		$	205		22.8	%
Disability		74			36			253			48			70		-5.4	%		125			118		-5.6	%
Dental		6			6			30			8			13		116.7	%		14			21		50.0	%
Total Group Protection	$	161		$	84		$	467		$	157		$	187		16.1	%	$	306		$	344		12.4	%

Percent employee-paid		50.0	%		52.8	%		34.3	%		72.3	%		58.7	%				59.6	%		64.9	%

Retirement Plan Services:
First-year sales	$	821		$	1,652		$	1,273		$	1,104		$	1,222		48.8	%	$	1,949		$	2,326		19.3	%
Recurring deposits		2,461			2,528			2,200			3,011			2,372		-3.6	%		5,136			5,383		4.8	%
Total Retirement Plan Services	$	3,282		$	4,180		$	3,473		$	4,115		$	3,594		9.5	%	$	7,085		$	7,709		8.8	%

Tab le of Contents


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

	For the Three Months Ended																		For the Six Months Ended

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Operating Revenues
Annuities	$	1,209		$	1,195		$	1,223		$	1,198		$	1,214		0.4	%	$	2,477		$	2,412		-2.6	%
Life Insurance		1,511			1,589			1,608			1,587			1,602		6.0	%		3,052			3,188		4.5	%
Group Protection		1,441			1,432			1,418			1,521			1,538		6.7	%		2,867			3,059		6.7	%
Retirement Plan Services		327			335			337			327			331		1.2	%		649			658		1.4	%
Other Operations		39			52			42			52			41		5.1	%		66			94		42.4	%
Total adjusted operating revenues	$	4,527		$	4,603		$	4,628		$	4,685		$	4,726		4.4	%	$	9,111		$	9,411		3.3	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	112		$	103		$	112		$	108		$	110		-1.8	%	$	246		$	218		-11.4	%
Life Insurance		125			126			129			119			122		-2.4	%		256			241		-5.9	%
Group Protection		193			195			195			202			206		6.7	%		380			408		7.4	%
Retirement Plan Services		80			81			82			81			80		0.0%			161			161		0.0%
Other Operations (1)		64			67			70			65			55		-14.1	%		120			120		0.0%
Total (1)	$	574		$	572		$	588		$	575		$	573		-0.2	%	$	1,163		$	1,148		-1.3	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.3	%		8.6	%		9.2	%		9.0	%		9.1	%				9.9	%		9.0	%
Life Insurance		8.3	%		7.9	%		8.0	%		7.5	%		7.6	%				8.4	%		7.6	%
Group Protection		13.4	%		13.6	%		13.8	%		13.3	%		13.4	%				13.3	%		13.3	%
Retirement Plan Services		24.4	%		24.3	%		24.3	%		24.9	%		24.1	%				24.8	%		24.5	%

Total (1)		12.7	%		12.4	%		12.7	%		12.3	%		12.1	%				12.8	%		12.2	%



(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.

Tab le of Contents


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

	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses (1)	$	638	$	632	$	650	$	629	$	627	-1.7	%	$	1,278	$	1,256	-1.7	%
Commissions		561		546		575		558		570	1.6	%		1,200		1,127	-6.1	%
Taxes, licenses and fees (1)		76		80		75		98		80	5.3	%		168		178	6.0	%
Interest and debt expense		86		86		83		80		81	-5.8	%		167		161	-3.6	%
Expenses associated with reserve financing
and letters of credit		28		32		36		32		33	17.9	%		58		65	12.1	%
Total adjusted operating commissions and
other expenses incurred (1)		1,389		1,376		1,419		1,397		1,391	0.1	%		2,871		2,787	-2.9	%

Less Amounts Capitalized
General and administrative expenses		(64)		(60)		(62)		(54)		(54)	15.6	%		(115)		(108)	6.1	%
Commissions		(224)		(236)		(263)		(238)		(252)	-12.5	%		(428)		(490)	-14.5	%
Taxes, licenses and fees		(7)		(8)		(7)		(9)		(7)	0.0%			(16)		(16)	0.0%
Total amounts capitalized		(295)		(304)		(332)		(301)		(313)	-6.1	%		(559)		(614)	-9.8	%
Total expenses incurred, net of amounts
capitalized, excluding amortization (1)		1,094		1,072		1,087		1,096		1,078	-1.5	%		2,312		2,173	-6.0	%

Amortization
Amortization of DAC, VOBA and other intangibles (2)		274		299		302		309		307	12.0	%		544		617	13.4	%
Total operating commissions and
other expenses (1)(2)	$	1,368	$	1,371	$	1,389	$	1,405	$	1,385	1.2	%	$	2,856	$	2,790	-2.3	%



(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.
(2) Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain
amortization to other revenues and presenting the amortization of deferred loss within operating expenses. For prior periods, the amortization of deferred gain (loss)
on business sold through reinsurance is presented on a net basis within other revenues.

Tab le of Contents


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

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

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	34		$	38		$	29		$	21		$	28		-17.6	%	$	60		$	50		-16.7	%
Fee income (1)		587			601			612			591			575		-2.0	%		1,167			1,166		-0.1	%
Net investment income		435			442			462			466			487		12.0	%		855			953		11.5	%



Other revenues		153			114			120			120			124		-19.0	%		395			243		-38.5	%
Total operating revenues		1,209			1,195			1,223			1,198			1,214		0.4	%		2,477			2,412		-2.6	%
Operating expenses:
Benefits		38			38			40			29			37		-2.6	%		64			66		3.1	%
Interest credited		377			399			407			419			439		16.4	%		729			858		17.7	%
Policyholder liability remeasurement (gain) loss		2			—			—			(1)			(5)		NM			3			(6)		NM

Commissions incurred		269			285			307			298			292		8.6	%		523			590		12.8	%
Other expenses incurred		180			136			157			145			142		-21.1	%		489			286		-41.5	%
Amounts capitalized		(115)			(129)			(155)			(147)			(144)		-25.2	%		(213)			(291)		-36.6	%
Amortization		107			107			108			115			115		7.5	%		213			231		8.5	%
Total operating expenses		858			836			864			858			876		2.1	%		1,808			1,734		-4.1	%
Income (loss) from operations before taxes		351			359			359			340			338		-3.7	%		669			678		1.3	%
Federal income tax expense (benefit)		54			58			56			50			51		-5.6	%		113			101		-10.6	%
Income (loss) from operations	$	297		$	301		$	303		$	290		$	287		-3.4	%	$	556		$	577		3.8	%





Effective Federal Income Tax Rate		15.4	%		16.3	%		15.7	%		14.7	%		15.2	%				16.8	%		15.0	%







Return on Average Account Balances, Net of
Reinsurance (bps)		75			74			73			71			72		(3)			71			71		—








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	31,633		$	33,245		$	34,310		$	33,527		$	36,256		14.6	%	$	31,633		$	36,256		14.6	%
Fixed account balances		10,251			10,349			10,352			10,415			10,727		4.6	%		10,251			10,727		4.6	%
Traditional variable account balances with GLBs		70,664			72,664			70,756			67,101			71,527		1.2	%		70,664			71,527		1.2	%
Traditional variable account balances without GLBs		47,321			48,899			48,193			47,371			49,283		4.1	%		47,321			49,283		4.1	%
Total account balances	$	159,869		$	165,157		$	163,611		$	158,414		$	167,793		5.0	%	$	159,869		$	167,793		5.0	%
Percent traditional variable account balances with GLBs		44.2	%		44.0	%		43.2	%		42.4	%		42.6	%				44.2	%		42.6	%

Fee Income, Gross of Hedge Allowance	$	787		$	802		$	811		$	790		$	775		-1.5	%	$	1,567		$	1,565		-0.1	%
Net Investment Income, Net of Reinsurance (2)		403			412			438			443			465		15.4	%		793			908		14.5	%
Interest Credited, Net of Reinsurance (2)		254			270			282			290			300		18.1	%		498			590		18.5	%




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


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

Tab le of Contents


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

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

		6/30/24			9/30/24		12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25	Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	293		$	286	$	283		$	283		$	267		-8.9	%	$	580		$	550	-5.2	%
Fee income		677			672		694			698			688		1.6	%		1,349			1,386	2.7	%
Net investment income		533			597		593			571			602		12.9	%		1,114			1,172	5.2	%
Operating realized gain (loss)		(2)			(2)		(2)			(2)			(1)		50.0	%		(3)			(3)	0.0%


Other revenues (1)		10			36		40			37			46		NM			12			83	NM
Total operating revenues		1,511			1,589		1,608			1,587			1,602		6.0	%		3,052			3,188	4.5	%
Operating expenses:
Benefits		948			895		961			994			926		-2.3	%		1,876			1,920	2.3	%
Interest credited		299			302		300			287			289		-3.3	%		592			576	-2.7	%
Policyholder liability remeasurement (gain) loss		16			42		45			8			30		87.5	%		75			38	-49.3	%
Commissions incurred		113			120		115			99			111		-1.8	%		226			210	-7.1	%
Other expenses incurred		193			198		198			194			191		-1.0	%		398			384	-3.5	%
Amounts capitalized		(133)			(140)		(137)			(115)			(128)		3.8	%		(266)			(243)	8.6	%
Amortization of DAC and VOBA		126			127		128			128			125		-0.8	%		252			254	0.8	%
Amortization of deferred loss on business
sold through reinsurance (1)		—			24		24			24			24		NM			—			47	NM
Total operating expenses		1,562			1,568		1,634			1,619			1,568		0.4	%		3,153			3,186	1.0	%
Income (loss) from operations before taxes		(51)			21		(26)			(32)			34		166.7	%		(101)			2	102.0	%
Federal income tax expense (benefit)		(16)			(1)		(11)			(16)			2		112.5	%		(31)			(14)	54.8	%
Income (loss) from operations	$	(35)		$	22	$	(15)		$	(16)		$	32		191.4	%	$	(70)		$	16	122.9	%


Effective Federal Income Tax Rate		31.2	%		NM		41.2	%		47.9	%		5.2	%				30.4	%		NM





Average Account Balances, Net of Reinsurance	$	43,230		$	44,055	$	44,746		$	44,390		$	45,651		5.6	%	$	42,755		$	45,020	5.3	%

In-Force Face Amount
UL and other	$	365,030		$	364,766	$	363,950		$	361,480		$	360,617		-1.2	%	$	365,030		$	360,617	-1.2	%
Term insurance		719,485			717,071		714,362			709,924			707,355		-1.7	%		719,485			707,355	-1.7	%
Total in-force face amount	$	1,084,515		$	1,081,837	$	1,078,312		$	1,071,404		$	1,067,972		-1.5	%	$	1,084,515		$	1,067,972	-1.5	%



(1) Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain
amortization to other revenues and presenting the amortization of deferred loss within operating expenses. For prior periods, the amortization of deferred gain (loss)
on business sold through reinsurance is presented on a net basis within other revenues.

Tab le of Contents


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

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

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,298		$	1,288		$	1,274		$	1,371		$	1,386		6.8	%	$	2,583		$	2,757		6.7	%
Net investment income		88			87			87			89			94		6.8	%		173			183		5.8	%
Other revenues		55			57			57			61			58		5.5	%		111			119		7.2	%
Total operating revenues		1,441			1,432			1,418			1,521			1,538		6.7	%		2,867			3,059		6.7	%
Operating expenses:
Benefits		1,032			1,007			970			1,064			1,017		-1.5	%		2,062			2,082		1.0	%
Interest credited		1			1			3			—			1		0.0%			2			—		-100.0	%
Policyholder liability remeasurement (gain) loss		(124)			(88)			(68)			(70)			(104)		16.1	%		(191)			(174)		8.9	%
Commissions incurred		113			114			125			133			139		23.0	%		222			272		22.5	%
Other expenses incurred		260			255			249			261			263		1.2	%		507			523		3.2	%
Amounts capitalized		(42)			(30)			(34)			(32)			(35)		16.7	%		(71)			(67)		5.6	%
Amortization		36			36			37			37			38		5.6	%		70			76		8.6	%
Total operating expenses		1,276			1,295			1,282			1,393			1,319		3.4	%		2,601			2,712		4.3	%
Income (loss) from operations before taxes		165			137			136			128			219		32.7	%		266			347		30.5	%
Federal income tax expense (benefit)		35			28			29			27			46		31.4	%		56			73		30.4	%
Income (loss) from operations	$	130		$	109		$	107		$	101		$	173		33.1	%	$	210		$	274		30.5	%


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

Operating Margin (1)		10.0	%		8.4	%		8.4	%		7.4	%		12.5	%				8.1	%		9.9	%





Loss Ratios by Product Line
Life		75.6	%		68.1	%		64.7	%		75.2	%		67.2	%				75.8	%		71.2	%
Disability		65.9	%		73.2	%		75.0	%		70.1	%		64.2	%				70.0	%		67.1	%
Dental		78.9	%		79.0	%		73.3	%		79.0	%		80.4	%				77.7	%		79.7	%
Total		70.1	%		71.4	%		71.0	%		72.4	%		65.9	%				72.5	%		69.2	%

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

Tab le of Contents


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

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

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	72		$	74		$	76		$	72		$	72		0.0%		$	142		$	144		1.4	%
Net investment income		247			253			253			251			252		2.0	%		491			503		2.4	%
Other revenues		8			8			8			4			7		-12.5	%		16			11		-31.3	%
Total operating revenues		327			335			337			327			331		1.2	%		649			658		1.4	%
Operating expenses:
Interest credited		168			170			172			170			174		3.6	%		335			344		2.7	%


Commissions incurred		26			28			27			27			28		7.7	%		49			55		12.2	%
Other expenses incurred		87			88			90			91			87		0.0%			178			179		0.6	%
Amounts capitalized		(5)			(5)			(6)			(4)			(5)		0.0%			(10)			(9)		10.0	%
Amortization		5			5			5			5			5		0.0%			9			9		0.0%
Total operating expenses		281			286			288			289			289		2.8	%		561			578		3.0	%
Income (loss) from operations before taxes		46			49			49			38			42		-8.7	%		88			80		-9.1	%
Federal income tax expense (benefit)		6			5			6			4			5		-16.7	%		12			9		-25.0	%
Income (loss) from operations	$	40		$	44		$	43		$	34		$	37		-7.5	%	$	76		$	71		-6.6	%


Effective Federal Income Tax Rate		13.2	%		10.0	%		13.5	%		11.8	%		12.3	%				13.1	%		12.1	%





Return on Average Account Balances (bps)		15			16			15			12			13		(2)			15			13		(2)



Net Flows by Market
Small Market	$	43		$	11		$	(34)		$	(79)		$	28		-34.9	%	$	11		$	(51)		NM
Mid - Large Market		206			1,069			(178)			(1,732)			(200)		NM			1,053			(1,933)		NM
Multi-Fund® and Other		(446)			(429)			(520)			(373)			(413)		7.4	%		(870)			(784)		9.9	%

Net Flows – Trailing Twelve Months	$	(410)		$	513		$	112		$	(2,462)		$	(2,850)		NM		$	(410)		$	(2,850)		NM

Base Spreads, Excluding Variable
Investment Income (1)		1.03	%		1.05	%		1.01	%		1.03	%		0.99	%	(4)			1.02	%		1.01	%	(1)



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

Tab le of Contents


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


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

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24 (1)		6/30/25	Change
Other Operations
Operating revenues:
Insurance premiums	$	1	$	1	$	—	$	—	$	—	-100.0	%	$	3	$	1	-66.7	%

Net investment income		27		34		33		41		25	-7.4	%		43		67	55.8	%


Other revenues		11		17		9		11		16	45.5	%		20		26	30.0	%
Total operating revenues		39		52		42		52		41	5.1	%		66		94	42.4	%
Operating expenses:
Benefits		4		(3)		2		5		6	50.0	%		11		10	-9.1	%
Interest credited		8		8		7		13		13	62.5	%		17		27	58.8	%
Policyholder liability remeasurement (gain) loss		1		—		—		—		1	0.0%			—		1	NM
Other expenses incurred		62		66		68		66		56	-9.7	%		113		123	8.8	%
Interest and debt expense		86		86		83		80		81	-5.8	%		167		161	-3.6	%

Total operating expenses		161		157		160		164		157	-2.5	%		308		322	4.5	%
Income (loss) from operations before taxes		(122)		(105)		(118)		(112)		(116)	4.9	%		(242)		(228)	5.8	%
Federal income tax expense (benefit)		(25)		(21)		(23)		(17)		(25)	0.0%			(50)		(42)	16.0	%
Income (loss) from operations	$	(97)	$	(84)	$	(95)	$	(95)	$	(91)	6.2	%	$	(192)	$	(186)	3.1	%











(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.

Tab le of Contents


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

	For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	12,405	$	12,435	$	12,475	$	12,537	$	12,563	1.3	%	$	12,397	$	12,537	1.1	%




Deferrals		299		309		334		304		318	6.4	%		572		623	8.9	%
Operating amortization		(269)		(269)		(272)		(278)		(277)	-3.0	%		(534)		(556)	-4.1	%






Balance as of end-of-period	$	12,435	$	12,475	$	12,537	$	12,563	$	12,604	1.4	%	$	12,435	$	12,604	1.4	%


DFEL
Balance as of beginning-of-period	$	6,099	$	6,306	$	6,517	$	6,730	$	6,910	13.3	%	$	5,901	$	6,730	14.0	%



Deferrals		284		289		295		284		300	5.6	%		556		584	5.0	%
Operating amortization		(77)		(78)		(82)		(104)		(91)	-18.2	%		(151)		(195)	-29.1	%




Balance as of end-of-period	$	6,306	$	6,517	$	6,730	$	6,910	$	7,119	12.9	%	$	6,306	$	7,119	12.9	%


DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	4,842	$	4,707	$	4,588	$	4,466	$	4,333	-10.5	%	$	4,842	$	4,333	-10.5	%

Tab le of Contents


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

	For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	119,485	$	117,990	$	121,568	$	118,954	$	114,477	-4.2	%	$	114,963	$	118,954	3.5	%
Gross deposits		1,054		1,163		1,844		1,634		1,351	28.2	%		1,988		2,985	50.2	%
Full surrenders and deaths		(2,303)		(2,382)		(2,185)		(2,165)		(1,952)	15.2	%		(4,446)		(4,117)	7.4	%
Other contract benefits		(1,130)		(1,172)		(1,503)		(1,513)		(1,499)	-32.7	%		(2,261)		(3,012)	-33.2	%
Net flows		(2,379)		(2,391)		(1,844)		(2,044)		(2,100)	11.7	%		(4,719)		(4,144)	12.2	%
Policyholder assessments		(650)		(666)		(666)		(652)		(639)	1.7	%		(1,294)		(1,292)	0.2	%
Change in market value and reinvestment		1,534		6,635		(104)		(1,781)		9,077	NM			9,040		7,297	-19.3	%

Balance as of end-of-period, gross		117,990		121,568		118,954		114,477		120,815	2.4	%		117,990		120,815	2.4	%
Account balances reinsured		(5)		(5)		(5)		(5)		(5)	0.0%			(5)		(5)	0.0%
Balance as of end-of-period, net	$	117,985	$	121,563	$	118,949	$	114,472	$	120,810	2.4	%	$	117,985	$	120,810	2.4	%


RILA
Balance as of beginning-of-period	$	30,100	$	31,633	$	33,245	$	34,310	$	33,527	11.4	%	$	27,533	$	34,310	24.6	%
Gross deposits		1,096		1,203		1,285		1,292		1,447	32.0	%		2,038		2,739	34.4	%
Full surrenders and deaths		(138)		(326)		(671)		(721)		(811)	NM			(253)		(1,532)	NM
Other contract benefits		(14)		(18)		(120)		(129)		(127)	NM			(56)		(256)	NM
Net flows		944		859		494		442		509	-46.1	%		1,729		951	-45.0	%
Policyholder assessments		(3)		(3)		(4)		(5)		(4)	-33.3	%		(6)		(8)	-33.3	%

Change in market value and reinvestment		288		325		375		346		341	18.4	%		535		686	28.2	%
Change in fair value of embedded derivative instruments and other		304		431		200		(1,566)		1,883	NM			1,842		317	-82.8	%
Balance as of end-of-period, gross	$	31,633	$	33,245	$	34,310	$	33,527	$	36,256	14.6	%	$	31,633	$	36,256	14.6	%

Tab le of Contents


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

	For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Fixed Annuities
Balance as of beginning-of-period	$	25,162	$	25,837	$	26,359	$	25,963	$	26,039	3.5	%	$	25,355	$	25,963	2.4	%
Gross deposits		1,673		1,017		563		873		1,226	-26.7	%		2,646		2,099	-20.7	%
Full surrenders and deaths		(1,020)		(949)		(873)		(743)		(619)	39.3	%		(2,234)		(1,363)	39.0	%
Other contract benefits		(172)		(173)		(231)		(204)		(178)	-3.5	%		(368)		(381)	-3.5	%
Net flows		481		(105)		(541)		(74)		429	-10.8	%		44		355	NM
Policyholder assessments		(14)		(14)		(16)		(15)		(15)	-7.1	%		(31)		(30)	3.2	%
Reinvested interest credited		199		211		209		210		228	14.6	%		382		438	14.7	%
Change in fair value of embedded derivative instruments
and other		9		430		(48)		(45)		151	NM			87		106	21.8	%
Balance as of end-of-period, gross		25,837		26,359		25,963		26,039		26,832	3.9	%		25,837		26,832	3.9	%
Account balances reinsured		(15,586)		(16,010)		(15,611)		(15,624)		(16,105)	-3.3	%		(15,586)		(16,105)	-3.3	%
Balance as of end-of-period, net	$	10,251	$	10,349	$	10,352	$	10,415	$	10,727	4.6	%	$	10,251	$	10,727	4.6	%


Total
Balance as of beginning-of-period	$	174,747	$	175,460	$	181,172	$	179,227	$	174,043	-0.4	%	$	167,851	$	179,227	6.8	%
Gross deposits		3,823		3,383		3,692		3,799		4,024	5.3	%		6,672		7,823	17.3	%
Full surrenders and deaths		(3,461)		(3,657)		(3,729)		(3,629)		(3,382)	2.3	%		(6,933)		(7,012)	-1.1	%
Other contract benefits		(1,316)		(1,363)		(1,854)		(1,846)		(1,804)	-37.1	%		(2,685)		(3,649)	-35.9	%
Net flows		(954)		(1,637)		(1,891)		(1,676)		(1,162)	-21.8	%		(2,946)		(2,838)	3.7	%
Policyholder assessments		(667)		(683)		(686)		(672)		(658)	1.3	%		(1,331)		(1,330)	0.1	%
Change in market value, reinvestment and interest credited		2,021		7,171		480		(1,225)		9,646	NM			9,957		8,421	-15.4	%
Change in fair value of embedded derivative instruments
and other		313		861		152		(1,611)		2,034	NM			1,929		423	-78.1	%
Balance as of end-of-period, gross		175,460		181,172		179,227		174,043		183,903	4.8	%		175,460		183,903	4.8	%
Account balances reinsured		(15,591)		(16,015)		(15,616)		(15,629)		(16,110)	-3.3	%		(15,591)		(16,110)	-3.3	%
Balance as of end-of-period, net	$	159,869	$	165,157	$	163,611	$	158,414	$	167,793	5.0	%	$	159,869	$	167,793	5.0	%

Tab le of Contents


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

	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25		Change
General Account
Balance as of beginning-of-period	$	37,006	$	36,848	$	36,692	$	36,599	$	36,220	-2.1	%	$	37,180	$	36,599		-1.6	%
Gross deposits		893		899		977		865		847	-5.2	%		1,743		1,713		-1.7	%
Withdrawals and deaths		(389)		(369)		(342)		(445)		(372)	4.4	%		(753)		(818)		-8.6	%
Net flows		504		530		635		420		475	-5.8	%		990		895		-9.6	%
Transfers between general and separate accounts		74		30		53		14		49	-33.8	%		113		63		-44.2	%
Policyholder assessments		(1,130)		(1,129)		(1,137)		(1,104)		(1,102)	2.5	%		(2,254)		(2,205)		2.2	%
Reinvested interest credited		368		375		365		356		360	-2.2	%		733		715		-2.5	%
Change in fair value of embedded derivative instruments
and other		26		38		(9)		(65)		114	NM			86		49		-43.0	%
Balance as of end-of-period, gross		36,848		36,692		36,599		36,220		36,116	-2.0	%		36,848		36,116		-2.0	%
Account balances reinsured		(15,467)		(15,301)		(15,147)		(14,965)		(14,816)	4.2	%		(15,467)		(14,816)		4.2	%
Balance as of end-of-period, net	$	21,381	$	21,391	$	21,452	$	21,255	$	21,300	-0.4	%	$	21,381	$	21,300		-0.4	%


Separate Account
Balance as of beginning-of-period	$	27,007	$	27,381	$	28,921	$	28,841	$	28,106	4.1	%		25,150		$	28,841	14.7	%
Gross deposits		337		363		425		353		434	28.8	%		695		787		13.2	%
Withdrawals and deaths		(90)		(155)		(130)		(204)		(276)	NM			(193)		(480)		NM
Net flows		247		208		295		149		158	-36.0	%		502		307		-38.8	%
Transfers between general and separate accounts		(76)		(30)		(53)		(14)		(48)	36.8	%		(113)		(63)		44.2	%
Policyholder assessments		(247)		(248)		(253)		(246)		(248)	-0.4	%		(493)		(494)		-0.2	%
Change in market value and reinvestment		450		1,610		(69)		(624)		2,648	NM			2,335		2,025		-13.3	%
Balance as of end-of-period, gross		27,381		28,921		28,841		28,106		30,616	11.8	%		27,381		30,616		11.8	%
Account balances reinsured		(5,371)		(5,593)		(5,521)		(5,354)		(4,621)	14.0	%		(5,371)		(4,621)		14.0	%
Balance as of end-of-period, net	$	22,010	$	23,328	$	23,320	$	22,752	$	25,995	18.1	%	$	22,010	$	25,995		18.1	%


Total
Balance as of beginning-of-period	$	64,013	$	64,229	$	65,613	$	65,440	$	64,326	0.5	%	$	62,330	$	65,440		5.0	%
Gross deposits		1,230		1,262		1,402		1,218		1,281	4.1	%		2,438		2,500		2.5	%
Withdrawals and deaths		(479)		(524)		(472)		(649)		(648)	-35.3	%		(946)		(1,298)		-37.2	%
Net flows		751		738		930		569		633	-15.7	%		1,492		1,202		-19.4	%
Transfers between general and separate accounts		(2)		—		—		—		1	150.0	%		—		—		NM
Policyholder assessments		(1,377)		(1,377)		(1,390)		(1,350)		(1,350)	2.0	%		(2,747)		(2,699)		1.7	%
Change in market value and reinvestment		818		1,985		296		(268)		3,008	267.7	%		3,068		2,740		-10.7	%
Change in fair value of embedded derivative instruments
and other		26		38		(9)		(65)		114	NM			86		49		-43.0	%
Balance as of end-of-period, gross		64,229		65,613		65,440		64,326		66,732	3.9	%		64,229		66,732		3.9	%
Account balances reinsured		(20,838)		(20,894)		(20,668)		(20,319)		(19,437)	6.7	%		(20,838)		(19,437)		6.7	%
Balance as of end-of-period, net	$	43,391	$	44,719	$	44,772	$	44,007	$	47,295	9.0	%	$	43,391	$	47,295		9.0	%

Tab le of Contents


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

	For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
General Account
Balance as of beginning-of-period	$	23,586	$	23,598	$	23,727	$	23,619	$	23,479	-0.5	%	$	23,784	$	23,619	-0.7	%
Gross deposits		846		944		826		811		1,109	31.1	%		1,636		1,921	17.4	%
Withdrawals		(1,072)		(1,095)		(1,125)		(1,330)		(1,103)	-2.9	%		(2,275)		(2,433)	-6.9	%
Net flows		(226)		(151)		(299)		(519)		6	102.7	%		(639)		(512)	19.9	%
Transfers between fixed and variable accounts		69		110		22		211		44	-36.2	%		120		254	111.7	%
Policyholder assessments		(3)		(4)		(4)		(4)		(4)	-33.3	%		(7)		(8)	-14.3	%
Reinvested interest credited		172		174		173		172		175	1.7	%		340		347	2.1	%
Balance as of end-of-period	$	23,598	$	23,727	$	23,619	$	23,479	$	23,700	0.4	%	$	23,598	$	23,700	0.4	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	83,226	$	84,274	$	90,069	$	88,962	$	85,754	3.0	%	$	77,201	$	88,962	15.2	%
Gross deposits		2,436		3,236		2,647		3,304		2,485	2.0	%		5,449		5,788	6.2	%
Withdrawals		(2,407)		(2,434)		(3,080)		(4,969)		(3,076)	-27.8	%		(4,616)		(8,044)	-74.3	%
Net flows		29		802		(433)		(1,665)		(591)	NM			833		(2,256)	NM
Transfers between fixed and variable accounts		(69)		(106)		(19)		(200)		(54)	21.7	%		(104)		(253)	NM
Policyholder assessments		(66)		(70)		(72)		(69)		(69)	-4.5	%		(130)		(138)	-6.2	%
Change in market value and reinvestment		1,154		5,169		(583)		(1,274)		7,643	NM			6,474		6,368	-1.6	%
Balance as of end-of-period	$	84,274	$	90,069	$	88,962	$	85,754	$	92,683	10.0	%	$	84,274	$	92,683	10.0	%


Total
Balance as of beginning-of-period	$	106,812	$	107,872	$	113,796	$	112,581	$	109,233	2.3	%	$	100,985	$	112,581	11.5	%
Gross deposits		3,282		4,180		3,473		4,115		3,594	9.5	%		7,085		7,709	8.8	%
Withdrawals		(3,479)		(3,529)		(4,205)		(6,299)		(4,179)	-20.1	%		(6,891)		(10,477)	-52.0	%
Net flows		(197)		651		(732)		(2,184)		(585)	NM			194		(2,768)	NM
Transfers between fixed and variable accounts		—		4		3		11		(10)	NM			16		1	-93.8	%
Policyholder assessments		(69)		(74)		(76)		(73)		(73)	-5.8	%		(137)		(146)	-6.6	%
Change in market value and reinvestment		1,326		5,343		(410)		(1,102)		7,818	NM			6,814		6,715	-1.5	%
Balance as of end-of-period	$	107,872	$	113,796	$	112,581	$	109,233	$	116,383	7.9	%	$	107,872	$	116,383	7.9	%

Tab le of Contents


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

	As of 6/30/24					As of 12/31/24					As of 6/30/25
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
Investments and Allowance for Credit Losses, at Amortized Cost (1)
Industry corporate bonds:
Financial services	$	12,552		14.4	%	$	12,728		14.6	%	$	12,685		14.4	%
Basic industry		2,916		3.4	%		2,840		3.3	%		2,868		3.2	%
Capital goods		5,486		6.3	%		5,490		6.3	%		5,507		6.2	%
Communications		2,850		3.3	%		2,798		3.2	%		2,752		3.1	%
Consumer cyclical		5,291		6.1	%		5,408		6.2	%		5,351		6.0	%
Consumer non-cyclical		12,751		14.6	%		12,485		14.4	%		12,438		14.1	%
Energy		2,547		2.9	%		2,472		2.8	%		2,486		2.8	%
Technology		4,135		4.8	%		3,882		4.5	%		4,042		4.6	%
Transportation		3,147		3.6	%		3,124		3.6	%		3,216		3.6	%
Industrial other		2,151		2.4	%		2,183		2.5	%		2,268		2.6	%
Utilities		11,283		13.0	%		11,194		12.9	%		11,399		12.9	%
Government-related entities		1,211		1.4	%		1,170		1.3	%		1,133		1.3	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,546		1.7	%		1,608		1.8	%		1,709		1.9	%
Non-agency backed		322		0.4	%		328		0.4	%		383		0.4	%
Commercial mortgage-backed securities ("CMBS")		1,629		1.9	%		1,724		2.0	%		1,987		2.2	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		8,354		9.6	%		8,189		9.4	%		8,161		9.2	%
Other ABS		5,021		5.7	%		5,864		6.7	%		6,542		7.4	%
Municipals		2,797		3.2	%		2,647		3.0	%		2,511		2.8	%
United States and foreign government		727		1.0	%		711		0.8	%		872		1.0	%


Hybrid & redeemable preferred securities		226		0.3	%		235		0.3	%		248		0.3	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		86,942		100.0	%		87,080		100.0	%		88,558		100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		517					511					506
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		252					264					307
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		87,711					87,855					89,371
Modified coinsurance and funds withheld investments		12,646					11,992					11,426
Total fixed maturity AFS, trading and equity securities	$	100,357				$	99,847				$	100,797



(1) Net investment income and net gains (losses) related to assets held by us to support certain modified coinsurance and funds withheld agreements are included in periodic payments
to or from the reinsurers, resulting in the economic benefits of these assets flowing to the reinsurers. Accordingly, these assets have been excluded from summaries provided on
page 24 and page 25 as we have a limited economic interest in the assets.

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

	As of 6/30/24					As of 12/31/24					As of 6/30/25
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
and Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	51,419		59.1	%	$	51,922		59.6	%	$	53,585		60.4	%
NAIC 2 (BBB)		32,686		37.6	%		32,198		37.0	%		31,935		36.1	%
Total investment grade		84,105		96.7	%		84,120		96.6	%		85,520		96.5	%

NAIC 3 (BB)		1,000		1.2	%		907		1.1	%		934		1.1	%
NAIC 4 (B)		1,767		2.0	%		1,857		2.1	%		1,952		2.2	%
NAIC 5 (CCC and lower)		65		0.1	%		109		0.1	%		78		0.1	%
NAIC 6 (in or near default)		5		0.0	%		87		0.1	%		74		0.1	%
Total below investment grade		2,837		3.3	%		2,960		3.4	%		3,038		3.5	%
Total	$	86,942		100.0	%	$	87,080		100.0	%	$	88,558		100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,515		78.1	%	$	13,450		77.2	%	$	13,329		76.3	%
CM2 (BBB)		3,758		21.7	%		3,873		22.2	%		4,083		23.4	%
CM3-7 (BB and lower) (3)		40		0.2	%		99		0.6	%		61		0.3	%
Total	$	17,313		100.0	%	$	17,422		100.0	%	$	17,473		100.0	%


Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified
Coinsurance and Funds Withheld Investments, at Amortized Cost (1)(2)
AAA-A	$	64,934		62.2	%	$	65,372		62.6	%	$	66,914		63.1	%
BBB		36,444		35.0	%		36,071		34.5	%		36,018		34.0	%
BB and lower		2,877		2.8	%		3,059		2.9	%		3,099		2.9	%
Total	$	104,255		100.0	%	$	104,502		100.0	%	$	106,031		100.0	%


(1) Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or based upon ratings from credit rating
agencies to derive the NAIC designation.
(2) CM ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2
and NAIC 3-6 = CM3-7.
(3) Includes mortgage fund limited partnerships classified as CM3 that are included in "Other Investments" on the Consolidated Balance Sheets.

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

	For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24 (1)		6/30/25	Change
Net Income
Net income (loss) available to common stockholders – diluted	$	884	$	(562)	$	1,675	$	(756)	$	688	-22.2	%	$	2,073	$	(69)	NM
Less:
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		—		—		—	NM			3		—	-100	%
Net income (loss)		895		(528)		1,686		(722)		699	-21.9	%		2,116		(23)	NM
Less:
Net annuity product features, pre-tax (2)		252		(381)		1,187		(1,092)		405	60.7	%		1,702		(687)	NM
Net life insurance product features, pre-tax		4		(125)		46		42		(58)	NM			(128)		(15)	88	%
Credit loss-related adjustments, pre-tax		(34)		(88)		(28)		(28)		(25)	26.5	%		(36)		(53)	-47	%
Investment gains (losses), pre-tax		(230)		(105)		(67)		(103)		(81)	64.8	%		(311)		(183)	41	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax (3)		201		(446)		587		(90)		14	-93.0	%		395		(76)	NM





Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax (4)		584		(2)		—		—		—	-100.0	%		584		—	-100	%
Other items, pre-tax (5)(6)(7)(8)(9)		(33)		(19)		(32)		(35)		75	NM			(219)		40	118.3	%

Income tax benefit (expense) related to the above pre-tax items		(184)		246		(350)		270		(69)	62.5	%		(451)		199	144.1	%
Total adjustments		560		(920)		1,343		(1,036)		261	-53.4	%		1,536		(775)	NM
Adjusted income (loss) from operations		335		392		343		314		438	30.7	%		580		752	30	%
Add:
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
Adjusted income (loss) from operations available
to common stockholders	$	324	$	358	$	332	$	280	$	427	31.8	%	$	534	$	706	32	%


(1)			The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.
(2)			Includes changes in MRBs of $1,895 million, $126 million, $(666) million, $1,282 million, $(1,302) million and $932 million; changes in the fair value of the related hedge instruments
			inclusive of income allocated to support the cost of hedging or future benefits of $(587) million, $50 million, $188 million, $(212) million, $274 million and $(595) million; and
			changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $142 million, $76 million, $97 million,
			$117 million, $(64) million and $68 million for the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025 and second
			quarter of 2025, respectively.
(3)			Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(4)			Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.
(5)			For the first quarter of 2024, includes certain legal accruals of $(114) million primarily related to the settlement of cost of insurance litigation; for the fourth quarter of 2024, includes
			certain legal accruals of $(15) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries.

(continued on the next page)

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Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

(continued from the previous page)


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

(7)			Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(10) million, $(27) million, $(2) million, $(1)
			million and $(20) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively, primarily related
			to the sale of our wealth management business and $(18) million in the second quarter of 2025 primarily related to the Bain Capital transaction.
(8)			Includes deferred compensation mark-to-market adjustment of $(13) million, $1 million, $(1) million, $(2) million, $(9) million and $1 million in the first quarter of 2024,
			second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025 and second quarter of 2025, respectively.
(9)			Includes gains (losses) on early extinguishment of debt of $94 million in the second quarter of 2025.


	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Revenues
Total revenues	$	5,153	$	4,111	$	5,063	$	4,691	$	4,044	-21.5	%	$	9,269	$	8,735	-5.8	%
Less:
Revenue adjustments from annuity
and life insurance product features		105		149		(57)		227		(590)	NM			(474)		(364)	23.2	%
Credit loss-related adjustments		(34)		(88)		(28)		(28)		(25)	26.5	%		(36)		(53)	-47.2	%
Investment gains (losses)		(230)		(105)		(67)		(103)		(81)	64.8	%		(311)		(183)	41.2	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans (1)		201		(446)		587		(90)		14	-93.0	%		395		(76)	NM
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses (2)		584		(2)		—		—		—	-100.0	%		584		—	-100.0	%



Adjusted operating revenues	$	4,527	$	4,603	$	4,628	$	4,685	$	4,726	4.4	%	$	9,111	$	9,411	3.3	%



(1) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(2) Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.

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Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended													For the Six Months Ended

Earnings (Loss) Per Common Share – Diluted		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24 (1)		6/30/25	Change
Net income (loss)	$	5.11	$	(3.29)	$	9.63	$	(4.41)	$	3.80	-25.6	%	$	12.03	$	(0.39)	NM
Less:
Net annuity product features, pre-tax (2)		1.46		(2.23)		6.83		(6.36)		2.24	53.4	%		9.89		(3.94)	NM
Net life insurance product features, pre-tax		0.02		(0.73)		0.27		0.25		(0.32)	NM			(0.75)		(0.08)	89.3	%
Credit loss-related adjustments, pre-tax		(0.20)		(0.53)		(0.16)		(0.17)		(0.14)	30.0	%		(0.21)		(0.31)	-47.6	%
Investment gains (losses), pre-tax		(1.33)		(0.61)		(0.38)		(0.60)		(0.45)	66.2	%		(1.80)		(1.05)	41.7	%


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		1.16		(2.61)		3.37		(0.53)		0.08	-93.1	%		2.29		(0.43)	NM



Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax		3.38		(0.01)		—		—		—	-100.0	%		3.39		—	-100.0	%
Other items, pre-tax (3)(4)(5)(6)(7)		(0.19)		(0.11)		(0.19)		(0.20)		0.42	NM			(1.27)		0.23	118.1	%
Income tax benefit (expense) related
to the above pre-tax items		(1.06)		1.44		(2.02)		1.57		(0.39)	63.2	%		(2.61)		1.14	143.7	%
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss) (8)		—		0.04		—		0.03		—	NM			—		0.08	NM


Adjusted income (loss) from operations	$	1.87	$	2.06	$	1.91	$	1.60	$	2.36	26.2	%	$	3.10	$	3.97	28.1	%

(continued on the next page)

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Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited

(continued from the previous page)


(1)			The six month period ended June 30, 2024 has been recast to conform to the current period presentation. See page 1 for further information.
(2)			Includes changes in MRBs of $0.73, $(3.90), $7.38, $(7.59), $5.15, $11.74 and $(2.12); changes in the fair value of the related hedge instruments inclusive of income allocated to
			support the cost of hedging or future benefits of $0.29, $1.10, $(1.22), $1.60, $(3.29), $(3.11) and $(1.84); changes in the fair value of the embedded derivative liabilities and the
			associated index options for our indexed annuity products of $0.44, $0.57, $0.67, $(0.37), $0.38, $1.26 and $0.02 for the second quarter of 2024, third quarter of 2024, fourth
			quarter of 2024, first quarter of 2025, second quarter of 2025, six months ended 2024 and six months ended 2025, respectively.
(3)			For the fourth quarter of 2024, includes certain legal accruals of $(0.09) and regulatory accruals of $(0.07) related to estimated state guaranty fund assessments net of
			estimated state premium tax recoveries. For the six months ended 2024, includes certain legal accrual of $(0.65) primarily related to the settlement of cost of insurance litigation.

(4)			Includes severance expense related to initiatives to realign the workforce of $(0.04), $(0.09), $(0.01), $(0.03), $(0.01), $(0.33) and $(0.05) in the second quarter of 2024,
			third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, six months ended 2024 and six months ended 2025, respectively.
(5)			Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(0.15), $(0.01), $(0.01) and $(0.12)
			in the second quarter of 2024, third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively, primarily related to the sale of our wealth management
			business; $(0.10) in the second quarter of 2025 primarily related to the Bain Capital transaction; $(0.22) in the six months ended 2024 primarily related to the sale of our
			wealth management business; $(0.22) in the six months ended 2025 primarily related to the Bain Capital transaction and the sale of our wealth management business.
(6)			Includes deferred compensation mark-to-market adjustment of $(0.01), $(0.01), $(0.05), $0.01, $(0.07) and $(0.04) in the third quarter of 2024, fourth quarter of 2024, first
			quarter of 2025, second quarter of 2025, six months ended 2024 and six months ended 2025, respectively.
(7)			Includes gains (losses) on early extinguishment of debt of $0.52 and $0.54 in the second quarter of 2025 and six months ended 2025, respectively.
(8)			In periods where net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted
			shares would result in a lower loss per share. Due to reporting adjusted income (loss) from operations per common share on a different share basis than net income (loss)
			per common share, we have included an adjustment to reconcile the two metrics.

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

	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	7,949	$	9,013	$	8,269	$	8,193	$	9,548	20.1	%	$	7,949	$	9,548	20.1	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(4,369)		(2,682)		(5,036)		(4,306)		(4,392)	-0.5	%		(4,369)		(4,392)	-0.5	%
Stockholders’ equity, excluding AOCI and preferred stock		11,332		10,709		12,319		11,513		12,954	14.3	%		11,332		12,954	14.3	%
Changes in MRBs		2,673		2,147		3,165		2,133		2,869	7.3	%		2,673		2,869	7.3	%
GLB and GDB hedge instruments gains (losses)		(2,770)		(2,763)		(3,062)		(2,993)		(3,602)	-30.0	%		(2,770)		(3,602)	-30.0	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(269)		(642)		(151)		(196)		(186)	30.9	%		(269)		(186)	30.9	%
Adjusted stockholders’ equity	$	11,698	$	11,967	$	12,367	$	12,569	$	13,873	18.6	%	$	11,698	$	13,873	18.6	%


Stockholders’ Equity, Average
Stockholders’ equity	$	7,747	$	8,481	$	8,641	$	8,231	$	8,871	14.5	%	$	7,483	$	8,551	14.3	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(4,160)		(3,526)		(3,860)		(4,671)		(4,349)	-4.5	%		(3,937)		(4,510)	-14.6	%
Stockholders’ equity, excluding AOCI and preferred stock		10,921		11,021		11,515		11,916		12,234	12.0	%		10,434		12,075	15.7	%
Changes in MRBs		2,624		2,410		2,656		2,649		2,501	-4.7	%		2,227		2,575	15.6	%
GLB and GDB hedge instruments gains (losses)		(2,723)		(2,767)		(2,913)		(3,027)		(3,297)	-21.1	%		(2,551)		(3,162)	-24.0	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(372)		(455)		(396)		(173)		(191)	48.7	%		(465)		(182)	60.9	%
Adjusted average stockholders' equity	$	11,392	$	11,833	$	12,168	$	12,467	$	13,221	16.1	%	$	11,223	$	12,844	14.4	%


Book Value Per Common Share
Book value per share	$	40.78	$	46.97	$	42.60	$	41.96	$	44.91	10.1	%	$	40.78	$	44.91	10.1	%
Less:
AOCI		(25.59)		(15.70)		(29.46)		(25.08)		(23.04)	10.0	%		(25.59)		(23.04)	10.0	%
Book value per share, excluding AOCI		66.37		62.67		72.06		67.04		67.95	2.4	%		66.37		67.95	2.4	%
Less:
Changes in MRBs		15.66		12.56		18.51		12.42		15.05	-3.9	%		15.66		15.05	-3.9	%
GLB and GDB hedge instruments gains (losses)		(16.22)		(16.17)		(17.91)		(17.43)		(18.89)	-16.5	%		(16.22)		(18.89)	-16.5	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(1.58)		(3.76)		(0.88)		(1.14)		(0.98)	38.0	%		(1.58)		(0.98)	38.0	%
Adjusted book value per share	$	68.51	$	70.04	$	72.34	$	73.19	$	72.77	6.2	%	$	68.51	$	72.77	6.2	%

Earnings Supplement Second Quarter 2025 July 31, 2025

2 Forward-Looking Statements – Cautionary Language Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including: • Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience; • Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures; • The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations; • Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; our affiliate reinsurance arrangements; and restrictions on the payment of revenue sharing and 12b-1 distribution fees; • Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell; • The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products; • The impact of new and emerging rules, laws and regulations relating to privacy, cybersecurity and artificial intelligence that may lead to increased compliance costs, reputation risk and/or changes in business practices; • Increasing scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio; • Actions taken by reinsurers to raise rates on in-force business; • Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products; • Rapidly increasing or sustained high interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses; • The impact of the implementation of the provisions of the European Market Infrastructure Regulation relating to the regulation of derivatives transactions; • The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings; • A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefit riders, which are accounted for as market risk benefits, of our subsidiaries’ variable annuity products; • Ineffectiveness of our risk management policies and procedures, including our various hedging strategies; • A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings; • Changes in accounting principles that may affect our consolidated financial statements; • Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition; • Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, and profitability of our insurance subsidiaries and liquidity; • Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets; • Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems; • The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items; • The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives; • The adequacy and collectability of reinsurance that we have obtained; • Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance; • Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products; • The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and • The unanticipated loss of key management or wholesalers. The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release. The reporting of Risk-Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

3 >420% Significant buffer above capital target 1 Represents Adjusted Operating Income Available to Common Stockholders. See Non-GAAP Financial Measures Appendix for definition and reconciliations. 2 The RBC ratio is calculated as of December 31 annually, but is reported in the March statutory reporting, and as such, the ratio presented is considered an estimate based on information known at the time of reporting. 3 See Non-GAAP Financial Measures Appendix for definition and reconciliation. 2Q25 Scorecard -330bps YoY Equity growth drove improvement +32% YoY Diversified earnings mix supported profitable growth +5% YoY Third highest sales quarter +250bps YoY 5th consecutive quarter with over $100M in earnings $32M In-line alternative investment income and favorable mortality Adjusted Operating Income1 Leverage Ratio3 Annuities Sales Life Operating Income Group Protection Operating Margin Estimated RBC Ratio2

4 • Group Protection sales up 16% YoY driven by local market and supplemental health sales. • Life Insurance sales were up 15% YoY as momentum in risk-sharing products continued. • Annuities sales increased 5% YoY supported by a diversified and balanced product mix. • Retirement Plan Services achieved strong deposit growth, up 10% YoY. $ in millions After- tax Per share Adjusted Operating Income, ex. normalizing items $427 $2.36 Normalizing item Alternative investment income compared to our 10% long-term return target - - Adjusted Operating Income1 $427 $2.36 2Q25 Key Messages 1 Represents Adjusted Operating Income Available to Common Stockholders. See Non-GAAP Financial Measures Appendix for definition and reconciliations. 2 The RBC ratio is calculated as of December 31 annually, but is reported in the March statutory reporting, and as such, the ratio presented is considered an estimate based on information known at the time of reporting. 3 See Non-GAAP Financial Measures Appendix for definition and reconciliations. Diversified earnings sources contributed to sustained, profitable growth • Adjusted operating income1 increased 32% YoY, the 4th consecutive quarter of YoY growth. • Group Protection record earnings up 33% YoY, and record margin was 12.5%, up 250 bps. • Life Insurance earnings of $32M with in-line alternative inv. income and favorable mortality. Another quarter of strong sales growth driven by differentiated mix of products Capital strengthened further, enhanced by close of Bain Capital transaction • Estimated RBC ratio2 >420%, consistent with goal to hold capital buffer above 400% target. • Leverage ratio3 improved 330bps YoY to 25.6%, driven primarily by equity growth. • $1B P-Caps issuance increased access to on-demand capital while extending duration to 2055.

5 Annuities Group Protection Operating Income Primary Drivers Operating Income Primary Drivers Retirement Plan Services Life Insurance Operating Income Primary Drivers Operating Income Primary Drivers • Favorable life experience • Favorable disability results • Sustained growth in supplemental health 2Q25 Earnings Drivers $ in millions • Favorable equity markets • Growth in spread-based earnings • Lower net G&A expenses • Traditional variable annuity outflows • Favorable equity markets • Stable value outflows • Higher alternative investment income • Favorable mortality • Lower net G&A expenses $297 $287 2Q24 2Q25 $130 $173 2Q24 2Q25 $40 $37 2Q24 2Q25 $(35) $32 2Q24 2Q25

6 Key Highlights Operating Income1 ($M) Sales ($B) • Operating income decreased 3% YoY, as outflows drove a decline in traditional VA average account balances2, partially offset by favorable equity markets. • Sales increased 5% YoY, with spread-based products comprising 66% of total sales. • Ending account balances2 grew 5% YoY driven by RILA account balance growth and favorable equity markets. Key Priorities Ending Account Balances2 ($B) Return on Average Account Balances2 • Grow our addressable market by extending reach to spread-based products. • Increase market competitiveness through development of new product features. • Optimize general account to support spread expansion. 6% 6% 6% 7% 6% 20% 20% 21% 21% 22% 30% 30% 30% 30% 29% 44% 44% 43% 42% 43% 2Q24 3Q24 4Q24 1Q25 2Q25 Fixed RILA VA w/o GLBs VA w/ GLBs $160 $165 $164 $158 $168 Annuities 0.75% 0.74% 0.73% 0.71% 0.72% 2Q24 3Q24 4Q24 1Q25 2Q25 $297 $300 $303 $290 $287 2Q24 3Q24 4Q24 1Q25 2Q25 44% 30% 15% 23% 30% 29% 36% 35% 34% 36% 11% 14% 16% 14% 11% 16% 20% 34% 29% 23% 2Q24 3Q24 4Q24 1Q25 2Q25 Fixed RILA VA w/o GLB VA w/ GLB $3.8 $4.0 $3.4 1 Excludes $1M in 3Q24 related to annual assumption review. 2 Net of reinsurance. $3.7 $3.8

7 Key Highlights Operating Income1 ($M) Sales ($M) • Record operating income up 33%, record margin up 250 bps YOY, driven by life experience and favorable LTD results. • Excluding the annual experience refund, earnings were up 48% and the margin increased by 320 bps YoY. • Premiums were 7% higher YoY driven by prior-year sales and strong persistency; Growth in the local market segment and strong supplemental health sales drove total sales up 16% YOY. Key Priorities Premiums & Margin1,2 ($M) Loss Ratios1,2 • Diversify across market segments with an emphasis on growing local markets. • Expand and deepen product portfolio with a focus on growth in supplemental health. • Continued pricing discipline focused on profitable growth while investing in capabilities to improve the customer experience. $1,298 $1,288 $1,274 $1,371 $1,386 10.0% 8.4% 7.4% 12.5% 8.2% 8.5% 11.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% $- $200 $400 $600 $800 $1,000 $1,200 $1,400 2Q24 3Q24 4Q24 1Q25 2Q25 Premiums Margin Margin, ex. Experience Refund Group Protection 46% 43% 54% 31% 38% 34% 31% 37% 24% 30% 20% 26% 9% 45% 32% 2Q24 3Q24 4Q24 1Q25 2Q25 Disability Life Supp Health / Dental 76% 72% 65% 75% 67% 70% 71% 75% 70% 67% 2Q24 3Q24 4Q24 1Q25 2Q25 Life Disability $467 $161 $84 1 Excludes $(1)M in 3Q24 related to annual assumption review. 2 Excludes the after-tax impact of the $23M and $15M experience refund in 2Q24 and 2Q25, respectively. 3 Life loss ratio includes supplemental health. 3 2Q24 3Q24 4Q24 1Q25 2Q25 Operating Income Experience Refund $130 $110 $107 $101 $157 $173 $187

8 Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income decreased by 8% YoY, primarily due to stable value outflows, partially offset by favorable equity markets. • First year sales grew almost 50% driven by strong stable value sales. • Ending account balances were up 8% YoY, resulting from favorable equity markets. Key Priorities Ending Account Balances ($B) Net G&A Expenses ($M) • Growth in core recordkeeping and institutional market segments through our differentiated service model. • Expand access to retirement solutions by leveraging distribution relationships and product innovation. • Increase operational and expense efficiencies to drive down our cost per participant and improve profitability. 78% 79% 79% 79% 80% 22% 21% 21% 21% 20% $108 $114 $113 $109 $116 2Q24 3Q24 4Q24 1Q25 2Q25 General Account Separate Account and Mutual Funds $40 $44 $43 $34 $37 2Q24 3Q24 4Q24 1Q25 2Q25 $80 $81 $82 $81 $80 2Q24 3Q24 4Q24 1Q25 2Q25 49% 27% 45% 31% 32% 23% 62% 35% 44% 26% 28% 11% 20% 25% 42% 2Q24 3Q24 4Q24 1Q25 2Q25 Sm. Market Mid-Large Market Stable Value/Other $1.7 $1.3 $0.8 $1.1 $1.2

9 Key Highlights Operating Income (Loss)1 ($M) Sales ($M) • Operating income improved by $67 million, driven by higher alternative investment income and favorable mortality. • Total sales increased 15% YoY as sales momentum in risk-sharing products continued. • Net G&A expenses declined 2% YoY, reflecting improved operational efficiency. Key Priorities Net Death Benefits ($M) Net G&A Expenses ($M) • Optimize product portfolio to support pivot toward products with more stable cash flows and higher risk-adjusted returns. • Continue efforts to reduce expense base to drive cost efficiency and earnings growth. • Maintain focus on optimizing the legacy in force and increase earnings. 92% 91% 85% 80% 83% 8% 9% 15% 20% 17% 13% 8% 14% 19% 13% 19% 14% 1Q24 2Q24 3Q24 4Q24 1Q25 Underlying Earnings Alts Above Target Alts Below Target $125 $126 $129 $119 $122 2Q24 3Q24 4Q24 1Q25 2Q25 $4 $8 $(22) $(1) $32 $(39) $6 $7 $(15) 2Q24 3Q24 4Q24 1Q25 2Q25 $644 $638 $690 $684 $621 $608 $663 $706 $610 $690 2Q24 3Q24 4Q24 1Q25 2Q25 Net death benefits Death claims ceded $(15) $(35) $14 1 Excludes $8M in 3Q24 related to annual assumption review. $(16) Life Insurance $32 91% 85% 80% 82% 72% 9% 15% 20% 18% 28% $105 $122 $119 $97 $121 2Q24 3Q24 4Q24 1Q25 2Q25 Core Executive Benefits

10 Key Highlights Operating Loss and Preferred Dividend ($M) Interest Expense ($M) • Operating loss was $91 million, down 6% YoY due to lower interest and net G&A expenses. • Interest expense decreased $5 million YoY, reflecting lower average outstanding debt and a decline in rates on floating rate debt. • Leverage ratio improved by 330 basis points driven by equity growth. Key Priorities Net G&A Expenses1 ($M) Leverage Ratio2 • Reduce leverage ratio through continued growth in capital and opportunistic deleveraging. • Continued focus on operational efficiency, including the conclusion of Spark initiative-related projects in 2025. Other Operations ($97) ($84) ($95) ($95) ($91) ($11) ($34) ($11) ($34) ($11) 2Q24 3Q24 4Q24 1Q25 2Q25 Operating Loss Preferred Dividend $86 $86 $83 $80 $81 2Q24 3Q24 4Q24 1Q25 2Q25 28.9% 28.4% 27.8% 27.5% 25.6% 2Q24 3Q24 4Q24 1Q25 2Q25 $62 $62 $66 $62 $55 2Q24 3Q24 4Q24 1Q25 2Q25 1 Excludes the impact of expenses related to Other Operations associated with the sale of the wealth management business in periods 2Q24, 3Q24, 4Q24, and 1Q25. 2 See Non-GAAP Financial Measures Appendix for definition and reconciliations.

11 38% 38% 38% 38% 37% 18% 18% 17% 18% 17% 14% 14% 15% 15% 16% 17% 18% 18% 18% 18% 3% 3% 3% 3% 3% 10% 9% 9% 8% 9% 2Q24 3Q24 4Q24 1Q25 2Q25 Public Corps Private Corps Structured Mortgage Loans Alts Other Investment Portfolio Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Well-diversified portfolio with 97% investment grade rated assets. • Achieved a 6.1% new money yield; ~150bps above the portfolio yield, driven by the rate environment and our investment strategy optimization. • Our diversified alternatives portfolio delivered a 2.5% quarterly return or 10% annualized return, in- line with our long-term expectation of 10%. Key Priorities New Money Yields Alternative Investment Income ($M), Pre-Tax • Leveraging the sourcing capabilities and security selection of our multi-manager platform for portfolio construction. • Optimizing our new money strategy with focus on maintaining diversification and high quality while capitalizing on less liquid assets and structured asset class premiums. • Achieving attractive risk-adjusted alternative returns. $119 $118 $119 $119 1 2 $122 62% 62% 62% 62% 63% 35% 35% 35% 35% 34% 3% 3% 3% 3% 3% 2Q24 3Q24 4Q24 1Q25 2Q25 NAIC 1/CM1 NAIC 2/CM2 NAIC 3-6/CM3-7 4.50% 4.53% 4.55% 4.57% 4.61% 6.9% 6.4% 6.2% 6.0% 6.1% 2Q24 3Q24 4Q24 1Q25 2Q25 Portfolio Yield New Money Yield $36 $100 $105 $75 $101 1.0% 2.7% 2.8% 1.9% 2.5% 2Q24 3Q24 4Q24 1Q25 2Q25 % Returns, Unannualized 1 Mortgage Loans include CMLs and RMLs. 2 Other includes municipals, cash, ICOLI assets, common and preferred stock, sovereign government and UST/agency.

12 Appendix

13 Industrial Other 2% Energy 2% Municipal 2% Communications 2% Basic Industry 2% Transportation 3% Alts 3% Technology 3% Consumer Cyclical 5% Capital Goods 5% Other2 7% Utilities 9% Consumer Non- Cyclical 10% Financials 7% Banking 4% Structured 16% CMLs 14% RMLs 4% Investment Portfolio High quality and well-diversified portfolio1 The portfolio is well-positioned • Long-term investment strategy is tightly aligned with our liability profile and positioned for various economic cycles. • 97% investment grade, the portfolio remains high quality, providing flexibility to further add incremental yield. • Well positioned to further optimize the portfolio asset allocation given high-quality asset mix and shift toward shorter duration liabilities. $122B Average A- Rated Portfolio allocation by asset class 1 Data on slide is as of June 30, 2025. 2 Other includes cash, ICOLI assets, common and preferred stock, sovereign government and UST/agency. Note: All information regarding LNC’s investment portfolio in this earnings supplement excludes assets related to certain modified coinsurance and coinsurance with funds withheld transactions. The modified coinsurance and funds withheld reinsurance agreements investment portfolio has counterparty protections in place including investment guidelines, as well as additional support including trusts and letters of credit that were established to meet LNC’s risk management objectives.

14 Non-GAAP Financial Measures Appendix

15 Non-GAAP Financial Measures Non-GAAP Financial Measures Non-GAAP financial measures do not replace the most directly comparable GAAP measures. Reconciliations of the following non-GAAP financial measures to the most directly comparable GAAP financial measures or calculations of such measures, as applicable, are presented herein beginning on slide 17. Adjusted Income (Loss) From Operations Adjusted income (loss) from operations is GAAP net income (loss) excluding the effects of the following items, as applicable: • Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”); • Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance (“VUL”) hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance (“IUL”) contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”); • Credit loss-related adjustments on fixed maturity available-for-sale (“AFS”) securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”); • Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”); • Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”); • Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law; • Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance; • Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; • Income (loss) from discontinued operations; • Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions, including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and • Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances. Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

16 Non-GAAP Financial Measures, Cont’d Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income) and adjusted income (loss) from operations per diluted share available to common stockholders is helpful to investors in evaluating the company’s performance. Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results. Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals. Adjusted Stockholders’ Equity Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”). Management believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure. Leverage Ratio Leverage ratio is a measure that we use to monitor the level of our debt relative to our total capitalization. Debt used in this metric reflects total debt and preferred stock adjusted for certain items. Total capitalization reflects debt used in the numerator of this ratio and stockholders' equity adjusted for certain items.

17 Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders Unaudited (millions of dollars, except per share data) For the Three Months Ended 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Net Income Net income (loss) available to common stockholders – diluted $ 884 $ (562) $ 1,675 $ (756) $ 688 Less: Preferred stock dividends declared (11) (34) (11) (34) (11) Net income (loss) 895 (528) 1,686 (722) 699 Less: Net annuity product features, pre-tax (1) 252 (381) 1,187 (1,092) 405 Net life insurance product features, pre-tax 4 (125) 46 42 (58) Credit loss-related adjustments, pre-tax (34) (88) (28) (28) (25) Investment gains (losses), pre-tax (230) (105) (67) (103) (81) Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax (2) 201 (446) 587 (90) 14 Gains (losses) on other non-financial assets – sale of subsidiaries/businesses, pre-tax (3) 584 (2) — — — Other items, pre-tax (4)(5)(6)(7)(8) (33) (19) (32) (35) 75 Income tax benefit (expense) related to the above pre-tax items (184) 246 (350) 270 (69) Total adjustments 560 (920) 1,343 (1,036) 261 Adjusted income (loss) from operations 335 392 343 314 438 Add: Preferred stock dividends declared (11) (34) (11) (34) (11) Adjusted income (loss) from operations available to common stockholders $ 324 $ 358 $ 332 $ 280 $ 427 Earnings (Loss) Per Common Share – Diluted Net income (loss) (diluted) $ 5.11 $ (3.29) $ 9.63 $ (4.41) $ 3.80 Adjusted income (loss) from operations (diluted) 1.87 2.06 1.91 1.60 2.36 Refer to following slide 18 for footnotes to table.

18 Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders (continued from previous slide) Unaudited (millions of dollars) (1) Includes changes in MRBs of $126 million, $(666) million, $1,282 million, $(1,302) million and $932 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $50 million, $188 million, $(212) million, $274 million and $(595) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $76 million, $97 million, $117 million, $(64) million and $68 million for the second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025 and second quarter of 2025, respectively. (2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. (3) Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit. (4) For the fourth quarter of 2024, includes certain legal accruals of $(15) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries. (5) Includes severance expense related to initiatives to realign the workforce of $(7) million, $(16) million, $(2) million, $(6) million and $(2) million in the second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025 and second quarter of 2025, respectively. (6) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(27) million, $(2) million, $(1) million and $(20) million in the second quarter of 2024, third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively, primarily related to the sale of our wealth management business and $(18) million in the second quarter of 2025 primarily related to the Bain Capital transaction. (7) Includes deferred compensation mark-to-market adjustment of $1 million, $(1) million, $(2) million, $(9) million and $1 million in the second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025 and second quarter of 2025, respectively. (8) Includes gains (losses) on early extinguishment of debt of $94 million in the second quarter of 2025.

19 Reconciliation of Adjusted Income (Loss) from Operations Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders, excluding Significant Items Unaudited (millions of dollars) For the Three Months Ended 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Adjusted income from operations available to common stockholders1 $324 $358 $332 $280 $427 Significant items: Annual assumption review - (8) - - - Total significant items - (8) - - - Adjusted income from operations available to common stockholders, excluding significant items $324 $350 $332 $280 $427 (1) See reconciliation to Net Income (Loss) Available to Common Stockholders on slide 17.

20 Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Leverage Ratio Short-term debt $ 450 $ 300 $ 300 $ — $ — Long-term debt 5,716 5,897 5,856 5,868 5,767 Total debt 6,166 6,197 6,156 5,868 5,767 Preferred stock 986 986 986 986 986 Total debt and preferred stock 7,152 7,183 7,142 6,854 6,753 Less: Operating debt (1) 867 867 868 868 868 Pre-funding of upcoming debt maturities 300 300 300 — — 25% of capital securities and subordinated notes 302 302 302 302 247 50% of preferred stock 493 493 493 493 493 Carrying value of fair value hedges and other items 123 153 111 122 119 Total numerator $ 5,067 $ 5,068 $ 5,068 $ 5,069 $ 5,026 Adjusted stockholders’ equity (2) $ 11,698 $ 11,967 $ 12,367 $ 12,569 $ 13,873 Add: 25% of capital securities and subordinated notes 302 302 302 302 247 50% of preferred stock 493 493 493 493 493 Total numerator 5,067 5,068 5,068 5,069 5,026 Total denominator $ 17,560 $ 17,830 $ 18,230 $ 18,433 $ 19,639 Leverage ratio 28.9 % 28.4 % 27.8 % 27.5 % 25.6 % (1) 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 universal life insurance and term policies. (2) See reconciliation to stockholders’ equity on slide 21.

21 Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity Unaudited (millions of dollars) As of or For the Three Months Ended 6/30/24 9/30/24 12/31/24 3/31/25 6/30/25 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 7,949 $ 9,013 $ 8,269 $ 8,193 $ 9,548 Less: Preferred stock 986 986 986 986 986 AOCI (4,369) (2,682) (5,036) (4,306) (4,392) Stockholders’ equity, excluding AOCI and preferred stock 11,332 10,709 12,319 11,513 12,954 Changes in MRBs 2,673 2,147 3,165 2,133 2,869 GLB and GDB hedge instruments gains (losses) (2,770) (2,763) (3,062) (2,993) (3,602) Reinsurance-related embedded derivatives and portfolio gains (losses) (269) (642) (151) (196) (186) Adjusted stockholders’ equity $ 11,698 $ 11,967 $ 12,367 $ 12,569 $ 13,873



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 1/1000th 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 July 31, 2025, announcing Lincoln National Corporation’s financial results for the quarter ended June 30, 2025.
99.2			Lincoln National Corporation Statistical Supplement for the quarter ended June 30, 2025.
99.3			Second Quarter 2025 Earnings Supplement dated July 31, 2025.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))