lnc-20220803x8k

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	Lincoln Financial Group
	Table of Contents


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

Lincoln Financial Group

Notes

Computations

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

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

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

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

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

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

of average goodwill.

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

investors to analyze the amount of our net worth that is attributable primarily to our business operations. Management believes book value per share excluding AOCI is useful to investors because

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

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

Definitions

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

paper outstanding.

Sales as reported consist of the following:

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

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

• MoneyGuard® linked-benefit products – MoneyGuard® (UL), 15% of total expected premium deposits, and MoneyGuard Market AdvantageSM (VUL), 150% of commissionable premiums;

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

single premium deposits;

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

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

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

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

Sources of earnings are defined as follows:

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

expenses.

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

of insurance in force.

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

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

benefit reserves and related expenses.

Page 1a

Lincoln Financial Group

Notes

Non-GAAP Performance Measures

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

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

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

▪ Sales or disposals and impairments of financial assets;

▪ Changes in the fair value of equity securities;

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

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

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

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

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

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

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

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

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

• Losses from the impairment of intangible assets;

• Income (loss) from discontinued operations;

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

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

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

• Excluded realized gain (loss);

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

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

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

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

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

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

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

Annuities interest rate spreads for the six months ended 2021 have been restated to conform to the current presentation.

Statistical Supplement is Dated

The financial data in this document is dated August 3, 2022, and has not been updated since that date. Lincoln Financial Group does not intend to update this document.

Page 1b

Lincoln Financial Group

Credit Ratings

Ratings as of August 3, 2022

Standard

A.M Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

BBB+

Baa1

A-

Financial Strength Ratings

The Lincoln National Life Insurance Company

A+

AA-

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

AA-

Investor Inquiries May Be Directed To:

Albert Copersino, Vice President, Investor Relations

Email: [email protected]

Phone: 203-257-4493

Page 2


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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Revenues
Insurance premiums	$	1,398	$	1,394	$	1,420	$	1,477	$	1,498	7.2%	$	2,804	$	2,975	6.1%
Fee income		1,670		1,996		1,628		1,568		1,506	-9.8%		3,262		3,075	-5.7%
Net investment income		1,584		1,576		1,445		1,412		1,369	-13.6%		3,094		2,781	-10.1%
Realized gain (loss)		(2)		85		(115)		29		522	NM		(182)		551	NM
Amortization of deferred gain on business
sold through reinsurance		9		9		19		19		19	111.1%		17		38	123.5%
Other revenues		192		181		207		182		190	-1.0%		391		371	-5.1%
Total revenues		4,851		5,241		4,604		4,687		5,104	5.2%		9,386		9,791	4.3%

Expenses
Interest credited		737		750		692		697		706	-4.2%		1,474		1,403	-4.8%
Benefits		1,930		2,122		2,251		2,565		2,890	49.7%		4,156		5,456	31.3%
Commissions and other expenses		1,326		1,906		1,328		1,236		1,127	-15.0%		2,556		2,362	-7.6%
Interest and debt expense		65		73		66		66		68	4.6%		131		134	2.3%
Spark program expense		21		22		30		31		44	109.5%		35		75	114.3%
Total expenses		4,079		4,873		4,367		4,595		4,835	18.5%		8,352		9,430	12.9%
Income (loss) before taxes		772		368		237		92		269	-65.2%		1,034		361	-65.1%
Federal income tax expense (benefit)		130		50		17		(12)		31	-76.2%		167		20	-88.0%
Net income (loss)		642		318		220		104		238	-62.9%		867		341	-60.7%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		-		-		-		(1)		(7)	NM		-		(7)	NM
Net income (loss) available to common
stockholders – diluted	$	642	$	318	$	220	$	103	$	231	-64.0%	$	867	$	334	-61.5%

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	3.34	$	1.68	$	1.20	$	0.58	$	1.34	-59.9%	$	4.51	$	1.91	-57.6%

ROE, including AOCI
Net income (loss)		12.4%		5.9%		4.2%		2.4%		8.0%			8.3%		4.6%






Page 3


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

	As of
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	101,003	$	100,862	$	98,120	$	90,561	$	83,158	-17.7%
U.S. government bonds		444		443		433		418		415	-6.5%
State and municipal bonds		6,919		6,901		6,621		6,001		5,523	-20.2%
Foreign government bonds		464		512		432		383		348	-25.0%
Residential mortgage-backed securities		3,027		2,935		2,525		2,338		2,181	-27.9%
Commercial mortgage-backed securities		1,578		1,594		1,599		1,592		1,557	-1.3%
Asset-backed securities		8,177		8,303		8,512		8,929		9,711	18.8%
Hybrid and redeemable preferred securities		603		535		504		473		472	-21.7%
Total fixed maturity AFS securities, net of allowance for credit losses		122,215		122,085		118,746		110,695		103,365	-15.4%
Trading securities		4,232		4,191		4,482		4,385		3,822	-9.7%
Equity securities		174		243		318		346		344	97.7%
Mortgage loans on real estate, net of allowance for credit losses		17,586		17,730		17,991		17,892		17,922	1.9%
Policy loans		2,410		2,379		2,364		2,339		2,368	-1.7%
Derivative investments		4,548		4,828		5,437		4,840		3,370	-25.9%
Other investments		3,950		4,069		4,292		4,127		4,054	2.6%
Total investments		155,115		155,525		153,630		144,624		135,245	-12.8%
Cash and invested cash		2,389		2,614		2,612		1,960		1,567	-34.4%
DAC and VOBA		6,261		5,965		6,081		8,810		11,872	89.6%
Premiums and fees receivable		583		584		580		671		656	12.5%
Accrued investment income		1,254		1,297		1,189		1,247		1,226	-2.2%
Reinsurance recoverables, net of allowance for credit losses		15,981		15,729		20,295		20,044		19,909	24.6%
Funds withheld reinsurance assets		527		526		517		510		506	-4.0%
Goodwill		1,778		1,778		1,778		1,778		1,778	0.0%
Other assets		17,465		17,367		18,036		17,406		17,219	-1.4%
Separate account assets		178,795		175,667		182,583		168,879		145,791	-18.5%
Total assets	$	380,148	$	377,052	$	387,301	$	365,929	$	335,769	-11.7%





Page 4a


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

	As of
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	40,250	$	40,641	$	41,030	$	39,773	$	39,306	-2.3%
Other contract holder funds		108,778		109,297		111,702		112,901		115,127	5.8%
Short-term debt		300		300		300		-		-	-100.0%
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 6 for details)		866		866		867		867		867	0.1%
Financial		5,468		5,457		5,458		5,694		5,631	3.0%
Reinsurance-related embedded derivatives		328		304		206		-		-	-100.0%
Funds withheld reinsurance liabilities		2,027		2,078		2,118		2,164		2,229	10.0%
Payables for collateral on investments		8,199		8,379		8,946		8,927		7,524	-8.2%
Other liabilities		13,392		12,893		13,819		12,012		10,106	-24.5%
Separate account liabilities		178,795		175,667		182,583		168,879		145,791	-18.5%
Total liabilities		358,403		355,882		367,029		351,217		326,581	-8.9%

Stockholders’ Equity
Common stock		5,021		4,956		4,735		4,586		4,546	-9.5%
Retained earnings		9,245		9,365		9,096		8,876		8,985	-2.8%
AOCI:
Unrealized investment gains (losses)		7,756		7,128		6,674		1,485		(4,104)	NM
Foreign currency translation adjustment		(10)		(14)		(14)		(19)		(33)	NM
Funded status of employee benefit plans		(267)		(265)		(219)		(216)		(206)	22.8%
Total AOCI		7,479		6,849		6,441		1,250		(4,343)	NM
Total stockholders’ equity		21,745		21,170		20,272		14,712		9,188	-57.7%
Total liabilities and stockholders’ equity	$	380,148	$	377,052	$	387,301	$	365,929	$	335,769	-11.7%










Page 4b


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

	As of or For the Three Months Ended											As of or For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Income (Loss)
Net income (loss)	$	642	$	318	$	220	$	104	$	238	-62.9%	$	867	$	341	-60.7%
Pre-tax adjusted income (loss) from operations		729		354		320		333		463	-36.5%		1,150		796	-30.8%
After-tax adjusted income (loss) from operations (1)		608		307		286		294		391	-35.7%		959		685	-28.6%
Adjusted operating tax rate		16.5%		13.3%		10.6%		11.5%		15.6%			16.6%		13.9%

Average Stockholders’ Equity
Average equity, including AOCI	$	20,669	$	21,458	$	20,721	$	17,492	$	11,950	-42.2%	$	20,908	$	14,721	-29.6%
Average AOCI		6,620		7,164		6,645		3,846		(1,547)	NM		6,983		1,149	-83.5%
Average equity, excluding AOCI	$	14,049	$	14,294	$	14,076	$	13,646	$	13,497	-3.9%	$	13,925	$	13,572	-2.5%

ROE, Excluding AOCI
Net income (loss)		18.3%		8.9%		6.3%		3.0%		7.0%			12.5%		5.0%
Adjusted income (loss) from operations		17.3%		8.6%		8.1%		8.6%		11.6%			13.8%		10.1%

Per Share
Net income (loss) (diluted)	$	3.34	$	1.68	$	1.20	$	0.58	$	1.34	-59.9%	$	4.51	$	1.91	-57.6%
Adjusted income (loss) from operations (diluted)		3.17		1.62		1.56		1.66		2.23	-29.7%		4.98		3.88	-22.1%
Dividends declared during the period		0.42		0.42		0.45		0.45		0.45	7.1%		0.84		0.90	7.1%

Book value, including AOCI	$	115.00	$	113.77	$	114.41	$	85.59	$	53.97	-53.1%	$	115.00	$	53.97	-53.1%
Per share impact of AOCI		39.55		36.81		36.36		7.27		(25.52)	NM		39.55		(25.52)	NM
Book value, excluding AOCI	$	75.45	$	76.96	$	78.05	$	78.32	$	79.49	5.4%	$	75.45	$	79.49	5.4%

Shares
Repurchased during the period		2.2		3.1		9.1		5.8		1.8	-18.2%		4.1		7.6	85.4%
End-of-period – basic		189.1		186.1		177.2		171.9		170.2	-10.0%		189.1		170.2	-10.0%
End-of-period – diluted		191.4		188.1		179.8		173.8		171.6	-10.3%		191.4		171.6	-10.3%
Average for the period – diluted		192.2		189.1		183.2		176.4		172.7	-10.1%		192.4		174.6	-9.3%

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




Page 5


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

	As of or For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Cash Returned to Common Stockholders
Shares repurchased	$	150	$	200	$	650	$	400	$	100	-33.3%	$	255	$	500	96.1%
Common dividends		80		79		78		80		77	-3.8%		161		157	-2.5%
Total cash returned to common stockholders	$	230	$	279	$	728	$	480	$	177	-23.0%	$	416	$	657	57.9%

Leverage Ratio
Short-term debt	$	300	$	300	$	300	$	-	$	-	-100.0%
Long-term debt		6,334		6,323		6,325		6,561		6,498	2.6%
Total debt (1)		6,634		6,623		6,625		6,561		6,498	-2.1%
Less:
Operating debt (2)		866		866		867		867		867	0.1%
25% of capital securities and subordinated notes		302		302		302		302		302	0.0%
Carrying value of fair value hedges and other items		345		333		335		273		209	-39.4%
Total numerator	$	5,121	$	5,122	$	5,121	$	5,119	$	5,120	0.0%

Stockholders’ equity, excluding unrealized
investment gains (losses)	$	13,989	$	14,042	$	13,598	$	13,227	$	13,292	-5.0%
Add: 25% of capital securities and subordinated
notes		302		302		302		302		302	0.0%
Total numerator		5,121		5,122		5,121		5,119		5,120	0.0%
Total denominator	$	19,412	$	19,466	$	19,021	$	18,648	$	18,714	-3.6%

Leverage ratio		26.4%		26.3%		26.9%		27.4%		27.4%

Holding Company Available Liquidity	$	762	$	754	$	1,117	$	755	$	756	-0.8%

(1) Excludes obligations under finance leases and certain financing arrangements of $557 million that are reported in other liabilities on our Consolidated Balance Sheets.
(2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain
on increasing statutory reserves associated with secondary guarantee UL and term policies.






Page 6


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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Income (Loss) from Operations, Pre-Tax
Annuities	$	380	$	403	$	391	$	351	$	295	-22.4%	$	730	$	646	-11.5%
Retirement Plan Services		74		72		68		64		63	-14.9%		144		128	-11.1%
Life Insurance		317		113		97		65		139	-56.2%		447		204	-54.4%
Group Protection		59		(40)		(146)		(52)		75	27.1%		26		23	-11.5%
Other Operations		(101)		(194)		(90)		(95)		(109)	-7.9%		(197)		(205)	-4.1%
Adjusted income (loss) from operations, before
income taxes	$	729	$	354	$	320	$	333	$	463	-36.5%	$	1,150	$	796	-30.8%

Income (Loss) from Operations, After-Tax
Annuities	$	323	$	338	$	332	$	302	$	256	-20.7%	$	613	$	558	-9.0%
Retirement Plan Services		62		60		57		55		54	-12.9%		118		109	-7.6%
Life Insurance		255		93		80		58		114	-55.3%		362		172	-52.5%
Group Protection		46		(32)		(115)		(41)		59	28.3%		20		18	-10.0%
Other Operations		(78)		(152)		(68)		(80)		(92)	-17.9%		(154)		(172)	-11.7%
Adjusted income (loss) from operations	$	608	$	307	$	286	$	294	$	391	-35.7%	$	959	$	685	-28.6%

	For the Three Months Ended											For the Trailing Twelve Months
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Sources of Earnings, Pre-Tax
Investment spread	$	228	$	152	$	113	$	99	$	128	-43.9%	$	387	$	492	27.1%
Mortality/morbidity		219		21		(81)		(11)		150	-31.5%		97		79	-18.6%
Fees on AUM		363		381		355		325		305	-16.0%		1,321		1,366	3.4%
VA riders		20		(6)		23		15		(11)	NM		(56)		22	139.3%
Total sources of earnings, before income taxes		830		548		410		428		572	-31.1%		1,749		1,959	12.0%
Other Operations		(101)		(194)		(90)		(95)		(109)	-7.9%		(418)		(489)	-17.0%
Adjusted income (loss) from operations, before
income taxes	$	729	$	354	$	320	$	333	$	463	-36.5%	$	1,331	$	1,470	10.4%

Sources of Earnings, Pre-Tax, Percentage By Component
Investment spread		27.5%		27.7%		27.6%		23.2%		22.3%			22.1%		25.1%
Mortality/morbidity		26.4%		3.9%		-19.7%		-2.6%		26.2%			5.6%		4.0%
Fees on AUM		43.6%		69.4%		86.5%		76.0%		53.3%			75.5%		69.7%
VA riders		2.5%		-1.0%		5.6%		3.4%		-1.8%			-3.2%		1.2%
Total		100.0%		100.0%		100.0%		100.0%		100.0%			100.0%		100.0%

Page 7


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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Annuities
Operating revenues	$	1,249	$	1,267	$	1,282	$	1,232	$	1,169	-6.4%	$	2,453	$	2,401	-2.1%
Deposits		3,209		2,707		3,011		2,705		2,702	-15.8%		6,023		5,407	-10.2%
Net flows		(297)		(841)		(655)		(553)		(318)	-7.1%		(1,073)		(871)	18.8%
Average account values, net of reinsurance		166,034		169,581		170,953		163,628		152,025	-8.4%		163,091		157,727	-3.3%

Retirement Plan Services
Operating revenues	$	333	$	328	$	335	$	318	$	315	-5.4%	$	660	$	633	-4.1%
Deposits		2,789		2,411		3,000		3,367		2,943	5.5%		5,429		6,310	16.2%
Net flows		517		(21)		(380)		946		913	76.6%		865		1,859	114.9%
Average account values		94,096		96,723		98,008		95,843		90,628	-3.7%		91,902		93,050	1.2%

Life Insurance
Operating revenues	$	2,029	$	2,325	$	1,844	$	1,825	$	1,800	-11.3%	$	3,968	$	3,625	-8.6%
Deposits		1,278		1,324		1,872		1,334		1,439	12.6%		2,498		2,775	11.1%
Net flows		879		871		1,438		883		1,038	18.1%		1,673		1,921	14.8%
Average account values, net of reinsurance		59,056		59,642		51,067		51,236		49,380	-16.4%		58,532		59,416	1.5%
Average in-force face amount		916,600		935,096		959,478		985,286		1,010,659	10.3%		908,786		997,973	9.8%

Group Protection
Operating revenues	$	1,247	$	1,243	$	1,252	$	1,303	$	1,323	6.1%	$	2,500	$	2,626	5.0%
Insurance premiums		1,107		1,107		1,117		1,169		1,187	7.2%		2,226		2,356	5.8%

Consolidated
Adjusted operating revenues (1)	$	4,903	$	5,205	$	4,769	$	4,718	$	4,641	-5.3%	$	9,665	$	9,359	-3.2%
Deposits		7,276		6,442		7,883		7,406		7,084	-2.6%		13,950		14,492	3.9%
Net flows		1,099		9		403		1,276		1,633	48.6%		1,465		2,909	98.6%
Average account values, net of reinsurance		319,186		325,946		320,028		310,707		292,033	-8.5%		313,525		310,193	-1.1%

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





Page 8


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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Sales
Annuities:
Indexed variable	$	1,600	$	853	$	977	$	1,048	$	1,220	-23.8%	$	3,080	$	2,269
Other variable without GLBs		683		739		787		605		422	-38.2%		1,293		1,025
Other variable with GLBs		742		773		834		678		536	-27.8%		1,381		1,214	-12.1%
Total variable		3,025		2,365		2,598		2,331		2,178	-28.0%		5,754		4,508	-21.7%
Fixed		184		342		413		374		524	184.8%		269		899	234.2%
Total Annuities	$	3,209	$	2,707	$	3,011	$	2,705	$	2,702	-15.8%	$	6,023	$	5,407	-10.2%
Percent with GLBs		23.1%		28.6%		27.7%		25.1%		19.8%			22.9%		22.5%
Percent with GLBs, including the impact of VA reinsurance		17.2%		20.2%		20.8%		17.9%		14.0%			19.8%		16.0%

Retirement Plan Services:
First-year sales	$	1,102	$	745	$	1,270	$	1,198	$	1,210	9.8%	$	1,796	$	2,409	34.1%
Recurring deposits		1,687		1,666		1,730		2,169		1,733	2.7%		3,633		3,901	7.4%
Total Retirement Plan Services	$	2,789	$	2,411	$	3,000	$	3,367	$	2,943	5.5%	$	5,429	$	6,310	16.2%

Life Insurance:
IUL/UL	$	20	$	24	$	42	$	26	$	27	35.0%	$	38	$	53	39.5%
MoneyGuard®		23		26		36		22		24	4.3%		39		47	20.5%
VUL		27		40		92		34		44	63.0%		49		78	59.2%
Term		35		42		47		43		48	37.1%		64		90	40.6%
Executive Benefits		21		34		37		30		50	138.1%		50		79	58.0%
Total Life Insurance	$	126	$	166	$	254	$	155	$	193	53.2%	$	240	$	347	44.6%

Group Protection:
Life	$	37	$	22	$	163	$	53	$	62	67.6%	$	78	$	116	48.7%
Disability		37		20		199		47		59	59.5%		65		105	61.5%
Dental		5		6		23		5		6	20.0%		10		11	10.0%
Total Group Protection	$	79	$	48	$	385	$	105	$	127	60.8%	$	153	$	232	51.6%
Percent employee-paid		56.3%		50.1%		35.0%		57.0%		48.5%			61.3%		52.4%





Page 9


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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Operating Revenues
Annuities	$	1,249	$	1,267	$	1,282	$	1,232	$	1,169	-6.4%	$	2,453	$	2,401	-2.1%
Retirement Plan Services		333		328		335		318		315	-5.4%		660		633	-4.1%
Life Insurance		2,029		2,325		1,844		1,825		1,800	-11.3%		3,968		3,625	-8.6%
Group Protection		1,247		1,243		1,252		1,303		1,323	6.1%		2,500		2,626	5.0%
Other Operations		45		42		56		40		34	-24.4%		84		74	-11.9%
Total segment operating revenues	$	4,903	$	5,205	$	4,769	$	4,718	$	4,641	-5.3%	$	9,665	$	9,359	-3.2%

General and Administrative Expenses,
Net of Amounts Capitalized (1)
Annuities	$	121	$	115	$	125	$	112	$	108	-10.7%	$	237	$	220	-7.2%
Retirement Plan Services		73		70		80		69		69	-5.5%		142		138	-2.8%
Life Insurance		126		121		138		117		115	-8.7%		244		233	-4.5%
Group Protection		161		163		177		165		166	3.1%		320		331	3.4%
Other Operations		46		143		52		48		48	4.3%		90		95	5.6%
Total	$	527	$	612	$	572	$	511	$	506	-4.0%	$	1,033	$	1,017	-1.5%

General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.6%		9.1%		9.7%		9.1%		9.3%			9.7%		9.2%
Retirement Plan Services		21.9%		21.5%		23.8%		21.7%		21.8%			21.5%		21.8%
Life Insurance		6.2%		5.2%		7.5%		6.4%		6.4%			6.1%		6.4%
Group Protection		13.0%		13.1%		14.1%		12.7%		12.5%			12.8%		12.6%
Other Operations		100.8%		345.5%		96.8%		116.6%		141.5%			107.6%		128.0%
Total		10.7%		11.8%		12.0%		10.8%		10.9%			10.7%		10.9%

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







Page 10


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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	579	$	662	$	642	$	562	$	559	-3.5%	$	1,135	$	1,121	-1.2%
Commissions		652		656		760		654		656	0.6%		1,268		1,311	3.4%
Taxes, licenses and fees		86		79		89		98		83	-3.5%		173		181	4.6%
Interest and debt expense		65		66		66		66		68	4.6%		131		134	2.3%
Expenses associated with reserve financing
and letters of credit		25		26		26		26		27	8.0%		50		53	6.0%
Total adjusted operating commissions and other
expenses incurred		1,407		1,489		1,583		1,406		1,393	-1.0%		2,757		2,800	1.6%

Less Amounts Capitalized
General and administrative expenses		(52)		(50)		(70)		(51)		(53)	-1.9%		(102)		(104)	-2.0%
Commissions		(261)		(253)		(361)		(265)		(281)	-7.7%		(492)		(546)	-11.0%
Taxes, licenses and fees		(11)		(9)		(15)		(11)		(10)	9.1%		(20)		(22)	-10.0%
Total amounts capitalized		(324)		(312)		(446)		(327)		(344)	-6.2%		(614)		(672)	-9.4%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,083		1,177		1,137		1,079		1,049	-3.1%		2,143		2,128	-0.7%

Amortization
Amortization of DAC, VOBA and other intangibles		317		821		263		289		250	-21.1%		563		539	-4.3%
Total operating commissions and other expenses	$	1,400	$	1,998	$	1,400	$	1,368	$	1,299	-7.2%	$	2,706	$	2,667	-1.4%













Page 11


Lincoln Financial Group
Interest Rate Yields and Spreads By Segment
Unaudited

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Annuities
Earned rate on reserves		3.10%		3.07%		3.06%		2.99%		3.09%	(1)		3.18%		3.04%	(14)
Variable investment income on reserves (1)		0.24%		0.28%		0.31%		0.23%		0.11%	(13)		0.18%		0.17%	(1)
Net investment income yield on reserves		3.34%		3.35%		3.37%		3.22%		3.20%	(14)		3.36%		3.21%	(15)
Interest rate credited to contract holders		1.97%		1.90%		1.82%		1.85%		1.90%	(7)		2.00%		1.88%	(12)
Interest rate spread		1.37%		1.45%		1.55%		1.37%		1.30%	(7)		1.36%		1.33%	(3)
Base spreads excluding variable investment income		1.13%		1.17%		1.24%		1.14%		1.19%	6		1.18%		1.16%	(2)

Retirement Plan Services
Earned rate on reserves		3.60%		3.56%		3.51%		3.45%		3.49%	(11)		3.61%		3.48%	(13)
Variable investment income on reserves (1)		0.21%		0.22%		0.39%		0.19%		0.14%	(7)		0.20%		0.16%	(4)
Net investment income yield on reserves		3.81%		3.78%		3.90%		3.64%		3.63%	(18)		3.81%		3.64%	(17)
Interest rate credited to contract holders		2.69%		2.65%		2.63%		2.55%		2.55%	(14)		2.68%		2.56%	(12)
Interest rate spread		1.12%		1.13%		1.27%		1.09%		1.08%	(4)		1.13%		1.08%	(5)
Base spreads excluding variable investment income		0.91%		0.91%		0.88%		0.90%		0.94%	3		0.93%		0.92%	(1)

Life Insurance – Interest-Sensitive
Earned rate on reserves		4.68%		4.64%		4.67%		4.60%		4.50%	(18)		4.70%		4.55%	(15)
Variable investment income on reserves (1)		1.38%		1.23%		0.85%		0.54%		0.36%	(102)		1.21%		0.45%	(76)
Net investment income yield on reserves		6.06%		5.87%		5.52%		5.14%		4.86%	(120)		5.91%		5.00%	(91)
Interest rate credited to contract holders		3.78%		3.76%		3.76%		3.77%		3.74%	(4)		3.77%		3.76%	(1)
Interest rate spread		2.28%		2.11%		1.76%		1.37%		1.12%	(116)		2.14%		1.24%	(90)

Base spreads excluding alternative investments		1.06%		1.05%		1.12%		1.06%		0.99%	(7)		1.08%		1.02%	(6)
Base spreads assuming 10% annualized yield on alternative
investments		1.24%		1.24%		1.35%		1.30%		1.25%	1		1.26%		1.28%	2

Total (2)
Earned rate (3)		3.94%		3.93%		3.80%		3.80%		3.77%	(17)		3.94%		3.78%	(16)
Variable investment income (1) (3)		0.78%		0.72%		0.53%		0.36%		0.22%	(56)		0.69%		0.29%	(40)
Net investment income yield (3)		4.72%		4.65%		4.33%		4.16%		3.99%	(73)		4.63%		4.07%	(56)

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


Page 12


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

	As of or For the Three Months Ended											As of or For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	27	$	30	$	27	$	30	$	25	-7.4%	$	59	$	55	-6.8%
Fee income		679		690		702		658		611	-10.0%		1,332		1,269	-4.7%
Net investment income		352		371		349		360		337	-4.3%		680		697	2.5%
Operating realized gain (loss)		53		49		55		54		51	-3.8%		103		105	1.9%
Amortization of deferred gain		6		7		7		6		6	0.0%		12		13	8.3%
Other revenues		132		120		142		124		139	5.3%		267		262	-1.9%
Total operating revenues		1,249		1,267		1,282		1,232		1,169	-6.4%		2,453		2,401	-2.1%
Operating expenses:
Interest credited		199		210		203		207		214	7.5%		398		422	6.0%
Benefits		135		135		138		152		180	33.3%		275		332	20.7%
Commissions incurred		297		276		287		268		257	-13.5%		573		526	-8.2%
Other expenses incurred		264		258		280		260		243	-8.0%		519		501	-3.5%
Amounts capitalized		(144)		(113)		(132)		(118)		(110)	23.6%		(271)		(228)	15.9%
Amortization		118		98		115		112		90	-23.7%		229		202	-11.8%
Total operating expenses		869		864		891		881		874	0.6%		1,723		1,755	1.9%
Income (loss) from operations before taxes		380		403		391		351		295	-22.4%		730		646	-11.5%
Federal income tax expense (benefit)		57		65		59		49		39	-31.6%		117		88	-24.8%
Income (loss) from operations	$	323	$	338	$	332	$	302	$	256	-20.7%	$	613	$	558	-9.0%

Effective Federal Income Tax Rate		15.0%		16.1%		15.1%		14.0%		13.1%			16.0%		13.6%

Average Equity, Excluding Goodwill and AOCI	$	5,077	$	5,282	$	5,310	$	5,298	$	5,665	11.6%	$	5,074	$	5,481	8.0%

ROE, Excluding Goodwill and AOCI		25.5%		25.6%		25.0%		22.8%		18.1%			24.2%		20.4%

Return on Average Account Values		78		80		78		74		67	(11)		75		71	(4)

Income (Loss) from Operations
Variable annuity		293		287		295		269		230	-21.5%		553		499	-9.8%
Fixed annuity		30		51		37		33		26	-13.3%		60		59	-1.7%

Account Values, Net of Reinsurance – End of Period
Variable account values without GLBs	$	64,495	$	65,223	$	69,625	$	66,584	$	59,163	-8.3%	$	64,495	$	59,163	-8.3%
Variable account values with GLBs		86,901		84,320		86,234		78,837		68,468	-21.2%		86,901		68,468	-21.2%
Fixed account values		16,911		16,804		16,866		16,723		16,621	-1.7%		16,911		16,621	-1.7%
Total account values		168,307		166,347		172,725		162,144		144,252	-14.3%		168,307		144,252
Percent variable account values with GLBs		51.6%		50.7%		49.9%		48.6%		47.5%			51.6%		47.5%



Page 13

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

	As of or For the Three Months Ended											As of or For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	74	$	75	$	76	$	70	$	65	-12.2%	$	146	$	135	-7.5%
Net investment income		250		245		250		238		241	-3.6%		498		479	-3.8%
Other revenues		9		8		9		10		9	0.0%		16		19	18.8%
Total operating revenues		333		328		335		318		315	-5.4%		660		633	-4.1%
Operating expenses:
Interest credited		155		153		154		152		156	0.6%		309		308	-0.3%
Benefits		1		1		1		1		1	0.0%		1		2	100.0%
Commissions incurred		20		21		21		20		18	-10.0%		42		37	-11.9%
Other expenses incurred		79		78		89		79		76	-3.8%		158		154	-2.5%
Amounts capitalized		(4)		(5)		(7)		(5)		(5)	-25.0%		(10)		(9)	10.0%
Amortization		8		8		9		7		6	-25.0%		16		13	-18.8%
Total operating expenses		259		256		267		254		252	-2.7%		516		505	-2.1%
Income (loss) from operations before taxes		74		72		68		64		63	-14.9%		144		128	-11.1%
Federal income tax expense (benefit)		12		12		11		9		9	-25.0%		26		19	-26.9%
Income (loss) from operations	$	62	$	60	$	57	$	55	$	54	-12.9%	$	118	$	109	-7.6%

Effective Federal Income Tax Rate		16.7%		16.8%		16.3%		13.7%		15.5%			17.8%		14.6%

Average Equity, Excluding Goodwill and AOCI	$	1,535	$	1,492	$	1,477	$	1,534	$	1,618	5.4%	$	1,530	$	1,576	3.0%

ROE, Excluding Goodwill and AOCI		16.1%		16.1%		15.4%		14.4%		13.3%			15.5%		13.8%

Return on Average Account Values		26		25		23		23		24	(2)		26		23	(3)

Pre-tax Net Margin		41.5%		41.2%		37.6%		38.6%		39.8%			41.0%		39.2%

Net Flows by Market
Small Market	$	106	$	(43)	$	98	$	(116)	$	80	-24.5%	$	79	$	(36)	NM
Mid - Large Market		755		423		(58)		1,350		1,074	42.3%		1,435		2,424	68.9%
Multi-Fund® and Other		(344)		(401)		(420)		(288)		(241)	29.9%		(649)		(529)	18.5%

Net Flows – Trailing Twelve Months	$	1,566	$	1,183	$	464	$	1,062	$	1,458	-6.9%	$	1,566	$	1,458	-6.9%





Page 14


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

	As of or For the Three Months Ended											As of or For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	258	$	256	$	266	$	277	$	283	9.7%	$	511	$	560	9.6%
Fee income		915		1,230		848		846		840	-8.2%		1,783		1,686	-5.4%
Net investment income		852		832		716		688		665	-21.9%		1,661		1,353	-18.5%
Operating realized gain (loss)		(2)		-		(4)		1		(2)	0.0%		(4)		(1)	75.0%
Amortization of deferred gain on
business sold through reinsurance		3		3		13		12		12	300.0%		5		25	NM
Other revenues		3		4		5		1		2	-33.3%		12		2	-83.3%
Total operating revenues		2,029		2,325		1,844		1,825		1,800	-11.3%		3,968		3,625	-8.6%
Operating expenses:
Interest credited		372		375		322		325		329	-11.6%		742		653	-12.0%
Benefits		999		976		1,126		1,126		1,041	4.2%		2,172		2,167	-0.2%
Commissions incurred		130		153		236		156		176	35.4%		250		332	32.8%
Other expenses incurred		208		201		234		202		199	-4.3%		403		402	-0.2%
Amounts capitalized		(154)		(175)		(276)		(182)		(204)	-32.5%		(293)		(386)	-31.7%
Amortization		157		682		105		133		120	-23.6%		247		253	2.4%
Total operating expenses		1,712		2,212		1,747		1,760		1,661	-3.0%		3,521		3,421	-2.8%
Income (loss) from operations before taxes		317		113		97		65		139	-56.2%		447		204	-54.4%
Federal income tax expense (benefit)		62		20		17		7		25	-59.7%		85		32	-62.4%
Income (loss) from operations	$	255	$	93	$	80	$	58	$	114	-55.3%	$	362	$	172	-52.5%

Effective Federal Income Tax Rate		19.7%		17.6%		17.1%		11.3%		17.6%			19.1%		15.6%

Average Equity, Excluding Goodwill and AOCI	$	9,035	$	9,245	$	8,971	$	8,831	$	9,294	2.9%	$	8,972	$	9,063	1.0%

ROE, Excluding Goodwill and AOCI		11.3%		4.0%		3.6%		2.6%		4.9%			8.1%		3.8%

Average Account Values, Net of Reinsurance	$	59,056	$	59,642	$	51,067	$	51,236	$	49,380	-16.4%	$	58,532	$	59,416	1.5%

In-Force Face Amount
UL and other	$	357,670	$	357,624	$	362,106	$	361,490	$	361,565	1.1%	$	357,670	$	361,565	1.1%
Term insurance		567,525		587,372		611,854		635,123		663,140	16.8%		567,525		663,140	16.8%
Total in-force face amount	$	925,195	$	944,996	$	973,960	$	996,613	$	1,024,705	10.8%	$	925,195	$	1,024,705	10.8%




Page 15


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

	As of or For the Three Months Ended											As of or For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,107	$	1,107	$	1,117	$	1,169	$	1,187	7.2%	$	2,226	$	2,356	5.8%
Net investment income		95		91		90		85		86	-9.5%		185		171	-7.6%
Other revenues		45		45		45		49		50	11.1%		89		99	11.2%
Total operating revenues		1,247		1,243		1,252		1,303		1,323	6.1%		2,500		2,626	5.0%
Operating expenses:
Interest credited		1		1		2		1		2	100.0%		3		3	0.0%
Benefits		877		971		1,072		1,027		926	5.6%		1,847		1,953	5.7%
Commissions incurred		87		88		95		94		96	10.3%		178		190	6.7%
Other expenses incurred		210		209		225		217		214	1.9%		417		432	3.6%
Amounts capitalized		(21)		(19)		(30)		(21)		(24)	-14.3%		(42)		(46)	-9.5%
Amortization		34		33		34		37		34	0.0%		71		71	0.0%
Total operating expenses		1,188		1,283		1,398		1,355		1,248	5.1%		2,474		2,603	5.2%
Income (loss) from operations before taxes		59		(40)		(146)		(52)		75	27.1%		26		23	-11.5%
Federal income tax expense (benefit)		13		(8)		(31)		(11)		16	23.1%		6		5	-16.7%
Income (loss) from operations	$	46	$	(32)	$	(115)	$	(41)	$	59	28.3%	$	20	$	18	-10.0%

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

Average Equity, Excluding Goodwill and AOCI	$	2,731	$	2,759	$	2,810	$	2,899	$	2,988	9.4%	$	2,725	$	2,943	8.0%

ROE, Excluding Goodwill and AOCI		6.8%		-4.6%		-16.4%		-5.6%		7.9%			1.5%		1.2%

Loss Ratios by Product Line
Life		79.6%		105.1%		108.7%		91.0%		80.5%			90.2%		85.8%
Disability		79.0%		77.7%		90.2%		87.2%		76.7%			78.9%		81.9%
Dental		81.6%		75.7%		71.1%		71.1%		76.9%			79.2%		74.0%
Total		79.3%		87.8%		96.1%		88.0%		78.2%			83.1%		83.0%








Page 16


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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Other Operations
Operating revenues:
Insurance premiums	$	6	$	1	$	10	$	1	$	3	-50.0%	$	8	$	4	-50.0%
Net investment income		35		37		40		41		40	14.3%		70		81	15.7%
Other revenues		4		4		6		(2)		(9)	NM		6		(11)	NM
Total operating revenues		45		42		56		40		34	-24.4%		84		74	-11.9%
Operating expenses:
Interest credited		10		10		10		12		9	-10.0%		22		21	-4.5%
Benefits		25		21		21		14		21	-16.0%		40		35	-12.5%
Commissions and other expenses		25		117		19		12		1	-96.0%		53		14	-73.6%
Interest and debt expense		65		66		66		66		68	4.6%		131		134	2.3%
Spark program expense		21		22		30		31		44	109.5%		35		75	114.3%
Total operating expenses		146		236		146		135		143	-2.1%		281		279	-0.7%
Income (loss) from operations before taxes		(101)		(194)		(90)		(95)		(109)	-7.9%		(197)		(205)	-4.1%
Federal income tax expense (benefit)		(23)		(42)		(22)		(15)		(17)	26.1%		(43)		(33)	23.3%
Income (loss) from operations	$	(78)	$	(152)	$	(68)	$	(80)	$	(92)	-17.9%	$	(154)	$	(172)	-11.7%



















Page 17


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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	7,884	$	6,472	$	6,169	$	6,284	$	9,020	14.4%	$	6,025	$	6,284	4.3%
Business acquired (sold) through reinsurance		-		-		(650)		-		-	NM		-		-	NM
Deferrals		325		312		446		328		345	6.2%		619		673	8.7%
Operating amortization		(314)		(820)		(259)		(284)		(245)	22.0%		(558)		(530)	5.0%
Deferrals, net of operating amortization		11		(508)		187		44		100	NM		61		143	134.4%
Amortization associated with benefit ratio unlocking		(11)		4		(11)		36		64	NM		(17)		100	NM
Adjustment related to realized (gains) losses		(10)		10		36		(37)		(131)	NM		41		(168)	NM
Adjustment related to unrealized (gains) losses		(1,402)		191		553		2,693		3,034	NM		362		5,728	NM
Balance as of end-of-period	$	6,472	$	6,169	$	6,284	$	9,020	$	12,087	86.8%	$	6,472	$	12,087	86.8%

DFEL
Balance as of beginning-of-period	$	559	$	433	$	396	$	415	$	1,363	143.8%	$	401	$	415	3.5%
Business acquired (sold) through reinsurance		-		-		(290)		-		-	NM		-		-	NM
Deferrals		240		251		294		256		270	12.5%		471		526	11.7%
Operating amortization		(179)		(522)		(147)		(151)		(145)	19.0%		(310)		(296)	4.5%
Deferrals, net of operating amortization		61		(271)		147		105		125	104.9%		161		230	42.9%
Amortization associated with benefit ratio unlocking		(2)		1		(1)		6		10	NM		(2)		15	NM
Adjustment related to realized (gains) losses		(2)		(8)		(1)		(6)		(12)	NM		(2)		(17)	NM
Adjustment related to unrealized (gains) losses		(183)		241		164		843		2,611	NM		(125)		3,454	NM
Balance as of end-of-period	$	433	$	396	$	415	$	1,363	$	4,097	NM	$	433	$	4,097	NM

DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	4,771	$	4,561	$	4,637	$	6,049	$	6,312	32.3%	$	4,771	$	6,312	32.3%











Page 18


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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Fixed Annuities
Balance as of beginning-of-period	$	25,008	$	24,840	$	24,642	$	24,728	$	24,475	-2.1%	$	25,405	$	24,728	-2.7%
Gross deposits		184		342		413		374		524	184.8%		269		899	234.2%
Full surrenders and deaths		(482)		(489)		(415)		(420)		(457)	5.2%		(975)		(877)	10.1%
Other contract benefits		(115)		(163)		(198)		(171)		(176)	-53.0%		(257)		(347)	-35.0%
Net flows		(413)		(310)		(200)		(217)		(109)	73.6%		(963)		(325)	66.3%
Contract holder assessments		(22)		(20)		(17)		(15)		(12)	45.5%		(45)		(28)	37.8%
Reinvested interest credited		267		132		303		(21)		(101)	NM		443		(122)	NM
Balance as of end-of-period, gross		24,840		24,642		24,728		24,475		24,253	-2.4%		24,840		24,253	-2.4%
Reinsurance ceded		(7,929)		(7,838)		(7,862)		(7,752)		(7,632)	3.7%		(7,929)		(7,632)	3.7%
Balance as of end-of-period, net	$	16,911	$	16,804	$	16,866	$	16,723	$	16,621	-1.7%	$	16,911	$	16,621	-1.7%

Variable Annuities
Balance as of beginning-of-period	$	144,157	$	151,396	$	149,550	$	155,866	$	145,428	0.9%	$	140,313	$	155,866	11.1%
Gross deposits		3,025		2,365		2,598		2,331		2,178	-28.0%		5,754		4,508	-21.7%
Full surrenders and deaths		(1,871)		(1,875)		(1,858)		(1,567)		(1,366)	27.0%		(3,772)		(2,933)	22.2%
Other contract benefits		(1,038)		(1,021)		(1,195)		(1,100)		(1,021)	1.6%		(2,092)		(2,121)	-1.4%
Net flows		116		(531)		(455)		(336)		(209)	NM		(110)		(546)	NM
Contract holder assessments		(705)		(723)		(727)		(692)		(655)	7.1%		(1,390)		(1,347)	3.1%
Change in market value and reinvestment		7,828		(592)		7,498		(9,410)		(16,925)	NM		12,583		(26,334)	NM
Balance as of end-of-period, gross		151,396		149,550		155,866		145,428		127,639	-15.7%		151,396		127,639	-15.7%
Reinsurance ceded		-		(7)		(7)		(7)		(8)	NM		-		(8)	NM
Balance as of end-of-period, net	$	151,396	$	149,543	$	155,859	$	145,421	$	127,631	-15.7%	$	151,396	$	127,631	-15.7%

Total
Balance as of beginning-of-period	$	169,165	$	176,236	$	174,192	$	180,594	$	169,903	0.4%	$	165,718	$	180,594	9.0%
Gross deposits		3,209		2,707		3,011		2,705		2,702	-15.8%		6,023		5,407	-10.2%
Full surrenders and deaths		(2,353)		(2,364)		(2,273)		(1,987)		(1,823)	22.5%		(4,747)		(3,810)	19.7%
Other contract benefits		(1,153)		(1,184)		(1,393)		(1,271)		(1,197)	-3.8%		(2,349)		(2,468)	-5.1%
Net flows		(297)		(841)		(655)		(553)		(318)	-7.1%		(1,073)		(871)	18.8%
Contract holder assessments		(727)		(743)		(744)		(707)		(667)	8.3%		(1,435)		(1,375)	4.2%
Change in market value and reinvestment		8,095		(460)		7,801		(9,431)		(17,026)	NM		13,026		(26,456)	NM
Balance as of end-of-period, gross		176,236		174,192		180,594		169,903		151,892	-13.8%		176,236		151,892	-13.8%
Reinsurance ceded		(7,929)		(7,845)		(7,869)		(7,759)		(7,640)	3.6%		(7,929)		(7,640)	3.6%
Balance as of end-of-period, net	$	168,307	$	166,347	$	172,725	$	162,144	$	144,252	-14.3%	$	168,307	$	144,252	-14.3%

Page 19

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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
General Account
Balance as of beginning-of-period	$	23,008	$	22,995	$	23,152	$	23,639	$	23,958	4.1%	$	22,916	$	23,639	3.2%
Gross deposits		424		504		908		572		1,132	167.0%		913		1,704	86.6%
Withdrawals		(590)		(647)		(631)		(554)		(485)	17.8%		(1,173)		(1,039)	11.4%
Net flows		(166)		(143)		277		18		647	NM		(260)		665	NM
Transfers between fixed and variable accounts		3		149		59		154		160	NM		40		315	NM
Contract holder assessments		(3)		(3)		(4)		(3)		(3)	0.0%		(7)		(7)	0.0%
Reinvestment interest credited		153		154		155		150		155	1.3%		306		305	-0.3%
Balance as of end-of-period	$	22,995	$	23,152	$	23,639	$	23,958	$	24,917	8.4%	$	22,995	$	24,917	8.4%

Separate Account and Mutual Funds
Balance as of beginning-of-period	$	68,149	$	72,913	$	72,454	$	75,475	$	71,385	4.7%	$	65,391	$	75,475	15.4%
Gross deposits		2,365		1,907		2,092		2,795		1,811	-23.4%		4,516		4,606	2.0%
Withdrawals		(1,682)		(1,785)		(2,749)		(1,867)		(1,545)	8.1%		(3,391)		(3,412)	-0.6%
Net flows		683		122		(657)		928		266	-61.1%		1,125		1,194	6.1%
Transfers between fixed and variable accounts		(43)		(154)		(77)		(230)		(9)	79.1%		(186)		(241)	-29.6%
Contract holder assessments		(65)		(66)		(67)		(64)		(60)	7.7%		(127)		(123)	3.1%
Change in market value and reinvestment		4,189		(361)		3,822		(4,724)		(9,793)	NM		6,710		(14,516)	NM
Balance as of end-of-period	$	72,913	$	72,454	$	75,475	$	71,385	$	61,789	-15.3%	$	72,913	$	61,789	-15.3%

Total
Balance as of beginning-of-period	$	91,157	$	95,908	$	95,606	$	99,114	$	95,343	4.6%	$	88,307	$	99,114	12.2%
Gross deposits		2,789		2,411		3,000		3,367		2,943	5.5%		5,429		6,310	16.2%
Withdrawals		(2,272)		(2,432)		(3,380)		(2,421)		(2,030)	10.7%		(4,564)		(4,451)	2.5%
Net flows		517		(21)		(380)		946		913	76.6%		865		1,859	114.9%
Transfers between fixed and variable accounts		(40)		(5)		(18)		(76)		151	NM		(146)		74	150.7%
Contract holder assessments		(68)		(69)		(71)		(67)		(63)	7.4%		(134)		(130)	3.0%
Change in market value and reinvestment		4,342		(207)		3,977		(4,574)		(9,638)	NM		7,016		(14,211)	NM
Balance as of end-of-period	$	95,908	$	95,606	$	99,114	$	95,343	$	86,706	-9.6%	$	95,908	$	86,706	-9.6%







Page 20

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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
General Account
Balance as of beginning-of-period	$	38,053	$	38,013	$	37,969	$	38,094	$	37,921	-0.3%	$	38,136	$	38,094	-0.1%
Deposits		895		894		1,050		878		880	-1.7%		1,794		1,759	-2.0%
Withdrawals and deaths		(243)		(237)		(213)		(315)		(226)	7.0%		(539)		(543)	-0.7%
Net flows		652		657		837		563		654	0.3%		1,255		1,216	-3.1%
Contract holder assessments		(1,074)		(1,086)		(1,107)		(1,131)		(1,096)	-2.0%		(2,148)		(2,227)	-3.7%
Reinvested interest credited		382		385		395		395		338	-11.5%		770		734	-4.7%
Balance as of end-of-period, gross		38,013		37,969		38,094		37,921		37,817	-0.5%		38,013		37,817	-0.5%
Reinsurance ceded		(628)		(620)		(5,562)		(5,544)		(5,549)	NM		(628)		(5,549)	NM
Balance as of end-of-period, net	$	37,385	$	37,349	$	32,532	$	32,377	$	32,268	-13.7%	$	37,385	$	32,268	-13.7%

Separate Account
Balance as of beginning-of-period	$	21,983	$	23,361	$	23,250	$	24,907	$	23,464	6.7%	$	21,078	$	24,907	18.2%
Deposits		383		430		822		456		559	46.0%		704		1,016	44.3%
Withdrawals and deaths		(156)		(216)		(221)		(136)		(175)	-12.2%		(286)		(311)	-8.7%
Net flows		227		214		601		320		384	69.2%		418		705	68.7%
Contract holder assessments		(203)		(211)		(247)		(218)		(230)	-13.3%		(400)		(449)	-12.3%
Change in market value and reinvestment		1,354		(114)		1,303		(1,545)		(3,255)	NM		2,265		(4,800)	NM
Balance as of end-of-period, gross		23,361		23,250		24,907		23,464		20,363	-12.8%		23,361		20,363	-12.8%
Reinsurance ceded		(1,044)		(1,018)		(5,593)		(5,215)		(4,498)	NM		(1,044)		(4,498)	NM
Balance as of end-of-period, net	$	22,317	$	22,232	$	19,314	$	18,249	$	15,865	-28.9%	$	22,317	$	15,865	-28.9%

Total
Balance as of beginning-of-period	$	60,036	$	61,374	$	61,219	$	63,001	$	61,385	2.2%	$	59,214	$	63,001	6.4%
Deposits		1,278		1,324		1,872		1,334		1,439	12.6%		2,498		2,775	11.1%
Withdrawals and deaths		(399)		(453)		(434)		(451)		(401)	-0.5%		(825)		(854)	-3.5%
Net flows		879		871		1,438		883		1,038	18.1%		1,673		1,921	14.8%
Contract holder assessments		(1,277)		(1,297)		(1,354)		(1,349)		(1,326)	-3.8%		(2,548)		(2,676)	-5.0%
Change in market value and reinvestment		1,736		271		1,698		(1,150)		(2,917)	NM		3,035		(4,066)	NM
Balance as of end-of-period, gross		61,374		61,219		63,001		61,385		58,180	-5.2%		61,374		58,180	-5.2%
Reinsurance ceded		(1,672)		(1,638)		(11,155)		(10,759)		(10,047)	NM		(1,672)		(10,047)	NM
Balance as of end-of-period, net	$	59,702	$	59,581	$	51,846	$	50,626	$	48,133	-19.4%	$	59,702	$	48,133	-19.4%




Page 21


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

	As of 6/30/21				As of 12/31/21				As of 6/30/22
	Amount		%		Amount		%		Amount		%
Fixed Maturity AFS Securities, Net of Allowance for Credit Losses, at Amortized Cost
Industry corporate bonds:
Financial services	$	16,422		15.4%	$	16,438		15.6%	$	17,372		15.8%
Basic industry		4,639		4.3%		4,436		4.2%		4,487		4.1%
Capital goods		7,397		6.9%		7,316		7.0%		7,349		6.7%
Communications		4,285		4.0%		4,124		3.9%		4,271		3.9%
Consumer cyclical		5,633		5.3%		5,811		5.5%		6,052		5.5%
Consumer non-cyclical		17,009		15.9%		16,905		16.1%		17,163		15.7%
Energy		5,445		5.1%		4,932		4.7%		4,875		4.4%
Technology		5,090		4.8%		5,173		4.9%		5,377		4.9%
Transportation		3,445		3.2%		3,414		3.2%		3,580		3.3%
Industrial other		2,110		2.0%		2,159		2.1%		2,294		2.1%
Utilities		14,139		13.3%		13,785		13.0%		14,131		12.9%
Government-related entities		1,951		1.8%		1,863		1.8%		1,833		1.7%
Residential mortgage-backed securities ("RMBS")
Agency backed		2,363		2.2%		1,973		1.9%		1,878		1.7%
Non-agency backed		387		0.4%		360		0.3%		360		0.3%
Commercial mortgage-backed securities ("CMBS")		1,499		1.4%		1,552		1.5%		1,708		1.6%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		6,391		6.0%		6,356		6.0%		7,471		6.8%
Other ABS		1,648		1.5%		2,083		2.0%		2,802		2.6%
Municipals		5,513		5.2%		5,322		5.1%		5,422		4.9%
Government:
United States		383		0.4%		375		0.4%		415		0.4%
Foreign		400		0.4%		373		0.4%		361		0.3%
Hybrid & redeemable preferred securities		510		0.5%		408		0.4%		434		0.4%
Total fixed maturity AFS securities, net of allowance for credit losses, at amortized cost		106,659		100.0%		105,158		100.0%		109,635		100.0%
Trading Securities		3,851				4,170				4,034
Equity Securities		151				285				319
Total fixed maturity AFS, trading and equity securities	$	110,661			$	109,613			$	113,988





Page 22


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

	As of 6/30/21				As of 12/31/21				As of 6/30/22
	Amount		%		Amount		%		Amount		%
Fixed Maturity AFS Securities, Net of Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	58,609		54.8%	$	58,542		55.7%	$	61,623		56.2%
NAIC 2 (BBB)		44,031		41.3%		42,797		40.7%		44,166		40.3%
Total investment grade		102,640		96.1%		101,339		96.4%		105,789		96.5%

NAIC 3 (BB)		2,654		2.6%		2,278		2.1%		2,187		2.0%
NAIC 4 (B)		1,259		1.2%		1,424		1.4%		1,544		1.4%
NAIC 5 (CCC and lower)		53		0.0%		51		0.0%		113		0.1%
NAIC 6 (in or near default)		53		0.0%		66		0.1%		2		0.0%
Total below investment grade		4,019		3.9%		3,819		3.6%		3,846		3.5%
Total	$	106,659		100.0%	$	105,158		100.0%	$	109,635		100.0%

Commercial Mortgage Loans, at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,808		81.2%	$	14,028		81.7%	$	13,623		80.7%
CM2 (BBB)		2,845		16.7%		2,878		16.8%		3,004		17.8%
CM3-7 (BB and lower)		346		2.0%		265		1.5%		259		1.5%
Total	$	16,999		100.0%	$	17,171		100.0%	$	16,886		100.0%

Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, at Amortized Cost (1)(2)
AAA-A	$	72,417		58.6%	$	72,570		59.3%	$	75,246		59.5%
BBB		46,876		37.9%		45,675		37.3%		47,170		37.3%
BB and lower		4,365		3.5%		4,084		3.4%		4,105		3.2%
Total	$	123,658		100.0%	$	122,329		100.0%	$	126,521		100.0%

(1) Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or based upon ratings from credit rating
agencies to derive the NAIC designation.
(2) CM ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2
and NAIC 3-6 = CM3-7.







Page 23

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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Components of Realized Gain (Loss), Pre-Tax
Total adjusted operating realized gain (loss)	$	51	$	49	$	51	$	55	$	49	-3.9%	$	99	$	104	5.1%
Total excluded realized gain (loss)		(53)		36		(166)		(26)		473	NM		(281)		447	259.1%
Total realized gain (loss), pre-tax	$	(2)	$	85	$	(115)	$	29	$	522	NM	$	(182)	$	551	NM

Components of Excluded Realized Gain (Loss), After-Tax
Credit loss benefit (expense) on mortgage loans on
real estate	$	8	$	28	$	26	$	13	$	(5)	NM	$	26	$	8	-69.2%
Credit loss benefit (expense) on other financial assets		(3)		(9)		5		(4)		(4)	-33.3%		(4)		(8)	-100.0%
Realized gain (loss) related to certain financial assets		(5)		(4)		(6)		(7)		(5)	0.0%		(7)		(14)	-100.0%
Realized gain (loss) on equity securities		16		3		4		3		(6)	NM		26		(2)	NM
Realized gain (loss) on the mark-to-market on certain
instruments		(2)		8		34		(9)		-	100.0%		18		(9)	NM
Realized gain (loss) related to financial assets, after-tax		14		26		63		(4)		(20)	NM		59		(25)	NM
Variable annuity net derivative results:
Hedge program performance, including unlocking
for GLB reserves hedged and benefit ratio unlocking		13		(4)		(78)		(247)		(183)	NM		(29)		(430)	NM
GLB non-performance risk component		(1)		(2)		(47)		18		74	NM		(145)		92	163.4%
Total variable annuity net derivative results		12		(6)		(125)		(229)		(109)	NM		(174)		(338)	-94.3%
Indexed annuity forward-starting option		8		(3)		7		43		(3)	NM		23		39	69.6%
Excluded realized gain (loss), including
benefit ratio unlocking, after-tax		34		17		(55)		(190)		(132)	NM		(92)		(324)	NM
Less: benefit ratio unlocking on GDB
and GLB riders, after-tax		77		(12)		77		(170)		(506)	NM		131		(676)	-30.0%
Total excluded realized gain (loss), after-tax	$	(43)	$	29	$	(132)	$	(20)	$	374	NM	$	(223)	$	352	9.1%











Page 24

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

	For the Three Months Ended											For the Six Months Ended
	6/30/21		9/30/21		12/31/21		3/31/22		6/30/22		Change	6/30/21		6/30/22		Change
Revenues
Total revenues	$	4,851	$	5,241	$	4,604	$	4,687	$	5,104	5.2%	$	9,386	$	9,791	4.3%
Less:
Excluded realized gain (loss)		(53)		36		(166)		(26)		473	NM		(281)		447	259.1%
Amortization of DFEL associated with
benefit ratio unlocking		1		-		1		(5)		(10)	NM		2		(15)	NM
Adjusted operating revenues	$	4,903	$	5,205	$	4,769	$	4,718	$	4,641	-5.3%	$	9,665	$	9,359	-3.2%

Net Income
Net income (loss)	$	642	$	318	$	220	$	104	$	238	-62.9%	$	867	$	341	-60.7%
Less:
Excluded realized gain (loss), after-tax		(43)		29		(132)		(20)		374	NM		(223)		352	257.8%
Benefit ratio unlocking, after-tax		77		(12)		77		(170)		(527)	NM		131		(696)	NM
Transaction and integration costs related to
mergers, acquisitions and divestitures, after-tax		-		-		(11)		-		-	NM		-		-	NM
Gain (loss) on modification or early extinguishment
of debt, after-tax		-		(6)		-		-		-	NM		-		-	NM
Total adjustments		34		11		(66)		(190)		(153)	NM		(92)		(344)	NM
Adjusted income (loss) from operations	$	608	$	307	$	286	$	294	$	391	-35.7%	$	959	$	685	-28.6%

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	3.34	$	1.68	$	1.20	$	0.58	$	1.34	-59.9%	$	4.51	$	1.91	-57.6%
Less:
Excluded realized gain (loss), after-tax		(0.22)		0.15		(0.72)		(0.11)		2.16	NM		(1.15)		2.02	275.7%
Benefit ratio unlocking, after-tax		0.39		(0.06)		0.42		(0.97)		(3.05)	NM		0.68		(3.99)	NM
Transaction and integration costs related to
mergers, acquisitions and divestitures, after-tax		-		-		(0.06)		-		-	NM		-		-	NM
Gain (loss) on modification or early extinguishment
of debt, after-tax		-		(0.03)		-		-		-	NM		-		-	NM
Adjusted income (loss) from operations	$	3.17	$	1.62	$	1.56	$	1.66	$	2.23	-29.7%	$	4.98	$	3.88	-22.1%






Page 25


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


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	LNC	New York Stock Exchange


Exhibit Number	Description
99.1	Press release dated August 3, 2022, announcing Lincoln National Corporation’s financial results for the quarter ended June 30, 2022.
99.2	Lincoln National Corporation Statistical Supplement for the quarter ended June 30, 2022.


				LINCOLN NATIONAL CORPORATION

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


	As of or For the				As of or For the
	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share data)	2022		2021		2022		2021
Net Income (Loss)	$	238	$	642	$	341	$	867
Net Income (Loss) Available to Common Stockholders		231		642		334		867
Net Income (Loss) per Diluted Share Available to Common Stockholders		1.34		3.34		1.91		4.51
Revenues		5,104		4,851		9,791		9,386
Adjusted Income (Loss) from Operations		391		608		685		959
Adjusted Income (Loss) from Operations per Diluted Share Available to
Common Stockholders		2.23		3.17		3.88		4.98
Average Diluted Shares		172.7		192.2		174.6		192.4
Return on Equity (ROE), Including Accumulated Other Comprehensive
Income (AOCI) (Net Income)		8.0%		12.4%		4.6%		8.3%
Adjusted Operating ROE, Excluding AOCI (Adjusted Income from Operations)		11.6%		17.3%		10.1%		13.8%
Book Value per Share (BVPS), Including AOCI	$	53.97	$	115.00	$	53.97	$	115.00
Book Value per Share, Excluding AOCI		79.49		75.45		79.49		75.45


	For the				For the
(in millions, except per share data)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021

Total Revenues	$	5,104	$	4,851	$	9,791	$	9,386
Less:
Excluded realized gain (loss)		473		(53)		447		(281)
Amortization of DFEL associated with benefit ratio unlocking		(10)		1		(15)		2
Total Adjusted Operating Revenues	$	4,641	$	4,903	$	9,359	$	9,665

Net Income (Loss) Available to Common
Stockholders – Diluted	$	231	$	642	$	334	$	867
Less:
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)		(7)		-		(7)		-
Net Income (Loss)		238		642		341		867
Less:
Excluded realized gain (loss), after-tax		374		(43)		352		(223)
Benefit ratio unlocking, after-tax		(527)		77		(696)		131
Total adjustments		(153)		34		(344)		(92)
Adjusted Income (Loss) from Operations	$	391	$	608	$	685	$	959

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	1.34	$	3.34	$	1.91	$	4.51
Adjusted income (loss) from operations		2.23		3.17		3.88		4.98

Average Stockholders' Equity
Average equity, including average AOCI	$	11,950	$	20,669	$	14,721	$	20,908
Average AOCI		(1,547)		6,620		1,149		6,983
Average equity, excluding AOCI		13,497		14,049		13,572		13,925
Average goodwill		1,778		1,778		1,778		1,778
Average equity, excluding AOCI and goodwill	$	11,719	$	12,271	$	11,794	$	12,147

Return on Equity, Including AOCI
Net income (loss) with average equity including goodwill		8.0%		12.4%		4.6%		8.3%

Adjusted Operating Return on Equity, Excluding AOCI
Adjusted income (loss) from operations with average equity
including goodwill		11.6%		17.3%		10.1%		13.8%
Adjusted income (loss) from operations with average equity
excluding goodwill		13.3%		19.8%		11.6%		15.8%

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



	As of June 30,
	2022		2021
Book value per share, including AOCI	$	53.97	$	115.00
Per share impact of AOCI		(25.52)		39.55
Book value per share, excluding AOCI		79.49		75.45