lnc-20211103x8k

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	Lincoln Financial Group
	Table of Contents


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


Lincoln Financial Group
Analyst Coverage and Credit Ratings


Firm	Analyst				Phone Number
Autonomous Research U.S., L.P.	Erik Bass					646-561-6248
Bank of America Merrill Lynch	Joshua Shanker					646-855-5716
Barclays	Tracy Benguigui					212-526-1561
Credit Suisse	Andrew Kligerman					212-325-5069
Dowling & Partners	Humphrey Lee					860-676-7324
Evercore	Thomas Gallagher					212-446-9439
J.P. Morgan Securities	Jimmy Bhullar					212-622-6397
Keefe, Bruyette & Woods, Inc.	Ryan Krueger					860-722-5930
Morgan Stanley	Nigel Dally					212-761-4132
Piper Sandler & Co.	John Barnidge					312-281-3412
RBC Capital Markets	Mark Dwelle					804-782-4008
UBS	Brian Meredith					212-713-2492
Wells Fargo	Elyse Greenspan					212-214-8031

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

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

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






Page 1

Lincoln Financial Group

Notes

Computations

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

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

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

adjustment for deferred units of LNC stock in our deferred compensation plans. In addition, for any period where a net loss or adjusted loss from operations is experienced, shares used in the diluted EPS

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

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

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

of average goodwill.

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

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

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

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

Definitions

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

paper outstanding.

Sales as reported consist of the following:

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

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

premium received;

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

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

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

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

Page 2a

Lincoln Financial Group

Notes

Sources of earnings are defined as follows:

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

expenses.

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

of insurance in force.

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

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

benefit reserves and related expenses.

Non-GAAP Performance Measures

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

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

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

▪ Sales or disposals and impairments of financial assets;

▪ Changes in the fair value of equity securities;

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

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

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

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

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

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

• Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders (“benefit ratio unlocking”);

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

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

• Losses from the impairment of intangible assets;

• Income (loss) from discontinued operations;

• Acquisition and integration costs related to mergers and acquisitions; and

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

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

• Excluded realized gain (loss);

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

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

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

Page 2b

Lincoln Financial Group

Notes

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

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

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

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

Due to reporting a net loss from operations for the three months ended September 30, 2020, basic shares were used in the diluted earnings per share calculation as the use of diluted shares would have

resulted in a lower loss per share.

First and second quarter 2021 interest rate spreads for the Annuities segment have been restated to conform to the current presentation.

Statistical Supplement is Dated

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

Page 2c


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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Revenues
Insurance premiums	$	1,293	$	1,364	$	1,406	$	1,398	$	1,394	7.8%	$	4,008	$	4,198	4.7%
Fee income		1,815		1,559		1,592		1,670		1,996	10.0%		4,812		5,258	9.3%
Net investment income		1,458		1,505		1,510		1,584		1,576	8.1%		4,005		4,670	16.6%
Realized gain (loss)		629		(470)		(181)		(2)		85	-86.5%		(43)		(97)	NM
Amortization of deferred gains on business
sold through reinsurance		11		9		9		9		9	-18.2%		32		27	-15.6%
Other revenues		155		168		198		192		181	16.8%		489		571	16.8%
Total revenues		5,361		4,135		4,534		4,851		5,241	-2.2%		13,303		14,627	10.0%

Expenses
Interest credited		732		734		737		737		750	2.5%		2,189		2,224	1.6%
Benefits		2,484		1,966		2,226		1,930		2,122	-14.6%		6,710		6,278	-6.4%
Commissions and other expenses		1,599		1,258		1,231		1,326		1,906	19.2%		3,807		4,462	17.2%
Interest and debt expense		66		65		65		65		73	10.6%		218		204	-6.4%
Strategic digitization expense		20		23		13		21		22	10.0%		45		57	26.7%
Total expenses		4,901		4,046		4,272		4,079		4,873	-0.6%		12,969		13,225	2.0%
Income (loss) before taxes		460		89		262		772		368	-20.0%		334		1,402	NM
Federal income tax expense (benefit)		62		(54)		37		130		50	-19.4%		(22)		217	NM
Net income (loss)		398		143		225		642		318	-20.1%		356		1,185	232.9%
Adjustment for LNC stock units in our
deferred compensation plans		(5)		-		-		-		-	100.0%		(16)		-	100.0%
Net income (loss) available to common
stockholders – diluted	$	393	$	143	$	225	$	642	$	318	-19.1%	$	340	$	1,185	248.5%

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	2.01	$	0.74	$	1.16	$	3.34	$	1.68	-16.4%	$	1.74	$	6.19	255.7%

ROE, including AOCI
Net income (loss)		7.5%		2.6%		4.3%		12.4%		5.9%			2.5%		7.5%






Page 3


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

	As of
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	98,717	$	102,789	$	96,570	$	101,003	$	100,862	2.2%
U.S. government bonds		496		484		444		444		443	-10.7%
State and municipal bonds		6,774		6,921		6,625		6,919		6,901	1.9%
Foreign government bonds		436		470		485		464		512	17.4%
Residential mortgage-backed securities		3,203		3,076		3,077		3,027		2,935	-8.4%
Commercial mortgage-backed securities		1,430		1,505		1,516		1,578		1,594	11.5%
Asset-backed securities		6,590		7,184		7,996		8,177		8,303	26.0%
Hybrid and redeemable preferred securities		606		615		600		603		535	-11.7%
Total fixed maturity AFS securities, net of allowance for credit losses		118,252		123,044		117,313		122,215		122,085	3.2%
Trading securities		4,633		4,501		4,365		4,232		4,191	-9.5%
Equity securities		122		129		123		174		243	99.2%
Mortgage loans on real estate, net of allowance for credit losses		16,541		16,763		17,255		17,586		17,730	7.2%
Policy loans		2,527		2,426		2,502		2,410		2,379	-5.9%
Derivative investments		3,236		3,109		3,453		4,548		4,828	49.2%
Other investments		4,204		3,984		3,548		3,950		4,069	-3.2%
Total investments		149,515		153,956		148,559		155,115		155,525	4.0%
Cash and invested cash		2,595		1,708		1,350		2,389		2,614	0.7%
DAC and VOBA		6,307		5,812		7,665		6,261		5,965	-5.4%
Premiums and fees receivable		498		486		653		583		584	17.3%
Accrued investment income		1,320		1,257		1,301		1,254		1,297	-1.7%
Reinsurance recoverables, net of allowance for credit losses		16,610		16,496		16,289		15,981		15,729	-5.3%
Funds withheld reinsurance assets		539		530		528		527		526	-2.4%
Goodwill		1,778		1,778		1,778		1,778		1,778	0.0%
Other assets		15,667		15,960		17,298		17,465		17,367	10.9%
Separate account assets		152,975		167,965		171,339		178,795		175,667	14.8%
Total assets	$	347,804	$	365,948	$	366,760	$	380,148	$	377,052	8.4%
		`




Page 4a


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

	As of
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	40,089	$	40,814	$	39,591	$	40,250	$	40,641	1.4%
Other contract holder funds		102,568		105,405		107,002		108,778		109,297	6.6%
Short-term debt		-		-		300		300		300	NM
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 6 for details)		866		866		866		866		866	0.0%
Financial		5,848		5,816		5,428		5,468		5,457	-6.7%
Reinsurance related embedded derivatives		334		392		244		328		304	-9.0%
Funds withheld reinsurance liabilities		1,910		1,946		1,976		2,027		2,078	8.8%
Payables for collateral on investments		6,435		6,222		7,597		8,199		8,379	30.2%
Other liabilities		15,230		13,823		12,824		13,392		12,893	-15.3%
Separate account liabilities		152,975		167,965		171,339		178,795		175,667	14.8%
Total liabilities		326,255		343,249		347,167		358,403		355,882	9.1%

Stockholders’ Equity
Common stock		5,093		5,082		5,057		5,021		4,956	-2.7%
Retained earnings		8,647		8,686		8,775		9,245		9,365	8.3%
AOCI:
Unrealized investment gains (losses)		8,153		9,209		6,040		7,756		7,128	-12.6%
Foreign currency translation adjustment		(21)		(12)		(10)		(10)		(14)	33.3%
Funded status of employee benefit plans		(323)		(266)		(269)		(267)		(265)	18.0%
Total AOCI		7,809		8,931		5,761		7,479		6,849	-12.3%
Total stockholders’ equity		21,549		22,699		19,593		21,745		21,170	-1.8%
Total liabilities and stockholders’ equity	$	347,804	$	365,948	$	366,760	$	380,148	$	377,052	8.4%










Page 4b


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

	As of or For the Three Months Ended											As of or For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Income (Loss)
Net income (loss)	$	398	$	143	$	225	$	642	$	318	-20.1%	$	356	$	1,185	232.9%
Pre-tax adjusted income (loss) from operations		(212)		393		421		729		354	267.0%		541		1,504	178.0%
After-tax adjusted income (loss) from operations (1)		(133)		346		350		608		307	NM		519		1,265	143.7%
Adjusted operating tax rate		37.2%		12.0%		16.8%		16.5%		13.3%			4.1%		15.9%

Average Stockholders’ Equity
Average equity, including AOCI	$	21,140	$	22,124	$	21,146	$	20,669	$	21,458	1.5%	$	19,309	$	21,091	9.2%
Average AOCI		7,566		8,370		7,346		6,620		7,164	-5.3%		5,689		7,043	23.8%
Average equity, excluding AOCI	$	13,574	$	13,754	$	13,800	$	14,049	$	14,294	5.3%	$	13,620	$	14,048	3.1%

ROE, Excluding AOCI
Net income (loss)		11.7%		4.2%		6.5%		18.3%		8.9%			3.5%		11.2%
Adjusted income (loss) from operations		-3.9%		10.1%		10.2%		17.3%		8.6%			5.1%		12.0%

Per Share
Net income (loss) (diluted)	$	2.01	$	0.74	$	1.16	$	3.34	$	1.68	-16.4%	$	1.74	$	6.19	255.7%
Adjusted income (loss) from operations (diluted)		(0.72)		1.78		1.82		3.17		1.62	NM		2.57		6.62	157.6%
Dividends declared during the period		0.40		0.42		0.42		0.42		0.42	5.0%		1.20		1.26	5.0%

Book value, including AOCI	$	111.51	$	118.02	$	102.50	$	115.00	$	113.77	2.0%	$	111.51	$	113.77	2.0%
Per share impact of AOCI		40.41		46.43		30.14		39.55		36.81	-8.9%		40.41		36.81	-8.9%
Book value, excluding AOCI	$	71.10	$	71.59	$	72.36	$	75.45	$	76.96	8.2%	$	71.10	$	76.96	8.2%

Shares
Repurchased during the period		-		1.1		1.9		2.2		3.1	NM		3.8		7.2	89.5%
End-of-period – basic		193.3		192.3		191.1		189.1		186.1	-3.7%		193.3		186.1	-3.7%
End-of-period – diluted		195.3		193.7		192.5		191.4		188.1	-3.7%		195.3		188.1	-3.7%
Average for the period – diluted		195.4		193.9		193.1		192.2		189.1	-3.2%		195.9		191.3	-2.3%

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




Page 5


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

	As of or For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Cash Returned to Common Stockholders
Shares repurchased	$	-	$	50	$	105	$	150	$	200	NM	$	225	$	455	102.2%
Common dividends		77		77		81		80		79	2.6%		233		240	3.0%
Total cash returned to common stockholders	$	77	$	127	$	186	$	230	$	279	262.3%	$	458	$	695	51.7%

Leverage Ratio
Short-term debt	$	-	$	-	$	300	$	300	$	300	NM
Long-term debt		6,714		6,682		6,294		6,334		6,323	-5.8%
Total debt (1)		6,714		6,682		6,594		6,634		6,623	-1.4%
Less:
Operating debt (2)		866		866		866		866		866	0.0%
25% of capital securities and subordinated notes		302		302		302		302		302	0.0%
Carrying value of fair value hedges and other items		428		395		306		345		333	-22.2%
Total numerator	$	5,118	$	5,119	$	5,120	$	5,121	$	5,122	0.1%

Stockholders’ equity, excluding unrealized
investment gains (losses)	$	13,396	$	13,490	$	13,553	$	13,989	$	14,042	4.8%
Add: 25% of capital securities and subordinated
notes		302		302		302		302		302	0.0%
Total numerator		5,118		5,119		5,120		5,121		5,122	0.1%
Total denominator	$	18,816	$	18,911	$	18,975	$	19,412	$	19,466	3.5%

Leverage ratio		27.2%		27.1%		27.0%		26.4%		26.3%

Holding Company Available Liquidity	$	756	$	754	$	758	$	762	$	754	-0.3%

(1) Excludes obligations under finance leases and certain financing arrangements of $499 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 Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Income (Loss) from Operations, Pre-Tax
Annuities	$	220	$	338	$	350	$	380	$	403	83.2%	$	794	$	1,133	42.7%
Retirement Plan Services		58		57		70		74		72	24.1%		135		216	60.0%
Life Insurance		(400)		177		130		317		113	128.3%		(244)		560	NM
Group Protection		8		(54)		(33)		59		(40)	NM		108		(15)	NM
Other Operations		(98)		(125)		(96)		(101)		(194)	-98.0%		(252)		(390)	-54.8%
Adjusted income (loss) from operations, before
income taxes	$	(212)	$	393	$	421	$	729	$	354	267.0%	$	541	$	1,504	178.0%

Income (Loss) from Operations, After-Tax
Annuities	$	196	$	289	$	290	$	323	$	338	72.4%	$	694	$	951	37.0%
Retirement Plan Services		50		49		57		62		60	20.0%		119		178	49.6%
Life Insurance		(311)		144		107		255		93	129.9%		(177)		455	NM
Group Protection		6		(42)		(26)		46		(32)	NM		85		(12)	NM
Other Operations		(74)		(94)		(78)		(78)		(152)	NM		(202)		(307)	-52.0%
Adjusted income (loss) from operations	$	(133)	$	346	$	350	$	608	$	307	NM	$	519	$	1,265	143.7%

	For the Three Months Ended											For the Trailing Twelve Months
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Sources of Earnings, Pre-Tax
Investment spread	$	(119)	$	147	$	130	$	228	$	152	227.7%	$	244	$	658	169.7%
Mortality/morbidity		(208)		47		39		219		21	110.1%		160		327	104.4%
Fees on AUM		321		308		332		363		381	18.7%		1,132		1,381	22.0%
VA riders		(108)		16		16		20		(6)	94.4%		(86)		47	154.7%
Total sources of earnings, before income taxes		(114)		518		517		830		548	NM		1,450		2,413	66.4%
Other Operations		(98)		(125)		(96)		(101)		(194)	-98.0%		(343)		(516)	-50.4%
Adjusted income (loss) from operations, before
income taxes	$	(212)	$	393	$	421	$	729	$	354	267.0%	$	1,107	$	1,897	71.4%

Sources of Earnings, Pre-Tax, Percentage By Component
Investment spread		103.7%		28.5%		25.2%		27.5%		27.7%			16.8%		27.3%
Mortality/morbidity		181.6%		9.1%		7.5%		26.4%		3.9%			11.1%		13.6%
Fees on AUM		-279.5%		59.4%		64.1%		43.6%		69.4%			78.0%		57.2%
VA riders		94.2%		3.0%		3.2%		2.5%		-1.0%			-5.9%		1.9%
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 Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Annuities
Operating revenues	$	1,126	$	1,163	$	1,204	$	1,249	$	1,267	12.5%	$	3,292	$	3,720	13.0%
Deposits		2,539		2,510		2,814		3,209		2,707	6.6%		8,751		8,729	-0.3%
Net flows		(283)		(644)		(776)		(297)		(841)	NM		303		(1,913)	NM
Average account values		144,368		150,875		160,099		166,034		169,581	17.5%		138,903		165,234	19.0%

Retirement Plan Services
Operating revenues	$	311	$	323	$	327	$	333	$	328	5.5%	$	889	$	989	11.2%
Deposits		2,374		2,557		2,640		2,789		2,411	1.6%		7,459		7,839	5.1%
Net flows		362		340		347		517		(21)	NM		(175)		843	NM
Average account values		79,644		83,889		89,589		94,096		96,723	21.4%		76,797		93,448	21.7%

Life Insurance
Operating revenues	$	2,127	$	1,928	$	1,939	$	2,029	$	2,325	9.3%	$	5,587	$	6,293	12.6%
Deposits		1,537		1,476		1,219		1,278		1,324	-13.9%		4,414		3,822	-13.4%
Net flows		1,156		996		793		879		871	-24.7%		3,142		2,544	-19.0%
Average account values		54,570		56,419		58,008		59,056		59,642	9.3%		53,376		58,902	10.4%
Average in-force face amount		870,505		886,005		900,973		916,600		935,096	7.4%		853,355		917,556	7.5%

Group Protection
Operating revenues	$	1,184	$	1,184	$	1,254	$	1,247	$	1,243	5.0%	$	3,608	$	3,743	3.7%
Insurance premiums		1,052		1,049		1,119		1,107		1,107	5.2%		3,231		3,333	3.2%

Consolidated
Adjusted operating revenues (1)	$	4,788	$	4,655	$	4,762	$	4,903	$	5,205	8.7%	$	13,507	$	14,870	10.1%
Deposits		6,450		6,543		6,673		7,276		6,442	-0.1%		20,624		20,390	-1.1%
Net flows		1,235		692		364		1,099		9	-99.3%		3,270		1,474	-54.9%
Average account values		278,582		291,183		307,696		319,186		325,946	17.0%		269,076		317,584	18.0%

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





Page 8


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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Sales
Annuities:
With guaranteed living benefits	$	541	$	507	$	638	$	742	$	773	42.9%	$	2,551	$	2,153	-15.6%
Without guaranteed living benefits		1,911		1,921		2,090		2,283		1,592	-16.7%		4,756		5,965	25.4%
Variable		2,452		2,428		2,728		3,025		2,365	-3.5%		7,307		8,118	11.1%
Fixed		87		82		86		184		342	293.1%		1,444		611	-57.7%
Total Annuities	$	2,539	$	2,510	$	2,814	$	3,209	$	2,707	6.6%	$	8,751	$	8,729	-0.3%

Retirement Plan Services:
First-year sales	$	870	$	1,107	$	694	$	1,102	$	745	-14.4%	$	2,564	$	2,541	-0.9%
Recurring deposits		1,504		1,450		1,946		1,687		1,666	10.8%		4,895		5,298	8.2%
Total Retirement Plan Services	$	2,374	$	2,557	$	2,640	$	2,789	$	2,411	1.6%	$	7,459	$	7,839	5.1%

Life Insurance:
UL	$	3	$	3	$	2	$	2	$	2	-33.3%	$	17	$	6	-64.7%
MoneyGuard®		35		22		16		23		26	-25.7%		106		65	-38.7%
IUL		24		22		16		18		22	-8.3%		69		55	-20.3%
VUL		60		30		22		27		40	-33.3%		157		89	-43.3%
Term		28		32		30		35		42	50.0%		100		106	6.0%
Total individual life insurance		150		109		86		105		132	-12.0%		449		321	-28.5%
Executive Benefits		36		6		28		21		34	-5.6%		66		85	28.8%
Total Life Insurance	$	186	$	115	$	114	$	126	$	166	-10.8%	$	515	$	406	-21.2%

Group Protection:
Life	$	24	$	144	$	41	$	37	$	22	-8.3%	$	121	$	101	-16.5%
Disability		17		291		28		37		20	17.6%		106		85	-19.8%
Dental		8		15		5		5		6	-25.0%		29		16	-44.8%
Total Group Protection	$	49	$	450	$	74	$	79	$	48	-2.0%	$	256	$	202	-21.1%
Percent employee-paid		58.9%		28.4%		66.7%		56.3%		50.1%			56.3%		58.6%






Page 9


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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Operating Revenues
Annuities	$	1,126	$	1,163	$	1,204	$	1,249	$	1,267	12.5%	$	3,292	$	3,720	13.0%
Retirement Plan Services		311		323		327		333		328	5.5%		889		989	11.2%
Life Insurance		2,127		1,928		1,939		2,029		2,325	9.3%		5,587		6,293	12.6%
Group Protection		1,184		1,184		1,254		1,247		1,243	5.0%		3,608		3,743	3.7%
Other Operations		40		57		38		45		42	5.0%		131		125	-4.6%
Total segment operating revenues	$	4,788	$	4,655	$	4,762	$	4,903	$	5,205	8.7%	$	13,507	$	14,870	10.1%

General and Administrative Expenses,
Net of Amounts Capitalized (1)
Annuities	$	111	$	126	$	116	$	121	$	115	3.6%	$	343	$	352	2.6%
Retirement Plan Services		69		78		69		73		70	1.4%		210		213	1.4%
Life Insurance		118		126		118		126		121	2.5%		355		365	2.8%
Group Protection		155		164		158		161		163	5.2%		461		482	4.6%
Other Operations		34		71		44		46		143	NM		85		233	174.1%
Total	$	487	$	565	$	505	$	527	$	612	25.7%	$	1,454	$	1,645	13.1%

General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.9%		10.8%		9.7%		9.6%		9.1%			10.4%		9.5%
Retirement Plan Services		22.3%		24.2%		21.2%		21.9%		21.5%			23.6%		21.5%
Life Insurance		5.5%		6.5%		6.1%		6.2%		5.2%			6.4%		5.8%
Group Protection		13.1%		13.8%		12.5%		13.0%		13.1%			12.8%		12.9%
Other Operations		83.7%		125.8%		115.6%		100.8%		345.5%			65.3%		186.3%
Total		10.2%		12.1%		10.6%		10.7%		11.8%			10.8%		11.1%

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







Page 10


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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	537	$	638	$	556	$	579	$	662	23.3%	$	1,610	$	1,797	11.6%
Commissions		611		625		616		652		656	7.4%		1,937		1,924	-0.7%
Taxes, licenses and fees		85		73		87		86		79	-7.1%		254		252	-0.8%
Interest and debt expense		66		65		65		65		66	0.0%		203		196	-3.4%
Expenses associated with reserve financing
and letters of credit		24		25		25		25		26	8.3%		69		76	10.1%
Total adjusted operating commissions and other
expenses incurred		1,323		1,426		1,349		1,407		1,489	12.5%		4,073		4,245	4.2%

Less Amounts Capitalized
General and administrative expenses		(50)		(73)		(51)		(52)		(50)	0.0%		(156)		(152)	2.6%
Commissions		(272)		(250)		(233)		(261)		(253)	7.0%		(924)		(745)	19.4%
Taxes, licenses and fees		(11)		(9)		(8)		(11)		(9)	18.2%		(37)		(29)	21.6%
Total amounts capitalized		(333)		(332)		(292)		(324)		(312)	6.3%		(1,117)		(926)	17.1%
Total expenses incurred, net of amounts
capitalized, excluding amortization		990		1,094		1,057		1,083		1,177	18.9%		2,956		3,319	12.3%

Amortization
Amortization of DAC, VOBA and other intangibles		680		218		247		317		821	20.7%		1,134		1,386	22.2%
Total operating commissions and other expenses	$	1,670	$	1,312	$	1,304	$	1,400	$	1,998	19.6%	$	4,090	$	4,705	15.0%













Page 11


Lincoln Financial Group
Interest Rate Yields and Spreads By Segment
Unaudited

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Annuities
Earned rate on reserves		3.63%		3.42%		3.27%		3.10%		3.07%	(56)		3.69%		3.15%	(54)
Variable investment income on reserves (1)		0.09%		0.15%		0.11%		0.24%		0.28%	19		0.07%		0.21%	14
Net investment income yield on reserves		3.72%		3.57%		3.38%		3.34%		3.35%	(37)		3.76%		3.36%	(40)
Interest rate credited to contract holders		2.12%		1.97%		2.02%		1.97%		1.90%	(22)		2.22%		1.97%	(25)
Interest rate spread		1.60%		1.60%		1.36%		1.37%		1.45%	(15)		1.54%		1.39%	(15)
Base spreads excluding variable investment income		1.51%		1.45%		1.25%		1.13%		1.17%	(34)		1.47%		1.18%	(29)

Retirement Plan Services
Earned rate on reserves		3.82%		3.68%		3.64%		3.60%		3.56%	(26)		3.87%		3.60%	(27)
Variable investment income on reserves (1)		0.10%		0.21%		0.17%		0.21%		0.22%	12		0.07%		0.20%	13
Net investment income yield on reserves		3.92%		3.89%		3.81%		3.81%		3.78%	(14)		3.94%		3.80%	(14)
Interest rate credited to contract holders		2.81%		2.78%		2.68%		2.69%		2.65%	(16)		2.85%		2.67%	(18)
Interest rate spread		1.11%		1.11%		1.13%		1.12%		1.13%	2		1.09%		1.13%	4
Base spreads excluding variable investment income		1.01%		0.90%		0.96%		0.91%		0.91%	(10)		1.02%		0.93%	(9)

Life Insurance – Interest-Sensitive
Earned rate on reserves		4.76%		4.71%		4.71%		4.68%		4.64%	(12)		4.77%		4.68%	(9)
Variable investment income on reserves (1)		0.76%		0.95%		1.05%		1.38%		1.23%	47		0.12%		1.22%	110
Net investment income yield on reserves		5.52%		5.66%		5.76%		6.06%		5.87%	35		4.89%		5.90%	101
Interest rate credited to contract holders		3.75%		3.83%		3.76%		3.78%		3.76%	1		3.79%		3.77%	(2)
Interest rate spread		1.77%		1.83%		2.00%		2.28%		2.11%	34		1.10%		2.13%	103
Base spreads excluding variable investment income		1.01%		0.88%		0.95%		0.90%		0.88%	(13)		0.98%		0.91%	(7)

Total (2)
Earned rate (3)		4.09%		4.04%		3.96%		3.94%		3.93%	(16)		4.15%		3.94%	(21)
Variable investment income (1) (3)		0.45%		0.56%		0.59%		0.78%		0.72%	27		0.10%		0.70%	60
Net investment income yield (3)		4.54%		4.60%		4.55%		4.72%		4.65%	11		4.25%		4.64%	39

(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 Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	17	$	29	$	32	$	27	$	30	76.5%	$	92	$	89	-3.3%
Fee income		608		626		652		679		690	13.5%		1,768		2,022	14.4%
Net investment income		334		343		328		352		371	11.1%		929		1,052	13.2%
Operating realized gain (loss)		57		54		50		53		49	-14.0%		160		152	-5.0%
Amortization of deferred gain		8		5		6		6		7	-12.5%		24		19	-20.8%
Other revenues		102		106		136		132		120	17.6%		319		386	21.0%
Total operating revenues		1,126		1,163		1,204		1,249		1,267	12.5%		3,292		3,720	13.0%
Operating expenses:
Interest credited		198		191		199		199		210	6.1%		582		608	4.5%
Benefits		261		138		141		135		135	-48.3%		558		411	-26.3%
Commissions incurred		248		255		275		297		276	11.3%		805		849	5.5%
Other expenses incurred		232		252		255		264		258	11.2%		703		776	10.4%
Amounts capitalized		(118)		(117)		(127)		(144)		(113)	4.2%		(431)		(384)	10.9%
Amortization		85		106		111		118		98	15.3%		281		327	16.4%
Total operating expenses		906		825		854		869		864	-4.6%		2,498		2,587	3.6%
Income (loss) from operations before taxes		220		338		350		380		403	83.2%		794		1,133	42.7%
Federal income tax expense (benefit)		24		49		60		57		65	170.8%		100		182	82.0%
Income (loss) from operations	$	196	$	289	$	290	$	323	$	338	72.4%	$	694	$	951	37.0%

Effective Federal Income Tax Rate		11.1%		14.5%		17.2%		15.0%		16.1%			12.6%		16.1%

Average Equity, Excluding Goodwill and AOCI	$	5,394	$	5,405	$	5,071	$	5,077	$	5,282	-2.1%	$	5,094	$	5,143	1.0%

ROE, Excluding Goodwill and AOCI		14.5%		21.4%		22.9%		25.5%		25.6%			18.2%		24.7%

Return on Average Account Values		54		77		72		78		80	26		67		77	10

Income (Loss) from Operations
Variable annuity		176		254		261		293		287	63.1%		615		840	36.6%
Fixed annuity		20		35		29		30		51	155.0%		79		111	40.5%

Account Values - Average
Variable account values	$	127,011	$	133,630	$	142,990	$	149,066	$	152,660	20.2%	$	121,700	$	148,225	21.8%
Fixed account values		17,357		17,245		17,109		16,968		16,921	-2.5%		17,203		17,009	-1.1%

Account Values - End of Period
Variable account values with GLBs	$	77,084	$	83,377	$	84,155	$	86,901	$	84,320	9.4%	$	77,084	$	84,320	9.4%
Variable account values without GLBs		50,501		56,936		60,002		64,495		65,223	29.2%		50,501		65,223	29.2%
Fixed account values		17,263		17,205		16,966		16,911		16,804	-2.7%		17,263		16,804	-2.7%

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 Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	65	$	69	$	71	$	74	$	75	15.4%	$	184	$	220	19.6%
Net investment income		240		246		248		250		245	2.1%		686		742	8.2%
Other revenues		6		8		8		9		8	33.3%		19		27	42.1%
Total operating revenues		311		323		327		333		328	5.5%		889		989	11.2%
Operating expenses:
Interest credited		155		157		155		155		153	-1.3%		458		462	0.9%
Benefits		1		-		1		1		1	0.0%		2		2	0.0%
Commissions incurred		19		20		21		20		21	10.5%		56		63	12.5%
Other expenses incurred		74		86		77		79		78	5.4%		233		236	1.3%
Amounts capitalized		(4)		(5)		(5)		(4)		(5)	-25.0%		(16)		(15)	6.3%
Amortization		8		8		8		8		8	0.0%		21		25	19.0%
Total operating expenses		253		266		257		259		256	1.2%		754		773	2.5%
Income (loss) from operations before taxes		58		57		70		74		72	24.1%		135		216	60.0%
Federal income tax expense (benefit)		8		8		13		12		12	50.0%		16		38	137.5%
Income (loss) from operations	$	50	$	49	$	57	$	62	$	60	20.0%	$	119	$	178	49.6%

Effective Federal Income Tax Rate		13.7%		14.6%		18.9%		16.7%		16.8%			12.0%		17.4%

Average Equity, Excluding Goodwill and AOCI	$	1,441	$	1,480	$	1,526	$	1,535	$	1,492	3.5%	$	1,422	$	1,518	6.8%

ROE, Excluding Goodwill and AOCI		13.8%		13.2%		14.9%		16.1%		16.1%			11.2%		15.7%

Pre-tax Net Margin		36.8%		34.4%		40.4%		41.5%		41.2%			31.3%		41.0%

Return on Average Account Values		25		23		25		26		25	-		21		25	4

Net Flows by Market
Small Market		113		66		(28)		106		(43)	NM	$	284	$	35	-87.7%
Mid - Large Market		500		587		680		755		423	-15.4%		206		1,858	NM
Multi-Fund® and Other		(251)		(313)		(305)		(344)		(401)	-59.8%		(665)		(1,050)	-57.9%

Net Flows – Trailing Twelve Months	$	248	$	166	$	(158)	$	1,566	$	1,183	NM	$	248	$	1,183	NM





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 Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	223	$	274	$	253	$	258	$	256	14.8%	$	676	$	767	13.5%
Fee income		1,141		861		867		915		1,230	7.8%		2,865		3,014	5.2%
Net investment income		761		787		809		852		832	9.3%		2,035		2,493	22.5%
Operating realized gain (loss)		-		(1)		(2)		(2)		-	NM		(5)		(4)	20.0%
Amortization of deferred gain on
business sold through reinsurance		3		4		3		3		3	0.0%		9		8	-11.1%
Other revenues		(1)		3		9		3		4	NM		7		15	114.3%
Total operating revenues		2,127		1,928		1,939		2,029		2,325	9.3%		5,587		6,293	12.6%
Operating expenses:
Interest credited		369		375		370		372		375	1.6%		1,116		1,117	0.1%
Benefits		1,428		1,120		1,173		999		976	-31.7%		3,465		3,148	-9.1%
Commissions incurred		171		152		120		130		153	-10.5%		535		403	-24.7%
Other expenses incurred		209		204		194		208		201	-3.8%		614		604	-1.6%
Amounts capitalized		(202)		(168)		(138)		(154)		(175)	13.4%		(620)		(468)	24.5%
Amortization		552		68		90		157		682	23.6%		721		929	28.8%
Total operating expenses		2,527		1,751		1,809		1,712		2,212	-12.5%		5,831		5,733	-1.7%
Income (loss) from operations before taxes		(400)		177		130		317		113	128.3%		(244)		560	NM
Federal income tax expense (benefit)		(89)		33		23		62		20	122.5%		(67)		105	256.7%
Income (loss) from operations	$	(311)	$	144	$	107	$	255	$	93	129.9%	$	(177)	$	455	NM

Effective Federal Income Tax Rate		22.2%		18.6%		17.7%		19.7%		17.6%			27.2%		18.8%

Average Equity, Excluding Goodwill and AOCI	$	8,854	$	8,788	$	8,909	$	9,035	$	9,245	4.4%	$	8,876	$	9,063	2.1%

ROE, Excluding Goodwill and AOCI		-14.1%		6.5%		4.8%		11.3%		4.0%			-2.7%		6.7%

Average Account Values	$	54,570	$	56,419	$	58,008	$	59,056	$	59,642	9.3%	$	53,376	$	58,902	10.4%

In-Force Face Amount
UL and other	$	358,897	$	358,554	$	358,044	$	357,670	$	357,624	-0.4%	$	358,897	$	357,624	-0.4%
Term insurance		519,173		535,387		549,960		567,525		587,372	13.1%		519,173		587,372	13.1%
Total in-force face amount	$	878,070	$	893,941	$	908,004	$	925,195	$	944,996	7.6%	$	878,070	$	944,996	7.6%




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 Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,052	$	1,049	$	1,119	$	1,107	$	1,107	5.2%	$	3,231	$	3,333	3.2%
Net investment income		88		91		91		95		91	3.4%		239		276	15.5%
Other revenues		44		44		44		45		45	2.3%		138		134	-2.9%
Total operating revenues		1,184		1,184		1,254		1,247		1,243	5.0%		3,608		3,743	3.7%
Operating expenses:
Interest credited		1		1		1		1		1	0.0%		4		4	0.0%
Benefits		875		920		970		877		971	11.0%		2,580		2,818	9.2%
Commissions incurred		80		95		91		87		88	10.0%		264		266	0.8%
Other expenses incurred		194		227		208		210		209	7.7%		591		626	5.9%
Amounts capitalized		(9)		(41)		(21)		(21)		(19)	NM		(50)		(61)	-22.0%
Amortization		35		36		38		34		33	-5.7%		111		105	-5.4%
Total operating expenses		1,176		1,238		1,287		1,188		1,283	9.1%		3,500		3,758	7.4%
Income (loss) from operations before taxes		8		(54)		(33)		59		(40)	NM		108		(15)	NM
Federal income tax expense (benefit)		2		(12)		(7)		13		(8)	NM		23		(3)	NM
Income (loss) from operations	$	6	$	(42)	$	(26)	$	46	$	(32)	NM	$	85	$	(12)	NM

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	$	2,678	$	2,711	$	2,718	$	2,731	$	2,759	3.0%	$	2,636	$	2,736	3.8%

ROE, Excluding Goodwill and AOCI		0.9%		-6.3%		-3.8%		6.8%		-4.6%			4.3%		-0.6%

Loss Ratios by Product Line
Life		91.9%		93.4%		101.0%		79.6%		105.1%			84.5%		95.2%
Disability		78.9%		86.2%		78.8%		79.0%		77.7%			78.7%		78.5%
Dental		70.1%		67.3%		76.8%		81.6%		75.7%			61.7%		78.0%
Total		83.2%		87.8%		86.8%		79.3%		87.8%			79.8%		84.7%








Page 16


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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Other Operations
Operating revenues:
Insurance premiums	$	2	$	11	$	2	$	6	$	1	-50.0%	$	9	$	9	0.0%
Net investment income		35		38		34		35		37	5.7%		116		107	-7.8%
Other revenues		3		8		2		4		4	33.3%		6		9	50.0%
Total operating revenues		40		57		38		45		42	5.0%		131		125	-4.6%
Operating expenses:
Interest credited		9		8		12		10		10	11.1%		31		32	3.2%
Benefits		33		40		15		25		21	-36.4%		80		59	-26.3%
Commissions and other expenses		10		46		29		25		117	NM		24		171	NM
Interest and debt expense		66		65		65		65		66	0.0%		203		196	-3.4%
Strategic digitization expense		20		23		13		21		22	10.0%		45		57	26.7%
Total operating expenses		138		182		134		146		236	71.0%		383		515	34.5%
Income (loss) from operations before taxes		(98)		(125)		(96)		(101)		(194)	-98.0%		(252)		(390)	-54.8%
Federal income tax expense (benefit)		(24)		(31)		(18)		(23)		(42)	-75.0%		(50)		(83)	-66.0%
Income (loss) from operations	$	(74)	$	(94)	$	(78)	$	(78)	$	(152)	NM	$	(202)	$	(307)	-52.0%



















Page 17


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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	7,241	$	6,520	$	6,025	$	7,884	$	6,472	-10.6%	$	7,928	$	6,025	-24.0%
Business acquired (sold) through reinsurance		-		-		-		-		-	NM		(10)		-	100.0%
Cumulative effect from adoption of new
accounting standard		-		-		-		-		-	NM		5		-	-100.0%
Deferrals		334		333		295		325		312	-6.6%		1,123		932	-17.0%
Operating amortization		(679)		(212)		(244)		(314)		(820)	-20.8%		(1,126)		(1,378)	-22.4%
Deferrals, net of operating amortization		(345)		121		51		11		(508)	-47.2%		(3)		(446)	NM
Amortization associated with benefit ratio unlocking		(10)		(30)		(6)		(11)		4	140.0%		52		(13)	NM
Adjustment related to realized (gains) losses		(198)		87		50		(10)		10	105.1%		(106)		51	148.1%
Adjustment related to unrealized (gains) losses		(168)		(673)		1,764		(1,402)		191	213.7%		(1,346)		552	141.0%
Balance as of end-of-period	$	6,520	$	6,025	$	7,884	$	6,472	$	6,169	-5.4%	$	6,520	$	6,169	-5.4%

DFEL
Balance as of beginning-of-period	$	433	$	392	$	401	$	559	$	433	0.0%	$	650	$	401	-38.3%
Cumulative effect from adoption of new
accounting standard		-		-		-		-		-	NM		4		-	-100.0%
Deferrals		263		249		231		240		251	-4.6%		754		722	-4.2%
Operating amortization		(424)		(120)		(131)		(179)		(522)	-23.1%		(695)		(831)	-19.6%
Deferrals, net of operating amortization		(161)		129		100		61		(271)	-68.3%		59		(109)	NM
Amortization associated with benefit ratio unlocking		(1)		(4)		(1)		(2)		1	200.0%		5		(2)	NM
Adjustment related to realized (gains) losses		(14)		9		1		(2)		(8)	42.9%		16		(10)	NM
Adjustment related to unrealized (gains) losses		135		(125)		58		(183)		241	78.5%		(342)		116	133.9%
Balance as of end-of-period	$	392	$	401	$	559	$	433	$	396	1.0%	$	392	$	396	1.0%

DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	4,841	$	4,443	$	5,787	$	4,771	$	4,561	-5.8%	$	4,841	$	4,561	-5.8%








Page 18


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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Fixed Annuities
Balance as of beginning-of-period	$	25,801	$	25,572	$	25,405	$	25,008	$	24,840	-3.7%	$	25,384	$	25,405	0.1%
Gross deposits		87		82		86		184		342	293.1%		1,444		611	-57.7%
Full surrenders and deaths		(399)		(400)		(494)		(482)		(489)	-22.6%		(1,183)		(1,464)	-23.8%
Other contract benefits		(135)		(145)		(141)		(115)		(163)	-20.7%		(434)		(419)	3.5%
Net flows		(447)		(463)		(549)		(413)		(310)	30.6%		(173)		(1,272)	NM
Contract holder assessments		(16)		(19)		(25)		(22)		(20)	-25.0%		(44)		(66)	-50.0%
Reinvested interest credited		234		315		177		267		132	-43.6%		405		575	42.0%
Balance as of end-of-period, gross		25,572		25,405		25,008		24,840		24,642	-3.6%		25,572		24,642	-3.6%
Reinsurance ceded		(8,309)		(8,200)		(8,042)		(7,929)		(7,838)	5.7%		(8,309)		(7,838)	5.7%
Balance as of end-of-period, net	$	17,263	$	17,205	$	16,966	$	16,911	$	16,804	-2.7%	$	17,263	$	16,804	-2.7%

Variable Annuities
Balance as of beginning-of-period	$	121,713	$	127,585	$	140,313	$	144,157	$	151,396	24.4%	$	125,492	$	140,313	11.8%
Gross deposits		2,452		2,428		2,728		3,025		2,365	-3.5%		7,307		8,118	11.1%
Full surrenders and deaths		(1,384)		(1,600)		(1,901)		(1,871)		(1,875)	-35.5%		(4,054)		(5,647)	-39.3%
Other contract benefits		(904)		(1,009)		(1,054)		(1,038)		(1,021)	-12.9%		(2,777)		(3,112)	-12.1%
Net flows		164		(181)		(227)		116		(531)	NM		476		(641)	NM
Contract holder assessments		(648)		(666)		(684)		(705)		(723)	-11.6%		(1,890)		(2,112)	-11.7%
Change in market value and reinvestment		6,356		13,575		4,755		7,828		(592)	NM		3,507		11,990	241.9%
Balance as of end-of-period, gross		127,585		140,313		144,157		151,396		149,550	17.2%		127,585		149,550	17.2%
Reinsurance ceded		-		-		-		-		(7)	NM		-		(7)	NM
Balance as of end-of-period, net	$	127,585	$	140,313	$	144,157	$	151,396	$	149,543	17.2%	$	127,585	$	149,543	17.2%

Total
Balance as of beginning-of-period	$	147,514	$	153,157	$	165,718	$	169,165	$	176,236	19.5%	$	150,876	$	165,718	9.8%
Gross deposits		2,539		2,510		2,814		3,209		2,707	6.6%		8,751		8,729	-0.3%
Full surrenders and deaths		(1,783)		(2,000)		(2,395)		(2,353)		(2,364)	-32.6%		(5,237)		(7,111)	-35.8%
Other contract benefits		(1,039)		(1,154)		(1,195)		(1,153)		(1,184)	-14.0%		(3,211)		(3,531)	-10.0%
Net flows		(283)		(644)		(776)		(297)		(841)	NM		303		(1,913)	NM
Contract holder assessments		(664)		(685)		(709)		(727)		(743)	-11.9%		(1,934)		(2,178)	-12.6%
Change in market value and reinvestment		6,590		13,890		4,932		8,095		(460)	NM		3,912		12,565	221.2%
Balance as of end-of-period, gross		153,157		165,718		169,165		176,236		174,192	13.7%		153,157		174,192	13.7%
Reinsurance ceded		(8,309)		(8,200)		(8,042)		(7,929)		(7,845)	5.6%		(8,309)		(7,845)	5.6%
Balance as of end-of-period, net	$	144,848	$	157,518	$	161,123	$	168,307	$	166,347	14.8%	$	144,848	$	166,347	14.8%

Page 19


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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
General Account
Balance as of beginning-of-period	$	21,672	$	22,316	$	22,916	$	23,008	$	22,995	6.1%	$	20,558	$	22,916	11.5%
Gross deposits		568		731		490		424		504	-11.3%		1,994		1,417	-28.9%
Withdrawals		(477)		(533)		(583)		(590)		(647)	-35.6%		(1,793)		(1,820)	-1.5%
Net flows		91		198		(93)		(166)		(143)	NM		201		(403)	NM
Transfers between fixed and variable accounts		402		247		35		3		149	-62.9%		1,112		188	-83.1%
Contract holder assessments		(4)		(3)		(3)		(3)		(3)	25.0%		(10)		(10)	0.0%
Reinvestment interest credited		155		158		153		153		154	-0.6%		455		461	1.3%
Balance as of end-of-period	$	22,316	$	22,916	$	23,008	$	22,995	$	23,152	3.7%	$	22,316	$	23,152	3.7%

Separate Account and Mutual Funds
Balance as of beginning-of-period	$	54,886	$	58,255	$	65,391	$	68,149	$	72,913	32.8%	$	58,131	$	65,391	12.5%
Gross deposits		1,806		1,826		2,150		2,365		1,907	5.6%		5,465		6,422	17.5%
Withdrawals		(1,535)		(1,684)		(1,710)		(1,682)		(1,785)	-16.3%		(5,841)		(5,176)	11.4%
Net flows		271		142		440		683		122	-55.0%		(376)		1,246	NM
Transfers between fixed and variable accounts		(436)		(326)		(141)		(43)		(154)	64.7%		(1,205)		(338)	72.0%
Contract holder assessments		(50)		(59)		(62)		(65)		(66)	-32.0%		(153)		(193)	-26.1%
Change in market value and reinvestment		3,584		7,379		2,521		4,189		(361)	NM		1,858		6,348	241.7%
Balance as of end-of-period	$	58,255	$	65,391	$	68,149	$	72,913	$	72,454	24.4%	$	58,255	$	72,454	24.4%

Total
Balance as of beginning-of-period	$	76,558	$	80,571	$	88,307	$	91,157	$	95,908	25.3%	$	78,689	$	88,307	12.2%
Gross deposits		2,374		2,557		2,640		2,789		2,411	1.6%		7,459		7,839	5.1%
Withdrawals		(2,012)		(2,217)		(2,293)		(2,272)		(2,432)	-20.9%		(7,634)		(6,996)	8.4%
Net flows		362		340		347		517		(21)	NM		(175)		843	NM
Transfers between fixed and variable accounts		(34)		(79)		(106)		(40)		(5)	85.3%		(93)		(150)	-61.3%
Contract holder assessments		(54)		(62)		(65)		(68)		(69)	-27.8%		(163)		(203)	-24.5%
Change in market value and reinvestment		3,739		7,537		2,674		4,342		(207)	NM		2,313		6,809	194.4%
Balance as of end-of-period	$	80,571	$	88,307	$	91,157	$	95,908	$	95,606	18.7%	$	80,571	$	95,606	18.7%







Page 20


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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
General Account
Balance as of beginning-of-period	$	38,034	$	38,080	$	38,136	$	38,053	$	38,013	-0.1%	$	38,141	$	38,136	0.0%
Deposits		966		1,028		899		895		894	-7.5%		2,926		2,689	-8.1%
Withdrawals and deaths		(230)		(282)		(296)		(243)		(237)	-3.0%		(873)		(776)	11.1%
Net flows		736		746		603		652		657	-10.7%		2,053		1,913	-6.8%
Contract holder assessments		(1,079)		(1,088)		(1,073)		(1,074)		(1,086)	-0.6%		(3,227)		(3,235)	-0.2%
Reinvested interest credited		389		398		387		382		385	-1.0%		1,113		1,155	3.8%
Balance as of end-of-period, gross		38,080		38,136		38,053		38,013		37,969	-0.3%		38,080		37,969	-0.3%
Reinsurance ceded		(646)		(640)		(636)		(628)		(620)	4.0%		(646)		(620)	4.0%
Balance as of end-of-period, net	$	37,434	$	37,496	$	37,417	$	37,385	$	37,349	-0.2%	$	37,434	$	37,349	-0.2%

Separate Account
Balance as of beginning-of-period	$	17,351	$	18,671	$	21,078	$	21,983	$	23,361	34.6%	$	17,646	$	21,078	19.4%
Deposits		571		448		320		383		430	-24.7%		1,488		1,133	-23.9%
Withdrawals and deaths		(151)		(198)		(130)		(156)		(216)	-43.0%		(399)		(502)	-25.8%
Net flows		420		250		190		227		214	-49.0%		1,089		631	-42.1%
Contract holder assessments		(217)		(209)		(197)		(203)		(211)	2.8%		(632)		(611)	3.3%
Change in market value and reinvestment		1,117		2,366		912		1,354		(114)	NM		568		2,152	278.9%
Balance as of end-of-period, gross		18,671		21,078		21,983		23,361		23,250	24.5%		18,671		23,250	24.5%
Reinsurance ceded		(874)		(969)		(990)		(1,044)		(1,018)	-16.5%		(874)		(1,018)	-16.5%
Balance as of end-of-period, net	$	17,797	$	20,109	$	20,993	$	22,317	$	22,232	24.9%	$	17,797	$	22,232	24.9%

Total
Balance as of beginning-of-period	$	55,385	$	56,751	$	59,214	$	60,036	$	61,374	10.8%	$	55,787	$	59,214	6.1%
Deposits		1,537		1,476		1,219		1,278		1,324	-13.9%		4,414		3,822	-13.4%
Withdrawals and deaths		(381)		(480)		(426)		(399)		(453)	-18.9%		(1,272)		(1,278)	-0.5%
Net flows		1,156		996		793		879		871	-24.7%		3,142		2,544	-19.0%
Contract holder assessments		(1,296)		(1,297)		(1,270)		(1,277)		(1,297)	-0.1%		(3,859)		(3,846)	0.3%
Change in market value and reinvestment		1,506		2,764		1,299		1,736		271	-82.0%		1,681		3,307	96.7%
Balance as of end-of-period, gross		56,751		59,214		60,036		61,374		61,219	7.9%		56,751		61,219	7.9%
Reinsurance ceded		(1,520)		(1,609)		(1,626)		(1,672)		(1,638)	-7.8%		(1,520)		(1,638)	-7.8%
Balance as of end-of-period, net	$	55,231	$	57,605	$	58,410	$	59,702	$	59,581	7.9%	$	55,231	$	59,581	7.9%




Page 21


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

	As of 9/30/20				As of 12/31/20				As of 9/30/21
	Amount		%		Amount		%		Amount		%
Fixed Maturity AFS, Trading and Equity Securities, at Fair Value
Fixed maturity AFS securities, net of allowance for credit losses:
Corporate bonds	$	98,717		80.1%	$	102,789		80.5%	$	100,862		79.7%
U.S. government bonds		496		0.4%		484		0.4%		443		0.4%
State and municipal bonds		6,774		5.5%		6,921		5.4%		6,901		5.5%
Foreign government bonds		436		0.4%		470		0.4%		512		0.4%
Residential mortgage-backed securities		3,203		2.6%		3,076		2.4%		2,935		2.3%
Commercial mortgage-backed securities		1,430		1.2%		1,505		1.2%		1,594		1.3%
Asset-backed securities		6,590		5.4%		7,184		5.6%		8,303		6.6%
Hybrid and redeemable preferred securities		606		0.5%		615		0.5%		535		0.4%
Total fixed maturity AFS securities, net of allowance for credit losses		118,252		96.1%		123,044		96.4%		122,085		96.6%
Trading securities		4,633		3.8%		4,501		3.5%		4,191		3.2%
Equity securities		122		0.1%		129		0.1%		243		0.2%
Total fixed maturity AFS securities, net of allowance for credit losses, and trading and
equity securities	$	123,007		100.0%	$	127,674		100.0%	$	126,519		100.0%

Fixed Maturity AFS, Trading and Equity Securities, at Amortized Cost
Fixed maturity AFS securities	$	101,885		95.8%	$	104,174		96.1%	$	107,459		96.4%
Trading securities		4,296		4.1%		4,072		3.8%		3,828		3.4%
Equity securities		140		0.1%		132		0.1%		216		0.2%
Total fixed maturity AFS, trading and equity securities	$	106,321		100.0%	$	108,378		100.0%	$	111,503		100.0%

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










Page 22


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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Components of Realized Gain (Loss), Pre-Tax
Total adjusted operating realized gain (loss)	$	57	$	53	$	48	$	51	$	49	-14.0%	$	155	$	148	-4.5%
Total excluded realized gain (loss)		572		(523)		(229)		(53)		36	-93.7%		(198)		(245)	-23.7%
Total realized gain (loss), pre-tax	$	629	$	(470)	$	(181)	$	(2)	$	85	-86.5%	$	(43)	$	(97)	NM

Components of Excluded Realized Gain (Loss), After-Tax
Credit loss benefit (expense) on mortgage loans on
real estate	$	50	$	(6)	$	17	$	8	$	28	-44.0%	$	(79)	$	53	167.1%
Credit loss benefit (expense) on other financial assets		(1)		(2)		(1)		(3)		(9)	NM		(17)		(13)	23.5%
Realized gain (loss) related to certain financial assets		(5)		(7)		1		(5)		(4)	20.0%		(28)		(9)	67.9%
Realized gain (loss) on equity securities		3		13		8		16		3	0.0%		(10)		28	NM
Realized gain (loss) on the mark-to-market on certain
instruments		(6)		2		19		(2)		8	233.3%		32		26	-18.8%
Realized gain (loss) related to financial assets, after-tax		41		-		44		14		26	-36.6%		(102)		85	183.3%
Variable annuity net derivative results:
Hedge program performance, including unlocking
for GLB reserves hedged and benefit ratio unlocking		12		(9)		(42)		13		(4)	NM		(555)		(32)	94.2%
GLB non-performance risk component		464		(240)		(144)		(1)		(2)	NM		532		(148)	NM
Total variable annuity net derivative results		476		(249)		(186)		12		(6)	NM		(23)		(180)	NM
Indexed annuity forward-starting option		18		12		17		8		(3)	NM		(14)		21	250.0%
Excluded realized gain (loss), including
benefit ratio unlocking, after-tax		535		(237)		(125)		34		17	-96.8%		(139)		(74)	46.8%
Less: benefit ratio unlocking, after-tax		83		177		55		77		(12)	NM		17		119	-30.0%
Total excluded realized gain (loss), after-tax	$	452	$	(414)		(180)	$	(43)	$	29	-93.6%	$	(156)	$	(193)	9.1%












Page 23

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

	For the Three Months Ended											For the Nine Months Ended
	9/30/20		12/31/20		3/31/21		6/30/21		9/30/21		Change	9/30/20		9/30/21		Change
Revenues
Total revenues	$	5,361	$	4,135	$	4,534	$	4,851	$	5,241	-2.2%	$	13,303	$	14,627	10.0%
Less:
Excluded realized gain (loss)		572		(523)		(229)		(53)		36	-93.7%		(198)		(245)	-23.7%
Amortization of DFEL associated with
benefit ratio unlocking		1		3		1		1		-	-100.0%		(6)		2	133.3%
Adjusted operating revenues	$	4,788	$	4,655	$	4,762	$	4,903	$	5,205	8.7%	$	13,507	$	14,870	10.1%

Net Income
Net income (loss)	$	398	$	143	$	225	$	642	$	318	-20.1%	$	356	$	1,185	232.9%
Less:
Excluded realized gain (loss), after-tax		452		(414)		(180)		(43)		29	-93.6%		(156)		(193)	-23.7%
Benefit ratio unlocking, after-tax		83		177		55		77		(12)	NM		17		119	NM
Net impact from the Tax Cuts and Jobs Act		-		37		-		-		-	NM		-		-	NM
Acquisition and integration costs related to
mergers and acquisitions, after-tax		(4)		(3)		-		-		-	100.0%		(12)		-	100.0%
Gain (loss) on modification or early extinguishment
of debt, after-tax		-		-		-		-		(6)	NM		(12)		(6)	50.0%
Total adjustments		531		(203)		(125)		34		11	-97.9%		(163)		(80)	50.9%
Adjusted income (loss) from operations	$	(133)	$	346	$	350	$	608	$	307	NM	$	519	$	1,265	143.7%

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	2.01	$	0.74	$	1.16	$	3.34	$	1.68	-16.4%	$	1.74	$	6.19	255.7%
Less:
Excluded realized gain (loss), after-tax		2.32		(2.12)		(0.94)		(0.22)		0.15	-93.5%		(0.80)		(1.01)	-26.3%
Benefit ratio unlocking, after-tax		0.43		0.91		0.28		0.39		(0.06)	NM		0.09		0.61	NM
Net impact from the Tax Cuts and Jobs Act		-		0.19		-		-		-	NM		-		-	NM
Acquisition and integration costs related to mergers
and acquisitions, after-tax		(0.02)		(0.02)		-		-		-	100.0%		(0.06)		-	100.0%
Gain (loss) on modification or early extinguishment
of debt, after-tax		-		-		-		-		(0.03)	NM		(0.06)		(0.03)	50.0%
Adjusted income (loss) from operations	$	(0.72)	$	1.78	$	1.82	$	3.17	$	1.62	NM	$	2.57	$	6.62	157.6%




Page 24


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


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


Exhibit Number	Description
99.1	Press release dated November 3, 2021, announcing Lincoln National Corporation’s financial results for the quarter ended September 30, 2021.
99.2	Lincoln National Corporation Statistical Supplement for the quarter ended September 30, 2021.


				LINCOLN NATIONAL CORPORATION

				By	/s/ Randal J. Freitag
				Name:	Randal J. Freitag
				Title:	Executive Vice President, Chief Financial
					Officer and Interim Chief Accounting Officer

(in millions, pre-tax/pre-DAC)	20211		20222		20233		2024		2025+ Run Rate
Net recurring benefits	$	50	$	100 – 120	$	170 – 190	$	260 – 280
One-time investments		(75)		(145 - 165)		(90 – 110)		(40 – 60)
Net impact	$	(25)	$	(25 - 65)	$	60-100	$	200-240	$	260-300


	As of or For the				As of or For the
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions, except per share data)	2021		2020		2021		2020
Net Income (Loss)	$	318	$	398	$	1,185	$	356
Net Income (Loss) Available to Common Stockholders		318		393		1,185		340
Net Income (Loss) per Diluted Share Available to Common Stockholders		1.68		2.01		6.19		1.74
Revenues		5,241		5,361		14,627		13,303
Adjusted Income (Loss) from Operations		307		(133)		1,265		519
Adjusted Income (Loss) from Operations per Diluted Share Available to
Common Stockholders (1)		1.62		(0.72)		6.62		2.57
Average Diluted Shares		189.1		195.4		191.3		195.9
Return on Equity (ROE), Including Accumulated Other Comprehensive
Income (AOCI) (Net Income)		5.9%		7.5%		7.5%		2.5%
Adjusted Operating ROE, Excluding AOCI (Adjusted Income from Operations)		8.6%		-3.9%		12.0%		5.1%
Book Value per Share (BVPS), Including AOCI	$	113.77	$	111.51	$	113.77	$	111.51
Book Value per Share, Excluding AOCI		76.96		71.10		76.96		71.10


	For the				For the
(in millions, except per share data)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020

Total Revenues	$	5,241	$	5,361	$	14,627	$	13,303
Less:
Excluded realized gain (loss)		36		572		(245)		(198)
Amortization of DFEL associated with benefit ratio unlocking		-		1		2		(6)
Total Adjusted Operating Revenues	$	5,205	$	4,788	$	14,870	$	13,507

Net Income (Loss) Available to Common
Stockholders – Diluted	$	318	$	393	$	1,185	$	340
Less:
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)		-		(5)		-		(16)
Net Income (Loss)		318		398		1,185		356
Less:
Excluded realized gain (loss), after-tax		29		452		(193)		(156)
Benefit ratio unlocking, after-tax		(12)		83		119		17
Acquisition and integration costs related to mergers
and acquisitions, after-tax		-		(4)		-		(12)
Gain (loss) on modification or early extinguishment
of debt, after-tax		(6)		-		(6)		(12)
Total adjustments		11		531		(80)		(163)
Adjusted Income (Loss) from Operations	$	307	$	(133)	$	1,265	$	519

Earnings (Loss) Per Common Share – Diluted (2)
Net income (loss)	$	1.68	$	2.01	$	6.19	$	1.74
Adjusted income (loss) from operations		1.62		(0.72)		6.62		2.57

Average Stockholders' Equity
Average equity, including average AOCI	$	21,458	$	21,140	$	21,091	$	19,309
Average AOCI		7,164		7,566		7,043		5,689
Average equity, excluding AOCI		14,294		13,574		14,048		13,620
Average goodwill		1,778		1,778		1,778		1,778
Average equity, excluding AOCI and goodwill	$	12,516	$	11,796	$	12,270	$	11,842

Return on Equity, Including AOCI
Net income (loss) with average equity including goodwill		5.9%		7.5%		7.5%		2.5%

Adjusted Operating Return on Equity, Excluding AOCI
Adjusted income (loss) from operations with average equity
including goodwill		8.6%		-3.9%		12.0%		5.1%
Adjusted income (loss) from operations with average equity
excluding goodwill		9.8%		-4.5%		13.7%		5.8%

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

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



	As of September 30,
	2021		2020
Book value per share, including AOCI	$	113.77	$	111.51
Per share impact of AOCI		36.81		40.41
Book value per share, excluding AOCI		76.96		71.10