Form 8-K - Current report

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

October 31, 2024

Date of Report (Date of earliest event reported)

                  Lincoln National Corporation             

(Exact name of registrant as specified in its charter)

Indiana

1-6028

35-1140070

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

150 N. Radnor Chester Road, Radnor, PA 19087

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: [phone]

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

__________________________________

Securities registered pursuant to Section 12(b) of the Act:

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

__________________________________

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

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Item 2.02. Results of Operations and Financial Condition.

On October 31, 2024, Lincoln National Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2024, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference. The Company’s statistical supplement for the quarter ended September 30, 2024, is attached as Exhibit 99.2 and is incorporated herein by reference.

The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

On October 31, 2024, in connection with the Company’s third quarter 2024 earnings conference call scheduled for the same date, the Company made available on its website a third quarter 2024 earnings supplement presentation dated October 31, 2024, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

This presentation is being furnished under this Item 7.01 and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.3 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

The following exhibits are being furnished with this Form 8-K.

Exhibit Number			Description
99.1			Press release dated October 31, 2024 announcing Lincoln National Corporation’s financial results for the quarter ended September 30, 2024.
99.2			Lincoln National Corporation Statistical Supplement for the quarter ended September 30, 2024.
99.3			Third Quarter 2024 Earnings Supplement dated October 31, 2024.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LINCOLN NATIONAL CORPORATION

By

/s/ Adam Cohen

Name:

Adam Cohen

Title:

Senior Vice President, Chief Accounting Officer and Treasurer

    

Date: October 31, 2024

'     For Immediate Release

Lincoln Financial Reports 2024 Third Quarter Results

____________________________________

Radnor, PA, October 31, 2024: Lincoln Financial (NYSE: LNC) today reported financial results for the third quarter ended September 30, 2024.

•Net income (loss) available to common stockholders was $(562) million, or $(3.29) per diluted share.

•Adjusted operating income (loss) available to common stockholders was $358 million, or $2.06 per diluted share.

•The primary differences between net income (loss) and adjusted operating income (loss) resulted from the following factors:

◦$(446) million of the pre-tax net loss, or $(2.61) per diluted share, was primarily driven by a change in the fair value of an embedded derivative related to the Fortitude Re reinsurance transaction, with a direct offset in other comprehensive income.

◦$(381) million of the pre-tax net loss, or $(2.23) per diluted share, was primarily due to changes in market risk benefits driven by the decrease in interest rates, a non-economic impact.

•The annual assumption review resulted in a favorable impact to both net income (loss) and adjusted operating income (loss) in the quarter.

•Lincoln's estimated RBC ratio was in excess of 420% at quarter-end.

"Our third quarter results exceeded our expectations and reinforced our disciplined strategic execution, supported by the momentum and strong underlying fundamentals in each of our businesses," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. “Group Protection delivered record third quarter results with earnings more than doubling year over year. Annuities earnings increased by 15% and sales by nearly 25%. Retirement Plan Services delivered another quarter of sequential earnings growth and an increase in year-to-date first-year sales of nearly 80% year over year. Life Insurance generated sequential sales growth for a second consecutive quarter.(1)

"We are leveraging our competitive advantages to grow profitably, advance operational efficiency, and build the capital flexibility of our franchise as we continue to reposition Lincoln for sustainable and increasing long-term value creation.”

(1) Operating earnings metrics in quote do not include the impact of the annual assumption review.

1

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Business Highlights

Our businesses delivered strong operating earnings, a reflection of continued execution on their respective strategic initiatives. The segment operating results presented in the below bullets do not include the impact of our annual assumption review. See the segment discussions that follow for additional information.

•Annuities delivered $300 million in operating income, up 15% year over year, reflecting continued account balance growth, strong markets, and higher spread income. Total sales of $3.4 billion were up 24%, with over $1 billion of sales in each of our three primary product categories, reflecting the benefits of our diversified product offering. Spread-based products accounted for 66% of annuities sales in the quarter.

•Group Protection delivered operating income of $110 million, more than doubling versus third quarter 2023 operating earnings, attributable to strategic execution and continued supportive business trends. Third quarter margin expanded to 8.5%, an increase of 500 basis points driven by favorable long-term disability results, improving mortality trends, and strong operational execution. Premiums increased 3% year over year, reflecting continued pricing discipline on new sales combined with persistency in line with our expectations.

•Life Insurance delivered operating income of $14 million, compared to operating income of $23 million in the prior-year quarter, when also not including the impact of significant items in the prior-year quarter. Life operating income was in line with expectations as slightly unfavorable mortality was partially offset by higher-than-expected alternative investment income. Total sales grew 16% sequentially, resulting in a second consecutive quarter of sequential growth, as our distribution and product repositioning gained further traction.

•Retirement Plan Services reported operating income of $44 million, a 2% increase year over year and a 10% sequential increase, driven by increased account balances, higher equity markets, and continued expense discipline. First-year sales in the quarter were $1.7 billion, reflecting the strong pipeline communicated earlier this year. As a result, RPS experienced positive net flows of $651 million.

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Earnings Summary

(in millions, except per share data)			As of or For the Three Months Ended						As of or For the Nine Months Ended
			9/30/23(1)			9/30/24			9/30/23(1)			9/30/24
Net income (loss)			$	853		$	(528)		$	483		$	1,588
Net income (loss) available to common stockholders			819			(562)			410			1,511
Net income (loss) per diluted share available to common stockholders(2)			$	4.79		$	(3.29)		$	2.40		$	8.75
Adjusted income (loss) from operations			84			392			728			971
Adjusted income (loss) from operations available to common stockholders			50			358			657			891
Adjusted income (loss) from operations per diluted share available to common stockholders			$	0.29		$	2.06		$	3.85		$	5.16

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

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

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

(in millions)			For the Three Months Ended									For the Nine Months Ended
			9/30/23(1)			9/30/24						9/30/23(1)			9/30/24
Net income (loss) available to common stockholders — diluted			$	819		$	(562)					$	410		$	1,511
Less:
Preferred stock dividends declared			(34)			(34)						(71)			(80)
Adjusted for deferred units of LNC stock in our deferred compensation plans			—			—						(2)			3
Net income (loss)			853			(528)						483			1,588
Less:
Net annuity product features, pre-tax			1,322			(381)						1,076			1,319
Net life insurance product features, pre-tax			108			(125)						(168)			(253)
Credit loss-related adjustments, pre-tax			(27)			(88)						(53)			(124)
Investment gains (losses), pre-tax(2)			(400)			(105)						(1,126)			(416)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, pre-tax(2)			(29)			(446)						(27)			(51)
Gains (losses) on other non-financial assets - sale of
subsidiaries/businesses, pre-tax(2)			—			(2)						—			582
Other items, pre-tax(2)			(12)			(19)						(23)			(238)
Income tax benefit (expense) related to the above pre-tax items			(193)			246						76			(202)
Adjusted income (loss) from operations			$	84		$	392					$	728		$	971
Adjusted income (loss) from operations available to common stockholders			$	50		$	358					$	657		$	891

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

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

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Variable Investment Income

Alternative Investment Income, after-tax(1)			For the Three Months Ended																		For the Nine Months Ended
(in millions)			9/30/23			12/31/23			3/31/24			6/30/24			9/30/24						9/30/23			9/30/24
Annuities			$	3		$	3		$	2		$	1		$	3					$	10		$	6
Life Insurance			34			39			58			26			73						125			157
Group Protection			2			2			1			1			1						5			3
Retirement Plan Services			2			2			1			—			2						6			3
Other Operations			—			—			—			—			—						—			—
Consolidated			$	41		$	46		$	62		$	28		$	79					$	146		$	169

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

Prepayment Income, after-tax			For the Three Months Ended																		For the Nine Months Ended
(in millions)			9/30/23			12/31/23			3/31/24			6/30/24			9/30/24						9/30/23			9/30/24
Annuities			$	1		$	1		$	1		$	—		$	—					$	1		$	1
Life Insurance			—			2			—			2			3						2			5
Group Protection			—			—			—			—			1						1			—
Retirement Plan Services			—			—			1			—			—						1			1
Other Operations			—			—			—			—			—						—			—
Consolidated			$	1		$	3		$	2		$	2		$	4					$	5		$	7

Items Impacting Segment and Other Operations Results

			For the Three Months Ended September 30, 2024
(in millions)			Annuities			Life Insurance			Group Protection			Retirement Plan Services			Other Operations
After-tax impacts:
Alternative investment income compared to return target(1)			$	1		$	6		$	—		$	—		$	—
Prepayment income(2)			—			3			1			—			—
Annual assumption review			1			8			(1)			—			—
Tax items			—			—			—			—			—
Other			—			—			—			—			—
Total impact			$	2		$	17		$	—		$	—		$	—

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

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

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Capital and Liquidity

			For the Three Months Ended
(in millions, except percent and per share data)			9/30/23			12/31/23			3/31/24			6/30/24			9/30/24
Holding company available liquidity(1)			$	455		$	458		$	466		$	463		$	459
RBC ratio(2)			375-385%			407		%	400-410%			>420%			>420%
Book value per share (BVPS), including AOCI			$	13.04		$	34.81		$	38.46		$	40.78		$	46.97
Book value per share, excluding AOCI(3)			$	63.03		$	55.30		$	61.63		$	66.37		$	62.67
Adjusted book value per share(3),(4)			$	63.53		$	64.97		$	65.01		$	68.51		$	70.04

(1) Holding company available liquidity presented as of 3/31/2024, 6/30/2024 and 9/30/2024 does not include the $300 million prefunding of a 2025 maturity.

(2) The RBC ratio is calculated as of December 31 annually, but is reported in the March statutory reporting, and as such, the quarterly ratios presented for 9/30/2023, 3/31/2024, 6/30/2024, and 9/30/2024 are considered estimates based on information known at the time of reporting.

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

(4) This measure has been updated, effective beginning with the fourth quarter of 2023, to exclude reinsurance-related embedded derivatives and the underlying portfolio gains (losses), given the size of the impact of the fourth quarter 2023 reinsurance transaction. Such amounts in the prior periods presented, and the impact of this change to such prior periods, was not meaningful.

Annuities

(in millions, except ROA data)			As of or For the Three Months Ended																					As of or For the Nine Months Ended
			9/30/23			12/31/23(1)			3/31/24			6/30/24			9/30/24			Change						9/30/23			9/30/24			Change
Total operating revenues			$	1,197		$	(525)		$	1,269		$	1,209		$	1,195		(0.2)		%				$	3,528		$	3,673		4.1		%
Total operating expenses			915			(846)			952			858			836			(8.6)		%				2,636			2,645			0.3		%
Income (loss) from operations before taxes			282			321			317			351			359			27.3		%				892			1,028			15.2		%
Federal income tax expense (benefit)			34			42			58			54			58			70.6		%				98			171			74.5		%
Income (loss) from operations			$	248		$	279		$	259		$	297		$	301		21.4		%				$	794		$	857		7.9		%
Income (loss) from operations, excluding impact of annual assumption review			$	260		$	265		$	259		$	297		$	300		15.3		%				$	806		$	856		6.2		%
Total sales			$	2,728		$	4,365		$	2,847		$	3,817		$	3,375		23.7		%				$	8,475		$	10,038		18.4		%
Net flows			$	(874)		$	285		$	(1,993)		$	(954)		$	(1,637)		(87.3)		%				$	(2,312)		$	(4,584)		(98.3)		%
Average account balances, net of reinsurance			$	151,312		$	147,419		$	155,291		$	158,370		$	161,680		6.9		%				$	148,613		$	158,245		6.5		%
Return on average account balances (bps)			66			76			67			75			74									71			72

(1) Day one impacts related to the reinsurance transaction with Fortitude Re caused line-item volatility in the fourth quarter 2023.

•Income from operations was $301 million for the third quarter, up 21% over the prior year. The year-over-year increase was primarily driven by account balance growth due to favorable equity markets.

•Total sales were $3.4 billion, an increase of 24% year over year driven by strong growth within spread-based products.

•RILA sales increased 13% year over year and 10% sequentially, following the successful launch of our second-generation RILA product.

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•Net outflows were approximately $1.6 billion in the quarter, compared to net outflows of $874 million in the prior-year quarter, primarily the result of higher account balances.

•Average account balances, net of reinsurance, for the quarter were $162 billion, up 7%, compared to $151 billion in the prior-year quarter, primarily driven by growth in variable annuities and RILA. RILA represented 20% of total annuity ending account balances, net of reinsurance, an increase of 3 percentage points compared to the prior-year quarter.

Life Insurance

(in millions)			As for or For the Three Months Ended																					As of or For the Nine Months Ended
			9/30/23			12/31/23			3/31/24			6/30/24			9/30/24			Change						9/30/23			9/30/24			Change
Total operating revenues			$	1,723		$	1,667		$	1,541		$	1,511		$	1,589		(7.8)		%				$	5,241		$	4,640		(11.5)		%
Total operating expenses			1,952			1,681			1,591			1,562			1,568			(19.7)		%				5,458			4,719			(13.5)		%
Income (loss) from operations before taxes			(229)			(14)			(50)			(51)			21			109.2		%				(217)			(79)			63.6		%
Federal income tax expense (benefit)			(56)			(8)			(15)			(16)			(1)			98.2		%				(64)			(31)			51.6		%
Income (loss) from operations			$	(173)		$	(6)		$	(35)		$	(35)		$	22		112.7		%				$	(153)		$	(48)		68.6		%
Income (loss) from operations, excluding the impact of annual assumption review			$	(17)		$	(6)		$	(35)		$	(35)		$	14		NM						$	3		$	(56)		NM
Average account balances, net of reinsurance			$	50,130		$	45,608		$	42,280		$	43,230		$	44,055		(12.1)		%				$	49,760		$	43,188		(13.2)		%
Total sales			$	144		$	144		$	91		$	105		$	122		(15.3)		%				$	397		$	319		(19.6)		%

•Income from operations was $22 million for the quarter, compared to an operating loss of $173 million in the prior-year quarter. The third quarter 2024 annual assumption review had an $8 million favorable impact, compared to an unfavorable impact of $156 million in the prior-year quarter. The operating loss in the third quarter of 2023 also included $40 million of unfavorable significant items, including $25 million in unclaimed property expense and $15 million related to a surrender benefit program.

•Not including the impact of the annual assumption review and prior-year quarter significant items, operating income in the third quarter of 2024 was $14 million compared to operating income of $23 million in the prior-year quarter, reflecting a lower run-rate post the Fortitude Re transaction.

•Total sales grew 16% sequentially, achieving a second consecutive quarter of sequential growth, as our distribution and product repositioning gained further traction.

•Average account balances, net of reinsurance, were $44 billion, down 12% compared to the prior-year quarter, driven by the impact of the Fortitude Re transaction.

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Group Protection

(in millions, except margin data)			As of or For the Three Months Ended																					As of or For the Nine Months Ended
			9/30/23			12/31/23			3/31/24			6/30/24			9/30/24			Change						9/30/23			9/30/24			Change
Total operating revenues			$	1,388		$	1,387		$	1,425		$	1,441		$	1,432		3.2		%				$	4,176		$	4,299		2.9		%
Total operating expenses			1,302			1,322			1,324			1,276			1,295			(0.5)		%				3,863			3,896			0.9		%
Income (loss) from operations before taxes			86			65			101			165			137			59.3		%				313			403			28.8		%
Federal income tax expense (benefit)			18			13			21			35			28			55.6		%				66			85			28.8		%
Income (loss) from operations			$	68		$	52		$	80		$	130		$	109		60.3		%				$	247		$	318		28.7		%
Income (loss) from operations, excluding the impact of annual assumption review			$	44		$	52		$	80		$	130		$	110		NM						$	223		$	319		43.0		%
Insurance premiums			$	1,251		$	1,250		$	1,285		$	1,298		$	1,288		3.0		%				$	3,765		$	3,871		2.8		%
Total sales			$	71		$	398		$	144		$	161		$	84		18.3		%				$	295		$	389		31.9		%
Total loss ratio			75.2		%	76.6		%	75.0		%	70.1		%	71.4		%							73.8		%	72.2		%
Operating margin(1)			5.4		%	4.1		%	6.2		%	10.0		%	8.4		%							6.6		%	8.2		%
Operating margin, excluding the impact of annual assumption review			3.5		%	4.1		%	6.2		%	10.0		%	8.5		%							5.9		%	8.2		%

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

•Income from operations was $109 million in the quarter, compared to earnings of $68 million in the prior-year quarter. The annual assumption review had a $1 million unfavorable impact in the current quarter and a $24 million favorable impact in the third quarter of 2023.

•Not including the impact of the annual assumption review, operating income was up $66 million year over year due to the benefits from strategic and operational actions.

•Operating margin was 8.4%, 300 basis points higher than the third quarter of 2023.

•The total loss ratio was 71.4% in the quarter, 380 basis points lower than the prior-year quarter.

•Insurance premiums were $1.3 billion in the quarter, up 3% compared to the prior-year quarter.

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Retirement Plan Services

(in millions, except ROA data)			As of or For the Three Months Ended																					As of or For the Nine Months Ended
			9/30/23			12/31/23			3/31/24			6/30/24			9/30/24			Change						9/30/23			9/30/24			Change
Total operating revenues			$	327		$	322		$	322		$	327		$	335		2.4		%				$	988		$	984		(0.4)		%
Total operating expenses			277			278			281			281			286			3.2		%				831			847			1.9		%
Income (loss) from operations before taxes			50			44			41			46			49			(2.0)		%				157			137			(12.7)		%
Federal income tax expense (benefit)			7			6			5			6			5			(28.6)		%				24			17			(29.2)		%
Income (loss) from operations			$	43		$	38		$	36		$	40		$	44		2.3		%				$	133		$	120		(9.8)		%
Deposits			$	2,700		$	2,972		$	3,802		$	3,282		$	4,180		54.8		%				$	8,806		$	11,265		27.9		%
Net flows			$	(272)		$	(332)		$	391		$	(197)		$	651		NM						$	464		$	845		82.1		%
Average account balances			$	96,473		$	96,045		$	103,240		$	106,374		$	110,550		14.6		%				$	93,897		$	106,595		13.5		%
Return on average account balances (bps)			18			16			14			15			16									19			15

•Income from operations was $44 million in the quarter, a 2% improvement compared to the prior-year quarter, primarily driven by higher account balances. Sequentially, income from operations was up 10%, driven by higher account balances.

•Total deposits for the quarter were $4.2 billion, an increase of 55% over the prior-year quarter driven by increased first-year sales in full-service segments.

•Net inflows totaled $651 million for the quarter driven by first-year sales growth.

•Average account balances for the quarter were $111 billion, increasing 15% from the prior-year quarter.

Other Operations

(in millions)			As of or For the Three Months Ended																					As of or For the Nine Months Ended
			9/30/23			12/31/23(1)			3/31/24			6/30/24			9/30/24			Change						9/30/23			9/30/24			Change
Total operating revenues			$	38		$	(884)		$	27		$	39		$	52		36.8		%				$	127		$	118		(7.1)		%
Total operating expenses (2)			170			(751)			146			161			157			(7.6)		%				499			466			(6.6)		%
Income (loss) from operations before taxes (2)			(132)			(133)			(119)			(122)			(105)			20.5		%				(372)			(348)			6.5		%
Federal income tax expense (benefit) (2)			(30)			(33)			(23)			(25)			(21)			30.0		%				(79)			(72)			8.9		%
Income (loss) from operations(2),(3)			$	(102)		$	(100)		$	(96)		$	(97)		$	(84)		17.6		%				$	(293)		$	(276)		5.8		%

(1) Day one impacts related to the reinsurance transaction with Fortitude Re caused line-item volatility in the fourth quarter of 2023.

(2) The prior period presentation has been recast to conform to the revised definition of income (loss) from operations. See Definitions of Non-GAAP Measures at the back of this press release.

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

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Unrealized Gains and Losses

The Company reported a net unrealized loss of $7.0 billion (pre-tax) on its available-for-sale securities as of September 30, 2024. This compared to a net unrealized loss of $14.2 billion (pre-tax) as of September 30, 2023, with the year-over-year increase primarily due to lower treasury rates.

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

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

For other financial information, please refer to the company’s third quarter 2024 statistical supplement and third quarter 2024 earnings supplement, which are available in the investor relations section of its website http://www.lincolnfinancial.com/investor.

Conference Call Information

Lincoln Financial will discuss the company’s third-quarter 2024 results with the investment community in a conference call beginning at 8:00 a.m. Eastern Time on Thursday, October 31, 2024.

The conference call will be broadcast live through the company’s website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the conference call to download and install any necessary streaming media software. A replay of the call will be available by 10:30 a.m. Eastern Time on October 31, 2024, at www.lincolnfinancial.com/webcast.

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About Lincoln Financial

Lincoln Financial helps people to plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of September 30, 2024, the company had $324 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Contacts:

Tina Madon

Sarah Boxler

445-280-0488

215-495-8439

Investor Relations

Media Relations

[e-mail]

[e-mail]

Non-GAAP Measures

Management believes that adjusted income (loss) from operations (or adjusted operating income), adjusted income (loss) from operations available to common stockholders, and adjusted income (loss) from operations per diluted share available to common stockholders better explain the results of the company’s ongoing businesses in a manner that allows for a better understanding of the underlying trends in the company’s 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 most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management also believes that using book value, excluding accumulated other comprehensive income (“AOCI”), and adjusted book value per share enables investors to analyze the amount of our net worth that is primarily attributable to our business operations. Book value per share, excluding AOCI is useful to investors because it eliminates the effect of items that are unpredictable and can fluctuate significantly from period to period, primarily based on changes in interest rates. Adjusted book value per share is useful to investors because it eliminates the effect of items that are unpredictable and can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

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

Definitions of Non-GAAP Measures Used in this Press Release

Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share, excluding AOCI, and adjusted book value per share are financial measures we use to evaluate and assess our results. Adjusted income (loss) from operations, adjusted income (loss) from operations available to common

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

Adjusted Income (Loss) from Operations

In the third quarter of 2024, we revised our definition of adjusted income (loss) from operations to exclude the impact of certain items that are not indicative of the ongoing operations of the business and may obscure trends in the underlying performance of the Company. The revised definition now excludes, as applicable, certain legal accruals, severance expense related to initiatives that realign the workforce, mark-to-market adjustment related to the LNC stock component of our deferred compensation plans, impacts from the settlement or curtailment of defined benefit obligations and the effect of tax adjustments such as changes to deferred tax valuation allowances from the definition of adjusted income (loss) from operations. The presentation of prior period adjusted income (loss) from operations has been recast to conform to the current period presentation.

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

•Items related to annuity product features, which include changes in MRBs, including gains and losses and benefit payments, changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity contracts and the associated index options we hold to hedge them, including collateral expense associated with the hedge program (collectively, “net annuity product features”);

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

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

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

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

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

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

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

•Income (loss) from discontinued operations;

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

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

Adjusted Income (Loss) from Operations Available to Common Stockholders

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

Book Value Per Share, Excluding AOCI

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

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

•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 are unpredictable and can fluctuate significantly from period to period, primarily based on changes in interest rates.

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

Adjusted Book Value Per Share

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

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

•We provide adjusted book value per share to enable investors to analyze the amount of our net worth that is primarily attributable to our business operations.

•Management believes adjusted book value per share is useful to investors because it eliminates the effect of market movements that are unpredictable that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

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

Other Definitions

Holding Company Available Liquidity

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

Sales

Sales as reported consist of the following:

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

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

•MoneyGuard® linked-benefit products – MoneyGuard® (UL), 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.

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Lincoln National Corporation

Reconciliation of Net Income to Adjusted Income from Operations and

Average Stockholders' Equity to Adjusted Average Stockholders' Equity

			For the												For the
(in millions, except per share data)			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023 (1)						2024						2023 (1)
Net Income (Loss) Available to Common
Stockholders – Diluted			$	(562)					$	819					$	1,511					$	410
Less:
Preferred stock dividends declared			(34)						(34)						(80)						(71)
Adjustment for deferred units of LNC stock in our
deferred compensation plans			—						—						3						(2)
Net Income (Loss)			(528)						853						1,588						483
Less:
Net annuity product features, pre-tax			(381)						1,322						1,319						1,076
Net life insurance product features, pre-tax			(125)						108						(253)						(168)
Credit loss-related adjustments, pre-tax			(88)						(27)						(124)						(53)
Investment gains (losses), pre-tax (2)			(105)						(400)						(416)						(1,126)
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax (3)			(446)						(29)						(51)						(27)
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax (4)			(2)						—						582						—
Other items, pre-tax (5)(6)(7)(8)			(19)						(12)						(238)						(23)
Income tax benefit (expense) related
to the above pre-tax items			246						(193)						(202)						76
Total adjustments			(920)						769						617						(245)
Adjusted Income (Loss) from Operations			$	392					$	84					$	971					$	728
Add:
Preferred stock dividends declared			(34)						(34)						(80)						(71)
Adjusted Income (Loss) from Operations Available to Common Stockholders			$	358					$	50					$	891					$	657
Earnings (Loss) Per Common Share – Diluted (9)
Net income (loss)			$	(3.29)					$	4.79					$	8.75					$	2.40
Adjusted income (loss) from operations			2.06						0.29						5.16						3.85
Stockholders’ Equity, Average
Stockholders' equity			$	8,481					$	4,509					$	7,816					$	5,567
Less:
Preferred stock			986						986						986						986
AOCI			(3,526)						(6,792)						(3,800)						(5,425)
Stockholders’ equity, excluding AOCI and preferred stock			11,021						10,315						10,630						10,006
MRB-related impacts			2,410						986						2,288						(95)
GLB and GDB hedge instruments gains (losses)			(2,767)						(1,519)						(2,623)						(921)
Reinsurance-related embedded derivatives and portfolio gains (losses)(10)			(455)						NM						(462)						NM
Adjusted average stockholders' equity(10)			$	11,833					$	10,848					$	11,427					$	11,022

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

(2)The three and nine months ended September 30, 2023, include impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction.

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

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

(5)Includes certain legal accruals of $(12) million in the third quarter of 2023 and $(114) million primarily related to the settlement of cost of insurance litigation in the first quarter of 2024.

(6)Includes severance expense related to initiatives that realign the workforce of $(3) million, $(3) million, $(49) million, $(7) million and $(16) million in the first quarter of 2023, second quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.

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(7)Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(9) million, $(1) million, $(10) million, $(27) million and $(2) million for the second quarter of 2023, third quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.

(8)Includes deferred compensation mark-to-market adjustment of $12 million, $(8) million, $1 million, $(13) million, $1 million and $(1) million in the first quarter of 2023, second quarter of 2023, third quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.

(9)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.

(10)This measure has been updated, effective beginning with the fourth quarter of 2023, to exclude reinsurance-related embedded derivatives and the underlying portfolio gains (losses), given the size of the impact of the fourth quarter 2023 reinsurance transaction. Such amounts in the prior periods presented, and the impact of this change to such prior periods, was not meaningful.

Lincoln National Corporation

Reconciliation of Book Value per Share

						As of the Three Months Ended
						9/30/23						12/31/23						3/31/24						6/30/24						9/30/24
Book Value Per Common Share
Book value per share			$			13.04			$			34.81			$			38.46			$			40.78			$			46.97
Less:
AOCI						(49.99)						(20.49)						(23.17)						(25.59)						(15.70)
Book value per share, excluding AOCI						63.03						55.30						61.63						66.37						62.67
Less:
MRB-related gains (losses)						9.11						6.38						15.10						15.66						12.56
GLB and GDB hedge instruments gains (losses)						(9.61)						(12.29)						(15.69)						(16.22)						(16.17)
Reinsurance-related embedded derivatives and portfolio gains (losses)(1)						NM						(3.76)						(2.79)						(1.58)						(3.76)
Adjusted book value per share(1)			$			63.53			$			64.97			$			65.01			$			68.51			$			70.04

(1) This measure has been updated, effective beginning with the fourth quarter of 2023, to exclude reinsurance-related embedded derivatives and the underlying portfolio gains (losses), given the size of the impact of the fourth quarter 2023 reinsurance transaction. Such amounts in the prior periods presented, and the impact of this change to such prior periods, were not meaningful (NM).

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Lincoln National Corporation

Digest of Earnings

			For the
(in millions, except per share data)			Three Months Ended
			September 30,
			2024						2023
Revenues			$	4,111					$	4,203
Net Income (Loss)			$	(528)					$	853
Preferred stock dividends declared			(34)						(34)
Net Income (Loss) Available to Common
Stockholders – Diluted			$	(562)					$	819
Net Income (Loss) Per Common Share – Basic			$	(3.29)					$	4.82
Net Income (Loss) Per Common Share – Diluted (2)			$	(3.29)					$	4.79
Average Shares – Basic			170,773,438						169,645,881
Average Shares – Diluted			172,848,870						170,890,502
			For the
			Nine Months Ended
			September 30,
			2024						2023
Revenues			$	13,380					$	10,946
Net Income (Loss)			$	1,588					$	483
Preferred stock dividends declared			(80)						(71)
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)			3						(2)
Net Income (Loss) Available to Common
Stockholders – Diluted			$	1,511					$	410
Net Income (Loss) Per Common Share – Basic			$	8.85					$	2.43
Net Income (Loss) Per Common Share – Diluted			$	8.75					$	2.40
Average Shares – Basic			170,482,264						169,529,509
Average Shares – Diluted			172,767,554						170,625,444

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

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

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FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

•The unanticipated loss of key management or wholesalers.

The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and

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financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

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

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

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Statistical Supplement

Third Quarter 2024

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			Lincoln Financial
			Table of Contents
			Notes .................................................................................................................................................................................................................................................................			1-3
			Credit Ratings ...................................................................................................................................................................................................................................................			4
			Consolidated
			Consolidated Statements of Income (Loss) ................................................................................................................................................................................................			5
			Consolidated Balance Sheets .......................................................................................................................................................................................................................			6-7
			Earnings, Shares and Return on Equity .........................................................................................................................................................................................................			8
			Key Stakeholder Metrics ...............................................................................................................................................................................................................................			9
			Select Earnings Drivers By Segment ............................................................................................................................................................................................................			10
			Sales By Segment ..........................................................................................................................................................................................................................................			11
			Operating Revenues and General and Administrative Expenses By Segment and Other Operations......................................................................................................			12
			Operating Commissions and Other Expenses .............................................................................................................................................................................................			13
			Select Earnings and Operational Data from Business Segments and Other Operations
			Annuities .........................................................................................................................................................................................................................................................			14
			Life Insurance ................................................................................................................................................................................................................................................			15
			Group Protection ............................................................................................................................................................................................................................................			16
			Retirement Plan Services ..............................................................................................................................................................................................................................			17
			Other Operations ............................................................................................................................................................................................................................................			18
			DAC and Account Balance Roll Forwards
			Consolidated DAC, VOBA, DSI and DFEL Roll Forwards ..............................................................................................................................................................................			19
			Account Balance Roll Forwards:
			Annuities ......................................................................................................................................................................................................................................................			20-21
			Life Insurance ..............................................................................................................................................................................................................................................			22
			Retirement Plan Services ............................................................................................................................................................................................................................			23
			Investment Information
			Fixed-Income Asset Class .............................................................................................................................................................................................................................			24
			Fixed-Income Credit Quality ..........................................................................................................................................................................................................................			25
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................			26-29

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Table of Contents

Lincoln Financial

Notes

Non-GAAP Performance Measures

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

In the third quarter of 2024, we revised our definition of adjusted income (loss) from operations to exclude the impact of certain items that are not indicative of the ongoing operations of

the business and may obscure trends in the underlying performance of the Company. The revised definition now excludes, as applicable, certain legal accruals, severance expense related to initiatives

that realign the workforce, the mark-to-market adjustment related to the LNC stock component of our deferred compensation plans, impacts from the settlement or curtailment of

defined benefit obligations and the effect of tax adjustments such as changes to deferred tax valuation allowances from the definition of adjusted income (loss) from operations.

The presentation of prior period adjusted income (loss) from operations has been recast to conform to the current period presentation.

Adjusted Income (Loss) From Operations

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

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), including gains and losses and benefit payments (“MRB-related impacts”), changes in the fair

value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders, net of fee income allocated to support the cost of hedging them,

and changes in the fair value of the embedded derivative liabilities of our indexed annuity contracts and the associated index options we hold to hedge them, including collateral expense associated with

the hedge program (collectively, “net annuity product features”);

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

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

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

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

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

gains (losses)”);

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

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

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

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

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

• Income (loss) from discontinued operations.

• Other items, which include the following: certain legal accruals; severance expense related to initiatives that realign the workforce; transaction and integration costs related to mergers and

acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; mark-to-market adjustment related to the LNC stock component of our

deferred compensation plans (“deferred compensation mark-to-market adjustment”); gain (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of

defined benefit obligations; and

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

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

Adjusted Operating Revenues

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

• Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the

embedded derivative liabilities of our indexed annuity and indexed universal life insurance contracts and the associated index options we hold to hedge them (“revenue adjustments from annuity and

life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

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

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

(continued on following page)

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Lincoln Financial

Notes

Non-GAAP Performance Measures, Continued

(continued from the previous page)

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

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

Management believes that the non-GAAP performance measures discussed above 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 (loss)

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

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding AOCI and preferred stock is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates market

movements that are unpredictable and can fluctuate significantly from period to period, primarily related to changes in interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, MRB-related impacts, GLB and GDB hedged instruments gains (losses) and the difference between

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

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

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

Book Value per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. 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 are unpredictable and can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP

measure.

Adjusted Book Value per Share

Adjusted book value per share is calculated by dividing adjusted stockholders’ equity by common shares outstanding. We provide adjusted book value per share to enable investors to analyze the amount

of our net worth that is attributable primarily to our business operations. Management believes adjusted book value per share is useful to investors because it eliminates the effect of items that are

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

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

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

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

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

Adjusted Income (Loss) From Operations ROE

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

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

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

Management believes that the non-GAAP measures discussed above allow 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.

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Lincoln Financial

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 net income (loss) earnings per share calculation. In addition, for any period where a net loss or adjusted loss from operations

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

Definitions

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.

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

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

ROE by both including and excluding the effect of average goodwill.

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

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

Indexed variable annuities are referred to as registered index-linked annuities (“RILA”).

Sales as reported consist of the following:

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

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

• MoneyGuard® linked-benefit products – MoneyGuard® (UL), 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.

Statistical Supplement is Dated

This document is dated October 31, 2024, and has not been updated since that date. Lincoln Financial does not intend to update this document.

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Lincoln Financial

Credit Ratings

Ratings as of October 31, 2024

Standard

AM Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

bbb+

BBB+

Baa2

BBB+

Financial Strength Ratings

The Lincoln National Life Insurance Company

A

A+

A2

A+

First Penn-Pacific Life Insurance Company

A

A+

A2

A-

Lincoln Life & Annuity Company of New York

A

A+

A2

A+

Investor Inquiries May Be Directed To:

Tina Madon, Senior Vice President,

Investor Relations

Email: [e-mail]

Phone: [phone]

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			Lincoln Financial
			Consolidated Statements of Income (Loss)
			Unaudited (millions of dollars, except per share data)
									For the Three Months Ended																																																						For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Revenues
			Insurance premiums			$			1,566						$			(1,086)						$			1,601						$			1,625						$			1,614									3.1		%				$			4,757						$			4,839									1.7		%
			Fee income						1,363									1,361									1,324									1,339									1,352									-0.8		%							4,107									4,015									-2.2		%
			Net investment income						1,494									1,411									1,346									1,332									1,411									-5.6		%							4,468									4,090									-8.5		%
			Realized gain (loss)						(453)									(1,245)									(434)									663									(431)									4.9		%							(3,066)									(201)									93.4		%
			Other revenues						233									259									279									194									165									-29.2		%							680									637									-6.3		%
			Total revenues						4,203									700									4,116									5,153									4,111									-2.2		%							10,946									13,380									22.2		%
			Expenses
			Benefits						2,152									(497)									2,003									2,008									1,937									-10.0		%							6,635									5,948									-10.4		%
			Interest credited						831									824									822									853									880									5.9		%							2,424									2,555									5.4		%
			Market risk benefit (gain) loss						(1,428)									568									(1,907)									(136)									657									146.0		%							(2,832)									(1,386)									51.1		%
			Policyholder liability remeasurement (gain) loss						159									(84)									(12)									(105)									(50)									NM									(68)									(166)									NM
			Commissions and other expenses						1,371									1,421									1,601									1,351									1,304									-4.9		%							4,071									4,254									4.5		%
			Interest and debt expense						84									81									81									86									86									2.4		%							250									253									1.2		%
			Total expenses						3,169									2,313									2,588									4,057									4,814									51.9		%							10,480									11,458									9.3		%
			Income (loss) before taxes						1,034									(1,613)									1,528									1,096									(703)									NM									466									1,922									NM
			Federal income tax expense (benefit)						181									(378)									306									201									(175)									NM									(17)									334									NM
			Net income (loss)						853									(1,235)									1,222									895									(528)									NM									483									1,588									228.8		%
			Preferred stock dividends declared						(34)									(11)									(34)									(11)									(34)									0.0%									(71)									(80)									-12.7		%
			Adjustment for deferred units of LNC stock
			in our deferred compensation plans						—									—									3									—									—									NM									(2)									3									250.0		%
			Net income (loss) available to common
			stockholders – diluted			$			819						$			(1,246)						$			1,191						$			884						$			(562)									NM						$			410						$			1,511									268.5		%
			Earnings (Loss) Per Common Share – Diluted
			Net income (loss)			$			4.79						$			(7.35)						$			6.93						$			5.11						$			(3.29)									NM						$			2.40						$			8.75									264.6		%

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			Lincoln Financial
			Consolidated Balance Sheets
			Unaudited (millions of dollars)
									As of
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change
			ASSETS
			Investments:
			Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
			credit losses:
			Corporate bonds			$			76,001						$			69,657						$			68,533						$			67,313						$			70,234									-7.6%
			U.S. government bonds						373									393									391									389									398									6.7%
			State and municipal bonds						4,770									2,790									2,743									2,564									2,567									-46.2%
			Foreign government bonds						273									283									263									260									252									-7.7%
			Residential mortgage-backed securities						1,928									1,773									1,760									1,795									1,882									-2.4%
			Commercial mortgage-backed securities						1,701									1,424									1,484									1,542									1,643									-3.4%
			Asset-backed securities						12,393									12,171									12,349									13,072									13,444									8.5%
			Hybrid and redeemable preferred securities						365									247									241									239									262									-28.2%
			Total fixed maturity AFS securities, net of allowance for credit losses						97,804									88,738									87,764									87,174									90,682									-7.3%
			Trading securities						2,788									2,359									2,227									2,201									2,206									-20.9%
			Equity securities						383									306									319									295									293									-23.5%
			Mortgage loans on real estate, net of allowance for credit losses						18,751									18,963									19,266									20,152									20,856									11.2%
			Policy loans						2,428									2,476									2,476									2,513									2,510									3.4%
			Derivative investments						5,790									6,474									8,394									8,608									9,522									64.5%
			Other investments						4,551									5,015									5,256									5,652									5,743									26.2%
			Total investments						132,495									124,331									125,702									126,595									131,812									-0.5%
			Cash and invested cash						2,529									3,365									4,122									5,475									6,013									137.8%
			Deferred acquisition costs, value of business acquired and deferred sales inducements						12,341									12,397									12,405									12,435									12,475									1.1%
			Reinsurance recoverables, net of allowance for credit losses						18,924									29,843									29,461									29,126									29,233									54.5%
			Deposit assets, net of allowance for credit losses						12,494									28,789									28,904									29,888									30,501									144.1%
			Market risk benefit assets						4,108									3,894									4,878									4,754									4,565									11.1%
			Accrued investment income						1,372									1,082									1,127									1,135									1,160									-15.5%
			Goodwill						1,144									1,144									1,144									1,144									1,144									0.0%
			Other assets						7,351									9,311									9,413									8,782									8,454									15.0%
			Separate account assets						145,810									158,257									166,225									165,199									171,483									17.6%
			Total assets			$			338,568						$			372,413						$			383,381						$			384,533						$			396,840									17.2%

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			Lincoln Financial
			Consolidated Balance Sheets
			Unaudited (millions of dollars)
									As of
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change
			LIABILITIES AND STOCKHOLDERS’ EQUITY
			Liabilities
			Policyholder account balances			$			117,210						$			120,737						$			122,300						$			124,113						$			125,968									7.5		%
			Future contract benefits						39,362									39,864									38,848									38,560									41,169									4.6		%
			Funds withheld reinsurance liabilities						5,006									17,641									17,486									17,044									17,595									251.5		%
			Market risk benefit liabilities						1,385									1,716									1,266									1,275									1,272									-8.2		%
			Deferred front-end loads						5,695									5,901									6,099									6,306									6,517									14.4		%
			Payables for collateral on investments						8,046									8,105									10,117									11,114									10,570									31.4		%
			Short-term debt						—									250									503									450									300									NM
			Long-term debt by rating agency leverage definitions:
			Operating (see note (2) on page 9 for details)						867									867									867									867									867									0.0%
			Financial						5,038									4,832									4,859									4,849									5,030									-0.2		%
			Other liabilities						6,950									7,350									7,265									6,807									7,056									1.5		%
			Separate account liabilities						145,810									158,257									166,225									165,199									171,483									17.6		%
			Total liabilities						335,369									365,520									375,835									376,584									387,827									15.6		%
			Stockholders’ Equity
			Preferred stock						986									986									986									986									986									0.0%
			Common stock						4,591									4,605									4,624									4,641									4,660									1.5		%
			Retained earnings						6,102									4,778									5,887									6,691									6,049									-0.9		%
			Accumulated other comprehensive income (loss):
			Unrealized investment gain (loss)						(10,163)									(4,813)									(4,940)									(5,253)									(3,565)									64.9		%
			Market risk benefit non-performance risk gain (loss)						998									1,070									606									409									781									-21.7		%
			Policyholder liability discount rate remeasurement gain (loss)						1,021									587									703									795									422									-58.7		%
			Foreign currency translation adjustment						(32)									(26)									(27)									(27)									(18)									43.8		%
			Funded status of employee benefit plans						(304)									(294)									(293)									(293)									(302)									0.7		%
			Total accumulated other comprehensive income (loss)						(8,480)									(3,476)									(3,951)									(4,369)									(2,682)									68.4		%
			Total stockholders’ equity						3,199									6,893									7,546									7,949									9,013									181.7		%
			Total liabilities and stockholders’ equity			$			338,568						$			372,413						$			383,381						$			384,533						$			396,840									17.2		%

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			Lincoln Financial
			Earnings, Shares and Return on Equity
			Unaudited (millions of dollars, except per share data)
									As of or For the Three Months Ended																																																As of or For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24						Change									9/30/23									9/30/24						Change
			Income (Loss)
			Net income (loss)			$			853						$			(1,235)						$			1,222						$			895						$			(528)						NM						$			483						$			1,588						228.8		%
			Pre-tax adjusted income (loss) from operations (1)						58									282									291									389									461						NM									761									1,141						49.9		%
			After-tax adjusted income (loss) from operations (1)(2)						84									263									244									335									392						NM									728									971						33.4		%
			Adjusted operating tax rate (1)						-44.7		%							7.0		%							16.1		%							13.7		%							15.0		%													4.3		%							14.9		%
			Adjusted income (loss) from operations available to
			common stockholders (1)						50									252									210									324									358						NM									657									891						35.6		%
			ROE
			Net income (loss) ROE						75.7		%							-97.9		%							67.7		%							46.2		%							-24.9		%													11.6		%							27.1		%
			Adjusted income (loss) from operations available to common
			stockholders, excluding AOCI and preferred stock ROE (1)						1.9		%							10.0		%							8.4		%							11.9		%							13.0		%													8.8		%							11.2		%
			Adjusted income (loss) from operations ROE (1)(5)						1.8		%							9.2		%							7.6		%							11.4		%							12.1		%													7.9		%							10.4		%
			Per Common Share
			Net income (loss) (diluted)			$			4.79						$			(7.35)						$			6.93						$			5.11						$			(3.29)						NM						$			2.40						$			8.75						264.6		%
			Adjusted income (loss) from operations (diluted) (1)(3)						0.29									1.47									1.22									1.87									2.06						NM									3.85									5.16						34.0		%
			Dividends declared during the period						0.45									0.45									0.45									0.45									0.45						0.0%									1.35									1.35						0.0%
			Book Value Per Common Share
			Book value per share			$			13.04						$			34.81						$			38.46						$			40.78						$			46.97						260.2		%				$			13.04						$			46.97						260.2		%
			Book value per share, excluding AOCI (4)						63.03									55.30									61.63									66.37									62.67						-0.6		%							63.03									62.67						-0.6		%
			Adjusted book value per share (4)(5)						63.53									64.97									65.01									68.51									70.04						10.2		%							63.53									70.04						10.2		%
			Common Shares
			End-of-period – basic						169.7									169.7									170.5									170.7									170.9						0.7		%							169.7									170.9						0.7		%
			Average for the period – basic						169.6									169.7									170.0									170.6									170.8						0.7		%							169.5									170.5						0.6		%
			End-of-period – diluted (1)						171.0									171.3									172.4									173.4									173.6						1.5		%							171.0									173.6						1.5		%
			Average for the period – diluted (1)						170.9									171.1									171.8									172.9									173.6						1.6		%							170.6									172.8						1.3		%
			(1) Prior period impacts have been recast to conform to the current period presentation. See page 1 for further information.
			(2) See reconciliation to net income (loss) on page 26.
			(3) See reconciliation to earnings (loss) per common share - diluted on page 28.
			(4) See reconciliation to stockholders’ equity and book value per common share on page 29.
			(5) This measure has been updated, effective beginning with the fourth quarter of 2023, to exclude reinsurance-related embedded derivatives and the underlying portfolio
			gains (losses), given the size of the impact of the fourth quarter 2023 reinsurance transaction. Such amounts in the prior periods presented, and the impact of this change to such
			prior periods, was not meaningful (“NM”).

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			Lincoln Financial
			Key Stakeholder Metrics
			Unaudited (millions of dollars, except per share data)
						As of or For the Three Months Ended																																																						For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24						Change
			Cash Returned to Common Stockholders – Common Dividends			$			76						$			76						$			76						$			77						$			77									1.3		%				$			229						$			229						0.0%
			Cash Returned to Preferred Stockholders – Preferred Dividends			$			34						$			11						$			34						$			11						$			34									0.0%						$			71						$			80						12.7		%
			Leverage Ratio
			Short-term debt (1)			$			—						$			250						$			503						$			450						$			300									NM
			Long-term debt						5,905									5,699									5,726									5,716									5,897									-0.1		%
			Total debt (2)						5,905									5,949									6,229									6,166									6,197									4.9		%
			Preferred stock						986									986									986									986									986									0.0%
			Total debt and preferred stock						6,891									6,935									7,215									7,152									7,183									4.2		%
			Less:
			Operating debt (3)						867									867									867									867									867									0.0%
			Pre-funding of upcoming debt maturities						—									—									300									300									300									NM
			25% of capital securities and subordinated notes						302									302									302									302									302									0.0%
			50% of preferred stock						493									493									493									493									493									0.0%
			Carrying value of fair value hedges and other items						111									154									133									123									153									37.8		%
			Total numerator			$			5,118						$			5,119						$			5,120						$			5,067						$			5,068									-1.0		%
			Adjusted stockholders’ equity (4)			$			10,778						$			11,023						$			11,087						$			11,698						$			11,967									11.0		%
			Add:
			25% of capital securities and subordinated notes						302									302									302									302									302									0.0%
			50% of preferred stock						493									493									493									493									493									0.0%
			Total numerator						5,118									5,119									5,120									5,067									5,068									-1.0		%
			Total denominator			$			16,691						$			16,937						$			17,002						$			17,560						$			17,830									6.8		%
			Leverage ratio						30.7		%							30.2		%							30.1		%							28.9		%							28.4		%
			Holding Company Available Liquidity (5)			$			455						$			458						$			766						$			763						$			759									66.8		%
			(1) As of September 30, 2024, consists of $300 million principal amount of our 3.35% Senior Notes due March 9, 2025.
			(2) Excludes obligations under finance leases and certain financing arrangements of $559 million that are reported in other liabilities on our Consolidated Balance Sheets.
			(3) 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.
			(4) See reconciliation to stockholders’ equity on page 29.
			(5) Includes pre-funding of upcoming debt maturities.

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Table of Contents

			Lincoln Financial
			Select Earnings Drivers By Segment
			Unaudited (millions of dollars)
						For the Three Months Ended																																																									For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Annuities
			Operating revenues			$			1,197						$			(525)						$			1,269						$			1,209						$			1,195									-0.2		%				$			3,528						$			3,673									4.1		%
			Deposits						2,737									4,359									2,849									3,823									3,383									23.6		%							8,461									10,056									18.9		%
			Net flows						(874)									285									(1,993)									(954)									(1,637)									-87.3		%							(2,312)									(4,584)									-98.3		%
			Average account balances, net of reinsurance						151,312									147,419									155,291									158,370									161,680									6.9		%							148,613									158,245									6.5		%
			Alternative investment income (1)						4									4									2									1									4									0.0%									13									7									-46.2		%
			Life Insurance
			Operating revenues			$			1,723						$			1,667						$			1,541						$			1,511						$			1,589									-7.8		%				$			5,241						$			4,640									-11.5		%
			Deposits						1,272									1,458									1,208									1,230									1,262									-0.8		%							3,927									3,699									-5.8		%
			Net flows						821									1,013									741									751									738									-10.1		%							2,605									2,230									-14.4		%
			Average account balances, net of reinsurance						50,130									45,608									42,280									43,230									44,055									-12.1		%							49,760									43,188									-13.2		%
			Average in-force face amount						1,085,253									1,087,535									1,087,405									1,085,383									1,083,176									-0.2		%							1,080,887									1,085,321									0.4		%
			Alternative investment income (1)						44									49									74									32									92									109.1		%							158									199									25.9		%
			Group Protection
			Operating revenues			$			1,388						$			1,387						$			1,425						$			1,441						$			1,432									3.2		%				$			4,176						$			4,299									2.9		%
			Insurance premiums						1,251									1,250									1,285									1,298									1,288									3.0		%							3,765									3,871									2.8		%
			Alternative investment income (1)						2									2									1									1									1									-50.0		%							7									3									-57.1		%
			Retirement Plan Services
			Operating revenues			$			327						$			322						$			322						$			327						$			335									2.4		%				$			988						$			984									-0.4		%
			Deposits						2,700									2,972									3,802									3,282									4,180									54.8		%							8,806									11,265									27.9		%
			Net flows						(272)									(332)									391									(197)									651									NM									464									845									82.1		%
			Average account balances						96,473									96,045									103,240									106,374									110,550									14.6		%							93,897									106,595									13.5		%
			Alternative investment income (1)						2									3									1									1									2									0.0%									7									4									-42.9		%
			Consolidated
			Adjusted operating revenues (2)			$			4,673						$			1,967						$			4,584						$			4,527						$			4,603									-1.5		%				$			14,060						$			13,714									-2.5		%
			Deposits						6,709									8,789									7,859									8,335									8,825									31.5		%							21,194									25,020									18.1		%
			Net flows						(325)									959									(861)									(400)									(248)									23.7		%							757									(1,509)									NM
			Average account balances, net of reinsurance						297,915									289,072									300,811									307,974									316,285									6.2		%							292,270									308,028									5.4		%
			Alternative investment income (1)						52									58									78									36									100									92.3		%							185									214									15.7		%
			(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have a limited
			economic interest in the investments.
			(2) See reconciliation to total revenues on page 27.

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Table of Contents

			Lincoln Financial
			Sales By Segment
			Unaudited (millions of dollars)
						For the Three Months Ended																																																									For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Sales
			Annuities:
			RILA			$			1,069						$			986						$			942						$			1,096						$			1,203									12.5		%				$			3,339						$			3,241									-2.9		%
			Other variable without GLBs						359									362									388									420									472									31.5		%							954									1,282									34.4		%
			Other variable with GLBs						530									579									546									634									691									30.4		%							1,470									1,870									27.2		%
			Total variable						1,958									1,927									1,876									2,150									2,366									20.8		%							5,763									6,393									10.9		%
			Fixed						770									2,438									971									1,667									1,009									31.0		%							2,712									3,645									34.4		%
			Total Annuities			$			2,728						$			4,365						$			2,847						$			3,817						$			3,375									23.7		%				$			8,475						$			10,038									18.4		%
			Life Insurance:
			IUL/UL			$			23						$			34						$			18						$			25						$			32									39.1		%				$			85						$			75									-11.8		%
			MoneyGuard®						27									27									24									34									35									29.6		%							71									93									31.0		%
			VUL						29									38									23									19									22									-24.1		%							93									64									-31.2		%
			Term						23									21									19									18									15									-34.8		%							79									52									-34.2		%
			Executive Benefits						42									24									7									9									18									-57.1		%							69									35									-49.3		%
			Total Life Insurance			$			144						$			144						$			91						$			105						$			122									-15.3		%				$			397						$			319									-19.6		%
			Group Protection:
			Life			$			30						$			167						$			85						$			81						$			42									40.0		%				$			167						$			208									24.6		%
			Disability						32									204									51									74									36									12.5		%							107									161									50.5		%
			Dental						9									27									8									6									6									-33.3		%							21									20									-4.8		%
			Total Group Protection			$			71						$			398						$			144						$			161						$			84									18.3		%				$			295						$			389									31.9		%
			Percent employee-paid						48.8		%							33.8		%							70.4		%							50.0		%							52.8		%																60.1		%							58.1		%
			Retirement Plan Services:
			First-year sales			$			464						$			874						$			1,127						$			821						$			1,652									256.0		%				$			2,019						$			3,601									78.4		%
			Recurring deposits						2,236									2,098									2,675									2,461									2,528									13.1		%							6,787									7,664									12.9		%
			Total Retirement Plan Services			$			2,700						$			2,972						$			3,802						$			3,282						$			4,180									54.8		%				$			8,806						$			11,265									27.9		%

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Table of Contents

			Lincoln Financial
			Operating Revenues and General and Administrative Expenses By Segment and Other Operations
			Unaudited (millions of dollars)
						For the Three Months Ended																																																									For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Operating Revenues
			Annuities			$			1,197						$			(525)						$			1,269						$			1,209						$			1,195									-0.2		%				$			3,528						$			3,673									4.1		%
			Life Insurance						1,723									1,667									1,541									1,511									1,589									-7.8		%							5,241									4,640									-11.5		%
			Group Protection						1,388									1,387									1,425									1,441									1,432									3.2		%							4,176									4,299									2.9		%
			Retirement Plan Services						327									322									322									327									335									2.4		%							988									984									-0.4		%
			Other Operations						38									(884)									27									39									52									36.8		%							127									118									-7.1		%
			Total adjusted operating revenues			$			4,673						$			1,967						$			4,584						$			4,527						$			4,603									-1.5		%				$			14,060						$			13,714									-2.5		%
			General and Administrative Expenses,
			Net of Amounts Capitalized
			Annuities			$			138						$			131						$			134						$			112						$			103									-25.4		%				$			396						$			350									-11.6		%
			Life Insurance						138									143									130									125									126									-8.7		%							407									382									-6.1		%
			Group Protection						191									191									187									193									195									2.1		%							573									575									0.3		%
			Retirement Plan Services						81									84									81									80									81									0.0%									241									242									0.4		%
			Other Operations (1)						68									79									57									64									67									-1.5		%							180									186									3.3		%
			Total (1)			$			616						$			628						$			589						$			574						$			572									-7.1		%				$			1,797						$			1,735									-3.5		%
			General and Administrative Expenses,
			Net of Amounts Capitalized, as a Percentage
			of Operating Revenues
			Annuities						11.5		%							NM									10.6		%							9.3		%							8.6		%																11.2		%							9.5		%
			Life Insurance						8.0		%							8.6		%							8.5		%							8.3		%							7.9		%																7.8		%							8.2		%
			Group Protection						13.8		%							13.8		%							13.1		%							13.4		%							13.6		%																13.7		%							13.4		%
			Retirement Plan Services						24.9		%							26.1		%							25.3		%							24.4		%							24.3		%																24.4		%							24.6		%
			Total (1)						13.2		%							31.9		%							12.8		%							12.7		%							12.4		%																12.8		%							12.7		%
			(1) Prior period impacts have been recast to conform to the current period presentation. See page 1 for further information.

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Table of Contents

			Lincoln Financial
			Operating Commissions and Other Expenses
			Unaudited (millions of dollars)
						For the Three Months Ended																																																									For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Operating Commissions and
			Other Expenses Incurred
			General and administrative expenses (1)			$			670						$			686						$			640						$			638						$			632									-5.7		%				$			1,957						$			1,911									-2.4		%
			Commissions						603									651									639									561									546									-9.5		%							1,835									1,746									-4.9		%
			Taxes, licenses and fees (1)						88									81									92									76									80									-9.1		%							262									247									-5.7		%
			Interest and debt expense						84									81									81									86									86									2.4		%							250									253									1.2		%
			Expenses associated with reserve financing
			and letters of credit						28									29									30									28									32									14.3		%							86									90									4.7		%
			Total adjusted operating commissions and
			other expenses incurred (1)						1,473									1,528									1,482									1,389									1,376									-6.6		%							4,390									4,247									-3.3		%
			Less Amounts Capitalized
			General and administrative expenses						(54)									(58)									(51)									(64)									(60)									-11.1		%							(160)									(176)									-10.0		%
			Commissions						(223)									(259)									(205)									(224)									(236)									-5.8		%							(705)									(665)									5.7		%
			Taxes, licenses and fees						(8)									(8)									(9)									(7)									(8)									0.0%									(25)									(24)									4.0		%
			Total amounts capitalized						(285)									(325)									(265)									(295)									(304)									-6.7		%							(890)									(865)									2.8		%
			Total expenses incurred, net of amounts
			capitalized, excluding amortization (1)						1,188									1,203									1,217									1,094									1,072									-9.8		%							3,500									3,382									-3.4		%
			Amortization
			Amortization of DAC, VOBA and other intangibles (2)						270									271									271									274									299									10.7		%							806									843									4.6		%
			Total operating commissions and
			other expenses (1)(2)			$			1,458						$			1,474						$			1,488						$			1,368						$			1,371									-6.0		%				$			4,306						$			4,225									-1.9		%
			(1) Prior period impacts have been recast to conform to the current period presentation. See page 1 for further information.
			(2) Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain
			amortization to other revenues and presenting the amortization of deferred loss within operating expenses. For prior periods, the amortization of deferred gain (loss)
			on business sold through reinsurance is presented on a net basis within other revenues.

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Table of Contents

			Lincoln Financial
			Annuities – Select Earnings and Operational Data
			Unaudited (millions of dollars)
																																																															As of or For the
						As of or For the Three Months Ended																																																									Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Income (Loss) from Operations
			Operating revenues:
			Insurance premiums (1)			$			24						$			(1,700)						$			26						$			34						$			38									58.3		%				$			116						$			98									-15.5		%
			Fee income (2)						557									552									580									587									601									7.9		%							1,644									1,769									7.6		%
			Net investment income						451									425									420									435									442									-2.0		%							1,309									1,297									-0.9		%
			Other revenues						165									198									243									153									114									-30.9		%							459									509									10.9		%
			Total operating revenues						1,197									(525)									1,269									1,209									1,195									-0.2		%							3,528									3,673									4.1		%
			Operating expenses:
			Benefits (1)						45									(1,683)									27									38									38									-15.6		%							177									102									-42.4		%
			Interest credited						330									338									354									377									399									20.9		%							914									1,129									23.5		%
			Policyholder liability remeasurement (gain) loss						19									(15)									—									2									—									-100.0		%							17									3									-82.4		%
			Commissions incurred						238									252									254									269									285									19.7		%							719									808									12.4		%
			Other expenses incurred						276									265									309									180									136									-50.7		%							785									625									-20.4		%
			Amounts capitalized						(102)									(110)									(98)									(115)									(129)									-26.5		%							(300)									(342)									-14.0		%
			Amortization						109									107									106									107									107									-1.8		%							324									320									-1.2		%
			Total operating expenses						915									(846)									952									858									836									-8.6		%							2,636									2,645									0.3		%
			Income (loss) from operations before taxes						282									321									317									351									359									27.3		%							892									1,028									15.2		%
			Federal income tax expense (benefit)						34									42									58									54									58									70.6		%							98									171									74.5		%
			Income (loss) from operations			$			248						$			279						$			259						$			297						$			301									21.4		%				$			794						$			857									7.9		%
			Effective Federal Income Tax Rate						12.0		%							12.9		%							18.5		%							15.4		%							16.3		%																11.1		%							16.7		%
			Return on Average Account Balances, net of
			reinsurance (bps)						66									76									67									75									74									8									71									72									1
			Account Balances, Net of Reinsurance –
			End-of-Period
			RILA account balances			$			25,006						$			27,533						$			30,100						$			31,633						$			33,245									32.9		%				$			25,006						$			33,245									32.9		%
			Other variable account balances without GLBs						42,196									45,499									47,657									47,321									48,899									15.9		%							42,196									48,899									15.9		%
			Other variable account balances with GLBs						64,754									69,458									71,822									70,664									72,664									12.2		%							64,754									72,664									12.2		%
			Fixed account balances						14,694									10,336									10,214									10,251									10,349									-29.6		%							14,694									10,349									-29.6		%
			Total account balances			$			146,650						$			152,826						$			159,793						$			159,869						$			165,157									12.6		%				$			146,650						$			165,157									12.6		%
			Percent variable account balances with GLBs						44.2		%							45.4		%							44.9		%							44.2		%							44.0		%																44.2		%							44.0		%
			Fee Income, Gross of Hedge Allowance			$			758						$			752						$			780						$			787						$			802									5.8		%				$			2,253						$			2,369									5.1		%
			Net Investment Income, Net of Reinsurance (3)						409									385									390									403									412									0.7		%							1,181									1,205									2.0		%
			Interest Credited, Net of Reinsurance (3)						270									255									245									254									270									0.0%									742									769									3.6		%
			(1) Day one impacts related to the fourth quarter 2023 reinsurance transaction contributed to line item volatility in the fourth quarter.
			(2) Fee income is reported net of the hedge allowance, which represents fees allocated to net annuity product features to support the cost of hedging.
			(3) Net investment income and interest credited are both reported gross of reinsurance. Reinsurance impacts are settled through other revenues.

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			Lincoln Financial
			Life Insurance – Select Earnings and Operational Data
			Unaudited (millions of dollars)
																																																															As of or For the
						As of or For the Three Months Ended																																																									Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Income (Loss) from Operations
			Operating revenues:
			Insurance premiums			$			289						$			295						$			288						$			293						$			286									-1.0		%				$			867						$			866									-0.1		%
			Fee income						739									741									672									677									672									-9.1		%							2,269									2,021									-10.9		%
			Net investment income						689									629									581									533									597									-13.4		%							2,083									1,710									-17.9		%
			Operating realized gain (loss)						(2)									(2)									(2)									(2)									(2)									0.0%									(5)									(5)									0.0%
			Other revenues (1)						8									4									2									10									36									NM									27									48									77.8		%
			Total operating revenues						1,723									1,667									1,541									1,511									1,589									-7.8		%							5,241									4,640									-11.5		%
			Operating expenses:
			Benefits						1,129									1,083									928									948									895									-20.7		%							3,354									2,769									-17.4		%
			Interest credited						325									312									294									299									302									-7.1		%							978									894									-8.6		%
			Policyholder liability remeasurement (gain) loss						183									(37)									59									16									42									-77.0		%							183									117									-36.1		%
			Commissions incurred						129									150									113									113									120									-7.0		%							421									346									-17.8		%
			Other expenses incurred						215									223									204									193									198									-7.9		%							647									596									-7.9		%
			Amounts capitalized						(152)									(175)									(133)									(133)									(140)									7.9		%							(496)									(406)									18.1		%
			Amortization of DAC and VOBA						123									125									126									126									127									3.3		%							371									379									2.2		%
			Amortization of deferred loss on business
			sold through reinsurance (1)						—									—									—									—									24									NM									—									24									NM
			Total operating expenses						1,952									1,681									1,591									1,562									1,568									-19.7		%							5,458									4,719									-13.5		%
			Income (loss) from operations before taxes						(229)									(14)									(50)									(51)									21									109.2		%							(217)									(79)									63.6		%
			Federal income tax expense (benefit)						(56)									(8)									(15)									(16)									(1)									98.2		%							(64)									(31)									51.6		%
			Income (loss) from operations			$			(173)						$			(6)						$			(35)						$			(35)						$			22									112.7		%				$			(153)						$			(48)									68.6		%
			Effective Federal Income Tax Rate						24.2		%							59.7		%							29.7		%							31.2		%							NM																		29.3		%							39.6		%
			Average Account Balances, Net of Reinsurance			$			50,130						$			45,608						$			42,280						$			43,230						$			44,055									-12.1		%				$			49,760						$			43,188									-13.2		%
			In-Force Face Amount
			UL and other			$			364,586						$			365,938						$			365,507						$			365,030						$			364,766									0.0%						$			364,586						$			364,766									0.0%
			Term insurance						721,927									722,620									720,745									719,485									717,071									-0.7		%							721,927									717,071									-0.7		%
			Total in-force face amount			$			1,086,513						$			1,088,558						$			1,086,252						$			1,084,515						$			1,081,837									-0.4		%				$			1,086,513						$			1,081,837									-0.4		%
			(1) Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain
			amortization to other revenues and presenting the amortization of deferred loss within operating expenses. For prior periods, the amortization of deferred gain (loss)
			on business sold through reinsurance is presented on a net basis within other revenues.

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			Lincoln Financial
			Group Protection – Select Earnings and Operational Data
			Unaudited (millions of dollars)
																																																												As of or For the
						As of or For the Three Months Ended																																																						Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Income (Loss) from Operations
			Operating revenues:
			Insurance premiums			$			1,251						$			1,250						$			1,285						$			1,298						$			1,288									3.0		%				$			3,765						$			3,871									2.8		%
			Net investment income						84									85									85									88									87									3.6		%							254									261									2.8		%
			Other revenues						53									52									55									55									57									7.5		%							157									167									6.4		%
			Total operating revenues						1,388									1,387									1,425									1,441									1,432									3.2		%							4,176									4,299									2.9		%
			Operating expenses:
			Benefits						979									984									1,030									1,032									1,007									2.9		%							3,036									3,069									1.1		%
			Interest credited						1									1									1									1									1									0.0%									4									3									-25.0		%
			Policyholder liability remeasurement (gain) loss						(39)									(28)									(67)									(124)									(88)									NM									(260)									(279)									-7.3		%
			Commissions incurred						109									119									109									113									114									4.6		%							327									336									2.8		%
			Other expenses incurred						245									246									246									260									255									4.1		%							737									762									3.4		%
			Amounts capitalized						(26)									(34)									(29)									(42)									(30)									-15.4		%							(79)									(101)									-27.8		%
			Amortization						33									34									34									36									36									9.1		%							98									106									8.2		%
			Total operating expenses						1,302									1,322									1,324									1,276									1,295									-0.5		%							3,863									3,896									0.9		%
			Income (loss) from operations before taxes						86									65									101									165									137									59.3		%							313									403									28.8		%
			Federal income tax expense (benefit)						18									13									21									35									28									55.6		%							66									85									28.8		%
			Income (loss) from operations			$			68						$			52						$			80						$			130						$			109									60.3		%				$			247						$			318									28.7		%
			Effective Federal Income Tax Rate						21.0		%							21.0		%							21.0		%							21.0		%							21.0		%																21.0		%							21.0		%
			Operating Margin (1)						5.4		%							4.1		%							6.2		%							10.0		%							8.4		%																6.6		%							8.2		%
			Loss Ratios by Product Line
			Life						76.8		%							67.2		%							76.1		%							75.6		%							68.1		%																76.3		%							73.2		%
			Disability						74.1		%							83.1		%							74.2		%							65.9		%							73.2		%																72.1		%							71.1		%
			Dental						75.9		%							75.4		%							76.5		%							78.9		%							79.0		%																76.4		%							78.1		%
			Total						75.2		%							76.6		%							75.0		%							70.1		%							71.4		%																73.8		%							72.2		%
			(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

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			Lincoln Financial
			Retirement Plan Services – Select Earnings and Operational Data
			Unaudited (millions of dollars)
																																																												As of or For the
						As of or For the Three Months Ended																																																						Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Income (Loss) from Operations
			Operating revenues:
			Fee income			$			66						$			67						$			70						$			72						$			74									12.1		%				$			195						$			216									10.8		%
			Net investment income						251									248									244									247									253									0.8		%							765									744									-2.7		%
			Other revenues						10									7									8									8									8									-20.0		%							28									24									-14.3		%
			Total operating revenues						327									322									322									327									335									2.4		%							988									984									-0.4		%
			Operating expenses:
			Interest credited						165									164									166									168									170									3.0		%							501									505									0.8		%
			Commissions incurred						22									22									23									26									28									27.3		%							65									76									16.9		%
			Other expenses incurred						90									93									92									87									88									-2.2		%							267									267									0.0%
			Amounts capitalized						(5)									(6)									(5)									(5)									(5)									0.0%									(15)									(15)									0.0%
			Amortization						5									5									5									5									5									0.0%									13									14									7.7		%
			Total operating expenses						277									278									281									281									286									3.2		%							831									847									1.9		%
			Income (loss) from operations before taxes						50									44									41									46									49									-2.0		%							157									137									-12.7		%
			Federal income tax expense (benefit)						7									6									5									6									5									-28.6		%							24									17									-29.2		%
			Income (loss) from operations			$			43						$			38						$			36						$			40						$			44									2.3		%				$			133						$			120									-9.8		%
			Effective Federal Income Tax Rate						13.9		%							13.2		%							12.9		%							13.2		%							10.0		%																15.1		%							12.0		%
			Return on Average Account Balances (bps)						18									16									14									15									16									(2)									19									15									(4)
			Net Flows by Market
			Small Market			$			21						$			115						$			(32)						$			43						$			11									-47.6		%				$			267						$			22									-91.8		%
			Mid - Large Market						83									78									847									206									1,069									NM									1,202									2,122									76.5		%
			Multi-Fund® and Other						(376)									(525)									(424)									(446)									(429)									-14.1		%							(1,005)									(1,299)									-29.3		%
			Net Flows – Trailing Twelve Months			$			515						$			132						$			(12)						$			(410)						$			513									-0.4		%				$			515						$			513									-0.4		%
			Base Spreads, Excluding Variable
			Investment Income (1)						1.10		%							1.09		%							1.02		%							1.03		%							1.05		%							(5)									1.14		%							1.03		%							(11)
			(1) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums.

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			Lincoln Financial
			Other Operations – Select Earnings and Operational Data
			Unaudited (millions of dollars)
									For the Three Months Ended																																																			For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Other Operations
			Operating revenues:
			Insurance premiums (1)			$			1						$			(930)						$			2						$			1						$			1									0.0%						$			8						$			4									-50.0		%
			Net investment income						37									37									16									27									34									-8.1		%							110									77									-30.0		%
			Other revenues						—									9									9									11									17									NM									9									37									NM
			Total operating revenues						38									(884)									27									39									52									36.8		%							127									118									-7.1		%
			Operating expenses:
			Benefits (1)						17									(918)									6									4									(3)									NM									53									10									-81.1		%
			Interest credited						9									9									9									8									8									-11.1		%							27									26									-3.7		%
			Policyholder liability remeasurement (gain) loss						(5)									—									(1)									1									—									100.0		%							(3)									—									100.0		%
			Commissions and other expenses (2)						65									77									51									62									66									1.5		%							172									177									2.9		%
			Interest and debt expense						84									81									81									86									86									2.4		%							250									253									1.2		%
			Total operating expenses (2)						170									(751)									146									161									157									-7.6		%							499									466									-6.6		%
			Income (loss) from operations before taxes (2)						(132)									(133)									(119)									(122)									(105)									20.5		%							(372)									(348)									6.5		%
			Federal income tax expense (benefit) (2)						(30)									(33)									(23)									(25)									(21)									30.0		%							(79)									(72)									8.9		%
			Income (loss) from operations (2)			$			(102)						$			(100)						$			(96)						$			(97)						$			(84)									17.6		%				$			(293)						$			(276)									5.8		%
			(1) Day one impacts related to the fourth quarter 2023 reinsurance transaction contributed to line item volatility in the fourth quarter.
			(2) Prior period impacts have been recast to conform to the current period presentation. See page 1 for further information.

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			Lincoln Financial
			Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards
			Unaudited (millions of dollars)
						For the Three Months Ended																																																						For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			DAC, VOBA and DSI
			Balance as of beginning-of-period			$			12,316						$			12,341						$			12,397						$			12,405						$			12,435									1.0		%				$			12,235						$			12,397									1.3		%
			Business acquired (sold) through reinsurance						—									(11)									—									—									—									NM									—									—									NM
			Deferrals						289									333									274									299									309									6.9		%							899									881									-2.0		%
			Operating amortization						(264)									(266)									(266)									(269)									(269)									-1.9		%							(793)									(803)									-1.3		%
			Balance as of end-of-period			$			12,341						$			12,397						$			12,405						$			12,435						$			12,475									1.1		%				$			12,341						$			12,475									1.1		%
			DFEL
			Balance as of beginning-of-period			$			5,494						$			5,695						$			5,901						$			6,099						$			6,306									14.8		%				$			5,091						$			5,901									15.9		%
			Deferrals						275									281									272									284									289									5.1		%							817									845									3.4		%
			Operating amortization						(74)									(75)									(74)									(77)									(78)									-5.4		%							(213)									(229)									-7.5		%
			Balance as of end-of-period			$			5,695						$			5,901						$			6,099						$			6,306						$			6,517									14.4		%				$			5,695						$			6,517									14.4		%
			DAC, VOBA, DSI and DFEL
			Balance as of End-of-Period, After-Tax			$			5,250						$			5,132						$			4,981						$			4,842						$			4,707									-10.4		%				$			5,250						$			4,707									-10.3		%

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			Lincoln Financial
			Annuities – Account Balance Roll Forwards
			Unaudited (millions of dollars)
						For the Three Months Ended																																																						For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Traditional Variable Annuities
			Balance as of beginning-of-period			$			112,848						$			106,957						$			114,963						$			119,485						$			117,990									4.6		%				$			107,627						$			114,963									6.8		%
			Gross deposits						889									941									934									1,054									1,163									30.8		%							2,424									3,152									30.0		%
			Full surrenders and deaths						(1,559)									(1,714)									(2,142)									(2,303)									(2,382)									-52.8		%							(4,629)									(6,827)									-47.5		%
			Other contract benefits						(984)									(1,147)									(1,133)									(1,130)									(1,172)									-19.1		%							(2,955)									(3,436)									-16.3		%
			Net flows						(1,654)									(1,920)									(2,341)									(2,379)									(2,391)									-44.6		%							(5,160)									(7,111)									-37.8		%
			Policyholder assessments						(630)									(624)									(644)									(650)									(666)									-5.7		%							(1,878)									(1,961)									-4.4		%
			Change in market value and reinvestment						(3,607)									10,550									7,507									1,534									6,635									283.9		%							6,368									15,677									146.2		%
			Balance as of end-of-period, gross						106,957									114,963									119,485									117,990									121,568									13.7		%							106,957									121,568									13.7		%
			Account balances reinsured						(7)									(6)									(6)									(5)									(5)									28.6		%							(7)									(5)									28.6		%
			Balance as of end-of-period, net			$			106,950						$			114,957						$			119,479						$			117,985						$			121,563									13.7		%				$			106,950						$			121,563									13.7		%
			RILA
			Balance as of beginning-of-period			$			24,407						$			25,006						$			27,533						$			30,100						$			31,633									29.6		%				$			20,130						$			27,533									36.8		%
			Gross deposits						1,069									986									942									1,096									1,203									12.5		%							3,339									3,241									-2.9		%
			Full surrenders and deaths						(105)									(103)									(115)									(138)									(326)									NM									(248)									(579)									NM
			Other contract benefits						(20)									(45)									(42)									(14)									(18)									10.0		%							(78)									(74)									5.1		%
			Net flows						944									838									785									944									859									-9.0		%							3,013									2,588									-14.1		%
			Policyholder assessments						(2)									(3)									(3)									(3)									(3)									-50.0		%							(6)									(10)									-66.7		%
			Change in market value and reinvestment						190									213									247									288									325									71.1		%							478									860									79.9		%
			Change in fair value of embedded derivative instruments and other						(533)									1,479									1,538									304									431									180.9		%							1,391									2,274									63.5		%
			Balance as of end-of-period, gross			$			25,006						$			27,533						$			30,100						$			31,633						$			33,245									32.9		%				$			25,006						$			33,245									32.9		%

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			Lincoln Financial
			Annuities – Account Balance Roll Forwards
			Unaudited (millions of dollars)
						For the Three Months Ended																																																			For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24						Change									9/30/23									9/30/24						Change
			Fixed Annuities
			Balance as of beginning-of-period			$			23,813						$			23,681						$			25,355						$			25,162						$			25,837						8.5		%				$			23,365						$			25,355						8.5		%
			Gross deposits						779									2,432									973									1,673									1,017						30.6		%							2,698									3,663						35.8		%
			Full surrenders and deaths						(782)									(878)									(1,213)									(1,020)									(949)						-21.4		%							(2,374)									(3,183)						-34.1		%
			Other contract benefits						(161)									(187)									(197)									(172)									(173)						-7.5		%							(489)									(541)						-10.6		%
			Net flows						(164)									1,367									(437)									481									(105)						36.0		%							(165)									(61)						63.0		%
			Policyholder assessments						(13)									(15)									(17)									(14)									(14)						-7.7		%							(41)									(45)						-9.8		%
			Reinvested interest credited						158									172									183									199									211						33.5		%							470									593						26.2		%
			Change in fair value of embedded derivative instruments
			and other						(113)									150									78									9									430						NM									52									517						NM
			Balance as of end-of-period, gross						23,681									25,355									25,162									25,837									26,359						11.3		%							23,681									26,359						11.3		%
			Account balances reinsured						(8,987)									(15,019)									(14,948)									(15,586)									(16,010)						-78.1		%							(8,987)									(16,010)						-78.1		%
			Balance as of end-of-period, net			$			14,694						$			10,336						$			10,214						$			10,251						$			10,349						-29.6		%				$			14,694						$			10,349						-29.6		%
			Total
			Balance as of beginning-of-period			$			161,068						$			155,644						$			167,851						$			174,747						$			175,460						8.9		%				$			151,122						$			167,851						11.1		%
			Gross deposits						2,737									4,359									2,849									3,823									3,383						23.6		%							8,461									10,056						18.9		%
			Full surrenders and deaths						(2,446)									(2,695)									(3,470)									(3,461)									(3,657)						-49.5		%							(7,251)									(10,589)						-46.0		%
			Other contract benefits						(1,165)									(1,379)									(1,372)									(1,316)									(1,363)						-17.0		%							(3,522)									(4,051)						-15.0		%
			Net flows						(874)									285									(1,993)									(954)									(1,637)						-87.3		%							(2,312)									(4,584)						-98.3		%
			Policyholder assessments						(645)									(642)									(664)									(667)									(683)						-5.9		%							(1,925)									(2,016)						-4.7		%
			Change in market value, reinvestment and interest credited						(3,259)									10,935									7,937									2,021									7,171						NM									7,316									17,130						134.1		%
			Change in fair value of embedded derivative instruments
			and other						(646)									1,629									1,616									313									861						233.3		%							1,443									2,791						93.4		%
			Balance as of end-of-period, gross						155,644									167,851									174,747									175,460									181,172						16.4		%							155,644									181,172						16.4		%
			Account balances reinsured						(8,994)									(15,025)									(14,954)									(15,591)									(16,015)						-78.1		%							(8,994)									(16,015)						-78.1		%
			Balance as of end-of-period, net			$			146,650						$			152,826						$			159,793						$			159,869						$			165,157						12.6		%				$			146,650						$			165,157						12.6		%

21

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Table of Contents

			Lincoln Financial
			Life Insurance – Account Balance Roll Forwards
			Unaudited (millions of dollars)
						For the Three Months Ended																																																									For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			General Account
			Balance as of beginning-of-period			$			37,458						$			37,217						$			37,180						$			37,006						$			36,848									-1.6		%				$			37,694						$			37,180									-1.4		%
			Gross deposits						915									1,006									850									893									899									-1.7		%							2,749									2,641									-3.9		%
			Withdrawals and deaths						(378)									(359)									(364)									(389)									(369)									2.4		%							(1,095)									(1,122)									-2.5		%
			Net flows						537									647									486									504									530									-1.3		%							1,654									1,519									-8.2		%
			Transfers between general and separate accounts						14									7									38									74									30									114.3		%							90									143									58.9		%
			Policyholder assessments						(1,124)									(1,140)									(1,124)									(1,130)									(1,129)									-0.4		%							(3,373)									(3,383)									-0.3		%
			Reinvested interest credited						370									366									365									368									375									1.4		%							1,114									1,109									-0.4		%
			Change in fair value of embedded derivative instruments
			and other						(38)									83									61									26									38									200.0		%							38									124									226.3		%
			Balance as of end-of-period, gross						37,217									37,180									37,006									36,848									36,692									-1.4		%							37,217									36,692									-1.4		%
			Account balances reinsured						(5,503)									(15,777)									(15,607)									(15,467)									(15,301)									NM									(5,503)									(15,301)									NM
			Balance as of end-of-period, net			$			31,714						$			21,403						$			21,399						$			21,381						$			21,391									-32.6		%				$			31,714						$			21,391									-32.6		%
			Separate Account
			Balance as of beginning-of-period			$			23,409						$			22,642						$			25,150						$			27,007						$			27,381									17.0		%							20,920									$	25,150								20.2		%
			Gross deposits						357									452									358									337									363									1.7		%							1,178									1,058									-10.2		%
			Withdrawals and deaths						(73)									(86)									(103)									(90)									(155)									NM									(227)									(347)									-52.9		%
			Net flows						284									366									255									247									208									-26.8		%							951									711									-25.2		%
			Transfers between general and separate accounts						(12)									(7)									(37)									(76)									(30)									NM									(88)									(143)									-62.5		%
			Policyholder assessments						(238)									(250)									(246)									(247)									(248)									-4.2		%							(714)									(742)									-3.9		%
			Change in market value and reinvestment						(801)									2,399									1,885									450									1,610									NM									1,573									3,945									150.8		%
			Balance as of end-of-period, gross						22,642									25,150									27,007									27,381									28,921									27.7		%							22,642									28,921									27.7		%
			Account balances reinsured						(4,632)									(5,062)									(5,338)									(5,371)									(5,593)									-20.7		%							(4,632)									(5,593)									-20.7		%
			Balance as of end-of-period, net			$			18,010						$			20,088						$			21,669						$			22,010						$			23,328									29.5		%				$			18,010						$			23,328									29.5		%
			Total
			Balance as of beginning-of-period			$			60,867						$			59,859						$			62,330						$			64,013						$			64,229									5.5		%				$			58,614						$			62,330									6.3		%
			Gross deposits						1,272									1,458									1,208									1,230									1,262									-0.8		%							3,927									3,699									-5.8		%
			Withdrawals and deaths						(451)									(445)									(467)									(479)									(524)									-16.2		%							(1,322)									(1,469)									-11.1		%
			Net flows						821									1,013									741									751									738									-10.1		%							2,605									2,230									-14.4		%
			Transfers between general and separate accounts						2									—									1									(2)									—																		2									—									-100.0		%
			Policyholder assessments						(1,362)									(1,390)									(1,370)									(1,377)									(1,377)									-1.1		%							(4,087)									(4,125)									-0.9		%
			Change in market value and reinvestment						(431)									2,765									2,250									818									1,985									NM									2,687									5,054									88.1		%
			Change in fair value of embedded derivative instruments
			and other						(38)									83									61									26									38									200.0		%							38									124									226.3		%
			Balance as of end-of-period, gross						59,859									62,330									64,013									64,229									65,613									9.6		%							59,859									65,613									9.6		%
			Account balances reinsured						(10,135)									(20,839)									(20,945)									(20,838)									(20,894)									NM									(10,135)									(20,894)									NM
			Balance as of end-of-period, net			$			49,724						$			41,491						$			43,068						$			43,391						$			44,719									-10.1		%				$			49,724						$			44,719									-10.1		%

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Table of Contents

			Lincoln Financial
			Retirement Plan Services – Account Balance Roll Forwards
			Unaudited (millions of dollars)
						For the Three Months Ended																																																						For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			General Account
			Balance as of beginning-of-period			$			24,430						$			24,099						$			23,784						$			23,586						$			23,598									-3.4		%				$			25,138						$			23,784									-5.4		%
			Gross deposits						709									750									790									846									944									33.1		%							2,026									2,580									27.3		%
			Withdrawals						(1,168)									(1,233)									(1,203)									(1,072)									(1,095)									6.3		%							(3,262)									(3,370)									-3.3		%
			Net flows						(459)									(483)									(413)									(226)									(151)									67.1		%							(1,236)									(790)									36.1		%
			Transfers between fixed and variable accounts						(38)									2									50									69									110									NM									(297)									230									177.4		%
			Policyholder assessments						(3)									(3)									(3)									(3)									(4)									-33.3		%							(10)									(10)									0.0%
			Reinvested interest credited						169									169									168									172									174									3.0		%							504									513									1.8		%
			Balance as of end-of-period			$			24,099						$			23,784						$			23,586						$			23,598						$			23,727									-1.5		%				$			24,099						$			23,727									-1.5		%
			Separate Account and Mutual Funds
			Balance as of beginning-of-period			$			72,156						$			69,834						$			77,201						$			83,226						$			84,274									16.8		%				$			63,592						$			77,201									21.4		%
			Gross deposits						1,991									2,222									3,012									2,436									3,236									62.5		%							6,780									8,685									28.1		%
			Withdrawals						(1,804)									(2,071)									(2,208)									(2,407)									(2,434)									-34.9		%							(5,080)									(7,050)									-38.8		%
			Net flows						187									151									804									29									802									NM									1,700									1,635									-3.8		%
			Transfers between fixed and variable accounts						42									(10)									(34)									(69)									(106)									NM									306									(210)									NM
			Policyholder assessments						(62)									(62)									(64)									(66)									(70)									-12.9		%							(178)									(201)									-12.9		%
			Change in market value and reinvestment						(2,489)									7,288									5,319									1,154									5,169									NM									4,414									11,644									163.8		%
			Balance as of end-of-period			$			69,834						$			77,201						$			83,226						$			84,274						$			90,069									29.0		%				$			69,834						$			90,069									29.0		%
			Total
			Balance as of beginning-of-period			$			96,586						$			93,933						$			100,985						$			106,812						$			107,872									11.7		%				$			88,730						$			100,985									13.8		%
			Gross deposits						2,700									2,972									3,802									3,282									4,180									54.8		%							8,806									11,265									27.9		%
			Withdrawals						(2,972)									(3,304)									(3,411)									(3,479)									(3,529)									-18.7		%							(8,342)									(10,420)									-24.9		%
			Net flows						(272)									(332)									391									(197)									651									NM									464									845									82.1		%
			Transfers between fixed and variable accounts						4									(8)									16									—									4									0.0%									9									20									122.2		%
			Policyholder assessments						(65)									(65)									(67)									(69)									(74)									-13.8		%							(188)									(211)									-12.2		%
			Change in market value and reinvestment						(2,320)									7,457									5,487									1,326									5,343									NM									4,918									12,157									147.2		%
			Balance as of end-of-period			$			93,933						$			100,985						$			106,812						$			107,872						$			113,796									21.1		%				$			93,933						$			113,796									21.1		%

23

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Table of Contents

			Lincoln Financial
			Fixed-Income Asset Class
			Unaudited (millions of dollars)
						As of 9/30/2023																		As of 12/31/2023																		As of 9/30/2024
						Amount									%									Amount									%									Amount									%
			Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
			Investments and Allowance for Credit Losses, at Amortized Cost (1)
			Industry corporate bonds:
			Financial services			$			16,923									15.1		%				$			13,510									15.2		%				$			12,472									14.3		%
			Basic industry						4,163									3.7		%							2,986									3.3		%							2,906									3.3		%
			Capital goods						7,070									6.3		%							5,568									6.2		%							5,523									6.3		%
			Communications						4,331									3.9		%							3,110									3.5		%							2,792									3.2		%
			Consumer cyclical						5,926									5.3		%							5,268									5.8		%							5,403									6.2		%
			Consumer non-cyclical						17,372									15.6		%							13,458									15.1		%							12,801									14.8		%
			Energy						4,503									4.0		%							2,776									3.1		%							2,571									3.0		%
			Technology						5,679									5.1		%							4,376									4.9		%							4,041									4.6		%
			Transportation						3,690									3.3		%							3,233									3.6		%							3,191									3.7		%
			Industrial other						2,298									2.1		%							2,107									2.4		%							2,174									2.5		%
			Utilities						14,317									12.9		%							11,613									13.0		%							11,269									12.9		%
			Government-related entities						1,798									1.6		%							1,278									1.4		%							1,216									1.4		%
			Residential mortgage-backed securities ("RMBS")
			Agency backed						1,803									1.6		%							1,505									1.7		%							1,558									1.8		%
			Non-agency backed						381									0.3		%							332									0.4		%							320									0.4		%
			Commercial mortgage-backed securities ("CMBS")						1,963									1.8		%							1,546									1.7		%							1,673									1.9		%
			Asset-backed securities ("ABS")
			Collateralized loan obligations ("CLOs")						9,202									8.2		%							8,325									9.3		%							8,124									9.3		%
			Other ABS						3,957									3.5		%							4,220									4.7		%							5,375									6.2		%
			Municipals						5,247									4.7		%							2,973									3.3		%							2,689									3.1		%
			United States and foreign government						744									0.7		%							730									1.1		%							699									0.8		%
			Hybrid & redeemable preferred securities						361									0.3		%							237									0.3		%							243									0.3		%
			Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
			investments and allowance for credit losses, at amortized cost						111,728									100.0		%							89,151									100.0		%							87,040									100.0		%
			Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments						670																		626																		515
			Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments						295																		275																		263
			Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
			withheld investments and allowance for credit losses, at amortized cost						112,693																		90,052																		87,818
			Modified coinsurance and funds withheld investments						2,806																		10,215																		12,426
			Total fixed maturity AFS, trading and equity securities			$			115,499															$			100,267															$			100,244
			(1) Net investment income and net gains (losses) related to assets held by us to support certain modified coinsurance and funds withheld agreements are included in periodic payments
			to or from the reinsurers, resulting in the economic benefits of these assets flowing to the reinsurers. Accordingly, these assets have been excluded from summaries provided on
			page 24 and page 25 as we have a limited economic interest in the assets.

24

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Table of Contents

			Lincoln Financial
			Fixed-Income Credit Quality
			Unaudited (millions of dollars)
						As of 9/30/2023																		As of 12/31/2023																		As of 9/30/2024
						Amount									%									Amount									%									Amount									%
			Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
			and Allowance for Credit Losses, at Amortized Cost (1)
			NAIC 1 (AAA-A)			$			65,612									58.7		%				$			51,738									58.0		%				$			51,370									58.9		%
			NAIC 2 (BBB)						42,676									38.2		%							34,475									38.7		%							32,774									37.7		%
			Total investment grade						108,288									96.9		%							86,213									96.7		%							84,144									96.6		%
			NAIC 3 (BB)						1,598									1.4		%							1,090									1.2		%							1,008									1.2		%
			NAIC 4 (B)						1,729									1.6		%							1,760									2.0		%							1,828									2.1		%
			NAIC 5 (CCC and lower)						97									0.1		%							86									0.1		%							55									0.1		%
			NAIC 6 (in or near default)						16									0.0		%							2									0.0		%							5									0.0		%
			Total below investment grade						3,440									3.1		%							2,938									3.3		%							2,896									3.4		%
			Total			$			111,728									100.0		%				$			89,151									100.0		%				$			87,040									100.0		%
			Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
			at Amortized Cost (1)(2)
			CM1 (AAA-A)			$			13,451									79.6		%				$			13,687									80.4		%				$			13,665									77.8		%
			CM2 (BBB)						3,387									20.0		%							3,248									19.1		%							3,819									21.7		%
			CM3-7 (BB and lower) (3)						69									0.4		%							84									0.5		%							93									0.5		%
			Total			$			16,907									100.0		%				$			17,019									100.0		%				$			17,577									100.0		%
			Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified
			Coinsurance and Funds Withheld Investments, at Amortized Cost (1)(2)
			AAA-A			$			79,063									61.5		%				$			65,425									61.6		%				$			65,035									62.1		%
			BBB						46,063									35.8		%							37,723									35.5		%							36,593									35.0		%
			BB and lower						3,509									2.7		%							3,022									2.9		%							2,989									2.9		%
			Total			$			128,635									100.0		%				$			106,170									100.0		%				$			104,617									100.0		%
			(1) Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or based upon ratings from credit rating
			agencies to derive the NAIC designation.
			(2) CM ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2
			and NAIC 3-6 = CM3-7.
			(3) Includes Mortgage Fund LPs classified as CM3 that are included in "Other Investments" on the Consolidated Balance Sheets

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			Lincoln Financial
			Select GAAP to Non-GAAP Reconciliations
			Unaudited (millions of dollars)
						For the Three Months Ended (1)																																																						For the Nine Months Ended (1)
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Net Income
			Net income (loss) available to common stockholders – diluted			$			819						$			(1,246)						$			1,191						$			884						$			(562)									NM						$			410						$			1,511									269		%
			Less:
			Preferred stock dividends declared						(34)									(11)									(34)									(11)									(34)									0.0%									(71)									(80)									(13)		%
			Adjustment for deferred units of LNC stock
			in our deferred compensation plans						—									—									3									—									—									NM									(2)									3									250		%
			Net income (loss)						853									(1,235)									1,222									895									(528)									NM									483									1,588									229		%
			Less:
			Net annuity product features, pre-tax						1,322									(1,008)									1,450									252									(381)									NM									1,076									1,319									23		%
			Net life insurance product features, pre-tax						108									(225)									(130)									4									(125)									NM									(168)									(253)									(51)		%
			Credit loss-related adjustments, pre-tax						(27)									(27)									(1)									(34)									(88)									NM									(53)									(124)									NM
			Investment gains (losses), pre-tax (2)						(400)									167									(81)									(230)									(105)									74		%							(1,126)									(416)									63		%
			Changes in the fair value of reinsurance-related
			embedded derivatives, trading securities and certain
			mortgage loans, pre-tax (3)						(29)									(776)									194									201									(446)									NM									(27)									(51)									(89)		%
			Gains (losses) on other non-financial assets – sale of
			subsidiaries/businesses, pre-tax (4)						—									—									—									584									(2)									NM									—									582									NM
			Other items, pre-tax (5)(6)(7)(8)						(12)									(32)									(186)									(33)									(19)									(58)		%							(23)									(238)									NM
			Income tax benefit (expense) related
			to the above pre-tax items						(193)									403									(268)									(184)									246									227		%							76									(202)									NM
			Total adjustments						769									(1,498)									978									560									(920)									NM									(245)									617									NM
			Adjusted income (loss) from operations						84									263									244									335									392									NM									728									971									33		%
			Add:
			Preferred stock dividends declared						(34)									(11)									(34)									(11)									(34)									0.0%									(71)									(80)									(13)		%
			Adjusted income (loss) from operations available
			to common stockholders			$			50						$			252						$			210						$			324						$			358									NM						$			657						$			891									36		%
			(1) Prior period impacts have been recast to conform to the current period presentation. See page 1 for further information.
			(2) Includes intent to sell impairments during the second and third quarters of 2023 of certain fixed maturity AFS securities in an unrealized loss position, resulting from the
			Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction.
			(3) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
			(4) Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.
			(continued on following page)

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			Lincoln Financial
			Select GAAP to Non-GAAP Reconciliations
			Unaudited (millions of dollars, except per share data)
			(continued from the previous page)
			(5) Includes certain legal accruals of $(12) million in the third quarter of 2023 and $(114) million primarily related to the settlement of cost of insurance litigation in
			the first quarter of 2024.
			(6) Includes severance expense related to initiatives that realign the workforce of $(3) million, $(3) million, $(49) million, $(7) million and $(16) million in the first quarter of 2023, second
			quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.
			(7) Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(9) million, $(1) million, $(26) million, $(10) million, $(27) million and $(2) million
			for the second quarter of 2023, third, quarter of 2023, fourth quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.
			(8) Includes deferred compensation mark-to-market adjustment of $12 million, $(8) million, $1 million, $(6) million, $(13) million, $1 million and $(1) million in the first quarter of 2023,
			second quarter of 2023, third quarter of 2023, fourth quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.
						For the Three Months Ended																																																									For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Revenues
			Total revenues			$			4,203						$			700						$			4,116						$			5,153						$			4,111									-2.2		%				$			10,946						$			13,380									22.2		%
			Less:
			Revenue adjustments from annuity
			and life insurance product features						(14)									(631)									(580)									105									149									NM									(1,908)									(325)									83.0		%
			Credit loss-related adjustments						(27)									(27)									(1)									(34)									(88)									NM									(53)									(124)									NM
			Investment gains (losses) (1)						(400)									167									(81)									(230)									(105)									73.8		%							(1,126)									(416)									63.1		%
			Changes in the fair value of reinsurance-related
			embedded derivatives, trading securities and certain
			mortgage loans (2)						(29)									(776)									194									201									(446)									NM									(27)									(51)									-88.9		%
			Gains (losses) on other non-financial assets – sale of
			subsidiaries/businesses (3)						—									—									—									584									(2)									NM									—									582									NM
			Adjusted operating revenues			$			4,673						$			1,967						$			4,584						$			4,527						$			4,603									-1.5		%				$			14,060						$			13,714									-2.5		%
			(1) Includes intent to sell impairments during the second and third quarters of 2023 of certain fixed maturity AFS securities in an unrealized loss position, resulting from the
			Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction.
			(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
			(3) Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.

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			Lincoln Financial
			Select GAAP to Non-GAAP Reconciliations
			Unaudited (millions of dollars, except per share data)
						For the Three Months Ended (1)																																																									For the Nine Months Ended (1)
			Earnings (Loss) Per Common Share – Diluted						9/30/23									12/31/23									3/31/24									6/30/24									9/30/24									Change									9/30/23									9/30/24									Change
			Net income (loss)			$			4.79						$			(7.35)						$			6.93						$			5.11						$			(3.29)									NM						$			2.40						$			8.75									264.6		%
			Less:
			Net annuity product features, pre-tax						7.74									(5.96)									8.43									1.46									(2.23)									NM									6.29									7.65									21.6		%
			Net life insurance product features, pre-tax						0.63									(1.33)									(0.75)									0.02									(0.73)									NM									(0.99)									(1.46)									-47.5		%
			Credit loss-related adjustments, pre-tax						(0.16)									(0.15)									—									(0.20)									(0.53)									NM									(0.31)									(0.72)									NM
			Investment gains (losses), pre-tax						(2.34)									0.98									(0.47)									(1.33)									(0.61)									73.9		%							(6.60)									(2.41)									63.5		%
			Changes in the fair value of reinsurance-related
			embedded derivatives, trading securities and certain
			mortgage loans, pre-tax						(0.18)									(4.57)									1.13									1.16									(2.61)									NM									(0.15)									(0.30)									-100.0		%
			Gains (losses) on other non-financial assets – sale of
			subsidiaries/businesses, pre-tax						—									—									—									3.38									(0.01)									NM									—									3.37									NM
			Other items, pre-tax (2)(3)(4)(5)						(0.07)									(0.18)									(1.08)									(0.19)									(0.11)									-57.1		%							(0.14)									(1.38)									NM
			Income tax benefit (expense) related
			to the above pre-tax items						(1.12)									2.37									(1.55)									(1.06)									1.44									228.6		%							0.45									(1.16)									NM
			Adjustment attributable to using different average
			diluted shares for adjusted income (loss) from
			operations as compared to net income (loss) (6)						—									0.02									—									—									0.04									NM									—									—									NM
			Adjusted income (loss) from operations			$			0.29						$			1.47						$			1.22						$			1.87						$			2.06									NM						$			3.85						$			5.16									34.0		%
			(1) Prior period impacts have been recast to conform to the current period presentation. See page 1 for further information.
			(2) Includes certain legal accruals of $(0.08) in the third quarter of 2023 and $(0.65) primarily related to the settlement of cost of insurance litigation in the
			first quarter of 2024.
			(3) Includes severance expense related to initiatives that realign the workforce of $(0.02), $(0.02), $(0.29), $(0.04) and $(0.09) in the first quarter of 2023, second
			quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.
			(4) Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(0.05), $(0.14), $(0.06), $(0.15) and $(0.01) for the second quarter of 2023,
			fourth quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.
			(5) Includes deferred compensation mark-to-market adjustment of $0.07, $(0.05), $0.01, $(0.04), $(0.08) and $(0.01) in the first quarter of 2023,
			second quarter of 2023, third quarter of 2023, fourth quarter of 2023, first quarter of 2024 and third quarter of 2024, respectively.
			(6) In periods where net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use
			of diluted shares would result in a lower loss per share. Due to reporting adjusted income (loss) from operations per common share on a different share basis than net income (loss)
			per common share, we have included an adjustment to reconcile the two metrics.

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			Lincoln Financial
			Select GAAP to Non-GAAP Reconciliations
			Unaudited (millions of dollars, except per share data)
						For the Three Months Ended																																																						For the Nine Months Ended
									9/30/23									12/31/23									3/31/24									6/30/24									9/30/24						Change									9/30/23									9/30/24									Change
			Stockholders’ Equity, End-of-Period
			Stockholders' equity			$			3,199						$			6,893						$			7,546						$			7,949						$			9,013						181.7		%				$			3,199						$			9,013									181.7		%
			Less:
			Preferred stock						986									986									986									986									986						0.0%									986									986									0.0%
			AOCI						(8,480)									(3,476)									(3,951)									(4,369)									(2,682)						68.4		%							(8,480)									(2,682)									68.4		%
			Stockholders’ equity, excluding AOCI and preferred stock						10,693									9,383									10,511									11,332									10,709						0.1		%							10,693									10,709									0.1		%
			MRB-related impacts						1,545									1,083									2,575									2,673									2,147						39.0		%							1,545									2,147									39.0		%
			GLB and GDB hedge instruments gains (losses)						(1,630)									(2,085)									(2,675)									(2,770)									(2,763)						-69.5		%							(1,630)									(2,763)									-69.5		%
			Reinsurance-related embedded derivatives and portfolio gains (losses) (1)						NM									(638)									(476)									(269)									(642)															NM									(642)
			Adjusted stockholders' equity (1)			$			10,778						$			11,023						$			11,087						$			11,698						$			11,967						11.0		%				$			10,778						$			11,967									11.0		%
			Stockholders’ Equity, Average
			Stockholders' equity			$			4,509						$			5,046						$			7,219						$			7,747						$			8,481						88.1		%				$			5,567						$			7,816									40.4		%
			Less:
			Preferred stock						986									986									986									986									986						0.0%									986									986									0.0%
			AOCI						(6,792)									(5,979)									(3,714)									(4,160)									(3,526)						48.1		%							(5,425)									(3,800)									30.0		%
			Stockholders’ equity, excluding AOCI and preferred stock						10,315									10,039									9,947									10,921									11,021						6.8		%							10,006									10,630									6.2		%
			MRB-related impacts						986									1,314									1,829									2,624									2,410						144.4		%							(95)									2,288									NM
			GLB and GDB hedge instruments gains (losses)						(1,519)									(1,857)									(2,380)									(2,723)									(2,767)						-82.2		%							(921)									(2,623)									NM
			Reinsurance-related embedded derivatives and portfolio gains (losses) (1)						NM									(318)									(557)									(372)									(455)															NM									(462)
			Adjusted average stockholders' equity (1)			$			10,848						$			10,900						$			11,055						$			11,392						$			11,833						9.1		%				$			11,022						$			11,427									3.7		%
			Book Value Per Common Share
			Book value per share			$			13.04						$			34.81						$			38.46						$			40.78						$			46.97						260.2		%				$			13.04						$			46.97									260.2		%
			Less:
			AOCI						(49.99)									(20.49)									(23.17)									(25.59)									(15.70)						68.6		%							(49.99)									(15.70)									68.6		%
			Book value per share, excluding AOCI						63.03									55.30									61.63									66.37									62.67						-0.6		%							63.03									62.67									-0.6		%
			Less:
			MRB-related gains (losses)						9.11									6.38									15.10									15.66									12.56						37.9		%							9.11									12.56									37.9		%
			GLB and GDB hedge instruments gains (losses)						(9.61)									(12.29)									(15.69)									(16.22)									(16.17)						-68.3		%							(9.61)									(16.17)									-68.3		%
			Reinsurance-related embedded derivatives and portfolio gains (losses) (1)						NM									(3.76)									(2.79)									(1.58)									(3.76)															NM									(3.76)
			Adjusted book value per share (1)			$			63.53						$			64.97						$			65.01						$			68.51						$			70.04						10.2		%				$			63.53						$			70.04									10.2		%
			(1) This measure has been updated, effective beginning with the fourth quarter of 2023, to exclude reinsurance-related embedded derivatives and the underlying portfolio
			gains (losses), given the size of the impact of the fourth quarter 2023 reinsurance transaction. Such amounts in the prior periods presented, and the impact of this change to
			such prior periods, were not meaningful (“NM”).

29

Earnings Supplement Third Quarter 2024 Insurance products issued by: The Lincoln National Life Insurance Company Lincoln Life & Annuity Company of New York October 31, 2024

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

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3 3Q24 Key Messages Highest earnings quarter in over two years; achieving targeted outcomes through strong execution • Sustained momentum in every business supported by strong underlying fundamentals and continued progress toward strategic objectives. • Group Protection earnings more than doubled YOY and Annuities earnings grew 15%2. • Annual assumption review resulted in a modest benefit to operating earnings for the quarter. Accelerating sales trajectory as product and segment strategies gain traction • Annuities sales increased nearly 25% YOY, with spread-based products representing two-thirds of total Annuities sales. • RPS YTD first-year sales increased nearly 80% YOY, driven by strong execution against segment strategy. • Life Insurance generated sequential sales growth for the second quarter in a row. Capital position continued to strengthen, supported by improving free cash flow generation • RBC ratio remained above 420% as capital position continues to strengthen. • Leverage ratio continued to decline, driven by organic equity growth. • Expense discipline and operational efficiencies are driving operating leverage. After- tax Per share Adjusted Operating Income, ex. significant and normalizing items $343M $1.97 Significant items Assumption review benefit $8M $0.05 Normalizing items Alternative investment income compared to our 10% long-term return target $7M $0.04 Total items impact $15M $0.09 Adjusted Operating Income1 $358M $2.06 1 Represents Adjusted Operating Income Available to Common Stockholders. See Non-GAAP Financial Measures Appendix for definition and reconciliation. 2 Not including the impact of the annual assumption review.

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4 3Q24 Metrics Key Highlights Adjusted Income from Operations Excluding Significant Items1 ($M) Average Account Balances ($B) • Quarterly adjusted operating income increased to its highest level in over two years, driven by strong underlying performance in all businesses. • Average account balances grew 6% YOY, further supporting profitable growth. • Capital continues to improve, increasing our RBC ratio and deceasing leverage ratio. Key Priorities Risk-Based Capital2 Leverage Ratio3 • Maintain foundational capital required to ensure enterprise stability across market cycles and support investment for growth. • Advance a scalable framework, managing the enterprise’s resources to maximize cost efficiency, general account optimization, and capital allocation. • Shift towards businesses and products with more stable cash flows, focusing on maximizing risk- adjusted returns while decreasing sensitivity to equity markets. 1 Represents Adjusted Operating Income Available to Common Stockholders, excluding Significant Items. Prior period amounts have been recast to conform to our revised definition of Adjusted Income from Operations. See Non-GAAP Financial Measures Appendix for revised definition and reconciliations. 2 The RBC ratio is calculated as of December 31 annually, but is reported in the March statutory reporting, and as such, the quarterly ratios presented for 9/30/2023, 3/31/2024, 6/30/2024, and 9/30/2024 are considered estimates based on information known at the time of reporting. 3 See Non-GAAP Financial Measures Appendix for definition and reconciliations. $181 $(14) $35 $(8) $50 $252 $210 $324 $358 $231 $238 $245 $324 $350 3Q23 4Q23 1Q24 2Q24 3Q24 Adjusted Income from Operations Significant Items 375-385% 407% 400-410% >420% >420% 3Q23 4Q23 1Q24 2Q24 3Q24 $298 $289 $301 $308 $316 3Q23 4Q23 1Q24 2Q24 3Q24 30.7% 30.2% 30.1% 28.9% 28.4% 3Q23 4Q23 1Q24 2Q24 3Q24

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5 Annuities Key Highlights Operating Income1 ($M) Sales ($B) • Operating income of $300 million increased 15% YOY, reflecting account balance growth, increased spread income, and expense discipline1. • Sales grew nearly 25% YOY with increases in all major product categories, reflecting our product diversification. • RILA sales increased 13% YOY and 10% sequentially, following the successful launch of our second-generation RILA product in Q2 2024. Key Priorities Ending Account Balances ($B) Return on Average Account Balances1 • Grow our addressable market by extending reach to spread-based products. • Increase market competitiveness through development of new product features. • Optimize general account to support spread expansion. 1 Excludes the following impacts: 3Q23: $(12)M assumption review; 4Q23: $14M model refinement; 1Q24: $(19)M balance sheet true-up in preparation for the close of the sale of the wealth management business and $(12)M tax-related items; 3Q24 $1M assumption review. 10% 7% 6% 6% 6% 17% 18% 19% 20% 20% 29% 30% 30% 30% 30% 44% 45% 45% 44% 44% 3Q23 4Q23 1Q24 2Q24 3Q24 Fixed RILA VA w/o GLBs VA w/ GLBs 0.69% 0.72% 0.75% 0.75% 0.74% 3Q23 4Q23 1Q24 2Q24 3Q24 $260 $265 $290 $297 $300 3Q23 4Q23 1Q24 2Q24 3Q24 $147 $153 $160 $160 28% 56% 34% 44% 30% 39% 23% 33% 29% 36% 13% 8% 14% 11% 14%20% 13% 19% 16% 20% 3Q23 4Q23 1Q24 2Q24 3Q24 Fixed RILA VA w/o GLB VA w/ GLB $2.7 $4.4 $2.8 $3.8 $3.4 $165

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6 Group Protection Key Highlights Operating Income1 ($M) Sales ($M) • Operating income of $110 million more than doubled YOY, resulting in a 500 bp margin increase to 8.5%1. These results were driven by favorable LTD experience and improving mortality in Life. • Premium growth remained at approximately 3% YOY, reflecting continued pricing discipline on new sales and persistency in line with expectations. • Sales increased 18% compared to the prior-year quarter with Supplemental Health sales doubling YOY. Key Priorities Premiums & Margin1 ($M) Loss Ratios1,2 • Diversify across market segments with an emphasis on growing local markets. • Expand and deepen product portfolio with a focus on growth in supplemental health. • Continued pricing discipline focused on profitable growth while investing in capabilities to improve the customer experience. 45% 51% 35% 46% 43%31% 40% 33% 34% 31%24% 9% 32% 20% 26% 3Q23 4Q23 1Q24 2Q24 3Q24 Disability Life Supp Health / Dental 81% 67% 76% 76% 72% 76% 83% 74% 70% 71% 3Q23 4Q23 1Q24 2Q24 3Q24 Life Disability $44 $52 $80 $130 $110 3Q23 4Q23 1Q24 2Q24 3Q24 Experience Refund $1,251 $1,250 $1,285 $1,298 $1,288 3.5% 4.1% 6.2% 10.0% 8.2% 8.5% 3Q23 4Q23 1Q24 2Q24 3Q24 Margin Margin, ex. Experience Refund $71 $398 $144 $161 1 Excludes the following impacts: 3Q23 $24M assumption review and 3Q24 $(1)M assumption review. 2 Excludes the impact of the $23M experience refund timing in 2Q24. $84

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7 Retirement Plan Services Key Highlights Operating Income ($M) Sales ($B) • Operating income of $44 million increased 10% sequentially, reflecting higher account balances. • First-year sales more than tripled YOY, driven in part by increased sales growth in RPS’s full-service segments. • Ending account balances increased 21% YOY reflecting favorable market conditions and positive net flows. Key Priorities Ending Account Balances ($B) Net G&A Expenses ($M) • Growth in core recordkeeping and institutional market segments through our differentiated service model. • Expand access to retirement solutions by leveraging distribution relationships and product innovation. • Increase operational and expense efficiencies to drive down our cost per participant and improve profitability. 26% 24% 22% 22% 21% 74% 76% 78% 78% 79% $94 $101 $107 $108 $114 3Q23 4Q23 1Q24 2Q24 3Q24 General Account Separate Account and Mutual Funds $43 $38 $36 $40 $44 3Q23 4Q23 1Q24 2Q24 3Q24 $81 $84 $81 $80 $81 3Q23 4Q23 1Q24 2Q24 3Q24 61% 56% 34% 49% 27% 21% 23% 48% 23% 62% 18% 21% 18% 28% 11% 3Q23 4Q23 1Q24 2Q24 3Q24 Sm. Market Mid-Large Market Stable Value/Other $1.7 $0.5 $0.9 $1.1 $0.8

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8 Life Insurance Key Highlights Operating Income1 ($M) Sales ($M) • Operating income of $14 million decreased YOY, reflecting a lower run-rate post the Fortitude Re transaction1. • Sales grew 16% sequentially as our ongoing strategic realignment gains traction. • Continued expense discipline resulting in a 9% reduction in net G&A YOY. Key Priorities Net Death Benefits ($M) Net G&A Expenses ($M) • Optimize product portfolio to support pivot toward products with more stable cash flows and higher risk-adjusted returns. • Continue efforts to reduce expense base to drive cost efficiency and earnings growth. • Maintain focus on optimizing the legacy in force and increase earnings. $138 $143 $130 $125 $126 3Q23 4Q23 1Q24 2Q24 3Q24 $43 $11 $(29) $4 $8 $(20) $(17) $(5) $(39) $6 3Q23 4Q23 1Q24 2Q24 3Q24 Above/Below-Target Alt. Inv. Impact Underlying Earnings $653 $668 $664 $644 $638 $500 $493 $758 $608 $663 3Q23 4Q23 1Q24 2Q24 3Q24 Net death benefits Death claims ceded 71% 83% 92% 91% 85% 29% 17% 8% 9% 15% $144 $144 $91 $105 $122 3Q23 4Q23 1Q24 2Q24 3Q24 Core Life Executive Benefits 1 Excludes the following impacts: 3Q23: $(156)M assumption review, $(25)M unclaimed property, and $(15)M surrender benefit program, 1Q24: $(1) related to Dividend Received Deduction true-up, and 3Q24: $8M assumption review. $23 $(6) $(34) $(35) $14

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9 Key Highlights Operating Loss1,2 and Preferred Dividend ($M) Interest Expense ($M) • Operating loss was $(84) million, a 20% improvement year over year. 1 • Non-Spark G&A expenses increased by $3 million YOY driven by project spend. • Spark G&A expenses declined by 25% YOY, reflecting the planned reduction of program expense. Key Priorities Non-Spark G&A Expenses2,3 ($M) Spark Initiative Expenses ($M) • Reduce leverage ratio through continued growth in capital and opportunistic deleveraging. • Continued focus on operational efficiency, including the conclusion of Spark Initiative- related projects in 2025. Other Operations $(105) $(100) $(93) $(97) $(84) $(34) $(11) $(34) $(11) $(34) 3Q23 4Q23 1Q24 2Q24 3Q24 Operating Loss Preferred Dividend $84 $81 $81 $86 $86 3Q23 4Q23 1Q24 2Q24 3Q24 $36 $52 $27 $30 $27 3Q23 4Q23 1Q24 2Q24 3Q24 1 Excludes the following impacts: 3Q23: $3M in unclaimed property; 1Q24: Excess tax true-up impact of $(3)M. 2 Prior period amounts have been recast to conform to our revised definition of income (loss) from operations. 3 2Q24 and 3Q24 excludes the impact of expenses related to Other Operations associated with the sale of the wealth management business. These expenses are directly offset in Other Revenues. $32 $27 $30 $32 $35 3Q23 4Q23 1Q24 2Q24 3Q24

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10 Investment Portfolio Key Highlights General Account ($B) Portfolio Quality • Well-diversified portfolio with 97% investment grade​ securities. • New money yield pick-up of 1.6% increased 70 bps YOY. • Our diversified alternatives portfolio delivered a 2.7% quarterly return, above our long-term expectation of 2.5%. Key Priorities New Money Alternative Investment Income ($M), Pre-Tax • Optimize new money strategies by leveraging the sourcing capabilities of our multi-manager platform. • New money strategy focused on maintaining diversification and high quality while capitalizing on less liquid assets and structured asset class premiums. • Achieve attractive risk-adjusted alternative returns. 5.3% 5.4% 5.0% 5.3% 4.8% 0.9% 1.0% 1.1% 1.6% 1.6% 6.2% 6.4% 6.1% 6.9% 6.4% 4.33% 4.37% 4.39% 4.50% 4.53% 3Q23 4Q23 1Q24 2Q24 3Q24 Yield Pick-up Average Market Yield New Money Yield Fixed Income Portfolio Yield $52 $58 $78 $36 $100 1.6% 1.7% 2.3% 1.0% 2.7% 3Q23 4Q23 1Q24 2Q24 3Q24 % Returns, Unannualized 61% 61% 62% 62% 62% 36% 36% 35% 35% 35% 3% 3% 3% 3% 3% 3Q23 4Q23 1Q24 2Q24 3Q24 NAIC 1/CM1 NAIC 2/CM2 NAIC 3-6/CM3-7 50% 50% 41% 40% 38% 15% 15% 18% 18% 18% 12% 13% 14% 14% 14% 13% 13% 17% 17% 17% 2% 2% 3% 3% 3% 8% 7% 7% 8% 10% 3Q23 4Q23 1Q24 2Q24 3Q24 Public Corps Private Corps Structured Mortgage Loans Alts Other $138 $113 $115 $119 1 Mortgage Loans include CMLs and RMLs. 2 Other includes cash, COLI, common and preferred stock, municipals, sovereign government and UST/agency. 3 Defined as the yield on the 7-year US Treasury note plus the Barclay’s Public Corp Industrial Spreads Weighted 50% A and 50% BBB. $118

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11 Appendix

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12 Investment portfolio High quality and well-diversified portfolio1 Industrial Other 2% Energy 2% Municipal 2% Communications 2% Basic Industry 2% Transportation 3% Alts 3% Technology 3% Consumer Cyclical 5% Capital Goods 5% Other2 7% Utilities 10% Consumer Non-Cyclical 11% Financials 7% Banking 4% Structured 14% CMLs 15% Resi 3% The portfolio is well-positioned • Long-term investment strategy is tightly aligned with our liability profile and positioned for various economic cycles. • 97% investment grade, the portfolio is up in quality providing flexibility to further add incremental yield. • Well positioned to further optimize the portfolio given high-quality asset mix and shift toward shorter duration liabilities. $119B Average A Rated Portfolio allocation by asset class 1 Data on slide is as of September 30, 2024. 2 Other asset classes primarily include quasi-sovereign, cash/collateral, and UST/agency. Note: All information regarding LNC’s investment portfolio in this earnings supplement excludes assets related to certain modified coinsurance and coinsurance with funds withheld transactions. The modified coinsurance and funds withheld reinsurance agreements investment portfolio has counterparty protections in place including investment guidelines, as well as additional support including trusts and letters of credit that were established to meet LNC’s risk management objectives.

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13 Commercial mortgage loan portfolio Conservatively positioned CML portfolio1 Overall CML exposure • Disciplined portfolio construction delivering consistent loan performance. • Robust surveillance process (e.g. loan level financial review, rent roll analysis, stress testing, etc.). • Manageable near-term portfolio maturities in 2024 (1%), 2025 (3%) and 2026 (6%). • $9M2 average loan size across 2024-2026 maturity pool. Office exposure • CML office loans reduced by 5% since 2020; 3% of total invested assets well diversified by geography. • Limited maturities and conservatively positioned with average office loan size of $12 million2. • Maturities 2024-2025 = ~1% of our CML portfolio o 2024: $63 million with WA DSC 4.2x. o 2025: $169 million with WA DSC 3.4x. $17.5B Property types Apartment, 32% Industrial, 29% Office, 18% Retail, 15% Mixed Use, 1% Other, 5% 1 Data on slide is as of September 30, 2024. 2 Excludes loans managed by non-LFG third-party managers and fully amortizing loans. 3 Includes CMLs in LP funds. 4 Lincoln underwritten LTV is an internal estimate that considers the most recent financial reporting of each property and conservative cap rate assumptions. Portfolio LTV & DSC • Loan-to-values remain strong. • Strong debt service coverage reflecting recent property-level performance. • Diversified by property type, borrower, and geography. Portfolio Statistics Total CMLs Office Invested Asset % 15% 3% Avg Loan Size 2 $12M $17M Fixed Rate 100% 100% Remaining Term 8 Years 8 Years Debt Service Coverage 2.4x 2.3x Occupancy 93% 84% Credit Quality3 CM1 78% 82% CM2 22% 18% CM3-7 <1% <1% Property Type Book Value ($B) Debt Service Coverage Loan to Value (3rd Party Appraisal at Funding) Lincoln Underwritten Loan to Value4 Apartment $5.6 2.8x 44% 43% Industrial $5.0 2.2x 45% 49% Office $3.2 2.3x 43% 69% Retail $2.6 2.9x 41% 45% Other3 $0.9 2.5x 41% 43% Mixed Use $0.2 2.1x 47% 49% Portfolio $17.5 2.4x 44% 50%

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14 Non-GAAP Financial Measures Appendix

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15 Non-GAAP Financial Measures

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16 Non-GAAP Financial Measures, Cont’d

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17 Reconciliation of Net Income Available to Common Stockholders to Adjusted Income from Operations Available to Common Stockholders Unaudited (millions of dollars, except per share data)

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18 Reconciliation of Adjusted Income from Operations Available to Common Stockholders to Adjusted Income from Operations Available to Common Stockholders, excluding Significant Items Unaudited (millions of dollars) 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 Adjusted income from operations available to common stockholders1,2 $50 $252 $210 $324 $358 Significant items: Tax-related items3 -- -- 16 -- -- Assumption review 144 -- -- -- (8) Model refinement -- (14) -- -- -- Unclaimed property 22 -- -- -- -- Surrender benefit program 15 -- -- -- -- Balance sheet true-up related to the sale of the wealth management business -- -- 19 -- -- Total significant items 181 (14) 35 -- (8) Adjusted income from operations available to common stockholders, excluding significant items $231 $238 $245 $324 $350 1 See reconciliation to Net Income Available to Common Stockholders on slide 17. 2 Prior period amounts have been recast to conform to our revised definition of Adjusted Income from Operations. See slide 15 for further information. 3 For the quarter ended 3/31/2024, primarily reflects a Dividend Received Deduction true-up, partially offset by an Uncertain Tax Position release.

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19 Leverage Ratio Unaudited (millions of dollars)

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20 Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity Unaudited (millions of dollars)

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Cover	Oct. 31, 2024
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 31, 2024
Entity Registrant Name	Lincoln National Corporation
Entity Incorporation, State or Country Code	IN
Entity File Number	1-6028
Entity Tax Identification Number	35-1140070
Entity Address, Address Line One	150 N. Radnor Chester Road
Entity Address, City or Town	Radnor
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	484
Local Phone Number	583-1400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000059558
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	LNC
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 9.000% Non-Cumulative Preferred Stock, Series D
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1000th interest in a share of 9.000% Non-Cumulative Preferred Stock, Series D
Trading Symbol	LNC PRD
Security Exchange Name	NYSE

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