Company Quick10K Filing
Lincoln National Life Insurance
Price-0.00 EPS52
Shares10 P/E-0
MCap-0 P/FCF0
Net Debt-2,238 EBIT429
TEV-2,238 TEV/EBIT-5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-12
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-03-13
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-13
8-K 2018-01-19

C865 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Narrative Analysis of The Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 c865-20200331xex31_1.htm
EX-31.2 c865-20200331xex31_2.htm
EX-32.1 c865-20200331xex32_1.htm
EX-32.2 c865-20200331xex32_2.htm

Lincoln National Life Insurance Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
3302641981326602016201720182020
Assets, Equity
4.33.42.51.50.6-0.32016201720182020
Rev, G Profit, Net Income
2.21.40.5-0.3-1.2-2.02016201720182020
Ops, Inv, Fin

c865-20200331x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________

 

FORM 10-Q

_________________

 (Mark One)

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

For the quarterly period ended March 31, 2020  

OR

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

For the transition period from ____________ to____________.

 

Commission File Number: 000-55871  

_________________

 

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

(Exact name of registrant as specified in its charter)

_________________

 

                Indiana

35-0472300

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1300 South Clinton Street, Fort Wayne, Indiana

46802

(Address of principal executive offices)

(Zip Code)

 

(260) 455-2000

(Registrant’s telephone number, including area code)

_________________

Securities registered pursuant to Section 12(b) of the Act: None

  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

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 Section13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

As of May 11, 2020, 10,000,000 shares of common stock of the registrant ($2.50 par value) were outstanding, all of which were directly owned by Lincoln National Corporation.

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS H(1)(a) AND (b) OF

FORM 10-Q AND IS THEREFORE FILING THIS FORM 10-Q WITH THE REDUCED DISCLOSURE FORMAT.


The Lincoln National Life Insurance Company

 

Table of Contents

Item

Page

PART I

1.

Financial Statements

1

2.

Management’s Narrative Analysis of the Results of Operations

50

Forward-Looking Statements – Cautionary Language

50

Introduction

51

Critical Accounting Policies and Estimates

51

Acquisitions and Dispositions

53

Results of Consolidated Operations

53

Results of Annuities

54

Results of Retirement Plan Services

56

Results of Life Insurance

57

Results of Group Protection

58

Results of Other Operations

59

Realized Gain (Loss)

60

Review of Consolidated Financial Condition

61

Liquidity and Capital Resources

61

3.

Quantitative and Qualitative Disclosures About Market Risk

62

4.

Controls and Procedures

63

PART II

1.

Legal Proceedings

64

1A.

Risk Factors

64

2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

6.

Exhibits

64

 

Exhibit Index for the Report on Form 10-Q

65

Signatures

66


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

As of

As of

March 31,

December 31,

2020

2019

(Unaudited)

ASSETS

Investments:

Fixed maturity available-for-sale securities, at fair value

(amortized cost: 2020 – $95,183; 2019 – $93,307; allowance for credit losses: 2020 – $18; 2019 – $0)

$

101,277

$

103,773

Trading securities

3,959

4,602

Equity securities

83

103

Mortgage loans on real estate, net of allowance for credit losses

(portion at fair value: 2020 – $765; 2019 – $0)

16,690

16,244

Policy loans

2,554

2,460

Derivative investments

4,417

1,911

Other investments

3,220

2,565

Total investments

132,200

131,658

Cash and invested cash

5,266

1,879

Deferred acquisition costs and value of business acquired

9,239

7,745

Premiums and fees receivable

562

464

Accrued investment income

1,152

1,109

Reinsurance recoverables, net of allowance for credit losses

19,511

19,164

Reinsurance related embedded derivatives

254

-

Funds withheld reinsurance assets

535

542

Goodwill

1,778

1,778

Other assets

23,872

18,106

Separate account assets

130,617

153,571

Total assets

$

324,986

$

336,016

LIABILITIES AND STOCKHOLDER’S EQUITY

Liabilities

Future contract benefits

$

36,411

$

35,717

Other contract holder funds

98,928

97,422

Short-term debt

620

609

Long-term debt

2,397

2,414

Reinsurance related embedded derivatives

-

375

Funds withheld reinsurance liabilities

10,148

5,566

Payables for collateral on investments

8,435

5,077

Other liabilities

17,433

13,680

Separate account liabilities

130,617

153,571

Total liabilities

304,989

314,431

Contingencies and Commitments (See Note 10)

 

 

Stockholder’s Equity

Common stock – 10,000,000 shares authorized, issued and outstanding

11,791

11,312

Retained earnings

4,433

4,437

Accumulated other comprehensive income (loss)

3,773

5,836

Total stockholder’s equity

19,997

21,585

Total liabilities and stockholder’s equity

$

324,986

$

336,016


See accompanying Notes to Consolidated Financial Statements

1


 

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions)

For the Three

Months Ended

March 31,

2020

2019

Revenues

Insurance premiums

$

1,318

$

1,378

Fee income

1,478

1,413

Net investment income

1,318

1,191

Realized gain (loss):

Total other-than-temporary impairment losses on securities

-

(21

)

Portion of loss recognized in other comprehensive income

-

13

Net other-than-temporary impairment losses on securities recognized in earnings

-

(8

)

Realized gain (loss), excluding other-than-temporary impairment losses on securities

(2

)

(343

)

Total realized gain (loss)

(2

)

(351

)

Amortization of deferred gain on business sold through reinsurance

9

7

Other revenues

120

126

Total revenues

4,241

3,764

Expenses