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__________________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________

 

FORM 10-Q

_________________

 

(Mark One)

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

 

For the quarterly period ended September 30, 2021

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: 1-6028

_________________

 

LINCOLN NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

_________________

 

Indiana

35-1140070

(State or other jurisdiction of incorporation or organization)

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

150 N. Radnor-Chester Road, Suite A305, Radnor, Pennsylvania

19087

(Address of principal executive offices)

(Zip Code)

 

(484) 583-1400

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

__________________________________

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

__________________________________

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 x    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 x  No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 Section 13(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 x

As of November 1, 2021, there were 180,708,687 shares of the registrant’s common stock outstanding.

_________________________________________________________________________________________________________


Lincoln National Corporation

 

Table of Contents

Item

Page

PART I

 

1.

Financial Statements

1

2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

54

 

 

Forward-Looking Statements – Cautionary Language

54

 

 

Introduction

55

 

 

    Executive Summary

55

    Critical Accounting Policies and Estimates

57

Acquisitions and Dispositions

59

 

 

Results of Consolidated Operations

60

 

 

Results of Annuities

62

Results of Retirement Plan Services

67

 

 

Results of Life Insurance

71

 

 

Results of Group Protection

77

Results of Other Operations

80

Realized Gain (Loss)

82

Consolidated Investments

84

 

 

Review of Consolidated Financial Condition

95

 

 

Liquidity and Capital Resources

95

3.

Quantitative and Qualitative Disclosures About Market Risk

99

4.

Controls and Procedures

100

PART II

 

1.

Legal Proceedings

100

1A.

Risk Factors

100

2.

Unregistered Sales of Equity Securities and Use of Proceeds

101

6.

Exhibits

101

Exhibit Index for the Report on Form 10-Q

102

 

Signatures

103

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

As of

As of

September 30,

December 31,

2021

2020

(Unaudited)

ASSETS

Investments:

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

(amortized cost: 2021 - $107,459; 2020 - $104,174; allowance for credit losses: 2021 - $17; 2020 - $13)

$

122,085

$

123,044

Trading securities

4,191

4,501

Equity securities

243

129

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

(portion at fair value: 2021 - $792; 2020 - $832)

17,730

16,763

Policy loans

2,379

2,426

Derivative investments

4,828

3,109

Other investments

4,069

3,984

Total investments

155,525

153,956

Cash and invested cash

2,614

1,708

Deferred acquisition costs and value of business acquired

5,965

5,812

Premiums and fees receivable

584

486

Accrued investment income

1,297

1,257

Reinsurance recoverables, net of allowance for credit losses

15,729

16,496

Funds withheld reinsurance assets

526

530

Goodwill

1,778

1,778

Other assets

17,367

15,960

Separate account assets

175,667

167,965

Total assets

$

377,052

$

365,948

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Future contract benefits

$

40,641

$

40,814

Other contract holder funds

109,297

105,405

Short-term debt

300

-

Long-term debt

6,323

6,682

Reinsurance related embedded derivatives

304

392

Funds withheld reinsurance liabilities

2,078

1,946

Payables for collateral on investments

8,379

6,222

Other liabilities

12,893

13,823

Separate account liabilities

175,667

167,965

Total liabilities

355,882

343,249

Contingencies and Commitments (See Note 11)

 

 

Stockholders’ Equity

Preferred stock – 10,000,000 shares authorized

-

-

Common stock – 800,000,000 shares authorized; 186,089,222 and 192,329,691 shares

issued and outstanding as of September 30, 2021, and December 31, 2020, respectively

4,956

5,082

Retained earnings

9,365

8,686

Accumulated other comprehensive income (loss)

6,849

8,931

Total stockholders’ equity

21,170

22,699

Total liabilities and stockholders’ equity

$

377,052

$

365,948


See accompanying Notes to Consolidated Financial Statements

1


LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)