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__________________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 10-Q

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(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, 2022

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 October 31, 2022, there were 169,215,464 shares of the registrant’s common stock outstanding.

_________________________________________________________________________________________________________


Lincoln National Corporation

 

Table of Contents

Page

PART I

Item 1.

Financial Statements:

Consolidated Balance Sheets as of September 30, 2022 (Unaudited) and December 31, 2021

1

Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended

September 30, 2022 and 2021

2

Unaudited Consolidated Statements of Stockholders’ Equity for the three and nine months ended

September 30, 2022 and 2021

3

Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021

4

Notes to Unaudited Consolidated Financial Statements:

Note 1 – Nature of Operations and Basis of Presentation

5

Note 2 – New Accounting Standards

6

Note 3 – Variable Interest Entities

8

Note 4 – Investments

9

Note 5 – Derivatives

18

Note 6 – Federal Income Taxes

28

Note 7 – Goodwill

28

Note 8 – Guaranteed Benefit Features

29

Note 9 – Liability for Unpaid Claims

30

Note 10 – Debt

30

Note 11 – Contingencies and Commitments

31

Note 12 – Shares and Stockholders’ Equity

33

Note 13 – Realized Gain (Loss)

36

Note 14 – Fair Value of Financial Instruments

37

Note 15 – Segment Information

50

Item 2.

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

53

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

100

Item 4.

Controls and Procedures

100

PART II

Item 1.

Legal Proceedings

101

Item 1A.

Risk Factors

101

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

101

Item 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,

2022

2021

(Unaudited)

ASSETS

Investments:

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

(amortized cost: 2022 - $111,058; 2021 - $105,177; allowance for credit losses: 2022 - $18; 2021 - $19)

$

97,572

$

118,746

Trading securities

3,580

4,482

Equity securities

427

318

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

(portion at fair value: 2022 - $495; 2021 - $739)

18,066

17,991

Policy loans

2,347

2,364

Derivative investments

3,681

5,437

Other investments

3,820

4,292

Total investments

129,493

153,630

Cash and invested cash

1,472

2,612

Deferred acquisition costs and value of business acquired

13,676

6,081

Premiums and fees receivable

583

580

Accrued investment income

1,283

1,189

Reinsurance recoverables, net of allowance for credit losses

20,045

20,295

Funds withheld reinsurance assets

501

517

Goodwill

1,144

1,778

Other assets

19,191

18,036

Separate account assets

137,295

182,583

Total assets

$

324,683

$

387,301

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Future contract benefits

$

41,716

$

41,030

Other contract holder funds

118,174

111,702

Short-term debt

500

300

Long-term debt

5,959

6,325

Reinsurance-related embedded derivatives

-

206

Funds withheld reinsurance liabilities

2,190

2,118

Payables for collateral on investments

6,865

8,946

Other liabilities

9,767

13,819

Separate account liabilities

137,295

182,583

Total liabilities

322,466

367,029

Contingencies and Commitments (See Note 11)

 

 

Stockholders’ Equity

Preferred stock – 10,000,000 shares authorized

-

-

Common stock – 800,000,000 shares authorized; 169,214,493 and 177,193,515 shares

issued and outstanding as of September 30, 2022, and December 31, 2021, respectively

4,534

4,735

Retained earnings

6,311

9,096

Accumulated other comprehensive income (loss)

(8,628

)

6,441

Total stockholders’ equity

2,217

20,272

Total liabilities and stockholders’ equity

$

324,683

$

387,301


See accompanying Notes to Consolidated Financial Statements

1


LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)

For the Three

For the Nine

Months Ended

Months Ended

September 30,

September 30,

2022

2021

2022

2021

Revenues

Insurance premiums

$

1,548

$

1,394

$

4,523

$

4,198

Fee income

1,527

1,996

4,602

5,258

Net investment income

1,326

1,576

4,108

4,670

Realized gain (loss)

220

85

771

(97

)

Amortization of deferred gain on business sold through reinsurance

18

9

</