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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 March 31, 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 May 2, 2022, there were 171,946,861 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 March 31, 2022 (Unaudited) and December 31, 2021

1

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

March 31, 2022 and 2021

2

Unaudited Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2022

and 2021

3

Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021

4

Notes to Unaudited Consolidated Financial Statements:

Nature of Operations and Basis of Presentation

5

New Accounting Standards

6

Variable Interest Entities

7

Investments

8

Derivatives

17

Federal Income Taxes

25

Guaranteed Benefit Features

26

Liability for Unpaid Claims

27

Debt

28

Contingencies and Commitments

28

Shares and Stockholders’ Equity

30

Realized Gain (Loss)

34

Fair Value of Financial Instruments

35

Segment Information

45

Item 2.

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

47

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

90

Item 4.

Controls and Procedures

91

PART II

Item 1.

Legal Proceedings

91

Item 1A.

Risk Factors

91

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

92

Item 6.

Exhibits

92

Exhibit Index for the Report on Form 10-Q

93

Signatures

94

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

As of

As of

March 31,

December 31,

2022

2021

(Unaudited)

ASSETS

Investments:

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

(amortized cost: 2022 - $107,622; 2021 - $105,177; allowance for credit losses: 2022 - $20; 2021 - $19)

$

110,695

$

118,746

Trading securities

4,385

4,482

Equity securities

346

318

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

(portion at fair value: 2022 - $537; 2021 - $739)

17,892

17,991

Policy loans

2,339

2,364

Derivative investments

4,840

5,437

Other investments

4,127

4,292

Total investments

144,624

153,630

Cash and invested cash

1,960

2,612

Deferred acquisition costs and value of business acquired

8,810

6,081

Premiums and fees receivable

671

580

Accrued investment income

1,247

1,189

Reinsurance recoverables, net of allowance for credit losses

20,044

20,295

Funds withheld reinsurance assets

510

517

Goodwill

1,778

1,778

Other assets

17,406

18,036

Separate account assets

168,879

182,583

Total assets

$

365,929

$

387,301

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Future contract benefits

$

39,773

$

41,030

Other contract holder funds

112,901

111,702

Short-term debt

-

300

Long-term debt

6,561

6,325

Reinsurance-related embedded derivatives

-

206

Funds withheld reinsurance liabilities

2,164

2,118

Payables for collateral on investments

8,927

8,946

Other liabilities

12,012

13,819

Separate account liabilities

168,879

182,583

Total liabilities

351,217

367,029

Contingencies and Commitments (See Note 10)

 

 

Stockholders’ Equity

Preferred stock – 10,000,000 shares authorized

-

-

Common stock – 800,000,000 shares authorized; 171,890,974 and 177,193,515 shares

issued and outstanding as of March 31, 2022, and December 31, 2021, respectively

4,586

4,735

Retained earnings

8,876

9,096

Accumulated other comprehensive income (loss)

1,250

6,441

Total stockholders’ equity

14,712

20,272

Total liabilities and stockholders’ equity

$

365,929

$

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

Months Ended

March 31,

2022

2021

Revenues

Insurance premiums

$

1,477

$

1,406

Fee income

1,568

1,592

Net investment income

1,412

1,510

Realized gain (loss)

29

(181

)

Amortization of deferred gain on business sold through reinsurance

19

9

Other revenues

182

198

Total revenues

4,687

4,534

Expenses

Interest credited

697

737

Benefits

2,565

2,226

Commissions and other expenses

1,236

1,231

Interest and debt expense

66

65

Spark program expense

31

13

Total expenses

4,595

4,272

Income (loss) before taxes

92

262

Federal income tax expense (benefit)

(12

)

37

Net income (loss)

104

225

Other comprehensive income (loss), net of tax

(5,191

)

(3,170

)

Comprehensive income (loss)

$

(5,087

)

$

(2,945

)