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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, 2024
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 classTrading 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 PRDNew 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  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, 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 FilerAccelerated Filer
Non-accelerated FilerSmaller 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   

As of April 29, 2024, there were 170,026,818 shares of the registrant’s common stock outstanding.
—————————————————————————————————————————————————————






Lincoln National Corporation
 
Table of Contents

Page
PART I
Item 1.
ended March 31, 2024 and 2023
ended March 31, 2024 and 2023
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item1A.
Item 2.
Item 5.

Item 6.


PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
LINCOLN NATIONAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
As ofAs of
March 31, December 31,
20242023
(Unaudited)
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: 2024 - $97,546; 2023 - $97,433; allowance for credit losses: 2024 - $21; 2023 - $19)
$87,764 $88,738 
Trading securities2,227 2,359 
Equity securities319 306 
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2024 - $289; 2023 - $288)
19,266 18,963 
Policy loans2,476 2,476 
Derivative investments8,394 6,474 
Other investments5,256 5,015 
Total investments125,702 124,331 
Cash and invested cash4,122 3,365 
Deferred acquisition costs, value of business acquired and deferred sales inducements12,405 12,397 
Reinsurance recoverables, net of allowance for credit losses29,461 29,843 
Deposit assets, net of allowance for credit losses28,904 28,789 
Market risk benefit assets4,878 3,894 
Accrued investment income1,127 1,082 
Goodwill1,144 1,144 
Other assets9,413 9,311 
Separate account assets166,225 158,257 
Total assets$383,381 $372,413 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances$122,300 $120,737 
Future contract benefits38,848 39,864 
Funds withheld reinsurance liabilities17,486 17,641 
Market risk benefit liabilities1,266 1,716 
Deferred front-end loads6,099 5,901 
Payables for collateral on investments10,117 8,105 
Short-term debt503 250 
Long-term debt5,726 5,699 
Other liabilities7,265 7,350 
Separate account liabilities166,225 158,257 
Total liabilities375,835 365,520 
Contingencies and Commitments (See Note 14)
Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized:
Series C preferred stock – 20,000 shares authorized, issued and outstanding
as of March 31, 2024, and December 31, 2023
493 493 
Series D preferred stock – 20,000 shares authorized, issued and outstanding
as of March 31, 2024, and December 31, 2023
493 493 
Common stock – 800,000,000 shares authorized; 170,016,887 and 169,666,137 shares
issued and outstanding as of March 31, 2024, and December 31, 2023, respectively
4,624 4,605 
Retained earnings5,887 4,778 
Accumulated other comprehensive income (loss)(3,951)(3,476)
Total stockholders’ equity7,546 6,893 
Total liabilities and stockholders’ equity$383,381 $372,413 
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,
20242023
Revenues
Insurance premiums$1,601 $1,579 
Fee income1,324 1,379 
Net investment income1,346 1,466 
Realized gain (loss)(434)(828)
Amortization of deferred gain (loss) on business sold through reinsurance(12)9 
Other revenues291 209 
Total revenues4,116 3,814 
Expenses
Benefits2,003 2,291 
Interest credited822 785 
Market risk benefit (gain) loss(1,907)619 
Policyholder liability remeasurement (gain) loss(12)(118)
Commissions and other expenses1,601 1,324 
Interest and debt expense81 83 
Total expenses2,588 4,984 
Income (loss) before taxes1,528 (1,170)
Federal income tax expense (benefit)306 (289)
Net income (loss)1,222 (881)
Other comprehensive income (loss), net of tax:
Unrealized investment gain (loss)(127)1,774 
Market risk benefit non-performance risk gain (loss)(464)1,025 
Policyholder liability discount rate remeasurement gain (loss)116 (202)
Foreign currency translation adjustment(1)3 
Funded status of employee benefit plans1 (2)
Total other comprehensive income (loss), net of tax(475)2,598 
Comprehensive income (loss)$747 $1,717 
Net Income (Loss) Available to Common Stockholders
Net income (loss)$1,222 $(881)
Preferred stock dividends declared(34)(25)
Deferred units of LNC stock in our deferred compensation plans3 (3)
Net income (loss) available to common stockholders$1,191 $(909)
Net Income (Loss) Per Common Share
Basic$6.98 $(5.35)
Diluted6.93 (5.37)
Cash Dividends Declared Per Preferred Share
Series C preferred stock$1,156.25 $635.94 
Series D preferred stock562.50 618.75 
Cash Dividends Declared Per Common Share$0.45 $0.45 


See accompanying Notes to Consolidated Financial Statements
2

LINCOLN NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in millions)
For the Three
Months Ended
March 31,
20242023
Preferred Stock
Balance as of beginning-of-year$986 $986 
Balance as of end-of-period986 986 
Common Stock
Balance as of beginning-of-year4,605 4,544 
Stock compensation/issued for benefit plans19 16 
Balance as of end-of-period4,624 4,560 
Retained Earnings
Balance as of beginning-of-year4,778 5,924 
Net income (loss)1,222 (881)
Preferred stock dividends declared(34)(25)
Common stock dividends declared(79)(78)
Balance as of end-of-period5,887 4,940 
Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-year(3,476)(6,352)
Other comprehensive income (loss), net of tax(475)2,598 
Balance as of end-of-period(3,951)(3,754)
Total stockholders’ equity as of end-of-period$7,546 $6,732 
See accompanying Notes to Consolidated Financial Statements
3

LINCOLN NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
For the Three
Months Ended
March 31,
20242023
Cash Flows from Operating Activities
Net income (loss)$1,222 $(881)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Realized (gain) loss434 828 
Market risk benefit (gain) loss(1,907)619 
Sales and maturities (purchases) of trading securities, net129 290 
Amortization of deferred gain (loss) on business sold through reinsurance12 (9)
Change in:
Deferred acquisition costs, value of business acquired, deferred sales inducements
and deferred front-end loads190 156 
Accrued investment income(32)4 
Insurance liabilities and reinsurance-related balances(1,047)(1,322)
Accrued expenses(41)(143)
Federal income tax accruals306 (289)
Other(609)(27)
Net cash provided by (used in) operating activities(1,343)(774)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities(2,360)(2,999)
Sales of available-for-sale securities and equity securities677 1,739 
Maturities of available-for-sale securities1,694 1,440 
Purchases of alternative investments(315)(170)
Sales and repayments of alternative investments16 22 
Issuance of mortgage loans on real estate(571)(269)
Repayment and maturities of mortgage loans on real estate267 183 
Repayment (issuance) of policy loans, net(1)(27)
Net change in collateral on investments, certain derivatives and related settlements2,232 (184)
Other (60)
Net cash provided by (used in) investing activities1,639 (325)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities(47) 
Issuance of long-term debt, net of issuance costs347  
Payment related to sale-leaseback transactions(4)(5)
Payment related to certain financing arrangements(16)(10)
Deposits of fixed account balances3,602 4,192 
Withdrawals of fixed account balances(3,215)(2,570)
Transfers from (to) separate accounts, net(90)21 
Common stock issued for benefit plans(5)(4)
Dividends paid to preferred stockholders(34)(25)
Dividends paid to common stockholders(77)(77)
Net cash provided by (used in) financing activities461 1,522 
Net increase (decrease) in cash, invested cash and restricted cash757 423 
Cash, invested cash and restricted cash as of beginning-of-year3,365 3,343 
Cash, invested cash and restricted cash as of end-of-period$4,122 $3,766 
See accompanying Notes to Consolidated Financial Statements
4

LINCOLN NATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Nature of Operations and Basis of Presentation

Nature of Operations

Lincoln National Corporation and its subsidiaries (“LNC” or the “Company,” which also may be referred to as “we,” “our” or “us”) operate multiple insurance businesses through four business segments: Annuities, Life Insurance, Group Protection and Retirement Plan Services. In addition, we include financial data for operations that are not directly related to our business segments in Other Operations. The collective group of businesses uses “Lincoln Financial Group” as its marketing identity. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement income products and solutions. These products primarily include variable annuities, fixed annuities (including indexed), registered index-linked annuities (“RILA”), universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, group life, disability and dental and employer-sponsored retirement plans and services. For more information on our segments and the products and solutions we provide, see Note 16.

Basis of Presentation

The accompanying unaudited consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information contained in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”), should be read in connection with the reading of these interim unaudited consolidated financial statements.

Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in our 2023 Form 10-K.

In the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Interim results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. All material inter-company accounts and transactions have been eliminated in consolidation.

Certain amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the presentation adopted in the current period.

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by reportable segment as follows:

Reportable Segment
Level of Aggregation
Annuities
Variable Annuities
Fixed Annuities