Lincoln Financial Group
Table of Contents
Analyst Coverage	1
Notes	2
Consolidated Statements of Income (Loss)	3
Consolidated Balance Sheets	4
Earnings, Shares, Return on Equity and Return to Stockholder Highlights	5
Income (Loss) from Operations, Average Equity and ROE By Segment	6
Sources of Earnings	7
Select Earnings Drivers By Segment	8
Deposits, Net Flows and Account Balances By Segment	9
Sales By Segment	10
Operating Revenues and General and Administrative Expenses By Segment	11
Operating Commissions and Other Expenses	12
Interest Rate Yields and Spreads By Segment	13
Select Investment Data	14
Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC	15
Select Liquidity and Ratings Agency Data	16
Select Earnings and Operational Data:
Annuities	17
Retirement Plan Services	18
Life Insurance	19
Group Protection	20
Other Operations and Discontinued Operations	21
DAC, VOBA, DSI and DFEL Roll Forwards:
Consolidated	22
Annuities	23
Retirement Plan Services, Life Insurance and Group Protection	24
Account Value Roll Forwards:
Annuities	25
Retirement Plan Services	26
Life Insurance	27
Select Non-GAAP to GAAP Reconciliations	28

	Lincoln Financial Group
	Analyst Coverage
	Firm	Analyst	Phone Number
	Bank of America Merrill Lynch	Seth Weiss	646-855-3783
	Barclays Capital	Jay Gelb	212-526-1561
	Citi Research	Erik Bass	212-816-5257
	Credit Suisse	Tom Gallagher	212-538-2010
	Deutsche Bank	Yaron Kinar	212-250-7927
	Dowling & Partners	Humphrey Lee	860-676-7351
	FBR Capital Markets	Randy Binner	703-312-1890
	Goldman Sachs	Michael Kovac	212-902-2303
	J.P. Morgan Securities	Jimmy Bhullar	212-622-6397
	Janney Capital Markets	Bob Glasspiegel	860-724-1203
	Keefe, Bruyette and Woods	Ryan Krueger	860-722-5930
	Macquarie Capital	Sean Dargan	212-231-0663
	Morgan Stanley	Nigel Dally	212-761-4132
	Piper Jaffray	John Nadel	212-284-6123
	Raymond James and Associates	Steven Schwartz	312-612-7686
	RBC Capital	Eric Berg	212-618-7593
	Sandler O’Neill & Partners, L.P.	John Barnidge	312-281-3412
	UBS	Suneet Kamath	212-713-1355
	Wells Fargo Securities	John Hall	212-214-8032
	Investor Inquiries May Be Directed To
	Chris Giovanni, Senior Vice President, Investor Relations
	Email:  Christopher.Giovanni@lfg.com
	Voice:  484-583-1793
	Notes
	This list is provided for informational purposes only.  Lincoln Financial Group does not endorse the analyses, conclusions or recommendations contained in any report issued by these
	or any other analysts.
	Lincoln Financial Group's Statistical Supplement will be available immediately after the release of earnings for each quarter through our Investor Relations website:
	https://www.lfg.com/public/aboutus/investorrelations
Page 1

	Lincoln Financial Group
	Notes
	Computations
	The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.
	The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.
	If the effect of equity classification would result in a more dilutive Earnings Per Share (“EPS”), the numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market
	adjustment for deferred units of LNC stock in our deferred compensation plans.  In addition, for any period where a loss from continuing operations is experienced, shares used in the diluted  EPS
	calculation represent basic shares, as using dilutive shares would be anti-dilutive to the calculation.  In these periods, we would also exclude the deferred compensation adjustment.
	Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets.  ROE is calculated by dividing annualized net income (loss) (or
	income (loss) from operations) by average equity, excluding accumulated other comprehensive income (loss) (“AOCI”).  Management evaluates consolidated ROE by both including
	and excluding the effect of average goodwill.
	Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI, by common shares outstanding assuming the conversion of our Series A preferred
	shares.  We provide book value per share, excluding AOCI, to enable investors to analyze the amount of our net worth that is attributable primarily to our business operations.
	Pre-tax net margin is calculated by dividing income (loss) from operations before taxes by net revenue, which is defined as total operating revenues less interest credited.
	Definitions
	Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of
	commercial paper outstanding.
	Sales as reported consist of the following:
	•  MoneyGuard®, our linked-benefit product – 15% of total expected premium deposits;
	• Single premium bank-owned universal life and variable universal life (“BOLI”) – 15% of single premium deposits;
	•  Universal life (“UL”), indexed universal life ("IUL"), variable universal life (“VUL”), and corporate-owned UL and VUL (“COLI”) – first year commissionable
	premiums plus 5% of excess premiums received, including an adjustment for internal replacements of approximately 50% of commissionable premiums;
	•  Term – 100% of annualized first year premiums;
	•  Annuities – deposits from new and existing customers; and
	•  Group Protection – annualized first year premiums from new policies.
	Throughout the document, “after-DAC” refers to the associated amortization expense of deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales
	inducements (“DSI”) and deferred front-end loads (“DFEL”) and changes in other contract holder funds.
	Sources of Earnings are defined as follows:
	•  Investment spread earnings consist primarily of net investment income, net of interest credited earned on the underlying general account investments supporting our fixed products
	less related expenses.
	•  Mortality/morbidity earnings result from mortality margins, morbidity margins, and certain expense assessments and related fees that are a function of the rates priced into the product
	and level of insurance in force.
	•  Fees on Assets Under Management (“AUM”) earnings results consist primarily of asset-based fees charged based on variable account values less associated benefits and related expenses.
	•  Variable Annuity (“VA”) Riders earnings consist of fees charged to the contract holder related to guaranteed benefit rider features, less the net valuation premium and associated change in
	benefit reserves and related expenses.
Page 2a

	Lincoln Financial Group
	Notes
	Non-GAAP Performance Measures
	Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein.
	We exclude the after-tax effects of the following items from GAAP net income (loss) to arrive at income (loss) from operations:
	•  Realized gains and losses associated with the following (“excluded realized gain (loss)”):
	▪  Sales or disposals and impairments of securities;
	▪  Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities (“gain (loss) on the mark-to-market on certain
	instruments”);
	▪  Changes in the fair value of the derivatives we own to hedge our guaranteed death benefit (“GDB”) riders reflected within variable annuity net derivative results;
	▪  Changes in the fair value of the embedded derivatives of our guaranteed living benefit (“GLB”) riders accounted for at fair value, net of the change in the fair value of the derivatives
	we own to hedge them reflected within variable annuity net derivative results; and
	▪  Changes in the fair value of the embedded derivative liabilities related to index call options we may purchase in the future to hedge contract holder index allocations applicable to
	future reset periods for our indexed annuity products accounted for at fair value (“indexed annuity forward-starting option”);
	•  Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders (“benefit ratio unlocking”) reflected within variable annuity net derivative results;
	•  Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;
	•  Gains (losses) on early extinguishment of debt;
	• Losses from the impairment of intangible assets;
	•  Income (loss) from discontinued operations; and
	•  Income (loss) from the initial adoption of new accounting standards.
	Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items:
	• Excluded realized gain (loss);
	•  Revenue adjustments from the initial adoption of new accounting standards;
	•  Amortization of DFEL arising from changes in GDB and GLB benefit ratio unlocking; and
	•  Amortization of deferred gains arising from reserve changes on business sold through reinsurance.
	We use our prevailing federal income tax rate of 35% while taking into account any permanent differences for events recognized differently in our financial statements and federal income tax returns
	when reconciling our non-GAAP measures to the most comparable GAAP measure.
	Management believes that the non-GAAP performance measures discussed above explain the results of our ongoing businesses in a manner that allows for a better understanding of the
	underlying trends in our current business as the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the
	business segments, and, in many instances, decisions regarding these items do not necessarily relate to the operations of the individual segments.  In addition, we believe that our
	definitions of operating revenues and income from operations provide investors with more valuable measures of our performance as they better reveal trends in our business.
	Statistical Supplement is Dated
	The financial data in this document is dated October 28, 2015, and has not been updated since that date.  Lincoln Financial Group does not intend to update this document.
Page 2b

	Lincoln Financial Group
	Consolidated Statements of Income (Loss)
	Unaudited (millions of dollars, except per share data)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Revenues
	Insurance premiums	$	741	$	753	$	790	$	782	$	825	11.3%	$	2,236	$	2,398	7.2%
	Fee income		1,216		1,224		1,222		1,239		1,469	20.8%		3,448		3,929	14.0%
	Net investment income		1,212		1,232		1,187		1,187		1,254	3.5%		3,627		3,627	0.0%
	Realized gain (loss):
	Other-than-temporary impairment (“OTTI”)		(4)		(5)		(13)		(7)		(18)	NM		(11)		(38)	NM
	Realized gain (loss), excluding OTTI		93		(101)		(35)		17		45	-71.0%		117		27	-76.9%
	Total realized gain (loss)		89		(106)		(48)		10		27	-69.7%		106		(11)	NM
	Amortization of deferred gains on business
	sold through reinsurance		18		18		18		18		18	0.0%		55		55	0.0%
	Other revenues		135		565		135		145		123	-8.9%		397		402	1.3%
	Total revenues		3,411		3,686		3,304		3,381		3,716	8.9%		9,869		10,400	5.4%
	Expenses
	Interest credited		631		632		625		629		622	-1.4%		1,900		1,876	-1.3%
	Benefits		1,117		1,403		1,236		1,220		1,327	18.8%		3,275		3,783	15.5%
	Commissions and other expenses		995		1,150		1,013		1,014		1,432	43.9%		2,929		3,459	18.1%
	Interest and debt expense		67		67		68		69		67	0.0%		201		204	1.5%
	Total expenses		2,810		3,252		2,942		2,932		3,448	22.7%		8,305		9,322	12.2%
	Income (loss) from continuing operations before taxes		601		434		362		449		268	-55.4%		1,564		1,078	-31.1%
	Federal income tax expense (benefit)		162		87		62		105		41	-74.7%		398		207	-48.0%
	Income (loss) from continuing operations		439		347		300		344		227	-48.3%		1,166		871	-25.3%
	Income (loss) from discontinued operations		-		1		-		-		-	NM		-		-	NM
	Net income (loss)		439		348		300		344		227	-48.3%		1,166		871	-25.3%
	Adjustment for LNC stock units in our
	deferred compensation plans		2		-		(1)		-		(7)	NM		2		(6)	NM
	Net income (loss) available to common
	stockholders – diluted	$	441	$	348	$	299	$	344	$	220	-50.1%	$	1,168	$	865	-25.9%
	Earnings (Loss) Per Common Share – Diluted
	Net income (loss)	$	1.65	$	1.32	$	1.15	$	1.35	$	0.87	-47.3%	$	4.34	$	3.37	-22.4%
Page 3

	Lincoln Financial Group
	Consolidated Balance Sheets
	Unaudited (millions of dollars)
		As of
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change
	ASSETS
	Investments:
	Available-for-sale (“AFS”) securities:
	Corporate bonds	$	73,799	$	74,546	$	77,063	$	74,169	$	74,432	0.9%
	U.S. government bonds		402		435		452		428		438	9.0%
	Foreign government bonds		551		541		561		540		532	-3.4%
	Mortgage-backed securities		4,931		4,796		4,674		4,476		4,252	-13.8%
	Asset-backed collateralized debt obligations		286		375		423		499		515	80.1%
	State and municipal bonds		4,419		4,593		4,705		4,418		4,480	1.4%
	Hybrid and redeemable preferred securities		960		954		935		892		857	-10.7%
	VIEs' fixed maturity securities		598		598		598		598		598	0.0%
	Equity securities		234		231		210		227		242	3.4%
	Total AFS securities		86,180		87,069		89,621		86,247		86,346	0.2%
	Trading securities		2,134		2,065		2,077		1,949		1,914	-10.3%
	Mortgage loans on real estate		7,466		7,574		7,654		8,171		8,431	12.9%
	Real estate		20		20		19		24		21	5.0%
	Policy loans		2,677		2,670		2,664		2,654		2,647	-1.1%
	Derivative investments		1,439		1,860		2,095		1,340		2,020	40.4%
	Other investments		1,469		1,709		1,885		1,624		1,820	23.9%
	Total investments		101,385		102,967		106,015		102,009		103,199	1.8%
	Cash and invested cash		1,821		3,919		3,487		2,327		3,772	107.1%
	DAC and VOBA		8,372		8,207		8,156		9,150		8,866	5.9%
	Premiums and fees receivable		448		473		452		415		383	-14.5%
	Accrued investment income		1,129		1,049		1,129		1,064		1,116	-1.2%
	Reinsurance recoverables		5,906		5,730		5,598		5,608		5,559	-5.9%
	Funds withheld reinsurance assets		761		649		646		642		639	-16.0%
	Goodwill		2,273		2,273		2,273		2,273		2,273	0.0%
	Other assets		3,414		2,845		2,901		3,647		3,450	1.1%
	Separate account assets		122,937		125,265		127,828		128,079		120,275	-2.2%
	Total assets	$	248,446	$	253,377	$	258,485	$	255,214	$	249,532	0.4%
Page 4a

	Lincoln Financial Group
	Consolidated Balance Sheets
	Unaudited (millions of dollars)
		As of
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change
	LIABILITIES AND STOCKHOLDERS’ EQUITY
	Liabilities
	Future contract benefits	$	19,553	$	20,057	$	20,468	$	20,166	$	20,523	5.0%
	Other contract holder funds		74,893		75,512		75,663		76,243		76,451	2.1%
	Short-term debt		250		250		250		-		-	-100.0%
	Long-term debt by rating agency leverage definitions:
	Operating (see note (2) on page 16 for details)		1,122		1,123		1,123		1,123		1,123	0.1%
	Financial		4,064		4,147		4,504		4,406		4,481	10.3%
	Reinsurance related embedded derivatives		141		150		165		120		116	-17.7%
	Funds withheld reinsurance liabilities		806		764		717		718		676	-16.1%
	Deferred gain on business sold through reinsurance		190		171		153		134		116	-38.9%
	Payables for collateral on investments		3,853		4,409		5,046		4,587		5,297	37.5%
	VIEs' liabilities		17		13		5		3		2	-88.2%
	Other liabilities		5,168		5,776		6,340		4,936		6,071	17.5%
	Separate account liabilities		122,937		125,265		127,828		128,079		120,275	-2.2%
	Total liabilities		232,994		237,637		242,262		240,515		235,131	0.9%
	Stockholders’ Equity
	Common stock		6,696		6,622		6,493		6,469		6,380	-4.7%
	Retained earnings		5,834		6,022		6,077		6,286		6,358	9.0%
	AOCI:
	Unrealized gain (loss) on AFS securities		2,872		3,175		3,655		1,945		1,725	-39.9%
	Unrealized OTTI on AFS securities		56		64		56		66		63	12.5%
	Unrealized gain (loss) on derivative instruments		221		139		218		209		152	-31.2%
	Foreign currency translation adjustment		(10)		(3)		(4)		3		(2)	80.0%
	Funded status of employee benefit plans		(217)		(279)		(272)		(279)		(275)	-26.7%
	Total AOCI		2,922		3,096		3,653		1,944		1,663	-43.1%
	Total stockholders’ equity		15,452		15,740		16,223		14,699		14,401	-6.8%
	Total liabilities and stockholders’ equity	$	248,446	$	253,377	$	258,485	$	255,214	$	249,532	0.4%
Page 4b

	Lincoln Financial Group
	Earnings, Shares, Return on Equity and Return to Stockholder Highlights
	Unaudited (millions of dollars, except per share data)
		As of or For the Three Months Ended											As of or For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Income (Loss)
	Income (loss) from operations	$	414	$	439	$	352	$	371	$	289	-30.2%	$	1,173	$	1,013	-13.6%
	Net income (loss)		439		348		300		344		227	-48.3%		1,166		871	-25.3%
	Earnings (Loss) Per Diluted Share
	Income (loss) from operations	$	1.56	$	1.67	$	1.35	$	1.46	$	1.11	-28.8%	$	4.36	$	3.92	-10.1%
	Net income (loss)		1.65		1.32		1.15		1.35		0.87	-47.3%		4.34		3.37	-22.4%
	Average Stockholders’ Equity
	Average equity, including AOCI	$	15,452	$	15,596	$	15,982	$	15,461	$	14,550	-5.8%	$	14,796	$	15,331	3.6%
	Average AOCI		3,061		3,009		3,374		2,799		1,804	-41.1%		2,631		2,659	1.1%
	Average equity, excluding AOCI	$	12,391	$	12,587	$	12,608	$	12,662	$	12,746	2.9%	$	12,165	$	12,672	4.2%
	ROE
	Income (loss) from operations		13.4%		13.9%		11.2%		11.7%		9.1%			12.9%		10.7%
	Net income (loss)		14.2%		11.1%		9.5%		10.9%		7.1%			12.8%		9.2%
	Per Share
	Dividends declared during the period	$	0.16	$	0.20	$	0.20	$	0.20	$	0.20	25.0%	$	0.48	$	0.60	25.0%
	Book value, including AOCI		59.48		61.35		64.14		58.58		58.19	-2.2%		59.48		58.19	-2.2%
	Book value, excluding AOCI		48.23		49.29		49.70		50.83		51.47	6.7%		48.23		51.47	6.7%
	Shares
	Repurchased during the period		2.8		3.6		6.0		2.6		3.7	29.4%		8.9		12.3	37.9%
	Average for the period – diluted		266.8		263.0		260.6		255.1		253.2	-5.1%		269.3		256.6	-4.7%
	End-of-period – basic		259.8		256.6		252.9		250.9		247.5	-4.7%		259.8		247.5	-4.7%
	End-of-period – diluted		265.5		261.5		257.2		254.1		251.2	-5.4%		265.5		251.2	-5.4%
	Cash Returned to Common Stockholders
	Shares repurchased	$	150	$	200	$	350	$	150	$	200	33.3%	$	450	$	700	55.6%
	Common dividends		42		42		51		51		50	19.0%		126		152	20.6%
	Total cash returned to common stockholders	$	192	$	242	$	401	$	201	$	250	30.2%	$	576	$	852	47.9%
Page 5

	Lincoln Financial Group
	Income (Loss) from Operations, Average Equity and ROE By Segment
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Income (Loss) from Operations
	Annuities	$	245	$	237	$	239	$	255	$	259	5.7%	$	688	$	753	9.4%
	Retirement Plan Services		40		42		35		30		42	5.0%		118		107	-9.3%
	Life Insurance		150		193		111		105		36	-76.0%		418		251	-40.0%
	Group Protection		8		(7)		(6)		19		17	112.5%		29		29	0.0%
	Other Operations		(29)		(26)		(27)		(38)		(65)	NM		(80)		(127)	-58.8%
	Income (loss) from operations	$	414	$	439	$	352	$	371	$	289	-30.2%	$	1,173	$	1,013	-13.6%
	Average Equity, Excluding AOCI
	Segment equity, excluding goodwill:
	Annuities	$	3,632	$	3,786	$	3,887	$	4,073	$	4,262	17.3%	$	3,418	$	4,074	19.2%
	Retirement Plan Services		966		1,002		1,006		993		1,010	4.6%		961		1,003	4.4%
	Life Insurance		6,226		6,204		6,226		6,422		6,506	4.5%		6,101		6,384	4.6%
	Group Protection		1,208		1,227		1,241		1,238		1,228	1.7%		1,183		1,236	4.5%
	Total segment equity, excluding goodwill		12,032		12,219		12,360		12,726		13,006	8.1%		11,663		12,697	8.9%
	Other Operations and goodwill		359		368		248		(64)		(260)	NM		502		(25)	NM
	Total average equity, excluding AOCI	$	12,391	$	12,587	$	12,608	$	12,662	$	12,746	2.9%	$	12,165	$	12,672	4.2%
	ROE
	Segment ROE, excluding goodwill:
	Annuities		27.0%		25.1%		24.6%		25.0%		24.3%			26.8%		24.6%
	Retirement Plan Services		16.6%		16.6%		14.0%		12.0%		16.4%			16.4%		14.2%
	Life Insurance		9.7%		12.5%		7.1%		6.5%		2.2%			9.1%		5.2%
	Group Protection		2.6%		-2.1%		-2.1%		6.3%		5.4%			3.3%		3.2%
	Consolidated ROE – income (loss) from operations		13.4%		13.9%		11.2%		11.7%		9.1%			12.9%		10.7%
Page 6

	Lincoln Financial Group
	Sources of Earnings
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Twelve Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	12/31/13		12/31/14		Change
	Income (Loss) from Operations, Before Income Taxes
	Annuities	$	315	$	297	$	293	$	328	$	328	4.1%	$	927	$	1,163	25.5%
	Retirement Plan Services		55		49		48		39		57	3.6%		190		211	11.1%
	Life Insurance		226		280		156		152		46	-79.6%		812		907	11.7%
	Group Protection		12		(10)		(10)		30		26	116.7%		109		35	-67.9%
	Other Operations		(45)		(40)		(44)		(59)		(93)	NM		(192)		(166)	13.5%
	Income (loss) from operations, before income taxes	$	563	$	576	$	443	$	490	$	364	-35.3%	$	1,846	$	2,150	16.5%
	Sources of Earnings, Before Income Taxes
	Investment spread	$	195	$	202	$	164	$	175	$	136	-30.3%	$	772	$	778	0.8%
	Mortality/morbidity		127		167		74		110		48	-62.2%		507		528	4.1%
	Fees on AUM		251		205		205		218		282	12.4%		649		846	30.4%
	VA riders		35		42		44		46		(9)	NM		110		164	49.1%
	Total sources of earnings, before income taxes		608		616		487		549		457	-24.8%		2,038		2,316	13.6%
	Other Operations		(45)		(40)		(44)		(59)		(93)	NM		(192)		(166)	13.5%
	Income (loss) from operations, before income taxes	$	563	$	576	$	443	$	490	$	364	-35.3%	$	1,846	$	2,150	16.5%
	Sources of Earnings, Before Income Taxes, % By Component
	Investment spread		32.1%		32.8%		33.8%		32.0%		29.7%			37.8%		33.6%
	Mortality/morbidity		20.9%		27.1%		15.2%		19.9%		10.4%			24.9%		22.8%
	Fees on AUM		41.3%		33.3%		42.0%		39.7%		61.9%			31.9%		36.5%
	VA riders		5.7%		6.8%		9.0%		8.4%		-2.0%			5.4%		7.1%
	Total		100.0%		100.0%		100.0%		100.0%		100.0%			100.0%		100.0%
Page 7

	Lincoln Financial Group
	Select Earnings Drivers By Segment
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Annuities
	Operating revenues	$	944	$	966	$	989	$	991	$	1,060	12.3%	$	2,779	$	3,041	9.4%
	Average account values		121,260		121,079		122,877		125,820		122,668	1.2%		118,296		123,968	4.8%
	Net flows		565		555		196		397		536	-5.1%		2,091		1,129	-46.0%
	Retirement Plan Services
	Operating revenues	$	272	$	277	$	273	$	270	$	282	3.7%	$	813	$	826	1.6%
	Average account values		53,618		53,739		54,018		55,264		54,184	1.1%		52,534		54,387	3.5%
	Net flows		50		(936)		115		306		251	NM		55		673	NM
	Life Insurance
	Operating revenues	$	1,446	$	1,858	$	1,432	$	1,443	$	1,727	19.4%	$	4,146	$	4,600	11.0%
	Average account values		41,371		41,858		42,468		42,891		42,963	3.8%		40,866		42,774	4.7%
	Average in-force face amount		632,154		637,935		642,258		646,261		651,256	3.0%		625,944		646,592	3.3%
	Net flows		934		1,096		888		929		1,019	9.1%		2,682		2,836	5.7%
	Group Protection
	Operating revenues	$	598	$	616	$	605	$	617	$	570	-4.7%	$	1,829	$	1,792	-2.0%
	Non-medical earned premiums		528		541		535		535		522	-1.1%		1,588		1,592	0.3%
	Consolidated
	Operating revenues	$	3,363	$	3,834	$	3,394	$	3,417	$	3,735	11.1%	$	9,882	$	10,546	6.7%
	Average account values		216,249		216,676		219,363		223,975		219,815	1.6%		211,696		221,129	4.5%
	Net flows		1,549		715		1,199		1,632		1,806	16.6%		4,828		4,638	-3.9%
Page 8

	Lincoln Financial Group
	Deposits, Net Flows and Account Balances By Segment
	Unaudited (millions of dollars)
			As of or For the Three Months Ended										As of or For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Deposits
	Annuities	$	3,453	$	3,381	$	2,990	$	3,380	$	3,304	-4.3%	$	10,398	$	9,675	-7.0%
	Retirement Plan Services		1,611		2,332		1,704		1,862		1,884	16.9%		5,183		5,450	5.2%
	Life Insurance		1,285		1,474		1,311		1,344		1,400	8.9%		3,859		4,055	5.1%
	Total deposits	$	6,349	$	7,187	$	6,005	$	6,586	$	6,588	3.8%	$	19,440	$	19,180	-1.3%
	Net Flows
	Annuities	$	565	$	555	$	196	$	397	$	536	-5.1%	$	2,091	$	1,129	-46.0%
	Retirement Plan Services		50		(936)		115		306		251	NM		55		673	NM
	Life Insurance		934		1,096		888		929		1,019	9.1%		2,682		2,836	5.7%
	Total net flows	$	1,549	$	715	$	1,199	$	1,632	$	1,806	16.6%	$	4,828	$	4,638	-3.9%
	Account Balances as of End-of-Period
	Annuities	$	120,270	$	122,041	$	124,254	$	124,535	$	118,607	-1.4%	$	120,270	$	118,607	-1.4%
	Retirement Plan Services		53,362		53,539		54,632		54,989		52,844	-1.0%		53,362		52,844	-1.0%
	Life Insurance		41,504		42,213		42,724		43,059		42,868	3.3%		41,504		42,868	3.3%
	Total account balances	$	215,136	$	217,793	$	221,610	$	222,583	$	214,319	-0.4%	$	215,136	$	214,319	-0.4%
	Average Account Balances
	Annuities	$	121,260	$	121,079	$	122,877	$	125,820	$	122,668	1.2%	$	118,296	$	123,968	4.8%
	Retirement Plan Services		53,618		53,739		54,018		55,264		54,184	1.1%		52,534		54,387	3.5%
	Life Insurance		41,371		41,858		42,468		42,891		42,963	3.8%		40,866		42,774	4.7%
	Total average account balances	$	216,249	$	216,676	$	219,363	$	223,975	$	219,815	1.6%	$	211,696	$	221,129	4.5%
Page 9

	Lincoln Financial Group
	Sales By Segment
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Sales
	Annuities:
	Variable	$	3,226	$	3,175	$	2,697	$	3,015	$	2,738	-15.1%	$	9,346	$	8,451	-9.6%
	Fixed		227		206		293		365		566	149.3%		1,052		1,224	16.3%
	Total Annuities	$	3,453	$	3,381	$	2,990	$	3,380	$	3,304	-4.3%	$	10,398	$	9,675	-7.0%
	Retirement Plan Services:
	First year sales	$	429	$	1,190	$	382	$	673	$	706	64.6%	$	1,522	$	1,761	15.7%
	Recurring deposits		1,182		1,142		1,322		1,189		1,178	-0.3%		3,661		3,689	0.8%
	Total Retirement Plan Services	$	1,611	$	2,332	$	1,704	$	1,862	$	1,884	16.9%	$	5,183	$	5,450	5.2%
	Life Insurance:
	UL:
	Excluding MoneyGuard® and IUL	$	27	$	26	$	20	$	22	$	23	-14.8%	$	72	$	66	-8.3%
	MoneyGuard®		43		47		40		46		52	20.9%		116		137	18.1%
	IUL		18		24		15		23		21	16.7%		52		59	13.5%
	Total UL		88		97		75		91		96	9.1%		240		262	9.2%
	VUL		44		52		45		43		47	6.8%		145		134	-7.6%
	Term		23		21		19		21		20	-13.0%		69		61	-11.6%
	Total individual life insurance		155		170		139		155		163	5.2%		454		457	0.7%
	COLI and BOLI		5		22		14		46		10	100.0%		23		70	204.3%
	Total Life Insurance	$	160	$	192	$	153	$	201	$	173	8.1%	$	477	$	527	10.5%
	Group Protection:
	Life	$	34	$	112	$	25	$	26	$	24	-29.4%	$	92	$	75	-18.5%
	Disability		41		103		22		23		22	-46.3%		97		68	-29.9%
	Dental		19		35		9		13		15	-21.1%		40		36	-10.0%
	Total Group Protection	$	94	$	250	$	56	$	62	$	61	-35.1%	$	229	$	179	-21.8%
Page 10

	Lincoln Financial Group
	Operating Revenues and General and Administrative Expenses By Segment
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Operating Revenues
	Annuities	$	944	$	966	$	989	$	991	$	1,060	12.3%	$	2,779	$	3,041	9.4%
	Retirement Plan Services		272		277		273		270		282	3.7%		813		826	1.6%
	Life Insurance		1,446		1,858		1,432		1,443		1,727	19.4%		4,146		4,600	11.0%
	Group Protection		598		616		605		617		570	-4.7%		1,829		1,792	-2.0%
	Other Operations		103		117		95		96		96	-6.8%		315		287	-8.9%
	Total	$	3,363	$	3,834	$	3,394	$	3,417	$	3,735	11.1%	$	9,882	$	10,546	6.7%
	General and Administrative Expenses,
	Net of Amounts Capitalized
	Annuities	$	109	$	126	$	109	$	118	$	113	3.7%	$	329	$	339	3.0%
	Retirement Plan Services		73		82		71		78		77	5.5%		212		226	6.6%
	Life Insurance		99		124		108		114		105	6.1%		311		327	5.1%
	Group Protection		66		75		67		71		70	6.1%		191		208	8.9%
	Other Operations		18		35		14		26		56	211.1%		48		96	100.0%
	Total	$	365	$	442	$	369	$	407	$	421	15.3%	$	1,091	$	1,196	9.6%
	General and Administrative Expenses,
	Net of Amounts Capitalized, As a Percentage
	of Operating Revenues
	Annuities		11.5%		13.0%		11.1%		11.9%		10.6%			11.8%		11.2%
	Retirement Plan Services		26.7%		29.6%		25.9%		28.9%		27.2%			26.1%		27.3%
	Life Insurance		6.8%		6.7%		7.6%		7.9%		6.1%			7.5%		7.1%
	Group Protection		11.0%		12.3%		11.1%		11.4%		12.2%			10.4%		11.6%
	Other Operations		17.8%		29.7%		14.3%		27.5%		57.9%			15.3%		33.3%
	Total		10.9%		11.5%		10.9%		11.9%		11.3%			11.0%		11.3%
Page 11

	Lincoln Financial Group
	Operating Commissions and Other Expenses
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Operating Commissions and
	Other Expenses Incurred
	General and administrative expenses	$	411	$	501	$	416	$	452	$	468	13.9%	$	1,233	$	1,336	8.4%
	Commissions		602		617		577		602		598	-0.7%		1,781		1,776	-0.3%
	Media expenses		15		16		14		14		-	-100.0%		44		28	-36.4%
	Taxes, licenses and fees		66		52		74		57		63	-4.5%		194		194	0.0%
	Interest and debt expense		67		67		68		69		67	0.0%		201		204	1.5%
	Expenses associated with reserve financing
	and unrelated letters of credit		18		16		19		18		18	0.0%		53		55	3.8%
	Total operating commissions and other
	expenses incurred		1,179		1,269		1,168		1,212		1,214	3.0%		3,506		3,593	2.5%
	Less Amounts Capitalized
	General and administrative expenses		(46)		(59)		(47)		(45)		(47)	-2.2%		(142)		(140)	1.4%
	Commissions		(329)		(345)		(296)		(313)		(320)	2.7%		(969)		(928)	4.2%
	Taxes, licenses and fees		(7)		(8)		(8)		(8)		(8)	-14.3%		(22)		(24)	-9.1%
	Total amounts capitalized		(382)		(412)		(351)		(366)		(375)	1.8%		(1,133)		(1,092)	3.6%
	Total expenses incurred, net of amounts
	capitalized, excluding amortization		797		857		817		846		839	5.3%		2,373		2,501	5.4%
	Amortization
	Amortization of DAC and VOBA		265		358		261		237		674	154.3%		754		1,174	55.7%
	Amortization of intangibles		1		1		1		1		1	0.0%		3		3	0.0%
	Total amortization		266		359		262		238		675	153.8%		757		1,177	55.5%
	Total operating commissions and
	other expenses	$	1,063	$	1,216	$	1,079	$	1,084	$	1,514	42.4%	$	3,130	$	3,678	17.5%
Page 12

	Lincoln Financial Group
	Interest Rate Yields and Spreads By Segment
	Unaudited
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Annuities
	Earned rate on reserves		4.43%		4.31%		4.24%		4.20%		4.19%	(24)		4.49%		4.21%	(28)
	Prepayment and make whole premiums		0.11%		0.37%		0.20%		0.06%		0.18%	7		0.10%		0.15%	5
	Net investment income yield on reserves		4.54%		4.68%		4.44%		4.26%		4.37%	(17)		4.59%		4.36%	(23)
	Interest rate credited to contract holders		2.81%		2.75%		2.64%		2.61%		2.56%	(25)		2.80%		2.60%	(20)
	Interest rate spread		1.73%		1.93%		1.80%		1.65%		1.81%	8		1.79%		1.76%	(3)
	Retirement Plan Services
	Earned rate on reserves		4.77%		4.67%		4.65%		4.61%		4.71%	(6)		4.81%		4.66%	(15)
	Prepayment and make whole premiums		0.15%		0.33%		0.18%		0.03%		0.19%	4		0.13%		0.13%	-
	Net investment income yield on reserves		4.92%		5.00%		4.83%		4.64%		4.90%	(2)		4.94%		4.79%	(15)
	Interest rate credited to contract holders		3.04%		3.00%		3.02%		3.01%		3.01%	(3)		3.05%		3.01%	(4)
	Interest rate spread		1.88%		2.00%		1.81%		1.63%		1.89%	1		1.89%		1.78%	(11)
	Life Insurance
	Attributable to interest-sensitive products:
	Earned rate on reserves		5.39%		5.37%		5.34%		5.33%		5.33%	(6)		5.43%		5.34%	(9)
	Prepayment and make whole premiums		0.07%		0.29%		0.18%		0.03%		0.14%	7		0.09%		0.12%	3
	Alternative investments		0.28%		0.06%		0.05%		0.18%		0.33%	5		0.20%		0.18%	(2)
	Net investment income yield on reserves		5.74%		5.72%		5.57%		5.54%		5.80%	6		5.72%		5.64%	(8)
	Interest rate credited to contract holders		3.94%		3.96%		3.89%		3.97%		3.92%	(2)		3.95%		3.92%	(3)
	Interest rate spread		1.80%		1.76%		1.68%		1.57%		1.88%	8		1.77%		1.72%	(5)
	Attributable to traditional products:
	Earned rate on reserves		5.23%		5.54%		5.24%		5.08%		5.15%	(8)		5.53%		5.15%	(38)
	Prepayment and make whole premiums		0.18%		0.17%		0.15%		0.04%		0.10%	(8)		0.25%		0.10%	(15)
	Alternative investments		0.00%		-0.04%		0.00%		0.00%		0.00%	-		0.00%		0.00%	-
	Net investment income yield on reserves		5.41%		5.67%		5.39%		5.12%		5.25%	(16)		5.78%		5.25%	(53)
Page 13

	Lincoln Financial Group
	Select Investment Data
	Unaudited (millions of dollars)
								As of 9/30/14				As of 12/31/14				As of 9/30/15
								Amount		%		Amount		%		Amount		%
	AFS and Trading Securities, at Fair Value
	AFS securities:
	Corporate bonds							$	73,798		83.6%	$	74,545		83.6%	$	74,432		84.3%
	U.S. government bonds								402		0.5%		435		0.5%		438		0.5%
	Foreign government bonds								551		0.6%		541		0.6%		532		0.6%
	Mortgage-backed securities								4,931		5.6%		4,796		5.4%		4,252		4.8%
	Asset-backed collateralized debt obligations								286		0.3%		375		0.4%		515		0.6%
	State and municipal bonds								4,420		5.0%		4,594		5.2%		4,480		5.1%
	Hybrid and redeemable preferred securities								960		1.1%		954		1.1%		857		1.0%
	VIEs’ fixed maturity securities								598		0.7%		598		0.7%		598		0.7%
	Equity securities								234		0.3%		231		0.3%		242		0.3%
	Total AFS securities								86,180		97.7%		87,069		97.8%		86,346		97.9%
	Trading securities								2,134		2.3%		2,065		2.2%		1,914		2.1%
	Total AFS and trading securities							$	88,314		100.0%	$	89,134		100.0%	$	88,260		100.0%
	AFS and Trading Securities, at Amortized Cost
	Fixed maturity securities							$	80,910		99.7%	$	80,960		99.7%	$	83,164		99.7%
	Equity securities								217		0.3%		216		0.3%		231		0.3%
	Total AFS and trading securities							$	81,127		100.0%	$	81,176		100.0%	$	83,395		100.0%
	Percentage of Fixed Maturity AFS Securities, at Amortized Cost
	Investment grade										94.8%				95.0%				95.0%
	Below investment grade										5.2%				5.0%				5.0%
		For the Three Months Ended												For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change		9/30/14		9/30/15		Change
	Net Investment Income	$	1,212	$	1,232	$	1,187	$	1,187	$	1,254		3.5%	$	3,627	$	3,627		0.0%
	Average Invested Assets, at Amortized Cost		92,704		93,251		94,379		95,496		96,121		3.7%		91,870		95,332		3.8%
	Net Investment Income Yield		5.23%		5.29%		5.03%		4.97%		5.22%		(1)		5.26%		5.07%		(19)
Page 14

	Lincoln Financial Group
	Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Realized Gain (Loss), Pre-Tax
	Total operating realized gain (loss)	$	42	$	43	$	43	$	47	$	45	7.1%	$	121	$	135	11.6%
	Total excluded realized gain (loss)		47		(149)		(91)		(37)		(18)	NM		(15)		(146)	NM
	Total realized gain (loss), pre-tax	$	89	$	(106)	$	(48)	$	10	$	27	-69.7%	$	106	$	(11)	NM
	Realized Gain (Loss) Net of Benefit Ratio
	Unlocking, After-Tax
	Realized gain (loss) related to investments	$	(16)	$	(19)	$	(10)	$	(14)	$	(26)	-62.5%	$	(27)	$	(51)	-88.9%
	Variable annuity net derivative results:
	Hedge program performance, including unlocking
	for GLB reserves hedged		26		(52)		(35)		-		(102)	NM		26		(136)	NM
	GLB non-performance risk component		6		16		7		(8)		84	NM		4		83	NM
	Total variable annuity net derivative results		32		(36)		(28)		(8)		(18)	NM		30		(53)	NM
	Indexed annuity forward-starting option		9		(9)		(13)		(4)		(18)	NM		(11)		(37)	NM
	Gain (loss) on sale of subsidiaries/businesses		-		(28)		(1)		(1)		-	NM		-		(2)	NM
	Excluded realized gain (loss) net of
	benefit ratio unlocking, after-tax	$	25	$	(92)	$	(52)	$	(27)	$	(62)	NM	$	(8)	$	(143)	NM
	Components of Realized Gain (Loss)
	Related to Investments, After-Tax
	OTTI	$	(3)	$	(3)	$	(8)	$	(5)	$	(12)	NM	$	(7)	$	(25)	NM
	Other realized gain (loss) related to
	certain investments		(1)		(1)		(9)		4		(4)	NM		(1)		(10)	NM
	Gain (loss) on the mark-to-market
	on certain instruments		(12)		(15)		7		(13)		(10)	16.7%		(19)		(16)	15.8%
	Total realized gain (loss) related
	to investments, after-tax	$	(16)	$	(19)	$	(10)	$	(14)	$	(26)	-62.5%	$	(27)	$	(51)	-88.9%
Page 15

	Lincoln Financial Group
	Select Liquidity and Rating Agency Data
	Unaudited (millions of dollars)
		As of
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change
	Leverage Ratio
	Short-term debt	$	250	$	250	$	250	$	-	$	-	-100.0%
	Long-term debt		5,186		5,270		5,627		5,529		5,604	8.1%
	Total debt (1)		5,436		5,520		5,877		5,529		5,604	3.1%
	Less:
	Long-term operating debt (2)		1,122		1,123		1,123		1,123		1,123	0.1%
	75% of capital securities		909		909		909		909		909	0.0%
	Carrying value of fair value hedges		175		259		315		217		292	66.9%
	Total numerator	$	3,230	$	3,229	$	3,530	$	3,280	$	3,280	1.5%
	Stockholders’ equity, excluding AOCI	$	12,530	$	12,644	$	12,570	$	12,755	$	12,738	1.7%
	Total debt (1)		5,436		5,520		5,877		5,529		5,604	3.1%
	Total denominator	$	17,966	$	18,164	$	18,447	$	18,284	$	18,342	2.1%
	Leverage ratio		18.0%		17.8%		19.1%		17.9%		17.9%
	Holding Company Available Liquidity	$	572	$	554	$	786	$	545	$	505	-11.7%
							Ratings as of October 28, 2015
												Standard
							A.M. Best		Fitch		Moody’s	& Poor’s
	Senior Debt Ratings						a-		BBB+		Baa1	A-
	Financial Strength Ratings
	Lincoln National Life Insurance Company						A+		A+		A1	AA-
	First Penn-Pacific Life Insurance Company						A		A+		A1	A-
	Lincoln Life & Annuity Company of New York						A+		A+		A1	AA-
	(1) Excludes obligations under capital leases of $83 million that are reported in other liabilities on our Consolidated Balance Sheets.
	(2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain
	on increasing statutory reserves associated with secondary guarantee UL and term policies and the senior note issued in September 2008 by our primary insurance subsidiary.
Page 16

	Lincoln Financial Group
	Annuities – Select Earnings and Operational Data
	Unaudited (millions of dollars)
		As of or For the Three Months Ended											As of or For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Income (Loss) from Operations
	Operating revenues:
	Insurance premiums	$	39	$	47	$	79	$	55	$	129	230.8%	$	126	$	264	109.5%
	Fee income		503		507		510		531		520	3.4%		1,452		1,561	7.5%
	Net investment income		257		260		247		247		257	0.0%		774		751	-3.0%
	Operating realized gain (loss)		42		42		43		45		45	7.1%		119		133	11.8%
	Other revenues		103		110		110		113		109	5.8%		308		332	7.8%
	Total operating revenues		944		966		989		991		1,060	12.3%		2,779		3,041	9.4%
	Operating expenses:
	Interest credited		152		150		143		139		134	-11.8%		460		416	-9.6%
	Benefits		101		92		129		90		219	116.8%		267		437	63.7%
	Commissions incurred		270		266		249		267		261	-3.3%		791		777	-1.8%
	Other expenses incurred		215		234		222		231		220	2.3%		642		674	5.0%
	Amounts capitalized		(175)		(168)		(147)		(165)		(160)	8.6%		(514)		(471)	8.4%
	Amortization		66		95		100		101		58	-12.1%		267		259	-3.0%
	Total operating expenses		629		669		696		663		732	16.4%		1,913		2,092	9.4%
	Income (loss) from operations before taxes		315		297		293		328		328	4.1%		866		949	9.6%
	Federal income tax expense (benefit)		70		60		54		73		69	-1.4%		178		196	10.1%
	Income (loss) from operations	$	245	$	237	$	239	$	255	$	259	5.7%	$	688	$	753	9.4%
	Effective Federal Income Tax Rate		22.1%		20.1%		18.2%		22.4%		20.9%			20.6%		20.6%
	Average Equity, Excluding Goodwill and AOCI	$	3,632	$	3,786	$	3,887	$	4,073	$	4,262	17.3%	$	3,418	$	4,074	19.2%
	ROE, Excluding Goodwill		27.0%		25.1%		24.6%		25.0%		24.3%			26.8%		24.6%
	Return on Average Account Values		81		78		78		81		84	3		78		81	3
	Account Values
	Separate account values:
	Average	$	99,892	$	99,827	$	101,970	$	104,794	$	101,515	1.6%	$	96,976	$	102,758	6.0%
	End-of-period		98,997		100,823		102,976		103,408		97,409	-1.6%		98,997		97,409	-1.6%
	General account values:
	Average		21,368		21,252		20,907		21,026		21,153	-1.0%		21,320		21,210	-0.5%
	End-of-period		21,273		21,218		21,278		21,127		21,198	-0.4%		21,273		21,198	-0.4%
Page 17

	Lincoln Financial Group
	Retirement Plan Services – Select Earnings and Operational Data
	Unaudited (millions of dollars)
		As of or For the Three Months Ended											As of or For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Income (Loss) from Operations
	Operating revenues:
	Fee income	$	62	$	62	$	62	$	61	$	60	-3.2%	$	184	$	182	-1.1%
	Net investment income		207		213		208		206		219	5.8%		618		634	2.6%
	Other revenues		3		2		3		3		3	0.0%		11		10	-9.1%
	Total operating revenues		272		277		273		270		282	3.7%		813		826	1.6%
	Operating expenses:
	Interest credited		118		119		123		123		124	5.1%		354		370	4.5%
	Benefits		-		-		-		1		-	NM		-		1	NM
	Commissions incurred		17		18		20		20		19	11.8%		54		59	9.3%
	Other expenses incurred		81		91		80		85		83	2.5%		236		248	5.1%
	Amounts capitalized		(8)		(9)		(7)		(7)		(6)	25.0%		(21)		(20)	4.8%
	Amortization		9		9		9		9		5	-44.4%		29		23	-20.7%
	Total operating expenses		217		228		225		231		225	3.7%		652		681	4.4%
	Income (loss) from operations before taxes		55		49		48		39		57	3.6%		161		145	-9.9%
	Federal income tax expense (benefit)		15		7		13		9		15	0.0%		43		38	-11.6%
	Income (loss) from operations	$	40	$	42	$	35	$	30	$	42	5.0%	$	118	$	107	-9.3%
	Effective Federal Income Tax Rate		26.7%		16.0%		26.8%		24.1%		27.3%			26.6%		26.3%
	Average Equity, Excluding Goodwill and AOCI	$	966	$	1,002	$	1,006	$	993	$	1,010	4.6%	$	961	$	1,003	4.4%
	ROE, Excluding Goodwill		16.6%		16.6%		14.0%		12.0%		16.4%			16.4%		14.2%
	Pre-tax Net Margin		35.5%		31.3%		32.1%		26.8%		36.2%			35.1%		31.8%
	Return on Average Account Values		30		31		26		22		31	1		30		26	(4)
	Average Account Values
	Separate account	$	15,471	$	15,218	$	15,275	$	15,391	$	14,529	-6.1%	$	15,273	$	15,062	-1.4%
	Mutual fund		22,582		22,732		22,499		23,505		23,103	2.3%		21,791		22,940	5.3%
	General account		15,565		15,789		16,244		16,368		16,552	6.3%		15,470		16,385	5.9%
	Net Flows – Trailing Twelve Months	$	(52)	$	(881)	$	(405)	$	(465)	$	(264)	NM	$	(52)	$	(264)	NM
Page 18

	Lincoln Financial Group
	Life Insurance – Select Earnings and Operational Data
	Unaudited (millions of dollars)
			As of or For the Three Months Ended										As of or For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Income (Loss) from Operations
	Operating revenues:
	Insurance premiums	$	153	$	133	$	149	$	160	$	166	8.5%	$	424	$	475	12.0%
	Fee income		651		656		649		647		890	36.7%		1,810		2,187	20.8%
	Net investment income		636		639		626		626		662	4.1%		1,892		1,913	1.1%
	Operating realized gain (loss)		-		1		-		2		-	NM		2		2	0.0%
	Other revenues		6		429		8		8		9	50.0%		18		23	27.8%
	Total operating revenues		1,446		1,858		1,432		1,443		1,727	19.4%		4,146		4,600	11.0%
	Operating expenses:
	Interest credited		337		341		338		345		344	2.1%		1,008		1,026	1.8%
	Benefits		550		825		650		673		578	5.1%		1,610		1,901	18.1%
	Commissions incurred		172		182		162		160		175	1.7%		508		497	-2.2%
	Other expenses incurred		173		196		185		183		182	5.2%		532		550	3.4%
	Amounts capitalized		(189)		(206)		(179)		(182)		(193)	-2.1%		(554)		(555)	-0.2%
	Amortization		177		240		120		112		595	236.2%		416		827	98.8%
	Total operating expenses		1,220		1,578		1,276		1,291		1,681	37.8%		3,520		4,246	20.6%
	Income (loss) from operations before taxes		226		280		156		152		46	-79.6%		626		354	-43.5%
	Federal income tax expense (benefit)		76		87		45		47		10	-86.8%		208		103	-50.5%
	Income (loss) from operations	$	150	$	193	$	111	$	105	$	36	-76.0%	$	418	$	251	-40.0%
	Effective Federal Income Tax Rate		33.4%		31.0%		28.8%		31.4%		22.5%			33.2%		29.1%
	Average Equity, Excluding Goodwill and AOCI	$	6,226	$	6,204	$	6,226	$	6,422	$	6,506	4.5%	$	6,101	$	6,384	4.6%
	ROE, Excluding Goodwill		9.7%		12.5%		7.1%		6.5%		2.2%			9.1%		5.2%
	Average Account Values	$	41,371	$	41,858	$	42,468	$	42,891	$	42,963	3.8%	$	40,866	$	42,774	4.7%
	In-Force Face Amount
	UL and other	$	322,416	$	324,356	$	324,815	$	326,026	$	328,115	1.8%	$	322,416	$	328,115	1.8%
	Term insurance		312,584		316,513		318,832		322,848		325,522	4.1%		312,584		325,522	4.1%
	Total in-force face amount	$	635,000	$	640,869	$	643,647	$	648,874	$	653,637	2.9%	$	635,000	$	653,637	2.9%
Page 19

	Lincoln Financial Group
	Group Protection – Select Earnings and Operational Data
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Income (Loss) from Operations
	Operating revenues:
	Insurance premiums	$	550	$	567	$	561	$	567	$	519	-5.6%	$	1,685	$	1,647	-2.3%
	Net investment income		45		46		43		47		48	6.7%		134		138	3.0%
	Other revenues		3		3		1		3		3	0.0%		10		7	-30.0%
	Total operating revenues		598		616		605		617		570	-4.7%		1,829		1,792	-2.0%
	Operating expenses:
	Interest credited		1		1		1		1		-	-100.0%		4		2	-50.0%
	Benefits		428		460		440		421		386	-9.8%		1,314		1,248	-5.0%
	Commissions incurred		68		70		66		69		62	-8.8%		202		197	-2.5%
	Other expenses incurred		87		111		94		93		95	9.2%		266		282	6.0%
	Amounts capitalized		(11)		(30)		(17)		(12)		(16)	-45.5%		(45)		(46)	-2.2%
	Amortization		13		14		31		15		17	30.8%		43		64	48.8%
	Total operating expenses		586		626		615		587		544	-7.2%		1,784		1,747	-2.1%
	Income (loss) from operations before taxes		12		(10)		(10)		30		26	116.7%		45		45	0.0%
	Federal income tax expense (benefit)		4		(3)		(4)		11		9	125.0%		16		16	0.0%
	Income (loss) from operations	$	8	$	(7)	$	(6)	$	19	$	17	112.5%	$	29	$	29	0.0%
	Effective Federal Income Tax Rate		35.0%		35.0%		35.0%		35.0%		35.0%			35.0%		35.0%
	Average Equity, Excluding Goodwill and AOCI	$	1,208	$	1,227	$	1,241	$	1,238	$	1,228	1.7%	$	1,183	$	1,236	4.5%
	ROE, Excluding Goodwill		2.6%		-2.1%		-2.1%		6.3%		5.4%			3.3%		3.2%
	Loss Ratios by Product Line
	Life		75.9%		75.5%		77.7%		72.0%		70.5%			77.3%		73.4%
	Disability		80.8%		89.2%		79.7%		75.4%		79.3%			79.0%		78.1%
	Dental		70.8%		68.6%		73.0%		72.3%		70.3%			72.0%		71.9%
	Total non-medical		77.6%		81.0%		78.1%		73.6%		74.5%			77.5%		75.4%
	Medical		90.6%		87.7%		89.5%		90.0%		78.7%			88.9%		90.3%
Page 20

	Lincoln Financial Group
	Other Operations and Discontinued Operations - Select Earnings and Operational Data
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Other Operations
	Operating revenues:
	Insurance premiums	$	-	$	5	$	-	$	1	$	11	NM	$	-	$	11	NM
	Net investment income		68		75		63		61		67	-1.5%		211		192	-9.0%
	Amortization of deferred gain on
	business sold through reinsurance		18		18		18		18		18	0.0%		54		53	-1.9%
	Media revenues		17		19		14		16		-	-100.0%		49		31	-36.7%
	Other revenues		-		-		-		-		-	NM		1		-	-100.0%
	Total operating revenues		103		117		95		96		96	-6.8%		315		287	-8.9%
	Operating expenses:
	Interest credited		22		20		21		20		20	-9.1%		74		61	-17.6%
	Benefits		28		34		27		30		52	85.7%		87		108	24.1%
	Media expenses		15		16		14		14		-	-100.0%		44		28	-36.4%
	Commissions and other expenses		16		20		9		22		50	212.5%		33		81	145.5%
	Interest and debt expenses		67		67		68		69		67	0.0%		201		204	1.5%
	Total operating expenses		148		157		139		155		189	27.7%		439		482	9.8%
	Income (loss) from operations before taxes		(45)		(40)		(44)		(59)		(93)	NM		(124)		(195)	-57.3%
	Federal income tax expense (benefit)		(16)		(14)		(17)		(21)		(28)	-75.0%		(44)		(68)	-54.5%
	Income (loss) from operations	$	(29)	$	(26)	$	(27)	$	(38)	$	(65)	NM	$	(80)	$	(127)	-58.8%
	Discontinued Operations
	Gain (loss) on disposal before taxes	$	-	$	1	$	-	$	-	$	-	NM	$	-	$	-	NM
	Federal income tax expense (benefit)		-		-		-		-		-	NM		-		-	NM
	Gain (loss) on disposal	$	-	$	1	$	-	$	-	$	-	NM	$	-	$	-	NM
Page 21

	Lincoln Financial Group
	Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	DAC and VOBA
	Balance as of beginning-of-period	$	8,149	$	8,372	$	8,207	$	8,156	$	9,150	12.3%	$	8,886	$	8,207	-7.6%
	Business acquired (sold) through reinsurance		2		-		-		15		2	0.0%		2		16	NM
	Deferrals		382		412		351		366		375	-1.8%		1,133		1,092	-3.6%
	Operating amortization		(265)		(358)		(261)		(237)		(675)	NM		(754)		(1,173)	-55.6%
	Deferrals, net of operating amortization		117		54		90		129		(300)	NM		379		(81)	NM
	Amortization associated with benefit ratio unlocking		1		(1)		(2)		1		14	NM		(1)		14	NM
	Adjustment related to realized (gains) losses		(27)		4		3		(15)		(24)	11.1%		(36)		(35)	2.8%
	Adjustment related to unrealized (gains) losses		130		(222)		(142)		864		24	-81.5%		(858)		745	186.8%
	Balance as of end-of-period	$	8,372	$	8,207	$	8,156	$	9,150	$	8,866	5.9%	$	8,372	$	8,866	5.9%
	DSI
	Balance as of beginning-of-period	$	244	$	242	$	240	$	235	$	244	0.0%	$	267	$	240	-10.1%
	Deferrals		3		3		7		8		5	66.7%		9		20	122.2%
	Operating amortization		(8)		(9)		(9)		(8)		(6)	25.0%		(27)		(24)	11.1%
	Deferrals, net of operating amortization		(5)		(6)		(2)		-		(1)	80.0%		(18)		(4)	77.8%
	Amortization associated with benefit ratio unlocking		-		-		-		-		1	NM		-		1	NM
	Adjustment related to realized (gains) losses		(3)		-		-		(1)		(1)	66.7%		(4)		(1)	75.0%
	Adjustment related to unrealized (gains) losses		6		4		(3)		10		2	-66.7%		(3)		9	NM
	Balance as of end-of-period	$	242	$	240	$	235	$	244	$	245	1.2%	$	242	$	245	1.2%
	DFEL
	Balance as of beginning-of-period	$	1,520	$	1,523	$	1,401	$	1,322	$	1,797	18.2%	$	1,938	$	1,401	-27.7%
	Deferrals		108		123		120		128		141	30.6%		279		389	39.4%
	Operating amortization		(125)		(121)		(76)		(73)		(306)	NM		(263)		(455)	-73.0%
	Deferrals, net of operating amortization		(17)		2		44		55		(165)	NM		16		(66)	NM
	Amortization associated with benefit ratio unlocking		-		-		-		-		2	NM		-		2	NM
	Adjustment related to realized (gains) losses		(1)		-		-		(2)		(3)	NM		(6)		(6)	0.0%
	Adjustment related to unrealized (gains) losses		21		(124)		(123)		422		(38)	NM		(425)		262	161.6%
	Balance as of end-of-period	$	1,523	$	1,401	$	1,322	$	1,797	$	1,593	4.6%	$	1,523	$	1,593	4.6%
Page 22

	Lincoln Financial Group
	Annuities – DAC, VOBA, DSI and DFEL Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	DAC and VOBA
	Balance as of beginning-of-period	$	2,810	$	2,951	$	3,063	$	3,088	$	3,248	15.6%	$	2,770	$	3,063	10.6%
	Deferrals		175		168		147		165		160	-8.6%		514		471	-8.4%
	Operating amortization		(66)		(95)		(100)		(101)		(58)	12.1%		(267)		(259)	3.0%
	Deferrals, net of operating amortization		109		73		47		64		102	-6.4%		247		212	-14.2%
	Amortization associated with benefit ratio unlocking		1		(1)		(2)		1		14	NM		(1)		14	NM
	Adjustment related to realized (gains) losses		(23)		9		7		(9)		(21)	8.7%		(21)		(22)	-4.8%
	Adjustment related to unrealized (gains) losses		54		31		(27)		104		31	-42.6%		(44)		107	NM
	Balance as of end-of-period	$	2,951	$	3,063	$	3,088	$	3,248	$	3,374	14.3%	$	2,951	$	3,374	14.3%
	DSI
	Balance as of beginning-of-period	$	234	$	231	$	227	$	221	$	228	-2.6%	$	259	$	227	-12.4%
	Deferrals		1		2		5		7		3	200.0%		4		15	275.0%
	Operating amortization		(7)		(9)		(9)		(8)		(6)	14.3%		(26)		(22)	15.4%
	Deferrals, net of operating amortization		(6)		(7)		(4)		(1)		(3)	50.0%		(22)		(7)	68.2%
	Amortization associated with benefit ratio unlocking		-		-		-		-		1	NM		-		1	NM
	Adjustment related to realized (gains) losses		(3)		-		-		(1)		(1)	66.7%		(4)		(1)	75.0%
	Adjustment related to unrealized (gains) losses		6		3		(2)		9		3	-50.0%		(2)		8	NM
	Balance as of end-of-period	$	231	$	227	$	221	$	228	$	228	-1.3%	$	231	$	228	-1.3%
	DFEL
	Balance as of beginning-of-period	$	262	$	263	$	266	$	266	$	265	1.1%	$	265	$	266	0.4%
	Deferrals		9		10		8		10		10	11.1%		25		28	12.0%
	Operating amortization		(6)		(7)		(8)		(9)		(8)	-33.3%		(22)		(26)	-18.2%
	Deferrals, net of operating amortization		3		3		-		1		2	-33.3%		3		2	-33.3%
	Amortization associated with benefit ratio unlocking		-		-		-		-		2	NM		-		2	NM
	Adjustment related to realized (gains) losses		(2)		-		-		(2)		(3)	-50.0%		(5)		(5)	0.0%
	Adjustment related to unrealized (gains) losses		-		-		-		-		-	NM		-		1	NM
	Balance as of end-of-period	$	263	$	266	$	266	$	265	$	266	1.1%	$	263	$	266	1.1%
Page 23

	Lincoln Financial Group
	Retirement Plan Services, Life Insurance and Group Protection – DAC, VOBA and DFEL Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	DAC and VOBA – Retirement Plan Services
	Balance as of beginning-of-period	$	135	$	147	$	148	$	148	$	183	35.6%	$	173	$	148	-14.5%
	Deferrals		8		9		7		7		6	-25.0%		21		20	-4.8%
	Operating amortization		(9)		(9)		(9)		(9)		(5)	44.4%		(29)		(23)	20.7%
	Deferrals, net of operating amortization		(1)		-		(2)		(2)		1	200.0%		(8)		(3)	62.5%
	Adjustment related to unrealized (gains) losses		13		1		2		37		1	-92.3%		(18)		40	NM
	Balance as of end-of-period	$	147	$	148	$	148	$	183	$	185	25.9%	$	147	$	185	25.9%
	DAC and VOBA – Life Insurance
	Balance as of beginning-of-period	$	4,970	$	5,043	$	4,749	$	4,686	$	5,489	10.4%	$	5,713	$	4,749	-16.9%
	Business acquired (sold) through reinsurance		2		-		-		15		2	0.0%		2		16	NM
	Deferrals		189		206		179		182		193	2.1%		554		555	0.2%
	Operating amortization		(177)		(240)		(120)		(112)		(595)	NM		(416)		(827)	-98.8%
	Deferrals, net of operating amortization		12		(34)		59		70		(402)	NM		138		(272)	NM
	Adjustment related to realized (gains) losses		(4)		(4)		(4)		(5)		(3)	25.0%		(14)		(12)	14.3%
	Adjustment related to unrealized (gains) losses		63		(256)		(118)		723		(8)	NM		(796)		597	175.0%
	Balance as of end-of-period	$	5,043	$	4,749	$	4,686	$	5,489	$	5,078	0.7%	$	5,043	$	5,078	0.7%
	DFEL – Life Insurance
	Balance as of beginning-of-period	$	1,258	$	1,259	$	1,135	$	1,056	$	1,532	21.8%	$	1,673	$	1,135	-32.2%
	Deferrals		100		114		111		119		131	31.0%		255		361	41.6%
	Operating amortization		(119)		(115)		(67)		(64)		(298)	NM		(241)		(429)	-78.0%
	Deferrals, net of operating amortization		(19)		(1)		44		55		(167)	NM		14		(68)	NM
	Adjustment related to realized (gains) losses		(1)		(1)		(1)		(1)		-	100.0%		(3)		(2)	33.3%
	Adjustment related to unrealized (gains) losses		21		(122)		(122)		422		(38)	NM		(425)		262	161.6%
	Balance as of end-of-period	$	1,259	$	1,135	$	1,056	$	1,532	$	1,327	5.4%	$	1,259	$	1,327	5.4%
	DAC and VOBA – Group Protection
	Balance as of beginning-of-period	$	234	$	232	$	248	$	234	$	231	-1.3%	$	230	$	248	7.8%
	Deferrals		11		30		17		12		16	45.5%		45		46	2.2%
	Operating amortization		(13)		(14)		(31)		(15)		(17)	-30.8%		(43)		(64)	-48.8%
	Deferrals, net of operating amortization		(2)		16		(14)		(3)		(1)	50.0%		2		(18)	NM
	Balance as of end-of-period	$	232	$	248	$	234	$	231	$	230	-0.9%	$	232	$	230	-0.9%
Page 24

	Lincoln Financial Group
	Annuities – Account Value Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Fixed Annuities
	Balance as of beginning-of-period	$	18,875	$	18,746	$	18,661	$	18,651	$	18,597	-1.5%	$	18,552	$	18,661	0.6%
	Gross deposits		227		206		293		365		566	149.3%		1,052		1,224	16.3%
	Withdrawals and deaths		(475)		(481)		(454)		(543)		(525)	-10.5%		(1,359)		(1,522)	-12.0%
	Net flows		(248)		(275)		(161)		(178)		41	116.5%		(307)		(298)	2.9%
	Reinvested interest credited		118		188		146		117		31	-73.7%		497		294	-40.8%
	Sales inducements deferred		1		2		5		7		3	200.0%		4		15	275.0%
	Balance as of end-of-period, gross		18,746		18,661		18,651		18,597		18,672	-0.4%		18,746		18,672	-0.4%
	Reinsurance ceded		(714)		(693)		(676)		(662)		(645)	9.7%		(714)		(645)	9.7%
	Balance as of end-of-period, net	$	18,032	$	17,968	$	17,975	$	17,935	$	18,027	0.0%	$	18,032	$	18,027	0.0%
	Variable Annuities
	Balance as of beginning-of-period	$	103,043	$	102,238	$	104,073	$	106,279	$	106,600	3.5%	$	97,298	$	104,073	7.0%
	Gross deposits		3,226		3,175		2,697		3,015		2,738	-15.1%		9,346		8,451	-9.6%
	Withdrawals and deaths		(2,413)		(2,345)		(2,340)		(2,440)		(2,243)	7.0%		(6,948)		(7,024)	-1.1%
	Net flows		813		830		357		575		495	-39.1%		2,398		1,427	-40.5%
	Change in market value and reinvestment		(1,618)		1,005		1,849		(254)		(6,514)	NM		2,542		(4,919)	NM
	Balance as of end-of-period, gross		102,238		104,073		106,279		106,600		100,581	-1.6%		102,238		100,581	-1.6%
	Reinsurance ceded		-		-		-		-		(1)	NM		-		(1)	NM
	Balance as of end-of-period, net	$	102,238	$	104,073	$	106,279	$	106,600	$	100,580	-1.6%	$	102,238	$	100,580	-1.6%
	Total
	Balance as of beginning-of-period	$	121,918	$	120,984	$	122,734	$	124,930	$	125,197	2.7%	$	115,850	$	122,734	5.9%
	Gross deposits		3,453		3,381		2,990		3,380		3,304	-4.3%		10,398		9,675	-7.0%
	Withdrawals and deaths		(2,888)		(2,826)		(2,794)		(2,983)		(2,768)	4.2%		(8,307)		(8,546)	-2.9%
	Net flows		565		555		196		397		536	-5.1%		2,091		1,129	-46.0%
	Change in market value and reinvestment		(1,500)		1,193		1,995		(137)		(6,483)	NM		3,039		(4,625)	NM
	Sales inducements deferred		1		2		5		7		3	200.0%		4		15	275.0%
	Balance as of end-of-period, gross		120,984		122,734		124,930		125,197		119,253	-1.4%		120,984		119,253	-1.4%
	Reinsurance ceded		(714)		(693)		(676)		(662)		(646)	9.5%		(714)		(646)	9.5%
	Balance as of end-of-period, net	$	120,270	$	122,041	$	124,254	$	124,535	$	118,607	-1.4%	$	120,270	$	118,607	-1.4%
Page 25

	Lincoln Financial Group
	Retirement Plan Services – Account Value Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Small Market
	Balance as of beginning-of-period	$	8,521	$	8,459	$	8,574	$	8,676	$	8,643	1.4%	$	8,203	$	8,574	4.5%
	Gross deposits		449		485		453		451		530	18.0%		1,328		1,433	7.9%
	Withdrawals and deaths		(376)		(505)		(472)		(449)		(442)	-17.6%		(1,275)		(1,362)	-6.8%
	Net flows		73		(20)		(19)		2		88	20.5%		53		71	34.0%
	Transfers between fixed and variable accounts		1		7		2		(10)		1	0.0%		1		(7)	NM
	Change in market value and reinvestment		(136)		128		119		(25)		(482)	NM		202		(388)	NM
	Balance as of end-of-period	$	8,459	$	8,574	$	8,676	$	8,643	$	8,250	-2.5%	$	8,459	$	8,250	-2.5%
	Mid – Large Market
	Balance as of beginning-of-period	$	28,107	$	28,062	$	28,067	$	29,040	$	29,622	5.4%	$	26,468	$	28,067	6.0%
	Gross deposits		1,023		1,716		1,116		1,279		1,214	18.7%		3,394		3,610	6.4%
	Withdrawals and deaths		(799)		(2,370)		(729)		(724)		(855)	-7.0%		(2,709)		(2,307)	14.8%
	Net flows		224		(654)		387		555		359	60.3%		685		1,303	90.2%
	Transfers between fixed and variable accounts		(13)		(6)		(15)		13		14	207.7%		3		11	266.7%
	Change in market value and reinvestment		(256)		665		601		14		(1,398)	NM		906		(784)	NM
	Balance as of end-of-period	$	28,062	$	28,067	$	29,040	$	29,622	$	28,597	1.9%	$	28,062	$	28,597	1.9%
	Multi-Fund®and Other
	Balance as of beginning-of-period	$	17,120	$	16,841	$	16,898	$	16,916	$	16,724	-2.3%	$	16,947	$	16,898	-0.3%
	Gross deposits		139		131		135		132		140	0.7%		461		407	-11.7%
	Withdrawals and deaths		(386)		(393)		(388)		(383)		(336)	13.0%		(1,144)		(1,108)	3.1%
	Net flows		(247)		(262)		(253)		(251)		(196)	20.6%		(683)		(701)	-2.6%
	Change in market value and reinvestment		(32)		319		271		59		(531)	NM		577		(200)	NM
	Balance as of end-of-period	$	16,841	$	16,898	$	16,916	$	16,724	$	15,997	-5.0%	$	16,841	$	15,997	-5.0%
	Total
	Balance as of beginning-of-period	$	53,748	$	53,362	$	53,539	$	54,632	$	54,989	2.3%	$	51,618	$	53,539	3.7%
	Gross deposits		1,611		2,332		1,704		1,862		1,884	16.9%		5,183		5,450	5.2%
	Withdrawals and deaths		(1,561)		(3,268)		(1,589)		(1,556)		(1,633)	-4.6%		(5,128)		(4,777)	6.8%
	Net flows		50		(936)		115		306		251	NM		55		673	NM
	Transfers between fixed and variable accounts		(12)		1		(13)		3		15	225.0%		4		4	0.0%
	Change in market value and reinvestment		(424)		1,112		991		48		(2,411)	NM		1,685		(1,372)	NM
	Balance as of end-of-period	$	53,362	$	53,539	$	54,632	$	54,989	$	52,844	-1.0%	$	53,362	$	52,844	-1.0%
Page 26

	Lincoln Financial Group
	Life Insurance – Account Value Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Interest-Sensitive Life
	Balance as of beginning-of-period	$	34,094	$	34,315	$	34,612	$	34,753	$	34,930	2.5%	$	33,721	$	34,612	2.6%
	Deposits		934		1,029		921		964		1,012	8.4%		2,693		2,897	7.6%
	Withdrawals and deaths		(259)		(256)		(299)		(299)		(214)	17.4%		(804)		(812)	-1.0%
	Net flows		675		773		622		665		798	18.2%		1,889		2,085	10.4%
	Contract holder assessments		(791)		(819)		(814)		(830)		(855)	-8.1%		(2,296)		(2,499)	-8.8%
	Reinvested interest credited		337		343		333		342		340	0.9%		1,001		1,015	1.4%
	Balance as of end-of-period, gross		34,315		34,612		34,753		34,930		35,213	2.6%		34,315		35,213	2.6%
	Reinsurance ceded		(793)		(784)		(782)		(773)		(770)	2.9%		(793)		(770)	2.9%
	Balance as of end-of-period, net	$	33,522	$	33,828	$	33,971	$	34,157	$	34,443	2.7%	$	33,522	$	34,443	2.7%
	VUL
	Balance as of beginning-of-period	$	8,842	$	8,854	$	9,263	$	9,635	$	9,766	10.5%	$	8,094	$	9,263	14.4%
	Deposits		351		445		390		380		388	10.5%		1,166		1,158	-0.7%
	Withdrawals and deaths		(92)		(122)		(124)		(116)		(167)	-81.5%		(373)		(407)	-9.1%
	Net flows		259		323		266		264		221	-14.7%		793		751	-5.3%
	Contract holder assessments		(119)		(128)		(130)		(127)		(132)	-10.9%		(349)		(390)	-11.7%
	Change in market value and reinvestment		(128)		214		236		(6)		(642)	NM		316		(411)	NM
	Balance as of end-of-period, gross		8,854		9,263		9,635		9,766		9,213	4.1%		8,854		9,213	4.1%
	Reinsurance ceded		(872)		(878)		(882)		(864)		(788)	9.6%		(872)		(788)	9.6%
	Balance as of end-of-period, net	$	7,982	$	8,385	$	8,753	$	8,902	$	8,425	5.5%	$	7,982	$	8,425	5.5%
	Total
	Balance as of beginning-of-period	$	42,936	$	43,169	$	43,875	$	44,388	$	44,696	4.1%	$	41,815	$	43,875	4.9%
	Deposits		1,285		1,474		1,311		1,344		1,400	8.9%		3,859		4,055	5.1%
	Withdrawals and deaths		(351)		(378)		(423)		(415)		(381)	-8.5%		(1,177)		(1,219)	-3.6%
	Net flows		934		1,096		888		929		1,019	9.1%		2,682		2,836	5.7%
	Contract holder assessments		(910)		(947)		(944)		(957)		(987)	-8.5%		(2,645)		(2,889)	-9.2%
	Change in market value and reinvestment		209		557		569		336		(302)	NM		1,317		604	-54.1%
	Balance as of end-of-period, gross		43,169		43,875		44,388		44,696		44,426	2.9%		43,169		44,426	2.9%
	Reinsurance ceded		(1,665)		(1,662)		(1,664)		(1,637)		(1,558)	6.4%		(1,665)		(1,558)	6.4%
	Balance as of end-of-period, net	$	41,504	$	42,213	$	42,724	$	43,059	$	42,868	3.3%	$	41,504	$	42,868	3.3%
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	Lincoln Financial Group
	Select Non-GAAP to GAAP Reconciliations
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/14		12/31/14		3/31/15		6/30/15		9/30/15		Change	9/30/14		9/30/15		Change
	Revenues
	Operating revenues	$	3,363	$	3,834	$	3,394	$	3,417	$	3,735	11.1%	$	9,882	$	10,546	6.7%
	Excluded realized gain (loss)		47		(149)		(91)		(37)		(18)	NM		(15)		(146)	NM
	Amortization of DFEL on benefit ratio unlocking		-		-		-		-		(2)	NM		-		(2)	NM
	Amortization of deferred gains arising from reserve
	changes on business sold through reinsurance		1		1		1		1		1	0.0%		2		2	0.0%
	Total revenues	$	3,411	$	3,686	$	3,304	$	3,381	$	3,716	8.9%	$	9,869	$	10,400	5.4%
	Excluded Realized Gain (Loss) Net of
	Benefit Ratio Unlocking, After-Tax
	Total excluded realized gain (loss)	$	31	$	(96)	$	(60)	$	(23)	$	(11)	NM	$	(10)	$	(95)	NM
	Benefit ratio unlocking		(6)		4		8		(4)		(51)	NM		2		(48)	NM
	Net gain (loss), after-tax	$	25	$	(92)	$	(52)	$	(27)	$	(62)	NM	$	(8)	$	(143)	NM
	Net Income
	Income (loss) from operations	$	414	$	439	$	352	$	371	$	289	-30.2%	$	1,173	$	1,013	-13.6%
	Excluded realized gain (loss)		31		(96)		(60)		(23)		(11)	NM		(10)		(95)	NM
	Benefit ratio unlocking		(6)		4		8		(4)		(51)	NM		2		(48)	NM
	Income (loss) from reserve changes (net of related
	amortization) on business sold through reinsurance		-		-		-		-		-	NM		1		1	0.0%
	Income (loss) from discontinued operations		-		1		-		-		-	NM		-		-	NM
	Net income (loss)	$	439	$	348	$	300	$	344	$	227	-48.3%	$	1,166	$	871	-25.3%
	Earnings (Loss) Per Common Share – Diluted
	Income (loss) from operations	$	1.56	$	1.67	$	1.35	$	1.46	$	1.11	-28.8%	$	4.36	$	3.92	-10.1%
	Excluded realized gain (loss)		0.11		(0.36)		(0.23)		(0.09)		(0.04)	NM		(0.03)		(0.36)	NM
	Benefit ratio unlocking		(0.02)		0.01		0.03		(0.02)		(0.20)	NM		0.01		(0.19)	NM
	Net income (loss)	$	1.65	$	1.32	$	1.15	$	1.35	$	0.87	-47.3%	$	4.34	$	3.37	-22.4%
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