Document

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 beginning on page 22.

Adjusted Income (Loss) From Operations

Adjusted income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable:

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), including gains and losses and benefit payments (“MRB-related impacts”), changes in the fair

value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders, net of fee income allocated to support the cost of hedging them,

and changes in the fair value of the embedded derivative liabilities of our indexed annuity contracts and the associated index options we hold to hedge them, including collateral expense associated with

the hedge program (collectively, “net annuity product features”);

• Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance (“VUL”) hedging, changes in reserves resulting

from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance (“IUL”) contracts

and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

• Credit loss-related adjustments on fixed maturity available for sale (“AFS”) securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

• Changes in the fair value of equity securities, certain derivatives, certain other investments and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment

gains (losses)”);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related

embedded derivatives, trading securities and certain mortgage loans”);

• Income (loss) from the initial adoption of new accounting standards, regulations and policy changes;

• Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

• Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business;

• Gains (losses) on modification or early extinguishment of debt;

• Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; and

• Income (loss) from discontinued operations.

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends and the adjustment for deferred

units of LNC stock in our deferred compensation plans.

Adjusted Operating Revenues

Adjusted operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:

• Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the

embedded derivative liabilities of our indexed annuity and indexed universal life insurance contracts and the associated index options we hold to hedge them (“revenue adjustments from annuity and

life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;

• Revenue adjustments from the initial adoption of new accounting standards; and

• Amortization of deferred gains arising from reserve changes on business sold through reinsurance.

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 adjusted operating revenues and adjusted income (loss)

from operations provide investors with more valuable measures of our performance as they better reveal trends in our business.

Lincoln Financial Group

Notes

Non-GAAP Performance Measures, Continued

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding AOCI and preferred stock is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates market

movements that are unpredictable and can fluctuate significantly from period to period, primarily related to changes in interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Adjusted Stockholders’ Equity

For presented periods prior to January 1, 2023, adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock and MRB-related impacts. For periods beginning on or after January 1, 2023,

adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, MRB-related impacts and GLB and GDB hedged instruments gains (losses), to align to updates made to our variable

annuity hedge program effective January 1, 2023. Management believes this metric is useful to investors because it eliminates the effect of market movements that are unpredictable and can fluctuate significantly

from period to period, primarily related to changes in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Book Value per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. 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. Management believes book value per share, excluding AOCI, is useful to investors because it

eliminates the effect of items that are unpredictable and can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP

measure.

Adjusted Book Value per Share

Adjusted book value per share is calculated by dividing stockholders’ equity, excluding AOCI, preferred stock and MRB-related impacts, by common shares outstanding. We provide adjusted book value per share

to enable investors to analyze the amount of our net worth that is attributable primarily to our business operations. Management believes adjusted book value per share is useful to investors because it eliminates

the effect of items that are unpredictable and can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates. Book value per share is the most directly

comparable GAAP measure.

Adjusted Income (Loss) From Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE

Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE is calculated by dividing annualized adjusted income (loss) from operations available

to common stockholders by average stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates the effect of market movements

on ROE that are unpredictable and can fluctuate significantly from period to period, primarily related to changes in interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Adjusted Income (Loss) From Operations ROE

Adjusted income (loss) from operations ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders’ equity.

Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that are unpredictable and can fluctuate significantly from period to period, primarily

related to changes in equity markets and interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Management believes that the non-GAAP measures discussed above allow 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.

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.

• We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation. In addition, for any period where a net loss or adjusted loss from operations is experienced, shares

used in the diluted EPS calculation represent basic shares, as the use of diluted shares would result in a lower loss per share.

• Pre-tax net margin is calculated by dividing adjusted income (loss) from operations before taxes by net revenue, which is defined as total adjusted operating revenues less interest credited.

Lincoln Financial Group

Notes

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.

Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. See adjusted income (loss) from operations ROE and adjusted income (loss) from

operations available to common stockholders, excluding AOCI and preferred stock ROE metrics on page 1b for further information on how these metrics are calculated. Management evaluates consolidated

ROE by both including and excluding the effect of average goodwill.

Leverage ratio is a measure that we use to monitor the level of our debt relative to our total capitalization. Debt used in this metric reflects total debt and preferred stock adjusted for certain items.

Total capitalization reflects debt used in the numerator of this ratio and stockholders' equity adjusted for certain items.

Indexed variable annuities are referred to as registered index-linked annuities (“RILA”).

Sales as reported consist of the following:

• Annuities and Retirement Plan Services – deposits from new and existing customers;

• Universal life insurance (“UL”), IUL, VUL – first-year commissionable premiums plus 5% of excess premiums received;

• MoneyGuard® linked-benefit products – MoneyGuard® (UL), 15% of total expected premium deposits, and MoneyGuard Market AdvantageSM (VUL), 150% of commissionable premiums;

• Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of

single premium deposits;

• Term – 100% of annualized first-year premiums; and

• Group Protection – annualized first-year premiums from new policies.

Statistical Supplement is Dated

This document is dated February 8, 2024, and has not been updated since that date. Lincoln Financial Group does not intend to update this document.


Lincoln Financial Group
Consolidated Statements of Income (Loss)
Unaudited (millions of dollars, except per share data)

		For the Three Months Ended												For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
Revenues
Insurance premiums	$	1,564	$	1,579	$	1,612	$	1,566	$	(1,086)	NM		$	6,087	$	3,672	-39.7	%
Fee income		1,354		1,379		1,365		1,363		1,361	0.5	%		5,604		5,467	-2.4	%
Net investment income		1,412		1,466		1,508		1,494		1,411	-0.1	%		5,514		5,879	6.6	%



Realized gain (loss)		(692)		(828)		(1,784)		(453)		(1,245)	-79.9	%		840		(4,311)	NM
Amortization of deferred gain (loss) on business
sold through reinsurance		10		9		9		15		4	-60.0	%		43		38	-11.6	%
Other revenues		193		209		219		218		255	32.1	%		722		900	24.7	%
Total revenues		3,841		3,814		2,929		4,203		700	-81.8	%		18,810		11,645	-38.1	%

Expenses
Benefits		2,220		2,291		2,192		2,152		(497)	NM			8,479		6,138	-27.6	%
Interest credited		744		785		808		831		824	10.8	%		2,877		3,248	12.9	%
Market risk benefit (gain) loss		(1,567)		619		(2,023)		(1,428)		568	136.2	%		(3,246)		(2,264)	30.3	%
Policyholder liability remeasurement (gain) loss		(52)		(118)		(110)		159		(84)	-61.5	%		2,766		(152)	NM
Commissions and other expenses		1,385		1,300		1,335		1,335		1,369	-1.2	%		5,125		5,339	4.2	%
Interest and debt expense		77		83		84		84		81	5.2	%		283		331	17.0	%
Spark program expense		49		24		41		36		52	6.1	%		167		153	-8.4	%
Impairment of intangibles		—		—		—		—		—	NM			634		—	-100.0	%
Total expenses		2,856		4,984		2,327		3,169		2,313	-19.0	%		17,085		12,793	-25.1	%
Income (loss) before taxes		985		(1,170)		602		1,034		(1,613)	NM			1,725		(1,148)	NM
Federal income tax expense (benefit)		173		(289)		91		181		(378)	NM			367		(396)	NM


Net income (loss)		812		(881)		511		853		(1,235)	NM			1,358		(752)	NM
Preferred stock dividends declared		—		(25)		(11)		(34)		(11)	NM			—		(82)	NM
Adjustment for deferred units of LNC stock
in our deferred compensation plans		(5)		(3)		2		—		—	100.0	%		(13)		(1)	92.3	%
Net income (loss) available to common
stockholders – diluted	$	807	$	(909)	$	502	$	819	$	(1,246)	NM		$	1,345	$	(835)	NM

Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	4.73	$	(5.37)	$	2.94	$	4.79	$	(7.35)	NM		$	7.78	$	(4.92)	NM


Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	79,023	$	80,448	$	79,307	$	76,001	$	69,657	-11.9%
U.S. government bonds		379		383		371		373		393	3.7%
State and municipal bonds		5,070		5,257		5,074		4,770		2,790	-45.0%
Foreign government bonds		318		309		281		273		283	-11.0%
Residential mortgage-backed securities		2,009		2,050		2,015		1,928		1,773	-11.7%
Commercial mortgage-backed securities		1,674		1,671		1,684		1,701		1,424	-14.9%
Asset-backed securities		10,904		11,458		11,793		12,393		12,171	11.6%
Hybrid and redeemable preferred securities		359		360		365		365		247	-31.2%


Total fixed maturity AFS securities, net of allowance for credit losses		99,736		101,936		100,890		97,804		88,738	-11.0%
Trading securities		3,498		3,266		2,943		2,788		2,359	-32.6%
Equity securities		427		414		403		383		306	-28.3%
Mortgage loans on real estate, net of allowance for credit losses		18,301		18,327		18,460		18,751		18,963	3.6%

Policy loans		2,359		2,383		2,423		2,428		2,476	5.0%
Derivative investments		3,594		4,005		5,155		5,790		6,474	80.1%
Other investments		3,739		3,892		4,195		4,551		5,015	34.1%
Total investments		131,654		134,223		134,469		132,495		124,331	-5.6%
Cash and invested cash		3,343		3,766		3,768		2,529		3,365	0.7%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,235		12,277		12,316		12,341		12,397	1.3%

Reinsurance recoverables, net of allowance for credit losses		19,953		19,827		19,571		18,924		29,843	49.6%


Deposit assets, net of allowance for credit losses		11,628		12,249		12,308		12,494		28,789	147.6%
Market risk benefit assets		2,807		3,445		3,906		4,108		3,894	38.7%
Accrued investment income		1,253		1,277		1,277		1,372		1,082	-13.6%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		7,193		7,050		7,166		7,744		9,311	29.4%
Separate account assets		143,536		148,421		153,246		145,810		158,257	10.3%
Total assets	$	334,746	$	343,679	$	349,171	$	338,961	$	372,413	11.3%


Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	114,435	$	116,167	$	117,598	$	117,210	$	120,737	5.5	%
Future contract benefits		38,826		39,757		39,711		39,362		39,864	2.7	%
Funds withheld reinsurance liabilities		2,256		2,308		2,352		2,397		14,336	NM
Market risk benefit liabilities		2,078		1,976		1,548		1,385		1,716	-17.4	%

Deferred front-end loads		5,091		5,291		5,494		5,695		5,901	15.9	%
Payables for collateral on investments		6,712		6,803		7,062		8,046		8,105	20.8	%
Short-term debt		500		500		500		—		250	-50.0	%
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 6 for details)		867		867		867		867		867	0.0%
Financial		5,088		5,107		5,087		5,038		4,832	-5.0	%




Other liabilities		10,255		9,750		9,887		9,952		10,655	3.9	%






Separate account liabilities		143,536		148,421		153,246		145,810		158,257	10.3	%
Total liabilities		329,644		336,947		343,352		335,762		365,520	10.9	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,544		4,560		4,575		4,591		4,605	1.3	%
Retained earnings		5,924		4,940		5,362		6,102		4,778	-19.3	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(8,528)		(6,754)		(7,267)		(10,163)		(4,813)	43.6	%



Market risk benefit non-performance risk gain (loss)		1,741		2,766		1,842		998		1,070	-38.5	%
Policyholder liability discount rate remeasurement gain (loss)		747		545		657		1,021		587	-21.4	%
Foreign currency translation adjustment		(34)		(31)		(26)		(32)		(26)	23.5	%
Funded status of employee benefit plans		(278)		(280)		(310)		(304)		(294)	-5.8	%
Total accumulated other comprehensive income (loss)		(6,352)		(3,754)		(5,104)		(8,480)		(3,476)	45.3	%
Total stockholders’ equity		5,102		6,732		5,819		3,199		6,893	35.1	%
Total liabilities and stockholders’ equity	$	334,746	$	343,679	$	349,171	$	338,961	$	372,413	11.3	%


Lincoln Financial Group
Earnings, Shares and Return on Equity
Unaudited (millions of dollars, except per share data)

																			As of or For the
		As of or For the Three Months Ended																	Twelve Months Ended
		12/31/22			3/31/23			6/30/23			9/30/23			12/31/23		Change			12/31/22			12/31/23		Change
Income (Loss)
Net income (loss)	$	812		$	(881)		$	511		$	853		$	(1,235)		NM		$	1,358		$	(752)		NM
Pre-tax adjusted income (loss) from operations		127			310			403			47			276		117.3	%		(1,638)			1,036		163.2	%
After-tax adjusted income (loss) from operations (1)		134			288			354			73			258		92.5	%		(1,167)			973		183.4	%
Adjusted operating tax rate		-5.5	%		7.2	%		12.2	%		-56.2	%		6.7	%				28.8	%		6.1	%
Adjusted income (loss) from operations available to
common stockholders		129			260			343			39			246		90.7	%		(1,180)			890		175.4	%







ROE
Net income (loss) ROE		82.3	%		-59.6	%		32.6	%		75.7	%		-97.9	%				14.0	%		-13.8	%
Adjusted income (loss) from operations available to
common stockholders, excluding AOCI and preferred
stock ROE		5.1	%		10.4	%		14.1	%		1.5	%		9.8	%				-11.0	%		8.9	%
Adjusted income (loss) from operations ROE		4.6	%		9.3	%		12.4	%		1.4	%		9.3	%				-9.2	%		8.2	%

Per Common Share
Net income (loss) (diluted)	$	4.73		$	(5.37)		$	2.94		$	4.79		$	(7.35)		NM		$	7.78		$	(4.92)		NM
Adjusted income (loss) from operations (diluted) (2)		0.76			1.52			2.02			0.23			1.45		90.8	%		(6.90)			5.22		175.7	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			1.80			1.80		0.0%

Book Value Per Common Share
Book value per share	$	24.32		$	33.89		$	28.49		$	13.04		$	34.81		43.1	%	$	24.32		$	34.81		43.1	%

Book value per share, excluding AOCI (3)		61.86			56.04			58.58			63.03			55.30		-10.6	%		61.86			55.30		-10.6	%
Adjusted book value per share (3)		65.72			66.05			64.37			63.53			61.21		-6.9	%		65.72			61.21		-6.9	%

Common Shares
Repurchased during the period		—			—			—			—			—		NM			8.7			—		-100.0	%
End-of-period – basic		169.2			169.5			169.6			169.7			169.7		NM			169.2			169.7		NM
Average for the period – basic		169.2			169.4			169.6			169.6			169.7		NM			171.0			169.6		-0.8	%
End-of-period – diluted		170.5			170.5			170.0			171.0			170.6		NM			170.5			170.6		NM
Average for the period – diluted		170.6			170.5			169.9			170.9			170.4		NM			172.7			170.7		NM

(1) See reconciliation to net income (loss) on page 22.
(2) See reconciliation to earnings (loss) per common share - diluted on page 23.
(3) See reconciliation to stockholders’ equity and book value per common share on page 24.


Lincoln Financial Group
Key Stakeholder Metrics
Unaudited (millions of dollars, except per share data)

	As of or For the Three Months Ended																	For the Twelve Months Ended
		12/31/22			3/31/23			6/30/23			9/30/23			12/31/23		Change			12/31/22		12/31/23	Change
Cash Returned to Common Stockholders
Shares repurchased	$	—		$	—		$	—		$	—		$	—		NM		$	550	$	—	-100.0	%
Common dividends		76			76			76			76			76		0.0%			310		305	-1.6	%
Total cash returned to common stockholders	$	76		$	76		$	76		$	76		$	76		0.0%		$	860	$	305	-64.5	%

Cash Returned to Preferred Stockholders - Dividends	$	—		$	25		$	11		$	34		$	11		NM		$	—	$	82	NM

Leverage Ratio
Short-term debt	$	500		$	500		$	500		$	—		$	250		-50.0	%
Long-term debt		5,955			5,974			5,954			5,905			5,699		-4.3	%
Total debt (1)		6,455			6,474			6,454			5,905			5,949		-7.8	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		7,441			7,460			7,440			6,891			6,935		-6.8	%







Less:
Operating debt (2)		867			867			867			867			867		0.0%
Pre-funding of upcoming debt maturities		500			500			500			—			—		-100.0	%
25% of capital securities and subordinated notes		302			302			302			302			302		0.0%
50% of preferred stock		493			493			493			493			493		0.0%
Carrying value of fair value hedges and other items		164			182			161			111			154		-6.1	%
Total numerator	$	5,115		$	5,116		$	5,117		$	5,118		$	5,119		0.1	%

Adjusted stockholders’ equity (3)	$	11,120		$	11,197		$	10,918		$	10,778		$	10,385		NM
Less:
Reinsurance-related embedded derivative - Fortitude Re (4)		—			—			—			—			(623)		NM
Add:
25% of capital securities and subordinated notes		302			302			302			302			302		NM
50% of preferred stock		493			493			493			493			493		NM
Total numerator		5,115			5,116			5,117			5,118			5,119		NM
Total denominator	$	17,030		$	17,108		$	16,830		$	16,691		$	16,922		NM

Leverage ratio		30.0	%		29.9	%		30.4	%		30.7	%		30.2	%

Holding Company Available Liquidity (5)	$	960		$	954		$	957		$	455		$	458		-52.3	%


(1) Excludes obligations under finance leases and certain financing arrangements of $622 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.
(3) See reconciliation to stockholders’ equity on page 24.
(4) Adjusts for changes in the fair value of embedded derivative related to the Fortitude Re reinsurance transaction effective in the fourth quarter of 2023.




(5) Holding company available liquidity presented for the quarters ended 12/31/2022, 3/31/2023 and 6/30/2023 includes $500 million pre-funding used to repay
$500 million of debt that matured in the third quarter of 2023.


Lincoln Financial Group
Select Earnings Drivers By Segment
Unaudited (millions of dollars)

	For the Three Months Ended													For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
Annuities
Operating revenues	$	1,125	$	1,141	$	1,190	$	1,197	$	(525)	NM		$	4,481	$	3,002	-33.0	%
Deposits		3,198		3,164		2,560		2,737		4,359	36.3	%		11,832		12,820	8.4	%
Net flows		152		(331)		(1,108)		(874)		278	82.9	%		(337)		(2,034)	NM



Average account balances, net of reinsurance		142,099		146,331		148,260		151,312		147,419	3.7	%		149,591		148,206	-0.9	%
Alternative investment income (1)		1		3		6		4		4	300.0	%		7		17	142.9	%

Life Insurance
Operating revenues	$	1,688	$	1,757	$	1,760	$	1,723	$	1,667	-1.2	%	$	6,747	$	6,907	2.4	%
Deposits		1,605		1,320		1,333		1,272		1,458	-9.2	%		5,821		5,385	-7.5	%
Net flows		1,149		852		932		821		1,013	-11.8	%		4,123		3,618	-12.2	%
Average account balances, net of reinsurance		47,963		49,100		50,049		50,130		45,608	-4.9	%		49,036		48,722	-0.6	%
Average in-force face amount		1,061,415		1,075,614		1,081,795		1,085,253		1,087,535	2.5	%		1,023,828		1,082,549	5.7	%
Alternative investment income (1)		9		46		68		44		49	NM			47		207	NM

Group Protection
Operating revenues	$	1,346	$	1,388	$	1,400	$	1,388	$	1,387	3.0	%	$	5,303	$	5,563	4.9	%
Insurance premiums		1,213		1,251		1,263		1,251		1,250	3.1	%		4,768		5,014	5.2	%
Alternative investment income (1)		1		2		3		2		2	100.0	%		5		9	80.0	%

Retirement Plan Services
Operating revenues	$	325	$	328	$	334	$	327	$	322	-0.9	%	$	1,274	$	1,310	2.8	%
Deposits		2,973		3,209		2,897		2,700		2,972	0.0%			12,902		11,778	-8.7	%
Net flows		51		535		201		(272)		(332)	NM			2,696		132	-95.1	%
Average account balances		87,987		91,457		94,099		96,473		96,045	9.2	%		90,960		94,520	3.9	%
Alternative investment income (1)		1		2		3		2		3	200.0	%		4		10	150.0	%

Consolidated
Adjusted operating revenues (2)	$	4,531	$	4,657	$	4,730	$	4,673	$	1,967	-56.6	%	$	17,963	$	16,027	-10.8	%
Deposits		7,776		7,693		6,790		6,709		8,789	13.0	%		30,555		29,983	-1.9	%
Net flows		1,352		1,056		25		(325)		959	-29.1	%		6,482		1,716	-73.5	%
Average account balances, net of reinsurance		278,049		286,888		292,408		297,915		289,072	4.0	%		289,587		291,448	0.6	%
Alternative investment income (1)		12		53		80		52		58	NM			63		243	285.7	%

(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have a limited economic interest in
the investments.
(2) See reconciliation to total revenues on page 23.


Lincoln Financial Group
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Twelve Months Ended
		12/31/22			3/31/23			6/30/23			9/30/23			12/31/23		Change			12/31/22			12/31/23		Change
Sales
Annuities:
RILA	$	1,211		$	1,147		$	1,123		$	1,069		$	986		-18.6	%	$	4,726		$	4,325		-8.5	%

Other variable without GLBs		303			255			341			359			362		19.5	%		1,701			1,317		-22.6	%
Other variable with GLBs		432			445			494			530			579		34.0	%		2,121			2,048		-3.4	%
Total variable		1,946			1,847			1,958			1,958			1,927		-1.0	%		8,548			7,690		-10.0	%
Fixed		1,264			1,317			624			770			2,438		92.9	%		3,331			5,150		54.6	%

Total Annuities	$	3,210		$	3,164		$	2,582		$	2,728		$	4,365		36.0	%	$	11,879		$	12,840		8.1	%

Life Insurance:
IUL/UL	$	41		$	34		$	28		$	23		$	34		-17.1	%	$	135		$	119		-11.9	%
MoneyGuard®		26			21			23			27			27		3.8	%		94			98		4.3	%

VUL		49			30			34			29			38		-22.4	%		163			132		-19.0	%
Term		39			30			26			23			21		-46.2	%		177			100		-43.5	%

Executive Benefits		31			15			12			42			24		-22.6	%		136			93		-31.6	%
Total Life Insurance	$	186		$	130		$	123		$	144		$	144		-22.6	%	$	705		$	542		-23.1	%

Group Protection:
Life	$	141		$	82		$	54		$	30		$	167		18.4	%	$	299		$	333		11.4	%
Disability		195			40			36			32			204		4.6	%		337			311		-7.7	%
Dental		20			6			6			9			27		35.0	%		40			49		22.5	%
Total Group Protection	$	356		$	128		$	96		$	71		$	398		11.8	%	$	676		$	693		2.5	%
Percent employee-paid		35.7	%		70.3	%		54.8	%		48.8	%		33.8	%				43.2	%		45.0	%

Retirement Plan Services:
First-year sales	$	1,059		$	736		$	819		$	464		$	874		-17.5	%	$	4,458		$	2,893		-35.1	%
Recurring deposits		1,914			2,473			2,078			2,236			2,098		9.6	%		8,444			8,885		5.2	%
Total Retirement Plan Services	$	2,973		$	3,209		$	2,897		$	2,700		$	2,972		0.0%		$	12,902		$	11,778		-8.7	%


Lincoln Financial Group
Operating Revenues and General and Administrative Expenses By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Twelve Months Ended
		12/31/22			3/31/23			6/30/23			9/30/23			12/31/23		Change			12/31/22			12/31/23		Change
Operating Revenues
Annuities	$	1,125		$	1,141		$	1,190		$	1,197		$	(525)		NM		$	4,482		$	3,002		-33.0	%
Life Insurance		1,688			1,757			1,760			1,723			1,667		-1.2	%		6,747			6,907		2.4	%
Group Protection		1,346			1,388			1,400			1,388			1,387		3.0	%		5,303			5,563		4.9	%
Retirement Plan Services		325			328			334			327			322		-0.9	%		1,274			1,310		2.8	%
Other Operations		47			43			46			38			(884)		NM			157			(755)		NM
Total segment operating revenues	$	4,531		$	4,657		$	4,730		$	4,673		$	1,967		-56.6	%	$	17,963		$	16,027		-10.8	%

General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	110		$	123		$	135		$	138		$	131		19.1	%	$	448		$	528		17.9	%
Life Insurance		123			134			136			138			143		16.3	%		488			551		12.9	%
Group Protection		173			191			191			191			191		10.4	%		686			764		11.4	%
Retirement Plan Services		75			79			81			81			84		12.0	%		288			325		12.8	%
Other Operations		212			38			75			70			85		-59.9	%		377			268		-28.9	%
Total	$	693		$	565		$	618		$	618		$	635		-8.4	%	$	2,287		$	2,436		6.5	%

General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.8	%		10.8	%		11.3	%		11.5	%		NM					10.0	%		17.6	%
Life Insurance		7.3	%		7.6	%		7.7	%		8.0	%		8.6	%				7.2	%		8.0	%
Group Protection		12.9	%		13.8	%		13.6	%		13.8	%		13.8	%				12.9	%		13.7	%
Retirement Plan Services		23.2	%		24.0	%		24.3	%		24.9	%		26.1	%				22.6	%		24.8	%
Other Operations		457.7	%		90.0	%		162.1	%		177.3	%		NM					239.6	%		NM
Total		15.3	%		12.1	%		13.1	%		13.2	%		32.2	%				12.7	%		15.2	%


Lincoln Financial Group
Operating Commissions and Other Expenses
Unaudited (millions of dollars)

	For the Three Months Ended													For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	750	$	617	$	672	$	672	$	693	-7.6	%	$	2,506	$	2,654	5.9	%
Commissions		654		615		617		603		651	-0.5	%		2,621		2,485	-5.2	%
Taxes, licenses and fees		88		94		81		96		81	-8.0	%		346		352	1.7	%
Interest and debt expense		77		83		84		84		81	5.2	%		283		331	17.0	%
Expenses associated with reserve financing
and letters of credit		28		30		27		28		29	3.6	%		108		114	5.6	%
Total adjusted operating commissions and other
expenses incurred		1,597		1,439		1,481		1,483		1,535	-3.9	%		5,864		5,936	1.2	%

Less Amounts Capitalized
General and administrative expenses		(57)		(52)		(54)		(54)		(58)	-1.8	%		(219)		(218)	0.5	%
Commissions		(287)		(241)		(240)		(223)		(259)	9.8	%		(1,116)		(964)	13.6	%
Taxes, licenses and fees		(10)		(9)		(8)		(8)		(8)	20.0	%		(39)		(33)	15.4	%
Total amounts capitalized		(354)		(302)		(302)		(285)		(325)	8.2	%		(1,374)		(1,215)	11.6	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,243		1,137		1,179		1,198		1,210	-2.7	%		4,490		4,721	5.1	%

Amortization
Amortization of DAC, VOBA and other intangibles		266		268		271		270		271	1.9	%		1,059		1,077	1.7	%
Total operating commissions and other expenses	$	1,509	$	1,405	$	1,450	$	1,468	$	1,481	-1.9	%	$	5,549	$	5,798	4.5	%


Lincoln Financial Group
Annuities – Select Earnings and Operational Data
Unaudited (millions of dollars)

																			As of or For the
	As of or For the Three Months Ended																		Twelve Months Ended
		12/31/22			3/31/23			6/30/23			9/30/23			12/31/23		Change			12/31/22				12/31/23		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	52		$	38		$	54		$	24		$	(1,700)		NM		$	165			$	(1,584)		NM
Fee income (1)		556			540			546			557			552		-0.7	%		2,347				2,196		-6.4	%
Net investment income		389			421			437			451			425		9.3	%		1,463				1,734		18.5	%

Amortization of deferred gain (loss) on
business sold through reinsurance		6			5			5			11			10		66.7	%		25				31		24.0	%
Other revenues		122			137			148			154			188		54.1	%		482				625		29.7	%
Total operating revenues		1,125			1,141			1,190			1,197			(525)		NM			4,482				3,002		-33.0	%
Operating expenses:
Benefits		72			63			69			45			(1,683)		NM			251				(1,506)		NM
Interest credited		248			278			306			330			338		36.3	%		894				1,252		40.0	%
Policyholder liability remeasurement (gain) loss		—			(1)			(1)			19			(15)		NM			2				2		0.0%
Commissions incurred		240			240			240			238			252		5.0	%		1,018				971		-4.6	%
Other expenses incurred		242			251			257			276			265		9.5	%		991				1,050		6.0	%
Amounts capitalized		(103)			(98)			(100)			(102)			(110)		-6.8	%		(449)				(411)		8.5	%
Amortization		107			108			109			109			107		0.0%			429				431		0.5	%
Total operating expenses		806			841			880			915			(846)		NM			3,136				1,789		-43.0	%
Income (loss) from operations before taxes		319			300			310			282			321		0.6	%		1,346				1,213		-9.9	%
Federal income tax expense (benefit)		44			26			39			34			42		-4.5	%		185				140		-24.3	%
Income (loss) from operations	$	275		$	274		$	271		$	248		$	279		1.5	%	$	1,161			$	1,073		-7.6	%




Effective Federal Income Tax Rate		13.7	%		8.6	%		12.6	%		12.0	%		12.9	%				13.7		%		11.5	%






Return on Average Account Balances		77			75			73			66			76		(1)			$	78			72		(6)








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	20,130		$	21,841		$	24,407		$	25,006		$	27,533		36.8	%	$	20,130			$	27,533		36.8	%
Other variable account balances without GLBs		41,742			42,983			44,381			42,196			45,499		9.0	%		41,742				45,499		9.0	%
Other variable account balances with GLBs		65,877			67,274			68,460			64,754			69,458		5.4	%		$	65,877			69,458		5.4	%
Fixed account balances		14,989			15,053			14,828			14,694			10,336		-31.0	%		14,989				10,336		-31.0	%
Total account balances	$	142,738		$	147,151		$	152,076		$	146,650		$	152,826		7.1	%	$	142,738			$	152,826		7.1	%
Percent variable account balances with GLBs		46.2	%		45.7	%		45.0	%		44.2	%		45.4	%				46.2		%		45.4	%

Fee Income, Gross of Hedge Allowance	$	738		$	745		$	750		$	758		$	752		1.9	%	$	3,111			$	3,005		-3.4	%
Net Investment Income, Net of Reinsurance (2)		337			376			396			409			385		14.2	%		1,226				1,568		27.9	%
Interest Credited, Net of Reinsurance (2)		202			224			247			270			255		26.2	%		730				996		36.4	%

(1) Fee income is reported net of the hedge allowance, which represents fees allocated to net annuity product features to support the cost of hedging.

(2) Net investment income and interest credited are both reported gross of reinsurance. Reinsurance impacts are settled through other revenues.


Lincoln Financial Group
Life Insurance – Select Earnings and Operational Data
Unaudited (millions of dollars)

																			As of or For the
	As of or For the Three Months Ended																		Twelve Months Ended
		12/31/22			3/31/23			6/30/23			9/30/23			12/31/23		Change			12/31/22			12/31/23		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	297		$	285		$	293		$	289		$	295		-0.7	%	$	1,146		$	1,162		1.4	%
Fee income		735			776			753			739			741		0.8	%		2,995			3,010		0.5	%
Net investment income		650			687			707			689			629		-3.2	%		2,587			2,712		4.8	%
Operating realized gain (loss)		(2)			(2)			(2)			(2)			(2)		0.0%			(7)			(6)		14.3	%
Amortization of deferred gain (loss) on
business sold through reinsurance		4			4			4			4			(6)		NM			18			5		-72.2	%
Other revenues		4			7			5			4			10		150.0	%		8			24		200.0	%
Total operating revenues		1,688			1,757			1,760			1,723			1,667		-1.2	%		6,747			6,907		2.4	%
Operating expenses:
Benefits		1,079			1,152			1,073			1,129			1,083		0.4	%		4,071			4,436		9.0	%
Interest credited		325			328			325			325			312		-4.0	%		1,310			1,290		-1.5	%
Policyholder liability remeasurement (gain) loss		(2)			(13)			14			183			(37)		NM			2,854			147		-94.8	%
Commissions incurred		189			148			143			129			150		-20.6	%		698			571		-18.2	%
Other expenses incurred		210			216			216			215			223		6.2	%		818			869		6.2	%
Amounts capitalized		(217)			(174)			(170)			(152)			(175)		19.4	%		(805)			(671)		16.6	%
Amortization		122			123			124			123			125		2.5	%		482			496		2.9	%
Total operating expenses		1,706			1,780			1,725			1,952			1,681		-1.5	%		9,428			7,138		-24.3	%
Income (loss) from operations before taxes		(18)			(23)			35			(229)			(14)		22.2	%		(2,681)			(231)		91.4	%
Federal income tax expense (benefit)		(9)			(10)			2			(56)			(8)		11.1	%		(587)			(72)		87.7	%
Income (loss) from operations	$	(9)		$	(13)		$	33		$	(173)		$	(6)		33.3	%	$	(2,094)		$	(159)		92.4	%

Effective Federal Income Tax Rate		52.0	%		45.0	%		6.6	%		24.2	%		59.7	%				21.9	%		31.1	%





Average Account Balances, Net of Reinsurance	$	47,963		$	49,100		$	50,049		$	50,130		$	45,608		-4.9	%	$	49,036		$	48,722		-0.6	%

In-Force Face Amount
UL and other	$	363,884		$	364,101		$	364,633		$	364,586		$	365,938		0.6	%	$	363,884		$	365,938		0.6	%
Term insurance		707,747			715,495			719,361			721,927			722,620		2.1	%		707,747			722,620		2.1	%
Total in-force face amount	$	1,071,631		$	1,079,596		$	1,083,994		$	1,086,513		$	1,088,558		1.6	%	$	1,071,631		$	1,088,558		1.6	%


Lincoln Financial Group
Group Protection – Select Earnings and Operational Data
Unaudited (millions of dollars)

																		As of or For the
	As of or For the Three Months Ended																	Twelve Months Ended
		12/31/22			3/31/23			6/30/23			9/30/23			12/31/23		Change			12/31/22			12/31/23		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,213		$	1,251		$	1,263		$	1,251		$	1,250		3.1	%	$	4,768		$	5,014		5.2	%
Net investment income		81			85			85			84			85		4.9	%		334			339		1.5	%
Other revenues		52			52			52			53			52		0.0%			202			210		4.0	%
Total operating revenues		1,346			1,388			1,400			1,388			1,387		3.0	%		5,304			5,563		4.9	%
Operating expenses:
Benefits		1,030			1,037			1,019			979			984		-4.5	%		4,034			4,020		-0.3	%
Interest credited		1			1			1			1			1		0.0%			5			5		0.0%
Policyholder liability remeasurement (gain) loss		(48)			(100)			(121)			(39)			(28)		41.7	%		(103)			(288)		NM
Commissions incurred		103			106			112			109			119		15.5	%		394			446		13.2	%
Other expenses incurred		223			248			246			245			246		10.3	%		890			982		10.3	%
Amounts capitalized		(29)			(25)			(28)			(26)			(34)		-17.2	%		(99)			(113)		-14.1	%
Amortization		33			32			33			33			34		3.0	%		131			132		0.8	%
Total operating expenses		1,313			1,299			1,262			1,302			1,322		0.7	%		5,252			5,184		-1.3	%
Income (loss) from operations before taxes		33			89			138			86			65		97.0	%		52			379		NM
Federal income tax expense (benefit)		7			18			29			18			13		85.7	%		11			80		NM
Income (loss) from operations	$	26		$	71		$	109		$	68		$	52		100.0	%	$	41		$	299		NM

Effective Federal Income Tax Rate		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%				21.0	%		21.0	%





Loss Ratios by Product Line
Life		74.8	%		80.4	%		71.6	%		76.8	%		67.2	%				79.5	%		74.0	%
Disability		85.7	%		71.4	%		70.7	%		74.1	%		83.1	%				85.2	%		74.8	%
Dental		74.0	%		76.4	%		76.9	%		75.9	%		75.4	%				73.5	%		76.1	%
Total		81.1	%		75.0	%		71.3	%		75.2	%		76.6	%				82.5	%		74.5	%


Lincoln Financial Group
Retirement Plan Services – Select Earnings and Operational Data
Unaudited (millions of dollars)

																		As of or For the
	As of or For the Three Months Ended																	Twelve Months Ended
		12/31/22			3/31/23			6/30/23			9/30/23			12/31/23		Change			12/31/22			12/31/23		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	63		$	64		$	65		$	66		$	67		6.3	%	$	261		$	262		0.4	%
Net investment income		253			255			259			251			248		-2.0	%		976			1,012		3.7	%
Other revenues		9			9			10			10			7		-22.2	%		37			36		-2.7	%
Total operating revenues		325			328			334			327			322		-0.9	%		1,274			1,310		2.8	%
Operating expenses:
Interest credited		161			167			168			165			164		1.9	%		629			665		5.7	%


Commissions incurred		21			21			21			22			22		4.8	%		79			87		10.1	%
Other expenses incurred		83			89			90			90			93		12.0	%		321			360		12.1	%
Amounts capitalized		(5)			(5)			(5)			(5)			(6)		-20.0	%		(20)			(21)		-5.0	%
Amortization		4			5			5			5			5		25.0	%		18			18		0.0%
Total operating expenses		264			277			279			277			278		5.3	%		1,027			1,109		8.0	%
Income (loss) from operations before taxes		61			51			55			50			44		-27.9	%		247			201		-18.6	%
Federal income tax expense (benefit)		9			8			8			7			6		-33.3	%		36			30		-16.7	%
Income (loss) from operations	$	52		$	43		$	47		$	43		$	38		-26.9	%	$	211		$	171		-19.0	%

Effective Federal Income Tax Rate		15.0	%		16.4	%		14.9	%		13.9	%		13.2	%				14.3	%		14.2	%





Return on Average Account Balances		24			19			20			18			16		(8)			23			18		(5)

Pre-tax Net Margin		37.1	%		31.8	%		33.5	%		31.2	%		27.8	%				38.2	%		31.1	%

Net Flows by Market
Small Market	$	174		$	148		$	99		$	21		$	115		-33.9	%	$	295		$	382		29.5	%
Mid - Large Market		298			711			408			83			78		-73.8	%		3,601			1,279		-64.5	%
Multi-Fund® and Other		(421)			(324)			(306)			(376)			(525)		-24.7	%		(1,200)			(1,529)		-27.4	%

Net Flows – Trailing Twelve Months	$	2,696		$	2,304		$	1,592		$	515		$	132		-95.1	%	$	2,696		$	132		-95.1	%

Base Spreads, Excluding Variable
Investment Income (1)		1.18	%		1.14	%		1.18	%		1.10	%		1.09	%	(9)			1.02	%		1.13	%	11

(1) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums.


Lincoln Financial Group
Other Operations – Select Earnings and Operational Data
Unaudited (millions of dollars)

													As of or For the
		For the Three Months Ended											Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
Other Operations
Operating revenues:
Insurance premiums	$	2	$	5	$	2	$	1	$	(930)	NM		$	8	$	(921)	NM
Net investment income		39		35		38		37		37	-5.1	%		155		148	-4.5	%
Amortization of deferred gain (loss) on
business sold through reinsurance		—		—		—		—		1	NM			—		1	NM
Other revenues		6		3		6		—		8	33.3	%		(7)		17	NM
Total operating revenues		47		43		46		38		(884)	NM			156		(755)	NM
Operating expenses:
Benefits		19		20		14		17		(918)	NM			63		(863)	NM
Interest credited		8		10		9		9		9	12.5	%		39		36	-7.7	%
Policyholder liability remeasurement (gain) loss		2		—		1		(5)		—	-100.0	%		3		(3)	NM
Commissions and other expenses		160		13		32		39		32	-80.0	%		203		117	-42.4	%
Interest and debt expense		77		83		84		84		81	5.2	%		283		331	17.0	%
Spark program expense		49		24		41		36		52	6.1	%		167		153	-8.4	%
Total operating expenses		315		150		181		180		(744)	NM			758		(229)	NM
Income (loss) from operations before taxes		(268)		(107)		(135)		(142)		(140)	47.8	%		(602)		(526)	12.6	%
Federal income tax expense (benefit)		(58)		(20)		(29)		(29)		(35)	39.7	%		(116)		(115)	0.9	%
Income (loss) from operations	$	(210)	$	(87)	$	(106)	$	(113)	$	(105)	50.0	%	$	(486)	$	(411)	15.4	%


Lincoln Financial Group
Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	12,140	$	12,235	$	12,277	$	12,316	$	12,341	1.7	%	$	11,896	$	12,235	2.8	%



Business acquired (sold) through reinsurance		—		—		—		—		(11)	NM			—		(11)	NM
Deferrals		357		306		304		289		333	-6.7	%		1,381		1,232	-10.8	%
Operating amortization		(262)		(264)		(265)		(264)		(266)	-1.5	%		(1,042)		(1,059)	-1.6	%






Balance as of end-of-period	$	12,235	$	12,277	$	12,316	$	12,341	$	12,397	1.3	%	$	12,235	$	12,397	1.3	%

DFEL
Balance as of beginning-of-period	$	4,871	$	5,091	$	5,291	$	5,494	$	5,695	16.9	%	$	4,257	$	5,091	19.6	%



Deferrals		286		268		274		275		281	-1.7	%		1,091		1,098	0.6	%
Operating amortization		(66)		(68)		(71)		(74)		(75)	-13.6	%		(257)		(288)	-12.1	%




Balance as of end-of-period	$	5,091	$	5,291	$	5,494	$	5,695	$	5,901	15.9	%	$	5,091	$	5,901	15.9	%

DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	5,644	$	5,519	$	5,389	$	5,250	$	5,132	-9.1	%	$	5,644	$	5,132	-9.1	%


Lincoln Financial Group
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	104,050	$	107,627	$	110,264	$	112,848	$	106,957	2.8	%	$	138,907	$	107,627	-22.5	%
Gross deposits		735		700		835		889		941	28.0	%		3,822		3,365	-12.0	%
Full surrenders and deaths		(1,168)		(1,527)		(1,543)		(1,559)		(1,714)	-46.7	%		(5,270)		(6,343)	-20.4	%
Other contract benefits		(1,086)		(979)		(993)		(984)		(1,147)	-5.6	%		(4,151)		(4,102)	1.2	%
Net flows		(1,519)		(1,806)		(1,701)		(1,654)		(1,920)	-26.4	%		(5,599)		(7,080)	-26.5	%
Policyholder assessments		(618)		(623)		(626)		(630)		(624)	-1.0	%		(2,600)		(2,504)	3.7	%
Change in market value and reinvestment		5,714		5,066		4,911		(3,607)		10,550	84.6	%		(23,081)		16,920	173.3	%

Balance as of end-of-period, gross		107,627		110,264		112,848		106,957		114,963	6.8	%		107,627		114,963	6.8	%
Account balances reinsured		(8)		(7)		(7)		(7)		(6)	25.0	%		(8)		(6)	25.0	%
Balance as of end-of-period, net	$	107,619	$	110,257	$	112,841	$	106,950	$	114,957	6.8	%	$	107,619	$	114,957	6.8	%

RILA
Balance as of beginning-of-period	$	17,735	$	20,130	$	21,841	$	24,407	$	25,006	41.0	%	$	16,906	$	20,130	19.1	%
Gross deposits		1,211		1,147		1,123		1,069		986	-18.6	%		4,726		4,325	-8.5	%
Full surrenders and deaths		(42)		(65)		(78)		(105)		(103)	NM			(174)		(351)	NM
Other contract benefits		(22)		(35)		(23)		(20)		(45)	NM			(60)		(123)	NM
Net flows		1,147		1,047		1,022		944		838	-26.9	%		4,492		3,851	-14.3	%
Policyholder assessments		(1)		(1)		(2)		(2)		(3)	NM			(5)		(8)	-60.0	%

Change in market value and reinvestment		90		125		163		190		213	136.7	%		255		690	170.6	%
Change in fair value of embedded derivative instruments		1,159		540		1,383		(533)		1,479	27.6	%		(1,518)		2,870	289.1	%
Balance as of end-of-period, gross	$	20,130	$	21,841	$	24,407	$	25,006	$	27,533	36.8	%	$	20,130	$	27,533	36.8	%


Lincoln Financial Group
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
Fixed Annuities
Balance as of beginning-of-period	$	22,670	$	23,365	$	24,019	$	23,813	$	23,681	4.5	%	$	22,552	$	23,365	3.6	%
Gross deposits		1,252		1,317		602		779		2,432	94.2	%		3,284		5,130	56.2	%
Full surrenders and deaths		(547)		(728)		(864)		(782)		(878)	-60.5	%		(1,913)		(3,252)	-70.0	%
Other contract benefits		(181)		(161)		(167)		(161)		(194)	-7.2	%		(601)		(683)	-13.6	%
Net flows		524		428		(429)		(164)		1,360	159.5	%		770		1,195	55.2	%
Policyholder assessments		(12)		(15)		(14)		(13)		(15)	-25.0	%		(51)		(56)	-9.8	%
Reinvested interest credited		143		154		159		158		179	25.2	%		532		649	22.0	%
Change in fair value of embedded derivative instruments		40		87		78		(113)		150	275.0	%		(438)		202	146.1	%
Balance as of end-of-period, gross		23,365		24,019		23,813		23,681		25,355	8.5	%		23,365		25,355	8.5	%
Account balances reinsured		(8,376)		(8,966)		(8,985)		(8,987)		(15,019)	-79.3	%		(8,376)		(15,019)	-79.3	%
Balance as of end-of-period, net	$	14,989	$	15,053	$	14,828	$	14,694	$	10,336	-31.0	%	$	14,989	$	10,336	-31.0	%

Total
Balance as of beginning-of-period	$	144,455	$	151,122	$	156,124	$	161,068	$	155,644	7.7	%	$	178,365	$	151,122	-15.3	%
Gross deposits		3,198		3,164		2,560		2,737		4,359	36.3	%		11,832		12,820	8.4	%
Full surrenders and deaths		(1,757)		(2,320)		(2,485)		(2,446)		(2,695)	-53.4	%		(7,357)		(9,946)	-35.2	%
Other contract benefits		(1,289)		(1,175)		(1,183)		(1,165)		(1,386)	-7.5	%		(4,812)		(4,908)	-2.0	%
Net flows		152		(331)		(1,108)		(874)		278	82.9	%		(337)		(2,034)	NM
Policyholder assessments		(631)		(639)		(642)		(645)		(642)	-1.7	%		(2,656)		(2,568)	3.3	%
Change in market value, reinvestment and interest credited		5,947		5,345		5,233		(3,259)		10,942	84.0	%		(22,294)		18,259	181.9	%
Change in fair value of embedded derivative instruments		1,199		627		1,461		(646)		1,629	35.9	%		(1,956)		3,072	257.1	%
Balance as of end-of-period, gross		151,122		156,124		161,068		155,644		167,851	11.1	%		151,122		167,851	11.1	%
Account balances reinsured		(8,384)		(8,973)		(8,992)		(8,994)		(15,025)	-79.2	%		(8,384)		(15,025)	-79.2	%
Balance as of end-of-period, net	$	142,738	$	147,151	$	152,076	$	146,650	$	152,826	7.1	%	$	142,738	$	152,826	7.1	%


Lincoln Financial Group
Life Insurance – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended													For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23		Change
General Account
Balance as of beginning-of-period	$	37,691	$	37,694	$	37,533	$	37,458	$	37,217	-1.3	%	$	38,200	$	37,694		-1.3	%
Gross deposits		1,110		926		907		915		1,006	-9.4	%		3,921		3,755		-4.2	%
Withdrawals and deaths		(328)		(393)		(323)		(378)		(359)	-9.5	%		(1,244)		(1,454)		-16.9	%
Net flows		782		533		584		537		647	-17.3	%		2,677		2,301		-14.0	%
Transfers between general and separate accounts		(14)		32		44		14		7	150.0	%		2		97		NM
Policyholder assessments		(1,138)		(1,128)		(1,120)		(1,124)		(1,140)	-0.2	%		(4,496)		(4,512)		-0.4	%
Reinvested interest credited		374		373		371		370		366	-2.1	%		1,494		1,479		-1.0	%
Change in fair value of embedded derivative instruments		(1)		29		46		(38)		83	NM			(183)		121		166.1	%
Balance as of end-of-period, gross		37,694		37,533		37,458		37,217		37,180	-1.4	%		37,694		37,180		-1.4	%
Account balances reinsured		(5,558)		(5,525)		(5,527)		(5,503)		(15,777)	NM			(5,558)		(15,777)		NM
Balance as of end-of-period, net	$	32,136	$	32,008	$	31,931	$	31,714	$	21,403	-33.4	%	$	32,136	$	21,403		-33.4	%

Separate Account
Balance as of beginning-of-period		19,382		20,920		22,162		23,409		22,642	16.8	%		24,785		$	20,920	-15.6	%
Gross deposits		495		394		426		357		452	-8.7	%		1,900		1,630		-14.2	%
Withdrawals and deaths		(128)		(75)		(78)		(73)		(86)	32.8	%		(454)		(313)		31.1	%
Net flows		367		319		348		284		366	-0.3	%		1,446		1,317		-8.9	%
Transfers between general and separate accounts		14		(32)		(44)		(12)		(7)	NM			(2)		(96)		NM
Policyholder assessments		(244)		(238)		(238)		(238)		(250)	-2.5	%		(938)		(964)		-2.8	%
Change in market value and reinvestment		1,401		1,193		1,181		(801)		2,399	71.2	%		(4,371)		3,973		190.9	%
Balance as of end-of-period, gross		20,920		22,162		23,409		22,642		25,150	20.2	%		20,920		25,150		20.2	%
Account balances reinsured		(4,421)		(4,606)		(4,805)		(4,632)		(5,062)	-14.5	%		(4,421)		(5,062)		-14.5	%
Balance as of end-of-period, net	$	16,499	$	17,556	$	18,604	$	18,010	$	20,088	21.8	%	$	16,499	$	20,088		21.8	%

Total
Balance as of beginning-of-period	$	57,073	$	58,614	$	59,695	$	60,867	$	59,859	4.9	%	$	62,985	$	58,614		-6.9	%
Gross deposits		1,605		1,320		1,333		1,272		1,458	-9.2	%		5,821		5,385		-7.5	%
Withdrawals and deaths		(456)		(468)		(401)		(451)		(445)	2.4	%		(1,698)		(1,767)		-4.1	%
Net flows		1,149		852		932		821		1,013	-11.8	%		4,123		3,618		-12.2	%
Transfers between general and separate accounts		—		—		—		2		—				—		1		NM
Policyholder assessments		(1,382)		(1,366)		(1,358)		(1,362)		(1,390)	-0.6	%		(5,434)		(5,476)		-0.8	%
Change in market value and reinvestment		1,775		1,566		1,552		(431)		2,765	55.8	%		(2,877)		5,452		289.5	%
Change in fair value of embedded derivative instruments		(1)		29		46		(38)		83	NM			(183)		121		166.1	%
Balance as of end-of-period, gross		58,614		59,695		60,867		59,859		62,330	6.3	%		58,614		62,330		6.3	%
Account balances reinsured		(9,979)		(10,131)		(10,332)		(10,135)		(20,839)	NM			(9,979)		(20,839)		NM
Balance as of end-of-period, net	$	48,635	$	49,564	$	50,535	$	49,724	$	41,491	-14.7	%	$	48,635	$	41,491		-14.7	%


Lincoln Financial Group
Retirement Plan Services – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
General Account
Balance as of beginning-of-period	$	25,276	$	25,138	$	24,994	$	24,430	$	24,099	-4.7	%	$	23,579	$	25,138	6.6	%
Gross deposits		787		701		616		709		750	-4.7	%		4,012		2,776	-30.8	%
Withdrawals		(1,119)		(1,113)		(981)		(1,168)		(1,233)	-10.2	%		(3,579)		(4,494)	-25.6	%
Net flows		(332)		(412)		(365)		(459)		(483)	-45.5	%		433		(1,718)	NM
Transfers between fixed and variable accounts		36		103		(363)		(38)		2	-94.4	%		510		(295)	NM
Policyholder assessments		(3)		(3)		(3)		(3)		(3)	0.0%			(13)		(14)	-7.7	%
Reinvested interest credited		161		168		167		169		169	5.0	%		629		673	7.0	%
Balance as of end-of-period	$	25,138	$	24,994	$	24,430	$	24,099	$	23,784	-5.4	%	$	25,138	$	23,784	-5.4	%

Separate Account and Mutual Funds
Balance as of beginning-of-period	$	59,064	$	63,592	$	67,985	$	72,156	$	69,834	18.2	%	$	75,465	$	63,592	-15.7	%
Gross deposits		2,186		2,508		2,281		1,991		2,222	1.6	%		8,890		9,002	1.3	%
Withdrawals		(1,803)		(1,561)		(1,715)		(1,804)		(2,071)	-14.9	%		(6,627)		(7,152)	-7.9	%
Net flows		383		947		566		187		151	-60.6	%		2,263		1,850	-18.3	%
Transfers between fixed and variable accounts		(55)		(104)		370		42		(10)	81.8	%		(493)		295	159.8	%
Policyholder assessments		(57)		(58)		(60)		(62)		(62)	-8.8	%		(238)		(239)	-0.4	%
Change in market value and reinvestment		4,257		3,608		3,295		(2,489)		7,288	71.2	%		(13,405)		11,703	187.3	%
Balance as of end-of-period	$	63,592	$	67,985	$	72,156	$	69,834	$	77,201	21.4	%	$	63,592	$	77,201	21.4	%

Total
Balance as of beginning-of-period	$	84,340	$	88,730	$	92,979	$	96,586	$	93,933	11.4	%	$	99,044	$	88,730	-10.4	%
Gross deposits		2,973		3,209		2,897		2,700		2,972	0.0%			12,902		11,778	-8.7	%
Withdrawals		(2,922)		(2,674)		(2,696)		(2,972)		(3,304)	-13.1	%		(10,206)		(11,646)	-14.1	%
Net flows		51		535		201		(272)		(332)	NM			2,696		132	-95.1	%
Transfers between fixed and variable accounts		(19)		(1)		7		4		(8)	57.9	%		17		—	-100.0	%
Policyholder assessments		(60)		(61)		(63)		(65)		(65)	-8.3	%		(251)		(253)	-0.8	%
Change in market value and reinvestment		4,418		3,776		3,462		(2,320)		7,457	68.8	%		(12,776)		12,376	196.9	%
Balance as of end-of-period	$	88,730	$	92,979	$	96,586	$	93,933	$	100,985	13.8	%	$	88,730	$	100,985	13.8	%


Lincoln Financial Group
Fixed-Income Asset Class
Unaudited (millions of dollars)

	As of 12/31/2022					As of 12/31/2023
	Amount		%				Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
Investments and Allowance for Credit Losses, at Amortized Cost (1)
Industry corporate bonds:
Financial services	$	17,696		15.9	%			$	13,510	15.2	%
Basic industry		4,336		3.9	%				2,986	3.3	%
Capital goods		7,347		6.6	%				5,569	6.2	%
Communications		4,237		3.8	%				3,110	3.5	%
Consumer cyclical		5,969		5.4	%				5,268	5.8	%
Consumer non-cyclical		17,035		15.3	%				13,458	15.1	%
Energy		4,760		4.3	%				2,776	3.1	%
Technology		5,544		5.0	%				4,376	4.9	%
Transportation		3,621		3.3	%				3,233	3.6	%
Industrial other		2,327		2.1	%				2,107	2.4	%
Utilities		14,108		12.7	%				11,613	13.0	%
Government-related entities		1,820		1.6	%				1,278	1.4	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,845		1.7	%				1,505	1.7	%
Non-agency backed		362		0.3	%				332	0.4	%
Commercial mortgage-backed securities ("CMBS")		1,918		1.7	%				1,546	1.7	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		8,466		7.6	%				8,325	9.3	%
Other ABS		3,269		2.9	%				4,220	4.7	%
Municipals		5,410		4.9	%				2,973	3.3	%
United States and foreign government		753		0.7	%				731	1.1	%


Hybrid & redeemable preferred securities		364		0.3	%				237	0.3	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		111,187		100.0	%				89,153	100.0	%
Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		541							626
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		312							275
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		112,040							90,054
Modified coinsurance and funds withheld investments		3,861							10,215
Total fixed maturity AFS, trading and equity securities	$	115,901						$	100,269

(1) Net investment income and net gains (losses) related to assets held by us to support certain modified coinsurance and funds withheld agreements are included in periodic payments to
or from the reinsurers, resulting in the economic benefits of these assets flowing to the reinsurers. Accordingly, these assets have been excluded from summaries provided on page 20
and page 21 as we have a limited economic interest in the assets.


Lincoln Financial Group
Fixed-Income Credit Quality
Unaudited (millions of dollars)

	As of 12/31/2022					As of 12/31/2023
	Amount		%				Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
and Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	63,461		57.1	%			$	51,732	58.0	%
NAIC 2 (BBB)		43,890		39.4	%				34,472	38.7	%
Total investment grade		107,351		96.5	%				86,204	96.7	%

NAIC 3 (BB)		2,096		1.9	%				1,090	1.2	%
NAIC 4 (B)		1,679		1.5	%				1,760	2.0	%
NAIC 5 (CCC and lower)		59		0.1	%				86	0.1	%
NAIC 6 (in or near default)		2		0.0	%				2	0.0	%
Total below investment grade		3,836		3.5	%				2,938	3.3	%
Total	$	111,187		100.0	%			$	89,142	100.0	%

Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,270		80.4	%			$	13,687	80.4	%
CM2 (BBB)		3,137		19.0	%				3,248	19.1	%
CM3-7 (BB and lower)		91		0.6	%				84	0.5	%
Total	$	16,498		100.0	%			$	17,019	100.0	%

Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified
Coinsurance and Funds Withheld Investments, at Amortized Cost (1)(2)
AAA-A	$	76,731		60.1	%			$	65,419	61.6	%
BBB		47,027		36.8	%				37,720	35.5	%
BB and lower		3,927		3.1	%				3,022	2.9	%
Total	$	127,685		100.0	%			$	106,161	100.0	%

(1) Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or based upon ratings from credit rating
agencies to derive the NAIC designation.
(2) CM ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2
and NAIC 3-6 = CM3-7.


Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars)

	For the Three Months Ended												For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
Net Income
Net income (loss) available to common stockholders – diluted	$	807	$	(909)	$	502	$	819	$	(1,246)	NM		$	1,345	$	(835)	NM
Less:
Preferred stock dividends declared		—		(25)		(11)		(34)		(11)	NM			—		(82)	NM
Adjustment for deferred units of LNC stock
in our deferred compensation plans		(5)		(3)		2		—		—	100.0	%		(13)		(1)	92.3	%
Net income (loss)		812		(881)		511		853		(1,235)	NM			1,358		(752)	NM
Less:
Net annuity product features, after-tax		674		(1,018)		822		1,045		(797)	NM			3,266		52	-98.4	%
Net life insurance product features, after-tax		6		(95)		(123)		85		(178)	NM			21		(310)	NM
Credit loss-related adjustments, after-tax		(8)		(18)		(3)		(21)		(21)	NM			(103)		(63)	38.8	%
Investment gains (losses), after-tax		11		(45)		(528)		(306)		136	NM			16		(744)	NM
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, after-tax (1)		(5)		7		(4)		(23)		(613)	NM			(41)		(633)	NM


Impairment of intangibles		—		—		—		—		—	NM			(634)		—	100.0	%
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax (2)		—		—		(7)		—		(20)	NM			—		(27)	NM
Total adjustments		678		(1,169)		157		780		(1,493)	NM			2,525		(1,725)	NM
Adjusted income (loss) from operations		134		288		354		73		258	92.5	%		(1,167)		973	183.4	%
Add:
Preferred stock dividends declared		—		(25)		(11)		(34)		(11)	NM			—		(82)	NM
Adjustment for deferred units of LNC stock
in our deferred compensation plans		(5)		(3)		—		—		(1)	80.0	%		(13)		(1)	92.3	%
Adjusted income (loss) from operations available to
common stockholders	$	129	$	260	$	343	$	39	$	246	90.7	%	$	(1,180)	$	890	175.4	%








(1) Includes primarily changes in the fair value of embedded derivative related to the Fortitude Re reinsurance transaction effective in the fourth quarter of 2023.
(2) Includes costs pertaining to the Fortitude Re reinsurance transaction and the planned sale of our wealth management business.


Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars, except per share data)

	For the Three Months Ended													For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
Revenues
Total revenues	$	3,841	$	3,814	$	2,929	$	4,203	$	700	-81.8	%	$	18,810	$	11,645	-38.1	%
Less:
Revenue adjustments from annuity
and life insurance product features		(689)		(773)		(1,123)		(14)		(631)	8.4	%		1,009		(2,541)	NM
Credit loss-related adjustments		(9)		(22)		(5)		(27)		(27)	NM			(130)		(80)	38.5	%
Investment gains (losses)		14		(57)		(668)		(400)		167	NM			20		(959)	NM
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, after-tax		(6)		9		(5)		(29)		(776)	NM			(52)		(802)	NM
Adjusted operating revenues	$	4,531	$	4,657	$	4,730	$	4,673	$	1,967	-56.6	%	$	17,963	$	16,027	-10.8	%

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	4.73	$	(5.37)	$	2.94	$	4.79	$	(7.35)	NM		$	7.78	$	(4.92)	NM
Less:
Net annuity product features, after-tax		3.95		(6.03)		4.84		6.11		(4.71)	NM			18.91		0.30	-98.4	%
Net life insurance product features, after-tax		0.03		(0.56)		(0.73)		0.50		(1.06)	NM			0.12		(1.83)	NM
Credit loss-related adjustments, after-tax		(0.04)		(0.10)		(0.02)		(0.12)		(0.12)	NM			(0.60)		(0.37)	38.3	%
Investment gains (losses), after-tax		0.06		(0.26)		(3.11)		(1.79)		0.80	NM			0.09		(4.38)	NM

Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, after-tax		(0.03)		0.04		(0.02)		(0.14)		(3.61)	NM			(0.24)		(3.73)	NM
Impairment of intangibles		—		—		—		—		—	NM			(3.67)		—	100.0	%
Transaction and integration costs related to
mergers, acquisitions and divestitures, after-tax		—		—		(0.04)		—		(0.12)	NM			—		(0.16)	NM


Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss) (1)		—		0.02		—		—		0.02	NM			0.07		0.03	-57.1	%


Adjusted income (loss) from operations	$	0.76	$	1.52	$	2.02	$	0.23	$	1.45	90.8	%	$	(6.90)	$	5.22	175.7	%


(1) In periods where net income (loss) or adjusted income (loss) from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of
diluted shares would result in a lower loss per share. Due to reporting adjusted income (loss) from operations per common share on a different share basis than net income (loss) per
common share, we have included an adjustment to reconcile the two metrics.


Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars, except per share data)

	For the Three Months Ended													For the Twelve Months Ended
		12/31/22		3/31/23		6/30/23		9/30/23		12/31/23	Change			12/31/22		12/31/23	Change
Stockholders’ Equity, End-of-Period
Stockholders' equity	$	5,102	$	6,732	$	5,819	$	3,199	$	6,893	35.1	%	$	5,102	$	6,893	35.1	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(6,352)		(3,754)		(5,104)		(8,480)		(3,476)	45.3	%		(6,352)		(3,476)	45.3	%
Stockholders’ equity, excluding AOCI and preferred
stock		10,468		9,500		9,937		10,693		9,383	-10.4	%		10,468		9,383	-10.4	%
MRB-related impacts		(652)		(1,158)		426		1,545		1,083	266.1	%		(652)		1,083	266.1	%
GLB and GDB hedge instruments gains (losses)(1)		N/A		(539)		(1,407)		(1,630)		(2,085)				N/A		(2,085)
Adjusted stockholders' equity	$	11,120	$	11,197	$	10,918	$	10,778	$	10,385	-6.6	%	$	11,120	$	10,385	-6.6	%

Stockholders’ Equity, Average
Stockholders' equity	$	3,943	$	5,917	$	6,276	$	4,509	$	5,046	28.0	%	$	9,719	$	5,437	-44.1	%
Less:
Preferred stock		493		986		986		986		986	100.0	%		123		986	NM
AOCI		(6,646)		(5,053)		(4,429)		(6,792)		(5,979)	10.0	%		(1,022)		(5,563)	NM
Stockholders’ equity, excluding AOCI and preferred
stock		10,096		9,984		9,719		10,315		10,038	-0.6	%		10,618		10,014	-5.7	%
MRB-related impacts		(1,262)		(905)		(366)		986		1,314	204.1	%		(2,085)		257	112.3	%
GLB and GDB hedge instruments gains (losses)(1)		N/A		(269)		(973)		(1,519)		(1,857)				N/A		(1,155)
Adjusted average stockholders' equity	$	11,358	$	11,158	$	11,058	$	10,848	$	10,582	-6.8	%	$	12,703	$	10,912	-14.1	%

Book Value Per Common Share
Book value per share	$	24.32	$	33.89	$	28.49	$	13.04	$	34.81	43.1	%	$	24.32	$	34.81	43.1	%
Less:
AOCI		(37.54)		(22.15)		(30.09)		(49.99)		(20.49)	45.4	%		(37.54)		(20.49)	45.4	%
Book value per share, excluding AOCI		61.86		56.04		58.58		63.03		55.30	-10.6	%		61.86		55.30	-10.6	%
Less:
MRB-related gains (losses)		(3.86)		(6.83)		2.51		9.11		6.38	265.3	%		(3.86)		6.38	265.3	%
GLB and GDB hedge instruments gains (losses)(1)		N/A		(3.18)		(8.30)		(9.61)		(12.29)				N/A		(12.29)
Adjusted book value per share	$	65.72	$	66.05	$	64.37	$	63.53	$	61.21	-6.9	%	$	65.72	$	61.21	-6.9	%

(1) For periods beginning on or after January 1, 2023, gains (losses) on our GLB and GDB hedge instruments are excluded from adjusted stockholders' equity to align to the
updated hedge program.


			Lincoln Financial Group
			Table of Contents


			Notes			1
			Credit Ratings			2
			Consolidated
			Consolidated Statements of Income (Loss)			3
			Consolidated Balance Sheets			4
			Earnings, Shares and Return on Equity			5
			Key Stakeholder Metrics			6
			Select Earnings Drivers By Segment			7
			Sales By Segment			8
			Operating Revenues and General and Administrative Expenses By Segment			9
			Operating Commissions and Other Expenses			10

			Select Earnings and Operational Data from Business Segments

			Annuities			11
			Life Insurance			12
			Group Protection			13
			Retirement Plan Services			14
			Other Operations			15
			DAC & Account Balance Roll Forwards
			Consolidated DAC, VOBA, DSI and DFEL Roll Forwards			16
			Account Balance Roll Forwards:
			Annuities			17
			Life Insurance			18
			Retirement Plan Services			19
			Investment Information
			Fixed-Income Asset Class			20
			Fixed-Income Credit Quality			21
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations			22-24