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

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;

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

• Gains (losses) on other non-financial assets.

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.

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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

Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, MRB-related impacts, GLB and GDB hedged instruments gains (losses) and the difference between

amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”).

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 adjusted stockholders’ equity 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.

Page 1b

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 August 1, 2024, and has not been updated since that date. Lincoln Financial Group does not intend to update this document.

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Lincoln Financial Group
Credit Ratings
	Ratings as of August 1, 2024
					Standard
		AM Best	Fitch	Moody's	& Poor's
Senior Debt Ratings		bbb+	BBB+	Baa2	BBB+
Financial Strength Ratings
The Lincoln National Life Insurance Company		A	A+	A2	A+
First Penn-Pacific Life Insurance Company		A	A+	A2	A-
Lincoln Life & Annuity Company of New York		A	A+	A2	A+
Investor Inquiries May Be Directed To:
Tina Madon, Senior Vice President, Investor Relations
Email: InvestorRelations@lfg.com
Phone: 800-237-2920

Page 2

Lincoln Financial Group
Consolidated Statements of Income (Loss)
Unaudited (millions of dollars, except per share data)
		For the Three Months Ended												For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
Revenues
Insurance premiums	$	1,612	$	1,566	$	(1,086)	$	1,601	$	1,625	0.8	%	$	3,191	$	3,226	1.1	%
Fee income		1,365		1,363		1,361		1,324		1,339	-1.9	%		2,744		2,662	-3.0	%
Net investment income		1,508		1,494		1,411		1,346		1,332	-11.7	%		2,974		2,679	-9.9	%
Realized gain (loss)		(1,784)		(453)		(1,245)		(434)		663	137.2	%		(2,612)		230	108.8	%
Amortization of deferred gain (loss) on business
sold through reinsurance		9		15		4		(12)		(12)	NM			19		(24)	NM
Other revenues		219		218		255		291		206	-5.9	%		427		496	16.2	%
Total revenues		2,929		4,203		700		4,116		5,153	75.9	%		6,743		9,269	37.5	%
Expenses
Benefits		2,192		2,152		(497)		2,003		2,008	-8.4	%		4,483		4,011	-10.5	%
Interest credited		808		831		824		822		853	5.6	%		1,593		1,675	5.1	%
Market risk benefit (gain) loss		(2,023)		(1,428)		568		(1,907)		(136)	93.3	%		(1,404)		(2,043)	-45.5	%
Policyholder liability remeasurement (gain) loss		(110)		159		(84)		(12)		(105)	4.5	%		(228)		(117)	48.7	%
Commissions and other expenses		1,376		1,371		1,421		1,601		1,351	-1.8	%		2,701		2,951	9.3	%
Interest and debt expense		84		84		81		81		86	2.4	%		166		167	0.6	%
Total expenses		2,327		3,169		2,313		2,588		4,057	74.3	%		7,311		6,644	-9.1	%
Income (loss) before taxes		602		1,034		(1,613)		1,528		1,096	82.1	%		(568)		2,625	NM
Federal income tax expense (benefit)		91		181		(378)		306		201	120.9	%		(198)		509	NM
Net income (loss)		511		853		(1,235)		1,222		895	75.1	%		(370)		2,116	NM
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(36)		(46)	-27.8	%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		2		—		—		3		—	-100.0	%		(2)		3	250.0	%
Net income (loss) available to common
stockholders – diluted	$	502	$	819	$	(1,246)	$	1,191	$	884	76.1	%	$	(408)	$	2,073	NM
Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	2.94	$	4.79	$	(7.35)	$	6.93	$	5.11	73.8	%	$	(2.41)	$	12.03	NM

Page 3

Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)
		As of
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	79,307	$	76,001	$	69,657	$	68,533	$	67,313	-15.1%
U.S. government bonds		371		373		393		391		389	4.9%
State and municipal bonds		5,074		4,770		2,790		2,743		2,564	-49.5%
Foreign government bonds		281		273		283		263		260	-7.5%
Residential mortgage-backed securities		2,015		1,928		1,773		1,760		1,795	-10.9%
Commercial mortgage-backed securities		1,684		1,701		1,424		1,484		1,542	-8.4%
Asset-backed securities		11,793		12,393		12,171		12,349		13,072	10.8%
Hybrid and redeemable preferred securities		365		365		247		241		239	-34.5%
Total fixed maturity AFS securities, net of allowance for credit losses		100,890		97,804		88,738		87,764		87,174	-13.6%
Trading securities		2,943		2,788		2,359		2,227		2,201	-25.2%
Equity securities		403		383		306		319		295	-26.8%
Mortgage loans on real estate, net of allowance for credit losses		18,460		18,751		18,963		19,266		20,152	9.2%
Policy loans		2,423		2,428		2,476		2,476		2,513	3.7%
Derivative investments		5,155		5,790		6,474		8,394		8,608	67.0%
Other investments		4,195		4,551		5,015		5,256		5,652	34.7%
Total investments		134,469		132,495		124,331		125,702		126,595	-5.9%
Cash and invested cash		3,768		2,529		3,365		4,122		5,475	45.3%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,316		12,341		12,397		12,405		12,435	1.0%
Reinsurance recoverables, net of allowance for credit losses		19,571		18,924		29,843		29,461		29,126	48.8%
Deposit assets, net of allowance for credit losses		12,308		12,494		28,789		28,904		29,888	142.8%
Market risk benefit assets		3,906		4,108		3,894		4,878		4,754	21.7%
Accrued investment income		1,277		1,372		1,082		1,127		1,135	-11.1%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		6,798		7,351		9,311		9,413		8,782	29.2%
Separate account assets		153,246		145,810		158,257		166,225		165,199	7.8%
Total assets	$	348,803	$	338,568	$	372,413	$	383,381	$	384,533	10.2%

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Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)
		As of
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	117,598	$	117,210	$	120,737	$	122,300	$	124,113	5.5	%
Future contract benefits		39,711		39,362		39,864		38,848		38,560	-2.9	%
Funds withheld reinsurance liabilities		5,244		5,006		17,641		17,486		17,044	225.0	%
Market risk benefit liabilities		1,548		1,385		1,716		1,266		1,275	-17.6	%
Deferred front-end loads		5,494		5,695		5,901		6,099		6,306	14.8	%
Payables for collateral on investments		7,062		8,046		8,105		10,117		11,114	57.4	%
Short-term debt		500		—		250		503		450	-10.0	%
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		5,087		5,038		4,832		4,859		4,849	-4.7	%
Other liabilities		6,627		6,950		7,350		7,265		6,807	2.7	%
Separate account liabilities		153,246		145,810		158,257		166,225		165,199	7.8	%
Total liabilities		342,984		335,369		365,520		375,835		376,584	9.8	%
Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,575		4,591		4,605		4,624		4,641	1.4	%
Retained earnings		5,362		6,102		4,778		5,887		6,691	24.8	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(7,267)		(10,163)		(4,813)		(4,940)		(5,253)	27.7	%
Market risk benefit non-performance risk gain (loss)		1,842		998		1,070		606		409	-77.8	%
Policyholder liability discount rate remeasurement gain (loss)		657		1,021		587		703		795	21.0	%
Foreign currency translation adjustment		(26)		(32)		(26)		(27)		(27)	-3.8	%
Funded status of employee benefit plans		(310)		(304)		(294)		(293)		(293)	5.5	%
Total accumulated other comprehensive income (loss)		(5,104)		(8,480)		(3,476)		(3,951)		(4,369)	14.4	%
Total stockholders’ equity		5,819		3,199		6,893		7,546		7,949	36.6	%
Total liabilities and stockholders’ equity	$	348,803	$	338,568	$	372,413	$	383,381	$	384,533	10.2	%

Page 4b

Lincoln Financial Group
Earnings, Shares and Return on Equity
Unaudited (millions of dollars, except per share data)
		As of or For the Three Months Ended																	As of or For the Six Months Ended
		6/30/23			9/30/23			12/31/23			3/31/24			6/30/24		Change			6/30/23			6/30/24		Change
Income (Loss)
Net income (loss)	$	511		$	853		$	(1,235)		$	1,222		$	895		75.1	%	$	(370)		$	2,116		NM
Pre-tax adjusted income (loss) from operations		403			47			276			115			382		-5.2	%		713			498		-30.2	%
After-tax adjusted income (loss) from operations (1)		354			73			258			105			330		-6.8	%		642			436		-32.1	%
Adjusted operating tax rate		12.2	%		-56.2	%		6.7	%		8.7	%		13.6	%				10.0	%		12.4	%
Adjusted income (loss) from operations available to
common stockholders		343			39			246			71			319		-7.0	%		604			390		-35.4	%
ROE
Net income (loss) ROE		32.6	%		75.7	%		-97.9	%		67.7	%		46.2	%				-12.1	%		56.6	%
Adjusted income (loss) from operations available to
common stockholders, excluding AOCI and preferred
stock ROE		14.1	%		1.5	%		9.8	%		2.9	%		11.7	%				12.3	%		7.5	%
Adjusted income (loss) from operations ROE (4)		12.4	%		1.4	%		9.0	%		2.6	%		11.2	%				12.2	%		7.0	%
Per Common Share
Net income (loss) (diluted)	$	2.94		$	4.79		$	(7.35)		$	6.93		$	5.11		73.8	%	$	(2.41)		$	12.03		NM
Adjusted income (loss) from operations (diluted) (2)		2.02			0.23			1.45			0.41			1.84		-8.9	%		3.54			2.27		-35.9	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			0.90			0.90		0.0%
Book Value Per Common Share
Book value per share	$	28.49		$	13.04		$	34.81		$	38.46		$	40.78		43.1	%	$	28.49		$	40.78		43.1	%
Book value per share, excluding AOCI (3)		58.58			63.03			55.30			61.63			66.37		13.3	%		58.58			66.37		13.3	%
Adjusted book value per share (3)(4)		64.37			63.53			64.97			65.01			68.51		6.4	%		64.37			68.51		6.4	%
Common Shares
End-of-period – basic		169.6			169.7			169.7			170.5			170.7		0.6	%		169.6			170.7		0.6	%
Average for the period – basic		169.6			169.6			169.7			170.0			170.6		0.6	%		169.5			170.3		0.5	%
End-of-period – diluted		170.0			171.0			170.6			171.7			173.4		2.0	%		170.0			173.4		2.0	%
Average for the period – diluted		169.9			170.9			170.4			171.1			172.9		1.8	%		170.5			171.7		0.7	%
(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.
(4) This measure has been updated, effective beginning with the fourth quarter of 2023, to exclude reinsurance-related embedded derivatives and the underlying portfolio gains (losses),
given the size of the impact of the fourth quarter 2023 reinsurance transaction. Such amounts in the prior periods presented, and the impact of this change to such prior periods, was not
meaningful.

Page 5

Lincoln Financial Group
Key Stakeholder Metrics
Unaudited (millions of dollars, except per share data)
	As of or For the Three Months Ended																	For the Six Months Ended
		6/30/23			9/30/23			12/31/23			3/31/24			6/30/24		Change			6/30/23		6/30/24	Change
Cash Returned to Common Stockholders – Common Dividends	$	76		$	76		$	76		$	76		$	77		1.3	%	$	152	$	153	0.7	%
Cash Returned to Preferred Stockholders – Preferred Dividends	$	11		$	34		$	11		$	34		$	11		0.0%		$	36	$	46	27.8	%
Leverage Ratio
Short-term debt (1)	$	500		$	—		$	250		$	503		$	450		-10.0	%
Long-term debt		5,954			5,905			5,699			5,726			5,716		-4.0	%
Total debt (2)		6,454			5,905			5,949			6,229			6,166		-4.5	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		7,440			6,891			6,935			7,215			7,152		-3.9	%
Less:
Operating debt (3)		867			867			867			867			867		0.0%
Pre-funding of upcoming debt maturities		500			—			—			300			300		-40.0	%
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		161			111			154			133			123		-23.6	%
Total numerator	$	5,117		$	5,118		$	5,119		$	5,120		$	5,067		-1.0	%
Adjusted stockholders’ equity (4)	$	10,918		$	10,778		$	11,023		$	11,087		$	11,698		7.1	%
Add:
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%
Total numerator		5,117			5,118			5,119			5,120			5,067		-1.0	%
Total denominator	$	16,830		$	16,691		$	16,937		$	17,002		$	17,560		4.3	%
Leverage ratio		30.4	%		30.7	%		30.2	%		30.1	%		28.9	%
Holding Company Available Liquidity (5)	$	957		$	455		$	458		$	766		$	763		-20.3	%
(1) As of June 30, 2024, consisted of $150 million principal amount of our term loan due December 3, 2024 and $300 million principal amount of our 3.35% Senior
Notes due March 9, 2025. On July 18, 2024, we refinanced the term loan into a $150 million term loan due July 16, 2027.
(2) Excludes obligations under finance leases and certain financing arrangements of $526 million that are reported in other liabilities on our Consolidated Balance Sheets.
(3) 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.
(4) See reconciliation to stockholders’ equity on page 24.
(5) Includes pre-funding of upcoming debt maturities.

Page 6

Lincoln Financial Group
Select Earnings Drivers By Segment
Unaudited (millions of dollars)
	For the Three Months Ended													For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
Annuities
Operating revenues	$	1,190	$	1,197	$	(525)	$	1,269	$	1,209	1.6	%	$	2,331	$	2,477	6.3	%
Deposits		2,560		2,737		4,359		2,849		3,823	49.3	%		5,724		6,672	16.6	%
Net flows		(1,108)		(874)		285		(1,993)		(954)	13.9	%		(1,439)		(2,946)	NM
Average account balances, net of reinsurance		148,260		151,312		147,419		155,291		158,370	6.8	%		147,314		156,531	6.3	%
Alternative investment income (1)		6		4		4		2		1	-83.3	%		9		4	-55.6	%
Life Insurance
Operating revenues	$	1,760	$	1,723	$	1,667	$	1,541	$	1,511	-14.1	%	$	3,517	$	3,052	-13.2	%
Deposits		1,333		1,272		1,458		1,208		1,230	-7.7	%		2,655		2,438	-8.2	%
Net flows		932		821		1,013		741		751	-19.4	%		1,784		1,492	-16.4	%
Average account balances, net of reinsurance		50,049		50,130		45,608		42,280		43,230	-13.6	%		49,575		42,755	-13.8	%
Average in-force face amount		1,081,795		1,085,253		1,087,535		1,087,405		1,085,383	0.3	%		1,078,704		1,086,394	0.7	%
Alternative investment income (1)		68		44		49		74		32	-52.9	%		114		106	-7.0	%
Group Protection
Operating revenues	$	1,400	$	1,388	$	1,387	$	1,425	$	1,441	2.9	%	$	2,788	$	2,867	2.8	%
Insurance premiums		1,263		1,251		1,250		1,285		1,298	2.8	%		2,514		2,583	2.7	%
Alternative investment income (1)		3		2		2		1		1	-66.7	%		5		2	-60.0	%
Retirement Plan Services
Operating revenues	$	334	$	327	$	322	$	322	$	327	-2.1	%	$	661	$	649	-1.8	%
Deposits		2,897		2,700		2,972		3,802		3,282	13.3	%		6,106		7,085	16.0	%
Net flows		201		(272)		(332)		391		(197)	NM			736		194	-73.6	%
Average account balances		94,099		96,473		96,045		103,240		106,374	13.0	%		92,752		104,518	12.7	%
Alternative investment income (1)		3		2		3		1		1	-66.7	%		5		2	-60.0	%
Consolidated
Adjusted operating revenues (2)	$	4,730	$	4,673	$	1,967	$	4,584	$	4,527	-4.3	%	$	9,387	$	9,111	-2.9	%
Deposits		6,790		6,709		8,789		7,859		8,335	22.8	%		14,485		16,195	11.8	%
Net flows		25		(325)		959		(861)		(400)	NM			1,081		(1,260)	NM
Average account balances, net of reinsurance		292,408		297,915		289,072		300,811		307,974	5.3	%		289,660		303,804	4.9	%
Alternative investment income (1)		80		52		58		78		36	-55.0	%		133		114	-14.3	%
(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.

Page 7

Lincoln Financial Group
Sales By Segment
Unaudited (millions of dollars)
	For the Three Months Ended																		For the Six Months Ended
		6/30/23			9/30/23			12/31/23			3/31/24			6/30/24		Change			6/30/23			6/30/24		Change
Sales
Annuities:
RILA	$	1,123		$	1,069		$	986		$	942		$	1,096		-2.4	%	$	2,271		$	2,038		-10.3	%
Other variable without GLBs		341			359			362			388			420		23.2	%		594			809		36.2	%
Other variable with GLBs		494			530			579			546			634		28.3	%		940			1,179		25.4	%
Total variable		1,958			1,958			1,927			1,876			2,150		9.8	%		3,805			4,026		5.8	%
Fixed		624			770			2,438			971			1,667		167.1	%		1,942			2,637		35.8	%
Total Annuities	$	2,582		$	2,728		$	4,365		$	2,847		$	3,817		47.8	%	$	5,747		$	6,663		15.9	%
Life Insurance:
IUL/UL	$	28		$	23		$	34		$	18		$	25		-10.7	%	$	62		$	43		-30.6	%
MoneyGuard®		23			27			27			24			34		47.8	%		44			58		31.8	%
VUL		34			29			38			23			19		-44.1	%		64			43		-32.8	%
Term		26			23			21			19			18		-30.8	%		56			37		-33.9	%
Executive Benefits		12			42			24			7			9		-25.0	%		27			16		-40.7	%
Total Life Insurance	$	123		$	144		$	144		$	91		$	105		-14.6	%	$	253		$	197		-22.1	%
Group Protection:
Life	$	54		$	30		$	167		$	85		$	81		50.0	%	$	137		$	167		21.9	%
Disability		36			32			204			51			74		105.6	%		75			125		66.7	%
Dental		6			9			27			8			6		0.0%			12			14		16.7	%
Total Group Protection	$	96		$	71		$	398		$	144		$	161		67.7	%	$	224		$	306		36.6	%
Percent employee-paid		54.8	%		48.8	%		33.8	%		70.4	%		50.0	%				63.7	%		59.6	%
Retirement Plan Services:
First-year sales	$	819		$	464		$	874		$	1,127		$	821		0.2	%	$	1,555		$	1,949		25.3	%
Recurring deposits		2,078			2,236			2,098			2,675			2,461		18.4	%		4,551			5,136		12.9	%
Total Retirement Plan Services	$	2,897		$	2,700		$	2,972		$	3,802		$	3,282		13.3	%	$	6,106		$	7,085		16.0	%

Page 8

Lincoln Financial Group
Operating Revenues and General and Administrative Expenses By Segment
Unaudited (millions of dollars)
	For the Three Months Ended																		For the Six Months Ended
		6/30/23			9/30/23			12/31/23			3/31/24			6/30/24		Change			6/30/23			6/30/24		Change
Operating Revenues
Annuities	$	1,190		$	1,197		$	(525)		$	1,269		$	1,209		1.6	%	$	2,331		$	2,477		6.3	%
Life Insurance		1,760			1,723			1,667			1,541			1,511		-14.1	%		3,517			3,052		-13.2	%
Group Protection		1,400			1,388			1,387			1,425			1,441		2.9	%		2,788			2,867		2.8	%
Retirement Plan Services		334			327			322			322			327		-2.1	%		661			649		-1.8	%
Other Operations		46			38			(884)			27			39		-15.2	%		90			66		-26.7	%
Total segment operating revenues	$	4,730		$	4,673		$	1,967		$	4,584		$	4,527		-4.3	%	$	9,387		$	9,111		-2.9	%
General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	135		$	138		$	131		$	134		$	112		-17.0	%	$	258		$	246		-4.7	%
Life Insurance		136			138			143			130			125		-8.1	%		270			256		-5.2	%
Group Protection		191			191			191			187			193		1.0	%		382			380		-0.5	%
Retirement Plan Services		81			81			84			81			80		-1.2	%		160			161		0.6	%
Other Operations		75			70			85			229			70		-6.7	%		114			299		162.3	%
Total	$	618		$	618		$	635		$	762		$	580		-6.1	%	$	1,184		$	1,342		13.3	%
General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		11.3	%		11.5	%		NM			10.6	%		9.3	%				11.1	%		9.9	%
Life Insurance		7.7	%		8.0	%		8.6	%		8.5	%		8.3	%				7.7	%		8.4	%
Group Protection		13.6	%		13.8	%		13.8	%		13.1	%		13.4	%				13.7	%		13.3	%
Retirement Plan Services		24.3	%		24.9	%		26.1	%		25.3	%		24.4	%				24.2	%		24.8	%
Total		13.1	%		13.2	%		32.2	%		16.6	%		12.8	%				12.6	%		14.7	%

Page 9

Lincoln Financial Group
Operating Commissions and Other Expenses
Unaudited (millions of dollars)
	For the Three Months Ended													For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	672	$	672	$	693	$	813	$	644	-4.2	%	$	1,289	$	1,457	13.0	%
Commissions		617		603		651		639		561	-9.1	%		1,232		1,200	-2.6	%
Taxes, licenses and fees		81		96		81		94		77	-4.9	%		174		171	-1.7	%
Interest and debt expense		84		84		81		81		86	2.4	%		166		167	0.6	%
Expenses associated with reserve financing
and letters of credit		27		28		29		30		28	3.7	%		58		58	0.0%
Total adjusted operating commissions and other
expenses incurred		1,481		1,483		1,535		1,657		1,396	-5.7	%		2,919		3,053	4.6	%
Less Amounts Capitalized
General and administrative expenses		(54)		(54)		(58)		(51)		(64)	-18.5	%		(105)		(115)	-9.5	%
Commissions		(240)		(223)		(259)		(205)		(224)	6.7	%		(482)		(428)	11.2	%
Taxes, licenses and fees		(8)		(8)		(8)		(9)		(7)	12.5	%		(18)		(16)	11.1	%
Total amounts capitalized		(302)		(285)		(325)		(265)		(295)	2.3	%		(605)		(559)	7.6	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,179		1,198		1,210		1,392		1,101	-6.6	%		2,314		2,494	7.8	%
Amortization
Amortization of DAC, VOBA and other intangibles		271		270		271		271		274	1.1	%		538		544	1.1	%
Total operating commissions and other expenses	$	1,450	$	1,468	$	1,481	$	1,663	$	1,375	-5.2	%	$	2,852	$	3,038	6.5	%

Page 10

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																		Six Months Ended
		6/30/23			9/30/23			12/31/23			3/31/24			6/30/24		Change			6/30/23			6/30/24		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums (1)	$	54		$	24		$	(1,700)		$	26		$	34		-37.0	%	$	92		$	60		-34.8	%
Fee income (2)		546			557			552			580			587		7.5	%		1,086			1,167		7.5	%
Net investment income		437			451			425			420			435		-0.5	%		858			855		-0.3	%
Amortization of deferred gain (loss) on
business sold through reinsurance		5			11			10			5			5		0.0%			11			10		-9.1	%
Other revenues		148			154			188			238			148		0.0%			284			385		35.6	%
Total operating revenues		1,190			1,197			(525)			1,269			1,209		1.6	%		2,331			2,477		6.3	%
Operating expenses:
Benefits (1)		69			45			(1,683)			27			38		-44.9	%		132			64		-51.5	%
Interest credited		306			330			338			354			377		23.2	%		584			729		24.8	%
Policyholder liability remeasurement (gain) loss		(1)			19			(15)			—			2		300.0	%		(2)			3		250.0	%
Commissions incurred		240			238			252			254			269		12.1	%		480			523		9.0	%
Other expenses incurred		257			276			265			309			180		-30.0	%		510			489		-4.1	%
Amounts capitalized		(100)			(102)			(110)			(98)			(115)		-15.0	%		(199)			(213)		-7.0	%
Amortization		109			109			107			106			107		-1.8	%		216			213		-1.4	%
Total operating expenses		880			915			(846)			952			858		-2.5	%		1,721			1,808		5.1	%
Income (loss) from operations before taxes		310			282			321			317			351		13.2	%		610			669		9.7	%
Federal income tax expense (benefit)		39			34			42			58			54		38.5	%		65			113		73.8	%
Income (loss) from operations	$	271		$	248		$	279		$	259		$	297		9.6	%	$	545		$	556		2.0	%
Effective Federal Income Tax Rate		12.6	%		12.0	%		12.9	%		18.5	%		15.4	%				10.6	%		16.8	%
Return on Average Account Balances (bps)		73			66			76			67			75		2			74			71		(3)
Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	24,407		$	25,006		$	27,533		$	30,100		$	31,633		29.6	%	$	24,407		$	31,633		29.6	%
Other variable account balances without GLBs		44,381			42,196			45,499			47,657			47,321		6.6	%		44,381			47,321		6.6	%
Other variable account balances with GLBs		68,460			64,754			69,458			71,822			70,664		3.2	%		68,460			70,664		3.2	%
Fixed account balances		14,828			14,694			10,336			10,214			10,251		-30.9	%		14,828			10,251		-30.9	%
Total account balances	$	152,076		$	146,650		$	152,826		$	159,793		$	159,869		5.1	%	$	152,076		$	159,869		5.1	%
Percent variable account balances with GLBs		45.0	%		44.2	%		45.4	%		44.9	%		44.2	%				45.0	%		44.2	%
Fee Income, Gross of Hedge Allowance	$	750		$	758		$	752		$	780		$	787		4.9	%	$	1,495		$	1,567		4.8	%
Net Investment Income, Net of Reinsurance (3)		396			409			385			390			403		1.8	%		771			793		2.9	%
Interest Credited, Net of Reinsurance (3)		247			270			255			245			254		2.8	%		471			498		5.7	%
(1) Day one impacts related to the fourth quarter 2023 reinsurance transaction contributed to line item volatility in the fourth quarter.
(2) Fee income is reported net of the hedge allowance, which represents fees allocated to net annuity product features to support the cost of hedging.
(3) Net investment income and interest credited are both reported gross of reinsurance. Reinsurance impacts are settled through other revenues.

Page 11

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																		Six Months Ended
		6/30/23			9/30/23			12/31/23			3/31/24			6/30/24		Change			6/30/23			6/30/24		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	293		$	289		$	295		$	288		$	293		0.0%		$	579		$	580		0.2	%
Fee income		753			739			741			672			677		-10.1	%		1,529			1,349		-11.8	%
Net investment income		707			689			629			581			533		-24.6	%		1,394			1,114		-20.1	%
Operating realized gain (loss)		(2)			(2)			(2)			(2)			(2)		0.0%			(3)			(3)		0.0%
Amortization of deferred gain (loss) on
business sold through reinsurance		4			4			(6)			(19)			(19)		NM			8			(38)		NM
Other revenues		5			4			10			21			29		NM			10			50		NM
Total operating revenues		1,760			1,723			1,667			1,541			1,511		-14.1	%		3,517			3,052		-13.2	%
Operating expenses:
Benefits		1,073			1,129			1,083			928			948		-11.6	%		2,225			1,876		-15.7	%
Interest credited		325			325			312			294			299		-8.0	%		653			592		-9.3	%
Policyholder liability remeasurement (gain) loss		14			183			(37)			59			16		14.3	%		1			75		NM
Commissions incurred		143			129			150			113			113		-21.0	%		291			226		-22.3	%
Other expenses incurred		216			215			223			204			193		-10.6	%		430			398		-7.4	%
Amounts capitalized		(170)			(152)			(175)			(133)			(133)		21.8	%		(343)			(266)		22.4	%
Amortization		124			123			125			126			126		1.6	%		248			252		1.6	%
Total operating expenses		1,725			1,952			1,681			1,591			1,562		-9.4	%		3,505			3,153		-10.0	%
Income (loss) from operations before taxes		35			(229)			(14)			(50)			(51)		NM			12			(101)		NM
Federal income tax expense (benefit)		2			(56)			(8)			(15)			(16)		NM			(8)			(31)		NM
Income (loss) from operations	$	33		$	(173)		$	(6)		$	(35)		$	(35)		NM		$	20		$	(70)		NM
Effective Federal Income Tax Rate		6.6	%		24.2	%		59.7	%		29.7	%		31.2	%				(68.9)	%		30.4	%
Average Account Balances, Net of Reinsurance	$	50,049		$	50,130		$	45,608		$	42,280		$	43,230		-13.6	%	$	49,575		$	42,755		-13.8	%
In-Force Face Amount
UL and other	$	364,633		$	364,586		$	365,938		$	365,507		$	365,030		0.1	%	$	364,633		$	365,030		0.1	%
Term insurance		719,361			721,927			722,620			720,745			719,485		0.0%			719,361			719,485		0.0%
Total in-force face amount	$	1,083,994		$	1,086,513		$	1,088,558		$	1,086,252		$	1,084,515		0.0%		$	1,083,994		$	1,084,515		0.0%

Page 12

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																	Six Months Ended
		6/30/23			9/30/23			12/31/23			3/31/24			6/30/24		Change			6/30/23			6/30/24		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,263		$	1,251		$	1,250		$	1,285		$	1,298		2.8	%	$	2,514		$	2,583		2.7	%
Net investment income		85			84			85			85			88		3.5	%		170			173		1.8	%
Other revenues		52			53			52			55			55		5.8	%		104			111		6.7	%
Total operating revenues		1,400			1,388			1,387			1,425			1,441		2.9	%		2,788			2,867		2.8	%
Operating expenses:
Benefits		1,019			979			984			1,030			1,032		1.3	%		2,057			2,062		0.2	%
Interest credited		1			1			1			1			1		0.0%			2			2		0.0%
Policyholder liability remeasurement (gain) loss		(121)			(39)			(28)			(67)			(124)		-2.5	%		(220)			(191)		13.2	%
Commissions incurred		112			109			119			109			113		0.9	%		218			222		1.8	%
Other expenses incurred		246			245			246			246			260		5.7	%		492			507		3.0	%
Amounts capitalized		(28)			(26)			(34)			(29)			(42)		-50.0	%		(53)			(71)		-34.0	%
Amortization		33			33			34			34			36		9.1	%		65			70		7.7	%
Total operating expenses		1,262			1,302			1,322			1,324			1,276		1.1	%		2,561			2,601		1.6	%
Income (loss) from operations before taxes		138			86			65			101			165		19.6	%		227			266		17.2	%
Federal income tax expense (benefit)		29			18			13			21			35		20.7	%		47			56		19.1	%
Income (loss) from operations	$	109		$	68		$	52		$	80		$	130		19.3	%	$	180		$	210		16.7	%
Effective Federal Income Tax Rate		21.0	%		21.0	%		21.0	%		21.0	%		21.0	%				21.0	%		21.0	%
Operating Margin (1)		8.6	%		5.4	%		4.1	%		6.2	%		10.0	%				7.2	%		8.1	%
Loss Ratios by Product Line
Life		71.6	%		76.8	%		67.2	%		76.1	%		75.6	%				76.0	%		75.8	%
Disability		70.7	%		74.1	%		83.1	%		74.2	%		65.9	%				71.1	%		70.0	%
Dental		76.9	%		75.9	%		75.4	%		76.5	%		78.9	%				76.6	%		77.7	%
Total		71.3	%		75.2	%		76.6	%		75.0	%		70.1	%				73.1	%		72.5	%
(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

Page 13

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																	Six Months Ended
		6/30/23			9/30/23			12/31/23			3/31/24			6/30/24		Change			6/30/23			6/30/24		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	65		$	66		$	67		$	70		$	72		10.8	%	$	129		$	142		10.1	%
Net investment income		259			251			248			244			247		-4.6	%		514			491		-4.5	%
Other revenues		10			10			7			8			8		-20.0	%		18			16		-11.1	%
Total operating revenues		334			327			322			322			327		-2.1	%		661			649		-1.8	%
Operating expenses:
Interest credited		168			165			164			166			168		0.0%			336			335		-0.3	%
Commissions incurred		21			22			22			23			26		23.8	%		43			49		14.0	%
Other expenses incurred		90			90			93			92			87		-3.3	%		177			178		0.6	%
Amounts capitalized		(5)			(5)			(6)			(5)			(5)		0.0%			(10)			(10)		0.0%
Amortization		5			5			5			5			5		0.0%			9			9		0.0%
Total operating expenses		279			277			278			281			281		0.7	%		555			561		1.1	%
Income (loss) from operations before taxes		55			50			44			41			46		-16.4	%		106			88		-17.0	%
Federal income tax expense (benefit)		8			7			6			5			6		-25.0	%		16			12		-25.0	%
Income (loss) from operations	$	47		$	43		$	38		$	36		$	40		-14.9	%	$	90		$	76		-15.6	%
Effective Federal Income Tax Rate		14.9	%		13.9	%		13.2	%		12.9	%		13.2	%				15.6	%		13.1	%
Return on Average Account Balances (bps)		20			18			16			14			15		(5)			19			15		(4)
Net Flows by Market
Small Market	$	99		$	21		$	115		$	(32)		$	43		-56.6	%	$	246		$	11		-95.5	%
Mid - Large Market		408			83			78			847			206		-49.5	%		1,119			1,053		-5.9	%
Multi-Fund® and Other		(306)			(376)			(525)			(424)			(446)		-45.8	%		(629)			(870)		-38.3	%
Net Flows – Trailing Twelve Months	$	1,592		$	515		$	132		$	(12)		$	(410)		NM		$	1,592		$	(410)		NM
Base Spreads, Excluding Variable
Investment Income (1)		1.18	%		1.10	%		1.09	%		1.02	%		1.03	%	(15)			1.16	%		1.02	%	-14
(1) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums.

Page 14

Lincoln Financial Group
Other Operations – Select Earnings and Operational Data
Unaudited (millions of dollars)
		For the Three Months Ended											For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
Other Operations
Operating revenues:
Insurance premiums (1)	$	2	$	1	$	(930)	$	2	$	1	-50.0	%	$	7	$	3	-57.1	%
Net investment income		38		37		37		16		27	-28.9	%		73		43	-41.1	%
Amortization of deferred gain (loss) on
business sold through reinsurance		—		—		1		2		2	NM			—		3	NM
Other revenues		6		—		8		7		9	50.0	%		10		17	70.0	%
Total operating revenues		46		38		(884)		27		39	-15.2	%		90		66	-26.7	%
Operating expenses:
Benefits (1)		14		17		(918)		6		4	-71.4	%		36		11	-69.4	%
Interest credited		9		9		9		9		8	-11.1	%		18		17	-5.6	%
Policyholder liability remeasurement (gain) loss		1		(5)		—		(1)		1	0.0%			—		—	NM
Commissions and other expenses		73		75		84		226		69	-5.5	%		112		295	163.4	%
Interest and debt expense		84		84		81		81		86	2.4	%		166		167	0.6	%
Total operating expenses		181		180		(744)		321		168	-7.2	%		332		490	47.6	%
Income (loss) from operations before taxes		(135)		(142)		(140)		(294)		(129)	4.4	%		(242)		(424)	-75.2	%
Federal income tax expense (benefit)		(29)		(29)		(35)		(59)		(27)	6.9	%		(49)		(88)	-79.6	%
Income (loss) from operations	$	(106)	$	(113)	$	(105)	$	(235)	$	(102)	3.8	%	$	(193)	$	(336)	-74.1	%
(1) Day one impacts related to the fourth quarter 2023 reinsurance transaction contributed to line item volatility in the fourth quarter.

Page 15

Lincoln Financial Group
Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended												For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	12,277	$	12,316	$	12,341	$	12,397	$	12,405	1.0	%	$	12,235	$	12,397	1.3	%
Business acquired (sold) through reinsurance		—		—		(11)		—		—	NM			—		—	NM
Deferrals		304		289		333		274		299	-1.6	%		610		572	-6.2	%
Operating amortization		(265)		(264)		(266)		(266)		(269)	-1.5	%		(529)		(534)	-0.9	%
Balance as of end-of-period	$	12,316	$	12,341	$	12,397	$	12,405	$	12,435	1.0	%	$	12,316	$	12,435	1.0	%
DFEL
Balance as of beginning-of-period	$	5,291	$	5,494	$	5,695	$	5,901	$	6,099	15.3	%	$	5,091	$	5,901	15.9	%
Deferrals		274		275		281		272		284	3.6	%		542		556	2.6	%
Operating amortization		(71)		(74)		(75)		(74)		(77)	-8.5	%		(139)		(151)	-8.6	%
Balance as of end-of-period	$	5,494	$	5,695	$	5,901	$	6,099	$	6,306	14.8	%	$	5,494	$	6,306	14.8	%
DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	5,389	$	5,250	$	5,132	$	4,981	$	4,842	-10.2	%	$	5,389	$	4,842	-10.2	%

Page 16

Lincoln Financial Group
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended												For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	110,264	$	112,848	$	106,957	$	114,963	$	119,485	8.4	%	$	107,627	$	114,963	6.8	%
Gross deposits		835		889		941		934		1,054	26.2	%		1,534		1,988	29.6	%
Full surrenders and deaths		(1,543)		(1,559)		(1,714)		(2,142)		(2,303)	-49.3	%		(3,070)		(4,446)	-44.8	%
Other contract benefits		(993)		(984)		(1,147)		(1,133)		(1,130)	-13.8	%		(1,972)		(2,261)	-14.7	%
Net flows		(1,701)		(1,654)		(1,920)		(2,341)		(2,379)	-39.9	%		(3,508)		(4,719)	-34.5	%
Policyholder assessments		(626)		(630)		(624)		(644)		(650)	-3.8	%		(1,249)		(1,294)	-3.6	%
Change in market value and reinvestment		4,911		(3,607)		10,550		7,507		1,534	-68.8	%		9,978		9,040	-9.4	%
Balance as of end-of-period, gross		112,848		106,957		114,963		119,485		117,990	4.6	%		112,848		117,990	4.6	%
Account balances reinsured		(7)		(7)		(6)		(6)		(5)	28.6	%		(7)		(5)	28.6	%
Balance as of end-of-period, net	$	112,841	$	106,950	$	114,957	$	119,479	$	117,985	4.6	%	$	112,841	$	117,985	4.6	%
RILA
Balance as of beginning-of-period	$	21,841	$	24,407	$	25,006	$	27,533	$	30,100	37.8	%	$	20,130	$	27,533	36.8	%
Gross deposits		1,123		1,069		986		942		1,096	-2.4	%		2,271		2,038	-10.3	%
Full surrenders and deaths		(78)		(105)		(103)		(115)		(138)	-76.9	%		(143)		(253)	-76.9	%
Other contract benefits		(23)		(20)		(45)		(42)		(14)	39.1	%		(58)		(56)	3.4	%
Net flows		1,022		944		838		785		944	-7.6	%		2,070		1,729	-16.5	%
Policyholder assessments		(2)		(2)		(3)		(3)		(3)	-50.0	%		(3)		(6)	-100.0	%
Change in market value and reinvestment		163		190		213		247		288	76.7	%		287		535	86.4	%
Change in fair value of embedded derivative instruments		1,383		(533)		1,479		1,538		304	-78.0	%		1,923		1,842	-4.2	%
Balance as of end-of-period, gross	$	24,407	$	25,006	$	27,533	$	30,100	$	31,633	29.6	%	$	24,407	$	31,633	29.6	%

Page 17a

Lincoln Financial Group
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended												For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
Fixed Annuities
Balance as of beginning-of-period	$	24,019	$	23,813	$	23,681	$	25,355	$	25,162	4.8	%	$	23,365	$	25,355	8.5	%
Gross deposits		602		779		2,432		973		1,673	177.9	%		1,919		2,646	37.9	%
Full surrenders and deaths		(864)		(782)		(878)		(1,213)		(1,020)	-18.1	%		(1,592)		(2,234)	-40.3	%
Other contract benefits		(167)		(161)		(187)		(197)		(172)	-3.0	%		(328)		(368)	-12.2	%
Net flows		(429)		(164)		1,367		(437)		481	212.1	%		(1)		44	NM
Policyholder assessments		(14)		(13)		(15)		(17)		(14)	0.0%			(28)		(31)	-10.7	%
Reinvested interest credited		159		158		172		183		199	25.2	%		312		382	22.4	%
Change in fair value of embedded derivative instruments		78		(113)		150		78		9	-88.5	%		165		87	-47.3	%
Balance as of end-of-period, gross		23,813		23,681		25,355		25,162		25,837	8.5	%		23,813		25,837	8.5	%
Account balances reinsured		(8,985)		(8,987)		(15,019)		(14,948)		(15,586)	-73.5	%		(8,985)		(15,586)	-73.5	%
Balance as of end-of-period, net	$	14,828	$	14,694	$	10,336	$	10,214	$	10,251	-30.9	%	$	14,828	$	10,251	-30.9	%
Total
Balance as of beginning-of-period	$	156,124	$	161,068	$	155,644	$	167,851	$	174,747	11.9	%	$	151,122	$	167,851	11.1	%
Gross deposits		2,560		2,737		4,359		2,849		3,823	49.3	%		5,724		6,672	16.6	%
Full surrenders and deaths		(2,485)		(2,446)		(2,695)		(3,470)		(3,461)	-39.3	%		(4,805)		(6,933)	-44.3	%
Other contract benefits		(1,183)		(1,165)		(1,379)		(1,372)		(1,316)	-11.2	%		(2,358)		(2,685)	-13.9	%
Net flows		(1,108)		(874)		285		(1,993)		(954)	13.9	%		(1,439)		(2,946)	NM
Policyholder assessments		(642)		(645)		(642)		(664)		(667)	-3.9	%		(1,280)		(1,331)	-4.0	%
Change in market value, reinvestment and interest credited		5,233		(3,259)		10,935		7,937		2,021	-61.4	%		10,577		9,957	-5.9	%
Change in fair value of embedded derivative instruments		1,461		(646)		1,629		1,616		313	-78.6	%		2,088		1,929	-7.6	%
Balance as of end-of-period, gross		161,068		155,644		167,851		174,747		175,460	8.9	%		161,068		175,460	8.9	%
Account balances reinsured		(8,992)		(8,994)		(15,025)		(14,954)		(15,591)	-73.4	%		(8,992)		(15,591)	-73.4	%
Balance as of end-of-period, net	$	152,076	$	146,650	$	152,826	$	159,793	$	159,869	5.1	%	$	152,076	$	159,869	5.1	%

Page 17b

Lincoln Financial Group
Life Insurance – Account Balance Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended													For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24		Change
General Account
Balance as of beginning-of-period	$	37,533	$	37,458	$	37,217	$	37,180	$	37,006	-1.4	%	$	37,694	$	37,180		-1.4	%
Gross deposits		907		915		1,006		850		893	-1.5	%		1,834		1,743		-5.0	%
Withdrawals and deaths		(323)		(378)		(359)		(364)		(389)	-20.4	%		(717)		(753)		-5.0	%
Net flows		584		537		647		486		504	-13.7	%		1,117		990		-11.4	%
Transfers between general and separate accounts		44		14		7		38		74	68.2	%		76		113		48.7	%
Policyholder assessments		(1,120)		(1,124)		(1,140)		(1,124)		(1,130)	-0.9	%		(2,248)		(2,254)		-0.3	%
Reinvested interest credited		371		370		366		365		368	-0.8	%		744		733		-1.5	%
Change in fair value of embedded derivative instruments		46		(38)		83		61		26	-43.5	%		75		86		14.7	%
Balance as of end-of-period, gross		37,458		37,217		37,180		37,006		36,848	-1.6	%		37,458		36,848		-1.6	%
Account balances reinsured		(5,527)		(5,503)		(15,777)		(15,607)		(15,467)	NM			(5,527)		(15,467)		NM
Balance as of end-of-period, net	$	31,931	$	31,714	$	21,403	$	21,399	$	21,381	-33.0	%	$	31,931	$	21,381		-33.0	%
Separate Account
Balance as of beginning-of-period	$	22,162	$	23,409	$	22,642	$	25,150	$	27,007	21.9	%		20,920		$	25,150	20.2	%
Gross deposits		426		357		452		358		337	-20.9	%		821		695		-15.3	%
Withdrawals and deaths		(78)		(73)		(86)		(103)		(90)	-15.4	%		(154)		(193)		-25.3	%
Net flows		348		284		366		255		247	-29.0	%		667		502		-24.7	%
Transfers between general and separate accounts		(44)		(12)		(7)		(37)		(76)	-72.7	%		(76)		(113)		-48.7	%
Policyholder assessments		(238)		(238)		(250)		(246)		(247)	-3.8	%		(476)		(493)		-3.6	%
Change in market value and reinvestment		1,181		(801)		2,399		1,885		450	-61.9	%		2,374		2,335		-1.6	%
Balance as of end-of-period, gross		23,409		22,642		25,150		27,007		27,381	17.0	%		23,409		27,381		17.0	%
Account balances reinsured		(4,805)		(4,632)		(5,062)		(5,338)		(5,371)	-11.8	%		(4,805)		(5,371)		-11.8	%
Balance as of end-of-period, net	$	18,604	$	18,010	$	20,088	$	21,669	$	22,010	18.3	%	$	18,604	$	22,010		18.3	%
Total
Balance as of beginning-of-period	$	59,695	$	60,867	$	59,859	$	62,330	$	64,013	7.2	%	$	58,614	$	62,330		6.3	%
Gross deposits		1,333		1,272		1,458		1,208		1,230	-7.7	%		2,655		2,438		-8.2	%
Withdrawals and deaths		(401)		(451)		(445)		(467)		(479)	-19.5	%		(871)		(946)		-8.6	%
Net flows		932		821		1,013		741		751	-19.4	%		1,784		1,492		-16.4	%
Transfers between general and separate accounts		—		2		—		1		(2)				—		—		NM
Policyholder assessments		(1,358)		(1,362)		(1,390)		(1,370)		(1,377)	-1.4	%		(2,724)		(2,747)		-0.8	%
Change in market value and reinvestment		1,552		(431)		2,765		2,250		818	-47.3	%		3,118		3,068		-1.6	%
Change in fair value of embedded derivative instruments		46		(38)		83		61		26	-43.5	%		75		86		14.7	%
Balance as of end-of-period, gross		60,867		59,859		62,330		64,013		64,229	5.5	%		60,867		64,229		5.5	%
Account balances reinsured		(10,332)		(10,135)		(20,839)		(20,945)		(20,838)	NM			(10,332)		(20,838)		NM
Balance as of end-of-period, net	$	50,535	$	49,724	$	41,491	$	43,068	$	43,391	-14.1	%	$	50,535	$	43,391		-14.1	%

Page 18

Lincoln Financial Group
Retirement Plan Services – Account Balance Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended												For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
General Account
Balance as of beginning-of-period	$	24,994	$	24,430	$	24,099	$	23,784	$	23,586	-5.6	%	$	25,138	$	23,784	-5.4	%
Gross deposits		616		709		750		790		846	37.3	%		1,317		1,636	24.2	%
Withdrawals		(981)		(1,168)		(1,233)		(1,203)		(1,072)	-9.3	%		(2,094)		(2,275)	-8.6	%
Net flows		(365)		(459)		(483)		(413)		(226)	38.1	%		(777)		(639)	17.8	%
Transfers between fixed and variable accounts		(363)		(38)		2		50		69	119.0	%		(259)		120	146.3	%
Policyholder assessments		(3)		(3)		(3)		(3)		(3)	0.0%			(7)		(7)	0.0%
Reinvested interest credited		167		169		169		168		172	3.0	%		335		340	1.5	%
Balance as of end-of-period	$	24,430	$	24,099	$	23,784	$	23,586	$	23,598	-3.4	%	$	24,430	$	23,598	-3.4	%
Separate Account and Mutual Funds
Balance as of beginning-of-period	$	67,985	$	72,156	$	69,834	$	77,201	$	83,226	22.4	%	$	63,592	$	77,201	21.4	%
Gross deposits		2,281		1,991		2,222		3,012		2,436	6.8	%		4,789		5,449	13.8	%
Withdrawals		(1,715)		(1,804)		(2,071)		(2,208)		(2,407)	-40.3	%		(3,276)		(4,616)	-40.9	%
Net flows		566		187		151		804		29	-94.9	%		1,513		833	-44.9	%
Transfers between fixed and variable accounts		370		42		(10)		(34)		(69)	NM			264		(104)	NM
Policyholder assessments		(60)		(62)		(62)		(64)		(66)	-10.0	%		(116)		(130)	-12.1	%
Change in market value and reinvestment		3,295		(2,489)		7,288		5,319		1,154	-65.0	%		6,903		6,474	-6.2	%
Balance as of end-of-period	$	72,156	$	69,834	$	77,201	$	83,226	$	84,274	16.8	%	$	72,156	$	84,274	16.8	%
Total
Balance as of beginning-of-period	$	92,979	$	96,586	$	93,933	$	100,985	$	106,812	14.9	%	$	88,730	$	100,985	13.8	%
Gross deposits		2,897		2,700		2,972		3,802		3,282	13.3	%		6,106		7,085	16.0	%
Withdrawals		(2,696)		(2,972)		(3,304)		(3,411)		(3,479)	-29.0	%		(5,370)		(6,891)	-28.3	%
Net flows		201		(272)		(332)		391		(197)	NM			736		194	-73.6	%
Transfers between fixed and variable accounts		7		4		(8)		16		—	-100.0	%		5		16	220.0	%
Policyholder assessments		(63)		(65)		(65)		(67)		(69)	-9.5	%		(123)		(137)	-11.4	%
Change in market value and reinvestment		3,462		(2,320)		7,457		5,487		1,326	-61.7	%		7,238		6,814	-5.9	%
Balance as of end-of-period	$	96,586	$	93,933	$	100,985	$	106,812	$	107,872	11.7	%	$	96,586	$	107,872	11.7	%

Page 19

Lincoln Financial Group
Fixed-Income Asset Class
Unaudited (millions of dollars)
	As of 6/30/2023					As of 12/31/2023					As of 6/30/2024
	Amount		%			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	$	17,248		15.5	%	$	13,510		15.2	%	$	12,552		14.4	%
Basic industry		4,157		3.7	%		2,986		3.3	%		2,916		3.4	%
Capital goods		7,157		6.4	%		5,568		6.2	%		5,486		6.3	%
Communications		4,319		3.9	%		3,110		3.5	%		2,850		3.3	%
Consumer cyclical		5,781		5.2	%		5,268		5.8	%		5,291		6.1	%
Consumer non-cyclical		17,174		15.5	%		13,458		15.1	%		12,751		14.6	%
Energy		4,590		4.1	%		2,776		3.1	%		2,547		2.9	%
Technology		5,566		5.0	%		4,376		4.9	%		4,135		4.8	%
Transportation		3,652		3.3	%		3,233		3.6	%		3,147		3.6	%
Industrial other		2,323		2.1	%		2,107		2.4	%		2,151		2.4	%
Utilities		14,269		12.8	%		11,613		13.0	%		11,283		13.0	%
Government-related entities		1,832		1.6	%		1,278		1.4	%		1,211		1.4	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,835		1.7	%		1,505		1.7	%		1,546		1.7	%
Non-agency backed		362		0.3	%		332		0.4	%		322		0.4	%
Commercial mortgage-backed securities ("CMBS")		1,915		1.7	%		1,546		1.7	%		1,629		1.9	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		8,835		8.0	%		8,325		9.3	%		8,354		9.6	%
Other ABS		3,672		3.3	%		4,220		4.7	%		5,021		5.7	%
Municipals		5,268		4.7	%		2,973		3.3	%		2,797		3.2	%
United States and foreign government		708		0.9	%		730		1.1	%		727		1.0	%
Hybrid & redeemable preferred securities		361		0.3	%		237		0.3	%		226		0.3	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		111,024		100.0	%		89,151		100.0	%		86,942		100.0	%
Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		527					626					517
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		315					275					252
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		111,866					90,052					87,711
Modified coinsurance and funds withheld investments		3,076					10,215					12,646
Total fixed maturity AFS, trading and equity securities	$	114,942				$	100,267				$	100,357
(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.

Page 20

Lincoln Financial Group
Fixed-Income Credit Quality
Unaudited (millions of dollars)
	As of 6/30/2023					As of 12/31/2023					As of 6/30/2024
	Amount		%			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)	$	64,824		58.4	%	$	51,738		58.0	%	$	51,419		59.1	%
NAIC 2 (BBB)		42,857		38.6	%		34,475		38.7	%		32,686		37.6	%
Total investment grade		107,681		97.0	%		86,213		96.7	%		84,105		96.7	%
NAIC 3 (BB)		1,741		1.6	%		1,090		1.2	%		1,000		1.2	%
NAIC 4 (B)		1,495		1.3	%		1,760		2.0	%		1,767		2.0	%
NAIC 5 (CCC and lower)		84		0.1	%		86		0.1	%		65		0.1	%
NAIC 6 (in or near default)		23		0.0	%		2		0.0	%		5		0.0	%
Total below investment grade		3,343		3.0	%		2,938		3.3	%		2,837		3.3	%
Total	$	111,024		100.0	%	$	89,151		100.0	%	$	86,942		100.0	%
Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,113		79.1	%	$	13,687		80.4	%	$	13,515		78.1	%
CM2 (BBB)		3,418		20.6	%		3,248		19.1	%		3,758		21.7	%
CM3-7 (BB and lower)		53		0.3	%		84		0.5	%		40		0.2	%
Total	$	16,584		100.0	%	$	17,019		100.0	%	$	17,313		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	$	77,937		60.9	%	$	65,425		61.6	%	$	64,934		62.2	%
BBB		46,275		36.4	%		37,723		35.5	%		36,444		35.0	%
BB and lower		3,396		2.7	%		3,022		2.9	%		2,877		2.8	%
Total	$	127,608		100.0	%	$	106,170		100.0	%	$	104,255		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.

Page 21

Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars)
	For the Three Months Ended												For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
Net Income
Net income (loss) available to common stockholders – diluted	$	502	$	819	$	(1,246)	$	1,191	$	884	76.1	%	$	(408)	$	2,073	NM
Less:
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(36)		(46)	-27.8	%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		2		—		—		3		—	-100.0	%		(2)		3	250.0	%
Net income (loss)		511		853		(1,235)		1,222		895	75.1	%		(370)		2,116	NM
Less:
Net annuity product features, after-tax		822		1,045		(797)		1,141		198	-75.9	%		(195)		1,337	NM
Net life insurance product features, after-tax		(123)		85		(178)		(103)		3	102.4	%		(218)		(102)	53.2	%
Credit loss-related adjustments, after-tax		(3)		(21)		(21)		(1)		(28)	NM			(21)		(28)	-33.3	%
Investment gains (losses), after-tax (1)		(528)		(306)		136		(65)		(181)	65.7	%		(574)		(246)	57.1	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, after-tax (2)		(4)		(23)		(613)		153		158	NM			3		312	NM
Transaction and integration costs related to mergers,
acquisitions and divestitures, after-tax (3)		(7)		—		(20)		(8)		(21)	NM			(7)		(29)	NM
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, after-tax (4)		—		—		—		—		436	NM			—		436	NM
Total adjustments		157		780		(1,493)		1,117		565	259.9	%		(1,012)		1,680	266.0	%
Adjusted income (loss) from operations		354		73		258		105		330	-6.8	%		642		436	-32.1	%
Add:
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(36)		(46)	-27.8	%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		(1)		—		—	NM			(2)		—	100.0	%
Adjusted income (loss) from operations available to
common stockholders	$	343	$	39	$	246	$	71	$	319	-7.0	%	$	604	$	390	-35.4	%
(1) Includes intent to sell impairments during the second and third quarters of 2023 of certain fixed maturity AFS securities in an unrealized loss position, resulting
from the Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction.
(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(3) Includes costs pertaining to the sale of our wealth management business and the fourth quarter 2023 reinsurance transaction.
(4) Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.

Page 22

Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars, except per share data)
	For the Three Months Ended													For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
Revenues
Total revenues	$	2,929	$	4,203	$	700	$	4,116	$	5,153	75.9	%	$	6,743	$	9,269	37.5	%
Less:
Revenue adjustments from annuity
and life insurance product features		(1,123)		(14)		(631)		(580)		105	109.3	%		(1,894)		(474)	75.0	%
Credit loss-related adjustments		(5)		(27)		(27)		(1)		(34)	NM			(27)		(36)	-33.3	%
Investment gains (losses)		(668)		(400)		167		(81)		(230)	65.6	%		(726)		(311)	57.2	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans		(5)		(29)		(776)		194		201	NM			3		395	NM
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses		—		—		—		—		584	NM			—		584	NM
Adjusted operating revenues	$	4,730	$	4,673	$	1,967	$	4,584	$	4,527	-4.3	%	$	9,387	$	9,111	-2.9	%
Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	2.94	$	4.79	$	(7.35)	$	6.93	$	5.11	73.8	%	$	(2.41)	$	12.03	NM
Less:
Net annuity product features, after-tax		4.84		6.11		(4.71)		6.64		1.15	-76.2	%		(1.15)		7.75	NM
Net life insurance product features, after-tax		(0.73)		0.50		(1.06)		(0.60)		0.01	101.4	%		(1.29)		(0.59)	54.3	%
Credit loss-related adjustments, after-tax		(0.02)		(0.12)		(0.12)		—		(0.16)	NM			(0.12)		(0.16)	-33.3	%
Investment gains (losses), after-tax		(3.11)		(1.79)		0.80		(0.38)		(1.05)	66.2	%		(3.38)		(1.42)	58.0	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, after-tax		(0.02)		(0.14)		(3.61)		0.89		0.92	NM			0.01		1.81	NM
Transaction and integration costs related to
mergers, acquisitions and divestitures, after-tax		(0.04)		—		(0.12)		(0.05)		(0.12)	NM			(0.04)		(0.17)	NM
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, after-tax		—		—		—		—		2.52	NM			—		2.53	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			0.02		0.01	-50.0	%
Adjusted income (loss) from operations	$	2.02	$	0.23	$	1.45	$	0.41	$	1.84	-8.9	%	$	3.54	$	2.27	-35.9	%
(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.

Page 23

Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars, except per share data)
	For the Three Months Ended													For the Six Months Ended
		6/30/23		9/30/23		12/31/23		3/31/24		6/30/24	Change			6/30/23		6/30/24	Change
Stockholders’ Equity, End-of-Period
Stockholders' equity	$	5,819	$	3,199	$	6,893	$	7,546	$	7,949	36.6	%	$	5,819	$	7,949	36.6	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(5,104)		(8,480)		(3,476)		(3,951)		(4,369)	14.4	%		(5,104)		(4,369)	14.4	%
Stockholders’ equity, excluding AOCI and preferred
stock		9,937		10,693		9,383		10,511		11,332	14.0	%		9,937		11,332	14.0	%
MRB-related impacts		426		1,545		1,083		2,575		2,673	NM			426		2,673	NM
GLB and GDB hedge instruments gains (losses)		(1,407)		(1,630)		(2,085)		(2,675)		(2,770)	-96.9	%		(1,407)		(2,770)	-96.9	%
Reinsurance-related embedded derivatives and portfolio gains (losses) (1)		NM		NM		(638)		(476)		(269)				NM		(269)
Adjusted stockholders' equity (1)	$	10,918	$	10,778	$	11,023	$	11,087	$	11,698	7.1	%	$	10,918	$	11,698	7.1	%
Stockholders’ Equity, Average
Stockholders' equity	$	6,276	$	4,509	$	5,046	$	7,219	$	7,747	23.4	%	$	6,096	$	7,483	22.8	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(4,429)		(6,792)		(5,979)		(3,714)		(4,160)	6.1	%		(4,741)		(3,937)	17.0	%
Stockholders’ equity, excluding AOCI and preferred
stock		9,719		10,315		10,038		9,947		10,921	12.4	%		9,851		10,434	5.9	%
MRB-related impacts		(366)		986		1,314		1,829		2,624	NM			(636)		2,227	NM
GLB and GDB hedge instruments gains (losses)		(973)		(1,519)		(1,857)		(2,380)		(2,723)	NM			(621)		(2,551)	NM
Reinsurance-related embedded derivatives and portfolio gains (losses) (1)		NM		NM		(318)		(557)		(372)				NM		(465)
Adjusted average stockholders' equity (1)	$	11,058	$	10,848	$	10,900	$	11,055	$	11,392	3.0	%	$	11,108	$	11,223	1.0	%
Book Value Per Common Share
Book value per share	$	28.49	$	13.04	$	34.81	$	38.46	$	40.78	43.1	%	$	28.49	$	40.78	43.1	%
Less:
AOCI		(30.09)		(49.99)		(20.49)		(23.17)		(25.59)	15.0	%		(30.09)		(25.59)	15.0	%
Book value per share, excluding AOCI		58.58		63.03		55.30		61.63		66.37	13.3	%		58.58		66.37	13.3	%
Less:
MRB-related gains (losses)		2.51		9.11		6.38		15.10		15.66	NM			2.51		15.66	NM
GLB and GDB hedge instruments gains (losses)		(8.30)		(9.61)		(12.29)		(15.69)		(16.22)	-95.4	%		(8.30)		(16.22)	-95.4	%
Reinsurance-related embedded derivatives and portfolio gains (losses) (1)		NM		NM		(3.76)		(2.79)		(1.58)				NM		(1.58)
Adjusted book value per share (1)	$	64.37	$	63.53	$	64.97	$	65.01	$	68.51	6.4	%	$	64.37	$	68.51	6.4	%
(1) This measure has been updated, effective beginning with the fourth quarter of 2023, to exclude reinsurance-related embedded derivatives and the underlying portfolio
gains (losses), given the size of the impact of the fourth quarter 2023 reinsurance transaction. Such amounts in the prior periods presented, and the impact of this change to
such prior periods, were not meaningful (“NM”).

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