Lincoln National Q3 adjusted income falls 14.6%

Q: What were LNC's third-quarter 2026 results?

LNC reported $5.481 billion in revenue and $1.399 billion in net income for the quarter ended September 30, 2026. Net income available to common stockholders was $1.332 billion, or $6.77 per diluted share; adjusted income available to common stockholders was $339 million, or $1.72 per diluted share.

Q: How much did LNC repurchase and retire in the third quarter of 2026?

LNC resumed repurchases of $50 million of common stock and retired $437 million of preferred stock through tender offers.

Holding-company available liquidity, net of prefunding, was $1.004 billion as of September 30, 2026.

Available on EDGAR 11/05/2026 - 06:05 AM EST Accepted by SEC EDGAR 11/05/2026 - 06:02 AM EST

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(High)

Filing Sentiment

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Form Type

8-K

Rhea-AI Filing Summary

Lincoln National Corporation (LNC) reported third-quarter 2026 revenue of $5.481 billion, up 20.3% year over year, and net income of $1.399 billion, versus $445 million a year earlier. Net income available to common stockholders was $1.332 billion, or $6.77 per diluted share; adjusted income available to common stockholders was $339 million, or $1.72 per diluted share, down from $397 million and $2.04. The annual assumption review had net unfavorable impacts of $0.47 per diluted share on net income and $0.48 on adjusted income.

The difference between net and adjusted results was primarily attributable to the non-economic impact of changes in market risk benefits. Life Insurance operating income excluding the annual assumption review was $130 million, up $76 million year over year; Group Protection reported $46 million, versus $149 million. Retirement Plan Services earned $55 million, up 20%, while net outflows were $1.941 billion versus $755 million of net inflows a year earlier.

Holding company available liquidity, net of prefunding, was $1.004 billion as of September 30, 2026. Pre-tax net unrealized losses on available-for-sale securities were $12.4 billion, versus $7.9 billion a year earlier. LNC resumed $50 million of common-stock repurchases and retired $437 million of preferred stock through tender offers; its reinsurance transaction with Talcott closed in October.

2 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

1 major · 3 points

How the balance works

Positive

Moderate pointRevenue was $5.481 billion, up 20.3% year over year.
Moderate pointNet income was $1.399 billion, versus $445 million a year earlier.

Negative

Major pointPre-tax unrealized AFS losses were $12.4 billion, versus $7.9 billion a year earlier.
Moderate pointAdjusted income available to common stockholders declined 14.6% to $339 million.
Moderate pointGroup Protection operating income fell 69.1% to $46 million year over year.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenue: $5.481 billion Net income: $1.399 billion Net income per diluted share available to common stockholders: $6.77 per diluted share +5 more

8 metrics

Total revenue $5.481 billion Third quarter ended September 30, 2026; up 20.3% year over year.

Net income $1.399 billion Third quarter 2026, compared with $445 million in third quarter 2025; up 214.4%.

Net income per diluted share available to common stockholders $6.77 per diluted share Third quarter 2026, compared with $2.12 in third quarter 2025; up 219.3%.

Adjusted income available to common stockholders $339 million Third quarter 2026, compared with $397 million in third quarter 2025; down 14.6%.

Adjusted income per diluted share available to common stockholders $1.72 per diluted share Third quarter 2026, compared with $2.04 in third quarter 2025; down 15.7%.

Group Protection income from operations $46 million Third quarter 2026, compared with $149 million in third quarter 2025; down 69.1%.

Pre-tax net unrealized loss on available-for-sale securities $12.4 billion As of September 30, 2026, compared with $7.9 billion as of September 30, 2025.

Holding company available liquidity, net of prefunding $1.004 billion As of September 30, 2026.

Key Terms

annual assumption review, market risk benefits, available-for-sale securities, RBC ratio, +1 more

5 terms

annual assumption review financial

"related to the annual assumption review"

An annual assumption review is a routine recheck of the key numbers and expectations a company uses in financial models—such as growth rates, interest or discount rates, lifetime costs, or claim frequencies. Like updating a travel plan when road conditions change, this review can alter reported profits, reserves or funding needs; investors watch it because changes can meaningfully affect a company’s future cash flows and risk picture.

market risk benefits financial

"non-economic impact of changes in market risk benefits"

Market risk benefits are the extra returns or advantages investors expect or receive for taking on broad, system‑wide swings in the overall market — essentially the premium for bearing risk that cannot be eliminated by diversification. This matters because it helps investors weigh whether the potential higher gains justify larger price swings, guides how portfolios are balanced, and sets expectations for compensation when choosing riskier market exposures; think of it as the extra pay you demand for riding a roller‑coaster instead of a calm bus ride.

available-for-sale securities financial

"net unrealized loss of $12.4 billion (pre-tax) on its available-for-sale securities"

Available-for-sale securities are investments in stocks, bonds or similar instruments that a company does not intend to trade frequently but may sell before they mature. They matter to investors because changes in the market value of these holdings show up as paper gains or losses on the company's balance sheet rather than immediately in profit, so they can affect reported net worth and the timing of income without changing day-to-day earnings. Think of them like items on a household shelf you might sell later: their value moves with the market even if you haven’t cashed out.

RBC ratio regulatory

"The RBC ratio is calculated annually as of December 31"

A Risk-Based Capital (RBC) ratio compares an insurance company's available capital to the minimum capital regulators say is needed given the company’s size and risk profile. Think of it as the size of a safety cushion relative to how risky the company’s activities are: a higher ratio means more cushion and lower chance of regulatory intervention or financial distress, while a lower ratio signals vulnerability that can affect credit, stock value, and investor confidence.

Earnings Snapshot

Total revenue: $5.481 billion

Third quarter ended September 30, 2026

Total revenue $5.481 billion 20.3% year over year

Net income $1.399 billion 214.4% year over year

Net income per diluted share available to common stockholders $6.77 per diluted share 219.3% year over year

Adjusted income available to common stockholders $339 million -14.6% year over year

Adjusted income per diluted share available to common stockholders $1.72 per diluted share -15.7% year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were LNC's third-quarter 2026 results?

LNC reported $5.481 billion in revenue and $1.399 billion in net income for the quarter ended September 30, 2026. Net income available to common stockholders was $1.332 billion, or $6.77 per diluted share; adjusted income available to common stockholders was $339 million, or $1.72 per diluted share.

How much did LNC repurchase and retire in the third quarter of 2026?

LNC resumed repurchases of $50 million of common stock and retired $437 million of preferred stock through tender offers.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

November 5, 2026

Date of Report (Date of earliest event reported)

Lincoln National Corporation

(Exact name of registrant as specified in its charter)

Indiana

1-6028

35-1140070

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

150 N. Radnor Chester Road, Radnor, PA 19087

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (484) 583-1400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	LNC	New York Stock Exchange
Depositary Shares, each representing a 1/1000th interest in a share of 9.000% Non-Cumulative Preferred Stock, Series D	LNC PRD	New York Stock Exchange

__________________________________

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 5, 2026, Lincoln National Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2026, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference. The Company’s statistical supplement for the quarter ended September 30, 2026, is attached as Exhibit 99.2 and is incorporated herein by reference.

The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

On November 5, 2026, in connection with the Company’s third quarter 2026 earnings conference call scheduled for the same date, the Company made available on its website a third quarter 2026 earnings supplement presentation dated November 5, 2026, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

This presentation is being furnished under this Item 7.01 and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.3 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

The following exhibits are being furnished with this Form 8-K.



Exhibit Number			Description
99.1			Press release dated November 5, 2026, announcing Lincoln National Corporation’s financial results for the quarter ended September 30, 2026.
99.2			Lincoln National Corporation Statistical Supplement for the quarter ended September 30, 2026.
99.3			Third Quarter 2026 Earnings Supplement dated November 5, 2026.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LINCOLN NATIONAL CORPORATION

/s/ Adam Cohen

Name:

Adam Cohen

Title:

Senior Vice President, Interim Chief Financial Officer, Chief

Accounting Officer and Treasurer

Date: November 5, 2026

For Immediate Release

Lincoln Financial Reports 2026 Third Quarter Results

____________________________________

Radnor, PA, November 5, 2026: Lincoln Financial (NYSE: LNC) today reported financial results for the third quarter ended September 30, 2026.

•Solid quarter reflected resilient, diversified earnings mix and enhanced capital flexibility.

•Third quarter net income available to common stockholders was $1.3 billion, or $6.77 per diluted share, including a net unfavorable impact of $0.47 per diluted share related to the annual assumption review.

•Third quarter adjusted operating income available to common stockholders was $339 million, or $1.72 per diluted share, including a net unfavorable impact of $0.48 per diluted share related to the annual assumption review.

◦The difference between net income and adjusted operating income was primarily attributable to the non-economic impact of changes in market risk benefits.

•Holding company available liquidity increased to $1.0 billion, net of prefunding amounts, up approximately $350 million since year-end 2025.

•Resumed share repurchases with $50 million of common stock and retired $437 million of preferred stock through tender offers.

"Our increasingly diversified earnings base continues to support Lincoln’s overall performance,” said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. “Life Insurance and Retirement Plan Services were highlights of the quarter, both delivering strong year-over-year earnings growth and reinforcing the resilience of our business mix. In Annuities, return on average account balances improved for a second consecutive quarter, supported by our expanding spread-based businesses, a source of more stable earnings over time. Group Protection fell short of our expectations as the continued normalization of disability incidence was compounded by volatility in claims severity, while underlying fundamentals remain solid.

“Closing our reinsurance transaction with Talcott in October marked one of the final milestones of the plan we laid out in 2023, further de-risking our balance sheet. With significantly improved financial flexibility, we resumed share repurchases, an important step in expanding durable capital returns. We also remain confident in our ability to drive disciplined, profitable growth, increase free cash flow and create long-term value for our shareholders.”

Business Highlights

Our 2026 third quarter performance demonstrated continued execution against our financial and strategic objectives. The segment operating results presented below do not include the impacts of our annual assumption review. See the segment discussions that follow for additional information.

Retail Solutions

•Annuities delivered operating income of $304 million, up 6% sequentially, driven by higher spread income and favorable equity markets. Year-over-year earnings moderated by $14 million driven by the $12 million impact of the previously disclosed net investment income reallocation to non-operating income and variable annuity outflows. Total sales were $4.3 billion, up 21% sequentially, as fixed annuity sales more than doubled quarter over quarter. Spread-based products represented 67% of total sales.

•Life Insurance delivered operating income of $130 million, a $76 million increase from the prior-year quarter, driven by higher alternative investment income, improved mortality, and the impact of the captive consolidation. Total sales were $106 million, down 64% year over year, as the prior-year quarter benefited from several large executive benefits cases; core life sales grew 3% year over year, driven by indexed-universal life.

Workplace Solutions

•Group Protection delivered operating income of $77 million and a margin of 5.5%, with lower year-over-year results reflecting unfavorable disability experience, partially offset by favorable life results. The disability loss ratio increased 6 percentage points year over year, reflecting higher claim severity and continued moderation in incidence from favorable levels. Premiums increased 3% year over year, led by local markets growth of 5% and supplemental health growth of 32%.

•Retirement Plan Services reported operating income of $55 million in the quarter, up 20% year over year, driven by higher spread income, favorable equity markets, and a favorable one-time item. Net outflows were $1.9 billion, compared to $755 million of net inflows in the prior-year quarter, and total deposits were $3.5 billion in the quarter, down 29%, driven by lower first-year sales in the mid-large market. Ending account balances were $128 billion, up 4% year over year.

Earnings Summary


(in millions, except per share data)	For the Three Months Ended				For the Nine Months Ended
	9/30/25		9/30/26		9/30/25		9/30/26
Net income (loss)	$	445	$	1,399	$	423	$	2,559
Net income (loss) available to common stockholders — diluted	411		1,332		343		2,441
Net income (loss) per diluted share available to common stockholders	$	2.12	$	6.77	$	1.87	$	12.42
Adjusted income (loss) from operations	431		373		1,183		1,183
Adjusted income (loss) from operations available to common stockholders	397		339		1,103		1,103
Adjusted income (loss) from operations per diluted share available to common stockholders	$	2.04	$	1.72	$	6.01	$	5.61

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations and Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) Available to Common Stockholders(1)


(in millions)	For the Three Months Ended				For the Nine Months Ended
	9/30/25		9/30/26		9/30/25		9/30/26



Net income (loss)	$	445	$	1,399	$	423	$	2,559
Less:
Net annuity product features, pre-tax(1)	410		1,317		(277)		2,119
Net life insurance product features, pre-tax	(22)		37		(37)		10
Credit loss-related adjustments, pre-tax	(38)		(47)		(91)		(104)
Investment gains (losses), pre-tax	(35)		(388)		(218)		(628)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, pre-tax(1)	(191)		544		(266)		638
Gains (losses) on other non-financial assets, pre-tax	—		—		—		(6)
Other items, pre-tax(1)	(105)		(164)		(65)		(287)
Income tax benefit (expense) related to the above pre-tax items	(5)		(273)		194		(366)
Total adjustments	14		1,026		(760)		1,376
Adjusted income (loss) from operations	$	431	$	373	$	1,183	$	1,183

Net income (loss) available to common stockholders — diluted	$	411	$	1,332	$	343	$	2,441
Less:
Total adjustments as set forth in the above reconciliation (2)	14		1,029		(760)		1,374
Preferred stock repurchase premium	—		(36)		—		(36)
Adjusted income (loss) from operations available to common stockholders	$	397	$	339	$	1,103	$	1,103

(1) Refer to the full reconciliation at the back of this release for footnotes.

(2) For the three and nine months ended September 30, 2026, also includes adjustment for deferred units of LNC stock in our deferred compensation plans of $3 million and $(2) million, respectively.

Variable Investment Income


Alternative Investment Income, after-tax(1)	For the Three Months Ended										For the Nine Months Ended
(in millions)	9/30/25		12/31/25		3/31/26		6/30/26		9/30/26		9/30/25		9/30/26
Annuities	$	2	$	3	$	3	$	1	$	3	$	7	$	7
Life Insurance	75		90		95		38		131		204		264
Group Protection	2		2		2		1		2		4		5
Retirement Plan Services	1		3		2		1		3		4		6
Other Operations	—		—		—		—		—		—		—
Consolidated	$	80	$	98	$	102	$	41	$	139	$	219	$	282

(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have limited economic interest in those investments.


Prepayment Income, after-tax	For the Three Months Ended										For the Nine Months Ended
(in millions)	9/30/25		12/31/25		3/31/26		6/30/26		9/30/26		9/30/25		9/30/26
Annuities	$	3	$	5	$	1	$	2	$	1	$	6	$	4
Life Insurance	1		1		2		2		—		2		4
Group Protection	—		—		1		1		—		1		2
Retirement Plan Services	1		1		—		3		1		1		4
Other Operations	—		—		—		—		—		—		—
Consolidated	$	5	$	7	$	4	$	8	$	2	$	10	$	14

Items Impacting Segment and Other Operations Results


	For the Three Months Ended September 30, 2026
(in millions, after-tax)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
Alternative investment income compared to return target(1)	$	1	$	53	$	—	$	1	$	—
Prepayment income(2)	1		—		—		1		—
Annual assumption review	(10)		(25)		(31)		—		(29)
Tax items	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	(8)	$	28	$	(31)	$	2	$	(29)


	For the Three Months Ended September 30, 2025
(in millions, after-tax)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
Alternative investment income compared to return target(1)	$	—	$	(2)	$	—	$	—	$	—
Prepayment income(2)	3		1		—		1		—
Annual assumption review	(8)		(29)		39		—		—
Tax items	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	(5)	$	(30)	$	39	$	1	$	—

(1) Alternative investment income comparison to return target assumes a 10% annual return on the alternative investment portfolio.

(2) Prepayment income is actual income reported in the quarter.

Capital and Liquidity


	As of or For the Three Months Ended
(in millions, except percent and per share data)	9/30/25		12/31/25		3/31/26		6/30/26		9/30/26
Holding company available liquidity(1)	$	461	$	1,055	$	1,205	$	1,803	$	1,067
Holding company available liquidity, net of prefunding	$	461	$	655	$	805	$	903	$	1,004
RBC ratio(2)	>420%		>420%		>420%		>420%		>420%
Book value per share (BVPS), including AOCI	$	49.56	$	51.88	$	47.87	$	53.68	$	46.17
Book value per share, excluding AOCI(3)	$	69.66	$	73.10	$	71.06	$	77.39	$	84.05
Adjusted book value per share(3)	$	74.23	$	76.33	$	77.77	$	79.45	$	80.63

(1) Holding Company available liquidity includes prefunding of $400M for the December 2026 debt maturity as of 12/31/25 and 3/31/26, $400M for the December 2026 debt maturity and $500M for preferred stock repurchases and/or redemptions as of 6/30/26, and $63M of remaining preferred stock prefunding amounts as of 9/30/26.

(2) The RBC ratio is calculated annually as of December 31, but is reported in the March statutory reporting, and as such, the quarterly ratios presented for 9/30/25, 3/31/26, 6/30/26, and 9/30/26 are considered estimates based on information known at the time of reporting.

(3) Refer to the reconciliation to book value per share, including AOCI, at the back of this release.

Annuities


(in millions, except ROA data)	As of or For the Three Months Ended												As of or For the Nine Months Ended
	9/30/25		12/31/25		3/31/26		6/30/26		9/30/26		Change		9/30/25		9/30/26		Change
Total operating revenues	$	1,270	$	1,308	$	1,283	$	1,341	$	1,369	7.8	%	$	3,682	$	3,993	8.4	%
Total operating expenses	902		939		949		1,002		1,020		13.1	%	2,636		2,971		12.7	%
Income (loss) from operations before taxes	368		369		334		339		349		(5.2)	%	1,046		1,022		(2.3)	%
Federal income tax expense (benefit)	58		58		59		52		55		(5.2)	%	160		166		3.8	%
Income (loss) from operations	$	310	$	311	$	275	$	287	$	294	(5.2)	%	$	886	$	856	(3.4)	%
Income (loss) from operations, excluding impact of annual assumption review	$	318	$	311	$	275	$	287	$	304	(4.4)	%	$	894	$	866	(3.1)	%
Total sales	$	4,467	$	4,889	$	3,939	$	3,515	$	4,268	(4.5)	%	$	12,274	$	11,722	(4.5)	%
Net flows	$	(1,143)	$	(1,227)	$	(2,196)	$	(2,917)	$	(2,699)	NM		$	(3,981)	$	(7,812)	(96.2)	%
Average account balances, net of reinsurance	$	170,318	$	174,668	$	175,173	$	178,812	$	181,079	6.3	%	$	164,735	$	178,493	8.4	%
Return on average account balances (bps)	73		71		63		64		65				72		64
Return on average account balances (bps), excluding impact of annual assumption review and market-linked adjustment(1)	78		75		66		67		71				76		68

(1) Market-linked adjustment represents the portion of the account balance related to the index-linked crediting feature of our fixed indexed annuity and registered index-linked annuity (“RILA”) products.

•Income from operations was $294 million for the third quarter, compared to $310 million in the prior-year quarter. The annual assumption review had a $10 million unfavorable impact on income from operations in the current quarter, compared to an $8 million unfavorable impact in the third quarter of 2025.

•Not including the impact of the annual assumption review, income from operations was $304 million, down $14 million compared to the prior-year quarter, as the previously disclosed net

investment income reallocation to non-operating income and variable annuity outflows offset earnings growth from higher spread income and favorable equity markets.

•Total sales were $4.3 billion in the quarter, down 4% compared to the prior year, and up 21% sequentially. Spread-based products accounted for 67% of total sales.

•Net outflows were approximately $2.7 billion in the quarter, compared to net outflows of $1.1 billion in the prior-year quarter, with the year-over-year increase driven by traditional variable annuities and RILA outflows.

•Average account balances, net of reinsurance, were $181 billion. The year-over-year increase of 6% reflected growth across all product lines.

Life Insurance


(in millions)	As of or For the Three Months Ended												As of or For the Nine Months Ended
	9/30/25		12/31/25		3/31/26		6/30/26		9/30/26		Change		9/30/25		9/30/26		Change
Total operating revenues	$	1,610	$	1,643	$	1,628	$	1,572	$	1,683	4.5	%	$	4,798	$	4,883	1.8	%
Total operating expenses	1,586		1,555		1,586		1,508		1,559		(1.7)	%	4,772		4,653		(2.5)	%
Income (loss) from operations before taxes	24		88		42		64		124		NM		26		230		NM
Federal income tax expense (benefit)	(1)		11		1		7		19		NM		(14)		28		300.0	%
Income (loss) from operations	$	25	$	77	$	41	$	57	$	105	NM		$	40	$	202	NM
Income (loss) from operations, excluding impact of annual assumption review	$	54	$	77	$	41	$	57	$	130	140.7	%	$	69	$	227	229.0	%
Average account balances, net of reinsurance	$	47,503	$	49,150	$	49,232	$	50,981	$	52,903	11.4	%	$	45,680	$	51,039	11.7	%
Total sales	$	298	$	142	$	129	$	216	$	106	(64.4)	%	$	516	$	451	(12.6)	%

•Income from operations was $105 million, compared to $25 million in the prior-year quarter. The annual assumption review had a $25 million unfavorable impact on income from operations in the current quarter, compared to a $29 million unfavorable impact in the third quarter of 2025.

•Not including the impact of the annual assumption review, income from operations was $130 million, up $76 million year over year, driven by higher alternative investment income, improved mortality, and the impact of the fourth quarter 2025 captive consolidation.

•Total sales were $106 million, down 64% compared to the prior-year quarter, as the third quarter of 2025 benefited from several large cases in executive benefits; core life sales were up 3% year over year, primarily driven by indexed-universal life.

•Average account balances, net of reinsurance, were $53 billion, up 11% versus the prior-year quarter.

Group Protection


(in millions, except margin data)	As of or For the Three Months Ended																	As of or For the Nine Months Ended
	9/30/25			12/31/25			3/31/26			6/30/26			9/30/26			Change		9/30/25			9/30/26			Change
Total operating revenues	$	1,507		$	1,535		$	1,554		$	1,576		$	1,555		3.2	%	$	4,566		$	4,685		2.6	%
Total operating expenses	1,319			1,397			1,412			1,390			1,500			13.7	%	4,030			4,302			6.7	%
Income (loss) from operations before taxes	188			138			142			186			55			(70.7)	%	536			383			(28.5)	%
Federal income tax expense (benefit)	39			29			30			39			9			(76.9)	%	113			78			(31.0)	%
Income (loss) from operations	$	149		$	109		$	112		$	147		$	46		(69.1)	%	$	423		$	305		(27.9)	%
Income (loss) from operations, excluding impact of annual assumption review	$	110		$	109		$	112		$	147		$	77		(30.0)	%	$	384		$	336		(12.5)	%
Insurance premiums	$	1,352		$	1,380		$	1,399		$	1,420		$	1,392		3.0	%	$	4,109		$	4,211		2.5	%
Total sales	$	116		$	391		$	150		$	155		$	72		(37.9)	%	$	460		$	377		(18.0)	%
Total loss ratio	68.3		%	71.4		%	71.1		%	68.4		%	78.4		%			68.9		%	72.6		%
Total loss ratio, excluding the impact of the annual assumption review	72.2		%	71.4		%	71.1		%	68.4		%	75.7		%			70.2		%	71.7		%
Operating margin(1)	11.0		%	7.9		%	8.0		%	10.4		%	3.3		%			10.3		%	7.2		%
Operating margin, excluding the impact of annual assumption review	8.1		%	7.9		%	8.0		%	10.4		%	5.5		%			9.3		%	8.0		%

(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

•Income from operations was $46 million, compared to $149 million in the prior-year quarter. The annual assumption review had a $31 million unfavorable impact on income from operations in the current quarter, compared to a $39 million favorable impact in the third quarter of 2025. The reported operating margin was 3.3%, compared to 11.0% in the third quarter of 2025.

•Not including the impact of the annual assumption review, income from operations was $77 million, down $33 million year over year, and the operating margin was 5.5%, down 260 basis points year over year, driven by continued moderation in disability incidence from favorable levels compounded by higher disability claim severity, partially offset by favorable life results.

•Insurance premiums were $1.4 billion in the quarter, increasing 3% year over year, driven by growth in local markets, up 5%, and supplemental health growth, up 32%.

•Sales decreased 38% as the prior-year quarter benefited from a large case win.

Retirement Plan Services


(in millions, except ROA data)	As of or For the Three Months Ended												As of or For the Nine Months Ended
	9/30/25		12/31/25		3/31/26		6/30/26		9/30/26		Change		9/30/25		9/30/26		Change
Total operating revenues	$	343	$	352	$	346	$	353	$	357	4.1	%	$	1,001	$	1,056	5.5	%
Total operating expenses	290		298		295		296		292		0.7	%	867		882		1.7	%
Income (loss) from operations before taxes	53		54		51		57		65		22.6	%	134		174		29.9	%
Federal income tax expense (benefit)	7		8		8		8		10		42.9	%	18		27		50.0	%
Income (loss) from operations	$	46	$	46	$	43	$	49	$	55	19.6	%	$	116	$	147	26.7	%
Deposits	$	5,008	$	3,939	$	4,142	$	3,736	$	3,540	(29.3)	%	$	12,717	$	11,417	(10.2)	%
Net flows	$	755	$	(998)	$	(213)	$	(2,425)	$	(1,941)	NM		$	(2,014)	$	(4,579)	NM
Average account balances	$	119,259	$	123,533	$	124,766	$	128,344	$	130,034	9.0	%	$	115,014	$	127,916	11.2	%
Return on average account balances (bps)	15		15		14		15		17				14		15

•Income from operations was $55 million in the quarter, up 20% compared to the prior year, primarily resulting from higher spread income, favorable equity markets, and a favorable one-time item.

•Net outflows were $1.9 billion, compared to $755 million of net inflows in the prior-year quarter, as the third quarter of 2025 benefited from strong sales in the mid-large segment.

•Total deposits were $3.5 billion, down 29% over the prior-year quarter as first-year sales in the mid-large segment were higher in the third quarter of 2025.

•Average account balances were $130 billion, increasing 9% from the prior year, driven by favorable equity markets.

Other Operations


(in millions)	As of or For the Three Months Ended												As of or For the Nine Months Ended
	9/30/25		12/31/25		3/31/26		6/30/26		9/30/26		Change		9/30/25		9/30/26		Change
Total operating revenues	$	50	$	56	$	57	$	84	$	95	90.0	%	$	143	$	236	65.0	%
Total operating expenses	177		181		199		202		251		41.8	%	499		653		30.9	%
Income (loss) from operations before taxes	(127)		(125)		(142)		(118)		(156)		(22.8)	%	(356)		(417)		(17.1)	%
Federal income tax expense (benefit)	(28)		(27)		(31)		(28)		(29)		(3.6)	%	(74)		(90)		(21.6)	%
Income (loss) from operations(1)	$	(99)	$	(98)	$	(111)	$	(90)	$	(127)	(28.3)	%	$	(282)	$	(327)	(16.0)	%
Income (loss) from operations, excluding impact of annual assumption review	$	(99)	$	(98)	$	(111)	$	(90)	$	(98)	1.0	%	$	(282)	$	(298)	(5.7)	%

(1) Income (loss) from operations does not include preferred dividends.

•Loss from operations was $(127) million, compared to a loss of $(99) million in the prior-year quarter. The annual assumption review had a $29 million unfavorable impact on income from operations in the current quarter, compared to no impact in the third quarter of 2025. Not including the impact of the annual assumption review, the loss from operations was $(98) million, in line with the third quarter of 2025.

Unrealized Gains and Losses

The company reported a net unrealized loss of $12.4 billion (pre-tax) on its available-for-sale securities as of September 30, 2026, compared to a net unrealized loss of $7.9 billion (pre-tax) as of September 30, 2025. The year-over-year increase was primarily due to higher treasury rates.

The tables attached to this release define and reconcile the non-GAAP measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share excluding AOCI, and adjusted book value per share to net income (loss), net income (loss) available to common stockholders, and book value per share including AOCI, calculated in accordance with GAAP.

This press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements – Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the company’s current expectations.

For other financial information, please refer to the company’s third quarter 2026 statistical supplement and third quarter 2026 earnings supplement, which are available in the investor relations section of its website http://www.lincolnfinancial.com/investor.

Conference Call Information

Lincoln Financial will discuss the company’s third quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, November 5, 2026.

The call will be broadcast live through the company’s website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the call to download and install any necessary streaming media software. A replay of the call will be available by 10:30 a.m. Eastern Time on November 5, 2026, at www.lincolnfinancial.com/webcast.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of September 30, 2026, the company had $359 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Contacts:

John Muething

Karyn Baldwin

Investor Relations

Media Relations

Investorrelations@LFG.com

Media@LFG.com

Non-GAAP Measures

Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income (loss)) and adjusted income (loss) from operations per diluted share available to common stockholders is helpful to investors in evaluating the company’s performance.

Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition below) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.

Management also believes that the use of the non-GAAP financial measures book value per share, excluding accumulated other comprehensive income (“AOCI”), and adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

For the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and/or are included in the Statistical Supplements for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: http://www.lincolnfinancial.com/investor.

Definitions of Non-GAAP Measures Used in this Press Release

Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share, excluding AOCI, and adjusted book value per share, as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), net income (loss) available to common stockholders, and book value per share, including AOCI, the most directly comparable GAAP measures.

Adjusted Income (Loss) from Operations

Adjusted income (loss) from operations is GAAP net income (loss) excluding the following items, as applicable:

benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (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 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 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 AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

•Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, 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, accounting policy changes and new regulations, including changes in tax law;

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

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

•Income (loss) from discontinued operations;

•Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and

•Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.

Adjusted Income (Loss) from Operations Available to Common Stockholders

Adjusted income (loss) from operations available to common stockholders is defined as GAAP net income (loss) available to common stockholders excluding the effects of the items, as applicable, set forth in the definition of adjusted income (loss) from operations above and the impact of preferred stock repurchase premium. Management excludes the impact of preferred stock repurchase premium as it is not indicative of current operating fundamentals.

Book Value Per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated based upon a non-GAAP financial measure.

•It is calculated by dividing (a) stockholders’ equity, excluding AOCI and preferred stock, by (b) common shares outstanding.

•Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value Per Share

Adjusted book value per share is calculated based upon a non-GAAP financial measure.

•It is calculated by dividing (a) stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge 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)”) by (b) common shares outstanding.

• Book value per share is the most directly comparable GAAP measure.

Other Definitions

Holding Company Available Liquidity

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper outstanding.

Sales

Sales as reported consist of the following:

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

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

•MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market Advantage® (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.

Lincoln National Corporation

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations, Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) Available to Common Stockholders and Average Stockholders' Equity to Adjusted Average Stockholders' Equity


	For the				For the
(in millions, except per share data)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025












Net Income (Loss)	$	1,399	$	445	$	2,559	$	423
Less:
Net annuity product features, pre-tax (1)	1,317		410		2,119		(277)
Net life insurance product features, pre-tax	37		(22)		10		(37)
Credit loss-related adjustments, pre-tax	(47)		(38)		(104)		(91)
Investment gains (losses), pre-tax	(388)		(35)		(628)		(218)
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax (2)	544		(191)		638		(266)

Gains (losses) on other non-financial assets, pre-tax	—		—		(6)		—
Other items, pre-tax (3)(4)(5)(6)(7)	(164)		(105)		$	(287)	(65)

Income tax benefit (expense) related to the above pre-tax items	(273)		(5)		(366)		194
Total adjustments	1,026		14		1,376		(760)
Adjusted Income (Loss) from Operations	$	373	$	431	$	1,183	$	1,183

Net Income (Loss) Available to Common Stockholders – Diluted	$	1,332	$	411	$	2,441	$	343
Less:
Total adjustments as set forth in the above reconciliation (8)	1,029		14		1,374		(760)
Preferred stock repurchase premium	(36)		—		(36)		—
Adjusted Income (Loss) from Operations Available to Common Stockholders	$	339	$	397	$	1,103	$	1,103

Per Common Share – Diluted
Net income (loss) available to common stockholders	$	6.77	$	2.12	$	12.42	$	1.87
Adjusted income (loss) from operations available to common stockholders	1.72		2.04		5.61		6.01

Stockholders’ Equity, Average
Stockholders' equity	$	10,386	$	10,000	10,575		9,034
Less:
Preferred stock	771		986		914		986
AOCI	(5,928)		(4,116)		(4,904)		(4,379)
Stockholders’ equity, excluding AOCI and preferred stock	15,543		13,130		14,565		12,427
Changes in MRBs	4,186		3,002		3,480		2,717
GLB and GDB hedge instruments gains (losses)	(4,151)		(3,654)		(3,974)		(3,326)
Reinsurance-related embedded derivatives and portfolio gains (losses)	93		(245)		(64)		(203)
Adjusted average stockholders' equity	$	15,415	$	14,027	$	15,123	$	13,239

(1) For the three months ended September 30, 2026 and 2025, includes changes in MRBs of $1,006 million and $337 million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(8) million and $30 million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $319 million and $43 million, respectively. For the nine months ended September 30, 2026 and 2025, includes changes in MRBs of $1,459 million and $(33) million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $54 million and $(307) million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $606 million and $63 million, respectively.

(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.

(3) Includes certain legal accruals of $(14) million and $(136) million for the three and nine months ended September 30, 2026, respectively, and $(9) million for the three and nine months ended September 30, 2025.

(4) Includes severance expense related to initiatives to realign the workforce of $(3) million and $(5) million for the three months ended September 30, 2026 and 2025, respectively, and $(21) million and $(13) million for the nine months ended September 30, 2026 and 2025, respectively.

(5) For the three and nine months ended September 30, 2026, includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(135) million primarily related to a reinsurance recapture; for the three months ended September

30, 2025, includes $(55) million of transaction costs related to restructuring certain captive reinsurance subsidiaries and $(22) million related to Life Insurance segment persistency optimization; for the nine months ended September 30, 2025, includes $(55) million of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(22) million related to Life Insurance segment persistency optimization, $(20) million related to the sale of our wealth management business and $(18) million primarily related to the Bain Capital transaction.

(6) Includes deferred compensation mark-to-market adjustment of $(12) million and $(14) million for the three months ended September 30, 2026 and 2025, respectively, and $5 million and $(22) million for the nine months ended September 30, 2026 and 2025, respectively.

(7) Includes gain on early extinguishment of debt of $94 million for the nine months ended September 30, 2025.

(8) For the three and nine months ended September 30, 2026, also includes adjustment for deferred units of LNC stock in our deferred compensation plans of $3 million and $(2) million, respectively.

Lincoln National Corporation

Reconciliation of Book Value per Share


	As of the Three Months Ended
	9/30/25		12/31/25		3/31/26		6/30/26		9/30/26
Book Value Per Common Share
Book value per share	$	49.56	$	51.88	$	47.87	$	53.68	$	46.17
Less:
AOCI	(20.10)		(21.22)		(23.19)		(23.71)		(37.88)
Book value per share, excluding AOCI	69.66		73.10		71.06		77.39		84.05
Less:
Changes in MRBs	16.42		17.94		13.72		19.63		23.86
GLB and GDB hedge instruments gains (losses)	(19.40)		(19.94)		(19.87)		(21.08)		(22.03)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(1.59)		(1.23)		(0.56)		(0.61)		1.59
Adjusted book value per share	$	74.23	$	76.33	$	77.77	$	79.45	$	80.63

Lincoln National Corporation

Digest of Earnings


	For the				For the
(in millions, except per share data)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

Revenues	$	5,481	$	4,555	$	15,328	$	13,290

Net Income (Loss)	$	1,399	$	445	$	2,559	$	423
Preferred stock dividends declared	(34)		(34)		(80)		(80)
Preferred stock repurchase premium	(36)		—		(36)		—
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)	3		—		(2)		—
Net Income (Loss) Available to Common
Stockholders – Diluted	$	1,332	$	411	$	2,441	$	343

Net Income (Loss) Per Common Share – Basic	$	6.90	$	2.15	$	12.69	$	1.90
Net Income (Loss) Per Common Share – Diluted	$	6.77	$	2.12	$	12.42	$	1.87

Average Shares – Basic	192,648,752		190,826,396		192,470,404		179,845,834
Average Shares – Diluted	196,653,113		194,304,105		196,525,525		182,851,283

(1) We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.

FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE

Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.

Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

•Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience;

•Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;

•The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations;

•Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; and our affiliate reinsurance arrangements;

•Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell;

•The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products;

•The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence (“AI”) that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability;

•Continued scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;

•Actions taken by reinsurers to raise rates on in-force business;

•Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;

•Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses;

•The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;

•A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance products;

•Ineffectiveness of our risk management policies and procedures, including our various hedging strategies;

•A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings;

•Changes in accounting principles that may affect our consolidated financial statements;

•Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;

•Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention and profitability of our insurance subsidiaries and liquidity;

•Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;

•Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems;

•The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items;

•The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives;

•The adequacy and collectability of reinsurance that we have obtained;

•Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance;

•Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;

•The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and

•The unanticipated loss of key management or wholesalers.

The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

The reporting of Risk-Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

Statistical Supplement

Third Quarter 2026


			Lincoln Financial
			Table of Contents


			Notes .................................................................................................................................................................................................................................................................			1-3
			Credit Ratings ...................................................................................................................................................................................................................................................			4
			Consolidated
			Consolidated Statements of Income (Loss) ................................................................................................................................................................................................			5
			Consolidated Balance Sheets .......................................................................................................................................................................................................................			6-7
			Earnings, Shares and Return on Equity .........................................................................................................................................................................................................			8
			Key Stakeholder Metrics ...............................................................................................................................................................................................................................			9
			Select Earnings Drivers By Segment ............................................................................................................................................................................................................			10
			Sales By Segment ..........................................................................................................................................................................................................................................			11
			Operating Revenues and General and Administrative Expenses By Segment and Other Operations......................................................................................................			12
			Operating Commissions and Other Expenses .............................................................................................................................................................................................			13

			Select Earnings and Operational Data from Business Segments and Other Operations

			Annuities .........................................................................................................................................................................................................................................................			14
			Life Insurance ................................................................................................................................................................................................................................................			15
			Group Protection ............................................................................................................................................................................................................................................			16
			Retirement Plan Services ..............................................................................................................................................................................................................................			17
			Other Operations ............................................................................................................................................................................................................................................			18
			Account Balance Roll Forwards
			Annuities ......................................................................................................................................................................................................................................................			19-20
			Life Insurance ..............................................................................................................................................................................................................................................			21
			Retirement Plan Services ............................................................................................................................................................................................................................			22
			Investment Information
			Fixed-Income Asset Class .............................................................................................................................................................................................................................			23
			Fixed-Income Credit Quality ..........................................................................................................................................................................................................................			24
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................			25-29

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Lincoln Financial

Notes

Non-GAAP Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 25.

Adjusted Income (Loss) From Operations

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

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (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 and certain other investments, the impact of certain derivatives, 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, accounting policy changes and new regulations, including changes in tax law;

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

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

• Income (loss) from discontinued operations;

• Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and

• Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.

Adjusted Operating Revenues

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

• Changes in the fair value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity and IUL products (“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 use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted income (loss) from operations per diluted share available to common stockholders and adjusted operating revenues is helpful to investors in evaluating the company’s performance.

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Notes

Non-GAAP Measures, Continued

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding accumulated other comprehensive income (loss) (“AOCI”) and preferred stock is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors to analyze our net worth because it eliminates market movements that 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, changes in MRBs, GLB and GDB hedge 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 to analyze our net worth because it eliminates the effect of market movements that 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. Management believes that using book value per share, excluding AOCI enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI, is useful to investors because it eliminates the effect of items that 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. Management believes that using adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Adjusted book value per share is useful to investors because it eliminates the effect of items that 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 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.

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Lincoln Financial

Notes

Non-GAAP Measures, Continued

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 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.

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 net income (loss) and adjusted income (loss) from operations earnings per share calculations.

Definitions

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 above and adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE on page 2 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.

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) and MoneyGuard Market Advantage® (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.

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

Statistical Supplement is Dated

This document is dated November 5, 2026, and has not been updated since that date. Lincoln Financial does not intend to update this document.

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Lincoln Financial

Credit Ratings

Ratings as of November 5, 2026

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+

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

Investor Inquiries May Be Directed To:

John Muething, Vice President,

Investor Relations

Email: InvestorRelations@lfg.com

Phone: 800-237-2920

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

		For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Revenues
Insurance premiums	$	1,637	$	1,671	$	1,674	$	1,715	$	1,665	1.7	%	$	4,995	$	5,053	1.2	%
Fee income		1,392		1,416		1,377		1,406		1,416	1.7	%		4,113		4,199	2.1	%
Net investment income		1,544		1,597		1,605		1,625		1,724	11.7	%		4,478		4,955	10.7	%
Realized gain (loss)		(216)		47		466		(406)		442	NM			(847)		502	159.3	%
Other revenues		198		191		184		202		234	18.2	%		551		619	12.3	%
Total revenues		4,555		4,922		5,306		4,542		5,481	20.3	%		13,290		15,328	15.3	%

Expenses
Benefits and policyholder liability remeasurement		1,927		1,927		2,009		1,866		2,075	7.7	%		5,842		5,950	1.8	%
Interest credited		954		984		999		1,024		1,062	11.3	%		2,759		3,084	11.8	%
Market risk benefit (gain) loss		(343)		(382)		987		(1,460)		(1,017)	NM			10		(1,490)	NM

Commissions and other expenses		1,414		1,397		1,476		1,387		1,536	8.6	%		4,110		4,398	7.0	%
Interest and debt expense		79		81		81		82		90	13.9	%		146		254	74.0	%


Total expenses		4,031		4,007		5,552		2,899		3,746	-7.1	%		12,867		12,196	-5.2	%
Income (loss) before taxes		524		915		(246)		1,643		1,735	231.1	%		423		3,132	NM
Federal income tax expense (benefit)		79		161		(74)		311		336	NM			—		573	NM


Net income (loss)		445		754		(172)		1,332		1,399	214.4	%		423		2,559	NM
Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%			(80)		(80)	0.0%
Preferred stock repurchase premium		—		—		—		—		(36)	NM			—		(36)	NM
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		2		(5)		—		3	NM			—		(2)	NM
Net income (loss) available to common
stockholders – diluted	$	411	$	745	$	(211)	$	1,321	$	1,332	224.1	%	$	343	$	2,441	NM


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	2.12	$	3.80	$	(1.10)	$	6.72	$	6.77	219.3	%	$	1.87	$	12.42	NM

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	68,351	$	69,045	$	68,284	$	67,901	$	61,660	-9.8%
U.S. government bonds		619		869		919		962		928	49.9%
State and municipal bonds		2,235		2,147		2,124		2,067		1,785	-20.1%
Foreign government bonds		244		226		202		203		183	-25.0%
Residential mortgage-backed securities		2,118		2,122		2,063		1,953		1,866	-11.9%
Commercial mortgage-backed securities		2,150		2,502		2,669		2,888		2,988	39.0%
Asset-backed securities		14,706		16,282		17,703		18,898		21,458	45.9%
Hybrid and redeemable preferred securities		257		255		236		213		207	-19.5%


Total fixed maturity AFS securities, net of allowance for credit losses		90,680		93,448		94,200		95,085		91,075	0.4%
Trading securities		1,853		1,676		1,552		1,515		1,376	-25.7%
Equity securities		542		636		475		456		451	-16.8%
Mortgage loans on real estate, net of allowance for credit losses		22,230		22,472		22,825		23,406		24,644	10.9%

Policy loans		2,584		2,626		2,606		2,596		2,592	0.3%
Derivative investments		10,427		9,945		8,337		11,382		9,752	-6.5%
Other investments		7,786		8,105		8,742		8,870		9,401	20.7%
Total investments		136,102		138,908		138,737		143,310		139,291	2.3%
Cash and invested cash		10,668		9,502		7,345		10,165		9,791	-8.2%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,681		12,827		12,886		12,918		12,968	2.3%

Reinsurance recoverables, net of allowance for credit losses		28,665		28,012		27,688		27,225		26,008	-9.3%


Deposit assets, net of allowance for credit losses		33,066		33,690		33,597		33,619		33,449	1.2%
Market risk benefit assets		4,694		4,753		4,303		5,077		5,433	15.7%
Accrued investment income		1,172		1,122		1,170		1,169		1,223	4.4%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		7,223		7,154		7,248		6,918		7,179	-0.6%
Separate account assets		179,860		180,092		172,043		188,252		182,209	1.3%
Total assets	$	415,275	$	417,204	$	406,161	$	429,797	$	418,695	0.8%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	133,223	$	136,245	$	135,683	$	139,510	$	140,342	5.3	%
Future contract benefits		41,852		42,077		42,010		42,177		40,704	-2.7	%
Funds withheld reinsurance liabilities		17,559		17,922		17,564		16,808		15,469	-11.9	%
Market risk benefit liabilities		1,190		1,118		1,127		895		660	-44.5	%

Deferred front-end loads		7,349		7,586		7,804		8,059		8,283	12.7	%
Payables for collateral on investments		11,153		7,954		6,556		9,232		8,311	-25.5	%
Short-term debt		—		400		400		400		—	NM
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 9 for details)		868		868		868		868		868	0.0%
Financial		4,904		4,998		5,101		5,597		5,572	13.6	%




Other liabilities		6,865		7,038		6,793		6,650		6,853	-0.2	%






Separate account liabilities		179,860		180,092		172,043		188,252		182,209	1.3	%
Total liabilities		404,823		406,298		395,949		418,448		409,271	1.1	%

Stockholders’ Equity
Preferred stock		986		986		986		986		555	-43.7	%
Common stock		5,574		5,592		5,602		5,619		5,602	0.5	%
Retained earnings		7,731		8,386		8,091		9,322		10,545	36.4	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(3,930)		(3,964)		(4,900)		(4,621)		(7,315)	-86.1	%



Market risk benefit non-performance risk gain (loss)		(58)		(261)		179		(225)		(578)	NM
Policyholder liability discount rate remeasurement gain (loss)		474		480		566		580		928	95.8	%
Foreign currency translation adjustment		(18)		(18)		(20)		(20)		(21)	-16.7	%
Funded status of employee benefit plans		(307)		(295)		(292)		(292)		(292)	4.9	%
Total accumulated other comprehensive income (loss)		(3,839)		(4,058)		(4,467)		(4,578)		(7,278)	-89.6	%
Total stockholders’ equity		10,452		10,906		10,212		11,349		9,424	-9.8	%
Total liabilities and stockholders’ equity	$	415,275	$	417,204	$	406,161	$	429,797	$	418,695	0.8	%

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Lincoln Financial
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 Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Income (Loss)
Net income (loss)	$	445		$	754		$	(172)		$	1,332		$	1,399		214.4	%	$	423		$	2,559		NM
Pre-tax adjusted income (loss) from operations		506			524			427			528			437		-13.6	%		1,386			1,392		0.4	%
After-tax adjusted income (loss) from operations (1)		431			445			360			450			373		-13.5	%		1,183			1,183		0.0%
Adjusted operating tax rate		14.8	%		15.0	%		15.8	%		14.6	%		14.6	%				14.6	%		15.0	%
Adjusted income (loss) from operations available to
common stockholders (1)		397			434			326			439			339		-14.6	%		1,103			1,103		0.0%







ROE
Net income (loss) ROE		17.8	%		28.3	%		-6.5	%		49.4	%		53.9	%				6.2	%		32.3	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE		12.1	%		12.7	%		9.4	%		12.3	%		8.7	%				11.8	%		10.1	%
Adjusted income (loss) from operations ROE		11.3	%		12.1	%		8.8	%		11.6	%		8.8	%				11.1	%		9.7	%

Per Common Share
Net income (loss) available to
common stockholders (diluted) (2)	$	2.12		$	3.80		$	(1.10)		$	6.72		$	6.77		219.3	%	$	1.87		$	12.42		NM
Adjusted income (loss) from operations available to
common stockholders (diluted) (3)		2.04			2.21			1.66			2.24			1.72		-15.7	%		6.01			5.61		-6.7	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			1.35			1.35		0.0%

Book Value Per Common Share
Book value per share	$	49.56		$	51.88		$	47.87		$	53.68		$	46.17		-6.8	%	$	49.56		$	46.17		-6.8	%

Book value per share, excluding AOCI (4)		69.66			73.10			71.06			77.39			84.05		20.7	%		69.66			84.05		20.7	%
Adjusted book value per share (4)		74.23			76.33			77.77			79.45			80.63		8.6	%		74.23			80.63		8.6	%

Common Shares
Repurchased during the period		—			—			—			—			1.1		NM			—			1.1		NM
End-of-period – basic		191.0			191.2			192.7			193.0			192.1		0.6	%		191.0			192.1		0.6	%
Average for the period – basic		190.8			191.1			191.9			192.9			192.6		0.9	%		179.8			192.5		7.1	%
End-of-period – diluted		196.0			196.7			196.3			196.5			196.3		0.2	%		196.0			196.3		0.2	%
Average for the period – diluted (5)		195.0			196.3			196.5			196.4			196.7		0.9	%		183.5			196.5		7.1	%

(1) See reconciliation to net income (loss) and net income (loss) available to common stockholders – diluted on page 25.

(2) Due to reporting a net loss for the three months ended March 31, 2026, basic shares were used in the diluted EPS calculation for this period as the use of diluted shares would have resulted in a lower loss per share. Additionally, the diluted EPS calculation for the three months ended March 31, 2026, reflects the assumed settlement of certain deferred units of LNC stock in our deferred compensation plans.

(3) See reconciliation to earnings (loss) per common share – diluted on page 27.

(4) See reconciliation to stockholders’ equity and book value per common share on page 29.

(5) Represents shares used in our adjusted income (loss) from operations – diluted per share calculations.

Table of Contents


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

	As of or For the Three Months Ended																	For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25		9/30/26	Change
Cash Returned to Common Stockholders
Shares repurchased	$	—		$	—		$	—		$	—		$	50		NM		$	—	$	50	NM
Common dividends		85			85			86			86			86		1.2	%		239		258	7.9	%
Total cash returned to common stockholders	$	85		$	85		$	86		$	86		$	136		60.0	%	$	239	$	308	28.9	%



Cash Returned to Preferred Stockholders – Preferred Dividends	$	34		$	11		$	34		$	11		$	34		0.0%		$	80	$	80	0.0%


Leverage Ratio
Short-term debt	$	—		$	400		$	400		$	400		$	—		NM
Long-term debt		5,772			5,866			5,969			6,465			6,440		11.6	%
Total debt		5,772			6,266			6,369			6,865			6,440		11.6	%
Preferred stock		986			986			986			986			555		-43.7	%
Total debt and preferred stock		6,758			7,252			7,355			7,851			6,995		3.5	%







Less:
Operating debt (1)		868			868			868			868			868		0.0%
Prefunding of upcoming debt maturities		—			400			400			400			—		NM
Prefunding of repurchase and/or redemption of shares
of outstanding preferred stock (2)		—			—			—			500			63		NM
25% of capital securities and subordinated notes		247			247			247			372			370		49.8	%
50% of preferred stock, net of prefunding		493			493			493			243			246		-50.1	%
Carrying value of fair value hedges and other items		119			114			112			108			80		-32.8	%
Total numerator	$	5,031		$	5,130		$	5,235		$	5,360		$	5,368		6.7	%

Adjusted stockholders’ equity (3)	$	14,180		$	14,595		$	14,987		$	15,340		$	15,490		9.2	%


Add:
25% of capital securities and subordinated notes		247			247			247			372			370		49.8	%
50% of preferred stock, net of prefunding		493			493			493			243			246		-50.1	%
Total numerator		5,031			5,130			5,235			5,360			5,368		6.7	%
Total denominator	$	19,951		$	20,465		$	20,962		$	21,315		$	21,474		7.6	%

Leverage ratio		25.2	%		25.1	%		25.0	%		25.1	%		25.0	%


Holding Company Available Liquidity (2)	$	461		$	1,055		$	1,205		$	1,803		$	1,067		131.5	%


Holding Company Available Liquidity, Net of Prefunding	$	461		$	655		$	805		$	903		$	1,004		117.8	%

(1) 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.

(2) Holding company available liquidity includes prefunding of repurchase and/or redemption of shares of outstanding preferred stock.

(3) See reconciliation to stockholders’ equity on page 29.

Table of Contents


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

	For the Three Months Ended													For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Annuities
Operating revenues	$	1,270	$	1,308	$	1,283	$	1,341	$	1,369	7.8	%	$	3,682	$	3,993	8.4	%
Deposits		4,470		4,890		3,941		3,520		4,274	-4.4	%		12,293		11,735	-4.5	%
Net flows		(1,143)		(1,227)		(2,196)		(2,917)		(2,699)	NM			(3,981)		(7,812)	-96.2	%



Average account balances, net of reinsurance		170,318		174,668		175,173		178,812		181,079	6.3	%		164,735		178,493	8.4	%
Alternative investment income (1)		2		3		3		1		4	100.0	%		8		8	0.0%

Life Insurance
Operating revenues	$	1,610	$	1,643	$	1,628	$	1,572	$	1,683	4.5	%	$	4,798	$	4,883	1.8	%
Deposits		2,247		1,457		1,253		1,673		1,196	-46.8	%		4,747		4,123	-13.1	%
Net flows		1,659		974		634		1,133		366	-77.9	%		2,861		2,134	-25.4	%
Average account balances, net of reinsurance		47,503		49,150		49,232		50,981		52,903	11.4	%		45,680		51,039	11.7	%
Average in-force face amount		1,067,503		1,065,813		1,062,558		1,059,320		1,055,957	-1.1	%		1,070,683		1,059,279	-1.1	%
Alternative investment income (1)		95		115		121		47		165	73.7	%		258		333	29.1	%

Group Protection
Operating revenues	$	1,507	$	1,535	$	1,554	$	1,576	$	1,555	3.2	%	$	4,566	$	4,685	2.6	%
Insurance premiums		1,352		1,380		1,399		1,420		1,392	3.0	%		4,109		4,211	2.5	%
Alternative investment income (1)		2		3		2		2		4	100.0	%		5		8	60.0	%

Retirement Plan Services
Operating revenues	$	343	$	352	$	346	$	353	$	357	4.1	%	$	1,001	$	1,056	5.5	%
Deposits		5,008		3,939		4,142		3,736		3,540	-29.3	%		12,717		11,417	-10.2	%
Net flows		755		(998)		(213)		(2,425)		(1,941)	NM			(2,014)		(4,579)	NM
Average account balances		119,259		123,533		124,766		128,344		130,034	9.0	%		115,014		127,916	11.2	%
Alternative investment income (1)		2		3		3		2		3	50.0	%		6		8	33.3	%

Consolidated
Adjusted operating revenues (2)	$	4,780	$	4,894	$	4,868	$	4,926	$	5,059	5.8	%	$	14,190	$	14,853	4.7	%
Deposits		11,725		10,286		9,336		8,929		9,010	-23.2	%		29,757		27,275	-8.3	%
Net flows		1,271		(1,251)		(1,775)		(4,209)		(4,274)	NM			(3,134)		(10,257)	NM
Average account balances, net of reinsurance		337,080		347,351		349,171		358,137		364,016	8.0	%		325,429		357,448	9.8	%
Alternative investment income (1)		101		124		129		52		176	74.3	%		277		357	28.9	%

(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 26.

Table of Contents


Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Sales
Annuities:
RILA	$	1,457		$	1,936		$	1,822		$	1,599		$	1,463		0.4	%	$	4,195		$	4,884		16.4	%
Fixed		1,368			1,227			716			604			1,376		0.6	%		3,451			2,696		-21.9	%
Traditional variable with GLBs		1,080			1,119			867			639			682		-36.9	%		3,113			2,187		-29.7	%
Traditional variable without GLBs		562			607			534			673			747		32.9	%		1,515			1,955		29.0	%

Total Annuities	$	4,467		$	4,889		$	3,939		$	3,515		$	4,268		-4.5	%	$	12,274		$	11,722		-4.5	%


Life Insurance:
IUL/UL	$	25		$	42		$	29		$	23		$	34		36.0	%	$	78		$	86		10.3	%
MoneyGuard®		31			35			29			32			33		6.5	%		89			95		6.7	%

VUL		26			36			22			35			19		-26.9	%		56			76		35.7	%
Term		15			14			16			13			14		-6.7	%		42			43		2.4	%

Executive Benefits		201			15			33			113			6		-97.0	%		251			151		-39.8	%
Total Life Insurance	$	298		$	142		$	129		$	216		$	106		-64.4	%	$	516		$	451		-12.6	%


Group Protection:
Life	$	50		$	136		$	97		$	83		$	36		-28.0	%	$	255		$	216		-15.3	%
Disability		47			232			45			65			26		-44.7	%		165			137		-17.0	%
Dental		19			23			8			7			10		-47.4	%		40			24		-40.0	%
Total Group Protection	$	116		$	391		$	150		$	155		$	72		-37.9	%	$	460		$	377		-18.0	%

Percent employee-paid		46.5	%		28.7	%		70.7	%		56.6	%		57.2	%				60.3	%		62.3	%

Retirement Plan Services:
First-year sales	$	2,440		$	1,683		$	1,134		$	941		$	749		-69.3	%	$	4,766		$	2,825		-40.7	%
Recurring deposits		2,568			2,256			3,008			2,795			2,791		8.7	%		7,951			8,592		8.1	%
Total Retirement Plan Services	$	5,008		$	3,939		$	4,142		$	3,736		$	3,540		-29.3	%	$	12,717		$	11,417		-10.2	%

Table of Contents


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

	For the Three Months Ended																		For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Operating Revenues
Annuities	$	1,270		$	1,308		$	1,283		$	1,341		$	1,369		7.8	%	$	3,682		$	3,993		8.4	%
Life Insurance		1,610			1,643			1,628			1,572			1,683		4.5	%		4,798			4,883		1.8	%
Group Protection		1,507			1,535			1,554			1,576			1,555		3.2	%		4,566			4,685		2.6	%
Retirement Plan Services		343			352			346			353			357		4.1	%		1,001			1,056		5.5	%
Other Operations		50			56			57			84			95		90.0	%		143			236		65.0	%
Total adjusted operating revenues	$	4,780		$	4,894		$	4,868		$	4,926		$	5,059		5.8	%	$	14,190		$	14,853		4.7	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	108		$	122		$	111		$	116		$	112		3.7	%	$	326		$	338		3.7	%
Life Insurance		121			130			119			124			122		0.8	%		362			365		0.8	%
Group Protection		200			215			211			217			205		2.5	%		608			634		4.3	%
Retirement Plan Services		80			87			86			89			87		8.8	%		241			262		8.7	%
Other Operations		62			65			62			58			56		-9.7	%		183			175		-4.4	%
Total	$	571		$	619		$	589		$	604		$	582		1.9	%	$	1,720		$	1,774		3.1	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		8.5	%		9.3	%		8.6	%		8.6	%		8.1	%				8.8	%		8.5	%
Life Insurance		7.5	%		7.9	%		7.3	%		7.9	%		7.3	%				7.6	%		7.5	%
Group Protection		13.2	%		14.0	%		13.6	%		13.8	%		13.2	%				13.3	%		13.5	%
Retirement Plan Services		23.2	%		24.8	%		24.8	%		25.3	%		24.3	%				24.1	%		24.8	%

Total		11.9	%		12.6	%		12.1	%		12.3	%		11.5	%				12.1	%		11.9	%

Table of Contents


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

	For the Three Months Ended													For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	637	$	693	$	644	$	659	$	644	1.1	%	$	1,893	$	1,945	2.7	%
Commissions		609		689		617		605		630	3.4	%		1,737		1,851	6.6	%
Taxes, licenses and fees		86		74		100		80		80	-7.0	%		263		260	-1.1	%
Interest and debt expense		79		81		81		82		90	13.9	%		240		254	5.8	%
Expenses associated with reserve financing
and letters of credit		35		25		26		27		27	-22.9	%		101		79	-21.8	%
Total adjusted operating commissions and
other expenses incurred		1,446		1,562		1,468		1,453		1,471	1.7	%		4,234		4,389	3.7	%

Less Amounts Capitalized
General and administrative expenses		(66)		(74)		(55)		(55)		(62)	6.1	%		(173)		(171)	1.2	%
Commissions		(281)		(360)		(289)		(268)		(292)	-3.9	%		(771)		(848)	-10.0	%
Taxes, licenses and fees		(15)		(8)		(9)		(8)		(6)	60.0	%		(32)		(22)	31.3	%
Total amounts capitalized		(362)		(442)		(353)		(331)		(360)	0.6	%		(976)		(1,041)	-6.7	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,084		1,120		1,115		1,122		1,111	2.5	%		3,258		3,348	2.8	%

Amortization
Amortization of DAC, VOBA and other intangibles		324		328		327		331		345	6.5	%		940		1,003	6.7	%
Total operating commissions and
other expenses	$	1,408	$	1,448	$	1,442	$	1,453	$	1,456	3.4	%	$	4,198	$	4,351	3.6	%

Table of Contents


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

	As of or For the Three Months Ended																		As of or For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	25		$	28		$	18		$	36		$	27		8.0	%	$	75		$	81		8.0	%
Fee income (1)		617			624			608			623			631		2.3	%		1,782			1,862		4.5	%
Net investment income		497			517			525			547			570		14.7	%		1,449			1,642		13.3	%



Other revenues		131			139			132			135			141		7.6	%		376			408		8.5	%
Total operating revenues		1,270			1,308			1,283			1,341			1,369		7.8	%		3,682			3,993		8.4	%
Operating expenses:
Benefits and policyholder liability remeasurement		24			24			24			47			34		41.7	%		84			105		25.0	%
Interest credited		459			480			495			513			535		16.6	%		1,317			1,543		17.2	%


Commissions incurred		327			374			339			329			347		6.1	%		917			1,015		10.7	%
Other expenses incurred		138			162			150			149			147		6.5	%		424			446		5.2	%
Amounts capitalized		(174)			(228)			(187)			(168)			(188)		-8.0	%		(464)			(542)		-16.8	%
Amortization		128			127			128			132			145		13.3	%		358			404		12.8	%
Total operating expenses		902			939			949			1,002			1,020		13.1	%		2,636			2,971		12.7	%
Income (loss) from operations before taxes		368			369			334			339			349		-5.2	%		1,046			1,022		-2.3	%
Federal income tax expense (benefit)		58			58			59			52			55		-5.2	%		160			166		3.8	%
Income (loss) from operations	$	310		$	311		$	275		$	287		$	294		-5.2	%	$	886		$	856		-3.4	%





Effective Federal Income Tax Rate		15.8	%		15.7	%		17.6	%		15.5	%		15.7	%				15.2	%		16.2	%






Return on Average Account Balances, Net of
Reinsurance (bps)		73			71			63			64			65		(8)			72			64		(8)

Return on Average Account Balances, Net of
Reinsurance and Market-Linked Adjustment (bps) (2)		76			75			66			67			68		(8)			75			67		(8)








Account Balances, Net of Reinsurance – End-of-Period
RILA account balances	$	38,499		$	39,443		$	38,659		$	42,102		$	41,946		9.0	%	$	38,499		$	41,946		9.0	%
Fixed account balances		11,492			12,388			12,919			13,529			14,753		28.4	%		11,492			14,753		28.4	%
Traditional variable account balances with GLBs		73,174			72,809			68,484			74,012			70,803		-3.2	%		73,174			70,803		-3.2	%
Traditional variable account balances without GLBs		50,914			50,748			48,711			52,646			50,941		0.1	%		50,914			50,941		0.1	%
Total account balances	$	174,079		$	175,388		$	168,773		$	182,289		$	178,443		2.5	%	$	174,079		$	178,443		2.5	%
Percent traditional variable account balances with GLBs		42.0	%		41.5	%		40.6	%		40.6	%		39.7	%				42.0	%		39.7	%

Fee Income, Gross of Hedge Allowance	$	817		$	825		$	807		$	822		$	829		1.5	%	$	2,382		$	2,458		3.2	%
Net Investment Income, Net of Reinsurance (3)		475			500			508			530			557		17.3	%		1,383			1,595		15.3	%
Interest Credited, Net of Reinsurance (3)		314			333			351			367			386		22.9	%		904			1,104		22.1	%

(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) Market-linked adjustment represents the portion of the account balance related to the index-linked crediting feature of our fixed indexed annuity and registered index-linked annuity (“RILA”) products.

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

Table of Contents


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

	As of or For the Three Months Ended																	As of or For the Nine Months Ended

		9/30/25		12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25		9/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	260	$	262		$	256		$	258		$	245		-5.8	%	$	810	$	760		-6.2	%
Fee income		683		696			677			683			684		0.1	%		2,069		2,043		-1.3	%
Net investment income		623		643			647			573			685		10.0	%		1,803		1,905		5.7	%
Operating realized gain (loss)		(1)		—			—			—			—		100.0	%		(4)		—		100.0	%


Other revenues		45		42			48			58			69		53.3	%		120		175		45.8	%
Total operating revenues		1,610		1,643			1,628			1,572			1,683		4.5	%		4,798		4,883		1.8	%
Operating expenses:
Benefits and policyholder liability remeasurement		961		928			975			894			938		-2.4	%		2,919		2,807		-3.8	%
Interest credited		298		295			291			293			301		1.0	%		874		886		1.4	%
Commissions incurred		119		145			112			112			116		-2.5	%		329		340		3.3	%
Other expenses incurred		199		196			183			182			184		-7.5	%		584		548		-6.2	%
Amounts capitalized		(144)		(166)			(130)			(128)			(135)		6.3	%		(387)		(392)		-1.3	%
Amortization of DAC and VOBA		129		133			131			131			130		0.8	%		382		391		2.4	%
Amortization of deferred loss on business
sold through reinsurance		24		24			24			24			25		4.2	%		71		73		2.8	%
Total operating expenses		1,586		1,555			1,586			1,508			1,559		-1.7	%		4,772		4,653		-2.5	%
Income (loss) from operations before taxes		24		88			42			64			124		NM			26		230		NM
Federal income tax expense (benefit)		(1)		11			1			7			19		NM			(14)		28		300.0	%
Income (loss) from operations	$	25	$	77		$	41		$	57		$	105		NM		$	40	$	202		NM


Effective Federal Income Tax Rate		NM		12.6	%		3.7	%		10.2	%		15.8	%				NM		12.0	%





Average Account Balances, Net of Reinsurance	$	47,503	$	49,150		$	49,232		$	50,981		$	52,903		11.4	%	$	45,680	$	51,039		11.7	%

In-Force Face Amount
UL and other	$	361,964	$	362,312		$	361,544		$	362,618		$	361,965		0.0%		$	361,964	$	361,965		0.0%
Term insurance		705,069		702,280			698,981			695,497			691,835		-1.9	%		705,069		691,835		-1.9	%
Total in-force face amount	$	1,067,033	$	1,064,592		$	1,060,525		$	1,058,115		$	1,053,800		-1.2	%	$	1,067,033	$	1,053,800		-1.2	%

Table of Contents


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

	As of or For the Three Months Ended																	As of or For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,352		$	1,380		$	1,399		$	1,420		$	1,392		3.0	%	$	4,109		$	4,211		2.5	%
Net investment income		98			95			96			98			104		6.1	%		281			298		6.0	%
Other revenues		57			60			59			58			59		3.5	%		176			176		0.0%
Total operating revenues		1,507			1,535			1,554			1,576			1,555		3.2	%		4,566			4,685		2.6	%
Operating expenses:
Benefits and policyholder liability remeasurement		923			984			994			971			1,091		18.2	%		2,830			3,056		8.0	%
Interest credited		1			1			—			1			1		0.0%			1			2		100.0	%
Commissions incurred		132			137			135			133			135		2.3	%		404			403		-0.2	%
Other expenses incurred		260			275			272			275			263		1.2	%		783			809		3.3	%
Amounts capitalized		(36)			(40)			(29)			(30)			(30)		16.7	%		(103)			(89)		13.6	%
Amortization		39			40			40			40			40		2.6	%		115			121		5.2	%
Total operating expenses		1,319			1,397			1,412			1,390			1,500		13.7	%		4,030			4,302		6.7	%
Income (loss) from operations before taxes		188			138			142			186			55		-70.7	%		536			383		-28.5	%
Federal income tax expense (benefit)		39			29			30			39			9		-76.9	%		113			78		-31.0	%
Income (loss) from operations	$	149		$	109		$	112		$	147		$	46		-69.1	%	$	423		$	305		-27.9	%


Effective Federal Income Tax Rate		21.0	%		21.0	%		21.0	%		21.0	%		16.0	%				21.0	%		20.3	%

Operating Margin (1)		11.0	%		7.9	%		8.0	%		10.4	%		3.3	%				10.3	%		7.2	%





Loss Ratios by Product Line
Life		59.6	%		67.9	%		66.9	%		62.2	%		64.9	%				67.4	%		64.7	%
Disability		73.8	%		73.6	%		73.4	%		71.9	%		87.8	%				69.3	%		77.6	%
Dental		78.0	%		74.9	%		81.6	%		82.0	%		81.6	%				79.1	%		81.7	%
Total		68.3	%		71.4	%		71.1	%		68.4	%		78.4	%				68.9	%		72.6	%

(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

Table of Contents


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

	As of or For the Three Months Ended																	As of or For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	85		$	89		$	86		$	93		$	92		8.2	%	$	245		$	271		10.6	%
Net investment income		257			262			260			260			261		1.6	%		760			781		2.8	%
Other revenues		1			1			—			—			4		300.0	%		(4)			4		200.0	%
Total operating revenues		343			352			346			353			357		4.1	%		1,001			1,056		5.5	%
Operating expenses:
Interest credited		174			174			170			169			167		-4.0	%		518			505		-2.5	%


Commissions incurred		30			31			29			30			30		0.0%			84			89		6.0	%
Other expenses incurred		87			95			97			96			95		9.2	%		265			287		8.3	%
Amounts capitalized		(5)			(6)			(5)			(3)			(5)		0.0%			(14)			(13)		7.1	%
Amortization		4			4			4			4			5		25.0	%		14			14		0.0%
Total operating expenses		290			298			295			296			292		0.7	%		867			882		1.7	%
Income (loss) from operations before taxes		53			54			51			57			65		22.6	%		134			174		29.9	%
Federal income tax expense (benefit)		7			8			8			8			10		42.9	%		18			27		50.0	%
Income (loss) from operations	$	46		$	46		$	43		$	49		$	55		19.6	%	$	116		$	147		26.7	%


Effective Federal Income Tax Rate		14.2	%		14.2	%		15.2	%		14.8	%		15.6	%				13.0	%		15.2	%





Return on Average Account Balances (bps)		15			15			14			15			17		2			14			15		1



Net Flows by Market
Core Market (1)	$	190		$	(43)		$	(201)		$	(56)		$	(250)		NM		$	139		$	(508)		NM
Mid-Large Market		1,025			(401)			403			(1,918)			(1,246)		NM			(908)			(2,760)		NM
Multi-Fund® and Other		(460)			(554)			(415)			(451)			(445)		3.3	%		(1,245)			(1,311)		-5.3	%

Net Flows – Trailing Twelve Months	$	(2,746)		$	(3,012)		$	(1,041)		$	(2,881)		$	(5,577)		NM		$	(2,746)		$	(5,577)		NM

Base Spreads, Excluding Variable
Investment Income (2)		1.07	%		1.10	%		1.16	%		1.19	%		1.24	%	17			1.03	%		1.20	%	17

(1) Formerly referred to as “Small Market.”

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

Table of Contents


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

		As of or For the Three Months Ended											As of or For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Other Operations
Operating revenues:
Insurance premiums	$	—	$	—	$	—	$	—	$	—	NM		$	1	$	1	0.0%

Net investment income		33		46		52		63		86	160.6	%		102		200	96.1	%


Other revenues		17		10		5		21		9	-47.1	%		40		35	-12.5	%
Total operating revenues		50		56		57		84		95	90.0	%		143		236	65.0	%
Operating expenses:
Benefits and policyholder liability remeasurement		4		2		7		9		41	NM			14		58	NM
Interest credited		22		34		43		48		58	163.6	%		49		148	202.0	%
Other expenses incurred		72		64		68		63		62	-13.9	%		196		193	-1.5	%
Interest and debt expense		79		81		81		82		90	13.9	%		240		254	5.8	%

Total operating expenses		177		181		199		202		251	41.8	%		499		653	30.9	%
Income (loss) from operations before taxes		(127)		(125)		(142)		(118)		(156)	-22.8	%		(356)		(417)	-17.1	%
Federal income tax expense (benefit)		(28)		(27)		(31)		(28)		(29)	-3.6	%		(74)		(90)	-21.6	%
Income (loss) from operations	$	(99)	$	(98)	$	(111)	$	(90)	$	(127)	-28.3	%	$	(282)	$	(327)	-16.0	%

Table of Contents


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

	For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	120,815	$	124,093	$	123,562	$	117,200	$	126,662	4.8	%	$	118,954	$	123,562	3.9	%
Gross deposits		1,642		1,726		1,401		1,312		1,429	-13.0	%		4,628		4,142	-10.5	%
Surrenders, withdrawals and benefits		(3,843)		(4,066)		(3,982)		(3,975)		(4,211)	-9.6	%		(10,973)		(12,168)	-10.9	%

Net flows		(2,201)		(2,340)		(2,581)		(2,663)		(2,782)	-26.4	%		(6,345)		(8,026)	-26.5	%
Policyholder assessments		(670)		(674)		(664)		(671)		(676)	-0.9	%		(1,962)		(2,010)	-2.4	%
Change in market value and reinvestment		6,149		2,483		(3,117)		12,796		(1,456)	NM			13,446		8,222	-38.9	%

Balance as of end-of-period, gross		124,093		123,562		117,200		126,662		121,748	-1.9	%		124,093		121,748	-1.9	%
Account balances reinsured		(5)		(5)		(5)		(4)		(4)	20.0	%		(5)		(4)	20.0	%
Balance as of end-of-period, net of reinsurance	$	124,088	$	123,557	$	117,195	$	126,658	$	121,744	-1.9	%	$	124,088	$	121,744	-1.9	%


RILA
Balance as of beginning-of-period	$	36,256	$	38,499	$	39,443	$	38,659	$	42,102	16.1	%	$	34,310	$	39,443	15.0	%
Gross deposits		1,457		1,936		1,822		1,599		1,463	0.4	%		4,195		4,884	16.4	%
Surrenders, withdrawals and benefits		(1,106)		(1,370)		(1,539)		(1,821)		(2,116)	-91.3	%		(2,893)		(5,475)	-89.2	%

Net flows		351		566		283		(222)		(653)	NM			1,302		(591)	NM
Policyholder assessments		(4)		(4)		(4)		(4)		(5)	-25.0	%		(12)		(13)	-8.3	%

Change in market value and reinvestment		392		402		381		448		393	0.3	%		1,078		1,221	13.3	%
Change in fair value of embedded derivative instruments
and other		1,504		(20)		(1,444)		3,221		109	-92.8	%		1,821		1,886	3.6	%
Balance as of end-of-period, gross	$	38,499	$	39,443	$	38,659	$	42,102	$	41,946	9.0	%	$	38,499	$	41,946	9.0	%


Balance as of end-of-period, net of market-linked
adjustment	$	30,392	$	31,751	$	32,868	$	33,589	$	33,862	11.4	%	$	30,392	$	33,862	11.4	%

Table of Contents


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

	For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Fixed Annuities
Balance as of beginning-of-period	$	26,832	$	27,874	$	28,728	$	28,974	$	29,418	9.6	%	$	25,963	$	28,728	10.6	%
Gross deposits		1,371		1,228		718		609		1,382	0.8	%		3,470		2,709	-21.9	%
Surrenders, withdrawals and benefits		(664)		(681)		(616)		(641)		(646)	2.7	%		(2,408)		(1,904)	20.9	%

Net flows		707		547		102		(32)		736	4.1	%		1,062		805	-24.2	%
Policyholder assessments		(14)		(16)		(15)		(15)		(13)	7.1	%		(44)		(43)	2.3	%
Reinvested interest credited		238		255		256		266		282	18.5	%		675		805	19.3	%
Change in fair value of embedded derivative instruments
and other		111		68		(97)		225		(70)	NM			218		58	-73.4	%
Balance as of end-of-period, gross		27,874		28,728		28,974		29,418		30,353	8.9	%		27,874		30,353	8.9	%
Account balances reinsured		(16,382)		(16,340)		(16,055)		(15,889)		(15,600)	4.8	%		(16,382)		(15,600)	4.8	%
Balance as of end-of-period, net of reinsurance	$	11,492	$	12,388	$	12,919	$	13,529	$	14,753	28.4	%	$	11,492	$	14,753	28.4	%


Balance as of end-of-period, net of reinsurance and
market-linked adjustment	$	11,298	$	12,182	$	12,778	$	13,300	$	14,589	29.1	%	$	11,298	$	14,589	29.1	%


Total
Balance as of beginning-of-period	$	183,903	$	190,466	$	191,733	$	184,833	$	198,182	7.8	%	$	179,227	$	191,733	7.0	%
Gross deposits		4,470		4,890		3,941		3,520		4,274	-4.4	%		12,293		11,735	-4.5	%
Surrenders, withdrawals and benefits		(5,613)		(6,117)		(6,137)		(6,437)		(6,973)	-24.2	%		(16,274)		(19,547)	-20.1	%

Net flows		(1,143)		(1,227)		(2,196)		(2,917)		(2,699)	NM			(3,981)		(7,812)	-96.2	%
Policyholder assessments		(688)		(694)		(683)		(690)		(694)	-0.9	%		(2,018)		(2,066)	-2.4	%
Change in market value, reinvestment and interest credited		6,779		3,140		(2,480)		13,510		(781)	NM			15,199		10,248	-32.6	%
Change in fair value of embedded derivative instruments
and other		1,615		48		(1,541)		3,446		39	-97.6	%		2,039		1,944	-4.7	%
Balance as of end-of-period, gross		190,466		191,733		184,833		198,182		194,047	1.9	%		190,466		194,047	1.9	%
Account balances reinsured		(16,387)		(16,345)		(16,060)		(15,893)		(15,604)	4.8	%		(16,387)		(15,604)	4.8	%
Balance as of end-of-period, net of reinsurance	$	174,079	$	175,388	$	168,773	$	182,289	$	178,443	2.5	%	$	174,079	$	178,443	2.5	%


Balance as of end-of-period, net of reinsurance and
market-linked adjustment	$	165,778	$	167,490	$	162,841	$	173,547	$	170,195	2.7	%	$	165,778	$	170,195	2.7	%

Table of Contents


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

	For the Three Months Ended													For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
General Account
Balance as of beginning-of-period	$	36,116	$	36,008	$	35,986	$	35,723	$	35,690	-1.2	%	$	36,599	$	35,986	-1.7	%
Gross deposits		851		993		837		800		825	-3.1	%		2,564		2,462	-4.0	%
Withdrawals and deaths		(357)		(327)		(403)		(356)		(641)	-79.6	%		(1,174)		(1,400)	-19.3	%
Net flows		494		666		434		444		184	-62.8	%		1,390		1,062	-23.6	%
Transfers between general and separate accounts		72		48		68		86		54	-25.0	%		134		209	56.0	%
Policyholder assessments		(1,114)		(1,130)		(1,095)		(1,075)		(1,076)	3.4	%		(3,320)		(3,247)	2.2	%
Reinvested interest credited		367		361		357		364		368	0.3	%		1,083		1,089	0.6	%
Change in fair value of embedded derivative instruments
and other		73		33		(27)		148		19	-74.0	%		122		140	14.8	%
Balance as of end-of-period, gross		36,008		35,986		35,723		35,690		35,239	-2.1	%		36,008		35,239	-2.1	%
Account balances reinsured		(14,658)		(14,500)		(14,304)		(14,127)		(13,698)	6.5	%		(14,658)		(13,698)	6.5	%
Balance as of end-of-period, net of reinsurance	$	21,350	$	21,486	$	21,419	$	21,563	$	21,541	0.9	%	$	21,350	$	21,541	0.9	%


Separate Account
Balance as of beginning-of-period	$	30,616	$	33,252	$	34,038	$	33,237	$	37,869	23.7	%	$	28,841	$	34,038	18.0	%
Gross deposits		1,396		464		416		873		371	-73.4	%		2,183		1,661	-23.9	%
Withdrawals and deaths		(231)		(156)		(216)		(184)		(189)	18.2	%		(712)		(589)	17.3	%
Net flows		1,165		308		200		689		182	-84.4	%		1,471		1,072	-27.1	%
Transfers between general and separate accounts		(71)		(48)		(68)		(86)		(54)	23.9	%		(134)		(209)	-56.0	%
Policyholder assessments		(251)		(255)		(252)		(256)		(259)	-3.2	%		(745)		(767)	-3.0	%
Change in market value and reinvestment		1,793		781		(681)		4,285		(365)	NM			3,819		3,239	-15.2	%
Balance as of end-of-period, gross		33,252		34,038		33,237		37,869		37,373	12.4	%		33,252		37,373	12.4	%
Account balances reinsured		(5,883)		(5,943)		(5,772)		(6,354)		(6,187)	-5.2	%		(5,883)		(6,187)	-5.2	%
Balance as of end-of-period, net of reinsurance	$	27,369	$	28,095	$	27,465	$	31,515	$	31,186	13.9	%	$	27,369	$	31,186	13.9	%


Total
Balance as of beginning-of-period	$	66,732	$	69,260	$	70,024	$	68,960	$	73,559	10.2	%	$	65,440	$	70,024	7.0	%
Gross deposits		2,247		1,457		1,253		1,673		1,196	-46.8	%		4,747		4,123	-13.1	%
Withdrawals and deaths		(588)		(483)		(619)		(540)		(830)	-41.2	%		(1,886)		(1,989)	-5.5	%
Net flows		1,659		974		634		1,133		366	-77.9	%		2,861		2,134	-25.4	%
Transfers between general and separate accounts		1		—		—		—		—	-100.0	%		—		—	NM
Policyholder assessments		(1,365)		(1,385)		(1,347)		(1,331)		(1,335)	2.2	%		(4,065)		(4,014)	1.3	%
Change in market value and reinvestment		2,160		1,142		(324)		4,649		3	-99.9	%		4,902		4,328	-11.7	%
Change in fair value of embedded derivative instruments
and other		73		33		(27)		148		19	-74.0	%		122		140	14.8	%
Balance as of end-of-period, gross		69,260		70,024		68,960		73,559		72,612	4.8	%		69,260		72,612	4.8	%
Account balances reinsured		(20,541)		(20,443)		(20,076)		(20,481)		(19,885)	3.2	%		(20,541)		(19,885)	3.2	%
Balance as of end-of-period, net of reinsurance	$	48,719	$	49,581	$	48,884	$	53,078	$	52,727	8.2	%	$	48,719	$	52,727	8.2	%

Table of Contents


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

	For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
General Account
Balance as of beginning-of-period	$	23,700	$	23,852	$	23,843	$	23,694	$	23,419	-1.2	%	$	23,619	$	23,843	0.9	%
Gross deposits		1,090		1,054		880		901		1,064	-2.4	%		3,011		2,844	-5.5	%
Withdrawals		(1,287)		(1,350)		(1,279)		(1,470)		(1,348)	-4.7	%		(3,720)		(4,096)	-10.1	%
Net flows		(197)		(296)		(399)		(569)		(284)	-44.2	%		(709)		(1,252)	-76.6	%
Transfers between fixed and variable accounts		171		114		86		131		125	-26.9	%		426		343	-19.5	%
Policyholder assessments		(4)		(4)		(5)		(5)		(5)	-25.0	%		(13)		(14)	-7.7	%
Reinvested interest credited		182		177		169		168		170	-6.6	%		529		505	-4.5	%
Balance as of end-of-period	$	23,852	$	23,843	$	23,694	$	23,419	$	23,425	-1.8	%	$	23,852	$	23,425	-1.8	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	92,683	$	98,900	$	100,197	$	98,151	$	107,348	15.8	%	$	88,962	$	100,197	12.6	%
Gross deposits		3,918		2,885		3,262		2,835		2,476	-36.8	%		9,706		8,573	-11.7	%
Withdrawals		(2,966)		(3,587)		(3,076)		(4,691)		(4,133)	-39.3	%		(11,011)		(11,900)	-8.1	%
Net flows		952		(702)		186		(1,856)		(1,657)	NM			(1,305)		(3,327)	NM
Transfers between fixed and variable accounts		(149)		(101)		(82)		(129)		(116)	22.1	%		(404)		(329)	18.6	%
Policyholder assessments		(73)		(75)		(76)		(77)		(79)	-8.2	%		(210)		(232)	-10.5	%
Change in market value and reinvestment		5,487		2,175		(2,074)		11,259		(768)	NM			11,857		8,419	-29.0	%
Balance as of end-of-period	$	98,900	$	100,197	$	98,151	$	107,348	$	104,728	5.9	%	$	98,900	$	104,728	5.9	%


Total
Balance as of beginning-of-period	$	116,383	$	122,752	$	124,040	$	121,845	$	130,767	12.4	%	$	112,581	$	124,040	10.2	%
Gross deposits		5,008		3,939		4,142		3,736		3,540	-29.3	%		12,717		11,417	-10.2	%
Withdrawals		(4,253)		(4,937)		(4,355)		(6,161)		(5,481)	-28.9	%		(14,731)		(15,996)	-8.6	%
Net flows		755		(998)		(213)		(2,425)		(1,941)	NM			(2,014)		(4,579)	NM
Transfers between fixed and variable accounts		22		13		4		2		9	-59.1	%		22		14	-36.4	%
Policyholder assessments		(77)		(79)		(81)		(82)		(84)	-9.1	%		(223)		(246)	-10.3	%
Change in market value and reinvestment		5,669		2,352		(1,905)		11,427		(598)	NM			12,386		8,924	-28.0	%
Balance as of end-of-period	$	122,752	$	124,040	$	121,845	$	130,767	$	128,153	4.4	%	$	122,752	$	128,153	4.4	%

Table of Contents


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

	As of 9/30/25					As of 12/31/25					As of 9/30/26
	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	$	12,848		14.5	%	$	13,135		14.3	%	$	12,629		13.1	%
Basic industry		2,778		3.1	%		2,749		3.0	%		2,582		2.7	%
Capital goods		5,541		6.2	%		5,574		6.1	%		5,459		5.7	%
Communications		2,786		3.1	%		2,936		3.2	%		2,902		3.0	%
Consumer cyclical		5,243		5.9	%		5,360		5.8	%		5,037		5.2	%
Consumer non-cyclical		12,476		14.0	%		12,623		13.6	%		9,739		10.1	%
Energy		2,529		2.8	%		2,487		2.7	%		2,634		2.7	%
Technology		4,083		4.6	%		4,307		4.7	%		3,973		4.1	%
Transportation		3,173		3.6	%		3,243		3.5	%		3,188		3.3	%
Industrial other		2,282		2.6	%		2,346		2.6	%		2,366		2.5	%
Utilities		11,417		12.9	%		11,459		12.4	%		11,593		12.1	%
Government-related entities		1,111		1.3	%		1,108		1.2	%		1,065		1.1	%
Healthcare (2)		—		0.0	%		—		0.0	%		2,496		2.6	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,758		2.0	%		1,715		1.9	%		1,589		1.7	%
Non-agency backed		363		0.4	%		399		0.4	%		437		0.5	%
Commercial mortgage-backed securities ("CMBS")		2,152		2.4	%		2,503		2.7	%		3,084		3.2	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		7,738		8.7	%		8,512		9.3	%		11,194		11.6	%
Other ABS		6,923		7.8	%		7,713		8.4	%		10,592		11.0	%
Municipals		2,454		2.8	%		2,424		2.6	%		2,252		2.3	%
United States and foreign government		923		1.0	%		1,153		1.3	%		1,243		1.3	%


Hybrid and redeemable preferred securities		236		0.3	%		236		0.3	%		203		0.2	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		88,814		100.0	%		91,982		100.0	%		96,257		100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		498					434					498
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		508					561					392
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		89,820					92,977					97,147
Modified coinsurance and funds withheld investments		11,194					10,738					8,340
Total fixed maturity AFS, trading and equity securities	$	101,014				$	103,715				$	105,487

(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 pages 23 and 24 as we have a limited economic interest in the assets.

(2) Beginning in the third quarter of 2026, the industry classification for Healthcare was presented, which consists of certain securities that were previously reported in Consumer non-cyclical.

Table of Contents


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

	As of 9/30/25					As of 12/31/25					As of 9/30/26
	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)	$	53,083		59.8	%	$	55,596		60.4	%	$	60,420		62.8	%
NAIC 2 (BBB)		32,762		36.9	%		33,291		36.2	%		33,058		34.3	%
Total investment grade		85,845		96.7	%		88,887		96.6	%		93,478		97.1	%

NAIC 3 (BB)		956		1.1	%		994		1.1	%		1,048		1.1	%
NAIC 4 (B)		1,879		2.1	%		1,966		2.1	%		1,588		1.6	%
NAIC 5 (CCC and lower)		61		0.0	%		63		0.1	%		109		0.1	%
NAIC 6 (in or near default)		73		0.1	%		72		0.1	%		34		0.1	%
Total below investment grade		2,969		3.3	%		3,095		3.4	%		2,779		2.9	%
Total	$	88,814		100.0	%	$	91,982		100.0	%	$	96,257		100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,122		74.4	%	$	12,814		72.6	%	$	12,122		67.7	%
CM2 (BBB)		4,211		23.9	%		4,527		25.6	%		5,222		29.2	%
CM3-7 (BB and lower) (3)		308		1.7	%		320		1.8	%		548		3.1	%
Total	$	17,641		100.0	%	$	17,661		100.0	%	$	17,892		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	$	66,205		62.2	%	$	68,410		62.4	%	$	72,542		63.6	%
BBB		36,973		34.7	%		37,818		34.5	%		38,280		33.5	%
BB and lower		3,277		3.1	%		3,415		3.1	%		3,327		2.9	%
Total	$	106,455		100.0	%	$	109,643		100.0	%	$	114,149		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.

(3) Includes mortgage fund limited partnerships classified as CM3 that are included in “Other investments” on the Consolidated Balance Sheets.

Table of Contents


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

		For the Three Months Ended												For the Nine Months Ended

			9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
	Net Income (Loss)
	Net income (loss)	$	445	$	754	$	(172)	$	1,332	$	1,399	214.4	%	$	423	$	2,559	NM
	Less:
	Net annuity product features, pre-tax (1)		410		515		(695)		1,497		1,317	221.2	%		(277)		2,119	NM
	Net life insurance product features, pre-tax		(22)		(5)		22		(50)		37	268.2	%		(37)		10	127.0	%
	Credit loss-related adjustments, pre-tax		(38)		(43)		(20)		(37)		(47)	-23.7	%		(91)		(104)	-14.3	%
	Investment gains (losses), pre-tax		(35)		(101)		(42)		(197)		(388)	NM			(218)		(628)	NM
	Changes in the fair value of reinsurance-related
	embedded derivatives, trading securities and certain
	mortgage loans, pre-tax (2)		(191)		65		179		(85)		544	NM			(266)		638	NM
	Gains (losses) on other non-financial assets, pre-tax		—		(14)		(6)		—		—	NM			—		(6)	NM
	Other items, pre-tax (3)(4)(5)(6)(7)		(105)		(27)		(111)		(12)		(164)	-56.2	%		(65)		(287)	NM
	Income tax benefit (expense) related to the above
	pre-tax items		(5)		(81)		141		(234)		(273)	NM			194		(366)	NM
	Total adjustments		14		309		(532)		882		1,026	NM			(760)		1,376	281.1	%
	Adjusted income (loss) from operations	$	431	$	445	$	360	$	450	$	373	-13.5	%	$	1,183	$	1,183	0.0%


	Net Income (Loss) Available to Common
	Stockholders – Diluted
	Net income (loss) available to common stockholders – diluted	$	411	$	745	$	(211)	$	1,321	$	1,332	224.1	%	$	343	$	2,441	NM
	Less:
	Total adjustments as set forth in the above reconciliation (8)		14		311		(537)		882		1,029	NM			(760)		1,374	280.8	%
	Preferred stock repurchase premium		—		—		—		—		(36)	NM			—		(36)	NM
	Adjusted income (loss) from operations available
	to common stockholders	$	397	$	434	$	326	$	439	$	339	-14.6	%	$	1,103	$	1,103	0.0%



(1) Includes changes in MRBs of $(1,302) million, $932 million, $337 million, $374 million, $(997) million, $1,450 million and $1,006 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million, $177 million, $(115) million and $(8) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million, $125 million, $162 million and $319 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026 and third quarter of 2026, respectively.
(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(3) For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026 and third quarter of 2026, includes certain legal accruals of $(122) million and $(14) million, respectively.

(continued on the next page)

Table of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

(continued from the previous page)

(4) Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million, $(7) million, $(11) million and $(3) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026 and third quarter of 2026, respectively.

(5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(20) million and $(5) million in the first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(18) million and $(3) million in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization; and $(135) million in the third quarter of 2026 primarily related to a reinsurance recapture.

(6) Includes deferred compensation mark-to-market adjustment of $(9) million, $1 million, $(14) million, $(10) million, $18 million, $(1) million and $(12) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026 and third quarter of 2026, respectively.

(7) Includes gain on early extinguishment of debt of $94 million in the second quarter of 2025.

(8) For the fourth quarter of 2025, first quarter of 2026, third quarter of 2026 and nine months ended 2026, also includes adjustment for deferred units of LNC stock in our deferred compensation plans of $2 million, $(5) million, $3 million and $(2) million, respectively.


	For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Revenues
Total revenues	$	4,555	$	4,922	$	5,306	$	4,542	$	5,481	20.3	%	$	13,290	$	15,328	15.3	%
Less:
Revenue adjustments from annuity
and life insurance product features		39		121		327		(65)		313	NM			(325)		575	276.9	%
Credit loss-related adjustments		(38)		(43)		(20)		(37)		(47)	-23.7	%		(91)		(104)	-14.3	%
Investment gains (losses)		(35)		(101)		(42)		(197)		(388)	NM			(218)		(628)	NM
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans (1)		(191)		65		179		(85)		544	NM			(266)		638	NM

Gains (losses) on other non-financial assets		—		(14)		(6)		—		—	NM			—		(6)	NM



Adjusted operating revenues	$	4,780	$	4,894	$	4,868	$	4,926	$	5,059	5.8	%	$	14,190	$	14,853	4.7	%

(1) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter of 2023 reinsurance transaction.

Table of Contents


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Per Common Share – Diluted
Net income (loss) available to common stockholders	$	2.12	$	3.80	$	(1.10)	$	6.72	$	6.77	219.3	%	$	1.87	$	12.42	NM
Less:
Net annuity product features, pre-tax (1)		2.11		2.62		(3.60)		7.62		6.69	217.1	%		(1.52)		10.78	NM
Net life insurance product features, pre-tax		(0.11)		(0.02)		0.12		(0.26)		0.19	272.7	%		(0.20)		0.05	125.0	%
Credit loss-related adjustments, pre-tax		(0.20)		(0.22)		(0.10)		(0.19)		(0.24)	-20.0	%		(0.50)		(0.53)	-6.0	%
Investment gains (losses), pre-tax		(0.18)		(0.51)		(0.22)		(1.00)		(1.97)	NM			(1.19)		(3.19)	NM


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		(0.98)		0.34		0.92		(0.44)		2.78	NM			(1.46)		3.24	NM




Gains (losses) on other non-financial assets, pre-tax		—		(0.07)		(0.03)		—		—	NM			—		(0.03)	NM
Other items, pre-tax (2)(3)(4)(5)(6)		(0.53)		(0.14)		(0.58)		(0.06)		(0.83)	-56.6	%		(0.35)		(1.47)	NM
Income tax benefit (expense) related
to the above pre-tax items		(0.03)		(0.41)		0.73		(1.19)		(1.39)	NM			1.06		(1.86)	NM
Preferred stock repurchase premium		—		—		—		—		(0.18)	NM			—		(0.18)	NM
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations available to common stockholders
as compared to net income (loss)
available to common stockholders		—		—		—		—		—	NM			0.02		—	-100.0	%


Adjusted income (loss) from operations
available to common stockholders	$	2.04	$	2.21	$	1.66	$	2.24	$	1.72	-15.7	%	$	6.01	$	5.61	-6.7	%

(continued on the next page)

Table of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited

(continued from the previous page)


(1) Includes changes in MRBs of $1.74, $1.91, $(5.17), $7.39, $5.11, $(0.18) and $7.42; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $0.15, $0.22, $0.92, $(0.59), $(0.04), $(1.68) and $0.27; changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $0.22, $0.49, $0.65, $0.82, $1.62, $0.34 and $3.09 for the third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026, third quarter of 2026, nine months ended 2025 and nine months ended 2026, respectively.
(2) For the third quarter of 2025, includes certain legal accruals of $(0.05); for the fourth quarter of 2025, includes certain regulatory accruals of $0.01; for the first quarter of 2026 and third quarter of 2026, includes certain legal accruals of $(0.63) and $(0.07), respectively. For the nine months ended 2025 and nine months ended 2026, includes certain legal accruals of $(0.05) and $(0.70), respectively.
(3) Includes severance expense related to initiatives to realign the workforce of $(0.02), $(0.06), $(0.04), $(0.06), $(0.01), $(0.07) and $(0.11) in the third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026, third quarter of 2026, nine months ended 2025 and nine months ended 2026, respectively.
(4) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.28) in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; $(0.11) in the third quarter of 2025 related to Life Insurance segment persistency optimization; $(0.03) in the fourth quarter of 2025 related to the sale of our wealth management business; $(0.01) in the fourth quarter of 2025, primarily related to the Bain Capital transaction; $(0.69) in the third quarter of 2026, primarily related to a reinsurance recapture; for the nine months ended 2025, includes $(0.30) of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(0.11) related to Life Insurance segment persistency optimization, $(0.11) related to the sale of our wealth management business and $(0.10) primarily related to the Bain Capital transaction; for the nine months ended 2026 includes $(0.69) primarily related to a reinsurance recapture.
(5) Includes deferred compensation mark-to-market adjustment of $(0.07), $(0.05), $0.09, $(0.06), $(0.12) and $0.03 in the third quarter of 2025, fourth quarter of 2025, first quarter of 2026, third quarter of 2026, nine months ended 2025 and nine months ended 2026, respectively.
(6) Includes gain on early extinguishment of debt of $0.52 and $0.51 in the second quarter of 2025 and nine months ended 2025, respectively.

Table of Contents


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

	For the Three Months Ended													For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	10,452	$	10,906	$	10,212	$	11,349	$	9,424	-9.8	%	$	10,452	$	9,424	-9.8	%
Less:
Preferred stock		986		986		986		986		555	-43.7	%		986		555	-43.7	%
AOCI		(3,839)		(4,058)		(4,467)		(4,578)		(7,278)	-89.6	%		(3,839)		(7,278)	-89.6	%
Stockholders’ equity, excluding AOCI and preferred stock		13,305		13,978		13,693		14,941		16,147	21.4	%		13,305		16,147	21.4	%
Changes in MRBs		3,136		3,431		2,643		3,789		4,584	46.2	%		3,136		4,584	46.2	%
GLB and GDB hedge instruments gains (losses)		(3,706)		(3,812)		(3,829)		(4,070)		(4,232)	-14.2	%		(3,706)		(4,232)	-14.2	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(305)		(236)		(108)		(118)		305	200.0	%		(305)		305	200.0	%
Adjusted stockholders’ equity	$	14,180	$	14,595	$	14,987	$	15,340	$	15,490	9.2	%	$	14,180	$	15,490	9.2	%


Stockholders’ Equity, Average
Stockholders’ equity	$	10,000	$	10,679	$	10,559	$	10,780	$	10,386	3.9	%	$	9,034	$	10,575	17.1	%
Less:
Preferred stock		986		986		986		986		771	-21.8	%		986		914	-7.3	%
AOCI		(4,116)		(3,948)		(4,262)		(4,523)		(5,928)	-44.0	%		(4,379)		(4,904)	-12.0	%
Stockholders’ equity, excluding AOCI and preferred stock		13,130		13,641		13,835		14,317		15,543	18.4	%		12,427		14,565	17.2	%
Changes in MRBs		3,002		3,283		3,037		3,216		4,186	39.4	%		2,717		3,480	28.1	%
GLB and GDB hedge instruments gains (losses)		(3,654)		(3,759)		(3,820)		(3,949)		(4,151)	-13.6	%		(3,326)		(3,974)	-19.5	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(245)		(270)		(172)		(113)		93	138.0	%		(203)		(64)	68.5	%
Adjusted average stockholders' equity	$	14,027	$	14,387	$	14,790	$	15,163	$	15,415	9.9	%	$	13,239	$	15,123	14.2	%


Book Value Per Common Share
Book value per share	$	49.56	$	51.88	$	47.87	$	53.68	$	46.17	-6.8	%	$	49.56	$	46.17	-6.8	%
Less:
AOCI		(20.10)		(21.22)		(23.19)		(23.71)		(37.88)	-88.5	%		(20.10)		(37.88)	-88.5	%
Book value per share, excluding AOCI		69.66		73.10		71.06		77.39		84.05	20.7	%		69.66		84.05	20.7	%
Less:
Changes in MRBs		16.42		17.94		13.72		19.63		23.86	45.3	%		16.42		23.86	45.3	%
GLB and GDB hedge instruments gains (losses)		(19.40)		(19.94)		(19.87)		(21.08)		(22.03)	-13.6	%		(19.40)		(22.03)	-13.6	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(1.59)		(1.23)		(0.56)		(0.61)		1.59	200.0	%		(1.59)		1.59	200.0	%
Adjusted book value per share	$	74.23	$	76.33	$	77.77	$	79.45	$	80.63	8.6	%	$	74.23	$	80.63	8.6	%

1 Earnings Supplement Third Quarter 2026 November 5, 2026

2 Forward-Looking Statements – Cautionary Language Certain statements made in this presentation and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance, including the statements relating to our estimated impacts to operating income beginning in the fourth quarter of 2026 in connection with the Talcott reinsurance transaction and our estimated preferred stock dividend amounts through the fourth quarter of 2027. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including: • Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience; • Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures; • The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations; • Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; and our affiliate reinsurance arrangements; • Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell; • The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products; • The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence (“AI”) that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability; • Continued scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio; • Actions taken by reinsurers to raise rates on in-force business; • Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products; • Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses; • The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings; • A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance products; • Ineffectiveness of our risk management policies and procedures, including our various hedging strategies; A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings; Changes in accounting principles that may affect our consolidated financial statements; • Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition; • Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention and profitability of our insurance subsidiaries and liquidity; • Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets; • Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems; • The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items; • The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives; The adequacy and collectability of reinsurance that we have obtained; • Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance; • Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products; • The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and • The unanticipated loss of key management or wholesalers. The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this presentation. The reporting of Risk-Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

3 3Q26 Key Messages • Annuities sales of $4.3B were up 21% sequentially, with spread-based products representing 67% of sales. Fixed annuity sales more than doubled sequentially. • Life Insurance core sales up 3%, led by IUL growth of 36%. • Group Protection premiums up 3% YoY, including 32% growth in supplemental health premiums. • Annuities earnings1 of $304M, up 6% sequentially and down 4% YoY, as spread income growth and favorable markets were offset by the previously disclosed NII reallocation and variable annuity outflows. • Life Insurance earnings1 of $130M, up $76M YoY, driven by higher alternative investment income, improved mortality, and the captive consolidation. • Group Protection earnings1 of $77M, down $33M YoY, reflecting moderation from favorable LTD incidence levels and elevated disability severity, partially offset by favorable group life results. • Retirement Plan Services earnings of $55M, up 20% YoY, reflecting spread expansion, favorable equity markets, and a favorable one-time item. Sales momentum in the products and markets with the most attractive returns Executed capital priorities, enhancing financial flexibility • Resumed share repurchases with $50M of common stock repurchased. • Retired over 40% of preferred stock ($437M) through tender offers, lowering go-forward financing costs. • Holding Company liquidity, net of prefunding, rose ~$350M since YE 2025 to ~$1.0B. Leverage ratio3 at long-term target of 25%. 1 Excludes the impact of the annual assumption review in 3Q25 of $(29)M in Life Insurance, $(8)M in Annuities, and $39M in Group Protection, and in 3Q26 of $(25M) in Life Insurance, $(10)M in Annuities, and $(31)M in Group Protection. 2 Represents Adjusted Operating Income Available to Common Stockholders. See Non-GAAP Financial Measures Appendix for definition and reconciliations. 3 See Non-GAAP Financial Measures Appendix for definition and reconciliations. After- tax Per share Adjusted Operating Income, excluding significant items $434 $2.20 Significant items Assumption Review Annuities $(10) $(0.05) Life $(25) $(0.13) Group Protection $(31) $(0.16) Other Operations $(29) $(0.14) Total impact $(95) $(0.48) Adjusted Operating Income2 $339 $1.72 Normalizing item Alternative investment income compared to our 10% long-term return target $55 $0.28 Solid quarter reflected resilient, diversified earnings mix and enhanced capital flexibility

4 Annuities Life Insurance Operating Income1 Primary Drivers Operating Income1 Primary Drivers Group Protection Retirement Plan Services Operating Income1 Primary Drivers Operating Income Primary Drivers • Favorable Group Life incidence • Disability severity volatility • Continued moderation from favorable LTD incidence levels 3Q26 Earnings Drivers $ in millions • Spread income growth • Favorable equity markets • $3M one-time item • Higher alternative investment income • Improved mortality experience • Impact of captive consolidation 1 Excludes the impact of the annual assumption review in 3Q25 of $(8)M in Annuities, $(29)M in Life Insurance, and $39M in Group Protection, and 3Q26 of $(10)M in Annuities, $(25)M in Life Insurance, and $(31)M in Group Protection. • Spread income growth • Favorable equity markets • NII reallocation to non-operating income [$12M] • Variable annuity outflows $46 $55 3Q25 3Q26 $110 $77 3Q25 3Q26 $54 $130 3Q25 3Q26 $318 $304 3Q25 3Q26 $12

5 Annuities 1 Excludes $(8)M and $(10)M in 3Q25 and 3Q26, respectively, related to annual assumption review. 2 Net of reinsurance. 3 Return on Average Account Balances, net of reinsurance. Key Highlights Operating Income1 ($M) Sales ($B) • Operating income1 of $304M, up 6% sequentially, with return on average account balances1 improving for a second consecutive quarter to 67 bps. • Sales of $4.3B were up 21% sequentially, driven by fixed annuity sales more than doubling. • Ending account balances3 were $178B, up 3% with spread-based products comprising 32% of ending account balances, up from 29% a year ago. Key Priorities Ending Account Balances2 ($B) Return on Average Account Balances1,3 • Diversify source of earnings mix by growing spread- based account balances over time. • Maximize capital efficiency and achieve attractive new business returns. • Expand product set to target a larger addressable market. 7% 7% 8% 7% 8% 22% 22% 23% 23% 23% 29% 29% 28% 29% 29% 42% 42% 41% 41% 40% 3Q25 4Q25 1Q26 2Q26 3Q26 Fixed RILA VA w/o GLBs VA w/ GLBs $174 $175 $169 $182 $178 31% 25% 18% 17% 32% 32% 40% 46% 46% 35% 13% 12% 14% 19% 17% 24% 23% 22% 18% 16% 3Q25 4Q25 1Q26 2Q26 3Q26 Fixed RILA VA w/o GLB VA w/ GLB 0.75% 0.71% 0.63% 0.64% 0.67% 3Q25 4Q25 1Q26 2Q26 3Q26 $318 $311 $275 $287 $304 3Q25 4Q25 1Q26 2Q26 3Q26 $4.5 $4.9 $3.9 $3.5 $4.3

6 Key Highlights Operating Income1 ($M) Sales ($M) • Operating income1 of $130M, up $76M YoY, driven by higher alternative investment income, improved mortality, and the impact of the captive consolidation. • Underlying earnings, excluding alternatives above or below target, grew 38% YoY. • Total sales of $106M, down 64% due to several large executive benefits cases in the prior-year quarter. Core sales up 3% driven by IUL. Key Priorities Operating Revenue ($M) and Margin2 (%) Net G&A Expenses ($M) • Continued growth in accumulation and risk-sharing sales, focused on a more stable cash flow product suite. • Maximize capital efficiency and achieve attractive new business returns. • Continued optimization of legacy block free cash flow opportunities. 92% 91% 85% 80% 83% 8% 9% 15% 20% 17% 13% 8% 14% 19% 13% 19% 14% 1Q24 2Q24 3Q24 4Q24 1Q25 Underlying Earnings Alts Above Target Alts Below Target $56 $63 $22 $57 $77 $(2) $14 $19 $(40) $53 3Q25 4Q25 1Q26 2Q26 3Q26 $97 $130 Life Insurance 33% 89% 74% 48% 94% 67% 11% 26% 52% 6% $298 $142 $129 $216 $106 3Q25 4Q25 1Q26 2Q26 3Q26 Core Executive Benefits $54 $77 $121 $130 $119 $124 $122 3Q25 4Q25 1Q26 2Q26 3Q26 1 Excludes $(29)M and $(25)M in 3Q25 and 3Q26, respectively, related to annual assumption review. 2 Margin is calculated as operating income (loss), excluding $(29)M and $(25)M in 3Q25 and 3Q26, respectively, related to annual assumption review, divided by operating revenue. $1,610 $1,643 $1,628 $1,572 $1,683 3.4% 4.7% 2.5% 3.6% 7.7% -2.0% 0.0 % 2.0% 4.0% 6.0% 8.0% 10.0% 1400 1450 1500 1550 1600 1650 1700 3Q25 4Q25 1Q26 2Q26 3Q26 $41

7 Key Highlights Operating Income1 ($M) Sales ($M) • Operating income1 of $77M, down $33M YoY, driven by unfavorable disability experience, partially offset by favorable life experience. • Premiums up 3% YoY, led by local markets, up 5%, and supplemental health, up 32%. • Disability loss ratio1 increased 6 percentage points YoY, reflecting disability severity volatility and continued incidence moderation from favorable levels. Key Priorities Premiums and Margin1 ($M) Loss Ratios1,2 • Diversify book of business across segments and products, with focus on persistency and growing local markets and supplemental health. • Optimize capital efficiency by leveraging Bermuda entity. • Execute technology roadmap, including modernization of claims platform. $1,357 $1,380 $1,399 $1,420 $1,392 8.1% 7.9% 8.0% 10.4% 5.5% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% $1,000 $1,050 $1,100 $1,150 $1,200 $1,250 $1,300 $1,350 $1,400 $1,450 $1,500 3Q25 4Q25 1Q26 2Q26 3Q26 Premiums Margin 65% 68% 67% 62% 64% 77% 74% 73% 72% 83% 3Q25 4Q25 1Q26 2Q26 3Q26 Life Disability 2 3Q25 4Q25 1Q26 2Q26 3Q26 $110 1 Excludes $39M and $(31)M in 3Q25 and 3Q26, respectively, related to annual assumption review. 2 Life loss ratio includes supplemental health. $109 $112 $147 $77 40% 59% 30% 42% 36% 35% 32% 29% 28% 33% 25% 9% 41% 30% 31% $116 $391 $150 $155 $72 3Q25 4Q25 1Q26 2Q26 3Q26 Disability Life Supp Health / Dental Group Protection

8 Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income of $55M, up 20% YoY, driven by spread expansion, favorable equity markets, and a $3M one-time item. • First-year sales declined YoY, primarily driven by lower mid-large market sales. • Ending account balances of $128B, up 4% YoY, supported by favorable equity markets. Key Priorities Ending Account Balances ($B) Return on Average Account Balances • Continued profitable growth with an emphasis on market segments with higher returns. • Expand revenue sources for existing account base. • Increase profitability through lowering operating costs and optimizing investment sourcing. Retirement Plan Services 81% 81% 81% 82% 82% 19% 19% 19% 18% 18% 3Q25 4Q25 1Q26 2Q26 3Q26 Separate Account and Mutual Funds General Account $46 $46 $43 $49 $55 3Q25 4Q25 1Q26 2Q26 3Q26 0.15% 0.15% 0.14% 0.15% 0.17% 3Q25 4Q25 1Q26 2Q26 3Q26 22% 33% 40% 40% 55% 62% 33% 43% 45% 17% 16% 34% 17% 15% 28% 3Q25 4Q25 1Q26 2Q26 3Q26 Core Market Mid-Large Market Investment Only $0.9 $0.7 $2.4 $1.7 $1.1 1 Formerly referred to as “Small Market.” 2 Formerly referred to as “Stable Value/Other.” 1 2 $123 $124 $122 $131 $128

9 Key Highlights Operating Loss1 and Preferred Dividend ($M) Other Expenses ($M) • Operating loss1 of $98M, in line with the prior-year quarter. • Holding Company available liquidity, net of prefunding, increased ~$350M since YE 2025 to ~$1.0B. Leverage ratio3 at the 25% target. • Repurchased $50M of common stock and retired $437M of preferred stock through tender offers. Key Priorities Holding Company Available Liquidity2 ($M) Leverage Ratio3 • Continue to scale the funding agreement program after successful 2025 launch. • Deploy excess Holding Company capital, including returning capital to shareholders, while maintaining capital flexibility. • Maintain leverage ratio at the 25% target. Other Operations and Holding Company ($99) ($98) ($111) ($90) ($98) ($34) ($11) ($34) ($11) ($34) 3Q25 4Q25 1Q26 2Q26 3Q26 Operating Loss Preferred Dividend $461 $655 $805 $903 $1,004 3Q25 4Q25 1Q26 2Q26 3Q26 25.2% 25.1% 25.0% 25.1% 25.0% 3Q25 4Q25 1Q26 2Q26 3Q26 $72 $64 $68 $63 $62 3Q25 4Q25 1Q26 2Q26 3Q26 1 Operating loss excludes the impact of the annual assumption review of $(29)M in 3Q26. 2 Holding Company available liquidity excludes prefunding of $400M for the December 2026 debt maturity as of 12/31/25 and 3/31/26, $400M for the December 2026 debt maturity and $500M for preferred stock repurchases and/or redemptions as of 6/30/26, and $63M of remaining preferred stock prefunding amounts as of 9/30/26. 3 See Non-GAAP Financial Measures Appendix for definition and reconciliations.

10 Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Well-diversified portfolio with 97% investment-grade rated assets. • Portfolio yield expanded 20bps sequentially to 4.93%, supported by higher new money yields. • Diversified alternatives portfolio delivered a 4.1% quarterly return, or 16.5% annualized, above our 10% long-term return target. Key Priorities New Money/Portfolio Yields Alternative Investment Income ($M), Pre-Tax • Leverage the sourcing capabilities and security selection of our multi-manager platform for portfolio construction. • Optimize our new money strategy while maintaining diversification and high quality and capturing less-liquid and structured asset premiums. • Achieve attractive risk-adjusted alternative investment returns. 36% 36% 35% 34% 33% 17% 17% 16% 16% 15% 15% 16% 18% 18% 20% 18% 17% 18% 17% 18%3% 3% 3% 3% 3%11% 11% 10% 12% 11% 3Q25 4Q25 1Q26 2Q26 3Q26 Public Corps Private Corps Structured Mortgage Loans Alts Other 4.64% 4.65% 4.67% 4.73% 4.93% 5.9% 5.3% 5.5% 5.9% 6.1% 3Q25 4Q25 1Q26 2Q26 3Q26 Portfolio Yield New Money Yield 62% 62% 62% 62% 63% 35% 35% 35% 35% 34% 3% 3% 3% 3% 3% 3Q25 4Q25 1Q26 2Q26 3Q26 NAIC 1/CM1 NAIC 2/CM2 NAIC 3-6/CM3-7 $138 $126 $129 1 2 $131 1 Mortgage Loans include Commercial Mortgage Loans and Residential Mortgage Loans. 2 Other includes municipals, cash, COLI assets, common and preferred stock, sovereign government and UST/agency. $137 Investment Portfolio $101 $124 $129 $52 $176 10.0% 12.0% 12.4% 4.8% 16.5% 0 20 40 60 80 100 120 140 160 180 3Q25 4Q25 1Q26 2Q26 3Q26 % Returns, Annualized

11 Appendix

12 Public Corporate 33% Private Credit 20% Public Structured 15% CML 13% RML 5% Other 14%2 Investment Portfolio High quality and well-diversified portfolio1 $138B Average A- Rated Portfolio allocation by asset class 1 Data on slide is as of September 30, 2026. 2 Other includes cash, COLI assets, common and preferred stock, sovereign government, alternatives, and UST/agency. Note: All information regarding LNC’s investment portfolio in this earnings supplement excludes assets related to certain modified coinsurance and coinsurance with funds withheld transactions. The modified coinsurance and funds withheld reinsurance agreements investment portfolio has counterparty protections in place including investment guidelines, as well as additional support including trusts and letters of credit that were established to meet LNC’s risk management objectives. … with a high-quality private credit portfolio • Private credit is a key part of the investment strategy, enhancing yield and diversification while emphasizing disciplined risk management • Private credit portfolio is highly diversified and 92% investment grade • Private Letter Ratings (PLRs) account for ~7% of the General Account The portfolio is well-positioned… • Long-term investment strategy is tightly aligned with our liability profile and positioned for various economic cycles. • At 97% investment grade, the portfolio remains high quality, providing flexibility to further add incremental yield. • Well positioned to further optimize the portfolio asset allocation given high-quality asset mix and shift toward shorter duration liabilities. Private Credit is 20% of the General Account Private Corporates 15% Private Structured 4% Direct Lending 1%

13 Modeling Considerations Estimated impacts post Talcott Reinsurance Transaction and Preferred Stock Repurchases Estimated Operating Income Impacts post Talcott Rx Transaction, after tax ($M) Estimated Preferred Dividends3 ($M) ($7) ($18) ($7) ($18) ($13) 4Q’26 1Q'27 2Q'27 3Q'27 4Q'27 4Q’26 FY 2027 Impact of Adjusted Operating Income Definition Refinement1 Life Insurance $17 $68 Other Operations $(1) $(5) Annuities $1 $4 Impacts to Operating Income from Talcott Rx Transaction Life Insurance $(5)-0 $(20)-(10) Other Operations $(5)-0 $(20)-(10) Annuities - - 1 As previously announced, as reinsurance of exited business has grown to have a more significant impact over time, to further provide transparency into our operating results, beginning in the fourth quarter of 2026, the company plans to refine its definition of adjusted operating income to exclude the amortization of deferred gain (loss) from blocks of business exited through reinsurance. 4Q26 amounts reflect the after-tax impact of the definition refinement on previously reinsured blocks. There is no impact from the definition refinement attributable to the Talcott transaction as they both went into effect on 10/1/2026. For the three months ended September 30, 2026, the Life Insurance segment includes $25 million, pre- tax, in amortization of deferred loss on business sold through reinsurance and $3 million, pre-tax, in amortization of deferred gain on business sold through reinsurance reported within other revenues. 2 Dividend amounts are estimated based on $563M aggregate preferred stock balance outstanding as of September 30, 2026. 4Q'27 amount assumes redemption of remaining balance on December 1, 2027, and includes accrued and unpaid dividends through that date. Total Estimated Impact to Segment Operating Income Life Insurance $12-17 $48-58 Other Operations $(6)-(1) $(25)-(15) Annuities $1 $4

14 Non-GAAP Financial Measures Appendix 2

15 Non-GAAP Financial Measures Non-GAAP Financial Measures Non-GAAP financial measures do not replace the most directly comparable GAAP measures. Reconciliations of the following non-GAAP financial measures to the most directly comparable GAAP financial measures or calculations of such measures, as applicable, are presented herein beginning on slide 17. Adjusted Income (Loss) From Operations Adjusted income (loss) from operations is GAAP net income (loss) excluding the effects of the following items, as applicable: • Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (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 and certain other investments, the impact of certain derivatives, 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, accounting policy changes and new regulations, including changes in tax law; • Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance; • Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; • Income (loss) from discontinued operations; • Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and • Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances. Adjusted income (loss) from operations available to common stockholders is defined as GAAP net income (loss) available to common stockholders excluding the effects of the items, as applicable, set forth in the definition of adjusted income (loss) from operations above and the impact of preferred stock repurchase premium. Management excludes the impact of preferred stock repurchase premium as it is not indicative of current operating fundamentals.

16 Non-GAAP Financial Measures, Cont’d Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income) and adjusted income (loss) from operations per diluted share available to common stockholders is helpful to investors in evaluating the company’s performance. Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results. Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals. Adjusted Stockholders' Equity Adjusted stockholders’ equity is stockholders’ equity, excluding accumulated other comprehensive income (loss) ("AOCI"), preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge 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 to analyze our net worth because it eliminates the effect of market movements that 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. Leverage Ratio 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.

17 Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders Unaudited (millions of dollars, except per share data) For the Three Months Ended 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Net Income (Loss) Net income (loss) $ 445 $ 754 $ (172) $ 1,332 $ 1,399 Less: Net annuity product features, pre-tax (1) 410 515 (695) 1,497 1,317 Net life insurance product features, pre-tax (22) (5) 22 (50) 37 Credit loss-related adjustments, pre-tax (38) (43) (20) (37) (47) Investment gains (losses), pre-tax (35) (101) (42) (197) (388) Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax (2) (191) 65 179 (85) 544 Gains (losses) on other non-financial assets, pre-tax — (14) (6) — — Other items, pre-tax (3)(4)(5)(6) (105) (27) (111) (12) (164) Income tax benefit (expense) related to the above pre-tax items (5) (81) 141 (234) (273) Total adjustments 14 309 (532) 882 1,026 Adjusted income (loss) from operations $ 431 $ 445 $ 360 $ 450 $ 373 Net Income (Loss) Available to Common Stockholders – Diluted Net income (loss) available to common stockholders – diluted $ 411 $ 745 $ (211) $ 1,321 $ 1,332 Less: Total adjustments as set forth in the above reconciliation (7) 14 311 (537) 882 1,029 Preferred stock repurchase premium — — — — (36) Adjusted income (loss) from operations available to common stockholders $ 397 $ 434 $ 326 $ 439 $ 339 Per Common Share – Diluted Net income (loss) available to common stockholders $ 2.12 $ 3.80 $ (1.10) $ 6.72 $ 6.77 Adjusted income (loss) from operations available to common stockholders $ 2.04 $ 2.21 $ 1.66 $ 2.24 $ 1.72 Refer to following slide 18 for footnotes to table.

18 Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders (continued from previous slide) Unaudited (millions of dollars) (1) Includes changes in MRBs of $337 million, $374 million, $(997) million, $1,450 million and $1,006 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $30 million, $44 million, $177 million, $(115) million and $(8) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $43 million, $97 million, $125 million, $162 million and $319 million for the third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026 and third quarter of 2026, respectively. (2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. (3) For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026 and third quarter of 2026, includes certain legal accruals of $(122) million and $(14) million, respectively. (4) Includes severance expense related to initiatives to realign the workforce of $(5) million, $(11) million, $(7) million, $(11) million and $(3) million in the third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026 and third quarter of 2026, respectively. (5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization; $(5) million in the fourth quarter of 2025 related to the sale of our wealth management business; $(3) million in the fourth quarter of 2025 primarily related to the Bain Capital transaction; and $(135) million in the third quarter of 2026 primarily related to a reinsurance recapture. (6) Includes deferred compensation mark-to-market adjustment of $(14) million, $(10) million, $18 million, $(1) million and $(12) million in the third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026 and third quarter of 2026, respectively. (7) For the fourth quarter of 2025, first quarter of 2026 and third quarter of 2026, also includes adjustment for deferred units of LNC stock in our deferred compensation plans of $2 million, $(5) million and $3 million, respectively.

19 Reconciliation of Adjusted Income (Loss) from Operations Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders, Excluding Significant Items Unaudited (millions of dollars) (1) See reconciliation to Net Income (Loss) Available to Common Stockholders on slide 17. For the Three Months Ended 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Adjusted income from operations available to common stockholders(1) $ 397 $ 434 $ 326 $ 439 $ 339 Less significant items: Annual assumption review (2) - - - 95 Total significant items (2) - - - 95 Adjusted income from operations available to common stockholders, excluding significant items $ 395 $ 434 $ 326 $ 439 $ 434

20 Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Leverage Ratio Short-term debt $ — $ 400 $ 400 $ 400 $ — Long-term debt 5,772 5,866 5,969 6,465 6,440 Total debt 5,772 6,266 6,369 6,865 6,440 Preferred stock 986 986 986 986 555 Total debt and preferred stock 6,758 7,252 7,355 7,851 6,995 Less: Operating debt (1) 868 868 868 868 868 Prefunding of upcoming debt maturities — 400 400 400 — Prefunding of repurchase and/or redemption of shares of outstanding preferred stock — — — 500 63 25% of capital securities and subordinated notes 247 247 247 372 370 50% of preferred stock, net of prefunding 493 493 493 243 246 Carrying value of fair value hedges and other items 119 114 112 108 80 Total numerator $ 5,031 $ 5,130 $ 5,235 $ 5,360 $ 5,368 Adjusted stockholders’ equity (2) $ 14,180 $ 14,595 $ 14,987 $ 15,340 $ 15,490 Add: 25% of capital securities and subordinated notes 247 247 247 372 370 50% of preferred stock, net of prefunding 493 493 493 243 246 Total numerator 5,031 5,130 5,235 5,360 5,368 Total denominator $ 19,951 $ 20,465 $ 20,962 $ 21,315 $ 21,474 Leverage ratio 25.2% 25.1% 25.0% 25.1% 25.0% (1) 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 universal life insurance and term policies. (2) See reconciliation to stockholders’ equity on slide 21.

21 Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity Unaudited (millions of dollars) As of or For the Three Months Ended 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 10,452 $ 10,906 $ 10,212 $ 11,349 $ 9,424 Less: Preferred stock 986 986 986 986 555 AOCI (3,839) (4,058) (4,467) (4,578) (7,278) Stockholders’ equity, excluding AOCI and preferred stock 13,305 13,978 13,693 14,941 16,147 Changes in MRBs 3,136 3,431 2,643 3,789 4,584 GLB and GDB hedge instruments gains (losses) (3,706) (3,812) (3,829) (4,070) (4,232) Reinsurance-related embedded derivatives and portfolio gains (losses) (305) (236) (108) (118) 305 Adjusted stockholders’ equity $ 14,180 $ 14,595 $ 14,987 $ 15,340 $ 15,490

Source: View Original Filing on SEC EDGAR

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