Lincoln Financial (NYSE: LNC) grows 2025 adjusted earnings and annuity sales

Q: What were the key results for Lincoln National’s Life Insurance segment in Q4 2025?

Life Insurance delivered Q4 2025 income from operations of $77 million , versus a $15 million loss a year earlier. The improvement came from better mortality and strong alternative investment income. Total sales were $142 million , up 19% , and average account balances increased to $49 billion .

Q: How did Group Protection and Retirement Plan Services perform for Lincoln National in Q4 2025?

Group Protection posted Q4 2025 income from operations of $109 million with insurance premiums up 8% year over year. Retirement Plan Services reported income from operations of $46 million , a 7% increase, with total deposits of $3.9 billion , up 13% from the prior-year quarter.

Q: What changes occurred in Lincoln National’s book value and capital metrics in 2025?

Book value per share including AOCI increased to $51.88 at December 31, 2025. Book value per share excluding AOCI rose to $73.10 , and adjusted book value per share reached $76.33 . The company’s estimated RBC ratio remained above 420% throughout 2025, supporting capital strength.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Lincoln National Corporation reported solid fourth quarter and full-year 2025 results, highlighting broad-based momentum across its businesses. Fourth quarter net income available to common stockholders was $745 million, or $3.80 per diluted share. Adjusted operating income available to common stockholders was $434 million, or $2.21 per diluted share, reflecting underlying operating performance after market-related items.

For 2025, adjusted operating income available to common stockholders rose to $1.54 billion, or $8.23 per diluted share. Annuities posted record-high ending account balances of $175 billion and sales of $4.9 billion, up 33% year over year. Life Insurance swung to $77 million of quarterly operating income, driven by improved mortality and strong alternative investment income.

Group Protection delivered quarterly operating income of $109 million with insurance premiums up 8%, while Retirement Plan Services generated $46 million of operating income and 13% deposit growth. Holding company available liquidity, net of prefunding, increased to $655 million at year-end, and book value per share excluding AOCI improved to $73.10.

Insights

LNC shows stronger core earnings and growth in key fee-based and spread businesses, despite lower GAAP net income versus 2024.

Lincoln National delivered fourth quarter adjusted operating income available to common stockholders of $434 million versus $332 million a year earlier, with full-year adjusted operating income rising to $1.54 billion. Management attributes the gap between GAAP and adjusted results mainly to non-economic market risk benefit movements and investment-related items.

Business performance was broadly constructive. Annuities grew sales 33% year over year to $4.9 billion and reached record account balances of $175 billion. Life Insurance moved from a prior-year quarterly loss to $77 million of operating income, helped by improved mortality and higher alternative investment income. Group Protection and Retirement Plan Services also reported higher operating income and premium or deposit growth.

Capital and liquidity trends support stability. Holding company available liquidity, net of prefunding, climbed to $655 million, while adjusted book value per share increased to $76.33. Reported RBC remained above 420%. Future filings and earnings calls will clarify the sustainability of higher alternative investment and prepayment income, as well as how net outflows in certain businesses evolve relative to sales growth.

02/12/2026 - 06:05 AM

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

February 12, 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 February 12, 2026, Lincoln National Corporation (the “Company”) issued a press release announcing its financial results for the quarter and full year ended December 31, 2025, 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 December 31, 2025, 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 February 12, 2026, in connection with the Company’s fourth quarter 2025 earnings conference call scheduled for the same date, the Company made available on its website a fourth quarter 2025 earnings supplement presentation dated February 12, 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 February 12, 2026, announcing Lincoln National Corporation’s financial results for the quarter and full year ended December 31, 2025.
99.2			Lincoln National Corporation Statistical Supplement for the quarter ended December 31, 2025.
99.3			Fourth Quarter 2025 Earnings Supplement dated February 12, 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, Chief Accounting Officer and Treasurer

Date: February 12, 2026

For Immediate Release

Lincoln Financial Reports 2025 Fourth Quarter and Full Year Results

____________________________________

Radnor, PA, February 12, 2026: Lincoln Financial (NYSE: LNC) today reported financial results for the fourth quarter and full year ended December 31, 2025.

•Strong fourth quarter performance capped a year of sustained momentum, with balanced growth and broad-based execution across all business segments.

•Fourth quarter net income available to common stockholders was $745 million, or $3.80 per diluted share.

•Fourth quarter adjusted operating income available to common stockholders was $434 million, or $2.21 per diluted share.

◦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 $655 million at year-end, net of prefunding amounts.

"Fourth-quarter results reflected continued broad-based momentum and strong execution against our strategic priorities. Each of our businesses contributed meaningfully to our performance, supported by disciplined capital management, improving profitability, and an increasingly efficient operating model," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "Life Insurance reported significant year-over-year earnings improvement driven by improved mortality and higher investment returns. Group Protection delivered premium growth across all products and segments, reflecting the benefits of strong persistency and disciplined pricing. Both Annuities and Retirement Plan Services reported earnings growth compared to the prior-year quarter driven by record-high account balances.

"We have made significant progress building a more resilient foundation, establishing the capabilities to deliver more consistent performance today and over time. We are focused on products and segments aligned with our strategic and financial objectives, leveraging franchise strengths and competitive advantages, while maintaining a balanced approach to growth, profitability, and capital flexibility to support sustained shareholder value over time."

Business Highlights

Our 2025 fourth quarter performance capped a year of broad-based momentum, resulting in each business making significant progress against their respective priorities.

Retail Solutions

•Annuities delivered operating income of $311 million, up 3% compared to the prior-year quarter, driven by favorable equity markets and favorable mortality experience, partially offset by outflows and higher net G&A expenses. Annuities recorded $175 billion in ending account balances, net of reinsurance, a record high, and sales of $4.9 billion, up 33% year over year. Spread-based products accounted for nearly two-thirds of total sales in the quarter, reflecting continued focus on driving profitable sales growth and expanding the spread-based business mix.

•Life Insurance delivered operating income of $77 million, a $92 million increase from the prior-year quarter, driven by improved mortality and strong alternative investment income. Annualized alternative investment income returns were 11.9%, which is about 2% higher than our annual target. Total sales were $142 million, up 19% compared to the prior-year quarter, as sales of accumulation products continued to drive growth.

Workplace Solutions

•Group Protection delivered operating income of $109 million, compared to $107 million in the prior-year quarter, as favorable disability results were partially offset by life experience more in line with expectations as compared to favorability reported in the fourth quarter of 2024. Premiums were 8% higher year over year, resulting from strong sales and persistency over the past year while executing our pricing strategy. Sales of $391 million were 16% lower year over year, compared to the fourth-quarter sales record achieved in 2024.

•Retirement Plan Services reported operating income of $46 million in the quarter, up 7% year over year, driven by spread expansion and favorable equity markets, partially offset by outflows and higher net G&A expenses. Net outflows were $1.0 billion, compared to $0.7 billion in the prior-year quarter, partially due to participant withdrawals. Total deposits were $3.9 billion in the quarter, up 13% over the prior-year quarter, with first-year sales of $1.7 billion up 32% year over year.

Earnings Summary


(in millions, except per share data)	For the Three Months Ended				For the Twelve Months Ended
	12/31/24		12/31/25		12/31/24		12/31/25
Net income (loss)	$	1,686	$	754	$	3,275	$	1,177
Net income (loss) available to common stockholders — diluted	1,675		745		3,187		1,086
Net income (loss) per diluted share available to common stockholders	$	9.63	$	3.80	$	18.41	$	5.83
Adjusted income (loss) from operations	343		445		1,315		1,628
Adjusted income (loss) from operations available to common stockholders	332		434		1,224		1,537
Adjusted income (loss) from operations per diluted share available to common stockholders	$	1.91	$	2.21	$	7.07	$	8.23

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations(1)


(in millions)	For the Three Months Ended				For the Twelve Months Ended
	12/31/24		12/31/25		12/31/24		12/31/25
Net income (loss) available to common stockholders — diluted	$	1,675	$	745	$	3,187	$	1,086
Less:
Preferred stock dividends declared	(11)		(11)		(91)		(91)
Adjustment for deferred units of LNC stock in our deferred compensation plans	—		2		3		—
Net income (loss)	1,686		754		3,275		1,177
Less:
Net annuity product features, pre-tax(1)	1,187		515		2,508		238
Net life insurance product features, pre-tax	46		(5)		(207)		(42)
Credit loss-related adjustments, pre-tax	(28)		(43)		(152)		(134)
Investment gains (losses), pre-tax	(67)		(101)		(483)		(319)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, pre-tax(1)	587		65		535		(201)
Gains (losses) on other non-financial assets, pre-tax(1)	—		(14)		582		(14)
Other items, pre-tax(1)	(32)		(27)		(270)		(92)
Income tax benefit (expense) related to the above pre-tax items	(350)		(81)		(553)		113
Adjusted income (loss) from operations	$	343	$	445	$	1,315	$	1,628
Adjusted income (loss) from operations available to common stockholders	$	332	$	434	$	1,224	$	1,537

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

Variable Investment Income


Alternative Investment Income, after-tax(1)	For the Three Months Ended										For the Twelve Months Ended
(in millions)	12/31/24		3/31/25		6/30/25		9/30/25		12/31/25		12/31/24		12/31/25
Annuities	$	3	$	2	$	3	$	2	$	3	$	9	$	10
Life Insurance	76		55		74		75		90		233		294
Group Protection	1		1		1		2		2		4		6
Retirement Plan Services	2		1		2		1		3		5		7
Other Operations	1		—		—		—		—		1		—
Consolidated	$	83	$	59	$	80	$	80	$	98	$	252	$	317

(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 Twelve Months Ended
(in millions)	12/31/24		3/31/25		6/30/25		9/30/25		12/31/25		12/31/24		12/31/25
Annuities	$	2	$	—	$	3	$	3	$	5	$	3	$	11
Life Insurance	1		1		—		1		1		6		3
Group Protection	1		—		1		—		—		2		1
Retirement Plan Services	1		—		—		1		1		2		2
Other Operations	—		—		—		—		—		—		—
Consolidated	$	5	$	1	$	4	$	5	$	7	$	13	$	17

Items Impacting Segment and Other Operations Results


	For the Three Months Ended December 31, 2025
(in millions, after-tax)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
Alternative investment income compared to return target(1)	$	1	$	14	$	—	$	1	$	—
Prepayment income(2)	5		1		—		1		—
Annual assumption review	—		—		—		—		—
Tax items	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	6	$	15	$	—	$	2	$	—


	For the Three Months Ended December 31, 2024
(in millions, after-tax)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
Alternative investment income compared to return target(1)	$	—	$	7	$	—	$	—	$	1
Prepayment income(2)	2		1		1		1		—
Annual assumption review	—		—		—		—		—
Tax items	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	2	$	8	$	1	$	1	$	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)	12/31/24		3/31/25		6/30/25		9/30/25		12/31/25
Holding company available liquidity(1)	$	763	$	466	$	466	$	461	$	1,055
Holding company available liquidity, net of prefunding	$	463	$	466	$	466	$	461	$	655
RBC ratio(2)	>420%		>420%		>420%		>420%		>420%
Book value per share (BVPS), including AOCI	$	42.60	$	41.96	$	44.91	$	49.56	$	51.88
Book value per share, excluding AOCI(3)	$	72.06	$	67.04	$	67.95	$	69.66	$	73.10
Adjusted book value per share(3)	$	72.34	$	73.19	$	72.77	$	74.23	$	76.33

(1) Holding company available liquidity presented as of 12/31/24 includes the $300 million prefunding of a 2025 maturity and 12/31/25 includes the $400 million prefunding of a 2026 maturity.

(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 3/31/25, 6/30/25, 9/30/25 and 12/31/25 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 Twelve Months Ended
	12/31/24		3/31/25		6/30/25		9/30/25		12/31/25		Change		12/31/24		12/31/25		Change
Total operating revenues	$	1,223	$	1,198	$	1,214	$	1,270	$	1,308	7.0	%	$	4,896	$	4,990	1.9	%
Total operating expenses	864		858		876		902		939		8.7	%	3,508		3,575		1.9	%
Income (loss) from operations before taxes	359		340		338		368		369		2.8	%	1,388		1,415		1.9	%
Federal income tax expense (benefit)	56		50		51		58		58		3.6	%	228		217		(4.8)	%
Income (loss) from operations	$	303	$	290	$	287	$	310	$	311	2.6	%	$	1,160	$	1,198	3.3	%
Income (loss) from operations, excluding impact of annual assumption review	$	303	$	290	$	287	$	318	$	311	2.6	%	$	1,159	$	1,206	4.1	%
Total sales	$	3,689	$	3,789	$	4,019	$	4,467	$	4,889	32.5	%	$	13,727	$	17,163	25.0	%
Net flows	$	(1,891)	$	(1,676)	$	(1,162)	$	(1,143)	$	(1,227)	35.1	%	$	(6,475)	$	(5,208)	19.6	%
Average account balances, net of reinsurance	$	165,424	$	163,688	$	159,806	$	170,318	$	174,668	5.6	%	$	160,032	$	167,291	4.5	%
Return on average account balances (bps)	73		71		72		73		71				72		72
Return on average account balances (bps), excluding impact of annual assumption review	73		71		72		75		71				72		72

•Income from operations was $311 million for the fourth quarter, compared to $303 million in the prior-year quarter, driven by favorable equity markets and favorable mortality experience, partially offset by traditional variable annuity outflows and higher net G&A expenses.

•Total sales were $4.9 billion in the quarter, increasing 33% compared to the prior year. Spread-based products comprised nearly two-thirds of total sales.

•Net outflows were approximately $1.2 billion in the quarter, compared to net outflows of $1.9 billion in the prior-year quarter, driven by stronger sales.

•Average account balances, net of reinsurance, were $175 billion, increasing 6% over the prior-year quarter, reflecting growth across spread-based products and 100% retention of fixed annuity sales.

Life Insurance


(in millions)	As of or For the Three Months Ended												As of or For the Twelve Months Ended
	12/31/24		3/31/25		6/30/25		9/30/25		12/31/25		Change		12/31/24		12/31/25		Change

Total operating revenues	$	1,608	$	1,587	$	1,602	$	1,610	$	1,643	2.2	%	$	6,248	$	6,442	3.1	%
Total operating expenses	1,634		1,619		1,568		1,586		1,555		(4.8)	%	6,353		6,328		(0.4)	%
Income (loss) from operations before taxes	(26)		(32)		34		24		88		NM		(105)		114		208.6	%
Federal income tax expense (benefit)	(11)		(16)		2		(1)		11		200.0	%	(42)		(3)		92.9	%
Income (loss) from operations	$	(15)	$	(16)	$	32	$	25	$	77	NM		$	(63)	$	117	285.7	%
Income (loss) from operations, excluding impact of annual assumption review	$	(15)	$	(16)	$	32	$	54	$	77	NM		$	(71)	$	146	305.6	%
Average account balances, net of reinsurance	$	44,746	$	44,390	$	45,147	$	47,503	$	49,150	9.8	%	$	43,578	$	46,547	6.8	%
Total sales	$	119	$	97	$	121	$	298	$	142	19.3	%	$	438	$	657	50.0	%

•Income from operations was $77 million, compared to a loss of $15 million in the prior-year quarter. The year-over-year improvement was driven by improved mortality and strong alternative investment income.

•Total sales were $142 million, up 19% compared to the prior-year quarter, as sales of accumulation products continued to drive growth.

•Average account balances, net of reinsurance, were $49 billion, up 10% 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 Twelve Months Ended
	12/31/24			3/31/25			6/30/25			9/30/25			12/31/25			Change		12/31/24			12/31/25			Change
Total operating revenues	$	1,418		$	1,521		$	1,538		$	1,507		$	1,535		8.3	%	$	5,717		$	6,102		6.7	%
Total operating expenses	1,282			1,393			1,319			1,319			1,397			9.0	%	5,179			5,429			4.8	%
Income (loss) from operations before taxes	136			128			219			188			138			1.5	%	538			673			25.1	%
Federal income tax expense (benefit)	29			27			46			39			29			0.0%		113			141			24.8	%
Income (loss) from operations	$	107		$	101		$	173		$	149		$	109		1.9	%	$	425		$	532		25.2	%
Income (loss) from operations, excluding impact of annual assumption review	$	107		$	101		$	173		$	110		$	109		1.9	%	$	426		$	493		15.7	%
Insurance premiums	$	1,274		$	1,371		$	1,386		$	1,352		$	1,380		8.3	%	$	5,145		$	5,490		6.7	%
Total sales	$	467		$	157		$	187		$	116		$	391		(16.3)	%	$	856		$	851		(0.6)	%
Total loss ratio	71.0		%	72.4		%	65.9		%	68.3		%	71.4		%			71.9		%	69.5		%
Total loss ratio, excluding the impact of the annual assumption review	71.0		%	72.4		%	65.9		%	72.2		%	71.4		%			71.8		%	70.5		%
Operating margin(1)	8.4		%	7.4		%	12.5		%	11.0		%	7.9		%			8.3		%	9.7		%
Operating margin, excluding the impact of annual assumption review	8.4		%	7.4		%	12.5		%	8.1		%	7.9		%			8.3		%	9.0		%

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

•Income from operations was $109 million in the quarter, 2% higher than the prior-year quarter as favorable long-term disability results were partially offset by life experience more in line with expectations as compared to favorability reported in the fourth quarter of 2024.

•Operating margin was 7.9%, 50 basis points lower than the prior-year quarter, and the total loss ratio increased 40 basis points to 71.4%, driven by life experience more in line with expectations as compared to favorability reported in the fourth quarter of 2024.

•Insurance premiums were $1.4 billion in the quarter, increasing 8% year over year, due to strong sales and persistency over the past year while executing our pricing strategy.

•Sales decreased 16% year over year, compared to the fourth-quarter sales record achieved in 2024.

Retirement Plan Services


(in millions, except ROA data)	As of or For the Three Months Ended												As of or For the Twelve Months Ended
	12/31/24		3/31/25		6/30/25		9/30/25		12/31/25		Change		12/31/24		12/31/25		Change
Total operating revenues	$	337	$	327	$	331	$	343	$	352	4.5	%	$	1,321	$	1,353	2.4	%
Total operating expenses	288		289		289		290		298		3.5	%	1,135		1,165		2.6	%
Income (loss) from operations before taxes	49		38		42		53		54		10.2	%	186		188		1.1	%
Federal income tax expense (benefit)	6		4		5		7		8		33.3	%	23		25		8.7	%
Income (loss) from operations	$	43	$	34	$	37	$	46	$	46	7.0	%	$	163	$	163	0.0%

Deposits	$	3,473	$	4,115	$	3,594	$	5,008	$	3,939	13.4	%	$	14,738	$	16,656	13.0	%
Net flows	$	(732)	$	(2,184)	$	(585)	$	755	$	(998)	(36.3)	%	$	112	$	(3,012)	NM
Average account balances	$	113,711	$	113,075	$	111,734	$	119,259	$	123,533	8.6	%	$	108,259	$	117,073	8.1	%
Return on average account balances (bps)	15		12		13		15		15				15		14

•Income from operations was $46 million in the quarter, up 7% compared to the prior year, primarily resulting from spread expansion and favorable equity markets, partially offset by outflows and higher net G&A expenses.

•Net outflows were $1.0 billion, compared to $0.7 billion in the prior-year quarter, partially due to participant withdrawals.

•Total deposits were $3.9 billion, up 13% over the prior-year quarter. First-year sales of $1.7 billion were up 32% year over year.

•Average account balances were $124 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 Twelve Months Ended
	12/31/24		3/31/25		6/30/25		9/30/25		12/31/25		Change		12/31/24		12/31/25		Change
Total operating revenues	$	42	$	52	$	41	$	50	$	56	33.3	%	$	160	$	198	23.8	%
Total operating expenses	160		164		157		177		181		13.1	%	626		679		8.5	%
Income (loss) from operations before taxes	(118)		(112)		(116)		(127)		(125)		(5.9)	%	(466)		(481)		(3.2)	%
Federal income tax expense (benefit)	(23)		(17)		(25)		(28)		(27)		(17.4)	%	(96)		(99)		(3.1)	%
Income (loss) from operations(1)	$	(95)	$	(95)	$	(91)	$	(99)	$	(98)	(3.2)	%	$	(370)	$	(382)	(3.2)	%

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

Unrealized Gains and Losses

The company reported a net unrealized loss of $7.9 billion (pre-tax) on its available-for-sale securities as of December 31, 2025, compared to a net unrealized loss of $10.3 billion (pre-tax) as of December 31, 2024. The year-over-year decrease was primarily due to lower 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 fourth quarter 2025 statistical supplement and fourth quarter 2025 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 fourth quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, February 12, 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 February 12, 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 December 31, 2025, the company had $349 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

John.Muething@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:

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 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 after-tax adjusted income (loss) from operations less preferred stock dividends.

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 and

Average Stockholders' Equity to Adjusted Average Stockholders' Equity


	For the				For the
(in millions, except per share data)	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2025		2024		2025		2024












Net Income (Loss) Available to Common
Stockholders – Diluted	$	745	$	1,675	$	1,086	$	3,187
Less:
Preferred stock dividends declared	(11)		(11)		(91)		(91)
Adjustment for deferred units of LNC stock in our
deferred compensation plans	2		—		—		3
Net Income (Loss)	754		1,686		1,177		3,275
Less:
Net annuity product features, pre-tax (1)	515		1,187		238		2,508
Net life insurance product features, pre-tax	(5)		46		(42)		(207)
Credit loss-related adjustments, pre-tax	(43)		(28)		(134)		(152)
Investment gains (losses), pre-tax	(101)		(67)		(319)		(483)
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax (2)	65		587		(201)		535

Gains (losses) on other non-financial assets, pre-tax (3)	(14)		—		(14)		582
Other items, pre-tax (4)(5)(6)(7)(8)	(27)		(32)		(92)		(270)
Income tax benefit (expense) related
to the above pre-tax items	(81)		(350)		113		(553)
Total adjustments	309		1,343		(451)		1,960
Adjusted Income (Loss) from Operations	$	445	$	343	$	1,628	$	1,315
Add:
Preferred stock dividends declared	(11)		(11)		(91)		(91)
Adjusted Income (Loss) from Operations Available to Common Stockholders	$	434	$	332	$	1,537	$	1,224

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	3.80	$	9.63	$	5.83	$	18.41
Adjusted income (loss) from operations	2.21		1.91		8.23		7.07

Stockholders’ Equity, Average
Stockholders' equity	$	10,679	$	8,641	$	9,445	$	8,022
Less:
Preferred stock	986		986		986		986
AOCI	(3,948)		(3,860)		(4,271)		(3,815)
Stockholders’ equity, excluding AOCI and preferred stock	13,641		11,515		12,730		10,851
Changes in MRBs	3,283		2,656		2,859		2,380
GLB and GDB hedge instruments gains (losses)	(3,759)		(2,913)		(3,434)		(2,695)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(270)		(396)		(220)		(445)
Adjusted average stockholders' equity	$	14,387	$	12,168	$	13,525	$	11,611

(1) For the three months ended December 31, 2025 and 2024, includes changes in MRBs of $374 million and $1,282 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 $44 million and $(212) million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $97 million and $117 million, respectively. For the twelve months ended December 31, 2025 and 2024, includes changes in MRBs of $341 million and $2,637 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 $(263) million and $(561) million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $160 million and $432 million, respectively.

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

(3) For the three months ended December 31, 2025, represents impairment of long-lived assets. For the twelve months ended December 31, 2024, relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.

(4) For the three months ended December 31, 2025, includes certain regulatory accruals of $2 million; for the three months ended December 31, 2024, includes certain legal accruals of $(15) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries; for the twelve months ended December 31, 2025, Includes certain legal accruals of $(9) million and regulatory accruals of $2 million; and for the twelve months ended December 31, 2024, includes certain legal accruals of $(129) million, primarily attributable to a first quarter 2024 accrual related to the settlement of cost of insurance litigation, and regulatory accruals of $(12) million.

(5) Includes severance expense related to initiatives to realign the workforce of $(11) million and $(2) million for the three months ended December 31, 2025 and 2024, respectively, and $(24) million and $(74) million for the twelve months ended December 31, 2025 and 2024, respectively.

(6) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(5) million related to the sale of our wealth management business and $(3) million related to the Bain Capital transaction for the three months ended December 31, 2025; $(1) million related to the sale of our wealth management business for the three months ended December 31, 2024; for the twelve months ended December 31, 2025 includes $(55) million of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(25) million related to the sale of our wealth management business, $(22) million related to Life Insurance segment persistency optimization and $(21) million primarily related to the Bain Capital transaction; for the twelve months ended December 31, 2024, includes $(40) million primarily related to the sale of our wealth management business.

(7) Includes deferred compensation mark-to-market adjustment of $(10) million and $(2) million for the three months ended December 31, 2025 and 2024, respectively, and $(32) million and $(15) million for the twelve months ended December 31, 2025 and 2024, respectively.

(8) Includes gains on early extinguishment of debt of $94 million for the for the twelve months ended December 31, 2025.

Lincoln National Corporation

Reconciliation of Book Value per Share


	As of the Three Months Ended
	12/31/24		3/31/25		6/30/25		9/30/25		12/31/25
Book Value Per Common Share
Book value per share	$	42.60	$	41.96	$	44.91	$	49.56	$	51.88
Less:
AOCI	(29.46)		(25.08)		(23.04)		(20.10)		(21.22)
Book value per share, excluding AOCI	72.06		67.04		67.95		69.66		73.10
Less:
Changes in MRBs	18.51		12.42		15.05		16.42		17.94
GLB and GDB hedge instruments gains (losses)	(17.91)		(17.43)		(18.89)		(19.40)		(19.94)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(0.88)		(1.14)		(0.98)		(1.59)		(1.23)
Adjusted book value per share	$	72.34	$	73.19	$	72.77	$	74.23	$	76.33

Lincoln National Corporation

Digest of Earnings


	For the				For the
(in millions, except per share data)	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2025		2024		2025		2024

Revenues	$	4,922	$	5,063	$	18,212	$	18,442

Net Income (Loss)	$	754	$	1,686	$	1,177	$	3,275
Preferred stock dividends declared	(11)		(11)		(91)		(91)
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)	2		—		—		3
Net Income (Loss) Available to Common
Stockholders – Diluted	$	745	$	1,675	$	1,086	$	3,187

Net Income (Loss) Per Common Share – Basic	$	3.89	$	9.80	$	5.94	$	18.66
Net Income (Loss) Per Common Share – Diluted	$	3.80	$	9.63	$	5.83	$	18.41

Average Shares – Basic	191,069,153		170,939,128		182,674,725		170,597,104
Average Shares – Diluted	196,297,852		174,016,536		186,062,087		173,080,425

(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:

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

Fourth Quarter 2025


			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

Table of Contents

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 income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

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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Lincoln Financial

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) earnings per share calculation. In addition, for any period where a net loss or adjusted loss from operations is experienced, shares used in the diluted EPS calculation represent basic shares, as the use of diluted shares would result in a lower loss per share.

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 AdvantageSM (VUL), 150% of commissionable premiums;

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

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

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

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 February 12, 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 February 12, 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 Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Revenues
Insurance premiums	$	1,586	$	1,676	$	1,682	$	1,637	$	1,671	5.4	%	$	6,425	$	6,666	3.8	%
Fee income		1,387		1,365		1,340		1,384		1,407	1.4	%		5,402		5,496	1.7	%
Net investment income		1,439		1,462		1,471		1,544		1,597	11.0	%		5,544		6,075	9.6	%
Realized gain (loss)		470		11		(641)		(216)		47	-90.0	%		269		(799)	NM
Other revenues		181		177		192		206		200	10.5	%		802		774	-3.5	%
Total revenues		5,063		4,691		4,044		4,555		4,922	-2.8	%		18,442		18,212	-1.2	%

Expenses
Benefits and policyholder liability remeasurement		1,947		2,009		1,906		1,927		1,927	-1.0	%		7,728		7,769	0.5	%
Interest credited		888		890		916		954		984	10.8	%		3,443		3,743	8.7	%
Market risk benefit (gain) loss		(1,291)		1,293		(940)		(343)		(382)	70.4	%		(2,677)		(372)	86.1	%

Commissions and other expenses		1,336		1,368		1,327		1,414		1,397	4.6	%		5,590		5,507	-1.5	%
Interest and debt expense		83		80		(13)		79		81	-2.4	%		336		227	-32.4	%


Total expenses		2,963		5,640		3,196		4,031		4,007	35.2	%		14,420		16,874	17.0	%
Income (loss) before taxes		2,100		(949)		848		524		915	-56.4	%		4,022		1,338	-66.7	%
Federal income tax expense (benefit)		414		(227)		149		79		161	-61.1	%		747		161	-78.4	%


Net income (loss)		1,686		(722)		699		445		754	-55.3	%		3,275		1,177	-64.1	%
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(91)		(91)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		—		—		2	NM			3		—	-100.0	%
Net income (loss) available to common
stockholders – diluted	$	1,675	$	(756)	$	688	$	411	$	745	-55.5	%	$	3,187	$	1,086	-65.9	%


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	9.63	$	(4.41)	$	3.80	$	2.12	$	3.80	-60.5	%	$	18.41	$	5.83	-68.3	%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	66,450	$	66,885	$	67,371	$	68,351	$	69,045	3.9%
U.S. government bonds		391		538		564		619		869	122.3%
State and municipal bonds		2,371		2,350		2,254		2,235		2,147	-9.4%
Foreign government bonds		237		239		239		244		226	-4.6%
Residential mortgage-backed securities		1,863		1,941		2,063		2,118		2,122	13.9%
Commercial mortgage-backed securities		1,665		1,830		1,972		2,150		2,502	50.3%
Asset-backed securities		13,880		14,241		14,658		14,706		16,282	17.3%
Hybrid and redeemable preferred securities		254		273		265		257		255	0.4%


Total fixed maturity AFS securities, net of allowance for credit losses		87,111		88,297		89,386		90,680		93,448	7.3%
Trading securities		2,025		1,984		1,909		1,853		1,676	-17.2%
Equity securities		294		345		341		542		636	116.3%
Mortgage loans on real estate, net of allowance for credit losses		21,083		21,558		21,996		22,230		22,472	6.6%

Policy loans		2,476		2,529		2,552		2,584		2,626	6.1%
Derivative investments		9,677		7,849		8,349		10,427		9,945	2.8%
Other investments		7,252		7,314		7,276		7,786		8,105	11.8%
Total investments		129,918		129,876		131,809		136,102		138,908	6.9%
Cash and invested cash		5,801		4,284		7,143		10,668		9,502	63.8%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,537		12,563		12,604		12,681		12,827	2.3%

Reinsurance recoverables, net of allowance for credit losses		28,750		28,580		28,440		28,665		28,012	-2.6%


Deposit assets, net of allowance for credit losses		30,776		31,048		31,754		33,066		33,690	9.5%
Market risk benefit assets		4,860		4,157		4,577		4,694		4,753	-2.2%
Accrued investment income		1,108		1,134		1,136		1,172		1,122	1.3%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		7,499		7,606		7,516		7,223		7,154	-4.6%
Separate account assets		168,438		162,506		172,942		179,860		180,092	6.9%
Total assets	$	390,831	$	382,898	$	399,065	$	415,275	$	417,204	6.7%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	126,197	$	125,262	$	129,209	$	133,223	$	136,245	8.0	%
Future contract benefits		39,807		40,665		41,053		41,852		42,077	5.7	%
Funds withheld reinsurance liabilities		16,907		16,838		16,700		17,559		17,922	6.0	%
Market risk benefit liabilities		1,046		1,306		1,205		1,190		1,118	6.9	%

Deferred front-end loads		6,730		6,910		7,119		7,349		7,586	12.7	%
Payables for collateral on investments		10,020		8,282		8,466		11,153		7,954	-20.6	%
Short-term debt		300		—		—		—		400	33.3	%
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		4,988		5,000		4,899		4,904		4,998	0.2	%




Other liabilities		7,261		7,068		7,056		6,865		7,038	-3.1	%






Separate account liabilities		168,438		162,506		172,942		179,860		180,092	6.9	%
Total liabilities		382,562		374,705		389,517		404,823		406,298	6.2	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,674		4,703		5,545		5,574		5,592	19.6	%
Retained earnings		7,645		6,810		7,409		7,731		8,386	9.7	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(5,601)		(5,078)		(4,750)		(3,930)		(3,964)	29.2	%



Market risk benefit non-performance risk gain (loss)		146		464		114		(58)		(261)	NM
Policyholder liability discount rate remeasurement gain (loss)		744		633		569		474		480	-35.5	%
Foreign currency translation adjustment		(29)		(24)		(14)		(18)		(18)	37.9	%
Funded status of employee benefit plans		(296)		(301)		(311)		(307)		(295)	0.3	%
Total accumulated other comprehensive income (loss)		(5,036)		(4,306)		(4,392)		(3,839)		(4,058)	19.4	%
Total stockholders’ equity		8,269		8,193		9,548		10,452		10,906	31.9	%
Total liabilities and stockholders’ equity	$	390,831	$	382,898	$	399,065	$	415,275	$	417,204	6.7	%

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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 Twelve Months Ended

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Income (Loss)
Net income (loss)	$	1,686		$	(722)		$	699		$	445		$	754		-55.3	%	$	3,275		$	1,177		-64.1	%
Pre-tax adjusted income (loss) from operations		400			362			517			506			524		31.0	%		1,541			1,909		23.9	%
After-tax adjusted income (loss) from operations (1)		343			314			438			431			445		29.7	%		1,315			1,628		23.8	%
Adjusted operating tax rate		14.1	%		13.3	%		15.4	%		14.8	%		15.0	%				14.7	%		14.7	%
Adjusted income (loss) from operations available to
common stockholders (1)		332			280			427			397			434		30.7	%		1,224			1,537		25.6	%







ROE
Net income (loss) ROE		78.1	%		-35.1	%		31.5	%		17.8	%		28.3	%				40.8	%		12.5	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE		11.5	%		9.4	%		14.0	%		12.1	%		12.7	%				11.3	%		12.1	%
Adjusted income (loss) from operations ROE		10.9	%		9.0	%		12.9	%		11.3	%		12.1	%				10.5	%		11.4	%

Per Common Share
Net income (loss) (diluted)	$	9.63		$	(4.41)		$	3.80		$	2.12		$	3.80		-60.5	%	$	18.41		$	5.83		-68.3	%
Adjusted income (loss) from operations (diluted) (2)		1.91			1.60			2.36			2.04			2.21		15.7	%		7.07			8.23		16.4	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			1.80			1.80		0.0%

Book Value Per Common Share
Book value per share	$	42.60		$	41.96		$	44.91		$	49.56		$	51.88		21.8	%	$	42.60		$	51.88		21.8	%

Book value per share, excluding AOCI (3)		72.06			67.04			67.95			69.66			73.10		1.4	%		72.06			73.10		1.4	%
Adjusted book value per share (3)		72.34			73.19			72.77			74.23			76.33		5.5	%		72.34			76.33		5.5	%

Common Shares

End-of-period – basic		171.0			171.7			190.6			191.0			191.2		11.8	%		171.0			191.2		11.8	%
Average for the period – basic		170.9			171.3			177.2			190.8			191.1		11.8	%		170.6			182.7		7.1	%
End-of-period – diluted		174.1			175.3			194.0			196.0			196.7		13.0	%		174.1			196.7		13.0	%
Average for the period – diluted (4)		174.0			174.7			180.6			195.0			196.3		12.8	%		173.1			186.7		7.9	%

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

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

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

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

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

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

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24		12/31/25	Change



Cash Returned to Common Stockholders – Common Dividends	$	77		$	77		$	77		$	85		$	85		10.4	%	$	306	$	324	5.9	%


Cash Returned to Preferred Stockholders – Preferred Dividends	$	11		$	34		$	11		$	34		$	11		0.0%		$	91	$	91	0.0%


Leverage Ratio
Short-term debt (1)	$	300		$	—		$	—		$	—		$	400		33.3	%
Long-term debt		5,856			5,868			5,767			5,772			5,866		0.2	%
Total debt		6,156			5,868			5,767			5,772			6,266		1.8	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		7,142			6,854			6,753			6,758			7,252		1.5	%







Less:
Operating debt (2)		868			868			868			868			868		0.0%
Prefunding of upcoming debt maturities (3)		300			—			—			—			400		33.3	%
25% of capital securities and subordinated notes		302			302			247			247			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Carrying value of fair value hedges and other items		111			122			119			119			114		2.7	%
Total numerator	$	5,068		$	5,069		$	5,026		$	5,031		$	5,130		1.2	%

Adjusted stockholders’ equity (4)	$	12,367		$	12,569		$	13,873		$	14,180		$	14,595		18.0	%


Add:
25% of capital securities and subordinated notes		302			302			247			247			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Total numerator		5,068			5,069			5,026			5,031			5,130		1.2	%
Total denominator	$	18,230		$	18,433		$	19,639		$	19,951		$	20,465		12.3	%

Leverage ratio		27.8	%		27.5	%		25.6	%		25.2	%		25.1	%


Holding Company Available Liquidity (3)	$	763		$	466		$	466		$	461		$	1,055		38.3	%


Holding Company Available Liquidity, Net of Prefunding	$	463		$	466		$	466		$	461		$	655		41.5	%

(1) As of December 31, 2025, consists of $400 million principal amount of our 3.625% Senior Notes due December 12, 2026.

(2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.

(3) Holding company available liquidity includes prefunding of upcoming debt maturities.

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

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

	For the Three Months Ended													For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Annuities
Operating revenues	$	1,223	$	1,198	$	1,214	$	1,270	$	1,308	7.0	%	$	4,896	$	4,990	1.9	%
Deposits		3,692		3,799		4,024		4,470		4,890	32.4	%		13,748		17,183	25.0	%
Net flows		(1,891)		(1,676)		(1,162)		(1,143)		(1,227)	35.1	%		(6,475)		(5,208)	19.6	%



Average account balances, net of reinsurance		165,424		163,688		159,806		170,318		174,668	5.6	%		160,032		167,291	4.5	%
Alternative investment income (1)		4		2		3		2		3	-25.0	%		12		11	-8.3	%

Life Insurance
Operating revenues	$	1,608	$	1,587	$	1,602	$	1,610	$	1,643	2.2	%	$	6,248	$	6,442	3.1	%
Deposits		1,402		1,218		1,281		2,247		1,457	3.9	%		5,102		6,203	21.6	%
Net flows		930		569		633		1,659		974	4.7	%		3,161		3,835	21.3	%
Average account balances, net of reinsurance		44,746		44,390		45,147		47,503		49,150	9.8	%		43,578		46,547	6.8	%
Average in-force face amount		1,080,074		1,074,858		1,069,688		1,067,503		1,065,813	-1.3	%		1,084,010		1,069,466	-1.3	%
Alternative investment income (1)		96		70		94		95		115	19.8	%		294		373	26.9	%

Group Protection
Operating revenues	$	1,418	$	1,521	$	1,538	$	1,507	$	1,535	8.3	%	$	5,717	$	6,102	6.7	%
Insurance premiums		1,274		1,371		1,386		1,352		1,380	8.3	%		5,145		5,490	6.7	%
Alternative investment income (1)		2		1		2		2		3	50.0	%		5		8	60.0	%

Retirement Plan Services
Operating revenues	$	337	$	327	$	331	$	343	$	352	4.5	%	$	1,321	$	1,353	2.4	%
Deposits		3,473		4,115		3,594		5,008		3,939	13.4	%		14,738		16,656	13.0	%
Net flows		(732)		(2,184)		(585)		755		(998)	-36.3	%		112		(3,012)	NM
Average account balances		113,711		113,075		111,734		119,259		123,533	8.6	%		108,259		117,073	8.1	%
Alternative investment income (1)		2		2		2		2		3	50.0	%		6		9	50.0	%

Consolidated
Adjusted operating revenues (2)	$	4,628	$	4,685	$	4,726	$	4,780	$	4,894	5.7	%	$	18,342	$	19,085	4.1	%
Deposits		8,567		9,132		8,899		11,725		10,286	20.1	%		33,588		40,042	19.2	%
Net flows		(1,693)		(3,291)		(1,114)		1,271		(1,251)	26.1	%		(3,202)		(4,385)	-36.9	%
Average account balances, net of reinsurance		323,881		321,153		316,687		337,080		347,351	7.2	%		311,869		330,911	6.1	%
Alternative investment income (1)		105		75		101		101		124	18.1	%		319		401	25.7	%

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

(2) See reconciliation to total revenues on page 26.

Table of Contents


Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Twelve Months Ended

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Sales
Annuities:
RILA	$	1,285		$	1,292		$	1,447		$	1,457		$	1,936		50.7	%	$	4,526		$	6,131		35.5	%
Fixed		560			863			1,221			1,368			1,227		119.1	%		4,205			4,678		11.2	%
Traditional variable with GLBs		1,243			1,099			935			1,080			1,119		-10.0	%		3,114			4,232		35.9	%
Traditional variable without GLBs		601			535			416			562			607		1.0	%		1,882			2,122		12.8	%

Total Annuities	$	3,689		$	3,789		$	4,019		$	4,467		$	4,889		32.5	%	$	13,727		$	17,163		25.0	%


Life Insurance:
IUL/UL	$	26		$	24		$	28		$	25		$	42		61.5	%	$	100		$	119		19.0	%
MoneyGuard®		35			28			29			31			35		0.0%			128			124		-3.1	%

VUL		21			15			15			26			36		71.4	%		85			92		8.2	%
Term		13			13			15			15			14		7.7	%		66			57		-13.6	%

Executive Benefits		24			17			34			201			15		-37.5	%		59			265		NM
Total Life Insurance	$	119		$	97		$	121		$	298		$	142		19.3	%	$	438		$	657		50.0	%


Group Protection:
Life	$	184		$	101		$	104		$	50		$	136		-26.1	%	$	392		$	390		-0.5	%
Disability		253			48			70			47			232		-8.3	%		414			397		-4.1	%
Dental		30			8			13			19			23		-23.3	%		50			64		28.0	%
Total Group Protection	$	467		$	157		$	187		$	116		$	391		-16.3	%	$	856		$	851		-0.6	%

Percent employee-paid		34.3	%		72.3	%		58.7	%		46.5	%		28.7	%				45.2	%		45.8	%

Retirement Plan Services:
First-year sales	$	1,273		$	1,104		$	1,222		$	2,440		$	1,683		32.2	%	$	4,873		$	6,449		32.3	%
Recurring deposits		2,200			3,011			2,372			2,568			2,256		2.5	%		9,865			10,207		3.5	%
Total Retirement Plan Services	$	3,473		$	4,115		$	3,594		$	5,008		$	3,939		13.4	%	$	14,738		$	16,656		13.0	%

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 Twelve Months Ended

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Operating Revenues
Annuities	$	1,223		$	1,198		$	1,214		$	1,270		$	1,308		7.0	%	$	4,896		$	4,990		1.9	%
Life Insurance		1,608			1,587			1,602			1,610			1,643		2.2	%		6,248			6,442		3.1	%
Group Protection		1,418			1,521			1,538			1,507			1,535		8.3	%		5,717			6,102		6.7	%
Retirement Plan Services		337			327			331			343			352		4.5	%		1,321			1,353		2.4	%
Other Operations		42			52			41			50			56		33.3	%		160			198		23.8	%
Total adjusted operating revenues	$	4,628		$	4,685		$	4,726		$	4,780		$	4,894		5.7	%	$	18,342		$	19,085		4.1	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	112		$	108		$	110		$	108		$	122		8.9	%	$	462		$	447		-3.2	%
Life Insurance		129			119			122			121			130		0.8	%		510			492		-3.5	%
Group Protection		195			202			206			200			215		10.3	%		770			823		6.9	%
Retirement Plan Services		82			81			80			80			87		6.1	%		324			328		1.2	%
Other Operations		70			65			55			62			65		-7.1	%		257			248		-3.5	%
Total	$	588		$	575		$	573		$	571		$	619		5.3	%	$	2,323		$	2,338		0.6	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.2	%		9.0	%		9.1	%		8.5	%		9.3	%				9.4	%		9.0	%
Life Insurance		8.0	%		7.5	%		7.6	%		7.5	%		7.9	%				8.2	%		7.6	%
Group Protection		13.8	%		13.3	%		13.4	%		13.2	%		14.0	%				13.5	%		13.5	%
Retirement Plan Services		24.3	%		24.9	%		24.1	%		23.2	%		24.8	%				24.6	%		24.3	%

Total		12.7	%		12.3	%		12.1	%		11.9	%		12.6	%				12.7	%		12.3	%

Table of Contents


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

	For the Three Months Ended													For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	650	$	629	$	627	$	637	$	693	6.6	%	$	2,561	$	2,585	0.9	%
Commissions		575		558		570		609		689	19.8	%		2,321		2,425	4.5	%
Taxes, licenses and fees		75		98		80		86		74	-1.3	%		323		337	4.3	%
Interest and debt expense		83		80		81		79		81	-2.4	%		336		321	-4.5	%
Expenses associated with reserve financing
and letters of credit		36		32		33		35		25	-30.6	%		125		125	0.0%
Total adjusted operating commissions and
other expenses incurred		1,419		1,397		1,391		1,446		1,562	10.1	%		5,666		5,793	2.2	%

Less Amounts Capitalized
General and administrative expenses		(62)		(54)		(54)		(66)		(74)	-19.4	%		(238)		(247)	-3.8	%
Commissions		(263)		(238)		(252)		(281)		(360)	-36.9	%		(927)		(1,130)	-21.9	%
Taxes, licenses and fees		(7)		(9)		(7)		(15)		(8)	-14.3	%		(31)		(39)	-25.8	%
Total amounts capitalized		(332)		(301)		(313)		(362)		(442)	-33.1	%		(1,196)		(1,416)	-18.4	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,087		1,096		1,078		1,084		1,120	3.0	%		4,470		4,377	-2.1	%

Amortization
Amortization of DAC, VOBA and other intangibles		302		309		307		324		328	8.6	%		1,146		1,269	10.7	%
Total operating commissions and
other expenses	$	1,389	$	1,405	$	1,385	$	1,408	$	1,448	4.2	%	$	5,616	$	5,646	0.5	%

Table of Contents


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

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

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	29		$	21		$	28		$	25		$	28		-3.4	%	$	127		$	103		-18.9	%
Fee income (1)		612			591			575			617			624		2.0	%		2,381			2,406		1.0	%
Net investment income		462			466			487			497			517		11.9	%		1,759			1,966		11.8	%



Other revenues		120			120			124			131			139		15.8	%		629			515		-18.1	%
Total operating revenues		1,223			1,198			1,214			1,270			1,308		7.0	%		4,896			4,990		1.9	%
Operating expenses:
Benefits and policyholder liability remeasurement		40			28			32			24			24		-40.0	%		145			108		-25.5	%
Interest credited		407			419			439			459			480		17.9	%		1,536			1,799		17.1	%


Commissions incurred		307			298			292			327			374		21.8	%		1,115			1,291		15.8	%
Other expenses incurred		157			145			142			138			162		3.2	%		780			586		-24.9	%
Amounts capitalized		(155)			(147)			(144)			(174)			(228)		-47.1	%		(498)			(693)		-39.2	%
Amortization		108			115			115			128			127		17.6	%		430			484		12.6	%
Total operating expenses		864			858			876			902			939		8.7	%		3,508			3,575		1.9	%
Income (loss) from operations before taxes		359			340			338			368			369		2.8	%		1,388			1,415		1.9	%
Federal income tax expense (benefit)		56			50			51			58			58		3.6	%		228			217		-4.8	%
Income (loss) from operations	$	303		$	290		$	287		$	310		$	311		2.6	%	$	1,160		$	1,198		3.3	%





Effective Federal Income Tax Rate		15.7	%		14.7	%		15.2	%		15.8	%		15.7	%				16.4	%		15.4	%







Return on Average Account Balances, Net of
Reinsurance (bps)		73			71			72			73			71		(2)			72			72		—








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	34,310		$	33,527		$	36,256		$	38,499		$	39,443		15.0	%	$	34,310		$	39,443		15.0	%
Fixed account balances		10,352			10,415			10,727			11,492			12,388		19.7	%		10,352			12,388		19.7	%
Traditional variable account balances with GLBs		70,756			67,101			71,527			73,174			72,809		2.9	%		70,756			72,809		2.9	%
Traditional variable account balances without GLBs		48,193			47,371			49,283			50,914			50,748		5.3	%		48,193			50,748		5.3	%
Total account balances	$	163,611		$	158,414		$	167,793		$	174,079		$	175,388		7.2	%	$	163,611		$	175,388		7.2	%
Percent traditional variable account balances with GLBs		43.2	%		42.4	%		42.6	%		42.0	%		41.5	%				43.2	%		41.5	%

Fee Income, Gross of Hedge Allowance	$	811		$	790		$	775		$	817		$	825		1.7	%	$	3,180		$	3,207		0.8	%
Net Investment Income, Net of Reinsurance (2)		438			443			465			475			500		14.2	%		1,643			1,882		14.5	%
Interest Credited, Net of Reinsurance (2)		282			290			300			314			333		18.1	%		1,050			1,238		17.9	%

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

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

Table of Contents


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

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

		12/31/24			3/31/25			6/30/25			9/30/25		12/31/25		Change			12/31/24			12/31/25	Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	283		$	283		$	267		$	260	$	262		-7.4	%	$	1,149		$	1,072	-6.7	%
Fee income		694			698			688			683		696		0.3	%		2,715			2,765	1.8	%
Net investment income		598			574			606			623		643		7.5	%		2,321			2,446	5.4	%
Operating realized gain (loss)		(2)			(2)			(1)			(1)		—		100.0	%		(6)			(4)	33.3	%


Other revenues (1)		35			34			42			45		42		20.0	%		69			163	136.2	%
Total operating revenues		1,608			1,587			1,602			1,610		1,643		2.2	%		6,248			6,442	3.1	%
Operating expenses:
Benefits and policyholder liability remeasurement		1,006			1,002			956			961		928		-7.8	%		3,893			3,846	-1.2	%
Interest credited		300			287			289			298		295		-1.7	%		1,194			1,170	-2.0	%
Commissions incurred		115			99			111			119		145		26.1	%		461			474	2.8	%
Other expenses incurred		198			194			191			199		196		-1.0	%		794			779	-1.9	%
Amounts capitalized		(137)			(115)			(128)			(144)		(166)		-21.2	%		(543)			(553)	-1.8	%
Amortization of DAC and VOBA		128			128			125			129		133		3.9	%		507			516	1.8	%
Amortization of deferred loss on business
sold through reinsurance		24			24			24			24		24		0.0%			47			96	104.3	%
Total operating expenses		1,634			1,619			1,568			1,586		1,555		-4.8	%		6,353			6,328	-0.4	%
Income (loss) from operations before taxes		(26)			(32)			34			24		88		NM			(105)			114	208.6	%
Federal income tax expense (benefit)		(11)			(16)			2			(1)		11		200.0	%		(42)			(3)	92.9	%
Income (loss) from operations	$	(15)		$	(16)		$	32		$	25	$	77		NM		$	(63)		$	117	285.7	%


Effective Federal Income Tax Rate		41.2	%		47.9	%		5.2	%		NM		12.6	%				40.0	%		NM





Average Account Balances, Net of Reinsurance	$	44,746		$	44,390		$	45,147		$	47,503	$	49,150		9.8	%	$	43,578		$	46,547	6.8	%

In-Force Face Amount
UL and other	$	363,950		$	361,480		$	360,617		$	361,964	$	362,312		-0.5	%	$	363,950		$	362,312	-0.5	%
Term insurance		714,362			709,924			707,355			705,069		702,280		-1.7	%		714,362			702,280	-1.7	%
Total in-force face amount	$	1,078,312		$	1,071,404		$	1,067,972		$	1,067,033	$	1,064,592		-1.3	%	$	1,078,312		$	1,064,592	-1.3	%

(1) Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain

amortization to other revenues and presenting the amortization of deferred loss within operating expenses. For prior periods, the amortization of deferred gain (loss)

on business sold through reinsurance is presented on a net basis within other revenues.

Table of Contents


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

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

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,274		$	1,371		$	1,386		$	1,352		$	1,380		8.3	%	$	5,145		$	5,490		6.7	%
Net investment income		87			89			94			98			95		9.2	%		348			376		8.0	%
Other revenues		57			61			58			57			60		5.3	%		224			236		5.4	%
Total operating revenues		1,418			1,521			1,538			1,507			1,535		8.3	%		5,717			6,102		6.7	%
Operating expenses:
Benefits and policyholder liability remeasurement		902			994			913			923			984		9.1	%		3,692			3,814		3.3	%
Interest credited		3			—			1			1			1		-66.7	%		6			2		-66.7	%
Commissions incurred		125			133			139			132			137		9.6	%		462			541		17.1	%
Other expenses incurred		249			261			263			260			275		10.4	%		1,011			1,059		4.7	%
Amounts capitalized		(34)			(32)			(35)			(36)			(40)		-17.6	%		(135)			(142)		-5.2	%
Amortization		37			37			38			39			40		8.1	%		143			155		8.4	%
Total operating expenses		1,282			1,393			1,319			1,319			1,397		9.0	%		5,179			5,429		4.8	%
Income (loss) from operations before taxes		136			128			219			188			138		1.5	%		538			673		25.1	%
Federal income tax expense (benefit)		29			27			46			39			29		0.0%			113			141		24.8	%
Income (loss) from operations	$	107		$	101		$	173		$	149		$	109		1.9	%	$	425		$	532		25.2	%


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

Operating Margin (1)		8.4	%		7.4	%		12.5	%		11.0	%		7.9	%				8.3	%		9.7	%





Loss Ratios by Product Line
Life		64.7	%		75.2	%		67.2	%		59.6	%		67.9	%				71.1	%		67.5	%
Disability		75.0	%		70.1	%		64.2	%		73.8	%		73.6	%				72.1	%		70.4	%
Dental		73.3	%		79.0	%		80.4	%		78.0	%		74.9	%				77.0	%		78.0	%
Total		71.0	%		72.4	%		65.9	%		68.3	%		71.4	%				71.9	%		69.5	%

(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
	As of or For the Three Months Ended																	Twelve Months Ended

		12/31/24			3/31/25			6/30/25			9/30/25			12/31/25		Change			12/31/24			12/31/25		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	76		$	72		$	72		$	77		$	80		5.3	%	$	292		$	301		3.1	%
Net investment income		253			251			252			257			262		3.6	%		997			1,022		2.5	%
Other revenues		8			4			7			9			10		25.0	%		32			30		-6.3	%
Total operating revenues		337			327			331			343			352		4.5	%		1,321			1,353		2.4	%
Operating expenses:
Interest credited		172			170			174			174			174		1.2	%		675			692		2.5	%


Commissions incurred		27			27			28			30			31		14.8	%		103			115		11.7	%
Other expenses incurred		90			91			87			87			95		5.6	%		359			360		0.3	%
Amounts capitalized		(6)			(4)			(5)			(5)			(6)		0.0%			(21)			(20)		4.8	%
Amortization		5			5			5			4			4		-20.0	%		19			18		-5.3	%
Total operating expenses		288			289			289			290			298		3.5	%		1,135			1,165		2.6	%
Income (loss) from operations before taxes		49			38			42			53			54		10.2	%		186			188		1.1	%
Federal income tax expense (benefit)		6			4			5			7			8		33.3	%		23			25		8.7	%
Income (loss) from operations	$	43		$	34		$	37		$	46		$	46		7.0	%	$	163		$	163		0.0%


Effective Federal Income Tax Rate		13.5	%		11.8	%		12.3	%		14.2	%		14.2	%				12.4	%		13.3	%





Return on Average Account Balances (bps)		15			12			13			15			15		—			15			14		(1)



Net Flows by Market
Small Market	$	(34)		$	(79)		$	28		$	190		$	(43)		-26.5	%	$	(11)		$	96		NM
Mid - Large Market		(178)			(1,732)			(200)			1,025			(401)		NM			1,944			(1,309)		NM
Multi-Fund® and Other		(520)			(373)			(413)			(460)			(554)		-6.5	%		(1,821)			(1,799)		1.2	%

Net Flows – Trailing Twelve Months	$	112		$	(2,462)		$	(2,850)		$	(2,746)		$	(3,012)		NM		$	112		$	(3,012)		NM

Base Spreads, Excluding Variable
Investment Income (1)		1.01	%		1.03	%		0.99	%		1.07	%		1.10	%	9			1.03	%		1.05	%	2

(1) 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											For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Other Operations
Operating revenues:
Insurance premiums	$	—	$	—	$	—	$	—	$	—	NM		$	4	$	2	-50.0	%

Net investment income		33		44		25		33		46	39.4	%		111		147	32.4	%


Other revenues		9		8		16		17		10	11.1	%		45		49	8.9	%
Total operating revenues		42		52		41		50		56	33.3	%		160		198	23.8	%
Operating expenses:
Benefits and policyholder liability remeasurement		2		5		7		4		2	0.0%			12		19	58.3	%
Interest credited		7		13		13		22		34	NM			32		80	150.0	%
Other expenses incurred		68		66		56		72		64	-5.9	%		246		259	5.3	%
Interest and debt expense		83		80		81		79		81	-2.4	%		336		321	-4.5	%

Total operating expenses		160		164		157		177		181	13.1	%		626		679	8.5	%
Income (loss) from operations before taxes		(118)		(112)		(116)		(127)		(125)	-5.9	%		(466)		(481)	-3.2	%
Federal income tax expense (benefit)		(23)		(17)		(25)		(28)		(27)	-17.4	%		(96)		(99)	-3.1	%
Income (loss) from operations	$	(95)	$	(95)	$	(91)	$	(99)	$	(98)	-3.2	%	$	(370)	$	(382)	-3.2	%

Table of Contents


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

	For the Three Months Ended												For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	121,568	$	118,954	$	114,477	$	120,815	$	124,093	2.1	%	$	114,963	$	118,954	3.5	%
Gross deposits		1,844		1,634		1,351		1,642		1,726	-6.4	%		4,996		6,354	27.2	%
Surrenders, withdrawals and benefits		(3,688)		(3,678)		(3,451)		(3,843)		(4,066)	-10.2	%		(13,950)		(15,039)	-7.8	%

Net flows		(1,844)		(2,044)		(2,100)		(2,201)		(2,340)	-26.9	%		(8,954)		(8,685)	3.0	%
Policyholder assessments		(666)		(652)		(639)		(670)		(674)	-1.2	%		(2,627)		(2,636)	-0.3	%
Change in market value and reinvestment		(104)		(1,781)		9,077		6,149		2,483	NM			15,572		15,929	2.3	%

Balance as of end-of-period, gross		118,954		114,477		120,815		124,093		123,562	3.9	%		118,954		123,562	3.9	%
Account balances reinsured		(5)		(5)		(5)		(5)		(5)	0.0%			(5)		(5)	0.0%
Balance as of end-of-period, net	$	118,949	$	114,472	$	120,810	$	124,088	$	123,557	3.9	%	$	118,949	$	123,557	3.9	%


RILA
Balance as of beginning-of-period	$	33,245	$	34,310	$	33,527	$	36,256	$	38,499	15.8	%	$	27,533	$	34,310	24.6	%
Gross deposits		1,285		1,292		1,447		1,457		1,936	50.7	%		4,526		6,131	35.5	%
Surrenders, withdrawals and benefits		(791)		(850)		(938)		(1,106)		(1,370)	-73.2	%		(1,445)		(4,263)	NM

Net flows		494		442		509		351		566	14.6	%		3,081		1,868	-39.4	%
Policyholder assessments		(4)		(5)		(4)		(4)		(4)	0.0%			(13)		(16)	-23.1	%

Change in market value and reinvestment		375		346		341		392		402	7.2	%		1,235		1,479	19.8	%
Change in fair value of embedded derivative instruments and other		200		(1,566)		1,883		1,504		(20)	NM			2,474		1,802	-27.2	%
Balance as of end-of-period, gross	$	34,310	$	33,527	$	36,256	$	38,499	$	39,443	15.0	%	$	34,310	$	39,443	15.0	%

Table of Contents


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

	For the Three Months Ended												For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Fixed Annuities
Balance as of beginning-of-period	$	26,359	$	25,963	$	26,039	$	26,832	$	27,874	5.7	%	$	25,355	$	25,963	2.4	%
Gross deposits		563		873		1,226		1,371		1,228	118.1	%		4,226		4,698	11.2	%
Surrenders, withdrawals and benefits		(1,104)		(947)		(797)		(664)		(681)	38.3	%		(4,828)		(3,089)	36.0	%

Net flows		(541)		(74)		429		707		547	201.1	%		(602)		1,609	NM
Policyholder assessments		(16)		(15)		(15)		(14)		(16)	0.0%			(61)		(59)	3.3	%
Reinvested interest credited		209		210		228		238		255	22.0	%		802		929	15.8	%
Change in fair value of embedded derivative instruments
and other		(48)		(45)		151		111		68	241.7	%		469		286	-39.0	%
Balance as of end-of-period, gross		25,963		26,039		26,832		27,874		28,728	10.6	%		25,963		28,728	10.6	%
Account balances reinsured		(15,611)		(15,624)		(16,105)		(16,382)		(16,340)	-4.7	%		(15,611)		(16,340)	-4.7	%
Balance as of end-of-period, net	$	10,352	$	10,415	$	10,727	$	11,492	$	12,388	19.7	%	$	10,352	$	12,388	19.7	%


Total
Balance as of beginning-of-period	$	181,172	$	179,227	$	174,043	$	183,903	$	190,466	5.1	%	$	167,851	$	179,227	6.8	%
Gross deposits		3,692		3,799		4,024		4,470		4,890	32.4	%		13,748		17,183	25.0	%
Surrenders, withdrawals and benefits		(5,583)		(5,475)		(5,186)		(5,613)		(6,117)	-9.6	%		(20,223)		(22,391)	-10.7	%

Net flows		(1,891)		(1,676)		(1,162)		(1,143)		(1,227)	35.1	%		(6,475)		(5,208)	19.6	%
Policyholder assessments		(686)		(672)		(658)		(688)		(694)	-1.2	%		(2,701)		(2,711)	-0.4	%
Change in market value, reinvestment and interest credited		480		(1,225)		9,646		6,779		3,140	NM			17,609		18,337	4.1	%
Change in fair value of embedded derivative instruments
and other		152		(1,611)		2,034		1,615		48	-68.4	%		2,943		2,088	-29.1	%
Balance as of end-of-period, gross		179,227		174,043		183,903		190,466		191,733	7.0	%		179,227		191,733	7.0	%
Account balances reinsured		(15,616)		(15,629)		(16,110)		(16,387)		(16,345)	-4.7	%		(15,616)		(16,345)	-4.7	%
Balance as of end-of-period, net	$	163,611	$	158,414	$	167,793	$	174,079	$	175,388	7.2	%	$	163,611	$	175,388	7.2	%

Table of Contents


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

	For the Three Months Ended													For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25		Change
General Account
Balance as of beginning-of-period	$	36,692	$	36,599	$	36,220	$	36,116	$	36,008	-1.9	%	$	37,180	$	36,599		-1.6	%
Gross deposits		977		865		847		851		993	1.6	%		3,619		3,557		-1.7	%
Withdrawals and deaths		(342)		(445)		(372)		(357)		(327)	4.4	%		(1,464)		(1,501)		-2.5	%
Net flows		635		420		475		494		666	4.9	%		2,155		2,056		-4.6	%
Transfers between general and separate accounts		53		14		49		72		48	-9.4	%		196		183		-6.6	%
Policyholder assessments		(1,137)		(1,104)		(1,102)		(1,114)		(1,130)	0.6	%		(4,522)		(4,450)		1.6	%
Reinvested interest credited		365		356		360		367		361	-1.1	%		1,474		1,443		-2.1	%
Change in fair value of embedded derivative instruments
and other		(9)		(65)		114		73		33	NM			116		155		33.6	%
Balance as of end-of-period, gross		36,599		36,220		36,116		36,008		35,986	-1.7	%		36,599		35,986		-1.7	%
Account balances reinsured		(15,147)		(14,965)		(14,816)		(14,658)		(14,500)	4.3	%		(15,147)		(14,500)		4.3	%
Balance as of end-of-period, net	$	21,452	$	21,255	$	21,300	$	21,350	$	21,486	0.2	%	$	21,452	$	21,486		0.2	%


Separate Account
Balance as of beginning-of-period	$	28,921	$	28,841	$	28,106	$	30,616	$	33,252	15.0	%		25,150		$	28,841	14.7	%
Gross deposits		425		353		434		1,396		464	9.2	%		1,483		2,646		78.4	%
Withdrawals and deaths		(130)		(204)		(276)		(231)		(156)	-20.0	%		(477)		(867)		-81.8	%
Net flows		295		149		158		1,165		308	4.4	%		1,006		1,779		76.8	%
Transfers between general and separate accounts		(53)		(14)		(48)		(71)		(48)	9.4	%		(196)		(182)		7.1	%
Policyholder assessments		(253)		(246)		(248)		(251)		(255)	-0.8	%		(995)		(1,000)		-0.5	%
Change in market value and reinvestment		(69)		(624)		2,648		1,793		781	NM			3,876		4,600		18.7	%
Balance as of end-of-period, gross		28,841		28,106		30,616		33,252		34,038	18.0	%		28,841		34,038		18.0	%
Account balances reinsured		(5,521)		(5,354)		(5,629)		(5,883)		(5,943)	-7.6	%		(5,521)		(5,943)		-7.6	%
Balance as of end-of-period, net	$	23,320	$	22,752	$	24,987	$	27,369	$	28,095	20.5	%	$	23,320	$	28,095		20.5	%


Total
Balance as of beginning-of-period	$	65,613	$	65,440	$	64,326	$	66,732	$	69,260	5.6	%	$	62,330	$	65,440		5.0	%
Gross deposits		1,402		1,218		1,281		2,247		1,457	3.9	%		5,102		6,203		21.6	%
Withdrawals and deaths		(472)		(649)		(648)		(588)		(483)	-2.3	%		(1,941)		(2,368)		-22.0	%
Net flows		930		569		633		1,659		974	4.7	%		3,161		3,835		21.3	%
Transfers between general and separate accounts		—		—		1		1		—	0.0%			—		1		NM
Policyholder assessments		(1,390)		(1,350)		(1,350)		(1,365)		(1,385)	0.4	%		(5,517)		(5,450)		1.2	%
Change in market value and reinvestment		296		(268)		3,008		2,160		1,142	285.8	%		5,350		6,043		13.0	%
Change in fair value of embedded derivative instruments
and other		(9)		(65)		114		73		33	NM			116		155		33.6	%
Balance as of end-of-period, gross		65,440		64,326		66,732		69,260		70,024	7.0	%		65,440		70,024		7.0	%
Account balances reinsured		(20,668)		(20,319)		(20,445)		(20,541)		(20,443)	1.1	%		(20,668)		(20,443)		1.1	%
Balance as of end-of-period, net	$	44,772	$	44,007	$	46,287	$	48,719	$	49,581	10.7	%	$	44,772	$	49,581		10.7	%

Table of Contents


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

	For the Three Months Ended												For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
General Account
Balance as of beginning-of-period	$	23,727	$	23,619	$	23,479	$	23,700	$	23,852	0.5	%	$	23,784	$	23,619	-0.7	%
Gross deposits		826		811		1,109		1,090		1,054	27.6	%		3,407		4,065	19.3	%
Withdrawals		(1,125)		(1,330)		(1,103)		(1,287)		(1,350)	-20.0	%		(4,495)		(5,071)	-12.8	%
Net flows		(299)		(519)		6		(197)		(296)	1.0	%		(1,088)		(1,006)	7.5	%
Transfers between fixed and variable accounts		22		211		44		171		114	NM			251		540	115.1	%
Policyholder assessments		(4)		(4)		(4)		(4)		(4)	0.0%			(14)		(17)	-21.4	%
Reinvested interest credited		173		172		175		182		177	2.3	%		686		707	3.1	%
Balance as of end-of-period	$	23,619	$	23,479	$	23,700	$	23,852	$	23,843	0.9	%	$	23,619	$	23,843	0.9	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	90,069	$	88,962	$	85,754	$	92,683	$	98,900	9.8	%	$	77,201	$	88,962	15.2	%
Gross deposits		2,647		3,304		2,485		3,918		2,885	9.0	%		11,331		12,591	11.1	%
Withdrawals		(3,080)		(4,969)		(3,076)		(2,966)		(3,587)	-16.5	%		(10,131)		(14,597)	-44.1	%
Net flows		(433)		(1,665)		(591)		952		(702)	-62.1	%		1,200		(2,006)	NM
Transfers between fixed and variable accounts		(19)		(200)		(54)		(149)		(101)	NM			(227)		(505)	NM
Policyholder assessments		(72)		(69)		(69)		(73)		(75)	-4.2	%		(274)		(285)	-4.0	%
Change in market value and reinvestment		(583)		(1,274)		7,643		5,487		2,175	NM			11,062		14,031	26.8	%
Balance as of end-of-period	$	88,962	$	85,754	$	92,683	$	98,900	$	100,197	12.6	%	$	88,962	$	100,197	12.6	%


Total
Balance as of beginning-of-period	$	113,796	$	112,581	$	109,233	$	116,383	$	122,752	7.9	%	$	100,985	$	112,581	11.5	%
Gross deposits		3,473		4,115		3,594		5,008		3,939	13.4	%		14,738		16,656	13.0	%
Withdrawals		(4,205)		(6,299)		(4,179)		(4,253)		(4,937)	-17.4	%		(14,626)		(19,668)	-34.5	%
Net flows		(732)		(2,184)		(585)		755		(998)	-36.3	%		112		(3,012)	NM
Transfers between fixed and variable accounts		3		11		(10)		22		13	NM			24		35	45.8	%
Policyholder assessments		(76)		(73)		(73)		(77)		(79)	-3.9	%		(288)		(302)	-4.9	%
Change in market value and reinvestment		(410)		(1,102)		7,818		5,669		2,352	NM			11,748		14,738	25.5	%
Balance as of end-of-period	$	112,581	$	109,233	$	116,383	$	122,752	$	124,040	10.2	%	$	112,581	$	124,040	10.2	%

Table of Contents


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

	As of 12/31/24				As of 12/31/25
		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			$	12,728		14.6	%	$	13,135	14.3	%
Basic industry				2,840		3.3	%		2,749	3.0	%
Capital goods				5,490		6.3	%		5,574	6.1	%
Communications				2,798		3.2	%		2,936	3.2	%
Consumer cyclical				5,408		6.2	%		5,360	5.8	%
Consumer non-cyclical				12,485		14.4	%		12,623	13.6	%
Energy				2,472		2.8	%		2,487	2.7	%
Technology				3,882		4.5	%		4,307	4.7	%
Transportation				3,124		3.6	%		3,243	3.5	%
Industrial other				2,183		2.5	%		2,346	2.6	%
Utilities				11,194		12.9	%		11,459	12.4	%
Government-related entities				1,170		1.3	%		1,108	1.2	%
Residential mortgage-backed securities ("RMBS")
Agency backed				1,608		1.8	%		1,715	1.9	%
Non-agency backed				328		0.4	%		399	0.4	%
Commercial mortgage-backed securities ("CMBS")				1,724		2.0	%		2,503	2.7	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")				8,189		9.4	%		8,512	9.3	%
Other ABS				5,864		6.7	%		7,713	8.4	%
Municipals				2,647		3.0	%		2,424	2.6	%
United States and foreign government				711		0.8	%		1,153	1.3	%


Hybrid and redeemable preferred securities				235		0.3	%		236	0.3	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost				87,080		100.0	%		91,982	100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments				511					434
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments				264					561
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost				87,855					92,977
Modified coinsurance and funds withheld investments				11,992					10,738
Total fixed maturity AFS, trading and equity securities			$	99,847				$	103,715

(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.

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

	As of 12/31/24				As of 12/31/25
		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)			$	51,922		59.6	%	$	55,596	60.4	%
NAIC 2 (BBB)				32,198		37.0	%		33,291	36.2	%
Total investment grade				84,120		96.6	%		88,887	96.6	%

NAIC 3 (BB)				907		1.1	%		994	1.1	%
NAIC 4 (B)				1,857		2.1	%		1,966	2.1	%
NAIC 5 (CCC and lower)				109		0.1	%		63	0.1	%
NAIC 6 (in or near default)				87		0.1	%		72	0.1	%
Total below investment grade				2,960		3.4	%		3,095	3.4	%
Total			$	87,080		100.0	%	$	91,982	100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)			$	13,450		77.2	%	$	12,814	73.3	%
CM2 (BBB)				3,873		22.2	%		4,527	25.9	%
CM3-7 (BB and lower) (3)				99		0.6	%		141	0.8	%
Total			$	17,422		100.0	%	$	17,482	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			$	65,372		62.6	%	$	68,410	62.5	%
BBB				36,071		34.5	%		37,818	34.5	%
BB and lower				3,059		2.9	%		3,236	3.0	%
Total			$	104,502		100.0	%	$	109,464	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.

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

		For the Three Months Ended												For the Twelve Months Ended

			12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
	Net Income
	Net income (loss) available to common stockholders – diluted	$	1,675	$	(756)	$	688	$	411	$	745	-55.5	%	$	3,187	$	1,086	-65.9	%
	Less:
	Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(91)		(91)	0.0%
	Adjustment for deferred units of LNC stock
	in our deferred compensation plans		—		—		—		—		2	NM			3		—	-100.0	%
	Net income (loss)		1,686		(722)		699		445		754	-55.3	%		3,275		1,177	-64.1	%
	Less:
	Net annuity product features, pre-tax (1)		1,187		(1,092)		405		410		515	-56.6	%		2,508		238	-90.5	%
	Net life insurance product features, pre-tax		46		42		(58)		(22)		(5)	NM			(207)		(42)	79.7	%
	Credit loss-related adjustments, pre-tax		(28)		(28)		(25)		(38)		(43)	-53.6	%		(152)		(134)	11.8	%
	Investment gains (losses), pre-tax		(67)		(103)		(81)		(35)		(101)	-50.7	%		(483)		(319)	34.0	%
	Changes in the fair value of reinsurance-related
	embedded derivatives, trading securities and certain
	mortgage loans, pre-tax (2)		587		(90)		14		(191)		65	-88.9	%		535		(201)	NM






	Gains (losses) on other non-financial assets, pre-tax (3)		—		—		—		—		(14)	NM			582		(14)	NM
	Other items, pre-tax (4)(5)(6)(7)(8)		(32)		(35)		75		(105)		(27)	15.6	%		(270)		(92)	65.9	%

	Income tax benefit (expense) related to the above pre-tax items		(350)		270		(69)		(5)		(81)	76.9	%		(553)		113	120.4	%
	Total adjustments		1,343		(1,036)		261		14		309	-77.0	%		1,960		(451)	NM
	Adjusted income (loss) from operations		343		314		438		431		445	29.7	%		1,315		1,628	23.8	%
	Add:
	Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(91)		(91)	0.0%
	Adjusted income (loss) from operations available
	to common stockholders	$	332	$	280	$	427	$	397	$	434	30.7	%	$	1,224	$	1,537	25.6	%


(1) Includes changes in MRBs of $1,895 million, $126 million, $(666) million, $1,282 million, $(1,302) million, $932 million, $337 million and $374 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 $(587) million, $50 million, $188 million, $(212) million, $268 million, $(605) million, $30 million and $44 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $142 million, $76 million, $97 million, $117 million, $(58) million, $78 million, $43 million and $97 million for the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025 and fourth quarter of 2025.
(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(3) For the fourth quarter of 2025, represents impairment of long-lived assets. For the twelve months ended 2024, relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.
(4) For the first quarter of 2024, includes certain legal accruals of $(114) million primarily related to the settlement of cost of insurance litigation; for the fourth quarter of 2024, includes certain legal accruals of $(15) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries; 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.

(continued on the next page)

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Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

(continued from the previous page)

(5) Includes severance expense related to initiatives to realign the workforce of $(49) million, $(7) million, $(16) million, $(2) million, $(6) million, $(2) million, $(5) million and $(11) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025 and fourth quarter of 2025, respectively.

(6) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(10) million, $(27) million, $(2) million, $(1) million, $(20) million and $(5) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, 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; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization.

(7) Includes deferred compensation mark-to-market adjustment of $(13) million, $1 million, $(1) million, $(2) million, $(9) million, $1 million, $(14) million and $(10) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025 and fourth quarter of 2025, respectively.

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


	For the Three Months Ended												For the Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Revenues
Total revenues	$	5,063	$	4,691	$	4,044	$	4,555	$	4,922	-2.8	%	$	18,442	$	18,212	-1.2	%
Less:
Revenue adjustments from annuity
and life insurance product features		(57)		227		(590)		39		121	NM			(382)		(205)	46.3	%
Credit loss-related adjustments		(28)		(28)		(25)		(38)		(43)	-53.6	%		(152)		(134)	11.8	%
Investment gains (losses)		(67)		(103)		(81)		(35)		(101)	-50.7	%		(483)		(319)	34.0	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans (1)		587		(90)		14		(191)		65	-88.9	%		535		(201)	NM

Gains (losses) on other non-financial assets (2)		—		—		—		—		(14)	NM			582		(14)	NM



Adjusted operating revenues	$	4,628	$	4,685	$	4,726	$	4,780	$	4,894	5.7	%	$	18,342	$	19,085	4.1	%

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

(2) For the fourth quarter of 2025, represents impairment of long-lived assets. For the twelve months ended 2024, relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.

Table of Contents


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended												For the Twelve Months Ended

Earnings (Loss) Per Common Share – Diluted		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Net income (loss)	$	9.63	$	(4.41)	$	3.80	$	2.12	$	3.80	-60.5	%	$	18.41	$	5.83	-68.3	%
Less:
Net annuity product features, pre-tax (1)		6.83		(6.36)		2.24		2.11		2.62	-61.6	%		14.49		1.28	-91.2	%
Net life insurance product features, pre-tax		0.27		0.25		(0.32)		(0.11)		(0.02)	NM			(1.18)		(0.23)	80.5	%
Credit loss-related adjustments, pre-tax		(0.16)		(0.17)		(0.14)		(0.20)		(0.22)	-37.5	%		(0.88)		(0.72)	18.2	%
Investment gains (losses), pre-tax		(0.38)		(0.60)		(0.45)		(0.18)		(0.51)	-34.2	%		(2.78)		(1.71)	38.5	%


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		3.37		(0.53)		0.08		(0.98)		0.34	-89.9	%		3.09		(1.08)	NM




Gains (losses) on other non-financial assets, pre-tax		—		—		—		—		(0.07)	NM			3.36		(0.08)	NM
Other items, pre-tax (2)(3)(4)(5)(6)		(0.19)		(0.20)		0.42		(0.53)		(0.14)	26.3	%		(1.57)		(0.50)	68.2	%
Income tax benefit (expense) related
to the above pre-tax items		(2.02)		1.57		(0.39)		(0.03)		(0.41)	79.7	%		(3.19)		0.61	119.1	%
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss) (7)		—		0.03		—		—		—	NM			—		0.03	NM


Adjusted income (loss) from operations	$	1.91	$	1.60	$	2.36	$	2.04	$	2.21	15.7	%	$	7.07	$	8.23	16.4	%

(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 $7.38, $(7.59), $5.15, $1.74, $1.91, $15.23 and $1.83; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(1.22), $1.57, $(3.34), $0.15, $0.22, $(3.24) and $(1.41); changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $0.67, $(0.34), $0.43, $0.22, $0.49, $2.50 and $0.86 for the fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, twelve months ended 2024 and twelve months ended 2025, respectively.
(2) For the fourth quarter of 2024, includes certain legal accruals of $(0.09) and regulatory accruals of $(0.07) related to estimated state guaranty fund assessments net of estimated state premium tax recoveries; 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 twelve months ended 2024, includes certain legal accruals of $(0.75) primarily related to the settlement of cost of insurance litigation and certain regulatory accruals of $(0.07) related to estimated state guaranty fund assessments net of estimated state premium tax recoveries. For the twelve months ended 2025, includes certain legal accruals of $(0.05) and certain regulatory accruals of $0.01.
(3) Includes severance expense related to initiatives to realign the workforce of $(0.01), $(0.03), $(0.01), $(0.02), $(0.06), $(0.43) and $(0.14) in the fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, twelve months ended 2024 and twelve months ended 2025, respectively.
(4) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.01), $(0.12) and $(0.03) in the fourth quarter of 2024, first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(0.10) and $(0.01) in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(0.28) in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(0.11) in the third quarter of 2025 related to Life Insurance segment persistency optimization; for the twelve months ended 2024, includes $(0.23) primarily related to the sale of our wealth management business; for the twelve months ended 2025, includes $(0.30) of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(0.13) related to the sale of our wealth management business, $(0.11) related to Life Insurance segment persistency optimization and $(0.11) primarily related to the Bain Capital transaction.
(5) Includes deferred compensation mark-to-market adjustment of $(0.01), $(0.05), $0.01, $(0.07), $(0.05), $(0.09) and $(0.17) in the fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, twelve months ended 2024 and twelve months ended 2025, respectively.
(6) Includes gains on early extinguishment of debt of $0.52 and $0.50 in the second quarter of 2025 and twelve months ended 2025, respectively.
(7) In periods where net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. Due to reporting adjusted income (loss) from operations per common share on a different share basis than net income (loss) per common share, we have included an adjustment to reconcile the two metrics.

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 Twelve Months Ended

		12/31/24		3/31/25		6/30/25		9/30/25		12/31/25	Change			12/31/24		12/31/25	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	8,269	$	8,193	$	9,548	$	10,452	$	10,906	31.9	%	$	8,269	$	10,906	31.9	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(5,036)		(4,306)		(4,392)		(3,839)		(4,058)	19.4	%		(5,036)		(4,058)	19.4	%
Stockholders’ equity, excluding AOCI and preferred stock		12,319		11,513		12,954		13,305		13,978	13.5	%		12,319		13,978	13.5	%
Changes in MRBs		3,165		2,133		2,869		3,136		3,431	8.4	%		3,165		3,431	8.4	%
GLB and GDB hedge instruments gains (losses)		(3,062)		(2,993)		(3,602)		(3,706)		(3,812)	-24.5	%		(3,062)		(3,812)	-24.5	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(151)		(196)		(186)		(305)		(236)	-56.3	%		(151)		(236)	-56.3	%
Adjusted stockholders’ equity	$	12,367	$	12,569	$	13,873	$	14,180	$	14,595	18.0	%	$	12,367	$	14,595	18.0	%


Stockholders’ Equity, Average
Stockholders’ equity	$	8,641	$	8,231	$	8,871	$	10,000	$	10,679	23.6	%	$	8,022	$	9,445	17.7	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(3,860)		(4,671)		(4,349)		(4,116)		(3,948)	-2.3	%		(3,815)		(4,271)	-12.0	%
Stockholders’ equity, excluding AOCI and preferred stock		11,515		11,916		12,234		13,130		13,641	18.5	%		10,851		12,730	17.3	%
Changes in MRBs		2,656		2,649		2,501		3,002		3,283	23.6	%		2,380		2,859	20.1	%
GLB and GDB hedge instruments gains (losses)		(2,913)		(3,027)		(3,297)		(3,654)		(3,759)	-29.0	%		(2,695)		(3,434)	-27.4	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(396)		(173)		(191)		(245)		(270)	31.8	%		(445)		(220)	50.6	%
Adjusted average stockholders' equity	$	12,168	$	12,467	$	13,221	$	14,027	$	14,387	18.2	%	$	11,611	$	13,525	16.5	%


Book Value Per Common Share
Book value per share	$	42.60	$	41.96	$	44.91	$	49.56	$	51.88	21.8	%	$	42.60	$	51.88	21.8	%
Less:
AOCI		(29.46)		(25.08)		(23.04)		(20.10)		(21.22)	28.0	%		(29.46)		(21.22)	28.0	%
Book value per share, excluding AOCI		72.06		67.04		67.95		69.66		73.10	1.4	%		72.06		73.10	1.4	%
Less:
Changes in MRBs		18.51		12.42		15.05		16.42		17.94	-3.1	%		18.51		17.94	-3.1	%
GLB and GDB hedge instruments gains (losses)		(17.91)		(17.43)		(18.89)		(19.40)		(19.94)	-11.3	%		(17.91)		(19.94)	-11.3	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(0.88)		(1.14)		(0.98)		(1.59)		(1.23)	-39.8	%		(0.88)		(1.23)	-39.8	%
Adjusted book value per share	$	72.34	$	73.19	$	72.77	$	74.23	$	76.33	5.5	%	$	72.34	$	76.33	5.5	%

1 Earnings Supplement Fourth Quarter 2025 February 12, 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. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results, including the statements relating to our 2026 outlook, our medium-term expectations with respect to certain business segments and other key metrics, our illustrative timeline for strategic initiatives, our 2026 seasonality considerations and our 2026 expected operating income and expense reallocations. 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 2025 Fourth Quarter Summary

4 4Q25 Key Messages • Annuities total sales of $4.9B, up 33% YoY, with 100% of fixed annuity sales now retained. • Life Insurance sales up almost 20% YoY, driven by accumulation products. • Group Protection premiums up 8% YoY, driven by strong sales and persistency over the past 12 months. $ in millions After- tax Per share Adjusted Operating Income1 $434 $2.21 Normalizing item Higher alternative investment income compared to our 10% annual return target $16 $0.08 Adjusted operating income1 up 31% YoY, with broad-based earnings growth • Life Insurance earnings of $77M, up $92M YoY, driven by improved mortality and strong alternative investment income. • Group Protection earnings up 2% YoY, driven by strong premium growth. • Annuities and Retirement Plan Services YoY earnings growth reflected equity market strength. Strong sales performance in markets aligned with our strategic objectives Maintained capital strength while enhancing financial flexibility • Holding Company available liquidity increased to $655M at year-end, net of prefunding amounts. • Inaugural dividend of $75M from Bermuda reinsurance affiliate. • Leverage ratio2 improved 270bps YoY to 25.1%. 1 Represents Adjusted Operating Income Available to Common Stockholders. See Non-GAAP Financial Measures Appendix for definition and reconciliations. 2 See Non-GAAP Financial Measures Appendix for definition and reconciliations.

5 Annuities Group Protection Operating Income Primary Drivers Operating Income Primary Drivers Retirement Plan Services Life Insurance Operating Income Primary Drivers Operating Income Primary Drivers • Favorable equity markets • Favorable mortality experience • Higher net G&A expenses • Variable annuity outflows • Higher premiums • Favorable disability results • Life incidence more in line with expectations as compared to favorability in 4Q24 4Q25 Earnings Drivers $ in millions • Favorable equity markets • Spread expansion • Outflows • Higher net G&A expenses • Improved mortality • Higher alternative investment income $303 $311 4Q24 4Q25 $107 $109 4Q24 4Q25 $43 $46 4Q24 4Q25 $(15) $77 4Q24 4Q25

6 Key Highlights Operating Income1 ($M) Sales ($B) • Operating income increased 3% YoY, driven by favorable equity markets and favorable mortality experience, partially offset by outflows and higher net G&A expenses. • Total sales of $4.9B increased 33% YoY, with spread-based products comprising nearly two-thirds of total sales. • Ending account balances2 grew 7% YoY, resulting in a record ending balance. • ROAB3 declined modestly YoY, reflecting our intentional shift toward spread-based products to support more predictable earnings over time. Ending Account Balances2 ($B) Return on Average Account Balances1,3 15% 23% 30% 31% 25% 35% 34% 36% 32% 40%16% 14% 11% 13% 12% 34% 29% 23% 24% 23% 4Q24 1Q25 2Q25 3Q25 4Q25 Fixed RILA VA w/o GLB VA w/ GLB $164 $158 $168 $174 $175 6% 7% 6% 7% 7% 21% 21% 22% 22% 22% 30% 30% 29% 29% 29% 43% 42% 43% 42% 42% 4Q24 1Q25 2Q25 3Q25 4Q25 Fixed RILA VA w/o GLBs VA w/ GLBs Annuities 0.73% 0.71% 0.72% 0.75% 0.71% 4Q24 1Q25 2Q25 3Q25 4Q25 $303 $290 $287 $318 $311 4Q24 1Q25 2Q25 3Q25 4Q25 $4.0 $3.7 $3.8 $4.5 $4.9 1 Excludes $(8)M in 3Q25 related to annual assumption review. 2 Net of reinsurance. 3 Return on Average Account Balances, net of reinsurance.

7 Key Highlights Operating Income1 ($M) Sales ($M) • Operating income increased by $2M YoY, driven by strong premium growth. • Total sales down 16% YoY, compared to the fourth-quarter sales record achieved in 2024. • Premiums were 8% higher YoY, driven by strong sales and persistency over the past year while executing on pricing strategy. • Life loss ratio increased YoY, driven by life experience more in line with expectations as compared to favorability in the prior-year quarter. Premiums and Margin1,2 ($M) Loss Ratios1,2 $1,274 $1,371 $1,386 $1,357 $1,380 8.4% 7.4% 12.5% 11.4% 8.1% 7.9% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% $- $200 $400 $600 $800 $1,000 $1,200 $1,400 4Q24 1Q25 2Q25 3Q25 4Q25 Premiums Margin Margin, ex. Experience Refund 54% 31% 38% 40% 59% 37% 24% 30% 35% 32% 9% 45% 32% 25% 9% 4Q24 1Q25 2Q25 3Q25 4Q25 Disability Life Supp Health / Dental 65% 75% 67% 65% 68% 75% 70% 67% 77% 74% 4Q24 1Q25 2Q25 3Q25 4Q25 Life Disability $467 3 $109 4Q24 1Q25 2Q25 3Q25 4Q25 Operating Income Experience Refund $110$107 $101 $157 $173 $187 $116 $391 Group Protection 1 Excludes $39M in 3Q25 related to annual assumption review. 2 Excludes the after-tax impact of the $15M experience refund in 2Q25. 3 Life loss ratio includes supplemental health.

8 Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income increased by 7% YoY, driven by favorable equity markets and spread expansion, partially offset by outflows and higher net G&A expenses. • Total deposits were up 13% YoY, supported by strong first-year sales. • Ending account balances were $124B, up 10% YoY, supported by favorable equity markets. • ROAB1 was in line with the PY quarter, reflecting the benefit of spread expansion, partially offset by participant withdrawals. Ending Account Balances ($B) Return on Average Account Balances 79% 79% 80% 81% 81% 21% 21% 20% 19% 19% $113 $109 $116 $123 $124 4Q24 1Q25 2Q25 3Q25 4Q25 Separate Account and Mutual Funds General Account $43 $34 $37 $46 $46 4Q24 1Q25 2Q25 3Q25 4Q25 0.15% 0.12% 0.13% 0.15% 0.15% 4Q24 1Q25 2Q25 3Q25 4Q25 45% 31% 32% 22% 33% 35% 44% 26% 62% 33% 20% 25% 42% 16% 34% 4Q24 1Q25 2Q25 3Q25 4Q25 Sm. Market Mid-Large Market Stable Value/Other $1.3 $1.1 $1.2 $2.4 $1.7 1 Return on Average Account Balances.

9 Key Highlights Operating Income (Loss)1 ($M) Sales ($M) • Operating income improved by $92M YoY, driven by improved mortality and higher alternative investment income. • Total sales of $142M were up 19% YoY, as sales of accumulation products continued to drive growth. • Revenues were 2% higher year over year driven by alternative investment income. Margins grew due to higher alternative investment income and improved mortality. • Net G&A expenses were in-line YoY as higher variable compensation was offset by ongoing expense efficiency actions. Operating Revenue ($M) and Margin2 (%) Net G&A Expenses ($M) 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 $(22) $(1) $32 $56 $63 $7 $(15) $(2) $14 4Q24 1Q25 2Q25 3Q25 4Q25 $(15) $(16) Life Insurance $32 80% 82% 72% 33% 89% 20% 18% 28% 67% 11%$119 $97 $121 $298 $142 4Q24 1Q25 2Q25 3Q25 4Q25 Core Executive Benefits $54 $77 $129 $119 $122 $121 $130 4Q24 1Q25 2Q25 3Q25 4Q25 1 Excludes $(29)M in 3Q25 related to annual assumption review. 2 Margin is calculated as operating income (loss), excluding $(29)M in 3Q25 related to annual assumption review, divided by operating revenue. $1,608 $1,587 $1,602 $1,610 $1,643 -0.9% -1.0% 2.0% 3.4% 4.7% -2.0% 0.0 % 2.0% 4.0% 6.0% 8.0% 10.0% 1550 1560 1570 1580 1590 1600 1610 1620 1630 1640 1650 4Q24 1Q25 2Q25 3Q25 4Q25

10 Other Operations ($95) ($95) ($91) ($99) ($98) ($11) ($34) ($11) ($34) ($11) 4Q24 1Q25 2Q25 3Q25 4Q25 Operating Loss Preferred Dividend $463 $466 $466 $461 $655 4Q24 1Q25 2Q25 3Q25 4Q25 27.8% 27.5% 25.6% 25.2% 25.1% 4Q24 1Q25 2Q25 3Q25 4Q25 $68 $66 $56 $72 $64 4Q24 1Q25 2Q25 3Q25 4Q25 1 Holding company available liquidity presented as of 12/31/24 does not include the $300 million pre-funding of a 2025 maturity and 12/31/25 does not include the $400 million pre-funding of a 2026 maturity. 2 See Non-GAAP Financial Measures Appendix for definition and reconciliations. Key Highlights Operating Loss and Preferred Dividend ($M) Other Expenses ($M) • Operating loss of $(98)M is $3M lower YoY due to the impact of a favorable item in the fourth quarter of 2024. • Other expenses were down $4M YoY driven by continued reduction of the Spark program investment. • Holding Company available liquidity increased to $655M at year-end, net of prefunding amounts. • Leverage ratio improved by 270 basis points driven by equity growth. Holding Company Available Liquidity1 ($M) Leverage Ratio2

11 Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Portfolio grew $10B YoY to $129B, supporting our strategic shift toward spread-based earnings. • Well-diversified portfolio with 97% investment-grade rated assets. • Portfolio yield expanded 10bps YoY to 4.65%, with new money yield continuing to exceed portfolio yield despite declining rates. • Diversified alternatives portfolio delivered a 3.0% quarterly return, or 12% annualized return, above our annual expectation of 10%. New Money Yields Alternative Investment Income ($M), Pre-Tax 38% 38% 37% 36% 36% 17% 18% 17% 17% 17% 15% 15% 16% 15% 16% 18% 18% 18% 18% 17% 3% 3% 3% 3% 3%9% 8% 9% 11% 11% 4Q24 1Q25 2Q25 3Q25 4Q25 Public Corps Private Corps Structured Mortgage Loans Alts Other Investment Portfolio 4.55% 4.57% 4.61% 4.64% 4.65% 6.2% 6.0% 6.1% 5.9% 5.3% 4Q24 1Q25 2Q25 3Q25 4Q25 Portfolio Yield New Money Yield $105 $75 $101 $101 $124 2.8% 1.9% 2.5% 2.5% 3.0% 0 20 40 60 80 100 120 140 4Q24 1Q25 2Q25 3Q25 4Q25 % Returns, Unannualized 62% 62% 63% 62% 62% 35% 35% 34% 35% 35% 3% 3% 3% 3% 3% 4Q24 1Q25 2Q25 3Q25 4Q25 NAIC 1/CM1 NAIC 2/CM2 NAIC 3-6/CM3-7 $119 $119 $122 $126 1 2 $129 1 Mortgage Loans include CMLs and RMLs. 2 Other includes municipals, cash, COLI assets, common and preferred stock, sovereign government and UST/agency.

12 Outlook

13 Continuing our transformation Growing earnings while diversifying our mix Annuities 69% Group 18% Retirement 11% Life 2% Annuities 55-65% Group 20-30% Retirement 5-15% Life 5-10% Annuities 58-60% Group 24-25% Retirement 8-9% Life 8-9% 2023 Operating Income Mix1,3 2026 Original Outlook1,2 2026 Current Outlook1,6 Diversifying our sources of earnings to a more balanced mix with an emphasis on growing insurance risk Growing operating income at or above guided growth rates provided in 4Q23 Investor Outlook Operating Income 20233 20253 2026 Implied Outlook6 Original 3-Yr CAGR2,4 Current 3-Yr CAGR4 Annuities $1,060m $1,206m 2 - 4% 3 - 5% Group Protection $275m $493m 13 - 16% 20 - 23% Retirement Plan Services $171m $163m 2 - 4% 0 - 2% Life Insurance $37m $146m 60% 65 - 70% Other Operations5 ($479m) ($473m) (5)% - (10)% 0% - (2)% 1 For illustrative purposes only/excludes Other Operations. 2 As provided in the Fourth Quarter 2023 Investor Outlook dated February 8, 2024. 3 These metrics exclude the following impacts: 2023: Annuities: $11M DRD true-up, $(12)M assumption review, and $14M model refinement; Group: $24M assumption review; and Life: $(156)M assumption review, $(25)M unclaimed property, $(15)M surrender benefit program. 2025: Annuities: $(8)M assumption review; Group Protection: $39M assumption review; Life: $(29)M assumption review. 4 Negative 2023 - 2026 Compound Annual Growth Rate represents reduction in losses. 5 Other Operations includes preferred dividends. For 2023, excludes $3M unclaimed property. 6 2026 outlook represents a point-in-time estimate as of 2/12/2026, based on a number of assumptions, including, but not limited to, 10% annual alternative investment portfolio returns, 6% annual equity market returns, other capital market assumptions and assumptions related to underwriting experience and net flows. Accordingly, actual results may differ significantly from the outlook ranges provided.

14 407% 433% 2023 2024 2025E (ex Bain) Year End RBC Ratio1 30% 28% 25% 2023 2024 2025 Leverage Ratio2 Delivering on our financial commitments one year early Rebuilt capital base with an incremental buffer while improving leverage and free cash flow Original 2026 Financial Target4 420%+ 35% 39% 2023 2024 2025 FCF Conversion Ratio3 Prior 2026 Financial Target5 45%-60% Original 2026 Financial Target4 25-28% 439% 45% 1 The RBC ratio is calculated as of December 31 annually, but is reported in the March statutory reporting, and as such, the ratio presented is considered an estimate based on information known at the time of reporting. Estimate as of December 31, 2025, excludes remaining proceeds from 2025 Bain stock purchase transaction yet to be deployed. 2 See Non-GAAP Financial Measures Appendix for definition and reconciliations. 3 Represents the ratio of free cash flow to adjusted operating income available to common stockholders not including the impacts of significant items. See Non-GAAP Financial Measures Appendix for definitions and reconciliations. 4 As provided in the Fourth Quarter 2023 Investor Outlook dated February 8, 2024. 5 As provided in the Fourth Quarter 2024 Investor Supplement dated February 6, 2025.

Illustrative timeline for strategic initiatives Stabilize and Revitalize Leveraging our Foundation 2023 2024 2025 2026 2027 2028 Capital and risk Reinsurance (external risk transfer) M&A / Divestitures / Strategic Capital Deleveraging Optimized operating model Expense efficiency/process optimization General account optimization Bermuda Affiliate reinsurance Profitable growth Group Protection Life Insurance Annuities Retirement Plan Services Executing on our strategic initiatives Multi-year journey built upon execution and strategic realignment Evaluating GUL Deal (Fortitude Re) Capital Buffer (LFN Sale) Strategic Capital (Bain) Firmwide RIF Targeted Segment Efficiency Actions Targeted Segment Efficiency Actions Capital Retention and Debt Reduction Preferred Securities Optimization Realignment Execution Realignment Realignment Realignment Execution Execution Execution New Business (Annuity, FABN) New Business (Other) Inforce (Life) LPine Launch Flow (Annuity, Term) Flow (Life, Other) 15

16 Workplace Solutions Priorities Key Metrics 2024 2025 Medium Term1 Premium Growth 3% 7% 3 - 6% Margin2 8.3% 9.0% 8 - 9% Supplemental Health as % of Premium 4% 5% 6 - 8% 2024 2025 Medium Term1 Average Account Balance Growth 15% 8% 5 - 6% ROAB3 15bps 14bps 14 - 15bps Small Market as % of Average Account Balance 18% 19% 19 - 20% 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 Levers • Execution of pricing strategy • Investment in automation and AI • Continued expense efficiency actions • Targeted expense efficiency actions • Strategic growth in Small Market segment • Investment portfolio optimization Diversify book of business across segment and product, with focus on strong persistency and growing Local Markets and Supplemental Health Optimize capital efficiency by leveraging Bermuda entity Execute technology roadmap, including modernization of claims platform Group Protection Retirement Plan Services 1 Medium Term defined as potential range over next two years. 2 Margin is calculated as Group Protection operating income divided by premiums. Operating income excludes $(1)M in 3Q24 and $39M in 3Q25 related to annual assumption review. 3 Return on average account balances; represents operating income divided by average account balances.

17 Retail Solutions Annuities Life Insurance 2024 2025 Medium Term1 Average Account Balance Growth2 8% 5% 1 - 4% ROAB3,4 74bps 72bps 66 - 70bps Spread-based Average Account Balance Mix 26% 28% 30 - 35% 2024 2025 Medium Term1 Reserve Growth5 5% 9% (5)% - 5% Margin6,7 -1.1% 2.3% 2 - 4% SGUL as % of Reserve5 22% 21% 15 - 20% Priorities Key Metrics Levers 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 Diversify source of earnings mix by growing spread-based account value over time Maximize capital efficiency and achieve attractive new business returns Expand product set to target a larger addressable market • Continued optimization of strategic asset allocation • Industry leading distribution • Affiliate flow reinsurance • Affiliate reinsurance • External risk transfer • Inforce investment portfolio optimization 1 Medium Term defined as potential range over next two years. 2 Net of reinsurance. 3 Return on average account balances, net of reinsurance; represents operating income divided by average account balances. 4 Excludes $(19)M balance sheet true-up in preparation for the close of the sale of the wealth management business and $(12)M tax-related items in 1Q24, and $1M in 3Q24 and $(8)M in 3Q25 related to the annual assumption review. 5 Net of reinsurance. 6 Margin is calculated as operating income, excluding the impact of the annual assumption review of $8M and $(29)M in 2024 and 2025, respectively, divided by total operating revenues. 7 Medium term potential range assumes 10% annual return on alternative investment income.

18 Other Operations and Holding Company 2024 2025 Medium Term1 Unallocated Net G&A Expense $257m $248m $220m - $240m FABN Issuance - $1,500m $750m - $2,000m 2024 2025 Medium Term1 Subsidiary Remittances $595m $845m $1,200m – $1,300m Holding Company Net Expense2 $(537m) $(450m) ($390m - $420m) Capital Return to Shareholders3 $306m $324m $400m - $600m+ Priorities Key Metrics Levers Other Operations Holding Company Ensure capital flexibility to redeem the preferred securities in 2027 Increase the return of excess capital to stockholders Maintain high-quality off-balance sheet resources to protect against stress contingencies Continue to grow new ventures, in particular scaling the FABN program after successful 2025 launch Reduce unallocated corporate overhead • Strong demand for LNL institutional funding agreements • Targeted expense efficiency programs • Leverage ratio back to target levels • Contingent capital and credit facilities • Growth in free cash flow 1 Medium Term defined as potential range over next two years. 2 Represents subsidiary remittances less adjusted holding company net cash provided by operating activities. See slides 30 and 31. 3 Excludes capital to preferred shareholders. Any decisions regarding the return of capital to shareholders, including share repurchase activity, will depend on the Company’s financial condition, capital position, market conditions, and other factors existing at the time. There can be no assurance that the amounts shown in the outlook will be achieved, or that any repurchases will occur.

19 Appendix

20 Expected Seasonality 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Annuities 90 fee days 91 fee days 92 fee days 92 fee days Group Protection Seasonally higher loss ratio Seasonally lower loss ratio Seasonally higher loss ratio Retirement Plan Services1 Biannual crediting rate Biannual crediting rate Life Insurance Unfavorable Mortality Lower fee income Favorable Mortality Favorable Mortality Higher fee income Preferred Dividend $34M $11M $34M $11M Seasonality of Operating Income (Contribution % to Total Year) 15%-20% 25%-30% 25%-30% 25%-30% 1 7/1/26 crediting rate reset impact is unknown and will be based on prevailing interest rates and market dynamics. 2 As compared to 2025 operating income and net G&A expenses. The impacts of these 2026 reallocation changes are not meant to represent all possible impacts to operating income and net G&A expenses in 2026. 3 Data presented after-tax. 2026 Modeling Considerations: Seasonality and Allocation Changes • Impacts to operating income from net investment income (NII) allocation changes reflect primarily a refinement in the allocation of NII supporting the cost of index hedging from Annuities’ operating results to non-operating results. • Inter-segment net G&A expense adjustments result from the annual re-alignment of overhead net G&A expense allocation. This exercise has a net zero impact on total net G&A for the company. Expected Operating Income and Expense Reallocations2,3 Impacts to Operating Income from NII Allocation Changes Inter-Segment Net G&A Expense Adjustments Total Estimated Impact as Compared to 2025 Operating Income Annuities $(50)M $3M $(47)M Group Protection - $(25)M $(25)M Retirement Plan Services - $(12)M $(12)M Life Insurance - $7M $7M Other Operations $(20)M $27M $7M

21 Investment portfolio High quality and well-diversified portfolio1 $129B Average A- Rated Portfolio allocation by asset class 1 Data on slide is as of December 31, 2025. 2 Other includes cash, COLI assets, common and preferred stock, sovereign government 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 91% investment grade • Private Letter Ratings (PLRs) account for ~6% of the Lincoln General Account The portfolio is well-positioned… • Long-term investment strategy is tightly aligned with our liability profile and positioned for various economic cycles. • 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 Public Corporate 36% Private Credit 20% Public Structured 13% CML 14% RML 4% Other 13%2 Private Corporates 15% Private Structured 3% Direct Lending 2%

22 Non-GAAP Financial Measures Appendix

23 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 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 income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

24 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 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. Free Cash Flow Free cash flow is holding company net cash provided by (used in) operating activities less preferred stock dividends, capital contributions to subsidiaries and certain one-time items, plus the net change in excess statutory capital in our life insurance subsidiaries, after meeting targeted levels of statutory capital and holding company obligations, excluding the impact of certain strategic transactions and certain other one-time items.

25 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 For the Twelve Months Ended 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 12/31/23 12/31/24 12/31/25 Net Income Net income (loss) available to common stockholders – diluted $ 1,675 $ (756) $ 688 $ 411 $ 745 $ (835) $ 3,187 $ 1,086 Less: Preferred stock dividends declared (11) (34) (11) (34) (11) (82) (91) (91) Adjustment for deferred units of LNC stock in our deferred compensation plans — — — — 2 (1) 3 — Net income (loss) 1,686 (722) 699 445 754 (752) 3,275 1,177 Less: Net annuity product features, pre-tax (1) 1,187 (1,092) 405 410 515 68 2,508 238 Net life insurance product features, pre-tax 46 42 (58) (22) (5) (393) (207) (42) Credit loss-related adjustments, pre-tax (28) (28) (25) (38) (43) (80) (152) (134) Investment gains (losses), pre-tax (2) (67) (103) (81) (35) (101) (959) (483) (319) Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax (3) 587 (90) 14 (191) 65 (802) 535 (201) Gains (losses) on other non-financial assets, pre-tax (4) — — — — (14) — 582 (14) Other items, pre-tax (5)(6)(7)(8)(9) (32) (35) 75 (105) (27) (55) (270) (92) Income tax benefit (expense) related to the above pre-tax items (350) 270 (69) (5) (81) 479 (553) 113 Total adjustments 1,343 (1,036) 261 14 309 (1,742) 1,960 (451) Adjusted income (loss) from operations 343 314 438 431 445 990 1,315 1,628 Add: Preferred stock dividends declared (11) (34) (11) (34) (11) (82) (91) (91) Adjusted income (loss) from operations available to common stockholders $ 332 $ 280 $ 427 $ 397 $ 434 $ 908 $ 1,224 $ 1,537 Earnings (Loss) Per Common Share – Diluted Net income (loss) (diluted) $ 9.63 $ (4.41) $ 3.80 $ 2.12 $ 3.80 (4.92) 18.41 5.83 Adjusted income (loss) from operations (diluted) 1.91 1.60 2.36 2.04 2.21 5.32 7.07 8.23 Refer to following slide 26 for footnotes to table.

26 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 $1,282 million, $(1,302) million, $932 million, $337 million, $374 million, $2,197 million, $2,637 million and $341 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 $(212) million, $268 million, $(605) million, $30 million, $44 million, $(1,894) million, $(561) million and $(263) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $117 million, $(58) million, $78 million, $43 million, $97 million, $(235) million, $432 million and $160 million for the fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, twelve months ended December 31, 2023, twelve months ended December 31, 2024 and twelve months ended December 31, 2025, respectively. (2) Includes intent to sell impairments during the second and third quarters of 2023 of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction. (3) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. (4) For the fourth quarter of 2025, represents impairment of long-lived assets. For the twelve months ended December 31, 2024, relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit. (5) For the fourth quarter of 2024, includes certain legal accruals of $(15) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries; 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 twelve months ended December 31, 2023, includes certain legal accruals of $(12) million; for the twelve months ended December 31, 2024, includes certain legal accruals of $(129) million, primarily attributable to a first quarter 2024 accrual related to the settlement of cost of insurance litigation, and regulatory accruals of $(12) million; for the twelve months ended December 31, 2025, includes certain legal accruals of $(9) million and regulatory accruals of $2 million. (6) Includes severance expense related to initiatives to realign the workforce of $(2) million, $(6) million, $(2) million, $(5) million, $(11) million, $(7) million, $(74) million and $(24) million in the fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, twelve months ended December 31, 2023, twelve months ended December 31, 2024 and twelve months ended December 31, 2025, respectively. (7) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(1) million, $(20) million and $(5) million in the fourth quarter of 2024, 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; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization; for the twelve months ended December 31, 2023, includes $(30) million related to the fourth quarter 2023 reinsurance transaction and $(4) million related to the sale of our wealth management business; for the twelve months ended December 31, 2024, includes $(40) million primarily related to the sale of our wealth management business; for the twelve months ended December 31, 2025, includes $(55) million of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(25) million related to the sale of our wealth management business, $(22) million related to Life Insurance segment persistency optimization and $(21) million primarily related to the Bain Capital transaction. (8) Includes deferred compensation mark-to-market adjustment of $(2) million, $(9) million, $1 million, $(14) million, $(10) million, $(2) million, $(15) million and $(32) million in the fourth quarter of 2024, first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, twelve months ended December 31, 2023, twelve months ended December 31, 2024 and twelve months ended December 31, 2025, respectively. (9) Includes gains on early extinguishment of debt of $94 million in the second quarter of 2025 and for the twelve months ended December 31, 2025.

27 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 25. (2) For the year ended 12/31/2024, primarily reflects a dividends received deduction true-up, partially offset by an uncertain tax position release. For the Three Months Ended For the Twelve Months Ended 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 12/31/23 12/31/24 12/31/25 Adjusted income from operations available to common stockholders(1) $ 332 $ 280 $ 427 $ 397 $ 434 $ 908 $ 1,224 $ 1,537 Less significant items: Tax-related items(2) - - - - - (11) 16 - Balance sheet true-up related to sale of wealth management business - - - - - - 19 - Annual assumption review - - - (2) - 144 (8) (2) Model refinement - - - - - (14) - - Unclaimed property - - - - - 22 - - Surrender benefit program - - - - - 15 - - Total significant items - - - (2) - 156 27 (2) Adjusted income from operations available to common stockholders, excluding significant items $ 332 $ 280 $ 427 $ 395 $ 434 $ 1,064 $ 1,251 $ 1,535

28 Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 12/31/23 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Leverage Ratio Short-term debt (1) $ 250 $ 300 $ — $ — $ — $ 400 Long-term debt 5,699 5,856 5,868 5,767 5,772 5,866 Total debt 5,949 6,156 5,868 5,767 5,772 6,266 Preferred stock 986 986 986 986 986 986 Total debt and preferred stock 6,935 7,142 6,854 6,753 6,758 7,252 Less: Operating debt (2) 867 868 868 868 868 868 Prefunding of upcoming debt maturities — 300 — — — 400 25% of capital securities and subordinated notes 302 302 302 247 247 247 50% of preferred stock 493 493 493 493 493 493 Carrying value of fair value hedges and other items 154 111 122 119 119 114 Total numerator $ 5,119 $ 5,068 $ 5,069 $ 5,026 $ 5,031 $ 5,130 Adjusted stockholders’ equity (3) $ 11,023 $ 12,367 $ 12,569 $ 13,873 $ 14,180 $ 14,595 Add: 25% of capital securities and subordinated notes 302 302 302 247 247 247 50% of preferred stock 493 493 493 493 493 493 Total numerator 5,119 5,068 5,069 5,026 5,031 5,130 Total denominator $ 16,937 $ 18,230 $ 18,433 $ 19,639 $ 19,951 $ 20,465 Leverage ratio 30.2% 27.8% 27.5% 25.6% 25.2% 25.1% (1) As of December 31, 2025, consists of $400 million principal amount of our 3.625% Senior Notes due December 12, 2026. (2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee universal life insurance and term policies. (3) See reconciliation to stockholders’ equity on slide 29.

29 Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity Unaudited (millions of dollars) As of or For the Three Months Ended 12/31/23 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 6,893 $ 8,269 $ 8,193 $ 9,548 $ 10,452 $ 10,906 Less: Preferred stock 986 986 986 986 986 986 AOCI (3,476) (5,036) (4,306) (4,392) (3,839) (4,058) Stockholders’ equity, excluding AOCI and preferred stock 9,383 12,319 11,513 12,954 13,305 13,978 Changes in MRBs 1,083 3,165 2,133 2,869 3,136 3,431 GLB and GDB hedge instruments gains (losses) (2,085) (3,062) (2,993) (3,602) (3,706) (3,812) Reinsurance-related embedded derivatives and portfolio gains (losses) (638) (151) (196) (186) (305) (236) Adjusted stockholders’ equity $ 11,023 $ 12,367 $ 12,569 $ 13,873 $ 14,180 $ 14,595

30 Free Cash Flow Conversion Ratio, Including Reconciliation of Holding Company Net Cash Provided by Operating Activities to Free Cash Flow Unaudited (millions of dollars) For the Year Ended 12/31/25 Holding company net cash provided by operating activities $ 491 Adjustments: Preferred stock dividends (91) Capital contributions to subsidiaries (1) (5) Adjusted holding company net cash provided by operating activities 395 Add: Excess statutory capital retained by our life insurance subsidiaries (2) 291 Total free cash flow (numerator) 686 Adjusted income (loss) from operations available to common stockholders (3) 1,537 Less: Significant items (4) 2 Adjusted income (loss) from operations available to common stockholders, excluding significant items (denominator) $ 1,535 Free cash flow conversion ratio 45% (1) Excludes the capital contribution to LNL of proceeds derived from the Bain common stock issuance and the debt-related hedge termination. (2) Represents (1) the change in the excess statutory capital of our U.S. life insurance subsidiaries after meeting both targeted levels of statutory capital and holding company obligations, excluding the remaining excess capital from the Bain common stock transaction, which is pending deployment and (2) the change in the excess statutory capital of our Bermuda-based life and annuity reinsurance subsidiary. Annual statutory financial statements are filed in March, and as such, the statutory information used in this calculation is considered an estimate based on information known at the time of reporting. (3) See reconciliation to net income (loss) available to common stockholders on slide 25. (4) See slide 27 for details.

31 Free Cash Flow Conversion Ratio, Including Reconciliation of Holding Company Net Cash Provided by Operating Activities to Free Cash Flow Unaudited (millions of dollars) For the Year Ended 12/31/24 Holding company net cash provided by operating activities $ 176 Adjustments: Preferred stock dividends (91) Capital contributions to subsidiaries (27) Adjusted holding company net cash provided by operating activities 58 Add: Excess statutory capital retained by our life insurance subsidiaries (1) 434 Total free cash flow (numerator) 492 Adjusted income (loss) from operations available to common stockholders (2) 1,224 Less: Significant items (3) (27) Adjusted income (loss) from operations available to common stockholders, excluding significant items (denominator) $ 1,251 Free cash flow conversion ratio 39% (1) Represents (1) the change in the excess statutory capital of our U.S. life insurance subsidiaries after meeting both targeted levels of statutory capital and holding company obligations, excluding the excess capital impact of the sale of our wealth management business in the second quarter of 2024 and certain other one-time items and (2) the initial over-capitalization of our Bermuda-based life and annuity reinsurance subsidiary. Annual statutory financial statements are filed in March, and as such, the statutory information used in this calculation is considered an estimate based on information known at the time of reporting. (2) See reconciliation to net income (loss) available to common stockholders on slide 25. (3) See slide 27 for details.

32 Free Cash Flow Conversion Ratio, Including Reconciliation of Holding Company Net Cash Provided by Operating Activities to Free Cash Flow Unaudited (millions of dollars) For the Year Ended 12/31/23 Holding company net cash provided by operating activities $ 398 Adjustments: Preferred stock dividends (82) Capital contributions to subsidiaries (7) Adjusted holding company net cash provided by operating activities 309 Add: Excess statutory capital retained by our life insurance subsidiaries, excluding the impact of certain strategic transactions (1) 61 Total free cash flow (numerator) 370 Adjusted income (loss) from operations available to common stockholders (2) 908 Less: Significant items (3) (156) Adjusted income (loss) from operations available to common stockholders, excluding significant items (denominator) $ 1,064 Free cash flow conversion ratio 35% (1) Represents excess statutory capital retained by our life insurance subsidiaries in 2023 after meeting any statutory capital growth requirements, excluding the impact of certain strategic transactions that are one-time in nature that were accretive to our risk-based capital ratio. (2) See reconciliation to net income (loss) available to common stockholders on slide 25. (3) See slide 27 for details.

Source: View Original Filing on SEC EDGAR

FAQ

How did Lincoln National (LNC) perform in Q4 2025 on a GAAP and non-GAAP basis?

Lincoln National reported Q4 2025 net income available to common stockholders of $745 million, or $3.80 per diluted share. Adjusted operating income available to common stockholders was $434 million, or $2.21 per diluted share, reflecting core operating performance excluding market-related and other excluded items.

What were Lincoln National’s full-year 2025 earnings and adjusted results?

For 2025, Lincoln National generated net income available to common stockholders of $1.09 billion, or $5.83 per diluted share. Adjusted income from operations available to common stockholders was $1.54 billion, or $8.23 per diluted share, up from $1.22 billion in 2024, showing stronger underlying earnings.

How did Lincoln National’s Annuities business perform in Q4 2025?

The Annuities segment reported Q4 2025 income from operations of $311 million, slightly above the prior-year quarter. Sales reached $4.9 billion, up 33% year over year, with spread-based products accounting for nearly two-thirds. Average account balances, net of reinsurance, rose to $175 billion.

What were the key results for Lincoln National’s Life Insurance segment in Q4 2025?

Life Insurance delivered Q4 2025 income from operations of $77 million, versus a $15 million loss a year earlier. The improvement came from better mortality and strong alternative investment income. Total sales were $142 million, up 19%, and average account balances increased to $49 billion.

How did Group Protection and Retirement Plan Services perform for Lincoln National in Q4 2025?

Group Protection posted Q4 2025 income from operations of $109 million with insurance premiums up 8% year over year. Retirement Plan Services reported income from operations of $46 million, a 7% increase, with total deposits of $3.9 billion, up 13% from the prior-year quarter.

What changes occurred in Lincoln National’s book value and capital metrics in 2025?

Book value per share including AOCI increased to $51.88 at December 31, 2025. Book value per share excluding AOCI rose to $73.10, and adjusted book value per share reached $76.33. The company’s estimated RBC ratio remained above 420% throughout 2025, supporting capital strength.

What was Lincoln National’s holding company liquidity position at year-end 2025?

As of December 31, 2025, Lincoln National’s holding company available liquidity was $1.06 billion, including prefunding. Holding company available liquidity net of prefunding was $655 million, up from $463 million a year earlier, indicating a stronger liquidity position at the parent level.

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Lincoln Financial (NYSE: LNC) grows 2025 adjusted earnings and annuity sales

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How did Lincoln National (LNC) perform in Q4 2025 on a GAAP and non-GAAP basis?

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What were the key results for Lincoln National’s Life Insurance segment in Q4 2025?

How did Group Protection and Retirement Plan Services perform for Lincoln National in Q4 2025?

What changes occurred in Lincoln National’s book value and capital metrics in 2025?

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Lincoln Financial (NYSE: LNC) grows 2025 adjusted earnings and annuity sales

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How did Lincoln National (LNC) perform in Q4 2025 on a GAAP and non-GAAP basis?

What were Lincoln National’s full-year 2025 earnings and adjusted results?

How did Lincoln National’s Annuities business perform in Q4 2025?

What were the key results for Lincoln National’s Life Insurance segment in Q4 2025?

How did Group Protection and Retirement Plan Services perform for Lincoln National in Q4 2025?

What changes occurred in Lincoln National’s book value and capital metrics in 2025?

What was Lincoln National’s holding company liquidity position at year-end 2025?

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