How are unrealized investment losses trending for Lincoln Financial?

Lincoln Financial reported a net unrealized loss of $9.1 billion (pre-tax) on available-for-sale securities as of March 31, 2026. This compares to a $9.4 billion net unrealized loss a year earlier, with the improvement primarily attributed to tighter credit spreads.

Core earnings rise as Lincoln Financial (NYSE: LNC) narrows loss

Q: What were Lincoln Financial’s key revenue and earnings trends in Q1 2026?

Total revenues for Q1 2026 were $5.306 billion , an increase of 13.1% year over year . After-tax adjusted income from operations rose to $360 million , a 14.6% increase versus Q1 2025, reflecting stronger underlying business performance despite continued GAAP net losses.

Q: How did Lincoln Financial’s business segments perform in Q1 2026?

In Q1 2026, Annuities generated $275 million of operating income, Life Insurance earned $41 million , Group Protection delivered $112 million , and Retirement Plan Services produced $43 million . Group Protection income rose 10.9% year over year, and Retirement Plan Services income increased 26.5% .

Q: How did Lincoln Financial’s annuities and retirement businesses perform in Q1 2026?

Annuities recorded operating income of $275 million , with total sales of $3.9 billion , up 4% year over year, but higher net outflows of about $2.2 billion . Retirement Plan Services earned $43 million , with deposits of $4.1 billion and sharply improved net flows.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Lincoln Financial reported a smaller net loss in the first quarter of 2026 while core earnings improved. Net loss available to common stockholders was $(211) million, or $(1.10) per diluted share, compared with $(756) million a year earlier. Adjusted operating income available to common stockholders rose to $326 million, or $1.66 per diluted share, from $280 million, or $1.60 per share, reflecting stronger underlying performance after excluding market-driven and other non-core items.

Total revenues increased to $5.3 billion, up 13.1% year over year. Group Protection delivered $112 million of operating income, Life Insurance returned to a $41 million profit from a prior loss, and Retirement Plan Services generated $43 million, up 26% year over year. Annuities produced $275 million of operating income, modestly below last year, with higher spread income but larger variable annuity outflows. Holding-company available liquidity reached $1.2 billion, or $805 million net of prefunding, while the RBC ratio remained above 420% and adjusted book value per share increased to $77.77.

Insights

Core earnings improved and capital stayed solid, but GAAP results remain pressured.

Lincoln Financial posted Q1 2026 revenues of $5.306B, up 13.1% year over year, driven by growth across annuities, life, group protection and retirement services. Adjusted income from operations rose to $360M, with adjusted operating income to common at $326M or $1.66 per diluted share.

GAAP net loss available to common stockholders was $(211)M, or $(1.10) per diluted share, mainly reflecting large non-economic market risk benefit movements and other excluded items. Annuities operating income of $275M fell 5.2%, while Life Insurance swung to $41M of income and Group Protection and Retirement Plan Services delivered double‑digit operating income growth.

Capital and liquidity metrics remained important supports. Holding-company available liquidity reached $1.205B, or $805M net of prefunding a 2026 maturity, and the RBC ratio stayed above 420%. Adjusted book value per share increased to $77.77, even as available‑for‑sale securities carried a pre‑tax net unrealized loss of $9.1B, modestly improved from $9.4B a year earlier.

8-K Event Classification

4 items: 1.57, 2.02, 7.01, 9.01

4 items

Item 1.57 Item 1.57

Item 2.02 Results of Operations and Financial Condition Financial

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

Item 7.01 Regulation FD Disclosure Disclosure

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

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Total revenues: $5.306B Net loss to common (diluted): $(211)M; $(1.10)/share Adjusted operating income to common: $326M; $1.66/share +5 more

8 metrics

Total revenues $5.306B For the three months ended March 31, 2026; up 13.1% year over year

Net loss to common (diluted) $(211)M; $(1.10)/share Q1 2026 net loss available to common stockholders, diluted EPS

Adjusted operating income to common $326M; $1.66/share Q1 2026 adjusted income from operations available to common stockholders, diluted

Segment operating income $275M Annuities; $41M Life; $112M Group; $43M Retirement Income from operations by segment for Q1 2026

Holding company available liquidity $1.205B ($805M net of prefunding) As of March 31, 2026; includes $400M prefunding of a 2026 maturity

RBC ratio >420% Estimated risk-based capital ratio as of March 31, 2026

Adjusted book value per share $77.77 Adjusted book value per common share as of March 31, 2026

Unrealized AFS loss $9.1B pre-tax Net unrealized loss on available-for-sale securities as of March 31, 2026

Key Terms

adjusted income (loss) from operations, market risk benefits, RBC ratio, book value per share, excluding AOCI, +2 more

6 terms

adjusted income (loss) from operations financial

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

market risk benefits financial

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

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

RBC ratio financial

"RBC ratio (2) | >420% | >420% | >420% | >420% | >420%"

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

MoneyGuard financial

"MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market Advantage® (VUL), 150% of commissionable premiums"

adjusted operating revenues financial

"Adjusted operating revenues (2) | $ | 4,868"

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

05/07/2026 - 06:02 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

May 7, 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 May 7, 2026, Lincoln National Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference. The Company’s statistical supplement for the quarter ended March 31, 2026, is attached as Exhibit 99.2 and is incorporated herein by reference.

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

Item 7.01. Regulation FD Disclosure.

On May 7, 2026, in connection with the Company’s first quarter 2026 earnings conference call scheduled for the same date, the Company made available on its website a first quarter 2026 earnings supplement presentation dated May 7, 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 May 7, 2026, announcing Lincoln National Corporation’s financial results for the quarter ended March 31, 2026.
99.2			Lincoln National Corporation Statistical Supplement for the quarter ended March 31, 2026.
99.3			First Quarter 2026 Earnings Supplement dated May 7, 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: May 7, 2026

For Immediate Release

Lincoln Financial Reports 2026 First Quarter Results

____________________________________

Radnor, PA, May 7, 2026: Lincoln Financial (NYSE: LNC) today reported financial results for the first quarter ended March 31, 2026.

•Sustained progress against strategic and financial objectives drove solid first quarter performance.

•First quarter net loss available to common stockholders was $(211) million, or $(1.10) per diluted share.

•First quarter adjusted operating income available to common stockholders was $326 million, or $1.66 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 $805 million, net of prefunding amounts.

“Our first quarter results reflect continued disciplined execution and consistent, meaningful progress against our strategic priorities," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "Group Protection delivered record first quarter earnings, while Life Insurance and Retirement Plan Services generated strong earnings growth. In Annuities, we achieved another quarter of diversification in new business with a more balanced mix and less market sensitivity.

"The cumulative impact of the actions we’ve taken — strengthening our capital foundation, optimizing our operating model, and diversifying our business mix — are translating into a more resilient, higher-quality earnings profile. We remain focused on advancing these priorities to further build on this trajectory and create sustainable, long-term value for shareholders.”

Business Highlights

Our 2026 first quarter performance represents sustained, company-wide progress against our strategic and financial objectives.

Retail Solutions

•Annuities delivered operating income of $275 million, down 5% compared to the prior-year quarter, driven by the impact of the previously disclosed net investment income allocation refinement and unfavorable tax-related items. Adjusting for these items, operating income was up 1%, driven by favorable equity markets and growth in spread income, offset by variable annuity outflows. Annuities recorded $169 billion in ending account balances, net of reinsurance, and sales of $3.9 billion, up 4% year over year. Spread-based products accounted for approximately two-thirds of total sales in the quarter, reflecting our continued strategic shift towards spread-based business.

•Life Insurance delivered operating income of $41 million, a $57 million increase from the prior-year quarter, driven by strong alternative investment income and the impact of the fourth quarter 2025 captive consolidation. Annualized consolidated alternative investment income returns were approximately 12.3%, which is more than 2% higher than our annual target. Total sales were $129 million, up 33% compared to the prior-year quarter, reflecting sales growth across all product lines, most notably in Executive Benefits.

Workplace Solutions

•Group Protection delivered operating income of $112 million, compared to $101 million in the prior-year quarter, driven by favorable life experience. Premiums were 2% higher year over year, as strong sales over the prior twelve months were partially offset by a large case lapse. Adjusting for the large case lapse, premiums were up 3.4% compared to the first quarter of 2025. Sales of $150 million were 4% lower year over year and demonstrated a disciplined approach to balanced growth in the segment.

•Retirement Plan Services reported operating income of $43 million in the quarter, up 26% year over year, driven by spread expansion and favorable equity markets, partially offset by trailing-twelve-month outflows. Net outflows were $0.2 billion, compared to $2.2 billion in the prior-year quarter. Total deposits were $4.1 billion in the quarter, up 1% over the prior-year quarter, with first-year sales of $1.1 billion, up 3% year over year.

Earnings Summary


(in millions, except per share data)	For the Three Months Ended
	3/31/25		3/31/26
Net income (loss)	$	(722)	$	(172)
Net income (loss) available to common stockholders — diluted	(756)		(211)
Net income (loss) per diluted share available to common stockholders	$	(4.41)	$	(1.10)
Adjusted income (loss) from operations	314		360
Adjusted income (loss) from operations available to common stockholders	280		326
Adjusted income (loss) from operations per diluted share available to common stockholders	$	1.60	$	1.66

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


(in millions)	For the Three Months Ended
	3/31/25		3/31/26
Net income (loss) available to common stockholders — diluted	$	(756)	$	(211)
Less:
Preferred stock dividends declared	(34)		(34)
Adjustment for deferred units of LNC stock in our deferred compensation plans	—		(5)
Net income (loss)	(722)		(172)
Less:
Net annuity product features, pre-tax(1)	(1,092)		(695)
Net life insurance product features, pre-tax	42		22
Credit loss-related adjustments, pre-tax	(28)		(20)
Investment gains (losses), pre-tax	(103)		(42)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, pre-tax(1)	(90)		179
Gains (losses) on other non-financial assets, pre-tax	—		(6)
Other items, pre-tax(1)	(35)		(111)
Income tax benefit (expense) related to the above pre-tax items	270		141
Adjusted income (loss) from operations	$	314	$	360
Adjusted income (loss) from operations available to common stockholders	$	280	$	326

(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
(in millions)	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26
Annuities	$	2	$	3	$	2	$	3	$	3
Life Insurance	55		74		75		90		95
Group Protection	1		1		2		2		2
Retirement Plan Services	1		2		1		3		2
Other Operations	—		—		—		—		—
Consolidated	$	59	$	80	$	80	$	98	$	102

(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
(in millions)	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26
Annuities	$	—	$	3	$	3	$	5	$	1
Life Insurance	1		—		1		1		2
Group Protection	—		1		—		—		1
Retirement Plan Services	—		—		1		1		—
Other Operations	—		—		—		—		—
Consolidated	$	1	$	4	$	5	$	7	$	4

Items Impacting Segment and Other Operations Results


	For the Three Months Ended March 31, 2026
(in millions, after-tax)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
Alternative investment income compared to return target(1)	$	—	$	19	$	—	$	—	$	—
Prepayment income(2)	1		2		1		—		—
Annual assumption review	—		—		—		—		—
Tax items(3)	(7)		—		—		—		—
Other	—		—		—		—		—
Total impact	$	(6)	$	21	$	1	$	—	$	—


	For the Three Months Ended March 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)	$	(16)	$	—	$	(1)	$	—
Prepayment income(2)	—		1		—		—		—
Annual assumption review	—		—		—		—		—
Tax items	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	(1)	$	(15)	$	—	$	(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.

(3) Tax-related items including dividends-received deduction and foreign tax credit true-ups.

Capital and Liquidity


	As of or For the Three Months Ended
(in millions, except percent and per share data)	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26
Holding company available liquidity(1)	$	466	$	466	$	461	$	1,055	$	1,205
Holding company available liquidity, net of prefunding	$	466	$	466	$	461	$	655	$	805
RBC ratio(2)	>420%		>420%		>420%		>420%		>420%
Book value per share (BVPS), including AOCI	$	41.96	$	44.91	$	49.56	$	51.88	$	47.87
Book value per share, excluding AOCI(3)	$	67.04	$	67.95	$	69.66	$	73.10	$	71.06
Adjusted book value per share(3)	$	73.19	$	72.77	$	74.23	$	76.33	$	77.77

(1) Holding company available liquidity presented as of 12/31/25 and 3/31/26 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 3/31/26 are considered estimates based on information known at the time of reporting.

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

Annuities


(in millions, except ROA data)	As of or For the Three Months Ended
	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26		Change
Total operating revenues	$	1,198	$	1,214	$	1,270	$	1,308	$	1,283	7.1	%
Total operating expenses	858		876		902		939		949		10.6	%
Income (loss) from operations before taxes	340		338		368		369		334		(1.8)	%
Federal income tax expense (benefit)	50		51		58		58		59		18.0	%
Income (loss) from operations	$	290	$	287	$	310	$	311	$	275	(5.2)	%
Income (loss) from operations, excluding impact of annual assumption review	$	290	$	287	$	318	$	311	$	275	(5.2)	%
Total sales	$	3,789	$	4,019	$	4,467	$	4,889	$	3,939	4.0	%
Net flows	$	(1,676)	$	(1,162)	$	(1,143)	$	(1,227)	$	(2,196)	(31.0)	%
Average account balances, net of reinsurance	$	163,688	$	159,806	$	170,318	$	174,668	$	175,173	7.0	%
Return on average account balances (bps)	71		72		73		71		63
Return on average account balances (bps), excluding impact of annual assumption review	71		72		75		71		63

•Income from operations was $275 million for the first quarter, compared to $290 million in the prior-year quarter, driven by the impact of the previously disclosed net investment income allocation refinement and unfavorable tax-related items. Adjusting for these items, operating income was up 1%, driven by favorable equity markets and growth in spread income, offset by variable annuity outflows.

•Total sales were $3.9 billion in the quarter, increasing 4% compared to the prior year. Spread-based products comprised nearly two-thirds of total sales.

•Net outflows were approximately $2.2 billion in the quarter, compared to net outflows of $1.7 billion in the prior-year quarter, primarily driven by traditional variable annuities.

•Average account balances, net of reinsurance, were $175 billion. The year-over-year increase of 7% was driven by growth across all product lines.

Life Insurance


(in millions)	As of or For the Three Months Ended
	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26		Change

Total operating revenues	$	1,587	$	1,602	$	1,610	$	1,643	$	1,628	2.6	%
Total operating expenses	1,619		1,568		1,586		1,555		1,586		(2.0)	%
Income (loss) from operations before taxes	(32)		34		24		88		42		231.3	%
Federal income tax expense (benefit)	(16)		2		(1)		11		1		106.3	%
Income (loss) from operations	$	(16)	$	32	$	25	$	77	$	41	NM
Income (loss) from operations, excluding impact of annual assumption review	$	(16)	$	32	$	54	$	77	$	41	NM
Average account balances, net of reinsurance	$	44,390	$	45,147	$	47,503	$	49,150	$	49,232	10.9	%
Total sales	$	97	$	121	$	298	$	142	$	129	33.0	%

•Income from operations was $41 million, compared to a loss of $16 million in the prior-year quarter. The year-over-year improvement was driven by strong alternative investment income and the impact of the fourth quarter 2025 captive consolidation.

•Total sales were $129 million, up 33% compared to the prior-year quarter, as sales of accumulation products continued to drive growth, most notably in Executive Benefits.

•Average account balances, net of reinsurance, were $49 billion, up 11% versus the prior-year quarter.

Group Protection


(in millions, except margin data)	As of or For the Three Months Ended
	3/31/25			6/30/25			9/30/25			12/31/25			3/31/26			Change
Total operating revenues	$	1,521		$	1,538		$	1,507		$	1,535		$	1,554		2.2	%
Total operating expenses	1,393			1,319			1,319			1,397			1,412			1.4	%
Income (loss) from operations before taxes	128			219			188			138			142			10.9	%
Federal income tax expense (benefit)	27			46			39			29			30			11.1	%
Income (loss) from operations	$	101		$	173		$	149		$	109		$	112		10.9	%
Income (loss) from operations, excluding impact of annual assumption review	$	101		$	173		$	110		$	109		$	112		10.9	%
Insurance premiums	$	1,371		$	1,386		$	1,352		$	1,380		$	1,399		2.0	%
Total sales	$	157		$	187		$	116		$	391		$	150		(4.5)	%
Total loss ratio	72.4		%	65.9		%	68.3		%	71.4		%	71.1		%
Total loss ratio, excluding the impact of the annual assumption review	72.4		%	65.9		%	72.2		%	71.4		%	71.1		%
Operating margin(1)	7.4		%	12.5		%	11.0		%	7.9		%	8.0		%
Operating margin, excluding the impact of annual assumption review	7.4		%	12.5		%	8.1		%	7.9		%	8.0		%

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

•Income from operations was $112 million in the quarter, 11% higher than the prior-year quarter driven by favorable life experience.

•Operating margin was 8.0%, 60 basis points higher than the prior-year quarter, and the total loss ratio decreased 130 basis points to 71.1%, driven by favorable life experience partially offset by unfavorable disability severity.

•Insurance premiums were $1.4 billion in the quarter, increasing 2% year over year, driven by strong sales over the past twelve months. Adjusting for a large case lapse, premiums were up 3.4% compared to the first quarter of 2025.

•Sales decreased 4% year over year, demonstrating a disciplined approach to balanced growth in the segment.

Retirement Plan Services


(in millions, except ROA data)	As of or For the Three Months Ended
	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26		Change
Total operating revenues	$	327	$	331	$	343	$	352	$	346	5.8	%
Total operating expenses	289		289		290		298		295		2.1	%
Income (loss) from operations before taxes	38		42		53		54		51		34.2	%
Federal income tax expense (benefit)	4		5		7		8		8		100.0	%
Income (loss) from operations	$	34	$	37	$	46	$	46	$	43	26.5	%

Deposits	$	4,115	$	3,594	$	5,008	$	3,939	$	4,142	0.7	%
Net flows	$	(2,184)	$	(585)	$	755	$	(998)	$	(213)	90.2	%
Average account balances	$	113,075	$	111,734	$	119,259	$	123,533	$	124,766	10.3	%
Return on average account balances (bps)	12		13		15		15		14

•Income from operations was $43 million in the quarter, up 26% compared to the prior year, primarily resulting from spread expansion and favorable equity markets, partially offset by outflows.

•Net outflows were $0.2 billion, compared to $2.2 billion of net outflows in the prior-year quarter.

•Total deposits were $4.1 billion, up 1% over the prior-year quarter. First-year sales of $1.1 billion were up 3% year over year.

•Average account balances were $125 billion, increasing 10% from the prior year, driven by favorable equity markets.

Other Operations


(in millions)	As of or For the Three Months Ended
	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26		Change
Total operating revenues	$	52	$	41	$	50	$	56	$	57	9.6	%
Total operating expenses	164		157		177		181		199		21.3	%
Income (loss) from operations before taxes	(112)		(116)		(127)		(125)		(142)		(26.8)	%
Federal income tax expense (benefit)	(17)		(25)		(28)		(27)		(31)		(82.4)	%
Income (loss) from operations(1)	$	(95)	$	(91)	$	(99)	$	(98)	$	(111)	(16.8)	%

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

Unrealized Gains and Losses

The company reported a net unrealized loss of $9.1 billion (pre-tax) on its available-for-sale securities as of March 31, 2026, compared to a net unrealized loss of $9.4 billion (pre-tax) as of March 31, 2025. The year-over-year decrease was primarily due to tighter spreads.

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 first quarter 2026 statistical supplement and first quarter 2026 earnings supplement, which are available in the investor relations section of its website http://www.lincolnfinancial.com/investor.

Conference Call Information

Lincoln Financial will discuss the company’s first quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, May 7, 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 May 7, 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 March 31, 2026, the company had $340 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Contacts:

John Muething

Karyn Baldwin

Investor Relations

Media Relations

Investorrelations@LFG.com

Media@LFG.com

Non-GAAP Measures

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

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

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

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

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

Definitions of Non-GAAP Measures Used in this Press Release

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

Adjusted Income (Loss) from Operations

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

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
(in millions, except per share data)	Three Months Ended
	March 31,
	2026		2025












Net Income (Loss) Available to Common
Stockholders – Diluted	$	(211)	$	(756)
Less:
Preferred stock dividends declared	(34)		(34)
Adjustment for deferred units of LNC stock in our
deferred compensation plans	(5)		—
Net Income (Loss)	(172)		(722)
Less:
Net annuity product features, pre-tax (1)	(695)		(1,092)
Net life insurance product features, pre-tax	22		42
Credit loss-related adjustments, pre-tax	(20)		(28)
Investment gains (losses), pre-tax	(42)		(103)
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax (2)	179		(90)

Gains (losses) on other non-financial assets, pre-tax	(6)		—
Other items, pre-tax (3)(4)(5)(6)	(111)		(35)

Income tax benefit (expense) related to the above pre-tax items	141		270
Total adjustments	(532)		(1,036)
Adjusted Income (Loss) from Operations	$	360	$	314
Add:
Preferred stock dividends declared	(34)		(34)
Adjusted Income (Loss) from Operations Available to Common Stockholders	$	326	$	280

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	(1.10)	$	(4.41)
Adjusted income (loss) from operations	1.66		1.60

Stockholders’ Equity, Average
Stockholders' equity	$	10,559	$	8,231
Less:
Preferred stock	986		986
AOCI	(4,262)		(4,671)
Stockholders’ equity, excluding AOCI and preferred stock	13,835		11,916
Changes in MRBs	3,037		2,649
GLB and GDB hedge instruments gains (losses)	(3,820)		(3,027)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(172)		(173)
Adjusted average stockholders' equity	$	14,790	$	12,467

(1) For the three months ended March 31, 2026 and 2025, includes changes in MRBs of $(997) million and $(1,302) 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 $177 million and $268 million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $125 million and $(58) million, respectively.

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

(3) Includes certain legal accruals of $(122) million for the three months ended March 31, 2026.

(4) Includes severance expense related to initiatives to realign the workforce of $(7) million and $(6) million for the three months ended March 31, 2026 and 2025, respectively.

(5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(20) million related to the sale of our wealth management business for the three months ended March 31, 2025.

(6) Includes deferred compensation mark-to-market adjustment of $18 million and $(9) million for the three months ended March 31, 2026 and 2025, respectively.

Lincoln National Corporation

Reconciliation of Book Value per Share


	As of the Three Months Ended
	3/31/25		6/30/25		9/30/25		12/31/25		3/31/26
Book Value Per Common Share
Book value per share	$	41.96	$	44.91	$	49.56	$	51.88	$	47.87
Less:
AOCI	(25.08)		(23.04)		(20.10)		(21.22)		(23.19)
Book value per share, excluding AOCI	67.04		67.95		69.66		73.10		71.06
Less:
Changes in MRBs	12.42		15.05		16.42		17.94		13.72
GLB and GDB hedge instruments gains (losses)	(17.43)		(18.89)		(19.40)		(19.94)		(19.87)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(1.14)		(0.98)		(1.59)		(1.23)		(0.56)
Adjusted book value per share	$	73.19	$	72.77	$	74.23	$	76.33	$	77.77

Lincoln National Corporation

Digest of Earnings


	For the
(in millions, except per share data)	Three Months Ended
	March 31,
	2026		2025

Revenues	$	5,306	$	4,691

Net Income (Loss)	$	(172)	$	(722)
Preferred stock dividends declared	(34)		(34)
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)	(5)		—
Net Income (Loss) Available to Common
Stockholders – Diluted	$	(211)	$	(756)

Net Income (Loss) Per Common Share – Basic	$	(1.08)	$	(4.41)
Net Income (Loss) Per Common Share – Diluted (2)	$	(1.10)	$	(4.41)

Average Shares – Basic	191,891,461		171,321,440
Average Shares – Diluted	196,496,544		174,087,020

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

(2) Due to reporting a net loss for the three months ended March 31, 2026 and 2025, basic shares were used in the diluted EPS calculation for these periods as the use of diluted shares would have resulted in a lower loss per share. Additionally, the diluted EPS calculation for the three months ended March 31, 2026, reflects the assumed settlement of certain deferred units of LNC stock in our deferred compensation plans.

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

First Quarter 2026


			Lincoln Financial
			Table of Contents


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

			Select Earnings and Operational Data from Business Segments and Other Operations

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

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.

Table of Contents

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

Definitions

Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. See adjusted income (loss) from operations ROE above and adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE on page 2 for further information on how these metrics are calculated. Management evaluates consolidated ROE by both including and excluding the effect of average goodwill.

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

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

Sales as reported consist of the following:

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

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

• MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market 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 May 7, 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 May 7, 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

Table of Contents


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

		For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Revenues
Insurance premiums	$	1,676	$	1,682	$	1,637	$	1,671	$	1,674	-0.1	%
Fee income		1,373		1,348		1,392		1,416		1,377	0.3	%
Net investment income		1,462		1,471		1,544		1,597		1,605	9.8	%
Realized gain (loss)		11		(641)		(216)		47		466	NM
Other revenues		169		184		198		191		184	8.9	%
Total revenues		4,691		4,044		4,555		4,922		5,306	13.1	%

Expenses
Benefits and policyholder liability remeasurement		2,009		1,906		1,927		1,927		2,009	0.0%
Interest credited		890		916		954		984		999	12.2	%
Market risk benefit (gain) loss		1,293		(940)		(343)		(382)		987	-23.7	%

Commissions and other expenses		1,368		1,327		1,414		1,397		1,476	7.9	%
Interest and debt expense		80		(13)		79		81		81	1.3	%


Total expenses		5,640		3,196		4,031		4,007		5,552	-1.6	%
Income (loss) before taxes		(949)		848		524		915		(246)	74.1	%
Federal income tax expense (benefit)		(227)		149		79		161		(74)	67.4	%


Net income (loss)		(722)		699		445		754		(172)	76.2	%
Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		—		2		(5)	NM
Net income (loss) available to common
stockholders – diluted	$	(756)	$	688	$	411	$	745	$	(211)	72.1	%


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	(4.41)	$	3.80	$	2.12	$	3.80	$	(1.10)	75.1	%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	66,885	$	67,371	$	68,351	$	69,045	$	68,284	2.1%
U.S. government bonds		538		564		619		869		919	70.8%
State and municipal bonds		2,350		2,254		2,235		2,147		2,124	-9.6%
Foreign government bonds		239		239		244		226		202	-15.5%
Residential mortgage-backed securities		1,941		2,063		2,118		2,122		2,063	6.3%
Commercial mortgage-backed securities		1,830		1,972		2,150		2,502		2,669	45.8%
Asset-backed securities		14,241		14,658		14,706		16,282		17,703	24.3%
Hybrid and redeemable preferred securities		273		265		257		255		236	-13.6%


Total fixed maturity AFS securities, net of allowance for credit losses		88,297		89,386		90,680		93,448		94,200	6.7%
Trading securities		1,984		1,909		1,853		1,676		1,552	-21.8%
Equity securities		345		341		542		636		475	37.7%
Mortgage loans on real estate, net of allowance for credit losses		21,558		21,996		22,230		22,472		22,825	5.9%

Policy loans		2,529		2,552		2,584		2,626		2,606	3.0%
Derivative investments		7,849		8,349		10,427		9,945		8,337	6.2%
Other investments		7,314		7,276		7,786		8,105		8,742	19.5%
Total investments		129,876		131,809		136,102		138,908		138,737	6.8%
Cash and invested cash		4,284		7,143		10,668		9,502		7,345	71.5%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,563		12,604		12,681		12,827		12,886	2.6%

Reinsurance recoverables, net of allowance for credit losses		28,580		28,440		28,665		28,012		27,688	-3.1%


Deposit assets, net of allowance for credit losses		31,048		31,754		33,066		33,690		33,597	8.2%
Market risk benefit assets		4,157		4,577		4,694		4,753		4,303	3.5%
Accrued investment income		1,134		1,136		1,172		1,122		1,170	3.2%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		7,606		7,516		7,223		7,154		7,248	-4.7%
Separate account assets		162,506		172,942		179,860		180,092		172,043	5.9%
Total assets	$	382,898	$	399,065	$	415,275	$	417,204	$	406,161	6.1%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	125,262	$	129,209	$	133,223	$	136,245	$	135,683	8.3	%
Future contract benefits		40,665		41,053		41,852		42,077		42,010	3.3	%
Funds withheld reinsurance liabilities		16,838		16,700		17,559		17,922		17,564	4.3	%
Market risk benefit liabilities		1,306		1,205		1,190		1,118		1,127	-13.7	%

Deferred front-end loads		6,910		7,119		7,349		7,586		7,804	12.9	%
Payables for collateral on investments		8,282		8,466		11,153		7,954		6,556	-20.8	%
Short-term debt		—		—		—		400		400	NM
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 9 for details)		868		868		868		868		868	0.0%
Financial		5,000		4,899		4,904		4,998		5,101	2.0	%




Other liabilities		7,068		7,056		6,865		7,038		6,793	-3.9	%






Separate account liabilities		162,506		172,942		179,860		180,092		172,043	5.9	%
Total liabilities		374,705		389,517		404,823		406,298		395,949	5.7	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,703		5,545		5,574		5,592		5,602	19.1	%
Retained earnings		6,810		7,409		7,731		8,386		8,091	18.8	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(5,078)		(4,750)		(3,930)		(3,964)		(4,900)	3.5	%



Market risk benefit non-performance risk gain (loss)		464		114		(58)		(261)		179	-61.4	%
Policyholder liability discount rate remeasurement gain (loss)		633		569		474		480		566	-10.6	%
Foreign currency translation adjustment		(24)		(14)		(18)		(18)		(20)	16.7	%
Funded status of employee benefit plans		(301)		(311)		(307)		(295)		(292)	3.0	%
Total accumulated other comprehensive income (loss)		(4,306)		(4,392)		(3,839)		(4,058)		(4,467)	-3.7	%
Total stockholders’ equity		8,193		9,548		10,452		10,906		10,212	24.6	%
Total liabilities and stockholders’ equity	$	382,898	$	399,065	$	415,275	$	417,204	$	406,161	6.1	%

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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

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Income (Loss)
Net income (loss)	$	(722)		$	699		$	445		$	754		$	(172)		76.2	%
Pre-tax adjusted income (loss) from operations		362			517			506			524			427		18.0	%
After-tax adjusted income (loss) from operations (1)		314			438			431			445			360		14.6	%
Adjusted operating tax rate		13.3	%		15.4	%		14.8	%		15.0	%		15.8	%
Adjusted income (loss) from operations available to
common stockholders (1)		280			427			397			434			326		16.4	%







ROE
Net income (loss) ROE		-35.1	%		31.5	%		17.8	%		28.3	%		-6.5	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE		9.4	%		14.0	%		12.1	%		12.7	%		9.4	%
Adjusted income (loss) from operations ROE		9.0	%		12.9	%		11.3	%		12.1	%		8.8	%

Per Common Share
Net income (loss) (diluted) (2)	$	(4.41)		$	3.80		$	2.12		$	3.80		$	(1.10)		75.1	%
Adjusted income (loss) from operations (diluted) (3)		1.60			2.36			2.04			2.21			1.66		3.7	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%

Book Value Per Common Share
Book value per share	$	41.96		$	44.91		$	49.56		$	51.88		$	47.87		14.1	%

Book value per share, excluding AOCI (4)		67.04			67.95			69.66			73.10			71.06		6.0	%
Adjusted book value per share (4)		73.19			72.77			74.23			76.33			77.77		6.3	%

Common Shares

End-of-period – basic		171.7			190.6			191.0			191.2			192.7		12.2	%
Average for the period – basic		171.3			177.2			190.8			191.1			191.9		12.0	%
End-of-period – diluted		175.3			194.0			196.0			196.7			196.3		12.0	%
Average for the period – diluted (5)		174.7			180.6			195.0			196.3			196.5		12.5	%

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

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

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

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

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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

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change



Cash Returned to Common Stockholders – Common Dividends	$	77		$	77		$	85		$	85		$	86		11.7	%


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


Leverage Ratio
Short-term debt (1)	$	—		$	—		$	—		$	400		$	400		NM
Long-term debt		5,868			5,767			5,772			5,866			5,969		1.7	%
Total debt		5,868			5,767			5,772			6,266			6,369		8.5	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		6,854			6,753			6,758			7,252			7,355		7.3	%







Less:
Operating debt (2)		868			868			868			868			868		0.0%
Prefunding of upcoming debt maturities (3)		—			—			—			400			400		NM
25% of capital securities and subordinated notes		302			247			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		122			119			119			114			112		-8.2	%
Total numerator	$	5,069		$	5,026		$	5,031		$	5,130		$	5,235		3.3	%

Adjusted stockholders’ equity (4)	$	12,569		$	13,873		$	14,180		$	14,595		$	14,987		19.2	%


Add:
25% of capital securities and subordinated notes		302			247			247			247			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Total numerator		5,069			5,026			5,031			5,130			5,235		3.3	%
Total denominator	$	18,433		$	19,639		$	19,951		$	20,465		$	20,962		13.7	%

Leverage ratio		27.5	%		25.6	%		25.2	%		25.1	%		25.0	%


Holding Company Available Liquidity (3)	$	466		$	466		$	461		$	1,055		$	1,205		158.6	%


Holding Company Available Liquidity, Net of Prefunding	$	466		$	466		$	461		$	655		$	805		72.7	%

(1) As of March 31, 2026, 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.

Table of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Annuities
Operating revenues	$	1,198	$	1,214	$	1,270	$	1,308	$	1,283	7.1	%
Deposits		3,799		4,024		4,470		4,890		3,941	3.7	%
Net flows		(1,676)		(1,162)		(1,143)		(1,227)		(2,196)	-31.0	%



Average account balances, net of reinsurance		163,688		159,806		170,318		174,668		175,173	7.0	%
Alternative investment income (1)		2		3		2		3		3	50.0	%

Life Insurance
Operating revenues	$	1,587	$	1,602	$	1,610	$	1,643	$	1,628	2.6	%
Deposits		1,218		1,281		2,247		1,457		1,253	2.9	%
Net flows		569		633		1,659		974		634	11.4	%
Average account balances, net of reinsurance		44,390		45,147		47,503		49,150		49,232	10.9	%
Average in-force face amount		1,074,858		1,069,688		1,067,503		1,065,813		1,062,558	-1.1	%
Alternative investment income (1)		70		94		95		115		121	72.9	%

Group Protection
Operating revenues	$	1,521	$	1,538	$	1,507	$	1,535	$	1,554	2.2	%
Insurance premiums		1,371		1,386		1,352		1,380		1,399	2.0	%
Alternative investment income (1)		1		2		2		3		2	100.0	%

Retirement Plan Services
Operating revenues	$	327	$	331	$	343	$	352	$	346	5.8	%
Deposits		4,115		3,594		5,008		3,939		4,142	0.7	%
Net flows		(2,184)		(585)		755		(998)		(213)	90.2	%
Average account balances		113,075		111,734		119,259		123,533		124,766	10.3	%
Alternative investment income (1)		2		2		2		3		3	50.0	%

Consolidated
Adjusted operating revenues (2)	$	4,685	$	4,726	$	4,780	$	4,894	$	4,868	3.9	%
Deposits		9,132		8,899		11,725		10,286		9,336	2.2	%
Net flows		(3,291)		(1,114)		1,271		(1,251)		(1,775)	46.1	%
Average account balances, net of reinsurance		321,153		316,687		337,080		347,351		349,171	8.7	%
Alternative investment income (1)		75		101		101		124		129	72.0	%

(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

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Sales
Annuities:
RILA	$	1,292		$	1,447		$	1,457		$	1,936		$	1,822		41.0	%
Fixed		863			1,221			1,368			1,227			716		-17.0	%
Traditional variable with GLBs		1,099			935			1,080			1,119			867		-21.1	%
Traditional variable without GLBs		535			416			562			607			534		-0.2	%

Total Annuities	$	3,789		$	4,019		$	4,467		$	4,889		$	3,939		4.0	%


Life Insurance:
IUL/UL	$	24		$	28		$	25		$	42		$	29		20.8	%
MoneyGuard®		28			29			31			35			29		3.6	%

VUL		15			15			26			36			22		46.7	%
Term		13			15			15			14			16		23.1	%

Executive Benefits		17			34			201			15			33		94.1	%
Total Life Insurance	$	97		$	121		$	298		$	142		$	129		33.0	%


Group Protection:
Life	$	101		$	104		$	50		$	136		$	97		-4.0	%
Disability		48			70			47			232			45		-6.3	%
Dental		8			13			19			23			8		0.0%
Total Group Protection	$	157		$	187		$	116		$	391		$	150		-4.5	%

Percent employee-paid		72.3	%		58.7	%		46.5	%		28.7	%		70.7	%

Retirement Plan Services:
First-year sales	$	1,104		$	1,222		$	2,440		$	1,683		$	1,134		2.7	%
Recurring deposits		3,011			2,372			2,568			2,256			3,008		-0.1	%
Total Retirement Plan Services	$	4,115		$	3,594		$	5,008		$	3,939		$	4,142		0.7	%

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

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Operating Revenues
Annuities	$	1,198		$	1,214		$	1,270		$	1,308		$	1,283		7.1	%
Life Insurance		1,587			1,602			1,610			1,643			1,628		2.6	%
Group Protection		1,521			1,538			1,507			1,535			1,554		2.2	%
Retirement Plan Services		327			331			343			352			346		5.8	%
Other Operations		52			41			50			56			57		9.6	%
Total adjusted operating revenues	$	4,685		$	4,726		$	4,780		$	4,894		$	4,868		3.9	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	108		$	110		$	108		$	122		$	111		2.8	%
Life Insurance		119			122			121			130			119		0.0%
Group Protection		202			206			200			215			211		4.5	%
Retirement Plan Services		81			80			80			87			86		6.2	%
Other Operations		65			55			62			65			62		-4.6	%
Total	$	575		$	573		$	571		$	619		$	589		2.4	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.0	%		9.1	%		8.5	%		9.3	%		8.6	%
Life Insurance		7.5	%		7.6	%		7.5	%		7.9	%		7.3	%
Group Protection		13.3	%		13.4	%		13.2	%		14.0	%		13.6	%
Retirement Plan Services		24.9	%		24.1	%		23.2	%		24.8	%		24.8	%

Total		12.3	%		12.1	%		11.9	%		12.6	%		12.1	%

Table of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	629	$	627	$	637	$	693	$	644	2.4	%
Commissions		558		570		609		689		617	10.6	%
Taxes, licenses and fees		98		80		86		74		100	2.0	%
Interest and debt expense		80		81		79		81		81	1.3	%
Expenses associated with reserve financing
and letters of credit		32		33		35		25		26	-18.8	%
Total adjusted operating commissions and
other expenses incurred		1,397		1,391		1,446		1,562		1,468	5.1	%

Less Amounts Capitalized
General and administrative expenses		(54)		(54)		(66)		(74)		(55)	-1.9	%
Commissions		(238)		(252)		(281)		(360)		(289)	-21.4	%
Taxes, licenses and fees		(9)		(7)		(15)		(8)		(9)	0.0%
Total amounts capitalized		(301)		(313)		(362)		(442)		(353)	-17.3	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,096		1,078		1,084		1,120		1,115	1.7	%

Amortization
Amortization of DAC, VOBA and other intangibles		309		307		324		328		327	5.8	%
Total operating commissions and
other expenses	$	1,405	$	1,385	$	1,408	$	1,448	$	1,442	2.6	%

Table of Contents


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

	As of or For the Three Months Ended

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	21		$	28		$	25		$	28		$	18		-14.3	%
Fee income (1)		591			575			617			624			608		2.9	%
Net investment income		466			487			497			517			525		12.7	%



Other revenues		120			124			131			139			132		10.0	%
Total operating revenues		1,198			1,214			1,270			1,308			1,283		7.1	%
Operating expenses:
Benefits and policyholder liability remeasurement		28			32			24			24			24		-14.3	%
Interest credited		419			439			459			480			495		18.1	%


Commissions incurred		298			292			327			374			339		13.8	%
Other expenses incurred		145			142			138			162			150		3.4	%
Amounts capitalized		(147)			(144)			(174)			(228)			(187)		-27.2	%
Amortization		115			115			128			127			128		11.3	%
Total operating expenses		858			876			902			939			949		10.6	%
Income (loss) from operations before taxes		340			338			368			369			334		-1.8	%
Federal income tax expense (benefit)		50			51			58			58			59		18.0	%
Income (loss) from operations	$	290		$	287		$	310		$	311		$	275		-5.2	%





Effective Federal Income Tax Rate		14.7	%		15.2	%		15.8	%		15.7	%		17.6	%







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








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	33,527		$	36,256		$	38,499		$	39,443		$	38,659		15.3	%
Fixed account balances		10,415			10,727			11,492			12,388			12,919		24.0	%
Traditional variable account balances with GLBs		67,101			71,527			73,174			72,809			68,484		2.1	%
Traditional variable account balances without GLBs		47,371			49,283			50,914			50,748			48,711		2.8	%
Total account balances	$	158,414		$	167,793		$	174,079		$	175,388		$	168,773		6.5	%
Percent traditional variable account balances with GLBs		42.4	%		42.6	%		42.0	%		41.5	%		40.6	%

Fee Income, Gross of Hedge Allowance	$	790		$	775		$	817		$	825		$	807		2.2	%
Net Investment Income, Net of Reinsurance (2)		443			465			475			500			508		14.7	%
Interest Credited, Net of Reinsurance (2)		290			300			314			333			351		21.0	%

(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 Three Months Ended

		3/31/25			6/30/25			9/30/25		12/31/25			3/31/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	283		$	267		$	260	$	262		$	256		-9.5	%
Fee income		698			688			683		696			677		-3.0	%
Net investment income		574			606			623		643			647		12.7	%
Operating realized gain (loss)		(2)			(1)			(1)		—			—		100.0	%


Other revenues		34			42			45		42			48		41.2	%
Total operating revenues		1,587			1,602			1,610		1,643			1,628		2.6	%
Operating expenses:
Benefits and policyholder liability remeasurement		1,002			956			961		928			975		-2.7	%
Interest credited		287			289			298		295			291		1.4	%
Commissions incurred		99			111			119		145			112		13.1	%
Other expenses incurred		194			191			199		196			183		-5.7	%
Amounts capitalized		(115)			(128)			(144)		(166)			(130)		-13.0	%
Amortization of DAC and VOBA		128			125			129		133			131		2.3	%
Amortization of deferred loss on business
sold through reinsurance		24			24			24		24			24		0.0%
Total operating expenses		1,619			1,568			1,586		1,555			1,586		-2.0	%
Income (loss) from operations before taxes		(32)			34			24		88			42		231.3	%
Federal income tax expense (benefit)		(16)			2			(1)		11			1		106.3	%
Income (loss) from operations	$	(16)		$	32		$	25	$	77		$	41		NM


Effective Federal Income Tax Rate		47.9	%		5.2	%		NM		12.6	%		3.7	%





Average Account Balances, Net of Reinsurance	$	44,390		$	45,147		$	47,503	$	49,150		$	49,232		10.9	%

In-Force Face Amount
UL and other	$	361,480		$	360,617		$	361,964	$	362,312		$	361,544		0.0%
Term insurance		709,924			707,355			705,069		702,280			698,981		-1.5	%
Total in-force face amount	$	1,071,404		$	1,067,972		$	1,067,033	$	1,064,592		$	1,060,525		-1.0	%

Table of Contents


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

	As of or For the Three Months Ended

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,371		$	1,386		$	1,352		$	1,380		$	1,399		2.0	%
Net investment income		89			94			98			95			96		7.9	%
Other revenues		61			58			57			60			59		-3.3	%
Total operating revenues		1,521			1,538			1,507			1,535			1,554		2.2	%
Operating expenses:
Benefits and policyholder liability remeasurement		994			913			923			984			994		0.0%
Interest credited		—			1			1			1			—		NM
Commissions incurred		133			139			132			137			135		1.5	%
Other expenses incurred		261			263			260			275			272		4.2	%
Amounts capitalized		(32)			(35)			(36)			(40)			(29)		9.4	%
Amortization		37			38			39			40			40		8.1	%
Total operating expenses		1,393			1,319			1,319			1,397			1,412		1.4	%
Income (loss) from operations before taxes		128			219			188			138			142		10.9	%
Federal income tax expense (benefit)		27			46			39			29			30		11.1	%
Income (loss) from operations	$	101		$	173		$	149		$	109		$	112		10.9	%


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

Operating Margin (1)		7.4	%		12.5	%		11.0	%		7.9	%		8.0	%





Loss Ratios by Product Line
Life		75.2	%		67.2	%		59.6	%		67.9	%		66.9	%
Disability		70.1	%		64.2	%		73.8	%		73.6	%		73.4	%
Dental		79.0	%		80.4	%		78.0	%		74.9	%		81.6	%
Total		72.4	%		65.9	%		68.3	%		71.4	%		71.1	%

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

Table of Contents


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

	As of or For the Three Months Ended

		3/31/25			6/30/25			9/30/25			12/31/25			3/31/26		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	80		$	80		$	85		$	89		$	86		7.5	%
Net investment income		251			252			257			262			260		3.6	%
Other revenues		(4)			(1)			1			1			—		100.0	%
Total operating revenues		327			331			343			352			346		5.8	%
Operating expenses:
Interest credited		170			174			174			174			170		0.0%


Commissions incurred		27			28			30			31			29		7.4	%
Other expenses incurred		91			87			87			95			97		6.6	%
Amounts capitalized		(4)			(5)			(5)			(6)			(5)		-25.0	%
Amortization		5			5			4			4			4		-20.0	%
Total operating expenses		289			289			290			298			295		2.1	%
Income (loss) from operations before taxes		38			42			53			54			51		34.2	%
Federal income tax expense (benefit)		4			5			7			8			8		100.0	%
Income (loss) from operations	$	34		$	37		$	46		$	46		$	43		26.5	%


Effective Federal Income Tax Rate		11.8	%		12.3	%		14.2	%		14.2	%		15.2	%





Return on Average Account Balances (bps)		12			13			15			15			14		2



Net Flows by Market
Core Market (1)	$	(79)		$	28		$	190		$	(43)		$	(201)		NM
Mid-Large Market		(1,732)			(200)			1,025			(401)			403		123.3	%
Multi-Fund® and Other		(373)			(413)			(460)			(554)			(415)		-11.3	%

Net Flows – Trailing Twelve Months	$	(2,462)		$	(2,850)		$	(2,746)		$	(3,012)		$	(1,041)		57.7	%

Base Spreads, Excluding Variable
Investment Income (2)		1.03	%		0.99	%		1.07	%		1.10	%		1.16	%	13

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

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

Table of Contents


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

		As of or For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Other Operations
Operating revenues:


Net investment income	$	44	$	25	$	33	$	46	$	52	18.2	%


Other revenues		8		16		17		10		5	-37.5	%
Total operating revenues		52		41		50		56		57	9.6	%
Operating expenses:
Benefits and policyholder liability remeasurement		5		7		4		2		7	40.0	%
Interest credited		13		13		22		34		43	230.8	%
Other expenses incurred		66		56		72		64		68	3.0	%
Interest and debt expense		80		81		79		81		81	1.3	%

Total operating expenses		164		157		177		181		199	21.3	%
Income (loss) from operations before taxes		(112)		(116)		(127)		(125)		(142)	-26.8	%
Federal income tax expense (benefit)		(17)		(25)		(28)		(27)		(31)	-82.4	%
Income (loss) from operations	$	(95)	$	(91)	$	(99)	$	(98)	$	(111)	-16.8	%

Table of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	118,954	$	114,477	$	120,815	$	124,093	$	123,562	3.9	%
Gross deposits		1,634		1,351		1,642		1,726		1,401	-14.3	%
Surrenders, withdrawals and benefits		(3,678)		(3,451)		(3,843)		(4,066)		(3,982)	-8.3	%

Net flows		(2,044)		(2,100)		(2,201)		(2,340)		(2,581)	-26.3	%
Policyholder assessments		(652)		(639)		(670)		(674)		(664)	-1.8	%
Change in market value and reinvestment		(1,781)		9,077		6,149		2,483		(3,117)	-75.0	%

Balance as of end-of-period, gross		114,477		120,815		124,093		123,562		117,200	2.4	%
Account balances reinsured		(5)		(5)		(5)		(5)		(5)	0.0%
Balance as of end-of-period, net	$	114,472	$	120,810	$	124,088	$	123,557	$	117,195	2.4	%


RILA
Balance as of beginning-of-period	$	34,310	$	33,527	$	36,256	$	38,499	$	39,443	15.0	%
Gross deposits		1,292		1,447		1,457		1,936		1,822	41.0	%
Surrenders, withdrawals and benefits		(850)		(938)		(1,106)		(1,370)		(1,539)	-81.1	%

Net flows		442		509		351		566		283	-36.0	%
Policyholder assessments		(5)		(4)		(4)		(4)		(4)	20.0	%

Change in market value and reinvestment		346		341		392		402		381	10.1	%
Change in fair value of embedded derivative instruments and other		(1,566)		1,883		1,504		(20)		(1,444)	7.8	%
Balance as of end-of-period, gross	$	33,527	$	36,256	$	38,499	$	39,443	$	38,659	15.3	%

Table of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Fixed Annuities
Balance as of beginning-of-period	$	25,963	$	26,039	$	26,832	$	27,874	$	28,728	10.6	%
Gross deposits		873		1,226		1,371		1,228		718	-17.8	%
Surrenders, withdrawals and benefits		(947)		(797)		(664)		(681)		(616)	35.0	%

Net flows		(74)		429		707		547		102	237.8	%
Policyholder assessments		(15)		(15)		(14)		(16)		(15)	0.0%
Reinvested interest credited		210		228		238		255		256	21.9	%
Change in fair value of embedded derivative instruments
and other		(45)		151		111		68		(97)	NM
Balance as of end-of-period, gross		26,039		26,832		27,874		28,728		28,974	11.3	%
Account balances reinsured		(15,624)		(16,105)		(16,382)		(16,340)		(16,055)	-2.8	%
Balance as of end-of-period, net	$	10,415	$	10,727	$	11,492	$	12,388	$	12,919	24.0	%


Total
Balance as of beginning-of-period	$	179,227	$	174,043	$	183,903	$	190,466	$	191,733	7.0	%
Gross deposits		3,799		4,024		4,470		4,890		3,941	3.7	%
Surrenders, withdrawals and benefits		(5,475)		(5,186)		(5,613)		(6,117)		(6,137)	-12.1	%

Net flows		(1,676)		(1,162)		(1,143)		(1,227)		(2,196)	-31.0	%
Policyholder assessments		(672)		(658)		(688)		(694)		(683)	-1.6	%
Change in market value, reinvestment and interest credited		(1,225)		9,646		6,779		3,140		(2,480)	NM
Change in fair value of embedded derivative instruments
and other		(1,611)		2,034		1,615		48		(1,541)	4.3	%
Balance as of end-of-period, gross		174,043		183,903		190,466		191,733		184,833	6.2	%
Account balances reinsured		(15,629)		(16,110)		(16,387)		(16,345)		(16,060)	-2.8	%
Balance as of end-of-period, net	$	158,414	$	167,793	$	174,079	$	175,388	$	168,773	6.5	%

Table of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
General Account
Balance as of beginning-of-period	$	36,599	$	36,220	$	36,116	$	36,008	$	35,986	-1.7	%
Gross deposits		865		847		851		993		837	-3.2	%
Withdrawals and deaths		(445)		(372)		(357)		(327)		(403)	9.4	%
Net flows		420		475		494		666		434	3.3	%
Transfers between general and separate accounts		14		49		72		48		68	NM
Policyholder assessments		(1,104)		(1,102)		(1,114)		(1,130)		(1,095)	0.8	%
Reinvested interest credited		356		360		367		361		357	0.3	%
Change in fair value of embedded derivative instruments
and other		(65)		114		73		33		(27)	58.5	%
Balance as of end-of-period, gross		36,220		36,116		36,008		35,986		35,723	-1.4	%
Account balances reinsured		(14,965)		(14,816)		(14,658)		(14,500)		(14,304)	4.4	%
Balance as of end-of-period, net	$	21,255	$	21,300	$	21,350	$	21,486	$	21,419	0.8	%


Separate Account
Balance as of beginning-of-period	$	28,841	$	28,106	$	30,616	$	33,252	$	34,038	18.0	%
Gross deposits		353		434		1,396		464		416	17.8	%
Withdrawals and deaths		(204)		(276)		(231)		(156)		(216)	-5.9	%
Net flows		149		158		1,165		308		200	34.2	%
Transfers between general and separate accounts		(14)		(48)		(71)		(48)		(68)	NM
Policyholder assessments		(246)		(248)		(251)		(255)		(252)	-2.4	%
Change in market value and reinvestment		(624)		2,648		1,793		781		(681)	-9.1	%
Balance as of end-of-period, gross		28,106		30,616		33,252		34,038		33,237	18.3	%
Account balances reinsured		(5,354)		(5,629)		(5,883)		(5,943)		(5,772)	-7.8	%
Balance as of end-of-period, net	$	22,752	$	24,987	$	27,369	$	28,095	$	27,465	20.7	%


Total
Balance as of beginning-of-period	$	65,440	$	64,326	$	66,732	$	69,260	$	70,024	7.0	%
Gross deposits		1,218		1,281		2,247		1,457		1,253	2.9	%
Withdrawals and deaths		(649)		(648)		(588)		(483)		(619)	4.6	%
Net flows		569		633		1,659		974		634	11.4	%
Transfers between general and separate accounts		—		1		1		—		—	0.0%
Policyholder assessments		(1,350)		(1,350)		(1,365)		(1,385)		(1,347)	0.2	%
Change in market value and reinvestment		(268)		3,008		2,160		1,142		(324)	-20.9	%
Change in fair value of embedded derivative instruments
and other		(65)		114		73		33		(27)	58.5	%
Balance as of end-of-period, gross		64,326		66,732		69,260		70,024		68,960	7.2	%
Account balances reinsured		(20,319)		(20,445)		(20,541)		(20,443)		(20,076)	1.2	%
Balance as of end-of-period, net	$	44,007	$	46,287	$	48,719	$	49,581	$	48,884	11.1	%

Table of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
General Account
Balance as of beginning-of-period	$	23,619	$	23,479	$	23,700	$	23,852	$	23,843	0.9	%
Gross deposits		811		1,109		1,090		1,054		880	8.5	%
Withdrawals		(1,330)		(1,103)		(1,287)		(1,350)		(1,279)	3.8	%
Net flows		(519)		6		(197)		(296)		(399)	23.1	%
Transfers between fixed and variable accounts		211		44		171		114		86	-59.2	%
Policyholder assessments		(4)		(4)		(4)		(4)		(5)	-25.0	%
Reinvested interest credited		172		175		182		177		169	-1.7	%
Balance as of end-of-period	$	23,479	$	23,700	$	23,852	$	23,843	$	23,694	0.9	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	88,962	$	85,754	$	92,683	$	98,900	$	100,197	12.6	%
Gross deposits		3,304		2,485		3,918		2,885		3,262	-1.3	%
Withdrawals		(4,969)		(3,076)		(2,966)		(3,587)		(3,076)	38.1	%
Net flows		(1,665)		(591)		952		(702)		186	111.2	%
Transfers between fixed and variable accounts		(200)		(54)		(149)		(101)		(82)	59.0	%
Policyholder assessments		(69)		(69)		(73)		(75)		(76)	-10.1	%
Change in market value and reinvestment		(1,274)		7,643		5,487		2,175		(2,074)	-62.8	%
Balance as of end-of-period	$	85,754	$	92,683	$	98,900	$	100,197	$	98,151	14.5	%


Total
Balance as of beginning-of-period	$	112,581	$	109,233	$	116,383	$	122,752	$	124,040	10.2	%
Gross deposits		4,115		3,594		5,008		3,939		4,142	0.7	%
Withdrawals		(6,299)		(4,179)		(4,253)		(4,937)		(4,355)	30.9	%
Net flows		(2,184)		(585)		755		(998)		(213)	90.2	%
Transfers between fixed and variable accounts		11		(10)		22		13		4	-63.6	%
Policyholder assessments		(73)		(73)		(77)		(79)		(81)	-11.0	%
Change in market value and reinvestment		(1,102)		7,818		5,669		2,352		(1,905)	-72.9	%
Balance as of end-of-period	$	109,233	$	116,383	$	122,752	$	124,040	$	121,845	11.5	%

Table of Contents


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

	As of 3/31/25					As of 12/31/25					As of 3/31/26
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
Investments and Allowance for Credit Losses, at Amortized Cost (1)
Industry corporate bonds:
Financial services	$	12,804		14.6	%	$	13,135		14.3	%	$	13,395		14.2	%
Basic industry		2,822		3.2	%		2,749		3.0	%		2,755		2.9	%
Capital goods		5,454		6.2	%		5,574		6.1	%		5,547		5.9	%
Communications		2,800		3.2	%		2,936		3.2	%		2,884		3.1	%
Consumer cyclical		5,317		6.1	%		5,360		5.8	%		5,422		5.8	%
Consumer non-cyclical		12,571		14.4	%		12,623		13.6	%		12,764		13.5	%
Energy		2,488		2.8	%		2,487		2.7	%		2,521		2.7	%
Technology		3,993		4.5	%		4,307		4.7	%		4,235		4.5	%
Transportation		3,130		3.6	%		3,243		3.5	%		3,200		3.4	%
Industrial other		2,214		2.5	%		2,346		2.6	%		2,347		2.5	%
Utilities		11,240		12.8	%		11,459		12.4	%		11,499		12.2	%
Government-related entities		1,145		1.3	%		1,108		1.2	%		1,107		1.2	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,653		1.9	%		1,715		1.9	%		1,689		1.8	%
Non-agency backed		323		0.4	%		399		0.4	%		385		0.4	%
Commercial mortgage-backed securities ("CMBS")		1,868		2.1	%		2,503		2.7	%		2,691		2.9	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		7,888		9.0	%		8,512		9.3	%		9,213		9.8	%
Other ABS		6,437		7.3	%		7,713		8.4	%		8,532		9.1	%
Municipals		2,591		2.9	%		2,424		2.6	%		2,412		2.6	%
United States and foreign government		849		0.9	%		1,153		1.3	%		1,192		1.3	%


Hybrid and redeemable preferred securities		253		0.3	%		236		0.3	%		228		0.2	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		87,840		100.0	%		91,982		100.0	%		94,018		100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		507					434					425
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		322					561					423
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		88,669					92,977					94,866
Modified coinsurance and funds withheld investments		11,587					10,738					10,568
Total fixed maturity AFS, trading and equity securities	$	100,256				$	103,715				$	105,434

(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.

Table of Contents


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

	As of 3/31/25					As of 12/31/25					As of 3/31/26
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
and Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	52,563		59.9	%	$	55,596		60.4	%	$	57,194		60.9	%
NAIC 2 (BBB)		32,404		36.9	%		33,291		36.2	%		33,790		35.9	%
Total investment grade		84,967		96.8	%		88,887		96.6	%		90,984		96.8	%

NAIC 3 (BB)		830		0.9	%		994		1.1	%		1,353		1.4	%
NAIC 4 (B)		1,877		2.1	%		1,966		2.1	%		1,548		1.6	%
NAIC 5 (CCC and lower)		92		0.1	%		63		0.1	%		87		0.1	%
NAIC 6 (in or near default)		74		0.1	%		72		0.1	%		46		0.1	%
Total below investment grade		2,873		3.2	%		3,095		3.4	%		3,034		3.2	%
Total	$	87,840		100.0	%	$	91,982		100.0	%	$	94,018		100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,362		76.8	%	$	12,814		73.3	%	$	12,626		72.4	%
CM2 (BBB)		3,979		22.8	%		4,527		25.9	%		4,664		26.7	%
CM3-7 (BB and lower) (3)		77		0.4	%		141		0.8	%		152		0.9	%
Total	$	17,418		100.0	%	$	17,482		100.0	%	$	17,442		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	$	65,925		62.6	%	$	68,410		62.5	%	$	69,820		62.6	%
BBB		36,383		34.6	%		37,818		34.5	%		38,454		34.5	%
BB and lower		2,950		2.8	%		3,236		3.0	%		3,186		2.9	%
Total	$	105,258		100.0	%	$	109,464		100.0	%	$	111,460		100.0	%

(1) Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or based upon ratings from credit rating agencies to derive the NAIC designation.

(2) CM Ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2 and NAIC 3-6 = CM3-7.

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

Table of Contents


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

		For the Three Months Ended

			3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
	Net Income
	Net income (loss) available to common stockholders – diluted	$	(756)	$	688	$	411	$	745	$	(211)	72.1	%
	Less:
	Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%
	Adjustment for deferred units of LNC stock
	in our deferred compensation plans		—		—		—		2		(5)	NM
	Net income (loss)		(722)		699		445		754		(172)	76.2	%
	Less:
	Net annuity product features, pre-tax (1)		(1,092)		405		410		515		(695)	36.4	%
	Net life insurance product features, pre-tax		42		(58)		(22)		(5)		22	-47.6	%
	Credit loss-related adjustments, pre-tax		(28)		(25)		(38)		(43)		(20)	28.6	%
	Investment gains (losses), pre-tax		(103)		(81)		(35)		(101)		(42)	59.2	%
	Changes in the fair value of reinsurance-related
	embedded derivatives, trading securities and certain
	mortgage loans, pre-tax (2)		(90)		14		(191)		65		179	298.9	%






	Gains (losses) on other non-financial assets, pre-tax		—		—		—		(14)		(6)	NM
	Other items, pre-tax (3)(4)(5)(6)(7)		(35)		75		(105)		(27)		(111)	NM

	Income tax benefit (expense) related to the above pre-tax items		270		(69)		(5)		(81)		141	-47.8	%
	Total adjustments		(1,036)		261		14		309		(532)	48.6	%
	Adjusted income (loss) from operations		314		438		431		445		360	14.6	%
	Add:
	Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%
	Adjusted income (loss) from operations available
	to common stockholders	$	280	$	427	$	397	$	434	$	326	16.4	%


(1) Includes changes in MRBs of $(1,302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026.
(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(3) For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million.
(4) Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively.

(continued on the next page)

Table of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

(continued from the previous page)

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

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

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


	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Revenues
Total revenues	$	4,691	$	4,044	$	4,555	$	4,922	$	5,306	13.1	%
Less:
Revenue adjustments from annuity
and life insurance product features		227		(590)		39		121		327	44.1	%
Credit loss-related adjustments		(28)		(25)		(38)		(43)		(20)	28.6	%
Investment gains (losses)		(103)		(81)		(35)		(101)		(42)	59.2	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans (1)		(90)		14		(191)		65		179	298.9	%

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



Adjusted operating revenues	$	4,685	$	4,726	$	4,780	$	4,894	$	4,868	3.9	%

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

Table of Contents


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	(4.41)	$	3.80	$	2.12	$	3.80	$	(1.10)	75.1	%
Less:
Net annuity product features, pre-tax (1)		(6.36)		2.24		2.11		2.62		(3.60)	43.4	%
Net life insurance product features, pre-tax		0.25		(0.32)		(0.11)		(0.02)		0.12	-52.0	%
Credit loss-related adjustments, pre-tax		(0.17)		(0.14)		(0.20)		(0.22)		(0.10)	41.2	%
Investment gains (losses), pre-tax		(0.60)		(0.45)		(0.18)		(0.51)		(0.22)	63.3	%


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		(0.53)		0.08		(0.98)		0.34		0.92	273.6	%




Gains (losses) on other non-financial assets, pre-tax		—		—		—		(0.07)		(0.03)	NM
Other items, pre-tax (2)(3)(4)(5)(6)		(0.20)		0.42		(0.53)		(0.14)		(0.58)	NM
Income tax benefit (expense) related
to the above pre-tax items		1.57		(0.39)		(0.03)		(0.41)		0.73	-53.5	%
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss)		0.03		—		—		—		—	-100.0	%


Adjusted income (loss) from operations	$	1.60	$	2.36	$	2.04	$	2.21	$	1.66	3.7	%

(continued on the next page)

Table of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited

(continued from the previous page)


(1) Includes changes in MRBs of $(7.59), $5.15, $1.74, $1.91 and $(5.17); changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $1.57, $(3.34), $0.15, $0.22 and $0.92; changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(0.34), $0.43, $0.22, $0.49 and $0.65 for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively.
(2) For the third quarter of 2025, includes certain legal accruals of $(0.05); for the fourth quarter of 2025, includes certain regulatory accruals of $0.01; for the first quarter of 2026, includes certain legal accruals of $(0.63).
(3) Includes severance expense related to initiatives to realign the workforce of $(0.03), $(0.01), $(0.02), $(0.06) and $(0.04) in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively.
(4) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.12) and $(0.03) in the 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.
(5) Includes deferred compensation mark-to-market adjustment of $(0.05), $0.01, $(0.07), $(0.05) and $0.09 in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively.
(6) Includes gains on early extinguishment of debt of $0.52 in the second quarter of 2025.

Table of Contents


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

	For the Three Months Ended

		3/31/25		6/30/25		9/30/25		12/31/25		3/31/26	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	8,193	$	9,548	$	10,452	$	10,906	$	10,212	24.6	%
Less:
Preferred stock		986		986		986		986		986	0.0%
AOCI		(4,306)		(4,392)		(3,839)		(4,058)		(4,467)	-3.7	%
Stockholders’ equity, excluding AOCI and preferred stock		11,513		12,954		13,305		13,978		13,693	18.9	%
Changes in MRBs		2,133		2,869		3,136		3,431		2,643	23.9	%
GLB and GDB hedge instruments gains (losses)		(2,993)		(3,602)		(3,706)		(3,812)		(3,829)	-27.9	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(196)		(186)		(305)		(236)		(108)	44.9	%
Adjusted stockholders’ equity	$	12,569	$	13,873	$	14,180	$	14,595	$	14,987	19.2	%


Stockholders’ Equity, Average
Stockholders’ equity	$	8,231	$	8,871	$	10,000	$	10,679	$	10,559	28.3	%
Less:
Preferred stock		986		986		986		986		986	0.0%
AOCI		(4,671)		(4,349)		(4,116)		(3,948)		(4,262)	8.8	%
Stockholders’ equity, excluding AOCI and preferred stock		11,916		12,234		13,130		13,641		13,835	16.1	%
Changes in MRBs		2,649		2,501		3,002		3,283		3,037	14.6	%
GLB and GDB hedge instruments gains (losses)		(3,027)		(3,297)		(3,654)		(3,759)		(3,820)	-26.2	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(173)		(191)		(245)		(270)		(172)	0.6	%
Adjusted average stockholders' equity	$	12,467	$	13,221	$	14,027	$	14,387	$	14,790	18.6	%


Book Value Per Common Share
Book value per share	$	41.96	$	44.91	$	49.56	$	51.88	$	47.87	14.1	%
Less:
AOCI		(25.08)		(23.04)		(20.10)		(21.22)		(23.19)	7.5	%
Book value per share, excluding AOCI		67.04		67.95		69.66		73.10		71.06	6.0	%
Less:
Changes in MRBs		12.42		15.05		16.42		17.94		13.72	10.5	%
GLB and GDB hedge instruments gains (losses)		(17.43)		(18.89)		(19.40)		(19.94)		(19.87)	-14.0	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(1.14)		(0.98)		(1.59)		(1.23)		(0.56)	50.9	%
Adjusted book value per share	$	73.19	$	72.77	$	74.23	$	76.33	$	77.77	6.3	%

1 Earnings Supplement First Quarter 2026 May 7, 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 1Q26 Key Messages • Life Insurance sales up 33% YoY, with growth across all product lines. • Annuities total sales of $3.9B, up 4% YoY, with spread-based products comprising 64% of total sales. • Retirement Plan Services first-year sales grew 3% YoY, driven by growth in the Core Market. $ in millions After- tax Per share Adjusted Operating Income1 $326 $1.66 Normalizing items Higher alternative investment income compared to our 10% annual return target $19 $0.10 Tax-related items3 $(7) $(0.04) Seventh consecutive quarter of YoY adjusted operating income1 growth, up 16% in 1Q • Life Insurance earnings of $41M, up $57M YoY, driven by strong alternative investment income. • Group Protection earnings up 11% YoY, driven by favorable life experience. • Annuities earnings of $275M, down 5% versus prior year, as tax-related normalizing items and the previously disclosed NII allocation refinement pressured YoY results. • Retirement Plan Services YoY earnings growth reflected favorable markets and spread expansion. Continued sales momentum in targeted markets Maintained capital strength while enhancing financial flexibility • Holding Company available liquidity increased to $805M, net of prefunding amounts, up $150M from YE 2025. • Leverage ratio2 improved 250bps YoY to 25.0%. 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. 3 Tax- related items includes dividends-received deduction and foreign tax credit true-ups.

4 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 • NII allocation refinement • Variable annuity outflows • Tax-related items • Favorable life experience • LTD resolution severity 1Q26 Earnings Drivers $ in millions • Favorable equity markets • Spread expansion • Outflows 4Q • Higher alternative investment income • Impact of 4Q25 captive consolidation $290 $275 1Q25 1Q26 $101 $112 1Q25 1Q26 $34 $43 1Q25 1Q26 $(16) $41 1Q25 1Q26

5 $158 $168 $174 $175 $169 Key Highlights Operating Income2 ($M) Sales ($B) • Operating income declined 5% YoY, driven by the previously disclosed NII allocation refinement1, outflows, and tax-related items, partially offset by favorable equity markets. • Total sales of $3.9B increased 4% YoY, with spread-based products comprising nearly two- thirds of total sales. • Ending account balances3 grew 7% YoY, driven by favorable equity markets and growth in spread-based products. Key Priorities Ending Account Balances3 ($B) Return on Average Account Balances2,4 • Diversify source of earnings mix by growing spread-based account balances over time. • Maximize capital efficiency and achieve attractive new business returns. • Expand product set to target a larger addressable market. 7% 6% 7% 7% 8% 21% 22% 22% 22% 23% 30% 29% 29% 29% 28% 42% 43% 42% 42% 41% 1Q25 2Q25 3Q25 4Q25 1Q26 Fixed RILA VA w/o GLBs VA w/ GLBs 23% 30% 31% 25% 18% 34% 36% 32% 40% 46% 14% 11% 13% 12% 14% 29% 23% 24% 23% 22% 1Q25 2Q25 3Q25 4Q25 1Q26 Fixed RILA VA w/o GLB VA w/ GLB Annuities 0.71% 0.72% 0.75% 0.71% 0.63% 1Q25 2Q25 3Q25 4Q25 1Q26 $290 $287 $318 $311 $275 1Q25 2Q25 3Q25 4Q25 1Q26 $4.0$3.8 $4.5 $4.9 1 Previously disclosed reallocation of certain net investment income (“NII”) from operating results to non-operating results. 2 Excludes $(8)M in 3Q25 related to annual assumption review. 3 Net of reinsurance. 4 Return on Average Account Balances, net of reinsurance. $3.9

6 Key Highlights Operating Income1 ($M) Sales ($M) • Operating income increased by $11M Y0Y, driven by favorable life experience. • Premiums were up 2% Y0Y, driven by strong prior-period sales. Adjusting for a large case lapse, premium growth was 3.4%. • Life loss ratio was down 8 percentage pts YoY driven by favorable incidence and severity; the disability loss ratio increased 3 percentage pts due to resolution severity. Key Priorities Premiums and Margin1,2 ($M) Loss Ratios1,2 • Diversify book of business across segments and products, 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. $1,371 $1,386 $1,357 $1,380 $1,399 7.4% 12.5% 11.4% 8.1% 7.9% 8.0% 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 1Q25 2Q25 3Q25 4Q25 1Q26 Premiums Margin Margin, ex. Experience Refund 31% 38% 40% 59% 30% 24% 30% 35% 32% 29% 45% 32% 25% 9% 41% 1Q25 2Q25 3Q25 4Q25 1Q26 Disability Life Supp Health / Dental 75% 67% 65% 68% 67% 70% 67% 77% 74% 73% 1Q25 2Q25 3Q25 4Q25 1Q26 Life Disability 3 1Q25 2Q25 3Q25 4Q25 1Q26 Operating Income Experience Refund $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. $150 $101 $110 $109 $112

7 Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income increased by 26% YoY, driven by spread expansion and favorable equity markets, partially offset by outflows. • Total deposits were up 1%, with first-year sales up 3% YoY. • Ending account balances were $122B, up 12% YoY, supported by favorable equity markets. Key Priorities Ending Account Balances ($B) Return on Average Account Balances • Continued profitable growth with an emphasis on market segments with higher returns. • Expand revenue sources for existing account base. • Increase profitability through lowering operating costs and optimizing investment sourcing. 79% 80% 81% 81% 81% 21% 20% 19% 19% 19% $109 $116 $123 $124 $122 1Q25 2Q25 3Q25 4Q25 1Q26 Separate Account and Mutual Funds General Account $34 $37 $46 $46 $43 1Q25 2Q25 3Q25 4Q25 1Q26 0.12% 0.13% 0.15% 0.15% 0.14% 1Q25 2Q25 3Q25 4Q25 1Q26 31% 32% 22% 33% 40% 44% 26% 62% 33% 43% 25% 42% 16% 34% 17% 1Q25 2Q25 3Q25 4Q25 1Q26 Core Market Mid-Large Market Investment Only $1.1 $1.2 $2.4 $1.7 $1.1 1 Formerly referred to as “Small Market.” 2 Formerly referred to as “Stable Value/Other.” 1 2

8 Key Highlights Operating Income (Loss)1 ($M) Sales ($M) • Operating income improved by $57M YoY, driven by higher alternative investment income and the impact of the 4Q25 captive consolidation. • Total sales of $129M were up 33% YoY, with growth across all product lines, most notably in Executive Benefits. • Revenues were 3% higher YoY driven by higher alternative investment income. Key Priorities Operating Revenue ($M) and Margin2 (%) Net G&A Expenses ($M) • Continued growth in accumulation and risk- sharing sales, focused on a more stable cash flow product suite. • Maximize capital efficiency and achieve attractive new business returns. • Continued optimization of legacy block free cash flow opportunities. 92% 91% 85% 80% 83% 8% 9% 15% 20% 17% 13% 8% 14% 19% 13% 19% 14% 1Q24 2Q24 3Q24 4Q24 1Q25 Underlying Earnings Alts Above Target Alts Below Target $(1) $32 $56 $63 $22 $(15) $(2) $14 $19 1Q25 2Q25 3Q25 4Q25 1Q26 $(16) Life Insurance 82% 72% 33% 89% 74% 18% 28% 67% 11% 26%$97 $121 $298 $142 $129 1Q25 2Q25 3Q25 4Q25 1Q26 Core Executive Benefits $54 $77 $119 $122 $121 $130 $119 1Q25 2Q25 3Q25 4Q25 1Q26 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. $1,587 $1,602 $1,610 $1,643 $1,628 -1.0% 2.0% 3.4% 4.7% 2.5% -2.0% 0.0 % 2.0% 4.0% 6.0% 8.0% 10.0% 1300 1350 1400 1450 1500 1550 1600 1650 1700 1Q25 2Q25 3Q25 4Q25 1Q26 $32 $41

9 Key Highlights Operating Loss and Preferred Dividend ($M) Other Expenses ($M) • Operating loss of $(111)M is $16M higher YoY due to lower NII, net of interest credited, and lower other revenues related to a legacy block with market sensitivity. • Holding Company available liquidity increased to $805M at quarter-end, net of prefunding amounts, an increase of $150M since year-end 2025. • Leverage ratio improved by 250 basis points YoY driven by equity growth. Key Priorities Holding Company Available Liquidity1 ($M) Leverage Ratio2 • Continue to scale the funding agreement program after successful 2025 launch. • Build Holding Company liquidity to maximize capital flexibility. • Maintain leverage ratio at the 25% target. Other Operations ($95) ($91) ($99) ($98) ($111) ($34) ($11) ($34) ($11) ($34) 1Q25 2Q25 3Q25 4Q25 1Q26 Operating Loss Preferred Dividend $466 $466 $461 $655 $805 1Q25 2Q25 3Q25 4Q25 1Q26 27.5% 25.6% 25.2% 25.1% 25.0% 1Q25 2Q25 3Q25 4Q25 1Q26 $66 $56 $72 $64 $68 1Q25 2Q25 3Q25 4Q25 1Q26 1 Holding Company available liquidity presented as of 12/31/25 and 3/31/2026 do not include the $400 million prefunding of a 2026 maturity. 2 See Non-GAAP Financial Measures Appendix for definition and reconciliations.

10 38% 37% 36% 36% 35% 18% 17% 17% 17% 16% 15% 16% 15% 16% 18% 18% 18% 18% 17% 18% 3% 3% 3% 3% 3%8% 9% 11% 11% 10% 1Q25 2Q25 3Q25 4Q25 1Q26 Public Corps Private Corps Structured Mortgage Loans Alts Other Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Portfolio grew $12B YoY to $131B, reflecting strategic shift toward spread-based earnings. • Portfolio yield expanded 10bps YoY to 4.67%, with new money yield continuing to exceed portfolio yield. • Diversified alternatives portfolio delivered a 3.1% quarterly return, or 12% annualized return, above our annual expectation of 10%. Key Priorities New Money Yields Alternative Investment Income ($M), Pre-Tax • Leverage sourcing capabilities and security selection of our multi-manager platform for portfolio construction. • Optimize new money strategy with focus on maintaining diversification and high quality while capitalizing on less liquid assets and structured asset class premiums. • Achieve attractive long-term alternative investment returns. Investment Portfolio 4.57% 4.61% 4.64% 4.65% 4.67% 6.0% 6.1% 5.9% 5.3% 5.5% 1Q25 2Q25 3Q25 4Q25 1Q26 Portfolio Yield New Money Yield $75 $101 $101 $124 $129 1.9% 2.5% 2.5% 3.0% 3.1% 0 20 40 60 80 100 120 140 1Q25 2Q25 3Q25 4Q25 1Q26 % Returns, Unannualized 62% 63% 62% 62% 62% 35% 34% 35% 35% 35% 3% 3% 3% 3% 3% 1Q25 2Q25 3Q25 4Q25 1Q26 NAIC 1/CM1 NAIC 2/CM2 NAIC 3-6/CM3-7 $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. $131

11 Appendix

12 Public Corporate 35% Private Credit 20% Public Structured 15% CML 13% RML 4% Other 13%2 Investment Portfolio High quality and well-diversified portfolio1 $131B Average A Rated Portfolio allocation by asset class 1 Data on slide is as of March 31, 2026. 2 Other includes cash/collateral, COLI assets, common and preferred stock, sovereign government, alternatives, and UST/agency. Note: All information regarding LNC’s investment portfolio in this earnings supplement excludes assets related to certain modified coinsurance and coinsurance with funds withheld transactions. The modified coinsurance and funds withheld reinsurance agreements investment portfolio has counterparty protections in place including investment guidelines, as well as additional support including trusts and letters of credit that were established to meet LNC’s risk management objectives. … with a high-quality private credit portfolio • Private credit is a key part of the investment strategy, enhancing yield and diversification while emphasizing disciplined risk management. • Private credit portfolio is highly-diversified and 91% investment grade. • Private Letter Ratings (PLRs) account for ~7% 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 Private Corporates 15.0% Private Structured 3.6% Direct Lending 1.4%

13 Non-GAAP Financial Measures Appendix

14 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 16. 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.

15 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.

16 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 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Net Income Net income (loss) available to common stockholders – diluted $ (756) $ 688 $ 411 $ 745 $ (211) Less: Preferred stock dividends declared (34) (11) (34) (11) (34) Adjustment for deferred units of LNC stock in our deferred compensation plans — — — 2 (5) Net income (loss) (722) 699 445 754 (172) Less: Net annuity product features, pre-tax (1) (1,092) 405 410 515 (695) Net life insurance product features, pre-tax 42 (58) (22) (5) 22 Credit loss-related adjustments, pre-tax (28) (25) (38) (43) (20) Investment gains (losses), pre-tax (103) (81) (35) (101) (42) Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax (2) (90) 14 (191) 65 179 Gains (losses) on other non-financial assets, pre-tax — — — (14) (6) Other items, pre-tax (3)(4)(5)(6)(7) (35) 75 (105) (27) (111) Income tax benefit (expense) related to the above pre-tax items 270 (69) (5) (81) 141 Total adjustments (1,036) 261 14 309 (532) Adjusted income (loss) from operations 314 438 431 445 360 Add: Preferred stock dividends declared (34) (11) (34) (11) (34) Adjusted income (loss) from operations available to common stockholders $ 280 $ 427 $ 397 $ 434 $ 326 Earnings (Loss) Per Common Share – Diluted Net income (loss) (diluted) $ (4.41) $ 3.80 $ 2.12 $ 3.80 $ (1.10) Adjusted income (loss) from operations (diluted) 1.60 2.36 2.04 2.21 1.66 Refer to following slide 17 for footnotes to table.

17 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 $(1,302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026. (2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. (3) For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. (4) Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. (5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(20) million and $(5) million in the first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(18) million and $(3) million in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization. (6) Includes deferred compensation mark-to-market adjustment of $(9) million, $1 million, $(14) million, $(10) million and $18 million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. (7) Includes gains on early extinguishment of debt of $94 million in the second quarter of 2025.

18 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 16. For the Three Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Adjusted income from operations available to common stockholders(1) $ 280 $ 427 $ 397 $ 434 $ 326 Less significant items: Annual assumption review - - (2) - - Total significant items - - (2) - - Adjusted income from operations available to common stockholders, excluding significant items $ 280 $ 427 $ 395 $ 434 $ 326

19 Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Leverage Ratio Short-term debt (1) $ — $ — $ — $ 400 $ 400 Long-term debt 5,868 5,767 5,772 5,866 5,969 Total debt 5,868 5,767 5,772 6,266 6,369 Preferred stock 986 986 986 986 986 Total debt and preferred stock 6,854 6,753 6,758 7,252 7,355 Less: Operating debt (2) 868 868 868 868 868 Prefunding of upcoming debt maturities — — — 400 400 25% of capital securities and subordinated notes 302 247 247 247 247 50% of preferred stock 493 493 493 493 493 Carrying value of fair value hedges and other items 122 119 119 114 112 Total numerator $ 5,069 $ 5,026 $ 5,031 $ 5,130 $ 5,235 Adjusted stockholders’ equity (3) $ 12,569 $ 13,873 $ 14,180 $ 14,595 $ 14,987 Add: 25% of capital securities and subordinated notes 302 247 247 247 247 50% of preferred stock 493 493 493 493 493 Total numerator 5,069 5,026 5,031 5,130 5,235 Total denominator $ 18,433 $ 19,639 $ 19,951 $ 20,465 $ 20,962 Leverage ratio 27.5% 25.6% 25.2% 25.1% 25.0% (1) As of March 31, 2026, 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 20.

20 Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity Unaudited (millions of dollars) As of or For the Three Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 8,193 $ 9,548 $ 10,452 $ 10,906 $ 10,212 Less: Preferred stock 986 986 986 986 986 AOCI (4,306) (4,392) (3,839) (4,058) (4,467) Stockholders’ equity, excluding AOCI and preferred stock 11,513 12,954 13,305 13,978 13,693 Changes in MRBs 2,133 2,869 3,136 3,431 2,643 GLB and GDB hedge instruments gains (losses) (2,993) (3,602) (3,706) (3,812) (3,829) Reinsurance-related embedded derivatives and portfolio gains (losses) (196) (186) (305) (236) (108) Adjusted stockholders’ equity $ 12,569 $ 13,873 $ 14,180 $ 14,595 $ 14,987

Source: View Original Filing on SEC EDGAR

FAQ

How did Lincoln Financial (LNC) perform in Q1 2026 on a GAAP and non-GAAP basis?

Lincoln Financial reported a Q1 2026 net loss available to common stockholders of $(211) million, or $(1.10) per diluted share. On a non-GAAP basis, adjusted operating income available to common stockholders was $326 million, or $1.66 per diluted share, up from $280 million a year earlier.

What were Lincoln Financial’s key revenue and earnings trends in Q1 2026?

Total revenues for Q1 2026 were $5.306 billion, an increase of 13.1% year over year. After-tax adjusted income from operations rose to $360 million, a 14.6% increase versus Q1 2025, reflecting stronger underlying business performance despite continued GAAP net losses.

How did Lincoln Financial’s business segments perform in Q1 2026?

In Q1 2026, Annuities generated $275 million of operating income, Life Insurance earned $41 million, Group Protection delivered $112 million, and Retirement Plan Services produced $43 million. Group Protection income rose 10.9% year over year, and Retirement Plan Services income increased 26.5%.

What is Lincoln Financial’s liquidity and capital position as of March 31, 2026?

As of March 31, 2026, holding-company available liquidity was $1.205 billion, or $805 million net of prefunding a 2026 debt maturity. The RBC ratio remained above 420%, and adjusted book value per share increased to $77.77, supporting the company’s capital profile.

How did Lincoln Financial’s annuities and retirement businesses perform in Q1 2026?

Annuities recorded operating income of $275 million, with total sales of $3.9 billion, up 4% year over year, but higher net outflows of about $2.2 billion. Retirement Plan Services earned $43 million, with deposits of $4.1 billion and sharply improved net flows.

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Core earnings rise as Lincoln Financial (NYSE: LNC) narrows loss

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FAQ

How did Lincoln Financial (LNC) perform in Q1 2026 on a GAAP and non-GAAP basis?

What were Lincoln Financial’s key revenue and earnings trends in Q1 2026?

How did Lincoln Financial’s business segments perform in Q1 2026?

What is Lincoln Financial’s liquidity and capital position as of March 31, 2026?

How did Lincoln Financial’s annuities and retirement businesses perform in Q1 2026?

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Core earnings rise as Lincoln Financial (NYSE: LNC) narrows loss

Rhea-AI Filing Summary

Positive

Negative

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Insurance sector equity analyst neutral

8-K Event Classification

Key Figures

Key Terms

Offering Details

FAQ

How did Lincoln Financial (LNC) perform in Q1 2026 on a GAAP and non-GAAP basis?

What were Lincoln Financial’s key revenue and earnings trends in Q1 2026?

How did Lincoln Financial’s business segments perform in Q1 2026?

What is Lincoln Financial’s liquidity and capital position as of March 31, 2026?

How are unrealized investment losses trending for Lincoln Financial?

How did Lincoln Financial’s annuities and retirement businesses perform in Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents