What happened to Lincoln National’s (LNC) book value per share and unrealized losses?

Book value per share including AOCI increased to $53.68 , while adjusted book value per share reached $79.45 . The net unrealized loss on available-for-sale securities was $8.5 billion pre-tax, improved from $9.1 billion a year earlier.

Lincoln Financial (NYSE: LNC) doubles Q2 profit as liquidity rises

Q: What were Lincoln National (LNC) net income and EPS for Q2 2026?

Lincoln National reported Q2 2026 net income of $1.3 billion , or $6.72 per diluted share, compared with $699 million, or $3.80 per diluted share, in Q2 2025. Net income available to common stockholders – diluted was $1,321 million.

Q: What were Lincoln National (LNC) liquidity and capital levels as of June 30, 2026?

Holding company available liquidity totaled $1,803 million , or $903 million net of prefunding. The company also completed a $500 million subordinated debt issuance, and its estimated risk-based capital (RBC) ratio remained above 420% .

Q: How did Lincoln National’s (LNC) major business segments perform in Q2 2026?

Annuities delivered $287 million of operating income with record account balances but higher net outflows. Life Insurance operating income rose to $57 million . Group Protection earned $147 million with a 10.4% margin, and Retirement Plan Services generated $49 million of operating income.

Q: How did sales and flows trend for Lincoln National (LNC) in Q2 2026?

Annuity sales were $3.5 billion with spread-based products representing 63%, but annuity net outflows were about $2.9 billion . Life Insurance sales rose to $216 million , Group Protection sales were $155 million , and Retirement Plan Services deposits totaled $3.7 billion .

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Lincoln National Corporation reported second quarter 2026 results with net income available to common stockholders of $1.3 billion, or $6.72 per diluted share, up from $688 million and $3.80 a year earlier. Adjusted operating income available to common stockholders was $439 million, or $2.24 per diluted share, compared with $427 million and $2.36, as the gap between GAAP and adjusted results mainly reflected the non-economic impact of changes in market risk benefits. Total revenues were $4,542 million, a 12.3% increase year over year.

Segment results were mixed. Annuities generated $287 million of operating income, in line with the prior year, with record-high ending account balances of $182 billion but lower sales of $3.5 billion and net outflows of about $2.9 billion. Life Insurance operating income rose to $57 million from $32 million, with sales up 79% to $216 million. Group Protection operating income declined to $147 million and operating margin to 10.4%, influenced partly by experience refund timing and a higher disability loss ratio, while Retirement Plan Services operating income increased to $49 million on higher spread income despite $2.4 billion of net outflows.

Capital and liquidity metrics improved. Holding company available liquidity was $1,803 million, or $903 million net of prefunding, and the company completed a $500 million subordinated debt issuance to support potential repurchase or redemption of preferred stock. The estimated RBC ratio remained above 420%. Book value per share including AOCI rose to $53.68, with adjusted book value per share at $79.45. Net unrealized loss on available-for-sale securities was $8.5 billion pre-tax, versus $9.1 billion a year earlier.

Positive

GAAP profitability and equity strengthened, with net income available to common stockholders rising to $1.3 billion and book value per share increasing to $53.68 at June 30, 2026.
Liquidity and capital improved, as holding company liquidity net of prefunding reached $903 million and a $500 million subordinated debt issuance supported flexibility around outstanding preferred stock.

Negative

Business mix showed pressure in flows, with annuity net outflows of about $2.9 billion and Retirement Plan Services net outflows of $2.4 billion in the second quarter of 2026.
Group Protection earnings moderated, as operating income declined to $147 million, operating margin fell to 10.4%, and the total loss ratio increased to 68.4%.

Filing Explained

This July 30 Form 8-K furnishes Lincoln’s second-quarter results and related exhibits under Items 2.02 and 7.01; the information is not treated as filed for Section 18 or incorporated into registration statements, except as expressly stated.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

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

Item 7.01 Regulation FD Disclosure Disclosure

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

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Net income available to common stockholders – diluted: $1,321 million Adjusted operating income available to common stockholders: $439 million Total revenues: $4,542 million +5 more

8 metrics

Net income available to common stockholders – diluted $1,321 million For the quarter ended June 30, 2026; up from $688 million in Q2 2025

Adjusted operating income available to common stockholders $439 million Q2 2026 adjusted income from operations available to common stockholders; $427 million in Q2 2025

Total revenues $4,542 million Quarter ended June 30, 2026; compared with $4,044 million in the prior-year quarter

Adjusted operating EPS $2.24 per diluted share Adjusted income from operations per diluted share in Q2 2026; $2.36 in Q2 2025

Holding company liquidity net of prefunding $903 million Available liquidity net of prefunding at June 30, 2026; $466 million at June 30, 2025

Book value per share including AOCI $53.68 As of June 30, 2026; up from $44.91 at June 30, 2025

Average annuity account balances $178,812 million Average Q2 2026 annuity account balances net of reinsurance; 11.9% higher year over year

Net unrealized loss on AFS securities $8.5 billion (pre-tax) Net unrealized loss on available-for-sale securities at June 30, 2026; $9.1 billion a year earlier

Key Terms

market risk benefits, adjusted income (loss) from operations, risk-based capital (RBC) ratio, accumulated other comprehensive income (AOCI), +1 more

5 terms

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.

adjusted income (loss) from operations financial

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

risk-based capital (RBC) ratio financial

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

A risk-based capital (RBC) ratio measures an insurer’s available capital against the minimum capital regulators require after accounting for the types and amounts of risks the company faces; it is expressed as a percentage. Investors use it like a “safety cushion” gauge: a higher ratio means the company is better positioned to absorb unexpected losses and less likely to face regulatory restrictions, while a low ratio can signal heightened solvency risk and potential impact on returns.

accumulated other comprehensive income (AOCI) financial

"Management believes that the use of the non-GAAP financial measures book value per share, excluding accumulated other comprehensive income (“AOCI”)"

Accumulated other comprehensive income (AOCI) is a section of a company's equity that records certain gains and losses that are excluded from net income, such as currency translation shifts, unrealized gains or losses on some investments, and retirement-plan adjustments. Investors care because AOCI reveals changes in a company’s financial position that don’t show up on the profit-and-loss line but can alter the value of equity over time—like a side account that captures market swings before they hit your main balance.

guaranteed living benefit (GLB) financial

"guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses)"

Offering Details

IPO/secondary/shelf/ATM

Offering

Offering Type IPO/secondary/shelf/ATM

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Available on EDGAR 07/30/2026 - 06:05 AM Accepted by SEC EDGAR 07/30/2026 - 06:03 AM

FAQ

What were Lincoln National (LNC) net income and EPS for Q2 2026?

Lincoln National reported Q2 2026 net income of $1.3 billion, or $6.72 per diluted share, compared with $699 million, or $3.80 per diluted share, in Q2 2025. Net income available to common stockholders – diluted was $1,321 million.

How did Lincoln National (LNC) perform on an adjusted operating basis in Q2 2026?

Adjusted operating income available to common stockholders was $439 million, or $2.24 per diluted share, versus $427 million and $2.36 a year earlier. The difference between net income and adjusted operating income mainly reflected the non-economic impact of changes in market risk benefits.

What were Lincoln National (LNC) liquidity and capital levels as of June 30, 2026?

Holding company available liquidity totaled $1,803 million, or $903 million net of prefunding. The company also completed a $500 million subordinated debt issuance, and its estimated risk-based capital (RBC) ratio remained above 420%.

How did Lincoln National’s (LNC) major business segments perform in Q2 2026?

Annuities delivered $287 million of operating income with record account balances but higher net outflows. Life Insurance operating income rose to $57 million. Group Protection earned $147 million with a 10.4% margin, and Retirement Plan Services generated $49 million of operating income.

How did sales and flows trend for Lincoln National (LNC) in Q2 2026?

Annuity sales were $3.5 billion with spread-based products representing 63%, but annuity net outflows were about $2.9 billion. Life Insurance sales rose to $216 million, Group Protection sales were $155 million, and Retirement Plan Services deposits totaled $3.7 billion.

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

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

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

Item 7.01. Regulation FD Disclosure.

On July 30, 2026, in connection with the Company’s second quarter 2026 earnings conference call scheduled for the same date, the Company made available on its website a second quarter 2026 earnings supplement presentation dated July 30, 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 July 30, 2026, announcing Lincoln National Corporation’s financial results for the quarter ended June 30, 2026.
99.2			Lincoln National Corporation Statistical Supplement for the quarter ended June 30, 2026.
99.3			Second Quarter 2026 Earnings Supplement dated July 30, 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: July 30, 2026

For Immediate Release

Lincoln Financial Reports 2026 Second Quarter Results

____________________________________

Radnor, PA, July 30, 2026: Lincoln Financial (NYSE: LNC) today reported financial results for the second quarter ended June 30, 2026.

•Strong second quarter performance and improved profitability, reflecting continued progress against our strategic and financial objectives.

•Second quarter net income available to common stockholders was $1.3 billion, or $6.72 per diluted share.

•Second quarter adjusted operating income available to common stockholders was $439 million, or $2.24 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 $903 million, net of prefunding amounts.

•Completed $500 million subordinated debt issuance with proceeds supporting capital flexibility to repurchase and/or redeem outstanding preferred stock.

“The second quarter marked a significant step forward in the execution of our long-term strategy and reflects the strength of the franchise we have built," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "We delivered another quarter of year-over-year earnings growth, supported by strength across all businesses. Life Insurance and Retirement Plan Services reported strong earnings growth, Group Protection extended its track record of excellent operating performance, and our Annuities business remained well positioned as we continue to diversify our earnings mix toward spread-based products.”

"Our progress this quarter demonstrates the continued momentum on our strategic priorities. In addition to the prefunding amounts related to our preferred stock, available liquidity at the holding company continues to grow, positioning us well to execute on our stated priorities over the next year and create durable, long-term value for shareholders."

Business Highlights

Our 2026 second quarter performance demonstrated continued execution against our financial and strategic objectives.

Retail Solutions

•Annuities delivered operating income of $287 million, in line with the prior-year quarter, driven by favorable equity markets and higher spread income, offset by variable annuity outflows and the $12 million impact of the previously disclosed net investment income reallocation to non-operating income. Annuities reported a record-high $182 billion in ending account balances, net of reinsurance, up nearly 9% year over year. Total sales were $3.5 billion with spread-based products accounting for 63% of sales.

•Life Insurance delivered operating income of $57 million, a $25-million increase from the prior-year quarter, driven by favorable mortality, partially offset by lower alternative investment income. Total margin increased 160 basis points to 3.6% driven by underlying earnings growth. Total sales were $216 million, up 79% compared to the prior-year quarter, reflecting growth in Executive Benefits and Core Life.

Workplace Solutions

•Group Protection delivered operating income of $147 million and a margin of 10.4%, lower than the prior-year quarter, which included a $15 million experience refund. Beginning in the third quarter of 2025, the experience refund timing changed to quarterly recognition. Excluding the impact of the prior-year refund, earnings were $11 million lower due to a higher disability loss ratio partially offset by an improved life loss ratio. Premiums were 2% higher year over year reflecting prior-period sales.

•Retirement Plan Services reported operating income of $49 million in the quarter, up 32% year over year, driven by higher spread income and favorable equity markets. Net outflows were $2.4 billion, compared to $585 million in the prior-year quarter, reflecting actions to improve overall profitability. Total deposits were $3.7 billion in the quarter, up 4% over the prior-year quarter, supported by strong recurring deposit growth. Ending account balances were $131 billion, a record high.

Earnings Summary


(in millions, except per share data)	For the Three Months Ended				For the Six Months Ended
	6/30/25		6/30/26		6/30/25		6/30/26
Net income (loss)	$	699	$	1,332	$	(23)	$	1,160
Net income (loss) available to common stockholders — diluted	688		1,321		(69)		1,109
Net income (loss) per diluted share available to common stockholders	$	3.80	$	6.72	$	(0.39)	$	5.65
Adjusted income (loss) from operations	438		450		752		810
Adjusted income (loss) from operations available to common stockholders	427		439		706		764
Adjusted income (loss) from operations per diluted share available to common stockholders	$	2.36	$	2.24	$	3.97	$	3.89

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


(in millions)	For the Three Months Ended				For the Six Months Ended
	6/30/25		6/30/26		6/30/25		6/30/26
Net income (loss) available to common stockholders — diluted	$	688	$	1,321	$	(69)	$	1,109
Less:
Preferred stock dividends declared	(11)		(11)		(46)		(46)
Adjustment for deferred units of LNC stock in our deferred compensation plans	—		—		—		(5)
Net income (loss)	699		1,332		(23)		1,160
Less:
Net annuity product features, pre-tax(1)	405		1,497		(687)		802
Net life insurance product features, pre-tax	(58)		(50)		(15)		(28)
Credit loss-related adjustments, pre-tax	(25)		(37)		(53)		(57)
Investment gains (losses), pre-tax	(81)		(197)		(183)		(239)
Changes in the fair value of reinsurance-related embedded derivatives,
trading securities and certain mortgage loans, pre-tax(1)	14		(85)		(76)		94
Gains (losses) on other non-financial assets, pre-tax	—		—		—		(6)
Other items, pre-tax(1)	75		(12)		40		(123)
Income tax benefit (expense) related to the above pre-tax items	(69)		(234)		199		(93)
Adjusted income (loss) from operations	$	438	$	450	$	752	$	810
Adjusted income (loss) from operations available to common stockholders	$	427	$	439	$	706	$	764

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

Variable Investment Income


Alternative Investment Income, after-tax(1)	For the Three Months Ended										For the Six Months Ended
(in millions)	6/30/25		9/30/25		12/31/25		3/31/26		6/30/26		6/30/25		6/30/26
Annuities	$	3	$	2	$	3	$	3	$	1	$	5	$	4
Life Insurance	74		75		90		95		38		129		133
Group Protection	1		2		2		2		1		2		3
Retirement Plan Services	2		1		3		2		1		3		3
Other Operations	—		—		—		—		—		—		—
Consolidated	$	80	$	80	$	98	$	102	$	41	$	139	$	143

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


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

Items Impacting Segment and Other Operations Results


	For the Three Months Ended June 30, 2026
(in millions, after-tax)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
Alternative investment income compared to return target(1)	$	(1)	$	(40)	$	(1)	$	(1)	$	—
Prepayment income(2)	2		2		1		3		—
Annual assumption review	—		—		—		—		—
Tax items(3)	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	1	$	(38)	$	—	$	2	$	—


	For the Three Months Ended June 30, 2025
(in millions, after-tax)	Annuities		Life Insurance		Group Protection		Retirement Plan Services		Other Operations
Alternative investment income compared to return target(1)	$	—	$	—	$	—	$	—	$	—
Prepayment income(2)	3		—		1		—		—
Annual assumption review	—		—		—		—		—
Tax items	—		—		—		—		—
Other	—		—		—		—		—
Total impact	$	3	$	—	$	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)	6/30/25		9/30/25		12/31/25		3/31/26		6/30/26
Holding company available liquidity(1)	$	466	$	461	$	1,055	$	1,205	$	1,803
Holding company available liquidity, net of prefunding	$	466	$	461	$	655	$	805	$	903
RBC ratio(2)	>420%		>420%		>420%		>420%		>420%
Book value per share (BVPS), including AOCI	$	44.91	$	49.56	$	51.88	$	47.87	$	53.68
Book value per share, excluding AOCI(3)	$	67.95	$	69.66	$	73.10	$	71.06	$	77.39
Adjusted book value per share(3)	$	72.77	$	74.23	$	76.33	$	77.77	$	79.45

(1) Holding company available liquidity presented as of December 31, 2025, March 31, 2026, and June 30, 2026 includes the $400 million prefunding of a 2026 maturity; amounts presented as of June 30, 2026 also include the $500 million prefunding of the repurchase and/or redemption of our outstanding preferred stock.

(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 6/30/25, 9/30/25, 3/31/26, and 6/30/26 are considered estimates based on information known at the time of reporting.

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

Annuities


(in millions, except ROA data)	As of or For the Three Months Ended												As of or For the Six Months Ended
	6/30/25		9/30/25		12/31/25		3/31/26		6/30/26		Change		6/30/25		6/30/26		Change
Total operating revenues	$	1,214	$	1,270	$	1,308	$	1,283	$	1,341	10.5	%	$	2,412	$	2,624	8.8	%
Total operating expenses	876		902		939		949		1,002		14.4	%	1,734		1,951		12.5	%
Income (loss) from operations before taxes	338		368		369		334		339		0.3	%	678		673		(0.7)	%
Federal income tax expense (benefit)	51		58		58		59		52		2.0	%	101		111		9.9	%
Income (loss) from operations	$	287	$	310	$	311	$	275	$	287	0.0%		$	577	$	562	(2.6)	%
Income (loss) from operations, excluding impact of annual assumption review	$	287	$	318	$	311	$	275	$	287	0.0	%	$	577	$	562	(2.6)	%
Total sales	$	4,019	$	4,467	$	4,889	$	3,939	$	3,515	(12.5)	%	$	7,807	$	7,454	(4.5)	%
Net flows	$	(1,162)	$	(1,143)	$	(1,227)	$	(2,196)	$	(2,917)	NM		$	(2,838)	$	(5,114)	(80.2)	%
Average account balances, net of reinsurance	$	159,806	$	170,318	$	174,668	$	175,173	$	178,812	11.9	%	$	161,877	$	177,240	9.5	%
Return on average account balances (bps)	72		73		71		63		64				71		63
Return on average account balances (bps), excluding impact of annual assumption review	72		75		71		63		64				71		63

•Income from operations was $287 million for the second quarter, in line with the prior-year quarter, driven by favorable equity markets and higher spread income, offset by variable annuity outflows and the $12 million impact of the previously disclosed net investment income reallocation to non-operating income.

•Total sales were $3.5 billion in the quarter, down 13% compared to the prior year. Spread-based products accounted for 63% of total sales.

•Net outflows were approximately $2.9 billion in the quarter, compared to net outflows of $1.2 billion in the prior-year quarter, with the year-over-year increase primarily driven by traditional variable annuities and RILA outflows.

•Average account balances, net of reinsurance, were $179 billion. The year-over-year increase of 12% was driven by growth across all product lines.

Life Insurance


(in millions)	As of or For the Three Months Ended												As of or For the Six Months Ended
	6/30/25		9/30/25		12/31/25		3/31/26		6/30/26		Change		6/30/25		6/30/26		Change
Total operating revenues	$	1,602	$	1,610	$	1,643	$	1,628	$	1,572	(1.9)	%	$	3,188	$	3,200	0.4	%
Total operating expenses	1,568		1,586		1,555		1,586		1,508		(3.8)	%	3,186		3,094		(2.9)	%
Income (loss) from operations before taxes	34		24		88		42		64		88.2	%	2		106		NM
Federal income tax expense (benefit)	2		(1)		11		1		7		250.0	%	(14)		8		157.1	%
Income (loss) from operations	$	32	$	25	$	77	$	41	$	57	78.1	%	$	16	$	98	NM
Income (loss) from operations, excluding impact of annual assumption review	$	32	$	54	$	77	$	41	$	57	78.1	%	$	16	$	98	NM
Average account balances, net of reinsurance	$	45,147	$	47,503	$	49,150	$	49,232	$	50,981	12.9	%	$	44,769	$	50,107	11.9	%
Total sales	$	121	$	298	$	142	$	129	$	216	78.5	%	$	218	$	345	58.3	%

•Income from operations was $57 million, compared to $32 million in the prior-year quarter. The year-over-year improvement was driven by favorable mortality and the impact of the fourth quarter 2025 captive consolidation, partially offset by lower alternative investment income.

•Total sales were $216 million, up 79% compared to the prior-year quarter, driven by growth in Executive Benefits and Core Life.

•Average account balances, net of reinsurance, were $51 billion, up 13% versus the prior-year quarter.

Group Protection


(in millions, except margin data)	As of or For the Three Months Ended																	As of or For the Six Months Ended
	6/30/25			9/30/25			12/31/25			3/31/26			6/30/26			Change		6/30/25			6/30/26			Change
Total operating revenues	$	1,538		$	1,507		$	1,535		$	1,554		$	1,576		2.5	%	$	3,059		$	3,129		2.3	%
Total operating expenses	1,319			1,319			1,397			1,412			1,390			5.4	%	2,712			2,801			3.3	%
Income (loss) from operations before taxes	219			188			138			142			186			(15.1)	%	347			328			(5.5)	%
Federal income tax expense (benefit)	46			39			29			30			39			(15.2)	%	73			69			(5.5)	%
Income (loss) from operations	$	173		$	149		$	109		$	112		$	147		(15.0)	%	$	274		$	259		(5.5)	%
Income (loss) from operations, excluding impact of annual assumption review	$	173		$	110		$	109		$	112		$	147		(15.0)	%	$	274		$	259		(5.5)	%
Insurance premiums	$	1,386		$	1,352		$	1,380		$	1,399		$	1,420		2.5	%	$	2,757		$	2,819		2.2	%
Total sales	$	187		$	116		$	391		$	150		$	155		(17.1)	%	$	344		$	305		(11.3)	%
Total loss ratio	65.9		%	68.3		%	71.4		%	71.1		%	68.4		%			69.2		%	69.8		%
Total loss ratio, excluding the impact of the annual assumption review	65.9		%	72.2		%	71.4		%	71.1		%	68.4		%			69.2		%	69.8		%
Operating margin(1)	12.5		%	11.0		%	7.9		%	8.0		%	10.4		%			9.9		%	9.2		%
Operating margin, excluding the impact of annual assumption review	12.5		%	8.1		%	7.9		%	8.0		%	10.4		%			9.9		%	9.2		%

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

•Income from operations was $147 million in the quarter, $26 million lower than the prior-year quarter, which included a $15 million experience refund. Beginning in the third quarter of 2025, the experience refund changed to quarterly recognition. Excluding the impact of the prior-year quarter refund, earnings were $11 million lower driven by a higher disability loss ratio that was partially offset by an improved life loss ratio.

•Operating margin was 10.4%, 210 basis points lower than the prior-year quarter, and the total loss ratio increased by 250 basis points to 68.4%, driven primarily by the experience refund recognition change. Excluding the impact of this change, the operating margin was 100 basis points lower and the total loss ratio increased by 110 basis points due primarily to moderation of disability incidence.

•Insurance premiums were $1.4 billion in the quarter, increasing 2% year over year, driven by prior-period sales.

•Sales decreased 17% year over year, reflecting our disciplined approach to achieve balanced, profitable growth.

Retirement Plan Services


(in millions, except ROA data)	As of or For the Three Months Ended												As of or For the Six Months Ended
	6/30/25		9/30/25		12/31/25		3/31/26		6/30/26		Change		6/30/25		6/30/26		Change
Total operating revenues	$	331	$	343	$	352	$	346	$	353	6.6	%	$	658	$	699	6.2	%
Total operating expenses	289		290		298		295		296		2.4	%	578		591		2.2	%
Income (loss) from operations before taxes	42		53		54		51		57		35.7	%	80		108		35.0	%
Federal income tax expense (benefit)	5		7		8		8		8		60.0	%	9		16		77.8	%
Income (loss) from operations	$	37	$	46	$	46	$	43	$	49	32.4	%	$	71	$	92	29.6	%
Deposits	$	3,594	$	5,008	$	3,939	$	4,142	$	3,736	4.0	%	$	7,709	$	7,878	2.2	%
Net flows	$	(585)	$	755	$	(998)	$	(213)	$	(2,425)	NM		$	(2,768)	$	(2,638)	4.7	%
Average account balances	$	111,734	$	119,259	$	123,533	$	124,766	$	128,344	14.9	%	$	112,772	$	127,049	12.7	%
Return on average account balances (bps)	13		15		15		14		15				13		14

•Income from operations was $49 million in the quarter, up 32% compared to the prior year, primarily resulting from higher spread income and favorable equity markets, partially offset by higher net G&A expenses.

•Net outflows were $2.4 billion, compared to $585 million of net outflows in the prior-year quarter, reflecting actions taken to improve overall profitability.

•Total deposits were $3.7 billion, up 4% over the prior-year quarter driven by strong recurring deposit growth. First-year sales of $0.9 billion were down 23% year over year.

•Average account balances were $128 billion, increasing 15% from the prior year, driven by favorable equity markets.

Other Operations


(in millions)	As of or For the Three Months Ended												As of or For the Six Months Ended
	6/30/25		9/30/25		12/31/25		3/31/26		6/30/26		Change		6/30/25		6/30/26		Change
Total operating revenues	$	41	$	50	$	56	$	57	$	84	104.9	%	$	94	$	142	51.1	%
Total operating expenses	157		177		181		199		202		28.7	%	322		402		24.8	%
Income (loss) from operations before taxes	(116)		(127)		(125)		(142)		(118)		(1.7)	%	(228)		(260)		(14.0)	%
Federal income tax expense (benefit)	(25)		(28)		(27)		(31)		(28)		(12.0)	%	(42)		(59)		(40.5)	%
Income (loss) from operations(1)	$	(91)	$	(99)	$	(98)	$	(111)	$	(90)	1.1	%	$	(186)	$	(201)	(8.1)	%

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

Unrealized Gains and Losses

The company reported a net unrealized loss of $8.5 billion (pre-tax) on its available-for-sale securities as of June 30, 2026, compared to a net unrealized loss of $9.1 billion (pre-tax) as of June 30, 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 second quarter 2026 statistical supplement and second 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 second quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, July 30, 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 July 30, 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 June 30, 2026, the company had $366 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Contacts:

John Muething

Karyn Baldwin

Investor Relations

Media Relations

Investorrelations@LFG.com

Media@LFG.com

Non-GAAP Measures

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

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

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

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

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

Definitions of Non-GAAP Measures Used in this Press Release

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

Adjusted Income (Loss) from Operations

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

benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”);

•Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

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

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

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

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

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

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

•Income (loss) from discontinued operations;

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

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

Adjusted Income (Loss) from Operations Available to Common Stockholders

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

Book Value Per Share, Excluding AOCI

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

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

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

Adjusted Book Value Per Share

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

•It is calculated by dividing (a) stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”) by (b) common shares outstanding.

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

Other Definitions

Holding Company Available Liquidity

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

Sales

Sales as reported consist of the following:

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

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

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

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

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

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

Lincoln National Corporation

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

Average Stockholders' Equity to Adjusted Average Stockholders' Equity


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












Net Income (Loss) Available to Common
Stockholders – Diluted	$	1,321	$	688	$	1,109	$	(69)
Less:
Preferred stock dividends declared	(11)		(11)		(46)		(46)
Adjustment for deferred units of LNC stock in our
deferred compensation plans	—		—		(5)		—
Net Income (Loss)	1,332		699		1,160		(23)
Less:
Net annuity product features, pre-tax (1)	1,497		405		802		(687)
Net life insurance product features, pre-tax	(50)		(58)		(28)		(15)
Credit loss-related adjustments, pre-tax	(37)		(25)		(57)		(53)
Investment gains (losses), pre-tax	(197)		(81)		(239)		(183)
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax (2)	(85)		14		94		(76)

Gains (losses) on other non-financial assets, pre-tax	—		—		(6)		—
Other items, pre-tax (3)(4)(5)(6)(7)	(12)		75		$	(123)	40

Income tax benefit (expense) related to the above pre-tax items	(234)		(69)		(93)		199
Total adjustments	882		261		350		(775)
Adjusted Income (Loss) from Operations	450		438		810		752
Add:
Preferred stock dividends declared	(11)		(11)		(46)		(46)
Adjusted Income (Loss) from Operations Available to Common Stockholders	$	439	$	427	$	764	$	706

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	6.72	$	3.80	$	5.65	$	(0.39)
Adjusted income (loss) from operations	2.24		2.36		3.89		3.97

Stockholders’ Equity, Average
Stockholders' equity	$	10,780	$	8,871	10,670		8,551
Less:
Preferred stock	986		986		986		986
AOCI	(4,523)		(4,349)		(4,392)		(4,510)
Stockholders’ equity, excluding AOCI and preferred stock	14,317		12,234		14,076		12,075
Changes in MRBs	3,216		2,501		3,127		2,575
GLB and GDB hedge instruments gains (losses)	(3,949)		(3,297)		(3,885)		(3,162)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(113)		(191)		(142)		(182)
Adjusted average stockholders' equity	$	15,163	$	13,221	$	14,976	$	12,844

(1) For the three months ended June 30, 2026 and 2025, includes changes in MRBs of $1,450 million and $932 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 $(115) million and $(605) million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $162 million and $78 million, respectively. For the six months ended June 30, 2026 and 2025, includes changes in MRBs of $453 million and $(370) 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 $62 million and $(337) million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $287 million and $20 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 six months ended June 30, 2026.

(4) Includes severance expense related to initiatives to realign the workforce of $(11) million and $(2) million for the three months ended June 30, 2026 and 2025, respectively, and $(18) million and $(8) million for the six months ended June 30, 2026 and 2025, respectively.

(5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(18) million primarily related to the Bain Capital transaction for the three months ended June 30, 2025, and $(20) million related to the sale of our wealth management business and $(18) million primarily related to the Bain Capital transaction for the six months ended June 30, 2025.

(6) Includes deferred compensation mark-to-market adjustment of $(1) million and $1 million for the three months ended June 30, 2026 and 2025, respectively, and $17 million and $(8) million for the six months ended June 30, 2026 and 2025, respectively.

(7) Includes gain on early extinguishment of debt of $94 million for the three and six months ended June 30, 2025.

Lincoln National Corporation

Reconciliation of Book Value per Share


	As of the Three Months Ended
	6/30/25		9/30/25		12/31/25		3/31/26		6/30/26
Book Value Per Common Share
Book value per share	$	44.91	$	49.56	$	51.88	$	47.87	$	53.68
Less:
AOCI	(23.04)		(20.10)		(21.22)		(23.19)		(23.71)
Book value per share, excluding AOCI	67.95		69.66		73.10		71.06		77.39
Less:
Changes in MRBs	15.05		16.42		17.94		13.72		19.63
GLB and GDB hedge instruments gains (losses)	(18.89)		(19.40)		(19.94)		(19.87)		(21.08)
Reinsurance-related embedded derivatives and portfolio gains (losses)	(0.98)		(1.59)		(1.23)		(0.56)		(0.61)
Adjusted book value per share	$	72.77	$	74.23	$	76.33	$	77.77	$	79.45

Lincoln National Corporation

Digest of Earnings


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

Revenues	$	4,542	$	4,044	$	9,848	$	8,735

Net Income (Loss)	$	1,332	$	699	$	1,160	$	(23)
Preferred stock dividends declared	(11)		(11)		(46)		(46)
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)	—		—		(5)		—
Net Income (Loss) Available to Common
Stockholders – Diluted	$	1,321	$	688	$	1,109	$	(69)

Net Income (Loss) Per Common Share – Basic	$	6.85	$	3.88	$	5.79	$	(0.39)
Net Income (Loss) Per Common Share – Diluted (2)	$	6.72	$	3.80	$	5.65	$	(0.39)

Average Shares – Basic	192,862,677		177,175,326		192,379,752		174,264,554
Average Shares – Diluted	196,418,594		180,602,665		196,460,254		177,033,874

(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 six months ended June 30, 2025, basic shares were used in the diluted EPS calculation for this period as the use of diluted shares would have resulted in a lower loss per share.

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

Second Quarter 2026


			Lincoln Financial
			Table of Contents


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

			Select Earnings and Operational Data from Business Segments and Other Operations

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

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Lincoln Financial

Notes

Non-GAAP Measures

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

Adjusted Income (Loss) From Operations

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

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”);

• Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance (“VUL”) hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance (“IUL”) contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

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

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

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

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

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

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

• Income (loss) from discontinued operations;

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

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

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

Adjusted Operating Revenues

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

• Changes in the fair value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity and IUL products (“revenue adjustments from annuity and life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

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

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

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

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

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

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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 July 30, 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 July 30, 2026

Standard

AM Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

bbb+

BBB+

Baa2

BBB+

Financial Strength Ratings

The Lincoln National Life Insurance Company

A+

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

Investor Inquiries May Be Directed To:

John Muething, Vice President,

Investor Relations

Email: InvestorRelations@lfg.com

Phone: 800-237-2920

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

		For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Revenues
Insurance premiums	$	1,682	$	1,637	$	1,671	$	1,674	$	1,715	2.0	%	$	3,358	$	3,388	0.9	%
Fee income		1,348		1,392		1,416		1,377		1,406	4.3	%		2,721		2,783	2.3	%
Net investment income		1,471		1,544		1,597		1,605		1,625	10.5	%		2,934		3,230	10.1	%
Realized gain (loss)		(641)		(216)		47		466		(406)	36.7	%		(631)		60	109.5	%
Other revenues		184		198		191		184		202	9.8	%		353		387	9.6	%
Total revenues		4,044		4,555		4,922		5,306		4,542	12.3	%		8,735		9,848	12.7	%

Expenses
Benefits and policyholder liability remeasurement		1,906		1,927		1,927		2,009		1,866	-2.1	%		3,916		3,875	-1.0	%
Interest credited		916		954		984		999		1,024	11.8	%		1,805		2,023	12.1	%
Market risk benefit (gain) loss		(940)		(343)		(382)		987		(1,460)	-55.3	%		353		(473)	NM

Commissions and other expenses		1,327		1,414		1,397		1,476		1,387	4.5	%		2,695		2,862	6.2	%
Interest and debt expense		(13)		79		81		81		82	NM			67		164	144.8	%


Total expenses		3,196		4,031		4,007		5,552		2,899	-9.3	%		8,836		8,451	-4.4	%
Income (loss) before taxes		848		524		915		(246)		1,643	93.8	%		(101)		1,397	NM
Federal income tax expense (benefit)		149		79		161		(74)		311	108.7	%		(78)		237	NM


Net income (loss)		699		445		754		(172)		1,332	90.6	%		(23)		1,160	NM
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		2		(5)		—	NM			—		(5)	NM
Net income (loss) available to common
stockholders – diluted	$	688	$	411	$	745	$	(211)	$	1,321	92.0	%	$	(69)	$	1,109	NM


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	3.80	$	2.12	$	3.80	$	(1.10)	$	6.72	76.8	%	$	(0.39)	$	5.65	NM

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	67,371	$	68,351	$	69,045	$	68,284	$	67,901	0.8%
U.S. government bonds		564		619		869		919		962	70.6%
State and municipal bonds		2,254		2,235		2,147		2,124		2,067	-8.3%
Foreign government bonds		239		244		226		202		203	-15.1%
Residential mortgage-backed securities		2,063		2,118		2,122		2,063		1,953	-5.3%
Commercial mortgage-backed securities		1,972		2,150		2,502		2,669		2,888	46.5%
Asset-backed securities		14,658		14,706		16,282		17,703		18,898	28.9%
Hybrid and redeemable preferred securities		265		257		255		236		213	-19.6%


Total fixed maturity AFS securities, net of allowance for credit losses		89,386		90,680		93,448		94,200		95,085	6.4%
Trading securities		1,909		1,853		1,676		1,552		1,515	-20.6%
Equity securities		341		542		636		475		456	33.7%
Mortgage loans on real estate, net of allowance for credit losses		21,996		22,230		22,472		22,825		23,406	6.4%

Policy loans		2,552		2,584		2,626		2,606		2,596	1.7%
Derivative investments		8,349		10,427		9,945		8,337		11,382	36.3%
Other investments		7,276		7,786		8,105		8,742		8,870	21.9%
Total investments		131,809		136,102		138,908		138,737		143,310	8.7%
Cash and invested cash		7,143		10,668		9,502		7,345		10,165	42.3%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,604		12,681		12,827		12,886		12,918	2.5%

Reinsurance recoverables, net of allowance for credit losses		28,440		28,665		28,012		27,688		27,225	-4.3%


Deposit assets, net of allowance for credit losses		31,754		33,066		33,690		33,597		33,619	5.9%
Market risk benefit assets		4,577		4,694		4,753		4,303		5,077	10.9%
Accrued investment income		1,136		1,172		1,122		1,170		1,169	2.9%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		7,516		7,223		7,154		7,248		6,918	-8.0%
Separate account assets		172,942		179,860		180,092		172,043		188,252	8.9%
Total assets	$	399,065	$	415,275	$	417,204	$	406,161	$	429,797	7.7%

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Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	129,209	$	133,223	$	136,245	$	135,683	$	139,510	8.0	%
Future contract benefits		41,053		41,852		42,077		42,010		42,177	2.7	%
Funds withheld reinsurance liabilities		16,700		17,559		17,922		17,564		16,808	0.6	%
Market risk benefit liabilities		1,205		1,190		1,118		1,127		895	-25.7	%

Deferred front-end loads		7,119		7,349		7,586		7,804		8,059	13.2	%
Payables for collateral on investments		8,466		11,153		7,954		6,556		9,232	9.0	%
Short-term debt		—		—		400		400		400	NM
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 9 for details)		868		868		868		868		868	0.0%
Financial		4,899		4,904		4,998		5,101		5,597	14.2	%




Other liabilities		7,056		6,865		7,038		6,793		6,650	-5.8	%






Separate account liabilities		172,942		179,860		180,092		172,043		188,252	8.9	%
Total liabilities		389,517		404,823		406,298		395,949		418,448	7.4	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		5,545		5,574		5,592		5,602		5,619	1.3	%
Retained earnings		7,409		7,731		8,386		8,091		9,322	25.8	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(4,750)		(3,930)		(3,964)		(4,900)		(4,621)	2.7	%



Market risk benefit non-performance risk gain (loss)		114		(58)		(261)		179		(225)	NM
Policyholder liability discount rate remeasurement gain (loss)		569		474		480		566		580	1.9	%
Foreign currency translation adjustment		(14)		(18)		(18)		(20)		(20)	-42.9	%
Funded status of employee benefit plans		(311)		(307)		(295)		(292)		(292)	6.1	%
Total accumulated other comprehensive income (loss)		(4,392)		(3,839)		(4,058)		(4,467)		(4,578)	-4.2	%
Total stockholders’ equity		9,548		10,452		10,906		10,212		11,349	18.9	%
Total liabilities and stockholders’ equity	$	399,065	$	415,275	$	417,204	$	406,161	$	429,797	7.7	%

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

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

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Income (Loss)
Net income (loss)	$	699		$	445		$	754		$	(172)		$	1,332		90.6	%	$	(23)		$	1,160		NM
Pre-tax adjusted income (loss) from operations		517			506			524			427			528		2.1	%		879			955		8.6	%
After-tax adjusted income (loss) from operations (1)		438			431			445			360			450		2.7	%		752			810		7.7	%
Adjusted operating tax rate		15.4	%		14.8	%		15.0	%		15.8	%		14.6	%				14.4	%		15.2	%
Adjusted income (loss) from operations available to
common stockholders (1)		427			397			434			326			439		2.8	%		706			764		8.2	%







ROE
Net income (loss) ROE		31.5	%		17.8	%		28.3	%		-6.5	%		49.4	%				-0.5	%		21.7	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE		14.0	%		12.1	%		12.7	%		9.4	%		12.3	%				11.7	%		10.9	%
Adjusted income (loss) from operations ROE		12.9	%		11.3	%		12.1	%		8.8	%		11.6	%				11.0	%		10.2	%

Per Common Share
Net income (loss) (diluted) (2)	$	3.80		$	2.12		$	3.80		$	(1.10)		$	6.72		76.8	%	$	(0.39)		$	5.65		NM
Adjusted income (loss) from operations (diluted) (3)		2.36			2.04			2.21			1.66			2.24		-5.1	%		3.97			3.89		-2.0	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			0.90			0.90		0.0%

Book Value Per Common Share
Book value per share	$	44.91		$	49.56		$	51.88		$	47.87		$	53.68		19.5	%	$	44.91		$	53.68		19.5	%

Book value per share, excluding AOCI (4)		67.95			69.66			73.10			71.06			77.39		13.9	%		67.95			77.39		13.9	%
Adjusted book value per share (4)		72.77			74.23			76.33			77.77			79.45		9.2	%		72.77			79.45		9.2	%

Common Shares

End-of-period – basic		190.6			191.0			191.2			192.7			193.0		1.3	%		190.6			193.0		1.3	%
Average for the period – basic		177.2			190.8			191.1			191.9			192.9		8.9	%		174.3			192.4		10.4	%
End-of-period – diluted		194.0			196.0			196.7			196.3			196.5		1.3	%		194.0			196.5		1.3	%
Average for the period – diluted (5)		180.6			195.0			196.3			196.5			196.4		8.7	%		177.7			196.5		10.6	%

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

(2) Due to reporting a net loss for the three months ended March 31, 2026 and six months ended June 30, 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.

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

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

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

Table of Contents


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

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

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



Cash Returned to Common Stockholders – Common Dividends	$	77		$	85		$	85		$	86		$	86		11.7	%	$	154	$	172	11.7	%


Cash Returned to Preferred Stockholders – Preferred Dividends	$	11		$	34		$	11		$	34		$	11		0.0%		$	46	$	46	0.0%


Leverage Ratio
Short-term debt (1)	$	—		$	—		$	400		$	400		$	400		NM
Long-term debt		5,767			5,772			5,866			5,969			6,465		12.1	%
Total debt		5,767			5,772			6,266			6,369			6,865		19.0	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		6,753			6,758			7,252			7,355			7,851		16.3	%







Less:
Operating debt (2)		868			868			868			868			868		0.0%
Prefunding of upcoming debt maturities (3)		—			—			400			400			400		NM
Prefunding of repurchase and/or redemption of shares
of outstanding preferred stock (3)		—			—			—			—			500		NM
25% of capital securities and subordinated notes		247			247			247			247			372		50.6	%
50% of preferred stock, net of prefunding		493			493			493			493			243		-50.7	%
Carrying value of fair value hedges and other items		119			119			114			112			108		-9.2	%
Total numerator	$	5,026		$	5,031		$	5,130		$	5,235		$	5,360		6.6	%

Adjusted stockholders’ equity (4)	$	13,873		$	14,180		$	14,595		$	14,987		$	15,340		10.6	%


Add:
25% of capital securities and subordinated notes		247			247			247			247			372		50.6	%
50% of preferred stock, net of prefunding		493			493			493			493			243		-50.7	%
Total numerator		5,026			5,031			5,130			5,235			5,360		6.6	%
Total denominator	$	19,639		$	19,951		$	20,465		$	20,962		$	21,315		8.5	%

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


Holding Company Available Liquidity (3)	$	466		$	461		$	1,055		$	1,205		$	1,803		286.9	%


Holding Company Available Liquidity, Net of Prefunding	$	466		$	461		$	655		$	805		$	903		93.8	%

(1) As of June 30, 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 and prefunding of repurchase and/or redemption of shares of outstanding preferred stock.

(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													For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Annuities
Operating revenues	$	1,214	$	1,270	$	1,308	$	1,283	$	1,341	10.5	%	$	2,412	$	2,624	8.8	%
Deposits		4,024		4,470		4,890		3,941		3,520	-12.5	%		7,823		7,461	-4.6	%
Net flows		(1,162)		(1,143)		(1,227)		(2,196)		(2,917)	NM			(2,838)		(5,114)	-80.2	%



Average account balances, net of reinsurance		159,806		170,318		174,668		175,173		178,812	11.9	%		161,877		177,240	9.5	%
Alternative investment income (1)		3		2		3		3		1	-66.7	%		6		4	-33.3	%

Life Insurance
Operating revenues	$	1,602	$	1,610	$	1,643	$	1,628	$	1,572	-1.9	%	$	3,188	$	3,200	0.4	%
Deposits		1,281		2,247		1,457		1,253		1,673	30.6	%		2,500		2,927	17.1	%
Net flows		633		1,659		974		634		1,133	79.0	%		1,202		1,768	47.1	%
Average account balances, net of reinsurance		45,147		47,503		49,150		49,232		50,981	12.9	%		44,769		50,107	11.9	%
Average in-force face amount		1,069,688		1,067,503		1,065,813		1,062,558		1,059,320	-1.0	%		1,072,273		1,060,939	-1.1	%
Alternative investment income (1)		94		95		115		121		47	-50.0	%		163		168	3.1	%

Group Protection
Operating revenues	$	1,538	$	1,507	$	1,535	$	1,554	$	1,576	2.5	%	$	3,059	$	3,129	2.3	%
Insurance premiums		1,386		1,352		1,380		1,399		1,420	2.5	%		2,757		2,819	2.2	%
Alternative investment income (1)		2		2		3		2		2	0.0%			3		4	33.3	%

Retirement Plan Services
Operating revenues	$	331	$	343	$	352	$	346	$	353	6.6	%	$	658	$	699	6.2	%
Deposits		3,594		5,008		3,939		4,142		3,736	4.0	%		7,709		7,878	2.2	%
Net flows		(585)		755		(998)		(213)		(2,425)	NM			(2,768)		(2,638)	4.7	%
Average account balances		111,734		119,259		123,533		124,766		128,344	14.9	%		112,772		127,049	12.7	%
Alternative investment income (1)		2		2		3		3		2	0.0%			4		5	25.0	%

Consolidated
Adjusted operating revenues (2)	$	4,726	$	4,780	$	4,894	$	4,868	$	4,926	4.2	%	$	9,411	$	9,794	4.1	%
Deposits		8,899		11,725		10,286		9,336		8,929	0.3	%		18,032		18,266	1.3	%
Net flows		(1,114)		1,271		(1,251)		(1,775)		(4,209)	NM			(4,404)		(5,984)	-35.9	%
Average account balances, net of reinsurance		316,687		337,080		347,351		349,171		358,137	13.1	%		319,418		354,396	11.0	%
Alternative investment income (1)		101		101		124		129		52	-48.5	%		176		181	2.8	%

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

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

Table of Contents


Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Six Months Ended

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Sales
Annuities:
RILA	$	1,447		$	1,457		$	1,936		$	1,822		$	1,599		10.5	%	$	2,739		$	3,421		24.9	%
Fixed		1,221			1,368			1,227			716			604		-50.5	%		2,083			1,320		-36.6	%
Traditional variable with GLBs		935			1,080			1,119			867			639		-31.7	%		2,033			1,506		-25.9	%
Traditional variable without GLBs		416			562			607			534			673		61.8	%		952			1,207		26.8	%

Total Annuities	$	4,019		$	4,467		$	4,889		$	3,939		$	3,515		-12.5	%	$	7,807		$	7,454		-4.5	%


Life Insurance:
IUL/UL	$	28		$	25		$	42		$	29		$	23		-17.9	%	$	52		$	52		0.0%
MoneyGuard®		29			31			35			29			32		10.3	%		58			61		5.2	%

VUL		15			26			36			22			35		133.3	%		30			57		90.0	%
Term		15			15			14			16			13		-13.3	%		28			29		3.6	%

Executive Benefits		34			201			15			33			113		232.4	%		50			146		192.0	%
Total Life Insurance	$	121		$	298		$	142		$	129		$	216		78.5	%	$	218		$	345		58.3	%


Group Protection:
Life	$	104		$	50		$	136		$	97		$	83		-20.2	%	$	205		$	180		-12.2	%
Disability		70			47			232			45			65		-7.1	%		118			110		-6.8	%
Dental		13			19			23			8			7		-46.2	%		21			15		-28.6	%
Total Group Protection	$	187		$	116		$	391		$	150		$	155		-17.1	%	$	344		$	305		-11.3	%

Percent employee-paid		58.7	%		46.5	%		28.7	%		70.7	%		56.6	%				64.9	%		63.5	%

Retirement Plan Services:
First-year sales	$	1,222		$	2,440		$	1,683		$	1,134		$	941		-23.0	%	$	2,326		$	2,076		-10.7	%
Recurring deposits		2,372			2,568			2,256			3,008			2,795		17.8	%		5,383			5,802		7.8	%
Total Retirement Plan Services	$	3,594		$	5,008		$	3,939		$	4,142		$	3,736		4.0	%	$	7,709		$	7,878		2.2	%

Table of Contents


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

	For the Three Months Ended																		For the Six Months Ended

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Operating Revenues
Annuities	$	1,214		$	1,270		$	1,308		$	1,283		$	1,341		10.5	%	$	2,412		$	2,624		8.8	%
Life Insurance		1,602			1,610			1,643			1,628			1,572		-1.9	%		3,188			3,200		0.4	%
Group Protection		1,538			1,507			1,535			1,554			1,576		2.5	%		3,059			3,129		2.3	%
Retirement Plan Services		331			343			352			346			353		6.6	%		658			699		6.2	%
Other Operations		41			50			56			57			84		104.9	%		94			142		51.1	%
Total adjusted operating revenues	$	4,726		$	4,780		$	4,894		$	4,868		$	4,926		4.2	%	$	9,411		$	9,794		4.1	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	110		$	108		$	122		$	111		$	116		5.5	%	$	218		$	227		4.1	%
Life Insurance		122			121			130			119			124		1.6	%		241			243		0.8	%
Group Protection		206			200			215			211			217		5.3	%		408			429		5.1	%
Retirement Plan Services		80			80			87			86			89		11.3	%		161			175		8.7	%
Other Operations		55			62			65			62			58		5.5	%		120			119		-0.8	%
Total	$	573		$	571		$	619		$	589		$	604		5.4	%	$	1,148		$	1,193		3.9	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.1	%		8.5	%		9.3	%		8.6	%		8.6	%				9.0	%		8.6	%
Life Insurance		7.6	%		7.5	%		7.9	%		7.3	%		7.9	%				7.6	%		7.6	%
Group Protection		13.4	%		13.2	%		14.0	%		13.6	%		13.8	%				13.3	%		13.7	%
Retirement Plan Services		24.1	%		23.2	%		24.8	%		24.8	%		25.3	%				24.5	%		25.1	%

Total		12.1	%		11.9	%		12.6	%		12.1	%		12.3	%				12.2	%		12.2	%

Table of Contents


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

	For the Three Months Ended													For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	627	$	637	$	693	$	644	$	659	5.1	%	$	1,256	$	1,303	3.7	%
Commissions		570		609		689		617		605	6.1	%		1,127		1,221	8.3	%
Taxes, licenses and fees		80		86		74		100		80	0.0%			178		179	0.6	%
Interest and debt expense		81		79		81		81		82	1.2	%		161		164	1.9	%
Expenses associated with reserve financing
and letters of credit		33		35		25		26		27	-18.2	%		65		52	-20.0	%
Total adjusted operating commissions and
other expenses incurred		1,391		1,446		1,562		1,468		1,453	4.5	%		2,787		2,919	4.7	%

Less Amounts Capitalized
General and administrative expenses		(54)		(66)		(74)		(55)		(55)	-1.9	%		(108)		(110)	-1.9	%
Commissions		(252)		(281)		(360)		(289)		(268)	-6.3	%		(490)		(557)	-13.7	%
Taxes, licenses and fees		(7)		(15)		(8)		(9)		(8)	-14.3	%		(16)		(16)	0.0%
Total amounts capitalized		(313)		(362)		(442)		(353)		(331)	-5.8	%		(614)		(683)	-11.2	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,078		1,084		1,120		1,115		1,122	4.1	%		2,173		2,236	2.9	%

Amortization
Amortization of DAC, VOBA and other intangibles		307		324		328		327		331	7.8	%		617		658	6.6	%
Total operating commissions and
other expenses	$	1,385	$	1,408	$	1,448	$	1,442	$	1,453	4.9	%	$	2,790	$	2,894	3.7	%

Table of Contents


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

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

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	28		$	25		$	28		$	18		$	36		28.6	%	$	50		$	54		8.0	%
Fee income (1)		575			617			624			608			623		8.3	%		1,166			1,231		5.6	%
Net investment income		487			497			517			525			547		12.3	%		953			1,072		12.5	%



Other revenues		124			131			139			132			135		8.9	%		243			267		9.9	%
Total operating revenues		1,214			1,270			1,308			1,283			1,341		10.5	%		2,412			2,624		8.8	%
Operating expenses:
Benefits and policyholder liability remeasurement		32			24			24			24			47		46.9	%		60			71		18.3	%
Interest credited		439			459			480			495			513		16.9	%		858			1,008		17.5	%


Commissions incurred		292			327			374			339			329		12.7	%		590			668		13.2	%
Other expenses incurred		142			138			162			150			149		4.9	%		286			299		4.5	%
Amounts capitalized		(144)			(174)			(228)			(187)			(168)		-16.7	%		(291)			(354)		-21.6	%
Amortization		115			128			127			128			132		14.8	%		231			259		12.1	%
Total operating expenses		876			902			939			949			1,002		14.4	%		1,734			1,951		12.5	%
Income (loss) from operations before taxes		338			368			369			334			339		0.3	%		678			673		-0.7	%
Federal income tax expense (benefit)		51			58			58			59			52		2.0	%		101			111		9.9	%
Income (loss) from operations	$	287		$	310		$	311		$	275		$	287		0.0%		$	577		$	562		-2.6	%





Effective Federal Income Tax Rate		15.2	%		15.8	%		15.7	%		17.6	%		15.5	%				15.0	%		16.5	%







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








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	36,256		$	38,499		$	39,443		$	38,659		$	42,102		16.1	%	$	36,256		$	42,102		16.1	%
Fixed account balances		10,727			11,492			12,388			12,919			13,529		26.1	%		10,727			13,529		26.1	%
Traditional variable account balances with GLBs		71,527			73,174			72,809			68,484			74,012		3.5	%		71,527			74,012		3.5	%
Traditional variable account balances without GLBs		49,283			50,914			50,748			48,711			52,646		6.8	%		49,283			52,646		6.8	%
Total account balances	$	167,793		$	174,079		$	175,388		$	168,773		$	182,289		8.6	%	$	167,793		$	182,289		8.6	%
Percent traditional variable account balances with GLBs		42.6	%		42.0	%		41.5	%		40.6	%		40.6	%				42.6	%		40.6	%

Fee Income, Gross of Hedge Allowance	$	775		$	817		$	825		$	807		$	822		6.1	%	$	1,565		$	1,629		4.1	%
Net Investment Income, Net of Reinsurance (2)		465			475			500			508			530		14.0	%		908			1,038		14.3	%
Interest Credited, Net of Reinsurance (2)		300			314			333			351			367		22.3	%		590			717		21.5	%

(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																	As of or For the Six Months Ended

		6/30/25			9/30/25		12/31/25			3/31/26			6/30/26		Change			6/30/25		6/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	267		$	260	$	262		$	256		$	258		-3.4	%	$	550	$	515		-6.4	%
Fee income		688			683		696			677			683		-0.7	%		1,386		1,359		-1.9	%
Net investment income		606			623		643			647			573		-5.4	%		1,180		1,220		3.4	%
Operating realized gain (loss)		(1)			(1)		—			—			—		100.0	%		(3)		—		100.0	%


Other revenues		42			45		42			48			58		38.1	%		75		106		41.3	%
Total operating revenues		1,602			1,610		1,643			1,628			1,572		-1.9	%		3,188		3,200		0.4	%
Operating expenses:
Benefits and policyholder liability remeasurement		956			961		928			975			894		-6.5	%		1,958		1,869		-4.5	%
Interest credited		289			298		295			291			293		1.4	%		576		585		1.6	%
Commissions incurred		111			119		145			112			112		0.9	%		210		224		6.7	%
Other expenses incurred		191			199		196			183			182		-4.7	%		384		364		-5.2	%
Amounts capitalized		(128)			(144)		(166)			(130)			(128)		0.0%			(243)		(258)		-6.2	%
Amortization of DAC and VOBA		125			129		133			131			131		4.8	%		254		261		2.8	%
Amortization of deferred loss on business
sold through reinsurance		24			24		24			24			24		0.0%			47		49		4.3	%
Total operating expenses		1,568			1,586		1,555			1,586			1,508		-3.8	%		3,186		3,094		-2.9	%
Income (loss) from operations before taxes		34			24		88			42			64		88.2	%		2		106		NM
Federal income tax expense (benefit)		2			(1)		11			1			7		250.0	%		(14)		8		157.1	%
Income (loss) from operations	$	32		$	25	$	77		$	41		$	57		78.1	%	$	16	$	98		NM


Effective Federal Income Tax Rate		5.2	%		NM		12.6	%		3.7	%		10.2	%				NM		7.6	%





Average Account Balances, Net of Reinsurance	$	45,147		$	47,503	$	49,150		$	49,232		$	50,981		12.9	%	$	44,769	$	50,107		11.9	%

In-Force Face Amount
UL and other	$	360,617		$	361,964	$	362,312		$	361,544		$	362,618		0.6	%	$	360,617	$	362,618		0.6	%
Term insurance		707,355			705,069		702,280			698,981			695,497		-1.7	%		707,355		695,497		-1.7	%
Total in-force face amount	$	1,067,972		$	1,067,033	$	1,064,592		$	1,060,525		$	1,058,115		-0.9	%	$	1,067,972	$	1,058,115		-0.9	%

Table of Contents


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

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

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,386		$	1,352		$	1,380		$	1,399		$	1,420		2.5	%	$	2,757		$	2,819		2.2	%
Net investment income		94			98			95			96			98		4.3	%		183			194		6.0	%
Other revenues		58			57			60			59			58		0.0%			119			116		-2.5	%
Total operating revenues		1,538			1,507			1,535			1,554			1,576		2.5	%		3,059			3,129		2.3	%
Operating expenses:
Benefits and policyholder liability remeasurement		913			923			984			994			971		6.4	%		1,908			1,965		3.0	%
Interest credited		1			1			1			—			1		0.0%			—			1		NM
Commissions incurred		139			132			137			135			133		-4.3	%		272			268		-1.5	%
Other expenses incurred		263			260			275			272			275		4.6	%		523			545		4.2	%
Amounts capitalized		(35)			(36)			(40)			(29)			(30)		14.3	%		(67)			(59)		11.9	%
Amortization		38			39			40			40			40		5.3	%		76			81		6.6	%
Total operating expenses		1,319			1,319			1,397			1,412			1,390		5.4	%		2,712			2,801		3.3	%
Income (loss) from operations before taxes		219			188			138			142			186		-15.1	%		347			328		-5.5	%
Federal income tax expense (benefit)		46			39			29			30			39		-15.2	%		73			69		-5.5	%
Income (loss) from operations	$	173		$	149		$	109		$	112		$	147		-15.0	%	$	274		$	259		-5.5	%


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

Operating Margin (1)		12.5	%		11.0	%		7.9	%		8.0	%		10.4	%				9.9	%		9.2	%





Loss Ratios by Product Line
Life		67.2	%		59.6	%		67.9	%		66.9	%		62.2	%				71.2	%		64.5	%
Disability		64.2	%		73.8	%		73.6	%		73.4	%		71.9	%				67.1	%		72.6	%
Dental		80.4	%		78.0	%		74.9	%		81.6	%		82.0	%				79.7	%		81.8	%
Total		65.9	%		68.3	%		71.4	%		71.1	%		68.4	%				69.2	%		69.8	%

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

Table of Contents


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

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

		6/30/25			9/30/25			12/31/25			3/31/26			6/30/26		Change			6/30/25			6/30/26		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	80		$	85		$	89		$	86		$	93		16.3	%	$	160		$	179		11.9	%
Net investment income		252			257			262			260			260		3.2	%		503			520		3.4	%
Other revenues		(1)			1			1			—			—		100.0	%		(5)			—		100.0	%
Total operating revenues		331			343			352			346			353		6.6	%		658			699		6.2	%
Operating expenses:
Interest credited		174			174			174			170			169		-2.9	%		344			339		-1.5	%


Commissions incurred		28			30			31			29			30		7.1	%		55			59		7.3	%
Other expenses incurred		87			87			95			97			96		10.3	%		179			193		7.8	%
Amounts capitalized		(5)			(5)			(6)			(5)			(3)		40.0	%		(9)			(8)		11.1	%
Amortization		5			4			4			4			4		-20.0	%		9			8		-11.1	%
Total operating expenses		289			290			298			295			296		2.4	%		578			591		2.2	%
Income (loss) from operations before taxes		42			53			54			51			57		35.7	%		80			108		35.0	%
Federal income tax expense (benefit)		5			7			8			8			8		60.0	%		9			16		77.8	%
Income (loss) from operations	$	37		$	46		$	46		$	43		$	49		32.4	%	$	71		$	92		29.6	%


Effective Federal Income Tax Rate		12.3	%		14.2	%		14.2	%		15.2	%		14.8	%				12.1	%		15.0	%





Return on Average Account Balances (bps)		13			15			15			14			15		2			13			14		1



Net Flows by Market
Core Market (1)	$	28		$	190		$	(43)		$	(201)		$	(56)		NM		$	(51)		$	(258)		NM
Mid-Large Market		(200)			1,025			(401)			403			(1,918)		NM			(1,933)			(1,515)		21.6	%
Multi-Fund® and Other		(413)			(460)			(554)			(415)			(451)		-9.2	%		(784)			(865)		-10.3	%

Net Flows – Trailing Twelve Months	$	(2,850)		$	(2,746)		$	(3,012)		$	(1,041)		$	(2,881)		-1.1	%	$	(2,850)		$	(2,881)		-1.1	%

Base Spreads, Excluding Variable
Investment Income (2)		0.99	%		1.07	%		1.10	%		1.16	%		1.19	%	20			1.01	%		1.18	%	17

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

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

Table of Contents


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

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

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

Net investment income		25		33		46		52		63	152.0	%		69		115	66.7	%


Other revenues		16		17		10		5		21	31.3	%		24		26	8.3	%
Total operating revenues		41		50		56		57		84	104.9	%		94		142	51.1	%
Operating expenses:
Benefits and policyholder liability remeasurement		7		4		2		7		9	28.6	%		11		17	54.5	%
Interest credited		13		22		34		43		48	269.2	%		27		90	233.3	%
Other expenses incurred		56		72		64		68		63	12.5	%		123		131	6.5	%
Interest and debt expense		81		79		81		81		82	1.2	%		161		164	1.9	%

Total operating expenses		157		177		181		199		202	28.7	%		322		402	24.8	%
Income (loss) from operations before taxes		(116)		(127)		(125)		(142)		(118)	-1.7	%		(228)		(260)	-14.0	%
Federal income tax expense (benefit)		(25)		(28)		(27)		(31)		(28)	-12.0	%		(42)		(59)	-40.5	%
Income (loss) from operations	$	(91)	$	(99)	$	(98)	$	(111)	$	(90)	1.1	%	$	(186)	$	(201)	-8.1	%

Table of Contents


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

	For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	114,477	$	120,815	$	124,093	$	123,562	$	117,200	2.4	%	$	118,954	$	123,562	3.9	%
Gross deposits		1,351		1,642		1,726		1,401		1,312	-2.9	%		2,985		2,713	-9.1	%
Surrenders, withdrawals and benefits		(3,451)		(3,843)		(4,066)		(3,982)		(3,975)	-15.2	%		(7,129)		(7,957)	-11.6	%

Net flows		(2,100)		(2,201)		(2,340)		(2,581)		(2,663)	-26.8	%		(4,144)		(5,244)	-26.5	%
Policyholder assessments		(639)		(670)		(674)		(664)		(671)	-5.0	%		(1,292)		(1,334)	-3.3	%
Change in market value and reinvestment		9,077		6,149		2,483		(3,117)		12,796	41.0	%		7,297		9,678	32.6	%

Balance as of end-of-period, gross		120,815		124,093		123,562		117,200		126,662	4.8	%		120,815		126,662	4.8	%
Account balances reinsured		(5)		(5)		(5)		(5)		(4)	20.0	%		(5)		(4)	20.0	%
Balance as of end-of-period, net	$	120,810	$	124,088	$	123,557	$	117,195	$	126,658	4.8	%	$	120,810	$	126,658	4.8	%


RILA
Balance as of beginning-of-period	$	33,527	$	36,256	$	38,499	$	39,443	$	38,659	15.3	%	$	34,310	$	39,443	15.0	%
Gross deposits		1,447		1,457		1,936		1,822		1,599	10.5	%		2,739		3,421	24.9	%
Surrenders, withdrawals and benefits		(938)		(1,106)		(1,370)		(1,539)		(1,821)	-94.1	%		(1,788)		(3,360)	-87.9	%

Net flows		509		351		566		283		(222)	NM			951		61	-93.6	%
Policyholder assessments		(4)		(4)		(4)		(4)		(4)	0.0%			(8)		(9)	-12.5	%

Change in market value and reinvestment		341		392		402		381		448	31.4	%		686		830	21.0	%
Change in fair value of embedded derivative instruments
and other		1,883		1,504		(20)		(1,444)		3,221	71.1	%		317		1,777	NM
Balance as of end-of-period, gross	$	36,256	$	38,499	$	39,443	$	38,659	$	42,102	16.1	%	$	36,256	$	42,102	16.1	%

Table of Contents


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

	For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Fixed Annuities
Balance as of beginning-of-period	$	26,039	$	26,832	$	27,874	$	28,728	$	28,974	11.3	%	$	25,963	$	28,728	10.6	%
Gross deposits		1,226		1,371		1,228		718		609	-50.3	%		2,099		1,327	-36.8	%
Surrenders, withdrawals and benefits		(797)		(664)		(681)		(616)		(641)	19.6	%		(1,744)		(1,258)	27.9	%

Net flows		429		707		547		102		(32)	NM			355		69	-80.6	%
Policyholder assessments		(15)		(14)		(16)		(15)		(15)	0.0%			(30)		(30)	0.0%
Reinvested interest credited		228		238		255		256		266	16.7	%		438		523	19.4	%
Change in fair value of embedded derivative instruments
and other		151		111		68		(97)		225	49.0	%		106		128	20.8	%
Balance as of end-of-period, gross		26,832		27,874		28,728		28,974		29,418	9.6	%		26,832		29,418	9.6	%
Account balances reinsured		(16,105)		(16,382)		(16,340)		(16,055)		(15,889)	1.3	%		(16,105)		(15,889)	1.3	%
Balance as of end-of-period, net	$	10,727	$	11,492	$	12,388	$	12,919	$	13,529	26.1	%	$	10,727	$	13,529	26.1	%


Total
Balance as of beginning-of-period	$	174,043	$	183,903	$	190,466	$	191,733	$	184,833	6.2	%	$	179,227	$	191,733	7.0	%
Gross deposits		4,024		4,470		4,890		3,941		3,520	-12.5	%		7,823		7,461	-4.6	%
Surrenders, withdrawals and benefits		(5,186)		(5,613)		(6,117)		(6,137)		(6,437)	-24.1	%		(10,661)		(12,575)	-18.0	%

Net flows		(1,162)		(1,143)		(1,227)		(2,196)		(2,917)	NM			(2,838)		(5,114)	-80.2	%
Policyholder assessments		(658)		(688)		(694)		(683)		(690)	-4.9	%		(1,330)		(1,373)	-3.2	%
Change in market value, reinvestment and interest credited		9,646		6,779		3,140		(2,480)		13,510	40.1	%		8,421		11,031	31.0	%
Change in fair value of embedded derivative instruments
and other		2,034		1,615		48		(1,541)		3,446	69.4	%		423		1,905	NM
Balance as of end-of-period, gross		183,903		190,466		191,733		184,833		198,182	7.8	%		183,903		198,182	7.8	%
Account balances reinsured		(16,110)		(16,387)		(16,345)		(16,060)		(15,893)	1.3	%		(16,110)		(15,893)	1.3	%
Balance as of end-of-period, net	$	167,793	$	174,079	$	175,388	$	168,773	$	182,289	8.6	%	$	167,793	$	182,289	8.6	%

Table of Contents


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

	For the Three Months Ended													For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26		Change
General Account
Balance as of beginning-of-period	$	36,220	$	36,116	$	36,008	$	35,986	$	35,723	-1.4	%	$	36,599	$	35,986		-1.7	%
Gross deposits		847		851		993		837		800	-5.5	%		1,713		1,637		-4.4	%
Withdrawals and deaths		(372)		(357)		(327)		(403)		(356)	4.3	%		(818)		(759)		7.2	%
Net flows		475		494		666		434		444	-6.5	%		895		878		-1.9	%
Transfers between general and separate accounts		49		72		48		68		86	75.5	%		63		154		144.4	%
Policyholder assessments		(1,102)		(1,114)		(1,130)		(1,095)		(1,075)	2.5	%		(2,205)		(2,170)		1.6	%
Reinvested interest credited		360		367		361		357		364	1.1	%		715		721		0.8	%
Change in fair value of embedded derivative instruments
and other		114		73		33		(27)		148	29.8	%		49		121		146.9	%
Balance as of end-of-period, gross		36,116		36,008		35,986		35,723		35,690	-1.2	%		36,116		35,690		-1.2	%
Account balances reinsured		(14,816)		(14,658)		(14,500)		(14,304)		(14,127)	4.7	%		(14,816)		(14,127)		4.7	%
Balance as of end-of-period, net	$	21,300	$	21,350	$	21,486	$	21,419	$	21,563	1.2	%	$	21,300	$	21,563		1.2	%


Separate Account
Balance as of beginning-of-period	$	28,106	$	30,616	$	33,252	$	34,038	$	33,237	18.3	%		28,841		$	34,038	18.0	%
Gross deposits		434		1,396		464		416		873	101.2	%		787		1,290		63.9	%
Withdrawals and deaths		(276)		(231)		(156)		(216)		(184)	33.3	%		(480)		(400)		16.7	%
Net flows		158		1,165		308		200		689	NM			307		890		189.9	%
Transfers between general and separate accounts		(48)		(71)		(48)		(68)		(86)	-79.2	%		(63)		(154)		NM
Policyholder assessments		(248)		(251)		(255)		(252)		(256)	-3.2	%		(494)		(508)		-2.8	%
Change in market value and reinvestment		2,648		1,793		781		(681)		4,285	61.8	%		2,025		3,603		77.9	%
Balance as of end-of-period, gross		30,616		33,252		34,038		33,237		37,869	23.7	%		30,616		37,869		23.7	%
Account balances reinsured		(5,629)		(5,883)		(5,943)		(5,772)		(6,354)	-12.9	%		(5,629)		(6,354)		-12.9	%
Balance as of end-of-period, net	$	24,987	$	27,369	$	28,095	$	27,465	$	31,515	26.1	%	$	24,987	$	31,515		26.1	%


Total
Balance as of beginning-of-period	$	64,326	$	66,732	$	69,260	$	70,024	$	68,960	7.2	%	$	65,440	$	70,024		7.0	%
Gross deposits		1,281		2,247		1,457		1,253		1,673	30.6	%		2,500		2,927		17.1	%
Withdrawals and deaths		(648)		(588)		(483)		(619)		(540)	16.7	%		(1,298)		(1,159)		10.7	%
Net flows		633		1,659		974		634		1,133	79.0	%		1,202		1,768		47.1	%
Transfers between general and separate accounts		1		1		—		—		—	-100.0	%		—		—		NM
Policyholder assessments		(1,350)		(1,365)		(1,385)		(1,347)		(1,331)	1.4	%		(2,699)		(2,678)		0.8	%
Change in market value and reinvestment		3,008		2,160		1,142		(324)		4,649	54.6	%		2,740		4,324		57.8	%
Change in fair value of embedded derivative instruments
and other		114		73		33		(27)		148	29.8	%		49		121		146.9	%
Balance as of end-of-period, gross		66,732		69,260		70,024		68,960		73,559	10.2	%		66,732		73,559		10.2	%
Account balances reinsured		(20,445)		(20,541)		(20,443)		(20,076)		(20,481)	-0.2	%		(20,445)		(20,481)		-0.2	%
Balance as of end-of-period, net	$	46,287	$	48,719	$	49,581	$	48,884	$	53,078	14.7	%	$	46,287	$	53,078		14.7	%

Table of Contents


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

	For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
General Account
Balance as of beginning-of-period	$	23,479	$	23,700	$	23,852	$	23,843	$	23,694	0.9	%	$	23,619	$	23,843	0.9	%
Gross deposits		1,109		1,090		1,054		880		901	-18.8	%		1,921		1,781	-7.3	%
Withdrawals		(1,103)		(1,287)		(1,350)		(1,279)		(1,470)	-33.3	%		(2,433)		(2,749)	-13.0	%
Net flows		6		(197)		(296)		(399)		(569)	NM			(512)		(968)	-89.1	%
Transfers between fixed and variable accounts		44		171		114		86		131	197.7	%		254		217	-14.6	%
Policyholder assessments		(4)		(4)		(4)		(5)		(5)	-25.0	%		(8)		(9)	-12.5	%
Reinvested interest credited		175		182		177		169		168	-4.0	%		347		336	-3.2	%
Balance as of end-of-period	$	23,700	$	23,852	$	23,843	$	23,694	$	23,419	-1.2	%	$	23,700	$	23,419	-1.2	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	85,754	$	92,683	$	98,900	$	100,197	$	98,151	14.5	%	$	88,962	$	100,197	12.6	%
Gross deposits		2,485		3,918		2,885		3,262		2,835	14.1	%		5,788		6,097	5.3	%
Withdrawals		(3,076)		(2,966)		(3,587)		(3,076)		(4,691)	-52.5	%		(8,044)		(7,767)	3.4	%
Net flows		(591)		952		(702)		186		(1,856)	NM			(2,256)		(1,670)	26.0	%
Transfers between fixed and variable accounts		(54)		(149)		(101)		(82)		(129)	NM			(253)		(211)	16.6	%
Policyholder assessments		(69)		(73)		(75)		(76)		(77)	-11.6	%		(138)		(154)	-11.6	%
Change in market value and reinvestment		7,643		5,487		2,175		(2,074)		11,259	47.3	%		6,368		9,186	44.3	%
Balance as of end-of-period	$	92,683	$	98,900	$	100,197	$	98,151	$	107,348	15.8	%	$	92,683	$	107,348	15.8	%


Total
Balance as of beginning-of-period	$	109,233	$	116,383	$	122,752	$	124,040	$	121,845	11.5	%	$	112,581	$	124,040	10.2	%
Gross deposits		3,594		5,008		3,939		4,142		3,736	4.0	%		7,709		7,878	2.2	%
Withdrawals		(4,179)		(4,253)		(4,937)		(4,355)		(6,161)	-47.4	%		(10,477)		(10,516)	-0.4	%
Net flows		(585)		755		(998)		(213)		(2,425)	NM			(2,768)		(2,638)	4.7	%
Transfers between fixed and variable accounts		(10)		22		13		4		2	120.0	%		1		6	NM
Policyholder assessments		(73)		(77)		(79)		(81)		(82)	-12.3	%		(146)		(163)	-11.6	%
Change in market value and reinvestment		7,818		5,669		2,352		(1,905)		11,427	46.2	%		6,715		9,522	41.8	%
Balance as of end-of-period	$	116,383	$	122,752	$	124,040	$	121,845	$	130,767	12.4	%	$	116,383	$	130,767	12.4	%

Table of Contents


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

	As of 6/30/25					As of 12/31/25					As of 6/30/26
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
Investments and Allowance for Credit Losses, at Amortized Cost (1)
Industry corporate bonds:
Financial services	$	12,685		14.4	%	$	13,135		14.3	%	$	13,249		13.9	%
Basic industry		2,868		3.2	%		2,749		3.0	%		2,745		2.9	%
Capital goods		5,507		6.2	%		5,574		6.1	%		5,520		5.8	%
Communications		2,752		3.1	%		2,936		3.2	%		3,071		3.2	%
Consumer cyclical		5,351		6.0	%		5,360		5.8	%		5,353		5.6	%
Consumer non-cyclical		12,438		14.1	%		12,623		13.6	%		12,825		13.4	%
Energy		2,486		2.8	%		2,487		2.7	%		2,536		2.7	%
Technology		4,042		4.6	%		4,307		4.7	%		4,224		4.4	%
Transportation		3,216		3.6	%		3,243		3.5	%		3,198		3.4	%
Industrial other		2,268		2.6	%		2,346		2.6	%		2,357		2.5	%
Utilities		11,399		12.9	%		11,459		12.4	%		11,490		12.0	%
Government-related entities		1,133		1.3	%		1,108		1.2	%		1,107		1.2	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,709		1.9	%		1,715		1.9	%		1,653		1.7	%
Non-agency backed		383		0.4	%		399		0.4	%		365		0.4	%
Commercial mortgage-backed securities ("CMBS")		1,987		2.2	%		2,503		2.7	%		2,916		3.1	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		8,161		9.2	%		8,512		9.3	%		9,484		9.9	%
Other ABS		6,542		7.4	%		7,713		8.4	%		9,484		9.9	%
Municipals		2,511		2.8	%		2,424		2.6	%		2,378		2.5	%
United States and foreign government		872		1.0	%		1,153		1.3	%		1,241		1.3	%


Hybrid and redeemable preferred securities		248		0.3	%		236		0.3	%		208		0.2	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		88,558		100.0	%		91,982		100.0	%		95,404		100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		506					434					419
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		307					561					398
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		89,371					92,977					96,221
Modified coinsurance and funds withheld investments		11,426					10,738					9,454
Total fixed maturity AFS, trading and equity securities	$	100,797				$	103,715				$	105,675

(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 6/30/25					As of 12/31/25					As of 6/30/26
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
and Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	53,585		60.4	%	$	55,596		60.4	%	$	58,223		61.0	%
NAIC 2 (BBB)		31,935		36.1	%		33,291		36.2	%		34,130		35.8	%
Total investment grade		85,520		96.5	%		88,887		96.6	%		92,353		96.8	%

NAIC 3 (BB)		934		1.1	%		994		1.1	%		1,090		1.1	%
NAIC 4 (B)		1,952		2.2	%		1,966		2.1	%		1,820		1.9	%
NAIC 5 (CCC and lower)		78		0.1	%		63		0.1	%		107		0.1	%
NAIC 6 (in or near default)		74		0.1	%		72		0.1	%		34		0.1	%
Total below investment grade		3,038		3.5	%		3,095		3.4	%		3,051		3.2	%
Total	$	88,558		100.0	%	$	91,982		100.0	%	$	95,404		100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,329		76.3	%	$	12,814		73.3	%	$	12,353		70.5	%
CM2 (BBB)		4,083		23.4	%		4,527		25.9	%		4,952		28.3	%
CM3-7 (BB and lower) (3)		61		0.3	%		141		0.8	%		203		1.2	%
Total	$	17,473		100.0	%	$	17,482		100.0	%	$	17,508		100.0	%


Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified
Coinsurance and Funds Withheld Investments, at Amortized Cost (1)(2)
AAA-A	$	66,914		63.1	%	$	68,410		62.5	%	$	70,576		62.5	%
BBB		36,018		34.0	%		37,818		34.5	%		39,082		34.6	%
BB and lower		3,099		2.9	%		3,236		3.0	%		3,254		2.9	%
Total	$	106,031		100.0	%	$	109,464		100.0	%	$	112,912		100.0	%

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

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

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

Table of Contents


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

		For the Three Months Ended												For the Six Months Ended

			6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
	Net Income
	Net income (loss) available to common stockholders – diluted	$	688	$	411	$	745	$	(211)	$	1,321	92.0	%	$	(69)	$	1,109	NM
	Less:
	Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
	Adjustment for deferred units of LNC stock
	in our deferred compensation plans		—		—		2		(5)		—	NM			—		(5)	NM
	Net income (loss)		699		445		754		(172)		1,332	90.6	%		(23)		1,160	NM
	Less:
	Net annuity product features, pre-tax (1)		405		410		515		(695)		1,497	269.6	%		(687)		802	216.7	%
	Net life insurance product features, pre-tax		(58)		(22)		(5)		22		(50)	13.8	%		(15)		(28)	-86.7	%
	Credit loss-related adjustments, pre-tax		(25)		(38)		(43)		(20)		(37)	-48.0	%		(53)		(57)	-7.5	%
	Investment gains (losses), pre-tax		(81)		(35)		(101)		(42)		(197)	NM			(183)		(239)	-30.6	%
	Changes in the fair value of reinsurance-related
	embedded derivatives, trading securities and certain
	mortgage loans, pre-tax (2)		14		(191)		65		179		(85)	NM			(76)		94	223.7	%






	Gains (losses) on other non-financial assets, pre-tax		—		—		(14)		(6)		—	NM			—		(6)	NM
	Other items, pre-tax (3)(4)(5)(6)(7)		75		(105)		(27)		(111)		(12)	NM			40		(123)	NM
	Income tax benefit (expense) related to the above
	pre-tax items		(69)		(5)		(81)		141		(234)	NM			199		(93)	NM
	Total adjustments		261		14		309		(532)		882	237.9	%		(775)		350	145.2	%
	Adjusted income (loss) from operations		438		431		445		360		450	2.7	%		752		810	7.7	%
	Add:
	Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
	Adjusted income (loss) from operations available
	to common stockholders	$	427	$	397	$	434	$	326	$	439	2.8	%	$	706	$	764	8.2	%



(1) Includes changes in MRBs of $(1,302) million, $932 million, $337 million, $374 million, $(997) million and $1,450 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million, $177 million and $(115) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million, $125 million and $162 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second 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, $(7) million and $(11) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second 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, $18 million and $(1) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026, respectively.

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


	For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Revenues
Total revenues	$	4,044	$	4,555	$	4,922	$	5,306	$	4,542	12.3	%	$	8,735	$	9,848	12.7	%
Less:
Revenue adjustments from annuity
and life insurance product features		(590)		39		121		327		(65)	89.0	%		(364)		262	172.0	%
Credit loss-related adjustments		(25)		(38)		(43)		(20)		(37)	-48.0	%		(53)		(57)	-7.5	%
Investment gains (losses)		(81)		(35)		(101)		(42)		(197)	NM			(183)		(239)	-30.6	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans (1)		14		(191)		65		179		(85)	NM			(76)		94	223.7	%

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



Adjusted operating revenues	$	4,726	$	4,780	$	4,894	$	4,868	$	4,926	4.2	%	$	9,411	$	9,794	4.1	%

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

Table of Contents


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended												For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	3.80	$	2.12	$	3.80	$	(1.10)	$	6.72	76.8	%	$	(0.39)	$	5.65	NM
Less:
Net annuity product features, pre-tax (1)		2.24		2.11		2.62		(3.60)		7.62	240.2	%		(3.94)		4.09	203.8	%
Net life insurance product features, pre-tax		(0.32)		(0.11)		(0.02)		0.12		(0.26)	18.8	%		(0.08)		(0.14)	-75.0	%
Credit loss-related adjustments, pre-tax		(0.14)		(0.20)		(0.22)		(0.10)		(0.19)	-35.7	%		(0.31)		(0.29)	6.5	%
Investment gains (losses), pre-tax		(0.45)		(0.18)		(0.51)		(0.22)		(1.00)	NM			(1.05)		(1.22)	-16.2	%


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		0.08		(0.98)		0.34		0.92		(0.44)	NM			(0.43)		0.48	211.6	%




Gains (losses) on other non-financial assets, pre-tax		—		—		(0.07)		(0.03)		—	NM			—		(0.03)	NM
Other items, pre-tax (2)(3)(4)(5)(6)		0.42		(0.53)		(0.14)		(0.58)		(0.06)	NM			0.23		(0.63)	NM
Income tax benefit (expense) related
to the above pre-tax items		(0.39)		(0.03)		(0.41)		0.73		(1.19)	NM			1.14		(0.48)	NM
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss)		—		—		—		—		—	NM			0.08		(0.02)	NM


Adjusted income (loss) from operations	$	2.36	$	2.04	$	2.21	$	1.66	$	2.24	-5.1	%	$	3.97	$	3.89	-2.0	%

(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 $5.15, $1.74, $1.91, $(5.17), $7.39, $(2.12) and $2.31; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(3.34), $0.15, $0.22, $0.92, $(0.59), $(1.93) and $0.32; changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $0.43, $0.22, $0.49, $0.65, $0.82, $0.11 and $1.46 for the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026, six months ended 2025 and six months ended 2026, respectively.
(2) For the third quarter of 2025, includes certain legal accruals of $(0.05); for the fourth quarter of 2025, includes certain regulatory accruals of $0.01; for the first quarter of 2026, includes certain legal accruals of $(0.63). For the six months ended 2026, includes certain legal accruals of $(0.62).
(3) Includes severance expense related to initiatives to realign the workforce of $(0.01), $(0.02), $(0.06), $(0.04), $(0.06), $(0.05) and $(0.10) in the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026, six months ended 2025 and six months ended 2026, respectively.
(4) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.10) and $(0.01) in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(0.03) in the fourth quarter of 2025 related to the sale of our wealth management business; $(0.28) in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(0.11) in the third quarter of 2025 related to Life Insurance segment persistency optimization; for the six months ended 2025, includes $(0.11) related to the sale of our wealth management business and $(0.11) related to the Bain Capital transaction.
(5) Includes deferred compensation mark-to-market adjustment of $0.01, $(0.07), $(0.05), $0.09, $(0.04), and $0.09 in the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, six months ended 2025 and six months ended 2026 respectively.
(6) Includes gain on early extinguishment of debt of $0.52 and $0.54 in the second quarter of 2025 and six months ended 2025, respectively.

Table of Contents


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

	For the Three Months Ended													For the Six Months Ended

		6/30/25		9/30/25		12/31/25		3/31/26		6/30/26	Change			6/30/25		6/30/26	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	9,548	$	10,452	$	10,906	$	10,212	$	11,349	18.9	%	$	9,548	$	11,349	18.9	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(4,392)		(3,839)		(4,058)		(4,467)		(4,578)	-4.2	%		(4,392)		(4,578)	-4.2	%
Stockholders’ equity, excluding AOCI and preferred stock		12,954		13,305		13,978		13,693		14,941	15.3	%		12,954		14,941	15.3	%
Changes in MRBs		2,869		3,136		3,431		2,643		3,789	32.1	%		2,869		3,789	32.1	%
GLB and GDB hedge instruments gains (losses)		(3,602)		(3,706)		(3,812)		(3,829)		(4,070)	-13.0	%		(3,602)		(4,070)	-13.0	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(186)		(305)		(236)		(108)		(118)	36.6	%		(186)		(118)	36.6	%
Adjusted stockholders’ equity	$	13,873	$	14,180	$	14,595	$	14,987	$	15,340	10.6	%	$	13,873	$	15,340	10.6	%


Stockholders’ Equity, Average
Stockholders’ equity	$	8,871	$	10,000	$	10,679	$	10,559	$	10,780	21.5	%	$	8,551	$	10,670	24.8	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(4,349)		(4,116)		(3,948)		(4,262)		(4,523)	-4.0	%		(4,510)		(4,392)	2.6	%
Stockholders’ equity, excluding AOCI and preferred stock		12,234		13,130		13,641		13,835		14,317	17.0	%		12,075		14,076	16.6	%
Changes in MRBs		2,501		3,002		3,283		3,037		3,216	28.6	%		2,575		3,127	21.4	%
GLB and GDB hedge instruments gains (losses)		(3,297)		(3,654)		(3,759)		(3,820)		(3,949)	-19.8	%		(3,162)		(3,885)	-22.9	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(191)		(245)		(270)		(172)		(113)	40.8	%		(182)		(142)	22.0	%
Adjusted average stockholders' equity	$	13,221	$	14,027	$	14,387	$	14,790	$	15,163	14.7	%	$	12,844	$	14,976	16.6	%


Book Value Per Common Share
Book value per share	$	44.91	$	49.56	$	51.88	$	47.87	$	53.68	19.5	%	$	44.91	$	53.68	19.5	%
Less:
AOCI		(23.04)		(20.10)		(21.22)		(23.19)		(23.71)	-2.9	%		(23.04)		(23.71)	-2.9	%
Book value per share, excluding AOCI		67.95		69.66		73.10		71.06		77.39	13.9	%		67.95		77.39	13.9	%
Less:
Changes in MRBs		15.05		16.42		17.94		13.72		19.63	30.4	%		15.05		19.63	30.4	%
GLB and GDB hedge instruments gains (losses)		(18.89)		(19.40)		(19.94)		(19.87)		(21.08)	-11.6	%		(18.89)		(21.08)	-11.6	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(0.98)		(1.59)		(1.23)		(0.56)		(0.61)	37.8	%		(0.98)		(0.61)	37.8	%
Adjusted book value per share	$	72.77	$	74.23	$	76.33	$	77.77	$	79.45	9.2	%	$	72.77	$	79.45	9.2	%

1 Earnings Supplement Second Quarter 2026 July 30, 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. 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 2Q26 Key Messages • Annuities sales of $3.5B reflected disciplined sales execution, with spread-based products comprising 63% of total sales. • Life Insurance sales of $216M reflected strong growth in Executive Benefits and Core Life. • Retirement Plan Services total deposits grew 4% YoY; ending account balances2 a record-high $131B. $ in millions After- tax Per share Adjusted Operating Income1 $439 $2.24 Normalizing items Lower alternative investment income compared to our 10% annual return target ($43) ($0.22) Eighth consecutive quarter of YoY adjusted operating income1 growth, up 3% for 2Q • Life Insurance earnings of $57M, up $25M YoY, driven by favorable mortality, partially offset by lower alternative investment income. • Annuities earnings of $287M was in line with the PY quarter, as favorable equity markets were offset by VA outflows and the $12M impact of the previously disclosed NII reallocation to non-operating income. • Group Protection delivered earnings of $147M and a margin of 10.4%, reflecting continued momentum in the business. • Retirement Plan Services earnings up $12M YoY reflected favorable markets and spread expansion. Continued disciplined sales momentum; record ending account balances2 Strategic actions enhanced capital strength and flexibility • Holding Company available liquidity increased to ~$900M, net of prefunding, up ~$250M since YE 2025. • Prefunded $500M to repurchase and/or redeem preferred stock. • Leverage ratio3 remained at ~25%. 1 Represents Adjusted Operating Income Available to Common Stockholders. See Non-GAAP Financial Measures Appendix for definition and reconciliations. 2 Net of reinsurance. 3 See Non-GAAP Financial Measures Appendix for definition and reconciliations.

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 • Spread income growth • Variable annuity outflows • NII reallocation to non- operating income • Favorable life incidence • Change in experience refund recognition timing • Disability incidence normalization 2Q26 Earnings Drivers $ in millions • Spread income growth • Favorable equity markets • Higher net G&A expenses • Favorable mortality • Impact of 4Q25 captive consolidation • Lower alternative investment income $287 $287 2Q25 2Q26 $173 $147 2Q25 2Q26 Experience Refund $37 $49 2Q25 2Q26 $32 $57 2Q25 2Q26

5 Key Highlights Operating Income2 ($M) Sales ($B) • Operating income in line YoY, as favorable equity markets were offset by VA outflows and the $12M impact of the previously disclosed NII reallocation to non-operating income1. • Total sales of $3.5B reflected disciplined sales execution, with spread-based products comprising 63% of total sales. • Ending account balances3 grew 9% YoY, driven by favorable equity markets and growth in spread- based products. Key Priorities Ending Account Balances3 ($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. $168 $174 $175 $169 $182 6% 7% 7% 8% 7% 22% 22% 22% 23% 23% 29% 29% 29% 28% 29% 43% 42% 42% 41% 41% 2Q25 3Q25 4Q25 1Q26 2Q26 Fixed RILA VA w/o GLBs VA w/ GLBs 30% 31% 25% 18% 17% 36% 32% 40% 46% 46% 11% 13% 12% 14% 19% 23% 24% 23% 22% 18% 2Q25 3Q25 4Q25 1Q26 2Q26 Fixed RILA VA w/o GLB VA w/ GLB Annuities 0.72% 0.75% 0.71% 0.63% 0.64% 2Q25 3Q25 4Q25 1Q26 2Q26 $287 $318 $311 $275 $287 2Q25 3Q25 4Q25 1Q26 2Q26 $4.0 $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 $3.5

6 Key Highlights Operating Income1 ($M) Sales ($M) • Operating income decreased $26M YoY, primarily driven by the $15M experience refund in the PY quarter. • Premiums were up 2% Y0Y, driven by prior-period sales. • Disability loss ratio increased YoY due to normalized disability incidence and the absence of the PY experience refund, partially offset by life loss ratio improvement from favorable incidence. Key Priorities Premiums and Margin1,2 ($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 our Bermuda entity. • Execute technology roadmap, including modernization of claims platform. $1,386 $1,357 $1,380 $1,399 $1,420 12.5% 10.4% 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 2Q25 3Q25 4Q25 1Q26 2Q26 Premiums Margin Margin, ex. Experience Refund 38% 40% 59% 30% 42% 30% 35% 32% 29% 28% 32% 25% 9% 41% 30% 2Q25 3Q25 4Q25 1Q26 2Q26 Disability Life Supp Health / Dental 67% 65% 68% 67% 62% 67% 77% 74% 73% 72% 2Q25 3Q25 4Q25 1Q26 2Q26 Life Disability 3 2Q25 3Q25 4Q25 1Q26 2Q26 Experience Refund $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 $110 $109 $112 $147 $155

7 Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income increased by 32% YoY, driven by spread income growth and favorable equity markets, partially offset by higher net G&A expenses. • Base spreads, excluding variable investment income, expanded 20 basis points compared to the PY quarter. • Ending account balances were $131B, a record high, up 12% YoY, supported by favorable equity markets. Key Priorities Ending Account Balances ($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. 80% 81% 81% 81% 82% 20% 19% 19% 19% 18% $116 $123 $124 $122 $131 2Q25 3Q25 4Q25 1Q26 2Q26 Separate Account and Mutual Funds General Account $37 $46 $46 $43 $49 2Q25 3Q25 4Q25 1Q26 2Q26 0.13% 0.15% 0.15% 0.14% 0.15% 2Q25 3Q25 4Q25 1Q26 2Q26 32% 22% 33% 40% 40% 26% 62% 33% 43% 45% 42% 16% 34% 17% 15% 2Q25 3Q25 4Q25 1Q26 2Q26 Core Market Mid-Large Market Investment Only $0.9 $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 $25M YoY, driven by favorable mortality and the impact of the 4Q25 captive consolidation, partially offset by lower alternative investment income. • Total sales of $216M were up 79% YoY, reflecting growth in Executive Benefits and Core Life. • Margin increased 160 basis points to 3.6%, driven by underlying earnings growth. Revenues were 2% lower YoY, driven by lower alternative investment income. Key Priorities Operating Revenue ($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 $32 $56 $63 $22 $57 $(2) $14 $19 $(40) 2Q25 3Q25 4Q25 1Q26 2Q26 $97 Life Insurance 72% 33% 89% 74% 48% 28% 67% 11% 26% 52% $121 $298 $142 $129 $216 2Q25 3Q25 4Q25 1Q26 2Q26 Core Executive Benefits $54 $77 $122 $121 $130 $119 $124 2Q25 3Q25 4Q25 1Q26 2Q26 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. $1,602 $1,610 $1,643 $1,628 $1,572 2.0% 3.4% 4.7% 2.5% 3.6% -2.0% 0.0 % 2.0% 4.0% 6.0% 8.0% 10.0% 1400 1450 1500 1550 1600 1650 1700 2Q25 3Q25 4Q25 1Q26 2Q26 $41 $32

9 Key Highlights Operating Loss and Preferred Dividend ($M) Other Expenses ($M) • Operating loss of $90M is $1M lower YoY as continued scaling of institutional funding agreement business was partially offset by higher other expenses. • Holding Company available liquidity increased to ~$900M at quarter-end, net of prefunding, an increase of ~$250M since YE 2025. • Leverage ratio2 remains in line with target at 25.1%. Key Priorities Holding Company Available Liquidity1 ($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 ($91) ($99) ($98) ($111) ($90) ($11) ($34) ($11) ($34) ($11) 2Q25 3Q25 4Q25 1Q26 2Q26 Operating Loss Preferred Dividend $466 $461 $655 $805 $903 2Q25 3Q25 4Q25 1Q26 2Q26 25.6% 25.2% 25.1% 25.0% 25.1% 2Q25 3Q25 4Q25 1Q26 2Q26 $56 $72 $64 $68 $63 2Q25 3Q25 4Q25 1Q26 2Q26 1 Holding Company available liquidity presented as of 12/31/25, 3/31/26 and 6/30/26 does not include the $400 million prefunding of a 2026 maturity; Holding Company available liquidity presented as of 6/30/26 also does not include the $500 million prefunding of the repurchase and/or redemption of our outstanding preferred stock. 2 See Non-GAAP Financial Measures Appendix for definition and reconciliations.

10 Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Portfolio grew $15B YoY to $137B, reflecting strategic shift toward spread-based earnings. • Portfolio yield expanded 12bps YoY to 4.73%, with new money yield continuing to exceed portfolio yield. • Diversified alternatives portfolio delivered a 1.2% quarterly return, or 4.9% annualized return, below our annual expectation of 10%. Key Priorities New Money Yields Alternative Investment Income ($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. 37% 36% 36% 35% 34% 17% 17% 17% 16% 16% 16% 15% 16% 18% 18% 18% 18% 17% 18% 17% 3% 3% 3% 3% 3%9% 11% 11% 10% 12% 2Q25 3Q25 4Q25 1Q26 2Q26 Public Corps Private Corps Structured Mortgage Loans Alts Other Investment Portfolio 4.61% 4.64% 4.65% 4.67% 4.73% 6.1% 5.9% 5.3% 5.5% 5.9% 2Q25 3Q25 4Q25 1Q26 2Q26 Portfolio Yield New Money Yield $101 $101 $124 $129 $52 2.5% 2.5% 3.0% 3.1% 1.2% 0 20 40 60 80 100 120 140 2Q25 3Q25 4Q25 1Q26 2Q26 % Returns, Unannualized 63% 62% 62% 62% 62% 34% 35% 35% 35% 35% 3% 3% 3% 3% 3% 2Q25 3Q25 4Q25 1Q26 2Q26 NAIC 1/CM1 NAIC 2/CM2 NAIC 3-6/CM3-7 $137 $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 34% Private Credit 20% Public Structured 14% CML 13% RML 4% Other 15%2 Investment Portfolio High quality and well-diversified portfolio1 $137B Average A- Rated Portfolio allocation by asset class 1 Data on slide is as of June 30, 2026. 2 Other includes cash, COLI assets, common and preferred stock, sovereign government, alternatives, and UST/agency. Cash is inclusive of $7.7B of collateral. Note: All information regarding LNC’s investment portfolio in this earnings supplement excludes assets related to certain modified coinsurance and coinsurance with funds withheld transactions. The modified coinsurance and funds withheld reinsurance agreements investment portfolio has counterparty protections in place including investment guidelines, as well as additional support including trusts and letters of credit that were established to meet LNC’s risk management objectives. … with a high-quality private credit portfolio • Private credit is a key part of the investment strategy, enhancing yield and diversification while emphasizing disciplined risk management • Private credit portfolio is highly-diversified and 91% investment grade • Private Letter Ratings (PLRs) account for ~6% of the Lincoln General Account The portfolio is well-positioned… • Long-term investment strategy is tightly aligned with our liability profile and positioned for various economic cycles. • 97% investment grade, the portfolio remains high quality, providing flexibility to further add incremental yield. • Well positioned to further optimize the portfolio asset allocation given high-quality asset mix and shift toward shorter duration liabilities. Private Credit is 20% of the General Account Private Corporates 15% Private Structured 4% Direct Lending 1%

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 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Net Income Net income (loss) available to common stockholders – diluted $ 688 $ 411 $ 745 $ (211) $ 1,321 Less: Preferred stock dividends declared (11) (34) (11) (34) (11) Adjustment for deferred units of LNC stock in our deferred compensation plans — — 2 (5) — Net income (loss) 699 445 754 (172) 1,332 Less: Net annuity product features, pre-tax (1) 405 410 515 (695) 1,497 Net life insurance product features, pre-tax (58) (22) (5) 22 (50) Credit loss-related adjustments, pre-tax (25) (38) (43) (20) (37) Investment gains (losses), pre-tax (81) (35) (101) (42) (197) Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax (2) 14 (191) 65 179 (85) Gains (losses) on other non-financial assets, pre-tax — — (14) (6) — Other items, pre-tax (3)(4)(5)(6)(7) 75 (105) (27) (111) (12) Income tax benefit (expense) related to the above pre-tax items (69) (5) (81) 141 (234) Total adjustments 261 14 309 (532) 882 Adjusted income (loss) from operations 438 431 445 360 450 Add: Preferred stock dividends declared (11) (34) (11) (34) (11) Adjusted income (loss) from operations available to common stockholders $ 427 $ 397 $ 434 $ 326 $ 439 Earnings (Loss) Per Common Share – Diluted Net income (loss) (diluted) $ 3.80 $ 2.12 $ 3.80 $ (1.10) $ 6.72 Adjusted income (loss) from operations (diluted) 2.36 2.04 2.21 1.66 2.24 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 $932 million, $337 million, $374 million, $(997) million and $1,450 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 $(605) million, $30 million, $44 million, $177 million and $(115) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $78 million, $43 million, $97 million, $125 million and $162 million for the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second 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 $(2) million, $(5) million, $(11) million, $(7) million and $(11) million in the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026, respectively. (5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(5) million in the fourth quarter of 2025, 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 $1 million, $(14) million, $(10) million, $18 million and $(1) million in the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026, respectively. (7) Includes gain 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 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Adjusted income from operations available to common stockholders(1) $ 427 $ 397 $ 434 $ 326 $ 439 Less significant items: Annual assumption review - (2) - - - Total significant items - (2) - - - Adjusted income from operations available to common stockholders, excluding significant items $ 427 $ 395 $ 434 $ 326 $ 439

19 Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Leverage Ratio Short-term debt (1) $ — $ — $ 400 $ 400 $ 400 Long-term debt 5,767 5,772 5,866 5,969 6,465 Total debt 5,767 5,772 6,266 6,369 6,865 Preferred stock 986 986 986 986 986 Total debt and preferred stock 6,753 6,758 7,252 7,355 7,851 Less: Operating debt (2) 868 868 868 868 868 Prefunding of upcoming debt maturities — — 400 400 400 Prefunding of repurchase and/or redemption of shares of outstanding preferred stock — — — — 500 25% of capital securities and subordinated notes 247 247 247 247 372 50% of preferred stock, net of prefunding 493 493 493 493 243 Carrying value of fair value hedges and other items 119 119 114 112 108 Total numerator $ 5,026 $ 5,031 $ 5,130 $ 5,235 $ 5,360 Adjusted stockholders’ equity (3) $ 13,873 $ 14,180 $ 14,595 $ 14,987 $ 15,340 Add: 25% of capital securities and subordinated notes 247 247 247 247 372 50% of preferred stock, net of prefunding 493 493 493 493 243 Total numerator 5,026 5,031 5,130 5,235 5,360 Total denominator $ 19,639 $ 19,951 $ 20,465 $ 20,962 $ 21,315 Leverage ratio 25.6% 25.2% 25.1% 25.0% 25.1% (1) As of June 30, 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 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 9,548 $ 10,452 $ 10,906 $ 10,212 $ 11,349 Less: Preferred stock 986 986 986 986 986 AOCI (4,392) (3,839) (4,058) (4,467) (4,578) Stockholders’ equity, excluding AOCI and preferred stock 12,954 13,305 13,978 13,693 14,941 Changes in MRBs 2,869 3,136 3,431 2,643 3,789 GLB and GDB hedge instruments gains (losses) (3,602) (3,706) (3,812) (3,829) (4,070) Reinsurance-related embedded derivatives and portfolio gains (losses) (186) (305) (236) (108) (118) Adjusted stockholders’ equity $ 13,873 $ 14,180 $ 14,595 $ 14,987 $ 15,340

Source: View Original Filing on SEC EDGAR

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