Document


			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
			DAC and Account Balance Roll Forwards
			Consolidated DAC, VOBA, DSI and DFEL Roll Forwards ..............................................................................................................................................................................			19
			Account Balance Roll Forwards:
			Annuities ......................................................................................................................................................................................................................................................			20-21
			Life Insurance ..............................................................................................................................................................................................................................................			22
			Retirement Plan Services ............................................................................................................................................................................................................................			23
			Investment Information
			Fixed-Income Asset Class .............................................................................................................................................................................................................................			24
			Fixed-Income Credit Quality ..........................................................................................................................................................................................................................			25
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................			26-29

Lincoln Financial

Notes

Non-GAAP Performance Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 26.

Adjusted Income (Loss) From Operations

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

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), including gains and losses and benefit payments (“MRB-related impacts”), changes in the fair

value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders, net of fee income allocated to support the cost of hedging them,

and changes in the fair value of the embedded derivative liabilities of our indexed annuity contracts and the associated index options we hold to hedge them, including collateral expense associated with

the hedge program (collectively, “net annuity product features”);

• Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance (“VUL”) hedging, changes in reserves resulting

from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance (“IUL”) contracts

and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

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

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

gains (losses)”);

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

embedded derivatives, trading securities and certain mortgage loans”);

• Income (loss) from the initial adoption of new accounting standards, 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 and integration costs related to mergers and

acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; 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 GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the

embedded derivative liabilities of our indexed annuity and indexed universal life insurance contracts and the associated index options we hold to hedge them (“revenue adjustments from annuity and

life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

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

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

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

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

Lincoln Financial

Notes

Non-GAAP Performance Measures, Continued

Management believes that the non-GAAP performance measures discussed above explain the results of our ongoing businesses in a manner that allows for a better understanding of the underlying trends

in our current business as the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in many instances,

decisions regarding these items do not necessarily relate to the operations of the individual segments. In addition, we believe that our definitions of adjusted operating revenues and adjusted income (loss)

from operations provide investors with more valuable measures of our performance as they better reveal trends in our business.

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 because it eliminates market movements that are unpredictable and can fluctuate significantly from period to period, primarily related to changes in interest rates. Stockholders’ equity

is the most directly comparable GAAP measure.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, MRB-related impacts, GLB and GDB 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 because it eliminates the effect of market movements that are unpredictable and can fluctuate significantly from period to period, primarily related to

changes in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Book Value per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. We provide book value per share, excluding AOCI, to

enable investors to analyze the amount of our net worth that is attributable primarily to our business operations. Management believes book value per share, excluding AOCI, is useful to investors because it

eliminates the effect of items that are unpredictable and can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP

measure.

Adjusted Book Value per Share

Adjusted book value per share is calculated by dividing adjusted stockholders’ equity by common shares outstanding. We provide adjusted book value per share to enable investors to analyze the amount

of our net worth that is attributable primarily to our business operations. Management believes adjusted book value per share is useful to investors because it eliminates the effect of items that are

unpredictable and can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Income (Loss) From Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE

Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE is calculated by dividing annualized adjusted income (loss) from operations available

to common stockholders by average stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates the effect of market movements

on ROE that are unpredictable and can fluctuate significantly from period to period, primarily related to changes in interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Adjusted Income (Loss) From Operations ROE

Adjusted income (loss) from operations ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders’ equity.

Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that are unpredictable and can fluctuate significantly from period to period, primarily

related to changes in equity markets and interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Lincoln Financial

Notes

Computations

• The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.

• The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.

• We exclude deferred units of LNC stock that are antidilutive from our diluted net income (loss) earnings per share calculation. In addition, for any period where a net loss or adjusted loss from operations

is experienced, shares used in the diluted EPS calculation represent basic shares, as the use of diluted shares would result in a lower loss per share.

Definitions

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

outstanding.

Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. See adjusted income (loss) from operations ROE and adjusted income (loss) from

operations available to common stockholders, excluding AOCI and preferred stock ROE metrics on page 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.

Statistical Supplement is Dated

This document is dated May 8, 2025, and has not been updated since that date. Lincoln Financial does not intend to update this document.


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

		For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
Revenues
Insurance premiums	$	1,601	$	1,625	$	1,614	$	1,586	$	1,676	4.7	%
Fee income		1,324		1,339		1,352		1,387		1,365	3.1	%
Net investment income		1,346		1,332		1,411		1,435		1,457	8.2	%
Realized gain (loss)		(434)		663		(431)		470		11	102.5	%
Other revenues		279		194		165		185		182	-34.8	%
Total revenues		4,116		5,153		4,111		5,063		4,691	14.0	%

Expenses
Benefits		2,003		2,008		1,937		1,970		2,068	3.2	%
Interest credited		822		853		880		888		890	8.3	%
Market risk benefit (gain) loss		(1,907)		(136)		657		(1,291)		1,293	167.8	%
Policyholder liability remeasurement (gain) loss		(12)		(105)		(50)		(23)		(59)	NM
Commissions and other expenses		1,601		1,351		1,304		1,336		1,368	-14.6	%
Interest and debt expense		81		86		86		83		80	-1.2	%


Total expenses		2,588		4,057		4,814		2,963		5,640	117.9	%
Income (loss) before taxes		1,528		1,096		(703)		2,100		(949)	NM
Federal income tax expense (benefit)		306		201		(175)		414		(227)	NM


Net income (loss)		1,222		895		(528)		1,686		(722)	NM
Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		3		—		—		—		—	-100.0	%
Net income (loss) available to common
stockholders – diluted	$	1,191	$	884	$	(562)	$	1,675	$	(756)	NM


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	6.93	$	5.11	$	(3.29)	$	9.63	$	(4.41)	NM


Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	68,533	$	67,313	$	70,234	$	66,450	$	66,885	-2.4%
U.S. government bonds		391		389		398		391		538	37.6%
State and municipal bonds		2,743		2,564		2,567		2,371		2,350	-14.3%
Foreign government bonds		263		260		252		237		239	-9.1%
Residential mortgage-backed securities		1,760		1,795		1,882		1,863		1,941	10.3%
Commercial mortgage-backed securities		1,484		1,542		1,643		1,665		1,830	23.3%
Asset-backed securities		12,349		13,072		13,444		13,880		14,241	15.3%
Hybrid and redeemable preferred securities		241		239		262		254		273	13.3%


Total fixed maturity AFS securities, net of allowance for credit losses		87,764		87,174		90,682		87,111		88,297	0.6%
Trading securities		2,227		2,201		2,206		2,025		1,984	-10.9%
Equity securities		319		295		293		294		345	8.2%
Mortgage loans on real estate, net of allowance for credit losses		19,266		20,152		20,856		21,083		21,558	11.9%

Policy loans		2,476		2,513		2,510		2,476		2,529	2.1%
Derivative investments		8,394		8,608		9,522		9,677		7,849	-6.5%
Other investments		5,256		5,652		5,743		6,588		6,653	26.6%
Total investments		125,702		126,595		131,812		129,254		129,215	2.8%
Cash and invested cash		4,122		5,475		6,013		5,801		4,284	3.9%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,405		12,435		12,475		12,537		12,563	1.3%

Reinsurance recoverables, net of allowance for credit losses		29,461		29,126		29,233		28,750		28,580	-3.0%


Deposit assets, net of allowance for credit losses		29,355		30,330		30,938		30,776		31,048	5.8%
Market risk benefit assets		4,878		4,754		4,565		4,860		4,157	-14.8%
Accrued investment income		1,127		1,135		1,160		1,108		1,134	0.6%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		8,962		8,340		8,017		8,163		8,267	-7.8%
Separate account assets		166,225		165,199		171,483		168,438		162,506	-2.2%
Total assets	$	383,381	$	384,533	$	396,840	$	390,831	$	382,898	-0.1%


Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	122,300	$	124,113	$	125,968	$	126,197	$	125,262	2.4	%
Future contract benefits		38,848		38,560		41,169		39,807		40,665	4.7	%
Funds withheld reinsurance liabilities		17,486		17,044		17,595		16,907		16,838	-3.7	%
Market risk benefit liabilities		1,266		1,275		1,272		1,046		1,306	3.2	%

Deferred front-end loads		6,099		6,306		6,517		6,730		6,910	13.3	%
Payables for collateral on investments		10,117		11,114		10,570		10,020		8,282	-18.1	%
Short-term debt		503		450		300		300		—	-100.0	%
Long-term debt by rating agency leverage definitions:
Operating (see note (1) on page 9 for details)		867		867		867		868		868	0.1	%
Financial		4,859		4,849		5,030		4,988		5,000	2.9	%




Other liabilities		7,265		6,807		7,056		7,261		7,068	-2.7	%






Separate account liabilities		166,225		165,199		171,483		168,438		162,506	-2.2	%
Total liabilities		375,835		376,584		387,827		382,562		374,705	-0.3	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,624		4,641		4,660		4,674		4,703	1.7	%
Retained earnings		5,887		6,691		6,049		7,645		6,810	15.7	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(4,940)		(5,253)		(3,565)		(5,601)		(5,078)	-2.8	%



Market risk benefit non-performance risk gain (loss)		606		409		781		146		464	-23.4	%
Policyholder liability discount rate remeasurement gain (loss)		703		795		422		744		633	-10.0	%
Foreign currency translation adjustment		(27)		(27)		(18)		(29)		(24)	11.1	%
Funded status of employee benefit plans		(293)		(293)		(302)		(296)		(301)	-2.7	%
Total accumulated other comprehensive income (loss)		(3,951)		(4,369)		(2,682)		(5,036)		(4,306)	-9.0	%
Total stockholders’ equity		7,546		7,949		9,013		8,269		8,193	8.6	%
Total liabilities and stockholders’ equity	$	383,381	$	384,533	$	396,840	$	390,831	$	382,898	-0.1	%


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


		As of or For the Three Months Ended

		3/31/24			6/30/24			9/30/24			12/31/24			3/31/25		Change
Income (Loss)
Net income (loss)	$	1,222		$	895		$	(528)		$	1,686		$	(722)		NM
Pre-tax adjusted income (loss) from operations		291			389			461			400			362		24.4	%
After-tax adjusted income (loss) from operations (1)		244			335			392			343			314		28.7	%
Adjusted operating tax rate		16.1	%		13.7	%		15.0	%		14.1	%		13.3	%
Adjusted income (loss) from operations available to
common stockholders		210			324			358			332			280		33.3	%







ROE
Net income (loss) ROE		67.7	%		46.2	%		-24.9	%		78.1	%		-35.1	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE		8.4	%		11.9	%		13.0	%		11.5	%		9.4	%
Adjusted income (loss) from operations ROE		7.6	%		11.4	%		12.1	%		10.9	%		9.0	%

Per Common Share
Net income (loss) (diluted)	$	6.93		$	5.11		$	(3.29)		$	9.63		$	(4.41)		NM
Adjusted income (loss) from operations (diluted) (2)		1.22			1.87			2.06			1.91			1.60		31.1	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%

Book Value Per Common Share
Book value per share	$	38.46		$	40.78		$	46.97		$	42.60		$	41.96		9.1	%

Book value per share, excluding AOCI (3)		61.63			66.37			62.67			72.06			67.04		8.8	%
Adjusted book value per share (3)		65.01			68.51			70.04			72.34			73.19		12.6	%

Common Shares

End-of-period – basic		170.5			170.7			170.9			171.0			171.7		0.7	%
Average for the period – basic		170.0			170.6			170.8			170.9			171.3		0.8	%
End-of-period – diluted		172.4			173.4			173.6			174.1			175.3		1.7	%
Average for the period – diluted		171.8			172.9			173.6			174.0			174.7		1.7	%



(1) See reconciliation to net income (loss) on page 26.
(2) See reconciliation to earnings (loss) per common share – diluted on page 28.
(3) See reconciliation to stockholders’ equity and book value per common share on page 29.


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

	As of or For the Three Months Ended

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



Cash Returned to Common Stockholders – Common Dividends	$	76		$	77		$	77		$	77		$	77		1.3	%


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


Leverage Ratio
Short-term debt	$	503		$	450		$	300		$	300		$	—		-100.0	%
Long-term debt		5,726			5,716			5,897			5,856			5,868		2.5	%
Total debt		6,229			6,166			6,197			6,156			5,868		-5.8	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		7,215			7,152			7,183			7,142			6,854		-5.0	%







Less:
Operating debt (1)		867			867			867			868			868		0.1	%
Pre-funding of upcoming debt maturities		300			300			300			300			—		-100.0	%
25% of capital securities and subordinated notes		302			302			302			302			302		0.0%
50% of preferred stock		493			493			493			493			493		0.0%
Carrying value of fair value hedges and other items		133			123			153			111			122		-8.3	%
Total numerator	$	5,120		$	5,067		$	5,068		$	5,068		$	5,069		-1.0	%

Adjusted stockholders’ equity (2)	$	11,087		$	11,698		$	11,967		$	12,367		$	12,569		13.4	%


Add:
25% of capital securities and subordinated notes		302			302			302			302			302		0.0%
50% of preferred stock		493			493			493			493			493		0.0%
Total numerator		5,120			5,067			5,068			5,068			5,069		-1.0	%
Total denominator	$	17,002		$	17,560		$	17,830		$	18,230		$	18,433		8.4	%

Leverage ratio		30.1	%		28.9	%		28.4	%		27.8	%		27.5	%

Holding Company Available Liquidity (3)	$	766		$	763		$	759		$	763		$	466		-39.2	%




(1) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce
the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.
(2) See reconciliation to stockholders’ equity on page 29.





(3) Includes pre-funding of upcoming debt maturities.


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

	For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
Annuities
Operating revenues	$	1,269	$	1,209	$	1,195	$	1,223	$	1,198	-5.6	%
Deposits		2,849		3,823		3,383		3,692		3,799	33.3	%
Net flows		(1,993)		(954)		(1,637)		(1,891)		(1,676)	15.9	%



Average account balances, net of reinsurance		155,291		158,370		161,680		165,424		163,688	5.4	%
Alternative investment income (1)		2		1		4		4		2	0.0%

Life Insurance
Operating revenues	$	1,541	$	1,511	$	1,589	$	1,608	$	1,587	3.0	%
Deposits		1,208		1,230		1,262		1,402		1,218	0.8	%
Net flows		741		751		738		930		569	-23.2	%
Average account balances, net of reinsurance		42,280		43,230		44,055		44,746		44,390	5.0	%
Average in-force face amount		1,087,405		1,085,383		1,083,176		1,080,074		1,074,858	-1.2	%
Alternative investment income (1)		74		32		92		96		70	-5.4	%

Group Protection
Operating revenues	$	1,425	$	1,441	$	1,432	$	1,418	$	1,521	6.7	%
Insurance premiums		1,285		1,298		1,288		1,274		1,371	6.7	%
Alternative investment income (1)		1		1		1		2		1	0.0%

Retirement Plan Services
Operating revenues	$	322	$	327	$	335	$	337	$	327	1.6	%
Deposits		3,802		3,282		4,180		3,473		4,115	8.2	%
Net flows		391		(197)		651		(732)		(2,184)	NM
Average account balances		103,240		106,374		110,550		113,711		113,075	9.5	%
Alternative investment income (1)		1		1		2		2		2	100.0	%

Consolidated
Adjusted operating revenues (2)	$	4,584	$	4,527	$	4,603	$	4,628	$	4,685	2.2	%
Deposits		7,859		8,335		8,825		8,567		9,132	16.2	%
Net flows		(861)		(400)		(248)		(1,693)		(3,291)	NM
Average account balances, net of reinsurance		300,811		307,974		316,285		323,881		321,153	6.8	%
Alternative investment income (1)		78		36		100		105		75	-3.8	%


(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 27.


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

	For the Three Months Ended

		3/31/24			6/30/24			9/30/24			12/31/24			3/31/25		Change
Operating Revenues
Annuities	$	1,269		$	1,209		$	1,195		$	1,223		$	1,198		-5.6	%
Life Insurance		1,541			1,511			1,589			1,608			1,587		3.0	%
Group Protection		1,425			1,441			1,432			1,418			1,521		6.7	%
Retirement Plan Services		322			327			335			337			327		1.6	%
Other Operations		27			39			52			42			52		92.6	%
Total adjusted operating revenues	$	4,584		$	4,527		$	4,603		$	4,628		$	4,685		2.2	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	134		$	112		$	103		$	112		$	108		-19.4	%
Life Insurance		130			125			126			129			119		-8.5	%
Group Protection		187			193			195			195			202		8.0	%
Retirement Plan Services		81			80			81			82			81		0.0%
Other Operations		57			64			67			70			65		14.0	%
Total	$	589		$	574		$	572		$	588		$	575		-2.4	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		10.6	%		9.3	%		8.6	%		9.2	%		9.0	%
Life Insurance		8.5	%		8.3	%		7.9	%		8.0	%		7.5	%
Group Protection		13.1	%		13.4	%		13.6	%		13.8	%		13.3	%
Retirement Plan Services		25.3	%		24.4	%		24.3	%		24.3	%		24.9	%

Total		12.8	%		12.7	%		12.4	%		12.7	%		12.3	%


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

	For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	640	$	638	$	632	$	650	$	629	-1.7	%
Commissions		639		561		546		575		558	-12.7	%
Taxes, licenses and fees		92		76		80		75		98	6.5	%
Interest and debt expense		81		86		86		83		80	-1.2	%
Expenses associated with reserve financing
and letters of credit		30		28		32		36		32	6.7	%
Total adjusted operating commissions and
other expenses incurred		1,482		1,389		1,376		1,419		1,397	-5.7	%

Less Amounts Capitalized
General and administrative expenses		(51)		(64)		(60)		(62)		(54)	-5.9	%
Commissions		(205)		(224)		(236)		(263)		(238)	-16.1	%
Taxes, licenses and fees		(9)		(7)		(8)		(7)		(9)	0.0%
Total amounts capitalized		(265)		(295)		(304)		(332)		(301)	-13.6	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,217		1,094		1,072		1,087		1,096	-9.9	%

Amortization
Amortization of DAC, VOBA and other intangibles (1)		271		274		299		302		309	14.0	%
Total operating commissions and
other expenses (1)	$	1,488	$	1,368	$	1,371	$	1,389	$	1,405	-5.6	%




(1) Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain
amortization to other revenues and presenting the amortization of deferred loss within operating expenses. For prior periods, the amortization of deferred gain (loss)
on business sold through reinsurance is presented on a net basis within other revenues.


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


	As of or For the Three Months Ended

		3/31/24			6/30/24			9/30/24			12/31/24			3/31/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	26		$	34		$	38		$	29		$	21		-19.2	%
Fee income (1)		580			587			601			612			591		1.9	%
Net investment income		420			435			442			462			466		11.0	%



Other revenues		243			153			114			120			120		-50.6	%
Total operating revenues		1,269			1,209			1,195			1,223			1,198		-5.6	%
Operating expenses:
Benefits		27			38			38			40			29		7.4	%
Interest credited		354			377			399			407			419		18.4	%
Policyholder liability remeasurement (gain) loss		—			2			—			—			(1)		NM

Commissions incurred		254			269			285			307			298		17.3	%
Other expenses incurred		309			180			136			157			145		-53.1	%
Amounts capitalized		(98)			(115)			(129)			(155)			(147)		-50.0	%
Amortization		106			107			107			108			115		8.5	%
Total operating expenses		952			858			836			864			858		-9.9	%
Income (loss) from operations before taxes		317			351			359			359			340		7.3	%
Federal income tax expense (benefit)		58			54			58			56			50		-13.8	%
Income (loss) from operations	$	259		$	297		$	301		$	303		$	290		12.0	%





Effective Federal Income Tax Rate		18.5	%		15.4	%		16.3	%		15.7	%		14.7	%







Return on Average Account Balances, Net of
Reinsurance (bps)		67			75			74			73			71		4








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	30,100		$	31,633		$	33,245		$	34,310		$	33,527		11.4	%
Fixed account balances		10,214			10,251			10,349			10,352			10,415		2.0	%
Traditional variable account balances with GLBs		71,822			70,664			72,664			70,756			67,101		-6.6	%
Traditional variable account balances without GLBs		47,657			47,321			48,899			48,193			47,371		-0.6	%
Total account balances	$	159,793		$	159,869		$	165,157		$	163,611		$	158,414		-0.9	%
Percent traditional variable account balances with GLBs		44.9	%		44.2	%		44.0	%		43.2	%		42.4	%

Fee Income, Gross of Hedge Allowance	$	780		$	787		$	802		$	811		$	790		1.3	%
Net Investment Income, Net of Reinsurance (2)		390			403			412			438			443		13.6	%
Interest Credited, Net of Reinsurance (2)		245			254			270			282			290		18.4	%



(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.


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


	As of or For the Three Months Ended

		3/31/24			6/30/24			9/30/24		12/31/24			3/31/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	288		$	293		$	286	$	283		$	283		-1.7	%
Fee income		672			677			672		694			698		3.9	%
Net investment income		581			533			597		593			571		-1.7	%
Operating realized gain (loss)		(2)			(2)			(2)		(2)			(2)		0.0%


Other revenues (1)		2			10			36		40			37		NM
Total operating revenues		1,541			1,511			1,589		1,608			1,587		3.0	%
Operating expenses:
Benefits		928			948			895		961			994		7.1	%
Interest credited		294			299			302		300			287		-2.4	%
Policyholder liability remeasurement (gain) loss		59			16			42		45			8		-86.4	%
Commissions incurred		113			113			120		115			99		-12.4	%
Other expenses incurred		204			193			198		198			194		-4.9	%
Amounts capitalized		(133)			(133)			(140)		(137)			(115)		13.5	%
Amortization of DAC and VOBA		126			126			127		128			128		1.6	%
Amortization of deferred loss on business
sold through reinsurance (1)		—			—			24		24			24		NM
Total operating expenses		1,591			1,562			1,568		1,634			1,619		1.8	%
Income (loss) from operations before taxes		(50)			(51)			21		(26)			(32)		36.0	%
Federal income tax expense (benefit)		(15)			(16)			(1)		(11)			(16)		-6.7	%
Income (loss) from operations	$	(35)		$	(35)		$	22	$	(15)		$	(16)		54.3	%


Effective Federal Income Tax Rate		29.7	%		31.2	%		NM		41.2	%		47.9	%





Average Account Balances, Net of Reinsurance	$	42,280		$	43,230		$	44,055	$	44,746		$	44,390		5.0	%

In-Force Face Amount
UL and other	$	365,507		$	365,030		$	364,766	$	363,950		$	361,480		-1.1	%
Term insurance		720,745			719,485			717,071		714,362			709,924		-1.5	%
Total in-force face amount	$	1,086,252		$	1,084,515		$	1,081,837	$	1,078,312		$	1,071,404		-1.4	%



(1) Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain
amortization to other revenues and presenting the amortization of deferred loss within operating expenses. For prior periods, the amortization of deferred gain (loss)
on business sold through reinsurance is presented on a net basis within other revenues.


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


	As of or For the Three Months Ended

		3/31/24			6/30/24			9/30/24			12/31/24			3/31/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,285		$	1,298		$	1,288		$	1,274		$	1,371		6.7	%
Net investment income		85			88			87			87			89		4.7	%
Other revenues		55			55			57			57			61		10.9	%
Total operating revenues		1,425			1,441			1,432			1,418			1,521		6.7	%
Operating expenses:
Benefits		1,030			1,032			1,007			970			1,064		3.3	%
Interest credited		1			1			1			3			—		-100.0	%
Policyholder liability remeasurement (gain) loss		(67)			(124)			(88)			(68)			(70)		-4.5	%
Commissions incurred		109			113			114			125			133		22.0	%
Other expenses incurred		246			260			255			249			261		6.1	%
Amounts capitalized		(29)			(42)			(30)			(34)			(32)		-10.3	%
Amortization		34			36			36			37			37		8.8	%
Total operating expenses		1,324			1,276			1,295			1,282			1,393		5.2	%
Income (loss) from operations before taxes		101			165			137			136			128		26.7	%
Federal income tax expense (benefit)		21			35			28			29			27		28.6	%
Income (loss) from operations	$	80		$	130		$	109		$	107		$	101		26.3	%


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

Operating Margin (1)		6.2	%		10.0	%		8.4	%		8.4	%		7.4	%





Loss Ratios by Product Line
Life		76.1	%		75.6	%		68.1	%		64.7	%		75.2	%
Disability		74.2	%		65.9	%		73.2	%		75.0	%		70.1	%
Dental		76.5	%		78.9	%		79.0	%		73.3	%		79.0	%
Total		75.0	%		70.1	%		71.4	%		71.0	%		72.4	%

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


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


	As of or For the Three Months Ended

		3/31/24			6/30/24			9/30/24			12/31/24			3/31/25		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	70		$	72		$	74		$	76		$	72		2.9	%
Net investment income		244			247			253			253			251		2.9	%
Other revenues		8			8			8			8			4		-50.0	%
Total operating revenues		322			327			335			337			327		1.6	%
Operating expenses:
Interest credited		166			168			170			172			170		2.4	%


Commissions incurred		23			26			28			27			27		17.4	%
Other expenses incurred		92			87			88			90			91		-1.1	%
Amounts capitalized		(5)			(5)			(5)			(6)			(4)		20.0	%
Amortization		5			5			5			5			5		0.0%
Total operating expenses		281			281			286			288			289		2.8	%
Income (loss) from operations before taxes		41			46			49			49			38		-7.3	%
Federal income tax expense (benefit)		5			6			5			6			4		-20.0	%
Income (loss) from operations	$	36		$	40		$	44		$	43		$	34		-5.6	%


Effective Federal Income Tax Rate		12.9	%		13.2	%		10.0	%		13.5	%		11.8	%





Return on Average Account Balances (bps)		14			15			16			15			12		(2)



Net Flows by Market
Small Market	$	(32)		$	43		$	11		$	(34)		$	(79)		NM
Mid - Large Market		847			206			1,069			(178)			(1,732)		NM
Multi-Fund® and Other		(424)			(446)			(429)			(520)			(373)		12.0	%

Net Flows – Trailing Twelve Months	$	(12)		$	(410)		$	513		$	112		$	(2,462)		NM

Base Spreads, Excluding Variable
Investment Income (1)		1.02	%		1.03	%		1.05	%		1.01	%		1.03	%	1



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


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

	For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	114,963	$	119,485	$	117,990	$	121,568	$	118,954	3.5	%
Gross deposits		934		1,054		1,163		1,844		1,634	74.9	%
Full surrenders and deaths		(2,142)		(2,303)		(2,382)		(2,185)		(2,165)	-1.1	%
Other contract benefits		(1,133)		(1,130)		(1,172)		(1,503)		(1,513)	-33.5	%
Net flows		(2,341)		(2,379)		(2,391)		(1,844)		(2,044)	12.7	%
Policyholder assessments		(644)		(650)		(666)		(666)		(652)	-1.2	%
Change in market value and reinvestment		7,507		1,534		6,635		(104)		(1,781)	NM

Balance as of end-of-period, gross		119,485		117,990		121,568		118,954		114,477	-4.2	%
Account balances reinsured		(6)		(5)		(5)		(5)		(5)	16.7	%
Balance as of end-of-period, net	$	119,479	$	117,985	$	121,563	$	118,949	$	114,472	-4.2	%


RILA
Balance as of beginning-of-period	$	27,533	$	30,100	$	31,633	$	33,245	$	34,310	24.6	%
Gross deposits		942		1,096		1,203		1,285		1,292	37.2	%
Full surrenders and deaths		(115)		(138)		(326)		(671)		(721)	NM
Other contract benefits		(42)		(14)		(18)		(120)		(129)	NM
Net flows		785		944		859		494		442	-43.7	%
Policyholder assessments		(3)		(3)		(3)		(4)		(5)	-66.7	%

Change in market value and reinvestment		247		288		325		375		346	40.1	%
Change in fair value of embedded derivative instruments and other		1,538		304		431		200		(1,566)	NM
Balance as of end-of-period, gross	$	30,100	$	31,633	$	33,245	$	34,310	$	33,527	11.4	%


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

	For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
Fixed Annuities
Balance as of beginning-of-period	$	25,355	$	25,162	$	25,837	$	26,359	$	25,963	2.4	%
Gross deposits		973		1,673		1,017		563		873	-10.3	%
Full surrenders and deaths		(1,213)		(1,020)		(949)		(873)		(743)	38.7	%
Other contract benefits		(197)		(172)		(173)		(231)		(204)	-3.6	%
Net flows		(437)		481		(105)		(541)		(74)	83.1	%
Policyholder assessments		(17)		(14)		(14)		(16)		(15)	11.8	%
Reinvested interest credited		183		199		211		209		210	14.8	%
Change in fair value of embedded derivative instruments
and other		78		9		430		(48)		(45)	NM
Balance as of end-of-period, gross		25,162		25,837		26,359		25,963		26,039	3.5	%
Account balances reinsured		(14,948)		(15,586)		(16,010)		(15,611)		(15,624)	-4.5	%
Balance as of end-of-period, net	$	10,214	$	10,251	$	10,349	$	10,352	$	10,415	2.0	%


Total
Balance as of beginning-of-period	$	167,851	$	174,747	$	175,460	$	181,172	$	179,227	6.8	%
Gross deposits		2,849		3,823		3,383		3,692		3,799	33.3	%
Full surrenders and deaths		(3,470)		(3,461)		(3,657)		(3,729)		(3,629)	-4.6	%
Other contract benefits		(1,372)		(1,316)		(1,363)		(1,854)		(1,846)	-34.5	%
Net flows		(1,993)		(954)		(1,637)		(1,891)		(1,676)	15.9	%
Policyholder assessments		(664)		(667)		(683)		(686)		(672)	-1.2	%
Change in market value, reinvestment and interest credited		7,937		2,021		7,171		480		(1,225)	NM
Change in fair value of embedded derivative instruments
and other		1,616		313		861		152		(1,611)	NM
Balance as of end-of-period, gross		174,747		175,460		181,172		179,227		174,043	-0.4	%
Account balances reinsured		(14,954)		(15,591)		(16,015)		(15,616)		(15,629)	-4.5	%
Balance as of end-of-period, net	$	159,793	$	159,869	$	165,157	$	163,611	$	158,414	-0.9	%


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

	For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
General Account
Balance as of beginning-of-period	$	37,180	$	37,006	$	36,848	$	36,692	$	36,599	-1.6	%
Gross deposits		850		893		899		977		865	1.8	%
Withdrawals and deaths		(364)		(389)		(369)		(342)		(445)	-22.3	%
Net flows		486		504		530		635		420	-13.6	%
Transfers between general and separate accounts		38		74		30		53		14	-63.2	%
Policyholder assessments		(1,124)		(1,130)		(1,129)		(1,137)		(1,104)	1.8	%
Reinvested interest credited		365		368		375		365		356	-2.5	%
Change in fair value of embedded derivative instruments
and other		61		26		38		(9)		(65)	NM
Balance as of end-of-period, gross		37,006		36,848		36,692		36,599		36,220	-2.1	%
Account balances reinsured		(15,607)		(15,467)		(15,301)		(15,147)		(14,965)	4.1	%
Balance as of end-of-period, net	$	21,399	$	21,381	$	21,391	$	21,452	$	21,255	-0.7	%


Separate Account
Balance as of beginning-of-period	$	25,150	$	27,007	$	27,381	$	28,921	$	28,841	14.7	%
Gross deposits		358		337		363		425		353	-1.4	%
Withdrawals and deaths		(103)		(90)		(155)		(130)		(204)	-98.1	%
Net flows		255		247		208		295		149	-41.6	%
Transfers between general and separate accounts		(37)		(76)		(30)		(53)		(14)	62.2	%
Policyholder assessments		(246)		(247)		(248)		(253)		(246)	0.0%
Change in market value and reinvestment		1,885		450		1,610		(69)		(624)	NM
Balance as of end-of-period, gross		27,007		27,381		28,921		28,841		28,106	4.1	%
Account balances reinsured		(5,338)		(5,371)		(5,593)		(5,521)		(5,354)	-0.3	%
Balance as of end-of-period, net	$	21,669	$	22,010	$	23,328	$	23,320	$	22,752	5.0	%


Total
Balance as of beginning-of-period	$	62,330	$	64,013	$	64,229	$	65,613	$	65,440	5.0	%
Gross deposits		1,208		1,230		1,262		1,402		1,218	0.8	%
Withdrawals and deaths		(467)		(479)		(524)		(472)		(649)	-39.0	%
Net flows		741		751		738		930		569	-23.2	%
Transfers between general and separate accounts		1		(2)		—		—		—	-100.0	%
Policyholder assessments		(1,370)		(1,377)		(1,377)		(1,390)		(1,350)	1.5	%
Change in market value and reinvestment		2,250		818		1,985		296		(268)	NM
Change in fair value of embedded derivative instruments
and other		61		26		38		(9)		(65)	NM
Balance as of end-of-period, gross		64,013		64,229		65,613		65,440		64,326	0.5	%
Account balances reinsured		(20,945)		(20,838)		(20,894)		(20,668)		(20,319)	3.0	%
Balance as of end-of-period, net	$	43,068	$	43,391	$	44,719	$	44,772	$	44,007	2.2	%


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

	For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
General Account
Balance as of beginning-of-period	$	23,784	$	23,586	$	23,598	$	23,727	$	23,619	-0.7	%
Gross deposits		790		846		944		826		811	2.7	%
Withdrawals		(1,203)		(1,072)		(1,095)		(1,125)		(1,330)	-10.6	%
Net flows		(413)		(226)		(151)		(299)		(519)	-25.7	%
Transfers between fixed and variable accounts		50		69		110		22		211	NM
Policyholder assessments		(3)		(3)		(4)		(4)		(4)	-33.3	%
Reinvested interest credited		168		172		174		173		172	2.4	%
Balance as of end-of-period	$	23,586	$	23,598	$	23,727	$	23,619	$	23,479	-0.5	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	77,201	$	83,226	$	84,274	$	90,069	$	88,962	15.2	%
Gross deposits		3,012		2,436		3,236		2,647		3,304	9.7	%
Withdrawals		(2,208)		(2,407)		(2,434)		(3,080)		(4,969)	NM
Net flows		804		29		802		(433)		(1,665)	NM
Transfers between fixed and variable accounts		(34)		(69)		(106)		(19)		(200)	NM
Policyholder assessments		(64)		(66)		(70)		(72)		(69)	-7.8	%
Change in market value and reinvestment		5,319		1,154		5,169		(583)		(1,274)	NM
Balance as of end-of-period	$	83,226	$	84,274	$	90,069	$	88,962	$	85,754	3.0	%


Total
Balance as of beginning-of-period	$	100,985	$	106,812	$	107,872	$	113,796	$	112,581	11.5	%
Gross deposits		3,802		3,282		4,180		3,473		4,115	8.2	%
Withdrawals		(3,411)		(3,479)		(3,529)		(4,205)		(6,299)	-84.7	%
Net flows		391		(197)		651		(732)		(2,184)	NM
Transfers between fixed and variable accounts		16		—		4		3		11	-31.3	%
Policyholder assessments		(67)		(69)		(74)		(76)		(73)	-9.0	%
Change in market value and reinvestment		5,487		1,326		5,343		(410)		(1,102)	NM
Balance as of end-of-period	$	106,812	$	107,872	$	113,796	$	112,581	$	109,233	2.3	%


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

	As of 03/31/24					As of 12/31/24					As of 03/31/25
	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	$	12,695		14.9	%	$	12,728		14.6	%	$	12,804		14.6	%
Basic industry		2,870		3.4	%		2,840		3.3	%		2,822		3.2	%
Capital goods		5,364		6.3	%		5,490		6.3	%		5,454		6.2	%
Communications		2,827		3.3	%		2,798		3.2	%		2,800		3.2	%
Consumer cyclical		5,240		6.1	%		5,408		6.2	%		5,317		6.1	%
Consumer non-cyclical		12,613		14.8	%		12,485		14.4	%		12,571		14.4	%
Energy		2,569		3.0	%		2,472		2.8	%		2,488		2.8	%
Technology		4,124		4.8	%		3,882		4.5	%		3,993		4.5	%
Transportation		3,092		3.6	%		3,124		3.6	%		3,130		3.6	%
Industrial other		2,068		2.4	%		2,183		2.5	%		2,214		2.5	%
Utilities		11,099		13.0	%		11,194		12.9	%		11,240		12.8	%
Government-related entities		1,204		1.4	%		1,170		1.3	%		1,145		1.3	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,468		1.7	%		1,608		1.8	%		1,653		1.9	%
Non-agency backed		318		0.3	%		328		0.4	%		323		0.4	%
Commercial mortgage-backed securities ("CMBS")		1,557		1.8	%		1,724		2.0	%		1,868		2.1	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		8,163		9.5	%		8,189		9.4	%		7,888		9.0	%
Other ABS		4,444		5.2	%		5,864		6.7	%		6,437		7.3	%
Municipals		2,777		3.2	%		2,647		3.0	%		2,591		2.9	%
United States and foreign government		724		1.0	%		711		0.8	%		849		0.9	%


Hybrid & redeemable preferred securities		226		0.3	%		235		0.3	%		253		0.3	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		85,442		100.0	%		87,080		100.0	%		87,840		100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		540					511					507
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		277					264					322
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		86,259					87,855					88,669
Modified coinsurance and funds withheld investments		13,988					11,992					11,587
Total fixed maturity AFS, trading and equity securities	$	100,247				$	99,847				$	100,256



(1) Net investment income and net gains (losses) related to assets held by us to support certain modified coinsurance and funds withheld agreements are included in periodic payments
to or from the reinsurers, resulting in the economic benefits of these assets flowing to the reinsurers. Accordingly, these assets have been excluded from summaries provided on
page 24 and page 25 as we have a limited economic interest in the assets.


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

	As of 03/31/24					As of 12/31/24					As of 03/31/25
	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)	$	50,246		58.5	%	$	51,922		59.6	%	$	52,563		59.9	%
NAIC 2 (BBB)		32,866		38.3	%		32,198		37.0	%		32,404		36.9	%
Total investment grade		83,112		96.8	%		84,120		96.6	%		84,967		96.8	%

NAIC 3 (BB)		1,028		1.2	%		907		1.1	%		830		0.9	%
NAIC 4 (B)		1,667		1.9	%		1,857		2.1	%		1,877		2.1	%
NAIC 5 (CCC and lower)		67		0.1	%		109		0.1	%		92		0.1	%
NAIC 6 (in or near default)		3		0.0	%		87		0.1	%		74		0.1	%
Total below investment grade		2,765		3.2	%		2,960		3.4	%		2,873		3.2	%
Total	$	85,877		100.0	%	$	87,080		100.0	%	$	87,840		100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,559		79.1	%	$	13,450		77.2	%	$	13,362		76.8	%
CM2 (BBB)		3,538		20.6	%		3,873		22.2	%		3,979		22.8	%
CM3-7 (BB and lower) (3)		43		0.3	%		99		0.6	%		77		0.4	%
Total	$	17,140		100.0	%	$	17,422		100.0	%	$	17,418		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	$	63,805		61.9	%	$	65,372		62.6	%	$	65,925		62.6	%
BBB		36,404		35.3	%		36,071		34.5	%		36,383		34.6	%
BB and lower		2,808		2.8	%		3,059		2.9	%		2,950		2.8	%
Total	$	103,017		100.0	%	$	104,502		100.0	%	$	105,258		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.


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

	For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
Net Income
Net income (loss) available to common stockholders – diluted	$	1,191	$	884	$	(562)	$	1,675	$	(756)	NM
Less:
Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		3		—		—		—		—	-100.0	%
Net income (loss)		1,222		895		(528)		1,686		(722)	NM
Less:
Net annuity product features, pre-tax		1,450		252		(381)		1,187		(1,092)	NM
Net life insurance product features, pre-tax		(130)		4		(125)		46		42	132.3	%
Credit loss-related adjustments, pre-tax		(1)		(34)		(88)		(28)		(28)	NM
Investment gains (losses), pre-tax		(81)		(230)		(105)		(67)		(103)	-27.2	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax (1)		194		201		(446)		587		(90)	NM





Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax (2)		—		584		(2)		—		—	NM
Other items, pre-tax (3)(4)(5)(6)		(186)		(33)		(19)		(32)		(35)	81.2	%

Income tax benefit (expense) related to the above pre-tax items		(268)		(184)		246		(350)		270	200.7	%
Total adjustments		978		560		(920)		1,343		(1,036)	NM
Adjusted income (loss) from operations		244		335		392		343		314	28.7	%
Add:
Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%
Adjusted income (loss) from operations available
to common stockholders	$	210	$	324	$	358	$	332	$	280	33.3	%


(1)			Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(2)			Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.
(3)			For the first quarter of 2024, includes certain legal accruals of $(114) million primarily related to the settlement of cost of insurance litigation; for the fourth quarter of 2024, includes
			certain legal accruals of $(15) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries.

(4)			Includes severance expense related to initiatives to realign the workforce of $(49) million, $(7) million, $(16) million, $(2) million and $(6) million in the first quarter of 2024, second
			quarter of 2024, third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively.
(5)			Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(10) million, $(27) million, $(2) million, $(1) million and $(20) million in the first quarter
			of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively.
(6)			Includes deferred compensation mark-to-market adjustment of $(13) million, $1 million, $(1) million, $(2) million and $(9) million in the first quarter of 2024, second quarter of 2024,
			third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively.


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

	For the Three Months Ended

Earnings (Loss) Per Common Share – Diluted		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
Net income (loss)	$	6.93	$	5.11	$	(3.29)	$	9.63	$	(4.41)	NM
Less:
Net annuity product features, pre-tax		8.43		1.46		(2.23)		6.83		(6.36)	NM
Net life insurance product features, pre-tax		(0.75)		0.02		(0.73)		0.27		0.25	133.3	%
Credit loss-related adjustments, pre-tax		—		(0.20)		(0.53)		(0.16)		(0.17)	NM
Investment gains (losses), pre-tax		(0.47)		(1.33)		(0.61)		(0.38)		(0.60)	-27.7	%


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		1.13		1.16		(2.61)		3.37		(0.53)	NM



Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax		—		3.38		(0.01)		—		—	NM
Other items, pre-tax (1)(2)(3)(4)		(1.08)		(0.19)		(0.11)		(0.19)		(0.20)	81.5	%
Income tax benefit (expense) related
to the above pre-tax items		(1.55)		(1.06)		1.44		(2.02)		1.57	201.3	%
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss) (5)		—		—		0.04		—		0.03	NM


Adjusted income (loss) from operations	$	1.22	$	1.87	$	2.06	$	1.91	$	1.60	31.1	%



(1)			For the first quarter of 2024, includes certain legal accruals of $(0.65) primarily related to the settlement of cost of insurance litigation; for the fourth quarter of 2024, includes certain
			legal accruals of $(0.09) and regulatory accruals of $(0.07) related to estimated state guaranty fund assessments net of estimated state premium tax recoveries.

(2)			Includes severance expense related to initiatives to realign the workforce of $(0.29), $(0.04), $(0.09), $(0.01) and $(0.03) in the first quarter of 2024, second quarter of 2024,
			third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively.
(3)			Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(0.06), $(0.15), $(0.01), $(0.01) and $(0.12) in the first quarter of 2024,
			second quarter of 2024, third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively.
(4)			Includes deferred compensation mark-to-market adjustment of $(0.08), $(0.01), $(0.01) and $(0.05) in the first quarter of 2024, third quarter of 2024, fourth quarter of 2024
			and first quarter of 2025, respectively.
(5)			In periods where net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use
			of diluted shares would result in a lower loss per share. Due to reporting adjusted income (loss) from operations per common share on a different share basis than net income (loss)
			per common share, we have included an adjustment to reconcile the two metrics.


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

	For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	7,546	$	7,949	$	9,013	$	8,269	$	8,193	8.6	%
Less:
Preferred stock		986		986		986		986		986	0.0%
AOCI		(3,951)		(4,369)		(2,682)		(5,036)		(4,306)	-9.0	%
Stockholders’ equity, excluding AOCI and preferred stock		10,511		11,332		10,709		12,319		11,513	9.5	%
MRB-related impacts		2,575		2,673		2,147		3,165		2,133	-17.2	%
GLB and GDB hedge instruments gains (losses)		(2,675)		(2,770)		(2,763)		(3,062)		(2,993)	-11.9	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(476)		(269)		(642)		(151)		(196)	58.8	%
Adjusted stockholders’ equity	$	11,087	$	11,698	$	11,967	$	12,367	$	12,569	13.4	%


Stockholders’ Equity, Average
Stockholders’ equity	$	7,219	$	7,747	$	8,481	$	8,641	$	8,231	14.0	%
Less:
Preferred stock		986		986		986		986		986	0.0%
AOCI		(3,714)		(4,160)		(3,526)		(3,860)		(4,671)	-25.8	%
Stockholders’ equity, excluding AOCI and preferred stock		9,947		10,921		11,021		11,515		11,916	19.8	%
MRB-related impacts		1,829		2,624		2,410		2,656		2,649	44.8	%
GLB and GDB hedge instruments gains (losses)		(2,380)		(2,723)		(2,767)		(2,913)		(3,027)	-27.2	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(557)		(372)		(455)		(396)		(173)	68.9	%
Adjusted average stockholders' equity	$	11,055	$	11,392	$	11,833	$	12,168	$	12,467	12.8	%


Book Value Per Common Share
Book value per share	$	38.46	$	40.78	$	46.97	$	42.60	$	41.96	9.1	%
Less:
AOCI		(23.17)		(25.59)		(15.70)		(29.46)		(25.08)	-8.2	%
Book value per share, excluding AOCI		61.63		66.37		62.67		72.06		67.04	8.8	%
Less:
MRB-related gains (losses)		15.10		15.66		12.56		18.51		12.42	-17.7	%
GLB and GDB hedge instruments gains (losses)		(15.69)		(16.22)		(16.17)		(17.91)		(17.43)	-11.1	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(2.79)		(1.58)		(3.76)		(0.88)		(1.14)	59.1	%
Adjusted book value per share	$	65.01	$	68.51	$	70.04	$	72.34	$	73.19	12.6	%


Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended

		3/31/24			6/30/24			9/30/24			12/31/24			3/31/25		Change
Sales
Annuities:
RILA	$	942		$	1,096		$	1,203		$	1,285		$	1,292		37.2	%
Fixed		971			1,667			1,009			560			863		-11.1	%
Traditional variable with GLBs		546			634			691			1,243			1,099		101.3	%
Traditional variable without GLBs		388			420			472			601			535		37.9	%

Total Annuities	$	2,847		$	3,817		$	3,375		$	3,689		$	3,789		33.1	%


Life Insurance:
IUL/UL	$	18		$	25		$	32		$	26		$	24		33.3	%
MoneyGuard®		24			34			35			35			28		16.7	%

VUL		23			19			22			21			15		-34.8	%
Term		19			18			15			13			13		-31.6	%

Executive Benefits		7			9			18			24			17		142.9	%
Total Life Insurance	$	91		$	105		$	122		$	119		$	97		6.6	%


Group Protection:
Life	$	85		$	81		$	42		$	184		$	101		18.8	%
Disability		51			74			36			253			48		-5.9	%
Dental		8			6			6			30			8		0.0%
Total Group Protection	$	144		$	161		$	84		$	467		$	157		9.0	%

Percent employee-paid		70.4	%		50.0	%		52.8	%		34.3	%		72.3	%

Retirement Plan Services:
First-year sales	$	1,127		$	821		$	1,652		$	1,273		$	1,104		-2.0	%
Recurring deposits		2,675			2,461			2,528			2,200			3,011		12.6	%
Total Retirement Plan Services	$	3,802		$	3,282		$	4,180		$	3,473		$	4,115		8.2	%


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


		As of or For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
Other Operations
Operating revenues:
Insurance premiums	$	2	$	1	$	1	$	—	$	—	-100.0	%

Net investment income		16		27		34		33		41	156.3	%


Other revenues		9		11		17		9		11	22.2	%
Total operating revenues		27		39		52		42		52	92.6	%
Operating expenses:
Benefits		6		4		(3)		2		5	-16.7	%
Interest credited		9		8		8		7		13	44.4	%
Policyholder liability remeasurement (gain) loss		(1)		1		—		—		—	100.0	%
Other expenses incurred		51		62		66		68		66	29.4	%
Interest and debt expense		81		86		86		83		80	-1.2	%

Total operating expenses		146		161		157		160		164	12.3	%
Income (loss) from operations before taxes		(119)		(122)		(105)		(118)		(112)	5.9	%
Federal income tax expense (benefit)		(23)		(25)		(21)		(23)		(17)	26.1	%
Income (loss) from operations	$	(96)	$	(97)	$	(84)	$	(95)	$	(95)	1.0	%


Lincoln Financial
Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended

		3/31/24		6/30/24		9/30/24		12/31/24		3/31/25	Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	12,397	$	12,405	$	12,435	$	12,475	$	12,537	1.1	%




Deferrals		274		299		309		334		304	10.9	%
Operating amortization		(266)		(269)		(269)		(272)		(278)	-4.5	%






Balance as of end-of-period	$	12,405	$	12,435	$	12,475	$	12,537	$	12,563	1.3	%


DFEL
Balance as of beginning-of-period	$	5,901	$	6,099	$	6,306	$	6,517	$	6,730	14.0	%



Deferrals		272		284		289		295		284	4.4	%
Operating amortization		(74)		(77)		(78)		(82)		(104)	-40.5	%




Balance as of end-of-period	$	6,099	$	6,306	$	6,517	$	6,730	$	6,910	13.3	%


DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	4,981	$	4,842	$	4,707	$	4,588	$	4,466	-10.3	%