Page | |||||
Future Contract Benefits Liability | |||||
Description of the Matter | At December 31, 2023, future contract benefits liabilities totaled $40.2 billion, a portion of which related to universal life-type contracts with secondary guarantees. The future contract benefits liability related to these product guarantees is based on estimates of how much the Company will need to pay for future benefits and the amount of fees to be collected from policyholders for these policy features. As described in Notes 1 (see section on Future Contract Benefits), 3, and 13, to the consolidated financial statements, there is significant uncertainty inherent in estimating this liability because there is a significant amount of management judgment involved in developing certain assumptions that impact the liability balance, which include mortality rates and policyholder lapse behavior. Auditing the valuation of future contract benefits liabilities related to these products was complex and required the involvement of our actuarial specialists due to the high degree of judgment used by management in setting the assumptions used in the estimate of the future contract benefits liability related to these products. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the future contract benefits liability estimation processes, including, among others, controls related to the review and approval processes that management has in place for the assumptions used in estimating the benefit ratio related to the future contract benefits liability. This included testing controls related to management’s evaluation of the need to update assumptions based on the comparison of actual Company experience to previous assumptions. We involved actuarial specialists to assist with our audit procedures which included, among others, an evaluation of the methodology applied by management with those methods used in prior periods. To assess the significant assumptions used by management, we compared the significant assumptions noted above to historical experience and management’s estimates of prospective changes in these assumptions. In addition, we performed an independent recalculation of benefit ratio cash flows related to the future policy benefit reserves for a sample of cohorts or contracts which we compared to the actuarial model used by management. | ||||
Market Risk Benefits | |||||
Description of the Matter | The Company’s market risk benefits (“MRBs”) assets and liabilities totaled $3.9 billion and $1.7 billion, as of December 31, 2023, respectively, a portion of which relates to MRBs associated with variable and fixed annuity contracts issued through separate accounts that may include guaranteed living benefit and guaranteed death benefit features. The Company’s ceded MRB assets and ceded MRB liabilities totaled $1.1 billion and $0.3 billion, as of December 31, 2023, respectively. As described in Notes 1 (see section on MRBs), 3, 10 and 15 to the consolidated financial statements, there is a significant amount of estimation uncertainty inherent in measuring the fair value of the MRBs because of the sensitivity of certain assumptions underlying the estimate, including equity market return, volatility, policyholder lapse and benefit utilization. Management’s assumptions are adjusted over time for emerging experience and expected changes in trends, resulting in changes to the estimated fair value of the MRBs. Auditing the valuation of the MRBs was complex and required the involvement of our actuarial specialists due to the high degree of judgment used by management in setting the assumptions used to estimate the fair value of MRBs. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the MRBs estimation process, including, among others, controls related to the review and approval processes that management has in place to develop the assumptions used in measuring the fair value of the MRBs. This included testing controls related to management’s evaluation of current and future capital market performance and the need to update actuarial lapse and benefit utilization assumptions. We involved actuarial specialists to assist with our audit procedures which included, among others, an evaluation of the methodology applied by management with those methods used in prior periods. To assess the significant assumptions used by management, we compared the significant assumptions noted above to historical experience, observable market data or management’s estimates of prospective changes in these assumptions. In addition, we performed an independent recalculation of the MRBs for a sample of contracts which we compared to the fair value model used by management. | ||||
Accounting for Reinsurance of Universal Life Insurance Products with Secondary Guarantees, MoneyGuard® and Fixed Annuities Blocks of Business | |||||
Description of the Matter | As discussed in Note 8 to the consolidated financial statements, in May 2023, the Company entered into a reinsurance agreement with Fortitude Reinsurance Company Ltd. (“Fortitude Re”) to cede in-force universal life insurance products with secondary guarantees (“ULSG”) and fixed annuities blocks of business to Fortitude Re with an effective date of October 1, 2023. A portion of the reinsurance agreement is accounted for using deposit accounting representing $4.2 billion of deposit assets as of December 31, 2023, with the remainder accounted for as reinsurance representing a $10.5 billion asset included in reinsurance recoverables and a $2.7 billion deferred loss included in other assets as of December 31, 2023. In conjunction with the Fortitude Re transaction, the Company entered into a reinsurance agreement with Lincoln National Reinsurance Company (Barbados) Limited (“LNBAR”) to cede certain blocks of in-force MoneyGuard® blocks of business to LNBAR with an effective date of October 1, 2023. The reinsurance agreement with LNBAR is accounted for using reinsurance accounting representing a $13.2 billion asset included in reinsurance recoverables and a $4.2 billion deferred gain included in other liabilities as of December 31, 2023. Auditing the reinsurance agreements was complex due to the multiple elements of the agreements, including the evaluation of deposit accounting versus reinsurance accounting for each line of business and determination of the reinsurance recoverables, deferred gain and loss, and deposit assets. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of the controls over the accounting for the reinsurance agreements including, among others, controls related to the application of deposit or reinsurance accounting, the determination of the reinsurance recoverables, deferred gain and loss, and deposit assets. We involved actuarial specialists to assist with our audit procedures which included, among others, assessing and confirming the terms of the agreements with Fortitude Re and LNBAR, evaluating management’s risk transfer conclusion, testing the fair value of the consideration transferred, testing the calculation of the deferred gain and loss, and reconciling the deposit assets and reinsurance recoverables to the recorded reserves based on the terms of the reinsurance agreements. |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
ASSETS | |||||||||||
Investments: | |||||||||||
Fixed maturity available-for-sale securities, at fair value | |||||||||||
(amortized cost: 2023 - $88,231; 2022 - $110,944; allowance for credit losses: 2023 - $19; 2022 - $21) | $ | 82,300 | $ | 99,465 | |||||||
Trading securities | 2,321 | 3,446 | |||||||||
Equity securities | 306 | 427 | |||||||||
Mortgage loans on real estate, net of allowance for credit losses | |||||||||||
(portion at fair value: 2023 - $288; 2022 - $487) | 18,873 | 18,211 | |||||||||
Policy loans | 2,463 | 2,345 | |||||||||
Derivative investments | 6,305 | 3,519 | |||||||||
Other investments | 4,757 | 3,577 | |||||||||
Total investments | 117,325 | 130,990 | |||||||||
Cash and invested cash | 3,193 | 2,499 | |||||||||
Deferred acquisition costs, value of business acquired and deferred sales inducements | 12,418 | 12,263 | |||||||||
Reinsurance recoverables, net of allowance for credit losses | 45,110 | 21,804 | |||||||||
Deposit assets, net of allowance for credit losses | 21,056 | 11,628 | |||||||||
Market risk benefit assets | 3,894 | 2,807 | |||||||||
Accrued investment income | 982 | 1,234 | |||||||||
Goodwill | 1,144 | 1,144 | |||||||||
Other assets | 10,597 | 7,677 | |||||||||
Separate account assets | 158,257 | 143,536 | |||||||||
Total assets | $ | 373,976 | $ | 335,582 | |||||||
LIABILITIES AND STOCKHOLDER’S EQUITY | |||||||||||
Liabilities | |||||||||||
Policyholder account balances | $ | 120,316 | $ | 113,972 | |||||||
Future contract benefits | 40,174 | 38,302 | |||||||||
Funds withheld reinsurance liabilities | 13,628 | 8,255 | |||||||||
Market risk benefit liabilities | 1,716 | 2,078 | |||||||||
Deferred front-end loads | 5,923 | 5,115 | |||||||||
Payables for collateral on investments | 7,982 | 6,638 | |||||||||
Short-term debt | 840 | 562 | |||||||||
Long-term debt | 2,195 | 2,269 | |||||||||
Other liabilities | 12,438 | 6,251 | |||||||||
Separate account liabilities | 158,257 | 143,536 | |||||||||
Total liabilities | 363,469 | 326,978 | |||||||||
Contingencies and Commitments (See Note 18) | |||||||||||
Stockholder’s Equity | |||||||||||
Common stock – 10,000,000 shares authorized, issued and outstanding | 12,961 | 12,903 | |||||||||
Retained earnings | (869) | 1,414 | |||||||||
Accumulated other comprehensive income (loss) | (1,585) | (5,713) | |||||||||
Total stockholder’s equity | 10,507 | 8,604 | |||||||||
Total liabilities and stockholder’s equity | $ | 373,976 | $ | 335,582 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Revenues | |||||||||||||||||
Insurance premiums | $ | 3,416 | $ | 5,841 | $ | 5,359 | |||||||||||
Fee income | 5,168 | 5,366 | 5,766 | ||||||||||||||
Net investment income | 5,712 | 5,274 | 5,839 | ||||||||||||||
Realized gain (loss) | (4,934) | 418 | 859 | ||||||||||||||
Amortization of deferred gain (loss) on business sold through reinsurance | 48 | 37 | 32 | ||||||||||||||
Other revenues | 649 | 621 | 657 | ||||||||||||||
Total revenues | 10,059 | 17,557 | 18,512 | ||||||||||||||
Expenses | |||||||||||||||||
Benefits | 5,028 | 8,203 | 8,027 | ||||||||||||||
Interest credited | 3,202 | 2,860 | 2,912 | ||||||||||||||
Market risk benefit (gain) loss | (1,135) | 296 | (1,554) | ||||||||||||||
Policyholder liability remeasurement (gain) loss | (167) | 2,445 | (119) | ||||||||||||||
Commissions and other expenses | 5,249 | 4,927 | 5,011 | ||||||||||||||
Interest and debt expense | 190 | 137 | 114 | ||||||||||||||
Spark program expense | 153 | 167 | 87 | ||||||||||||||
Impairment of intangibles | – | 634 | – | ||||||||||||||
Total expenses | 12,520 | 19,669 | 14,478 | ||||||||||||||
Income (loss) before taxes | (2,461) | (2,112) | 4,034 | ||||||||||||||
Federal income tax expense (benefit) | (673) | (437) | 737 | ||||||||||||||
Net income (loss) | (1,788) | (1,675) | 3,297 | ||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Unrealized investment gain (loss) | 4,942 | (17,639) | (3,233) | ||||||||||||||
Market risk benefit non-performance risk gain (loss) | (670) | (211) | (923) | ||||||||||||||
Policyholder liability discount rate remeasurement gain (loss) | (145) | 1,891 | 560 | ||||||||||||||
Funded status of employee benefit plans | 1 | (4) | 3 | ||||||||||||||
Total other comprehensive income (loss), net of tax | 4,128 | (15,963) | (3,593) | ||||||||||||||
Comprehensive income (loss) | $ | 2,340 | $ | (17,638) | $ | (296) |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Common Stock | |||||||||||||||||
Balance as of beginning-of-year | $ | 12,903 | $ | 11,950 | $ | 11,853 | |||||||||||
Capital contribution from Lincoln National Corporation | 5 | 925 | 65 | ||||||||||||||
Stock compensation/issued for benefit plans | 53 | 28 | 32 | ||||||||||||||
Balance as of end-of-year | 12,961 | 12,903 | 11,950 | ||||||||||||||
Retained Earnings | |||||||||||||||||
Balance as of beginning-of-year | 1,414 | 3,734 | 4,167 | ||||||||||||||
Cumulative effect from adoption of new accounting standards | – | – | (1,820) | ||||||||||||||
Net income (loss) | (1,788) | (1,675) | 3,297 | ||||||||||||||
Dividends paid to Lincoln National Corporation | (495) | (645) | (1,910) | ||||||||||||||
Balance as of end-of-year | (869) | 1,414 | 3,734 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Balance as of beginning-of-year | (5,713) | 10,250 | 9,021 | ||||||||||||||
Cumulative effect from adoption of new accounting standards | – | – | 4,822 | ||||||||||||||
Other comprehensive income (loss), net of tax | 4,128 | (15,963) | (3,593) | ||||||||||||||
Balance as of end-of-year | (1,585) | (5,713) | 10,250 | ||||||||||||||
Total stockholder’s equity as of end-of-year | $ | 10,507 | $ | 8,604 | $ | 25,934 |
Table of Contents |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net income (loss) | $ | (1,788) | $ | (1,675) | $ | 3,297 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) | |||||||||||||||||
operating activities: | |||||||||||||||||
Realized (gain) loss | 4,934 | (418) | (859) | ||||||||||||||
Market risk benefit (gain) loss | (1,135) | 296 | (1,554) | ||||||||||||||
Sales and maturities (purchases) of trading securities, net | 1,302 | 301 | (87) | ||||||||||||||
Amortization of deferred gain (loss) on business sold through reinsurance | (48) | (37) | (32) | ||||||||||||||
Impairment of intangibles | – | 634 | – | ||||||||||||||
Net operating cash payments related to closing Fortitude Re reinsurance transaction | (1,457) | – | – | ||||||||||||||
Change in: | |||||||||||||||||
Deferred acquisition costs, value of business acquired, deferred sales inducements | |||||||||||||||||
and deferred front-end loads | 642 | 495 | 496 | ||||||||||||||
Accrued investment income | 34 | (41) | 8 | ||||||||||||||
Insurance liabilities and reinsurance-related balances | (2,499) | 652 | (893) | ||||||||||||||
Accrued expenses | 223 | (101) | 377 | ||||||||||||||
Federal income tax accruals | (563) | (376) | 708 | ||||||||||||||
Cash management agreement | (733) | 3,730 | (1,286) | ||||||||||||||
Other | 324 | 406 | (351) | ||||||||||||||
Net cash provided by (used in) operating activities | (764) | 3,866 | (176) | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Purchases of available-for-sale securities and equity securities | (10,713) | (14,768) | (16,856) | ||||||||||||||
Sales of available-for-sale securities and equity securities | 3,606 | 2,347 | 2,341 | ||||||||||||||
Maturities of available-for-sale securities | 5,597 | 5,487 | 9,417 | ||||||||||||||
Purchases of alternative investments | (614) | (631) | (754) | ||||||||||||||
Sales and repayments of alternative investments | 111 | 441 | 377 | ||||||||||||||
Issuance of mortgage loans on real estate | (1,943) | (2,507) | (3,057) | ||||||||||||||
Repayment and maturities of mortgage loans on real estate | 1,266 | 2,247 | 1,873 | ||||||||||||||
Repayment (issuance) of policy loans, net | (120) | 4 | 61 | ||||||||||||||
Net change in collateral on investments, certain derivatives and related settlements | (333) | (4,653) | 3,095 | ||||||||||||||
Other | (352) | (40) | (253) | ||||||||||||||
Net cash provided by (used in) investing activities | (3,495) | (12,073) | (3,756) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Capital contribution from Lincoln National Corporation | 5 | 925 | 65 | ||||||||||||||
Payment of long-term debt, including current maturities | – | (40) | (60) | ||||||||||||||
Issuance (payment) of short-term debt | 228 | (522) | 587 | ||||||||||||||
Payment related to sale-leaseback transactions | (79) | (70) | (59) | ||||||||||||||
Proceeds from certain financing arrangements | 86 | 186 | 159 | ||||||||||||||
Payment related to certain financing arrangements | (49) | – | – | ||||||||||||||
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction | 133 | – | – | ||||||||||||||
Deposits of fixed account balances | 16,388 | 16,186 | 13,409 | ||||||||||||||
Withdrawals of fixed account balances | (10,633) | (7,641) | (7,142) | ||||||||||||||
Transfers from (to) separate accounts, net | (624) | 19 | (175) | ||||||||||||||
Common stock issued for benefit plans | (7) | (21) | (13) | ||||||||||||||
Dividends paid to Lincoln National Corporation | (495) | (645) | (1,910) | ||||||||||||||
Other | – | (2) | (60) | ||||||||||||||
Net cash provided by (used in) financing activities | 4,953 | 8,375 | 4,801 | ||||||||||||||
Net increase (decrease) in cash, invested cash and restricted cash | 694 | 168 | 869 | ||||||||||||||
Cash, invested cash and restricted cash as of beginning-of-year | 2,499 | 2,331 | 1,462 | ||||||||||||||
Cash, invested cash and restricted cash as of end-of-year | $ | 3,193 | $ | 2,499 | $ | 2,331 |
Reportable Segment | Level of Aggregation | ||||
Annuities | Variable Annuities | ||||
Fixed Annuities | |||||
Payout Annuities | |||||
Life Insurance | Traditional Life | ||||
UL and Other | |||||
Group Protection | Group Protection | ||||
Retirement Plan Services | Retirement Plan Services |
Reportable Segment | Amortization Basis | Expected Amortization Period | ||||||
Annuities | Total deposits paid to date on policies in force | Between 30 to 40 years | ||||||
Life Insurance | Policy count of policies in force | On average 60 years | ||||||
Group Protection | Group certificate contracts in force | 4 years | ||||||
Retirement Plan Services | Lives in force | Between 40 to 50 years |
Standard | Description | Effective Date | Effect on Financial Statements or Other Significant Matters | ||||||||
ASU 2020-04, Reference Rate Reform (Topic 848) and related amendments | The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. Additionally, changes to the critical terms of a hedging relationship affected by reference rate reform will not require entities to de-designate the relationship if certain requirements are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, with certain exceptions. The amendments are effective for contract modifications made between March 12, 2020, and December 31, 2024. | March 12, 2020 through December 31, 2024 | This standard may be elected and applied prospectively. We utilized certain practical expedients under this guidance for contract modifications and to maintain hedge accounting for certain derivatives from the effective date through December 31, 2023. This ASU has not had a material impact to our consolidated financial condition and results of operations to date, and we do not expect future material impacts through the close of the ASU effective date on December 31, 2024. | ||||||||
ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments | See Note 3 for information about ASU 2018-12. | January 1, 2023 | We adopted this ASU effective January 1, 2023, with a transition date of January 1, 2021, using a modified retrospective approach, except for MRBs for which we applied a full retrospective transition approach. See Note 3 for transition disclosures related to the adoption of this ASU. |
Total Stockholder’s Equity | |||||||||||||||||
Retained Earnings | AOCI | ||||||||||||||||
Shadow impacts: | |||||||||||||||||
DAC, VOBA, DSI and DFEL | $ | – | $ | 2,271 | $ | 2,271 | |||||||||||
Additional liabilities for other | |||||||||||||||||
insurance benefits | – | 1,197 | 1,197 | ||||||||||||||
LFPB and other (1) | (121) | (1,520) | (1,641) | ||||||||||||||
MRBs (2) | (1,699) | 2,874 | 1,175 | ||||||||||||||
Total | $ | (1,820) | $ | 4,822 | $ | 3,002 |
Retained Earnings | AOCI | Total Stockholder’s Equity | |||||||||||||||
DAC, VOBA and DSI | $ | – | $ | 6,079 | $ | 6,079 | |||||||||||
Reinsurance recoverables | 607 | 2,556 | 3,163 | ||||||||||||||
Other assets (1) | 5,795 | – | 5,795 | ||||||||||||||
Future contract benefits | (760) | (2,966) | (3,726) | ||||||||||||||
MRBs, net | (7,956) | 3,656 | (4,300) | ||||||||||||||
DFEL | – | (3,190) | (3,190) | ||||||||||||||
Other liabilities (2) | 494 | (1,313) | (819) | ||||||||||||||
Total | $ | (1,820) | $ | 4,822 | $ | 3,002 |
Balance Pre-Adoption December 31, 2020 | Impact from Removal of Shadow Balances from AOCI | Balance Post-Adoption January 1, 2021 | |||||||||||||||
DAC | |||||||||||||||||
Variable Annuities | $ | 3,675 | $ | 52 | $ | 3,727 | |||||||||||
Fixed Annuities | 264 | 215 | 479 | ||||||||||||||
Traditional Life | 1,041 | – | 1,041 | ||||||||||||||
UL and Other | 297 | 5,031 | 5,328 | ||||||||||||||
Group Protection | 187 | – | 187 | ||||||||||||||
Retirement Plan Services | 126 | 112 | 238 | ||||||||||||||
Total DAC | 5,590 | 5,410 | 11,000 | ||||||||||||||
VOBA | |||||||||||||||||
Fixed Annuities | – | 23 | 23 | ||||||||||||||
Traditional Life | 67 | – | 67 | ||||||||||||||
UL and Other | 167 | 630 | 797 | ||||||||||||||
Total VOBA | 234 | 653 | 887 | ||||||||||||||
DSI (1) | |||||||||||||||||
Variable Annuities | 194 | 2 | 196 | ||||||||||||||
Fixed Annuities | 17 | 13 | 30 | ||||||||||||||
UL and Other | 35 | – | 35 | ||||||||||||||
Retirement Plan Services | 13 | 1 | 14 | ||||||||||||||
Total DSI | 259 | 16 | 275 | ||||||||||||||
Total DAC, VOBA and DSI | $ | 6,083 | $ | 6,079 | $ | 12,162 |
Balance Pre-Adoption December 31, 2020 | Impact from Removal of Shadow Balances from AOCI | Balance Post-Adoption January 1, 2021 | |||||||||||||||
DFEL (1) | |||||||||||||||||
Variable Annuities | $ | 319 | $ | 5 | $ | 324 | |||||||||||
UL and Other | 77 | 3,185 | 3,262 | ||||||||||||||
Total DFEL | $ | 396 | $ | 3,190 | $ | 3,586 |
Balance Pre-Adoption December 31, 2020 (1) | Impact from Removal of Shadow Balances from AOCI | Single-A Discount Rate Measurement in AOCI | Cumulative Effect to Retained Earnings | Balance Post-Adoption January 1, 2021 | |||||||||||||||||||||||||
LFPB | |||||||||||||||||||||||||||||
Payout Annuities | $ | 2,313 | $ | (105) | $ | 415 | $ | 44 | $ | 2,667 | |||||||||||||||||||
Traditional Life | 3,062 | – | 852 | (2) | 3,912 | ||||||||||||||||||||||||
Liability for Future Claims | |||||||||||||||||||||||||||||
Group Protection | 5,422 | – | 517 | – | 5,939 | ||||||||||||||||||||||||
Additional Liabilities for Other | |||||||||||||||||||||||||||||
Insurance Benefits | |||||||||||||||||||||||||||||
UL and Other | 13,687 | (1,515) | – | 92 | 12,264 | ||||||||||||||||||||||||
Other Operations (2) | 10,309 | (80) | 2,882 | 626 | 13,737 | ||||||||||||||||||||||||
Other (3) | 3,525 | – | – | – | 3,525 | ||||||||||||||||||||||||
Total future contract benefits | $ | 38,318 | $ | (1,700) | $ | 4,666 | $ | 760 | $ | 42,044 |
Balance Pre-Adoption December 31, 2020 (1) | Single-A Discount Rate Measurement in AOCI | Cumulative Effect to Retained Earnings | Balance Post-Adoption January 1, 2021 | ||||||||||||||||||||
Reinsured LFPB | |||||||||||||||||||||||
Payout Annuities | $ | 5 | $ | – | $ | – | $ | 5 | |||||||||||||||
Traditional Life | 372 | 88 | – | 460 | |||||||||||||||||||
Reinsured Liability for Future | |||||||||||||||||||||||
Claims | |||||||||||||||||||||||
Group Protection | 148 | 14 | – | 162 | |||||||||||||||||||
Reinsured Additional Liabilities | |||||||||||||||||||||||
for Other Insurance Benefits | |||||||||||||||||||||||
UL and Other | 922 | – | (3) | 919 | |||||||||||||||||||
Reinsured Other Operations (2) | 14,757 | 2,454 | 610 | 17,821 | |||||||||||||||||||
Reinsured Other (3) | 1,346 | – | – | 1,346 | |||||||||||||||||||
Total reinsurance recoverables | $ | 17,550 | $ | 2,556 | $ | 607 | $ | 20,713 |
Balance Pre-Adoption December 31, 2020 (1) | Cumulative Effect of Credit Risk to AOCI | Cumulative Effect to Retained Earnings | Balance Post-Adoption January 1, 2021 | ||||||||||||||||||||
MRBs, Net | |||||||||||||||||||||||
Variable Annuities | $ | 831 | $ | (3,592) | $ | 7,968 | $ | 5,207 | |||||||||||||||
Fixed Annuities | 192 | (52) | (22) | 118 | |||||||||||||||||||
Retirement Plan Services | 11 | (12) | 10 | 9 | |||||||||||||||||||
Total MRBs, net | $ | 1,034 | $ | (3,656) | $ | 7,956 | $ | 5,334 |
Balance Pre-Adoption December 31, 2020 (1) | Cumulative Effect to Retained Earnings | Balance Post-Adoption January 1, 2021 | |||||||||||||||
Ceded MRBs, Net | |||||||||||||||||
Variable Annuities | $ | 828 | $ | 5,700 | $ | 6,528 | |||||||||||
Retirement Plan Services | 1 | 10 | 11 | ||||||||||||||
Total ceded MRBs, net | $ | 829 | $ | 5,710 | $ | 6,539 |
As of December 31, 2022 | |||||||||||||||||
As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | |||||||||||||||
Deferred acquisition costs, value of business | |||||||||||||||||
acquired and deferred sales inducements (2) | $ | 13,873 | $ | (1,610) | $ | 12,263 | |||||||||||
Reinsurance recoverables, net of allowance for | |||||||||||||||||
credit losses (2) | 24,450 | (2,646) | 21,804 | ||||||||||||||
Market risk benefit assets | – | 2,807 | 2,807 | ||||||||||||||
Other assets (2) | 8,831 | (1,154) | 7,677 | ||||||||||||||
Total assets (2) | 338,185 | (2,603) | 335,582 | ||||||||||||||
Future contract benefits (2) | 41,203 | (2,901) | 38,302 | ||||||||||||||
Market risk benefit liabilities | – | 2,078 | 2,078 | ||||||||||||||
Deferred front-end loads (2) | 5,765 | (650) | 5,115 | ||||||||||||||
Other liabilities (2) | 7,719 | (1,468) | 6,251 | ||||||||||||||
Total liabilities (2) | 329,919 | (2,941) | 326,978 | ||||||||||||||
Retained earnings | 2,436 | (1,022) | 1,414 | ||||||||||||||
Accumulated other comprehensive income (loss) | (7,073) | 1,360 | (5,713) | ||||||||||||||
Total stockholder’s equity | $ | 8,266 | $ | 338 | $ | 8,604 |
For the Year Ended December 31, 2022 | For the Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||
As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | ||||||||||||||||||||||||||||||
Fee income | $ | 5,783 | $ | (417) | $ | 5,366 | $ | 6,630 | $ | (864) | $ | 5,766 | |||||||||||||||||||||||
Realized gain (loss) | 214 | 204 | 418 | 711 | 148 | 859 | |||||||||||||||||||||||||||||
Total revenues | 17,770 | (213) | 17,557 | 19,228 | (716) | 18,512 | |||||||||||||||||||||||||||||
Benefits | 10,801 | (2,598) | 8,203 | 8,039 | (12) | 8,027 | |||||||||||||||||||||||||||||
Interest credited | 2,849 | 11 | 2,860 | 2,911 | 1 | 2,912 | |||||||||||||||||||||||||||||
Market risk benefit (gain) loss | – | 296 | 296 | – | (1,554) | (1,554) | |||||||||||||||||||||||||||||
Policyholder liability remeasurement (gain) loss | – | 2,445 | 2,445 | – | (119) | (119) | |||||||||||||||||||||||||||||
Commissions and other expenses | 4,799 | 128 | 4,927 | 5,548 | (537) | 5,011 | |||||||||||||||||||||||||||||
Total expenses | 19,387 | 282 | 19,669 | 16,699 | (2,221) | 14,478 | |||||||||||||||||||||||||||||
Income (loss) before taxes | (1,617) | (495) | (2,112) | 2,529 | 1,505 | 4,034 | |||||||||||||||||||||||||||||
Federal income tax expense (benefit) | (332) | (105) | (437) | 420 | 317 | 737 | |||||||||||||||||||||||||||||
Net income (loss) | (1,285) | (390) | (1,675) | 2,109 | 1,188 | 3,297 | |||||||||||||||||||||||||||||
Unrealized investment gain (loss) | (13,613) | (4,026) | (17,639) | (2,480) | (753) | (3,233) | |||||||||||||||||||||||||||||
Market risk benefit non-performance risk | |||||||||||||||||||||||||||||||||||
gain (loss) | – | (211) | (211) | – | (923) | (923) | |||||||||||||||||||||||||||||
Policyholder liability discount rate | |||||||||||||||||||||||||||||||||||
remeasurement gain (loss) | – | 1,891 | 1,891 | – | 560 | 560 | |||||||||||||||||||||||||||||
Total other comprehensive income (loss), | |||||||||||||||||||||||||||||||||||
net of tax | (13,617) | (2,346) | (15,963) | (2,477) | (1,116) | (3,593) | |||||||||||||||||||||||||||||
Comprehensive income (loss) | (14,902) | (2,736) | (17,638) | (368) | 72 | (296) |
As of December 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||
As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | ||||||||||||||||||||||||||||||
Retained earnings balance as of | |||||||||||||||||||||||||||||||||||
beginning-of-year | $ | 4,366 | $ | (632) | $ | 3,734 | $ | 4,167 | $ | – | $ | 4,167 | |||||||||||||||||||||||
Cumulative effect from adoption of new | |||||||||||||||||||||||||||||||||||
accounting standards | – | – | – | – | (1,820) | (1,820) | |||||||||||||||||||||||||||||
Net income (loss) | (1,285) | (390) | (1,675) | 2,109 | 1,188 | 3,297 | |||||||||||||||||||||||||||||
Retained earnings balance as of end-of-year | 2,436 | (1,022) | 1,414 | 4,366 | (632) | 3,734 | |||||||||||||||||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||||||||||||||||||||
(loss) balance as of beginning-of-year | 6,544 | 3,706 | 10,250 | 9,021 | – | 9,021 | |||||||||||||||||||||||||||||
Cumulative effect from adoption of new | |||||||||||||||||||||||||||||||||||
accounting standards | – | – | – | – | 4,822 | 4,822 | |||||||||||||||||||||||||||||
Other comprehensive income (loss), net of | |||||||||||||||||||||||||||||||||||
tax | (13,617) | (2,346) | (15,963) | (2,477) | (1,116) | (3,593) | |||||||||||||||||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||||||||||||||||||||
(loss) balance as of end-of-year | (7,073) | 1,360 | (5,713) | 6,544 | 3,706 | 10,250 | |||||||||||||||||||||||||||||
Total stockholder’s equity as of end-of-year | $ | 8,266 | $ | 338 | $ | 8,604 | $ | 22,860 | $ | 3,074 | $ | 25,934 |
For the Year Ended December 31, 2022 | |||||||||||||||||
As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | |||||||||||||||
Net income (loss) | $ | (1,285) | $ | (390) | $ | (1,675) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) | |||||||||||||||||
operating activities: | |||||||||||||||||
Realized (gain) loss | (214) | (204) | (418) | ||||||||||||||
Market risk benefit (gain) loss | – | 296 | 296 | ||||||||||||||
Change in: | |||||||||||||||||
Deferred acquisition costs, value of business acquired, deferred sales | |||||||||||||||||
inducements and deferred front-end loads | 45 | 450 | 495 | ||||||||||||||
Insurance liabilities and reinsurance-related balances (2) | 727 | (75) | 652 | ||||||||||||||
Accrued expenses | (98) | (3) | (101) | ||||||||||||||
Federal income tax accruals | (271) | (105) | (376) | ||||||||||||||
Other (2) | 375 | 31 | 406 |
For the Year Ended December 31, 2021 | |||||||||||||||||
As Previously Reported (1) | Adoption of New Accounting Standard | As Adjusted | |||||||||||||||
Net income (loss) | $ | 2,109 | $ | 1,188 | $ | 3,297 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) | |||||||||||||||||
operating activities: | |||||||||||||||||
Realized (gain) loss | (711) | (148) | (859) | ||||||||||||||
Market risk benefit (gain) loss | – | (1,554) | (1,554) | ||||||||||||||
Change in: | |||||||||||||||||
Deferred acquisition costs, value of business acquired, deferred sales | |||||||||||||||||
inducements and deferred front-end loads | 289 | 207 | 496 | ||||||||||||||
Insurance liabilities and reinsurance-related balances (2) | (862) | (31) | (893) | ||||||||||||||
Accrued expenses | 370 | 7 | 377 | ||||||||||||||
Federal income tax accruals | 391 | 317 | 708 | ||||||||||||||
Other (2) | (365) | 14 | (351) |
As of December 31, 2023 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||
Corporate bonds | $ | 68,811 | $ | 820 | $ | 5,757 | $ | 8 | $ | 63,866 | |||||||||||||||||||
U.S. government bonds | 414 | 7 | 28 | – | 393 | ||||||||||||||||||||||||
State and municipal bonds | 2,675 | 97 | 230 | – | 2,542 | ||||||||||||||||||||||||
Foreign government bonds | 309 | 15 | 46 | – | 278 | ||||||||||||||||||||||||
RMBS | 1,719 | 27 | 138 | 6 | 1,602 | ||||||||||||||||||||||||
CMBS | 1,520 | 5 | 181 | – | 1,344 | ||||||||||||||||||||||||
ABS | 12,556 | 62 | 571 | 4 | 12,043 | ||||||||||||||||||||||||
Hybrid and redeemable preferred securities | 227 | 21 | 15 | 1 | 232 | ||||||||||||||||||||||||
Total fixed maturity AFS securities | $ | 88,231 | $ | 1,054 | $ | 6,966 | $ | 19 | $ | 82,300 |
As of December 31, 2022 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||
Corporate bonds | $ | 88,950 | $ | 763 | $ | 10,538 | $ | 9 | $ | 79,166 | |||||||||||||||||||
U.S. government bonds | 377 | 5 | 31 | – | 351 | ||||||||||||||||||||||||
State and municipal bonds | 5,198 | 170 | 483 | – | 4,885 | ||||||||||||||||||||||||
Foreign government bonds | 339 | 17 | 45 | – | 311 | ||||||||||||||||||||||||
RMBS | 2,025 | 21 | 203 | 7 | 1,836 | ||||||||||||||||||||||||
CMBS | 1,908 | 3 | 244 | – | 1,667 | ||||||||||||||||||||||||
ABS | 11,791 | 37 | 925 | 4 | 10,899 | ||||||||||||||||||||||||
Hybrid and redeemable preferred securities | 356 | 25 | 30 | 1 | 350 | ||||||||||||||||||||||||
Total fixed maturity AFS securities | $ | 110,944 | $ | 1,041 | $ | 12,499 | $ | 21 | $ | 99,465 |
Amortized Cost | Fair Value | ||||||||||
Due in one year or less | $ | 4,389 | $ | 4,354 | |||||||
Due after one year through five years | 17,444 | 16,858 | |||||||||
Due after five years through ten years | 15,405 | 14,403 | |||||||||
Due after ten years | 35,198 | 31,696 | |||||||||
Subtotal | 72,436 | 67,311 | |||||||||
Structured securities (RMBS, CMBS, ABS) | 15,795 | 14,989 | |||||||||
Total fixed maturity AFS securities | $ | 88,231 | $ | 82,300 |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
Less Than or Equal to Twelve Months | Greater Than Twelve Months | Total | |||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses (1) | ||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 13,439 | $ | 1,744 | $ | 33,285 | $ | 4,013 | $ | 46,724 | $ | 5,757 | |||||||||||||||||||||||
U.S. government bonds | 65 | 6 | 194 | 22 | 259 | 28 | |||||||||||||||||||||||||||||
State and municipal bonds | 371 | 72 | 814 | 158 | 1,185 | 230 | |||||||||||||||||||||||||||||
Foreign government bonds | 108 | 31 | 57 | 15 | 165 | 46 | |||||||||||||||||||||||||||||
RMBS | 355 | 20 | 840 | 118 | 1,195 | 138 | |||||||||||||||||||||||||||||
CMBS | 583 | 56 | 586 | 125 | 1,169 | 181 | |||||||||||||||||||||||||||||
ABS | 1,898 | 68 | 7,212 | 503 | 9,110 | 571 | |||||||||||||||||||||||||||||
Hybrid and redeemable preferred securities | 32 | 2 | 94 | 13 | 126 | 15 | |||||||||||||||||||||||||||||
Total fixed maturity AFS securities | $ | 16,851 | $ | 1,999 | $ | 43,082 | $ | 4,967 | $ | 59,933 | $ | 6,966 | |||||||||||||||||||||||
Total number of fixed maturity AFS securities in an unrealized loss position | 7,167 |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Less Than or Equal to Twelve Months | Greater Than Twelve Months | Total | |||||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses (1) | ||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 57,656 | $ | 8,684 | $ | 6,867 | $ | 1,854 | $ | 64,523 | $ | 10,538 | |||||||||||||||||||||||
U.S. government bonds | 236 | 25 | 27 | 6 | 263 | 31 | |||||||||||||||||||||||||||||
State and municipal bonds | 1,850 | 414 | 227 | 69 | 2,077 | 483 | |||||||||||||||||||||||||||||
Foreign government bonds | 122 | 18 | 58 | 27 | 180 | 45 | |||||||||||||||||||||||||||||
RMBS | 1,337 | 160 | 191 | 43 | 1,528 | 203 | |||||||||||||||||||||||||||||
CMBS | 1,224 | 156 | 312 | 88 | 1,536 | 244 | |||||||||||||||||||||||||||||
ABS | 6,712 | 551 | 3,325 | 374 | 10,037 | 925 | |||||||||||||||||||||||||||||
Hybrid and redeemable preferred securities | 61 | 5 | 98 | 25 | 159 | 30 | |||||||||||||||||||||||||||||
Total fixed maturity AFS securities | $ | 69,198 | $ | 10,013 | $ | 11,105 | $ | 2,486 | $ | 80,303 | $ | 12,499 | |||||||||||||||||||||||
Total number of fixed maturity AFS securities in an unrealized loss position | 8,106 |
As of December 31, 2023 | |||||||||||||||||
Fair Value | Gross Unrealized Losses | Number of Securities (1) | |||||||||||||||
Less than six months | $ | 2,480 | $ | 916 | 529 | ||||||||||||
Six months or greater, but less than nine months | 321 | 90 | 79 | ||||||||||||||
Nine months or greater, but less than twelve months | 321 | 106 | 87 | ||||||||||||||
Twelve months or greater | 3,485 | 1,336 | 704 | ||||||||||||||
Total | $ | 6,607 | $ | 2,448 | 1,399 |
As of December 31, 2022 | |||||||||||||||||
Fair Value | Gross Unrealized Losses | Number of Securities (1) | |||||||||||||||
Less than six months | $ | 10,895 | $ | 3,514 | 1,489 | ||||||||||||
Six months or greater, but less than nine months | 4,256 | 2,150 | 640 | ||||||||||||||
Nine months or greater, but less than twelve months | 362 | 243 | 73 | ||||||||||||||
Twelve months or greater | 2 | – | 15 | ||||||||||||||
Total | $ | 15,515 | $ | 5,907 | $ | 2,217 | |||||||||||
For the Year Ended December 31, 2023 | |||||||||||||||||||||||
Corporate Bonds | RMBS | Other | Total | ||||||||||||||||||||
Balance as of beginning-of-year | $ | 9 | $ | 7 | $ | 5 | $ | 21 | |||||||||||||||
Additions from purchases of PCD debt securities (1) | – | – | – | – | |||||||||||||||||||
Additions for securities for which credit losses were not | |||||||||||||||||||||||
previously recognized | 24 | 1 | – | 25 | |||||||||||||||||||
Additions (reductions) for securities for which credit losses | |||||||||||||||||||||||
were previously recognized | (2) | (2) | – | (4) | |||||||||||||||||||
Reductions for securities disposed | (2) | – | – | (2) | |||||||||||||||||||
Reductions for securities charged-off | (21) | – | – | (21) | |||||||||||||||||||
Balance as of end-of-year (2) | $ | 8 | $ | 6 | $ | 5 | $ | 19 |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||
Corporate Bonds | RMBS | Other | Total | ||||||||||||||||||||
Balance as of beginning-of-year | $ | 17 | $ | 1 | $ | 1 | $ | 19 | |||||||||||||||
Additions from purchases of PCD debt securities (1) | – | – | – | – | |||||||||||||||||||
Additions for securities for which credit losses were not | |||||||||||||||||||||||
previously recognized | 4 | 3 | – | 7 | |||||||||||||||||||
Additions (reductions) for securities for which credit losses | |||||||||||||||||||||||
were previously recognized | 2 | 3 | 4 | 9 | |||||||||||||||||||
Reductions for securities disposed | (2) | – | – | (2) | |||||||||||||||||||
Reductions for securities charged-off | (12) | – | – | (12) | |||||||||||||||||||
Balance as of end-of-year (2) | $ | 9 | $ | 7 | $ | 5 | $ | 21 |
For the Year Ended December 31, 2021 | |||||||||||||||||||||||
Corporate Bonds | RMBS | Other | Total | ||||||||||||||||||||
Balance as of beginning-of-year | $ | 12 | $ | 1 | $ | – | $ | 13 | |||||||||||||||
Additions from purchases of PCD debt securities (1) | – | – | – | – | |||||||||||||||||||
Additions for securities for which credit losses were not | |||||||||||||||||||||||
previously recognized | 8 | – | 1 | 9 | |||||||||||||||||||
Additions (reductions) for securities for which credit losses | |||||||||||||||||||||||
were previously recognized | 5 | – | – | 5 | |||||||||||||||||||
Reductions for securities disposed | (2) | – | – | (2) | |||||||||||||||||||
Reductions for securities charged-off | (6) | – | – | (6) | |||||||||||||||||||
Balance as of end-of-year (2) | $ | 17 | $ | 1 | $ | 1 | $ | 19 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Fixed maturity securities: | |||||||||||
Corporate bonds | $ | 1,615 | $ | 2,196 | |||||||
State and municipal bonds | 21 | 21 | |||||||||
Foreign government bonds | 46 | 49 | |||||||||
RMBS | 62 | 99 | |||||||||
CMBS | 104 | 137 | |||||||||
ABS | 455 | 919 | |||||||||
Hybrid and redeemable preferred securities | 18 | 25 | |||||||||
Total trading securities | $ | 2,321 | $ | 3,446 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Commercial | Residential | Total | Commercial | Residential | Total | ||||||||||||||||||||||||||||||
Current | $ | 17,165 | $ | 1,665 | $ | 18,830 | $ | 16,913 | $ | 1,315 | $ | 18,228 | |||||||||||||||||||||||
30 to 59 days past due | 61 | 28 | 89 | 19 | 23 | 42 | |||||||||||||||||||||||||||||
60 to 89 days past due | – | 9 | 9 | – | 6 | 6 | |||||||||||||||||||||||||||||
90 or more days past due | – | 60 | 60 | – | 33 | 33 | |||||||||||||||||||||||||||||
Allowance for credit losses | (86) | (28) | (114) | (83) | (15) | (98) | |||||||||||||||||||||||||||||
Unamortized premium (discount) | (7) | 43 | 36 | (9) | 36 | 27 | |||||||||||||||||||||||||||||
Mark-to-market gains (losses) (1) | (36) | (1) | (37) | (27) | – | (27) | |||||||||||||||||||||||||||||
Total carrying value | $ | 17,097 | $ | 1,776 | $ | 18,873 | $ | 16,813 | $ | 1,398 | $ | 18,211 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Average aggregate carrying value for impaired mortgage loans on real estate | $ | 30 | $ | 16 | $ | 32 | |||||||||||
Interest income recognized on impaired mortgage loans on real estate | – | – | – | ||||||||||||||
Interest income collected on impaired mortgage loans on real estate | – | – | – |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Nonaccrual with no Allowance for Credit Losses | Nonaccrual | Nonaccrual with no Allowance for Credit Losses | Nonaccrual | ||||||||||||||||||||
Commercial mortgage loans on real estate | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
Residential mortgage loans on real estate | – | 62 | – | 34 | |||||||||||||||||||
Total | $ | – | $ | 62 | $ | – | $ | 34 |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Less than 65% | Debt-Service Coverage Ratio | 65% to 75% | Debt-Service Coverage Ratio | Greater than 75% | Debt-Service Coverage Ratio | Total | |||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||
2023 | $ | 1,366 | 1.90 | $ | 54 | 1.38 | $ | – | – | $ | 1,420 | ||||||||||||||||||||||||||||||
2022 | 1,709 | 2.07 | 140 | 1.54 | – | – | 1,849 | ||||||||||||||||||||||||||||||||||
2021 | 2,317 | 3.34 | 61 | 1.55 | – | – | 2,378 | ||||||||||||||||||||||||||||||||||
2020 | 1,205 | 3.23 | 11 | 1.38 | – | – | 1,216 | ||||||||||||||||||||||||||||||||||
2019 | 2,404 | 2.39 | 80 | 1.56 | 10 | 2.33 | 2,494 | ||||||||||||||||||||||||||||||||||
2018 and prior | 7,770 | 2.39 | 78 | 1.60 | 14 | 0.87 | 7,862 | ||||||||||||||||||||||||||||||||||
Total | $ | 16,771 | $ | 424 | $ | 24 | $ | 17,219 |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Less than 65% | Debt-Service Coverage Ratio | 65% to 75% | Debt-Service Coverage Ratio | Greater than 75% | Debt-Service Coverage Ratio | Total | |||||||||||||||||||||||||||||||||||
Origination Year | |||||||||||||||||||||||||||||||||||||||||
2022 | $ | 1,769 | 2.06 | $ | 105 | 1.50 | $ | 2 | 1.45 | $ | 1,876 | ||||||||||||||||||||||||||||||
2021 | 2,335 | 3.05 | 72 | 1.53 | – | – | 2,407 | ||||||||||||||||||||||||||||||||||
2020 | 1,280 | 2.99 | 17 | 1.58 | – | – | 1,297 | ||||||||||||||||||||||||||||||||||
2019 | 2,643 | 2.17 | 81 | 1.50 | 29 | 1.58 | 2,753 | ||||||||||||||||||||||||||||||||||
2018 | 2,222 | 2.17 | 67 | 1.62 | – | – | 2,289 | ||||||||||||||||||||||||||||||||||
2017 and prior | 6,170 | 2.44 | 131 | 1.75 | – | – | 6,301 | ||||||||||||||||||||||||||||||||||
Total | $ | 16,419 | $ | 473 | $ | 31 | $ | 16,923 |
As of December 31, 2023 | |||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||
Origination Year | |||||||||||||||||
2023 | $ | 515 | $ | 2 | $ | 517 | |||||||||||
2022 | 533 | 22 | 555 | ||||||||||||||
2021 | 465 | 18 | 483 | ||||||||||||||
2020 | 78 | 3 | 81 | ||||||||||||||
2019 | 99 | 13 | 112 | ||||||||||||||
2018 and prior | 53 | 4 | 57 | ||||||||||||||
Total | $ | 1,743 | $ | 62 | $ | 1,805 |
As of December 31, 2022 | |||||||||||||||||
Performing | Nonperforming | Total | |||||||||||||||
Origination Year | |||||||||||||||||
2022 | $ | 578 | $ | 5 | $ | 583 | |||||||||||
2021 | 527 | 6 | 533 | ||||||||||||||
2020 | 90 | 3 | 93 | ||||||||||||||
2019 | 119 | 18 | 137 | ||||||||||||||
2018 | 65 | 2 | 67 | ||||||||||||||
2017 and prior | – | – | – | ||||||||||||||
Total | $ | 1,379 | $ | 34 | $ | 1,413 |
For the Year Ended December 31, 2023 | |||||||||||||||||
Commercial | Residential | Total | |||||||||||||||
Balance as of beginning-of-year | $ | 83 | $ | 15 | $ | 98 | |||||||||||
Additions (reductions) from provision for credit loss expense (1) | 3 | 13 | 16 | ||||||||||||||
Additions from purchases of PCD mortgage loans on real estate | – | – | – | ||||||||||||||
Balance as of end-of-year (2) | $ | 86 | $ | 28 | $ | 114 |
For the Year Ended December 31, 2022 | |||||||||||||||||
Commercial | Residential | Total | |||||||||||||||
Balance as of beginning-of-year | $ | 78 | $ | 17 | $ | 95 | |||||||||||
Additions (reductions) from provision for credit loss expense (1) | 5 | (2) | 3 | ||||||||||||||
Additions from purchases of PCD mortgage loans on real estate | – | – | – | ||||||||||||||
Balance as of end-of-year (2) | $ | 83 | $ | 15 | $ | 98 |
For the Year Ended December 31, 2021 | |||||||||||||||||
Commercial | Residential | Total | |||||||||||||||
Balance as of beginning-of-year | $ | 186 | $ | 17 | $ | 203 | |||||||||||
Additions (reductions) from provision for credit loss expense (1) | (108) | – | (108) | ||||||||||||||
Additions from purchases of PCD mortgage loans on real estate | – | – | – | ||||||||||||||
Balance as of end-of-year (2) | $ | 78 | $ | 17 | $ | 95 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Fixed maturity AFS securities | $ | 4,961 | $ | 4,408 | $ | 4,242 | |||||||||||
Trading securities | 158 | 179 | 165 | ||||||||||||||
Equity securities | 13 | 11 | 3 | ||||||||||||||
Mortgage loans on real estate | 752 | 687 | 677 | ||||||||||||||
Policy loans | 102 | 100 | 115 | ||||||||||||||
Cash and invested cash | 118 | 12 | – | ||||||||||||||
Commercial mortgage loan prepayment | |||||||||||||||||
and bond make-whole premiums | 10 | 100 | 195 | ||||||||||||||
Alternative investments | 244 | 96 | 677 | ||||||||||||||
Consent fees | 3 | 8 | 10 | ||||||||||||||
Other investments | (38) | 75 | 60 | ||||||||||||||
Investment income | 6,323 | 5,676 | 6,144 | ||||||||||||||
Investment expense | (611) | (402) | (305) | ||||||||||||||
Net investment income | $ | 5,712 | $ | 5,274 | $ | 5,839 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Intent to Sell Impairments (1) | |||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||
Corporate bonds | $ | (3,805) | $ | – | $ | – | |||||||||||
State and municipal bonds | (214) | – | – | ||||||||||||||
RMBS | (74) | – | – | ||||||||||||||
CMBS | (60) | – | – | ||||||||||||||
ABS | (57) | – | – | ||||||||||||||
Hybrid and redeemable preferred securities | (3) | – | – | ||||||||||||||
Total intent to sell impairments | $ | (4,213) | $ | – | $ | – | |||||||||||
Credit Loss Benefit (Expense) | |||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||
Corporate bonds | $ | (23) | $ | (4) | $ | (10) | |||||||||||
RMBS | 1 | (6) | – | ||||||||||||||
ABS | 1 | (4) | – | ||||||||||||||
Hybrid and redeemable preferred securities | – | – | (1) | ||||||||||||||
Total credit loss benefit (expense) | $ | (21) | $ | (14) | $ | (11) |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Collateral payable for derivative investments (1) | $ | 5,127 | $ | 5,127 | $ | 3,210 | $ | 3,210 | |||||||||||||||
Securities pledged under securities lending agreements (2) | 205 | 197 | 298 | 287 | |||||||||||||||||||
Investments pledged for FHLBI (3) | 2,650 | 3,603 | 3,130 | 3,925 | |||||||||||||||||||
Total payables for collateral on investments | $ | 7,982 | $ | 8,927 | $ | 6,638 | $ | 7,422 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Collateral payable for derivative investments | $ | 1,917 | $ | (2,355) | $ | 2,595 | |||||||||||
Securities pledged under securities lending agreements | (93) | 57 | 126 | ||||||||||||||
Investments pledged for FHLBI | (480) | – | – | ||||||||||||||
Total increase (decrease) in payables for collateral on investments | $ | 1,344 | $ | (2,298) | $ | 2,721 |
As of December 31, 2023 | |||||||||||||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | |||||||||||||||||||||||||
Securities Lending | |||||||||||||||||||||||||||||
Corporate bonds | $ | 202 | $ | – | $ | – | $ | – | $ | 202 | |||||||||||||||||||
Equity securities | 3 | – | – | – | 3 | ||||||||||||||||||||||||
Total gross secured borrowings | $ | 205 | $ | – | $ | – | $ | – | $ | 205 |
As of December 31, 2022 | |||||||||||||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | |||||||||||||||||||||||||
Securities Lending | |||||||||||||||||||||||||||||
Corporate bonds | $ | 288 | $ | – | $ | – | $ | – | $ | 288 | |||||||||||||||||||
Foreign government bonds | 2 | – | – | – | 2 | ||||||||||||||||||||||||
Equity securities | 8 | – | – | – | 8 | ||||||||||||||||||||||||
Total gross secured borrowings | $ | 298 | $ | – | $ | – | $ | – | $ | 298 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Notional Amounts | Fair Value | Notional Amounts | Fair Value | ||||||||||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||||||||||||
Qualifying Hedges | |||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||
Interest rate contracts (1) | $ | 485 | $ | 11 | $ | 47 | $ | 1,377 | $ | 4 | $ | 232 | |||||||||||||||||||||||
Foreign currency contracts (1) | 4,662 | 423 | 78 | 4,383 | 643 | 18 | |||||||||||||||||||||||||||||
Total cash flow hedges | 5,147 | 434 | 125 | 5,760 | 647 | 250 | |||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||
Interest rate contracts (1) | 450 | 1 | 39 | 524 | 2 | 44 | |||||||||||||||||||||||||||||
Foreign currency contracts (1) | 25 | – | 1 | – | – | – | |||||||||||||||||||||||||||||
Total fair value hedges | 475 | 1 | 40 | 524 | 2 | 44 | |||||||||||||||||||||||||||||
Non-Qualifying Hedges | |||||||||||||||||||||||||||||||||||
Interest rate contracts (1) | 90,829 | 636 | 979 | 105,977 | 709 | 935 | |||||||||||||||||||||||||||||
Foreign currency contracts (1) | 306 | 11 | 6 | 395 | 27 | 2 | |||||||||||||||||||||||||||||
Equity market contracts (1) | 225,251 | 10,244 | 4,227 | 142,653 | 5,135 | 2,035 | |||||||||||||||||||||||||||||
Commodity contracts (1) | – | – | – | 13 | 14 | 3 | |||||||||||||||||||||||||||||
Credit contracts (1) | 91 | – | – | – | – | – | |||||||||||||||||||||||||||||
LPR ceded derivative (2) | – | 206 | – | – | 212 | – | |||||||||||||||||||||||||||||
Embedded derivatives: | |||||||||||||||||||||||||||||||||||
Reinsurance-related (3) | – | 493 | – | – | 681 | – | |||||||||||||||||||||||||||||
RILA, fixed indexed annuity and IUL contracts (4) | – | 940 | 9,077 | – | 525 | 4,783 | |||||||||||||||||||||||||||||
Total derivative instruments | $ | 322,099 | $ | 12,965 | $ | 14,454 | $ | 255,322 | $ | 7,952 | $ | 8,052 |
Remaining Life as of December 31, 2023 | |||||||||||||||||||||||||||||||||||
Less Than 1 Year | 1 – 5 Years | 6 - 10 Years | 11 - 30 Years | Over 30 Years | Total | ||||||||||||||||||||||||||||||
Interest rate contracts (1) | $ | 22,166 | $ | 25,350 | $ | 22,349 | $ | 21,899 | $ | – | $ | 91,764 | |||||||||||||||||||||||
Foreign currency contracts (2) | 276 | 956 | 1,687 | 2,032 | 42 | 4,993 | |||||||||||||||||||||||||||||
Equity market contracts | 174,430 | 37,200 | 6,950 | 9 | 6,662 | 225,251 | |||||||||||||||||||||||||||||
Credit contracts | – | 91 | – | – | – | 91 | |||||||||||||||||||||||||||||
Total derivative instruments | |||||||||||||||||||||||||||||||||||
with notional amounts | $ | 196,872 | $ | 63,597 | $ | 30,986 | $ | 23,940 | $ | 6,704 | $ | 322,099 |
Amortized Cost of the Hedged Assets / (Liabilities) | Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets / (Liabilities) | ||||||||||||||||||||||
As of December 31, 2023 | As of December 31, 2022 | As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||
Line Item in the Consolidated Balance Sheets in | |||||||||||||||||||||||
which the Hedged Item is Included | |||||||||||||||||||||||
Fixed maturity AFS securities, at fair value | $ | 534 | $ | 587 | $ | 39 | $ | 44 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Unrealized Gain (Loss) on Derivative Instruments | |||||||||||||||||
Balance as of beginning-of-year | $ | 301 | $ | 258 | $ | 42 | |||||||||||
Cumulative effect from adoption of new accounting standard | – | – | 25 | ||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Unrealized holding gains (losses) arising during the period: | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||
Interest rate contracts | 212 | (336) | 11 | ||||||||||||||
Foreign currency contracts | (50) | 182 | 130 | ||||||||||||||
Change in foreign currency exchange rate adjustment | (169) | 312 | 152 | ||||||||||||||
Income tax benefit (expense) | 2 | (34) | (63) | ||||||||||||||
Less: | |||||||||||||||||
Reclassification adjustment for gains (losses) | |||||||||||||||||
included in net income (loss): | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||
Interest rate contracts (1) | (1) | 2 | 3 | ||||||||||||||
Foreign currency contracts (1) | 54 | 62 | 48 | ||||||||||||||
Foreign currency contracts (2) | 7 | 39 | (2) | ||||||||||||||
Income tax benefit (expense) | (13) | (22) | (10) | ||||||||||||||
Balance as of end-of-year | $ | 249 | $ | 301 | $ | 258 |
Gain (Loss) Recognized in Income For the Year Ended December 31, 2023 | |||||||||||||||||
Realized Gain (Loss) | Net Investment Income | Benefits | |||||||||||||||
Total Line Items in which the Effects of Fair Value or Cash | |||||||||||||||||
Flow Hedges are Recorded | $ | (4,934) | $ | 5,712 | $ | 5,044 | |||||||||||
Qualifying Hedges | |||||||||||||||||
Gain or (loss) on fair value hedging relationships: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Hedged items | – | (5) | – | ||||||||||||||
Derivatives designated as hedging instruments | – | 5 | – | ||||||||||||||
Gain or (loss) on cash flow hedging relationships: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income | – | (1) | – | ||||||||||||||
Foreign currency contracts: | |||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income | 7 | 54 | – | ||||||||||||||
Non-Qualifying Hedges | |||||||||||||||||
Interest rate contracts | (161) | – | – | ||||||||||||||
Foreign currency contracts | (2) | – | – | ||||||||||||||
Equity market contracts | 1,387 | – | – | ||||||||||||||
Commodity contracts | 8 | – | – | ||||||||||||||
Credit contracts | (4) | – | – | ||||||||||||||
LPR ceded derivative | – | – | 6 | ||||||||||||||
Embedded derivatives: | |||||||||||||||||
Reinsurance-related | (188) | – | – | ||||||||||||||
RILA, fixed indexed annuity and IUL contracts | (3,187) | – | – |
Gain (Loss) Recognized in Income For the Year Ended December 31, 2022 | |||||||||||||||||
Realized Gain (Loss) | Net Investment Income | Benefits | |||||||||||||||
Total Line Items in which the Effects of Fair Value or Cash | |||||||||||||||||
Flow Hedges are Recorded | $ | 418 | $ | 5,274 | $ | 8,203 | |||||||||||
Qualifying Hedges | |||||||||||||||||
Gain or (loss) on fair value hedging relationships: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Hedged items | – | (167) | – | ||||||||||||||
Derivatives designated as hedging instruments | – | 167 | |||||||||||||||
Gain or (loss) on cash flow hedging relationships: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income | – | 2 | – | ||||||||||||||
Foreign currency contracts: | |||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income | 39 | 62 | – | ||||||||||||||
Non-Qualifying Hedges | |||||||||||||||||
Interest rate contracts | (2,113) | – | – | ||||||||||||||
Foreign currency contracts | 2 | – | – | ||||||||||||||
Equity market contracts | (2,075) | – | – | ||||||||||||||
Commodity contracts | 11 | – | – | ||||||||||||||
Credit contracts | (4) | – | – | ||||||||||||||
LPR ceded derivative | – | – | 106 | ||||||||||||||
Embedded derivatives: | |||||||||||||||||
Reinsurance-related | 1,259 | – | – | ||||||||||||||
RILA, fixed indexed annuity and IUL contracts | 1,760 | – | – |
Gain (Loss) Recognized in Income For the Year Ended December 31, 2021 | |||||||||||||||||
Realized Gain (Loss) | Net Investment Income | Benefits | |||||||||||||||
Total Line Items in which the Effects of Fair Value or Cash | |||||||||||||||||
Flow Hedges are Recorded | $ | 859 | $ | 5,839 | $ | 8,027 | |||||||||||
Qualifying Hedges | |||||||||||||||||
Gain or (loss) on fair value hedging relationships: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Hedged items | – | (60) | – | ||||||||||||||
Derivatives designated as hedging instruments | – | 60 | |||||||||||||||
Gain or (loss) on cash flow hedging relationships: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income | – | 3 | – | ||||||||||||||
Foreign currency contracts: | |||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income | (2) | 48 | – | ||||||||||||||
Non-Qualifying Hedges | |||||||||||||||||
Interest rate contracts | (957) | – | – | ||||||||||||||
Foreign currency contracts | (1) | – | – | ||||||||||||||
Equity market contracts | 3,355 | – | – | ||||||||||||||
Credit contracts | (1) | – | – | ||||||||||||||
Embedded derivatives: | |||||||||||||||||
Reinsurance-related | 280 | – | – | ||||||||||||||
RILA, fixed indexed annuity and IUL contracts | (2,622) | – | – |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
S&P Credit Rating of Counterparty | Collateral Posted by Counter- Party (Held by LNL) | Collateral Posted by LNL (Held by Counter- Party) | Collateral Posted by Counter- Party (Held by LNL) | Collateral Posted by LNL (Held by Counter- Party) | |||||||||||||||||||
AA- | $ | 2,330 | $ | (63) | $ | 383 | $ | (6) | |||||||||||||||
A+ | 2,422 | (125) | 1,718 | (151) | |||||||||||||||||||
A | 82 | – | 1,099 | – | |||||||||||||||||||
A- | 273 | – | – | – | |||||||||||||||||||
$ | 5,107 | $ | (188) | $ | 3,200 | $ | (157) |
As of December 31, 2023 | |||||||||||||||||
Derivative Instruments | Embedded Derivative Instruments | Total | |||||||||||||||
Financial Assets | |||||||||||||||||
Gross amount of recognized assets | $ | 10,714 | $ | 1,433 | $ | 12,147 | |||||||||||
Gross amounts offset | (4,409) | – | (4,409) | ||||||||||||||
Net amount of assets | 6,305 | 1,433 | 7,738 | ||||||||||||||
Gross amounts not offset: | |||||||||||||||||
Cash collateral | (5,107) | – | (5,107) | ||||||||||||||
Non-cash collateral (1) | (1,198) | – | (1,198) | ||||||||||||||
Net amount | – | 1,433 | 1,433 | ||||||||||||||
Financial Liabilities | |||||||||||||||||
Gross amount of recognized liabilities | 968 | 9,077 | 10,045 | ||||||||||||||
Gross amounts offset | (612) | – | (612) | ||||||||||||||
Net amount of liabilities | 356 | 9,077 | 9,433 | ||||||||||||||
Gross amounts not offset: | |||||||||||||||||
Cash collateral | (188) | – | (188) | ||||||||||||||
Non-cash collateral (2) | (168) | – | (168) | ||||||||||||||
Net amount | $ | – | $ | 9,077 | $ | 9,077 |
As of December 31, 2022 | |||||||||||||||||
Derivative Instruments | Embedded Derivative Instruments | Total | |||||||||||||||
Financial Assets | |||||||||||||||||
Gross amount of recognized assets | $ | 6,483 | $ | 1,206 | $ | 7,689 | |||||||||||
Gross amounts offset | (2,964) | – | (2,964) | ||||||||||||||
Net amount of assets | 3,519 | 1,206 | 4,725 | ||||||||||||||
Gross amounts not offset: | |||||||||||||||||
Cash collateral | (3,200) | – | (3,200) | ||||||||||||||
Non-cash collateral (1) | (319) | – | (319) | ||||||||||||||
Net amount | – | 1,206 | 1,206 | ||||||||||||||
Financial Liabilities | |||||||||||||||||
Gross amount of recognized liabilities | 304 | 4,783 | 5,087 | ||||||||||||||
Gross amounts offset | (50) | – | (50) | ||||||||||||||
Net amount of liabilities | 254 | 4,783 | 5,037 | ||||||||||||||
Gross amounts not offset: | |||||||||||||||||
Cash collateral | (157) | – | (157) | ||||||||||||||
Non-cash collateral (2) | (46) | – | (46) | ||||||||||||||
Net amount | $ | 51 | $ | 4,783 | $ | 4,834 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
DAC, VOBA and DSI | |||||||||||
Variable Annuities | $ | 4,025 | $ | 4,047 | |||||||
Fixed Annuities | 456 | 479 | |||||||||
Traditional Life | 1,374 | 1,336 | |||||||||
UL and Other | 6,139 | 6,002 | |||||||||
Group Protection | 154 | 141 | |||||||||
Retirement Plan Services | 270 | 258 | |||||||||
Total DAC, VOBA and DSI | $ | 12,418 | $ | 12,263 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
DFEL | |||||||||||
Variable Annuities | $ | 300 | $ | 310 | |||||||
UL and Other (1) | 5,579 | 4,766 | |||||||||
Other Operations (2) | 44 | 39 | |||||||||
Total DFEL | $ | 5,923 | $ | 5,115 |
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Variable Annuities | Fixed Annuities | Traditional Life | UL and Other | Group Protection | Retirement Plan Services | ||||||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 3,880 | $ | 439 | $ | 1,286 | $ | 5,518 | $ | 141 | $ | 241 | |||||||||||||||||||||||
Deferrals | 361 | 50 | 188 | 482 | 113 | 21 | |||||||||||||||||||||||||||||
Amortization | (373) | (68) | (142) | (291) | (100) | (18) | |||||||||||||||||||||||||||||
Balance as of end-of-year | $ | 3,868 | $ | 421 | $ | 1,332 | $ | 5,709 | $ | 154 | $ | 244 |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Variable Annuities | Fixed Annuities | Traditional Life | UL and Other | Group Protection | Retirement Plan Services | ||||||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 3,860 | $ | 448 | $ | 1,146 | $ | 5,269 | $ | 140 | $ | 239 | |||||||||||||||||||||||
Deferrals | 390 | 60 | 266 | 537 | 98 | 21 | |||||||||||||||||||||||||||||
Amortization | (370) | (69) | (126) | (288) | (97) | (19) | |||||||||||||||||||||||||||||
Balance as of end-of-year | $ | 3,880 | $ | 439 | $ | 1,286 | $ | 5,518 | $ | 141 | $ | 241 |
For the Year Ended December 31, 2023 | |||||||||||||||||
Fixed Annuities | Traditional Life | UL and Other | |||||||||||||||
Balance as of beginning-of-year | $ | 17 | $ | 50 | $ | 454 | |||||||||||
Business acquired (sold) through | |||||||||||||||||
reinsurance | – | – | (11) | ||||||||||||||
Deferrals | – | – | 2 | ||||||||||||||
Amortization | (2) | (8) | (43) | ||||||||||||||
Balance as of end-of-year | $ | 15 | $ | 42 | $ | 402 |
For the Year Ended December 31, 2022 | |||||||||||||||||
Fixed Annuities | Traditional Life | UL and Other | |||||||||||||||
Balance as of beginning-of-year | $ | 20 | $ | 59 | $ | 499 | |||||||||||
Deferrals | – | – | 2 | ||||||||||||||
Amortization | (3) | (9) | (47) | ||||||||||||||
Balance as of end-of-year | $ | 17 | $ | 50 | $ | 454 |
2024 | $ | 39 | |||
2025 | 37 | ||||
2026 | 34 | ||||
2027 | 29 | ||||
2028 | 25 |
For the Year Ended December 31, 2023 | |||||||||||||||||||||||
Variable Annuities | Fixed Annuities | UL and Other | Retirement Plan Services | ||||||||||||||||||||
Balance as of beginning-of-year | $ | 167 | $ | 23 | $ | 30 | $ | 17 | |||||||||||||||
Deferrals | 5 | – | – | 10 | |||||||||||||||||||
Amortization | (15) | (3) | (2) | (1) | |||||||||||||||||||
Balance as of end-of-year | $ | 157 | $ | 20 | $ | 28 | $ | 26 |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||
Variable Annuities | Fixed Annuities | UL and Other | Retirement Plan Services | ||||||||||||||||||||
Balance as of beginning-of-year | $ | 181 | $ | 27 | $ | 31 | $ | 14 | |||||||||||||||
Deferrals | 2 | – | 1 | 4 | |||||||||||||||||||
Amortization | (16) | (4) | (2) | (1) | |||||||||||||||||||
Balance as of end-of-year | $ | 167 | $ | 23 | $ | 30 | $ | 17 |
For the Year Ended December 31, 2023 | For the Year Ended December 31, 2022 | ||||||||||||||||||||||
Variable Annuities | UL and Other | Variable Annuities | UL and Other | ||||||||||||||||||||
Balance as of beginning-of-year | $ | 310 | $ | 4,766 | $ | 318 | $ | 3,934 | |||||||||||||||
Deferrals | 19 | 1,074 | 22 | 1,061 | |||||||||||||||||||
Amortization | (29) | (261) | (30) | (229) | |||||||||||||||||||
Balance as of end-of-year | 300 | 5,579 | 310 | 4,766 | |||||||||||||||||||
Less: ceded DFEL | – | 2,252 | – | 31 | |||||||||||||||||||
Balance as of end-of-year, net of reinsurance | $ | 300 | $ | 3,327 | $ | 310 | $ | 4,735 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Direct insurance premiums and fee income | $ | 13,661 | $ | 13,479 | $ | 13,277 | |||||||||||
Reinsurance assumed | 91 | 102 | 97 | ||||||||||||||
Reinsurance ceded (1) | (5,168) | (2,374) | (2,249) | ||||||||||||||
Total insurance premiums and fee income | $ | 8,584 | $ | 11,207 | $ | 11,125 | |||||||||||
Direct insurance benefits | $ | 10,178 | $ | 10,266 | $ | 10,491 | |||||||||||
Reinsurance ceded (1) | (5,150) | (2,063) | (2,464) | ||||||||||||||
Total benefits | $ | 5,028 | $ | 8,203 | $ | 8,027 | |||||||||||
Direct market risk benefit (gain) loss | $ | (2,309) | $ | (3,517) | $ | (4,011) | |||||||||||
Reinsurance ceded | 1,174 | 3,814 | 2,457 | ||||||||||||||
Total market risk benefit (gain) loss | $ | (1,135) | $ | 296 | $ | (1,554) | |||||||||||
Direct policyholder liability remeasurement (gain) loss | $ | (234) | $ | 3,284 | $ | (164) | |||||||||||
Reinsurance ceded | 67 | (839) | 45 | ||||||||||||||
Total policyholder liability remeasurement (gain) loss | $ | (167) | $ | 2,445 | $ | (119) |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Fixed maturity AFS securities | $ | 177 | $ | 474 | |||||||
Trading securities | 1,556 | 2,644 | |||||||||
Equity securities | 58 | 60 | |||||||||
Mortgage loans on real estate | 288 | 487 | |||||||||
Derivative investments | 43 | 39 | |||||||||
Other investments | 41 | 42 | |||||||||
Cash and invested cash | 582 | 26 | |||||||||
Accrued investment income | 23 | 35 | |||||||||
Other assets | 6 | 2 | |||||||||
Total | $ | 2,774 | $ | 3,809 |
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
Gross Goodwill as of Beginning- of-Year | Accumulated Impairment as of Beginning- of-Year | Net Goodwill as of Beginning- of-Year | Impairment | Net Goodwill as of End- of-Year | |||||||||||||||||||||||||
Annuities | $ | 1,040 | $ | (600) | $ | 440 | $ | – | $ | 440 | |||||||||||||||||||
Group Protection | 684 | – | 684 | – | 684 | ||||||||||||||||||||||||
Retirement Plan Services | 20 | – | 20 | – | 20 | ||||||||||||||||||||||||
Total goodwill | $ | 1,744 | $ | (600) | $ | 1,144 | $ | – | $ | 1,144 |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
Gross Goodwill as of Beginning- of-Year | Accumulated Impairment as of Beginning- of-Year | Net Goodwill as of Beginning- of-Year | Impairment | Net Goodwill as of End- of-Year | |||||||||||||||||||||||||
Annuities | $ | 1,040 | $ | (600) | $ | 440 | $ | – | $ | 440 | |||||||||||||||||||
Life Insurance | 2,186 | (1,552) | 634 | (634) | – | ||||||||||||||||||||||||
Group Protection | 684 | – | 684 | – | 684 | ||||||||||||||||||||||||
Retirement Plan Services | 20 | – | 20 | – | 20 | ||||||||||||||||||||||||
Total goodwill | $ | 3,930 | $ | (2,152) | $ | 1,778 | $ | (634) | $ | 1,144 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
Life Insurance: | |||||||||||||||||||||||
Sales force | $ | 100 | $ | 71 | $ | 100 | $ | 67 | |||||||||||||||
Group Protection: | |||||||||||||||||||||||
VOCRA | 576 | 145 | 576 | 115 | |||||||||||||||||||
VODA | 31 | 12 | 31 | 10 | |||||||||||||||||||
Retirement Plan Services: | |||||||||||||||||||||||
Mutual fund contract rights (1) | 5 | – | 5 | – | |||||||||||||||||||
Total | $ | 712 | $ | 228 | $ | 712 | $ | 192 |
2024 | $ | 37 | |||
2025 | 37 | ||||
2026 | 37 | ||||
2027 | 37 | ||||
2028 | 37 | ||||
Thereafter | 294 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Assets | Liabilities | Net (Assets) Liabilities | Assets | Liabilities | Net (Assets) Liabilities | ||||||||||||||||||||||||||||||
Variable Annuities | $ | 3,763 | $ | 1,583 | $ | (2,180) | $ | 2,666 | $ | 2,004 | $ | (662) | |||||||||||||||||||||||
Fixed Annuities | 96 | 128 | 32 | 117 | 72 | (45) | |||||||||||||||||||||||||||||
Retirement Plan Services | 35 | 5 | (30) | 24 | 2 | (22) | |||||||||||||||||||||||||||||
Total MRBs | $ | 3,894 | $ | 1,716 | $ | (2,178) | $ | 2,807 | $ | 2,078 | $ | (729) |
As of or For the Year Ended December 31, 2023 | As of or For the Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
Variable Annuities | Fixed Annuities | Retirement Plan Services | Variable Annuities | Fixed Annuities | Retirement Plan Services | ||||||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | (662) | $ | (45) | $ | (22) | $ | 2,398 | $ | 114 | $ | (1) | |||||||||||||||||||||||
Less: Effect of cumulative changes in | |||||||||||||||||||||||||||||||||||
non-performance risk | (2,173) | (40) | (2) | (2,425) | (44) | (13) | |||||||||||||||||||||||||||||
Balance as of beginning-of-year, before the effect | |||||||||||||||||||||||||||||||||||
of changes in non-performance risk | 1,511 | (5) | (20) | 4,823 | 158 | 12 | |||||||||||||||||||||||||||||
Issuances | 8 | – | – | 12 | – | (3) | |||||||||||||||||||||||||||||
Attributed fees collected | 1,497 | 32 | 6 | 1,571 | 32 | 6 | |||||||||||||||||||||||||||||
Benefit payments | (64) | – | – | (63) | – | – | |||||||||||||||||||||||||||||
Effect of changes in interest rates | (110) | (24) | 5 | (9,346) | (232) | (55) | |||||||||||||||||||||||||||||
Effect of changes in equity markets | (3,167) | (12) | (13) | 4,293 | 12 | 18 | |||||||||||||||||||||||||||||
Effect of changes in equity index volatility | (593) | 9 | (3) | (225) | 14 | (1) | |||||||||||||||||||||||||||||
In-force updates and other changes in MRBs (1) | 136 | 5 | 1 | 661 | 10 | 3 | |||||||||||||||||||||||||||||
Effect of assumption review: | |||||||||||||||||||||||||||||||||||
Effect of changes in future expected | |||||||||||||||||||||||||||||||||||
policyholder behavior | (33) | 70 | – | (158) | 1 | – | |||||||||||||||||||||||||||||
Effect of changes in other future expected | |||||||||||||||||||||||||||||||||||
assumptions (2) | (66) | 15 | (2) | (57) | – | – | |||||||||||||||||||||||||||||
Balance as of end-of-year, before the effect of | |||||||||||||||||||||||||||||||||||
changes in non-performance risk | (881) | 90 | (26) | 1,511 | (5) | (20) | |||||||||||||||||||||||||||||
Effect of cumulative changes in | |||||||||||||||||||||||||||||||||||
non-performance risk | (1,299) | (58) | (4) | (2,173) | (40) | (2) | |||||||||||||||||||||||||||||
Balance as of end-of-year | (2,180) | 32 | (30) | (662) | (45) | (22) | |||||||||||||||||||||||||||||
Less: ceded MRB assets (liabilities) | (870) | – | (5) | 294 | – | – | |||||||||||||||||||||||||||||
Balance as of end-of-year, net of reinsurance | $ | (1,310) | $ | 32 | $ | (25) | $ | (956) | $ | (45) | $ | (22) | |||||||||||||||||||||||
Weighted-average age of policyholders (years) | 72 | 68 | 63 | 71 | 68 | 63 | |||||||||||||||||||||||||||||
Net amount at risk (3) | $ | 3,031 | $ | 203 | $ | 4 | $ | 7,974 | $ | 171 | $ | 15 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Mutual funds and collective investment trusts | $ | 157,578 | $ | 142,892 | |||||||
Exchange-traded funds | 350 | 258 | |||||||||
Fixed maturity AFS securities | 167 | 169 | |||||||||
Cash and invested cash | 25 | 98 | |||||||||
Other investments | 137 | 119 | |||||||||
Total separate account assets | $ | 158,257 | $ | 143,536 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Variable Annuities | $ | 113,356 | $ | 105,573 | |||||||
UL and Other | 25,150 | 20,920 | |||||||||
Retirement Plan Services | 19,699 | 16,996 | |||||||||
Other Operations (1) | 52 | 47 | |||||||||
Total separate account liabilities | $ | 158,257 | $ | 143,536 |
As of or For the Year Ended December 31, 2023 | As of or For the Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
Variable Annuities | UL and Other | Retirement Plan Services | Variable Annuities | UL and Other | Retirement Plan Services | ||||||||||||||||||||||||||||||
Balance as of beginning-of-year | $ | 105,573 | $ | 20,920 | $ | 16,996 | $ | 136,665 | $ | 24,785 | $ | 21,068 | |||||||||||||||||||||||
Gross deposits | 2,982 | 1,630 | 2,222 | 3,371 | 1,900 | 2,378 | |||||||||||||||||||||||||||||
Withdrawals | (10,177) | (313) | (2,527) | (9,238) | (454) | (2,378) | |||||||||||||||||||||||||||||
Policyholder assessments | (2,510) | (964) | (163) | (2,603) | (938) | (164) | |||||||||||||||||||||||||||||
Change in market performance | 16,870 | 3,973 | 3,221 | (23,194) | (4,371) | (3,710) | |||||||||||||||||||||||||||||
Net transfers from (to) general account | 618 | (96) | (50) | 572 | (2) | (198) | |||||||||||||||||||||||||||||
Balance as of end-of-year | $ | 113,356 | $ | 25,150 | $ | 19,699 | $ | 105,573 | $ | 20,920 | $ | 16,996 | |||||||||||||||||||||||
Cash surrender value | $ | 111,928 | $ | 22,760 | $ | 19,684 | $ | 103,987 | $ | 18,666 | $ | 16,982 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Variable Annuities | $ | 29,141 | $ | 22,184 | |||||||
Fixed Annuities | 25,330 | 23,338 | |||||||||
UL and Other | 36,784 | 37,258 | |||||||||
Retirement Plan Services | 23,784 | 25,138 | |||||||||
Other (1) | 5,277 | 6,054 | |||||||||
Total policyholder account balances | $ | 120,316 | $ | 113,972 |
As of or For the Year Ended December 31, 2023 | |||||||||||||||||||||||
Variable Annuities | Fixed Annuities | UL and Other | Retirement Plan Services | ||||||||||||||||||||
Balance as of beginning-of-year | $ | 22,184 | $ | 23,338 | $ | 37,258 | $ | 25,138 | |||||||||||||||
Gross deposits | 4,709 | 5,130 | 3,739 | 2,776 | |||||||||||||||||||
Withdrawals | (742) | (3,926) | (1,430) | (4,494) | |||||||||||||||||||
Policyholder assessments | (1) | (56) | (4,464) | (14) | |||||||||||||||||||
Net transfers from (to) separate account | (427) | – | 97 | (295) | |||||||||||||||||||
Interest credited | 548 | 642 | 1,463 | 673 | |||||||||||||||||||
Change in fair value of embedded derivative | |||||||||||||||||||||||
instruments | 2,870 | 202 | 121 | – | |||||||||||||||||||
Balance as of end-of-year | $ | 29,141 | $ | 25,330 | $ | 36,784 | $ | 23,784 | |||||||||||||||
Weighted-average crediting rate | 2.1 | % | 2.7 | % | 4.0 | % | 2.7 | % | |||||||||||||||
Net amount at risk (1)(2) | $ | 3,031 | $ | 203 | $ | 300,994 | $ | 4 | |||||||||||||||
Cash surrender value | 27,975 | 24,324 | 32,585 | 23,765 |
As of or For the Year Ended December 31, 2022 | |||||||||||||||||||||||
Variable Annuities | Fixed Annuities | UL and Other | Retirement Plan Services | ||||||||||||||||||||
Balance as of beginning-of-year | $ | 19,148 | $ | 22,522 | $ | 37,719 | $ | 23,579 | |||||||||||||||
Gross deposits | 5,178 | 3,284 | 3,905 | 4,012 | |||||||||||||||||||
Withdrawals | (417) | (2,511) | (1,215) | (3,579) | |||||||||||||||||||
Policyholder assessments | (2) | (51) | (4,446) | (13) | |||||||||||||||||||
Net transfers from (to) separate account | (492) | – | 2 | 510 | |||||||||||||||||||
Interest credited | 287 | 532 | 1,476 | 629 | |||||||||||||||||||
Change in fair value of embedded derivative | |||||||||||||||||||||||
instruments | (1,518) | (438) | (183) | – | |||||||||||||||||||
Balance as of end-of-year | $ | 22,184 | $ | 23,338 | $ | 37,258 | $ | 25,138 | |||||||||||||||
Weighted-average crediting rate | 1.4 | % | 2.4 | % | 3.9 | % | 2.6 | % | |||||||||||||||
Net amount at risk (1)(2) | $ | 7,974 | $ | 171 | $ | 302,481 | $ | 15 | |||||||||||||||
Cash surrender value | 21,147 | 22,502 | 33,130 | 25,133 |
As of December 31, 2023 | |||||||||||||||||||||||||||||||||||
At Guaranteed Minimum | 1-50 Basis Points Above | 51-100 Basis Points Above | 101-150 Basis Points Above | Greater Than 150 Basis Points Above | Total | ||||||||||||||||||||||||||||||
Range of Guaranteed | |||||||||||||||||||||||||||||||||||
Minimum Crediting Rate | |||||||||||||||||||||||||||||||||||
Variable Annuities | |||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||||||||||
1.01% - 2.00% | 5 | – | – | – | 7 | 12 | |||||||||||||||||||||||||||||
2.01% - 3.00% | 576 | – | – | – | – | 576 | |||||||||||||||||||||||||||||
3.01% - 4.00% | 1,370 | – | – | – | – | 1,370 | |||||||||||||||||||||||||||||
4.01% and above | 10 | – | – | – | – | 10 | |||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 27,173 | |||||||||||||||||||||||||||||
Total | $ | 1,961 | $ | – | $ | – | $ | – | $ | 7 | $ | 29,141 | |||||||||||||||||||||||
Fixed Annuities | |||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | 696 | $ | 511 | $ | 546 | $ | 505 | $ | 2,429 | $ | 4,687 | |||||||||||||||||||||||
1.01% - 2.00% | 426 | 97 | 235 | 527 | 3,081 | 4,366 | |||||||||||||||||||||||||||||
2.01% - 3.00% | 1,805 | 35 | 6 | – | 18 | 1,864 | |||||||||||||||||||||||||||||
3.01% - 4.00% | 903 | – | – | – | – | 903 | |||||||||||||||||||||||||||||
4.01% and above | 180 | – | – | – | – | 180 | |||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 13,330 | |||||||||||||||||||||||||||||
Total | $ | 4,010 | $ | 643 | $ | 787 | $ | 1,032 | $ | 5,528 | $ | 25,330 | |||||||||||||||||||||||
UL and Other | |||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | 275 | $ | – | $ | 195 | $ | 121 | $ | 352 | $ | 943 | |||||||||||||||||||||||
1.01% - 2.00% | 557 | – | – | – | 3,125 | 3,682 | |||||||||||||||||||||||||||||
2.01% - 3.00% | 6,925 | 11 | 148 | – | – | 7,084 | |||||||||||||||||||||||||||||
3.01% - 4.00% | 15,202 | – | 1 | – | – | 15,203 | |||||||||||||||||||||||||||||
4.01% and above | 3,730 | – | – | – | – | 3,730 | |||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 6,142 | |||||||||||||||||||||||||||||
Total | $ | 26,689 | $ | 11 | $ | 344 | $ | 121 | $ | 3,477 | $ | 36,784 | |||||||||||||||||||||||
Retirement Plan Services | |||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | 452 | $ | 569 | $ | 744 | $ | 4,904 | $ | 2,979 | $ | 9,648 | |||||||||||||||||||||||
1.01% - 2.00% | 550 | 2,065 | 1,575 | 832 | – | 5,022 | |||||||||||||||||||||||||||||
2.01% - 3.00% | 2,492 | – | – | – | – | 2,492 | |||||||||||||||||||||||||||||
3.01% - 4.00% | 5,012 | – | – | – | – | 5,012 | |||||||||||||||||||||||||||||
4.01% and above | 1,610 | – | – | – | – | 1,610 | |||||||||||||||||||||||||||||
Total | $ | 10,116 | $ | 2,634 | $ | 2,319 | $ | 5,736 | $ | 2,979 | $ | 23,784 |
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
At Guaranteed Minimum | 1-50 Basis Points Above | 51-100 Basis Points Above | 101-150 Basis Points Above | Greater Than 150 Basis Points Above | Total | ||||||||||||||||||||||||||||||
Range of Guaranteed | |||||||||||||||||||||||||||||||||||
Minimum Crediting Rate | |||||||||||||||||||||||||||||||||||
Variable Annuities | |||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||||||||||
1.01% - 2.00% | 4 | – | – | 8 | – | 12 | |||||||||||||||||||||||||||||
2.01% - 3.00% | 658 | – | – | – | – | 658 | |||||||||||||||||||||||||||||
3.01% - 4.00% | 1,545 | – | – | – | – | 1,545 | |||||||||||||||||||||||||||||
4.01% and above | 11 | – | – | – | – | 11 | |||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 19,958 | |||||||||||||||||||||||||||||
Total | $ | 2,218 | $ | – | $ | – | $ | 8 | $ | – | $ | 22,184 | |||||||||||||||||||||||
Fixed Annuities | |||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | 891 | $ | 497 | $ | 589 | $ | 563 | $ | 1,329 | $ | 3,869 | |||||||||||||||||||||||
1.01% - 2.00% | 544 | 144 | 179 | 492 | 1,057 | 2,416 | |||||||||||||||||||||||||||||
2.01% - 3.00% | 1,973 | 5 | 1 | – | – | 1,979 | |||||||||||||||||||||||||||||
3.01% - 4.00% | 1,326 | – | – | – | – | 1,326 | |||||||||||||||||||||||||||||
4.01% and above | 193 | – | – | – | – | 193 | |||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 13,555 | |||||||||||||||||||||||||||||
Total | $ | 4,927 | $ | 646 | $ | 769 | $ | 1,055 | $ | 2,386 | $ | 23,338 | |||||||||||||||||||||||
UL and Other | |||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | 318 | $ | – | $ | 194 | $ | 29 | $ | 292 | $ | 833 | |||||||||||||||||||||||
1.01% - 2.00% | 558 | – | – | – | 3,282 | 3,840 | |||||||||||||||||||||||||||||
2.01% - 3.00% | 7,218 | 156 | – | – | – | 7,374 | |||||||||||||||||||||||||||||
3.01% - 4.00% | 15,858 | – | 1 | – | – | 15,859 | |||||||||||||||||||||||||||||
4.01% and above | 3,824 | – | – | – | – | 3,824 | |||||||||||||||||||||||||||||
Other (1) | – | – | – | – | – | 5,528 | |||||||||||||||||||||||||||||
Total | $ | 27,776 | $ | 156 | $ | 195 | $ | 29 | $ | 3,574 | $ | 37,258 | |||||||||||||||||||||||
Retirement Plan Services | |||||||||||||||||||||||||||||||||||
Up to 1.00% | $ | 961 | $ | 1,001 | $ | 4,304 | $ | 1,703 | $ | 1,908 | $ | 9,877 | |||||||||||||||||||||||
1.01% - 2.00% | 1,774 | 2,197 | 982 | 462 | – | 5,415 | |||||||||||||||||||||||||||||
2.01% - 3.00% | 2,711 | 1 | – | – | – | 2,712 | |||||||||||||||||||||||||||||
3.01% - 4.00% | 5,622 | 1 | – | – | – | 5,623 | |||||||||||||||||||||||||||||
4.01% and above | 1,511 | – | – | – | – | 1,511 | |||||||||||||||||||||||||||||
Total | $ | 12,579 | $ | 3,200 | $ | 5,286 | $ | 2,165 | $ | 1,908 | $ | 25,138 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Payout Annuities (1) | $ | 2,084 | $ | 2,003 | |||||||
Traditional Life (1) | 3,553 | 3,190 | |||||||||
Group Protection (2) | 5,689 | 5,462 | |||||||||
UL and Other (3) | 15,752 | 14,777 | |||||||||
Other Operations (4) | 9,753 | 9,651 | |||||||||
Other (5) | 3,343 | 3,219 | |||||||||
Total future contract benefits | $ | 40,174 | $ | 38,302 |
As of or For the Year Ended December 31, 2023 | As of or For the Year Ended December 31, 2022 | ||||||||||||||||||||||
Payout Annuities | Traditional Life | Payout Annuities | Traditional Life | ||||||||||||||||||||
Present Value of Expected Net Premiums | |||||||||||||||||||||||
Balance as of beginning-of-year | $ | – | $ | 5,896 | $ | – | $ | 6,610 | |||||||||||||||
Less: Effect of cumulative changes in discount | |||||||||||||||||||||||
rate assumptions | – | (584) | – | 843 | |||||||||||||||||||
Beginning balance at original discount rate | – | 6,480 | – | 5,767 | |||||||||||||||||||
Effect of changes in cash flow assumptions | – | (5) | – | (382) | |||||||||||||||||||
Effect of actual variances from expected experience | – | (275) | – | (21) | |||||||||||||||||||
Adjusted balance as of beginning-of-year | – | 6,200 | – | 5,364 | |||||||||||||||||||
Issuances | – | 580 | – | 1,655 | |||||||||||||||||||
Interest accrual | – | 236 | – | 209 | |||||||||||||||||||
Net premiums collected | – | (784) | – | (742) | |||||||||||||||||||
Flooring impact of LFPB | – | 4 | – | (6) | |||||||||||||||||||
Ending balance at original discount rate | – | 6,236 | – | 6,480 | |||||||||||||||||||
Effect of cumulative changes in discount rate assumptions | – | (152) | – | (584) | |||||||||||||||||||
Balance as of end-of-year | $ | – | $ | 6,084 | $ | – | $ | 5,896 | |||||||||||||||
Present Value of Expected LFPB | |||||||||||||||||||||||
Balance as of beginning-of-year | $ | 2,003 | $ | 9,086 | $ | 2,511 | $ | 10,353 | |||||||||||||||
Less: Effect of cumulative changes in discount | |||||||||||||||||||||||
rate assumptions | (263) | (793) | 266 | 1,460 | |||||||||||||||||||
Beginning balance at original discount rate (1) | 2,266 | 9,879 | 2,245 | 8,893 | |||||||||||||||||||
Effect of changes in cash flow assumptions | – | (21) | – | (321) | |||||||||||||||||||
Effect of actual variances from expected experience | 1 | (305) | 3 | (5) | |||||||||||||||||||
Adjusted balance as of beginning-of-year | 2,267 | 9,553 | 2,248 | 8,567 | |||||||||||||||||||
Issuances | 109 | 580 | 122 | 1,655 | |||||||||||||||||||
Interest accrual | 86 | 364 | 84 | 326 | |||||||||||||||||||
Benefit payments | (191) | (658) | (188) | (669) | |||||||||||||||||||
Ending balance at original discount rate (1) | 2,271 | 9,839 | 2,266 | 9,879 | |||||||||||||||||||
Effect of cumulative changes in discount rate assumptions | (187) | (202) | (263) | (793) | |||||||||||||||||||
Balance as of end-of-year | $ | 2,084 | $ | 9,637 | $ | 2,003 | $ | 9,086 | |||||||||||||||
Net balance as of end-of-year | $ | 2,084 | $ | 3,553 | $ | 2,003 | $ | 3,190 | |||||||||||||||
Less: reinsurance recoverables (2) | 1,627 | 255 | 10 | 270 | |||||||||||||||||||
Net balance as of end-of-year, net of reinsurance | $ | 457 | $ | 3,298 | $ | 1,993 | $ | 2,920 | |||||||||||||||
Weighted-average duration of future policyholder | |||||||||||||||||||||||
benefit liability (years) | 9 | 10 | 9 | 11 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Undiscounted | Discounted | Undiscounted | Discounted | ||||||||||||||||||||
Payout Annuities | |||||||||||||||||||||||
Expected future gross premiums | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
Expected future benefit payments | 3,481 | 2,084 | 3,471 | 2,003 | |||||||||||||||||||
Traditional Life | |||||||||||||||||||||||
Expected future gross premiums | 13,406 | 9,341 | 13,166 | 8,887 | |||||||||||||||||||
Expected future benefit payments | 13,404 | 9,637 | 13,026 | 9,086 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Payout Annuities | |||||||||||||||||
Gross premiums | $ | 116 | $ | 133 | $ | 95 | |||||||||||
Interest accretion | 86 | 84 | 84 | ||||||||||||||
Traditional Life | |||||||||||||||||
Gross premiums | 1,183 | 1,136 | 1,022 | ||||||||||||||
Interest accretion | 128 | 117 | 113 |
For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Payout Annuities | |||||||||||
Interest accretion rate | 3.9 | % | 3.9 | % | |||||||
Current discount rate | 4.9 | % | 5.3 | % | |||||||
Traditional Life | |||||||||||
Interest accretion rate | 5.0 | % | 5.0 | % | |||||||
Current discount rate | 4.7 | % | 5.1 | % |
Group Protection | |||||||||||
As of or For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Balance as of beginning-of-year | $ | 5,462 | $ | 5,936 | |||||||
Less: Effect of cumulative changes in discount | |||||||||||
rate assumptions | (597) | 262 | |||||||||
Beginning balance at original discount rate | 6,059 | 5,674 | |||||||||
Effect of changes in cash flow assumptions | (27) | 15 | |||||||||
Effect of actual variances from expected | |||||||||||
experience | (261) | (117) | |||||||||
Adjusted beginning-of-year balance | 5,771 | 5,572 | |||||||||
New incidence | 1,702 | 1,777 | |||||||||
Interest | 159 | 141 | |||||||||
Benefit payments | (1,453) | (1,431) | |||||||||
Ending balance at original discount rate | 6,179 | 6,059 | |||||||||
Effect of cumulative changes in discount | |||||||||||
rate assumptions | (490) | (597) | |||||||||
Balance as of end-of-year | 5,689 | 5,462 | |||||||||
Less: reinsurance recoverables | 123 | 127 | |||||||||
Balance as of end-of-year, net of reinsurance | $ | 5,566 | $ | 5,335 | |||||||
Weighted-average duration of liability for future | |||||||||||
claims (years) | 5 | 4 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Undiscounted | Discounted | Undiscounted | Discounted | ||||||||||||||||||||
Group Protection | |||||||||||||||||||||||
Expected future benefit payments | $ | 7,250 | $ | 6,179 | $ | 7,063 | $ | 6,059 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Group Protection | |||||||||||||||||
Gross premiums | $ | 3,549 | $ | 3,393 | $ | 3,145 | |||||||||||
Interest accretion | 159 | 141 | 145 |
For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Group Protection | |||||||||||
Interest accretion rate | 3.0 | % | 2.8 | % | |||||||
Current discount rate | 4.7 | % | 5.1 | % |
UL and Other | |||||||||||
As of or For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Balance as of beginning-of-year | $ | 14,777 | $ | 12,513 | |||||||
Less: Effect of cumulative changes in shadow | |||||||||||
balance in AOCI | (905) | 1,113 | |||||||||
Balance as of beginning-of-year, excluding | |||||||||||
shadow balance in AOCI | 15,682 | 11,400 | |||||||||
Effect of changes in cash flow assumptions | 165 | 3,108 | |||||||||
Effect of actual variances from expected | |||||||||||
experience | (77) | 195 | |||||||||
Adjusted beginning-of-year balance | 15,770 | 14,703 | |||||||||
Issuances | – | 7 | |||||||||
Interest accrual | 765 | 626 | |||||||||
Net assessments collected | 658 | 974 | |||||||||
Benefit payments | (588) | (628) | |||||||||
Balance as of end-of-year, excluding | |||||||||||
shadow balance in AOCI | 16,605 | 15,682 | |||||||||
Effect of cumulative changes in shadow | |||||||||||
balance in AOCI | (853) | (905) | |||||||||
Balance as of end-of-year | 15,752 | 14,777 | |||||||||
Less: reinsurance recoverables (1) | 9,505 | 1,975 | |||||||||
Balance as of end-of-year, net of reinsurance | $ | 6,247 | $ | 12,802 | |||||||
Weighted-average duration of additional liabilities | |||||||||||
for other insurance benefits (years) | 17 | 17 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
UL and Other | |||||||||||||||||
Gross assessments | $ | 1,221 | $ | 2,818 | $ | 3,150 | |||||||||||
Interest accretion | 765 | 626 | 498 |
For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
UL and Other | |||||||||||
Interest accretion rate | 5.3 | % | 5.0 | % |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Short-Term Debt | |||||||||||
Current maturities of long-term debt | $ | 50 | $ | — | |||||||
Short-term debt (1) | 790 | 562 | |||||||||
Total short-term debt | $ | 840 | $ | 562 | |||||||
Long-Term Debt, Excluding Current Portion | |||||||||||
9.76% surplus note, due 2024 | $ | — | $ | 50 | |||||||
6.03% surplus note, due 2028 | 750 | 750 | |||||||||
6.56% surplus note, due 2028 | 500 | 500 | |||||||||
SOFR + 111 bps surplus note, due 2028 | 71 | 71 | |||||||||
SOFR + 226 bps surplus note, due 2028 | 544 | 568 | |||||||||
SOFR + 200 bps surplus note, due 2035 | 30 | 30 | |||||||||
SOFR + 155 bps surplus note, due 2037 | 25 | 25 | |||||||||
4.20% surplus note, due 2037 | 50 | 50 | |||||||||
SOFR + 100 bps surplus note, due 2037 | 154 | 154 | |||||||||
4.225% surplus note, due 2037 | 28 | 28 | |||||||||
4.00% surplus note, due 2037 | 30 | 30 | |||||||||
4.50% surplus note, due 2038 | 13 | 13 | |||||||||
Total long-term debt | $ | 2,195 | $ | 2,269 | |||||||
2024 | $ | 50 | |||
2025 | – | ||||
2026 | – | ||||
2027 | – | ||||
2028 | 1,865 | ||||
Thereafter | 330 | ||||
Total | $ | 2,245 |
As of December 31, 2023 | |||||||||||||||||
Expiration Date | Maximum Available | LOCs Issued | |||||||||||||||
Credit Facilities | |||||||||||||||||
Five-year revolving credit facility | December 21, 2028 | $ | 2,000 | $ | 116 | ||||||||||||
LOC facility (1) | August 26, 2031 | 976 | 917 | ||||||||||||||
LOC facility (1) | October 1, 2031 | 859 | 859 | ||||||||||||||
Total | $ | 3,835 | $ | 1,892 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Fixed maturity AFS securities | $ | 82,300 | $ | 82,300 | $ | 99,465 | $ | 99,465 | |||||||||||||||
Trading securities | 2,321 | 2,321 | 3,446 | 3,446 | |||||||||||||||||||
Equity securities | 306 | 306 | 427 | 427 | |||||||||||||||||||
Mortgage loans on real estate | 18,873 | 17,330 | 18,211 | 16,477 | |||||||||||||||||||
Derivative investments | 6,305 | 6,305 | 3,519 | 3,519 | |||||||||||||||||||
Other investments | 4,757 | 4,757 | 3,577 | 3,577 | |||||||||||||||||||
Cash and invested cash | 3,193 | 3,193 | 2,499 | 2,499 | |||||||||||||||||||
MRB assets | 3,894 | 3,894 | 2,807 | 2,807 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Ceded MRBs | 274 | 274 | 540 | 540 | |||||||||||||||||||
Indexed annuity ceded embedded derivatives | 940 | 940 | 525 | 525 | |||||||||||||||||||
LPR ceded derivative | 206 | 206 | 212 | 212 | |||||||||||||||||||
Separate account assets | 158,257 | 158,257 | 143,536 | 143,536 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Policyholder account balances: | |||||||||||||||||||||||
Account balances of certain investment contracts | (44,615) | (34,020) | (43,550) | (34,251) | |||||||||||||||||||
RILA, fixed annuity and IUL contracts | (9,077) | (9,077) | (4,783) | (4,783) | |||||||||||||||||||
Funds withheld reinsurance liabilities – reinsurance-related | |||||||||||||||||||||||
embedded derivatives | 493 | 493 | 681 | 681 | |||||||||||||||||||
MRB liabilities | (1,716) | (1,716) | (2,078) | (2,078) | |||||||||||||||||||
Short-term debt | (840) | (841) | (562) | (562) | |||||||||||||||||||
Long-term debt | (2,195) | (2,125) | (2,269) | (2,166) | |||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Ceded MRBs | (1,149) | (1,149) | (246) | (246) | |||||||||||||||||||
Derivative liabilities | (356) | (356) | (254) | (254) | |||||||||||||||||||
Remaining guaranteed interest and similar contracts | (411) | (411) | (574) | (574) |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Fair value | $ | 288 | $ | 487 | |||||||
Aggregate contractual principal | 326 | 514 |
As of December 31, 2023 | |||||||||||||||||||||||
Quoted | |||||||||||||||||||||||
Prices | |||||||||||||||||||||||
in Active | |||||||||||||||||||||||
Markets for | Significant | Significant | |||||||||||||||||||||
Identical | Observable | Unobservable | Total | ||||||||||||||||||||
Assets | Inputs | Inputs | Fair | ||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Value | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Investments: | |||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||
Corporate bonds | $ | – | $ | 57,397 | $ | 6,469 | $ | 63,866 | |||||||||||||||
U.S. government bonds | 373 | 20 | – | 393 | |||||||||||||||||||
State and municipal bonds | – | 2,537 | 5 | 2,542 | |||||||||||||||||||
Foreign government bonds | – | 278 | – | 278 | |||||||||||||||||||
RMBS | – | 1,589 | 13 | 1,602 | |||||||||||||||||||
CMBS | – | 1,336 | 8 | 1,344 | |||||||||||||||||||
ABS | – | 10,559 | 1,484 | 12,043 | |||||||||||||||||||
Hybrid and redeemable preferred securities | 46 | 138 | 48 | 232 | |||||||||||||||||||
Trading securities | – | 2,037 | 284 | 2,321 | |||||||||||||||||||
Equity securities | 1 | 263 | 42 | 306 | |||||||||||||||||||
Mortgage loans on real estate | – | – | 288 | 288 | |||||||||||||||||||
Derivative investments (1) | – | 10,705 | 622 | 11,327 | |||||||||||||||||||
Other investments – short-term investments | – | 233 | – | 233 | |||||||||||||||||||
Cash and invested cash | – | 3,193 | – | 3,193 | |||||||||||||||||||
MRB assets | – | – | 3,894 | 3,894 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Ceded MRBs | – | – | 274 | 274 | |||||||||||||||||||
Indexed annuity ceded embedded derivatives | – | – | 940 | 940 | |||||||||||||||||||
LPR ceded derivative | – | – | 206 | 206 | |||||||||||||||||||
Separate account assets | 402 | 157,855 | – | 158,257 | |||||||||||||||||||
Total assets | $ | 822 | $ | 248,140 | $ | 14,577 | $ | 263,539 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Policyholder account balances – RILA, fixed annuity | |||||||||||||||||||||||
and IUL contracts | $ | – | $ | – | $ | (9,077) | $ | (9,077) | |||||||||||||||
Funds withheld reinsurance liabilities – | |||||||||||||||||||||||
reinsurance-related embedded derivatives | – | 493 | – | 493 | |||||||||||||||||||
MRB liabilities | – | – | (1,716) | (1,716) | |||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Ceded MRBs | – | – | (1,149) | (1,149) | |||||||||||||||||||
Derivative liabilities (1) | – | (4,792) | (586) | (5,378) | |||||||||||||||||||
Total liabilities | $ | – | $ | (4,299) | $ | (12,528) | $ | (16,827) |
As of December 31, 2022 | |||||||||||||||||||||||
Quoted | |||||||||||||||||||||||
Prices | |||||||||||||||||||||||
in Active | |||||||||||||||||||||||
Markets for | Significant | Significant | |||||||||||||||||||||
Identical | Observable | Unobservable | Total | ||||||||||||||||||||
Assets | Inputs | Inputs | Fair | ||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Value | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Investments: | |||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||
Corporate bonds | $ | – | $ | 73,980 | $ | 5,186 | $ | 79,166 | |||||||||||||||
U.S. government bonds | 332 | 19 | – | 351 | |||||||||||||||||||
State and municipal bonds | – | 4,850 | 35 | 4,885 | |||||||||||||||||||
Foreign government bonds | – | 311 | – | 311 | |||||||||||||||||||
RMBS | – | 1,835 | 1 | 1,836 | |||||||||||||||||||
CMBS | – | 1,667 | – | 1,667 | |||||||||||||||||||
ABS | – | 9,782 | 1,117 | 10,899 | |||||||||||||||||||
Hybrid and redeemable preferred securities | 40 | 261 | 49 | 350 | |||||||||||||||||||
Trading securities | – | 2,865 | 581 | 3,446 | |||||||||||||||||||
Equity securities | – | 274 | 153 | 427 | |||||||||||||||||||
Mortgage loans on real estate | – | – | 487 | 487 | |||||||||||||||||||
Derivative investments (1) | – | 5,929 | 605 | 6,534 | |||||||||||||||||||
Other investments – short-term investments | – | 30 | – | 30 | |||||||||||||||||||
Cash and invested cash | – | 2,499 | – | 2,499 | |||||||||||||||||||
MRB assets | – | – | 2,807 | 2,807 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Ceded MRBs | – | – | 540 | 540 | |||||||||||||||||||
Indexed annuity ceded embedded derivatives | – | – | 525 | 525 | |||||||||||||||||||
LPR ceded derivative | – | – | 212 | 212 | |||||||||||||||||||
Separate account assets | 412 | 143,124 | – | 143,536 | |||||||||||||||||||
Total assets | $ | 784 | $ | 247,426 | $ | 12,298 | $ | 260,508 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Policyholder account balances – indexed annuity | |||||||||||||||||||||||
and IUL contracts embedded derivatives | $ | – | $ | – | $ | (4,783) | $ | (4,783) | |||||||||||||||
Funds withheld reinsurance liabilities – | |||||||||||||||||||||||
reinsurance-related embedded derivatives | – | 681 | – | 681 | |||||||||||||||||||
MRB liabilities | – | – | (2,078) | (2,078) | |||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Ceded MRBs | – | – | (246) | (246) | |||||||||||||||||||
Derivative liabilities (1) | – | (2,666) | (603) | (3,269) | |||||||||||||||||||
Total liabilities | $ | – | $ | (1,985) | $ | (7,710) | $ | (9,695) |
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Gains | Issuances, | Transfers | |||||||||||||||||||||||||||||||||
Items | (Losses) | Sales, | Into or | ||||||||||||||||||||||||||||||||
Included | in | Maturities, | Out | ||||||||||||||||||||||||||||||||
Beginning | in | OCI | Settlements, | of | Ending | ||||||||||||||||||||||||||||||
Fair | Net | and | Calls, | Level 3, | Fair | ||||||||||||||||||||||||||||||
Value | Income | Other(1) | Net | Net | Value | ||||||||||||||||||||||||||||||
Investments: (2) | |||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 5,186 | $ | (17) | $ | 28 | $ | 1,284 | $ | (12) | $ | 6,469 | |||||||||||||||||||||||
State and municipal bonds | 35 | (4) | 4 | (30) | – | 5 | |||||||||||||||||||||||||||||
RMBS | 1 | – | – | 5 | 7 | 13 | |||||||||||||||||||||||||||||
CMBS | – | – | – | (4) | 12 | 8 | |||||||||||||||||||||||||||||
ABS | 1,117 | – | 9 | 733 | (375) | 1,484 | |||||||||||||||||||||||||||||
Hybrid and redeemable preferred | |||||||||||||||||||||||||||||||||||
securities | 49 | – | (2) | (2) | 3 | 48 | |||||||||||||||||||||||||||||
Trading securities | 581 | 17 | – | (313) | (1) | 284 | |||||||||||||||||||||||||||||
Equity securities | 153 | (19) | – | (98) | 6 | 42 | |||||||||||||||||||||||||||||
Mortgage loans on real estate | 487 | (7) | 5 | (197) | – | 288 | |||||||||||||||||||||||||||||
Derivative investments | 2 | (13) | – | 16 | 31 | 36 | |||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Ceded MRBs (3) | 540 | (266) | – | – | – | 274 | |||||||||||||||||||||||||||||
Indexed annuity ceded embedded | |||||||||||||||||||||||||||||||||||
derivatives (4) | 525 | 6 | – | 409 | – | 940 | |||||||||||||||||||||||||||||
LPR ceded derivative (5) | 212 | (6) | – | – | – | 206 | |||||||||||||||||||||||||||||
Policyholder account balances – | |||||||||||||||||||||||||||||||||||
RILA, fixed annuity and IUL | |||||||||||||||||||||||||||||||||||
contracts (4) | (4,783) | (3,193) | – | (1,101) | – | (9,077) | |||||||||||||||||||||||||||||
Other liabilities – ceded MRBs (3) | (246) | (903) | – | – | – | (1,149) | |||||||||||||||||||||||||||||
Total, net | $ | 3,859 | $ | (4,405) | $ | 44 | $ | 702 | $ | (329) | $ | (129) |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Gains | Issuances, | Transfers | |||||||||||||||||||||||||||||||||
Items | (Losses) | Sales, | Into or | ||||||||||||||||||||||||||||||||
Included | in | Maturities, | Out | ||||||||||||||||||||||||||||||||
Beginning | in | OCI | Settlements, | of | Ending | ||||||||||||||||||||||||||||||
Fair | Net | and | Calls, | Level 3, | Fair | ||||||||||||||||||||||||||||||
Value | Income | Other(1) | Net | Net | Value | ||||||||||||||||||||||||||||||
Investments: (2) | |||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 8,801 | $ | 1 | $ | (1,542) | $ | 592 | $ | (2,666) | $ | 5,186 | |||||||||||||||||||||||
State and municipal bonds | – | – | (1) | – | 36 | 35 | |||||||||||||||||||||||||||||
Foreign government bonds | 41 | – | (6) | (30) | (5) | – | |||||||||||||||||||||||||||||
RMBS | 3 | – | 1 | 21 | (24) | 1 | |||||||||||||||||||||||||||||
CMBS | – | – | – | 17 | (17) | – | |||||||||||||||||||||||||||||
ABS | 870 | – | (113) | 676 | (316) | 1,117 | |||||||||||||||||||||||||||||
Hybrid and redeemable preferred | |||||||||||||||||||||||||||||||||||
securities | 90 | (4) | (21) | (12) | (4) | 49 | |||||||||||||||||||||||||||||
Trading securities | 828 | (80) | – | (152) | (15) | 581 | |||||||||||||||||||||||||||||
Equity securities | 91 | 52 | – | 25 | (15) | 153 | |||||||||||||||||||||||||||||
Mortgage loans on real estate | 739 | (20) | (5) | (227) | – | 487 | |||||||||||||||||||||||||||||
Derivative investments | 21 | 2 | (6) | – | (15) | 2 | |||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Ceded MRBs (3) | 4,114 | (3,574) | – | – | – | 540 | |||||||||||||||||||||||||||||
Indexed annuity ceded embedded | |||||||||||||||||||||||||||||||||||
derivatives (4) | 528 | (215) | – | 212 | – | 525 | |||||||||||||||||||||||||||||
LPR ceded derivative (5) | 318 | (106) | – | – | – | 212 | |||||||||||||||||||||||||||||
Policyholder account balances – indexed | |||||||||||||||||||||||||||||||||||
annuity and IUL contracts embedded | |||||||||||||||||||||||||||||||||||
derivatives (4) | (6,131) | 1,975 | – | (627) | – | (4,783) | |||||||||||||||||||||||||||||
Other liabilities – ceded MRBs (3) | (17) | (229) | – | – | – | (246) | |||||||||||||||||||||||||||||
Total, net | $ | 10,296 | $ | (2,198) | $ | (1,693) | $ | 495 | $ | (3,041) | $ | 3,859 |
For the Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Gains | Issuances, | Transfers | |||||||||||||||||||||||||||||||||
Items | (Losses) | Sales, | Into or | ||||||||||||||||||||||||||||||||
Included | in | Maturities, | Out | ||||||||||||||||||||||||||||||||
Beginning | in | OCI | Settlements, | of | Ending | ||||||||||||||||||||||||||||||
Fair | Net | and | Calls, | Level 3, | Fair | ||||||||||||||||||||||||||||||
Value | Income | Other(1) | Net | Net | Value | ||||||||||||||||||||||||||||||
Investments: (2) | |||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 7,761 | $ | 3 | $ | (182) | $ | 1,189 | $ | 30 | $ | 8,801 | |||||||||||||||||||||||
U.S. government bonds | 5 | – | – | (5) | – | – | |||||||||||||||||||||||||||||
Foreign government bonds | 74 | – | (11) | 80 | (102) | 41 | |||||||||||||||||||||||||||||
RMBS | 2 | – | – | 2 | (1) | 3 | |||||||||||||||||||||||||||||
CMBS | 1 | (1) | – | 8 | (8) | – | |||||||||||||||||||||||||||||
ABS | 570 | 1 | (9) | 602 | (294) | 870 | |||||||||||||||||||||||||||||
Hybrid and redeemable preferred | |||||||||||||||||||||||||||||||||||
securities | 103 | – | 25 | (38) | – | 90 | |||||||||||||||||||||||||||||
Trading securities | 643 | (3) | – | 210 | (22) | 828 | |||||||||||||||||||||||||||||
Equity securities | 57 | 38 | – | (4) | – | 91 | |||||||||||||||||||||||||||||
Mortgage loans on real estate | 832 | 11 | 5 | (109) | – | 739 | |||||||||||||||||||||||||||||
Derivative investments | 1,542 | 1,255 | (3) | (139) | (2,634) | 21 | |||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||||
Ceded MRBs (3) | 6,539 | (2,425) | – | – | – | 4,114 | |||||||||||||||||||||||||||||
Indexed annuity ceded embedded | |||||||||||||||||||||||||||||||||||
derivatives (4) | 550 | 87 | – | (109) | – | 528 | |||||||||||||||||||||||||||||
LPR ceded derivative (5) | – | – | – | – | 318 | 318 | |||||||||||||||||||||||||||||
Policyholder account balances – indexed | |||||||||||||||||||||||||||||||||||
annuity and IUL contracts embedded | |||||||||||||||||||||||||||||||||||
derivatives (4) | (3,594) | (2,709) | – | 172 | – | (6,131) | |||||||||||||||||||||||||||||
Other liabilities – ceded MRBs (3) | – | (17) | – | – | – | (17) | |||||||||||||||||||||||||||||
Total, net | $ | 15,085 | $ | (3,760) | $ | (175) | $ | 1,859 | $ | (2,713) | $ | 10,296 |
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Issuances | Sales | Maturities | Settlements | Calls | Total | ||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 2,035 | $ | (334) | $ | (34) | $ | (372) | $ | (11) | $ | 1,284 | |||||||||||||||||||||||
State and municipal bonds | – | (30) | – | – | – | (30) | |||||||||||||||||||||||||||||
RMBS | 5 | – | – | – | – | 5 | |||||||||||||||||||||||||||||
CMBS | – | – | – | (4) | – | (4) | |||||||||||||||||||||||||||||
ABS | 971 | (2) | – | (230) | (6) | 733 | |||||||||||||||||||||||||||||
Hybrid and redeemable preferred | |||||||||||||||||||||||||||||||||||
securities | – | – | – | – | (2) | (2) | |||||||||||||||||||||||||||||
Trading securities | – | (231) | – | (82) | – | (313) | |||||||||||||||||||||||||||||
Equity securities | 1 | (99) | – | – | – | (98) | |||||||||||||||||||||||||||||
Mortgage loans on real estate | 5 | – | – | (202) | – | (197) | |||||||||||||||||||||||||||||
Derivative investments | 19 | – | (3) | – | – | 16 | |||||||||||||||||||||||||||||
Other assets – indexed annuity ceded | |||||||||||||||||||||||||||||||||||
embedded derivatives | 404 | – | – | 5 | – | 409 | |||||||||||||||||||||||||||||
Policyholder account balances – | |||||||||||||||||||||||||||||||||||
RILA, fixed annuity and IUL | |||||||||||||||||||||||||||||||||||
contracts | (1,113) | – | – | 12 | – | (1,101) | |||||||||||||||||||||||||||||
Total, net | $ | 2,327 | $ | (696) | $ | (37) | $ | (873) | $ | (19) | $ | 702 |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Issuances | Sales | Maturities | Settlements | Calls | Total | ||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 1,335 | $ | (398) | $ | (81) | $ | (231) | $ | (33) | $ | 592 | |||||||||||||||||||||||
Foreign government bonds | – | – | (30) | – | – | (30) | |||||||||||||||||||||||||||||
RMBS | 21 | – | – | – | – | 21 | |||||||||||||||||||||||||||||
CMBS | 17 | – | – | – | – | 17 | |||||||||||||||||||||||||||||
ABS | 918 | – | – | (235) | (7) | 676 | |||||||||||||||||||||||||||||
Hybrid and redeemable preferred | |||||||||||||||||||||||||||||||||||
securities | – | – | – | – | (12) | (12) | |||||||||||||||||||||||||||||
Trading securities | 287 | (229) | – | (210) | – | (152) | |||||||||||||||||||||||||||||
Equity securities | 34 | (9) | – | – | – | 25 | |||||||||||||||||||||||||||||
Mortgage loans on real estate | 15 | – | – | (242) | – | (227) | |||||||||||||||||||||||||||||
Other assets – indexed annuity ceded | |||||||||||||||||||||||||||||||||||
embedded derivatives | 124 | – | – | 88 | – | 212 | |||||||||||||||||||||||||||||
Policyholder account balances – indexed | |||||||||||||||||||||||||||||||||||
annuity and IUL contracts embedded | |||||||||||||||||||||||||||||||||||
derivatives | (710) | – | – | 83 | – | (627) | |||||||||||||||||||||||||||||
Total, net | $ | 2,041 | $ | (636) | $ | (111) | $ | (747) | $ | (52) | $ | 495 |
For the Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Issuances | Sales | Maturities | Settlements | Calls | Total | ||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 1,861 | $ | (110) | $ | (109) | $ | (423) | $ | (30) | $ | 1,189 | |||||||||||||||||||||||
U.S. government bonds | – | – | (5) | – | – | (5) | |||||||||||||||||||||||||||||
Foreign government bonds | 80 | – | – | – | – | 80 | |||||||||||||||||||||||||||||
RMBS | 2 | – | – | – | – | 2 | |||||||||||||||||||||||||||||
CMBS | 8 | – | – | – | – | 8 | |||||||||||||||||||||||||||||
ABS | 835 | – | – | (233) | – | 602 | |||||||||||||||||||||||||||||
Hybrid and redeemable preferred | |||||||||||||||||||||||||||||||||||
securities | 12 | (20) | – | – | (30) | (38) | |||||||||||||||||||||||||||||
Trading securities | 383 | (25) | – | (148) | – | 210 | |||||||||||||||||||||||||||||
Equity securities | 6 | (10) | – | – | – | (4) | |||||||||||||||||||||||||||||
Mortgage loans on real estate | 96 | (101) | (26) | (78) | – | (109) | |||||||||||||||||||||||||||||
Derivative investments | 174 | (124) | (189) | – | – | (139) | |||||||||||||||||||||||||||||
Other assets – indexed annuity ceded | |||||||||||||||||||||||||||||||||||
embedded derivatives | 55 | – | – | (164) | – | (109) | |||||||||||||||||||||||||||||
Policyholder account balances – indexed | |||||||||||||||||||||||||||||||||||
annuity and IUL contracts embedded | |||||||||||||||||||||||||||||||||||
derivatives | (400) | – | – | 572 | – | 172 | |||||||||||||||||||||||||||||
Total, net | 3,112 | (390) | (329) | (474) | (60) | 1,859 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Trading securities (1) | $ | 8 | $ | (81) | $ | 4 | |||||||||||
Equity securities (1) | (16) | 54 | 40 | ||||||||||||||
Mortgage loans on real estate (1) | (8) | (20) | 12 | ||||||||||||||
Derivative investments (1) | 1 | 2 | 1,051 | ||||||||||||||
MRBs (2) | 1,071 | (359) | 1,530 | ||||||||||||||
Other assets – LPR ceded derivative (3) | (6) | (106) | – | ||||||||||||||
Embedded derivatives - indexed annuity | |||||||||||||||||
and IUL contracts (1) | (20) | (95) | 44 | ||||||||||||||
Total, net | $ | 1,030 | $ | (605) | $ | 2,681 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||
Corporate bonds | $ | 7 | $ | (1,553) | $ | (183) | |||||||||||
State and municipal bonds | 3 | (1) | – | ||||||||||||||
Foreign government bonds | – | (7) | (10) | ||||||||||||||
ABS | 3 | (115) | (9) | ||||||||||||||
Hybrid and redeemable preferred | |||||||||||||||||
securities | (1) | (21) | 26 | ||||||||||||||
Mortgage loans on real estate | 4 | (5) | 4 | ||||||||||||||
Total, net | $ | 16 | $ | (1,702) | $ | (172) |
For the Year Ended December 31, 2023 | |||||||||||||||||
Transfers | Transfers | ||||||||||||||||
Into | Out of | ||||||||||||||||
Level 3 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||
Corporate bonds | $ | 194 | $ | (206) | $ | (12) | |||||||||||
RMBS | 12 | (5) | 7 | ||||||||||||||
CMBS | 12 | – | 12 | ||||||||||||||
ABS | 2 | (377) | (375) | ||||||||||||||
Hybrid and redeemable preferred securities | 16 | (13) | 3 | ||||||||||||||
Trading securities | 6 | (7) | (1) | ||||||||||||||
Equity securities | 6 | – | 6 | ||||||||||||||
Derivative investments | 31 | – | 31 | ||||||||||||||
Total, net | $ | 279 | $ | (608) | $ | (329) |
For the Year Ended December 31, 2022 | |||||||||||||||||
Transfers | Transfers | ||||||||||||||||
Into | Out of | ||||||||||||||||
Level 3 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||
Corporate bonds | $ | 296 | $ | (2,962) | $ | (2,666) | |||||||||||
State and municipal bonds | 36 | – | 36 | ||||||||||||||
Foreign government bonds | – | (5) | (5) | ||||||||||||||
RMBS | – | (24) | (24) | ||||||||||||||
CMBS | – | (17) | (17) | ||||||||||||||
ABS | 16 | (332) | (316) | ||||||||||||||
Hybrid and redeemable preferred securities | – | (4) | (4) | ||||||||||||||
Trading securities | 4 | (19) | (15) | ||||||||||||||
Equity securities | – | (15) | (15) | ||||||||||||||
Derivative investments | – | (15) | (15) | ||||||||||||||
Total, net | $ | 352 | $ | (3,393) | $ | (3,041) |
For the Year Ended December 31, 2021 | |||||||||||||||||
Transfers | Transfers | ||||||||||||||||
Into | Out of | ||||||||||||||||
Level 3 | Level 3 | Total | |||||||||||||||
Investments: | |||||||||||||||||
Fixed maturity AFS securities: | |||||||||||||||||
Corporate bonds | $ | 164 | $ | (134) | $ | 30 | |||||||||||
Foreign government bonds | – | (102) | (102) | ||||||||||||||
RMBS | – | (1) | (1) | ||||||||||||||
CMBS | – | (8) | (8) | ||||||||||||||
ABS | 36 | (330) | (294) | ||||||||||||||
Trading securities | 12 | (34) | (22) | ||||||||||||||
Derivative investments | 24 | (2,658) | (2,634) | ||||||||||||||
Other assets – LPR ceded derivative | 318 | – | 318 | ||||||||||||||
Total, net | $ | 554 | $ | (3,267) | $ | (2,713) |
Weighted | |||||||||||||||||||||||||||||||||||||||||
Fair | Valuation | Significant | Assumption or | Average Input | |||||||||||||||||||||||||||||||||||||
Value | Technique | Unobservable Inputs | Input Ranges | Range (1) | |||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS and | |||||||||||||||||||||||||||||||||||||||||
trading securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 183 | Discounted cash flow | Liquidity/duration adjustment (2) | (0.2) | % | – | 3.7 | % | 2.1 | % | ||||||||||||||||||||||||||||||
State and municipal | |||||||||||||||||||||||||||||||||||||||||
bonds | 5 | Discounted cash flow | Liquidity/duration adjustment (2) | 0.9 | % | – | 2.2 | % | 2.1 | % | |||||||||||||||||||||||||||||||
CMBS | 8 | Discounted cash flow | Liquidity/duration adjustment (2) | 2.3 | % | – | 2.3 | % | 2.3 | % | |||||||||||||||||||||||||||||||
ABS | 12 | Discounted cash flow | Liquidity/duration adjustment (2) | 1.8 | % | – | 1.8 | % | 1.8 | % | |||||||||||||||||||||||||||||||
Hybrid and redeemable | |||||||||||||||||||||||||||||||||||||||||
preferred securities | 7 | Discounted cash flow | Liquidity/duration adjustment (2) | 1.4 | % | – | 1.5 | % | 1.5 | % | |||||||||||||||||||||||||||||||
Equity securities | 5 | Discounted cash flow | Liquidity/duration adjustment (2) | 4.5 | % | – | 4.5 | % | 4.5 | % | |||||||||||||||||||||||||||||||
MRB assets | 3,894 | ||||||||||||||||||||||||||||||||||||||||
Other assets – ceded MRBs | 274 | Discounted cash flow | Lapse (3) | 1 | % | – | 30 | % | (10) | ||||||||||||||||||||||||||||||||
Utilization of GLB withdrawals (4) | 85 | % | – | 100 | % | 94 | % | ||||||||||||||||||||||||||||||||||
Claims utilization factor (5) | 60 | % | – | 100 | % | (10) | |||||||||||||||||||||||||||||||||||
Premiums utilization factor (5) | 80 | % | – | 115 | % | (10) | |||||||||||||||||||||||||||||||||||
Non-performance risk (6) | 0.51 | % | – | 2.13 | % | 1.78 | % | ||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||
Volatility (8) | 1 | % | – | 29 | % | 13.92 | % | ||||||||||||||||||||||||||||||||||
Other assets – indexed | |||||||||||||||||||||||||||||||||||||||||
annuity ceded embedded | |||||||||||||||||||||||||||||||||||||||||
derivatives | 940 | Discounted cash flow | Lapse (3) | 0 % | – | 9 | % | (10) | |||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||
Other assets – LPR ceded | |||||||||||||||||||||||||||||||||||||||||
derivative | 206 | Discounted cash flow | Lapse (3) | 0.1 | % | – | 2.00 | % | (10) | ||||||||||||||||||||||||||||||||
Non-performance risk (6) | 0.51 | % | – | 2.13 | % | 1.58 | % | ||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Policyholder account | |||||||||||||||||||||||||||||||||||||||||
balances – indexed annuity | |||||||||||||||||||||||||||||||||||||||||
contracts embedded | |||||||||||||||||||||||||||||||||||||||||
derivatives | $ | (9,013) | Discounted cash flow | Lapse (3) | 0 % | – | 9 | % | (10) | ||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||
MRB liabilities | (1,716) | ||||||||||||||||||||||||||||||||||||||||
Other liabilities – ceded | |||||||||||||||||||||||||||||||||||||||||
MRBs | (1,149) | Discounted cash flow | Lapse (3) | 1 | % | – | 30 | % | (10) | ||||||||||||||||||||||||||||||||
Utilization of GLB withdrawals (4) | 85 | % | – | 100 | % | 94 | % | ||||||||||||||||||||||||||||||||||
Claims utilization factor (5) | 60 | % | – | 100 | % | (10) | |||||||||||||||||||||||||||||||||||
Premiums utilization factor (5) | 80 | % | – | 115 | % | (10) | |||||||||||||||||||||||||||||||||||
Non-performance risk (6) | 0.51 | % | – | 2.13 | % | 1.78 | % | ||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||
Volatility (8) | 1 | % | – | 29 | % | 13.92 | % |
Weighted | |||||||||||||||||||||||||||||||||||||||||
Fair | Valuation | Significant | Assumption or | Average Input | |||||||||||||||||||||||||||||||||||||
Value | Technique | Unobservable Inputs | Input Ranges | Range (1) | |||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity AFS and | |||||||||||||||||||||||||||||||||||||||||
trading securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 201 | Discounted cash flow | Liquidity/duration adjustment (2) | (0.2) | % | – | 4.2 | % | 2.1 | % | ||||||||||||||||||||||||||||||
State and municipal | |||||||||||||||||||||||||||||||||||||||||
bonds | 35 | Discounted cash flow | Liquidity/duration adjustment (2) | 1.2 | % | – | 2.4 | % | 2.3 | % | |||||||||||||||||||||||||||||||
ABS | 15 | Discounted cash flow | Liquidity/duration adjustment (2) | 1.4 | % | – | 1.4 | % | 1.4 | % | |||||||||||||||||||||||||||||||
Hybrid and redeemable | |||||||||||||||||||||||||||||||||||||||||
preferred securities | 3 | Discounted cash flow | Liquidity/duration adjustment (2) | 1.5 | % | – | 1.5 | % | 1.5 | % | |||||||||||||||||||||||||||||||
Equity securities | 4 | Discounted cash flow | Liquidity/duration adjustment (2) | 4.5 | % | – | 4.5 | % | 4.5 | % | |||||||||||||||||||||||||||||||
MRB assets | 2,807 | ||||||||||||||||||||||||||||||||||||||||
Other assets – ceded MRBs | 540 | Discounted cash flow | Lapse (3) | 1 | % | – | 30 | % | (10) | ||||||||||||||||||||||||||||||||
Utilization of GLB withdrawals (4) | 85 | % | – | 100 | % | 94 | % | ||||||||||||||||||||||||||||||||||
Claims utilization factor (5) | 60 | % | – | 100 | % | (10) | |||||||||||||||||||||||||||||||||||
Premiums utilization factor (5) | 80 | % | – | 115 | % | (10) | |||||||||||||||||||||||||||||||||||
Non-performance risk (6) | 0.35 | % | – | 2.41 | % | 1.73 | % | ||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||
Volatility (8) | 1 | % | – | 28 | % | 14.47 | % | ||||||||||||||||||||||||||||||||||
Other assets – indexed | |||||||||||||||||||||||||||||||||||||||||
annuity ceded embedded | |||||||||||||||||||||||||||||||||||||||||
derivatives | 525 | Discounted cash flow | Lapse (3) | 0 % | – | 9 | % | (10) | |||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||
Other assets – LPR ceded | |||||||||||||||||||||||||||||||||||||||||
derivative | 212 | Discounted cash flow | Lapse (3) | 0 % | – | 1.55 | % | (10) | |||||||||||||||||||||||||||||||||
Non-performance risk (6) | 0.35 | % | – | 2.41 | % | 1.75 | % | ||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Policyholder account | |||||||||||||||||||||||||||||||||||||||||
balances – indexed annuity | |||||||||||||||||||||||||||||||||||||||||
contracts embedded | |||||||||||||||||||||||||||||||||||||||||
derivatives | $ | (4,845) | Discounted cash flow | Lapse (3) | 0 % | – | 9 | % | (10) | ||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||
MRB liabilities | (2,078) | ||||||||||||||||||||||||||||||||||||||||
Other liabilities – ceded | |||||||||||||||||||||||||||||||||||||||||
MRBs | (246) | Discounted cash flow | Lapse (3) | 1 | % | – | 30 | % | (10) | ||||||||||||||||||||||||||||||||
Utilization of GLB withdrawals (4) | 85 | % | – | 100 | % | 94 | % | ||||||||||||||||||||||||||||||||||
Claims utilization factor (5) | 60 | % | – | 100 | % | (10) | |||||||||||||||||||||||||||||||||||
Premiums utilization factor (5) | 80 | % | – | 115 | % | (10) | |||||||||||||||||||||||||||||||||||
Non-performance risk (6) | 0.35 | % | – | 2.41 | % | 1.73 | % | ||||||||||||||||||||||||||||||||||
Mortality (7) | (9) | (10) | |||||||||||||||||||||||||||||||||||||||
Volatility (8) | 1 | % | – | 28 | % | 14.47 | % |
As of or For the Years Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Other Postretirement | |||||||||||||||||||||||
Pension Plans | Benefit Plans | ||||||||||||||||||||||
Fair value of plan assets | $ | 71 | $ | 77 | $ | 10 | $ | 9 | |||||||||||||||
Projected benefit obligation | 77 | 82 | 6 | 6 | |||||||||||||||||||
Funded status | $ | (6) | $ | (5) | $ | 4 | $ | 3 | |||||||||||||||
Amounts Recognized on the | |||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||
Other assets | $ | – | $ | – | $ | 4 | $ | 3 | |||||||||||||||
Other liabilities | (6) | (5) | – | – | |||||||||||||||||||
Net amount recognized | $ | (6) | $ | (5) | $ | 4 | $ | 3 | |||||||||||||||
Weighted-Average Assumptions | |||||||||||||||||||||||
Benefit obligations: | |||||||||||||||||||||||
Weighted-average discount rate | 5.44% | 5.66% | 5.45% | 5.70% | |||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||
Weighted-average discount rate | 5.62% | 3.07% | 5.70% | 3.73% | |||||||||||||||||||
Expected return on plan assets | 6.00% | 5.00% | 6.50% | 6.50% |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Fixed maturity securities: | |||||||||||
Corporate bonds | $ | 23 | $ | 33 | |||||||
U.S. government bonds | 22 | 17 | |||||||||
CMBS | 2 | 2 | |||||||||
Common stock | 21 | 22 | |||||||||
Cash and invested cash | 3 | 3 | |||||||||
Other investments | 10 | 9 | |||||||||
Total | $ | 81 | $ | 86 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Total liabilities (1) | $ | 695 | $ | 623 | |||||||
Investments dedicated to fund liabilities (2) | 233 | 206 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Stock options | $ | 7 | $ | 6 | $ | 8 | |||||||||||
Performance shares | 12 | 9 | 17 | ||||||||||||||
RSUs | 40 | 33 | 33 | ||||||||||||||
Total | $ | 59 | $ | 48 | $ | 58 | |||||||||||
Recognized tax benefit | $ | 9 | $ | 11 | $ | 12 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Amortization of finance lease assets (1) | $ | 9 | $ | 23 | $ | 38 | |||||||||||
Interest on finance lease liabilities (2) | 5 | 4 | 3 | ||||||||||||||
Total | $ | 14 | $ | 27 | $ | 41 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Supplemental Cash Flow Information | |||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||
Operating cash flows from operating leases | $ | 41 | $ | 47 | $ | 40 | |||||||||||
Financing cash flows from finance leases | 83 | 74 | 62 | ||||||||||||||
Supplemental Non-Cash Information | |||||||||||||||||
ROU assets obtained in exchange for new lease obligations: | |||||||||||||||||
Operating leases | $ | – | $ | 6 | $ | 8 |
Operating Leases | Finance Leases | ||||||||||
2024 | $ | 34 | $ | 18 | |||||||
2025 | 26 | 7 | |||||||||
2026 | 22 | 4 | |||||||||
2027 | 15 | – | |||||||||
2028 | 8 | – | |||||||||
Thereafter | 7 | – | |||||||||
Total future minimum lease payments | 112 | 29 | |||||||||
Less: Amount representing interest | 23 | 2 | |||||||||
Present value of minimum lease payments | $ | 89 | $ | 27 |
2024 | $ | 152 | |||
2025 | 172 | ||||
2026 | 224 | ||||
2027 | 127 | ||||
2028 | 10 | ||||
Thereafter | 6 | ||||
Total future minimum lease payments | 691 | ||||
Less: Amount representing interest | 96 | ||||
Present value of minimum lease payments | $ | 595 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments | |||||||||||||||||
Balance as of beginning-of-year | $ | (8,526) | $ | 9,153 | $ | 8,993 | |||||||||||
Cumulative effect from adoption of new accounting standards | – | – | 3,584 | ||||||||||||||
Unrealized holding gains (losses) arising during the year | 2,122 | (24,475) | (4,478) | ||||||||||||||
Change in foreign currency exchange rate adjustment | 178 | (321) | (143) | ||||||||||||||
Change in future contract benefits and policyholder account balances, net of reinsurance | 638 | 2,292 | 893 | ||||||||||||||
Income tax benefit (expense) | (650) | 4,815 | 797 | ||||||||||||||
Less: | |||||||||||||||||
Reclassification adjustment for gains (losses) included in net income (loss) | (3,425) | (13) | 624 | ||||||||||||||
Income tax benefit (expense) | 719 | 3 | (131) | ||||||||||||||
Balance as of end-of-year | $ | (3,532) | $ | (8,526) | $ | 9,153 | |||||||||||
Unrealized Gain (Loss) on Derivative Instruments | |||||||||||||||||
Balance as of beginning-of-year | $ | 301 | $ | 258 | $ | 42 | |||||||||||
Cumulative effect from adoption of new accounting standard | – | – | 25 | ||||||||||||||
Unrealized holding gains (losses) arising during the year | 162 | (154) | 141 | ||||||||||||||
Change in foreign currency exchange rate adjustment | (169) | 312 | 152 | ||||||||||||||
Income tax benefit (expense) | 2 | (34) | (63) | ||||||||||||||
Less: | |||||||||||||||||
Reclassification adjustment for gains (losses) included in net income (loss) | 60 | 103 | 49 | ||||||||||||||
Income tax benefit (expense) | (13) | (22) | (10) | ||||||||||||||
Balance as of end-of-year | $ | 249 | $ | 301 | $ | 258 | |||||||||||
Market Risk Benefit Non-Performance Risk Gain (Loss) | |||||||||||||||||
Balance as of beginning-of-year | $ | 1,739 | $ | 1,951 | $ | – | |||||||||||
Cumulative effect from adoption of new accounting standard | – | – | 2,874 | ||||||||||||||
Adjustment arising during the year | (854) | (267) | (1,174) | ||||||||||||||
Income tax benefit (expense) | 184 | 55 | 251 | ||||||||||||||
Balance as of end-of-year | $ | 1,069 | $ | 1,739 | $ | 1,951 | |||||||||||
Policyholder Liability Discount Rate Remeasurement Gain (Loss) | |||||||||||||||||
Balance as of beginning-of-year | $ | 790 | $ | (1,101) | $ | – | |||||||||||
Cumulative effect from adoption of new accounting standard | – | – | (1,661) | ||||||||||||||
Adjustment arising during the year | (187) | 2,406 | 711 | ||||||||||||||
Income tax benefit (expense) | 42 | (515) | (151) | ||||||||||||||
Balance as of end-of-year | $ | 645 | $ | 790 | $ | (1,101) | |||||||||||
Funded Status of Employee Benefit Plans | |||||||||||||||||
Balance as of beginning-of-year | $ | (17) | $ | (11) | $ | (14) | |||||||||||
Adjustment arising during the year | 1 | (6) | 4 | ||||||||||||||
Income tax benefit (expense) | – | – | (1) | ||||||||||||||
Balance as of end-of-year | $ | (16) | $ | (17) | $ | (11) |
For the Years Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||
Unrealized Gain (Loss) on Fixed Maturity AFS | |||||||||||||||||||||||
Securities and Certain Other Investments | |||||||||||||||||||||||
Reclassification | $ | (4,014) | $ | (13) | $ | 624 | Realized gain (loss) | ||||||||||||||||
Associated change in future contract benefits | 589 | – | – | Benefits | |||||||||||||||||||
Reclassification before income | |||||||||||||||||||||||
tax benefit (expense) | (3,425) | (13) | 624 | Income (loss) before taxes | |||||||||||||||||||
Income tax benefit (expense) | 719 | 3 | (131) | Federal income tax expense (benefit) | |||||||||||||||||||
Reclassification, net of income tax | $ | (2,706) | $ | (10) | $ | 493 | Net income (loss) | ||||||||||||||||
Unrealized Gain (Loss) on Derivative Instruments | |||||||||||||||||||||||
Interest rate contracts | $ | (1) | $ | 2 | $ | 3 | Net investment income | ||||||||||||||||
Foreign currency contracts | 54 | 62 | 48 | Net investment income | |||||||||||||||||||
Foreign currency contracts | 7 | 39 | (2) | Realized gain (loss) | |||||||||||||||||||
Reclassifications before income | |||||||||||||||||||||||
tax benefit (expense) | 60 | 103 | 49 | Income (loss) before taxes | |||||||||||||||||||
Income tax benefit (expense) | (13) | (22) | (10) | Federal income tax expense (benefit) | |||||||||||||||||||
Reclassifications, net of income tax | $ | 47 | $ | 81 | $ | 39 | Net income (loss) |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Revenues | |||||||||||||||||
Operating revenues: | |||||||||||||||||
Annuities (1) | $ | 2,625 | $ | 4,102 | $ | 4,258 | |||||||||||
Life Insurance | 6,362 | 6,344 | 6,938 | ||||||||||||||
Group Protection | 5,560 | 5,303 | 4,994 | ||||||||||||||
Retirement Plan Services | 1,290 | 1,257 | 1,306 | ||||||||||||||
Other Operations (1) | (778) | 133 | 158 | ||||||||||||||
Revenue adjustments from annuity and life insurance product features | 99 | 872 | 818 | ||||||||||||||
Credit loss-related adjustments | (74) | (129) | 109 | ||||||||||||||
Investment gains (losses) | (4,080) | 19 | 654 | ||||||||||||||
Changes in the fair value of reinsurance-related embedded derivatives, | |||||||||||||||||
trading securities and certain mortgage loans | (22) | 588 | 165 | ||||||||||||||
GLB rider fees ceded to LNBAR | (923) | (932) | (888) | ||||||||||||||
Total revenues (1) | $ | 10,059 | $ | 17,557 | $ | 18,512 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net Income (Loss) | |||||||||||||||||
Income (loss) from operations: | |||||||||||||||||
Annuities | $ | 840 | $ | 948 | $ | 1,089 | |||||||||||
Life Insurance | (126) | (1,933) | 497 | ||||||||||||||
Group Protection | 297 | 40 | (165) | ||||||||||||||
Retirement Plan Services | 155 | 198 | 235 | ||||||||||||||
Other Operations | (356) | (374) | (244) | ||||||||||||||
Net annuity product features, after-tax | 1,295 | 416 | 1,866 | ||||||||||||||
Net life insurance product features, after-tax | 148 | 21 | (1) | ||||||||||||||
Credit loss-related adjustments, after-tax | (58) | (102) | 86 | ||||||||||||||
Investment gains (losses), after-tax | (3,210) | 15 | 516 | ||||||||||||||
Changes in the fair value of reinsurance-related embedded derivatives, | |||||||||||||||||
trading securities and certain mortgage loans, after-tax | (18) | 465 | 130 | ||||||||||||||
GLB rider fees ceded to LNBAR, after-tax | (728) | (735) | (701) | ||||||||||||||
Impairment of intangibles | – | (634) | – | ||||||||||||||
Transaction and integration costs related to mergers, | |||||||||||||||||
acquisitions and divestitures, after-tax (2) | (27) | – | (11) | ||||||||||||||
Net income (loss) | $ | (1,788) | $ | (1,675) | $ | 3,297 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net Investment Income | |||||||||||||||||
Annuities | $ | 1,744 | $ | 1,387 | $ | 1,314 | |||||||||||
Life Insurance | 2,515 | 2,464 | 3,054 | ||||||||||||||
Group Protection | 336 | 333 | 364 | ||||||||||||||
Retirement Plan Services | 999 | 966 | 982 | ||||||||||||||
Other Operations | 118 | 124 | 125 | ||||||||||||||
Total net investment income | $ | 5,712 | $ | 5,274 | $ | 5,839 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Federal Income Tax Expense (Benefit) | |||||||||||||||||
Annuities | $ | 79 | $ | 128 | $ | 189 | |||||||||||
Life Insurance | (62) | (544) | 112 | ||||||||||||||
Group Protection | 79 | 11 | (44) | ||||||||||||||
Retirement Plan Services | 25 | 32 | 48 | ||||||||||||||
Other Operations | (102) | (84) | (70) | ||||||||||||||
Net annuity product features | 344 | 112 | 496 | ||||||||||||||
Net life insurance product features | 39 | 5 | – | ||||||||||||||
Credit loss-related adjustments | (16) | (27) | 20 | ||||||||||||||
Investment gains (losses) | (853) | 4 | 140 | ||||||||||||||
Changes in the fair value of reinsurance-related embedded derivatives, | |||||||||||||||||
trading securities and certain mortgage loans | (5) | 123 | 35 | ||||||||||||||
GLB rider fees ceded to LNBAR | (194) | (197) | (186) | ||||||||||||||
Transaction and integration costs related to mergers, | |||||||||||||||||
acquisitions and divestitures | (7) | – | (3) | ||||||||||||||
Total federal income tax expense (benefit) | (673) | (437) | 737 |
As of December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Assets | ||||||||||||||
Annuities | $ | 186,716 | $ | 165,643 | ||||||||||
Life Insurance | 107,529 | 97,373 | ||||||||||||
Group Protection | 9,741 | 9,830 | ||||||||||||
Retirement Plan Services | 46,969 | 42,275 | ||||||||||||
Other Operations | 23,021 | 20,461 | ||||||||||||
Total assets | $ | 373,976 | $ | 335,582 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Fixed maturity AFS securities: (1) | |||||||||||||||||
Gross gains | $ | 627 | $ | 37 | $ | 660 | |||||||||||
Gross losses | (428) | (50) | (36) | ||||||||||||||
Credit loss benefit (expense) (2) | (21) | (14) | (11) | ||||||||||||||
Intent to sell impairments | (4,213) | – | – | ||||||||||||||
Realized gain (loss) on equity securities (3) | (6) | 12 | 41 | ||||||||||||||
Credit loss benefit (expense) on mortgage loans on real estate | (16) | (3) | 111 | ||||||||||||||
Credit loss benefit (expense) on reinsurance-related assets (4) | (35) | (112) | 7 | ||||||||||||||
Realized gain (loss) on the mark-to-market on certain instruments (5)(6) | (509) | 683 | 169 | ||||||||||||||
Indexed product derivative results (7) | (232) | 74 | 22 | ||||||||||||||
GLB rider fees ceded to LNBAR and attributed fees | (112) | (168) | (91) | ||||||||||||||
Other realized gain (loss) | 11 | (41) | (13) | ||||||||||||||
Total realized gain (loss) | $ | (4,934) | $ | 418 | $ | 859 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Commissions | $ | 2,082 | $ | 2,201 | $ | 2,227 | |||||||||||
General and administrative expenses | 2,427 | 2,200 | 2,187 | ||||||||||||||
DAC and VOBA deferrals, net of amortization | (171) | (346) | (321) | ||||||||||||||
Broker-dealer expenses | 444 | 419 | 441 | ||||||||||||||
Taxes, licenses and fees | 333 | 344 | 358 | ||||||||||||||
Expenses associated with reserve financing and LOCs | 58 | 60 | 57 | ||||||||||||||
Specifically identifiable intangible asset amortization | 37 | 37 | 37 | ||||||||||||||
Other amortization | 5 | 12 | 11 | ||||||||||||||
Transaction and integration costs related to mergers, acquisitions and divestitures | 34 | – | 14 | ||||||||||||||
Total | $ | 5,249 | $ | 4,927 | $ | 5,011 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Current | $ | (255) | $ | (24) | $ | 20 | |||||||||||
Deferred | (418) | (413) | 717 | ||||||||||||||
Federal income tax expense (benefit) | $ | (673) | $ | (437) | $ | 737 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Income (loss) before taxes | $ | (2,461) | $ | (2,112) | $ | 4,034 | |||||||||||
Federal statutory rate | 21% | 21% | 21% | ||||||||||||||
Federal income tax expense (benefit) at federal statutory rate | (517) | (444) | 847 | ||||||||||||||
Effect of: | |||||||||||||||||
Tax-preferred investment income (1) | (126) | (90) | (88) | ||||||||||||||
Tax credits | (40) | (42) | (26) | ||||||||||||||
Excess tax expense (benefit) from stock-based compensation | 3 | (1) | – | ||||||||||||||
Goodwill impairment | – | 133 | – | ||||||||||||||
Other items | 7 | 7 | 4 | ||||||||||||||
Federal income tax expense (benefit) | $ | (673) | $ | (437) | $ | 737 | |||||||||||
Effective tax rate | 27% | 21% | 18% |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Current | $ | 546 | $ | 353 | |||||||
Deferred | 49 | 734 | |||||||||
Total federal income tax asset (liability) | $ | 595 | $ | 1,087 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Deferred Tax Assets | |||||||||||
Insurance liabilities and reinsurance-related balances | $ | 322 | $ | 231 | |||||||
Compensation and benefit plans | 175 | 152 | |||||||||
Intangibles | 18 | 21 | |||||||||
Net unrealized loss on fixed maturity AFS securities | 1,246 | 2,161 | |||||||||
Net unrealized loss on trading securities | 33 | 70 | |||||||||
Investment activity | 91 | 296 | |||||||||
Tax credits | 103 | – | |||||||||
Net operating losses | 87 | 278 | |||||||||
Capital losses | 93 | – | |||||||||
Deferred gain on reinsurance | 400 | 30 | |||||||||
Total deferred tax assets | $ | 2,568 | $ | 3,239 | |||||||
Deferred Tax Liabilities | |||||||||||
DAC and VOBA | $ | 1,906 | $ | 1,769 | |||||||
Reinsurance-related embedded derivative assets | 104 | 143 | |||||||||
MRB-related activity | 286 | 228 | |||||||||
Other | 223 | 365 | |||||||||
Total deferred tax liabilities | $ | 2,519 | $ | 2,505 | |||||||
Net deferred tax asset (liability) | $ | 49 | $ | 734 |
For the Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Balance as of beginning-of-year | $ | 59 | $ | 64 | |||||||
Decreases for prior year tax positions | (6) | (6) | |||||||||
Increases for prior year tax positions | 23 | 1 | |||||||||
Balance as of end-of-year | $ | 76 | $ | 59 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
U.S. capital and surplus | $ | 8,026 | $ | 8,507 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
U.S. net gain (loss) from operations, after-tax | $ | (2,495) | $ | 1,708 | $ | (1,285) | |||||||||||
U.S. net income (loss) | (2,924) | 1,965 | (569) | ||||||||||||||
U.S. dividends to LNC holding company | 495 | 645 | 1,910 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
State Prescribed Practices | |||||||||||
Calculation of reserves using the Indiana universal life method | $ | (1) | $ | 3 | |||||||
Conservative valuation rate on certain annuities | (1) | (36) | |||||||||
Calculation of reserves using continuous CARVM | (1) | (1) | |||||||||
Conservative Reg 213 reserves on variable annuity and individual life contracts | (31) | (37) | |||||||||
State Permitted Practice | |||||||||||
Derivative instruments and equity indexed reserves | (170) | 14 | |||||||||
Assets in group fixed annuity contracts held at general account balances | 332 | 436 | |||||||||
Vermont Subsidiaries Permitted Practices | |||||||||||
Lesser of LOC and XXX additional reserve as surplus | 1,776 | 1,838 | |||||||||
LLC notes and variable value surplus notes | 1,444 | 1,547 | |||||||||
Excess of loss reinsurance agreements | 563 | 549 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net cash paid (received) for: | |||||||||||||||||
Interest | $ | 187 | $ | 126 | $ | 115 | |||||||||||
Income taxes | (110) | (61) | 29 | ||||||||||||||
Non-cash transactions: | |||||||||||||||||
Net increase (decrease) in fixed maturity AFS securities, other | |||||||||||||||||
investments and accrued investment income in connection with | |||||||||||||||||
reinsurance transactions | (20,264) | 54 | (3,700) | ||||||||||||||
Establishment of funds withheld liability in connection with | |||||||||||||||||
a reinsurance transaction | (49) | – | – |
As of December 31, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Assets with affiliates: | |||||||||||||||||
Inter-company notes | $ | 1,063 | $ | 1,216 | Fixed maturity AFS securities | ||||||||||||
Assumed reinsurance contracts | 1 | – | Policy Loans | ||||||||||||||
Deferred acquisition costs, value of business | |||||||||||||||||
Assumed/ceded reinsurance contracts | (131) | (138) | acquired and deferred sales inducements | ||||||||||||||
Accrued inter-company interest receivable | 16 | 13 | Accrued investment income | ||||||||||||||
Reinsurance recoverables, net of allowance | |||||||||||||||||
Ceded reinsurance contracts | 15,563 | 2,187 | for credit losses | ||||||||||||||
Ceded reinsurance contracts | 642 | 899 | Other assets | ||||||||||||||
Cash management agreement | 857 | 124 | Other assets | ||||||||||||||
Service agreement receivable | 41 | 6 | Other assets | ||||||||||||||
Liabilities with affiliates: | |||||||||||||||||
Assumed reinsurance contracts | 18 | 17 | Future contract benefits | ||||||||||||||
Assumed reinsurance contracts | 352 | 361 | Policyholder account balances | ||||||||||||||
Inter-company short-term debt | 840 | 562 | Short-term debt | ||||||||||||||
Inter-company long-term debt | 2,195 | 2,269 | Long-term debt | ||||||||||||||
Ceded reinsurance contracts | 5,862 | 2,517 | Funds withheld reinsurance liabilities | ||||||||||||||
Ceded reinsurance contracts | 897 | (31) | Other liabilities | ||||||||||||||
Accrued inter-company interest payable | 18 | 15 | Other liabilities | ||||||||||||||
Service agreement payable | 37 | 41 | Other liabilities | ||||||||||||||
Assumed/ceded reinsurance contracts | 4,387 | 158 | Other liabilities | ||||||||||||||
Equity with affiliates: | |||||||||||||||||
Accumulated other comprehensive income – | 774 | 55 | Accumulated other comprehensive | ||||||||||||||
assumed/ceded | income (loss) |
For the Years Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||
Revenues with affiliates: | |||||||||||||||||||||||
Premiums received on assumed (paid on ceded) | |||||||||||||||||||||||
reinsurance contracts | $ | (498) | $ | (421) | $ | (468) | Insurance premiums | ||||||||||||||||
Fees for management of general account | (156) | (140) | (138) | Net investment income | |||||||||||||||||||
Net investment income on ceded funds | |||||||||||||||||||||||
withheld treaties | (238) | (161) | (113) | Net investment income | |||||||||||||||||||
Net investment income on inter-company notes | 65 | 40 | 29 | Net investment income | |||||||||||||||||||
Realized gains (losses) on ceded reinsurance | |||||||||||||||||||||||
contracts: | |||||||||||||||||||||||
Other gains (losses) | (9) | 631 | 94 | Realized gain (loss) | |||||||||||||||||||
Reinsurance-related settlements | 1,717 | (1,068) | 1,626 | Realized gain (loss) | |||||||||||||||||||
Amortization of deferred gain (loss) on reinsurance | Amortization of deferred gain | ||||||||||||||||||||||
contracts | 17 | 3 | 3 | (loss) on business sold | |||||||||||||||||||
through reinsurance | |||||||||||||||||||||||
Other revenues | (171) | – | – | Other revenues | |||||||||||||||||||
Benefits and expenses with affiliates: | |||||||||||||||||||||||
Reinsurance (recoveries) benefits on ceded | |||||||||||||||||||||||
reinsurance | (507) | (247) | (430) | Benefits | |||||||||||||||||||
Interest credited on assumed reinsurance contracts | 12 | 47 | 48 | Interest credited | |||||||||||||||||||
Market risk benefit (gain) loss | |||||||||||||||||||||||
on ceded reinsurance contracts | 1,129 | 3,543 | 2,199 | Market risk benefit (gain) loss | |||||||||||||||||||
Policyholder liability remeasurement (gain) loss | Policyholder liability remeasurement | ||||||||||||||||||||||
on ceded reinsurance contracts | – | (321) | 64 | (gain) loss | |||||||||||||||||||
Ceded reinsurance contracts | (13) | (26) | (7) | Commissions and other expenses | |||||||||||||||||||
Service agreement payments (receipts) | (17) | (53) | (29) | Commissions and other expenses | |||||||||||||||||||
Interest expense on inter-company debt | 148 | 120 | 107 | Interest and debt expense |
Lincoln National Variable Annuity Account L
L-1
Lincoln National Variable Annuity Account L
Statements of assets and liabilities
December 31, 2023
Subaccount |
Investments |
Total Assets |
Net Assets |
||||||||||||
AB VPS Large Cap Growth Portfolio - Class B |
$ |
3,692,031 |
$ |
3,692,031 |
$ |
3,692,031 |
|||||||||
AB VPS Sustainable Global Thematic Portfolio - Class B |
1,945,602 |
1,945,602 |
1,945,602 |
||||||||||||
American Century VP Balanced Fund - Class I |
10,592,422 |
10,592,422 |
10,592,422 |
||||||||||||
American Funds Global Growth Fund - Class 2 |
6,856,672 |
6,856,672 |
6,856,672 |
||||||||||||
American Funds Growth Fund - Class 2 |
38,279,627 |
38,279,627 |
38,279,627 |
||||||||||||
American Funds Growth-Income Fund - Class 2 |
15,517,795 |
15,517,795 |
15,517,795 |
||||||||||||
American Funds International Fund - Class 2 |
5,398,175 |
5,398,175 |
5,398,175 |
||||||||||||
Delaware VIP® Small Cap Value Series - Service Class |
6,679,858 |
6,679,858 |
6,679,858 |
||||||||||||
DWS Alternative Asset Allocation VIP Portfolio - Class A |
224,215 |
224,215 |
224,215 |
||||||||||||
Fidelity® VIP Asset Manager Portfolio - Initial Class |
22,517,141 |
22,517,141 |
22,517,141 |
||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
22,395,155 |
22,395,155 |
22,395,155 |
||||||||||||
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2 |
224,386 |
224,386 |
224,386 |
||||||||||||
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2 |
884,821 |
884,821 |
884,821 |
||||||||||||
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2 |
1,614,236 |
1,614,236 |
1,614,236 |
||||||||||||
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2 |
1,567,121 |
1,567,121 |
1,567,121 |
||||||||||||
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2 |
1,442,433 |
1,442,433 |
1,442,433 |
||||||||||||
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2 |
1,000,153 |
1,000,153 |
1,000,153 |
||||||||||||
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2 |
1,437,298 |
1,437,298 |
1,437,298 |
||||||||||||
Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2 |
552,687 |
552,687 |
552,687 |
||||||||||||
Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2 |
359,432 |
359,432 |
359,432 |
||||||||||||
Fidelity® VIP Government Money Market Portfolio - Initial Class |
236,262 |
236,262 |
236,262 |
||||||||||||
Fidelity® VIP Growth Portfolio - Initial Class |
93,585,506 |
93,585,506 |
93,585,506 |
||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
8,050,102 |
8,050,102 |
8,050,102 |
||||||||||||
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class |
6,547,858 |
6,547,858 |
6,547,858 |
||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
16,292,568 |
16,292,568 |
16,292,568 |
||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
1,289,899 |
1,289,899 |
1,289,899 |
||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
838,799 |
838,799 |
838,799 |
||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
214,276 |
214,276 |
214,276 |
||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
1,739,265 |
1,739,265 |
1,739,265 |
||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
327,859 |
327,859 |
327,859 |
||||||||||||
LVIP Delaware Bond Fund - Standard Class |
2,727,640 |
2,727,640 |
2,727,640 |
||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Service Class |
167,217 |
167,217 |
167,217 |
||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
1,770,467 |
1,770,467 |
1,770,467 |
||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
1,306,981 |
1,306,981 |
1,306,981 |
||||||||||||
LVIP Delaware SMID Cap Core Fund - Service Class |
4,837,461 |
4,837,461 |
4,837,461 |
||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
15,468,260 |
15,468,260 |
15,468,260 |
||||||||||||
LVIP Delaware U.S. REIT Fund - Service Class |
5,789,344 |
5,789,344 |
5,789,344 |
||||||||||||
LVIP Delaware Wealth Builder Fund - Standard Class |
475,014 |
475,014 |
475,014 |
||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
6,073,666 |
6,073,666 |
6,073,666 |
||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
98,579 |
98,579 |
98,579 |
||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
663,057 |
663,057 |
663,057 |
||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
860,039 |
860,039 |
860,039 |
||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
3,219,804 |
3,219,804 |
3,219,804 |
||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
18,322,293 |
18,322,293 |
18,322,293 |
||||||||||||
LVIP JPMorgan Retirement Income Fund - Standard Class |
1,624,222 |
1,624,222 |
1,624,222 |
||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
597,372 |
597,372 |
597,372 |
||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
129,680 |
129,680 |
129,680 |
||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
2,532,527 |
2,532,527 |
2,532,527 |
||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
1,347,328 |
1,347,328 |
1,347,328 |
||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
1,393,550 |
1,393,550 |
1,393,550 |
||||||||||||
LVIP SSGA International Index Fund - Standard Class |
940,827 |
940,827 |
940,827 |
||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
203,308 |
203,308 |
203,308 |
||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
111,285,484 |
111,285,484 |
111,285,484 |
||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
19,608,813 |
19,608,813 |
19,608,813 |
||||||||||||
LVIP T. Rowe Price 2020 Fund - Standard Class |
1,302,866 |
1,302,866 |
1,302,866 |
||||||||||||
LVIP T. Rowe Price 2030 Fund - Standard Class |
5,052,380 |
5,052,380 |
5,052,380 |
||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
2,908,517 |
2,908,517 |
2,908,517 |
||||||||||||
LVIP T. Rowe Price 2050 Fund - Standard Class |
2,368,760 |
2,368,760 |
2,368,760 |
||||||||||||
LVIP T. Rowe Price 2060 Fund - Standard Class |
105,534 |
105,534 |
105,534 |
||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
19,564,242 |
19,564,242 |
19,564,242 |
||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
5,245,688 |
5,245,688 |
5,245,688 |
||||||||||||
T. Rowe Price International Stock Portfolio |
6,594,111 |
6,594,111 |
6,594,111 |
See accompanying notes.
L-2
[THIS PAGE INTENTIONALLY LEFT BLANK]
L-3
Lincoln National Variable Annuity Account L
Statements of operations
Year Ended December 31, 2023
Subaccount |
Dividends from Investment Income |
Mortality and Expense Guarantee Charges |
Net Investment Income (Loss) |
Net Realized Gain (Loss) on Investments |
|||||||||||||||
AB VPS Large Cap Growth Portfolio - Class B |
$ |
— |
$ |
(33,045 |
) |
$ |
(33,045 |
) |
$ |
1,298 |
|||||||||
AB VPS Sustainable Global Thematic Portfolio - Class B |
569 |
(18,708 |
) |
(18,139 |
) |
9,675 |
|||||||||||||
American Century VP Balanced Fund - Class I |
195,894 |
(99,680 |
) |
96,214 |
(14,255 |
) |
|||||||||||||
American Funds Global Growth Fund - Class 2 |
57,437 |
(61,952 |
) |
(4,515 |
) |
22,335 |
|||||||||||||
American Funds Growth Fund - Class 2 |
123,782 |
(336,284 |
) |
(212,502 |
) |
450,847 |
|||||||||||||
American Funds Growth-Income Fund - Class 2 |
194,310 |
(137,816 |
) |
56,494 |
128,455 |
||||||||||||||
American Funds International Fund - Class 2 |
68,179 |
(52,345 |
) |
15,834 |
(70,697 |
) |
|||||||||||||
Delaware VIP® Small Cap Value Series - Service Class |
41,022 |
(62,945 |
) |
(21,923 |
) |
13,641 |
|||||||||||||
DWS Alternative Asset Allocation VIP Portfolio - Class A |
15,806 |
(2,282 |
) |
13,524 |
(3,204 |
) |
|||||||||||||
Fidelity® VIP Asset Manager Portfolio - Initial Class |
509,521 |
(218,074 |
) |
291,447 |
16,775 |
||||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
53,080 |
(203,889 |
) |
(150,809 |
) |
458,411 |
|||||||||||||
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2 |
6,287 |
(1,918 |
) |
4,369 |
(1,762 |
) |
|||||||||||||
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2 |
19,450 |
(7,135 |
) |
12,315 |
(5,841 |
) |
|||||||||||||
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2 |
33,521 |
(14,146 |
) |
19,375 |
(15,486 |
) |
|||||||||||||
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2 |
24,745 |
(12,847 |
) |
11,898 |
(318 |
) |
|||||||||||||
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2 |
17,984 |
(12,404 |
) |
5,580 |
904 |
||||||||||||||
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2 |
12,803 |
(9,316 |
) |
3,487 |
3,067 |
||||||||||||||
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2 |
16,141 |
(11,266 |
) |
4,875 |
(675 |
) |
|||||||||||||
Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2 |
6,038 |
(4,528 |
) |
1,510 |
328 |
||||||||||||||
Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2 |
3,995 |
(2,640 |
) |
1,355 |
(868 |
) |
|||||||||||||
Fidelity® VIP Government Money Market Portfolio - Initial Class |
12,737 |
— |
12,737 |
(1 |
) |
||||||||||||||
Fidelity® VIP Growth Portfolio - Initial Class |
108,397 |
(826,207 |
) |
(717,810 |
) |
1,995,353 |
|||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
68,630 |
(72,725 |
) |
(4,095 |
) |
125,646 |
|||||||||||||
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class |
180,105 |
(4,438 |
) |
175,667 |
(110,876 |
) |
|||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
— |
(155,116 |
) |
(155,116 |
) |
527,845 |
|||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
34,026 |
(12,161 |
) |
21,865 |
(4,622 |
) |
|||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
20,114 |
(8,077 |
) |
12,037 |
(5,317 |
) |
|||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
5,848 |
(1,771 |
) |
4,077 |
(3,808 |
) |
|||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
6,385 |
(16,203 |
) |
(9,818 |
) |
59,182 |
|||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
866 |
(3,228 |
) |
(2,362 |
) |
474 |
|||||||||||||
LVIP Delaware Bond Fund - Standard Class |
83,835 |
(24,920 |
) |
58,915 |
(53,499 |
) |
|||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Service Class |
8,202 |
(1,543 |
) |
6,659 |
(173 |
) |
|||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
69,818 |
(16,994 |
) |
52,824 |
(45,496 |
) |
|||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
85,036 |
(13,047 |
) |
71,989 |
(54,159 |
) |
|||||||||||||
LVIP Delaware SMID Cap Core Fund - Service Class |
42,277 |
(44,658 |
) |
(2,381 |
) |
(16,755 |
) |
||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
143,598 |
(142,308 |
) |
1,290 |
172,838 |
||||||||||||||
LVIP Delaware U.S. REIT Fund - Service Class |
169,439 |
(55,239 |
) |
114,200 |
(39,153 |
) |
|||||||||||||
LVIP Delaware Wealth Builder Fund - Standard Class |
12,900 |
(4,732 |
) |
8,168 |
(5,816 |
) |
|||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
76,870 |
(55,303 |
) |
21,567 |
97,915 |
||||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
1,521 |
(895 |
) |
626 |
6,121 |
||||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
21,041 |
(6,493 |
) |
14,548 |
(39,019 |
) |
|||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
16,682 |
(8,479 |
) |
8,203 |
(9,075 |
) |
|||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
58,792 |
(29,891 |
) |
28,901 |
(28,880 |
) |
|||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
340,446 |
(46,855 |
) |
293,591 |
(493,062 |
) |
|||||||||||||
LVIP JPMorgan Retirement Income Fund - Standard Class |
56,320 |
(15,127 |
) |
41,193 |
(15,717 |
) |
|||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
8,758 |
(5,106 |
) |
3,652 |
(10,990 |
) |
|||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
— |
(1,197 |
) |
(1,197 |
) |
(800 |
) |
||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
79,383 |
(22,422 |
) |
56,961 |
(17,691 |
) |
|||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
36,338 |
(12,569 |
) |
23,769 |
(9,689 |
) |
|||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
33,357 |
(12,779 |
) |
20,578 |
(15,352 |
) |
|||||||||||||
LVIP SSGA International Index Fund - Standard Class |
27,803 |
(8,530 |
) |
19,273 |
3,318 |
||||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
5,738 |
(1,886 |
) |
3,852 |
(1,564 |
) |
|||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
1,508,255 |
(1,001,209 |
) |
507,046 |
3,350,506 |
||||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
229,387 |
(179,526 |
) |
49,861 |
91,074 |
||||||||||||||
LVIP T. Rowe Price 2020 Fund - Standard Class |
30,840 |
(12,565 |
) |
18,275 |
(27,345 |
) |
|||||||||||||
LVIP T. Rowe Price 2030 Fund - Standard Class |
99,731 |
(49,475 |
) |
50,256 |
(11,653 |
) |
See accompanying notes.
L-4
Subaccount |
Dividends from Net Realized Gain on Investments |
Total Net Realized Gain (Loss) on Investments |
Net Change in Unrealized Appreciation or Depreciation on Investments |
Net Increase in Net Assets Resulting from Operations |
|||||||||||||||
AB VPS Large Cap Growth Portfolio - Class B |
$ |
253,147 |
$ |
254,445 |
$ |
727,182 |
$ |
948,582 |
|||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class B |
122,704 |
132,379 |
137,678 |
251,918 |
|||||||||||||||
American Century VP Balanced Fund - Class I |
— |
(14,255 |
) |
1,367,844 |
1,449,803 |
||||||||||||||
American Funds Global Growth Fund - Class 2 |
484,920 |
507,255 |
694,108 |
1,196,848 |
|||||||||||||||
American Funds Growth Fund - Class 2 |
1,937,505 |
2,388,352 |
8,563,884 |
10,739,734 |
|||||||||||||||
American Funds Growth-Income Fund - Class 2 |
737,796 |
866,251 |
2,210,561 |
3,133,306 |
|||||||||||||||
American Funds International Fund - Class 2 |
— |
(70,697 |
) |
769,131 |
714,268 |
||||||||||||||
Delaware VIP® Small Cap Value Series - Service Class |
274,956 |
288,597 |
222,639 |
489,313 |
|||||||||||||||
DWS Alternative Asset Allocation VIP Portfolio - Class A |
2,109 |
(1,095 |
) |
(1,821 |
) |
10,608 |
|||||||||||||
Fidelity® VIP Asset Manager Portfolio - Initial Class |
248,495 |
265,270 |
1,925,579 |
2,482,296 |
|||||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
751,374 |
1,209,785 |
4,564,437 |
5,623,413 |
|||||||||||||||
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2 |
1,430 |
(332 |
) |
18,102 |
22,139 |
||||||||||||||
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2 |
— |
(5,841 |
) |
72,509 |
78,983 |
||||||||||||||
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2 |
— |
(15,486 |
) |
165,994 |
169,883 |
||||||||||||||
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2 |
2,445 |
2,127 |
179,527 |
193,552 |
|||||||||||||||
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2 |
16,799 |
17,703 |
177,881 |
201,164 |
|||||||||||||||
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2 |
13,236 |
16,303 |
133,491 |
153,281 |
|||||||||||||||
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2 |
14,974 |
14,299 |
167,708 |
186,882 |
|||||||||||||||
Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2 |
5,089 |
5,417 |
68,041 |
74,968 |
|||||||||||||||
Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2 |
2,884 |
2,016 |
42,078 |
45,449 |
|||||||||||||||
Fidelity® VIP Government Money Market Portfolio - Initial Class |
— |
(1 |
) |
1 |
12,737 |
||||||||||||||
Fidelity® VIP Growth Portfolio - Initial Class |
3,903,883 |
5,899,236 |
19,935,980 |
25,117,406 |
|||||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
208,390 |
334,036 |
1,358,792 |
1,688,733 |
|||||||||||||||
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class |
635,482 |
524,606 |
(22,448 |
) |
677,825 |
||||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
243,958 |
771,803 |
1,779,396 |
2,396,083 |
|||||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
— |
(4,622 |
) |
129,986 |
147,229 |
||||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
— |
(5,317 |
) |
24,726 |
31,446 |
||||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
— |
(3,808 |
) |
22,653 |
22,922 |
||||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
— |
59,182 |
402,253 |
451,617 |
|||||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
2,289 |
2,763 |
46,751 |
47,152 |
|||||||||||||||
LVIP Delaware Bond Fund - Standard Class |
— |
(53,499 |
) |
125,237 |
130,653 |
||||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Service Class |
— |
(173 |
) |
43 |
6,529 |
||||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
— |
(45,496 |
) |
78,414 |
85,742 |
||||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
— |
(54,159 |
) |
123,077 |
140,907 |
||||||||||||||
LVIP Delaware SMID Cap Core Fund - Service Class |
250,500 |
233,745 |
404,806 |
636,170 |
|||||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
1,080,782 |
1,253,620 |
2,388,355 |
3,643,265 |
|||||||||||||||
LVIP Delaware U.S. REIT Fund - Service Class |
— |
(39,153 |
) |
511,196 |
586,243 |
||||||||||||||
LVIP Delaware Wealth Builder Fund - Standard Class |
— |
(5,816 |
) |
36,446 |
38,798 |
||||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
263,466 |
361,381 |
718,063 |
1,101,011 |
|||||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
3,861 |
9,982 |
6,099 |
16,707 |
|||||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
— |
(39,019 |
) |
79,198 |
54,727 |
||||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
23,974 |
14,899 |
45,962 |
69,064 |
|||||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
— |
(28,880 |
) |
355,470 |
355,491 |
||||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
— |
(493,062 |
) |
2,091,921 |
1,892,450 |
||||||||||||||
LVIP JPMorgan Retirement Income Fund - Standard Class |
— |
(15,717 |
) |
130,279 |
155,755 |
||||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
37,260 |
26,270 |
35,396 |
65,318 |
|||||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
— |
(800 |
) |
5,893 |
3,896 |
||||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
— |
(17,691 |
) |
371,962 |
411,232 |
||||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
— |
(9,689 |
) |
23,688 |
37,768 |
||||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
— |
(15,352 |
) |
149,002 |
154,228 |
||||||||||||||
LVIP SSGA International Index Fund - Standard Class |
— |
3,318 |
108,138 |
130,729 |
|||||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
— |
(1,564 |
) |
27,429 |
29,717 |
||||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
2,700,464 |
6,050,970 |
16,130,971 |
22,688,987 |
|||||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
199,578 |
290,652 |
2,274,773 |
2,615,286 |
|||||||||||||||
LVIP T. Rowe Price 2020 Fund - Standard Class |
47,133 |
19,788 |
110,339 |
148,402 |
|||||||||||||||
LVIP T. Rowe Price 2030 Fund - Standard Class |
210,027 |
198,374 |
455,402 |
704,032 |
L-5
Lincoln National Variable Annuity Account L
Statements of operations (continued)
Year Ended December 31, 2023
Subaccount |
Dividends from Investment Income |
Mortality and Expense Guarantee Charges |
Net Investment Income (Loss) |
Net Realized Gain (Loss) on Investments |
|||||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
$ |
46,327 |
$ |
(26,700 |
) |
$ |
19,627 |
$ |
5,172 |
||||||||||
LVIP T. Rowe Price 2050 Fund - Standard Class |
34,354 |
(21,564 |
) |
12,790 |
9,066 |
||||||||||||||
LVIP T. Rowe Price 2060 Fund - Standard Class |
1,565 |
(744 |
) |
821 |
(19 |
) |
|||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
5,956 |
(182,957 |
) |
(177,001 |
) |
244,839 |
|||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
16,554 |
(47,652 |
) |
(31,098 |
) |
54,543 |
|||||||||||||
T. Rowe Price International Stock Portfolio |
62,602 |
(62,733 |
) |
(131 |
) |
(1,189 |
) |
See accompanying notes.
L-6
Subaccount |
Dividends from Net Realized Gain on Investments |
Total Net Realized Gain (Loss) on Investments |
Net Change in Unrealized Appreciation or Depreciation on Investments |
Net Increase in Net Assets Resulting from Operations |
|||||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
$ |
103,628 |
$ |
108,800 |
$ |
325,365 |
$ |
453,792 |
|||||||||||
LVIP T. Rowe Price 2050 Fund - Standard Class |
76,437 |
85,503 |
282,555 |
380,848 |
|||||||||||||||
LVIP T. Rowe Price 2060 Fund - Standard Class |
1,413 |
1,394 |
10,962 |
13,177 |
|||||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
— |
244,839 |
3,292,500 |
3,360,338 |
|||||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
78,117 |
132,660 |
1,007,942 |
1,109,504 |
|||||||||||||||
T. Rowe Price International Stock Portfolio |
— |
(1,189 |
) |
887,426 |
886,106 |
L-7
Lincoln National Variable Annuity Account L
Statements of changes in net assets
Years Ended December 31, 2022 and 2023
AB VPS Large Cap Growth Portfolio - Class B Subaccount |
AB VPS Sustainable Global Thematic Portfolio - Class B Subaccount |
American Century VP Balanced Fund - Class I Subaccount |
American Funds Global Growth Fund - Class 2 Subaccount |
American Funds Growth Fund - Class 2 Subaccount |
American Funds Growth-Income Fund - Class 2 Subaccount |
American Funds International Fund - Class 2 Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
4,282,533 |
$ |
2,962,967 |
$ |
13,314,502 |
$ |
8,363,738 |
$ |
47,627,119 |
$ |
16,920,691 |
$ |
7,714,877 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
(31,419 |
) |
(20,322 |
) |
23,583 |
(20,260 |
) |
(235,822 |
) |
37,929 |
38,778 |
||||||||||||||||||||
• Net realized gain (loss) on investments |
428,175 |
312,358 |
1,784,453 |
866,750 |
6,176,664 |
1,722,870 |
806,636 |
||||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(1,637,105 |
) |
(1,080,857 |
) |
(4,127,639 |
) |
(2,928,115 |
) |
(20,099,853 |
) |
(4,642,445 |
) |
(2,361,710 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(1,240,349 |
) |
(788,821 |
) |
(2,319,603 |
) |
(2,081,625 |
) |
(14,159,011 |
) |
(2,881,646 |
) |
(1,516,296 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(208,024 |
) |
(409,357 |
) |
(1,148,834 |
) |
(661,032 |
) |
(3,671,262 |
) |
(1,242,668 |
) |
(1,151,776 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(208,024 |
) |
(409,357 |
) |
(1,148,834 |
) |
(661,032 |
) |
(3,671,262 |
) |
(1,242,668 |
) |
(1,151,776 |
) |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(1,448,373 |
) |
(1,198,178 |
) |
(3,468,437 |
) |
(2,742,657 |
) |
(17,830,273 |
) |
(4,124,314 |
) |
(2,668,072 |
) |
|||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
2,834,160 |
1,764,789 |
9,846,065 |
5,621,081 |
29,796,846 |
12,796,377 |
5,046,805 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
(33,045 |
) |
(18,139 |
) |
96,214 |
(4,515 |
) |
(212,502 |
) |
56,494 |
15,834 |
||||||||||||||||||||
• Net realized gain (loss) on investments |
254,445 |
132,379 |
(14,255 |
) |
507,255 |
2,388,352 |
866,251 |
(70,697 |
) |
||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
727,182 |
137,678 |
1,367,844 |
694,108 |
8,563,884 |
2,210,561 |
769,131 |
||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
948,582 |
251,918 |
1,449,803 |
1,196,848 |
10,739,734 |
3,133,306 |
714,268 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(90,711 |
) |
(71,105 |
) |
(703,446 |
) |
38,743 |
(2,256,953 |
) |
(411,888 |
) |
(362,898 |
) |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(90,711 |
) |
(71,105 |
) |
(703,446 |
) |
38,743 |
(2,256,953 |
) |
(411,888 |
) |
(362,898 |
) |
||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
857,871 |
180,813 |
746,357 |
1,235,591 |
8,482,781 |
2,721,418 |
351,370 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
3,692,031 |
$ |
1,945,602 |
$ |
10,592,422 |
$ |
6,856,672 |
$ |
38,279,627 |
$ |
15,517,795 |
$ |
5,398,175 |
See accompanying notes.
L-8
BlackRock Global Allocation V.I. Fund - Class I Subaccount |
Delaware VIP® Small Cap Value Series - Service Class Subaccount |
DWS Alternative Asset Allocation VIP Portfolio - Class A Subaccount |
Fidelity® VIP Asset Manager Portfolio - Initial Class Subaccount |
Fidelity® VIP Contrafund® Portfolio - Service Class 2 Subaccount |
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2 Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
1,701,059 |
$ |
8,402,199 |
$ |
293,163 |
$ |
28,898,776 |
$ |
29,576,432 |
$ |
239,147 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
(5,629 |
) |
(32,581 |
) |
13,888 |
257,360 |
(154,730 |
) |
1,994 |
||||||||||||||||||
• Net realized gain (loss) on investments |
(100,290 |
) |
705,132 |
5,920 |
1,796,377 |
2,125,846 |
19,599 |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(69,231 |
) |
(1,735,353 |
) |
(40,165 |
) |
(6,485,205 |
) |
(9,499,517 |
) |
(59,933 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(175,150 |
) |
(1,062,802 |
) |
(20,357 |
) |
(4,431,468 |
) |
(7,528,401 |
) |
(38,340 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
(1,525,909 |
) |
(792,097 |
) |
(50,748 |
) |
(1,910,579 |
) |
(3,718,738 |
) |
(5,174 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(1,525,909 |
) |
(792,097 |
) |
(50,748 |
) |
(1,910,579 |
) |
(3,718,738 |
) |
(5,174 |
) |
|||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(1,701,059 |
) |
(1,854,899 |
) |
(71,105 |
) |
(6,342,047 |
) |
(11,247,139 |
) |
(43,514 |
) |
|||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
— |
6,547,300 |
222,058 |
22,556,729 |
18,329,293 |
195,633 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
— |
(21,923 |
) |
13,524 |
291,447 |
(150,809 |
) |
4,369 |
|||||||||||||||||||
• Net realized gain (loss) on investments |
— |
288,597 |
(1,095 |
) |
265,270 |
1,209,785 |
(332 |
) |
|||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
— |
222,639 |
(1,821 |
) |
1,925,579 |
4,564,437 |
18,102 |
||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
— |
489,313 |
10,608 |
2,482,296 |
5,623,413 |
22,139 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
— |
(356,755 |
) |
(8,451 |
) |
(2,521,884 |
) |
(1,557,551 |
) |
6,614 |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
— |
(356,755 |
) |
(8,451 |
) |
(2,521,884 |
) |
(1,557,551 |
) |
6,614 |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
— |
132,558 |
2,157 |
(39,588 |
) |
4,065,862 |
28,753 |
||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
— |
$ |
6,679,858 |
$ |
224,215 |
$ |
22,517,141 |
$ |
22,395,155 |
$ |
224,386 |
L-9
Lincoln National Variable Annuity Account L
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2 Subaccount |
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2 Subaccount |
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2 Subaccount |
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2 Subaccount |
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2 Subaccount |
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2 Subaccount |
Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2 Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
585,642 |
$ |
1,200,626 |
$ |
1,129,825 |
$ |
610,949 |
$ |
601,709 |
$ |
846,813 |
$ |
202,829 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
4,553 |
8,211 |
5,749 |
5,528 |
3,265 |
4,025 |
1,549 |
||||||||||||||||||||||||
• Net realized gain (loss) on investments |
32,015 |
72,629 |
69,329 |
39,771 |
44,590 |
56,322 |
8,214 |
||||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(140,574 |
) |
(297,580 |
) |
(306,074 |
) |
(187,533 |
) |
(168,889 |
) |
(231,691 |
) |
(54,463 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(104,006 |
) |
(216,740 |
) |
(230,996 |
) |
(142,234 |
) |
(121,034 |
) |
(171,344 |
) |
(44,700 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
61,994 |
118,977 |
200,858 |
561,430 |
279,167 |
197,998 |
176,604 |
||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
61,994 |
118,977 |
200,858 |
561,430 |
279,167 |
197,998 |
176,604 |
||||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(42,012 |
) |
(97,763 |
) |
(30,138 |
) |
419,196 |
158,133 |
26,654 |
131,904 |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
543,630 |
1,102,863 |
1,099,687 |
1,030,145 |
759,842 |
873,467 |
334,733 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
12,315 |
19,375 |
11,898 |
5,580 |
3,487 |
4,875 |
1,510 |
||||||||||||||||||||||||
• Net realized gain (loss) on investments |
(5,841 |
) |
(15,486 |
) |
2,127 |
17,703 |
16,303 |
14,299 |
5,417 |
||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
72,509 |
165,994 |
179,527 |
177,881 |
133,491 |
167,708 |
68,041 |
||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
78,983 |
169,883 |
193,552 |
201,164 |
153,281 |
186,882 |
74,968 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
262,208 |
341,490 |
273,882 |
211,124 |
87,030 |
376,949 |
142,986 |
||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
262,208 |
341,490 |
273,882 |
211,124 |
87,030 |
376,949 |
142,986 |
||||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
341,191 |
511,373 |
467,434 |
412,288 |
240,311 |
563,831 |
217,954 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
884,821 |
$ |
1,614,236 |
$ |
1,567,121 |
$ |
1,442,433 |
$ |
1,000,153 |
$ |
1,437,298 |
$ |
552,687 |
See accompanying notes.
L-10
Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2 Subaccount |
Fidelity® VIP Government Money Market Portfolio - Initial Class Subaccount |
Fidelity® VIP Growth Portfolio - Initial Class Subaccount |
Janus Henderson Global Research Portfolio - Institutional Shares Subaccount |
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class Subaccount |
LVIP Baron Growth Opportunities Fund - Service Class Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
127,030 |
$ |
251,368 |
$ |
113,506,732 |
$ |
9,246,372 |
$ |
3,129,925 |
$ |
21,367,364 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
782 |
4,190 |
(316,791 |
) |
4,356 |
123,016 |
(156,618 |
) |
|||||||||||||||||||
• Net realized gain (loss) on investments |
(303 |
) |
— |
9,916,610 |
1,066,259 |
250,973 |
1,919,389 |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(29,261 |
) |
— |
(36,888,055 |
) |
(2,881,369 |
) |
(1,205,148 |
) |
(7,346,398 |
) |
||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(28,782 |
) |
4,190 |
(27,288,236 |
) |
(1,810,754 |
) |
(831,159 |
) |
(5,583,627 |
) |
||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
90,266 |
85,544 |
(11,012,198 |
) |
(594,075 |
) |
3,062,311 |
(1,011,801 |
) |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
90,266 |
85,544 |
(11,012,198 |
) |
(594,075 |
) |
3,062,311 |
(1,011,801 |
) |
||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
61,484 |
89,734 |
(38,300,434 |
) |
(2,404,829 |
) |
2,231,152 |
(6,595,428 |
) |
||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
188,514 |
341,102 |
75,206,298 |
6,841,543 |
5,361,077 |
14,771,936 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
1,355 |
12,737 |
(717,810 |
) |
(4,095 |
) |
175,667 |
(155,116 |
) |
||||||||||||||||||
• Net realized gain (loss) on investments |
2,016 |
(1 |
) |
5,899,236 |
334,036 |
524,606 |
771,803 |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
42,078 |
1 |
19,935,980 |
1,358,792 |
(22,448 |
) |
1,779,396 |
||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
45,449 |
12,737 |
25,117,406 |
1,688,733 |
677,825 |
2,396,083 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
125,469 |
(117,577 |
) |
(6,738,198 |
) |
(480,174 |
) |
508,956 |
(875,451 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
125,469 |
(117,577 |
) |
(6,738,198 |
) |
(480,174 |
) |
508,956 |
(875,451 |
) |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
170,918 |
(104,840 |
) |
18,379,208 |
1,208,559 |
1,186,781 |
1,520,632 |
||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
359,432 |
$ |
236,262 |
$ |
93,585,506 |
$ |
8,050,102 |
$ |
6,547,858 |
$ |
16,292,568 |
L-11
Lincoln National Variable Annuity Account L
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
LVIP BlackRock Advantage Allocation Fund - Standard Class Subaccount |
LVIP BlackRock Global Allocation Fund - Standard Class Subaccount |
LVIP BlackRock Inflation Protected Bond Fund - Standard Class Subaccount |
LVIP BlackRock Real Estate Fund - Standard Class Subaccount |
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class Subaccount |
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class Subaccount |
LVIP Delaware Bond Fund - Standard Class Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
259,368 |
$ |
— |
$ |
760,181 |
$ |
426,712 |
$ |
1,992,415 |
$ |
321,286 |
$ |
3,187,337 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
1,465 |
(2,886 |
) |
65,232 |
1,129 |
(15,557 |
) |
(2,749 |
) |
56,822 |
|||||||||||||||||||||
• Net realized gain (loss) on investments |
(53,350 |
) |
14,666 |
(9,165 |
) |
6,850 |
268,617 |
30,208 |
(48,732 |
) |
|||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
18,106 |
(90,657 |
) |
(96,651 |
) |
(91,001 |
) |
(796,103 |
) |
(109,865 |
) |
(458,226 |
) |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(33,779 |
) |
(78,877 |
) |
(40,584 |
) |
(83,022 |
) |
(543,043 |
) |
(82,406 |
) |
(450,136 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(225,589 |
) |
1,282,092 |
39,975 |
(167,979 |
) |
(84,497 |
) |
56,580 |
(235,415 |
) |
||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(225,589 |
) |
1,282,092 |
39,975 |
(167,979 |
) |
(84,497 |
) |
56,580 |
(235,415 |
) |
||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(259,368 |
) |
1,203,215 |
(609 |
) |
(251,001 |
) |
(627,540 |
) |
(25,826 |
) |
(685,551 |
) |
||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
— |
1,203,215 |
759,572 |
175,711 |
1,364,875 |
295,460 |
2,501,786 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
— |
21,865 |
12,037 |
4,077 |
(9,818 |
) |
(2,362 |
) |
58,915 |
||||||||||||||||||||||
• Net realized gain (loss) on investments |
— |
(4,622 |
) |
(5,317 |
) |
(3,808 |
) |
59,182 |
2,763 |
(53,499 |
) |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
— |
129,986 |
24,726 |
22,653 |
402,253 |
46,751 |
125,237 |
||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
— |
147,229 |
31,446 |
22,922 |
451,617 |
47,152 |
130,653 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
— |
(60,545 |
) |
47,781 |
15,643 |
(77,227 |
) |
(14,753 |
) |
95,201 |
|||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
— |
(60,545 |
) |
47,781 |
15,643 |
(77,227 |
) |
(14,753 |
) |
95,201 |
|||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
— |
86,684 |
79,227 |
38,565 |
374,390 |
32,399 |
225,854 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
— |
$ |
1,289,899 |
$ |
838,799 |
$ |
214,276 |
$ |
1,739,265 |
$ |
327,859 |
$ |
2,727,640 |
See accompanying notes.
L-12
LVIP Delaware Diversified Floating Rate Fund - Service Class Subaccount |
LVIP Delaware Diversified Income Fund - Standard Class Subaccount |
LVIP Delaware High Yield Fund - Standard Class Subaccount |
LVIP Delaware SMID Cap Core Fund - Service Class Subaccount |
LVIP Delaware Social Awareness Fund - Standard Class Subaccount |
LVIP Delaware U.S. REIT Fund - Service Class Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
176,891 |
$ |
4,180,191 |
$ |
1,885,338 |
$ |
5,656,001 |
$ |
17,988,237 |
$ |
8,714,688 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
1,513 |
38,406 |
72,771 |
(38,225 |
) |
20,154 |
118,215 |
||||||||||||||||||||
• Net realized gain (loss) on investments |
(2,330 |
) |
(126,492 |
) |
(61,476 |
) |
159,933 |
1,947,308 |
113,865 |
||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(1,330 |
) |
(333,803 |
) |
(233,158 |
) |
(930,057 |
) |
(5,529,846 |
) |
(2,423,787 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(2,147 |
) |
(421,889 |
) |
(221,863 |
) |
(808,349 |
) |
(3,562,384 |
) |
(2,191,707 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
(27,629 |
) |
(2,032,376 |
) |
(314,611 |
) |
(351,213 |
) |
(1,301,843 |
) |
(819,276 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(27,629 |
) |
(2,032,376 |
) |
(314,611 |
) |
(351,213 |
) |
(1,301,843 |
) |
(819,276 |
) |
|||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(29,776 |
) |
(2,454,265 |
) |
(536,474 |
) |
(1,159,562 |
) |
(4,864,227 |
) |
(3,010,983 |
) |
|||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
147,115 |
1,725,926 |
1,348,864 |
4,496,439 |
13,124,010 |
5,703,705 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
6,659 |
52,824 |
71,989 |
(2,381 |
) |
1,290 |
114,200 |
||||||||||||||||||||
• Net realized gain (loss) on investments |
(173 |
) |
(45,496 |
) |
(54,159 |
) |
233,745 |
1,253,620 |
(39,153 |
) |
|||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
43 |
78,414 |
123,077 |
404,806 |
2,388,355 |
511,196 |
|||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
6,529 |
85,742 |
140,907 |
636,170 |
3,643,265 |
586,243 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
13,573 |
(41,201 |
) |
(182,790 |
) |
(295,148 |
) |
(1,299,015 |
) |
(500,604 |
) |
||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
13,573 |
(41,201 |
) |
(182,790 |
) |
(295,148 |
) |
(1,299,015 |
) |
(500,604 |
) |
||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
20,102 |
44,541 |
(41,883 |
) |
341,022 |
2,344,250 |
85,639 |
||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
167,217 |
$ |
1,770,467 |
$ |
1,306,981 |
$ |
4,837,461 |
$ |
15,468,260 |
$ |
5,789,344 |
L-13
Lincoln National Variable Annuity Account L
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
LVIP Delaware Wealth Builder Fund - Standard Class Subaccount |
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class Subaccount |
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class Subaccount |
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class Subaccount |
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class Subaccount |
LVIP Global Growth Allocation Managed Risk Fund - Standard Class Subaccount |
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
505,041 |
$ |
6,503,287 |
$ |
76,457 |
$ |
945,525 |
$ |
1,142,684 |
$ |
3,858,136 |
$ |
18,772,461 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
5,315 |
22,066 |
477 |
68,372 |
14,067 |
48,903 |
427,501 |
||||||||||||||||||||||||
• Net realized gain (loss) on investments |
11,382 |
359,460 |
3,913 |
(66,110 |
) |
60,328 |
291,112 |
1,254,100 |
|||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(80,782 |
) |
(1,409,382 |
) |
(14,214 |
) |
(129,084 |
) |
(256,647 |
) |
(1,090,343 |
) |
(4,911,153 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(64,085 |
) |
(1,027,856 |
) |
(9,824 |
) |
(126,822 |
) |
(182,252 |
) |
(750,328 |
) |
(3,229,552 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
(22,540 |
) |
(145,854 |
) |
6,275 |
(190,024 |
) |
(120,037 |
) |
(66,431 |
) |
917,616 |
|||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(22,540 |
) |
(145,854 |
) |
6,275 |
(190,024 |
) |
(120,037 |
) |
(66,431 |
) |
917,616 |
|||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(86,625 |
) |
(1,173,710 |
) |
(3,549 |
) |
(316,846 |
) |
(302,289 |
) |
(816,759 |
) |
(2,311,936 |
) |
|||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
418,416 |
5,329,577 |
72,908 |
628,679 |
840,395 |
3,041,377 |
16,460,525 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
8,168 |
21,567 |
626 |
14,548 |
8,203 |
28,901 |
293,591 |
||||||||||||||||||||||||
• Net realized gain (loss) on investments |
(5,816 |
) |
361,381 |
9,982 |
(39,019 |
) |
14,899 |
(28,880 |
) |
(493,062 |
) |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
36,446 |
718,063 |
6,099 |
79,198 |
45,962 |
355,470 |
2,091,921 |
||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
38,798 |
1,101,011 |
16,707 |
54,727 |
69,064 |
355,491 |
1,892,450 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
17,800 |
(356,922 |
) |
8,964 |
(20,349 |
) |
(49,420 |
) |
(177,064 |
) |
(30,682 |
) |
|||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
17,800 |
(356,922 |
) |
8,964 |
(20,349 |
) |
(49,420 |
) |
(177,064 |
) |
(30,682 |
) |
|||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
56,598 |
744,089 |
25,671 |
34,378 |
19,644 |
178,427 |
1,861,768 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
475,014 |
$ |
6,073,666 |
$ |
98,579 |
$ |
663,057 |
$ |
860,039 |
$ |
3,219,804 |
$ |
18,322,293 |
See accompanying notes.
L-14
LVIP JPMorgan Retirement Income Fund - Standard Class Subaccount |
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class Subaccount |
LVIP Mondrian Global Income Fund - Standard Class Subaccount |
LVIP Mondrian International Value Fund - Standard Class Subaccount |
LVIP SSGA Bond Index Fund - Standard Class Subaccount |
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
1,402,614 |
$ |
593,643 |
$ |
146,426 |
$ |
2,631,677 |
$ |
1,003,643 |
$ |
1,694,109 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
18,409 |
924 |
(1,243 |
) |
43,430 |
9,166 |
39,864 |
||||||||||||||||||||
• Net realized gain (loss) on investments |
41,310 |
71,982 |
(2,783 |
) |
(77,078 |
) |
(22,359 |
) |
18,650 |
||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(264,468 |
) |
(139,696 |
) |
(18,695 |
) |
(263,122 |
) |
(124,493 |
) |
(308,339 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(204,749 |
) |
(66,790 |
) |
(22,721 |
) |
(296,770 |
) |
(137,686 |
) |
(249,825 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
330,156 |
(58,234 |
) |
(12,007 |
) |
(103,090 |
) |
(91,201 |
) |
(124,387 |
) |
||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
330,156 |
(58,234 |
) |
(12,007 |
) |
(103,090 |
) |
(91,201 |
) |
(124,387 |
) |
||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
125,407 |
(125,024 |
) |
(34,728 |
) |
(399,860 |
) |
(228,887 |
) |
(374,212 |
) |
||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
1,528,021 |
468,619 |
111,698 |
2,231,817 |
774,756 |
1,319,897 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
41,193 |
3,652 |
(1,197 |
) |
56,961 |
23,769 |
20,578 |
||||||||||||||||||||
• Net realized gain (loss) on investments |
(15,717 |
) |
26,270 |
(800 |
) |
(17,691 |
) |
(9,689 |
) |
(15,352 |
) |
||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
130,279 |
35,396 |
5,893 |
371,962 |
23,688 |
149,002 |
|||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
155,755 |
65,318 |
3,896 |
411,232 |
37,768 |
154,228 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
(59,554 |
) |
63,435 |
14,086 |
(110,522 |
) |
534,804 |
(80,575 |
) |
||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(59,554 |
) |
63,435 |
14,086 |
(110,522 |
) |
534,804 |
(80,575 |
) |
||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
96,201 |
128,753 |
17,982 |
300,710 |
572,572 |
73,653 |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
1,624,222 |
$ |
597,372 |
$ |
129,680 |
$ |
2,532,527 |
$ |
1,347,328 |
$ |
1,393,550 |
L-15
Lincoln National Variable Annuity Account L
Statements of changes in net assets (continued)
Years Ended December 31, 2022 and 2023
LVIP SSGA International Index Fund - Standard Class Subaccount |
LVIP SSGA International Managed Volatility Fund - Standard Class Subaccount |
LVIP SSGA S&P 500 Index Fund - Standard Class Subaccount |
LVIP SSGA Small-Cap Index Fund - Standard Class Subaccount |
LVIP T. Rowe Price 2010 Fund - Standard Class Subaccount |
LVIP T. Rowe Price 2020 Fund - Standard Class Subaccount |
LVIP T. Rowe Price 2030 Fund - Standard Class Subaccount |
|||||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
752,937 |
$ |
191,240 |
$ |
127,497,632 |
$ |
25,015,146 |
$ |
369,754 |
$ |
1,795,733 |
$ |
5,936,641 |
|||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
27,972 |
6,677 |
491,230 |
35,166 |
(838 |
) |
25,052 |
62,428 |
|||||||||||||||||||||||
• Net realized gain (loss) on investments |
629 |
(1,577 |
) |
13,918,314 |
2,682,730 |
(39,674 |
) |
89,048 |
290,584 |
||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(139,714 |
) |
(40,487 |
) |
(38,101,583 |
) |
(7,938,438 |
) |
(2,999 |
) |
(388,278 |
) |
(1,411,613 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(111,113 |
) |
(35,387 |
) |
(23,692,039 |
) |
(5,220,542 |
) |
(43,511 |
) |
(274,178 |
) |
(1,058,601 |
) |
|||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
146,653 |
39,901 |
(8,572,041 |
) |
(2,037,799 |
) |
(326,243 |
) |
(278,752 |
) |
(25,408 |
) |
|||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
146,653 |
39,901 |
(8,572,041 |
) |
(2,037,799 |
) |
(326,243 |
) |
(278,752 |
) |
(25,408 |
) |
|||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
35,540 |
4,514 |
(32,264,080 |
) |
(7,258,341 |
) |
(369,754 |
) |
(552,930 |
) |
(1,084,009 |
) |
|||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
788,477 |
195,754 |
95,233,552 |
17,756,805 |
— |
1,242,803 |
4,852,632 |
||||||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||||||
• Net investment income (loss) |
19,273 |
3,852 |
507,046 |
49,861 |
— |
18,275 |
50,256 |
||||||||||||||||||||||||
• Net realized gain (loss) on investments |
3,318 |
(1,564 |
) |
6,050,970 |
290,652 |
— |
19,788 |
198,374 |
|||||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
108,138 |
27,429 |
16,130,971 |
2,274,773 |
— |
110,339 |
455,402 |
||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
130,729 |
29,717 |
22,688,987 |
2,615,286 |
— |
148,402 |
704,032 |
||||||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||||||
• Net unit transactions |
21,621 |
(22,163 |
) |
(6,637,055 |
) |
(763,278 |
) |
— |
(88,339 |
) |
(504,284 |
) |
|||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
21,621 |
(22,163 |
) |
(6,637,055 |
) |
(763,278 |
) |
— |
(88,339 |
) |
(504,284 |
) |
|||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
152,350 |
7,554 |
16,051,932 |
1,852,008 |
— |
60,063 |
199,748 |
||||||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
940,827 |
$ |
203,308 |
$ |
111,285,484 |
$ |
19,608,813 |
$ |
— |
$ |
1,302,866 |
$ |
5,052,380 |
See accompanying notes.
L-16
LVIP T. Rowe Price 2040 Fund - Standard Class Subaccount |
LVIP T. Rowe Price 2050 Fund - Standard Class Subaccount |
LVIP T. Rowe Price 2060 Fund - Standard Class Subaccount |
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class Subaccount |
Neuberger Berman AMT Sustainable Equity Portfolio - I Class Subaccount |
T. Rowe Price International Stock Portfolio Subaccount |
||||||||||||||||||||||
NET ASSETS AT JANUARY 1, 2022 |
$ |
3,125,384 |
$ |
3,337,242 |
$ |
32,857 |
$ |
26,000,456 |
$ |
5,697,613 |
$ |
7,962,508 |
|||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
22,004 |
12,135 |
569 |
(187,930 |
) |
(25,846 |
) |
(15,466 |
) |
||||||||||||||||||
• Net realized gain (loss) on investments |
113,638 |
158,997 |
1,849 |
2,879,322 |
532,900 |
118,818 |
|||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
(711,767 |
) |
(724,136 |
) |
(9,549 |
) |
(9,117,510 |
) |
(1,611,912 |
) |
(1,408,588 |
) |
|||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
(576,125 |
) |
(553,004 |
) |
(7,131 |
) |
(6,426,118 |
) |
(1,104,858 |
) |
(1,305,236 |
) |
|||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
22,326 |
(840,671 |
) |
25,864 |
(2,027,157 |
) |
(153,575 |
) |
(649,756 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
22,326 |
(840,671 |
) |
25,864 |
(2,027,157 |
) |
(153,575 |
) |
(649,756 |
) |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
(553,799 |
) |
(1,393,675 |
) |
18,733 |
(8,453,275 |
) |
(1,258,433 |
) |
(1,954,992 |
) |
||||||||||||||||
NET ASSETS AT DECEMBER 31, 2022 |
2,571,585 |
1,943,567 |
51,590 |
17,547,181 |
4,439,180 |
6,007,516 |
|||||||||||||||||||||
Changes From Operations: |
|||||||||||||||||||||||||||
• Net investment income (loss) |
19,627 |
12,790 |
821 |
(177,001 |
) |
(31,098 |
) |
(131 |
) |
||||||||||||||||||
• Net realized gain (loss) on investments |
108,800 |
85,503 |
1,394 |
244,839 |
132,660 |
(1,189 |
) |
||||||||||||||||||||
• Net change in unrealized appreciation or depreciation on investments |
325,365 |
282,555 |
10,962 |
3,292,500 |
1,007,942 |
887,426 |
|||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
453,792 |
380,848 |
13,177 |
3,360,338 |
1,109,504 |
886,106 |
|||||||||||||||||||||
Changes From Unit Transactions: |
|||||||||||||||||||||||||||
• Net unit transactions |
(116,860 |
) |
44,345 |
40,767 |
(1,343,277 |
) |
(302,996 |
) |
(299,511 |
) |
|||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM UNIT TRANSACTIONS |
(116,860 |
) |
44,345 |
40,767 |
(1,343,277 |
) |
(302,996 |
) |
(299,511 |
) |
|||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS |
336,932 |
425,193 |
53,944 |
2,017,061 |
806,508 |
586,595 |
|||||||||||||||||||||
NET ASSETS AT DECEMBER 31, 2023 |
$ |
2,908,517 |
$ |
2,368,760 |
$ |
105,534 |
$ |
19,564,242 |
$ |
5,245,688 |
$ |
6,594,111 |
L-17
Lincoln National Variable Annuity Account L
Notes to financial statements
December 31, 2023
1. Accounting Policies and Variable Account Information
The Variable Account: Lincoln National Variable Annuity Account L (the Variable Account) is a segregated investment account of The Lincoln National Life Insurance Company (the Company) and is registered as a unit investment trust with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The operations of the Variable Account, which commenced on September 26, 1996, are part of the operations of the Company. The Variable Account consists of six products as follows:
• Group Variable Annuity • Lincoln PathBuilderSM Income Version 1 • Lincoln PathBuilderSM Income Version 2 |
• Lincoln PathBuilderSM Income Version 3 • Lincoln PathBuilderSM Income Version 4 • Lincoln Retirement Income Rollover |
The assets of the Variable Account are owned by the Company. The Variable Account's assets support the annuity contracts and may not be used to satisfy liabilities arising from any other business of the Company.
Basis of Presentation: The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for unit investment trusts.
Accounting Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts as of the date of the financial statements. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts that require use of estimates is the fair value of certain assets.
Investments: The assets of the Variable Account are divided into variable subaccounts, each of which may be invested in shares of one of sixty-two mutual funds (the Funds) of ten open-ended management investment companies, each Fund with its own investment objective. The Funds are:
AllianceBernstein Variable Products Series Fund:
AB VPS Large Cap Growth Portfolio - Class B
AB VPS Sustainable Global Thematic Portfolio - Class B
American Century Variable Portfolios, Inc.:
American Century VP Balanced Fund - Class I
American Funds Insurance Series®:
American Funds Global Growth Fund - Class 2
American Funds Growth Fund - Class 2
American Funds Growth-Income Fund - Class 2
American Funds International Fund - Class 2
Delaware VIP® Trust:
Delaware VIP® Small Cap Value Series - Service Class
Deutsche DWS Variable Series II:
DWS Alternative Asset Allocation VIP Portfolio - Class A
Fidelity® Variable Insurance Products:
Fidelity® VIP Asset Manager Portfolio - Initial Class
Fidelity® VIP Contrafund® Portfolio - Service Class 2
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2
Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2
Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2
Fidelity® VIP Government Money Market Portfolio - Initial Class
Fidelity® VIP Growth Portfolio - Initial Class
Janus Aspen Series:
Janus Henderson Global Research Portfolio - Institutional Shares
Lincoln Variable Insurance Products Trust*:
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class
LVIP Baron Growth Opportunities Fund - Service Class
LVIP BlackRock Global Allocation Fund - Standard Class
LVIP BlackRock Inflation Protected Bond Fund - Standard Class
LVIP BlackRock Real Estate Fund - Standard Class
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class
LVIP Delaware Bond Fund - Standard Class
LVIP Delaware Diversified Floating Rate Fund - Service Class
LVIP Delaware Diversified Income Fund - Standard Class
LVIP Delaware High Yield Fund - Standard Class
LVIP Delaware SMID Cap Core Fund - Service Class
LVIP Delaware Social Awareness Fund - Standard Class
LVIP Delaware U.S. REIT Fund - Service Class
LVIP Delaware Wealth Builder Fund - Standard Class
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class
LVIP Global Growth Allocation Managed Risk Fund - Standard Class
L-18
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
1. Accounting Policies and Variable Account Information (continued)
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class
LVIP JPMorgan Retirement Income Fund - Standard Class
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class
LVIP Mondrian Global Income Fund - Standard Class
LVIP Mondrian International Value Fund - Standard Class
LVIP SSGA Bond Index Fund - Standard Class
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class
LVIP SSGA International Index Fund - Standard Class
LVIP SSGA International Managed Volatility Fund - Standard Class
LVIP SSGA S&P 500 Index Fund - Standard Class
LVIP SSGA Small-Cap Index Fund - Standard Class
LVIP T. Rowe Price 2020 Fund - Standard Class
LVIP T. Rowe Price 2030 Fund - Standard Class
LVIP T. Rowe Price 2040 Fund - Standard Class
LVIP T. Rowe Price 2050 Fund - Standard Class
LVIP T. Rowe Price 2060 Fund - Standard Class
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class
Neuberger Berman Advisers Management Trust:
Neuberger Berman AMT Sustainable Equity
Portfolio - I Class
T. Rowe Price International Series, Inc.:
T. Rowe Price International Stock Portfolio
* Denotes an affiliate of the Company
The Fidelity VIP Government Money Market Portfolio is used only for investments of initial contributions for which the Company has not received complete order instructions. Upon receipt of complete order instructions, the payments transferred to the Fidelity VIP Government Money Market Portfolio are allocated to purchase shares of one or more of the above Funds.
Each subaccount invests in shares of a single underlying Fund. The investment performance of each subaccount will reflect the investment performance of the underlying Fund less separate account expenses. There is no assurance that the investment objective of any underlying Fund will be met. A Fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment
portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holders' investments in the Funds and the amounts reported in the financial statements. The contract holder assumes all of the investment performance risk for the subaccounts selected.
Investments in the Funds are stated at fair value as determined by the closing net asset value per share on December 31, 2023. Net asset value is quoted by the Funds as derived by the fair value of the Funds' underlying investments. The difference between cost and net asset value is reflected as unrealized appreciation or depreciation of investments. There are no redemption restrictions on investments in the Funds.
Investments for which the fair value is measured at NAV using the practical expedient (investments in investees measured at NAV) are excluded from the fair value hierarchy. Accordingly, the Variable Account's investments in the Funds have not been classified in the fair value hierarchy.
Investment transactions are accounted for on a trade-date basis. The cost of investments sold is determined by the average cost method.
ASC 946-10-15, "Financial Services - Investment Companies (Topic 946) - Scope and Scope Exceptions" provides accounting guidance for assessing whether an entity is an investment company. This guidance evaluates the entity's purpose and design to determine whether the entity is an investment company. The standard also adds additional disclosure requirements regarding contractually required commitments to investees. Management has evaluated the criteria in the standard and concluded that the Variable Account qualifies as an investment company and therefore applies the accounting requirements of ASC 946.
Dividends: Dividends paid to the Variable Account are automatically reinvested in shares of the Funds on the payable date with the exception of Fidelity VIP Money Market Portfolio, which is invested monthly. Dividend income is recorded on the ex-dividend date.
Federal Income Taxes: Operations of the Variable Account form a part of and are taxed with operations of the Company, which is taxed as a "life insurance company" under the Internal Revenue Code. The Variable Account will not be taxed as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended. Under current federal income tax law, no federal income taxes are payable or receivable with respect to the Variable Account's net investment income and the net realized gain (loss) on investments.
Annuity Reserves: Reserves on contracts not involving life contingencies are calculated using an assumed investment return of 3%, 4%, 5% or 6%, as approved in each state. Reserves on contracts involving life
L-19
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
1. Accounting Policies and Variable Account Information (continued)
contingencies are calculated using an assumed investment return of 3%, 4%, 5% or 6%, as approved in each state, and mortality tables based on issue year. For issue years 2015 and later, the 2012 IAM Table is used. Issue years 1998 to 2014 use the A2000 individual mortality
table. Issue years 1985 to 1997 use the 1983a individual mortality table. Issue years 1976 to 1985 use the 1971 individual mortality table. Tables used for issues prior to 1976 include the Code Progressive with 4-year setback table and Code 49 table.
Investment Fund Changes: During 2022, the LVIP BlackRock Global Allocation Fund - Standard Class fund became available as an investment option for account contract owners. Accordingly, for the subaccount that commenced operations during 2022, the 2022 statements of changes in net assets and total return and investment income ratios in note 3 are for the period from the commencement of operations to December 31, 2022.
Also during 2022, the following fund changed its name:
Previous Fund Name |
New Fund Name |
||||||
AB VPS Global Thematic Growth Portfolio - Class B |
AB VPS Sustainable Global Thematic Portfolio - Class B |
Also during 2022, the following fund substitution occurred:
Previous Fund Name |
New Fund Name |
||||||
BlackRock Global Allocation V.I. Fund - Class I |
LVIP BlackRock Global Allocation Fund - Standard Class |
Also during 2022, the following fund mergers occurred:
Fund Acquired |
Acquiring Fund |
||||||
LVIP BlackRock Advantage Allocation Fund - Standard Class |
LVIP BlackRock Global Allocation Fund - Standard Class |
||||||
LVIP T. Rowe Price 2010 Fund - Standard Class |
LVIP JPMorgan Retirement Income Fund - Standard Class |
During 2023, the following funds changed their names:
Previous Fund Name |
New Fund Name |
||||||
LVIP BlackRock Global Real Estate Fund - Standard Class |
LVIP BlackRock Real Estate Fund - Standard Class |
||||||
LVIP Delaware REIT Fund - Service Class |
LVIP Delaware U.S. REIT Fund - Service Class |
||||||
LVIP SSGA Emerging Markets 100 Fund - Standard Class |
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
||||||
LVIP Global Income Fund - Standard Class |
LVIP Mondrian Global Income Fund - Standard Class |
2. Mortality and Expense Guarantees and Other Transactions with Affiliates
Amounts are paid to the Company for mortality and expense guarantees at a percentage of the current value of the Variable Account each day with the exception of Fidelity VIP Government Money Market Portfolio, which does not have a mortality and expense charge. The mortality and expense risk charges for each of the variable subaccounts are reported in the statements of operations. The ranges of rates are as follows for the six contract types within the Variable Account:
• Group Variable Annuity at a daily rate of .0020548% to .0027397% (.75% to 1.00% on an annual basis)
• Lincoln PathBuilderSM Income Version 1 at a daily rate of .0001370% (.05% on an annual basis)
• Lincoln PathBuilderSM Income Version 2 at a daily rate of .0006849% (.25% on an annual basis)
• Lincoln PathBuilderSM Income Version 3 at a daily rate of .0012329% (.45% on an annual basis)
• Lincoln PathBuilderSM Income Version 4 at a daily rate of .0017808% (.65% on an annual basis)
• Lincoln Retirement Income Rollover at a daily rate of .0001370% to .0017808% (.05% to .65% on an annual basis)
L-20
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
2. Mortality and Expense Guarantees and Other Transactions with Affiliates (continued)
The Company charges an annual account fee which varies by product. Refer to the product prospectus for the account fee rate. The account fees are for items such as processing applications, issuing contracts, policy value calculation, confirmations and periodic reports. The Company, upon surrender of a policy, may assess a
surrender charge. Amounts retained by the Company for account fees and surrender charges for 2023 and 2022 were $129,420 and $132,987, respectively.
Surrender, contract and all other charges are included within Net unit transactions on the Statements of Changes in Net Assets.
3. Financial Highlights
A summary of the fee rates, unit values, units outstanding, net assets and total return and investment income ratios for variable annuity contracts as of and for each year or period in the five years ended December 31, 2023, follows:
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
AB VPS Large Cap Growth Portfolio - Class B |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
$ |
17.93 |
$ |
18.14 |
205,757 |
$ |
3,692,031 |
33.45 |
% |
33.78 |
% |
0.00 |
% |
||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
13.44 |
13.56 |
210,827 |
2,834,160 |
-29.40 |
% |
-29.22 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
19.03 |
19.16 |
224,950 |
4,282,533 |
27.37 |
% |
27.69 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
14.94 |
15.00 |
250,130 |
3,738,664 |
33.80 |
% |
34.14 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
4/26/19 |
0.75 |
% |
1.00 |
% |
11.17 |
11.19 |
258,055 |
2,882,013 |
11.02 |
% |
11.21 |
% |
0.00 |
% |
||||||||||||||||||||||||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class B |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
12.34 |
13.08 |
157,258 |
1,945,602 |
14.55 |
% |
14.84 |
% |
0.03 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
10.78 |
11.39 |
163,400 |
1,764,789 |
-27.89 |
% |
-27.71 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
14.94 |
15.76 |
197,887 |
2,962,967 |
21.35 |
% |
21.66 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
12.32 |
12.96 |
210,493 |
2,597,200 |
37.70 |
% |
38.04 |
% |
0.45 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
8.94 |
9.39 |
226,348 |
2,029,831 |
28.49 |
% |
28.81 |
% |
0.17 |
% |
|||||||||||||||||||||||||||||||||
American Century VP Balanced Fund - Class I |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
65.65 |
69.79 |
160,620 |
10,592,422 |
15.25 |
% |
15.54 |
% |
1.93 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
56.96 |
60.40 |
172,046 |
9,846,065 |
-18.09 |
% |
-17.88 |
% |
1.20 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
69.54 |
73.56 |
190,514 |
13,314,502 |
14.62 |
% |
14.91 |
% |
0.71 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
60.67 |
64.02 |
223,556 |
13,633,701 |
11.41 |
% |
11.69 |
% |
1.17 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
54.46 |
57.32 |
241,211 |
13,192,668 |
18.66 |
% |
18.96 |
% |
1.54 |
% |
|||||||||||||||||||||||||||||||||
American Funds Global Growth Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
52.05 |
54.67 |
131,274 |
6,856,672 |
21.38 |
% |
21.69 |
% |
0.91 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
42.88 |
44.93 |
130,645 |
5,621,081 |
-25.49 |
% |
-25.30 |
% |
0.65 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
57.55 |
60.15 |
144,783 |
8,363,738 |
15.26 |
% |
15.55 |
% |
0.34 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
49.93 |
52.05 |
165,537 |
8,294,125 |
29.17 |
% |
29.49 |
% |
0.35 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
38.66 |
40.20 |
189,801 |
7,360,327 |
33.93 |
% |
34.27 |
% |
1.09 |
% |
|||||||||||||||||||||||||||||||||
American Funds Growth Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
50.91 |
53.96 |
748,099 |
38,279,627 |
37.11 |
% |
37.45 |
% |
0.36 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
37.13 |
39.26 |
798,784 |
29,796,846 |
-30.64 |
% |
-30.46 |
% |
0.31 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
53.53 |
56.45 |
885,942 |
47,627,119 |
20.78 |
% |
21.08 |
% |
0.21 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
44.32 |
46.63 |
1,009,535 |
44,961,365 |
50.57 |
% |
50.94 |
% |
0.32 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
29.44 |
30.89 |
1,115,556 |
32,985,214 |
29.47 |
% |
29.80 |
% |
0.74 |
% |
|||||||||||||||||||||||||||||||||
American Funds Growth-Income Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
45.83 |
48.13 |
337,525 |
15,517,795 |
24.88 |
% |
25.20 |
% |
1.39 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
36.70 |
38.44 |
347,701 |
12,796,377 |
-17.32 |
% |
-17.12 |
% |
1.26 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
44.39 |
46.38 |
380,327 |
16,920,691 |
22.86 |
% |
23.17 |
% |
1.10 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
36.13 |
37.66 |
430,204 |
15,599,663 |
12.42 |
% |
12.70 |
% |
1.34 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
32.14 |
33.42 |
491,348 |
15,844,128 |
24.88 |
% |
25.19 |
% |
1.62 |
% |
|||||||||||||||||||||||||||||||||
American Funds International Fund - Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
19.90 |
21.09 |
270,231 |
5,398,175 |
14.69 |
% |
14.98 |
% |
1.28 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
17.35 |
18.34 |
289,893 |
5,046,805 |
-21.58 |
% |
-21.38 |
% |
1.68 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
22.12 |
23.33 |
347,503 |
7,714,877 |
-2.48 |
% |
-2.23 |
% |
2.27 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
22.68 |
23.86 |
393,355 |
8,953,737 |
12.84 |
% |
13.12 |
% |
0.65 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
20.10 |
21.09 |
437,426 |
8,820,850 |
21.66 |
% |
21.96 |
% |
1.40 |
% |
L-21
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
BlackRock Global Allocation V.I. Fund - Class I |
|||||||||||||||||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
$ |
23.05 |
$ |
23.79 |
73,757 |
$ |
1,701,059 |
5.61 |
% |
5.88 |
% |
0.91 |
% |
||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
21.83 |
22.47 |
76,772 |
1,676,387 |
19.80 |
% |
20.10 |
% |
1.24 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
18.22 |
18.71 |
89,412 |
1,629,501 |
16.82 |
% |
17.11 |
% |
1.25 |
% |
|||||||||||||||||||||||||||||||||
Delaware VIP® Small Cap Value Series - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
41.07 |
43.13 |
162,052 |
6,679,858 |
8.01 |
% |
8.28 |
% |
0.64 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
38.02 |
39.83 |
171,648 |
6,547,300 |
-13.23 |
% |
-13.01 |
% |
0.53 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
43.82 |
45.79 |
191,142 |
8,402,199 |
32.68 |
% |
33.01 |
% |
0.65 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
33.03 |
34.43 |
196,667 |
6,517,097 |
-3.15 |
% |
-2.91 |
% |
1.09 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
34.10 |
35.46 |
232,887 |
7,968,017 |
26.45 |
% |
26.77 |
% |
0.78 |
% |
|||||||||||||||||||||||||||||||||
DWS Alternative Asset Allocation VIP Portfolio - Class A |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
15.84 |
15.84 |
14,153 |
224,215 |
5.13 |
% |
5.13 |
% |
6.93 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
15.07 |
15.07 |
14,736 |
222,058 |
-8.34 |
% |
-8.34 |
% |
6.55 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
16.44 |
16.96 |
17,829 |
293,163 |
11.62 |
% |
11.90 |
% |
1.83 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
14.73 |
15.16 |
15,522 |
228,652 |
4.66 |
% |
4.92 |
% |
2.64 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
14.07 |
14.45 |
14,211 |
200,030 |
13.54 |
% |
13.83 |
% |
4.03 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Asset Manager Portfolio - Initial Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
61.78 |
65.69 |
363,407 |
22,517,141 |
11.82 |
% |
12.10 |
% |
2.31 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
55.25 |
58.60 |
407,226 |
22,556,729 |
-15.78 |
% |
-15.57 |
% |
2.05 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
65.61 |
69.40 |
439,389 |
28,898,776 |
8.83 |
% |
9.10 |
% |
1.50 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
60.29 |
63.62 |
524,599 |
31,712,253 |
13.73 |
% |
14.01 |
% |
1.48 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
53.01 |
55.80 |
571,317 |
30,363,400 |
17.07 |
% |
17.37 |
% |
1.73 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
52.29 |
55.42 |
427,493 |
22,395,155 |
31.79 |
% |
32.12 |
% |
0.26 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
39.67 |
41.95 |
461,102 |
18,329,293 |
-27.22 |
% |
-27.04 |
% |
0.26 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
54.51 |
57.49 |
541,673 |
29,576,432 |
26.24 |
% |
26.56 |
% |
0.03 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
43.18 |
45.43 |
635,374 |
27,494,571 |
28.94 |
% |
29.26 |
% |
0.08 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
33.49 |
35.14 |
719,182 |
24,129,405 |
29.97 |
% |
30.29 |
% |
0.21 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
12.80 |
13.00 |
17,434 |
224,386 |
11.11 |
% |
11.38 |
% |
2.97 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
11.52 |
11.67 |
16,901 |
195,633 |
-16.81 |
% |
-16.60 |
% |
1.90 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
13.84 |
13.84 |
17,206 |
239,147 |
8.18 |
% |
8.18 |
% |
1.03 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1.00 |
% |
1.00 |
% |
12.80 |
12.80 |
12,554 |
160,668 |
13.58 |
% |
13.58 |
% |
1.14 |
% |
|||||||||||||||||||||||||||||||||
2019 |
1.00 |
% |
1.00 |
% |
11.27 |
11.27 |
9,926 |
111,844 |
18.69 |
% |
18.69 |
% |
2.25 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
13.19 |
13.19 |
67,097 |
884,821 |
12.20 |
% |
12.20 |
% |
2.72 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
11.75 |
11.75 |
46,252 |
543,630 |
-17.47 |
% |
-17.47 |
% |
1.85 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
14.24 |
14.24 |
41,122 |
585,642 |
9.45 |
% |
9.45 |
% |
1.07 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1.00 |
% |
1.00 |
% |
13.01 |
13.01 |
30,426 |
395,904 |
14.53 |
% |
14.53 |
% |
1.24 |
% |
|||||||||||||||||||||||||||||||||
2019 |
1.00 |
% |
1.00 |
% |
11.36 |
11.36 |
21,802 |
247,708 |
20.30 |
% |
20.30 |
% |
2.93 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
13.70 |
13.92 |
117,734 |
1,614,236 |
13.32 |
% |
13.60 |
% |
2.35 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
12.09 |
12.25 |
91,147 |
1,102,863 |
-17.91 |
% |
-17.71 |
% |
1.75 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
14.73 |
14.89 |
81,463 |
1,200,626 |
10.96 |
% |
11.23 |
% |
0.85 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
13.28 |
13.38 |
81,731 |
1,085,539 |
15.48 |
% |
15.77 |
% |
1.41 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
11.50 |
11.56 |
27,297 |
314,033 |
22.88 |
% |
23.19 |
% |
1.83 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
14.52 |
14.75 |
107,877 |
1,567,121 |
15.37 |
% |
15.66 |
% |
1.92 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
12.59 |
12.75 |
87,334 |
1,099,687 |
-18.71 |
% |
-18.50 |
% |
1.53 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
15.49 |
15.65 |
72,948 |
1,129,825 |
14.03 |
% |
14.33 |
% |
0.84 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
13.58 |
13.69 |
61,185 |
831,022 |
16.78 |
% |
17.07 |
% |
0.90 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
11.63 |
11.63 |
60,195 |
700,075 |
25.87 |
% |
25.87 |
% |
1.74 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
15.15 |
15.15 |
95,195 |
1,442,433 |
17.43 |
% |
17.43 |
% |
1.45 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
12.90 |
12.90 |
79,838 |
1,030,145 |
-19.22 |
% |
-19.22 |
% |
1.77 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
15.97 |
15.97 |
38,247 |
610,949 |
16.33 |
% |
16.33 |
% |
0.75 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1.00 |
% |
1.00 |
% |
13.73 |
13.73 |
30,386 |
417,256 |
17.81 |
% |
17.81 |
% |
0.90 |
% |
|||||||||||||||||||||||||||||||||
2019 |
1.00 |
% |
1.00 |
% |
11.66 |
11.66 |
16,146 |
188,206 |
26.96 |
% |
26.96 |
% |
1.87 |
% |
L-22
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
$ |
15.22 |
$ |
15.22 |
65,720 |
$ |
1,000,153 |
18.00 |
% |
18.00 |
% |
1.37 |
% |
||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
12.90 |
12.90 |
58,915 |
759,842 |
-19.27 |
% |
-19.27 |
% |
1.51 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
15.98 |
15.98 |
37,666 |
601,709 |
16.36 |
% |
16.36 |
% |
0.80 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1.00 |
% |
1.00 |
% |
13.73 |
13.73 |
20,713 |
284,357 |
17.78 |
% |
17.78 |
% |
1.02 |
% |
|||||||||||||||||||||||||||||||||
2019 |
1.00 |
% |
1.00 |
% |
11.66 |
11.66 |
8,569 |
99,884 |
26.98 |
% |
26.98 |
% |
2.00 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
15.22 |
15.22 |
94,447 |
1,437,298 |
18.01 |
% |
18.01 |
% |
1.43 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
12.90 |
12.90 |
67,732 |
873,467 |
-19.28 |
% |
-19.28 |
% |
1.50 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
15.98 |
15.98 |
53,005 |
846,813 |
16.35 |
% |
16.35 |
% |
0.80 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1.00 |
% |
1.00 |
% |
13.73 |
13.73 |
37,984 |
521,583 |
17.81 |
% |
17.81 |
% |
0.92 |
% |
|||||||||||||||||||||||||||||||||
2019 |
1.00 |
% |
1.00 |
% |
11.66 |
11.66 |
22,893 |
266,837 |
26.94 |
% |
26.94 |
% |
2.24 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
14.15 |
14.15 |
39,054 |
552,687 |
17.94 |
% |
17.94 |
% |
1.33 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
12.00 |
12.00 |
27,896 |
334,733 |
-19.27 |
% |
-19.27 |
% |
1.63 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
14.86 |
14.86 |
13,646 |
202,829 |
16.35 |
% |
16.35 |
% |
1.43 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1.00 |
% |
1.00 |
% |
12.77 |
12.77 |
5,201 |
66,439 |
17.83 |
% |
17.83 |
% |
2.84 |
% |
|||||||||||||||||||||||||||||||||
2019 |
6/24/19 |
1.00 |
% |
1.00 |
% |
10.84 |
10.84 |
153 |
1,660 |
8.41 |
% |
8.41 |
% |
3.13 |
% |
||||||||||||||||||||||||||||||||
Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2 |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
14.17 |
14.17 |
25,367 |
359,432 |
18.05 |
% |
18.05 |
% |
1.51 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
12.00 |
12.00 |
15,706 |
188,514 |
-19.27 |
% |
-19.27 |
% |
1.51 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
14.87 |
14.87 |
8,544 |
127,030 |
16.35 |
% |
16.35 |
% |
1.64 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1.00 |
% |
1.00 |
% |
12.78 |
12.78 |
3,139 |
40,109 |
17.85 |
% |
17.85 |
% |
1.58 |
% |
|||||||||||||||||||||||||||||||||
2019 |
11/18/19 |
1.00 |
% |
1.00 |
% |
10.84 |
10.84 |
18 |
190 |
3.80 |
% |
3.80 |
% |
1.69 |
% |
||||||||||||||||||||||||||||||||
Fidelity® VIP Government Money Market Portfolio - Initial Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.00 |
% |
0.00 |
% |
20.12 |
20.14 |
11,744 |
236,262 |
4.89 |
% |
4.89 |
% |
4.74 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.00 |
% |
0.00 |
% |
19.18 |
19.20 |
17,784 |
341,102 |
1.44 |
% |
1.44 |
% |
1.47 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.00 |
% |
0.00 |
% |
18.91 |
18.93 |
13,294 |
251,368 |
0.00 |
% |
0.01 |
% |
0.01 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.00 |
% |
0.00 |
% |
18.91 |
18.93 |
9,787 |
185,044 |
0.32 |
% |
0.32 |
% |
0.27 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.00 |
% |
0.00 |
% |
18.85 |
18.87 |
4,993 |
94,105 |
1.99 |
% |
2.02 |
% |
1.92 |
% |
|||||||||||||||||||||||||||||||||
Fidelity® VIP Growth Portfolio - Initial Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
221.71 |
235.72 |
420,396 |
93,585,506 |
34.88 |
% |
35.22 |
% |
0.13 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
164.37 |
174.32 |
455,771 |
75,206,298 |
-25.21 |
% |
-25.02 |
% |
0.62 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
219.78 |
232.49 |
514,667 |
113,506,732 |
21.99 |
% |
22.29 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
180.16 |
190.11 |
652,781 |
118,047,600 |
42.46 |
% |
42.82 |
% |
0.08 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
126.46 |
133.11 |
739,567 |
93,845,360 |
32.98 |
% |
33.31 |
% |
0.26 |
% |
|||||||||||||||||||||||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
38.75 |
41.19 |
206,743 |
8,050,102 |
25.52 |
% |
25.83 |
% |
0.92 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
30.87 |
32.74 |
220,537 |
6,841,543 |
-20.21 |
% |
-20.01 |
% |
1.04 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
38.69 |
40.93 |
237,795 |
9,246,372 |
16.92 |
% |
17.21 |
% |
0.51 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
33.09 |
34.92 |
287,958 |
9,583,494 |
18.87 |
% |
19.16 |
% |
0.72 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
27.84 |
29.31 |
314,370 |
8,796,357 |
27.76 |
% |
28.08 |
% |
0.99 |
% |
|||||||||||||||||||||||||||||||||
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.05 |
% |
0.25 |
% |
11.10 |
11.18 |
586,216 |
6,547,858 |
11.52 |
% |
11.75 |
% |
2.99 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.05 |
% |
0.25 |
% |
9.96 |
10.00 |
536,289 |
5,361,077 |
-15.74 |
% |
-15.57 |
% |
2.45 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.05 |
% |
0.25 |
% |
11.82 |
11.82 |
264,362 |
3,129,925 |
9.09 |
% |
9.09 |
% |
4.63 |
% |
|||||||||||||||||||||||||||||||||
2020 |
11/30/20 |
0.25 |
% |
0.25 |
% |
10.83 |
10.83 |
73,425 |
795,470 |
2.75 |
% |
2.75 |
% |
1.81 |
% |
||||||||||||||||||||||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
118.58 |
126.09 |
136,988 |
16,292,568 |
16.64 |
% |
16.93 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
101.67 |
107.84 |
144,897 |
14,771,936 |
-26.57 |
% |
-26.38 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
138.46 |
146.48 |
153,937 |
21,367,364 |
17.54 |
% |
17.83 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
117.80 |
124.32 |
182,409 |
21,564,358 |
32.75 |
% |
33.08 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
88.74 |
93.41 |
205,745 |
18,321,342 |
35.03 |
% |
35.36 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
LVIP BlackRock Advantage Allocation Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2022 |
0.00 |
% |
0.00 |
% |
— |
— |
— |
— |
0.00 |
% |
0.00 |
% |
1.05 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
24.66 |
25.45 |
10,516 |
259,368 |
6.64 |
% |
6.92 |
% |
1.16 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
23.12 |
23.80 |
11,456 |
264,959 |
12.00 |
% |
12.27 |
% |
1.65 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
20.64 |
21.20 |
15,265 |
315,197 |
15.50 |
% |
15.78 |
% |
2.42 |
% |
L-23
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
$ |
21.74 |
$ |
22.55 |
59,287 |
$ |
1,289,899 |
12.49 |
% |
12.77 |
% |
2.79 |
% |
||||||||||||||||||||||||||||||
2022 |
6/3/22 |
0.75 |
% |
1.00 |
% |
19.33 |
20.00 |
62,216 |
1,203,215 |
-5.49 |
% |
-5.35 |
% |
0.35 |
% |
||||||||||||||||||||||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
10.48 |
10.78 |
80,002 |
838,799 |
4.02 |
% |
4.29 |
% |
2.47 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
10.07 |
10.34 |
75,395 |
759,572 |
-5.65 |
% |
-5.41 |
% |
10.35 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
10.67 |
10.93 |
71,194 |
760,181 |
3.63 |
% |
3.89 |
% |
7.24 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
10.30 |
10.52 |
63,329 |
652,526 |
4.23 |
% |
4.49 |
% |
0.16 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
9.88 |
10.07 |
69,810 |
690,046 |
4.84 |
% |
5.10 |
% |
2.17 |
% |
|||||||||||||||||||||||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
11.40 |
11.88 |
18,648 |
214,276 |
11.94 |
% |
12.22 |
% |
3.14 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
10.18 |
10.59 |
17,123 |
175,711 |
-29.36 |
% |
-29.18 |
% |
1.49 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
14.41 |
14.95 |
29,486 |
426,712 |
26.74 |
% |
27.06 |
% |
7.06 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
11.37 |
11.76 |
27,976 |
319,330 |
-3.18 |
% |
-2.94 |
% |
5.51 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
11.75 |
12.12 |
28,214 |
332,443 |
23.71 |
% |
23.98 |
% |
2.79 |
% |
|||||||||||||||||||||||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
20.78 |
22.02 |
83,561 |
1,739,265 |
32.82 |
% |
33.15 |
% |
0.39 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
15.64 |
16.54 |
87,106 |
1,364,875 |
-27.46 |
% |
-27.28 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
21.57 |
22.75 |
92,215 |
1,992,415 |
29.56 |
% |
29.88 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
16.65 |
17.51 |
107,947 |
1,806,049 |
22.59 |
% |
22.89 |
% |
0.37 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
13.58 |
14.25 |
116,888 |
1,595,087 |
18.74 |
% |
19.04 |
% |
0.70 |
% |
|||||||||||||||||||||||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
18.62 |
19.07 |
17,585 |
327,859 |
16.58 |
% |
16.88 |
% |
0.27 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
15.97 |
15.97 |
18,479 |
295,460 |
-24.33 |
% |
-24.33 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
21.11 |
21.11 |
15,221 |
321,286 |
12.16 |
% |
12.16 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
18.82 |
19.13 |
13,275 |
249,833 |
26.44 |
% |
26.76 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
14.88 |
15.09 |
11,489 |
171,008 |
23.67 |
% |
23.98 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware Bond Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
16.91 |
17.76 |
161,079 |
2,727,640 |
4.88 |
% |
5.14 |
% |
3.34 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
16.13 |
16.89 |
155,011 |
2,501,786 |
-14.56 |
% |
-14.34 |
% |
3.09 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
18.87 |
19.72 |
168,673 |
3,187,337 |
-2.78 |
% |
-2.53 |
% |
1.96 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
19.41 |
20.23 |
187,390 |
3,642,466 |
8.77 |
% |
9.05 |
% |
2.45 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
17.85 |
18.56 |
164,242 |
2,937,405 |
8.12 |
% |
8.39 |
% |
3.00 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
10.42 |
10.74 |
16,013 |
167,217 |
4.27 |
% |
4.54 |
% |
5.24 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
10.00 |
10.28 |
14,706 |
147,115 |
-1.16 |
% |
-0.91 |
% |
1.92 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
10.11 |
10.37 |
17,481 |
176,891 |
-0.85 |
% |
-0.63 |
% |
0.94 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
10.20 |
10.44 |
17,754 |
181,194 |
0.11 |
% |
0.35 |
% |
1.28 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
10.19 |
10.40 |
17,218 |
175,518 |
3.30 |
% |
3.54 |
% |
2.24 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
18.97 |
19.92 |
92,886 |
1,770,467 |
5.18 |
% |
5.44 |
% |
4.02 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
18.04 |
18.89 |
95,383 |
1,725,926 |
-14.71 |
% |
-14.50 |
% |
2.69 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
21.15 |
22.10 |
197,372 |
4,180,191 |
-2.28 |
% |
-2.03 |
% |
4.93 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
21.64 |
22.56 |
213,783 |
4,633,362 |
9.93 |
% |
10.21 |
% |
2.69 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
19.69 |
20.47 |
208,647 |
4,113,303 |
9.34 |
% |
9.61 |
% |
2.96 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
24.09 |
25.24 |
54,234 |
1,306,981 |
11.55 |
% |
11.82 |
% |
6.50 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
21.60 |
22.57 |
62,438 |
1,348,864 |
-12.29 |
% |
-12.07 |
% |
5.60 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
24.62 |
25.66 |
76,566 |
1,885,338 |
3.88 |
% |
4.14 |
% |
9.44 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
23.70 |
24.64 |
73,840 |
1,750,515 |
6.17 |
% |
6.44 |
% |
6.22 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
22.32 |
23.15 |
80,340 |
1,794,403 |
15.27 |
% |
15.56 |
% |
6.47 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware SMID Cap Core Fund - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
32.47 |
34.41 |
148,392 |
4,837,461 |
14.95 |
% |
15.23 |
% |
0.93 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
28.25 |
29.86 |
158,629 |
4,496,439 |
-14.84 |
% |
-14.63 |
% |
0.18 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
33.17 |
34.98 |
169,939 |
5,656,001 |
21.60 |
% |
21.91 |
% |
0.59 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
27.28 |
28.69 |
194,802 |
5,331,060 |
9.64 |
% |
9.91 |
% |
0.28 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
24.88 |
26.11 |
220,546 |
5,502,290 |
27.97 |
% |
28.29 |
% |
0.30 |
% |
L-24
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
$ |
62.58 |
$ |
66.53 |
246,193 |
$ |
15,468,260 |
28.88 |
% |
29.20 |
% |
0.99 |
% |
||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
48.55 |
51.49 |
269,321 |
13,124,010 |
-20.51 |
% |
-20.31 |
% |
1.12 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
61.08 |
64.62 |
293,402 |
17,988,237 |
25.18 |
% |
25.49 |
% |
0.77 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
48.80 |
51.49 |
353,132 |
17,302,118 |
18.50 |
% |
18.79 |
% |
1.30 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
41.18 |
43.35 |
405,064 |
16,740,886 |
30.66 |
% |
30.99 |
% |
2.05 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware U.S. REIT Fund - Service Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
47.90 |
50.76 |
120,706 |
5,789,344 |
11.13 |
% |
11.40 |
% |
3.05 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
43.11 |
45.57 |
132,146 |
5,703,705 |
-26.27 |
% |
-26.08 |
% |
2.72 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
58.46 |
61.65 |
148,863 |
8,714,688 |
41.13 |
% |
41.48 |
% |
2.40 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
41.43 |
43.57 |
166,165 |
6,897,595 |
-11.53 |
% |
-11.31 |
% |
1.71 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
46.83 |
49.13 |
185,807 |
8,717,062 |
25.24 |
% |
25.55 |
% |
1.89 |
% |
|||||||||||||||||||||||||||||||||
LVIP Delaware Wealth Builder Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
24.18 |
24.18 |
19,646 |
475,014 |
8.81 |
% |
8.81 |
% |
2.73 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
22.22 |
22.22 |
18,831 |
418,416 |
-12.09 |
% |
-12.09 |
% |
2.17 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
25.28 |
25.28 |
19,981 |
505,041 |
10.67 |
% |
10.67 |
% |
1.90 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
22.84 |
23.51 |
20,467 |
467,530 |
4.56 |
% |
4.83 |
% |
2.33 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
21.84 |
22.42 |
20,746 |
453,187 |
14.75 |
% |
15.04 |
% |
3.80 |
% |
|||||||||||||||||||||||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
36.57 |
38.76 |
165,483 |
6,073,666 |
21.56 |
% |
21.87 |
% |
1.37 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
30.09 |
31.81 |
176,587 |
5,329,577 |
-16.09 |
% |
-15.88 |
% |
1.38 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
35.85 |
37.81 |
180,736 |
6,503,287 |
26.28 |
% |
26.60 |
% |
1.11 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
28.39 |
29.87 |
204,725 |
5,839,359 |
15.24 |
% |
15.53 |
% |
1.54 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
24.64 |
25.85 |
228,116 |
5,642,089 |
28.82 |
% |
29.14 |
% |
1.76 |
% |
|||||||||||||||||||||||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
13.86 |
13.86 |
7,111 |
98,579 |
16.07 |
% |
16.07 |
% |
1.70 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
11.94 |
11.94 |
6,105 |
72,908 |
-12.93 |
% |
-12.93 |
% |
1.68 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
13.72 |
13.72 |
5,574 |
76,457 |
16.15 |
% |
16.15 |
% |
1.13 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1.00 |
% |
1.00 |
% |
11.81 |
11.81 |
6,107 |
72,124 |
11.54 |
% |
11.54 |
% |
1.10 |
% |
|||||||||||||||||||||||||||||||||
2019 |
1.00 |
% |
1.00 |
% |
10.59 |
10.59 |
6,015 |
63,689 |
11.67 |
% |
11.67 |
% |
1.58 |
% |
|||||||||||||||||||||||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
16.53 |
17.14 |
40,084 |
663,057 |
8.95 |
% |
9.22 |
% |
3.22 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
15.17 |
15.69 |
41,432 |
628,679 |
-12.71 |
% |
-12.49 |
% |
9.57 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
17.38 |
17.93 |
54,395 |
945,525 |
7.70 |
% |
7.97 |
% |
5.03 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
16.14 |
16.61 |
62,457 |
1,007,972 |
1.63 |
% |
1.89 |
% |
3.59 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
15.88 |
16.30 |
62,246 |
988,430 |
6.54 |
% |
6.80 |
% |
3.63 |
% |
|||||||||||||||||||||||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
20.15 |
21.10 |
42,647 |
860,039 |
8.63 |
% |
8.90 |
% |
1.96 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
18.55 |
19.38 |
45,273 |
840,395 |
-16.24 |
% |
-16.03 |
% |
2.45 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
22.14 |
23.08 |
51,577 |
1,142,684 |
6.56 |
% |
6.83 |
% |
3.32 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
20.78 |
21.60 |
57,205 |
1,189,406 |
6.01 |
% |
6.27 |
% |
2.10 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
19.60 |
20.33 |
62,097 |
1,218,599 |
13.87 |
% |
14.15 |
% |
2.55 |
% |
|||||||||||||||||||||||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
19.37 |
20.29 |
165,711 |
3,219,804 |
12.20 |
% |
12.48 |
% |
1.94 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
17.27 |
18.04 |
175,678 |
3,041,377 |
-19.49 |
% |
-19.29 |
% |
2.47 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
21.45 |
22.35 |
179,465 |
3,858,136 |
11.65 |
% |
11.93 |
% |
3.10 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
19.21 |
19.97 |
186,913 |
3,598,942 |
4.80 |
% |
5.07 |
% |
2.06 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
18.33 |
19.01 |
219,235 |
4,025,873 |
14.70 |
% |
14.99 |
% |
2.29 |
% |
|||||||||||||||||||||||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.05 |
% |
1.00 |
% |
13.63 |
20.86 |
1,205,396 |
18,322,293 |
10.73 |
% |
11.78 |
% |
2.01 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.05 |
% |
1.00 |
% |
12.27 |
18.79 |
1,201,275 |
16,460,525 |
-18.20 |
% |
-17.42 |
% |
2.89 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.05 |
% |
1.00 |
% |
14.94 |
22.92 |
1,118,699 |
18,772,461 |
9.72 |
% |
10.76 |
% |
2.83 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.05 |
% |
1.00 |
% |
13.57 |
20.84 |
1,313,101 |
19,857,528 |
5.04 |
% |
6.04 |
% |
2.17 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.05 |
% |
1.00 |
% |
12.88 |
19.79 |
1,576,348 |
22,282,932 |
13.87 |
% |
14.96 |
% |
2.39 |
% |
|||||||||||||||||||||||||||||||||
LVIP JPMorgan Retirement Income Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
19.85 |
20.86 |
81,353 |
1,624,222 |
10.49 |
% |
10.77 |
% |
3.61 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
17.97 |
18.83 |
84,578 |
1,528,021 |
-14.19 |
% |
-13.98 |
% |
2.25 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
20.94 |
21.89 |
66,526 |
1,402,614 |
4.82 |
% |
5.08 |
% |
2.22 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
19.98 |
20.83 |
70,087 |
1,412,300 |
8.39 |
% |
8.66 |
% |
2.45 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
18.43 |
19.17 |
75,123 |
1,418,476 |
12.80 |
% |
13.08 |
% |
3.12 |
% |
L-25
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
$ |
15.36 |
$ |
15.73 |
38,889 |
$ |
597,372 |
10.96 |
% |
11.23 |
% |
1.71 |
% |
||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
13.84 |
13.84 |
33,851 |
468,619 |
-10.07 |
% |
-10.07 |
% |
1.16 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
15.39 |
15.39 |
38,577 |
593,643 |
27.79 |
% |
27.79 |
% |
0.97 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
12.04 |
12.24 |
31,635 |
380,986 |
0.93 |
% |
1.17 |
% |
1.27 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
11.93 |
12.10 |
30,385 |
363,034 |
15.01 |
% |
15.29 |
% |
1.31 |
% |
|||||||||||||||||||||||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
11.18 |
11.18 |
11,558 |
129,680 |
2.98 |
% |
2.98 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
10.86 |
10.86 |
10,285 |
111,698 |
-15.98 |
% |
-15.98 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
12.93 |
12.93 |
11,328 |
146,426 |
-6.03 |
% |
-6.03 |
% |
2.85 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
13.76 |
14.16 |
13,597 |
187,052 |
5.72 |
% |
5.99 |
% |
1.44 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
13.01 |
13.36 |
17,164 |
223,341 |
5.67 |
% |
5.94 |
% |
2.28 |
% |
|||||||||||||||||||||||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
23.36 |
24.54 |
106,941 |
2,532,527 |
18.92 |
% |
19.21 |
% |
3.28 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
19.65 |
20.58 |
112,155 |
2,231,817 |
-11.64 |
% |
-11.42 |
% |
2.81 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
22.24 |
23.24 |
116,927 |
2,631,677 |
10.16 |
% |
10.43 |
% |
3.32 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
20.19 |
21.04 |
125,699 |
2,564,770 |
-5.92 |
% |
-5.68 |
% |
2.27 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
21.46 |
22.31 |
143,908 |
3,118,399 |
17.07 |
% |
17.36 |
% |
3.90 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
12.05 |
12.05 |
111,740 |
1,347,328 |
4.25 |
% |
4.25 |
% |
2.88 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
11.56 |
11.56 |
67,021 |
774,756 |
-14.31 |
% |
-14.31 |
% |
2.09 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
13.49 |
13.49 |
74,399 |
1,003,643 |
-2.95 |
% |
-2.95 |
% |
1.87 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
13.90 |
14.31 |
78,318 |
1,089,320 |
6.42 |
% |
6.68 |
% |
1.63 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
13.06 |
13.41 |
66,019 |
862,934 |
7.16 |
% |
7.43 |
% |
3.21 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
17.97 |
18.83 |
77,358 |
1,393,550 |
12.38 |
% |
12.66 |
% |
2.58 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
15.99 |
16.71 |
82,342 |
1,319,897 |
-15.18 |
% |
-14.97 |
% |
3.78 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
18.86 |
19.65 |
89,672 |
1,694,109 |
11.46 |
% |
11.74 |
% |
5.14 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
16.92 |
17.59 |
91,209 |
1,545,962 |
5.95 |
% |
6.22 |
% |
1.88 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
15.97 |
16.56 |
94,775 |
1,515,834 |
14.60 |
% |
14.89 |
% |
2.61 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA International Index Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
20.94 |
21.72 |
44,937 |
940,827 |
16.40 |
% |
16.69 |
% |
3.26 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
17.99 |
18.61 |
43,837 |
788,477 |
-15.17 |
% |
-14.96 |
% |
4.98 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
21.20 |
21.89 |
35,495 |
752,937 |
9.95 |
% |
10.23 |
% |
2.73 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
19.28 |
19.86 |
30,931 |
596,514 |
6.78 |
% |
7.04 |
% |
2.53 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
18.06 |
18.55 |
30,617 |
552,975 |
20.37 |
% |
20.67 |
% |
2.87 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
13.14 |
13.37 |
15,475 |
203,308 |
16.28 |
% |
16.57 |
% |
3.04 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
11.30 |
11.47 |
17,326 |
195,754 |
-17.66 |
% |
-17.45 |
% |
4.95 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
13.72 |
13.89 |
13,938 |
191,240 |
9.66 |
% |
9.92 |
% |
2.49 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
12.51 |
12.64 |
11,284 |
141,190 |
-1.96 |
% |
-1.67 |
% |
2.13 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
12.76 |
12.85 |
9,825 |
125,390 |
17.61 |
% |
17.90 |
% |
2.85 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
38.61 |
39.74 |
2,874,539 |
111,285,484 |
24.76 |
% |
25.07 |
% |
1.47 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
30.95 |
31.78 |
3,069,901 |
95,233,552 |
-19.12 |
% |
-18.92 |
% |
1.44 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
38.26 |
39.19 |
3,324,633 |
127,497,632 |
27.14 |
% |
27.46 |
% |
1.18 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
30.09 |
30.75 |
4,071,622 |
122,806,192 |
16.86 |
% |
17.15 |
% |
1.59 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
25.75 |
26.25 |
4,534,311 |
117,002,612 |
29.90 |
% |
30.22 |
% |
1.67 |
% |
|||||||||||||||||||||||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
25.90 |
26.67 |
755,604 |
19,608,813 |
15.34 |
% |
15.63 |
% |
1.26 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
22.46 |
23.06 |
789,447 |
17,756,805 |
-21.57 |
% |
-21.38 |
% |
1.16 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
28.63 |
29.33 |
872,312 |
25,015,146 |
13.42 |
% |
13.70 |
% |
0.77 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
25.25 |
25.80 |
1,058,878 |
26,778,488 |
18.01 |
% |
18.31 |
% |
1.05 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
21.39 |
21.80 |
1,207,619 |
25,873,093 |
23.79 |
% |
24.10 |
% |
0.95 |
% |
|||||||||||||||||||||||||||||||||
LVIP T. Rowe Price 2010 Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2022 |
0.00 |
% |
0.00 |
% |
— |
— |
— |
— |
0.00 |
% |
0.00 |
% |
0.20 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
18.39 |
18.39 |
20,111 |
369,754 |
7.53 |
% |
7.53 |
% |
2.12 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1.00 |
% |
1.00 |
% |
17.10 |
17.10 |
27,262 |
466,136 |
11.17 |
% |
11.17 |
% |
2.28 |
% |
|||||||||||||||||||||||||||||||||
2019 |
1.00 |
% |
1.00 |
% |
15.38 |
15.38 |
26,542 |
408,207 |
14.58 |
% |
14.58 |
% |
2.93 |
% |
L-26
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
3. Financial Highlights (continued)
Subaccount |
Year |
Commencement Date(1) |
Minimum Fee Rate(2) |
Maximum Fee Rate(2) |
Minimum Unit Value(3) |
Maximum Unit Value(3) |
Units Outstanding |
Net Assets |
Minimum Total Return(4) |
Maximum Total Return(4) |
Investment Income Ratio(5) |
||||||||||||||||||||||||||||||||||||
LVIP T. Rowe Price 2020 Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
$ |
17.65 |
$ |
18.39 |
73,778 |
$ |
1,302,866 |
12.41 |
% |
12.69 |
% |
2.44 |
% |
||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
15.70 |
16.32 |
79,118 |
1,242,803 |
-16.02 |
% |
-15.81 |
% |
2.73 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
18.69 |
19.39 |
96,021 |
1,795,733 |
9.13 |
% |
9.40 |
% |
2.83 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
17.13 |
17.72 |
106,775 |
1,829,870 |
12.14 |
% |
12.42 |
% |
2.51 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
15.27 |
15.76 |
106,583 |
1,631,311 |
17.74 |
% |
18.04 |
% |
2.94 |
% |
|||||||||||||||||||||||||||||||||
LVIP T. Rowe Price 2030 Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
18.43 |
19.21 |
273,855 |
5,052,380 |
14.98 |
% |
15.27 |
% |
2.00 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
16.03 |
16.67 |
302,497 |
4,852,632 |
-17.70 |
% |
-17.49 |
% |
2.21 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
19.48 |
20.20 |
304,568 |
5,936,641 |
12.47 |
% |
12.75 |
% |
2.45 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
17.32 |
17.92 |
280,683 |
4,864,596 |
14.10 |
% |
14.39 |
% |
2.20 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
15.18 |
15.66 |
322,422 |
4,897,286 |
20.93 |
% |
21.24 |
% |
2.46 |
% |
|||||||||||||||||||||||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
18.69 |
19.48 |
155,487 |
2,908,517 |
18.00 |
% |
18.30 |
% |
1.72 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
15.84 |
16.47 |
162,239 |
2,571,585 |
-18.56 |
% |
-18.36 |
% |
1.82 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
19.45 |
20.17 |
160,651 |
3,125,384 |
15.77 |
% |
16.06 |
% |
2.78 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
16.80 |
17.38 |
145,433 |
2,443,824 |
15.46 |
% |
15.75 |
% |
2.16 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
14.55 |
15.02 |
146,547 |
2,134,848 |
23.20 |
% |
23.51 |
% |
2.23 |
% |
|||||||||||||||||||||||||||||||||
LVIP T. Rowe Price 2050 Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
19.48 |
19.48 |
121,587 |
2,368,760 |
19.11 |
% |
19.11 |
% |
1.59 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
16.36 |
16.36 |
118,822 |
1,943,567 |
-18.76 |
% |
-18.76 |
% |
1.52 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
20.13 |
20.13 |
165,744 |
3,337,242 |
16.83 |
% |
16.83 |
% |
2.80 |
% |
|||||||||||||||||||||||||||||||||
2020 |
1.00 |
% |
1.00 |
% |
17.23 |
17.23 |
125,095 |
2,155,880 |
15.73 |
% |
15.73 |
% |
2.16 |
% |
|||||||||||||||||||||||||||||||||
2019 |
1.00 |
% |
1.00 |
% |
14.89 |
14.89 |
119,658 |
1,781,890 |
23.91 |
% |
23.91 |
% |
2.31 |
% |
|||||||||||||||||||||||||||||||||
LVIP T. Rowe Price 2060 Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
1.00 |
% |
1.00 |
% |
15.08 |
15.08 |
6,999 |
105,534 |
19.11 |
% |
19.11 |
% |
2.10 |
% |
|||||||||||||||||||||||||||||||||
2022 |
1.00 |
% |
1.00 |
% |
12.66 |
12.66 |
4,075 |
51,590 |
-18.69 |
% |
-18.69 |
% |
2.49 |
% |
|||||||||||||||||||||||||||||||||
2021 |
1.00 |
% |
1.00 |
% |
15.57 |
15.57 |
2,111 |
32,857 |
17.51 |
% |
17.51 |
% |
5.21 |
% |
|||||||||||||||||||||||||||||||||
2020 |
8/11/20 |
1.00 |
% |
1.00 |
% |
13.25 |
13.25 |
141 |
1,872 |
15.41 |
% |
15.41 |
% |
2.35 |
% |
||||||||||||||||||||||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
58.14 |
61.82 |
335,290 |
19,564,242 |
19.97 |
% |
20.27 |
% |
0.03 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
48.47 |
51.40 |
360,806 |
17,547,181 |
-25.28 |
% |
-25.09 |
% |
0.01 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
64.86 |
68.62 |
399,522 |
26,000,456 |
12.71 |
% |
12.99 |
% |
0.01 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
57.55 |
60.73 |
485,121 |
28,043,794 |
30.38 |
% |
30.71 |
% |
0.00 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
44.14 |
46.46 |
536,674 |
23,785,568 |
36.03 |
% |
36.37 |
% |
0.17 |
% |
|||||||||||||||||||||||||||||||||
Neuberger Berman AMT Large Cap Value Portfolio - I Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2019 |
0.00 |
% |
0.00 |
% |
— |
— |
— |
— |
0.00 |
% |
0.00 |
% |
1.99 |
% |
|||||||||||||||||||||||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
16.05 |
16.24 |
326,700 |
5,245,688 |
25.64 |
% |
25.95 |
% |
0.34 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
12.77 |
12.89 |
347,345 |
4,439,180 |
-19.26 |
% |
-19.06 |
% |
0.45 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
15.82 |
15.93 |
359,949 |
5,697,613 |
22.25 |
% |
22.55 |
% |
0.37 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
12.94 |
13.00 |
407,047 |
5,269,843 |
18.37 |
% |
18.67 |
% |
0.61 |
% |
|||||||||||||||||||||||||||||||||
2019 |
4/29/19 |
0.75 |
% |
1.00 |
% |
10.93 |
10.95 |
444,546 |
4,860,849 |
8.79 |
% |
8.98 |
% |
0.41 |
% |
||||||||||||||||||||||||||||||||
T. Rowe Price International Stock Portfolio |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 |
0.75 |
% |
1.00 |
% |
30.21 |
32.12 |
217,579 |
6,594,111 |
15.08 |
% |
15.37 |
% |
0.98 |
% |
|||||||||||||||||||||||||||||||||
2022 |
0.75 |
% |
1.00 |
% |
26.25 |
27.84 |
228,133 |
6,007,516 |
-16.65 |
% |
-16.44 |
% |
0.75 |
% |
|||||||||||||||||||||||||||||||||
2021 |
0.75 |
% |
1.00 |
% |
31.50 |
33.32 |
252,065 |
7,962,508 |
0.31 |
% |
0.56 |
% |
0.54 |
% |
|||||||||||||||||||||||||||||||||
2020 |
0.75 |
% |
1.00 |
% |
31.40 |
33.14 |
294,429 |
9,278,226 |
13.31 |
% |
13.59 |
% |
0.57 |
% |
|||||||||||||||||||||||||||||||||
2019 |
0.75 |
% |
1.00 |
% |
27.71 |
29.17 |
322,849 |
8,974,514 |
26.50 |
% |
26.82 |
% |
2.38 |
% |
(1) Reflects less than a full year of activity. Funds were first received in this option on the commencement date noted or the option was inactive at the date funds were received; thereby, a succeeding commencement date is disclosed. In the scenario where a subaccount commenced operations during the year, the total returns may not bear proportion to the fee rate range if multiple fee rates commenced during the year.
(2) These amounts represent the annualized minimum and maximum contract expenses of the separate account, consisting primarily of mortality and expense charges, for only those subaccounts that existed for the entire year. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year. The ratios include only those expenses that result in
L-27
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
3. Financial Highlights (continued)
a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds have been excluded.
(3) As the unit value is presented as a range of minimum to maximum values for only those subaccounts which existed for the entire year, some individual contract unit values may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.
(4) These amounts represent the total return, including changes in value of mutual funds, and reflect deductions for all items included in the fee rate. The total return does not include contract charges deducted directly from policy account values. The total return is not annualized. As the total return is presented as a range of minimum to maximum values for only those subaccounts that existed for the entire year, some individual contract total returns may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.
(5) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense guarantee charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest. Investment income ratios are not annualized.
Note: Fee rate, unit value and total return minimum and maximum are the same where there is only one active contract level charge for the subaccount.
4. Purchases and Sales of Investments
The aggregate cost of investments purchased and the aggregate proceeds from investments sold were as follows for 2023:
Subaccount |
Aggregate Cost of Purchases |
Aggregate Proceeds from Sales |
|||||||||
AB VPS Large Cap Growth Portfolio - Class B |
$ |
688,788 |
$ |
559,474 |
|||||||
AB VPS Sustainable Global Thematic Portfolio - Class B |
246,124 |
212,712 |
|||||||||
American Century VP Balanced Fund - Class I |
262,812 |
870,309 |
|||||||||
American Funds Global Growth Fund - Class 2 |
889,896 |
370,900 |
|||||||||
American Funds Growth Fund - Class 2 |
2,723,210 |
3,255,961 |
|||||||||
American Funds Growth-Income Fund - Class 2 |
1,366,245 |
984,189 |
|||||||||
American Funds International Fund - Class 2 |
212,660 |
559,861 |
|||||||||
Delaware VIP® Small Cap Value Series - Service Class |
715,906 |
819,805 |
|||||||||
DWS Alternative Asset Allocation VIP Portfolio - Class A |
39,256 |
32,080 |
|||||||||
Fidelity® VIP Asset Manager Portfolio - Initial Class |
869,102 |
2,851,657 |
|||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
1,194,796 |
2,152,281 |
|||||||||
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2 |
25,852 |
13,444 |
|||||||||
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2 |
345,033 |
70,525 |
|||||||||
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2 |
930,570 |
569,735 |
|||||||||
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2 |
302,971 |
14,776 |
|||||||||
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2 |
324,145 |
90,670 |
|||||||||
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2 |
294,025 |
190,293 |
|||||||||
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2 |
500,656 |
103,882 |
|||||||||
Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2 |
196,246 |
46,670 |
|||||||||
Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2 |
145,258 |
15,555 |
|||||||||
Fidelity® VIP Government Money Market Portfolio - Initial Class |
211,184 |
316,024 |
|||||||||
Fidelity® VIP Growth Portfolio - Initial Class |
4,597,194 |
8,151,350 |
|||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
306,378 |
582,441 |
|||||||||
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class |
2,017,524 |
697,430 |
|||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
492,608 |
1,279,620 |
|||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
155,544 |
194,257 |
|||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
102,967 |
43,170 |
|||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
35,590 |
15,875 |
|||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
154,225 |
241,307 |
L-28
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
4. Purchases and Sales of Investments (continued)
Subaccount |
Aggregate Cost of Purchases |
Aggregate Proceeds from Sales |
|||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
$ |
46,009 |
$ |
60,843 |
|||||||
LVIP Delaware Bond Fund - Standard Class |
466,812 |
312,764 |
|||||||||
LVIP Delaware Diversified Floating Rate Fund - Service Class |
34,390 |
14,162 |
|||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
278,269 |
266,693 |
|||||||||
LVIP Delaware High Yield Fund - Standard Class |
163,176 |
274,014 |
|||||||||
LVIP Delaware SMID Cap Core Fund - Service Class |
391,751 |
438,902 |
|||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
1,379,552 |
1,596,850 |
|||||||||
LVIP Delaware U.S. REIT Fund - Service Class |
247,475 |
634,035 |
|||||||||
LVIP Delaware Wealth Builder Fund - Standard Class |
90,222 |
64,265 |
|||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
535,981 |
608,014 |
|||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
95,413 |
81,964 |
|||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
163,272 |
169,090 |
|||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
49,745 |
67,011 |
|||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
191,754 |
339,999 |
|||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
3,561,256 |
3,298,472 |
|||||||||
LVIP JPMorgan Retirement Income Fund - Standard Class |
131,595 |
149,997 |
|||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
280,836 |
176,502 |
|||||||||
LVIP Mondrian Global Income Fund - Standard Class |
16,248 |
3,362 |
|||||||||
LVIP Mondrian International Value Fund - Standard Class |
139,969 |
193,587 |
|||||||||
LVIP SSGA Bond Index Fund - Standard Class |
637,368 |
78,816 |
|||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
89,552 |
149,585 |
|||||||||
LVIP SSGA International Index Fund - Standard Class |
139,012 |
98,140 |
|||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
30,867 |
49,183 |
|||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
5,554,178 |
8,986,278 |
|||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
794,371 |
1,308,690 |
|||||||||
LVIP T. Rowe Price 2020 Fund - Standard Class |
146,711 |
169,676 |
|||||||||
LVIP T. Rowe Price 2030 Fund - Standard Class |
507,351 |
751,485 |
|||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
304,852 |
298,527 |
|||||||||
LVIP T. Rowe Price 2050 Fund - Standard Class |
289,487 |
155,968 |
|||||||||
LVIP T. Rowe Price 2060 Fund - Standard Class |
43,597 |
597 |
|||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
182,229 |
1,702,983 |
|||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
318,415 |
574,512 |
|||||||||
T. Rowe Price International Stock Portfolio |
325,619 |
625,425 |
5. Investments
The following is a summary of investments owned at December 31, 2023:
Subaccount |
Shares Owned |
Net Asset Value |
Fair Value of Shares |
Cost of Shares |
|||||||||||||||
AB VPS Large Cap Growth Portfolio - Class B |
55,138 |
$ |
66.96 |
$ |
3,692,031 |
$ |
3,379,790 |
||||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class B |
62,660 |
31.05 |
1,945,602 |
1,747,377 |
|||||||||||||||
American Century VP Balanced Fund - Class I |
1,384,630 |
7.65 |
10,592,422 |
10,029,781 |
|||||||||||||||
American Funds Global Growth Fund - Class 2 |
205,044 |
33.44 |
6,856,672 |
5,900,367 |
|||||||||||||||
American Funds Growth Fund - Class 2 |
389,813 |
98.20 |
38,279,627 |
29,628,111 |
|||||||||||||||
American Funds Growth-Income Fund - Class 2 |
266,171 |
58.30 |
15,517,795 |
12,454,680 |
|||||||||||||||
American Funds International Fund - Class 2 |
310,062 |
17.41 |
5,398,175 |
5,682,785 |
|||||||||||||||
Delaware VIP® Small Cap Value Series - Service Class |
175,140 |
38.14 |
6,679,858 |
6,059,370 |
|||||||||||||||
DWS Alternative Asset Allocation VIP Portfolio - Class A |
17,599 |
12.74 |
224,215 |
235,484 |
|||||||||||||||
Fidelity® VIP Asset Manager Portfolio - Initial Class |
1,439,715 |
15.64 |
22,517,141 |
21,270,287 |
|||||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
478,222 |
46.83 |
22,395,155 |
16,231,477 |
|||||||||||||||
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2 |
18,096 |
12.40 |
224,386 |
251,321 |
|||||||||||||||
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2 |
58,949 |
15.01 |
884,821 |
908,344 |
|||||||||||||||
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2 |
105,852 |
15.25 |
1,614,236 |
1,565,024 |
|||||||||||||||
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2 |
60,930 |
25.72 |
1,567,121 |
1,484,754 |
|||||||||||||||
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2 |
58,374 |
24.71 |
1,442,433 |
1,358,748 |
|||||||||||||||
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2 |
40,038 |
24.98 |
1,000,153 |
945,337 |
|||||||||||||||
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2 |
63,654 |
22.58 |
1,437,298 |
1,338,744 |
|||||||||||||||
Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2 |
43,553 |
12.69 |
552,687 |
524,166 |
|||||||||||||||
Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2 |
28,640 |
12.55 |
359,432 |
339,176 |
L-29
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
5. Investments (continued)
Subaccount |
Shares Owned |
Net Asset Value |
Fair Value of Shares |
Cost of Shares |
|||||||||||||||
Fidelity® VIP Government Money Market Portfolio - Initial Class |
236,262 |
$ |
1.00 |
$ |
236,262 |
$ |
236,262 |
||||||||||||
Fidelity® VIP Growth Portfolio - Initial Class |
1,005,215 |
93.10 |
93,585,506 |
64,423,206 |
|||||||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
131,753 |
61.10 |
8,050,102 |
5,783,437 |
|||||||||||||||
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class |
659,468 |
9.93 |
6,547,858 |
7,725,432 |
|||||||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
226,308 |
71.99 |
16,292,568 |
9,131,119 |
|||||||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
112,272 |
11.49 |
1,289,899 |
1,250,570 |
|||||||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
91,772 |
9.14 |
838,799 |
933,052 |
|||||||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
28,528 |
7.51 |
214,276 |
243,830 |
|||||||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
38,431 |
45.26 |
1,739,265 |
1,238,163 |
|||||||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
16,863 |
19.44 |
327,859 |
299,430 |
|||||||||||||||
LVIP Delaware Bond Fund - Standard Class |
232,575 |
11.73 |
2,727,640 |
3,077,976 |
|||||||||||||||
LVIP Delaware Diversified Floating Rate Fund - Service Class |
17,255 |
9.69 |
167,217 |
172,261 |
|||||||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
198,550 |
8.92 |
1,770,467 |
2,021,583 |
|||||||||||||||
LVIP Delaware High Yield Fund - Standard Class |
309,125 |
4.23 |
1,306,981 |
1,520,767 |
|||||||||||||||
LVIP Delaware SMID Cap Core Fund - Service Class |
208,980 |
23.15 |
4,837,461 |
4,744,797 |
|||||||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
337,536 |
45.83 |
15,468,260 |
12,928,441 |
|||||||||||||||
LVIP Delaware U.S. REIT Fund - Service Class |
438,653 |
13.20 |
5,789,344 |
5,751,454 |
|||||||||||||||
LVIP Delaware Wealth Builder Fund - Standard Class |
42,182 |
11.26 |
475,014 |
503,788 |
|||||||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
143,413 |
42.35 |
6,073,666 |
4,792,231 |
|||||||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
2,370 |
41.59 |
98,579 |
89,021 |
|||||||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
90,458 |
7.33 |
663,057 |
770,473 |
|||||||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
73,564 |
11.69 |
860,039 |
942,126 |
|||||||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
258,889 |
12.44 |
3,219,804 |
3,247,453 |
|||||||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
1,436,592 |
12.75 |
18,322,293 |
19,468,366 |
|||||||||||||||
LVIP JPMorgan Retirement Income Fund - Standard Class |
135,194 |
12.01 |
1,624,222 |
1,731,630 |
|||||||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
33,472 |
17.85 |
597,372 |
608,552 |
|||||||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
13,473 |
9.63 |
129,680 |
149,397 |
|||||||||||||||
LVIP Mondrian International Value Fund - Standard Class |
152,589 |
16.60 |
2,532,527 |
2,567,741 |
|||||||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
134,652 |
10.01 |
1,347,328 |
1,487,206 |
|||||||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
125,083 |
11.14 |
1,393,550 |
1,421,364 |
|||||||||||||||
LVIP SSGA International Index Fund - Standard Class |
89,928 |
10.46 |
940,827 |
868,271 |
|||||||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
21,460 |
9.47 |
203,308 |
196,948 |
|||||||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
4,207,232 |
26.45 |
111,285,484 |
66,493,367 |
|||||||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
630,387 |
31.11 |
19,608,813 |
16,599,482 |
|||||||||||||||
LVIP T. Rowe Price 2020 Fund - Standard Class |
144,154 |
9.04 |
1,302,866 |
1,480,248 |
|||||||||||||||
LVIP T. Rowe Price 2030 Fund - Standard Class |
463,776 |
10.89 |
5,052,380 |
5,087,185 |
|||||||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
256,212 |
11.35 |
2,908,517 |
2,754,387 |
|||||||||||||||
LVIP T. Rowe Price 2050 Fund - Standard Class |
192,943 |
12.28 |
2,368,760 |
2,185,231 |
|||||||||||||||
LVIP T. Rowe Price 2060 Fund - Standard Class |
7,771 |
13.58 |
105,534 |
103,709 |
|||||||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
679,220 |
28.80 |
19,564,242 |
15,118,588 |
|||||||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
157,292 |
33.35 |
5,245,688 |
4,256,103 |
|||||||||||||||
T. Rowe Price International Stock Portfolio |
439,315 |
15.01 |
6,594,111 |
6,206,547 |
6. Changes in Units Outstanding
The change in units outstanding for the year ended December 31, 2023, is as follows:
Subaccount |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
||||||||||||
AB VPS Large Cap Growth Portfolio - Class B |
29,237 |
(34,307 |
) |
(5,070 |
) |
||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class B |
11,938 |
(18,080 |
) |
(6,142 |
) |
||||||||||
American Century VP Balanced Fund - Class I |
1,838 |
(13,264 |
) |
(11,426 |
) |
||||||||||
American Funds Global Growth Fund - Class 2 |
8,308 |
(7,679 |
) |
629 |
|||||||||||
American Funds Growth Fund - Class 2 |
18,859 |
(69,544 |
) |
(50,685 |
) |
||||||||||
American Funds Growth-Income Fund - Class 2 |
13,145 |
(23,321 |
) |
(10,176 |
) |
||||||||||
American Funds International Fund - Class 2 |
9,856 |
(29,518 |
) |
(19,662 |
) |
||||||||||
Delaware VIP® Small Cap Value Series - Service Class |
11,487 |
(21,083 |
) |
(9,596 |
) |
||||||||||
DWS Alternative Asset Allocation VIP Portfolio - Class A |
1,485 |
(2,068 |
) |
(583 |
) |
||||||||||
Fidelity® VIP Asset Manager Portfolio - Initial Class |
3,531 |
(47,350 |
) |
(43,819 |
) |
||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
10,969 |
(44,578 |
) |
(33,609 |
) |
||||||||||
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2 |
1,599 |
(1,066 |
) |
533 |
L-30
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
6. Changes in Units Outstanding (continued)
Subaccount |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
||||||||||||
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2 |
26,287 |
(5,442 |
) |
20,845 |
|||||||||||
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2 |
70,753 |
(44,166 |
) |
26,587 |
|||||||||||
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2 |
21,493 |
(950 |
) |
20,543 |
|||||||||||
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2 |
21,525 |
(6,168 |
) |
15,357 |
|||||||||||
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2 |
20,576 |
(13,771 |
) |
6,805 |
|||||||||||
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2 |
33,958 |
(7,243 |
) |
26,715 |
|||||||||||
Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2 |
14,591 |
(3,433 |
) |
11,158 |
|||||||||||
Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2 |
11,019 |
(1,358 |
) |
9,661 |
|||||||||||
Fidelity® VIP Government Money Market Portfolio - Initial Class |
10,230 |
(16,270 |
) |
(6,040 |
) |
||||||||||
Fidelity® VIP Growth Portfolio - Initial Class |
4,182 |
(39,557 |
) |
(35,375 |
) |
||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
1,457 |
(15,251 |
) |
(13,794 |
) |
||||||||||
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class |
116,339 |
(66,412 |
) |
49,927 |
|||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
2,893 |
(10,802 |
) |
(7,909 |
) |
||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
6,572 |
(9,501 |
) |
(2,929 |
) |
||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
8,645 |
(4,038 |
) |
4,607 |
|||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
2,997 |
(1,472 |
) |
1,525 |
|||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
8,478 |
(12,023 |
) |
(3,545 |
) |
||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
2,648 |
(3,542 |
) |
(894 |
) |
||||||||||
LVIP Delaware Bond Fund - Standard Class |
24,851 |
(18,783 |
) |
6,068 |
|||||||||||
LVIP Delaware Diversified Floating Rate Fund - Service Class |
2,643 |
(1,336 |
) |
1,307 |
|||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
12,001 |
(14,498 |
) |
(2,497 |
) |
||||||||||
LVIP Delaware High Yield Fund - Standard Class |
3,909 |
(12,113 |
) |
(8,204 |
) |
||||||||||
LVIP Delaware SMID Cap Core Fund - Service Class |
4,145 |
(14,382 |
) |
(10,237 |
) |
||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
3,974 |
(27,102 |
) |
(23,128 |
) |
||||||||||
LVIP Delaware U.S. REIT Fund - Service Class |
2,481 |
(13,921 |
) |
(11,440 |
) |
||||||||||
LVIP Delaware Wealth Builder Fund - Standard Class |
3,534 |
(2,719 |
) |
815 |
|||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
6,939 |
(18,043 |
) |
(11,104 |
) |
||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
7,238 |
(6,232 |
) |
1,006 |
|||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
9,420 |
(10,768 |
) |
(1,348 |
) |
||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
678 |
(3,304 |
) |
(2,626 |
) |
||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
8,407 |
(18,374 |
) |
(9,967 |
) |
||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
240,284 |
(236,163 |
) |
4,121 |
|||||||||||
LVIP JPMorgan Retirement Income Fund - Standard Class |
4,491 |
(7,716 |
) |
(3,225 |
) |
||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
17,352 |
(12,314 |
) |
5,038 |
|||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
1,533 |
(260 |
) |
1,273 |
|||||||||||
LVIP Mondrian International Value Fund - Standard Class |
3,715 |
(8,929 |
) |
(5,214 |
) |
||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
51,083 |
(6,364 |
) |
44,719 |
|||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
3,782 |
(8,766 |
) |
(4,984 |
) |
||||||||||
LVIP SSGA International Index Fund - Standard Class |
6,079 |
(4,979 |
) |
1,100 |
|||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
2,171 |
(4,022 |
) |
(1,851 |
) |
||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
47,685 |
(243,047 |
) |
(195,362 |
) |
||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
18,134 |
(51,977 |
) |
(33,843 |
) |
||||||||||
LVIP T. Rowe Price 2020 Fund - Standard Class |
4,726 |
(10,066 |
) |
(5,340 |
) |
||||||||||
LVIP T. Rowe Price 2030 Fund - Standard Class |
13,770 |
(42,412 |
) |
(28,642 |
) |
||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
10,295 |
(17,047 |
) |
(6,752 |
) |
||||||||||
LVIP T. Rowe Price 2050 Fund - Standard Class |
11,090 |
(8,325 |
) |
2,765 |
|||||||||||
LVIP T. Rowe Price 2060 Fund - Standard Class |
2,948 |
(24 |
) |
2,924 |
|||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
4,879 |
(30,395 |
) |
(25,516 |
) |
||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
18,245 |
(38,890 |
) |
(20,645 |
) |
||||||||||
T. Rowe Price International Stock Portfolio |
10,445 |
(20,999 |
) |
(10,554 |
) |
The change in units outstanding for the year ended December 31, 2022, is as follows:
Subaccount |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
||||||||||||
AB VPS Large Cap Growth Portfolio - Class B |
9,434 |
(23,557 |
) |
(14,123 |
) |
||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class B |
9,247 |
(43,734 |
) |
(34,487 |
) |
||||||||||
American Century VP Balanced Fund - Class I |
6,352 |
(24,820 |
) |
(18,468 |
) |
||||||||||
American Funds Global Growth Fund - Class 2 |
10,693 |
(24,831 |
) |
(14,138 |
) |
||||||||||
American Funds Growth Fund - Class 2 |
29,517 |
(116,675 |
) |
(87,158 |
) |
||||||||||
American Funds Growth-Income Fund - Class 2 |
16,905 |
(49,531 |
) |
(32,626 |
) |
||||||||||
American Funds International Fund - Class 2 |
14,024 |
(71,634 |
) |
(57,610 |
) |
L-31
Lincoln National Variable Annuity Account L
Notes to financial statements (continued)
6. Changes in Units Outstanding (continued)
Subaccount |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
||||||||||||
BlackRock Global Allocation V.I. Fund - Class I |
1,102 |
(74,859 |
) |
(73,757 |
) |
||||||||||
Delaware VIP® Small Cap Value Series - Service Class |
19,346 |
(38,840 |
) |
(19,494 |
) |
||||||||||
DWS Alternative Asset Allocation VIP Portfolio - Class A |
3,311 |
(6,404 |
) |
(3,093 |
) |
||||||||||
Fidelity® VIP Asset Manager Portfolio - Initial Class |
3,871 |
(36,034 |
) |
(32,163 |
) |
||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
11,558 |
(92,129 |
) |
(80,571 |
) |
||||||||||
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2 |
1,504 |
(1,809 |
) |
(305 |
) |
||||||||||
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2 |
5,949 |
(819 |
) |
5,130 |
|||||||||||
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2 |
14,658 |
(4,974 |
) |
9,684 |
|||||||||||
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2 |
25,124 |
(10,738 |
) |
14,386 |
|||||||||||
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2 |
48,452 |
(6,861 |
) |
41,591 |
|||||||||||
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2 |
24,351 |
(3,102 |
) |
21,249 |
|||||||||||
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2 |
18,054 |
(3,327 |
) |
14,727 |
|||||||||||
Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2 |
15,567 |
(1,317 |
) |
14,250 |
|||||||||||
Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2 |
12,400 |
(5,238 |
) |
7,162 |
|||||||||||
Fidelity® VIP Government Money Market Portfolio - Initial Class |
10,148 |
(5,658 |
) |
4,490 |
|||||||||||
Fidelity® VIP Growth Portfolio - Initial Class |
6,385 |
(65,281 |
) |
(58,896 |
) |
||||||||||
Janus Henderson Global Research Portfolio - Institutional Shares |
6,229 |
(23,487 |
) |
(17,258 |
) |
||||||||||
LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class |
312,421 |
(40,494 |
) |
271,927 |
|||||||||||
LVIP Baron Growth Opportunities Fund - Service Class |
3,833 |
(12,873 |
) |
(9,040 |
) |
||||||||||
LVIP BlackRock Advantage Allocation Fund - Standard Class |
323 |
(10,839 |
) |
(10,516 |
) |
||||||||||
LVIP BlackRock Global Allocation Fund - Standard Class |
73,899 |
(11,683 |
) |
62,216 |
|||||||||||
LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
26,780 |
(22,579 |
) |
4,201 |
|||||||||||
LVIP BlackRock Real Estate Fund - Standard Class |
2,450 |
(14,813 |
) |
(12,363 |
) |
||||||||||
LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
6,611 |
(11,720 |
) |
(5,109 |
) |
||||||||||
LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
6,399 |
(3,141 |
) |
3,258 |
|||||||||||
LVIP Delaware Bond Fund - Standard Class |
11,674 |
(25,336 |
) |
(13,662 |
) |
||||||||||
LVIP Delaware Diversified Floating Rate Fund - Service Class |
5,828 |
(8,603 |
) |
(2,775 |
) |
||||||||||
LVIP Delaware Diversified Income Fund - Standard Class |
6,703 |
(108,692 |
) |
(101,989 |
) |
||||||||||
LVIP Delaware High Yield Fund - Standard Class |
3,536 |
(17,664 |
) |
(14,128 |
) |
||||||||||
LVIP Delaware SMID Cap Core Fund - Service Class |
6,053 |
(17,363 |
) |
(11,310 |
) |
||||||||||
LVIP Delaware Social Awareness Fund - Standard Class |
9,072 |
(33,153 |
) |
(24,081 |
) |
||||||||||
LVIP Delaware U.S. REIT Fund - Service Class |
10,705 |
(27,422 |
) |
(16,717 |
) |
||||||||||
LVIP Delaware Wealth Builder Fund - Standard Class |
3,601 |
(4,751 |
) |
(1,150 |
) |
||||||||||
LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
8,361 |
(12,510 |
) |
(4,149 |
) |
||||||||||
LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
782 |
(251 |
) |
531 |
|||||||||||
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
9,634 |
(22,597 |
) |
(12,963 |
) |
||||||||||
LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
2,469 |
(8,773 |
) |
(6,304 |
) |
||||||||||
LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
5,562 |
(9,349 |
) |
(3,787 |
) |
||||||||||
LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
419,337 |
(336,761 |
) |
82,576 |
|||||||||||
LVIP JPMorgan Retirement Income Fund - Standard Class |
21,193 |
(3,141 |
) |
18,052 |
|||||||||||
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
12,191 |
(16,917 |
) |
(4,726 |
) |
||||||||||
LVIP Mondrian Global Income Fund - Standard Class |
371 |
(1,414 |
) |
(1,043 |
) |
||||||||||
LVIP Mondrian International Value Fund - Standard Class |
19,318 |
(24,090 |
) |
(4,772 |
) |
||||||||||
LVIP SSGA Bond Index Fund - Standard Class |
5,602 |
(12,980 |
) |
(7,378 |
) |
||||||||||
LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
4,102 |
(11,432 |
) |
(7,330 |
) |
||||||||||
LVIP SSGA International Index Fund - Standard Class |
13,660 |
(5,318 |
) |
8,342 |
|||||||||||
LVIP SSGA International Managed Volatility Fund - Standard Class |
5,517 |
(2,129 |
) |
3,388 |
|||||||||||
LVIP SSGA S&P 500 Index Fund - Standard Class |
39,865 |
(294,597 |
) |
(254,732 |
) |
||||||||||
LVIP SSGA Small-Cap Index Fund - Standard Class |
20,133 |
(102,998 |
) |
(82,865 |
) |
||||||||||
LVIP T. Rowe Price 2010 Fund - Standard Class |
283 |
(20,394 |
) |
(20,111 |
) |
||||||||||
LVIP T. Rowe Price 2020 Fund - Standard Class |
4,116 |
(21,019 |
) |
(16,903 |
) |
||||||||||
LVIP T. Rowe Price 2030 Fund - Standard Class |
18,207 |
(20,278 |
) |
(2,071 |
) |
||||||||||
LVIP T. Rowe Price 2040 Fund - Standard Class |
14,928 |
(13,340 |
) |
1,588 |
|||||||||||
LVIP T. Rowe Price 2050 Fund - Standard Class |
12,985 |
(59,907 |
) |
(46,922 |
) |
||||||||||
LVIP T. Rowe Price 2060 Fund - Standard Class |
1,974 |
(10 |
) |
1,964 |
|||||||||||
LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
14,126 |
(52,842 |
) |
(38,716 |
) |
||||||||||
Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
42,804 |
(55,408 |
) |
(12,604 |
) |
||||||||||
T. Rowe Price International Stock Portfolio |
12,767 |
(36,699 |
) |
(23,932 |
) |
7. Subsequent Events
Management evaluated subsequent events through the date these financial statements were issued and determined there were no additional matters to be disclosed.
L-32
Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors of The Lincoln National Life Insurance Company
and
Contract Owners of Lincoln National Variable Annuity Account L
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Lincoln National Variable Annuity Account L ("Variable Account"), as of December 31, 2023, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2023, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Variable Account's management. Our responsibility is to express an opinion on each of the subaccounts' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Variable Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Ernst & Young LLP
We have served as the Variable Account's Auditor since 1996.
Philadelphia, Pennsylvania
April 17, 2024
L-33
Subaccount |
Statements of Assets and Liabilities |
Statements of Operations |
Statements of Changes in Net Assets |
||||||||||||
AB VPS Large Cap Growth Portfolio - Class B |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
AB VPS Sustainable Global Thematic Portfolio - Class B |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Century VP Balanced Fund - Class I |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Funds Global Growth Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Funds Growth Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Funds Growth-Income Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
American Funds International Fund - Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
BlackRock Global Allocation V.I. Fund - Class I |
N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022 |
N/A - the fund ceased to be available as an investment option to Variable Account contract owners during 2022 |
For the period from January 1, 2022 through the date when the fund ceased to be available as an investment option to Variable Account contract owners |
||||||||||||
Delaware VIP® Small Cap Value Series - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
DWS Alternative Asset Allocation VIP Portfolio - Class A |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Asset Manager Portfolio - Initial Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Freedom 2020 Portfolio(SM) - Service Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Freedom 2025 Portfolio(SM) - Service Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Freedom 2030 Portfolio(SM) - Service Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Freedom 2035 Portfolio(SM) - Service Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Freedom 2040 Portfolio(SM) - Service Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Freedom 2045 Portfolio(SM) - Service Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
||||||||||||
Fidelity® VIP Freedom 2050 Portfolio(SM) - Service Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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Fidelity® VIP Freedom 2055 Portfolio(SM) - Service Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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Fidelity® VIP Freedom 2060 Portfolio(SM) - Service Class 2 |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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Fidelity® VIP Government Money Market Portfolio - Initial Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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Fidelity® VIP Growth Portfolio - Initial Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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Janus Henderson Global Research Portfolio - Institutional Shares |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
L-34
Subaccount |
Statements of Assets and Liabilities |
Statements of Operations |
Statements of Changes in Net Assets |
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LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Baron Growth Opportunities Fund - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP BlackRock Advantage Allocation Fund - Standard Class |
N/A - the fund merged into LVIP BlackRock Global Allocation Fund - Standard Class during 2022 |
N/A - the fund merged into LVIP BlackRock Global Allocation Fund - Standard Class during 2022 |
For the period from January 1, 2022 through the date when the fund merged into LVIP BlackRock Global Allocation Fund - Standard Class |
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LVIP BlackRock Global Allocation Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For the year ended December 31, 2023 and the period from June 3, 2022 (commencement of operations) through December 31, 2022 |
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LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP BlackRock Real Estate Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Delaware Bond Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Delaware Diversified Floating Rate Fund - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Delaware Diversified Income Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Delaware High Yield Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Delaware SMID Cap Core Fund - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Delaware Social Awareness Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Delaware U.S. REIT Fund - Service Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Delaware Wealth Builder Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
L-35
Subaccount |
Statements of Assets and Liabilities |
Statements of Operations |
Statements of Changes in Net Assets |
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LVIP JPMorgan Retirement Income Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Mondrian Global Income Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP Mondrian International Value Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP SSGA Bond Index Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP SSGA International Index Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP SSGA International Managed Volatility Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP SSGA S&P 500 Index Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP SSGA Small-Cap Index Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP T. Rowe Price 2010 Fund - Standard Class |
N/A - the fund merged into LVIP JPMorgan Retirement Income Fund - Standard Class during 2022 |
N/A - the fund merged into LVIP JPMorgan Retirement Income Fund - Standard Class during 2022 |
For the period from January 1, 2022 through the date when the fund merged into LVIP JPMorgan Retirement Income Fund - Standard Class |
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LVIP T. Rowe Price 2020 Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP T. Rowe Price 2030 Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP T. Rowe Price 2040 Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP T. Rowe Price 2050 Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP T. Rowe Price 2060 Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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Neuberger Berman AMT Sustainable Equity Portfolio - I Class |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
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T. Rowe Price International Stock Portfolio |
As of December 31, 2023 |
For the year ended December 31, 2023 |
For each of the two years in the period ended December 31, 2023 |
L-36