Document


			Lincoln Financial
			Table of Contents


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

			Select Earnings and Operational Data from Business Segments and Other Operations

			Annuities .........................................................................................................................................................................................................................................................			14
			Life Insurance ................................................................................................................................................................................................................................................			15
			Group Protection ............................................................................................................................................................................................................................................			16
			Retirement Plan Services ..............................................................................................................................................................................................................................			17
			Other Operations ............................................................................................................................................................................................................................................			18
			DAC and Account Balance Roll Forwards
			Consolidated DAC, VOBA, DSI and DFEL Roll Forwards ..............................................................................................................................................................................			19
			Account Balance Roll Forwards:
			Annuities ......................................................................................................................................................................................................................................................			20-21
			Life Insurance ..............................................................................................................................................................................................................................................			22
			Retirement Plan Services ............................................................................................................................................................................................................................			23
			Investment Information
			Fixed-Income Asset Class .............................................................................................................................................................................................................................			24
			Fixed-Income Credit Quality ..........................................................................................................................................................................................................................			25
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................			26-30

Lincoln Financial

Notes

Non-GAAP Measures

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

In the third quarter of 2024, we revised our definition of adjusted income (loss) from operations to exclude the impact of certain additional items that are not indicative of the ongoing operations of

the business and may obscure trends in the underlying performance of the Company. The six month period ended June 30, 2024, has been recast for such third quarter 2024 revisions to conform to

the current period presentation.

Adjusted Income (Loss) From Operations

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

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the

cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity

product features”);

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

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

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

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

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

(collectively, “investment gains (losses)”);

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

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

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

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

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

• Income (loss) from discontinued operations;

• Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers

and acquisitions, including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment

related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt;

and impacts from settlement or curtailment of defined benefit obligations; and

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

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

Adjusted Operating Revenues

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

• Changes in the fair value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders inclusive of income allocated to support the cost of

hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity and IUL products (“revenue adjustments from

annuity and life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

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

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

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

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

Lincoln Financial

Notes

Non-GAAP Measures, Continued

Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted

income (loss) from operations per diluted share available to common stockholders and adjusted operating revenues is helpful to investors in evaluating the company’s performance.

Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business.

Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our

variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on

managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related

adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period

to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the

fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios

supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals

or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes

excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business

fundamentals.

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding accumulated other comprehensive income (loss) (“AOCI”) and preferred stock is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is

useful to investors to analyze our net worth because it eliminates market movements that can fluctuate significantly from period to period, primarily related to changes in interest rates. Stockholders’ equity

is the most directly comparable GAAP measure.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, GLB and GDB hedge instruments gains (losses), and the difference between amounts

recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”). Management

believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes

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

Book Value per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. Management believes that using book value

per share, excluding AOCI enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI, is useful to investors because

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

Adjusted Book Value per Share

Adjusted book value per share is calculated by dividing adjusted stockholders’ equity by common shares outstanding. Management believes that using adjusted book value per share enables investors to

analyze the amount of our net worth that is attributable to our business operations. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate

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

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

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

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

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

Lincoln Financial

Notes

Non-GAAP Measures, Continued

Adjusted Income (Loss) From Operations ROE

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

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

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

Computations

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

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

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

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

Definitions

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

outstanding.

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

operations available to common stockholders, excluding AOCI and preferred stock ROE on page 2 for further information on how these metrics are calculated. Management evaluates consolidated ROE by both

including and excluding the effect of average goodwill.

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

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

Sales as reported consist of the following:

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

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

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

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

single premium deposits;

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

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

Statistical Supplement is Dated

This document is dated July 31, 2025, and has not been updated since that date. Lincoln Financial does not intend to update this document.


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

		For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Revenues
Insurance premiums	$	1,625	$	1,614	$	1,586	$	1,676	$	1,682	3.5	%	$	3,226	$	3,358	4.1	%
Fee income		1,339		1,352		1,387		1,365		1,340	0.1	%		2,662		2,706	1.7	%
Net investment income		1,332		1,411		1,435		1,457		1,466	10.1	%		2,679		2,924	9.1	%
Realized gain (loss)		663		(431)		470		11		(641)	NM			230		(631)	NM
Other revenues		194		165		185		182		197	1.5	%		472		378	-19.9	%
Total revenues		5,153		4,111		5,063		4,691		4,044	-21.5	%		9,269		8,735	-5.8	%

Expenses
Benefits		2,008		1,937		1,970		2,068		1,994	-0.7	%		4,011		4,062	1.3	%
Interest credited		853		880		888		890		916	7.4	%		1,675		1,805	7.8	%
Market risk benefit (gain) loss		(136)		657		(1,291)		1,293		(940)	NM			(2,043)		353	117.3	%
Policyholder liability remeasurement (gain) loss		(105)		(50)		(23)		(59)		(88)	16.2	%		(117)		(146)	-24.8	%
Commissions and other expenses		1,351		1,304		1,336		1,368		1,327	-1.8	%		2,951		2,695	-8.7	%
Interest and debt expense		86		86		83		80		(13)	NM			167		67	-59.9	%


Total expenses		4,057		4,814		2,963		5,640		3,196	-21.2	%		6,644		8,836	33.0	%
Income (loss) before taxes		1,096		(703)		2,100		(949)		848	-22.6	%		2,625		(101)	NM
Federal income tax expense (benefit)		201		(175)		414		(227)		149	-25.9	%		509		(78)	NM


Net income (loss)		895		(528)		1,686		(722)		699	-21.9	%		2,116		(23)	NM
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		—		—		—	NM			3		—	-100.0	%
Net income (loss) available to common
stockholders – diluted	$	884	$	(562)	$	1,675	$	(756)	$	688	-22.2	%	$	2,073	$	(69)	NM


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	5.11	$	(3.29)	$	9.63	$	(4.41)	$	3.80	-25.6	%	$	12.03	$	(0.39)	NM


Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	67,313	$	70,234	$	66,450	$	66,885	$	67,371	0.1%
U.S. government bonds		389		398		391		538		564	45.0%
State and municipal bonds		2,564		2,567		2,371		2,350		2,254	-12.1%
Foreign government bonds		260		252		237		239		239	-8.1%
Residential mortgage-backed securities		1,795		1,882		1,863		1,941		2,063	14.9%
Commercial mortgage-backed securities		1,542		1,643		1,665		1,830		1,972	27.9%
Asset-backed securities		13,072		13,444		13,880		14,241		14,658	12.1%
Hybrid and redeemable preferred securities		239		262		254		273		265	10.9%


Total fixed maturity AFS securities, net of allowance for credit losses		87,174		90,682		87,111		88,297		89,386	2.5%
Trading securities		2,201		2,206		2,025		1,984		1,909	-13.3%
Equity securities		295		293		294		345		341	15.6%
Mortgage loans on real estate, net of allowance for credit losses		20,152		20,856		21,083		21,558		21,996	9.2%

Policy loans		2,513		2,510		2,476		2,529		2,552	1.6%
Derivative investments		8,608		9,522		9,677		7,849		8,349	-3.0%
Other investments		5,652		5,743		6,588		6,653		6,611	17.0%
Total investments		126,595		131,812		129,254		129,215		131,144	3.6%
Cash and invested cash		5,475		6,013		5,801		4,284		7,143	30.5%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,435		12,475		12,537		12,563		12,604	1.4%

Reinsurance recoverables, net of allowance for credit losses		29,126		29,233		28,750		28,580		28,440	-2.4%


Deposit assets, net of allowance for credit losses		30,330		30,938		30,776		31,048		31,754	4.7%
Market risk benefit assets		4,754		4,565		4,860		4,157		4,577	-3.7%
Accrued investment income		1,135		1,160		1,108		1,134		1,136	0.1%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		8,340		8,017		8,163		8,267		8,181	-1.9%
Separate account assets		165,199		171,483		168,438		162,506		172,942	4.7%
Total assets	$	384,533	$	396,840	$	390,831	$	382,898	$	399,065	3.8%


Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	124,113	$	125,968	$	126,197	$	125,262	$	129,209	4.1	%
Future contract benefits		38,560		41,169		39,807		40,665		41,053	6.5	%
Funds withheld reinsurance liabilities		17,044		17,595		16,907		16,838		16,700	-2.0	%
Market risk benefit liabilities		1,275		1,272		1,046		1,306		1,205	-5.5	%

Deferred front-end loads		6,306		6,517		6,730		6,910		7,119	12.9	%
Payables for collateral on investments		11,114		10,570		10,020		8,282		8,466	-23.8	%
Short-term debt		450		300		300		—		—	-100.0	%
Long-term debt by rating agency leverage definitions:
Operating (see note (1) on page 9 for details)		867		867		868		868		868	0.1	%
Financial		4,849		5,030		4,988		5,000		4,899	1.0	%




Other liabilities		6,807		7,056		7,261		7,068		7,056	3.7	%






Separate account liabilities		165,199		171,483		168,438		162,506		172,942	4.7	%
Total liabilities		376,584		387,827		382,562		374,705		389,517	3.4	%

Stockholders’ Equity
Preferred stock		986		986		986		986		986	0.0%
Common stock		4,641		4,660		4,674		4,703		5,545	19.5	%
Retained earnings		6,691		6,049		7,645		6,810		7,409	10.7	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(5,253)		(3,565)		(5,601)		(5,078)		(4,750)	9.6	%



Market risk benefit non-performance risk gain (loss)		409		781		146		464		114	-72.1	%
Policyholder liability discount rate remeasurement gain (loss)		795		422		744		633		569	-28.4	%
Foreign currency translation adjustment		(27)		(18)		(29)		(24)		(14)	48.1	%
Funded status of employee benefit plans		(293)		(302)		(296)		(301)		(311)	-6.1	%
Total accumulated other comprehensive income (loss)		(4,369)		(2,682)		(5,036)		(4,306)		(4,392)	-0.5	%
Total stockholders’ equity		7,949		9,013		8,269		8,193		9,548	20.1	%
Total liabilities and stockholders’ equity	$	384,533	$	396,840	$	390,831	$	382,898	$	399,065	3.8	%


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


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

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Income (Loss)
Net income (loss)	$	895		$	(528)		$	1,686		$	(722)		$	699		-21.9	%	$	2,116		$	(23)		NM
Pre-tax adjusted income (loss) from operations (1)		389			461			400			362			517		32.9	%		680			879		29.3	%
After-tax adjusted income (loss) from operations (1)(2)		335			392			343			314			438		30.7	%		580			752		29.7	%
Adjusted operating tax rate (1)		13.7	%		15.0	%		14.1	%		13.3	%		15.4	%				14.7	%		14.4	%
Adjusted income (loss) from operations available to
common stockholders (1)		324			358			332			280			427		31.8	%		534			706		32.2	%







ROE
Net income (loss) ROE		46.2	%		-24.9	%		78.1	%		-35.1	%		31.5	%				56.6	%		-0.5	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE (1)		11.9	%		13.0	%		11.5	%		9.4	%		14.0	%				10.2	%		11.7	%
Adjusted income (loss) from operations ROE (1)		11.4	%		12.1	%		10.9	%		9.0	%		12.9	%				9.5	%		11.0	%

Per Common Share
Net income (loss) (diluted)	$	5.11		$	(3.29)		$	9.63		$	(4.41)		$	3.80		-25.6	%	$	12.03		$	(0.39)		NM
Adjusted income (loss) from operations (diluted) (1)(3)		1.87			2.06			1.91			1.60			2.36		26.2	%		3.10			3.97		28.1	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			0.90			0.90		0.0%

Book Value Per Common Share
Book value per share	$	40.78		$	46.97		$	42.60		$	41.96		$	44.91		10.1	%	$	40.78		$	44.91		10.1	%

Book value per share, excluding AOCI (4)		66.37			62.67			72.06			67.04			67.95		2.4	%		66.37			67.95		2.4	%
Adjusted book value per share (4)		68.51			70.04			72.34			73.19			72.77		6.2	%		68.51			72.77		6.2	%

Common Shares

End-of-period – basic		170.7			170.9			171.0			171.7			190.6		11.7	%		170.7			190.6		11.7	%
Average for the period – basic		170.6			170.8			170.9			171.3			177.2		3.9	%		170.3			174.3		2.3	%
End-of-period – diluted (1)		173.4			173.6			174.1			175.3			194.0		11.9	%		173.4			194.0		11.9	%
Average for the period – diluted (1)		172.9			173.6			174.0			174.7			180.6		4.5	%		172.4			177.7		3.1	%


(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.
(2) See reconciliation to net income (loss) on page 26.
(3) See reconciliation to earnings (loss) per common share – diluted on page 28.
(4) See reconciliation to stockholders’ equity and book value per common share on page 30.


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

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

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



Cash Returned to Common Stockholders – Common Dividends	$	77		$	77		$	77		$	77		$	77		0.0%		$	153	$	154	0.7	%


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


Leverage Ratio
Short-term debt	$	450		$	300		$	300		$	—		$	—		-100.0	%
Long-term debt		5,716			5,897			5,856			5,868			5,767		0.9	%
Total debt		6,166			6,197			6,156			5,868			5,767		-6.5	%
Preferred stock		986			986			986			986			986		0.0%
Total debt and preferred stock		7,152			7,183			7,142			6,854			6,753		-5.6	%







Less:
Operating debt (1)		867			867			868			868			868		0.1	%
Pre-funding of upcoming debt maturities		300			300			300			—			—		-100.0	%
25% of capital securities and subordinated notes		302			302			302			302			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Carrying value of fair value hedges and other items		123			153			111			122			119		-3.3	%
Total numerator	$	5,067		$	5,068		$	5,068		$	5,069		$	5,026		-0.8	%

Adjusted stockholders’ equity (2)	$	11,698		$	11,967		$	12,367		$	12,569		$	13,873		18.6	%


Add:
25% of capital securities and subordinated notes		302			302			302			302			247		-18.2	%
50% of preferred stock		493			493			493			493			493		0.0%
Total numerator		5,067			5,068			5,068			5,069			5,026		-0.8	%
Total denominator	$	17,560		$	17,830		$	18,230		$	18,433		$	19,639		11.8	%

Leverage ratio		28.9	%		28.4	%		27.8	%		27.5	%		25.6	%


Holding Company Available Liquidity (3)	$	763		$	759		$	763		$	466		$	466		-38.9	%




(1) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce
the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.
(2) See reconciliation to stockholders’ equity on page 30.





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


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

	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Annuities
Operating revenues	$	1,209	$	1,195	$	1,223	$	1,198	$	1,214	0.4	%	$	2,477	$	2,412	-2.6	%
Deposits		3,823		3,383		3,692		3,799		4,024	5.3	%		6,672		7,823	17.3	%
Net flows		(954)		(1,637)		(1,891)		(1,676)		(1,162)	-21.8	%		(2,946)		(2,838)	3.7	%



Average account balances, net of reinsurance		158,370		161,680		165,424		163,688		159,806	0.9	%		156,531		161,877	3.4	%
Alternative investment income (1)		1		4		4		2		3	200.0	%		4		6	50.0	%

Life Insurance
Operating revenues	$	1,511	$	1,589	$	1,608	$	1,587	$	1,602	6.0	%	$	3,052	$	3,188	4.5	%
Deposits		1,230		1,262		1,402		1,218		1,281	4.1	%		2,438		2,500	2.5	%
Net flows		751		738		930		569		633	-15.7	%		1,492		1,202	-19.4	%
Average account balances, net of reinsurance		43,230		44,055		44,746		44,390		45,651	5.6	%		42,755		45,020	5.3	%
Average in-force face amount		1,085,383		1,083,176		1,080,074		1,074,858		1,069,688	-1.4	%		1,086,394		1,072,273	-1.3	%
Alternative investment income (1)		32		92		96		70		94	193.8	%		106		163	53.8	%

Group Protection
Operating revenues	$	1,441	$	1,432	$	1,418	$	1,521	$	1,538	6.7	%	$	2,867	$	3,059	6.7	%
Insurance premiums		1,298		1,288		1,274		1,371		1,386	6.8	%		2,583		2,757	6.7	%
Alternative investment income (1)		1		1		2		1		2	100.0	%		2		3	50.0	%

Retirement Plan Services
Operating revenues	$	327	$	335	$	337	$	327	$	331	1.2	%	$	649	$	658	1.4	%
Deposits		3,282		4,180		3,473		4,115		3,594	9.5	%		7,085		7,709	8.8	%
Net flows		(197)		651		(732)		(2,184)		(585)	NM			194		(2,768)	NM
Average account balances		106,374		110,550		113,711		113,075		111,734	5.0	%		104,518		112,772	7.9	%
Alternative investment income (1)		1		2		2		2		2	100.0	%		2		4	100.0	%

Consolidated
Adjusted operating revenues (2)	$	4,527	$	4,603	$	4,628	$	4,685	$	4,726	4.4	%	$	9,111	$	9,411	3.3	%
Deposits		8,335		8,825		8,567		9,132		8,899	6.8	%		16,195		18,032	11.3	%
Net flows		(400)		(248)		(1,693)		(3,291)		(1,114)	NM			(1,260)		(4,404)	NM
Average account balances, net of reinsurance		307,974		316,285		323,881		321,153		317,191	3.0	%		303,804		319,669	5.2	%
Alternative investment income (1)		36		100		105		75		101	180.6	%		114		176	54.4	%


(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have a limited
economic interest in the investments.
(2) See reconciliation to total revenues on page 27.


Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Six Months Ended

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Sales
Annuities:
RILA	$	1,096		$	1,203		$	1,285		$	1,292		$	1,447		32.0	%	$	2,038		$	2,739		34.4	%
Fixed		1,667			1,009			560			863			1,221		-26.8	%		2,637			2,083		-21.0	%
Traditional variable with GLBs		634			691			1,243			1,099			935		47.5	%		1,179			2,033		72.4	%
Traditional variable without GLBs		420			472			601			535			416		-1.0	%		809			952		17.7	%

Total Annuities	$	3,817		$	3,375		$	3,689		$	3,789		$	4,019		5.3	%	$	6,663		$	7,807		17.2	%


Life Insurance:
IUL/UL	$	25		$	32		$	26		$	24		$	28		12.0	%	$	43		$	52		20.9	%
MoneyGuard®		34			35			35			28			29		-14.7	%		58			58		0.0%

VUL		19			22			21			15			15		-21.1	%		43			30		-30.2	%
Term		18			15			13			13			15		-16.7	%		37			28		-24.3	%

Executive Benefits		9			18			24			17			34		277.8	%		16			50		212.5	%
Total Life Insurance	$	105		$	122		$	119		$	97		$	121		15.2	%	$	197		$	218		10.7	%


Group Protection:
Life	$	81		$	42		$	184		$	101		$	104		28.4	%	$	167		$	205		22.8	%
Disability		74			36			253			48			70		-5.4	%		125			118		-5.6	%
Dental		6			6			30			8			13		116.7	%		14			21		50.0	%
Total Group Protection	$	161		$	84		$	467		$	157		$	187		16.1	%	$	306		$	344		12.4	%

Percent employee-paid		50.0	%		52.8	%		34.3	%		72.3	%		58.7	%				59.6	%		64.9	%

Retirement Plan Services:
First-year sales	$	821		$	1,652		$	1,273		$	1,104		$	1,222		48.8	%	$	1,949		$	2,326		19.3	%
Recurring deposits		2,461			2,528			2,200			3,011			2,372		-3.6	%		5,136			5,383		4.8	%
Total Retirement Plan Services	$	3,282		$	4,180		$	3,473		$	4,115		$	3,594		9.5	%	$	7,085		$	7,709		8.8	%


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

	For the Three Months Ended																		For the Six Months Ended

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Operating Revenues
Annuities	$	1,209		$	1,195		$	1,223		$	1,198		$	1,214		0.4	%	$	2,477		$	2,412		-2.6	%
Life Insurance		1,511			1,589			1,608			1,587			1,602		6.0	%		3,052			3,188		4.5	%
Group Protection		1,441			1,432			1,418			1,521			1,538		6.7	%		2,867			3,059		6.7	%
Retirement Plan Services		327			335			337			327			331		1.2	%		649			658		1.4	%
Other Operations		39			52			42			52			41		5.1	%		66			94		42.4	%
Total adjusted operating revenues	$	4,527		$	4,603		$	4,628		$	4,685		$	4,726		4.4	%	$	9,111		$	9,411		3.3	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	112		$	103		$	112		$	108		$	110		-1.8	%	$	246		$	218		-11.4	%
Life Insurance		125			126			129			119			122		-2.4	%		256			241		-5.9	%
Group Protection		193			195			195			202			206		6.7	%		380			408		7.4	%
Retirement Plan Services		80			81			82			81			80		0.0%			161			161		0.0%
Other Operations (1)		64			67			70			65			55		-14.1	%		120			120		0.0%
Total (1)	$	574		$	572		$	588		$	575		$	573		-0.2	%	$	1,163		$	1,148		-1.3	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		9.3	%		8.6	%		9.2	%		9.0	%		9.1	%				9.9	%		9.0	%
Life Insurance		8.3	%		7.9	%		8.0	%		7.5	%		7.6	%				8.4	%		7.6	%
Group Protection		13.4	%		13.6	%		13.8	%		13.3	%		13.4	%				13.3	%		13.3	%
Retirement Plan Services		24.4	%		24.3	%		24.3	%		24.9	%		24.1	%				24.8	%		24.5	%

Total (1)		12.7	%		12.4	%		12.7	%		12.3	%		12.1	%				12.8	%		12.2	%



(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.


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

	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses (1)	$	638	$	632	$	650	$	629	$	627	-1.7	%	$	1,278	$	1,256	-1.7	%
Commissions		561		546		575		558		570	1.6	%		1,200		1,127	-6.1	%
Taxes, licenses and fees (1)		76		80		75		98		80	5.3	%		168		178	6.0	%
Interest and debt expense		86		86		83		80		81	-5.8	%		167		161	-3.6	%
Expenses associated with reserve financing
and letters of credit		28		32		36		32		33	17.9	%		58		65	12.1	%
Total adjusted operating commissions and
other expenses incurred (1)		1,389		1,376		1,419		1,397		1,391	0.1	%		2,871		2,787	-2.9	%

Less Amounts Capitalized
General and administrative expenses		(64)		(60)		(62)		(54)		(54)	15.6	%		(115)		(108)	6.1	%
Commissions		(224)		(236)		(263)		(238)		(252)	-12.5	%		(428)		(490)	-14.5	%
Taxes, licenses and fees		(7)		(8)		(7)		(9)		(7)	0.0%			(16)		(16)	0.0%
Total amounts capitalized		(295)		(304)		(332)		(301)		(313)	-6.1	%		(559)		(614)	-9.8	%
Total expenses incurred, net of amounts
capitalized, excluding amortization (1)		1,094		1,072		1,087		1,096		1,078	-1.5	%		2,312		2,173	-6.0	%

Amortization
Amortization of DAC, VOBA and other intangibles (2)		274		299		302		309		307	12.0	%		544		617	13.4	%
Total operating commissions and
other expenses (1)(2)	$	1,368	$	1,371	$	1,389	$	1,405	$	1,385	1.2	%	$	2,856	$	2,790	-2.3	%



(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.
(2) Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain
amortization to other revenues and presenting the amortization of deferred loss within operating expenses. For prior periods, the amortization of deferred gain (loss)
on business sold through reinsurance is presented on a net basis within other revenues.


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

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

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	34		$	38		$	29		$	21		$	28		-17.6	%	$	60		$	50		-16.7	%
Fee income (1)		587			601			612			591			575		-2.0	%		1,167			1,166		-0.1	%
Net investment income		435			442			462			466			487		12.0	%		855			953		11.5	%



Other revenues		153			114			120			120			124		-19.0	%		395			243		-38.5	%
Total operating revenues		1,209			1,195			1,223			1,198			1,214		0.4	%		2,477			2,412		-2.6	%
Operating expenses:
Benefits		38			38			40			29			37		-2.6	%		64			66		3.1	%
Interest credited		377			399			407			419			439		16.4	%		729			858		17.7	%
Policyholder liability remeasurement (gain) loss		2			—			—			(1)			(5)		NM			3			(6)		NM

Commissions incurred		269			285			307			298			292		8.6	%		523			590		12.8	%
Other expenses incurred		180			136			157			145			142		-21.1	%		489			286		-41.5	%
Amounts capitalized		(115)			(129)			(155)			(147)			(144)		-25.2	%		(213)			(291)		-36.6	%
Amortization		107			107			108			115			115		7.5	%		213			231		8.5	%
Total operating expenses		858			836			864			858			876		2.1	%		1,808			1,734		-4.1	%
Income (loss) from operations before taxes		351			359			359			340			338		-3.7	%		669			678		1.3	%
Federal income tax expense (benefit)		54			58			56			50			51		-5.6	%		113			101		-10.6	%
Income (loss) from operations	$	297		$	301		$	303		$	290		$	287		-3.4	%	$	556		$	577		3.8	%





Effective Federal Income Tax Rate		15.4	%		16.3	%		15.7	%		14.7	%		15.2	%				16.8	%		15.0	%







Return on Average Account Balances, Net of
Reinsurance (bps)		75			74			73			71			72		(3)			71			71		—








Account Balances, Net of Reinsurance –
End-of-Period
RILA account balances	$	31,633		$	33,245		$	34,310		$	33,527		$	36,256		14.6	%	$	31,633		$	36,256		14.6	%
Fixed account balances		10,251			10,349			10,352			10,415			10,727		4.6	%		10,251			10,727		4.6	%
Traditional variable account balances with GLBs		70,664			72,664			70,756			67,101			71,527		1.2	%		70,664			71,527		1.2	%
Traditional variable account balances without GLBs		47,321			48,899			48,193			47,371			49,283		4.1	%		47,321			49,283		4.1	%
Total account balances	$	159,869		$	165,157		$	163,611		$	158,414		$	167,793		5.0	%	$	159,869		$	167,793		5.0	%
Percent traditional variable account balances with GLBs		44.2	%		44.0	%		43.2	%		42.4	%		42.6	%				44.2	%		42.6	%

Fee Income, Gross of Hedge Allowance	$	787		$	802		$	811		$	790		$	775		-1.5	%	$	1,567		$	1,565		-0.1	%
Net Investment Income, Net of Reinsurance (2)		403			412			438			443			465		15.4	%		793			908		14.5	%
Interest Credited, Net of Reinsurance (2)		254			270			282			290			300		18.1	%		498			590		18.5	%




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


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


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

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

		6/30/24			9/30/24		12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25	Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	293		$	286	$	283		$	283		$	267		-8.9	%	$	580		$	550	-5.2	%
Fee income		677			672		694			698			688		1.6	%		1,349			1,386	2.7	%
Net investment income		533			597		593			571			602		12.9	%		1,114			1,172	5.2	%
Operating realized gain (loss)		(2)			(2)		(2)			(2)			(1)		50.0	%		(3)			(3)	0.0%


Other revenues (1)		10			36		40			37			46		NM			12			83	NM
Total operating revenues		1,511			1,589		1,608			1,587			1,602		6.0	%		3,052			3,188	4.5	%
Operating expenses:
Benefits		948			895		961			994			926		-2.3	%		1,876			1,920	2.3	%
Interest credited		299			302		300			287			289		-3.3	%		592			576	-2.7	%
Policyholder liability remeasurement (gain) loss		16			42		45			8			30		87.5	%		75			38	-49.3	%
Commissions incurred		113			120		115			99			111		-1.8	%		226			210	-7.1	%
Other expenses incurred		193			198		198			194			191		-1.0	%		398			384	-3.5	%
Amounts capitalized		(133)			(140)		(137)			(115)			(128)		3.8	%		(266)			(243)	8.6	%
Amortization of DAC and VOBA		126			127		128			128			125		-0.8	%		252			254	0.8	%
Amortization of deferred loss on business
sold through reinsurance (1)		—			24		24			24			24		NM			—			47	NM
Total operating expenses		1,562			1,568		1,634			1,619			1,568		0.4	%		3,153			3,186	1.0	%
Income (loss) from operations before taxes		(51)			21		(26)			(32)			34		166.7	%		(101)			2	102.0	%
Federal income tax expense (benefit)		(16)			(1)		(11)			(16)			2		112.5	%		(31)			(14)	54.8	%
Income (loss) from operations	$	(35)		$	22	$	(15)		$	(16)		$	32		191.4	%	$	(70)		$	16	122.9	%


Effective Federal Income Tax Rate		31.2	%		NM		41.2	%		47.9	%		5.2	%				30.4	%		NM





Average Account Balances, Net of Reinsurance	$	43,230		$	44,055	$	44,746		$	44,390		$	45,651		5.6	%	$	42,755		$	45,020	5.3	%

In-Force Face Amount
UL and other	$	365,030		$	364,766	$	363,950		$	361,480		$	360,617		-1.2	%	$	365,030		$	360,617	-1.2	%
Term insurance		719,485			717,071		714,362			709,924			707,355		-1.7	%		719,485			707,355	-1.7	%
Total in-force face amount	$	1,084,515		$	1,081,837	$	1,078,312		$	1,071,404		$	1,067,972		-1.5	%	$	1,084,515		$	1,067,972	-1.5	%



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


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

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

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,298		$	1,288		$	1,274		$	1,371		$	1,386		6.8	%	$	2,583		$	2,757		6.7	%
Net investment income		88			87			87			89			94		6.8	%		173			183		5.8	%
Other revenues		55			57			57			61			58		5.5	%		111			119		7.2	%
Total operating revenues		1,441			1,432			1,418			1,521			1,538		6.7	%		2,867			3,059		6.7	%
Operating expenses:
Benefits		1,032			1,007			970			1,064			1,017		-1.5	%		2,062			2,082		1.0	%
Interest credited		1			1			3			—			1		0.0%			2			—		-100.0	%
Policyholder liability remeasurement (gain) loss		(124)			(88)			(68)			(70)			(104)		16.1	%		(191)			(174)		8.9	%
Commissions incurred		113			114			125			133			139		23.0	%		222			272		22.5	%
Other expenses incurred		260			255			249			261			263		1.2	%		507			523		3.2	%
Amounts capitalized		(42)			(30)			(34)			(32)			(35)		16.7	%		(71)			(67)		5.6	%
Amortization		36			36			37			37			38		5.6	%		70			76		8.6	%
Total operating expenses		1,276			1,295			1,282			1,393			1,319		3.4	%		2,601			2,712		4.3	%
Income (loss) from operations before taxes		165			137			136			128			219		32.7	%		266			347		30.5	%
Federal income tax expense (benefit)		35			28			29			27			46		31.4	%		56			73		30.4	%
Income (loss) from operations	$	130		$	109		$	107		$	101		$	173		33.1	%	$	210		$	274		30.5	%


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

Operating Margin (1)		10.0	%		8.4	%		8.4	%		7.4	%		12.5	%				8.1	%		9.9	%





Loss Ratios by Product Line
Life		75.6	%		68.1	%		64.7	%		75.2	%		67.2	%				75.8	%		71.2	%
Disability		65.9	%		73.2	%		75.0	%		70.1	%		64.2	%				70.0	%		67.1	%
Dental		78.9	%		79.0	%		73.3	%		79.0	%		80.4	%				77.7	%		79.7	%
Total		70.1	%		71.4	%		71.0	%		72.4	%		65.9	%				72.5	%		69.2	%

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


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

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

		6/30/24			9/30/24			12/31/24			3/31/25			6/30/25		Change			6/30/24			6/30/25		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	72		$	74		$	76		$	72		$	72		0.0%		$	142		$	144		1.4	%
Net investment income		247			253			253			251			252		2.0	%		491			503		2.4	%
Other revenues		8			8			8			4			7		-12.5	%		16			11		-31.3	%
Total operating revenues		327			335			337			327			331		1.2	%		649			658		1.4	%
Operating expenses:
Interest credited		168			170			172			170			174		3.6	%		335			344		2.7	%


Commissions incurred		26			28			27			27			28		7.7	%		49			55		12.2	%
Other expenses incurred		87			88			90			91			87		0.0%			178			179		0.6	%
Amounts capitalized		(5)			(5)			(6)			(4)			(5)		0.0%			(10)			(9)		10.0	%
Amortization		5			5			5			5			5		0.0%			9			9		0.0%
Total operating expenses		281			286			288			289			289		2.8	%		561			578		3.0	%
Income (loss) from operations before taxes		46			49			49			38			42		-8.7	%		88			80		-9.1	%
Federal income tax expense (benefit)		6			5			6			4			5		-16.7	%		12			9		-25.0	%
Income (loss) from operations	$	40		$	44		$	43		$	34		$	37		-7.5	%	$	76		$	71		-6.6	%


Effective Federal Income Tax Rate		13.2	%		10.0	%		13.5	%		11.8	%		12.3	%				13.1	%		12.1	%





Return on Average Account Balances (bps)		15			16			15			12			13		(2)			15			13		(2)



Net Flows by Market
Small Market	$	43		$	11		$	(34)		$	(79)		$	28		-34.9	%	$	11		$	(51)		NM
Mid - Large Market		206			1,069			(178)			(1,732)			(200)		NM			1,053			(1,933)		NM
Multi-Fund® and Other		(446)			(429)			(520)			(373)			(413)		7.4	%		(870)			(784)		9.9	%

Net Flows – Trailing Twelve Months	$	(410)		$	513		$	112		$	(2,462)		$	(2,850)		NM		$	(410)		$	(2,850)		NM

Base Spreads, Excluding Variable
Investment Income (1)		1.03	%		1.05	%		1.01	%		1.03	%		0.99	%	(4)			1.02	%		1.01	%	(1)



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


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


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

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24 (1)		6/30/25	Change
Other Operations
Operating revenues:
Insurance premiums	$	1	$	1	$	—	$	—	$	—	-100.0	%	$	3	$	1	-66.7	%

Net investment income		27		34		33		41		25	-7.4	%		43		67	55.8	%


Other revenues		11		17		9		11		16	45.5	%		20		26	30.0	%
Total operating revenues		39		52		42		52		41	5.1	%		66		94	42.4	%
Operating expenses:
Benefits		4		(3)		2		5		6	50.0	%		11		10	-9.1	%
Interest credited		8		8		7		13		13	62.5	%		17		27	58.8	%
Policyholder liability remeasurement (gain) loss		1		—		—		—		1	0.0%			—		1	NM
Other expenses incurred		62		66		68		66		56	-9.7	%		113		123	8.8	%
Interest and debt expense		86		86		83		80		81	-5.8	%		167		161	-3.6	%

Total operating expenses		161		157		160		164		157	-2.5	%		308		322	4.5	%
Income (loss) from operations before taxes		(122)		(105)		(118)		(112)		(116)	4.9	%		(242)		(228)	5.8	%
Federal income tax expense (benefit)		(25)		(21)		(23)		(17)		(25)	0.0%			(50)		(42)	16.0	%
Income (loss) from operations	$	(97)	$	(84)	$	(95)	$	(95)	$	(91)	6.2	%	$	(192)	$	(186)	3.1	%











(1) The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.


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

	For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	119,485	$	117,990	$	121,568	$	118,954	$	114,477	-4.2	%	$	114,963	$	118,954	3.5	%
Gross deposits		1,054		1,163		1,844		1,634		1,351	28.2	%		1,988		2,985	50.2	%
Full surrenders and deaths		(2,303)		(2,382)		(2,185)		(2,165)		(1,952)	15.2	%		(4,446)		(4,117)	7.4	%
Other contract benefits		(1,130)		(1,172)		(1,503)		(1,513)		(1,499)	-32.7	%		(2,261)		(3,012)	-33.2	%
Net flows		(2,379)		(2,391)		(1,844)		(2,044)		(2,100)	11.7	%		(4,719)		(4,144)	12.2	%
Policyholder assessments		(650)		(666)		(666)		(652)		(639)	1.7	%		(1,294)		(1,292)	0.2	%
Change in market value and reinvestment		1,534		6,635		(104)		(1,781)		9,077	NM			9,040		7,297	-19.3	%

Balance as of end-of-period, gross		117,990		121,568		118,954		114,477		120,815	2.4	%		117,990		120,815	2.4	%
Account balances reinsured		(5)		(5)		(5)		(5)		(5)	0.0%			(5)		(5)	0.0%
Balance as of end-of-period, net	$	117,985	$	121,563	$	118,949	$	114,472	$	120,810	2.4	%	$	117,985	$	120,810	2.4	%


RILA
Balance as of beginning-of-period	$	30,100	$	31,633	$	33,245	$	34,310	$	33,527	11.4	%	$	27,533	$	34,310	24.6	%
Gross deposits		1,096		1,203		1,285		1,292		1,447	32.0	%		2,038		2,739	34.4	%
Full surrenders and deaths		(138)		(326)		(671)		(721)		(811)	NM			(253)		(1,532)	NM
Other contract benefits		(14)		(18)		(120)		(129)		(127)	NM			(56)		(256)	NM
Net flows		944		859		494		442		509	-46.1	%		1,729		951	-45.0	%
Policyholder assessments		(3)		(3)		(4)		(5)		(4)	-33.3	%		(6)		(8)	-33.3	%

Change in market value and reinvestment		288		325		375		346		341	18.4	%		535		686	28.2	%
Change in fair value of embedded derivative instruments and other		304		431		200		(1,566)		1,883	NM			1,842		317	-82.8	%
Balance as of end-of-period, gross	$	31,633	$	33,245	$	34,310	$	33,527	$	36,256	14.6	%	$	31,633	$	36,256	14.6	%


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

	For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Fixed Annuities
Balance as of beginning-of-period	$	25,162	$	25,837	$	26,359	$	25,963	$	26,039	3.5	%	$	25,355	$	25,963	2.4	%
Gross deposits		1,673		1,017		563		873		1,226	-26.7	%		2,646		2,099	-20.7	%
Full surrenders and deaths		(1,020)		(949)		(873)		(743)		(619)	39.3	%		(2,234)		(1,363)	39.0	%
Other contract benefits		(172)		(173)		(231)		(204)		(178)	-3.5	%		(368)		(381)	-3.5	%
Net flows		481		(105)		(541)		(74)		429	-10.8	%		44		355	NM
Policyholder assessments		(14)		(14)		(16)		(15)		(15)	-7.1	%		(31)		(30)	3.2	%
Reinvested interest credited		199		211		209		210		228	14.6	%		382		438	14.7	%
Change in fair value of embedded derivative instruments
and other		9		430		(48)		(45)		151	NM			87		106	21.8	%
Balance as of end-of-period, gross		25,837		26,359		25,963		26,039		26,832	3.9	%		25,837		26,832	3.9	%
Account balances reinsured		(15,586)		(16,010)		(15,611)		(15,624)		(16,105)	-3.3	%		(15,586)		(16,105)	-3.3	%
Balance as of end-of-period, net	$	10,251	$	10,349	$	10,352	$	10,415	$	10,727	4.6	%	$	10,251	$	10,727	4.6	%


Total
Balance as of beginning-of-period	$	174,747	$	175,460	$	181,172	$	179,227	$	174,043	-0.4	%	$	167,851	$	179,227	6.8	%
Gross deposits		3,823		3,383		3,692		3,799		4,024	5.3	%		6,672		7,823	17.3	%
Full surrenders and deaths		(3,461)		(3,657)		(3,729)		(3,629)		(3,382)	2.3	%		(6,933)		(7,012)	-1.1	%
Other contract benefits		(1,316)		(1,363)		(1,854)		(1,846)		(1,804)	-37.1	%		(2,685)		(3,649)	-35.9	%
Net flows		(954)		(1,637)		(1,891)		(1,676)		(1,162)	-21.8	%		(2,946)		(2,838)	3.7	%
Policyholder assessments		(667)		(683)		(686)		(672)		(658)	1.3	%		(1,331)		(1,330)	0.1	%
Change in market value, reinvestment and interest credited		2,021		7,171		480		(1,225)		9,646	NM			9,957		8,421	-15.4	%
Change in fair value of embedded derivative instruments
and other		313		861		152		(1,611)		2,034	NM			1,929		423	-78.1	%
Balance as of end-of-period, gross		175,460		181,172		179,227		174,043		183,903	4.8	%		175,460		183,903	4.8	%
Account balances reinsured		(15,591)		(16,015)		(15,616)		(15,629)		(16,110)	-3.3	%		(15,591)		(16,110)	-3.3	%
Balance as of end-of-period, net	$	159,869	$	165,157	$	163,611	$	158,414	$	167,793	5.0	%	$	159,869	$	167,793	5.0	%


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

	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25		Change
General Account
Balance as of beginning-of-period	$	37,006	$	36,848	$	36,692	$	36,599	$	36,220	-2.1	%	$	37,180	$	36,599		-1.6	%
Gross deposits		893		899		977		865		847	-5.2	%		1,743		1,713		-1.7	%
Withdrawals and deaths		(389)		(369)		(342)		(445)		(372)	4.4	%		(753)		(818)		-8.6	%
Net flows		504		530		635		420		475	-5.8	%		990		895		-9.6	%
Transfers between general and separate accounts		74		30		53		14		49	-33.8	%		113		63		-44.2	%
Policyholder assessments		(1,130)		(1,129)		(1,137)		(1,104)		(1,102)	2.5	%		(2,254)		(2,205)		2.2	%
Reinvested interest credited		368		375		365		356		360	-2.2	%		733		715		-2.5	%
Change in fair value of embedded derivative instruments
and other		26		38		(9)		(65)		114	NM			86		49		-43.0	%
Balance as of end-of-period, gross		36,848		36,692		36,599		36,220		36,116	-2.0	%		36,848		36,116		-2.0	%
Account balances reinsured		(15,467)		(15,301)		(15,147)		(14,965)		(14,816)	4.2	%		(15,467)		(14,816)		4.2	%
Balance as of end-of-period, net	$	21,381	$	21,391	$	21,452	$	21,255	$	21,300	-0.4	%	$	21,381	$	21,300		-0.4	%


Separate Account
Balance as of beginning-of-period	$	27,007	$	27,381	$	28,921	$	28,841	$	28,106	4.1	%		25,150		$	28,841	14.7	%
Gross deposits		337		363		425		353		434	28.8	%		695		787		13.2	%
Withdrawals and deaths		(90)		(155)		(130)		(204)		(276)	NM			(193)		(480)		NM
Net flows		247		208		295		149		158	-36.0	%		502		307		-38.8	%
Transfers between general and separate accounts		(76)		(30)		(53)		(14)		(48)	36.8	%		(113)		(63)		44.2	%
Policyholder assessments		(247)		(248)		(253)		(246)		(248)	-0.4	%		(493)		(494)		-0.2	%
Change in market value and reinvestment		450		1,610		(69)		(624)		2,648	NM			2,335		2,025		-13.3	%
Balance as of end-of-period, gross		27,381		28,921		28,841		28,106		30,616	11.8	%		27,381		30,616		11.8	%
Account balances reinsured		(5,371)		(5,593)		(5,521)		(5,354)		(4,621)	14.0	%		(5,371)		(4,621)		14.0	%
Balance as of end-of-period, net	$	22,010	$	23,328	$	23,320	$	22,752	$	25,995	18.1	%	$	22,010	$	25,995		18.1	%


Total
Balance as of beginning-of-period	$	64,013	$	64,229	$	65,613	$	65,440	$	64,326	0.5	%	$	62,330	$	65,440		5.0	%
Gross deposits		1,230		1,262		1,402		1,218		1,281	4.1	%		2,438		2,500		2.5	%
Withdrawals and deaths		(479)		(524)		(472)		(649)		(648)	-35.3	%		(946)		(1,298)		-37.2	%
Net flows		751		738		930		569		633	-15.7	%		1,492		1,202		-19.4	%
Transfers between general and separate accounts		(2)		—		—		—		1	150.0	%		—		—		NM
Policyholder assessments		(1,377)		(1,377)		(1,390)		(1,350)		(1,350)	2.0	%		(2,747)		(2,699)		1.7	%
Change in market value and reinvestment		818		1,985		296		(268)		3,008	267.7	%		3,068		2,740		-10.7	%
Change in fair value of embedded derivative instruments
and other		26		38		(9)		(65)		114	NM			86		49		-43.0	%
Balance as of end-of-period, gross		64,229		65,613		65,440		64,326		66,732	3.9	%		64,229		66,732		3.9	%
Account balances reinsured		(20,838)		(20,894)		(20,668)		(20,319)		(19,437)	6.7	%		(20,838)		(19,437)		6.7	%
Balance as of end-of-period, net	$	43,391	$	44,719	$	44,772	$	44,007	$	47,295	9.0	%	$	43,391	$	47,295		9.0	%


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

	For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
General Account
Balance as of beginning-of-period	$	23,586	$	23,598	$	23,727	$	23,619	$	23,479	-0.5	%	$	23,784	$	23,619	-0.7	%
Gross deposits		846		944		826		811		1,109	31.1	%		1,636		1,921	17.4	%
Withdrawals		(1,072)		(1,095)		(1,125)		(1,330)		(1,103)	-2.9	%		(2,275)		(2,433)	-6.9	%
Net flows		(226)		(151)		(299)		(519)		6	102.7	%		(639)		(512)	19.9	%
Transfers between fixed and variable accounts		69		110		22		211		44	-36.2	%		120		254	111.7	%
Policyholder assessments		(3)		(4)		(4)		(4)		(4)	-33.3	%		(7)		(8)	-14.3	%
Reinvested interest credited		172		174		173		172		175	1.7	%		340		347	2.1	%
Balance as of end-of-period	$	23,598	$	23,727	$	23,619	$	23,479	$	23,700	0.4	%	$	23,598	$	23,700	0.4	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	83,226	$	84,274	$	90,069	$	88,962	$	85,754	3.0	%	$	77,201	$	88,962	15.2	%
Gross deposits		2,436		3,236		2,647		3,304		2,485	2.0	%		5,449		5,788	6.2	%
Withdrawals		(2,407)		(2,434)		(3,080)		(4,969)		(3,076)	-27.8	%		(4,616)		(8,044)	-74.3	%
Net flows		29		802		(433)		(1,665)		(591)	NM			833		(2,256)	NM
Transfers between fixed and variable accounts		(69)		(106)		(19)		(200)		(54)	21.7	%		(104)		(253)	NM
Policyholder assessments		(66)		(70)		(72)		(69)		(69)	-4.5	%		(130)		(138)	-6.2	%
Change in market value and reinvestment		1,154		5,169		(583)		(1,274)		7,643	NM			6,474		6,368	-1.6	%
Balance as of end-of-period	$	84,274	$	90,069	$	88,962	$	85,754	$	92,683	10.0	%	$	84,274	$	92,683	10.0	%


Total
Balance as of beginning-of-period	$	106,812	$	107,872	$	113,796	$	112,581	$	109,233	2.3	%	$	100,985	$	112,581	11.5	%
Gross deposits		3,282		4,180		3,473		4,115		3,594	9.5	%		7,085		7,709	8.8	%
Withdrawals		(3,479)		(3,529)		(4,205)		(6,299)		(4,179)	-20.1	%		(6,891)		(10,477)	-52.0	%
Net flows		(197)		651		(732)		(2,184)		(585)	NM			194		(2,768)	NM
Transfers between fixed and variable accounts		—		4		3		11		(10)	NM			16		1	-93.8	%
Policyholder assessments		(69)		(74)		(76)		(73)		(73)	-5.8	%		(137)		(146)	-6.6	%
Change in market value and reinvestment		1,326		5,343		(410)		(1,102)		7,818	NM			6,814		6,715	-1.5	%
Balance as of end-of-period	$	107,872	$	113,796	$	112,581	$	109,233	$	116,383	7.9	%	$	107,872	$	116,383	7.9	%


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

	As of 6/30/24					As of 12/31/24					As of 6/30/25
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
Investments and Allowance for Credit Losses, at Amortized Cost (1)
Industry corporate bonds:
Financial services	$	12,552		14.4	%	$	12,728		14.6	%	$	12,685		14.4	%
Basic industry		2,916		3.4	%		2,840		3.3	%		2,868		3.2	%
Capital goods		5,486		6.3	%		5,490		6.3	%		5,507		6.2	%
Communications		2,850		3.3	%		2,798		3.2	%		2,752		3.1	%
Consumer cyclical		5,291		6.1	%		5,408		6.2	%		5,351		6.0	%
Consumer non-cyclical		12,751		14.6	%		12,485		14.4	%		12,438		14.1	%
Energy		2,547		2.9	%		2,472		2.8	%		2,486		2.8	%
Technology		4,135		4.8	%		3,882		4.5	%		4,042		4.6	%
Transportation		3,147		3.6	%		3,124		3.6	%		3,216		3.6	%
Industrial other		2,151		2.4	%		2,183		2.5	%		2,268		2.6	%
Utilities		11,283		13.0	%		11,194		12.9	%		11,399		12.9	%
Government-related entities		1,211		1.4	%		1,170		1.3	%		1,133		1.3	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,546		1.7	%		1,608		1.8	%		1,709		1.9	%
Non-agency backed		322		0.4	%		328		0.4	%		383		0.4	%
Commercial mortgage-backed securities ("CMBS")		1,629		1.9	%		1,724		2.0	%		1,987		2.2	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		8,354		9.6	%		8,189		9.4	%		8,161		9.2	%
Other ABS		5,021		5.7	%		5,864		6.7	%		6,542		7.4	%
Municipals		2,797		3.2	%		2,647		3.0	%		2,511		2.8	%
United States and foreign government		727		1.0	%		711		0.8	%		872		1.0	%


Hybrid & redeemable preferred securities		226		0.3	%		235		0.3	%		248		0.3	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		86,942		100.0	%		87,080		100.0	%		88,558		100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		517					511					506
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		252					264					307
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		87,711					87,855					89,371
Modified coinsurance and funds withheld investments		12,646					11,992					11,426
Total fixed maturity AFS, trading and equity securities	$	100,357				$	99,847				$	100,797



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


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

	As of 6/30/24					As of 12/31/24					As of 6/30/25
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
and Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	51,419		59.1	%	$	51,922		59.6	%	$	53,585		60.4	%
NAIC 2 (BBB)		32,686		37.6	%		32,198		37.0	%		31,935		36.1	%
Total investment grade		84,105		96.7	%		84,120		96.6	%		85,520		96.5	%

NAIC 3 (BB)		1,000		1.2	%		907		1.1	%		934		1.1	%
NAIC 4 (B)		1,767		2.0	%		1,857		2.1	%		1,952		2.2	%
NAIC 5 (CCC and lower)		65		0.1	%		109		0.1	%		78		0.1	%
NAIC 6 (in or near default)		5		0.0	%		87		0.1	%		74		0.1	%
Total below investment grade		2,837		3.3	%		2,960		3.4	%		3,038		3.5	%
Total	$	86,942		100.0	%	$	87,080		100.0	%	$	88,558		100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,515		78.1	%	$	13,450		77.2	%	$	13,329		76.3	%
CM2 (BBB)		3,758		21.7	%		3,873		22.2	%		4,083		23.4	%
CM3-7 (BB and lower) (3)		40		0.2	%		99		0.6	%		61		0.3	%
Total	$	17,313		100.0	%	$	17,422		100.0	%	$	17,473		100.0	%


Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified
Coinsurance and Funds Withheld Investments, at Amortized Cost (1)(2)
AAA-A	$	64,934		62.2	%	$	65,372		62.6	%	$	66,914		63.1	%
BBB		36,444		35.0	%		36,071		34.5	%		36,018		34.0	%
BB and lower		2,877		2.8	%		3,059		2.9	%		3,099		2.9	%
Total	$	104,255		100.0	%	$	104,502		100.0	%	$	106,031		100.0	%


(1) Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or based upon ratings from credit rating
agencies to derive the NAIC designation.
(2) CM ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2
and NAIC 3-6 = CM3-7.
(3) Includes mortgage fund limited partnerships classified as CM3 that are included in "Other Investments" on the Consolidated Balance Sheets.


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

	For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24 (1)		6/30/25	Change
Net Income
Net income (loss) available to common stockholders – diluted	$	884	$	(562)	$	1,675	$	(756)	$	688	-22.2	%	$	2,073	$	(69)	NM
Less:
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		—		—		—		—	NM			3		—	-100	%
Net income (loss)		895		(528)		1,686		(722)		699	-21.9	%		2,116		(23)	NM
Less:
Net annuity product features, pre-tax (2)		252		(381)		1,187		(1,092)		405	60.7	%		1,702		(687)	NM
Net life insurance product features, pre-tax		4		(125)		46		42		(58)	NM			(128)		(15)	88	%
Credit loss-related adjustments, pre-tax		(34)		(88)		(28)		(28)		(25)	26.5	%		(36)		(53)	-47	%
Investment gains (losses), pre-tax		(230)		(105)		(67)		(103)		(81)	64.8	%		(311)		(183)	41	%
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax (3)		201		(446)		587		(90)		14	-93.0	%		395		(76)	NM





Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax (4)		584		(2)		—		—		—	-100.0	%		584		—	-100	%
Other items, pre-tax (5)(6)(7)(8)(9)		(33)		(19)		(32)		(35)		75	NM			(219)		40	118.3	%

Income tax benefit (expense) related to the above pre-tax items		(184)		246		(350)		270		(69)	62.5	%		(451)		199	144.1	%
Total adjustments		560		(920)		1,343		(1,036)		261	-53.4	%		1,536		(775)	NM
Adjusted income (loss) from operations		335		392		343		314		438	30.7	%		580		752	30	%
Add:
Preferred stock dividends declared		(11)		(34)		(11)		(34)		(11)	0.0%			(46)		(46)	0.0%
Adjusted income (loss) from operations available
to common stockholders	$	324	$	358	$	332	$	280	$	427	31.8	%	$	534	$	706	32	%


(1)			The six month period ended June 30, 2024, has been recast to conform to the current period presentation. See page 1 for further information.
(2)			Includes changes in MRBs of $1,895 million, $126 million, $(666) million, $1,282 million, $(1,302) million and $932 million; changes in the fair value of the related hedge instruments
			inclusive of income allocated to support the cost of hedging or future benefits of $(587) million, $50 million, $188 million, $(212) million, $274 million and $(595) million; and
			changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $142 million, $76 million, $97 million,
			$117 million, $(64) million and $68 million for the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025 and second
			quarter of 2025, respectively.
(3)			Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(4)			Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.
(5)			For the first quarter of 2024, includes certain legal accruals of $(114) million primarily related to the settlement of cost of insurance litigation; for the fourth quarter of 2024, includes
			certain legal accruals of $(15) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries.


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

(7)			Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(10) million, $(27) million, $(2) million, $(1)
			million and $(20) million in the first quarter of 2024, second quarter of 2024, third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively, primarily related
			to the sale of our wealth management business and $(18) million in the second quarter of 2025 primarily related to the Bain Capital transaction.
(8)			Includes deferred compensation mark-to-market adjustment of $(13) million, $1 million, $(1) million, $(2) million, $(9) million and $1 million in the first quarter of 2024,
			second quarter of 2024, third quarter of 2024, fourth quarter of 2024, first quarter of 2025 and second quarter of 2025, respectively.
(9)			Includes gains (losses) on early extinguishment of debt of $94 million in the second quarter of 2025.


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended													For the Six Months Ended

Earnings (Loss) Per Common Share – Diluted		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24 (1)		6/30/25	Change
Net income (loss)	$	5.11	$	(3.29)	$	9.63	$	(4.41)	$	3.80	-25.6	%	$	12.03	$	(0.39)	NM
Less:
Net annuity product features, pre-tax (2)		1.46		(2.23)		6.83		(6.36)		2.24	53.4	%		9.89		(3.94)	NM
Net life insurance product features, pre-tax		0.02		(0.73)		0.27		0.25		(0.32)	NM			(0.75)		(0.08)	89.3	%
Credit loss-related adjustments, pre-tax		(0.20)		(0.53)		(0.16)		(0.17)		(0.14)	30.0	%		(0.21)		(0.31)	-47.6	%
Investment gains (losses), pre-tax		(1.33)		(0.61)		(0.38)		(0.60)		(0.45)	66.2	%		(1.80)		(1.05)	41.7	%


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		1.16		(2.61)		3.37		(0.53)		0.08	-93.1	%		2.29		(0.43)	NM



Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax		3.38		(0.01)		—		—		—	-100.0	%		3.39		—	-100.0	%
Other items, pre-tax (3)(4)(5)(6)(7)		(0.19)		(0.11)		(0.19)		(0.20)		0.42	NM			(1.27)		0.23	118.1	%
Income tax benefit (expense) related
to the above pre-tax items		(1.06)		1.44		(2.02)		1.57		(0.39)	63.2	%		(2.61)		1.14	143.7	%
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations as compared to net income (loss) (8)		—		0.04		—		0.03		—	NM			—		0.08	NM


Adjusted income (loss) from operations	$	1.87	$	2.06	$	1.91	$	1.60	$	2.36	26.2	%	$	3.10	$	3.97	28.1	%


(1)			The six month period ended June 30, 2024 has been recast to conform to the current period presentation. See page 1 for further information.
(2)			Includes changes in MRBs of $0.73, $(3.90), $7.38, $(7.59), $5.15, $11.74 and $(2.12); changes in the fair value of the related hedge instruments inclusive of income allocated to
			support the cost of hedging or future benefits of $0.29, $1.10, $(1.22), $1.60, $(3.29), $(3.11) and $(1.84); changes in the fair value of the embedded derivative liabilities and the
			associated index options for our indexed annuity products of $0.44, $0.57, $0.67, $(0.37), $0.38, $1.26 and $0.02 for the second quarter of 2024, third quarter of 2024, fourth
			quarter of 2024, first quarter of 2025, second quarter of 2025, six months ended 2024 and six months ended 2025, respectively.
(3)			For the fourth quarter of 2024, includes certain legal accruals of $(0.09) and regulatory accruals of $(0.07) related to estimated state guaranty fund assessments net of
			estimated state premium tax recoveries. For the six months ended 2024, includes certain legal accrual of $(0.65) primarily related to the settlement of cost of insurance litigation.

(4)			Includes severance expense related to initiatives to realign the workforce of $(0.04), $(0.09), $(0.01), $(0.03), $(0.01), $(0.33) and $(0.05) in the second quarter of 2024,
			third quarter of 2024, fourth quarter of 2024, first quarter of 2025, second quarter of 2025, six months ended 2024 and six months ended 2025, respectively.
(5)			Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(0.15), $(0.01), $(0.01) and $(0.12)
			in the second quarter of 2024, third quarter of 2024, fourth quarter of 2024 and first quarter of 2025, respectively, primarily related to the sale of our wealth management
			business; $(0.10) in the second quarter of 2025 primarily related to the Bain Capital transaction; $(0.22) in the six months ended 2024 primarily related to the sale of our
			wealth management business; $(0.22) in the six months ended 2025 primarily related to the Bain Capital transaction and the sale of our wealth management business.
(6)			Includes deferred compensation mark-to-market adjustment of $(0.01), $(0.01), $(0.05), $0.01, $(0.07) and $(0.04) in the third quarter of 2024, fourth quarter of 2024, first
			quarter of 2025, second quarter of 2025, six months ended 2024 and six months ended 2025, respectively.
(7)			Includes gains (losses) on early extinguishment of debt of $0.52 and $0.54 in the second quarter of 2025 and six months ended 2025, respectively.
(8)			In periods where net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted
			shares would result in a lower loss per share. Due to reporting adjusted income (loss) from operations per common share on a different share basis than net income (loss)
			per common share, we have included an adjustment to reconcile the two metrics.


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

	For the Three Months Ended													For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	7,949	$	9,013	$	8,269	$	8,193	$	9,548	20.1	%	$	7,949	$	9,548	20.1	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(4,369)		(2,682)		(5,036)		(4,306)		(4,392)	-0.5	%		(4,369)		(4,392)	-0.5	%
Stockholders’ equity, excluding AOCI and preferred stock		11,332		10,709		12,319		11,513		12,954	14.3	%		11,332		12,954	14.3	%
Changes in MRBs		2,673		2,147		3,165		2,133		2,869	7.3	%		2,673		2,869	7.3	%
GLB and GDB hedge instruments gains (losses)		(2,770)		(2,763)		(3,062)		(2,993)		(3,602)	-30.0	%		(2,770)		(3,602)	-30.0	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(269)		(642)		(151)		(196)		(186)	30.9	%		(269)		(186)	30.9	%
Adjusted stockholders’ equity	$	11,698	$	11,967	$	12,367	$	12,569	$	13,873	18.6	%	$	11,698	$	13,873	18.6	%


Stockholders’ Equity, Average
Stockholders’ equity	$	7,747	$	8,481	$	8,641	$	8,231	$	8,871	14.5	%	$	7,483	$	8,551	14.3	%
Less:
Preferred stock		986		986		986		986		986	0.0%			986		986	0.0%
AOCI		(4,160)		(3,526)		(3,860)		(4,671)		(4,349)	-4.5	%		(3,937)		(4,510)	-14.6	%
Stockholders’ equity, excluding AOCI and preferred stock		10,921		11,021		11,515		11,916		12,234	12.0	%		10,434		12,075	15.7	%
Changes in MRBs		2,624		2,410		2,656		2,649		2,501	-4.7	%		2,227		2,575	15.6	%
GLB and GDB hedge instruments gains (losses)		(2,723)		(2,767)		(2,913)		(3,027)		(3,297)	-21.1	%		(2,551)		(3,162)	-24.0	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(372)		(455)		(396)		(173)		(191)	48.7	%		(465)		(182)	60.9	%
Adjusted average stockholders' equity	$	11,392	$	11,833	$	12,168	$	12,467	$	13,221	16.1	%	$	11,223	$	12,844	14.4	%


Book Value Per Common Share
Book value per share	$	40.78	$	46.97	$	42.60	$	41.96	$	44.91	10.1	%	$	40.78	$	44.91	10.1	%
Less:
AOCI		(25.59)		(15.70)		(29.46)		(25.08)		(23.04)	10.0	%		(25.59)		(23.04)	10.0	%
Book value per share, excluding AOCI		66.37		62.67		72.06		67.04		67.95	2.4	%		66.37		67.95	2.4	%
Less:
Changes in MRBs		15.66		12.56		18.51		12.42		15.05	-3.9	%		15.66		15.05	-3.9	%
GLB and GDB hedge instruments gains (losses)		(16.22)		(16.17)		(17.91)		(17.43)		(18.89)	-16.5	%		(16.22)		(18.89)	-16.5	%
Reinsurance-related embedded derivatives and portfolio gains (losses)		(1.58)		(3.76)		(0.88)		(1.14)		(0.98)	38.0	%		(1.58)		(0.98)	38.0	%
Adjusted book value per share	$	68.51	$	70.04	$	72.34	$	73.19	$	72.77	6.2	%	$	68.51	$	72.77	6.2	%


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

	For the Three Months Ended												For the Six Months Ended

		6/30/24		9/30/24		12/31/24		3/31/25		6/30/25	Change			6/30/24		6/30/25	Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	12,405	$	12,435	$	12,475	$	12,537	$	12,563	1.3	%	$	12,397	$	12,537	1.1	%




Deferrals		299		309		334		304		318	6.4	%		572		623	8.9	%
Operating amortization		(269)		(269)		(272)		(278)		(277)	-3.0	%		(534)		(556)	-4.1	%






Balance as of end-of-period	$	12,435	$	12,475	$	12,537	$	12,563	$	12,604	1.4	%	$	12,435	$	12,604	1.4	%


DFEL
Balance as of beginning-of-period	$	6,099	$	6,306	$	6,517	$	6,730	$	6,910	13.3	%	$	5,901	$	6,730	14.0	%



Deferrals		284		289		295		284		300	5.6	%		556		584	5.0	%
Operating amortization		(77)		(78)		(82)		(104)		(91)	-18.2	%		(151)		(195)	-29.1	%




Balance as of end-of-period	$	6,306	$	6,517	$	6,730	$	6,910	$	7,119	12.9	%	$	6,306	$	7,119	12.9	%


DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	4,842	$	4,707	$	4,588	$	4,466	$	4,333	-10.5	%	$	4,842	$	4,333	-10.5	%