
	As of December 31,
	2025		2024
Short-Term Debt

Short-term debt (1)	$	–	$	24
Total short-term debt	$	–	$	24

Long-Term Debt, Excluding Current Portion
6.03% surplus note, due 2028 (2)(3)	$	750	$	750
6.56% surplus note, due 2028 (2)(3)	500		500
SOFR + 111 bps surplus note, due 2028 (2)(4)	–		71
SOFR + 226 bps surplus note, due 2028 (5)	–		522
SOFR + 200 bps surplus note, due 2035 (2)(6)	30		30
SOFR + 155 bps surplus note, due 2037 (2)(6)	25		25
4.20% surplus note, due 2037 (2)(6)	50		50
SOFR + 100 bps surplus note, due 2037 (2)(4)	–		154
4.225% surplus note, due 2037 (2)(6)	28		28
4.00% surplus note, due 2037 (2)(6)	30		30
4.50% surplus note, due 2038 (2)(6)	13		13
Total long-term debt	$	1,426	$	2,173

(3) Subject to approval by the Indiana Insurance Commissioner (the “Commissioner”), LNC has the right to redeem the note for immediate repayment in total or in part once per year on the anniversary date of the note. Any payment of interest or repayment of principal may be paid only out of our statutory earnings, only if our statutory capital surplus exceeds the surplus as of the date of note issuance, and subject to approval by the Commissioner.

(4) In October 2025, we executed the right to repay the surplus notes due 2028 and 2037 in whole totaling $71 million and $154 million, respectively, to LNC due to the restructuring of certain captive reinsurance subsidiaries. See Note 19 for additional information.

(5) In October 2025, the surplus note was canceled due to the restructuring of certain captive reinsurance subsidiaries. See Notes 19 and 24 for additional information.

(6) Subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest.