v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income (loss) $ 965 $ 2,130 $ (1,788)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized (gain) loss 746 (276) 4,934
Market risk benefit (gain) loss (223) (938) (1,135)
Sales and maturities (purchases) of trading securities, net 363 325 1,302
Net operating cash payments related to closing Fortitude Re reinsurance transaction 0 0 (1,457)
Change in:      
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads 629 708 642
Accrued investment income (32) (32) 34
Insurance liabilities and reinsurance-related balances (1,757) (2,534) (2,791)
Accrued expenses 81 160 223
Federal income tax accruals 81 701 (563)
Cash management agreement (61) (941) (733)
Other (105) (312) 568
Net cash provided by (used in) operating activities 687 (1,009) (764)
Cash Flows from Investing Activities      
Purchases of available-for-sale securities and equity securities (18,884) (11,520) (10,713)
Sales of available-for-sale securities and equity securities 3,223 1,406 3,606
Maturities of available-for-sale securities 10,951 9,338 5,597
Purchases of other investments (2,093) (1,371) (614)
Sales and repayments of other investments 1,136 342 131
Issuance of mortgage loans on real estate (4,176) (4,135) (1,943)
Repayment and maturities of mortgage loans on real estate 2,783 1,669 1,266
Repayment (issuance) of policy loans, net (148) (2) (120)
Net change in collateral on investments, certain derivatives and related settlements 2,111 3,918 (333)
Cash received from disposition, net of cash transferred 0 512 0
Other 128 (300) (372)
Net cash provided by (used in) investing activities (4,969) (143) (3,495)
Cash Flows from Financing Activities      
Capital contribution from Lincoln National Corporation 962 0 5
Payment of long-term debt, including current maturities (225) (50) 0
Issuance (payment) of short-term debt (24) (766) 228
Payment related to sale-leaseback transactions (7) (17) (79)
Proceeds from certain financing arrangements 33 53 86
Payment related to certain financing arrangements (148) (137) (49)
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction 0 0 133
Deposits 21,097 16,046 16,388
Withdrawals (12,474) (12,124) (10,633)
Transfers from (to) separate accounts, net (794) (27) (624)
Common stock issued for benefit plans (12) (9) (7)
Dividends paid to Lincoln National Corporation (685) (505) (495)
Net cash provided by (used in) financing activities 7,723 2,464 4,953
Net increase (decrease) in cash and invested cash 3,441 1,312 694
Cash and invested cash as of beginning-of-year 4,505 3,193 2,499
Cash and invested cash as of end-of-year $ 7,946 $ 4,505 $ 3,193