v3.26.1
Policyholder Account Balances
 3 Months Ended
Mar. 31, 2026
Policyholder Account Balance [Abstract]  
Policyholder Account Balance Policyholder Account Balances
The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:

 As of
March 31, 		As of
December 31,
20262025
Variable Annuities$39,143$40,060
Fixed Annuities28,97428,728
UL and Other35,72335,986
Retirement Plan Services23,69423,843
Other (1)
8,1497,628
Total policyholder account balances$135,683$136,245

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($3.5 billion as of March 31, 2026, and December 31, 2025) and funding agreements ($4.4 billion and $3.7 billion as of March 31, 2026, and December 31, 2025, respectively). See “Funding Agreements” below for more information.
The following table summarizes the balances and changes in policyholder account balances (in millions):

As of or For the Three Months Ended March 31, 2026
Variable AnnuitiesFixed AnnuitiesUL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$40,060 $28,728 $35,986 $23,843 
Gross deposits1,869 718 837 880 
Withdrawals(920)(616)(403)(1,279)
Policyholder assessments(1)(15)(1,095)(5)
Net transfers from (to) separate account(651)– 68 86 
Interest credited230 256 357 169 
Change in fair value of embedded derivative
instruments and other(1,444)(97)(27)– 
Balance as of end-of-period$39,143$28,974$35,723$23,694
Weighted-average crediting rate2.3%3.6%4.0%2.8%
Net amount at risk (1)(2)
$2,652$425$292,048$3
Cash surrender value37,75727,66932,38523,657

As of or For the Three Months Ended March 31, 2025
Variable AnnuitiesFixed AnnuitiesUL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$35,267$25,963$36,599$23,619
Gross deposits1,369873865811
Withdrawals(612)(947)(445)(1,330)
Policyholder assessments–(15)(1,104)(4)
Net transfers from (to) separate account(287)–14211
Interest credited199210356172
Change in fair value of embedded derivative
instruments and other(1,566)(45)(65)–
Balance as of end-of-period$34,370$26,039$36,220$23,479
Weighted-average crediting rate2.3%3.2%3.9%2.9%
Net amount at risk (1)(2)
$2,518$255$299,107$4
Cash surrender value33,10824,93532,64523,443

(1) NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.
(2) Calculation is based on total account balances and includes both policyholder account balances and separate account balances.
The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums:

As of March 31, 2026
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–––49
2.01% - 3.00%
451––––451
3.01% - 4.00%
1,088––––1,088
4.01% and above
5––––5
Other (1)
–––––37,590
 Total$1,549$–$–$–$4$39,143
Fixed Annuities
Up to 1.00%
$136$676$412$120$2,184$3,528
1.01% - 2.00%
17123695538,4629,017
2.01% - 3.00%
1,2718512621,421
3.01% - 4.00%
793––––793
4.01% and above
155––––155
Other (1)
–––––14,060
 Total$2,526$997$508$175$10,708$28,974
UL and Other
Up to 1.00%
$266$–$242$32$716$1,256
1.01% - 2.00%
517–––2,6243,141
2.01% - 3.00%
6,1728156––6,336
3.01% - 4.00%
14,294–1––14,295
4.01% and above
3,402––––3,402
Other (1)
–––––7,293
 Total$24,651$8$399$32$3,340$35,723
Retirement Plan Services
Up to 1.00%
$686$681$551$3,838$6,548$12,304
1.01% - 2.00%
5331,4241,3191685063,950
2.01% - 3.00%
1,582254893–2,099
3.01% - 4.00%
3,7507577–3,839
4.01% and above
1,502––––1,502
 Total$8,053$2,205$2,366$4,016$7,054$23,694
As of March 31, 2025
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%
$9$–$–$–$–$9
1.01% - 2.00%
3–––710
2.01% - 3.00%
495––––495
3.01% - 4.00%
1,197––––1,197
4.01% and above
7––––7
Other (1)
–––––32,652
 Total$1,711$–$–$–$7$34,370
Fixed Annuities
Up to 1.00%
$201$855$459$229$2,266$4,010
1.01% - 2.00%
2232021461615,9086,640
2.01% - 3.00%
1,4993312381,573
3.01% - 4.00%
930––––930
4.01% and above
166––––166
Other (1)
–––––12,720
 Total$3,019$1,090$606$392$8,212$26,039
UL and Other
Up to 1.00%
$261$–$231$31$453$976
1.01% - 2.00%
541–––2,9763,517
2.01% - 3.00%
6,4839152––6,644
3.01% - 4.00%
14,972–1––14,973
4.01% and above
3,525––––3,525
Other (1)
–––––6,585
 Total$25,782$9$384$31$3,429$36,220
Retirement Plan Services
Up to 1.00%
$573$312$725$3,498$5,766$10,874
1.01% - 2.00%
4779961,8474516624,433
2.01% - 3.00%
1,74354231–2,289
3.01% - 4.00%
4,193107811–4,319
4.01% and above
1,564––––1,564
 Total$8,550$1,957$2,583$3,961$6,428$23,479

(1) Consists of indexed account balances that include the fair value of embedded derivative instruments, non-life contingent payout annuity account balances, short-term dollar cost averaging annuities business and policy loans.
Funding Agreements

The following summarizes the types of funding agreements issued by The Lincoln National Life Insurance Company (“LNL”):

FABN Program

LNL established a $5.0 billion funding agreement-backed notes (“FABN”) program in 2024 pursuant to which LNL may issue unsecured funding agreements to an unaffiliated and unconsolidated special purpose statutory trust (the “Trust”) that will then issue medium-term notes for which payment of interest and principal is secured by such funding agreement. LNL had funding agreements issued under the program totaling $1.9 billion as of March 31, 2026, compared to $1.5 billion as of December 31, 2025, with original maturities ranging from three to five years.

FABR Funding Agreements

LNL may issue funding agreements in connection with FABRs. Under an FABR, an unaffiliated and unconsolidated special-purpose entity enters into a repurchase agreement with a bank and uses the proceeds of the repurchase agreement to purchase funding agreements from LNL that are secured by portfolios of assets pledged to the special-purpose entity. LNL had secured funding agreements issued totaling $800 million as of March 31, 2026, and December 31, 2025, with original maturities of five years. See “Assets Pledged as Collateral” in Note 3 for information on pledged assets.

FHLB Funding Agreements

LNL is a member of the FHLB of Indianapolis (“FHLBI”) and, through membership, has the ability to issue funding agreements. We had FHLB funding agreements outstanding of $1.7 billion as of March 31, 2026, compared to $1.5 billion as of December 31, 2025, with original maturities of one year or less. The funding agreements are secured by a portfolio of assets pledged to the FHLB. See “Assets Pledged as Collateral” in Note 3 for information on pledged assets.