v3.26.1
Shares and Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Preferred
Preferred stock authorized, issued and outstanding (number of shares) was as follows:

As of March 31, 2026As of December 31, 2025
Shares AuthorizedShares IssuedShares OutstandingShares AuthorizedShares IssuedShares Outstanding
9.250% Fixed Rate Reset Non-Cumulative
Preferred Stock, Series C20,000 20,000 20,000 20,000 20,000 20,000 
9.000% Non-Cumulative Preferred Stock,
  Series D
20,000 20,000 20,000 20,000 20,000 20,000 
Not designated9,960,000 – – 9,960,000 – – 
Total preferred shares10,000,000 40,000 40,000 10,000,000 40,000 40,000 

The per share and aggregate dividends declared for preferred stock by series (in millions except per share data) was as follows:

For the Three Months Ended March 31,
20262025
DividendAggregateDividendAggregate
SeriesPer ShareDividendPer ShareDividend
Series C$1,156.25 $23 $1,156.25 $23 
Series D562.50 11 562.50 11 
Total$1,718.75 $34 $1,718.75 $34 
Schedule of Common Stock Outstanding Roll Forward
The changes in our common stock (number of shares) were as follows:

 For the Three
Months Ended
March 31,
20262025
Common Stock
Balance as of beginning-of-year190,051,477 170,380,646 
Stock compensation/issued for benefit
  plans		1,158,291 314,520 
Balance as of end-of-period191,209,768 170,695,166 
Reconciliation of the Denominator Calculations of Basic and Diluted Earnings per Share
The calculation of earnings per share (“EPS”) was as follows (in millions except per share data):

 For the Three
Months Ended
March 31,
20262025
Net income (loss) available to common stockholders – basic$(206)$(756)
Deferred units of LNC stock in our
deferred compensation plans (1)
(5)– 
Net income (loss) available to common
stockholders – diluted$(211)$(756)
Weighted-average shares, as used in basic calculation191,891,461171,321,440
Incremental common shares from assumed exercise or
issuance of stock-based incentive compensation awards3,879,2352,765,580
Average deferred compensation shares (1)
725,848 – 
Weighted-average shares, as used in diluted calculation (2)
196,496,544174,087,020
Net income (loss) per share:
Basic$(1.08)$(4.41)
Diluted(1.10)(4.41)
(1)    We have participants in our deferred compensation plans who selected LNC stock as the measure for the investment return attributable to all or a portion of their deferral amounts. This obligation is settled in either cash or LNC stock pursuant to the applicable plan document. We exclude deferred units of LNC stock that are antidilutive from our diluted EPS calculation.
(2)     Due to reporting a net loss for the three months ended March 31, 2026 and 2025, basic shares were used in the diluted EPS calculation for these periods as the use of diluted shares would have resulted in a lower loss per share. Additionally, the diluted EPS calculation for the three months ended March 31, 2026, reflects the assumed settlement of certain deferred units of LNC stock in our deferred compensation plans.
Components and Changes in AOCI
The following summarizes the components and changes in AOCI (in millions):
As of or For the Three
Months Ended
March 31,
20262025
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year$(4,413)$(6,239)
Unrealized holding gains (losses)(1,222)744 
Change in foreign currency exchange rate adjustment(78)156 
Change in future contract benefits and policyholder account balances,
net of reinsurance(19)(326)
Income tax benefit (expense)278 (121)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)(13)(90)
Income tax benefit (expense)3 19 
Balance as of end-of-period$(5,444)$(5,715)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year$450 $638 
Unrealized holding gains (losses)62 173 
Change in foreign currency exchange rate adjustment76 (153)
Income tax benefit (expense)(30)(4)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)18 21 
Income tax benefit (expense)(4)(4)
Balance as of end-of-period$544 $637 
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year$(262)$146 
OCI before reclassification560 403 
Income tax benefit (expense) (118)(85)
Balance as of end-of-period$180 $464 
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year$480 $744 
OCI before reclassification109 (141)
Income tax benefit (expense) (23)30 
Balance as of end-of-period$566 $633 
Foreign Currency Translation Adjustment
Balance as of beginning-of-year$(18)$(29)
OCI before reclassification(3)5 
Balance as of end-of-period$(21)$(24)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year$(295)$(296)
OCI before reclassification3 (5)
Balance as of end-of-period$(292)$(301)
Schedule of Reclassifications Out of AOCI
The following summarizes the reclassifications out of AOCI (in millions) and the associated line item on the Consolidated Statements of Comprehensive Income (Loss):

For the Three
Months Ended
March 31,
20262025
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification$(15)$(118)Realized gain (loss)
Associated change in future contract benefits2 28 Benefits
Reclassification before income tax benefit (expense)(13)(90)Income (loss) before taxes
Income tax benefit (expense)3 19 Federal income tax expense (benefit)
Reclassification, net of income tax$(10)$(71)Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Interest rate contracts2 3 Interest and debt expense
Foreign currency contracts15 15 Net investment income
Foreign currency contracts1 3 Realized gain (loss)
Reclassification before income tax benefit (expense)18 21 Income (loss) before taxes
Income tax benefit (expense)(4)(4)Federal income tax expense (benefit)
Reclassification, net of income tax$14 $17 Net income (loss)