v3.26.1
Policyholder Account Balances
 6 Months Ended
Jun. 30, 2026
Policyholder Account Balance [Abstract]  
Policyholder Account Balances Policyholder Account Balances
The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:

 As of
June 30, 		As of
December 31,
20262025
Variable Annuities$42,568$40,060
Fixed Annuities29,41828,728
UL and Other35,69035,986
Retirement Plan Services23,41923,843
Other (1)
8,4157,628
Total policyholder account balances$139,510$136,245

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($3.3 billion and $3.5 billion as of June 30, 2026, and December 31, 2025, respectively) and funding agreements ($4.8 billion and $3.7 billion as of June 30, 2026, and December 31, 2025, respectively) that are excluded from the following tables. 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 Six Months Ended June 30, 2026
Variable AnnuitiesFixed AnnuitiesUL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$40,060 $28,728 $35,986 $23,843 
Gross deposits3,552 1,327 1,637 1,781 
Withdrawals(1,934)(1,258)(759)(2,749)
Policyholder assessments(3)(30)(2,170)(9)
Net transfers from (to) separate account(1,353)– 154 217 
Interest credited469 523 721 336 
Change in fair value of embedded derivative
instruments and other1,777 128 121 – 
Balance as of end-of-period$42,568$29,418$35,690$23,419
Weighted-average crediting rate2.3%3.6%4.0%2.8%
Net amount at risk (1)(2)
$1,594$438$289,590$2
Cash surrender value41,16128,11632,28523,383

As of or For the Six Months Ended June 30, 2025
Variable AnnuitiesFixed AnnuitiesUL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$35,267$25,963$36,599$23,619
Gross deposits2,8932,0991,7131,921
Withdrawals(1,234)(1,744)(818)(2,433)
Policyholder assessments(1)(30)(2,205)(8)
Net transfers from (to) separate account(619)–63254
Interest credited403438715347
Change in fair value of embedded derivative
instruments and other31710649–
Balance as of end-of-period$37,026$26,832$36,116$23,700
Weighted-average crediting rate2.3%3.3%3.9%3.0%
Net amount at risk (1)(2)
$1,689$272$296,496$2
Cash surrender value35,74025,66032,44623,667

(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 June 30, 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%
433––––433
3.01% - 4.00%
1,067––––1,067
4.01% and above
4––––4
Other (1)
–––––41,055
 Total$1,509$–$–$–$4$42,568
Fixed Annuities
Up to 1.00%
$125$635$396$122$2,146$3,424
1.01% - 2.00%
15324178428,6289,142
2.01% - 3.00%
1,2516112641,379
3.01% - 4.00%
772––––772
4.01% and above
152––––152
Other (1)
–––––14,549
 Total$2,453$937$475$166$10,838$29,418
UL and Other
Up to 1.00%
$271$–$246$32$630$1,179
1.01% - 2.00%
507–––2,5843,091
2.01% - 3.00%
6,04218157––6,217
3.01% - 4.00%
14,291–1––14,292
4.01% and above
3,369––––3,369
Other (1)
–––––7,542
 Total$24,480$18$404$32$3,214$35,690
Retirement Plan Services
Up to 1.00%
$650$612$625$4,169$6,358$12,414
1.01% - 2.00%
5171,2751,2781575023,729
2.01% - 3.00%
1,584254393–2,051
3.01% - 4.00%
3,6855475–3,751
4.01% and above
1,474––––1,474
 Total$7,910$1,966$2,349$4,334$6,860$23,419
As of June 30, 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%
$–$–$–$–$–$–
1.01% - 2.00%
3–––710
2.01% - 3.00%
486––––486
3.01% - 4.00%
1,168––––1,168
4.01% and above
7––––7
Other (1)
–––––35,355
 Total$1,664$–$–$–$7$37,026
Fixed Annuities
Up to 1.00%
$108$895$425$197$2,250$3,875
1.01% - 2.00%
2152061361196,6467,322
2.01% - 3.00%
1,4552712451,530
3.01% - 4.00%
873––––873
4.01% and above
161––––161
Other (1)
–––––13,071
 Total$2,812$1,128$562$318$8,941$26,832
UL and Other
Up to 1.00%
$256$–$226$74$510$1,066
1.01% - 2.00%
535–6–2,8913,432
2.01% - 3.00%
6,5928144––6,744
3.01% - 4.00%
14,610–1––14,611
4.01% and above
3,477––––3,477
Other (1)
–––––6,786
 Total$25,470$8$377$74$3,401$36,116
Retirement Plan Services
Up to 1.00%
$573$329$693$3,265$6,396$11,256
1.01% - 2.00%
4729441,8515076624,436
2.01% - 3.00%
1,71953212–2,254
3.01% - 4.00%
4,079102711–4,199
4.01% and above
1,555––––1,555
 Total$8,398$1,907$2,552$3,785$7,058$23,700

(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 $2.4 billion as of June 30, 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 June 30, 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 $1.6 billion as of June 30, 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.