Document

Statistical Supplement

Third Quarter 2026


			Lincoln Financial
			Table of Contents


			Notes .................................................................................................................................................................................................................................................................			1-3
			Credit Ratings ...................................................................................................................................................................................................................................................			4
			Consolidated
			Consolidated Statements of Income (Loss) ................................................................................................................................................................................................			5
			Consolidated Balance Sheets .......................................................................................................................................................................................................................			6-7
			Earnings, Shares and Return on Equity .........................................................................................................................................................................................................			8
			Key Stakeholder Metrics ...............................................................................................................................................................................................................................			9
			Select Earnings Drivers By Segment ............................................................................................................................................................................................................			10
			Sales By Segment ..........................................................................................................................................................................................................................................			11
			Operating Revenues and General and Administrative Expenses By Segment and Other Operations......................................................................................................			12
			Operating Commissions and Other Expenses .............................................................................................................................................................................................			13

			Select Earnings and Operational Data from Business Segments and Other Operations

			Annuities .........................................................................................................................................................................................................................................................			14
			Life Insurance ................................................................................................................................................................................................................................................			15
			Group Protection ............................................................................................................................................................................................................................................			16
			Retirement Plan Services ..............................................................................................................................................................................................................................			17
			Other Operations ............................................................................................................................................................................................................................................			18
			Account Balance Roll Forwards
			Annuities ......................................................................................................................................................................................................................................................			19-20
			Life Insurance ..............................................................................................................................................................................................................................................			21
			Retirement Plan Services ............................................................................................................................................................................................................................			22
			Investment Information
			Fixed-Income Asset Class .............................................................................................................................................................................................................................			23
			Fixed-Income Credit Quality ..........................................................................................................................................................................................................................			24
			GAAP to Non-GAAP Reconciliations
			Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................			25-29

Tab le of Contents

Lincoln Financial

Notes

Non-GAAP Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 25.

Adjusted Income (Loss) From Operations

Adjusted income (loss) from operations is GAAP net income (loss) excluding the effects of the following items, as applicable:

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”);

• Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance (“VUL”) hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance (“IUL”) contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);

• Credit loss-related adjustments on fixed maturity available-for-sale (“AFS”) securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);

• Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);

• Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law;

• Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

• Losses from the impairment of intangible assets and gains (losses) on other non-financial assets;

• Income (loss) from discontinued operations;

• Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and

• Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.

Adjusted income (loss) from operations available to common stockholders is defined as GAAP net income (loss) available to common stockholders excluding the effects of the items, as applicable, set forth in the definition of adjusted income (loss) from operations above and the impact of preferred stock repurchase premium. Management excludes the impact of preferred stock repurchase premium as it is not indicative of current operating fundamentals.

Adjusted Operating Revenues

Adjusted operating revenues represent GAAP revenues excluding the effects of the following items, as applicable:

• Changes in the fair value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity and IUL products (“revenue adjustments from annuity and life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;

• Revenue adjustments from the initial adoption of new accounting standards;

• Amortization of deferred gains arising from reserve changes on business sold through reinsurance; and

• Gains (losses) on other non-financial assets.

Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted income (loss) from operations per diluted share available to common stockholders and adjusted operating revenues is helpful to investors in evaluating the company’s performance.

Tab le of Contents

Lincoln Financial

Notes

Non-GAAP Measures, Continued

Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding accumulated other comprehensive income (loss) (“AOCI”) and preferred stock is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors to analyze our net worth because it eliminates market movements that can fluctuate significantly from period to period, primarily related to changes in interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, GLB and GDB hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”). Management believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Book Value per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. Management believes that using book value per share, excluding AOCI enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI, is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value per Share

Adjusted book value per share is calculated by dividing adjusted stockholders’ equity by common shares outstanding. Management believes that using adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Income (Loss) From Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE

Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by average stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that can fluctuate significantly from period to period, primarily related to changes in interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Tab le of Contents

Lincoln Financial

Notes

Non-GAAP Measures, Continued

Adjusted Income (Loss) From Operations ROE

Adjusted income (loss) from operations ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders’ equity. Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Computations

• The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.

• The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.

• We exclude deferred units of LNC stock that are antidilutive from our diluted net income (loss) and adjusted income (loss) from operations earnings per share calculations.

Definitions

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper outstanding.

Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. See adjusted income (loss) from operations ROE above and adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE on page 2 for further information on how these metrics are calculated. Management evaluates consolidated ROE by both including and excluding the effect of average goodwill.

Leverage ratio is a measure that we use to monitor the level of our debt relative to our total capitalization. Debt used in this metric reflects total debt and preferred stock adjusted for certain items.

Total capitalization reflects debt used in the numerator of this ratio and stockholders' equity adjusted for certain items.

Sales as reported consist of the following:

• Annuities and Retirement Plan Services – deposits from new and existing customers;

• Universal life insurance (“UL”), IUL, VUL – first-year commissionable premiums plus 5% of excess premiums received;

• MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market Advantage® (VUL), 150% of commissionable premiums;

• Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits;

• Term – 100% of annualized first-year premiums; and

• Group Protection – annualized first-year premiums from new policies.

Certain amounts reported in prior periods have been reclassified to conform to the presentation adopted in the current period.

Statistical Supplement is Dated

This document is dated November 5, 2026, and has not been updated since that date. Lincoln Financial does not intend to update this document.

Tab le of Contents

Lincoln Financial

Credit Ratings

Ratings as of November 5, 2026

Standard

AM Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

bbb+

BBB+

Baa2

BBB+

Financial Strength Ratings

The Lincoln National Life Insurance Company

A+

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

Investor Inquiries May Be Directed To:

John Muething, Vice President,

Investor Relations

Email: InvestorRelations@lfg.com

Phone: 800-237-2920

Tab le of Contents


Lincoln Financial
Consolidated Statements of Income (Loss)
Unaudited (millions of dollars, except per share data)

		For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Revenues
Insurance premiums	$	1,637	$	1,671	$	1,674	$	1,715	$	1,665	1.7	%	$	4,995	$	5,053	1.2	%
Fee income		1,392		1,416		1,377		1,406		1,416	1.7	%		4,113		4,199	2.1	%
Net investment income		1,544		1,597		1,605		1,625		1,724	11.7	%		4,478		4,955	10.7	%
Realized gain (loss)		(216)		47		466		(406)		442	NM			(847)		502	159.3	%
Other revenues		198		191		184		202		234	18.2	%		551		619	12.3	%
Total revenues		4,555		4,922		5,306		4,542		5,481	20.3	%		13,290		15,328	15.3	%

Expenses
Benefits and policyholder liability remeasurement		1,927		1,927		2,009		1,866		2,075	7.7	%		5,842		5,950	1.8	%
Interest credited		954		984		999		1,024		1,062	11.3	%		2,759		3,084	11.8	%
Market risk benefit (gain) loss		(343)		(382)		987		(1,460)		(1,017)	NM			10		(1,490)	NM

Commissions and other expenses		1,414		1,397		1,476		1,387		1,536	8.6	%		4,110		4,398	7.0	%
Interest and debt expense		79		81		81		82		90	13.9	%		146		254	74.0	%


Total expenses		4,031		4,007		5,552		2,899		3,746	-7.1	%		12,867		12,196	-5.2	%
Income (loss) before taxes		524		915		(246)		1,643		1,735	231.1	%		423		3,132	NM
Federal income tax expense (benefit)		79		161		(74)		311		336	NM			—		573	NM


Net income (loss)		445		754		(172)		1,332		1,399	214.4	%		423		2,559	NM
Preferred stock dividends declared		(34)		(11)		(34)		(11)		(34)	0.0%			(80)		(80)	0.0%
Preferred stock repurchase premium		—		—		—		—		(36)	NM			—		(36)	NM
Adjustment for deferred units of LNC stock
in our deferred compensation plans		—		2		(5)		—		3	NM			—		(2)	NM
Net income (loss) available to common
stockholders – diluted	$	411	$	745	$	(211)	$	1,321	$	1,332	224.1	%	$	343	$	2,441	NM


Earnings (Loss) Per Common Share – Diluted


Net income (loss)	$	2.12	$	3.80	$	(1.10)	$	6.72	$	6.77	219.3	%	$	1.87	$	12.42	NM

Tab le of Contents


Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	68,351	$	69,045	$	68,284	$	67,901	$	61,660	-9.8%
U.S. government bonds		619		869		919		962		928	49.9%
State and municipal bonds		2,235		2,147		2,124		2,067		1,785	-20.1%
Foreign government bonds		244		226		202		203		183	-25.0%
Residential mortgage-backed securities		2,118		2,122		2,063		1,953		1,866	-11.9%
Commercial mortgage-backed securities		2,150		2,502		2,669		2,888		2,988	39.0%
Asset-backed securities		14,706		16,282		17,703		18,898		21,458	45.9%
Hybrid and redeemable preferred securities		257		255		236		213		207	-19.5%


Total fixed maturity AFS securities, net of allowance for credit losses		90,680		93,448		94,200		95,085		91,075	0.4%
Trading securities		1,853		1,676		1,552		1,515		1,376	-25.7%
Equity securities		542		636		475		456		451	-16.8%
Mortgage loans on real estate, net of allowance for credit losses		22,230		22,472		22,825		23,406		24,644	10.9%

Policy loans		2,584		2,626		2,606		2,596		2,592	0.3%
Derivative investments		10,427		9,945		8,337		11,382		9,752	-6.5%
Other investments		7,786		8,105		8,742		8,870		9,401	20.7%
Total investments		136,102		138,908		138,737		143,310		139,291	2.3%
Cash and invested cash		10,668		9,502		7,345		10,165		9,791	-8.2%
Deferred acquisition costs, value of business acquired and deferred sales inducements		12,681		12,827		12,886		12,918		12,968	2.3%

Reinsurance recoverables, net of allowance for credit losses		28,665		28,012		27,688		27,225		26,008	-9.3%


Deposit assets, net of allowance for credit losses		33,066		33,690		33,597		33,619		33,449	1.2%
Market risk benefit assets		4,694		4,753		4,303		5,077		5,433	15.7%
Accrued investment income		1,172		1,122		1,170		1,169		1,223	4.4%
Goodwill		1,144		1,144		1,144		1,144		1,144	0.0%
Other assets		7,223		7,154		7,248		6,918		7,179	-0.6%
Separate account assets		179,860		180,092		172,043		188,252		182,209	1.3%
Total assets	$	415,275	$	417,204	$	406,161	$	429,797	$	418,695	0.8%

Tab le of Contents


Lincoln Financial
Consolidated Balance Sheets
Unaudited (millions of dollars)

		As of

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	133,223	$	136,245	$	135,683	$	139,510	$	140,342	5.3	%
Future contract benefits		41,852		42,077		42,010		42,177		40,704	-2.7	%
Funds withheld reinsurance liabilities		17,559		17,922		17,564		16,808		15,469	-11.9	%
Market risk benefit liabilities		1,190		1,118		1,127		895		660	-44.5	%

Deferred front-end loads		7,349		7,586		7,804		8,059		8,283	12.7	%
Payables for collateral on investments		11,153		7,954		6,556		9,232		8,311	-25.5	%
Short-term debt		—		400		400		400		—	NM
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 9 for details)		868		868		868		868		868	0.0%
Financial		4,904		4,998		5,101		5,597		5,572	13.6	%




Other liabilities		6,865		7,038		6,793		6,650		6,853	-0.2	%






Separate account liabilities		179,860		180,092		172,043		188,252		182,209	1.3	%
Total liabilities		404,823		406,298		395,949		418,448		409,271	1.1	%

Stockholders’ Equity
Preferred stock		986		986		986		986		555	-43.7	%
Common stock		5,574		5,592		5,602		5,619		5,602	0.5	%
Retained earnings		7,731		8,386		8,091		9,322		10,545	36.4	%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		(3,930)		(3,964)		(4,900)		(4,621)		(7,315)	-86.1	%



Market risk benefit non-performance risk gain (loss)		(58)		(261)		179		(225)		(578)	NM
Policyholder liability discount rate remeasurement gain (loss)		474		480		566		580		928	95.8	%
Foreign currency translation adjustment		(18)		(18)		(20)		(20)		(21)	-16.7	%
Funded status of employee benefit plans		(307)		(295)		(292)		(292)		(292)	4.9	%
Total accumulated other comprehensive income (loss)		(3,839)		(4,058)		(4,467)		(4,578)		(7,278)	-89.6	%
Total stockholders’ equity		10,452		10,906		10,212		11,349		9,424	-9.8	%
Total liabilities and stockholders’ equity	$	415,275	$	417,204	$	406,161	$	429,797	$	418,695	0.8	%

Tab le of Contents


Lincoln Financial
Earnings, Shares and Return on Equity
Unaudited (millions of dollars, except per share data)

		As of or For the Three Months Ended																As of or For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Income (Loss)
Net income (loss)	$	445		$	754		$	(172)		$	1,332		$	1,399		214.4	%	$	423		$	2,559		NM
Pre-tax adjusted income (loss) from operations		506			524			427			528			437		-13.6	%		1,386			1,392		0.4	%
After-tax adjusted income (loss) from operations (1)		431			445			360			450			373		-13.5	%		1,183			1,183		0.0%
Adjusted operating tax rate		14.8	%		15.0	%		15.8	%		14.6	%		14.6	%				14.6	%		15.0	%
Adjusted income (loss) from operations available to
common stockholders (1)		397			434			326			439			339		-14.6	%		1,103			1,103		0.0%







ROE
Net income (loss) ROE		17.8	%		28.3	%		-6.5	%		49.4	%		53.9	%				6.2	%		32.3	%
Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE		12.1	%		12.7	%		9.4	%		12.3	%		8.7	%				11.8	%		10.1	%
Adjusted income (loss) from operations ROE		11.3	%		12.1	%		8.8	%		11.6	%		8.8	%				11.1	%		9.7	%

Per Common Share
Net income (loss) available to
common stockholders (diluted) (2)	$	2.12		$	3.80		$	(1.10)		$	6.72		$	6.77		219.3	%	$	1.87		$	12.42		NM
Adjusted income (loss) from operations available to
common stockholders (diluted) (3)		2.04			2.21			1.66			2.24			1.72		-15.7	%		6.01			5.61		-6.7	%
Dividends declared during the period		0.45			0.45			0.45			0.45			0.45		0.0%			1.35			1.35		0.0%

Book Value Per Common Share
Book value per share	$	49.56		$	51.88		$	47.87		$	53.68		$	46.17		-6.8	%	$	49.56		$	46.17		-6.8	%

Book value per share, excluding AOCI (4)		69.66			73.10			71.06			77.39			84.05		20.7	%		69.66			84.05		20.7	%
Adjusted book value per share (4)		74.23			76.33			77.77			79.45			80.63		8.6	%		74.23			80.63		8.6	%

Common Shares
Repurchased during the period		—			—			—			—			1.1		NM			—			1.1		NM
End-of-period – basic		191.0			191.2			192.7			193.0			192.1		0.6	%		191.0			192.1		0.6	%
Average for the period – basic		190.8			191.1			191.9			192.9			192.6		0.9	%		179.8			192.5		7.1	%
End-of-period – diluted		196.0			196.7			196.3			196.5			196.3		0.2	%		196.0			196.3		0.2	%
Average for the period – diluted (5)		195.0			196.3			196.5			196.4			196.7		0.9	%		183.5			196.5		7.1	%

(1) See reconciliation to net income (loss) and net income (loss) available to common stockholders – diluted on page 25.

(2) Due to reporting a net loss for the three months ended March 31, 2026, basic shares were used in the diluted EPS calculation for this period 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.

(3) See reconciliation to earnings (loss) per common share – diluted on page 27.

(4) See reconciliation to stockholders’ equity and book value per common share on page 29.

(5) Represents shares used in our adjusted income (loss) from operations – diluted per share calculations.

Tab le of Contents


Lincoln Financial
Key Stakeholder Metrics
Unaudited (millions of dollars, except per share data)

	As of or For the Three Months Ended																	For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25		9/30/26	Change
Cash Returned to Common Stockholders
Shares repurchased	$	—		$	—		$	—		$	—		$	50		NM		$	—	$	50	NM
Common dividends		85			85			86			86			86		1.2	%		239		258	7.9	%
Total cash returned to common stockholders	$	85		$	85		$	86		$	86		$	136		60.0	%	$	239	$	308	28.9	%



Cash Returned to Preferred Stockholders – Preferred Dividends	$	34		$	11		$	34		$	11		$	34		0.0%		$	80	$	80	0.0%


Leverage Ratio
Short-term debt	$	—		$	400		$	400		$	400		$	—		NM
Long-term debt		5,772			5,866			5,969			6,465			6,440		11.6	%
Total debt		5,772			6,266			6,369			6,865			6,440		11.6	%
Preferred stock		986			986			986			986			555		-43.7	%
Total debt and preferred stock		6,758			7,252			7,355			7,851			6,995		3.5	%







Less:
Operating debt (1)		868			868			868			868			868		0.0%
Prefunding of upcoming debt maturities		—			400			400			400			—		NM
Prefunding of repurchase and/or redemption of shares
of outstanding preferred stock (2)		—			—			—			500			63		NM
25% of capital securities and subordinated notes		247			247			247			372			370		49.8	%
50% of preferred stock, net of prefunding		493			493			493			243			246		-50.1	%
Carrying value of fair value hedges and other items		119			114			112			108			80		-32.8	%
Total numerator	$	5,031		$	5,130		$	5,235		$	5,360		$	5,368		6.7	%

Adjusted stockholders’ equity (3)	$	14,180		$	14,595		$	14,987		$	15,340		$	15,490		9.2	%


Add:
25% of capital securities and subordinated notes		247			247			247			372			370		49.8	%
50% of preferred stock, net of prefunding		493			493			493			243			246		-50.1	%
Total numerator		5,031			5,130			5,235			5,360			5,368		6.7	%
Total denominator	$	19,951		$	20,465		$	20,962		$	21,315		$	21,474		7.6	%

Leverage ratio		25.2	%		25.1	%		25.0	%		25.1	%		25.0	%


Holding Company Available Liquidity (2)	$	461		$	1,055		$	1,205		$	1,803		$	1,067		131.5	%


Holding Company Available Liquidity, Net of Prefunding	$	461		$	655		$	805		$	903		$	1,004		117.8	%

(1) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.

(2) Holding company available liquidity includes prefunding of repurchase and/or redemption of shares of outstanding preferred stock.

(3) See reconciliation to stockholders’ equity on page 29.

Tab le of Contents


Lincoln Financial
Select Earnings Drivers By Segment
Unaudited (millions of dollars)

	For the Three Months Ended													For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Annuities
Operating revenues	$	1,270	$	1,308	$	1,283	$	1,341	$	1,369	7.8	%	$	3,682	$	3,993	8.4	%
Deposits		4,470		4,890		3,941		3,520		4,274	-4.4	%		12,293		11,735	-4.5	%
Net flows		(1,143)		(1,227)		(2,196)		(2,917)		(2,699)	NM			(3,981)		(7,812)	-96.2	%



Average account balances, net of reinsurance		170,318		174,668		175,173		178,812		181,079	6.3	%		164,735		178,493	8.4	%
Alternative investment income (1)		2		3		3		1		4	100.0	%		8		8	0.0%

Life Insurance
Operating revenues	$	1,610	$	1,643	$	1,628	$	1,572	$	1,683	4.5	%	$	4,798	$	4,883	1.8	%
Deposits		2,247		1,457		1,253		1,673		1,196	-46.8	%		4,747		4,123	-13.1	%
Net flows		1,659		974		634		1,133		366	-77.9	%		2,861		2,134	-25.4	%
Average account balances, net of reinsurance		47,503		49,150		49,232		50,981		52,903	11.4	%		45,680		51,039	11.7	%
Average in-force face amount		1,067,503		1,065,813		1,062,558		1,059,320		1,055,957	-1.1	%		1,070,683		1,059,279	-1.1	%
Alternative investment income (1)		95		115		121		47		165	73.7	%		258		333	29.1	%

Group Protection
Operating revenues	$	1,507	$	1,535	$	1,554	$	1,576	$	1,555	3.2	%	$	4,566	$	4,685	2.6	%
Insurance premiums		1,352		1,380		1,399		1,420		1,392	3.0	%		4,109		4,211	2.5	%
Alternative investment income (1)		2		3		2		2		4	100.0	%		5		8	60.0	%

Retirement Plan Services
Operating revenues	$	343	$	352	$	346	$	353	$	357	4.1	%	$	1,001	$	1,056	5.5	%
Deposits		5,008		3,939		4,142		3,736		3,540	-29.3	%		12,717		11,417	-10.2	%
Net flows		755		(998)		(213)		(2,425)		(1,941)	NM			(2,014)		(4,579)	NM
Average account balances		119,259		123,533		124,766		128,344		130,034	9.0	%		115,014		127,916	11.2	%
Alternative investment income (1)		2		3		3		2		3	50.0	%		6		8	33.3	%

Consolidated
Adjusted operating revenues (2)	$	4,780	$	4,894	$	4,868	$	4,926	$	5,059	5.8	%	$	14,190	$	14,853	4.7	%
Deposits		11,725		10,286		9,336		8,929		9,010	-23.2	%		29,757		27,275	-8.3	%
Net flows		1,271		(1,251)		(1,775)		(4,209)		(4,274)	NM			(3,134)		(10,257)	NM
Average account balances, net of reinsurance		337,080		347,351		349,171		358,137		364,016	8.0	%		325,429		357,448	9.8	%
Alternative investment income (1)		101		124		129		52		176	74.3	%		277		357	28.9	%

(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have a limited economic interest in the investments.

(2) See reconciliation to total revenues on page 26.

Tab le of Contents


Lincoln Financial
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Sales
Annuities:
RILA	$	1,457		$	1,936		$	1,822		$	1,599		$	1,463		0.4	%	$	4,195		$	4,884		16.4	%
Fixed		1,368			1,227			716			604			1,376		0.6	%		3,451			2,696		-21.9	%
Traditional variable with GLBs		1,080			1,119			867			639			682		-36.9	%		3,113			2,187		-29.7	%
Traditional variable without GLBs		562			607			534			673			747		32.9	%		1,515			1,955		29.0	%

Total Annuities	$	4,467		$	4,889		$	3,939		$	3,515		$	4,268		-4.5	%	$	12,274		$	11,722		-4.5	%


Life Insurance:
IUL/UL	$	25		$	42		$	29		$	23		$	34		36.0	%	$	78		$	86		10.3	%
MoneyGuard®		31			35			29			32			33		6.5	%		89			95		6.7	%

VUL		26			36			22			35			19		-26.9	%		56			76		35.7	%
Term		15			14			16			13			14		-6.7	%		42			43		2.4	%

Executive Benefits		201			15			33			113			6		-97.0	%		251			151		-39.8	%
Total Life Insurance	$	298		$	142		$	129		$	216		$	106		-64.4	%	$	516		$	451		-12.6	%


Group Protection:
Life	$	50		$	136		$	97		$	83		$	36		-28.0	%	$	255		$	216		-15.3	%
Disability		47			232			45			65			26		-44.7	%		165			137		-17.0	%
Dental		19			23			8			7			10		-47.4	%		40			24		-40.0	%
Total Group Protection	$	116		$	391		$	150		$	155		$	72		-37.9	%	$	460		$	377		-18.0	%

Percent employee-paid		46.5	%		28.7	%		70.7	%		56.6	%		57.2	%				60.3	%		62.3	%

Retirement Plan Services:
First-year sales	$	2,440		$	1,683		$	1,134		$	941		$	749		-69.3	%	$	4,766		$	2,825		-40.7	%
Recurring deposits		2,568			2,256			3,008			2,795			2,791		8.7	%		7,951			8,592		8.1	%
Total Retirement Plan Services	$	5,008		$	3,939		$	4,142		$	3,736		$	3,540		-29.3	%	$	12,717		$	11,417		-10.2	%

Tab le of Contents


Lincoln Financial
Operating Revenues and General and Administrative Expenses By Segment and Other Operations
Unaudited (millions of dollars)

	For the Three Months Ended																		For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Operating Revenues
Annuities	$	1,270		$	1,308		$	1,283		$	1,341		$	1,369		7.8	%	$	3,682		$	3,993		8.4	%
Life Insurance		1,610			1,643			1,628			1,572			1,683		4.5	%		4,798			4,883		1.8	%
Group Protection		1,507			1,535			1,554			1,576			1,555		3.2	%		4,566			4,685		2.6	%
Retirement Plan Services		343			352			346			353			357		4.1	%		1,001			1,056		5.5	%
Other Operations		50			56			57			84			95		90.0	%		143			236		65.0	%
Total adjusted operating revenues	$	4,780		$	4,894		$	4,868		$	4,926		$	5,059		5.8	%	$	14,190		$	14,853		4.7	%


General and Administrative Expenses,
Net of Amounts Capitalized
Annuities	$	108		$	122		$	111		$	116		$	112		3.7	%	$	326		$	338		3.7	%
Life Insurance		121			130			119			124			122		0.8	%		362			365		0.8	%
Group Protection		200			215			211			217			205		2.5	%		608			634		4.3	%
Retirement Plan Services		80			87			86			89			87		8.8	%		241			262		8.7	%
Other Operations		62			65			62			58			56		-9.7	%		183			175		-4.4	%
Total	$	571		$	619		$	589		$	604		$	582		1.9	%	$	1,720		$	1,774		3.1	%


General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		8.5	%		9.3	%		8.6	%		8.6	%		8.1	%				8.8	%		8.5	%
Life Insurance		7.5	%		7.9	%		7.3	%		7.9	%		7.3	%				7.6	%		7.5	%
Group Protection		13.2	%		14.0	%		13.6	%		13.8	%		13.2	%				13.3	%		13.5	%
Retirement Plan Services		23.2	%		24.8	%		24.8	%		25.3	%		24.3	%				24.1	%		24.8	%

Total		11.9	%		12.6	%		12.1	%		12.3	%		11.5	%				12.1	%		11.9	%

Tab le of Contents


Lincoln Financial
Operating Commissions and Other Expenses
Unaudited (millions of dollars)

	For the Three Months Ended													For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	637	$	693	$	644	$	659	$	644	1.1	%	$	1,893	$	1,945	2.7	%
Commissions		609		689		617		605		630	3.4	%		1,737		1,851	6.6	%
Taxes, licenses and fees		86		74		100		80		80	-7.0	%		263		260	-1.1	%
Interest and debt expense		79		81		81		82		90	13.9	%		240		254	5.8	%
Expenses associated with reserve financing
and letters of credit		35		25		26		27		27	-22.9	%		101		79	-21.8	%
Total adjusted operating commissions and
other expenses incurred		1,446		1,562		1,468		1,453		1,471	1.7	%		4,234		4,389	3.7	%

Less Amounts Capitalized
General and administrative expenses		(66)		(74)		(55)		(55)		(62)	6.1	%		(173)		(171)	1.2	%
Commissions		(281)		(360)		(289)		(268)		(292)	-3.9	%		(771)		(848)	-10.0	%
Taxes, licenses and fees		(15)		(8)		(9)		(8)		(6)	60.0	%		(32)		(22)	31.3	%
Total amounts capitalized		(362)		(442)		(353)		(331)		(360)	0.6	%		(976)		(1,041)	-6.7	%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,084		1,120		1,115		1,122		1,111	2.5	%		3,258		3,348	2.8	%

Amortization
Amortization of DAC, VOBA and other intangibles		324		328		327		331		345	6.5	%		940		1,003	6.7	%
Total operating commissions and
other expenses	$	1,408	$	1,448	$	1,442	$	1,453	$	1,456	3.4	%	$	4,198	$	4,351	3.6	%

Tab le of Contents


Lincoln Financial
Annuities – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended																		As of or For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	25		$	28		$	18		$	36		$	27		8.0	%	$	75		$	81		8.0	%
Fee income (1)		617			624			608			623			631		2.3	%		1,782			1,862		4.5	%
Net investment income		497			517			525			547			570		14.7	%		1,449			1,642		13.3	%



Other revenues		131			139			132			135			141		7.6	%		376			408		8.5	%
Total operating revenues		1,270			1,308			1,283			1,341			1,369		7.8	%		3,682			3,993		8.4	%
Operating expenses:
Benefits and policyholder liability remeasurement		24			24			24			47			34		41.7	%		84			105		25.0	%
Interest credited		459			480			495			513			535		16.6	%		1,317			1,543		17.2	%


Commissions incurred		327			374			339			329			347		6.1	%		917			1,015		10.7	%
Other expenses incurred		138			162			150			149			147		6.5	%		424			446		5.2	%
Amounts capitalized		(174)			(228)			(187)			(168)			(188)		-8.0	%		(464)			(542)		-16.8	%
Amortization		128			127			128			132			145		13.3	%		358			404		12.8	%
Total operating expenses		902			939			949			1,002			1,020		13.1	%		2,636			2,971		12.7	%
Income (loss) from operations before taxes		368			369			334			339			349		-5.2	%		1,046			1,022		-2.3	%
Federal income tax expense (benefit)		58			58			59			52			55		-5.2	%		160			166		3.8	%
Income (loss) from operations	$	310		$	311		$	275		$	287		$	294		-5.2	%	$	886		$	856		-3.4	%





Effective Federal Income Tax Rate		15.8	%		15.7	%		17.6	%		15.5	%		15.7	%				15.2	%		16.2	%






Return on Average Account Balances, Net of
Reinsurance (bps)		73			71			63			64			65		(8)			72			64		(8)

Return on Average Account Balances, Net of
Reinsurance and Market-Linked Adjustment (bps) (2)		76			75			66			67			68		(8)			75			67		(8)








Account Balances, Net of Reinsurance – End-of-Period
RILA account balances	$	38,499		$	39,443		$	38,659		$	42,102		$	41,946		9.0	%	$	38,499		$	41,946		9.0	%
Fixed account balances		11,492			12,388			12,919			13,529			14,753		28.4	%		11,492			14,753		28.4	%
Traditional variable account balances with GLBs		73,174			72,809			68,484			74,012			70,803		-3.2	%		73,174			70,803		-3.2	%
Traditional variable account balances without GLBs		50,914			50,748			48,711			52,646			50,941		0.1	%		50,914			50,941		0.1	%
Total account balances	$	174,079		$	175,388		$	168,773		$	182,289		$	178,443		2.5	%	$	174,079		$	178,443		2.5	%
Percent traditional variable account balances with GLBs		42.0	%		41.5	%		40.6	%		40.6	%		39.7	%				42.0	%		39.7	%

Fee Income, Gross of Hedge Allowance	$	817		$	825		$	807		$	822		$	829		1.5	%	$	2,382		$	2,458		3.2	%
Net Investment Income, Net of Reinsurance (3)		475			500			508			530			557		17.3	%		1,383			1,595		15.3	%
Interest Credited, Net of Reinsurance (3)		314			333			351			367			386		22.9	%		904			1,104		22.1	%

(1) Fee income is reported net of the hedge allowance, which represents fees allocated to net annuity product features to support the cost of hedging.

(2) Market-linked adjustment represents the portion of the account balance related to the index-linked crediting feature of our fixed indexed annuity and registered index-linked annuity (“RILA”) products.

(3) Net investment income and interest credited are both reported gross of reinsurance. Reinsurance impacts are settled through other revenues.

Tab le of Contents


Lincoln Financial
Life Insurance – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended																	As of or For the Nine Months Ended

		9/30/25		12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25		9/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	260	$	262		$	256		$	258		$	245		-5.8	%	$	810	$	760		-6.2	%
Fee income		683		696			677			683			684		0.1	%		2,069		2,043		-1.3	%
Net investment income		623		643			647			573			685		10.0	%		1,803		1,905		5.7	%
Operating realized gain (loss)		(1)		—			—			—			—		100.0	%		(4)		—		100.0	%


Other revenues		45		42			48			58			69		53.3	%		120		175		45.8	%
Total operating revenues		1,610		1,643			1,628			1,572			1,683		4.5	%		4,798		4,883		1.8	%
Operating expenses:
Benefits and policyholder liability remeasurement		961		928			975			894			938		-2.4	%		2,919		2,807		-3.8	%
Interest credited		298		295			291			293			301		1.0	%		874		886		1.4	%
Commissions incurred		119		145			112			112			116		-2.5	%		329		340		3.3	%
Other expenses incurred		199		196			183			182			184		-7.5	%		584		548		-6.2	%
Amounts capitalized		(144)		(166)			(130)			(128)			(135)		6.3	%		(387)		(392)		-1.3	%
Amortization of DAC and VOBA		129		133			131			131			130		0.8	%		382		391		2.4	%
Amortization of deferred loss on business
sold through reinsurance		24		24			24			24			25		4.2	%		71		73		2.8	%
Total operating expenses		1,586		1,555			1,586			1,508			1,559		-1.7	%		4,772		4,653		-2.5	%
Income (loss) from operations before taxes		24		88			42			64			124		NM			26		230		NM
Federal income tax expense (benefit)		(1)		11			1			7			19		NM			(14)		28		300.0	%
Income (loss) from operations	$	25	$	77		$	41		$	57		$	105		NM		$	40	$	202		NM


Effective Federal Income Tax Rate		NM		12.6	%		3.7	%		10.2	%		15.8	%				NM		12.0	%





Average Account Balances, Net of Reinsurance	$	47,503	$	49,150		$	49,232		$	50,981		$	52,903		11.4	%	$	45,680	$	51,039		11.7	%

In-Force Face Amount
UL and other	$	361,964	$	362,312		$	361,544		$	362,618		$	361,965		0.0%		$	361,964	$	361,965		0.0%
Term insurance		705,069		702,280			698,981			695,497			691,835		-1.9	%		705,069		691,835		-1.9	%
Total in-force face amount	$	1,067,033	$	1,064,592		$	1,060,525		$	1,058,115		$	1,053,800		-1.2	%	$	1,067,033	$	1,053,800		-1.2	%

Tab le of Contents


Lincoln Financial
Group Protection – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended																	As of or For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,352		$	1,380		$	1,399		$	1,420		$	1,392		3.0	%	$	4,109		$	4,211		2.5	%
Net investment income		98			95			96			98			104		6.1	%		281			298		6.0	%
Other revenues		57			60			59			58			59		3.5	%		176			176		0.0%
Total operating revenues		1,507			1,535			1,554			1,576			1,555		3.2	%		4,566			4,685		2.6	%
Operating expenses:
Benefits and policyholder liability remeasurement		923			984			994			971			1,091		18.2	%		2,830			3,056		8.0	%
Interest credited		1			1			—			1			1		0.0%			1			2		100.0	%
Commissions incurred		132			137			135			133			135		2.3	%		404			403		-0.2	%
Other expenses incurred		260			275			272			275			263		1.2	%		783			809		3.3	%
Amounts capitalized		(36)			(40)			(29)			(30)			(30)		16.7	%		(103)			(89)		13.6	%
Amortization		39			40			40			40			40		2.6	%		115			121		5.2	%
Total operating expenses		1,319			1,397			1,412			1,390			1,500		13.7	%		4,030			4,302		6.7	%
Income (loss) from operations before taxes		188			138			142			186			55		-70.7	%		536			383		-28.5	%
Federal income tax expense (benefit)		39			29			30			39			9		-76.9	%		113			78		-31.0	%
Income (loss) from operations	$	149		$	109		$	112		$	147		$	46		-69.1	%	$	423		$	305		-27.9	%


Effective Federal Income Tax Rate		21.0	%		21.0	%		21.0	%		21.0	%		16.0	%				21.0	%		20.3	%

Operating Margin (1)		11.0	%		7.9	%		8.0	%		10.4	%		3.3	%				10.3	%		7.2	%





Loss Ratios by Product Line
Life		59.6	%		67.9	%		66.9	%		62.2	%		64.9	%				67.4	%		64.7	%
Disability		73.8	%		73.6	%		73.4	%		71.9	%		87.8	%				69.3	%		77.6	%
Dental		78.0	%		74.9	%		81.6	%		82.0	%		81.6	%				79.1	%		81.7	%
Total		68.3	%		71.4	%		71.1	%		68.4	%		78.4	%				68.9	%		72.6	%

(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

Tab le of Contents


Lincoln Financial
Retirement Plan Services – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended																	As of or For the Nine Months Ended

		9/30/25			12/31/25			3/31/26			6/30/26			9/30/26		Change			9/30/25			9/30/26		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	85		$	89		$	86		$	93		$	92		8.2	%	$	245		$	271		10.6	%
Net investment income		257			262			260			260			261		1.6	%		760			781		2.8	%
Other revenues		1			1			—			—			4		300.0	%		(4)			4		200.0	%
Total operating revenues		343			352			346			353			357		4.1	%		1,001			1,056		5.5	%
Operating expenses:
Interest credited		174			174			170			169			167		-4.0	%		518			505		-2.5	%


Commissions incurred		30			31			29			30			30		0.0%			84			89		6.0	%
Other expenses incurred		87			95			97			96			95		9.2	%		265			287		8.3	%
Amounts capitalized		(5)			(6)			(5)			(3)			(5)		0.0%			(14)			(13)		7.1	%
Amortization		4			4			4			4			5		25.0	%		14			14		0.0%
Total operating expenses		290			298			295			296			292		0.7	%		867			882		1.7	%
Income (loss) from operations before taxes		53			54			51			57			65		22.6	%		134			174		29.9	%
Federal income tax expense (benefit)		7			8			8			8			10		42.9	%		18			27		50.0	%
Income (loss) from operations	$	46		$	46		$	43		$	49		$	55		19.6	%	$	116		$	147		26.7	%


Effective Federal Income Tax Rate		14.2	%		14.2	%		15.2	%		14.8	%		15.6	%				13.0	%		15.2	%





Return on Average Account Balances (bps)		15			15			14			15			17		2			14			15		1



Net Flows by Market
Core Market (1)	$	190		$	(43)		$	(201)		$	(56)		$	(250)		NM		$	139		$	(508)		NM
Mid-Large Market		1,025			(401)			403			(1,918)			(1,246)		NM			(908)			(2,760)		NM
Multi-Fund® and Other		(460)			(554)			(415)			(451)			(445)		3.3	%		(1,245)			(1,311)		-5.3	%

Net Flows – Trailing Twelve Months	$	(2,746)		$	(3,012)		$	(1,041)		$	(2,881)		$	(5,577)		NM		$	(2,746)		$	(5,577)		NM

Base Spreads, Excluding Variable
Investment Income (2)		1.07	%		1.10	%		1.16	%		1.19	%		1.24	%	17			1.03	%		1.20	%	17

(1) Formerly referred to as “Small Market.”

(2) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums.

Tab le of Contents


Lincoln Financial
Other Operations – Select Earnings and Operational Data
Unaudited (millions of dollars)

		As of or For the Three Months Ended											As of or For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Other Operations
Operating revenues:
Insurance premiums	$	—	$	—	$	—	$	—	$	—	NM		$	1	$	1	0.0%

Net investment income		33		46		52		63		86	160.6	%		102		200	96.1	%


Other revenues		17		10		5		21		9	-47.1	%		40		35	-12.5	%
Total operating revenues		50		56		57		84		95	90.0	%		143		236	65.0	%
Operating expenses:
Benefits and policyholder liability remeasurement		4		2		7		9		41	NM			14		58	NM
Interest credited		22		34		43		48		58	163.6	%		49		148	202.0	%
Other expenses incurred		72		64		68		63		62	-13.9	%		196		193	-1.5	%
Interest and debt expense		79		81		81		82		90	13.9	%		240		254	5.8	%

Total operating expenses		177		181		199		202		251	41.8	%		499		653	30.9	%
Income (loss) from operations before taxes		(127)		(125)		(142)		(118)		(156)	-22.8	%		(356)		(417)	-17.1	%
Federal income tax expense (benefit)		(28)		(27)		(31)		(28)		(29)	-3.6	%		(74)		(90)	-21.6	%
Income (loss) from operations	$	(99)	$	(98)	$	(111)	$	(90)	$	(127)	-28.3	%	$	(282)	$	(327)	-16.0	%

Tab le of Contents


Lincoln Financial
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Traditional Variable Annuities
Balance as of beginning-of-period	$	120,815	$	124,093	$	123,562	$	117,200	$	126,662	4.8	%	$	118,954	$	123,562	3.9	%
Gross deposits		1,642		1,726		1,401		1,312		1,429	-13.0	%		4,628		4,142	-10.5	%
Surrenders, withdrawals and benefits		(3,843)		(4,066)		(3,982)		(3,975)		(4,211)	-9.6	%		(10,973)		(12,168)	-10.9	%

Net flows		(2,201)		(2,340)		(2,581)		(2,663)		(2,782)	-26.4	%		(6,345)		(8,026)	-26.5	%
Policyholder assessments		(670)		(674)		(664)		(671)		(676)	-0.9	%		(1,962)		(2,010)	-2.4	%
Change in market value and reinvestment		6,149		2,483		(3,117)		12,796		(1,456)	NM			13,446		8,222	-38.9	%

Balance as of end-of-period, gross		124,093		123,562		117,200		126,662		121,748	-1.9	%		124,093		121,748	-1.9	%
Account balances reinsured		(5)		(5)		(5)		(4)		(4)	20.0	%		(5)		(4)	20.0	%
Balance as of end-of-period, net of reinsurance	$	124,088	$	123,557	$	117,195	$	126,658	$	121,744	-1.9	%	$	124,088	$	121,744	-1.9	%


RILA
Balance as of beginning-of-period	$	36,256	$	38,499	$	39,443	$	38,659	$	42,102	16.1	%	$	34,310	$	39,443	15.0	%
Gross deposits		1,457		1,936		1,822		1,599		1,463	0.4	%		4,195		4,884	16.4	%
Surrenders, withdrawals and benefits		(1,106)		(1,370)		(1,539)		(1,821)		(2,116)	-91.3	%		(2,893)		(5,475)	-89.2	%

Net flows		351		566		283		(222)		(653)	NM			1,302		(591)	NM
Policyholder assessments		(4)		(4)		(4)		(4)		(5)	-25.0	%		(12)		(13)	-8.3	%

Change in market value and reinvestment		392		402		381		448		393	0.3	%		1,078		1,221	13.3	%
Change in fair value of embedded derivative instruments
and other		1,504		(20)		(1,444)		3,221		109	-92.8	%		1,821		1,886	3.6	%
Balance as of end-of-period, gross	$	38,499	$	39,443	$	38,659	$	42,102	$	41,946	9.0	%	$	38,499	$	41,946	9.0	%


Balance as of end-of-period, net of market-linked
adjustment	$	30,392	$	31,751	$	32,868	$	33,589	$	33,862	11.4	%	$	30,392	$	33,862	11.4	%

Tab le of Contents


Lincoln Financial
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Fixed Annuities
Balance as of beginning-of-period	$	26,832	$	27,874	$	28,728	$	28,974	$	29,418	9.6	%	$	25,963	$	28,728	10.6	%
Gross deposits		1,371		1,228		718		609		1,382	0.8	%		3,470		2,709	-21.9	%
Surrenders, withdrawals and benefits		(664)		(681)		(616)		(641)		(646)	2.7	%		(2,408)		(1,904)	20.9	%

Net flows		707		547		102		(32)		736	4.1	%		1,062		805	-24.2	%
Policyholder assessments		(14)		(16)		(15)		(15)		(13)	7.1	%		(44)		(43)	2.3	%
Reinvested interest credited		238		255		256		266		282	18.5	%		675		805	19.3	%
Change in fair value of embedded derivative instruments
and other		111		68		(97)		225		(70)	NM			218		58	-73.4	%
Balance as of end-of-period, gross		27,874		28,728		28,974		29,418		30,353	8.9	%		27,874		30,353	8.9	%
Account balances reinsured		(16,382)		(16,340)		(16,055)		(15,889)		(15,600)	4.8	%		(16,382)		(15,600)	4.8	%
Balance as of end-of-period, net of reinsurance	$	11,492	$	12,388	$	12,919	$	13,529	$	14,753	28.4	%	$	11,492	$	14,753	28.4	%


Balance as of end-of-period, net of reinsurance and
market-linked adjustment	$	11,298	$	12,182	$	12,778	$	13,300	$	14,589	29.1	%	$	11,298	$	14,589	29.1	%


Total
Balance as of beginning-of-period	$	183,903	$	190,466	$	191,733	$	184,833	$	198,182	7.8	%	$	179,227	$	191,733	7.0	%
Gross deposits		4,470		4,890		3,941		3,520		4,274	-4.4	%		12,293		11,735	-4.5	%
Surrenders, withdrawals and benefits		(5,613)		(6,117)		(6,137)		(6,437)		(6,973)	-24.2	%		(16,274)		(19,547)	-20.1	%

Net flows		(1,143)		(1,227)		(2,196)		(2,917)		(2,699)	NM			(3,981)		(7,812)	-96.2	%
Policyholder assessments		(688)		(694)		(683)		(690)		(694)	-0.9	%		(2,018)		(2,066)	-2.4	%
Change in market value, reinvestment and interest credited		6,779		3,140		(2,480)		13,510		(781)	NM			15,199		10,248	-32.6	%
Change in fair value of embedded derivative instruments
and other		1,615		48		(1,541)		3,446		39	-97.6	%		2,039		1,944	-4.7	%
Balance as of end-of-period, gross		190,466		191,733		184,833		198,182		194,047	1.9	%		190,466		194,047	1.9	%
Account balances reinsured		(16,387)		(16,345)		(16,060)		(15,893)		(15,604)	4.8	%		(16,387)		(15,604)	4.8	%
Balance as of end-of-period, net of reinsurance	$	174,079	$	175,388	$	168,773	$	182,289	$	178,443	2.5	%	$	174,079	$	178,443	2.5	%


Balance as of end-of-period, net of reinsurance and
market-linked adjustment	$	165,778	$	167,490	$	162,841	$	173,547	$	170,195	2.7	%	$	165,778	$	170,195	2.7	%

Tab le of Contents


Lincoln Financial
Life Insurance – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended													For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
General Account
Balance as of beginning-of-period	$	36,116	$	36,008	$	35,986	$	35,723	$	35,690	-1.2	%	$	36,599	$	35,986	-1.7	%
Gross deposits		851		993		837		800		825	-3.1	%		2,564		2,462	-4.0	%
Withdrawals and deaths		(357)		(327)		(403)		(356)		(641)	-79.6	%		(1,174)		(1,400)	-19.3	%
Net flows		494		666		434		444		184	-62.8	%		1,390		1,062	-23.6	%
Transfers between general and separate accounts		72		48		68		86		54	-25.0	%		134		209	56.0	%
Policyholder assessments		(1,114)		(1,130)		(1,095)		(1,075)		(1,076)	3.4	%		(3,320)		(3,247)	2.2	%
Reinvested interest credited		367		361		357		364		368	0.3	%		1,083		1,089	0.6	%
Change in fair value of embedded derivative instruments
and other		73		33		(27)		148		19	-74.0	%		122		140	14.8	%
Balance as of end-of-period, gross		36,008		35,986		35,723		35,690		35,239	-2.1	%		36,008		35,239	-2.1	%
Account balances reinsured		(14,658)		(14,500)		(14,304)		(14,127)		(13,698)	6.5	%		(14,658)		(13,698)	6.5	%
Balance as of end-of-period, net of reinsurance	$	21,350	$	21,486	$	21,419	$	21,563	$	21,541	0.9	%	$	21,350	$	21,541	0.9	%


Separate Account
Balance as of beginning-of-period	$	30,616	$	33,252	$	34,038	$	33,237	$	37,869	23.7	%	$	28,841	$	34,038	18.0	%
Gross deposits		1,396		464		416		873		371	-73.4	%		2,183		1,661	-23.9	%
Withdrawals and deaths		(231)		(156)		(216)		(184)		(189)	18.2	%		(712)		(589)	17.3	%
Net flows		1,165		308		200		689		182	-84.4	%		1,471		1,072	-27.1	%
Transfers between general and separate accounts		(71)		(48)		(68)		(86)		(54)	23.9	%		(134)		(209)	-56.0	%
Policyholder assessments		(251)		(255)		(252)		(256)		(259)	-3.2	%		(745)		(767)	-3.0	%
Change in market value and reinvestment		1,793		781		(681)		4,285		(365)	NM			3,819		3,239	-15.2	%
Balance as of end-of-period, gross		33,252		34,038		33,237		37,869		37,373	12.4	%		33,252		37,373	12.4	%
Account balances reinsured		(5,883)		(5,943)		(5,772)		(6,354)		(6,187)	-5.2	%		(5,883)		(6,187)	-5.2	%
Balance as of end-of-period, net of reinsurance	$	27,369	$	28,095	$	27,465	$	31,515	$	31,186	13.9	%	$	27,369	$	31,186	13.9	%


Total
Balance as of beginning-of-period	$	66,732	$	69,260	$	70,024	$	68,960	$	73,559	10.2	%	$	65,440	$	70,024	7.0	%
Gross deposits		2,247		1,457		1,253		1,673		1,196	-46.8	%		4,747		4,123	-13.1	%
Withdrawals and deaths		(588)		(483)		(619)		(540)		(830)	-41.2	%		(1,886)		(1,989)	-5.5	%
Net flows		1,659		974		634		1,133		366	-77.9	%		2,861		2,134	-25.4	%
Transfers between general and separate accounts		1		—		—		—		—	-100.0	%		—		—	NM
Policyholder assessments		(1,365)		(1,385)		(1,347)		(1,331)		(1,335)	2.2	%		(4,065)		(4,014)	1.3	%
Change in market value and reinvestment		2,160		1,142		(324)		4,649		3	-99.9	%		4,902		4,328	-11.7	%
Change in fair value of embedded derivative instruments
and other		73		33		(27)		148		19	-74.0	%		122		140	14.8	%
Balance as of end-of-period, gross		69,260		70,024		68,960		73,559		72,612	4.8	%		69,260		72,612	4.8	%
Account balances reinsured		(20,541)		(20,443)		(20,076)		(20,481)		(19,885)	3.2	%		(20,541)		(19,885)	3.2	%
Balance as of end-of-period, net of reinsurance	$	48,719	$	49,581	$	48,884	$	53,078	$	52,727	8.2	%	$	48,719	$	52,727	8.2	%

Tab le of Contents


Lincoln Financial
Retirement Plan Services – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
General Account
Balance as of beginning-of-period	$	23,700	$	23,852	$	23,843	$	23,694	$	23,419	-1.2	%	$	23,619	$	23,843	0.9	%
Gross deposits		1,090		1,054		880		901		1,064	-2.4	%		3,011		2,844	-5.5	%
Withdrawals		(1,287)		(1,350)		(1,279)		(1,470)		(1,348)	-4.7	%		(3,720)		(4,096)	-10.1	%
Net flows		(197)		(296)		(399)		(569)		(284)	-44.2	%		(709)		(1,252)	-76.6	%
Transfers between fixed and variable accounts		171		114		86		131		125	-26.9	%		426		343	-19.5	%
Policyholder assessments		(4)		(4)		(5)		(5)		(5)	-25.0	%		(13)		(14)	-7.7	%
Reinvested interest credited		182		177		169		168		170	-6.6	%		529		505	-4.5	%
Balance as of end-of-period	$	23,852	$	23,843	$	23,694	$	23,419	$	23,425	-1.8	%	$	23,852	$	23,425	-1.8	%


Separate Account and Mutual Funds
Balance as of beginning-of-period	$	92,683	$	98,900	$	100,197	$	98,151	$	107,348	15.8	%	$	88,962	$	100,197	12.6	%
Gross deposits		3,918		2,885		3,262		2,835		2,476	-36.8	%		9,706		8,573	-11.7	%
Withdrawals		(2,966)		(3,587)		(3,076)		(4,691)		(4,133)	-39.3	%		(11,011)		(11,900)	-8.1	%
Net flows		952		(702)		186		(1,856)		(1,657)	NM			(1,305)		(3,327)	NM
Transfers between fixed and variable accounts		(149)		(101)		(82)		(129)		(116)	22.1	%		(404)		(329)	18.6	%
Policyholder assessments		(73)		(75)		(76)		(77)		(79)	-8.2	%		(210)		(232)	-10.5	%
Change in market value and reinvestment		5,487		2,175		(2,074)		11,259		(768)	NM			11,857		8,419	-29.0	%
Balance as of end-of-period	$	98,900	$	100,197	$	98,151	$	107,348	$	104,728	5.9	%	$	98,900	$	104,728	5.9	%


Total
Balance as of beginning-of-period	$	116,383	$	122,752	$	124,040	$	121,845	$	130,767	12.4	%	$	112,581	$	124,040	10.2	%
Gross deposits		5,008		3,939		4,142		3,736		3,540	-29.3	%		12,717		11,417	-10.2	%
Withdrawals		(4,253)		(4,937)		(4,355)		(6,161)		(5,481)	-28.9	%		(14,731)		(15,996)	-8.6	%
Net flows		755		(998)		(213)		(2,425)		(1,941)	NM			(2,014)		(4,579)	NM
Transfers between fixed and variable accounts		22		13		4		2		9	-59.1	%		22		14	-36.4	%
Policyholder assessments		(77)		(79)		(81)		(82)		(84)	-9.1	%		(223)		(246)	-10.3	%
Change in market value and reinvestment		5,669		2,352		(1,905)		11,427		(598)	NM			12,386		8,924	-28.0	%
Balance as of end-of-period	$	122,752	$	124,040	$	121,845	$	130,767	$	128,153	4.4	%	$	122,752	$	128,153	4.4	%

Tab le of Contents


Lincoln Financial
Fixed-Income Asset Class
Unaudited (millions of dollars)

	As of 9/30/25					As of 12/31/25					As of 9/30/26
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld
Investments and Allowance for Credit Losses, at Amortized Cost (1)
Industry corporate bonds:
Financial services	$	12,848		14.5	%	$	13,135		14.3	%	$	12,629		13.1	%
Basic industry		2,778		3.1	%		2,749		3.0	%		2,582		2.7	%
Capital goods		5,541		6.2	%		5,574		6.1	%		5,459		5.7	%
Communications		2,786		3.1	%		2,936		3.2	%		2,902		3.0	%
Consumer cyclical		5,243		5.9	%		5,360		5.8	%		5,037		5.2	%
Consumer non-cyclical		12,476		14.0	%		12,623		13.6	%		9,739		10.1	%
Energy		2,529		2.8	%		2,487		2.7	%		2,634		2.7	%
Technology		4,083		4.6	%		4,307		4.7	%		3,973		4.1	%
Transportation		3,173		3.6	%		3,243		3.5	%		3,188		3.3	%
Industrial other		2,282		2.6	%		2,346		2.6	%		2,366		2.5	%
Utilities		11,417		12.9	%		11,459		12.4	%		11,593		12.1	%
Government-related entities		1,111		1.3	%		1,108		1.2	%		1,065		1.1	%
Healthcare (2)		—		0.0	%		—		0.0	%		2,496		2.6	%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,758		2.0	%		1,715		1.9	%		1,589		1.7	%
Non-agency backed		363		0.4	%		399		0.4	%		437		0.5	%
Commercial mortgage-backed securities ("CMBS")		2,152		2.4	%		2,503		2.7	%		3,084		3.2	%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		7,738		8.7	%		8,512		9.3	%		11,194		11.6	%
Other ABS		6,923		7.8	%		7,713		8.4	%		10,592		11.0	%
Municipals		2,454		2.8	%		2,424		2.6	%		2,252		2.3	%
United States and foreign government		923		1.0	%		1,153		1.3	%		1,243		1.3	%


Hybrid and redeemable preferred securities		236		0.3	%		236		0.3	%		203		0.2	%
Total fixed maturity AFS securities, net of modified coinsurance and funds withheld
investments and allowance for credit losses, at amortized cost		88,814		100.0	%		91,982		100.0	%		96,257		100.0	%

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments		498					434					498
Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments		508					561					392
Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds
withheld investments and allowance for credit losses, at amortized cost		89,820					92,977					97,147
Modified coinsurance and funds withheld investments		11,194					10,738					8,340
Total fixed maturity AFS, trading and equity securities	$	101,014				$	103,715				$	105,487

(1) Net investment income and net gains (losses) related to assets held by us to support certain modified coinsurance and funds withheld agreements are included in periodic payments to or from the reinsurers, resulting in the economic benefits of these assets flowing to the reinsurers. Accordingly, these assets have been excluded from summaries provided on pages 23 and 24 as we have a limited economic interest in the assets.

(2) Beginning in the third quarter of 2026, the industry classification for Healthcare was presented, which consists of certain securities that were previously reported in Consumer non-cyclical.

Tab le of Contents


Lincoln Financial
Fixed-Income Credit Quality
Unaudited (millions of dollars)

	As of 9/30/25					As of 12/31/25					As of 9/30/26
	Amount		%			Amount		%			Amount		%
Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments
and Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	53,083		59.8	%	$	55,596		60.4	%	$	60,420		62.8	%
NAIC 2 (BBB)		32,762		36.9	%		33,291		36.2	%		33,058		34.3	%
Total investment grade		85,845		96.7	%		88,887		96.6	%		93,478		97.1	%

NAIC 3 (BB)		956		1.1	%		994		1.1	%		1,048		1.1	%
NAIC 4 (B)		1,879		2.1	%		1,966		2.1	%		1,588		1.6	%
NAIC 5 (CCC and lower)		61		0.0	%		63		0.1	%		109		0.1	%
NAIC 6 (in or near default)		73		0.1	%		72		0.1	%		34		0.1	%
Total below investment grade		2,969		3.3	%		3,095		3.4	%		2,779		2.9	%
Total	$	88,814		100.0	%	$	91,982		100.0	%	$	96,257		100.0	%


Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,
at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,122		74.4	%	$	12,814		72.6	%	$	12,122		67.7	%
CM2 (BBB)		4,211		23.9	%		4,527		25.6	%		5,222		29.2	%
CM3-7 (BB and lower) (3)		308		1.7	%		320		1.8	%		548		3.1	%
Total	$	17,641		100.0	%	$	17,661		100.0	%	$	17,892		100.0	%


Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified
Coinsurance and Funds Withheld Investments, at Amortized Cost (1)(2)
AAA-A	$	66,205		62.2	%	$	68,410		62.4	%	$	72,542		63.6	%
BBB		36,973		34.7	%		37,818		34.5	%		38,280		33.5	%
BB and lower		3,277		3.1	%		3,415		3.1	%		3,327		2.9	%
Total	$	106,455		100.0	%	$	109,643		100.0	%	$	114,149		100.0	%

(1) Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or based upon ratings from credit rating agencies to derive the NAIC designation.

(2) CM Ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2 and NAIC 3-6 = CM3-7.

(3) Includes mortgage fund limited partnerships classified as CM3 that are included in “Other investments” on the Consolidated Balance Sheets.

Tab le of Contents


	Lincoln Financial
	Select GAAP to Non-GAAP Reconciliations
	Unaudited (millions of dollars)

		For the Three Months Ended												For the Nine Months Ended

			9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
	Net Income (Loss)
	Net income (loss)	$	445	$	754	$	(172)	$	1,332	$	1,399	214.4	%	$	423	$	2,559	NM
	Less:
	Net annuity product features, pre-tax (1)		410		515		(695)		1,497		1,317	221.2	%		(277)		2,119	NM
	Net life insurance product features, pre-tax		(22)		(5)		22		(50)		37	268.2	%		(37)		10	127.0	%
	Credit loss-related adjustments, pre-tax		(38)		(43)		(20)		(37)		(47)	-23.7	%		(91)		(104)	-14.3	%
	Investment gains (losses), pre-tax		(35)		(101)		(42)		(197)		(388)	NM			(218)		(628)	NM
	Changes in the fair value of reinsurance-related
	embedded derivatives, trading securities and certain
	mortgage loans, pre-tax (2)		(191)		65		179		(85)		544	NM			(266)		638	NM
	Gains (losses) on other non-financial assets, pre-tax		—		(14)		(6)		—		—	NM			—		(6)	NM
	Other items, pre-tax (3)(4)(5)(6)(7)		(105)		(27)		(111)		(12)		(164)	-56.2	%		(65)		(287)	NM
	Income tax benefit (expense) related to the above
	pre-tax items		(5)		(81)		141		(234)		(273)	NM			194		(366)	NM
	Total adjustments		14		309		(532)		882		1,026	NM			(760)		1,376	281.1	%
	Adjusted income (loss) from operations	$	431	$	445	$	360	$	450	$	373	-13.5	%	$	1,183	$	1,183	0.0%


	Net Income (Loss) Available to Common
	Stockholders – Diluted
	Net income (loss) available to common stockholders – diluted	$	411	$	745	$	(211)	$	1,321	$	1,332	224.1	%	$	343	$	2,441	NM
	Less:
	Total adjustments as set forth in the above reconciliation (8)		14		311		(537)		882		1,029	NM			(760)		1,374	280.8	%
	Preferred stock repurchase premium		—		—		—		—		(36)	NM			—		(36)	NM
	Adjusted income (loss) from operations available
	to common stockholders	$	397	$	434	$	326	$	439	$	339	-14.6	%	$	1,103	$	1,103	0.0%



(1) Includes changes in MRBs of $(1,302) million, $932 million, $337 million, $374 million, $(997) million, $1,450 million and $1,006 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million, $177 million, $(115) million and $(8) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million, $125 million, $162 million and $319 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026 and third quarter of 2026, respectively.
(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(3) For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026 and third quarter of 2026, includes certain legal accruals of $(122) million and $(14) million, respectively.

(continued on the next page)

Tab le of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

(continued from the previous page)

(4) Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million, $(7) million, $(11) million and $(3) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026 and third quarter of 2026, respectively.

(5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(20) million and $(5) million in the first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(18) million and $(3) million in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization; and $(135) million in the third quarter of 2026 primarily related to a reinsurance recapture.

(6) Includes deferred compensation mark-to-market adjustment of $(9) million, $1 million, $(14) million, $(10) million, $18 million, $(1) million and $(12) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026 and third quarter of 2026, respectively.

(7) Includes gain on early extinguishment of debt of $94 million in the second quarter of 2025.

(8) For the fourth quarter of 2025, first quarter of 2026, third quarter of 2026 and nine months ended 2026, also includes adjustment for deferred units of LNC stock in our deferred compensation plans of $2 million, $(5) million, $3 million and $(2) million, respectively.


	For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Revenues
Total revenues	$	4,555	$	4,922	$	5,306	$	4,542	$	5,481	20.3	%	$	13,290	$	15,328	15.3	%
Less:
Revenue adjustments from annuity
and life insurance product features		39		121		327		(65)		313	NM			(325)		575	276.9	%
Credit loss-related adjustments		(38)		(43)		(20)		(37)		(47)	-23.7	%		(91)		(104)	-14.3	%
Investment gains (losses)		(35)		(101)		(42)		(197)		(388)	NM			(218)		(628)	NM
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans (1)		(191)		65		179		(85)		544	NM			(266)		638	NM

Gains (losses) on other non-financial assets		—		(14)		(6)		—		—	NM			—		(6)	NM



Adjusted operating revenues	$	4,780	$	4,894	$	4,868	$	4,926	$	5,059	5.8	%	$	14,190	$	14,853	4.7	%

(1) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter of 2023 reinsurance transaction.

Tab le of Contents


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited

	For the Three Months Ended												For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Per Common Share – Diluted
Net income (loss) available to common stockholders	$	2.12	$	3.80	$	(1.10)	$	6.72	$	6.77	219.3	%	$	1.87	$	12.42	NM
Less:
Net annuity product features, pre-tax (1)		2.11		2.62		(3.60)		7.62		6.69	217.1	%		(1.52)		10.78	NM
Net life insurance product features, pre-tax		(0.11)		(0.02)		0.12		(0.26)		0.19	272.7	%		(0.20)		0.05	125.0	%
Credit loss-related adjustments, pre-tax		(0.20)		(0.22)		(0.10)		(0.19)		(0.24)	-20.0	%		(0.50)		(0.53)	-6.0	%
Investment gains (losses), pre-tax		(0.18)		(0.51)		(0.22)		(1.00)		(1.97)	NM			(1.19)		(3.19)	NM


Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and certain
mortgage loans, pre-tax		(0.98)		0.34		0.92		(0.44)		2.78	NM			(1.46)		3.24	NM




Gains (losses) on other non-financial assets, pre-tax		—		(0.07)		(0.03)		—		—	NM			—		(0.03)	NM
Other items, pre-tax (2)(3)(4)(5)(6)		(0.53)		(0.14)		(0.58)		(0.06)		(0.83)	-56.6	%		(0.35)		(1.47)	NM
Income tax benefit (expense) related
to the above pre-tax items		(0.03)		(0.41)		0.73		(1.19)		(1.39)	NM			1.06		(1.86)	NM
Preferred stock repurchase premium		—		—		—		—		(0.18)	NM			—		(0.18)	NM
Adjustment attributable to using different average
diluted shares for adjusted income (loss) from
operations available to common stockholders
as compared to net income (loss)
available to common stockholders		—		—		—		—		—	NM			0.02		—	-100.0	%


Adjusted income (loss) from operations
available to common stockholders	$	2.04	$	2.21	$	1.66	$	2.24	$	1.72	-15.7	%	$	6.01	$	5.61	-6.7	%

(continued on the next page)

Tab le of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited

(continued from the previous page)


(1) Includes changes in MRBs of $1.74, $1.91, $(5.17), $7.39, $5.11, $(0.18) and $7.42; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $0.15, $0.22, $0.92, $(0.59), $(0.04), $(1.68) and $0.27; changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $0.22, $0.49, $0.65, $0.82, $1.62, $0.34 and $3.09 for the third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026, third quarter of 2026, nine months ended 2025 and nine months ended 2026, respectively.
(2) For the third quarter of 2025, includes certain legal accruals of $(0.05); for the fourth quarter of 2025, includes certain regulatory accruals of $0.01; for the first quarter of 2026 and third quarter of 2026, includes certain legal accruals of $(0.63) and $(0.07), respectively. For the nine months ended 2025 and nine months ended 2026, includes certain legal accruals of $(0.05) and $(0.70), respectively.
(3) Includes severance expense related to initiatives to realign the workforce of $(0.02), $(0.06), $(0.04), $(0.06), $(0.01), $(0.07) and $(0.11) in the third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026, third quarter of 2026, nine months ended 2025 and nine months ended 2026, respectively.
(4) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.28) in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; $(0.11) in the third quarter of 2025 related to Life Insurance segment persistency optimization; $(0.03) in the fourth quarter of 2025 related to the sale of our wealth management business; $(0.01) in the fourth quarter of 2025, primarily related to the Bain Capital transaction; $(0.69) in the third quarter of 2026, primarily related to a reinsurance recapture; for the nine months ended 2025, includes $(0.30) of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(0.11) related to Life Insurance segment persistency optimization, $(0.11) related to the sale of our wealth management business and $(0.10) primarily related to the Bain Capital transaction; for the nine months ended 2026 includes $(0.69) primarily related to a reinsurance recapture.
(5) Includes deferred compensation mark-to-market adjustment of $(0.07), $(0.05), $0.09, $(0.06), $(0.12) and $0.03 in the third quarter of 2025, fourth quarter of 2025, first quarter of 2026, third quarter of 2026, nine months ended 2025 and nine months ended 2026, respectively.
(6) Includes gain on early extinguishment of debt of $0.52 and $0.51 in the second quarter of 2025 and nine months ended 2025, respectively.

Tab le of Contents


Lincoln Financial
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars, except per share data)

	For the Three Months Ended													For the Nine Months Ended

		9/30/25		12/31/25		3/31/26		6/30/26		9/30/26	Change			9/30/25		9/30/26	Change
Stockholders’ Equity, End-of-Period
Stockholders’ equity	$	10,452	$	10,906	$	10,212	$	11,349	$	9,424	-9.8	%	$	10,452	$	9,424	-9.8	%
Less:
Preferred stock		986		986		986		986		555	-43.7	%		986		555	-43.7	%
AOCI		(3,839)		(4,058)		(4,467)		(4,578)		(7,278)	-89.6	%		(3,839)		(7,278)	-89.6	%
Stockholders’ equity, excluding AOCI and preferred stock		13,305		13,978		13,693		14,941		16,147	21.4	%		13,305		16,147	21.4	%
Changes in MRBs		3,136		3,431		2,643		3,789		4,584	46.2	%		3,136		4,584	46.2	%
GLB and GDB hedge instruments gains (losses)		(3,706)		(3,812)		(3,829)		(4,070)		(4,232)	-14.2	%		(3,706)		(4,232)	-14.2	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(305)		(236)		(108)		(118)		305	200.0	%		(305)		305	200.0	%
Adjusted stockholders’ equity	$	14,180	$	14,595	$	14,987	$	15,340	$	15,490	9.2	%	$	14,180	$	15,490	9.2	%


Stockholders’ Equity, Average
Stockholders’ equity	$	10,000	$	10,679	$	10,559	$	10,780	$	10,386	3.9	%	$	9,034	$	10,575	17.1	%
Less:
Preferred stock		986		986		986		986		771	-21.8	%		986		914	-7.3	%
AOCI		(4,116)		(3,948)		(4,262)		(4,523)		(5,928)	-44.0	%		(4,379)		(4,904)	-12.0	%
Stockholders’ equity, excluding AOCI and preferred stock		13,130		13,641		13,835		14,317		15,543	18.4	%		12,427		14,565	17.2	%
Changes in MRBs		3,002		3,283		3,037		3,216		4,186	39.4	%		2,717		3,480	28.1	%
GLB and GDB hedge instruments gains (losses)		(3,654)		(3,759)		(3,820)		(3,949)		(4,151)	-13.6	%		(3,326)		(3,974)	-19.5	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(245)		(270)		(172)		(113)		93	138.0	%		(203)		(64)	68.5	%
Adjusted average stockholders' equity	$	14,027	$	14,387	$	14,790	$	15,163	$	15,415	9.9	%	$	13,239	$	15,123	14.2	%


Book Value Per Common Share
Book value per share	$	49.56	$	51.88	$	47.87	$	53.68	$	46.17	-6.8	%	$	49.56	$	46.17	-6.8	%
Less:
AOCI		(20.10)		(21.22)		(23.19)		(23.71)		(37.88)	-88.5	%		(20.10)		(37.88)	-88.5	%
Book value per share, excluding AOCI		69.66		73.10		71.06		77.39		84.05	20.7	%		69.66		84.05	20.7	%
Less:
Changes in MRBs		16.42		17.94		13.72		19.63		23.86	45.3	%		16.42		23.86	45.3	%
GLB and GDB hedge instruments gains (losses)		(19.40)		(19.94)		(19.87)		(21.08)		(22.03)	-13.6	%		(19.40)		(22.03)	-13.6	%
Reinsurance-related embedded derivatives and portfolio
gains (losses)		(1.59)		(1.23)		(0.56)		(0.61)		1.59	200.0	%		(1.59)		1.59	200.0	%
Adjusted book value per share	$	74.23	$	76.33	$	77.77	$	79.45	$	80.63	8.6	%	$	74.23	$	80.63	8.6	%