# EDGAR Filing Document

**Accession Number:** 0001048607
**File Stem:** 0001104659-26-040896
**Filing Date:** 2026-4
**Character Count:** 818943
**Document Hash:** fdeaa7d8d8d7730fc65731430cf63c1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-040896.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0001104659-26-040896

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260408

**DATE AS OF CHANGE**: 20260408

**EFFECTIVENESS DATE**: 20260408

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT M
- **CENTRAL INDEX KEY:** 0001048607

**ORGANIZATION NAME:**
- **EIN:** 350472300
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08557
- **FILM NUMBER:** 26848181

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 S CLINTON ST
- **STREET 2:** PO BOX 1110
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46801
- **BUSINESS PHONE:** 2194552000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 1110
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46801

## Series and Classes Contracts Data

### LINCOLN LIFE FLEXIBLE PREMIUM VARIABLE LIFE ACCOUNT M (Series ID: S000001625)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000004404 | Lincoln VUL-I                                      |  |
| C000004405 | Lincoln VULone Elite Series                        |  |
| C000004406 | Lincoln Momentum VULone Elite Series & M Funds     |  |
| C000004407 | Lincoln VULcv-IV Elite Series                      |  |
| C000004408 | Lincoln VULdb-IV Elite Series                      |  |
| C000004409 | Lincoln VULone2005 Elite Series                    |  |
| C000004410 | Lincoln Momentum VULone2005 Elite Series & M Funds |  |
| C000004411 | Lincoln VULcv                                      |  |
| C000004412 | Lincoln VULcv-II                                   |  |
| C000004413 | Lincoln VULdb                                      |  |
| C000004414 | Lincoln VULcv-II/VUL Flex Elite Series             |  |
| C000004415 | Lincoln VULdb Elite Series                         |  |
| C000004416 | Lincoln MoneyGuard VUL Elite Series                |  |
| C000004417 | Lincoln VULcv-III Elite Series                     |  |
| C000004418 | Lincoln VULdb-II Elite Series                      |  |
| C000046733 | Lincoln VULone2007 Elite Series                    |  |
| C000053700 | Momentum VULone 2007                               |  |
| C000056216 | LINCOLN ASSETEDGE VUL                              |  |
| C000070660 | LINCOLN ASSETEDGE EXEC VUL                         |  |
| C000116973 | Lincoln VULone2012                                 |  |
| C000133574 | VULONE2014                                         |  |
| C000136314 | Lincoln InReach VULone2014                         |  |
| C000151393 | Lincoln AssetEdge VUL 2015                         |  |
| C000158559 | Lincoln AssetEdge EXEC VUL 2015                    |  |
| C000210835 | VULone2019                                         |  |
| C000210951 | Lincoln AssetEdge EXEC VUL 2019-2                  |  |
| C000210952 | Lincoln AssetEdge VUL 2019                         |  |
| C000210953 | Lincoln AssetEdge EXEC VUL 2019                    |  |
| C000210954 | Lincoln AssetEdge VUL 2019-2                       |  |
| C000219549 | Lincoln AssetEdge VUL 2020                         |  |
| C000221213 | Lincoln AssetEdge 2020 Exec VUL                    |  |
| C000223341 | Lincoln MoneyGuard Market Advantage                |  |
| C000224883 | Lincoln VULone 2021                                |  |
| C000232314 | Lincoln LifeGoals                                  |  |
| C000232378 | Lincoln AssetEdge VUL 2022                         |  |
| C000232379 | Lincoln AssetEdge VUL 2022-2                       |  |
| C000248935 | Lincoln AssetEdge VUL 2025                         |  |
| C000248936 | Lincoln AssetEdge VUL 2025-2                       |  |
| C000249203 | Lincoln MoneyGuard Market Advantage 2024           |  |

The Lincoln National Life Insurance Company

Consolidated Financial Statements

December 31, 2025 and 2024

------

**Consolidated Financial Statements**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm](#ia98e05977fda4d43b3704f3fbf9e048b_124)</u> <u>(PCAOB ID: 42)</u> | [3](#ia98e05977fda4d43b3704f3fbf9e048b_124) |
| <u>[Consolidated Balance Sheets](#ia98e05977fda4d43b3704f3fbf9e048b_127)</u> | [6](#ia98e05977fda4d43b3704f3fbf9e048b_127) |
| <u>[Consolidated Statements of Comprehensive Income (Loss)](#ia98e05977fda4d43b3704f3fbf9e048b_130)</u> | [7](#ia98e05977fda4d43b3704f3fbf9e048b_130) |
| <u>[Consolidated Statements of Stockholder's Equity](#ia98e05977fda4d43b3704f3fbf9e048b_133)</u> | [8](#ia98e05977fda4d43b3704f3fbf9e048b_133) |
| <u>[Consolidated Statements of Cash Flows](#ia98e05977fda4d43b3704f3fbf9e048b_136)</u> | [9](#ia98e05977fda4d43b3704f3fbf9e048b_136) |
| <u>[Notes to Consolidated Financial Statements:](#ia98e05977fda4d43b3704f3fbf9e048b_139)</u> | [10](#ia98e05977fda4d43b3704f3fbf9e048b_139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1 – Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies](#ia98e05977fda4d43b3704f3fbf9e048b_142)</u> | [10](#ia98e05977fda4d43b3704f3fbf9e048b_142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2 – New Accounting Standards](#ia98e05977fda4d43b3704f3fbf9e048b_145)</u> | [26](#ia98e05977fda4d43b3704f3fbf9e048b_145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 3 – Investments](#ia98e05977fda4d43b3704f3fbf9e048b_148)</u> | [27](#ia98e05977fda4d43b3704f3fbf9e048b_148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 4 – Variable Interest Entities](#ia98e05977fda4d43b3704f3fbf9e048b_151)</u> | [37](#ia98e05977fda4d43b3704f3fbf9e048b_151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 5 – Derivative Instruments](#ia98e05977fda4d43b3704f3fbf9e048b_154)</u> | [38](#ia98e05977fda4d43b3704f3fbf9e048b_154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 6 – DAC, VOBA, DSI and DFEL](#ia98e05977fda4d43b3704f3fbf9e048b_157)</u> | [49](#ia98e05977fda4d43b3704f3fbf9e048b_157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 7 – Reinsurance](#ia98e05977fda4d43b3704f3fbf9e048b_160)</u> | [52](#ia98e05977fda4d43b3704f3fbf9e048b_160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 8 – Goodwill and Specifically Identifiable Intangible Assets](#ia98e05977fda4d43b3704f3fbf9e048b_163)</u> | [55](#ia98e05977fda4d43b3704f3fbf9e048b_163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 9 – MRBs](#ia98e05977fda4d43b3704f3fbf9e048b_166)</u> | [57](#ia98e05977fda4d43b3704f3fbf9e048b_166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 10 – Separate Accounts](#ia98e05977fda4d43b3704f3fbf9e048b_169)</u> | [58](#ia98e05977fda4d43b3704f3fbf9e048b_169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 11 – Policyholder Account Balances](#ia98e05977fda4d43b3704f3fbf9e048b_172)</u> | [59](#ia98e05977fda4d43b3704f3fbf9e048b_172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 12 – Future Contract Benefits](#ia98e05977fda4d43b3704f3fbf9e048b_175)</u> | [63](#ia98e05977fda4d43b3704f3fbf9e048b_175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 13 – Short-Term and Long-Term Debt](#ia98e05977fda4d43b3704f3fbf9e048b_178)</u> | [69](#ia98e05977fda4d43b3704f3fbf9e048b_178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 14 – Fair Value of Financial Instruments](#ia98e05977fda4d43b3704f3fbf9e048b_181)</u> | [71](#ia98e05977fda4d43b3704f3fbf9e048b_181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 15 – Retirement and Deferred Compensation Plans](#ia98e05977fda4d43b3704f3fbf9e048b_184)</u> | [84](#ia98e05977fda4d43b3704f3fbf9e048b_184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 16 – Stock-Based Incentive Compensation Plans](#ia98e05977fda4d43b3704f3fbf9e048b_187)</u> | [86](#ia98e05977fda4d43b3704f3fbf9e048b_187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 17 – Contingencies and Commitments](#ia98e05977fda4d43b3704f3fbf9e048b_190)</u> | [86](#ia98e05977fda4d43b3704f3fbf9e048b_190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 18 – Shares and Stockholder's Equity](#ia98e05977fda4d43b3704f3fbf9e048b_193)</u> | [92](#ia98e05977fda4d43b3704f3fbf9e048b_193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 19 – Segment Information](#ia98e05977fda4d43b3704f3fbf9e048b_196)</u> | [93](#ia98e05977fda4d43b3704f3fbf9e048b_196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 20 – Realized Gain (Loss)](#ia98e05977fda4d43b3704f3fbf9e048b_199)</u> | [100](#ia98e05977fda4d43b3704f3fbf9e048b_199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 21 – Commissions and Other Expenses](#ia98e05977fda4d43b3704f3fbf9e048b_202)</u> | [101](#ia98e05977fda4d43b3704f3fbf9e048b_202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 22 – Federal Income Taxes](#ia98e05977fda4d43b3704f3fbf9e048b_205)</u> | [102](#ia98e05977fda4d43b3704f3fbf9e048b_205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 23 – Statutory Information and Restrictions](#ia98e05977fda4d43b3704f3fbf9e048b_208)</u> | [104](#ia98e05977fda4d43b3704f3fbf9e048b_208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 24 – Supplemental Disclosures of Cash Flow Data](#ia98e05977fda4d43b3704f3fbf9e048b_211)</u> | [106](#ia98e05977fda4d43b3704f3fbf9e048b_211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 25 – Transactions with Affiliates](#ia98e05977fda4d43b3704f3fbf9e048b_214)</u> | [107](#ia98e05977fda4d43b3704f3fbf9e048b_214) |

---

****

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

**Report of Independent Registered Public Accounting Firm**

To the Stockholder and the Board of Directors of The Lincoln National Life Insurance Company

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of The Lincoln National Life Insurance Company (the Company) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income (loss), stockholder's equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters** 

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

---

| | |
|:---|:---|
| | ***Future Contract Benefits Liability*** |
| *Description of the Matter* | At December 31, 2025, future contract benefits liabilities totaled $42.4 billion, a portion of which related to universal life-type contracts with secondary guarantees. <br>The future contract benefits liability related to these product guarantees is based on estimates of how much the Company will need to pay for future benefits and the amount of fees to be collected from policyholders for these policy features. As described in Notes 1 (see section on *Future Contract Benefits*) and 12, to the consolidated financial statements, there is significant uncertainty inherent in estimating this liability because there is a significant amount of management judgment involved in developing certain assumptions that impact the liability balance, which include investment margins, mortality rates and policyholder lapse behavior.<br>Auditing the valuation of future contract benefits liabilities related to these products was complex and required the involvement of our actuarial specialists due to the high degree of judgment used by management in setting the assumptions used in the estimate of the future contract benefits liability related to these products. |
| *How We Addressed the Matter in Our Audit* | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the future contract benefits liability estimation processes, including, among others, controls related to the review and approval processes that management has in place for the assumptions used in estimating the future contract benefits liability. This included testing controls related to management's evaluation of the need to update assumptions based on the comparison of actual Company experience to previous assumptions.<br>We involved actuarial specialists to assist with our audit procedures which included, among others, an evaluation of the methodology applied by management with those methods used in prior periods. To assess the significant assumptions used by management, we compared the significant assumptions noted above to historical experience and management's estimates of prospective changes in these assumptions. In addition, we performed an independent recalculation of cash flows related to the future policy benefit reserves for a sample of cohorts or contracts which we compared to the actuarial model used by management. |
|  | ***Market Risk Benefits*** |
| *Description of the Matter* | The Company's market risk benefits ("MRBs") assets and liabilities totaled $4.8 billion and $1.1 billion, as of December 31, 2025, respectively, a portion of which relates to MRBs associated with variable annuity contracts that may include guaranteed living benefit and guaranteed death benefit features. As described in Notes 1 (see section on *MRBs*), 9 and 14 to the consolidated financial statements, there is a significant amount of estimation uncertainty inherent in measuring the fair value of the MRBs because of the sensitivity of certain assumptions underlying the estimate, including equity market return, volatility, policyholder lapse behavior and benefit utilization. Management's assumptions are adjusted over time for emerging experience and expected changes in trends, resulting in changes to the estimated fair value of the MRBs.<br>Auditing the valuation of the MRBs was complex and required the involvement of our actuarial specialists due to the high degree of judgment used by management in setting the assumptions used to estimate the fair value of MRBs. |

---

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

---

| | |
|:---|:---|
| *How We Addressed the Matter in Our Audit* | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the MRBs estimation process, including, among others, controls related to the review and approval processes that management has in place to develop the assumptions used in measuring the fair value of the MRBs. This included testing controls related to management's evaluation of current and future equity market return and volatility, and the need to update policyholder lapse behavior and benefit utilization assumptions.<br>We involved actuarial specialists to assist with our audit procedures which included, among others, an evaluation of the methodology applied by management with those methods used in prior periods. To assess the significant assumptions used by management, we compared the significant assumptions noted above to historical experience, observable market data or management's estimates of prospective changes in these assumptions. In addition, we performed an independent recalculation of the MRBs for a sample of contracts which we compared to the fair value model used by management. |

---

/s/ Ernst & Young LLP

We have served as the Company's auditor since 1966.

Philadelphia, Pennsylvania

March 12, 2026

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

**THE LINCOLN NATIONAL LIFE INSURANCE COMPANY**

**CONSOLIDATED BALANCE SHEETS**

(in millions, except share data)

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **ASSETS** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;Fixed maturity available-for-sale securities, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(amortized cost: 2025 - $92,842; 2024 - $88,978; allowance for credit losses: 2025 - $110; 2024 - $46) | $87586 | $81900 |
| &nbsp;&nbsp;Trading securities | 1660 | 2005 |
| &nbsp;&nbsp;Equity securities | 629 | 294 |
| &nbsp;&nbsp;Mortgage loans on real estate, net of allowance for credit losses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(portion at fair value: 2025 - $199; 2024 - $232) | 22338 | 20940 |
| &nbsp;&nbsp;Policy loans | 2617 | 2465 |
| &nbsp;&nbsp;Derivative investments | 9945 | 9512 |
| &nbsp;&nbsp;Other investments | 7812 | 6935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 132587 | 124051 |
| Cash and invested cash | 7946 | 4505 |
| Deferred acquisition costs, value of business acquired and deferred sales inducements | 12637 | 12426 |
| Reinsurance recoverables, net of allowance for credit losses | 48607 | 48943 |
| Deposit assets, net of allowance for credit losses | 34819 | 30537 |
| Market risk benefit assets | 4753 | 4860 |
| Accrued investment income | 1013 | 993 |
| Goodwill | 1144 | 1144 |
| Other assets | 9394 | 9529 |
| Separate account assets | 180092 | 168438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $432992 | $405426 |
| **LIABILITIES AND STOCKHOLDER'S EQUITY** |  |  |
| **Liabilities** |  |  |
| Policyholder account balances | $135904 | $125818 |
| Future contract benefits | 42360 | 40002 |
| Funds withheld reinsurance liabilities | 30930 | 26810 |
| Market risk benefit liabilities | 1118 | 1046 |
| Deferred front-end loads | 7605 | 6750 |
| Payables for collateral on investments | 7953 | 9876 |
| Short-term debt | – | 24 |
| Long-term debt | 1426 | 2173 |
| Other liabilities | 13618 | 13977 |
| Separate account liabilities | 180092 | 168438 |
| Total liabilities | 421006 | 394914 |
| **Contingencies and Commitments (See Note 17)** |  |  |
| **Stockholder's Equity** |  |  |
| Common stock – 10,000,000 shares authorized, issued and outstanding | 14041 | 13015 |
| Retained earnings (deficit) | (100) | (173) |
| Accumulated other comprehensive income (loss) | (1955) | (2330) |
| Total stockholder's equity | 11986 | 10512 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholder's equity | $432992 | $405426 |

---

See accompanying Notes to Consolidated Financial Statements

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

 **THE LINCOLN NATIONAL LIFE INSURANCE COMPANY**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

(in millions)

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Revenues** |  |  |  |
| Insurance premiums | $5305 | $1866 | $3416 |
| Fee income | 4547 | 4486 | 5168 |
| Net investment income | 5625 | 5107 | 5733 |
| Realized gain (loss) | (746) | 276 | (4934) |
| Other revenues | 297 | 553 | 676 |
| &nbsp;&nbsp;Total revenues | 15028 | 12288 | 10059 |
| **Expenses** |  |  |  |
| Benefits | 5451 | 2100 | 5028 |
| Policyholder liability remeasurement (gain) loss | (99) | (20) | (167) |
| Interest credited | 3478 | 3160 | 3202 |
| Market risk benefit (gain) loss | (223) | (938) | (1135) |
| Commissions and other expenses | 5207 | 5219 | 5402 |
| Interest and debt expense | 146 | 185 | 190 |
| &nbsp;&nbsp;Total expenses | 13960 | 9706 | 12520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before taxes | 1068 | 2582 | (2461) |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal income tax expense (benefit) | 103 | 452 | (673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 965 | 2130 | (1788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized investment gain (loss) | 984 | 30 | 4942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit non-performance risk gain (loss) | (406) | (924) | (670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholder liability discount rate remeasurement gain (loss) | (206) | 150 | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funded status of employee benefit plans | 3 | (1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive income (loss), net of tax | 375 | (745) | 4128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income (loss) | $1340 | $1385 | $2340 |

---

See accompanying Notes to Consolidated Financial Statements

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

**THE LINCOLN NATIONAL LIFE INSURANCE COMPANY**

**CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY**

(in millions)

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Common Stock** |  |  |  |
| Balance as of beginning-of-year | $13015 | $12961 | $12903 |
| Capital contribution from Lincoln National Corporation | 962 | – | 5 |
| Stock compensation/issued for benefit plans | 64 | 54 | 53 |
| &nbsp;&nbsp;Balance as of end-of-year | 14041 | 13015 | 12961 |
| **Retained Earnings (Deficit)** |  |  |  |
| Balance as of beginning-of-year | (173) | (869) | 1414 |
| Net income (loss) | 965 | 2130 | (1788) |
| Dividends paid to Lincoln National Corporation | (685) | (1434) | (495) |
| Non-cash dividend to Lincoln National Corporation for |  |  |  |
| settlement of an inter-company tax receivable | (207) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | (100) | (173) | (869) |
| **Accumulated Other Comprehensive Income (Loss)** |  |  |  |
| Balance as of beginning-of-year | (2330) | (1585) | (5713) |
| Other comprehensive income (loss), net of tax | 375 | (745) | 4128 |
| &nbsp;&nbsp;Balance as of end-of-year | (1955) | (2330) | (1585) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholder's equity as of end-of-year | $11986 | $10512 | $10507 |

---

See accompanying Notes to Consolidated Financial Statements

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

**THE LINCOLN NATIONAL LIFE INSURANCE COMPANY**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(in millions)

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Cash Flows from Operating Activities** |  |  |  |
| Net income (loss) | $965 | $2130 | $(1788) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) |  |  |  |
| operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized (gain) loss | 746 | (276) | 4934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market risk benefit (gain) loss | (223) | (938) | (1135) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and maturities (purchases) of trading securities, net | 363 | 325 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating cash payments related to closing Fortitude Re reinsurance transaction | – | – | (1457) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs, value of business acquired, deferred sales inducements |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and deferred front-end loads | 629 | 708 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | (32) | (32) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance liabilities and reinsurance-related balances | (1757) | (2534) | (2791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 81 | 160 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income tax accruals | 81 | 701 | (563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash management agreement | (61) | (941) | (733) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (105) | (312) | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 687 | (1009) | (764) |
| **Cash Flows from Investing Activities** |  |  |  |
| Purchases of available-for-sale securities and equity securities | (18884) | (11520) | (10713) |
| Sales of available-for-sale securities and equity securities | 3223 | 1406 | 3606 |
| Maturities of available-for-sale securities | 10951 | 9338 | 5597 |
| Purchases of other investments | (2093) | (1371) | (614) |
| Sales and repayments of other investments | 1136 | 342 | 131 |
| Issuance of mortgage loans on real estate | (4176) | (4135) | (1943) |
| Repayment and maturities of mortgage loans on real estate | 2783 | 1669 | 1266 |
| Repayment (issuance) of policy loans, net | (148) | (2) | (120) |
| Net change in collateral on investments, certain derivatives and related settlements | 2111 | 3918 | (333) |
| Cash received from disposition, net of cash transferred | – | 512 | – |
| Other | 128 | (300) | (372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (4969) | (143) | (3495) |
| **Cash Flows from Financing Activities** |  |  |  |
| Capital contribution from Lincoln National Corporation | 962 | – | 5 |
| Payment of long-term debt, including current maturities | (225) | (50) | – |
| Issuance (payment) of short-term debt | (24) | (766) | 228 |
| Payment related to sale-leaseback transactions | (7) | (17) | (79) |
| Proceeds from certain financing arrangements | 33 | 53 | 86 |
| Payment related to certain financing arrangements | (148) | (137) | (49) |
| Net financing cash proceeds related to closing Fortitude Re reinsurance transaction | – | – | 133 |
| Policyholder account balances: |  |  |  |
| Deposits | 21097 | 16046 | 16388 |
| Withdrawals | (12474) | (12124) | (10633) |
| Transfers from (to) separate accounts, net | (794) | (27) | (624) |
| Common stock issued for benefit plans | (12) | (9) | (7) |
| Dividends paid to Lincoln National Corporation | (685) | (505) | (495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 7723 | 2464 | 4953 |
| Net increase (decrease) in cash and invested cash | 3441 | 1312 | 694 |
| Cash and invested cash as of beginning-of-year | 4505 | 3193 | 2499 |
| &nbsp;&nbsp;Cash and invested cash as of end-of-year | $7946 | $4505 | $3193 |

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See accompanying Notes to Consolidated Financial Statements

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**<u>**Table of Contents**</u>**<br>

**THE LINCOLN NATIONAL LIFE INSURANCE COMPANY**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies**

**Nature of Operations**

The Lincoln National Life Insurance Company ("LNL" or the "Company," which also may be referred to as "we," "our" or "us"), a wholly owned subsidiary of Lincoln National Corporation ("LNC" or the "Parent Company"), is domiciled in the state of Indiana. We own 100% of the outstanding common stock of one insurance company subsidiary, Lincoln Life & Annuity Company of New York ("LLANY"). We also own several non-insurance companies, including Lincoln Financial Distributors, our wholesale distributor. LNL is licensed and sells its products throughout the U.S. and several U.S. territories. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions. These products primarily include variable annuities, fixed annuities (including indexed), registered index-linked annuities ("RILA"), universal life insurance ("UL"), variable universal life insurance ("VUL"), linked-benefit UL and VUL, indexed universal life insurance ("IUL"), term life insurance, group life, disability and dental and employer-sponsored retirement plans and services. For more information on our segments and the products and solutions we provide, see [Note 19](#ia98e05977fda4d43b3704f3fbf9e048b_196).

**Basis of Presentation**

The accompanying consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles ("GAAP"). Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized below.

Certain amounts presented in the consolidated financial statements for prior year periods in this report have been reclassified to conform to the presentation adopted in the current year.

Effective in the third quarter of 2025, we reclassified the investments in company-owned life insurance ("COLI") from other assets to other investments on the Consolidated Balance Sheets and the associated income statement activity from other revenues to net investment income on the Statements of Consolidated Comprehensive Income (Loss), which had no impact to total assets, total stockholder's equity, total net income (loss) or net cash provided by (used in) investing activities in any such prior year period presented in this report.

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by segment as follows:

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| | |
|:---|:---|
| **Business Segment** | **Level of Aggregation** |
| Annuities | Variable Annuities |
| | Fixed Annuities |
| | Payout Annuities |
| Life Insurance | Traditional Life |
| | UL and Other |
| Group Protection | Group Protection |
| Retirement Plan Services | Retirement Plan Services |

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The variable annuities level of aggregation includes RILA products, which are indexed variable annuities. The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company ("Protective") and Swiss Re Life & Health America, Inc ("Swiss Re") as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business.

**Sale of Wealth Management Business**

On May 6, 2024, our parent company LNC closed the sale of all of the ownership interests in the subsidiaries of LNC that comprised its wealth management business, including our subsidiary Lincoln Financial Advisors Corporation, to Osaic Holdings, Inc., a Delaware corporation ("Osaic"), pursuant to the Stock Purchase Agreement entered into between LNC and Osaic on December 14, 2023 (the "Agreement"). LNC received $723 million in cash, inclusive of a post-closing adjustment. LNL was allocated $598 million of the cash proceeds, and we recognized a $454 million pre-tax realized gain for the year ended December 31, 2024, net of transaction expenses.

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Transaction expenses for the year ended December 31, 2024, of $27 million were reported in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss). For more information, see [Note 20](#ia98e05977fda4d43b3704f3fbf9e048b_199).

**Summary of Significant Accounting Policies** 

*Principles of Consolidation*

The accompanying consolidated financial statements include the accounts of LNL and all other entities in which we have a controlling financial interest and any variable interest entities ("VIEs") in which we are the primary beneficiary. We use the equity method of accounting to recognize all of our investments in limited partnerships ("LPs"). All material inter-company accounts and transactions have been eliminated in consolidation.

Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support or where investors lack certain characteristics of a controlling financial interest. We assess our contractual, ownership or other interests in a VIE to determine if our interest participates in the variability the VIE was designed to absorb and pass onto variable interest holders. We perform an ongoing qualitative assessment of our variable interests in VIEs to determine whether we have a controlling financial interest and would therefore be considered the primary beneficiary of the VIE. If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in the consolidated financial statements.

*Accounting Estimates and Assumptions*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. In applying these estimates and assumptions, management makes subjective and complex judgments that frequently require assumptions about matters that are uncertain and inherently subject to change. Actual results could differ from these estimates and assumptions. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are: fair value of certain financial assets, derivatives, allowances for credit losses, MRBs, future contract benefits, income taxes including the recoverability of our deferred tax assets and the potential effects of resolving litigated matters.

*Business Combinations*

We use the acquisition method of accounting for all business combination transactions, and accordingly, recognize the fair values of assets acquired, liabilities assumed and any noncontrolling interests in the consolidated financial statements. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period as more information becomes available relative to the fair values as of the acquisition date. The consolidated financial statements include the results of operations of any acquired company since the acquisition date.

*Fair Value Measurement*

Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset or non-performance risk, which would include our own credit risk. Our estimate of an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability ("exit price") in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability, as opposed to the price that would be paid to acquire the asset or receive a liability ("entry price"). Pursuant to the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board *Accounting Standards Codification*<sup>TM</sup>, we categorize our financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique. The three-level hierarchy for fair value measurement is defined as follows:

• Level 1 – inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date, except for large holdings subject to "blockage discounts" that are excluded;

• Level 2 – inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value can be determined through the use of models or other valuation methodologies; and

• Level 3 – inputs to the valuation methodology are unobservable inputs in situations where there is little or no market activity for the asset or liability, and we make estimates and assumptions related to the pricing of the asset or liability, including assumptions regarding risk.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the

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significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. However, Level 3 fair value investments may include, in addition to the unobservable or Level 3 inputs, observable components, which are components that are actively quoted or can be validated to market-based sources.

*Fixed Maturity Available-For-Sale Securities – Fair Valuation Methodologies and Associated Inputs*

Securities classified as available-for-sale ("AFS") consist of fixed maturity securities and are stated at fair value with unrealized gains and losses included within accumulated other comprehensive income (loss) ("AOCI").

We measure the fair value of our securities classified as fixed maturity AFS based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity security, and we consistently apply the valuation methodology to measure the security's fair value. Our fair value measurement is based on a market approach that utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach primarily include third-party pricing services, independent broker quotations or pricing matrices. We do not adjust prices received from third parties; however, we do analyze the third-party pricing services' valuation methodologies and related inputs and perform additional evaluation to determine the appropriate level within the fair value hierarchy.

The observable and unobservable inputs to our valuation methodologies are based on a set of standard inputs that we generally use to evaluate all of our fixed maturity AFS securities. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. In addition, market indicators, industry and economic events are monitored, and further market data is acquired if certain triggers are met. For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. For private placement securities, we use pricing matrices that utilize observable pricing inputs of similar public securities and Treasury yields as inputs to the fair value measurement. Depending on the type of security or the daily market activity, standard inputs may be prioritized differently or may not be available for all fixed maturity AFS securities on any given day. For broker-quoted only securities, non-binding quotes from market makers or broker-dealers are obtained from sources recognized as market participants. For securities trading in less liquid or illiquid markets with limited or no pricing information, we use unobservable inputs to measure fair value.

The following summarizes our fair valuation methodologies and associated inputs, which are particular to the specified security type and are in addition to the defined standard inputs to our valuation methodologies for all of our fixed maturity AFS securities discussed above:

• Corporate bonds and U.S. government bonds – We also use Trade Reporting and Compliance Engine<sup>TM</sup> reported tables for our corporate bonds and vendor trading platform data for our U.S. government bonds.

• Mortgage- and asset-backed securities ("ABS") – We also utilize additional inputs, which include new issues data, monthly payment information and monthly collateral performance, including prepayments, severity, delinquencies, step-down features and over collateralization features for each of our mortgage-backed securities ("MBS"), which include collateralized mortgage obligations and mortgage pass through securities backed by residential mortgages ("RMBS"), commercial mortgage-backed securities ("CMBS") and collateralized loan obligations ("CLOs").

• State and municipal bonds – We also use additional inputs that include information from the Municipal Securities Rule Making Board, as well as material event notices, new issue data, issuer financial statements and Municipal Market Data benchmark yields for our state and municipal bonds.

• Hybrid and redeemable preferred securities – We also utilize additional inputs of exchange prices (underlying and common stock of the same issuer) for our hybrid and redeemable preferred securities.

In order to validate the pricing information and broker-dealer quotes, we employ, where possible, procedures that include comparisons with similar observable positions, comparisons with subsequent sales and observations of general market movements for those security classes. We have policies and procedures in place to review the process that is utilized by our third-party pricing service and the output that is provided to us by the pricing service. On a periodic basis, we test the pricing for a sample of securities to evaluate the inputs and assumptions used by the pricing service, and we perform a comparison of the pricing service output to an alternative pricing source. We also evaluate prices provided by our primary pricing service to ensure that they are not stale or unreasonable by reviewing the prices for unusual changes from period to period based on certain parameters or for lack of change from one period to the next.

*Fixed Maturity AFS Securities – Evaluation for Recovery of Amortized Cost*

We regularly review our fixed maturity AFS securities (also referred to as "debt securities") for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require a credit loss allowance.

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For our debt securities, we generally consider the following to determine whether our debt securities with unrealized losses are credit impaired:

• The estimated range and average period until recovery;

• The estimated range and average holding period to maturity;

• Remaining payment terms of the security;

• Current delinquencies and nonperforming assets of underlying collateral;

• Expected future default rates;

• Collateral value by vintage, geographic region, industry concentration or property type;

• Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and

• Contractual and regulatory cash obligations.

For a debt security, if we intend to sell a security, or it is more likely than not we will be required to sell a debt security before recovery of its amortized cost basis and the fair value of the debt security is below amortized cost, we conclude that an impairment has occurred and the amortized cost is written down to current fair value, with a corresponding charge to realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). For debt securities where impairment has been recognized, the difference between the new amortized cost basis and the cash flows expected to be collected are accreted as interest income and recognized in net investment income on the Consolidated Statements of Comprehensive Income (Loss). If we do not intend to sell a debt security, or it is not more likely than not we will be required to sell a debt security before recovery of its amortized cost basis but the present value of the cash flows expected to be collected is less than the amortized cost of the debt security (referred to as the credit loss), we conclude that an impairment has occurred, and a credit loss allowance is recorded, with a corresponding charge to realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). The remainder of the decline to fair value related to factors other than credit loss is recorded in other comprehensive income ("OCI") to unrealized losses on fixed maturity AFS securities on the Consolidated Statements of Stockholder's Equity, as this amount is considered a noncredit impairment.

When assessing our intent to sell a debt security, or if it is more likely than not we will be required to sell a debt security before recovery of its cost basis, we evaluate facts and circumstances such as, but not limited to, decisions to reposition our security portfolio, sales of securities to meet cash flow needs and sales of securities to capitalize on favorable pricing. Management considers the following as part of the evaluation:

• The current economic environment and market conditions;

• Our business strategy and current business plans;

• The nature and type of security, including expected maturities and exposure to general credit, liquidity, market and interest rate risk;

• Our analysis of data from financial models and other internal and industry sources to evaluate the current effectiveness of our hedging and overall risk management strategies;

• The current and expected timing of contractual maturities of our assets and liabilities, expectations of prepayments on investments and expectations for surrenders and withdrawals of annuity contracts and life insurance policies;

• The capital risk limits approved by management; and

• Our current financial condition and liquidity demands.

In order to determine the amount of the credit loss for a debt security, we calculate the recovery value by performing a discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover. The discount rate is the effective interest rate implicit in the underlying debt security. The effective interest rate is the original yield, or the coupon if the debt security was previously impaired. See the discussion below for additional information on the methodology and significant inputs, by security type, that we use to determine the amount of a credit loss.

To determine the recovery period of a debt security, we consider the facts and circumstances surrounding the underlying issuer including, but not limited to, the following:

• Historical and implied volatility of the security;

• The extent to which the fair value has been less than amortized cost;

• Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area;

• Failure, if any, of the issuer of the security to make scheduled payments; and

• Recoveries or additional declines in fair value subsequent to the balance sheet date.

In periods subsequent to the recognition of a credit loss impairment through a credit loss allowance, we continue to reassess the expected cash flows of the debt security at each subsequent measurement date as necessary. If the measurement of credit loss changes, we recognize a provision for (or reversal of) credit loss expense through realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss), limited by the amount that amortized cost exceeds fair value. Losses are charged against the allowance for credit losses when management believes the uncollectibility of a debt security is confirmed or when either of the criteria regarding intent

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or requirement to sell is met. Accrued interest on debt securities is written-off through net investment income on the Consolidated Statements of Comprehensive Income (Loss) when deemed uncollectible.

To determine the recovery value of a corporate bond or CLO, we perform additional analysis related to the underlying issuer including, but not limited to, the following:

• Fundamentals of the issuer to determine what we would recover if they were to file bankruptcy versus the price at which the market is trading;

• Fundamentals of the industry in which the issuer operates;

• Earnings multiples for the given industry or sector of an industry that the underlying issuer operates within, divided by the outstanding debt to determine an expected recovery value of the security in the case of a liquidation;

• Expected cash flows of the issuer (e.g., whether the issuer has cash flows in excess of what is required to fund its operations);

• Expectations regarding defaults and recovery rates;

• Changes to the rating of the security by a rating agency; and

• Additional market information (e.g., if there has been a replacement of the corporate debt security).

Each quarter, we review the cash flows for the MBS portfolio, including current credit enhancements and trends in the underlying collateral performance to determine whether or not they are sufficient to provide for the recovery of our amortized cost. To determine recovery value of a MBS, we perform additional analysis related to the underlying issuer including, but not limited to, the following:

• Discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover;

• Level of borrower creditworthiness of the home equity loans or residential mortgages that back an RMBS or commercial mortgages that back a CMBS;

• Susceptibility to fair value fluctuations for changes in the interest rate environment;

• Susceptibility to reinvestment risks, in cases where market yields are lower than the securities' book yield earned;

• Susceptibility to reinvestment risks, in cases where market yields are higher than the book yields earned on a security;

• Expectations of sale of such a security where market yields are higher than the book yields earned on a security; and

• Susceptibility to variability of prepayments.

When evaluating MBS and mortgage-related ABS, we consider a number of pool-specific factors as well as market level factors when determining whether or not the impairment on the security requires a credit loss allowance. The most important factor is the performance of the underlying collateral in the security and the trends of that performance in the prior periods. We use this information about the collateral to forecast the timing and rate of mortgage loan defaults, including making projections for loans that are already delinquent and for those loans that are currently performing but may become delinquent in the future. Other factors used in this analysis include the credit characteristics of borrowers, geographic distribution of underlying loans and timing of liquidations by state. Once default rates and timing assumptions are determined, we then make assumptions regarding the severity of a default if it were to occur. Factors that impact the severity assumption include expectations for future home price appreciation or depreciation, loan size, first lien versus second lien, existence of loan level private mortgage insurance, type of occupancy and geographic distribution of loans. Once default and severity assumptions are determined for the security in question, cash flows for the underlying collateral are projected including expected defaults and prepayments. These cash flows on the collateral are then translated to cash flows on our tranche based on the cash flow waterfall of the entire capital security structure. If this analysis indicates the entire principal on a particular security will not be returned, the security is reviewed for a credit loss by comparing the expected cash flows to amortized cost. To the extent that the security has already been impaired through a credit loss allowance or was purchased at a discount, such that the amortized cost of the security is less than or equal to the present value of cash flows expected to be collected, no credit loss allowance is required. Otherwise, if the amortized cost of the security is greater than the present value of the cash flows expected to be collected, and the security was not purchased at a discount greater than the expected principal loss, then an impairment through a credit loss allowance is recognized.

We further monitor the cash flows of all of our debt securities backed by mortgages on an ongoing basis. We also perform detailed analysis on all of our subprime, Alt-A, non-agency residential MBS and on a significant percentage of our debt securities backed by pools of commercial mortgages. The detailed analysis includes revising projected cash flows by updating the cash flows for actual cash received and applying assumptions with respect to expected defaults, foreclosures and recoveries in the future. These revised projected cash flows are then compared to the amount of credit enhancement (subordination) in the structure to determine whether the amortized cost of the security is recoverable. If it is not recoverable, we record an impairment through a credit loss allowance for the security.

*Trading Securities*

Trading securities consist of fixed maturity securities in designated portfolios, some of which support modified coinsurance and coinsurance with funds withheld reinsurance agreements. Investment results for the portfolios that support modified coinsurance and coinsurance with funds withheld reinsurance agreements, including gains and losses from sales, are passed directly to the reinsurers pursuant to contractual terms of the reinsurance agreements. Trading securities are carried at fair value, and changes in fair value and

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changes in the fair value of embedded derivative liabilities associated with the underlying reinsurance agreements are recorded in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) as they occur.

*Equity Securities*

Equity securities are carried at fair value, and changes in fair value are recorded in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) as they occur. Equity securities consist primarily of common stock of publicly-traded companies, privately placed securities, mutual fund shares and closed-end funds. We measure the fair value of our equity securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the equity security. Fair values of publicly-traded equity securities are determined using quoted prices in active markets for identical or comparable securities. When quoted prices are not available, we use valuation methodologies most appropriate for the specific asset. Fair values for private placement securities are determined using discounted cash flow, earnings multiple and other valuation models. The fair values of mutual fund shares that transact regularly are based on transaction prices of identical fund shares. The fair value of unconsolidated sponsored closed-end funds is determined using the net asset value ("NAV") of the fund. The NAV of the fund represents the price at which we would be able to initiate a transaction.

*Mortgage Loans on Real Estate*

Mortgage loans on real estate consist of commercial and residential mortgage loans and are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowance for credit losses. We carry certain mortgage loans associated with modified coinsurance agreements at fair value where the fair value option has been elected. Interest income is accrued on the principal balance of the loan based on the loan's contractual interest rate. Premiums and discounts are amortized using the effective yield method over the life of the loan. Interest income and amortization of premiums and discounts are reported in net investment income on the Consolidated Statements of Comprehensive Income (Loss) along with mortgage loan fees, which are recorded as they are incurred.

Our policy for commercial mortgage loans is to report loans that are 60 or more days past due, which equates to two or more payments missed, as delinquent. Our policy for residential mortgage loans is to report loans that are 90 or more days past due, which equates to three or more payments missed, as delinquent. We do not accrue interest on loans 90 days past due, and any interest received on these loans is either applied to the principal or recorded in net investment income on the Consolidated Statements of Comprehensive Income (Loss) when received, depending on the assessment of the collectability of the loan. When a loan is placed on non-accrual status, uncollected past due accrued interest income that is considered uncollectible is charged off against net investment income. We resume accruing interest once a loan complies with all of its original terms or restructured terms. Mortgage loans deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are likewise credited to the allowance for credit losses.

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. Our model estimates expected credit losses over the contractual terms of the loans, which are the periods over which we are exposed to credit risk, adjusted for expected prepayments. Credit loss estimates are segmented by commercial mortgage loans, residential mortgage loans, and unfunded commitments related to commercial mortgage loans.

The allowance for credit losses for pooled loans of similar risk (i.e., commercial and residential mortgage loans) is estimated using relevant historical credit loss information adjusted for current conditions and reasonable and supportable forecasts of future conditions. Historical credit loss experience provides the basis for the estimation of expected credit losses with adjustments for differences in current loan-specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term lengths as well as adjustments for changes in environmental conditions, such as unemployment rates, property values, or other factors that management deems relevant. We apply probability weights to the positive, base and adverse scenarios we use. For periods beyond our reasonable and supportable forecast, we use implicit mean reversion over the remaining life of the recoverable, meaning our model will inherently revert to the baseline scenario as the baseline is representative of the historical average over a longer period of time.

Loans are considered impaired when it is probable that, based upon current information and events, we will be unable to collect all amounts due under the contractual terms of the loan agreement. When we determine that a loan is impaired, a specific credit loss allowance is established for the excess carrying value of the loan over its estimated value. The loan's estimated value is based on: the present value of expected future cash flows discounted at the loan's effective interest rate; the loan's observable market price; or the fair value of the loan's collateral.

Allowance for credit losses are maintained at a level we believe is adequate to absorb current expected lifetime credit losses. Our periodic evaluation of the adequacy of the allowance for credit losses is based on historical loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower's ability to repay (including the timing of future payments), the estimated value

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of the underlying collateral, composition of the loan portfolio, current economic conditions, reasonable and supportable forecasts about the future and other relevant factors.

Mortgage loans on real estate are presented net of the allowance for credit losses on the Consolidated Balance Sheets. Changes in the allowance are reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). Mortgage loans on real estate deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance for credit losses, limited to the aggregate of amounts previously charged off and expected to be charged off.

Our commercial loan portfolio is primarily comprised of long-term loans secured by existing commercial real estate. We believe all of the commercial loans in our portfolio share three primary risks: borrower credit worthiness; sustainability of the cash flow of the property; and market risk; therefore, our methods of monitoring and assessing credit risk are consistent for our entire portfolio.

We review each loan individually in our commercial mortgage loan portfolio on an annual basis to identify emerging risks. We primarily focus on properties that experienced a reduction in debt-service coverage or occupancy, as well as properties that have significant tenant rollover risk. We also focus on other qualitative trends, including historical loan performance, investment in the property and borrower behavior. Where warranted, we establish or increase a credit loss allowance for a specific loan based upon this analysis.

We measure and assess the credit quality of our commercial mortgage loans by using loan-to-value ("LTV") and debt-service coverage ratios. The LTV ratio compares the principal amount of the loan to the fair value at origination of the underlying property collateralizing the loan and is commonly expressed as a percentage. LTV ratios greater than 100% indicate that the principal amount is greater than the collateral value. Therefore, all else being equal, a lower LTV ratio generally indicates a higher quality loan. The debt-service coverage ratio compares a property's net operating income to its debt-service payments. Debt-service coverage ratios of less than 1.0 indicate that property operations do not generate enough income to cover its current debt payments. Therefore, all else being equal, a higher debt-service coverage ratio generally indicates a higher quality loan. These credit quality metrics are monitored and reviewed at least annually.

We have off-balance sheet commitments related to commercial mortgage loans. As such, an allowance for credit losses is developed based on the commercial mortgage loan process outlined above, along with an internally developed conversion factor.

Our residential loan portfolio is primarily comprised of first lien mortgages secured by existing residential real estate. In contrast to the commercial mortgage loan portfolio, residential mortgage loans are primarily smaller-balance homogenous loans that share similar risk characteristics. Therefore, these pools of loans are collectively evaluated for inherent credit losses. Such evaluations consider numerous factors, including, but not limited to borrower credit scores, collateral values, loss forecasts, geographic location, delinquency rates and economic trends. These evaluations and assessments are revised as conditions change and new information becomes available, including updated forecasts, which can cause the allowance for credit losses to increase or decrease over time as such evaluations are revised. Generally, residential mortgage loan pools exclude loans that are nonperforming, as those loans are evaluated individually using the evaluation framework for specific allowance for credit losses described above.

For residential mortgage loans, our primary credit quality indicator is whether the loan is performing or nonperforming. We generally define nonperforming residential mortgage loans as those that are 90 or more days past due and/or in nonaccrual status. There is generally a higher risk of experiencing credit losses when a residential mortgage loan is nonperforming. We monitor and update aging schedules and nonaccrual status on a monthly basis.

*Policy Loans* 

Policy loans represent loans we issue to policyholders that use the cash surrender value of their life insurance policy as collateral. Policy loans are carried at unpaid principal balances.

*Derivative Instruments*

We hedge certain portions of our exposure to interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk by entering into derivative transactions. Our derivative instruments are recognized as either assets or liabilities on the Consolidated Balance Sheets at estimated fair value. We have master netting agreements with each of our derivative counterparties that allow for the netting of our derivative asset and liability positions by counterparty. We categorize derivatives into a three-level hierarchy, based on the priority of the inputs to the respective valuation technique as discussed above in "Fair Value Measurement." The accounting for changes in the estimated fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged: as a cash flow hedge or a fair value hedge.

For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into net income in the same period or periods during which the hedged transaction affects net

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income. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in net income during the period of change in estimated fair values. For derivative instruments not designated as hedging instruments, but that are economic hedges, the gain or loss is recognized in net income. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Consolidated Statements of Cash Flows based on the nature and purpose of the derivative.

We purchase and issue financial instruments and products that contain embedded derivative instruments that are recorded with the associated host contract. When it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host for measurement purposes and reported within other assets or other liabilities on the Consolidated Balance Sheets. The embedded derivative is carried at fair value with changes in fair value recognized in net income during the period of change.

We employ several different methods for determining the fair value of our derivative instruments. The fair value of our derivative contracts are measured based on current settlement values, which are based on quoted market prices, industry standard models that are commercially available and broker quotes. These techniques project cash flows of the derivatives using current and implied future market conditions. We calculate the present value of the cash flows to measure the current fair market value of the derivative.

*Other Investments*

Other investments consist primarily of alternative investments, COLI, an asset-backed consolidated VIE, cash collateral receivables related to our derivative instruments, Federal Home Loan Bank ("FHLB") common stock and short-term investments. For more information on the asset-backed consolidated VIE, see [Note](#ia98e05977fda4d43b3704f3fbf9e048b_151)4.

Alternative investments consist primarily of investments in LPs. We account for our investments in LPs using the equity method to determine the carrying value. Investment income on alternative investments is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss). Recognition of investment income on alternative investments is delayed due to the availability of the related financial statements, which are generally obtained from the partnerships' general partners. As a result, our private equity investments are generally on a three-month delay and our hedge funds are on a one-month delay. In addition, the impact of audit adjustments related to completion of calendar-year financial statement audits of the investees are typically received during the second quarter of each calendar year. Accordingly, our investment income from alternative investments for any calendar-year period may not include the complete impact of the change in the underlying net assets for the partnership for that calendar-year period.

We invest in COLI on the lives of certain officers and key employees who have consented to the Company being the beneficiary of such contracts. COLI is carried at the cash surrender value of the policies. Changes in the cash surrender value are reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss). As of December 31, 2025 and 2024, we had $1.2 billion and $663 million of COLI reported within other investments on our Consolidated Balance Sheets.

In uncleared derivative transactions, we and the counterparty enter into a credit support annex requiring either party to post collateral, which may be in the form of cash, equal to the net derivative exposure. Cash collateral we have posted to a counterparty is recorded within other investments on the Consolidated Balance Sheets. Cash collateral a counterparty has posted is recorded within payables for collateral on investments on the Consolidated Balance Sheets. We also have investments in FHLB common stock, carried at cost, that enable access to the FHLB lending program and to issue funding agreements. For more information on our collateralized financing arrangements, see "Payables for Collateral on Investments" below. For more information on our funding agreements, see "Policyholder Account Balances" below.

Short-term investments consist of securities with original maturities of one year or less, but greater than three months. Securities included in short-term investments are carried at fair value, with valuation methods and inputs consistent with those applied to fixed maturity AFS securities.

*Cash and Invested Cash*

Cash and invested cash is carried at cost and includes all highly liquid debt instruments purchased with an original maturity of three months or less.

*DAC, VOBA, DSI and DFEL*

Acquisition costs directly related to successful contract acquisitions or renewals of annuities, UL, VUL, traditional life insurance, group life and disability insurance and other investment contracts have been deferred (i.e., deferred acquisition costs ("DAC")). Such acquisition costs are capitalized in the period they are incurred and primarily include commissions, certain bonuses, a portion of total compensation and benefits of certain employees involved in the acquisition process and medical and inspection fees. Value of business acquired

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("VOBA") is an intangible asset that reflects the estimated fair value of in-force contracts in a life insurance company acquisition and represents the portion of the purchase price that is allocated to the value of the right to receive future cash flows from the business in force at the acquisition date. Bonus credits and excess interest for dollar cost averaging contracts are considered deferred sales inducements ("DSI") and reported in deferred acquisition costs, value of business acquired and deferred sales inducements on the Consolidated Balance Sheets. Contract sales charges that are collected in the early years of an insurance contract are deferred and reported as deferred front-end loads ("DFEL") on the Consolidated Balance Sheets.

DAC, VOBA, DSI and DFEL amortization is reported within the following financial statement line items on the Consolidated Statements of Comprehensive Income (Loss):

• DAC and VOBA – commissions and other expenses

• DSI – interest credited

• DFEL – fee income

DAC, VOBA, DSI and DFEL are amortized on a constant level basis relative to the insurance in force over the expected term of the related contracts using the groupings and actuarial assumptions that are consistent with those used for calculating the related policyholder liability balances. Actuarial assumptions include, but are not limited to, mortality, morbidity and certain policyholder behaviors such as persistency, which are adjusted for emerging experience and expected trends of the related long-duration insurance contracts and certain investment contracts by segment. During the third quarter of each year, we conduct our comprehensive review and update these actuarial assumptions. We may update our actuarial assumptions in other quarters as we become aware of information that warrants updating outside of our comprehensive review. These resulting changes are applied prospectively.

The following provides a summary of our DAC, VOBA, DSI and DFEL amortization basis and expected amortization period by segment:

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| | | |
|:---|:---|:---|
| **Business Segment** | **Amortization Basis** | **Expected Amortization Period** |
| Annuities | Total deposits paid to date on policies in force | Life of contract |
| Life Insurance | Policy count of policies in force | On average 60 years |
| Group Protection | Group certificate contracts in force | 4 years |
| Retirement Plan Services | Lives in force | Life of contract or 40 years |

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We account for modifications of insurance contracts that result in a substantially unchanged contract as a continuation of the replaced contract. We account for modifications of insurance contracts that result in a substantially changed contract as an extinguishment of the replaced contract.

For reinsurance transactions where we receive proceeds that represent recovery of our previously incurred acquisition costs, we reduce the applicable unamortized acquisition cost such that net acquisition costs are capitalized and charged to commissions and other expenses.

*Reinsurance*

We and LLANY enter into reinsurance agreements in the normal course of business to limit our exposure to the risk of loss and to enhance our capital management.

In order for a reinsurance agreement to qualify for reinsurance accounting, the agreement must satisfy certain risk transfer conditions that include, among other items, a reasonable possibility of a significant loss for the assuming entity. When we apply reinsurance accounting, insurance premiums, benefits and DAC and VOBA amortization are reported net of reinsurance ceded, as applicable, on the Consolidated Statements of Comprehensive Income (Loss). Amounts currently recoverable, such as ceded reserves, other than ceded MRBs, are reported in reinsurance recoverables, and amounts currently payable to the reinsurers, such as premiums, are included in other liabilities on the Consolidated Balance Sheets.

In a modified coinsurance or coinsurance with funds withheld reinsurance structured agreement, the investments that would have been sent to the reinsurer as premiums are withheld by us and remain on our Consolidated Balance Sheets, with the existing accounting maintained. A corresponding liability is recognized on our Consolidated Balance Sheets within funds withheld reinsurance liabilities representing our obligation to pay the reinsurer. This liability includes embedded derivatives, which are total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements. The changes in the embedded derivative liabilities are reported within realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).

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We use deposit accounting to recognize reinsurance agreements that do not transfer significant insurance risk. This accounting treatment results in amounts paid or received by us to be considered on deposit with the reinsurer and such amounts are reported in deposit assets, net of allowance for credit losses and other liabilities, respectively, on the Consolidated Balance Sheets. As amounts are paid or received, consistent with the underlying contracts, deposit assets or liabilities are adjusted. Interest income on deposit assets and interest expense on deposit liabilities is reported in other revenues and commissions and other expenses, respectively, on the Consolidated Statements of Comprehensive Income (Loss).

Reinsurance recoverables are measured and recognized consistent with the liabilities related to the underlying contracts. The interest assumption used for discounting reinsurance recoverables associated with limited payment life-contingent annuity contracts and non-participating traditional life insurance contracts is the upper-medium grade fixed income instrument ("single-A") interest rate locked-in at the reinsurance contract issuance date. We remeasure reinsurance recoverables associated with limited payment life-contingent annuity contracts and non-participating traditional life insurance contracts with the current single-A interest rate as of the end of each reporting period. Ceded MRBs are accounted for separately from reinsurance recoverables. See "MRBs" below for additional information.

We estimated an allowance for credit losses for all reinsurance recoverables and related reinsurance deposit assets held by our subsidiaries, other than ceded MRB assets. As such, we performed a quantitative analysis using a probability of loss model approach to estimate expected credit losses for reinsurance recoverables, inclusive of similar assets recognized using the deposit method of accounting. The credit loss allowance is a general allowance for pools of receivables with similar risk characteristics segmented by credit risk ratings and receivables assessed on an individual basis that do not share similar risk characteristics where we anticipate a credit loss over the life of reinsurance-related assets, other than ceded MRB assets.

Our model uses relevant internal or external historical loss information adjusted for current conditions and reasonable and supportable forecasts of future events and conditions in developing our credit loss estimate. We utilized historical credit rating data to form an estimation of probability of default of counterparties by means of a transition matrix that provides the rates of credit migration for credit ratings transitioning to impairment. We updated reinsurer credit ratings during the period to incorporate the most up-to-date information on the current state of the financial stability of our reinsurers. To simulate changes in economic conditions, we used positive, base and adverse scenarios that include varying levels of loss given default assumptions to reflect the impact of changes in severity of losses. We applied probability weights to the positive, base and adverse scenarios. For periods beyond our reasonable and supportable forecasts, we used implicit mean reversion over the remaining life of the recoverable. Additionally, we considered factors that impact our exposure at default that are driven by actuarial expectations around term assumptions rather than being directly driven by market or economic environment.

Our model estimates the expected credit losses over the life of the reinsurance asset. Credit loss estimates are segmented based on counterparty credit risk. Our modeling process utilizes counterparty credit ratings, collateral types and amounts, and term and run-off assumptions. For reinsurance recoverables that do not share similar risk characteristics, we assessed on an individual basis to determine a specific credit loss allowance.

We estimated expected credit losses over the contractual term of the recoverable, which is the period during which we are exposed to the credit risk. Reinsurance recoverables may not have explicit contractual lives, but are tied to the underlying insurance products; as a result, we estimated the contractual life by utilizing actuarial estimates of the timing of payouts related to those underlying products.

Reinsurance agreements often require the reinsurer to collateralize the recoverable with funds in a trust account or with a letter of credit ("LOC") for the benefit of the ceding insurance entity that can reduce the expected credit losses on a given agreement. As such, we review reinsurance collateral by individual agreement to sensitize risk of loss based on level of collateralization. This review is driven by the assumption that non-collateralized reinsurance recoverables would have materially higher losses in times of default. Therefore, reinsurance recoverables are pooled as either fully-collateralized or non-collateralized.

Reinsurance recoverables are presented net of the allowance for credit losses on the Consolidated Balance Sheets. Changes in the allowance for credit losses are reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). Reinsurance recoverables deemed uncollectible are charged against the allowance for credit losses, and subsequent recoveries, if any, are credited to the allowance for credit losses, limited to the aggregate of amounts previously charged off and expected to be charged off.

Where applicable, gains or losses recognized on reinsurance transactions are deferred and amortized into net income (loss) using an amortization basis reflective of the characteristics of the underlying ceded business. Our deferred gains and losses on reinsurance of our interest-sensitive life insurance products are recognized over the projected life of the policies, based on projected profitability or projected reserve development for blocks with negative profitability. Our deferred gains and losses on reinsurance of our annuity products are recognized over the period in which the majority of account balances is expected to run off. Deferred gains and losses are reported within other liabilities and other assets, respectively, on the Consolidated Balance Sheets. Amortization of deferred gains and losses is reported within other revenues and commissions and other expenses, respectively, on the Consolidated Statements of Comprehensive Income (Loss).

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*Goodwill*

We recognize the excess of the purchase price, plus the fair value of any noncontrolling interest in the acquiree, over the fair value of identifiable net assets acquired as goodwill. Goodwill is not amortized, but is reviewed for impairment annually as of October 1 and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

We test goodwill for impairment by performing a qualitative assessment. The qualitative assessment considers current events including the economic and regulatory environment, financial performance and industry conditions to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is determined based on our qualitative analysis that it is more likely than not that the fair value is less than the carrying value, we perform a quantitative assessment where the fair value of the reporting unit is determined and compared to the carrying value of the reporting unit. If the carrying value of the reporting unit is greater than the reporting unit's fair value, goodwill is impaired and written down to the reporting unit's fair value; and a charge is reported in impairment of intangibles on the Consolidated Statements of Comprehensive Income (Loss). The results of one goodwill impairment test on one reporting unit cannot subsidize the results of another reporting unit.

*Other Assets and Other Liabilities*

Other assets consist primarily of deferred loss on business sold through reinsurance, cash management agreement receivable, certain reinsurance assets, current and deferred taxes, property and equipment, premiums and fees receivable, specifically identifiable intangible assets, receivables resulting from sales of securities that had not yet settled as of the balance sheet date, operating lease right-of-use ("ROU") assets, ceded MRB liabilities and other receivables and prepaid expenses. Other liabilities consist primarily of deferred gain on business sold through reinsurance, ceded MRB assets, pension and other employee benefit liabilities, certain reinsurance payables, other policyholder liabilities, certain financing arrangements, payables resulting from purchases of securities that had not yet settled as of the balance sheet date, operating lease liabilities, derivative instrument liabilities and other accrued expenses.

The carrying values of specifically identifiable intangible assets are reviewed at least annually for indicators of impairment in value that are related to credit loss or non-credit, including unexpected or adverse changes in the following: the economic or competitive environments in which the company operates; profitability analyses; cash flow analyses; and the fair value of the relevant business operation. If there was an indication of impairment, then the discounted cash flow method would be used to measure the impairment, and the carrying value would be adjusted as necessary and reported in impairment of intangibles on the Consolidated Statements of Comprehensive Income (Loss). Sales force intangibles are attributable to the value of the new business distribution system acquired through business combinations. These assets are amortized on a straight-line basis over their useful life of 25 years. Specifically identifiable intangible assets also includes the value of customer relationships acquired ("VOCRA") and value of distribution agreements ("VODA"). The carrying values of VOCRA and VODA are amortized using a straight-line basis over their weighted average life of 20 years and 13 years, respectively. See [Note 8](#ia98e05977fda4d43b3704f3fbf9e048b_163) for more information regarding specifically identifiable intangible assets.

Property and equipment owned for company use is carried at cost less allowances for depreciation. Provisions for depreciation of investment real estate and property and equipment owned for company use are computed principally on the straight-line method over the estimated useful lives of the assets, which include buildings, computer hardware and software and other property and equipment. Certain assets on the Consolidated Balance Sheets are related to certain financing arrangements and are depreciated in a manner consistent with our current depreciation policy for owned assets. We periodically review the carrying value of our long-lived assets, including property and equipment, for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. For long-lived assets to be held and used, impairments are recognized when the carrying amount of a long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value, and is reported within realized gain (loss) on our Consolidated Statements of Comprehensive Income (Loss).

Long-lived assets to be disposed of by abandonment or in an exchange for a similar productive long-lived asset are classified as held-for-use until they are disposed. Long-lived assets to be sold are classified as held-for-sale and are no longer depreciated. Certain criteria have to be met in order for the long-lived asset to be classified as held-for-sale, including that a sale is probable and expected to occur within one year. Long-lived assets classified as held-for-sale are recorded at the lower of their carrying amount or fair value less cost to sell.

We lease office space and certain equipment under various long-term lease agreements. We determine if an arrangement is a lease at inception. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate at the commencement date in determining the present value of future payments. The ROU asset is calculated using the lease liability carrying amount, plus or minus prepaid/accrued lease payments, minus the unamortized balance of lease incentives received, plus unamortized initial direct costs. Lease terms used to calculate our lease obligation include options when we are reasonably

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certain that we will exercise such options. Our lease agreements may contain both lease and non-lease components, which are accounted for separately. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

*Separate Account Assets and Liabilities*

Separate accounts represent segregated funds that are maintained to meet specific investment objectives of policyholders who direct the investments and bear the investment risk, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company.

We report separate account assets as a summary total on the Consolidated Balance Sheets based on the fair value of the underlying investments. Investment income and net realized and unrealized gains (losses) of the separate accounts generally accrue directly to the policyholders; therefore, they are not reflected on the Consolidated Statements of Comprehensive Income (Loss), and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts. Asset-based fees and contract administration charges (collectively referred to as "policyholder assessments") are assessed against the accounts and included within fee income on the Consolidated Statements of Comprehensive Income (Loss). An amount equivalent to the separate account assets is recorded as separate account liabilities, representing the account balance obligated to be returned to the policyholder.

*Policyholder Account Balances*

Policyholder account balances include the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. The liability for policyholder account balances includes UL and VUL and investment-type annuity products where account balances are equal to deposits plus interest credited less withdrawals, surrender charges, policyholder assessments, as well as amounts representing the fair value of embedded derivative instruments associated with our IUL and indexed annuity products. During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models used in estimating these embedded derivatives and update assumptions as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update.

Obligations arising from funding agreements are also reported within policyholder account balances reported on the Consolidated Balance Sheets at amortized cost with the associated interest reported within interest credited on the Consolidated Statements of Comprehensive Income (Loss). The Company issues funding agreements through its funding-agreement-backed notes ("FABN") program, under secured funding agreement-backed repurchase agreements ("FABRs") and to the FHLB.

*Future Contract Benefits*

Future contract benefits represent liability reserves, including liability for future policy benefits ("LFPB"), liability for future claims reserves and additional liability for other insurance benefits that we have established and carry based on estimates of how much we will need to pay for future benefits and claims.

The LFPB associated with limited payment life-contingent annuity contracts and non-participating traditional life insurance contracts is measured using a net premium ratio approach. This approach accrues expected benefits and claims in proportion to the premium revenue recognized. For life-contingent payout annuity contracts with limited premium payments, as premium collection is not the completion of the earnings process, gross premiums in excess of net premiums are deferred. This excess of gross premiums received over the related net premiums is referred to as the deferred profit liability ("DPL"). The DPL is included in the LFPB, and profits are recognized over the life of the contracts.

In measuring our LFPB, we establish cohorts, which are groupings of long-duration contracts. Factors that we consider in determining cohorts include, but are not limited to, our contract classification and issue year requirements, product risk characteristics, assumptions and modeling level used in the valuation systems. The net premium ratio is capped at 100% at the individual cohort level. Expected benefits and claims in excess of premium revenue recognized are expensed immediately.

We use actuarial assumptions to best estimate future premium and benefit cash flows ("cash flow assumptions") as well as the actual historical cash flows received and paid to derive a net premium ratio in measuring the LFPB. These actuarial assumptions include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions (excluding the claims settlement expense assumption that is locked in at inception) in the calculation of the net premium ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of such update. On a quarterly basis, we retrospectively update the net premium ratio for actual experience. The remeasurement of LFPB for both assumption updates and actual experience are reported within policyholder liability remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). For all contract cohorts issued after January 1, 2021, interest is accrued on LFPB at the single-A interest rate on the contract cohort inception date. For contract cohorts

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issued prior to January 1, 2021, interest remains accruing at the original discount rate in effect on the contract cohort inception date due to the modified retrospective transition method. We also remeasure the LFPB using the single-A interest rate as of the end of each reporting period, which is reported within policyholder liability discount rate remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

We evaluate the liability for future claims on our long-term disability and life waiver group products. Given the term and renewal features of our product and funding nature of the associated premiums, we have determined that the liability value is generally zero for policies that are not on claim. Therefore, the liability for future claims represents future payments on claims for which a disability event has occurred as of the valuation date. In measuring the liability for future claims, we establish cohorts similar to the process described above and use actuarial assumptions primarily based on claim termination rates, offsets for other insurance including social security, morbidity, incidence and severity assumptions. Cash flow assumptions are subject to the comprehensive review process discussed above. On a quarterly basis, the liability for future claims is updated for actual claims experience. The remeasurement of the liability for future claims for both assumption updates and actual experience are reported within policyholder liability remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). We remeasure the liability for future claims using a single-A interest rate as of the end of each reporting period, which is reported within policyholder liability discount rate remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

We use the single-A interest rate curve to discount cash flows used to calculate the LFPB and the liability for future claims. This curve is developed using the upper-medium grade (low credit risk) fixed-income instrument yields that are intended to reflect the duration characteristics of the applicable insurance liabilities.

We issue UL contracts with separate accounts that may include various types of guaranteed benefits that are not accounted for as MRBs or embedded derivatives. These guaranteed benefits require an additional liability that is calculated by estimating the present value of total expected benefit payments over the life of the contract from inception divided by the present value of total expected assessments over the life of the contract ("benefit ratio") multiplied by the cumulative assessments recorded from the contract inception through the balance sheet date less the cumulative payments plus interest on the liability. Cash flow assumptions incorporated in a benefit ratio in measuring these additional liabilities for other insurance benefits include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions in the calculation of the benefit ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of such update. On a quarterly basis, we retrospectively update the benefit ratio for actual experience. The remeasurement of additional liability for both assumptions and actual experience are reported within policyholder liability remeasurement gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). As future cash flow assumption and experience updates result in changes in expected benefit payments or assessments, the benefit ratio is recalculated using the updated expected benefit payments and assessments over the life of the contract since inception. The revised benefit ratio is then applied to the liability calculation described above.

Premium deficiency testing is performed for interest-sensitive life products periodically using best estimate assumptions as of the testing date to test the adequacy and appropriateness of the established net reserve (i.e., GAAP reserves net of any DSI or VOBA assets). The premium deficiency test is also performed using a discount rate based on the average crediting rate. A premium deficiency exists when the net reserve plus the present value of expected future gross premiums are determined to be insufficient to cover expected future benefits and non-level expenses.

The business written or assumed by us includes participating life insurance contracts, under which the policyholder is entitled to share in the earnings of such contracts via receipt of dividends. The dividend scale for participating policies is reviewed annually and may be adjusted to reflect recent experience and future expectations. As of December 31, 2025, 2024 and 2023, participating policies comprised less than 1% of the face amount of business in force, and dividend expenses were $27 million, $40 million and $41 million for the years ended December 31, 2025, 2024 and 2023, respectively.

*MRBs*

MRBs are contracts or contract features that provide protection to the policyholder from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk upon the occurrence of a specific event or circumstance, such as death, annuitization or periodic withdrawal. MRBs do not include the death benefit component of a life insurance contract (i.e., the difference between the account balance and the death benefit amount). All long-duration insurance contracts and certain investment contracts are subject to MRB evaluation. An MRB can be in either an asset or a liability position. Our MRB assets and MRB liabilities are reported at fair value separately on the Consolidated Balance Sheets.

We issue variable and fixed annuity contracts that may include various types of guaranteed living benefit ("GLB") and guaranteed death benefit ("GDB") riders that we have classified as MRBs. For contracts that contain multiple features that qualify as MRBs, the MRBs are valued on a combined basis using an integrated model. We have entered into reinsurance agreements to cede certain GLB and GDB

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riders where the reinsurance agreements themselves are accounted for as MRBs or contain MRBs. We therefore record ceded MRB assets and ceded MRB liabilities associated with these reinsurance agreements. Ceded MRB liabilities are included in other assets and ceded MRB assets are included in other liabilities on the Consolidated Balance Sheets.

MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our non-performance risk. Ceded MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our counterparties' non-performance risk. The scenario assumptions, at each valuation date, are those we view to be appropriate for a hypothetical market participant and include assumptions for capital markets, policyholder behavior (e.g., policy lapse, rider utilization, etc.) mortality, risk margin and administrative expenses. These assumptions are based on a combination of historical data and actuarial judgments. During the third quarter of each year, we conduct our comprehensive review of the actuarial assumptions and projection models used in estimating these MRBs and update these assumptions on a prospective basis as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. The assumptions for our own non-performance risk and our counterparties' non-performance risk for MRBs and ceded MRBs, respectively, are determined at each valuation date and reflect our and our counterparties' risks of not fulfilling the obligations of the underlying liability. The spread for the non-performance risk is added to the discount rates used in determining the fair value from the net cash flows. For information on fair value inputs, see [Note 14](#ia98e05977fda4d43b3704f3fbf9e048b_181).

*Short-Term and Long-Term Debt*

Short-term debt has contractual or expected maturities of one year or less. Long-term debt has contractual or expected maturities greater than one year.

*Payables for Collateral on Investments*

When we enter into collateralized financing transactions on our investments, a liability is recorded equal to the cash or non-cash collateral received. This liability is included within payables for collateral on investments on the Consolidated Balance Sheets. Income and expenses associated with these transactions are recorded as investment income and investment expenses within net investment income on the Consolidated Statements of Comprehensive Income (Loss). Changes in payables for collateral on investments are reflected within cash flows from investing activities on the Consolidated Statements of Cash Flows.

*Contingencies and Commitments*

A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Contingencies arising from environmental remediation costs, regulatory judgments, claims, assessments, guarantees, litigation, recourse reserves, fines, penalties and other sources are recorded when deemed probable and reasonably estimable, based on our best estimate.

*Fee Income*

Fee income for investment and interest-sensitive life insurance contracts consists of asset-based fees, percent of premium charges, contract administration charges and surrender charges that are assessed against policyholder account balances. Investment products consist primarily of individual and group variable and fixed annuities. Interest-sensitive life insurance products include UL, VUL, linked-benefit UL and VUL and other interest-sensitive life insurance policies. These products include life insurance sold to individuals, corporate-owned life insurance and bank-owned life insurance.

The timing of revenue recognition as it relates to fees assessed on investment contracts is determined based on the nature of such fees. Asset-based fees and contract administration charges are assessed on a daily or monthly basis and recognized as revenue as performance obligations are met, over the period underlying customer assets are owned or advisory services are provided. Percent of premium charges are assessed at the time of premium payment and recognized as revenue when assessed and earned. Certain amounts assessed that represent compensation for services to be provided in future periods are reported as unearned revenue and recognized in income over the periods benefited. Surrender charges are recognized upon surrender of a contract by the policyholder in accordance with contractual terms. For investment and interest-sensitive life insurance contracts, the amounts collected from policyholders are considered deposits and are not included in revenue.

Wholesaling-related 12b-1 fees received from separate account fund sponsors as compensation for servicing the underlying mutual funds and fees earned by our Retirement Plan Services segment on services provided to our mutual fund programs are recorded as revenues based on a contractual percentage of the market value of mutual fund assets over the period shares are owned by customers. Net investment advisory fees related to asset management of certain separate account funds are recorded as revenues based on a contractual percentage of the customer's managed assets over the period advisory services are provided. Certain services related to our Retirement Plan Services segment, including recordkeeping, administrative and other services, are recorded as revenues based on a contractual percentage of customer account balances over the period services are provided. These revenues, reported primarily within our Annuities segment, were $790 million, $774 million and $715 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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*Insurance Premiums*

Insurance premiums consist primarily of group insurance products, payout annuities with life contingencies and traditional life insurance. These insurance premiums are recognized as revenue when due.

*Net Investment Income*

We earn investment income on the underlying general account investments supporting our fixed products less related expenses. Dividends and interest income, recorded in net investment income, are recognized when earned. Amortization of premiums and accretion of discounts on investments in debt securities are reflected in net investment income over the contractual terms of the investments in a manner that produces a constant effective yield.

For CLOs and MBS, included in the trading and fixed maturity AFS securities portfolios, we recognize income using a constant effective yield based on anticipated prepayments and the estimated economic life of the securities. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and a catch up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively. Any adjustments resulting from changes in effective yield are reflected in net investment income on the Consolidated Statements of Comprehensive Income (Loss).

*Realized Gain (Loss)*

Realized gain (loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value of mortgage loans on real estate accounted for under the fair value option, changes in fair value of equity securities, certain derivative and embedded derivative gains and losses, gains and losses on the sale of subsidiaries and businesses and net gains and losses on reinsurance-related embedded derivatives and trading securities. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is reported net of allocations of investment gains and losses to certain policyholders, certain funds withheld on reinsurance arrangements and certain modified coinsurance arrangements for which we have a contractual obligation to cede realized gains and losses to the reinsurer.

*MRB Gain (Loss)* 

MRB gain (loss) includes the change in fair value of MRB and ceded MRB assets and liabilities. Changes in the fair value of MRB assets and liabilities are recognized in net income (loss), except for the portion attributable to the change in non-performance risk that is recognized in OCI. Changes in the fair value of ceded MRB assets and liabilities, including the changes in our counterparties' non-performance risks, are recognized in net income (loss).

*Other Revenues* 

Other revenues consist primarily of the net settlement related to certain reinsurance-related activity, as net investment income and interest credited are presented gross of reinsurance activity on the Consolidated Statements of Comprehensive Income (Loss), and fees earned from administrative services performed by our Group Protection segment. Administrative services fees are recognized as performance obligations are met over the terms of the underlying agreements and were $236 million, $224 million and $210 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Prior to the sale of the wealth management business in 2024, other revenues also included fees attributable to broker-dealer services recorded as performance obligations are met, either at the time of sale or over time based on a contractual percentage of customer account balances. The broker-dealer services consisted of commission revenue for the sale of non-affiliated securities recorded on a trade date basis and advisory fee income. Advisory fee income is asset-based revenues recorded as earned based on a contractual percentage of customer account balances. Other revenues attributable to broker-dealer services and advisory fee income, reported primarily within our Annuities segment, were $190 million and $461 million for the years ended December 31, 2024 and 2023, respectively. See "Sale of Wealth Management Business" above for additional information.

*Interest Credited*

We credit interest to our policyholder account balances based on the contractual terms supporting our products.

*Benefits*

Benefits for UL and other interest-sensitive life insurance products include benefit claims incurred during the period in excess of contract account balances. Benefits also include the change in reserves for annuity products with guaranteed death and living benefits, certain

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annuities with life contingencies and life insurance products with secondary guarantee benefits. For traditional life, group life and disability income products, benefits are recognized when incurred in a manner consistent with the related premium recognition policies.

*Policyholder Liability Remeasurement Gain (Loss)*

Policyholder liability remeasurement gain (loss) recognized in net income (loss) includes remeasurement gains and losses resulting from updates in cash flow assumptions and actual variance from expected experience used in the net premium ratio or benefit ratio calculation for future policy benefits associated with limited payment life-contingent annuity products and traditional life insurance, liabilities for future claims associated with our group products, and additional liabilities for other insurance benefits on certain guaranteed benefits associated with our UL products.

Policyholder liability remeasurement gain (loss) recognized in OCI includes any changes resulting from the discount rate remeasurement of future policy benefits associated with limited payment life-contingent annuity products and traditional life insurance and liabilities for future claims associated with our group products as of each reporting period.

*Stock-Based Compensation*

Our employees and agents are included in LNC's various stock-based incentive compensation plans that provide for the issuance of stock options, performance shares and restricted stock units ("RSUs"), among other types of awards. Compensation cost is measured at grant-date fair value and recognized as expense over the required service period, which generally corresponds to the vesting period. We estimate forfeitures and adjust compensation expense accordingly. The fair value of stock options is determined using a Black-Scholes options valuation model, and the fair value of other stock awards is based upon the market value of the stock. The relative total shareholder return ("rTSR") component of performance shares is valued using a Monte Carlo simulation. LNC issues new shares to satisfy option exercises and vested performance shares and RSUs. Cash received from stock option exercises and cash remitted for employee tax withholding on share-settled awards are reflected in financing activities in the Consolidated Statements of Cash Flows. Stock-based compensation expense is reflected in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss).

*Interest and Debt Expense*

Interest expense on our short-term and long-term debt is recognized as due and any associated premiums, discounts and debt issuance costs are amortized (accreted) over the term of the related borrowing utilizing the effective interest method. In addition, gains or losses related to certain derivative instruments associated with debt are recognized in interest and debt expense during the period of the change.

*Income Taxes*

LNC files a U.S. consolidated income tax return that includes us and LNC's other eligible subsidiaries. Ineligible subsidiaries file separate individual corporate tax returns. Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. A valuation allowance is recorded to the extent required. Judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, we consider many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of temporary differences; the length of time carryovers can be utilized; and any tax planning strategies we would employ to avoid a tax benefit from expiring unused.

We use the individual security approach for releasing income tax effects from AOCI.

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**2. New Accounting Standards**

**Adoption of Accounting Standards**

The following table provides a description of current period adoptions of Accounting Standards Updates ("ASUs").

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| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description** | **Effective Date** | **Effect on Financial Statements or Other Significant Matters** |
| ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | This ASU establishes new income tax disclosure requirements, as well as adjusts certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation. | January 1, 2025 (Annual Filings) | We adopted this ASU effective January 1, 2025. The adoption did not have a material impact on the consolidated financial statements, including disclosures within the Federal Income Taxes Note. |

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**Future Adoption of Accounting Standards**

The following table provides a description of future adoptions of ASUs that may have an impact on the consolidated financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

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| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description** | **Effective Date** | **Effect on Financial Statements or Other Significant Matters** |
| ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) | This ASU requires disclosure of specified information about certain costs and expenses, including employee compensation, depreciation and intangible asset amortization. | January 1, 2027 | We are evaluating the impact of this ASU to the consolidated financial statements. |
| ASU 2025-06, Intangibles - Goodwill and Other – Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software | This ASU removes all references to prescriptive and sequential software development stages (referred to as "project stages") and requires capitalization of software costs when both of the following occur: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the "probable-to-complete recognition threshold"). | January 1, 2028 | We are evaluating the impact of this ASU to the consolidated financial statements. |

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**3. Investments** 

**Fixed Maturity AFS Securities**

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity AFS securities (in millions) were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Amortized Cost** | **Gross Unrealized** | **Gross Unrealized** | **Allowance for Credit Losses** | **Fair Value** |
| | **Amortized Cost** | **Gains** | **Losses** | **Allowance for Credit Losses** | **Fair Value** |
| Fixed maturity AFS securities: |  |  |  |  |  |
| Corporate bonds | $68479 | $837 | $5540 | $53 | $63723 |
| U.S. government bonds | 890 | 9 | 32 | – | 867 |
| State and municipal bonds | 2161 | 35 | 231 | – | 1965 |
| Foreign government bonds | 256 | 17 | 50 | – | 223 |
| RMBS | 2034 | 45 | 108 | 6 | 1965 |
| CMBS | 2493 | 17 | 87 | – | 2423 |
| ABS | 16301 | 137 | 210 | 50 | 16178 |
| Hybrid and redeemable preferred securities | 228 | 21 | 6 | 1 | 242 |
| &nbsp;&nbsp;&nbsp;Total fixed maturity AFS securities | $92842 | $1118 | $6264 | $110 | $87586 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Amortized Cost** | **Gross Unrealized** | **Gross Unrealized** | **Allowance for Credit Losses** | **Fair Value** |
| | **Amortized Cost** | **Gains** | **Losses** | **Allowance for Credit Losses** | **Fair Value** |
| Fixed maturity AFS securities: |  |  |  |  |  |
| Corporate bonds | $67991 | $560 | $6704 | $14 | $61833 |
| U.S. government bonds | 427 | 3 | 40 | – | 390 |
| State and municipal bonds | 2391 | 27 | 270 | – | 2148 |
| Foreign government bonds | 277 | 12 | 56 | – | 233 |
| RMBS | 1849 | 23 | 162 | 7 | 1703 |
| CMBS | 1713 | 5 | 135 | – | 1583 |
| ABS | 14103 | 99 | 409 | 24 | 13769 |
| Hybrid and redeemable preferred securities | 227 | 25 | 10 | 1 | 241 |
| &nbsp;&nbsp;&nbsp;Total fixed maturity AFS securities | $88978 | $754 | $7786 | $46 | $81900 |

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The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of December 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
| | **Amortized Cost** | **Fair Value** |
| Due in one year or less | $4357 | $4318 |
| Due after one year through five years | 19875 | 19700 |
| Due after five years through ten years | 13373 | 13056 |
| Due after ten years | 34409 | 29946 |
| Subtotal | 72014 | 67020 |
| Structured securities (RMBS, CMBS, ABS) | 20828 | 20566 |
| &nbsp;&nbsp;&nbsp;Total fixed maturity AFS securities | $92842 | $87586 |

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Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

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The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Less Than or Equal to Twelve Months** | **Less Than or Equal to Twelve Months** | **Greater Than Twelve Months** | **Greater Than Twelve Months** | **Total** | **Total** |
| | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** <sup>(1)</sup> |
| Fixed maturity AFS securities: |  |  |  |  |  |  |
| Corporate bonds | $8529 | $1225 | $30458 | $4315 | $38987 | $5540 |
| U.S. government bonds | 427 | 27 | 36 | 5 | 463 | 32 |
| State and municipal bonds | 143 | 26 | 944 | 205 | 1087 | 231 |
| Foreign government bonds | 6 | 1 | 135 | 49 | 141 | 50 |
| RMBS | 154 | 7 | 803 | 101 | 957 | 108 |
| CMBS | 408 | 8 | 956 | 79 | 1364 | 87 |
| ABS | 3354 | 30 | 3105 | 180 | 6459 | 210 |
| Hybrid and redeemable |  |  |  |  |  |  |
| &nbsp;&nbsp; preferred securities | 17 | 1 | 54 | 5 | 71 | 6 |
| &nbsp;&nbsp; Total fixed maturity AFS securities | $13038 | $1325 | $36491 | $4939 | $49529 | $6264 |
| Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | 5738 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Less Than or Equal to Twelve Months** | **Less Than or Equal to Twelve Months** | **Greater Than Twelve Months** | **Greater Than Twelve Months** | **Total** | **Total** |
| | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** <sup>(1)</sup> |
| Fixed maturity AFS securities: |  |  |  |  |  |  |
| Corporate bonds | $16388 | $1290 | $29045 | $5414 | $45433 | $6704 |
| U.S. government bonds | 85 | 3 | 224 | 37 | 309 | 40 |
| State and municipal bonds | 652 | 61 | 721 | 209 | 1373 | 270 |
| Foreign government bonds | 29 | 5 | 118 | 51 | 147 | 56 |
| RMBS | 658 | 29 | 724 | 133 | 1382 | 162 |
| CMBS | 475 | 29 | 777 | 106 | 1252 | 135 |
| ABS | 2801 | 106 | 3826 | 303 | 6627 | 409 |
| Hybrid and redeemable |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;preferred securities | 18 | 1 | 93 | 9 | 111 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity AFS securities | $21106 | $1524 | $35528 | $6262 | $56634 | $7786 |
| Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | Total number of fixed maturity AFS securities in an unrealized loss position | 6645 |

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<sup>(1)</sup> As of December 31, 2025 and 2024, we recognized $12 million and $23 million of gross unrealized losses, respectively, in OCI for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

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The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Fair Value** | **Gross Unrealized Losses** | **Number**<br>**of**<br>**Securities** <sup>(1)</sup> |
| Less than six months | $2318 | $829 | 441 |
| Six months or greater, but less than nine months | 337 | 159 | 60 |
| Nine months or greater, but less than twelve months | 302 | 119 | 99 |
| Twelve months or greater | 4985 | 2089 | 889 |
| Total | $7942 | $3196 | 1489 |

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| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Fair Value** | **Gross Unrealized Losses** | **Number**<br>**of**<br>**Securities** <sup>(1)</sup> |
| Less than six months | $5209 | $1556 | 780 |
| Six months or greater, but less than nine months | 365 | 195 | 209 |
| Nine months or greater, but less than twelve months | 71 | 28 | 36 |
| Twelve months or greater | 4305 | 2142 | 734 |
| Total | $9950 | $3921 | 1759 |

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<sup>(1)</sup> We may reflect a security in more than one aging category based on various purchase dates.

Our gross unrealized losses on fixed maturity AFS securities decreased by $1.5 billion for the year ended December 31, 2025. As discussed further below, we do not believe the unrealized loss position as of December 31, 2025, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of December 31, 2025, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of December 31, 2025, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings ("S&P") or Baa3 or higher by Moody's Investors Service ("Moody's")) are generally considered by the rating agencies and market participants to be low credit risk. As of December 31, 2025 and 2024, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of December 31, 2025 and 2024, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $3.0 billion and $2.7 billion, respectively, and a fair value of $2.9 billion and $2.7 billion, respectively. Based upon the analysis discussed above, we believe that as of December 31, 2025 and 2024, we would have recovered the amortized cost of each corporate bond.

As of December 31, 2025, the unrealized losses associated with our MBS and ABS were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

As of December 31, 2025, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon

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credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

*Credit Loss Impairment on Fixed Maturity AFS Securities*

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. See [Note](#ia98e05977fda4d43b3704f3fbf9e048b_142)1 for a discussion regarding our accounting policy relating to the allowance for credit losses on our fixed maturity AFS securities.

Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** |
| | **Corporate Bonds** | **RMBS** | **ABS** | **Hybrids** | **Total** |
| Balance as of beginning-of-year | $14 | $7 | $24 | $1 | $46 |
| &nbsp;&nbsp;Additions from purchases of PCD debt securities <sup>(1)</sup> | – | – | – | – | – |
| Additions for securities for which credit losses were |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;not previously recognized | 45 | – | 20 | – | 65 |
| Additions (reductions) for securities for which |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;credit losses were previously recognized | 26 | (1) | 7 | – | 32 |
| Reductions for securities disposed | (7) | – | (1) | – | (8) |
| Reductions for securities charged off | (25) | – | – | – | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year <sup>(2)</sup> | $53 | $6 | $50 | $1 | $110 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** |
| | **Corporate Bonds** | **RMBS** | **ABS** | **Hybrids** | **Total** |
| Balance as of beginning-of-year | $8 | $6 | $4 | $1 | $19 |
| &nbsp;&nbsp;Additions from purchases of PCD debt securities <sup>(1)</sup> | – | – | – | – | – |
| Additions for securities for which credit losses were |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;not previously recognized | 10 | – | 15 | – | 25 |
| Additions (reductions) for securities for which |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;credit losses were previously recognized | 11 | 1 | 5 | – | 17 |
| Reductions for securities disposed | – | – | – | – | – |
| Reductions for securities charged off | (15) | – | – | – | (15) |
| Balance as of end-of-year <sup>(2)</sup> | $14 | $7 | $24 | $1 | $46 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2023** | **As of or For the Year Ended December 31, 2023** | **As of or For the Year Ended December 31, 2023** | **As of or For the Year Ended December 31, 2023** | **As of or For the Year Ended December 31, 2023** |
| | **Corporate Bonds** | **RMBS** | **ABS** | **Hybrids** | **Total** |
| Balance as of beginning-of-year | $9 | $7 | $4 | $1 | $21 |
| &nbsp;&nbsp;Additions from purchases of PCD debt securities <sup>(1)</sup> | – | – | – | – | – |
| Additions for securities for which credit losses were |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;not previously recognized | 24 | 1 | – | – | 25 |
| Additions (reductions) for securities for which |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;credit losses were previously recognized | (2) | (2) | – | – | (4) |
| Reductions for securities disposed | (2) | – | – | – | (2) |
| Reductions for securities charged off | (21) | – | – | – | (21) |
| Balance as of end-of-year <sup>(2)</sup> | $8 | $6 | $4 | $1 | $19 |

---

<sup>(1)</sup> Represents purchased credit-deteriorated ("PCD") fixed maturity AFS securities.

<sup>(2)</sup> As of December 31, 2025, 2024 and 2023, accrued investment income on fixed maturity AFS securities totaled $790 million, $766 million and $814 million, respectively, and was excluded from the estimate of credit losses.

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Losses from debt instrument modifications were $25 million and $3 million for the years ended December 31, 2025 and 2024, respectively.

**Trading Securities**

Trading securities at fair value (in millions) consisted of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Fixed maturity securities: |  |  |
| Corporate bonds | $1166 | $1390 |
| State and municipal bonds | 13 | 13 |
| Foreign government bonds | 39 | 41 |
| RMBS | 56 | 63 |
| CMBS | 100 | 108 |
| ABS | 273 | 371 |
| Hybrid and redeemable preferred securities | 13 | 19 |
| &nbsp;&nbsp;&nbsp;Total trading securities | $1660 | $2005 |

---

The portion of the market adjustment for trading gains and losses recognized in realized gain (loss) that relate to trading securities still held as of December 31, 2025, 2024 and 2023, was $41 million, $(1) million and $80 million, respectively.

**Mortgage Loans on Real Estate**

The following provides the current and past due composition of our mortgage loans on real estate (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Commercial** | **Residential** | **Total** | **Commercial** | **Residential** | **Total** |
| Current | $17506 | $4628 | $22134 | $17424 | $3387 | $20811 |
| 30 to 59 days past due | 1 | 93 | 94 | 6 | 71 | 77 |
| 60 to 89 days past due | 5 | 34 | 39 | – | 33 | 33 |
| 90 or more days past due | 35 | 144 | 179 | 35 | 90 | 125 |
| Allowance for credit losses | (112) | (69) | (181) | (99) | (53) | (152) |
| Unamortized premium (discount) | (9) | 115 | 106 | (6) | 83 | 77 |
| Mark-to-market gains (losses) <sup>(1)</sup> | (33) | – | (33) | (31) | – | (31) |
| Total carrying value | $17393 | $4945 | $22338 | $17329 | $3611 | $20940 |

---

<sup>(1)</sup> Represents the mark-to-market on certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers, and for which we have elected the fair value option. As of December 31, 2025, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $20 million, respectively. As of December 31, 2024, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $21 million, respectively. As of December 31, 2025 and 2024, there were no such mortgage loans on real estate that were more than 90 days past due and still accruing interest. For additional information, see "Fair Value Option" in Note 14.

Our commercial mortgage loan portfolio had the largest concentrations in California, which accounted for 28% and 27% of commercial mortgage loans on real estate as of December 31, 2025 and 2024, respectively, and Texas, which accounted for 10% of commercial mortgage loans on real estate as of December 31, 2025 and 2024.

As of December 31, 2025, our residential mortgage loan portfolio had the largest concentrations in New York and Florida, which accounted for 13% and 12% of residential mortgage loans on real estate, respectively. As of December 31, 2024, our residential mortgage loans portfolio had the largest concentrations in California and New York, which accounted for 14% of residential mortgage loans on real estate.

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The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows, excluding certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers:

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Commercial mortgage loans on real estate | $5 | $4 |
| Residential mortgage loans on real estate | 148 | 92 |
| Total | $153 | $96 |

---

We use LTV and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **LTV Less Than 65%** | **Debt-Service Coverage Ratio** | **LTV 65% to 75%** | **Debt-Service Coverage Ratio** | **LTV Greater Than 75%** | **Debt-Service Coverage Ratio** | **<br>Total** |
| **Origination Year** | | | | | | | |
| 2025 | $1322 | 1.81 | $182 | 1.41 | $11 | 1.20 | $1515 |
| 2024 | 1497 | 1.68 | 66 | 1.41 | 1 | 2.01 | 1564 |
| 2023 | 1310 | 1.87 | 33 | 1.38 | 1 | 1.17 | 1344 |
| 2022 | 1703 | 2.20 | 76 | 1.59 | 5 | 1.83 | 1784 |
| 2021 | 2190 | 3.65 | 37 | 1.70 | 26 | 4.36 | 2253 |
| 2020 and prior | 9014 | 2.53 | 46 | 1.38 | 18 | 1.86 | 9078 |
| Total | $17036 |  | $440 |  | $62 |  | $17538 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **LTV Less Than 65%** | **Debt-Service Coverage Ratio** | **LTV 65% to 75%** | **Debt-Service Coverage Ratio** | **LTV Greater Than 75%** | **Debt-Service Coverage Ratio** | **Total** |
| **Origination Year** | | | | | | | |
| 2024 | $1548 | 1.73 | $83 | 1.41 | $– | – | $1631 |
| 2023 | 1317 | 1.77 | 44 | 1.36 | – | – | 1361 |
| 2022 | 1721 | 2.11 | 94 | 1.55 | 4 | 1.30 | 1819 |
| 2021 | 2249 | 3.49 | 47 | 1.52 | – | – | 2296 |
| 2020 | 1158 | 3.33 | 4 | 1.53 | – | – | 1162 |
| 2019 and prior | 9056 | 2.38 | 126 | 1.58 | 8 | 1.30 | 9190 |
| Total | $17049 |  | $398 |  | $12 |  | $17459 |

---

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Performing** | **Nonperforming** | **Total** |
| **Origination Year** | | | |
| 2025 | $1650 | $4 | $1654 |
| 2024 | 1776 | 64 | 1840 |
| 2023 | 440 | 21 | 461 |
| 2022 | 425 | 33 | 458 |
| 2021 | 381 | 14 | 395 |
| 2020 and prior | 194 | 12 | 206 |
| Total | $4866 | $148 | $5014 |

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---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Performing** | **Nonperforming** | **Total** |
| **Origination Year** | | | |
| 2024 | $1895 | $14 | $1909 |
| 2023 | 557 | 16 | 573 |
| 2022 | 492 | 33 | 525 |
| 2021 | 427 | 11 | 438 |
| 2020 | 65 | 4 | 69 |
| 2019 and prior | 136 | 14 | 150 |
| &nbsp;&nbsp;Total | $3572 | $92 | $3664 |

---

*Credit Losses on Mortgage Loans on Real Estate*

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value. See [Note](#ia98e05977fda4d43b3704f3fbf9e048b_142)1 for a discussion regarding our accounting policy relating to the allowance for credit losses on our mortgage loans on real estate.

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** |
| | **Commercial** | **Residential** | **Total** |
| Balance as of beginning-of-year | $99 | $53 | $152 |
| Additions (reductions) from provision for credit loss  |  |  |  |
| &nbsp;&nbsp;&nbsp;expense <sup>(1)</sup> | 21 | 16 | 37 |
| Additions from purchases of PCD mortgage loans on |  |  |  |
| &nbsp;&nbsp;&nbsp;real estate | – | – | – |
| Reductions for mortgage loans on real estate charged off | (8) | – | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year <sup>(2)</sup> | $112 | $69 | $181 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** |
| | **Commercial** | **Residential** | **Total** |
| Balance as of beginning-of-year | $86 | $28 | $114 |
| &nbsp;&nbsp;Additions (reductions) from provision for credit loss  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;expense <sup>(1)</sup> | 63 | 25 | 88 |
| Additions from purchases of PCD mortgage loans on |  |  |  |
| &nbsp;&nbsp;&nbsp;real estate | – | – | – |
| Reductions for mortgage loans on real estate charged off | (50) | – | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year <sup>(2)</sup> | $99 | $53 | $152 |

---

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---

| | | | |
|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2023** | **As of or For the Year Ended December 31, 2023** | **As of or For the Year Ended December 31, 2023** |
| | **Commercial** | **Residential** | **Total** |
| Balance as of beginning-of-year | $83 | $15 | $98 |
| Additions (reductions) from provision for credit loss |  |  |  |
| &nbsp;&nbsp;&nbsp;expense <sup>(1)</sup> | 3 | 13 | 16 |
| Additions from purchases of PCD mortgage loans on |  |  |  |
| &nbsp;&nbsp;&nbsp;real estate | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year <sup>(2)</sup> | $86 | $28 | $114 |

---

<sup>(1)</sup> We recognized less than $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the years ended December 31, 2025 and 2024. We recognized $(1) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the year ended December 31, 2023.

<sup>(2)</sup> Accrued investment income on mortgage loans on real estate totaled $109 million, $94 million and $67 million as of December 31, 2025, 2024 and 2023, respectively, and was excluded from the estimate of credit losses.

**Alternative Investments** 

As of December 31, 2025 and 2024, alternative investments included investments in 364 and 351 different partnerships, respectively, and represented approximately 3% of total investments. These amounts do not include alternative investments that support funds withheld

and modified coinsurance reinsurance agreements where the investment results are passed directly to the reinsurers.

**Net Investment Income**

The major categories of net investment income (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Fixed maturity AFS securities | $4140 | $4088 | $4961 |
| Trading securities | 96 | 117 | 158 |
| Equity securities | 16 | 21 | 13 |
| Mortgage loans on real estate | 1034 | 881 | 752 |
| Policy loans | 101 | 93 | 102 |
| Cash and invested cash | 320 | 227 | 118 |
| Commercial mortgage loan prepayment |  |  |  |
| and bond make-whole premiums | 22 | 15 | 10 |
| Other investments | 466 | 271 | 230 |
| &nbsp;&nbsp;&nbsp;Investment income | 6195 | 5713 | 6344 |
| Investment expense | (570) | (606) | (611) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $5625 | $5107 | $5733 |

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**Impairments on Fixed Maturity AFS Securities**

Details underlying intent to sell impairments and credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Intent to Sell Impairments** <sup>(1)</sup> |  |  |  |
| Fixed maturity AFS securities: |  |  |  |
| Corporate bonds | $– | $– | $(3805) |
| State and municipal bonds | – | – | (214) |
| RMBS | – | – | (74) |
| CMBS | – | – | (60) |
| ABS | – | – | (57) |
| Hybrid and redeemable preferred securities | – | – | (3) |
| &nbsp;&nbsp;&nbsp;Total intent to sell impairments | $– | $– | $(4213) |
| **Credit Loss Benefit (Expense)** |  |  |  |
| Fixed maturity AFS securities: |  |  |  |
| Corporate bonds | $(64) | $(21) | $(23) |
| RMBS | 1 | (1) | 1 |
| ABS | (26) | (20) | 1 |
| &nbsp;&nbsp;&nbsp;Total credit loss benefit (expense) | $(89) | $(42) | $(21) |

---

<sup>(1)</sup> For the year ended December 31, 2023, this includes impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company's intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction.

**Payables for Collateral on Investments**

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| Collateral payable for derivative investments <sup>(1)</sup> | $7808 | $7808 | $7069 | $7069 |
| Securities pledged under securities lending agreements <sup>(2)</sup> | 145 | 139 | 157 | 151 |
| Investments pledged for FHLB lending program <sup>(3)</sup> | – | – | 2650 | 3657 |
| &nbsp;&nbsp;Total payables for collateral on investments | $7953 | $7947 | $9876 | $10877 |

---

<sup>(1)</sup> We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties' credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See [Note 5](#ia98e05977fda4d43b3704f3fbf9e048b_154) for additional information.

<sup>(2)</sup> Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

<sup>(3)</sup> Our pledged investments for Federal Home Loan Bank ("FHLB") related to the lending program are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional

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collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. As of December 31, 2025 and 2024, we were not participating in any open repurchase agreements.

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Collateral payable for derivative investments | $739 | $1942 | $1917 |
| Securities pledged under securities lending agreements | (12) | (48) | (93) |
| Investments pledged for FHLB lending program | (2650) | – | (480) |
| Total increase (decrease) in payables for collateral on investments | $(1923) | $1894 | $1344 |

---

We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Overnight and Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater Than 90 Days** | **Total** |
| **Securities Lending** | | | | | |
| Corporate bonds | $130 | $– | $– | $– | $130 |
| Foreign government bonds | 5 | – | – | – | 5 |
| &nbsp;&nbsp;Equity securities | 10 | – | – | – | 10 |
| &nbsp;&nbsp;&nbsp;Total gross secured borrowings | $145 | $– | $– | $– | $145 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Overnight and Continuous** | **Up to 30 Days** | **30-90 Days** | **Greater Than 90 Days** | **Total** |
| **Securities Lending** | | | | | |
| &nbsp;&nbsp;Corporate bonds | $144 | $– | $– | $– | $144 |
| &nbsp;&nbsp;U.S. government bonds | 1 | – | – | – | 1 |
| &nbsp;&nbsp;Equity securities | 12 | – | – | – | 12 |
| &nbsp;&nbsp;&nbsp;Total gross secured borrowings | $157 | $– | $– | $– | $157 |

---

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of December 31, 2025, we had not received any collateral and, therefore, had not sold or re-pledged any collateral under these agreements.

We also accept collateral from derivative counterparties in the form of securities that we are permitted to sell or re-pledge. As of

December 31, 2025, the fair value of this collateral received that we are permitted to sell or re-pledge was $2.3 billion, and we had re-pledged $31 million of this collateral to cover our collateral requirements.

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**Assets Pledged as Collateral**

We pledge assets as collateral in connection with derivative, securities lending and repurchase agreements, FABR funding agreements, membership obligations with the FHLB and regulatory deposits. See "Payables for Collateral on Investments" above and "Funding Agreements – FABR Funding Agreements" in Note 11 for additional information. Assets pledged as collateral at carrying value as reported on the Consolidated Balance Sheets were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2024** |
| Fixed maturity AFS securities | $3577 | $1736 |
| Trading securities | 14 | 23 |
| Equity securities | 10 | 12 |
| Mortgage loans on real estate | 1217 | 3530 |
| Other investments | 20 | 21 |
| Cash and invested cash | 63 | 110 |
| Total assets pledged as collateral | $4901 | $5432 |

---

**Investment Commitments**

As of December 31, 2025, our investment commitments were $4.6 billion, which included $3.1 billion of LPs, $890 million of mortgage loans on real estate, $390 million of asset-backed variable interest entities and $245 million of private placement securities.

**Concentrations of Financial Instruments**

As of December 31, 2025, our most significant investments in one issuer were our investments in securities issued by White Chapel LLC and White Chapel V LLC with a fair value of $1.2 billion and $1.1 billion, respectively, or 1% of total investments. As of December 31, 2024, our most significant investments in one issuer were our investments in securities issued by White Chapel V LLC and White Chapel LLC with a fair value of $1.5 billion and $1.1 billion, respectively, or 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

As of December 31, 2025 and 2024, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $16.2 billion, or 12% and 13%, respectively, of total investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $11.0 billion and $10.7 billion, respectively, or 8% and 9%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

**4. Variable Interest Entities** 

**Consolidated VIEs**

*Asset-Backed VIE*

We are the primary beneficiary of a limited partnership ("LP") that was formed in September 2025. The activities of this LP are primarily to acquire and hold other LP investments and issue rated notes and a residual tranche to the Company and pass along LP distributions via interest payments. This LP has a carrying value of $210 million as of December 31, 2025. We concluded that the Company is the primary beneficiary as we purchased all of the notes and have the obligation to absorb all benefits or losses that could potentially be significant to the VIE.

The assets of the VIE can only be used to settle obligations of the VIE and do not represent claims against the Company's assets. The Company's maximum exposure to loss as a result of its involvement with the VIE is limited to its investment in the VIE and any additional support the Company may choose to provide in the future.

**Unconsolidated VIEs**

*Reinsurance-Related Notes*

Effective October 1, 2017, our captive reinsurance subsidiary, the Lincoln Reinsurance Company of Vermont VI, restructured the $275 million, long-term surplus note which was originally issued to a non-affiliated VIE in October 2015 in exchange for two corporate

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bond AFS securities of like principal and duration. The activities of the VIE are primarily to acquire, hold and issue notes and loans and to pay and collect interest on the notes and loans. The outstanding principal balance of the long-term surplus note is variable in nature; moving concurrently with any variability in the face amount of the corporate bond AFS securities. We have concluded that we are not the primary beneficiary of the non-affiliated VIE because we do not have power over the activities that most significantly affect its economic performance. As of December 31, 2025, the principal balance of the long-term surplus note was zero and we do not currently have any exposure to this VIE.

*Structured Securities*

Through our investment activities, we make passive investments in structured securities issued by VIEs for which we are not the manager. These structured securities include our ABS, RMBS and CMBS. We have not provided financial or other support with respect to these VIEs other than our original investment. We have determined that we are not the primary beneficiary of these VIEs due to the relative size of our investment in comparison to the principal amount of the structured securities issued by the VIEs and the level of credit subordination that reduces our obligation to absorb losses or right to receive benefits. Our maximum exposure to loss on these structured securities is limited to the amortized cost for these investments. We recognize our variable interest in these VIEs at fair value on the Consolidated Balance Sheets. For information about these structured securities, see [Note 3.](#ia98e05977fda4d43b3704f3fbf9e048b_148)

*Limited Partnerships and Limited Liability Companies*

We invest in certain LPs and limited liability companies ("LLCs") that we have concluded are VIEs. Our exposure to loss is limited to the capital we invest in the LPs and LLCs. We do not hold any substantive kick-out or participation rights in the LPs and LLCs, and we do not receive any performance fees or decision maker fees from the LPs and LLCs. Based on our analysis of the LPs and LLCs, other than the asset-backed VIE LP discussed above, we are not the primary beneficiary of the VIEs as we do not have the power to direct the most significant activities of the LPs and LLCs. The carrying amounts of our investments in the LPs and LLCs are recognized in other investments on the Consolidated Balance Sheets and were $5.5 billion and $5.1 billion as of December 31, 2025 and 2024, respectively.

*Sponsored Investment Funds*

We invest in certain closed-end funds that we have concluded are VIEs as the equity holders lack power through voting rights to direct the activities of the entity that most significantly impact its economic performance. We determined that we are not the primary beneficiary of the VIEs as we do not have the power to influence the decisions that are most impactful to the performance of the VIEs, and we do not receive all of the economics of the VIEs. Our exposure to loss is limited to the capital we invest in the funds. The carrying amounts of our investments in these funds are recognized in equity securities on the Consolidated Balance Sheets and were $134 million and $5 million as of December 31, 2025 and 2024, respectively.

**5. Derivative Instruments**

We maintain an overall risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk. We assess these risks by continually identifying and monitoring changes in our exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities.

Derivative activities are monitored by various management committees. The committees are responsible for overseeing the implementation of various hedging strategies that are developed through the analysis of financial simulation models and other internal and industry sources. The resulting hedging strategies are incorporated into our overall risk management strategies.

See [Note 1](#ia98e05977fda4d43b3704f3fbf9e048b_142) for a discussion of the accounting treatment for derivative instruments. See [Note 14](#ia98e05977fda4d43b3704f3fbf9e048b_181) for additional disclosures related to the fair value of our derivative instruments.

**Interest Rate Contracts**

We use derivative instruments as part of our interest rate risk management strategy. These instruments are economic hedges unless otherwise noted and include:

*Forward-Starting Interest Rate Swaps*

We use forward-starting interest rate swaps to hedge the interest rate exposure within our annuity, life insurance and retirement products.

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*Interest Rate Cap Corridors*

We use interest rate cap corridors to provide a level of protection from the effect of rising interest rates for certain annuity contracts and life insurance products. Interest rate cap corridors involve purchasing an interest rate cap at a specific cap rate and selling an interest rate cap with a higher cap rate. For each corridor, the amount of quarterly payments, if any, is determined by the rate at which the underlying index rate resets above the original capped rate. The corridor limits the benefit the purchaser can receive as the related interest rate index rises above the higher capped rate. There is no additional liability to us other than the purchase price associated with the interest rate cap corridor.

*Interest Rate Futures*

We use interest rate futures contracts to hedge the liability exposure on certain options in variable annuity and RILA products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

*Interest Rate Swap Agreements*

We use interest rate swap agreements to hedge the liability exposure on certain options in variable annuity and RILA products.

We also use interest rate swap agreements designated and qualifying as cash flow hedges to hedge the interest rate risk of floating-rate bond coupon payments by replicating a fixed-rate bond.

Finally, we use interest rate swap agreements designated and qualifying as fair value hedges to hedge against changes in the fair value of certain fixed maturity securities due to interest rate risks.

*Bond Forwards and Reverse Treasury Locks*

We use bond forwards and reverse treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to the anticipated purchase of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. These derivatives are primarily structured to hedge interest rate risk inherent in the assumptions used to price certain liabilities.

**Foreign Currency Contracts**

We use derivative instruments as part of our foreign currency risk management strategy. These instruments are economic hedges unless otherwise noted and include:

*Foreign Currency Swaps*

We use foreign currency swaps to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency swap is a contractual agreement to exchange one currency for another at specified dates in the future at a specified exchange rate.

We also use foreign currency swaps designated and qualifying as cash flow and fair value hedges to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies.

*Foreign Currency Forwards* 

We use foreign currency forwards to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency forward is a contractual agreement to exchange one currency for another at specified dates in the future at a specified current exchange rate.

**Equity Market Contracts**

We use derivative instruments as part of our equity market risk management strategy that are economic hedges and include:

*Call Options Based on the S&P 500® Index and Other Indices*

We use call options to hedge the liability exposure on certain options in variable annuity, RILA, fixed indexed annuity, IUL and VUL products.

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Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500 Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use call options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

*Consumer Price Index Swaps*

We use consumer price index swaps to hedge the liability exposure on certain options in fixed annuity products. Consumer price index swaps are contracts entered into at no cost and whose payoff is the difference between the consumer price index inflation rate and the fixed-rate determined as of inception.

*Equity Futures*

We use equity futures contracts to hedge the liability exposure on certain options in variable annuity and RILA products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.

*Put Options*

We use put options to hedge the liability exposure on certain options in variable annuity, RILA and VUL products. Put options are contracts that require the buyers to pay at a specified future date the amount, if any, by which a specified equity index is less than the strike rate stated in the agreement, applied to a notional amount.

*Total Return Swaps*

We use total return swaps to hedge the liability exposure on certain options in variable annuity, RILA and VUL products.

In addition, we use total return swaps to hedge a portion of the liability related to our deferred compensation plans. We receive the total return on a portfolio of indexes and pay a floating-rate of interest.

**Commodity Contracts** 

We use commodity contracts to economically hedge certain investments that are closely tied to the changes in commodity values. The commodity contract is an over-the-counter contract that combines a purchase put/sold call to lock in a commodity price within a predetermined range in exchange for a net premium.

**Credit Contracts**

We use derivative instruments as part of our credit risk management strategy that are economic hedges and include:

*Credit Default Swaps – Buying Protection*

We use credit default swaps ("CDSs") to hedge the liability exposure on certain options in variable annuity products.

We buy CDSs to hedge against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows us to put the bond back to the counterparty at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

*CDSs – Selling Protection*

We use CDSs to hedge the liability exposure on certain options in variable annuity products.

We sell CDSs to offer credit protection to policyholders and investors. The CDSs hedge the policyholders and investors against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows the investor to put the bond back to us at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.

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**Other Derivatives**

*Lapse Protection Rider Ceded Derivative*

We have an inter-company agreement through which Lincoln National Reinsurance Company (Barbados) Limited ("LNBAR"), an affiliated reinsurer, assumes the risk under certain UL contracts for lapse protection riders ("LPR"). If the policyholder's account balance is insufficient to pay the cost of insurance charges required to keep the policy in force, and the policyholder has made the required deposits, we will be reimbursed for those charges.

**Embedded Derivatives**

We have embedded derivatives that include:

*RILA, Fixed Indexed Annuity and IUL Contracts Embedded Derivatives*

Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500<sup>®</sup> Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.

*Reinsurance-Related Embedded Derivatives*

We have certain modified coinsurance and coinsurance with funds withheld reinsurance agreements with embedded derivatives related to the withheld assets of the related funds. These derivatives are considered total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

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**Primary Risks Managed by Derivatives** 

We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the related credit exposure. Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Notional Amounts** | **Fair Value** | **Fair Value** | **Notional Amounts** | **Fair Value** | **Fair Value** |
| | **Notional Amounts** | **Asset** | **Liability** | **Notional Amounts** | **Asset** | **Liability** |
| **Qualifying Hedges** | | | | | | |
| Cash flow hedges: |  |  |  |  |  |  |
| Interest rate contracts <sup>(1)</sup> | $1300 | $12 | $7 | $632 | $2 | $16 |
| Foreign currency contracts <sup>(1)</sup> | 4922 | 380 | 125 | 4738 | 556 | 44 |
| &nbsp;&nbsp;&nbsp;Total cash flow hedges | 6222 | 392 | 132 | 5370 | 558 | 60 |
| Fair value hedges: |  |  |  |  |  |  |
| Interest rate contracts <sup>(1)</sup> | 417 | 1 | – | 435 | 8 | 16 |
| Foreign currency contracts <sup>(1)</sup> | 25 | – | 2 | 25 | 1 | – |
| &nbsp;&nbsp;&nbsp;Total fair value hedges | 442 | 1 | 2 | 460 | 9 | 16 |
| **Non-Qualifying Hedges** |  |  |  |  |  |  |
| Interest rate contracts <sup>(1)</sup> | 84814 | 64 | 321 | 75445 | 63 | 439 |
| Foreign currency contracts <sup>(1)</sup> | 289 | 12 | 4 | 348 | 30 | 2 |
| Equity market contracts <sup>(1)</sup> | 238134 | 15560 | 5685 | 191171 | 13072 | 3879 |
| Credit contracts <sup>(1)</sup> | 17 | – | – | 57 | – | – |
| LPR ceded derivative <sup>(2)</sup> | – | 202 | – | – | 190 | – |
| Embedded derivatives: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance-related <sup>(3)</sup> | – | 202 | – | – | 728 | – |
| RILA, fixed indexed annuity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and IUL contracts <sup>(4)</sup> | – | 2482 | 15115 | – | 1970 | 12449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivative instruments | $329918 | $18915 | $21259 | $272851 | $16620 | $16845 |

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<sup>(1)</sup> These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements as described in [Note 1](#ia98e05977fda4d43b3704f3fbf9e048b_142).

<sup>(2)</sup> Reported in other assets on the Consolidated Balance Sheets.

<sup>(3)</sup> Reported in funds withheld reinsurance liabilities on the Consolidated Balance Sheets.

<sup>(4)</sup> Reported in policyholder account balances and deposit assets on the Consolidated Balance Sheets.

The maturity of the notional amounts of derivative instruments (in millions) was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Remaining Life as of December 31, 2025** | **Remaining Life as of December 31, 2025** | **Remaining Life as of December 31, 2025** | **Remaining Life as of December 31, 2025** | **Remaining Life as of December 31, 2025** | **Remaining Life as of December 31, 2025** |
| | **Less Than 1 Year** | **1 - 5 Years** | **6 - 10 Years** | **11 - 30 Years** | **Over 30 Years** | **Total** |
| Interest rate contracts <sup>(1)</sup> | $21508 | $17291 | $22513 | $25219 | $– | $86531 |
| Foreign currency contracts <sup>(2)</sup> | 245 | 1380 | 1808 | 1761 | 42 | 5236 |
| Equity market contracts | 169259 | 56126 | 10563 | 7 | 2179 | 238134 |
| Credit contracts | – | 17 | – | – | – | 17 |
| &nbsp;&nbsp;Total derivative instruments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;with notional amounts | $191012 | $74814 | $34884 | $26987 | $2221 | $329918 |

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<sup>(1)</sup> As of December 31, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was January 28, 2030.

<sup>(2)</sup> As of December 31, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.

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The following amounts (in millions) were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Amortized Cost of the Hedged Assets (Liabilities)** | **Amortized Cost of the Hedged Assets (Liabilities)** | **Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets (Liabilities)** | **Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets (Liabilities)** |
| | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2025** | **As of December 31, 2024** |
| **Line Item in the Consolidated Balance Sheets in** | | | | |
| **which the Hedged Item is Included** | | | | |
| Fixed maturity AFS securities, at fair value <sup>(1)</sup> | $645 | $484 | $21 | $7 |

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<sup>(1)</sup> Includes $21 million of unamortized adjustments from discontinued hedges as of December 31, 2025, and none as of December 31, 2024.

The change in our unrealized gain (loss) on derivative instruments within AOCI (in millions) was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Unrealized Gain (Loss) on Derivative Instruments** |  |  |  |
| Balance as of beginning-of-year | $402 | $249 | $301 |
| Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;Unrealized holding gains (losses) arising during the year: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | 17 | 17 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | 208 | 21 | (50) |
| &nbsp;&nbsp;Change in foreign currency exchange rate adjustment | (411) | 220 | (169) |
| &nbsp;&nbsp;Income tax benefit (expense) | 40 | (54) | 2 |
| &nbsp;&nbsp;Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for gains (losses) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;included in net income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts <sup>(1)</sup> | – | (3) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts <sup>(1)</sup> | 57 | 59 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts <sup>(2)</sup> | (3) | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | (11) | (13) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $213 | $402 | $249 |

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<sup>(1)</sup> The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss).

<sup>(2)</sup> The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

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The effects of qualifying and non-qualifying hedges (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Gain (Loss) Recognized in Income For the Year Ended December 31, 2025** | **Gain (Loss) Recognized in Income For the Year Ended December 31, 2025** | **Gain (Loss) Recognized in Income For the Year Ended December 31, 2025** |
| | **Realized Gain (Loss)** | **Net Investment Income** | **Benefits** |
| **Total Line Items in which the Effects of Fair Value or** | | | |
| **Cash Flow Hedges are Recorded** | $(746) | $5625 | $5451 |
| **Qualifying Hedges** |  |  |  |
| &nbsp;&nbsp;Gain or (loss) on fair value hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedged items | – | 11 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments | – | (11) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedged items | – | 3 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments | – | (3) | – |
| &nbsp;&nbsp;Gain or (loss) on cash flow hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of gain or (loss) reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;into income | (3) | 57 | – |
| **Non-Qualifying Hedges** |  |  |  |
| &nbsp;&nbsp;Interest rate contracts | 145 | – | – |
| &nbsp;&nbsp;Foreign currency contracts | (5) | – | – |
| &nbsp;&nbsp;Equity market contracts | 3091 | – | – |
| &nbsp;&nbsp;Credit contracts | 2 | – | – |
| &nbsp;&nbsp;LPR ceded derivative | – | – | (12) |
| &nbsp;&nbsp;Embedded derivatives: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance-related | (510) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;RILA, fixed indexed annuity and IUL contracts | (2016) | – | – |

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| | | | |
|:---|:---|:---|:---|
| | **Gain (Loss) Recognized in Income For the Year Ended December 31, 2024** | **Gain (Loss) Recognized in Income For the Year Ended December 31, 2024** | **Gain (Loss) Recognized in Income For the Year Ended December 31, 2024** |
| | **Realized Gain (Loss)** | **Net Investment Income** | **Benefits** |
| **Total Line Items in which the Effects of Fair Value or** | | | |
| **Cash Flow Hedges are Recorded** | $276 | $5107 | $2100 |
| **Qualifying Hedges** |  |  |  |
| &nbsp;&nbsp;Gain or (loss) on fair value hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedged items | – | (30) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments | – | 30 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedged items | – | (2) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments | – | 2 | – |
| &nbsp;&nbsp;Gain or (loss) on cash flow hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of gain or (loss) reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;into income | – | (3) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of gain or (loss) reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;into income | 8 | 59 | – |
| **Non-Qualifying Hedges** |  |  |  |
| &nbsp;&nbsp;Interest rate contracts | (318) | – | – |
| &nbsp;&nbsp;Equity market contracts | 5248 | – | – |
| &nbsp;&nbsp;LPR ceded derivative | – | – | 16 |
| &nbsp;&nbsp;Embedded derivatives: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance-related | 189 | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;RILA, fixed indexed annuity and IUL contracts | (2943) | – | – |

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| | | | |
|:---|:---|:---|:---|
| | **Gain (Loss) Recognized in Income For the Year Ended December 31, 2023** | **Gain (Loss) Recognized in Income For the Year Ended December 31, 2023** | **Gain (Loss) Recognized in Income For the Year Ended December 31, 2023** |
| | **Realized Gain (Loss)** | **Net Investment Income** | **Benefits** |
| **Total Line Items in which the Effects of Fair Value or** | | | |
| **Cash Flow Hedges are Recorded** | $(4934) | $5733 | $5044 |
| **Qualifying Hedges** |  |  |  |
| &nbsp;&nbsp;Gain or (loss) on fair value hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedged items | – | (5) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedging instruments | – | 5 |  |
| &nbsp;&nbsp;Gain or (loss) on cash flow hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of gain or (loss) reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;into income | – | (1) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of gain or (loss) reclassified from AOCI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;into income | 7 | 54 | – |
| **Non-Qualifying Hedges** |  |  |  |
| &nbsp;&nbsp;Interest rate contracts | (161) | – | – |
| &nbsp;&nbsp;Foreign currency contracts | (2) | – | – |
| &nbsp;&nbsp;Equity market contracts | 1387 | – | – |
| &nbsp;&nbsp;Commodity contracts | 8 | – | – |
| &nbsp;&nbsp;Credit contracts | (4) | – | – |
| &nbsp;&nbsp;LPR ceded derivative | – | – | 6 |
| &nbsp;&nbsp;Embedded derivatives: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance-related | (188) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;RILA, fixed indexed annuity and IUL contracts | (3187) | – | – |

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As of December 31, 2025, $60 million of the deferred net gains (losses) on derivative instruments in AOCI were expected to be reclassified to earnings during the next 12 months. The reclassification is impacted by both interest rates and foreign currency forward rates, as the cash flow hedges affecting the reclassification include interest rate swaps and foreign currency swaps.

For the years ended December 31, 2025 and 2024, there were no material reclassifications to earnings due to hedged firm commitments no longer deemed probable or due to hedged forecasted transactions that had not occurred by the end of the originally specified time period.

As of December 31, 2025 and 2024, we did not have any exposure related to CDSs for which we are the seller.

**Credit Risk**

We are exposed to credit losses in the event of non-performance by our counterparties on various derivative contracts and reflect assumptions regarding the credit or non-performance risk. The non-performance risk is based upon assumptions for each counterparty's credit spread over the estimated weighted average life of the counterparty exposure, less collateral held. As of December 31, 2025, the non-performance risk adjustment was zero. The credit risk associated with such agreements is minimized by entering into agreements with financial institutions with long-standing, superior performance records. Additionally, we maintain a policy of requiring derivative contracts to be governed by an International Swaps and Derivatives Association ("ISDA") Master Agreement. We are required to maintain minimum ratings as a matter of routine practice in negotiating ISDA agreements. Under nearly all of our ISDA agreements, we and LLANY have agreed to maintain certain financial strength ratings. A downgrade below these levels could result in termination of derivative contracts, at which time any amounts payable by us would be dependent on the market value of the underlying derivative contracts. In certain transactions, we and the counterparty have entered into a credit support annex requiring either party to post collateral when net exposures exceed pre-determined thresholds. These thresholds vary by counterparty and credit rating. The amount of such

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exposure is essentially the net replacement cost or market value less collateral held for such agreements with each counterparty if the net market value is in our favor. We did not have any exposure as of December 31, 2025 or 2024.

The amounts recognized (in millions) by S&P credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Collateral Posted by Counterparty** | **Collateral Posted to Counterparty** | **Collateral Posted by Counterparty** | **Collateral Posted to Counterparty** |
| **S&P Credit Rating of Counterparty** | | | | |
| AA- | $2867 | $(3) | $4006 | $(2) |
| A+ | 4613 | (15) | 2354 | (89) |
| A | 64 | – | 47 | – |
| A- | 240 | – | 632 | – |
| Total cash collateral | $7784 | $(18) | $7039 | $(91) |

---

**Balance Sheet Offsetting**

Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Derivative Instruments** | **Embedded Derivative Instruments** | **Total** |
| **Financial Assets** | | | |
| Gross amount of recognized assets | $15939 | $2684 | $18623 |
| Gross amounts offset | (5994) | – | (5994) |
| &nbsp;&nbsp;Net amount of assets | 9945 | 2684 | 12629 |
| Gross amounts not offset: |  |  |  |
| &nbsp;&nbsp;Cash collateral | (7784) | – | (7784) |
| &nbsp;&nbsp;Non-cash collateral <sup>(1)</sup> | (2161) | – | (2161) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amount | $– | $2684 | $2684 |
| **Financial Liabilities** |  |  |  |
| Gross amount of recognized liabilities | $150 | $15115 | $15265 |
| Gross amounts offset | (90) | – | (90) |
| &nbsp;&nbsp;Net amount of liabilities | 60 | 15115 | 15175 |
| Gross amounts not offset: |  |  |  |
| &nbsp;&nbsp;Cash collateral | (18) | – | (18) |
| &nbsp;&nbsp;Non-cash collateral | (28) | – | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amount | $14 | $15115 | $15129 |

---

<sup>(1)</sup> Excludes excess non-cash collateral received of $1.5 billion, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

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---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Derivative Instruments** | **Embedded Derivative Instruments** | **Total** |
| **Financial Assets** | | | |
| Gross amount of recognized assets | $13299 | $2698 | $15997 |
| Gross amounts offset | (3787) | – | (3787) |
| &nbsp;&nbsp;Net amount of assets | 9512 | 2698 | 12210 |
| Gross amounts not offset: |  |  |  |
| &nbsp;&nbsp;Cash collateral | (7039) | – | (7039) |
| &nbsp;&nbsp;Non-cash collateral <sup>(1)</sup> | (2473) | – | (2473) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amount | $– | $2698 | $2698 |
| **Financial Liabilities** |  |  |  |
| Gross amount of recognized liabilities | $608 | $12449 | $13057 |
| Gross amounts offset | (432) | – | (432) |
| &nbsp;&nbsp;Net amount of liabilities | 176 | 12449 | 12625 |
| Gross amounts not offset: |  |  |  |
| &nbsp;&nbsp;Cash collateral | (91) | – | (91) |
| &nbsp;&nbsp;Non-cash collateral <sup>(2)</sup> | (85) | – | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net amount | $– | $12449 | $12449 |

---

<sup>(1)</sup> Excludes excess non-cash collateral received of $791 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

<sup>(2)</sup> Excludes excess non-cash collateral pledged of $29 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

**6. DAC, VOBA, DSI and DFEL**

The following table reconciles DAC, VOBA and DSI (in millions) to the Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **DAC, VOBA and DSI** |  |  |
| Variable Annuities | $4240 | $4104 |
| Fixed Annuities | 477 | 423 |
| Traditional Life | 1208 | 1329 |
| UL and Other | 6219 | 6146 |
| Group Protection | 178 | 136 |
| Retirement Plan Services | 308 | 288 |
| Other Operations | 7 | – |
| Total DAC, VOBA and DSI | $12637 | $12426 |

---

The following table reconciles DFEL (in millions) to the Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **DFEL** |  |  |
| Variable Annuities | $282 | $293 |
| UL and Other <sup>(1)</sup> | 7266 | 6406 |
| Other Operations <sup>(2)</sup> | 57 | 51 |
| Total DFEL | $7605 | $6750 |

---

<sup>(1)</sup> We reported $2.6 billion and $2.4 billion of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.

<sup>(2)</sup> Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $57 million and $51 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

The following tables summarize the changes in DAC (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Variable Annuities** | **Fixed Annuities** | **Traditional Life** | **UL and Other** | **Group Protection** | **Retirement Plan Services** |
| Balance as of beginning-of-year | $3959 | $393 | $1294 | $5754 | $136 | $246 |
| Business acquired (sold) through |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;reinsurance | – | – | (19) | – | (4) | – |
| Deferrals | 570 | 124 | 42 | 424 | 143 | 20 |
| Amortization | (422) | (65) | (137) | (314) | (97) | (19) |
| &nbsp;&nbsp;&nbsp;Balance as of end-of-year | $4107 | $452 | $1180 | $5864 | $178 | $247 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Variable Annuities** | **Fixed Annuities** | **Traditional Life** | **UL and Other** | **Group Protection** | **Retirement Plan Services** |
| Balance as of beginning-of-year | $3868 | $421 | $1332 | $5709 | $154 | $244 |
| Business acquired (sold) through |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;reinsurance | – | – | – | (73) | (38) | – |
| Deferrals | 454 | 44 | 107 | 420 | 134 | 21 |
| Amortization | (363) | (72) | (145) | (302) | (114) | (19) |
| &nbsp;&nbsp;&nbsp;Balance as of end-of-year | $3959 | $393 | $1294 | $5754 | $136 | $246 |

---

DAC amortization expense of $1.1 billion, $1.0 billion and $992 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, respectively.

The following tables summarize the changes in VOBA (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Fixed Annuities** | **Traditional Life** | **UL and Other** |
| Balance as of beginning-of-year | $13 | $35 | $366 |
| Deferrals | – | – | 1 |
| Amortization | (2) | (7) | (37) |
| &nbsp;&nbsp;&nbsp;Balance as of end-of-year | $11 | $28 | $330 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Fixed Annuities** | **Traditional Life** | **UL and Other** |
| Balance as of beginning-of-year | $15 | $42 | $402 |
| Deferrals | – | – | 2 |
| Amortization | (2) | (7) | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $13 | $35 | $366 |

---

VOBA amortization expense of $46 million, $47 million and $53 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, respectively. No additions or write-offs were recorded for each respective year.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

Estimated future amortization of VOBA (in millions), as of December 31, 2025, was as follows:

---

| | |
|:---|:---|
| 2026 | $36 |
| 2027 | 31 |
| 2028 | 26 |
| 2029 | 22 |
| 2030 | 20 |

---

The following tables summarize the changes in DSI (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement Plan Services** |
| Balance as of beginning-of-year | $145 | $17 | $26 | $42 |
| Deferrals | 1 | – | – | 20 |
| Amortization | (13) | (3) | (1) | (1) |
| &nbsp;&nbsp;&nbsp;Balance as of end-of-year | $133 | $14 | $25 | $61 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement Plan Services** |
| Balance as of beginning-of-year | $157 | $20 | $28 | $26 |
| Deferrals | 2 | – | 1 | 17 |
| Amortization | (14) | (3) | (3) | (1) |
| &nbsp;&nbsp;&nbsp;Balance as of end-of-year | $145 | $17 | $26 | $42 |

---

DSI amortization expense of $18 million, $21 million and $21 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, respectively.

The following tables summarize the changes in DFEL (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Variable Annuities** | **UL and Other** | **Variable Annuities** | **UL and Other** |
| Balance as of beginning-of-year | $293 | $6406 | $300 | $5579 |
| Deferrals | 15 | 1222 | 19 | 1114 |
| Amortization | (26) | (362) | (26) | (287) |
| Balance as of end-of-year | 282 | 7266 | 293 | 6406 |
| Less: Reinsurance recoverables | – | 2563 | – | 2436 |
| Balance as of end-of-year, net of reinsurance | $282 | $4703 | $293 | $3970 |

---

DFEL amortization of $388 million, $313 million and $290 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, respectively.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

**7. Reinsurance**

The following summarizes reinsurance amounts (in millions) recorded on the Consolidated Statements of Comprehensive Income (Loss), excluding amounts attributable to the indemnity reinsurance agreements with Protective and Swiss Re:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Direct insurance premiums and fee income | $14385 | $14052 | $13661 |
| Reinsurance assumed | 34 | 90 | 91 |
| Reinsurance ceded | (4567) | (7790) | (5168) |
| Total insurance premiums and fee income | $9852 | $6352 | $8584 |
| Direct insurance benefits | $10856 | $10845 | $10178 |
| Reinsurance ceded | (5405) | (8745) | (5150) |
| Total benefits | $5451 | $2100 | $5028 |
| Direct market risk benefit (gain) loss | $(350) | $(2819) | $(2309) |
| Reinsurance ceded | 127 | 1881 | 1174 |
| Total market risk benefit (gain) loss | $(223) | $(938) | $(1135) |
| Direct policyholder liability remeasurement (gain) loss | $(154) | $35 | $(234) |
| Reinsurance ceded | 55 | (55) | 67 |
| Total policyholder liability remeasurement (gain) loss | $(99) | $(20) | $(167) |

---

We and LLANY cede insurance to other companies. The portion of our life insurance risks exceeding each of our insurance companies' retention limit is reinsured with other insurers. We seek annuity and life reinsurance coverage to limit our exposure to mortality losses and/or to enhance our capital and risk management. Reinsurance does not discharge us from our primary obligation to contract holders for losses incurred under the policies we issue. We evaluate each reinsurance agreement to determine whether the agreement provides indemnification against loss or liability. As discussed in [Note 25](#ia98e05977fda4d43b3704f3fbf9e048b_214), a portion of this reinsurance activity is with affiliated companies.

As of December 31, 2025, the policy for our reinsurance program was to retain no more than $20 million on a single insured life, with the retention on most policies being significantly below that. As the amount we retain varies by policy, we reinsured 25% of the mortality risk on newly issued life insurance contracts in 2025.

*Reinsurance Exposures*

We focus on obtaining reinsurance from a diverse group of reinsurers, and we monitor concentration as well as financial strength ratings of our reinsurers. Significant reinsurance agreements are discussed below.

*LPINE*

Effective June 30, 2024, we entered into a reinsurance agreement with Lincoln Pinehurst Reinsurance Company (Bermuda) Limited ("LPINE"), an affiliated reinsurer with reciprocal jurisdiction status in Indiana as of August 8, 2025, to reinsure certain blocks of in-force group protection and fixed annuity products ("Initial LPINE Treaty"). Effective December 31, 2024, the Initial LPINE Treaty was amended to cede additional fixed annuity products and to open the treaty to reinsure the flow of new fixed annuity policies. Effective July 1, 2025, we amended the Initial LPINE Treaty again to cede an additional block of group protection business.

The Initial LPINE Treaty was structured as coinsurance with funds withheld. As significant insurance risk was transferred for the block of group protection products, amounts recoverable from LPINE were $3.9 billion and $3.7 billion as of December 31, 2025 and 2024, respectively. We reported a deferred loss of $37 million and $14 million as of December 31, 2025 and 2024, respectively. Fixed annuities are not life-contingent and do not contain significant insurance risk; therefore, we reported deposit assets of $9.6 billion and $7.9 billion as of December 31, 2025 and 2024, respectively. In this coinsurance with funds withheld reinsurance agreement, we as the ceding company withhold, and therefore retain, the assets backing the reserves and deposit assets.

Effective January 1, 2025, we entered into a second treaty with LPINE to cede the flow of new level term life insurance policies.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

We held investments with a carrying value of $13.7 billion and $11.5 billion in support of reserves associated with the LPINE agreement in a funds withheld arrangement as of December 31, 2025 and 2024, respectively, which consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Fixed maturity AFS securities | $11272 | $9287 |
| Mortgage loans on real estate | 2115 | 1941 |
| Derivative investments | 218 | 190 |
| Accrued investment income | 118 | 97 |
| Total | $13723 | $11515 |

---

*LNBAR*

We reinsure blocks of business to LNBAR, an affiliated reinsurer. Effective October 1, 2023, we entered into an agreement with LNBAR that was structured as a coinsurance treaty, with some assets withheld, for certain blocks of in-force *MoneyGuard*<sup>®</sup> products. As significant insurance risk was transferred for the *MoneyGuard* blocks, amounts recoverable from LNBAR were $14.1 billion and $14.2 billion as of December 31, 2025 and 2024, respectively. We reported a deferred gain on the transaction of $3.9 billion and $4.1 billion as of December 31, 2025 and 2024, respectively. We amortized $174 million and $159 million of the deferred gain during 2025 and 2024, respectively. We held other investments and cash and invested cash with a carrying value of $1.5 billion and $1.4 billion as of December 31, 2025 and 2024, respectively, in support of reserves associated with this agreement.

LNBAR has funded trusts to support reserves ceded by us of which the balance in the trusts changes as a result of ongoing reinsurance activity and totaled $12.8 billion and $12.2 billion as of December 31, 2025 and 2024, respectively.

*Fortitude Re*

Effective October 1, 2023, we entered into a reinsurance agreement with Fortitude Reinsurance Company Ltd. ("Fortitude Re"), an authorized Bermuda reinsurer with reciprocal jurisdiction reinsurer status in Indiana, to reinsure certain blocks of in-force UL with secondary guarantees ("ULSG") and fixed annuity products, including group pension annuities. Fortitude Re represents our largest unaffiliated reinsurance exposure as of December 31, 2025.

The agreement between us and Fortitude Re was structured as a coinsurance treaty for the ULSG and fixed annuities blocks. As significant insurance risk was transferred for ULSG products and life-contingent annuities, amounts recoverable from Fortitude Re were $10.6 billion as of December 31, 2025 and 2024. We reported a deferred loss on the transaction of $2.5 billion and $2.6 billion as of December 31, 2025 and 2024, respectively. We amortized $92 million and $90 million of the deferred loss during 2025 and 2024, respectively. Annuities that are not life-contingent do not contain significant insurance risk; therefore, we reported deposit assets for these contracts of $2.4 billion and $3.0 billion as of December 31, 2025 and 2024, respectively.

*Resolution Life*

Effective October 1, 2021, we entered into a reinsurance agreement with Security Life of Denver Insurance Company (a subsidiary of Resolution Life that we refer to herein as "Resolution Life") to reinsure liabilities under a block of in-force executive benefit and universal life policies. The agreement was structured as coinsurance for the general account reserves and modified coinsurance for the separate account reserves. Amounts recoverable from Resolution Life were $4.8 billion and $4.9 billion as of December 31, 2025 and 2024, respectively. Resolution Life has funded trusts, the balances of which change as a result of ongoing reinsurance activity to support the business ceded, that totaled $3.6 billion and $3.8 billion as of December 31, 2025 and 2024, respectively.

*Commonwealth*

Effective January 15, 2020, we entered into a coinsurance agreement with Commonwealth Annuity and Life Insurance Company ("Commonwealth") to reinsure fixed annuity products, which resulted in a net deposit asset of $11.5 billion and $9.5 billion as of December 31, 2025 and 2024, respectively. Commonwealth has funded trusts, the balances of which change as a result of ongoing reinsurance activity to support the business ceded, that totaled $11.6 billion and $9.0 billion as of December 31, 2025 and 2024, respectively.

*Protective*

The sale of individual life and individual and group annuity business acquired from Liberty Life Assurance Company of Boston completed May 1, 2018 resulted in amounts recoverable from Protective of $8.1 billion and $8.4 billion as of December 31, 2025 and

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2024, respectively. Protective has funded trusts, the balances of which change as a result of ongoing reinsurance activity, to support the business ceded, that totaled $9.3 billion and $9.9 billion as of December 31, 2025 and 2024, respectively.

*Athene*

Effective October 1, 2018, we entered into a modified coinsurance agreement with Athene Holding Ltd. ("Athene") to reinsure fixed annuity products, which resulted in a deposit asset of $1.7 billion and $2.1 billion as of December 31, 2025 and 2024, respectively. We held assets in support of reserves associated with the Athene transaction in a modified coinsurance investment portfolio, which consisted of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Fixed maturity AFS securities | $124 | $142 |
| Trading securities | 1121 | 1385 |
| Equity securities | 43 | 42 |
| Mortgage loans on real estate | 199 | 232 |
| Derivative investments | 24 | 46 |
| Other investments | 56 | 54 |
| Cash and invested cash | 100 | 147 |
| Accrued investment income | 14 | 18 |
| Other assets | 2 | 1 |
| &nbsp;&nbsp;Total | $1683 | $2067 |

---

The portfolio was supported by $47 million of over-collateralization and a $50 million LOC as of December 31, 2025. Additionally, we recorded a deferred gain on business sold through reinsurance related to the transaction with Athene and amortized $18 million, $26 million and $33 million of the gain during 2025, 2024 and 2023, respectively.

*Swiss Re*

Our reinsurance operations were acquired by Swiss Re in December 2001 through a series of indemnity reinsurance transactions. As such, Swiss Re reinsured certain liabilities and obligations under the indemnity reinsurance agreements. As we are not relieved of our liability to the ceding companies for this business, the liabilities and obligations associated with the reinsured policies remain on the Consolidated Balance Sheets with a corresponding reinsurance recoverable from Swiss Re, which totaled $1.4 billion and $1.3 billion as of December 31, 2025 and 2024, respectively. Swiss Re has funded a trust, with a balance of $597 million and $617 million as of December 31, 2025 and 2024, respectively, to support this business. In addition to various remedies that we would have in the event of a default by Swiss Re, we continue to hold assets in support of certain of the transferred reserves. These assets consist of those reported as trading securities and certain mortgage loans.

*Hannover Life*

Effective October 1, 2023, we entered into a reinsurance agreement with Hannover Life Reassurance Company of America (Bermuda) Ltd. ("Hannover Life") to reinsure certain group annuity contracts, which resulted in net deposit asset of $4.5 billion and $3.0 billion as of December 31, 2025 and 2024, respectively.

*Credit Losses on Reinsurance-Related Assets*

In connection with our recognition of an allowance for credit losses for reinsurance-related assets, we perform a quantitative analysis using a probability of loss approach to estimate expected credit losses for reinsurance recoverables, inclusive of similar assets recognized using the deposit method of accounting. Our allowance for credit losses was $91 million and $95 million as of December 31, 2025 and 2024, respectively.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

 **8. Goodwill and Specifically Identifiable Intangible Assets**

The changes in the carrying amount of goodwill (in millions) by segment were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| |<br>**Gross Goodwill as of Beginning-of-Year** |<br>**Accumulated Impairment as of Beginning-of-Year** | **Net Goodwill as of Beginning-of-Year** | **Impairment** | **Net Goodwill as of End-of-Year** |
| Annuities | $1040 | $(600) | $440 | $– | $440 |
| Group Protection | 684 | – | 684 | – | 684 |
| Retirement Plan Services | 20 | – | 20 | – | 20 |
| &nbsp;&nbsp;Total goodwill | $1744 | $(600) | $1144 | $– | $1144 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| |<br>**Gross Goodwill as of Beginning-of-Year** |<br>**Accumulated Impairment as of Beginning-of-Year** | **Net Goodwill as of Beginning-of-Year** | **Impairment** | **Net Goodwill as of End-of-Year** |
| Annuities | $1040 | $(600) | $440 | $– | $440 |
| Group Protection | 684 | – | 684 | – | 684 |
| Retirement Plan Services | 20 | – | 20 | – | 20 |
| &nbsp;&nbsp;Total goodwill | $1744 | $(600) | $1144 | $– | $1144 |

---

*2025, 2024 and 2023 Analysis*

As of October 1, 2025, 2024 and 2023, respectively, we performed our annual goodwill impairment test for our Annuities, Group Protection and Retirement Plan Services reporting units, and, as of each such date, the fair value was in excess of each reporting unit's carrying value.

The gross carrying amounts and accumulated amortization (in millions) for each major specifically identifiable intangible asset class by segment were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Gross Carrying Amount** | **Accumulated Amortization** | **Gross Carrying Amount** | **Accumulated Amortization** |
| Life Insurance: |  |  |  |  |
| Sales force | $100 | $79 | $100 | $75 |
| Group Protection: |  |  |  |  |
| &nbsp;&nbsp;VOCRA | 576 | 205 | 576 | 175 |
| &nbsp;&nbsp;VODA | 31 | 17 | 31 | 15 |
| Retirement Plan Services: |  |  |  |  |
| &nbsp;&nbsp;Mutual fund contract rights <sup>(1)</sup> | 5 | – | 5 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $712 | $301 | $712 | $265 |

---

<sup>(1)</sup> No amortization recorded as the intangible asset has indefinite life.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

Future estimated amortization of specifically identifiable intangible assets (in millions) as of December 31, 2025, was as follows:

---

| | |
|:---|:---|
| 2026 | $37 |
| 2027 | 37 |
| 2028 | 37 |
| 2029 | 35 |
| 2030 | 35 |
| Thereafter | 225 |

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

**9. MRBs**

The following table reconciles MRBs (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Assets** | **Liabilities** | **Net (Assets) Liabilities** | **Assets** | **Liabilities** | **Net (Assets) Liabilities** |
| | **Assets** | **Liabilities** | **Net (Assets) Liabilities** | **Assets** | **Liabilities** | **Net (Assets) Liabilities** |
| | **Assets** | **Liabilities** | **Net (Assets) Liabilities** | **Assets** | **Liabilities** | **Net (Assets) Liabilities** |
| Variable Annuities | $4655 | $940 | $(3715) | $4737 | $933 | $(3804) |
| Fixed Annuities | 51 | 175 | 124 | 78 | 110 | 32 |
| Retirement Plan Services | 47 | 3 | (44) | 45 | 3 | (42) |
| Total MRBs | $4753 | $1118 | $(3635) | $4860 | $1046 | $(3814) |

---

The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended <br>December 31, 2025** | **As of or For the Year Ended <br>December 31, 2025** | **As of or For the Year Ended <br>December 31, 2025** | **As of or For the Year Ended <br>December 31, 2024** | **As of or For the Year Ended <br>December 31, 2024** | **As of or For the Year Ended <br>December 31, 2024** |
| | **Variable Annuities** | **Fixed Annuities** | **Retirement Plan Services** | **Variable Annuities** | **Fixed Annuities** | **Retirement Plan Services** |
| | **Variable Annuities** | **Fixed Annuities** | **Retirement Plan Services** | **Variable Annuities** | **Fixed Annuities** | **Retirement Plan Services** |
| | **Variable Annuities** | **Fixed Annuities** | **Retirement Plan Services** | **Variable Annuities** | **Fixed Annuities** | **Retirement Plan Services** |
| Balance as of beginning-of-year | $(3804) | $32 | $(42) | $(2180) | $32 | $(30) |
| Less: Effect of cumulative changes in |  |  |  |  |  |  |
| non-performance risk | (153) | (33) | – | (1299) | (58) | (4) |
| Balance as of beginning-of-year, before the effect |  |  |  |  |  |  |
| of changes in non-performance risk | (3651) | 65 | (42) | (881) | 90 | (26) |
| &nbsp;&nbsp;&nbsp;Issuances | 14 | – | – | 6 | – | – |
| &nbsp;&nbsp;&nbsp;Attributed fees collected | 1481 | 30 | 8 | 1520 | 31 | 8 |
| &nbsp;&nbsp;&nbsp;Benefit payments | (26) | – | – | (34) | – | – |
| &nbsp;&nbsp;&nbsp;Effect of changes in interest rates | (520) | 32 | (7) | (1918) | (70) | (18) |
| &nbsp;&nbsp;&nbsp;Effect of changes in equity markets | (1962) | (8) | (7) | (2277) | (16) | (8) |
| &nbsp;&nbsp;&nbsp;Effect of changes in equity index volatility | 66 | 7 | – | (88) | (5) | – |
| In-force updates and other changes in MRBs <sup>(1)</sup> | 470 | 19 | 3 | 213 | 6 | 8 |
| &nbsp;&nbsp;&nbsp;Effect of assumption review: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of changes in future expected |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;policyholder behavior | 37 | 15 | (1) | 7 | 11 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of changes in other future expected |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assumptions <sup>(2)</sup> | 10 | – | 1 | (199) | 18 | (6) |
| Balance as of end-of-year, before the effect of |  |  |  |  |  |  |
| changes in non-performance risk | (4081) | 160 | (45) | (3651) | 65 | (42) |
| &nbsp;&nbsp;&nbsp;Effect of cumulative changes in |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;non-performance risk | 366 | (36) | 1 | (153) | (33) | – |
| Balance as of end-of-year | (3715) | 124 | (44) | (3804) | 32 | (42) |
| Less: Ceded MRB assets (liabilities) | (2854) | – | (11) | (2736) | – | (13) |
| Balance as of end-of-year, net of reinsurance | $(861) | $124 | $(33) | $(1068) | $32 | $(29) |
| Weighted-average age of policyholders (years) | 73 | 70 | 63 | 73 | 70 | 63 |
| Net amount at risk <sup>(3)</sup> | $1639 | $354 | $2 | $1962 | $240 | $3 |

---

<sup>(1)</sup> Consists primarily of changes in MRB assets and liabilities due to the impact of changes in actual to expected policyholder behavior and aggregation impacts related to fund performance and other assumptions.

<sup>(2)</sup> Consists primarily of the update of fund mapping, volatility and other capital market assumptions.

<sup>(3)</sup> Net amount at risk ("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

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.

*Effect of Annual Assumption Review*

For the year ended December 31, 2025, Variable Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review driven by updates to policyholder behavior and capital market assumptions and other items, partially offset by model enhancements and updates to separate account fee assumptions. For the year ended December 31, 2025, Fixed Annuities and Retirement Plan Services did not have any significant assumption updates.

For the year ended December 31, 2024, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to capital market assumptions. For the year ended December 31, 2024, Fixed Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to policyholder GLB utilization assumptions. Retirement Plan Services did not have any significant assumption updates.

See "MRBs" in [Note 1](#ia98e05977fda4d43b3704f3fbf9e048b_142) and [Note 1](#ia98e05977fda4d43b3704f3fbf9e048b_181)4 for details related to our fair value judgments, assumptions, inputs and valuation methodology.

**10. Separate Accounts**

The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Mutual funds and collective investment trusts: |  |  |
| &nbsp;&nbsp;Equity funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic | $84274 | $77740 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | 18262 | 16282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other equity funds | 1505 | 1403 |
| &nbsp;&nbsp;Balanced funds | 46561 | 45683 |
| &nbsp;&nbsp;Bond funds | 24164 | 23399 |
| &nbsp;&nbsp;Money market funds | 2096 | 1931 |
| &nbsp;&nbsp;Other funds | 1491 | 1321 |
| Exchange-traded funds | 323 | 336 |
| Fixed maturity AFS securities | 164 | 161 |
| Cash and invested cash | 35 | 12 |
| Other investments | 1217 | 170 |
| &nbsp;&nbsp;Total separate account assets | $180092 | $168438 |

---

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Variable Annuities | $122945 | $117998 |
| UL and Other | 34038 | 28841 |
| Retirement Plan Services | 23047 | 21541 |
| Other Operations <sup>(1)</sup> | 62 | 58 |
| &nbsp;&nbsp;Total separate account liabilities | $180092 | $168438 |

---

<sup>(1)</sup> Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreement with Protective ($53 million and $49 million as of December 31, 2025 and 2024, respectively) that are excluded from the following tables.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

The following table summarizes the balances of and changes in separate account liabilities (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended<br>December 31, 2025** | **As of or For the Year Ended<br>December 31, 2025** | **As of or For the Year Ended<br>December 31, 2025** | **As of or For the Year Ended<br>December 31, 2024** | **As of or For the Year Ended<br>December 31, 2024** | **As of or For the Year Ended<br>December 31, 2024** |
| | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** |
| | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** |
| | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** | **Variable Annuities** | **UL and Other** | **Retirement Plan Services** |
| Balance as of beginning-of-year | $117998 | $28841 | $21541 | $113356 | $25150 | $19699 |
| Gross deposits | 6034 | 2646 | 2282 | 4765 | 1483 | 2302 |
| Withdrawals | (16524) | (867) | (3746) | (14074) | (477) | (3378) |
| &nbsp;&nbsp;Policyholder assessments | (2650) | (1000) | (186) | (2639) | (995) | (182) |
| Change in market performance | 15922 | 4600 | 3242 | 15548 | 3876 | 3072 |
| Net transfers from (to) general account | 2165 | (182) | (86) | 1042 | (196) | 28 |
| Balance as of end-of-year | $122945 | $34038 | $23047 | $117998 | $28841 | $21541 |
| Cash surrender value | $121531 | $31613 | $23033 | $116612 | $26435 | $21526 |

---

 **11. Policyholder Account Balances**

The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Variable Annuities | $40060 | $35267 |
| Fixed Annuities | 28710 | 25941 |
| UL and Other | 35663 | 36242 |
| Retirement Plan Services | 23843 | 23619 |
| Other <sup>(1)</sup> | 7628 | 4749 |
| Total policyholder account balances | $135904 | $125818 |

---

<sup>(1)</sup> Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($3.5 billion and $4.4 billion as of December 31, 2025 and 2024, respectively) and funding agreements ($3.7 billion and none as of December 31, 2025 and 2024, respectively). See "Funding Agreements" below for more information.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

The following table summarizes the balances and changes in policyholder account balances (in millions):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** |  |  |  |  |  |
| | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement Plan Services** |  | | | | |
| | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement Plan Services** | Balance as of beginning-of-year | $35267 | $25941 | $36242 | $23619 |
| | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement Plan Services** | Gross deposits | 6450 | 4698 | 3544 | 4065 |
| Withdrawals | (2777) | (3085) | (1479) | (5071) |  |  |  |  |  |
| Policyholder assessments | (3) | (59) | (4412) | (17) |  |  |  |  |  |
| Net transfers from (to) separate account | (1517) | – | 183 | 540 |  |  |  |  |  |
| Interest credited | 838 | 929 | 1430 | 707 |  |  |  |  |  |
| Change in fair value of embedded derivative |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;instruments and other | 1802 | 286 | 155 | – |  |  |  |  |  |
| Balance as of end-of-year | $40060 | $28710 | $35663 | $23843 |  |  |  |  |  |
| Weighted-average crediting rate | 2.3% | 3.4% | 4.0% | 3.0% |  |  |  |  |  |
| Net amount at risk <sup>(1)(2)</sup> | $1639 | $354 | $290111 | $2 |  |  |  |  |  |
| Cash surrender value | 38706 | 27418 | 31329 | 23806 |  |  |  |  |  |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** |  |  |  |  |  |
| | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement Plan Services** |  | | | | |
| | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement Plan Services** | Balance as of beginning-of-year | $29141 | $25330 | $36784 | $23784 |
| | **Variable Annuities** | **Fixed Annuities** | **UL and Other** | **Retirement Plan Services** | Gross deposits | 4756 | 4226 | 3605 | 3407 |
| Withdrawals | (1321) | (4825) | (1438) | (4495) |  |  |  |  |  |
| Policyholder assessments | (1) | (61) | (4480) | (14) |  |  |  |  |  |
| Net transfers from (to) separate account | (477) | – | 196 | 251 |  |  |  |  |  |
| Interest credited | 695 | 802 | 1459 | 686 |  |  |  |  |  |
| Change in fair value of embedded derivative |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;instruments and other | 2474 | 469 | 116 | – |  |  |  |  |  |
| Balance as of end-of-year | $35267 | $25941 | $36242 | $23619 |  |  |  |  |  |
| Weighted-average crediting rate | 2.1% | 3.1% | 4.0% | 2.9% |  |  |  |  |  |
| Net amount at risk <sup>(1)(2)</sup> | $1962 | $240 | $295984 | $3 |  |  |  |  |  |
| Cash surrender value | 34018 | 24845 | 31992 | 23586 |  |  |  |  |  |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Calculation is based on total account balances and includes both policyholder account balances and separate account balances.

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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 December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **At Guaranteed Minimum** | **1-50 Basis Points Above** | **51-100 Basis Points Above** | **101-150 Basis Points Above** | **Greater Than 150 Basis Points Above** | **Total** |
| **Range of Guaranteed** | **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** |
| **Minimum Crediting Rate** | **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** |
| **Variable Annuities** | | | | | | |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $– | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | 5 | – | – | – | 4 | 9 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 464 | – | – | – | – | 464 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 1115 | – | – | – | – | 1115 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 5 | – | – | – | – | 5 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 38467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1589 | $– | $– | $– | $4 | $40060 |
| **Fixed Annuities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $123 | $768 | $393 | $133 | $2212 | $3629 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | 188 | 210 | 120 | 70 | 8221 | 8809 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 1282 | 104 | 1 | 2 | 59 | 1448 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 812 | – | – | – | – | 812 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 157 | – | – | – | – | 157 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 13855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2562 | $1082 | $514 | $205 | $10492 | $28710 |
| **UL and Other** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $256 | $– | $239 | $36 | $753 | $1284 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | 529 | – | – | – | 2711 | 3240 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 6309 | 10 | 178 | – | – | 6497 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 13918 | – | 1 | – | – | 13919 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 3463 | – | – | – | – | 3463 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 7260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $24475 | $10 | $418 | $36 | $3464 | $35663 |
| **Retirement Plan Services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $622 | $441 | $708 | $3449 | $6919 | $12139 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | 481 | 814 | 1711 | 467 | 561 | 4034 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 1694 | 27 | 496 | 3 | – | 2220 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 3825 | 98 | 7 | 10 | – | 3940 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 1510 | – | – | – | – | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $8132 | $1380 | $2922 | $3929 | $7480 | $23843 |

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **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** | **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** |
| **Minimum Crediting Rate** | **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** |
| **Variable Annuities** | | | | | | |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $– | $– | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | 3 | – | – | – | 7 | 10 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 511 | – | – | – | – | 511 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 1231 | – | – | – | – | 1231 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 8 | – | – | – | – | 8 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 33507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1753 | $– | $– | $– | $7 | $35267 |
| **Fixed Annuities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $298 | $801 | $540 | $255 | $2319 | $4213 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | 235 | 174 | 150 | 218 | 4728 | 5505 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 1570 | 27 | 1 | 2 | 37 | 1637 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 1518 | – | – | – | – | 1518 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 170 | – | – | – | – | 170 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 12898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3791 | $1002 | $691 | $475 | $7084 | $25941 |
| **UL and Other** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $264 | $– | $226 | $122 | $486 | $1098 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | 543 | – | – | – | 2974 | 3517 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 6600 | 10 | 151 | – | – | 6761 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 14725 | – | 1 | – | – | 14726 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 3564 | – | – | – | – | 3564 |
| &nbsp;&nbsp;&nbsp;Other <sup>(1)</sup> | – | – | – | – | – | 6576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $25696 | $10 | $378 | $122 | $3460 | $36242 |
| **Retirement Plan Services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Up to 1.00% | $524 | $305 | $735 | $3332 | $5551 | $10447 |
| &nbsp;&nbsp;&nbsp;1.01% - 2.00% | 470 | 1001 | 1890 | 942 | 588 | 4891 |
| &nbsp;&nbsp;&nbsp;2.01% - 3.00% | 2195 | 28 | 85 | 1 | – | 2309 |
| &nbsp;&nbsp;&nbsp;3.01% - 4.00% | 4272 | 111 | 8 | 12 | – | 4403 |
| &nbsp;&nbsp;&nbsp;4.01% and above | 1569 | – | – | – | – | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $9030 | $1445 | $2718 | $4287 | $6139 | $23619 |

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<sup>(1)</sup> 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 us:

<u>FABN Program</u>

We established a $5.0 billion FABN program in 2024 pursuant to which we 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

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

and principal is secured by such funding agreement. We had funding agreements issued under the program totaling $1.5 billion as of December 31, 2025, compared to none as of December 31, 2024, with original maturities ranging from three to five years.

<u>FABR Funding Agreements</u>

We 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 us that are secured by portfolios of assets pledged to the special-purpose entity. We had secured funding agreements issued totaling $800 million as of December 31, 2025, compared to none as of December 31, 2024, with original maturities of five years. See "Assets Pledged as Collateral" in [Note 3](#ia98e05977fda4d43b3704f3fbf9e048b_148)for information on pledged assets.

<u>FHLB Funding Agreements</u>

We are a member of the FHLB of Indianapolis ("FHLBI") and, through membership, have the ability to issue funding agreements. We had FHLB funding agreements outstanding of $1.5 billion as of December 31, 2025, compared to none as of December 31, 2024, 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](#ia98e05977fda4d43b3704f3fbf9e048b_148) for information on pledged assets.

**12. Future Contract Benefits**

The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Payout Annuities <sup>(1)</sup> | $2036 | $2008 |
| Traditional Life <sup>(1)</sup> | 3521 | 3504 |
| Group Protection <sup>(2)</sup> | 5836 | 5628 |
| UL and Other <sup>(3)</sup> | 18597 | 16663 |
| Other Operations <sup>(4)</sup> | 9076 | 8958 |
| Other <sup>(5)</sup> | 3294 | 3241 |
| &nbsp;&nbsp;Total future contract benefits | $42360 | $40002 |

---

<sup>(1)</sup> See "LFPB" below for further information.

<sup>(2)</sup> See "Liability for Future Claims" below for further information.

<sup>(3)</sup> See "Additional Liabilities for Other Insurance Benefits" below for further information.

<sup>(4)</sup> Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($5.4 billion as of December 31, 2025 and 2024) and Swiss Re ($1.9 billion and $1.7 billion as of December 31, 2025 and 2024, respectively) that are excluded from the following tables.

<sup>(5)</sup> Represents other miscellaneous reserves that are not representative of long-duration contracts, primarily related to participating traditional life insurance contracts and incurred but not reported and in course of settlement life insurance liabilities, and are excluded from the following tables.

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*LFPB*

The LFPB represents reserves associated with our limited payment life-contingent annuities and non-participating traditional life insurance contracts (i.e., term insurance). The reserve is the net of present value of expected future policy benefits less present value of expected net premiums as summarized in the following table (in millions, except years):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2025** | **As of or For the Year Ended December 31, 2024** | **As of or For the Year Ended December 31, 2024** |
| | **Payout Annuities** | **Traditional Life** | **Payout Annuities** | **Traditional Life** |
| | **Payout Annuities** | **Traditional Life** | **Payout Annuities** | **Traditional Life** |
| | **Payout Annuities** | **Traditional Life** | **Payout Annuities** | **Traditional Life** |
| **Present Value of Expected Net Premiums** | | | | |
| Balance as of beginning-of-year | $– | $5751 | $– | $6084 |
| &nbsp;&nbsp;Less: Effect of cumulative changes in discount |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;rate assumptions | – | (277) | – | (152) |
| Beginning balance at original discount rate | – | 6028 | – | 6236 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions <sup>(1)</sup> | – | (396) | – | (3) |
| Effect of actual variances from expected experience <sup>(2)</sup> | – | (38) | – | (45) |
| Adjusted balance as of beginning-of-year | – | 5594 | – | 6188 |
| Issuances | – | 282 | – | 361 |
| Interest accrual | – | 233 | – | 245 |
| Net premiums collected | – | (728) | – | (766) |
| Flooring impact of LFPB | – | (3) | – | – |
| Ending balance at original discount rate | – | 5378 | – | 6028 |
| Effect of cumulative changes in discount rate assumptions | – | (92) | – | (277) |
| Balance as of end-of-year | $– | $5286 | $– | $5751 |
| **Present Value of Expected Future Policy Benefits** |  |  |  |  |
| Balance as of beginning-of-year | $2008 | $9255 | $2084 | $9637 |
| Less: Effect of cumulative changes in discount |  |  |  |  |
| &nbsp;&nbsp;&nbsp;rate assumptions | (251) | (446) | (187) | (202) |
| Beginning balance at original discount rate <sup>(3)</sup> | 2259 | 9701 | 2271 | 9839 |
| Effect of changes in cash flow assumptions <sup>(1)</sup> | (8) | (557) | – | (105) |
| Effect of actual variances from expected experience <sup>(2)</sup> | (13) | (31) | 3 | (68) |
| Adjusted balance as of beginning-of-year | 2238 | 9113 | 2274 | 9666 |
| Issuances | 98 | 282 | 102 | 361 |
| Interest accrual | 88 | 368 | 87 | 380 |
| Benefit payments | (206) | (802) | (204) | (706) |
| Ending balance at original discount rate <sup>(3)</sup> | 2218 | 8961 | 2259 | 9701 |
| Effect of cumulative changes in discount rate assumptions | (182) | (154) | (251) | (446) |
| Balance as of end-of-year | $2036 | $8807 | $2008 | $9255 |
| Net balance as of end-of-year | $2036 | $3521 | $2008 | $3504 |
| Less: Reinsurance recoverables | 1451 | 179 | 1488 | 217 |
| Net balance as of end-of-year, net of reinsurance | $585 | $3342 | $520 | $3287 |
| Weighted-average duration of future policyholder |  |  |  |  |
| benefit liability (years) | 8 | 9 | 9 | 9 |

---

<sup>(1)</sup> The cash flow assumption impact to the liability is calculated as the present value of expected future policy benefits less the present value of expected net premiums. For the years ended December 31, 2025 and 2024, the Traditional Life net effect of changes in cash flow assumptions gross of reinsurance reduced the liability by $161 million and $102 million, respectively, primarily associated with favorable updates to mortality assumptions. See "Effect of Annual Assumption Review" below for more information.

<sup>(2)</sup> For the year ended December 31, 2025, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to mortality and policyholder behavior, which unfavorably impacted the liability by $22 million and $16 million,

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respectively; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to policyholder behavior and mortality, which favorably impacted the liability by $17 million and $14 million, respectively. For the year ended December 31, 2024, the Traditional Life actual to expected reserve impact on expected net premiums was attributable primarily to mortality, which unfavorably impacted the liability by $60 million, which was partially offset by $15 million primarily related to policyholder behavior; and the actual to expected reserve impact on expected future policy benefits was attributable primarily to mortality, which favorably impacted the liability by $96 million, which was partially offset by $28 million primarily related to policyholder behavior. For the years ended December 31, 2025 and 2024, Payout Annuities did not have any significantly different actual experience compared to expected.

<sup>(3)</sup> Includes deferred profit liability within Payout Annuities of $92 million, $62 million and $56 million as of December 31, 2025, 2024 and 2023, respectively.

*Effect of Annual Assumption Review*

For the year ended December 31, 2025, Payout Annuities did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review, and Traditional Life had a favorable cash flow assumption impact from updates to mortality and policyholder behavior assumptions.

For the year ended December 31, 2024, Payout Annuities did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review, and Traditional Life had a favorable cash flow assumption impact from updates to mortality assumptions, partially offset by an unfavorable impact from updates to policyholder behavior assumptions.

The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Undiscounted** | **Discounted** | **Undiscounted** | **Discounted** |
| **Payout Annuities** | | | | |
| Expected future gross premiums | $– | $– | $– | $– |
| Expected future benefit payments | 3271 | 2036 | 3427 | 2008 |
| **Traditional Life** |  |  |  |  |
| Expected future gross premiums | 12735 | 8869 | 13498 | 9075 |
| Expected future benefit payments | 12655 | 8807 | 13857 | 9255 |

---

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Payout Annuities** |  |  |  |
| Gross premiums | $99 | $108 | $116 |
| Interest accretion | 88 | 87 | 86 |
| **Traditional Life** |  |  |  |
| Gross premiums | 1184 | 1189 | 1183 |
| Interest accretion | 135 | 135 | 128 |

---

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The following table summarizes the weighted-average interest rates:

---

| | | |
|:---|:---|:---|
| | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
| | **2025** | **2024** |
| **Payout Annuities** |  |  |
| Interest accretion rate | 4.0% | 4.0% |
| Current discount rate | 5.1% | 5.4% |
| **Traditional Life** |  |  |
| Interest accretion rate | 4.9% | 4.9% |
| Current discount rate | 4.7% | 5.1% |

---

*Liability for Future Claims*

The liability for future claims represents reserves associated with our group long-term disability and life waiver products. The following table summarizes the balances of and changes in liability for future claims (in millions, except years):

---

| | | |
|:---|:---|:---|
| | **Group Protection** | **Group Protection** |
| | **As of or For the Years Ended December 31,** | **As of or For the Years Ended December 31,** |
| | **2025** | **2024** |
| Balance as of beginning-of-year | $5628 | $5689 |
| &nbsp;&nbsp;Less: Effect of cumulative changes in discount |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;rate assumptions | (550) | (490) |
| Beginning balance at original discount rate | 6178 | 6179 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions | (66) | (2) |
| &nbsp;&nbsp;Effect of actual variances from expected |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;experience <sup>(1)</sup> | (242) | (345) |
| Adjusted beginning-of-year balance | 5870 | 5832 |
| &nbsp;&nbsp;New incidence | 1574 | 1641 |
| &nbsp;&nbsp;Interest | 195 | 181 |
| &nbsp;&nbsp;Benefit payments | (1440) | (1476) |
| Ending balance at original discount rate | 6199 | 6178 |
| &nbsp;&nbsp;Effect of cumulative changes in discount |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;rate assumptions | (363) | (550) |
| Balance as of end-of-year | 5836 | 5628 |
| Less: Reinsurance recoverables | 3975 | 3771 |
| Balance as of end-of-year, net of reinsurance | $1861 | $1857 |
| Weighted-average duration of liability for future |  |  |
| &nbsp;&nbsp;claims (years) | 5 | 5 |

---

<sup>(1)</sup> Generally, the experience exhibited for the Group Protection business relates to morbidity and, to a lesser extent, mortality. Group Protection long-duration products have limited exposure to lapse risk, as the liabilities for future claims are limited to those associated with claim reserves. For the years ended December 31, 2025 and 2024, morbidity comprised substantially all of the favorable effect of actual variances from expected experience, as our claims experience was more favorable than assumed.

*Effect of Annual Assumption Review*

For the year ended December 31, 2025, we had a favorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to the claim termination rate assumption, partially offset by updates to social security and incurred assumptions.

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For the year ended December 31, 2024, we did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review.

The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Undiscounted** | **Discounted** | **Undiscounted** | **Discounted** |
| **Group Protection** | | | | |
| Expected future benefit payments | $7506 | $5836 | $7368 | $5628 |

---

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Group Protection** |  |  |  |
| Gross premiums | $3719 | $3563 | $3549 |
| Interest accretion | 195 | 181 | 159 |

---

The following table summarizes the weighted-average interest rates:

---

| | | |
|:---|:---|:---|
| | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
| | **2025** | **2024** |
| **Group Protection** |  |  |
| Interest accretion rate | 3.6% | 3.3% |
| Current discount rate | 4.7% | 5.1% |

---

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*Additional Liabilities for Other Insurance Benefits*

Additional liabilities for other insurance benefits represent reserves associated with our UL and VUL contracts with secondary guarantees, including *MoneyGuard*<sup>®</sup>. The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

---

| | | |
|:---|:---|:---|
| | **UL and Other** | **UL and Other** |
| | **As of or For the Years Ended December 31,** | **As of or For the Years Ended December 31,** |
| | **2025** | **2024** |
| Balance as of beginning-of-year | $16663 | $15752 |
| &nbsp;&nbsp;Less: Effect of cumulative changes in shadow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;balance in AOCI | (1515) | (853) |
| Balance as of beginning-of-year, excluding |  |  |
| &nbsp;&nbsp;shadow balance in AOCI | 18178 | 16605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of changes in cash flow assumptions | 120 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of actual variances from expected |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;experience <sup>(1)(2)</sup> | 190 | 288 |
| Adjusted beginning-of-year balance | 18488 | 17100 |
| &nbsp;&nbsp;Interest accrual | 923 | 841 |
| &nbsp;&nbsp;Net assessments collected | 1348 | 1288 |
| &nbsp;&nbsp;Benefit payments | (1076) | (1051) |
| Balance as of end-of-year, excluding |  |  |
| &nbsp;&nbsp;shadow balance in AOCI | 19683 | 18178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of cumulative changes in shadow |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;balance in AOCI | (1086) | (1515) |
| Balance as of end-of-year | 18597 | 16663 |
| Less: Reinsurance recoverables | 11789 | 10748 |
| Balance as of end-of-year, net of reinsurance | $6808 | $5915 |
| Weighted-average duration of additional liabilities |  |  |
| &nbsp;&nbsp;for other insurance benefits (years) | 16 | 16 |

---

<sup>(1)</sup> For the years ended December 31, 2025 and 2024, the actual to expected reserve impact was attributable primarily to mortality, which unfavorably impacted the liability by $201 million and $273 million, respectively.

<sup>(2)</sup> For the years ended December 31, 2025 and 2024, the effect of actual variances from expected experience, net of reinsurance, was $93 million and $157 million, respectively.

*Effect of Annual Assumption Review*

For the year ended December 31, 2025, we had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to mortality and policyholder behavior assumptions, partially offset by updates to the morbidity assumption.

For the year ended December 31, 2024, we had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to policyholder behavior and mortality assumptions that were partially offset by updates to capital market assumptions

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The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **UL and Other** |  |  |  |
| Gross assessments | $3159 | $3093 | $1221 |
| Interest accretion | 923 | 841 | 765 |

---

The following table summarizes the weighted-average interest rates:

---

| | | |
|:---|:---|:---|
| | **For the Years Ended<br>December 31,** | **For the Years Ended<br>December 31,** |
| | **2025** | **2024** |
| **UL and Other** |  |  |
| Interest accretion rate | 5.5% | 5.4% |

---

**13. Short-Term and Long-Term Debt**

Details underlying short-term and long-term debt (in millions) were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **Short-Term Debt** |  |  |
| Short-term debt <sup>(1)</sup> | $– | $24 |
| &nbsp;&nbsp;Total short-term debt | $– | $24 |
| **Long-Term Debt, Excluding Current Portion** |  |  |
| 6.03% surplus note, due 2028 <sup>(2)(3)</sup> | $750 | $750 |
| 6.56% surplus note, due 2028 <sup>(2)(3)</sup> | 500 | 500 |
| SOFR + 111 bps surplus note, due 2028 <sup>(2)(4)</sup> | – | 71 |
| SOFR + 226 bps surplus note, due 2028 <sup>(5)</sup> | – | 522 |
| SOFR + 200 bps surplus note, due 2035 <sup>(2)(6)</sup> | 30 | 30 |
| SOFR + 155 bps surplus note, due 2037 <sup>(2)(6)</sup> | 25 | 25 |
| 4.20% surplus note, due 2037 <sup>(2)(6)</sup> | 50 | 50 |
| SOFR + 100 bps surplus note, due 2037 <sup>(2)(4)</sup> | – | 154 |
| 4.225% surplus note, due 2037 <sup>(2)(6)</sup> | 28 | 28 |
| 4.00% surplus note, due 2037 <sup>(2)(6)</sup> | 30 | 30 |
| 4.50% surplus note, due 2038 <sup>(2)(6)</sup> | 13 | 13 |
| &nbsp;&nbsp;Total long-term debt | $1426 | $2173 |

---

<sup>(1)</sup> The short-term debt represents short-term notes payable to LNC related to the cash management agreement.

<sup>(2)</sup> Surplus note issued to LNC.

<sup>(3)</sup> Subject to approval by the Indiana Insurance Commissioner (the "Commissioner"), LNC has the right to redeem the note for immediate repayment in total or in part once per year on the anniversary date of the note. Any payment of interest or repayment of principal may be paid only out of our statutory earnings, only if our statutory capital surplus exceeds the surplus as of the date of note issuance, and subject to approval by the Commissioner.

<sup>(4)</sup> In October 2025, we executed the right to repay the surplus notes due 2028 and 2037 in whole totaling $71 million and $154 million, respectively, to LNC due to the restructuring of certain captive reinsurance subsidiaries. See [Note 19](#ia98e05977fda4d43b3704f3fbf9e048b_196)for additional information.

<sup>(5)</sup> In October 2025, the surplus note was canceled due to the restructuring of certain captive reinsurance subsidiaries. See [Notes 19](#ia98e05977fda4d43b3704f3fbf9e048b_196)and [24](#ia98e05977fda4d43b3704f3fbf9e048b_211) for additional information.

<sup>(6)</sup> Subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest.

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Future principal payments due on long-term debt (in millions) as of December 31, 2025, were as follows:

---

| | |
|:---|:---|
| 2026 | $– |
| 2027 | – |
| 2028 | 1250 |
| 2029 | – |
| 2030 | – |
| Thereafter | 176 |
| Total | $1426 |

---

**Credit Facility**

On December 21, 2023, LNC entered into a second amended and restated credit agreement with a syndicate of banks, which amended and restated our existing five-year revolving amended and restated credit agreement. The credit agreement, which is unsecured, allows for the issuance of LOCs and borrowing of up to $2.0 billion and has a commitment termination date of December 21, 2028. The LOCs under the credit facility are used primarily to satisfy reserve credit requirements of (i) LNL and LNC's other domestic insurance companies for which reserve credit is provided by our captive reinsurance subsidiaries and LNBAR and (ii) certain ceding companies of our legacy reinsurance business. As of December 31, 2025, we had $3 million of LOCs issued and no amount was drawn on the issued LOCs.

The credit agreement, as currently in effect, contains:

• Customary terms and conditions, including covenants restricting the ability of LNC and its subsidiaries to incur liens and the ability of LNC to merge or consolidate with another entity where it is not the surviving entity and dispose of all or substantially all of its assets;

• Financial covenants including maintenance by LNC of a minimum consolidated net worth equal to the sum of $8.626 billion plus 50% of the aggregate net proceeds of equity issuances received by LNC or any of its subsidiaries after September 30, 2023, all as more fully set forth in the agreement; and a debt-to-capital ratio as defined in accordance with the agreement not to exceed 0.35 to 1.00;

• A cap on LNC's secured non-operating indebtedness and non-operating indebtedness of LNC's subsidiaries equal to 7.5% of total capitalization, as defined in accordance with the agreement; and

• Customary events of default, subject to certain materiality thresholds and grace periods for certain of those events of default.

Upon an event of default, the credit agreement, as currently in effect, provides that, among other things, the commitments may be terminated and the loans then outstanding may be declared due and payable. As of December 31, 2025, LNC was in compliance with all such covenants.

**LOCs**

On October 1, 2025, LNC terminated its LOC facility agreements set to expire in 2031 as a result of restructuring certain captive reinsurance subsidiaries effective October 1, 2025. See [Note 19](#ia98e05977fda4d43b3704f3fbf9e048b_196) for additional information.

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**14. Fair Value of Financial Instruments**

**Financial Instruments Carried at Fair Value**

The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
| | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total**<br>**Fair**<br>**Value** |
| **Assets** | | | | |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $– | $56426 | $7297 | $63723 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government bonds | 848 | 19 | – | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal bonds | – | 1965 | – | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | – | 223 | – | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | – | 1965 | – | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | 2338 | 85 | 2423 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | – | 12594 | 3584 | 16178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred securities | 31 | 128 | 83 | 242 |
| &nbsp;&nbsp;Trading securities | – | 1331 | 329 | 1660 |
| &nbsp;&nbsp;Equity securities <sup>(1)</sup> | 233 | 234 | 28 | 495 |
| &nbsp;&nbsp;Mortgage loans on real estate | – | – | 199 | 199 |
| &nbsp;&nbsp;Derivative investments <sup>(2)</sup> | – | 16001 | 28 | 16029 |
| &nbsp;&nbsp;Other investments – short-term investments | – | 193 | 1 | 194 |
| MRB assets | – | – | 4753 | 4753 |
| Other assets: |  |  |  |  |
| &nbsp;&nbsp;Ceded MRBs | – | – | 19 | 19 |
| &nbsp;&nbsp;Indexed annuity ceded embedded derivatives | – | – | 2482 | 2482 |
| &nbsp;&nbsp;LPR ceded derivative | – | – | 202 | 202 |
| Separate account assets | 383 | 179709 | – | 180092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1495 | $273126 | $19090 | $293711 |
| **Liabilities** |  |  |  |  |
| Policyholder account balances – RILA, fixed annuity |  |  |  |  |
| &nbsp;&nbsp;and IUL contracts | $– | $– | $(15115) | $(15115) |
| Funds withheld reinsurance liabilities – |  |  |  |  |
| &nbsp;&nbsp;reinsurance-related embedded derivatives | – | 358 | (156) | 202 |
| MRB liabilities | – | – | (1118) | (1118) |
| Other liabilities: |  |  |  |  |
| &nbsp;&nbsp;Ceded MRBs | – | – | (2884) | (2884) |
| &nbsp;&nbsp;Derivative liabilities <sup>(2)</sup> | – | (6008) | (136) | (6144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $– | $(5650) | $(19409) | $(25059) |

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
| | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total**<br>**Fair**<br>**Value** |
| **Assets** | | | | |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $– | $54945 | $6888 | $61833 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government bonds | 370 | 20 | – | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal bonds | – | 2148 | – | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | – | 233 | – | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | – | 1702 | 1 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | 1575 | 8 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | – | 11677 | 2092 | 13769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred securities | 47 | 131 | 63 | 241 |
| &nbsp;&nbsp;Trading securities | – | 1746 | 259 | 2005 |
| &nbsp;&nbsp;Equity securities | 28 | 232 | 34 | 294 |
| &nbsp;&nbsp;Mortgage loans on real estate | – | – | 232 | 232 |
| &nbsp;&nbsp;Derivative investments <sup>(2)</sup> | – | 13728 | 3 | 13731 |
| &nbsp;&nbsp;Other investments – short-term investments | – | 369 | 23 | 392 |
| MRB assets | – | – | 4860 | 4860 |
| Other assets: |  |  |  |  |
| &nbsp;&nbsp;Ceded MRBs | – | – | 14 | 14 |
| &nbsp;&nbsp;Indexed annuity ceded embedded derivatives | – | – | 1970 | 1970 |
| &nbsp;&nbsp;LPR ceded derivative | – | – | 190 | 190 |
| Separate account assets | 391 | 168047 | – | 168438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $836 | $256553 | $16637 | $274026 |
| **Liabilities** |  |  |  |  |
| Policyholder account balances – RILA, |  |  |  |  |
| &nbsp;&nbsp;fixed annuity and IUL contracts | $– | $– | $(12449) | $(12449) |
| Funds withheld reinsurance liabilities – |  |  |  |  |
| &nbsp;&nbsp;reinsurance-related embedded derivatives | – | 787 | (59) | 728 |
| MRB liabilities | – | – | (1046) | (1046) |
| Other liabilities: |  |  |  |  |
| &nbsp;&nbsp;Ceded MRBs | – | – | (2763) | (2763) |
| &nbsp;&nbsp;Derivative liabilities <sup>(2)</sup> | – | (4256) | (139) | (4395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $– | $(3469) | $(16456) | $(19925) |

---

<sup>(1)</sup> Total investments included in the fair value hierarchy exclude certain closed-end funds that are measured at estimated fair value using the NAV per share (or its equivalent) practical expedient. The estimated fair value of such investments was $134 million as of December 31, 2025.

<sup>(2)</sup> Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty. <br>

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in [Note](#ia98e05977fda4d43b3704f3fbf9e048b_166)9.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| |<br>**Beginning**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** |<br>**Items**<br>**Included**<br>**in**<br>**Net**<br>**Income** | **Gains**<br>**(Losses)**<br>**in**<br>**OCI**<br>**and**<br>**Other**<sup>(1)</sup> | **Issuances,**<br>**Sales,**<br>**Maturities,**<br>**Settlements,**<br>**Calls,**<br>**Net** | **Transfers**<br>**Into or**<br>**Out**<br>**of**<br>**Level 3,**<br>**Net** |<br>**Ending**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** |
| **Assets** | | | | | | |
| Investments: <sup>(2)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $6888 | $(63) | $19 | $(238) | $691 | $7297 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 1 | – | 1 | 67 | (69) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | 8 | – | – | 84 | (7) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 2092 | (29) | 55 | 1651 | (185) | 3584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities | 63 | – | 1 | 19 | – | 83 |
| &nbsp;&nbsp;Trading securities | 259 | 7 | – | 35 | 28 | 329 |
| &nbsp;&nbsp;Equity securities | 34 | (9) | – | 1 | 2 | 28 |
| &nbsp;&nbsp;Mortgage loans on real estate | 232 | (3) | 4 | (34) | – | 199 |
| &nbsp;&nbsp;Other investments – short-term investments | 23 | – | – | (22) | – | 1 |
| Other assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Ceded MRBs <sup>(3)</sup> | 14 | 5 | – | – | – | 19 |
| &nbsp;&nbsp;Indexed annuity ceded embedded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derivatives <sup>(4)</sup> | 1970 | 222 | – | 290 | – | 2482 |
| &nbsp;&nbsp;LPR ceded derivative <sup>(5)</sup> | 190 | 12 | – | – | – | 202 |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp;RILA, fixed annuity and IUL |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts <sup>(4)</sup> | (12449) | (2237) | – | (429) | – | (15115) |
| Funds withheld reinsurance liabilities – |  |  |  |  |  |  |
| reinsurance-related embedded derivatives <sup>(4)</sup> | (59) | (97) | – | – | – | (156) |
| Other liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Ceded MRBs <sup>(3)</sup> | (2763) | (121) | – | – | – | (2884) |
| &nbsp;&nbsp;Derivative liabilities, net | (136) | 24 | – | 4 | – | (108) |

---

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| |<br>**Beginning**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** |<br>**Items**<br>**Included**<br>**in**<br>**Net**<br>**Income** | **Gains**<br>**(Losses)**<br>**in**<br>**OCI**<br>**and**<br>**Other**<sup>(1)</sup> | **Issuances,**<br>**Sales,**<br>**Maturities,**<br>**Settlements,**<br>**Calls,**<br>**Net** | **Transfers**<br>**Into or**<br>**Out**<br>**of**<br>**Level 3,**<br>**Net** |<br>**Ending**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** |
| **Assets** | | | | | | |
| Investments: <sup>(2)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $6350 | $(3) | $2 | $696 | $(157) | $6888 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal bonds | 5 | – | – | – | (5) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 1 | – | – | – | – | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | 8 | – | – | 19 | (19) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 1476 | 2 | 23 | 980 | (389) | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities | 48 | – | 3 | 12 | – | 63 |
| &nbsp;&nbsp;Trading securities | 272 | 2 | – | (18) | 3 | 259 |
| &nbsp;&nbsp;Equity securities | 36 | (3) | – | – | 1 | 34 |
| &nbsp;&nbsp;Mortgage loans on real estate | 288 | 9 | 1 | (66) | – | 232 |
| &nbsp;&nbsp;Other investments – short-term investments | – | – | – | 13 | 10 | 23 |
| Other assets: |  |  |  |  |  |  |
| Ceded MRBs <sup>(3)</sup> | 274 | (260) | – | – | – | 14 |
| &nbsp;&nbsp;Indexed annuity ceded embedded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derivatives <sup>(4)</sup> | 940 | 227 | – | 803 | – | 1970 |
| LPR ceded derivative <sup>(5)</sup> | 206 | (16) | – | – | – | 190 |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp;RILA, fixed annuity and IUL |  |  |  |  |  |  |
| contracts <sup>(4)</sup> | (9077) | (3059) | – | (313) | – | (12449) |
| Funds withheld reinsurance liabilities – |  |  |  |  |  |  |
| reinsurance-related embedded derivatives <sup>(4)</sup> | – | (59) | – | – | – | (59) |
| Other liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Ceded MRBs <sup>(3)</sup> | (1149) | (1614) | – | – | – | (2763) |
| &nbsp;&nbsp;Derivative liabilities, net | 36 | (124) | – | 3 | (51) | (136) |

---

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| |<br>**Beginning**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** |<br>**Items**<br>**Included**<br>**in**<br>**Net**<br>**Income** | **Gains**<br>**(Losses)**<br>**in**<br>**OCI**<br>**and**<br>**Other**<sup>(1)</sup> | **Issuances,**<br>**Sales,**<br>**Maturities,**<br>**Settlements,**<br>**Calls,**<br>**Net** | **Transfers**<br>**Into or**<br>**Out**<br>**of**<br>**Level 3,**<br>**Net** |<br>**Ending**<br>**Asset**<br>**(Liability)**<br>**Fair**<br>**Value** |
| **Assets** | | | | | | |
| Investments: <sup>(2)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $5017 | $(2) | $11 | $1345 | $(21) | $6350 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal bonds | 35 | (4) | 4 | (30) | – | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 1 | – | – | 5 | (5) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | – | – | (4) | 12 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 1117 | – | 9 | 733 | (383) | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities | 34 | – | – | (2) | 16 | 48 |
| &nbsp;&nbsp;Trading securities | 568 | 17 | – | (313) | – | 272 |
| &nbsp;&nbsp;Equity securities | 153 | (19) | – | (98) | – | 36 |
| &nbsp;&nbsp;Mortgage loans on real estate | 487 | (7) | 5 | (197) | – | 288 |
| &nbsp;&nbsp;Derivative investments, net | 2 | (13) | – | 16 | 31 | 36 |
| Other assets: |  |  |  |  |  |  |
| Ceded MRBs <sup>(3)</sup> | 540 | (266) | – | – | – | 274 |
| &nbsp;&nbsp;Indexed annuity ceded embedded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derivatives <sup>(4)</sup> | 525 | 6 | – | 409 | – | 940 |
| LPR ceded derivative <sup>(5)</sup> | 212 | (6) | – | – | – | 206 |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp;RILA, fixed annuity and IUL |  |  |  |  |  |  |
| contracts <sup>(4)</sup> | (4783) | (3193) | – | (1101) | – | (9077) |
| Other liabilities – ceded MRBs <sup>(3)</sup> | (246) | (903) | – | – | – | (1149) |

---

<sup>(1)</sup> The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see [Note 5](#ia98e05977fda4d43b3704f3fbf9e048b_154)).

<sup>(2)</sup> Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

<sup>(3)</sup> Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

<sup>(4)</sup> Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

<sup>(5)</sup> Gains (losses) from the changes in fair value are included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Issuances** | **Sales** | **Maturities** | **Settlements** | **Calls** | **Total** |
| **Assets** | | | | | | |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $1675 | $(1404) | $(6) | $(473) | $(30) | $(238) |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 67 | – | – | – | – | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | 99 | (15) | – | – | – | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 2287 | (128) | (10) | (383) | (115) | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities | 21 | (2) | – | – | – | 19 |
| &nbsp;&nbsp;Trading securities | 171 | (75) | (5) | (54) | (2) | 35 |
| &nbsp;&nbsp;Equity securities | 14 | (13) | – | – | – | 1 |
| &nbsp;&nbsp;Mortgage loans on real estate | 2 | (1) | (30) | (5) | – | (34) |
| &nbsp;&nbsp;Other investments – short-term investments | 11 | – | (16) | (17) | – | (22) |
| Other assets – indexed annuity ceded |  |  |  |  |  |  |
| &nbsp;&nbsp;embedded derivatives | 130 | – | – | 160 | – | 290 |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp;RILA, fixed annuity and IUL |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts | (1541) | – | – | 1112 | – | (429) |
| Derivative liabilities, net | 4 | – | – | – | – | 4 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Issuances** | **Sales** | **Maturities** | **Settlements** | **Calls** | **Total** |
| **Assets** | | | | | | |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $1646 | $(371) | $(2) | $(576) | $(1) | $696 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | 19 | – | – | – | – | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 1438 | (82) | – | (319) | (57) | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; securities | 16 | – | – | – | (4) | 12 |
| &nbsp;&nbsp;Trading securities | 5 | 1 | – | (24) | – | (18) |
| &nbsp;&nbsp;Equity securities | 1 | (1) | – | – | – | – |
| &nbsp;&nbsp;Mortgage loans on real estate | 1 | (31) | (29) | (7) | – | (66) |
| &nbsp;&nbsp;Other investments – short-term investments | 16 | – | (3) | – | – | 13 |
| Other assets – indexed annuity ceded |  |  |  |  |  |  |
| &nbsp;&nbsp; embedded derivatives | 134 | – | – | 669 | – | 803 |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp; RILA, fixed annuity and IUL |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts | (1137) | – | – | 824 | – | (313) |
| Other liabilities – derivative liabilities | 4 | – | (1) | – | – | 3 |

---

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| | **Issuances** | **Sales** | **Maturities** | **Settlements** | **Calls** | **Total** |
| **Assets** | | | | | | |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $2030 | $(269) | $(34) | $(371) | $(11) | $1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal bonds | – | (30) | – | – | – | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | 5 | – | – | – | – | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | – | – | (4) | – | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 971 | (2) | – | (230) | (6) | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities | – | – | – | – | (2) | (2) |
| &nbsp;&nbsp;Trading securities | – | (231) | – | (82) | – | (313) |
| &nbsp;&nbsp;Equity securities | 1 | (99) | – | – | – | (98) |
| &nbsp;&nbsp;Mortgage loans on real estate | 5 | – | – | (202) | – | (197) |
| &nbsp;&nbsp;Derivative investments, net | 19 | – | (3) | – | – | 16 |
| Other assets – indexed annuity ceded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;embedded derivatives | 404 | – | – | 5 | – | 409 |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances – |  |  |  |  |  |  |
| &nbsp;&nbsp;RILA, fixed annuity and IUL |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts | (1113) | – | – | 12 | – | (1101) |

---

The following summarizes changes in unrealized gains (losses) included in net income (loss) related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Investments: |  |  |  |
| Trading securities <sup>(1)</sup> | $2 | $– | $8 |
| Equity securities <sup>(1)</sup> | (5) | (1) | (16) |
| Mortgage loans on real estate <sup>(1)</sup> | (3) | – | (8) |
| Derivative investments, net <sup>(1)</sup> | (35) | (121) | 1 |
| MRBs, net <sup>(2)</sup> | 197 | 904 | 1071 |
| Other assets – LPR ceded derivative <sup>(3)</sup> | 13 | (16) | (6) |
| Funds withheld reinsurance liabilities – |  |  |  |
| reinsurance-related embedded derivatives <sup>(1)</sup> | (97) | (59) | – |
| Embedded derivatives – indexed annuity |  |  |  |
| and IUL contracts, net <sup>(1)</sup> | 915 | 1061 | (20) |

---

<sup>(1)</sup> Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

<sup>(2)</sup> Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

<sup>(3)</sup> Included in benefits on the Consolidated Statements of Comprehensive Income (Loss).

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Investments: |  |  |  |
| Fixed maturity AFS securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $(14) | $(23) | $(6) |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal bonds | – | – | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 60 | (2) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;securities | 1 | 3 | 1 |
| Mortgage loans on real estate | 3 | 2 | 4 |

---

The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Transfers**<br>**Into**<br>**Level 3** | **Transfers**<br>**Out of**<br>**Level 3** |<br>**Total** |
| **Assets** | | | |
| Investments: |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $828 | $(137) | $691 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | – | (69) | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | (7) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 81 | (266) | (185) |
| &nbsp;&nbsp;Trading securities | 38 | (10) | 28 |
| &nbsp;&nbsp;Equity securities | 54 | (52) | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Transfers**<br>**Into**<br>**Level 3** | **Transfers**<br>**Out of**<br>**Level 3** |<br>**Total** |
| **Assets** | | | |
| Investments: |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $29 | $(186) | $(157) |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal bonds | – | (5) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | – | (19) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 45 | (434) | (389) |
| &nbsp;&nbsp;Trading securities | 3 | – | 3 |
| &nbsp;&nbsp;Equity securities | 5 | (4) | 1 |
| &nbsp;&nbsp;Other investments – short-term investments | 10 | – | 10 |
| **Liabilities** |  |  |  |
| Other liabilities – derivative liabilities | – | (51) | (51) |

---

------

**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

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| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| | **Transfers**<br>**Into**<br>**Level 3** | **Transfers**<br>**Out of**<br>**Level 3** |<br>**Total** |
| **Assets** | | | |
| Investments: |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $158 | $(179) | $(21) |
| &nbsp;&nbsp;&nbsp;&nbsp;RMBS | – | (5) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | 12 | – | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 8 | (391) | (383) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred securities | 16 | – | 16 |
| &nbsp;&nbsp;Derivative investments | 31 | – | 31 |

---

Transfers into and out of Level 3 are generally the result of observable market information on financial instruments no longer being available or becoming available to our pricing vendors. For the years ended December 31, 2025, 2024 and 2023, transfers in and out of Level 3 were attributable primarily to the financial instruments' observable market information no longer being available or becoming available.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Assumption or** | **Assumption or** | |
| |<br>**Fair**<br>**Value** |<br>**Valuation**<br>**Technique** |<br>**Significant**<br>**Unobservable Inputs** | **Input Ranges** | **Input Ranges** | **Weighted**<br>**Average Input**<br>**Range** <sup>(1)</sup> |
| **Assets** | | | | | | |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $673 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 0.0% | 6.2% | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABS | 8 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 1.1% | 1.1% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMBS | 41 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 1.8% | 1.9% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred securities | 40 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 1.6% | 1.9% | 1.7% |
| &nbsp;&nbsp;Equity securities | 4 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 4.5% | 4.5% | 4.5% |
| MRB assets | 4753 | Discounted cash flow | Lapse <sup>(3)</sup> | 1.0% | 30.0% | <sup>(10)</sup> |
|  |  |  | Utilization of GLB withdrawals <sup>(4)</sup> | 85.0% | 100.0% | 93.0% |
|  |  |  | Claims utilization factor <sup>(5)</sup> | 50.0% | 100.0% | <sup>(10)</sup> |
|  |  |  | Premiums utilization factor <sup>(5)</sup> | 80.0% | 115.0% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.2% | 1.6% | 1.3% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
|  |  |  | Volatility <sup>(8)</sup> | 1.0% | 27.0% | 15.1% |
| Other assets: |  |  |  |  |  |  |
| Ceded MRBs <sup>(11)</sup> | 19 |  |  |  |  |  |
| &nbsp;&nbsp;Indexed annuity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ceded embedded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derivatives | 2482 | Discounted cash flow | Lapse <sup>(3)</sup> | 0.0% | 9.0% | <sup>(10)</sup> |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
| &nbsp;&nbsp;LPR ceded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derivative | 202 | Discounted cash flow | Lapse <sup>(3)</sup> | 0.1% | 2.4% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.2% | 1.6% | 1.2% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account |  |  |  |  |  |  |
| &nbsp;&nbsp;balances – indexed annuity |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts embedded |  |  |  |  |  |  |
| &nbsp;&nbsp;derivatives | $(15031) | Discounted cash flow | Lapse <sup>(3)</sup> | 0.0% | 9.0% | <sup>(10)</sup> |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
| MRB liabilities | (1118) | Discounted cash flow | Lapse <sup>(3)</sup> | 1.0% | 30.0% | <sup>(10)</sup> |
|  |  |  | Utilization of GLB withdrawals <sup>(4)</sup> | 85.0% | 100.0% | 93.0% |
|  |  |  | Claims utilization factor <sup>(5)</sup> | 50.0% | 100.0% | <sup>(10)</sup> |
|  |  |  | Premiums utilization factor <sup>(5)</sup> | 80.0% | 115.0% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.2% | 1.6% | 1.3% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
|  |  |  | Volatility <sup>(8)</sup> | 1.0% | 27.0% | 15.1% |
| Other liabilities – ceded |  |  |  |  |  |  |
| &nbsp;&nbsp;MRBs <sup>(11)</sup> | (2884) |  |  |  |  |  |

---

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Assumption or** | **Assumption or** | |
| |<br>**Fair**<br>**Value** |<br>**Valuation**<br>**Technique** |<br>**Significant**<br>**Unobservable Inputs** | **Input Ranges** | **Input Ranges** | **Weighted**<br>**Average Input**<br>**Range** <sup>(1)</sup> |
| **Assets** | | | | | | |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Fixed maturity AFS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds | $185 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 0.0% | 3.1% | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMBS | 8 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 1.9% | 1.9% | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABS | 10 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 1.3% | 1.3% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preferred securities | 19 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 1.4% | 1.9% | 1.8% |
| &nbsp;&nbsp;Equity securities | 5 | Discounted cash flow | Liquidity/duration adjustment <sup>(2)</sup> | 4.5% | 4.5% | 4.5% |
| MRB assets | 4860 | Discounted cash flow | Lapse <sup>(3)</sup> | 1.0% | 30.0% | <sup>(10)</sup> |
|  |  |  | Utilization of GLB withdrawals <sup>(4)</sup> | 85.0% | 100.0% | 92.0% |
|  |  |  | Claims utilization factor <sup>(5)</sup> | 60.0% | 100.0% | <sup>(10)</sup> |
|  |  |  | Premiums utilization factor <sup>(5)</sup> | 80.0% | 115.0% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.3% | 2.0% | 1.6% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
|  |  |  | Volatility <sup>(8)</sup> | 1.0% | 29.0% | 14.5% |
| Other assets: |  |  |  |  |  |  |
| Ceded MRBs <sup>(11)</sup> | 14 |  |  |  |  |  |
| &nbsp;&nbsp;Indexed annuity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ceded embedded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derivatives | 1970 | Discounted cash flow | Lapse <sup>(3)</sup> | 0.0% | 9.0% | <sup>(10)</sup> |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
| &nbsp;&nbsp;LPR ceded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derivative | 190 | Discounted cash flow | Lapse <sup>(3)</sup> | 0.1% | 2.0% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.3% | 2.0% | 1.4% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account |  |  |  |  |  |  |
| &nbsp;&nbsp;balances – indexed annuity |  |  |  |  |  |  |
| &nbsp;&nbsp;contracts embedded |  |  |  |  |  |  |
| &nbsp;&nbsp;derivatives | $(12402) | Discounted cash flow | Lapse <sup>(3)</sup> | 0.0% | 9.0% | <sup>(10)</sup> |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
| MRB liabilities | (1046) | Discounted cash flow | Lapse <sup>(3)</sup> | 1.0% | 30.0% | <sup>(10)</sup> |
|  |  |  | Utilization of GLB withdrawals <sup>(4)</sup> | 85.0% | 100.0% | 92.0% |
|  |  |  | Claims utilization factor <sup>(5)</sup> | 60.0% | 100.0% | <sup>(10)</sup> |
|  |  |  | Premiums utilization factor <sup>(5)</sup> | 80.0% | 115.0% | <sup>(10)</sup> |
|  |  |  | Non-performance risk <sup>(6)</sup> | 0.3% | 2.0% | 1.6% |
|  |  |  | Mortality <sup>(7)</sup> |  | <sup>(9)</sup> | <sup>(10)</sup> |
|  |  |  | Volatility <sup>(8)</sup> | 1.0% | 29.0% | 14.5% |
| Other liabilities – ceded |  |  |  |  |  |  |
| &nbsp;&nbsp;MRBs <sup>(11)</sup> | (2763) |  |  |  |  |  |

---

<sup>(1)</sup> Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.

<sup>(2)</sup> The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.

<sup>(3)</sup> The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.

<sup>(4)</sup> The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.

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<sup>(5)</sup> The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.

<sup>(6)</sup> The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. The non-performance risk input for LPR ceded derivative was weighted using a simple average.

<sup>(7)</sup> The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.

<sup>(8)</sup> The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.

<sup>(9)</sup> The mortality is based on a combination of company and industry experience, adjusted for improvement factors.

<sup>(10)</sup> A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.

<sup>(11)</sup> The fair value inputs for ceded MRBs are consistent with those used to value MRB assets and liabilities.

From the table above, we have excluded Level 3 fair value measurements obtained from independent, third-party pricing sources. We do not develop the significant inputs used to measure the fair value of these assets and liabilities, and the information regarding the significant inputs is not readily available to us. Independent broker-quoted fair values are non-binding quotes developed by market makers or broker-dealers obtained from third-party sources recognized as market participants. The fair value of a broker-quoted asset or liability is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant as we do not adjust broker quotes when used as the fair value measurement for an asset or liability. Significant increases or decreases in any of the quotes received from a third-party broker-dealer may result in a significantly higher or lower fair value measurement.

The embedded derivative liability associated with Fortitude Re was excluded from the above table. As discussed in [Note 7](#ia98e05977fda4d43b3704f3fbf9e048b_160), this embedded derivative liability was created through a coinsurance with funds withheld reinsurance agreement where the investments supporting the reinsurance agreement were withheld by us and continue to be reported on the Consolidated Balance Sheets. This reinsurance-related embedded derivative is valued as a total return swap with reference to the fair value of the investments held by us. Accordingly, the unobservable inputs utilized in the valuation of the reinsurance-related embedded derivative are a component of the investments supporting the reinsurance agreement that are reported on the Consolidated Balance Sheets.

Changes in any of the significant inputs presented in the table above would have resulted in a significant change in the fair value measurement of the asset or liability as follows:

• *Investments* – An increase in the liquidity/duration adjustment input would have resulted in a decrease in the fair value measurement.

• *Indexed annuity contracts embedded derivatives* – For direct embedded derivatives, an increase in the lapse or mortality inputs would have resulted in a decrease in the fair value measurement.

*• LPR ceded derivative* – Assuming our LPR ceded derivative is in an asset position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in an increase in the fair value measurement.

*• MRBs –* Assuming our MRBs are in a liability position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in a decrease in the fair value measurement, except for policies with guaranteed death benefit ("GDB") riders only, in which case an increase in mortality inputs would have resulted in an increase in the fair value measurement.

For each category discussed above, the unobservable inputs are not inter-related; therefore, a directional change in one input would not have affected the other inputs.

As part of our ongoing valuation process, we assess the reasonableness of our valuation techniques or models and make adjustments as necessary. For more information, see [Note 1](#ia98e05977fda4d43b3704f3fbf9e048b_142).

**Fair Value Option**

Mortgage loans on real estate, net of allowance for credit losses, as reported on the Consolidated Balance Sheets, includes mortgage loans on real estate for which the fair value option was elected. The fair value option allows us to elect fair value as an alternative measurement for mortgage loans not otherwise reported at fair value. We have made these elections for certain mortgage loans associated with modified coinsurance agreements to help mitigate the inconsistency in earnings that would otherwise result from the use of embedded derivatives included with these loans. Changes in fair value are reflected in realized gain (loss) on the Consolidated Statement of Comprehensive Income (Loss). Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Mortgage loans on real estate for which the fair value option was elected are valued using third-party pricing services. We have procedures in place to review the valuations each quarter to ensure they are reasonable, including utilizing a separate third party to reperform the valuation for a selection of mortgage loans on an annual basis. Due to lack of observable inputs, mortgage loans electing the fair value option are classified as Level 3 within the fair value hierarchy.

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The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Fair value | $199 | $232 |
| Aggregate contractual principal | 231 | 263 |

---

For information on current and past due composition and accruing status for loans where we have elected the fair value option, see Note 3.

**Financial Instruments Not Carried at Fair Value**

The following summarizes the fair value by the fair value hierarchy levels and the carrying amount of our financial instruments not carried at fair value (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | | |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | | |
| | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total**<br>**Fair**<br>**Value** |<br>**Carrying**<br>**Amount** |
| **Assets** | | | | | |
| Investments: |  |  |  |  |  |
| &nbsp;&nbsp;Mortgage loans on real estate | $– | $– | $21636 | $21636 | $22139 |
| &nbsp;&nbsp;Other investments | – | 542 | 5887 | 6429 | 6429 |
| &nbsp;&nbsp;Policy loans | – | 2617 | – | 2617 | 2617 |
| **Liabilities** |  |  |  |  |  |
| Policyholder account balances – certain investment contracts | $– | $– | $(36693) | $(36693) | $(43774) |
| Policyholder account balances – funding agreements | – | (3778) | – | (3778) | (3749) |
| Long-term debt | – | (1476) | – | (1476) | (1426) |
| Funds withheld reinsurance-related liabilities – |  |  |  |  |  |
| &nbsp;&nbsp;excluding embedded derivatives | – | – | (31132) | (31132) | (31132) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | **Asset (Liability) Measurement in the** | | |
| | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | | |
| | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Total**<br>**Fair**<br>**Value** |<br>**Carrying**<br>**Amount** |
| **Assets** | | | | | |
| Investments: |  |  |  |  |  |
| &nbsp;&nbsp;Mortgage loans on real estate | $– | $– | $19523 | $19523 | $20940 |
| &nbsp;&nbsp;Other investments | – | 1061 | 5211 | 6272 | 6272 |
| &nbsp;&nbsp;Policy loans | – | 2465 | – | 2465 | 2465 |
| **Liabilities** |  |  |  |  |  |
| Policyholder account balances – certain investment contracts | $– | $– | $(29689) | $(29689) | $(39137) |
| Short-term debt | – | (24) | – | (24) | (24) |
| Long-term debt | – | (2164) | – | (2164) | (2173) |
| Funds withheld reinsurance-related liabilities – |  |  |  |  |  |
| &nbsp;&nbsp;excluding embedded derivatives | – | – | (27538) | (27538) | (27538) |

---

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on the Consolidated Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown above are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

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**<u>[**Table of Contents**](#ia98e05977fda4d43b3704f3fbf9e048b_118)</u>**<br>

*Mortgage Loans on Real Estate*

The fair value of mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, is established using a discounted cash flow method based on internal quality rating, maturity and future income. The ratings for mortgages in good standing are based on occupancy, debt-service coverage, LTV, and forecasted tenancy. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan's effective interest rate, the loan's market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, are classified as Level 3 within the fair value hierarchy.

*Other Investments*

The carrying value of our assets classified as other investments, excluding short-term investments, approximates fair value. Other investments includes primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. Other investments also include FHLB stock, which is carried at cost and periodically evaluated for impairment based on ultimate recovery of par value, and the investments in COLI, which are recorded at cash surrender value and not required to be included in the table above. The inputs used to measure the fair value of our LPs, other privately held investments and FHLB stock are classified as Level 3 within the fair value hierarchy. The remaining assets in other investments include cash collateral receivables and securities that are not LPs or other privately held investments. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.

*Policy Loans*

The carrying value for policy loans are the unpaid principal balances. Policy loans are fully collateralized by the cash surrender value of underlying insurance policies. As a result, the carrying value of the policy loans approximates the fair value. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.

*Policyholder Account Balances – Certain Investment Contracts and Other Liabilities*

Policyholder account balances and other liabilities include account balances of certain investment contracts that exclude significant mortality or morbidity risk. The fair value of the account balances of certain investment contracts is based on a discounted cash flow model as of the balance sheet date. The inputs used to measure the fair value of these policyholder account balances are classified as Level 3 within the fair value hierarchy.

*Policyholder Account Balances – Funding Agreements*

The fair value of funding agreements issued under the FABN program is based on quoted market prices. The fair value of secured funding agreements issued under FABRs and funding agreements issued to FHLB is based on a discounted cash flow model as of the balance sheet date. The inputs used to measure the fair value of funding agreements are classified as Level 2 within the fair value hierarchy. For more information on funding agreements, see Note 11.

*Short-Term and Long-Term Debt*

The fair value of short-term and long-term debt is based on quoted market prices. The inputs used to measure the fair value of our short-term and long-term debt are classified as Level 2 within the fair value hierarchy.

*Funds Withheld Reinsurance Liabilities*

Funds withheld reinsurance liabilities includes our obligation to pay reinsurers under coinsurance with funds withheld and modified coinsurance arrangements where the Company is the cedant. This liability includes embedded derivatives, which are total return swaps with contractual returns that are attributable to the Company's reinsurance agreements. The embedded derivatives are carried at fair value and thus excluded from the preceding table. The inputs used to measure the remaining balance are classified as Level 3 within the fair value hierarchy.

**15. Retirement and Deferred Compensation Plans**

*Defined Benefit Pension and Other Postretirement Benefit Plans*

We maintain defined benefit pension plans in which certain agents are participants, and we participate in defined benefit pension plans that are sponsored by LNC for certain employees and non-employee directors. These defined benefit pension plans are closed to new entrants and existing participants do not accrue any additional benefits. We also sponsor other postretirement benefit plans that provide

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health care and life insurance to certain retired agents, and we participate in other postretirement benefit plans sponsored by LNC that provide health care and life insurance to certain retired employees. These retirement plans are not material to the Company's results of operations, financial condition or cash flows for the three years ended December 31, 2025.

*Defined Contribution Plans*

We sponsor tax-qualified defined contribution plans for eligible agents that are administered in accordance with the plan documents and various limitations under section 401(a) of the Internal Revenue Code of 1986. We also participate in defined contribution plans sponsored by LNC for eligible employees. Our expense for these plans was $105 million, $110 million and $114 million, for the years ended December 31, 2025, 2024 and 2023, respectively.

*Deferred Compensation Plans*

We sponsor non-qualified, unfunded, deferred compensation plans for certain current and former agents. Certain current employees participate in non-qualified, unfunded, deferred compensation plans sponsored by LNC. The results of certain notional investment options within some of the plans are hedged by total return swaps. Our expenses increase or decrease in direct proportion to the change in market value of the participants' investment options. Participants of certain plans are able to select LNC stock as a notional investment option; however, it is not hedged by the total return swaps and is a primary source of expense volatility related to these plans. Our expense for these plans was $50 million, $39 million and $22 million for the years ended December 31, 2025, 2024 and 2023, respectively. For further discussion of total return swaps related to our deferred compensation plans, see [Note 5](#ia98e05977fda4d43b3704f3fbf9e048b_154).

Information (in millions) with respect to these plans was as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Total liabilities <sup>(1)</sup> | $841 | $769 |
| Investments dedicated to fund liabilities <sup>(2)</sup> | 287 | 258 |

---

<sup>(1)</sup> Reported in other liabilities on the Consolidated Balance Sheets.

<sup>(2)</sup> Reported in other assets on the Consolidated Balance Sheets.

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**16. Stock-Based Incentive Compensation Plans**

Total compensation expense (in millions) by award type for stock-based incentive compensation plans was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Stock options | $2 | $5 | $7 |
| Performance shares | 23 | 7 | 12 |
| RSUs | 51 | 49 | 40 |
| Total | $76 | $61 | $59 |
| Recognized tax benefit | $13 | $10 | $9 |

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**17. Contingencies and Commitments**

**Contingencies**

*Regulatory and Litigation Matters*

Regulatory bodies, such as state insurance departments, the SEC, the Financial Industry Regulatory Authority, tax authorities and other regulatory bodies regularly make inquiries and conduct examinations, investigations or audits concerning our compliance with, among other things, insurance laws, securities laws, tax laws, laws governing the activities of broker-dealers and registered investment advisers and unclaimed property laws. Tax-related matters can include disputes with taxing authorities, ongoing audits, evaluation of filing positions and any potential assessments related thereto.

LNL and its affiliates are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding verdicts obtained in the jurisdiction for similar matters. This variability in pleadings, together with the actual experiences of LNL in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.

We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of December 31, 2025.

For some matters, the Company is able to estimate a reasonably possible range of loss. For such matters in which a loss is probable, an accrual has been made. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Accordingly, the estimate contained in this paragraph reflects two types of matters. For some matters included within this estimate, an accrual has been made, but there is a reasonable possibility that an exposure exists in excess of the amount accrued. In these cases, the estimate reflects the reasonably possible range of loss in excess of the accrued amount. For other matters included within this estimation, no accrual has been made because a loss, while potentially estimable, is believed to be reasonably possible but not probable. In these cases, the estimate reflects the reasonably possible loss or range of loss. As of December 31, 2025, we estimate the aggregate range of reasonably possible losses, including amounts in excess of amounts accrued for these matters as of such date, to be up to approximately $150 million, after-tax. Any estimate is not an indication of expected loss, if any, or of the Company's maximum possible loss exposure on such matters.

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**<u>**Table of Contents**</u>**<br>

For other matters, we are not currently able to estimate the reasonably possible loss or range of loss. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts and the progress of settlement negotiations. On a quarterly and annual basis, we review relevant information with respect to litigation contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Among other matters, we are presently engaged in litigation, including relating to cost of insurance rates ("Cost of Insurance and Other Litigation"), as described below. No accrual has been made for some of these matters. Although a loss is believed to be reasonably possible for these matters, for some of these matters, we are not able to estimate a reasonably possible amount or range of potential liability. An adverse outcome in one or more of these matters may have a material impact on the consolidated financial statements, but, based on information currently known, management does not believe those cases are likely to have such an impact.

*Cost of Insurance and Other Litigation* 

<u>Cost of Insurance Litigation</u>

*Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company*, filed in the U.S. District Court for the District of Connecticut, No. 3:16-cv-00827, is a putative class action that was served on LNL on June 8, 2016. Plaintiff is the owner of a universal life insurance policy who alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who owned policies containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff's policy and seeks damages on behalf of all such policyholders. On January 11, 2019, the court dismissed plaintiff's complaint in its entirety. In response, plaintiff filed a motion for leave to amend the complaint, which, on September 25, 2023, the court granted in part and denied in part. Plaintiff filed an amended complaint on October 10, 2023. On March 7, 2024, the parties entered into a provisional settlement agreement that encompasses policies that are at issue in this case, which also includes all policies at issue in the lawsuits captioned *TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company* and *Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York*, both of which are described below, and one additional case to which an affiliate of LNL is a party, *Iwanski v. First Penn-Pacific Life Insurance Company*, which has been previously disclosed by our parent company, LNC. The *Glover* plaintiffs' motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the provisional settlement. On June 16, 2025, the court granted final approval of the provisional settlement and on June 18, 2025, entered final judgment and dismissed the case. On July 16, 2025, plaintiffs in the *TVPX ARS INC.*, *Vida* and *Iwanski* cases appealed the final approval of the provisional settlement to the U.S. Court of Appeals for the Second Circuit. The provisional settlement, which is subject to the outcome of the appeal, consists of a $147.5 million pre-tax cash payment for *Glover* class members (inclusive of all policyholders in *TVPX ARS INC.*, *Vida* and *Iwanski*). As of December 31, 2025, the total provisional settlement amount of $147.5 million, pre-tax, remains accrued.

*TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company*, filed in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-02989, is a putative class action that was filed on July 17, 2018. Plaintiff alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who own policies issued by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff's policy and seeks damages on behalf of all such policyholders. On March 7, 2024, the parties in *Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company* (discussed above) entered into a provisional settlement agreement that encompasses all policies at issue in this case, as the *Glover* case is inclusive of all policies in this case, as well as in the lawsuit captioned *Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York* (discussed below), and one additional case to which an affiliate of LNL is a party, *Iwanski v. First Penn-Pacific Life Insurance Company*, which has been previously disclosed by our parent company, LNC. The *Glover* plaintiffs' motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the provisional settlement. On June 16, 2025, the court granted final approval of the *Glover* provisional settlement and on June 18, 2025, entered final judgment and dismissed the case. On July 16, 2025, plaintiffs in the *TVPX ARS INC.*, *Vida* and *Iwanski* cases appealed the final approval of the provisional settlement to the U.S. Court of Appeals for the Second Circuit. The provisional settlement, which is subject to the outcome of the appeal, consists of a $147.5 million pre-tax cash payment for *Glover* class members (inclusive of all policyholders in *TVPX ARS INC.*, *Vida* and *Iwanski*). A motion has been filed to stay the proceedings in this matter (as well as the *Iwanski* matter) pending the completion of the settlement approval process in *Glover*.

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**<u>**Table of Contents**</u>**<br>

*Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York*, pending in the U.S. District Court for the Southern District of New York, No. 1:19-cv-06004, is a putative class action that was filed on June 27, 2019. Plaintiff alleges that LLANY charged more for non-guaranteed cost of insurance than was permitted by the policies. On March 31, 2022, the court issued an order granting plaintiff's motion for class certification and certified a class of all current or former owners of six universal life insurance products issued by LLANY that were assessed a cost of insurance charge any time on or after June 27, 2013. Plaintiff seeks damages on behalf of the class. On April 19, 2023, LLANY filed a motion for summary judgment. On March 7, 2024, the parties in *Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company* (discussed above) entered into a provisional settlement agreement that encompasses all policies at issue in this case, as the *Glover* case is inclusive of all policies in this case, as well as in the lawsuit captioned *TVPX ARS INC.*, *as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company* (discussed above), and one additional case to which an affiliate of LNL is a party, *Iwanski v. First Penn-Pacific Life Insurance Company*, which has been previously disclosed by our parent company, LNC. The *Glover* plaintiffs' motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On March 29, 2024, the court issued its summary judgment decision, granting LLANY's motion in part and denying it in part, and entering summary judgment against twenty-two policyholders that the court determined were not economically harmed. On June 25, 2024, the court granted LLANY's April 12, 2024, motion to stay proceedings in this matter pending the completion of the approval process in *Glover*. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the *Glover* provisional settlement. On June 16, 2025, the court granted final approval of the *Glover* provisional settlement and on June 18, 2025, entered final judgment and dismissed the case. On July 16, 2025, plaintiffs in the *TVPX ARS INC.*, *Vida* and *Iwanski* cases appealed the final approval of the provisional settlement to the U.S. Court of Appeals for the Second Circuit. The provisional settlement, which is subject to the outcome of the appeal, consists of a $147.5 million pre-tax cash payment for *Glover* class members (inclusive of all policyholders in *TVPX ARS INC.*, *Vida* and *Iwanski*).

*Angus v. The Lincoln National Life Insurance Company*, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:22-cv-01878, is a putative class action filed on May 13, 2022. Plaintiff alleges that defendant LNL breached the terms of her life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued or insured by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff's policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. On August 26, 2022, LNL filed a motion to dismiss. We are vigorously defending this matter.

*EFG Bank AG, Cayman Branch, et al. v. The Lincoln National Life Insurance Company*, No. 17-cv-02592-GJP (E.D. Pa.), filed on February 1, 2017; *Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company*, No. 2:23-cv-2251-GJP (E.D. Pa.), filed on April 20, 2023 (and transferred to the U.S. District Court for the Eastern District of Pennsylvania on June 12, 2023); and *Ryan K. Crayne, on behalf of and as trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company*, No. 2:24-cv-00053-GJP, filed on November 17, 2023 (and transferred to the U.S. District Court for the Eastern District of Pennsylvania on January 4, 2024) are consolidated civil actions pending in the Eastern District of Pennsylvania. In each case other than *Crayne*, plaintiffs purport to own universal life insurance policies or interests in universal life insurance policies originally issued by Jefferson-Pilot (now LNL). In *Crayne*, plaintiffs purport to own litigation claims concerning universal life policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs in each case allege that LNL breached the terms of policyholders' contracts when it increased non-guaranteed cost of insurance rates beginning in 2016 (or, in *Brighton Trustees*, in 2016 and 2017). We are vigorously defending these consolidated matters.

<u>Other Litigation</u> 

*Henry Morgan et al. v. Lincoln National Corporation d/b/a Lincoln Financial Group, et al*, filed in the District Court of the 14<sup>th</sup> Judicial District of Dallas County, Texas, No. DC-23-02492, is a putative class action that was filed on February 22, 2023. Plaintiffs Henry Morgan, Susan Smith, Charles Smith, Laura Seale, Terri Cogburn, Laura Baesel, Kathleen Walton, Terry Warner, and Toni Hale ("Plaintiffs") allege on behalf of a putative class that Lincoln National Corporation d/b/a Lincoln Financial Group, LNL and LLANY (together, "Lincoln"), FMR, LLC, and Fidelity Product Services, LLC ("Fidelity") created and marketed misleading and deceptive insurance products with attributes of investment products. The putative class comprises all individuals and entities who purchased Lincoln OptiBlend products that allocated account monies to the 1-Year Fidelity AIM Dividend Participation Account, between January 1, 2020, to December 31, 2022. Plaintiffs assert the following claims individually and on behalf of the class, (1) violations of the Texas Deceptive Trade Practices Act against Lincoln; (2) common-law fraud against Lincoln; (3) negligent misrepresentation against Lincoln and Fidelity; and (4) aiding and abetting fraud against Fidelity. Plaintiffs allege they suffered damages from "a missed investment return of approximately 5-6%" and mitigation damages. They seek actual, consequential and punitive damages, as well as pre-judgment and post-judgment interest, attorney's fees and litigation costs. On March 31, 2023, the Lincoln defendants filed a notice of removal removing the action from the 14<sup>th</sup> Judicial District of Dallas County, Texas, to the United States District Court for the Northern District of Texas, Dallas Division. On May 8, 2023, the Lincoln defendants and the Fidelity defendants filed motions to dismiss, which remain pending. We are vigorously defending this matter.

*Kelly Grink v. Virtua Health and Lincoln National Corporation et al.*, No. 1:24-cv-09919, is a putative class action filed on October 18, 2024, in the U.S. District Court for the District of New Jersey. On March 7, 2025, plaintiffs filed an amended complaint which, *inter alia*, added an additional named plaintiff (Steven Molnar) and additional named defendants, including Lincoln Retirement Services Company, LLC, and

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**<u>**Table of Contents**</u>**<br>

[The] Lincoln National Life Insurance Company. Plaintiffs Kelly Grink, Diane Trump and Steven Molnar are participants in Virtua Health's defined contribution plans. Plaintiffs seek to represent all current and former participants or beneficiaries of Virtua's 401(k) savings plan and 403(b) retirement program (together, the "Plans") who invested in the Plans' fixed annuity option in the six years prior to the filing of this lawsuit. Lincoln offers a fixed annuity investment option to plan participants through its group annuity contract with the Plans. Lincoln also provides recordkeeping and administration services to the Plans. Plaintiffs allege that the Virtua defendants acted in breach of their fiduciary duty including by maintaining the Plans' investment in the Lincoln stable value fund when other investment providers are alleged to have provided superior alternatives at substantially lower cost. Plaintiffs allege that the Lincoln defendants were at all relevant times fiduciaries to the Plans and were parties in interest to a prohibited transaction under ERISA. The action seeks relief against the Lincoln defendants including the disgorgement of any profits they received as a result of the alleged breaches of fiduciary duty, together with plaintiffs' attorney's fees and costs, prejudgment and post-judgment interest and such other equitable or remedial relief as the court deems appropriate. On April 4, 2025, the Lincoln defendants filed a motion to dismiss. On December 3, 2025, the court granted the Lincoln defendants' motion, dismissing the Lincoln defendants from the case without prejudice. On January 22, 2026, plaintiffs filed a consent motion to file a second amended complaint and did not include any Lincoln entities as defendants in this matter. Therefore, this matter is no longer pending against Lincoln.

*Maria Laurino and Ricardo Miller v. The Valley Hospital and Lincoln National Corporation and The Lincoln National Life Insurance Company, et. al.*, No. 2:25-cv-15263, is a putative class action lawsuit filed on September 4, 2025 in the U.S. District Court for the District of New Jersey. Plaintiffs are participants in Valley Hospital Health System Partnership Plan (the "Plan"), which is the 401(k) defined contribution plan for The Valley Hospital and affiliated entities. Plaintiffs seek to represent all current and former participants and beneficiaries in the Plan since September 4, 2019. Lincoln offers a fixed annuity investment option to Plan participants through its group annuity contract with the Plan. Lincoln also provides recordkeeping and administration services to the Plan. Plaintiffs allege that The Valley Hospital defendants acted in breach of their fiduciary duty, including by maintaining the Plan's investment in the Lincoln stable value fund when other investment providers are alleged to have provided superior investment alternatives, and by participating in an alleged fiduciary breach by Lincoln. Plaintiffs allege that the Lincoln defendants were fiduciaries to the Plan and were parties in interest to a prohibited transaction under ERISA. The action seeks relief against the Lincoln defendants, including the disgorgement of profits, attorney's fees and costs, pre-judgment and post-judgment interest and such other equitable or remedial relief as the court deems appropriate. On December 18, 2025, plaintiffs filed an amended complaint and did not include any Lincoln entities as defendants in this matter. Therefore, this matter is no longer pending against Lincoln.

*Tax Assessment Proceeding*

*Lincoln National Life Insurance Company v. Township of Radnor*, pending in the Court of Common Pleas of Delaware County, Pennsylvania Civil Division, No. 2022-001894, is a de novo appeal filed by LNL on March 21, 2022, regarding a September 30, 2021, Notice of Tax Assessment issued by the Township of Radnor (the "Township") to LNL for additional business privilege tax for the years 2014-2019/2020 estimate. The assessment was based on an audit undertaken by a third-party auditor and consultant to the Township, following a periodic business review of LNL undertaken by the same individual in 2018. The assessment is comprised of taxes, interest and penalties for the period in question. LNL filed a motion for summary judgment that was denied by the court. The trial of this matter was held in the fourth quarter of 2024. On July 16, 2025, the trial court entered judgment in favor of LNL. On August 15, 2025, the Township filed a notice of appeal in the Commonwealth Court of Pennsylvania.

*Reinsurance Disputes*

Certain reinsurers have in the past sought, and may in the future seek, rate increases on certain yearly renewable term agreements. We may initiate legal proceedings, as necessary, under these agreements in order to protect our contractual rights. Additionally, reinsurers have in the past initiated, and may in the future initiate, legal proceedings against us.

*State Guaranty Fund Assessments* 

State guaranty associations levy assessments on insurance companies doing business within their jurisdictions to cover policyholder losses from insolvent or impaired insurance companies. Mandatory assessments may be partially recovered through a reduction in future premium taxes in some states. We accrue the cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life & Health Insurance Guaranty Associations and the amount of premiums written in each state. We reported the undiscounted expected state guaranty fund assessment liability within other liabilities on the Consolidated Balance Sheets of $41 million and $59 million as of December 31, 2025 and 2024, respectively. The actual amount of assessments levied against us in connection with insurance company insolvencies may vary from this estimate. Future guaranty fund assessments are expected to be paid based on anticipated funding periods for each guaranty association obligation. In addition, we reported the related receivable for expected future state premium tax recoveries within other assets on the Consolidated Balance Sheets of $83 million and $96 million as of December 31, 2025 and 2024, respectively. Premium tax recoveries are expected to be realized based on regulations set forth by the various state taxing authorities. The balance sheet position as of December 31, 2025 and 2024, nets to recoveries of $42 million and $37 million, respectively.

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**<u>**Table of Contents**</u>**<br>

PHL Variable Insurance Company, a Connecticut-domiciled life insurer, and its subsidiaries Concord Re, Inc. and Palisado Re, Inc., (collectively, "PHL") has been in a court-supervised rehabilitation proceeding since May 20, 2024. As reported to the Connecticut Superior Court on December 31, 2025, the Connecticut Insurance Commissioner, acting in the capacity of the rehabilitator for PHL, has determined that a rehabilitation plan is not feasible and that any resolution of PHL's liabilities is expected to require a liquidation order with a finding of insolvency in order to trigger state guaranty association coverage. As of December 31, 2025, we have not recorded a liability specific to PHL because the amount and timing of any assessments are not reasonably estimable.

**Commitments** 

*Operating Leases*

As of December 31, 2025 and 2024, we had operating lease ROU assets of $30 million and $49 million, respectively, and associated lease liabilities of $32 million and $49 million, respectively. The weighted-average discount rate was 3.8% and the weighted-average remaining lease term was three years and four years, respectively, as of December 31, 2025 and 2024. Operating lease expense for the years ended December 31, 2025, 2024 and 2023, was $30 million, $35 million and $41 million, respectively, and reported in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss).

The table below presents cash flow information (in millions) related to operating leases:

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Supplemental Cash Flow Information** |  |  |  |
| Cash paid for amounts included in the measurement of lease |  |  |  |
| &nbsp;&nbsp;liabilities | $32 | $31 | $41 |
| **Supplemental Non-Cash Information** |  |  |  |
| ROU assets obtained in exchange for new lease obligations | $1 | $2 | $– |

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Our future minimum lease payments (in millions) for operating leases as of December 31, 2025, were as follows:

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| | |
|:---|:---|
| 2026 | $15 |
| 2027 | 10 |
| 2028 | 8 |
| 2029 | 6 |
| 2030 | 1 |
| Thereafter | – |
| &nbsp;&nbsp;Total future minimum lease payments | 40 |
| &nbsp;&nbsp;Less: Amount representing interest | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Present value of minimum lease payments | $32 |

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As of December 31, 2025, we had no leases that had not yet commenced.

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**<u>**Table of Contents**</u>**<br>

*Certain Financing Arrangements* 

We periodically enter into sale-leaseback arrangements that do not meet the criteria of a sale for accounting purposes. As such, we account for these transactions as financing arrangements. As of December 31, 2025 and 2024, we had $396 million and $511 million, respectively, of financing arrangements reported within other liabilities on the Consolidated Balance Sheets. Future payments due on certain financing arrangements (in millions) as of December 31, 2025, were as follows:

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| | |
|:---|:---|
| 2026 | $229 |
| 2027 | 135 |
| 2028 | 26 |
| 2029 | 17 |
| 2030 | 12 |
| Thereafter | 10 |
| &nbsp;&nbsp;Total future minimum lease payments | 429 |
| &nbsp;&nbsp;Less: Amount representing interest | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Present value of minimum lease payments | $396 |

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*Vulnerability from Concentrations* 

As of December 31, 2025, we did not have a concentration of: business transactions with a particular customer or lender; sources of supply of labor or services used in the business; or a market or geographic area in which business is conducted that makes us vulnerable to an event that is at least reasonably possible to occur in the near term and which could cause a severe impact to our financial condition. For information on our investment and reinsurance concentrations, see[Notes](#ia98e05977fda4d43b3704f3fbf9e048b_148)3 and [7](#ia98e05977fda4d43b3704f3fbf9e048b_160), respectively.

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**<u>**Table of Contents**</u>**<br>

**18. Shares and Stockholder's Equity**

All authorized and issued shares of LNL are owned by LNC.

**AOCI**

The following summarizes the components and changes in AOCI (in millions):

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain** |  |  |  |
| &nbsp;&nbsp;**Other Investments** |  |  |  |
| Balance as of beginning-of-year | $(3655) | $(3532) | $(8526) |
| &nbsp;&nbsp;Unrealized holding gains (losses) | 1827 | (1294) | 2122 |
| &nbsp;&nbsp;Change in foreign currency exchange rate adjustment | 417 | (219) | 178 |
| &nbsp;&nbsp;Change in future contract benefits and policyholder account balances, net of reinsurance | (814) | 1189 | 638 |
| &nbsp;&nbsp;Income tax benefit (expense) | (303) | 64 | (650) |
| &nbsp;&nbsp;Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for gains (losses) included in net income (loss) | (58) | (173) | (3425) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 12 | 36 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $(2482) | $(3655) | $(3532) |
| **Unrealized Gain (Loss) on Derivative Instruments** |  |  |  |
| Balance as of beginning-of-year | $402 | $249 | $301 |
| &nbsp;&nbsp;Unrealized holding gains (losses) | 225 | 38 | 162 |
| &nbsp;&nbsp;Change in foreign currency exchange rate adjustment | (411) | 220 | (169) |
| &nbsp;&nbsp;Income tax benefit (expense) | 40 | (54) | 2 |
| &nbsp;&nbsp;Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for gains (losses) included in net income (loss) | 54 | 64 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | (11) | (13) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $213 | $402 | $249 |
| **Market Risk Benefit Non-Performance Risk Gain (Loss)** |  |  |  |
| Balance as of beginning-of-year | $145 | $1069 | $1739 |
| &nbsp;&nbsp;OCI before reclassification | (517) | (1175) | (854) |
| &nbsp;&nbsp;Income tax benefit (expense) | 111 | 251 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $(261) | $145 | $1069 |
| **Policyholder Liability Discount Rate Remeasurement Gain (Loss)** |  |  |  |
| Balance as of beginning-of-year | $795 | $645 | $790 |
| &nbsp;&nbsp;OCI before reclassification | (261) | 189 | (187) |
| &nbsp;&nbsp;Income tax benefit (expense) | 55 | (39) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $589 | $795 | $645 |
| **Funded Status of Employee Benefit Plans** |  |  |  |
| Balance as of beginning-of-year | $(17) | $(16) | $(17) |
| &nbsp;&nbsp;OCI before reclassification | 4 | (1) | 1 |
| &nbsp;&nbsp;Income tax benefit (expense) | (1) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-year | $(14) | $(17) | $(16) |

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**<u>**Table of Contents**</u>**<br>

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 Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | |
| | **2025** | **2024** | **2023** | |
| **Unrealized Gain (Loss) on Fixed Maturity AFS** |  |  |  |  |
| &nbsp;&nbsp;**Securities and Certain Other Investments** |  |  |  |  |
| Reclassification | $(71) | $(182) | $(4014) | Realized gain (loss) |
| &nbsp;&nbsp;Associated change in future contract benefits | 13 | 9 | 589 | Benefits |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification before income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax benefit (expense) | (58) | (173) | (3425) | Income (loss) before taxes |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 12 | 36 | 719 | Federal income tax expense (benefit) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification, net of income tax | $(46) | $(137) | $(2706) | Net income (loss) |
| **Unrealized Gain (Loss) on Derivative Instruments** |  |  |  |  |
| Interest rate contracts | $– | $(3) | $(1) | Net investment income |
| Foreign currency contracts | 57 | 59 | 54 | Net investment income |
| Foreign currency contracts | (3) | 8 | 7 | Realized gain (loss) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification before income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax benefit (expense) | 54 | 64 | 60 | Income (loss) before taxes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | (11) | (13) | (13) | Federal income tax expense (benefit) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification, net of income tax | $43 | $51 | $47 | Net income (loss) |

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****

<br> **19. Segment Information** 

We provide products and services and report results through our Annuities, Life Insurance, Group Protection and Retirement Plan Services business segments. We also have Other Operations, which includes the financial results for operations that are not directly related to the business segments. The accounting policies of the business segments and Other Operations are the same as those described in Note 1. Our business segments and Other Operations reflect the manner by which our CODM views and manages the business. Our CODM is the President. The following is a brief description of these segments and Other Operations.

The Annuities segment provides tax-deferred investment growth and lifetime income opportunities for its clients by offering variable annuities (including RILA) and fixed annuities (including indexed).

The Life Insurance segment focuses on the creation and protection of wealth for its clients by providing life insurance products, including term insurance, both single (including UL, corporate-owned UL and bank-owned UL) and survivorship versions of IUL and VUL products, linked-benefit products (which are UL and VUL with riders providing for long-term care costs), and critical illness and long-term care riders, which can be attached to IUL or VUL policies. We have in-force blocks of UL and VUL products with lifetime secondary guarantees, but we no longer offer new sales of UL and VUL products with lifetime guarantees.

The Group Protection segment offers group non-medical insurance products and services, including short- and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, critical illness and hospital indemnity benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans.

The Retirement Plan Services segment provides employer-sponsored defined benefit and individual retirement accounts, as well as individual and group variable annuities, group fixed annuities and mutual-fund based programs in the retirement plan marketplace.

Other Operations includes the financial results for operations that are not directly related to our business segments and primarily consists of: investments related to our excess capital; corporate investments; interest expense associated with debt; expenses associated with corporate strategic initiatives; expenses associated with benefit plans; the results of certain disability income business; and our run-off Institutional Pension business in the form of group annuity contracts.

Income (loss) from operations is the internal measure used by our CODM that explains the results of our ongoing operations in a manner that allows for a better understanding of the underlying trends by excluding items that are not necessarily indicative of current operating fundamentals or future performance, and, in most instances, decisions regarding these adjustments do not necessarily relate to the operations of the individual business segments. Income (loss) from operations is used by our CODM to evaluate financial performance, to assess the budgeting and forecasting process and to determine future resource allocation.

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**<u>**Table of Contents**</u>**<br>

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

• Items related to annuity product features, which include changes in MRBs, 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 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 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 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");

• GLB rider fees ceded to LNBAR;

• 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 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.

We use our prevailing corporate federal income tax rate of 21% and an estimated state income tax rate, where applicable, net of the impacts related to dividends-received deduction and foreign tax credits and any other permanent differences for events recognized differently in the consolidated financial statements and federal income tax returns.

We do not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance.

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**<u>**Table of Contents**</u>**<br>

The tables below reconcile our internal measure of performance to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Annuities** | **Life Insurance** | **Group Protection** <sup>(1)</sup> | **Retirement Plan Services** | **Other Operations** | **Total** |
| **Operating Revenues** <sup>(2)</sup> | $4568 | $4916 | $4745 | $1337 | $185 | $15751 |
| **Operating Expenses** <sup>(3)</sup> |  |  |  |  |  |  |
| Benefits and policyholder liability |  |  |  |  |  |  |
| remeasurement | 103 | 2603 | 2635 | – | 11 | 5352 |
| Interest credited | 1801 | 903 | 2 | 692 | 80 | 3478 |
| Commissions | 1291 | 326 | 501 | 115 | 5 | 2238 |
| General and administrative expenses | 532 | 535 | 915 | 342 | 172 | 2496 |
| Interest and debt expense | – | – | – | – | 146 | 146 |
| Other <sup>(4)</sup> | (156) | 330 | 136 | 16 | 3 | 329 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 3571 | 4697 | 4189 | 1165 | 417 | 14039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total federal income tax expense (benefit) | 130 | 19 | 117 | 22 | (49) | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from operations | 867 | 200 | 439 | 150 | (183) | 1473 |
| Reconciliation of total income (loss) from |  |  |  |  |  |  |
| operations to net income (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net annuity product features, pre-tax <sup>(5)</sup> |  |  |  |  |  | 1175 |
| &nbsp;&nbsp;&nbsp;Net life insurance product features, pre-tax |  |  |  |  |  | (80) |
| &nbsp;&nbsp;&nbsp;Credit loss-related adjustments, pre-tax |  |  |  |  |  | (134) |
| &nbsp;&nbsp;&nbsp;Investment gains (losses), pre-tax |  |  |  |  |  | (36) |
| &nbsp;&nbsp;&nbsp;Changes in the fair value of |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;reinsurance-related embedded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derivatives, trading securities and |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;certain mortgage loans, pre-tax <sup>(6)</sup> |  |  |  |  |  | (452) |
| &nbsp;&nbsp;&nbsp;GLB rider fees ceded to LNBAR, pre-tax |  |  |  |  |  | (941) |
| &nbsp;&nbsp;&nbsp;Gains (losses) on other non-financial |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assets, pre-tax <sup>(7)</sup> |  |  |  |  |  | (14) |
| &nbsp;&nbsp;&nbsp;Other items, pre-tax <sup>(8)(9)(10)(11)</sup> |  |  |  |  |  | (154) |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) related to |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;the above pre-tax items |  |  |  |  |  | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net income (loss) |  |  |  |  |  | $965 |

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<sup>(1)</sup> Reflects the day one impact of the third quarter 2025 reinsurance transaction. For more information, see [Note 7](#ia98e05977fda4d43b3704f3fbf9e048b_160).

<sup>(2)</sup> See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

<sup>(3)</sup> The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

<sup>(4)</sup> Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and amortization of deferred loss on business sold through reinsurance.

Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; amortization of deferred loss on business sold through reinsurance; expenses associated with reserve financing and LOCs and other intangible amortization.

Group Protection: DAC capitalization and amortization; taxes, licenses and fees; other intangible amortization; amortization of deferred loss on business sold through reinsurance and expenses associated with LOCs.

Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs.

Other Operations: Taxes, licenses and fees; DAC capitalization and amortization and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

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**<u>**Table of Contents**</u>**<br>

<sup>(5)</sup> Includes changes in MRBs of $218 million; income allocated to support the cost of hedging or future benefits of $687 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $270 million.

<sup>(6)</sup> Includes primarily changes in the fair value of embedded derivatives related to affiliate reinsurance transactions.

<sup>(7)</sup> Represents impairment of long-lived assets.

<sup>(8)</sup> Includes certain legal accruals of $(9) million and regulatory accruals of $2 million.

<sup>(9)</sup> Includes severance expense related to initiatives to realign the workforce of $(25) million.

<sup>(10)</sup> Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(54) million of transaction costs related to restructuring certain captive reinsurance subsidiaries, $(25) million related to the sale of the wealth management business and $(22) million related to Life Insurance segment persistency optimization.

<sup>(11)</sup> Includes deferred compensation mark-to-market adjustment of $(21) million.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Annuities** | **Life Insurance** | **Group Protection** <sup>(1)</sup> | **Retirement Plan Services** | **Other Operations** | **Total** |
| **Operating Revenues** <sup>(2)</sup> | $4549 | $4988 | $1088 | $1304 | $149 | $12078 |
| **Operating Expenses** <sup>(3)</sup> |  |  |  |  |  |  |
| Benefits and policyholder liability |  |  |  |  |  |  |
| remeasurement | 143 | 2732 | (785) | – | 6 | 2096 |
| Interest credited | 1538 | 909 | 6 | 675 | 32 | 3160 |
| Commissions | 1115 | 442 | 415 | 104 | – | 2076 |
| General and administrative expenses | 495 | 554 | 870 | 340 | 182 | 2441 |
| Interest and debt expense | – | – | – | – | 185 | 185 |
| Other <sup>(4)</sup> | 156 | 194 | 153 | 16 | 3 | 522 |
| Total operating expenses | 3447 | 4831 | 659 | 1135 | 408 | 10480 |
| &nbsp;&nbsp;&nbsp;Total federal income tax expense (benefit) | 172 | 13 | 90 | 20 | (49) | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from operations | 930 | 144 | 339 | 149 | (210) | 1352 |
| Reconciliation of total income (loss) from |  |  |  |  |  |  |
| operations to net income (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net annuity product features, pre-tax <sup>(5)</sup> |  |  |  |  |  | 2085 |
| &nbsp;&nbsp;&nbsp;Net life insurance product features, pre-tax |  |  |  |  |  | (237) |
| &nbsp;&nbsp;&nbsp;Credit loss-related adjustments, pre-tax |  |  |  |  |  | (152) |
| &nbsp;&nbsp;&nbsp;Investment gains (losses), pre-tax |  |  |  |  |  | (311) |
| &nbsp;&nbsp;&nbsp;Changes in the fair value of |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;reinsurance-related embedded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derivatives, trading securities and |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;certain mortgage loans, pre-tax <sup>(6)</sup> |  |  |  |  |  | 203 |
| &nbsp;&nbsp;&nbsp;GLB rider fees ceded to LNBAR, pre-tax |  |  |  |  |  | (933) |
| &nbsp;&nbsp;&nbsp;Gains (losses) on other non-financial |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; assets, pre-tax <sup>(7)</sup> |  |  |  |  |  | 481 |
| &nbsp;&nbsp;&nbsp;Other items, pre-tax <sup>(8)(9)(10)(11)</sup> |  |  |  |  |  | (144) |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) related to |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;the above pre-tax items |  |  |  |  |  | (214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net income (loss) |  |  |  |  |  | $2130 |

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<sup>(1)</sup> Reflects the day one impact of the second quarter 2024 reinsurance transaction. For more information, see [Note 7](#ia98e05977fda4d43b3704f3fbf9e048b_160).

<sup>(2)</sup> See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

<sup>(3)</sup> The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

<sup>(4)</sup> Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; broker-dealer expenses before the sale of the wealth management business in the second quarter of 2024; taxes, licenses and fees; expenses associated with reserve financing and LOCs and amortization of deferred loss on business sold through reinsurance.

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**<u>**Table of Contents**</u>**<br>

Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; amortization of deferred loss on business sold through reinsurance and other intangible amortization.

Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization; expenses associated with LOCs and amortization of deferred loss on business sold through reinsurance.

Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs.

Other Operations: Taxes, licenses and fees and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

<sup>(5)</sup> Includes changes in MRBs of $929 million; income allocated to support the cost of hedging or future benefits of $676 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $480 million.

<sup>(6)</sup> Includes primarily changes in the fair value of embedded derivatives related to affiliate reinsurance transactions.

<sup>(7)</sup> Relates to the sale of the wealth management business. .

<sup>(8)</sup> Includes certain legal accruals of $(18) million and regulatory accruals of $(12) million related to estimated state guaranty fund assessments net of estimated state premium tax recoveries associated with the Bankers Life Insurance Company and Colorado Bankers Life Insurance Company insolvencies (see "State Guaranty Fund Assessments" in [Note 17](#ia98e05977fda4d43b3704f3fbf9e048b_190) for more information).

<sup>(9)</sup> Includes severance expense related to initiatives to realign the workforce of $(74) million.

<sup>(10)</sup> Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(29) million primarily related to the sale of the wealth management business.

<sup>(11)</sup> Includes deferred compensation mark-to-market adjustment of $(11) million.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| | **Annuities** | **Life Insurance** | **Group Protection** | **Retirement Plan Services** | **Other Operations** | **Total** |
| **Operating Revenues** <sup>(1)</sup> | $2625 | $6362 | $5560 | $1290 | $(778) | $15059 |
| **Operating Expenses** <sup>(2)</sup> |  |  |  |  |  |  |
| Benefits and policyholder liability |  |  |  |  |  |  |
| &nbsp;&nbsp;remeasurement <sup>(3)</sup> | (1506) | 4103 | 3732 | – | (871) | 5458 |
| Interest credited | 1254 | 1242 | 5 | 665 | 36 | 3202 |
| Commissions | 972 | 577 | 446 | 87 | – | 2082 |
| General and administrative expenses | 469 | 610 | 846 | 341 | 193 | 2459 |
| Interest and debt expense | – | – | – | – | 190 | 190 |
| Other <sup>(4)</sup> | 517 | 18 | 155 | 17 | 4 | 711 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 1706 | 6550 | 5184 | 1110 | (448) | 14102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total federal income tax expense (benefit) | 79 | (62) | 79 | 25 | (76) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from operations | 840 | (126) | 297 | 155 | (254) | 912 |
| Reconciliation of total income (loss) from |  |  |  |  |  |  |
| operations to net income (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net annuity product features, pre-tax <sup>(5)</sup> |  |  |  |  |  | 1640 |
| &nbsp;&nbsp;&nbsp;Net life insurance product features, pre-tax |  |  |  |  |  | 187 |
| &nbsp;&nbsp;&nbsp;Credit loss-related adjustments, pre-tax |  |  |  |  |  | (74) |
| &nbsp;&nbsp;&nbsp;Investment gains (losses), pre-tax |  |  |  |  |  | (4080) |
| &nbsp;&nbsp;&nbsp;Changes in the fair value of |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;reinsurance-related embedded |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;derivatives, trading securities and |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;certain mortgage loans, pre-tax |  |  |  |  |  | (22) |
| &nbsp;&nbsp;&nbsp;GLB rider fees ceded to LNBAR, pre-tax |  |  |  |  |  | (923) |
| &nbsp;&nbsp;&nbsp;Other items, pre-tax <sup>(6)(7)(8)(9)</sup> |  |  |  |  |  | (163) |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) related to |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;the above pre-tax items |  |  |  |  |  | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net income (loss) |  |  |  |  |  | $(1788) |

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<sup>(1)</sup> See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).

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**<u>**Table of Contents**</u>**<br>

<sup>(2)</sup> The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

<sup>(3)</sup> Annuities and Other Operations: Reflects the fourth quarter 2023 reinsurance transaction ceding of in-force life-contingent payout fixed annuities and institutional pension business that had no income (loss) from operations impact. See [Note 7](#ia98e05977fda4d43b3704f3fbf9e048b_160) for more information on the transaction.

<sup>(4)</sup> Other operating expenses include:

Annuities: Broker-dealer expenses; DAC and VOBA capitalization and amortization; taxes, licenses and fees and expenses associated with reserve financing and LOCs.

Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and other intangible amortization.

Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs.

Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs.

Other Operations: Taxes, licenses and fees and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.

<sup>(5)</sup> Includes changes in MRBs of $1,129 million; income allocated to support the cost of hedging or future benefits of $746 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(235) million.

<sup>(6)</sup> Includes certain legal accruals of $(120) million primarily attributable to a fourth quarter 2023 accrual related to the settlement of cost of insurance litigation.

<sup>(7)</sup> Includes severance expense related to initiatives to realign the workforce of $(7) million.

<sup>(8)</sup> Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(30) million related to the fourth quarter 2023 reinsurance transaction and $(4) million related to the sale of the wealth management business.

<sup>(9)</sup> Includes deferred compensation mark-to-market adjustment of $(2) million.

The tables below reconcile our total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| | **Annuities** | **Life Insurance** | **Group Protection** <sup>(1)</sup> | **Retirement Plan Services** | **Other Operations** | **Total** |
| Operating revenues | $4568 | $4916 | $4745 | $1337 | $185 | $15751 |
| Revenue adjustments from annuity and life |  |  |  |  |  |  |
| insurance product features | 955 | (101) | – | – | – | 854 |
| Credit loss-related adjustments | (26) | (17) | (3) | (18) | (70) | (134) |
| Investment gains (losses) | (3) | 73 | – | (4) | (102) | (36) |
| Changes in the fair value of reinsurance- |  |  |  |  |  |  |
| related embedded derivatives, trading |  |  |  |  |  |  |
| securities and certain mortgage loans | (231) | (120) | (77) | – | (24) | (452) |
| GLB rider fees ceded to LNBAR | (940) | – | – | (1) | – | (941) |
| Gains (losses) on other non-financial assets | – | – | – | – | (14) | (14) |
| &nbsp;&nbsp;&nbsp;Total revenues | $4323 | $4751 | $4665 | $1314 | $(25) | $15028 |

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<sup>(1)</sup> Reflects the day one impact of the third quarter 2025 reinsurance transaction. For more information, see [Note 7](#ia98e05977fda4d43b3704f3fbf9e048b_160).

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**<u>**Table of Contents**</u>**<br>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| | **Annuities** | **Life Insurance** | **Group Protection** <sup>(1)</sup> | **Retirement Plan Services** | **Other Operations** | **Total** |
| Operating revenues | $4549 | $4988 | $1088 | $1304 | $149 | $12078 |
| Revenue adjustments from annuity and life |  |  |  |  |  |  |
| insurance product features | 1175 | (253) | – | – | – | 922 |
| Credit loss-related adjustments | (71) | (10) | (4) | (32) | (35) | (152) |
| Investment gains (losses) | (13) | 9 | (8) | (70) | (229) | (311) |
| Changes in the fair value of reinsurance- |  |  |  |  |  |  |
| related embedded derivatives, trading |  |  |  |  |  |  |
| securities and certain mortgage loans | 104 | 87 | (10) | – | 22 | 203 |
| GLB rider fees ceded to LNBAR | (932) | – | – | (1) | – | (933) |
| Gains (losses) on other non-financial assets | – | – | – | – | 481 | 481 |
| &nbsp;&nbsp;&nbsp;Total revenues | $4812 | $4821 | $1066 | $1201 | $388 | $12288 |

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<sup>(1)</sup> Reflects the day one impact of the second quarter 2024 reinsurance transaction. For more information, see [Note 7](#ia98e05977fda4d43b3704f3fbf9e048b_160).

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| | **Annuities** <sup>(1)</sup> | **Life Insurance** | **Group Protection** | **Retirement Plan Services** | **Other Operations** <sup>(1)</sup> | **Total** |
| Operating revenues | $2625 | $6362 | $5560 | $1290 | $(778) | $15059 |
| Revenue adjustments from annuity and life |  |  |  |  |  |  |
| insurance product features | 509 | (411) | – | 1 | – | 99 |
| Credit loss-related adjustments | (14) | (49) | (4) | (1) | (6) | (74) |
| Investment gains (losses) | (78) | (3867) | (6) | (35) | (94) | (4080) |
| Changes in the fair value of reinsurance- |  |  |  |  |  |  |
| related embedded derivatives, trading |  |  |  |  |  |  |
| securities and certain mortgage loans | (76) | 55 | – | – | (1) | (22) |
| GLB rider fees ceded to LNBAR | (922) | – | – | (1) | – | (923) |
| &nbsp;&nbsp;&nbsp;Total revenues <sup>(1)</sup> | $2044 | $2090 | $5550 | $1254 | $(879) | $10059 |

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<sup>(1)</sup> Includes ceded insurance premiums primarily related to the fourth quarter 2023 reinsurance transaction. For more information, see [Note 7](#ia98e05977fda4d43b3704f3fbf9e048b_160).

Other business segment and Other Operations information (in millions) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Net Investment Income** |  |  |  |
| Annuities | $2048 | $1820 | $1744 |
| Life Insurance | 2062 | 1870 | 2533 |
| Group Protection | 361 | 337 | 336 |
| Retirement Plan Services | 1012 | 986 | 999 |
| Other Operations | 142 | 94 | 121 |
| Total net investment income | $5625 | $5107 | $5733 |

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**<u>**Table of Contents**</u>**<br>

**20. Realized Gain (Loss)**

Details underlying realized gain (loss) (in millions) reported on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Fixed maturity AFS securities: <sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;Gross gains | $31 | $21 | $627 |
| &nbsp;&nbsp;Gross losses | (102) | (203) | (428) |
| &nbsp;&nbsp;Credit loss benefit (expense) <sup>(2)</sup> | (89) | (42) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intent to sell impairments | – | – | (4213) |
| Realized gain (loss) on equity securities <sup>(3)</sup> | (1) | 18 | (6) |
| Credit loss benefit (expense) on mortgage loans on |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;real estate <sup>(2)</sup> | (37) | (88) | (16) |
| Credit loss benefit (expense) on reinsurance-related assets <sup>(4)(5)</sup> | (5) | (20) | (35) |
| Realized gain (loss) on the mark-to-market on certain |  |  |  |
| instruments <sup>(6)(7)</sup> | (615) | (224) | (509) |
| Indexed product derivative results <sup>(8)</sup> | 125 | 404 | (232) |
| GLB rider fees ceded to LNBAR and attributed fees | (140) | (132) | (112) |
| Realized gain (loss) on other non-financial assets <sup>(9)</sup> | (14) | 481 | – |
| Other realized gain (loss) | 101 | 61 | 11 |
| &nbsp;&nbsp;&nbsp;Total realized gain (loss) | $(746) | $276 | $(4934) |

---

<sup>(1)</sup> Includes impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company's intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction. Pursuant to the applicable accounting guidance, the Company impaired the securities in a loss position down to fair market value upon entry into the agreements in the second quarter of 2023 and recognized additional impairment on certain of these securities during the third quarter of 2023 due to higher interest rates. Interest rates declined during the fourth quarter of 2023, which resulted in recognition of a $295 million pre-tax net gain upon close of the transaction, included in gross gains and gross losses. See [Notes 3](#ia98e05977fda4d43b3704f3fbf9e048b_148) and [7](#ia98e05977fda4d43b3704f3fbf9e048b_160) for additional information.

<sup>(2)</sup> Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.

<sup>(3)</sup> Includes mark-to-market adjustments on equity securities still held of $11 million, $21 million and $8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>(4)</sup> Includes changes in the allowance for credit losses pertaining to reinsurance recoverables and deposit assets. 

<sup>(5)</sup> Includes the release of reinsurance recoverables and the corresponding allowance for credit losses related to a third-party reinsurer, Scottish Re, where liquidation proceedings commenced during the third quarter of 2023. As of September 30, 2023, reinsurance coverage terminated and all business ceded to Scottish Re was therefore recaptured.

<sup>(6)</sup> Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities. See [Note 7](#ia98e05977fda4d43b3704f3fbf9e048b_160) for additional information.

<sup>(7)</sup> Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $(2) million, $7 million and $(11) million for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>(8)</sup> Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts, and the associated index options to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products.

<sup>(9)</sup> For the year ended December 31, 2025, represents impairment of long-lived assets. For the year ended December 31, 2024, relates to the sale of the wealth management business (see [Note 1](#ia98e05977fda4d43b3704f3fbf9e048b_160) for additional information).

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**<u>**Table of Contents**</u>**<br>

**21. Commissions and Other Expenses**

Details underlying commissions and other expenses (in millions) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Commissions | $2238 | $2076 | $2082 |
| General and administrative expenses | 2549 | 2539 | 2580 |
| DAC and VOBA deferrals, net of amortization | (231) | (120) | (171) |
| Broker-dealer expenses | – | 160 | 444 |
| Taxes, licenses and fees | 341 | 370 | 333 |
| Expenses associated with reserve financing and LOCs | 127 | 67 | 58 |
| Specifically identifiable intangible asset and |  |  |  |
| other amortization | 158 | 98 | 42 |
| Transaction and integration costs related to |  |  |  |
| mergers, acquisitions and divestitures | 25 | 29 | 34 |
| Total | $5207 | $5219 | $5402 |

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**<u>**Table of Contents**</u>**<br>

**22. Federal Income Taxes**

The federal income tax expense (benefit) on continuing operations (in millions) was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Current | $2 | $(13) | $(255) |
| Deferred | 101 | 465 | (418) |
| &nbsp;&nbsp;Federal income tax expense (benefit) | $103 | $452 | $(673) |

---

A reconciliation of the effective tax rate differences (in millions) was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **Percent** | **2024** | **Percent** | **2023** | **Percent** |
| Income (loss) before taxes | $1068 |  | $2582 |  | $(2461) |  |
| Federal income tax expense (benefit) at |  |  |  |  |  |  |
| &nbsp;&nbsp;federal statutory rate | 224 | 21% | 542 | 21% | (517) | 21% |
| Effect of: |  |  |  |  |  |  |
| &nbsp;&nbsp;Tax credits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax credits | (48) | (4%) | (36) | (1%) | (36) | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other tax credits | (5) | 0% | (3) | 0% | (4) | 0% |
| &nbsp;&nbsp;Nontaxable or nondeductible items: |  |  |  |  |  |  |
| Tax-preferred investment income <sup>(1)</sup> | (82) | (8%) | (32) | (1%) | (126) | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 2 | 0% | 3 | 0% | 3 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other nontaxable or nondeductible items | 12 | 1% | 12 | 0% | 7 | 0% |
| &nbsp;&nbsp;Changes in unrecognized tax benefits | – | 0% | (34) | (1%) | – | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income tax expense (benefit) | $103 | 10% | $452 | 18% | $(673) | 27% |

---

<sup>(1)</sup> Relates primarily to separate account dividends eligible for the dividends-received deduction.

The federal income tax asset (liability) (in millions) was as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Current | $168 | $338 |
| Deferred | (418) | (217) |
| &nbsp;&nbsp;Total federal income tax asset (liability) | $(250) | $121 |

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**<u>**Table of Contents**</u>**<br>

Significant components of our deferred tax assets and liabilities (in millions) were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **Deferred Tax Assets** |  |  |
| Net unrealized loss on fixed maturity AFS securities | $1104 | $1486 |
| Insurance liabilities and reinsurance-related balances | 794 | 318 |
| Compensation and benefit plans | 211 | 197 |
| Intangibles | 14 | 17 |
| Net unrealized loss on trading securities | 17 | 30 |
| Tax credits | 206 | 141 |
| Net operating losses | 336 | 359 |
| Capital losses | 69 | 56 |
| Deferred gain on reinsurance | 348 | 375 |
| Other | 23 | $– |
| Total deferred tax assets | $3122 | $2979 |
| **Deferred Tax Liabilities** |  |  |
| DAC and VOBA | $1746 | $1774 |
| Reinsurance-related embedded derivative assets | 42 | 153 |
| MRB-related activity | 171 | 234 |
| Investment activity | 1581 | 808 |
| Other | – | 227 |
| Total deferred tax liabilities | $3540 | $3196 |
| &nbsp;&nbsp;&nbsp;Net deferred tax asset (liability) | $(418) | $(217) |

---

As of December 31, 2025, we had $206 million of federal income tax credits, primarily related to foreign tax credits, that can be carried forward to 2030 through 2035. As of December 31, 2025, we had $1.6 billion of net operating losses to carry forward to future years. As of December 31, 2025, we had $329 million of capital losses to carry forward to future years. The net operating losses arose in tax years 2018, 2021, 2024 and 2025 and under the Tax Cuts and Jobs Act changes have an unlimited carryforward period. The capital losses arose in tax years 2023 and 2025 and can be carried back three years and forward five years. As a result, management believes that it is more likely than not that the deferred tax asset associated with the loss carryforwards will be realized. Inclusive of the tax attribute for the net operating losses, although realization is not assured, management believes that it is more likely than not that we will realize the benefits of all our deferred tax assets, and, accordingly, no valuation allowance has been recorded.

We are subject to examination by U.S. federal, state, local and non-U.S. income tax authorities. With few exceptions for limited scope review, we are no longer subject to U.S. federal examinations for years before 2021. In the first quarter of 2021, the Internal Revenue Service commenced an examination of our 2014, 2015, 2016 and 2017 refund claims. We are currently under examination by several state and local taxing jurisdictions; however, we do not expect these examinations will materially impact us.

A reconciliation of the gross unrecognized federal tax benefits (in millions) was as follows:

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| | | |
|:---|:---|:---|
| | **For the Years Ended** | **For the Years Ended** |
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Balance as of beginning-of-year | $36 | $76 |
| Decreases for prior year tax positions | (4) | (40) |
| Increases for prior year tax positions | – | – |
| &nbsp;&nbsp;&nbsp;Balance as of end-of-year | $32 | $36 |

---

As of December 31, 2025 and 2024, $32 million and $31 million, respectively, of our gross unrecognized federal tax benefits presented above, if recognized, would have affected our federal income tax expense (benefit) and our effective tax rate. We anticipate that it is reasonably possible that unrecognized tax benefits will decrease by $2 million by the end of 2026.

We recognize interest and penalties accrued, if any, related to unrecognized tax benefits as a component of tax expense. For the years ended December 31, 2025, 2024 and 2023, we recognized no interest and penalty expense (benefit), and there was no accrued interest and penalty expense related to the unrecognized tax benefits as of December 31, 2025 and 2024.

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In August 2022, the Inflation Reduction Act of 2022 was passed by the U.S. Congress and signed into law by President Biden. The Inflation Reduction Act of 2022 established a new 15% corporate alternative minimum tax for corporations whose average adjusted net income for any consecutive three-year period beginning after December 31, 2022, exceeds $1.0 billion. This provision became effective for tax years beginning after December 31, 2022. We determined that we were not within the scope of the corporate alternative minimum tax for 2025.

**23. Statutory Information and Restrictions**

We prepare financial statements in accordance with statutory accounting principles ("SAP") prescribed or permitted by the insurance departments of our respective states of domicile, which may vary materially from GAAP.

Prescribed SAP includes the Accounting Practices and Procedures Manual of the National Association of Insurance Commissioners ("NAIC") as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so prescribed. The principal differences between statutory financial statements and financial statements prepared in accordance with GAAP are that statutory financial statements do not reflect DAC, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contract holder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted.

We are subject to the applicable laws and regulations of our respective states of domicile. Changes in these laws and regulations could change capital levels or capital requirements for the Company.

Statutory capital and surplus, net gain (loss) from operations, after-tax, net income (loss) and dividends paid to LNC (in millions) below consist of all or a combination of the following entities: LNL, LLANY, Lincoln Reinsurance Company of Vermont I, Lincoln Reinsurance Company of Vermont IV, Lincoln Reinsurance Company of Vermont VI and Lincoln Reinsurance Company of Vermont VII. Effective October 1, 2025, Lincoln Reinsurance Company of South Carolina, Lincoln Reinsurance Company of Vermont III and Lincoln Reinsurance Company of Vermont V merged with and into Lincoln Reinsurance Company of Vermont IV.

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| U.S. capital and surplus | $7931 | $7306 |

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---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| U.S. net gain (loss) from operations, after-tax | $(1824) | $(3192) | $(2495) |
| U.S. net income (loss) | (181) | (2283) | (2924) |
| U.S. cash dividends to LNC | 685 | 491 | 495 |

---

During 2024, we made a $929 million extraordinary dividend in the form of investments to LNC.

*State Prescribed and Permitted Practices*

The states of domicile for LNL and LLANY, Indiana and New York, respectively, have adopted certain prescribed or permitted accounting practices that differ from those found in NAIC SAP. These prescribed practices are the calculation of reserves on universal life policies based on the Indiana universal life method as prescribed by the state of Indiana for policies issued before January 1, 2006, the use of a more conservative valuation interest rate on certain annuities prescribed by the states of Indiana and New York. Also, the state of New York prescribes use of the continuous Commissioners' Annuity Reserve Valuation Method in the calculation of reserves and use of minimum reserve methods and assumptions for variable annuity and individual life insurance contracts that may be more conservative than those required by NAIC SAP. The statutory permitted practices allow accounting for certain derivative assets at amortized cost and allow determining certain indexed annuity and indexed universal life statutory reserve calculations with the assumption that the market value of the related liability call option(s) associated with the current index term is zero. At the conclusion of the index term, credited interest is reflected in the reserve as realized, based on actual index performance. The statutory permitted practices allow accounting for fixed income assets that support certain variable annuities at book value. The statutory accounting practices also allow accounting for certain group fixed annuity assets at general account balances.

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**<u>**Table of Contents**</u>**<br>

The Vermont reinsurance subsidiaries also have certain accounting practices permitted by the state of Vermont that differ from those found in NAIC SAP. One permitted practice involves accounting for the lesser of the face amount of all amounts outstanding under an LOC and the value of the Valuation of Life Insurance Policies Model Regulation ("XXX") additional statutory reserves as an admitted asset and a form of surplus as of December 31, 2024. Another permitted practice involves the acquisition of an LLC note in exchange for a variable value surplus note that is recognized as an admitted asset and a form of surplus as of December 31, 2025 and 2024. Lastly, the state of Vermont has permitted a practice to account for certain excess of loss reinsurance agreements with unaffiliated reinsurers as an asset and form of surplus as of December 31, 2025 and 2024. These permitted practices are related to structures that continue to be allowed in accordance with the grandfathered structures under the provisions of Actuarial Guideline 48 ("AG48") or are compliant under AG48 requirements.

The favorable (unfavorable) effects on statutory surplus compared to NAIC statutory surplus from the use of these prescribed and permitted practices (in millions) were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **State Prescribed Practices** |  |  |
| Calculation of reserves using the Indiana universal life method | $(9) | $(3) |
| Conservative valuation rate on certain annuities | 1 | 1 |
| Calculation of reserves using continuous CARVM | 1 | 1 |
| Conservative Reg 213 reserves on variable annuity and individual life contracts | 18 | 20 |
| **State Permitted Practices** |  |  |
| Derivative instruments and equity indexed reserves | $(260) | $(232) |
| Fixed income assets at book value | 259 | – |
| Assets in group fixed annuity contracts held at general account balances | 170 | 304 |
| **Vermont Subsidiaries Permitted Practices** |  |  |
| Lesser of LOC and XXX additional reserve as surplus | $– | $1722 |
| LLC notes and variable value surplus notes | 1192 | 1320 |
| Excess of loss reinsurance agreements | 2601 | 541 |

---

The NAIC has adopted risk-based capital ("RBC") requirements for life insurance companies to evaluate the adequacy of statutory capital and surplus in relation to investment and insurance risks. The requirements provide a means of measuring the minimum amount of statutory surplus appropriate for an insurance company to support its overall business operations based on its size and risk profile. Under RBC requirements, regulatory compliance is determined by the ratio of a company's total adjusted capital, as defined by the NAIC, to its company action level of RBC (known as the "RBC ratio"), also as defined by the NAIC. The company action level may be triggered if the RBC ratio is between 75% and 100%, which would require the insurer to submit a plan to the regulator detailing corrective action it proposes to undertake. As of December 31, 2025, the Company's RBC ratio was in excess of four times the aforementioned company action level RBC.

We are subject to certain insurance department regulatory restrictions as to the transfer of funds and payment of dividends to the holding company. Under Indiana laws and regulations, LNL may pay dividends to LNC without prior approval of the Commissioner, only from unassigned surplus and must receive prior approval of the Commissioner to pay a dividend if such dividend, along with all other dividends paid within the preceding 12 consecutive months, would exceed the statutory limitation. The current statutory limitation is the greater of 10% of the insurer's contract holders' surplus, as shown on its last annual statement on file with the Commissioner or the insurer's statutory net gain from operations for the previous 12 months, but in no event to exceed statutory unassigned surplus. Indiana law gives the Commissioner broad discretion to disapprove requests for dividends in excess of these limits. LNL's subsidiary, LLANY, a New York-domiciled insurance company, is bound by similar restrictions under the laws of New York. Under New York law, the applicable statutory limitation on dividends is equal to the lesser of 10% of surplus to contract holders as of the immediately preceding calendar year or net gain from operations for the immediately preceding calendar year, not including realized capital gains. We expect that we could pay dividends to LNC of approximately $800 million in 2026 without prior approval from the respective Commissioners of Insurance.

All payments of principal and interest on surplus notes must be approved by the respective Commissioners of Insurance.

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**<u>**Table of Contents**</u>**<br>

**24. Supplemental Disclosures of Cash Flow Information**

The following summarizes our supplemental cash flow information (in millions):

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| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net cash paid (received) for: |  |  |  |
| Interest | $150 | $197 | $187 |
| Income taxes | 22 | (352) | (110) |
| Non-cash transactions: |  |  |  |
| Establishment of funds withheld liability in connection with |  |  |  |
| &nbsp;&nbsp;&nbsp;a reinsurance transaction | (6) | (9041) | (49) |
| Extraordinary dividend to LNC in the form of fixed maturity AFS |  |  |  |
| &nbsp;&nbsp;&nbsp;securities, mortgage loans on real estate and accrued investment income | – | (929) | – |
| Non-cash dividend to LNC for settlement of an inter-company |  |  |  |
| &nbsp;&nbsp;&nbsp;tax receivable | (207) | – | – |
| Net increase (decrease) in fixed maturity AFS securities, other |  |  |  |
| &nbsp;&nbsp;&nbsp;investments and accrued investment income in connection with |  |  |  |
| &nbsp;&nbsp;&nbsp;reinsurance activity | (833) | 792 | (20264) |
| Transition of FHLB lending program to FHLB funding agreements | 1465 | – | – |

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**<u>**Table of Contents**</u>**<br>

**25. Transactions with Affiliates**

The following summarizes transactions with affiliates (in millions) and the associated line item on the Consolidated Balance Sheets:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | |
| | **2025** | **2024** | |
| Assets with affiliates: |  |  |  |
| &nbsp;&nbsp;Inter-company notes | $365 | $905 | Fixed maturity AFS securities |
| &nbsp;&nbsp;Assumed reinsurance contracts | 1 | 1 | Policy loans |
|  |  |  | Deferred acquisition costs, value of business |
| &nbsp;&nbsp;Ceded net of assumed reinsurance contracts | (318) | (251) | &nbsp;&nbsp;acquired and deferred sales inducements |
| &nbsp;&nbsp;Accrued inter-company interest receivable | 5 | 6 | Accrued investment income |
|  |  |  | Reinsurance recoverables, net of allowance |
| &nbsp;&nbsp;Ceded reinsurance contracts | 20847 | 20468 | &nbsp;&nbsp;for credit losses |
|  |  |  | Deposit assets, net of allowance for |
| &nbsp;&nbsp;Ceded reinsurance contracts | 9642 | 7896 | &nbsp;&nbsp;credit losses |
| &nbsp;&nbsp;Ceded reinsurance contracts | 449 | 415 | Other assets |
| &nbsp;&nbsp;Cash management agreement | 1859 | 1798 | Other assets |
| &nbsp;&nbsp;Service agreement receivable | 1 | 1 | Other assets |
| Liabilities with affiliates: |  |  |  |
| &nbsp;&nbsp;Assumed reinsurance contracts | 15 | 15 | Future contract benefits |
| &nbsp;&nbsp;Assumed reinsurance contracts | 332 | 344 | Policyholder account balances |
| &nbsp;&nbsp;Cash management agreement | – | 24 | Short-term debt |
| &nbsp;&nbsp;Inter-company long-term debt | 1426 | 2173 | Long-term debt |
| &nbsp;&nbsp;Ceded reinsurance contracts | 21745 | 19143 | Funds withheld reinsurance liabilities |
| &nbsp;&nbsp;Ceded reinsurance contracts | 2477 | 2547 | Other liabilities |
| &nbsp;&nbsp;Accrued inter-company interest payable | 2 | 5 | Other liabilities |
| &nbsp;&nbsp;Service agreement payable | 54 | 59 | Other liabilities |
| &nbsp;&nbsp;Assumed/ceded reinsurance contracts | 4043 | 4226 | Other liabilities |
| Equity with affiliates: |  |  |  |
| &nbsp;&nbsp;Accumulated other comprehensive income – | 931 | 1267 | Accumulated other comprehensive |
| &nbsp;&nbsp;&nbsp;&nbsp;assumed/ceded reinsurance contracts |  |  | &nbsp;&nbsp;income (loss) |

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**<u>**Table of Contents**</u>**<br>

The following summarizes transactions with affiliates (in millions) and the associated line item on the Consolidated Statements of Comprehensive Income (Loss):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | |
| | **2025** | **2024** | **2023** | |
| Revenues with affiliates: |  |  |  |  |
| &nbsp;&nbsp;Premiums and fees received on assumed (paid on |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ceded) reinsurance contracts | $(2263) | $(5427) | $(498) | Insurance premiums and fee income |
| &nbsp;&nbsp;Fees for management of general account | (85) | (97) | (156) | Net investment income |
| &nbsp;&nbsp;Net investment income on ceded funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;withheld treaties | (242) | (260) | (238) | Net investment income |
| &nbsp;&nbsp;Net investment income on inter-company notes | 44 | 63 | 65 | Net investment income |
| &nbsp;&nbsp;Cash management agreement activity | 69 | 59 | 11 | Net investment income |
| &nbsp;&nbsp;Realized gains (losses) on ceded reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance-related settlements | 9 | 305 | 1717 | Realized gain (loss) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other gains (losses) | (341) | 289 | (9) | Realized gain (loss) |
| &nbsp;&nbsp;Amortization of deferred gain on reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;contracts | 183 | 167 | 17 | Other revenues |
| &nbsp;&nbsp;Other revenues | (714) | (475) | (171) | Other revenues |
| Benefits and expenses with affiliates: |  |  |  |  |
| &nbsp;&nbsp;(Recoveries) benefits on ceded reinsurance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;contracts | (2580) | (5844) | (507) | Benefits |
| &nbsp;&nbsp;Interest credited on assumed reinsurance contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(interest recoveries on ceded reinsurance contracts) | (222) | (229) | 12 | Interest credited |
| &nbsp;&nbsp;Market risk benefit (gain) loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;on ceded reinsurance contracts | 149 | 1740 | 1129 | Market risk benefit (gain) loss |
| &nbsp;&nbsp;Policyholder liability remeasurement (gain) loss |  |  |  | Policyholder liability remeasurement |
| &nbsp;&nbsp;&nbsp;&nbsp;on ceded reinsurance contracts | 92 | 209 | – | (gain) loss |
| &nbsp;&nbsp;Ceded reinsurance contracts | (159) | (76) | (13) | Commissions and other expenses |
| &nbsp;&nbsp;Amortization of deferred loss on reinsurance contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;contracts | 15 | 5 | – | Commissions and other expenses |
| &nbsp;&nbsp;Service agreement payments (receipts) | (6) | (7) | (17) | Commissions and other expenses |
| &nbsp;&nbsp;Interest expense on inter-company debt | 118 | 146 | 148 | Interest and debt expense |

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*Inter-Company Notes*

LNC issues inter-company notes to us for a predetermined face value to be repaid by LNC at a predetermined maturity with a specified interest rate.

*Cash Management Agreement*

In order to manage our capital more efficiently, we participate in an inter-company cash management program where LNC can lend to or borrow from us to meet short-term borrowing needs. The cash management program is essentially a series of demand loans, which are permitted under applicable insurance laws, among LNC and its affiliates that reduces overall borrowing costs by allowing LNC and its subsidiaries to access internal resources instead of incurring third-party transaction costs. LNL is currently subject to a borrowing and lending limit of 3% of our admitted assets as of December 31, 2025. LLANY may borrow from LNC less than 2% of its admitted assets as of December 31, 2025, but may not lend any amounts to LNC.

------

**<u>**Table of Contents**</u>**<br>

*Service Agreements*

In accordance with service agreements with LNC and other subsidiaries of LNC for personnel and facilities usage, general management services and investment management services, we receive services from and provide services to affiliated companies and receive an allocation of corporate overhead. Corporate overhead expenses are allocated based on specific methodologies for each function. The majority of the expenses are allocated based on the following methodologies: headcount, investments by product, account balances, weighted policies in force and sales.

*Ceded Reinsurance Contracts*

As discussed in [Note 7](#ia98e05977fda4d43b3704f3fbf9e048b_160), we cede insurance contracts to LNBAR and LPINE. We cede certain guaranteed benefit risks (including certain GDB and GLB benefits) to LNBAR and certain group protection and fixed annuity products as well as the flow of new level term life insurance policies to LPINE.

Substantially all reinsurance ceded to affiliated and subsidiary companies is with either a reciprocal jurisdiction reinsurer or unauthorized companies. To take reserve credit for such reinsurance: the reinsurer holds assets in trust for our potential benefit; we hold assets from the reinsurer, including funds withheld under reinsurance treaties; and/or we are the beneficiary of LOCs that are obtained by the affiliate reinsurer and issued by banks. See [Note 13](#ia98e05977fda4d43b3704f3fbf9e048b_178) for additional information on our credit facility, which allows for borrowing or issuances of LOCs.

*Tax Sharing Agreement*

We participate in a tax sharing agreement with LNC, as described in [Note 1](#ia98e05977fda4d43b3704f3fbf9e048b_142). As of December 31, 2025 and 2024, we had a receivable due from LNC of $62 million and $14 million, respectively, for federal income taxes under the tax sharing agreement, which is included in other assets on the Consolidated Balance Sheets.

**Lincoln Life Flexible Premium Variable Life Account M**

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Statements of assets and liabilities**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Subaccount* | *Investments ($)* | *Contract Purchases Due From The Lincoln National Life Insurance Company ($)* | *Total Assets ($)* | *Net Assets ($)* |
| AB VPS Discovery Value Portfolio - Class A | 87785637 |  | 87785637 | 87785637 |
| AB VPS International Value Portfolio - Class A | 11270895 |  | 11270895 | 11270895 |
| AB VPS Large Cap Growth Portfolio - Class A | 5323236 |  | 5323236 | 5323236 |
| AB VPS Relative Value Portfolio - Class A | 18624977 |  | 18624977 | 18624977 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 25736196 |  | 25736196 | 25736196 |
| American Funds® IS Asset Allocation Fund - Class 4 | 24450 |  | 24450 | 24450 |
| American Funds® IS Capital Income Builder - Class 4 | 10660 |  | 10660 | 10660 |
| American Funds® IS Capital World Growth and Income Fund - Class 2 | 206622 |  | 206622 | 206622 |
| American Funds® IS Global Growth Fund - Class 2 | 312687661 |  | 312687661 | 312687661 |
| American Funds® IS Global Growth Fund - Class 4 | 10705 |  | 10705 | 10705 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 160357610 |  | 160357610 | 160357610 |
| American Funds® IS Global Small Capitalization Fund - Class 4 | 1079 |  | 1079 | 1079 |
| American Funds® IS Growth Fund - Class 2 | 1046369488 |  | 1046369488 | 1046369488 |
| American Funds® IS Growth Fund - Class 4 | 251355 |  | 251355 | 251355 |
| American Funds® IS Growth-Income Fund - Class 2 | 846848637 |  | 846848637 | 846848637 |
| American Funds® IS Growth-Income Fund - Class 4 | 19539 |  | 19539 | 19539 |
| American Funds® IS International Fund - Class 2 | 330822518 |  | 330822518 | 330822518 |
| American Funds® IS International Fund - Class 4 | 43112 |  | 43112 | 43112 |
| American Funds® IS New World Fund - Class 4 | 74226 |  | 74226 | 74226 |
| American Funds® IS Washington Mutual Investors Fund - Class 4 | 88135 |  | 88135 | 88135 |
| ClearBridge Variable Growth Portfolio - Class II | 788 |  | 788 | 788 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 58610294 |  | 58610294 | 58610294 |
| ClearBridge Variable Mid Cap Portfolio - Class II | 90 |  | 90 | 90 |
| Columbia VP Commodity Strategy Fund - Class 2 | 961 |  | 961 | 961 |
| Columbia VP Strategic Income Fund - Class 2 | 1463 |  | 1463 | 1463 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 26336714 |  | 26336714 | 26336714 |
| DWS Equity 500 Index VIP Portfolio - Class A | 64661899 |  | 64661899 | 64661899 |
| DWS Small Cap Index VIP Portfolio - Class A | 12414586 |  | 12414586 | 12414586 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 377543 |  | 377543 | 377543 |
| Fidelity® VIP Balanced Portfolio - Service Class 2 | 34733 |  | 34733 | 34733 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 23452667 |  | 23452667 | 23452667 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 478555448 |  | 478555448 | 478555448 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 70978 |  | 70978 | 70978 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 2340114 |  | 2340114 | 2340114 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 7360587 |  | 7360587 | 7360587 |
| Fidelity® VIP Financials Portfolio - Initial Class | 36159 |  | 36159 | 36159 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 8469097 |  | 8469097 | 8469097 |
| Fidelity® VIP Growth Portfolio - Service Class | 212532194 |  | 212532194 | 212532194 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 126185 |  | 126185 | 126185 |
| Fidelity® VIP Health Care Portfolio - Initial Class | 33460 |  | 33460 | 33460 |
| Fidelity® VIP High Income Portfolio - Service Class | 2069940 |  | 2069940 | 2069940 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 792177 |  | 792177 | 792177 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 225753969 |  | 225753969 | 225753969 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 20953 |  | 20953 | 20953 |
| Fidelity® VIP Overseas Portfolio - Service Class | 9764409 |  | 9764409 | 9764409 |
| Fidelity® VIP Strategic Income Portfolio - Service Class 2 | 6318 |  | 6318 | 6318 |
| Fidelity® VIP Technology Portfolio - Initial Class | 464140 |  | 464140 | 464140 |
| First Trust Capital Strength Hedged Equity Portfolio - Class I | 628145 |  | 628145 | 628145 |
| First Trust Capital Strength Portfolio - Class I | 946100 |  | 946100 | 946100 |
| First Trust International Developed Capital Strength Portfolio - Class I | 12497 |  | 12497 | 12497 |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I | 1038090 |  | 1038090 | 1038090 |
| Franklin Income VIP Fund - Class 1 | 219602309 |  | 219602309 | 219602309 |
| Franklin Mutual Shares VIP Fund - Class 1 | 98936070 |  | 98936070 | 98936070 |
| Franklin Rising Dividends VIP Fund - Class 4 | 4825 |  | 4825 | 4825 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 20253874 |  | 20253874 | 20253874 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 4 | 38387 |  | 38387 | 38387 |
| Goldman Sachs VIT Government Money Market Fund - Service Shares | 16113 |  | 16113 | 16113 |
| Invesco V.I. American Franchise Fund - Series I Shares | 16754155 |  | 16754155 | 16754155 |
| Invesco V.I. Core Equity Fund - Series I Shares | 17841003 |  | 17841003 | 17841003 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 717374 |  | 717374 | 717374 |
| Invesco V.I. Diversified Dividend Fund - Series II Shares | 92 |  | 92 | 92 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 44939752 |  | 44939752 | 44939752 |
| Invesco V.I. International Growth Fund - Series II Shares | 9805 |  | 9805 | 9805 |
| Invesco V.I. Main Street Small Cap Fund®- Series II Shares | 72889 |  | 72889 | 72889 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 11520589 |  | 11520589 | 11520589 |
| Janus Henderson Balanced Portfolio - Service Shares | 9590278 |  | 9590278 | 9590278 |
| Janus Henderson Enterprise Portfolio - Service Shares | 4798700 |  | 4798700 | 4798700 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 12676277 |  | 12676277 | 12676277 |
| Janus Henderson Global Research Portfolio - Service Shares | 2650781 |  | 2650781 | 2650781 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 5942049 |  | 5942049 | 5942049 |
| Lincoln Hedged S&P 500 Conservative Fund - Service Class | 419203 |  | 419203 | 419203 |
| Lincoln Hedged S&P 500 Fund - Service Class | 758839 |  | 758839 | 758839 |
| LVIP AllianceBernstein Large Cap Growth Fund - Service Class | 68245 |  | 68245 | 68245 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 217500247 |  | 217500247 | 217500247 |
| LVIP American Balanced Allocation Fund - Standard Class | 13489831 |  | 13489831 | 13489831 |
| LVIP American Century Balanced Fund - Standard Class II | 83824849 |  | 83824849 | 83824849 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 12377502 |  | 12377502 | 12377502 |
| LVIP American Century Ultra® Fund - Service Class | 56469 |  | 56469 | 56469 |
| LVIP American Century Ultra® Fund - Standard Class | 151355137 |  | 151355137 | 151355137 |
| LVIP American Growth Allocation Fund - Service Class | 4081 |  | 4081 | 4081 |
| LVIP American Growth Allocation Fund - Standard Class | 104634318 |  | 104634318 | 104634318 |
| LVIP American Income Allocation Fund - Standard Class | 9680648 |  | 9680648 | 9680648 |
| LVIP Baron Growth Opportunities Fund - Service Class | 95073671 |  | 95073671 | 95073671 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 7021919 |  | 7021919 | 7021919 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 57516612 |  | 57516612 | 57516612 |
| LVIP BlackRock Equity Dividend Fund - Service Class | 35560 |  | 35560 | 35560 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 128931593 |  | 128931593 | 128931593 |
| LVIP BlackRock Global Allocation Fund - Service Class | 899 |  | 899 | 899 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 426471103 |  | 426471103 | 426471103 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 46152139 |  | 46152139 | 46152139 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 88199988 |  | 88199988 | 88199988 |
| LVIP BlackRock Real Estate Fund - Service Class | 13719 |  | 13719 | 13719 |
| LVIP BlackRock Real Estate Fund - Standard Class | 49801794 |  | 49801794 | 49801794 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 22607903 |  | 22607903 | 22607903 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 14905770 |  | 14905770 | 14905770 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 12881265 |  | 12881265 | 12881265 |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 3374780 |  | 3374780 | 3374780 |
| LVIP Dimensional International Core Equity Fund - Service Class | 5346 |  | 5346 | 5346 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 65517256 |  | 65517256 | 65517256 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 17059742 |  | 17059742 | 17059742 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 72416796 |  | 72416796 | 72416796 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 68029581 |  | 68029581 | 68029581 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 19545908 |  | 19545908 | 19545908 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Service Class | 154737 |  | 154737 | 154737 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 129485644 |  | 129485644 | 129485644 |
| LVIP Franklin Templeton Core Bond Fund - Service Class | 70222 |  | 70222 | 70222 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 390712023 |  | 390712023 | 390712023 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 11536294 |  | 11536294 | 11536294 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class | 6029 |  | 6029 | 6029 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 86045356 |  | 86045356 | 86045356 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 61628379 |  | 61628379 | 61628379 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class | 12764 |  | 12764 | 12764 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 110963019 |  | 110963019 | 110963019 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class | 8527 |  | 8527 | 8527 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 114786789 |  | 114786789 | 114786789 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 54348274 |  | 54348274 | 54348274 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 146263980 |  | 146263980 | 146263980 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 108932606 |  | 108932606 | 108932606 |
| LVIP Government Money Market Fund - Standard Class | 100548321 | 25963415 | 126511736 | 126511736 |
| LVIP JPMorgan High Yield Fund - Service Class | 14834 |  | 14834 | 14834 |
| LVIP JPMorgan High Yield Fund - Standard Class | 120580645 |  | 120580645 | 120580645 |
| LVIP JPMorgan Retirement Income Fund - Standard Class | 869787 |  | 869787 | 869787 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 22259787 |  | 22259787 | 22259787 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 124213985 |  | 124213985 | 124213985 |
| LVIP Loomis Sayles Global Growth Fund - Standard Class | 2915244 |  | 2915244 | 2915244 |
| LVIP MFS International Growth Fund - Service Class | 69817 |  | 69817 | 69817 |
| LVIP MFS International Growth Fund - Standard Class | 148188716 |  | 148188716 | 148188716 |
| LVIP MFS Value Fund - Service Class | 104310 |  | 104310 | 104310 |
| LVIP MFS Value Fund - Standard Class | 362911982 |  | 362911982 | 362911982 |
| LVIP Mondrian Global Income Fund - Standard Class | 29353680 |  | 29353680 | 29353680 |
| LVIP Mondrian International Value Fund - Service Class | 59355 |  | 59355 | 59355 |
| LVIP Mondrian International Value Fund - Standard Class | 73541149 |  | 73541149 | 73541149 |
| LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class | 1210378 |  | 1210378 | 1210378 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 46834581 |  | 46834581 | 46834581 |
| LVIP Nomura High Yield Fund - Standard Class | 19362310 |  | 19362310 | 19362310 |
| LVIP Nomura Mid Cap Value Fund - Service Class | 46206 |  | 46206 | 46206 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 50569523 |  | 50569523 | 50569523 |
| LVIP Nomura SMID Cap Core Fund - Service Class | 3448 |  | 3448 | 3448 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 120140181 |  | 120140181 | 120140181 |
| LVIP Nomura Social Awareness Fund - Standard Class | 21604256 |  | 21604256 | 21604256 |
| LVIP Nomura U.S. Growth Fund - Service Class | 8820 |  | 8820 | 8820 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 70311054 |  | 70311054 | 70311054 |
| LVIP Nomura U.S. REIT Fund - Service Class | 33943 |  | 33943 | 33943 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 86408443 |  | 86408443 | 86408443 |
| LVIP PIMCO Low Duration Bond Fund - Standard Class | 13547271 |  | 13547271 | 13547271 |
| LVIP SSGA Bond Index Fund - Service Class | 333023 |  | 333023 | 333023 |
| LVIP SSGA Bond Index Fund - Standard Class | 163202497 |  | 163202497 | 163202497 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 43819987 |  | 43819987 | 43819987 |
| LVIP SSGA Emerging Markets Equity Index Fund - Service Class | 66762 |  | 66762 | 66762 |
| LVIP SSGA Emerging Markets Equity Index Fund - Standard Class | 2264220 |  | 2264220 | 2264220 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 25672344 |  | 25672344 | 25672344 |
| LVIP SSGA International Index Fund - Service Class | 303849 |  | 303849 | 303849 |
| LVIP SSGA International Index Fund - Standard Class | 163477642 |  | 163477642 | 163477642 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 15660794 |  | 15660794 | 15660794 |
| LVIP SSGA Mid-Cap Index Fund - Service Class | 154174 |  | 154174 | 154174 |
| LVIP SSGA Mid-Cap Index Fund - Standard Class | 14394121 |  | 14394121 | 14394121 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 241064085 |  | 241064085 | 241064085 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 281635617 |  | 281635617 | 281635617 |
| LVIP SSGA Nasdaq-100 Index Fund - Service Class | 53562 |  | 53562 | 53562 |
| LVIP SSGA S&P 500 Index Fund - Service Class | 1074156 |  | 1074156 | 1074156 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 2261754469 |  | 2261754469 | 2261754469 |
| LVIP SSGA Short-Term Bond Index Fund - Standard Class | 5598808 |  | 5598808 | 5598808 |
| LVIP SSGA Small-Cap Index Fund - Service Class | 100222 |  | 100222 | 100222 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 209445794 |  | 209445794 | 209445794 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 18638207 |  | 18638207 | 18638207 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 133233305 |  | 133233305 | 133233305 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 116840982 |  | 116840982 | 116840982 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 1534267 |  | 1534267 | 1534267 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 8611671 |  | 8611671 | 8611671 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 16469576 |  | 16469576 | 16469576 |
| LVIP T. Rowe Price 2050 Fund - Standard Class | 16271061 |  | 16271061 | 16271061 |
| LVIP T. Rowe Price 2060 Fund - Standard Class | 29295688 |  | 29295688 | 29295688 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class | 55223 |  | 55223 | 55223 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 135914872 |  | 135914872 | 135914872 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 12512889 |  | 12512889 | 12512889 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 175538711 |  | 175538711 | 175538711 |
| LVIP Vanguard Domestic Equity ETF Fund - Service Class | 1307 |  | 1307 | 1307 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 347462489 |  | 347462489 | 347462489 |
| LVIP Vanguard International Equity ETF Fund - Service Class | 52653 |  | 52653 | 52653 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 218005133 |  | 218005133 | 218005133 |
| LVIP Wellington SMID Cap Value Fund - Service Class | 132 |  | 132 | 132 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 64952358 |  | 64952358 | 64952358 |
| M Capital Appreciation Fund | 2207170 |  | 2207170 | 2207170 |
| M International Equity Fund | 2801329 |  | 2801329 | 2801329 |
| M Large Cap Growth Fund | 4300388 |  | 4300388 | 4300388 |
| M Large Cap Value Fund | 3402116 |  | 3402116 | 3402116 |
| MFS® VIT Growth Series - Initial Class | 134499743 |  | 134499743 | 134499743 |
| MFS® VIT Growth Series - Service Class | 3513 |  | 3513 | 3513 |
| MFS® VIT New Discovery Series - Initial Class | 2567695 |  | 2567695 | 2567695 |
| MFS® VIT Total Return Series - Initial Class | 112323616 |  | 112323616 | 112323616 |
| MFS® VIT Utilities Series - Initial Class | 71345656 |  | 71345656 | 71345656 |
| MFS® VIT Utilities Series - Service Class | 27921 |  | 27921 | 27921 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 4457545 |  | 4457545 | 4457545 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 19390875 |  | 19390875 | 19390875 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 5914048 |  | 5914048 | 5914048 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 1717356 |  | 1717356 | 1717356 |
| Nomura VIP Emerging Markets Series - Service Class | 71663 |  | 71663 | 71663 |
| Nomura VIP Emerging Markets Series - Standard Class | 202863051 |  | 202863051 | 202863051 |
| Nomura VIP Energy Series - Service Class | 969 |  | 969 | 969 |
| Nomura VIP High Income Series - Service Class | 2524 |  | 2524 | 2524 |
| Nomura VIP Science and Technology Series - Service Class | 3400 |  | 3400 | 3400 |
| Nomura VIP Small Cap Growth Series - Service Class | 4030 |  | 4030 | 4030 |
| Nomura VIP Small Cap Value Series - Service Class | 590 |  | 590 | 590 |
| Nomura VIP Small Cap Value Series - Standard Class | 139896573 |  | 139896573 | 139896573 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 41666683 |  | 41666683 | 41666683 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class | 689 |  | 689 | 689 |
| PIMCO VIT Dynamic Bond Portfolio - Advisor Class | 3145 |  | 3145 | 3145 |
| PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class | 7128 |  | 7128 | 7128 |
| Putnam VT George Putnam Balanced Fund - Class IA | 4948695 |  | 4948695 | 4948695 |
| Putnam VT Global Health Care Fund - Class IB | 2415416 |  | 2415416 | 2415416 |
| Putnam VT Large Cap Value Fund - Class IB | 3514576 |  | 3514576 | 3514576 |
| Templeton Foreign VIP Fund - Class 1 | 1153450 |  | 1153450 | 1153450 |
| Templeton Foreign VIP Fund - Class 2 | 2487485 |  | 2487485 | 2487485 |
| Templeton Global Bond VIP Fund - Class 1 | 80933618 |  | 80933618 | 80933618 |
| Templeton Global Bond VIP Fund - Class 4 | 4616 |  | 4616 | 4616 |
| Templeton Growth VIP Fund - Class 1 | 8130775 |  | 8130775 | 8130775 |
| Templeton Growth VIP Fund - Class 2 | 1316028 |  | 1316028 | 1316028 |
| TOPS® Aggressive Growth ETF Portfolio - Class 2 Shares | 92742 |  | 92742 | 92742 |
| TOPS® Balanced ETF Portfolio - Class 2 Shares | 7390174 |  | 7390174 | 7390174 |
| TOPS® Balanced ETF Portfolio - Service Class Shares | 2874093 |  | 2874093 | 2874093 |
| TOPS® Growth ETF Portfolio - Class 2 Shares | 21647 |  | 21647 | 21647 |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | 23326783 |  | 23326783 | 23326783 |
| TOPS® Moderate Growth ETF Portfolio - Service Class Shares | 4234045 |  | 4234045 | 4234045 |

---

See accompanying notes

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Statements of operations**

**Year Ended December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Subaccount* | *Dividends from Investment Income ($)* | *Mortality and Expense Guarantee Charges ($)* | *Net Investment Income (Loss) ($)* | *Net Realized Gain (Loss) on Investments ($)* | *Dividends from Net Realized Gain on Investments ($)* | *Total Net Realized Gain (Loss) on Investments ($)* | *Net Change in Unrealized Appreciation or Depreciation on Investments ($)* | *Net Increase (Decrease) in Net Assets Resulting from Operations ($)* |
| AB VPS Discovery Value Portfolio - Class A | 709333 | (301041) | 408292 | (226469) | 9177651 | 8951182 | (6917268) | 2442206 |
| AB VPS International Value Portfolio - Class A | 259300 | (20243) | 239057 | 844253 |  | 844253 | 2543814 | 3627124 |
| AB VPS Large Cap Growth Portfolio - Class A |  | (10332) | (10332) | 119486 | 444312 | 563798 | 91071 | 644537 |
| AB VPS Relative Value Portfolio - Class A | 199669 | (35576) | 164093 | 260854 | 1454837 | 1715691 | (102657) | 1777127 |
| AB VPS Sustainable Global Thematic Portfolio - Class A |  | (101009) | (101009) | 65004 | 3028628 | 3093632 | (1580371) | 1412252 |
| American Funds® IS Asset Allocation Fund - Class 4 | 385 |  | 385 |  | 1156 | 1156 | 999 | 2540 |
| American Funds® IS Capital Income Builder - Class 4 | 245 |  | 245 | 9 |  | 9 | 1218 | 1472 |
| American Funds® IS Capital World Growth and Income Fund - Class 2 | 1840 |  | 1840 | 77 |  | 77 | 5019 | 6936 |
| American Funds® IS Global Growth Fund - Class 2 | 4013721 | (1348921) | 2664800 | 5143607 | 35076839 | 40220446 | 12047950 | 54933196 |
| American Funds® IS Global Growth Fund - Class 4 | 97 |  | 97 | (55) | 1014 | 959 | 501 | 1557 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 539628 | (652007) | (112379) | (3597030) | 3370281 | (226749) | 20793153 | 20454025 |
| American Funds® IS Global Small Capitalization Fund - Class 4 | 2 |  | 2 | 5 | 22 | 27 | 167 | 196 |
| American Funds® IS Growth Fund - Class 2 | 1480145 | (4213352) | (2733207) | 45136257 | 75640705 | 120776962 | 58602398 | 176646153 |
| American Funds® IS Growth Fund - Class 4 | 235 |  | 235 | 6273 | 14697 | 20970 | 15133 | 36338 |
| American Funds® IS Growth-Income Fund - Class 2 | 7288006 | (3835224) | 3452782 | 18539159 | 129958636 | 148497795 | (24202101) | 127748476 |
| American Funds® IS Growth-Income Fund - Class 4 | 91 |  | 91 | 415 | 1838 | 2253 | (150) | 2194 |
| American Funds® IS International Fund - Class 2 | 4058764 | (1258480) | 2800284 | 3145307 |  | 3145307 | 65449995 | 71395586 |
| American Funds® IS International Fund - Class 4 | 443 |  | 443 | 226 |  | 226 | 6923 | 7592 |
| American Funds® IS New World Fund - Class 4 | 617 |  | 617 | 853 | 2477 | 3330 | 11016 | 14963 |
| American Funds® IS Washington Mutual Investors Fund - Class 4 | 980 |  | 980 | 3920 | 4269 | 8189 | 2183 | 11352 |
| ClearBridge Variable Growth Portfolio - Class II |  |  |  |  | 105 | 105 | (43) | 62 |
| ClearBridge Variable Large Cap Growth Portfolio - Class II |  |  |  | 2094 | 99 | 2193 | (1399) | 794 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 161702 | (288606) | (126904) | 740531 | 3630401 | 4370932 | (1895034) | 2348994 |
| ClearBridge Variable Mid Cap Portfolio - Class II |  |  |  | (6) | 15 | 9 | (2) | 7 |
| Columbia VP Commodity Strategy Fund - Class 2 | 54 |  | 54 |  |  |  | 30 | 84 |
| Columbia VP Strategic Income Fund - Class 2 | 61 |  | 61 |  |  |  | 20 | 81 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 988307 | (87839) | 900468 | 4740 |  | 4740 | 1447822 | 2353030 |
| DWS Equity 500 Index VIP Portfolio - Class A | 650133 | (137583) | 512550 | 1303940 | 5378899 | 6682839 | 2547366 | 9742755 |
| DWS Small Cap Index VIP Portfolio - Class A | 155555 | (23812) | 131743 | 2117 | 664310 | 666427 | 603151 | 1401321 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 9092 | (1941) | 7151 | 1964 | 15817 | 17781 | 22577 | 47509 |
| Fidelity® VIP Balanced Portfolio - Service Class 2 | 488 |  | 488 | 32 | 976 | 1008 | 2617 | 4113 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 30115 |  | 30115 | 74619 | 3296005 | 3370624 | 543094 | 3943833 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 226407 | (1893885) | (1667478) | 22391736 | 71589487 | 93981223 | (7597509) | 84716236 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 |  |  |  | 2169 | 11000 | 13169 | (281) | 12888 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 40136 | (12010) | 28126 | 31397 | 123721 | 155118 | 187998 | 371242 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 119279 | (13852) | 105427 | 89070 | 390816 | 479886 | 597116 | 1182429 |
| Fidelity® VIP Financials Portfolio - Initial Class | 424 |  | 424 | 5 | 378 | 383 | 1124 | 1931 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class |  | (15369) | (15369) | 202323 | 114244 | 316567 | 1209122 | 1510320 |
| Fidelity® VIP Growth Portfolio - Service Class | 408350 | (848217) | (439867) | 3456810 | 25940359 | 29397169 | (1576457) | 27380845 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 57 |  | 57 | 363 | 15194 | 15557 | (176) | 15438 |
| Fidelity® VIP Health Care Portfolio - Initial Class | 118 |  | 118 | 175 |  | 175 | 2701 | 2994 |
| Fidelity® VIP High Income Portfolio - Service Class | 128167 | (3603) | 124564 | (4944) |  | (4944) | 53925 | 173545 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 27712 | (4224) | 23488 | (8898) |  | (8898) | 34350 | 48940 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 779171 | (949807) | (170636) | 1575604 | 23378995 | 24954599 | (1164287) | 23619676 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 49 |  | 49 | 1 | 1994 | 1995 | 58 | 2102 |
| Fidelity® VIP Overseas Portfolio - Service Class | 145794 | (19749) | 126045 | 308601 | 847290 | 1155891 | 345113 | 1627049 |
| Fidelity® VIP Strategic Income Portfolio - Service Class 2 | 198 |  | 198 | 1 |  | 1 | 235 | 434 |
| Fidelity® VIP Technology Portfolio - Initial Class |  |  |  | 1222 | 5116 | 6338 | 6207 | 12545 |
| First Trust Capital Strength Hedged Equity Portfolio - Class I | 1938 |  | 1938 | (165) |  | (165) | (17051) | (15278) |
| First Trust Capital Strength Portfolio - Class I | 3914 |  | 3914 | (80) |  | (80) | 30028 | 33862 |
| First Trust International Developed Capital Strength Portfolio - Class I | 173 |  | 173 | 28 | 216 | 244 | 1336 | 1753 |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I | 20030 |  | 20030 | (900) | 37357 | 36457 | (21176) | 35311 |
| Franklin Income VIP Fund - Class 1 | 10090642 | (1043003) | 9047639 | (40687) | 2019384 | 1978697 | 12680587 | 23706923 |
| Franklin Mutual Shares VIP Fund - Class 1 | 2092400 | (351734) | 1740666 | 9820 | 9081088 | 9090908 | (820714) | 10010860 |
| Franklin Rising Dividends VIP Fund - Class 4 | 33 |  | 33 | 158 | 435 | 593 | 39 | 665 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 |  | (38372) | (38372) | 47338 | 883749 | 931087 | (350958) | 541757 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 4 |  |  |  | 105 | 1380 | 1485 | (974) | 511 |
| Goldman Sachs VIT Government Money Market Fund - Service Shares | 588 |  | 588 |  |  |  |  | 588 |
| Invesco V.I. American Franchise Fund - Series I Shares |  | (42040) | (42040) | 400512 | 1544520 | 1945032 | (167823) | 1735169 |
| Invesco V.I. Core Equity Fund - Series I Shares | 110924 | (41468) | 69456 | 174413 | 1276953 | 1451366 | 983192 | 2504014 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 45157 | (5824) | 39333 | (22470) |  | (22470) | 49518 | 66381 |
| Invesco V.I. Diversified Dividend Fund - Series II Shares |  |  |  | 2 | 2 | 4 | 4 | 8 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 628595 | (235866) | 392729 | 245855 | 2789967 | 3035822 | 2905574 | 6334125 |
| Invesco V.I. International Growth Fund - Series II Shares | 5 |  | 5 |  | 787 | 787 | 262 | 1054 |
| Invesco V.I. Main Street Small Cap Fund®- Series II Shares | 157 |  | 157 | (6) | 6983 | 6977 | (1972) | 5162 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 222707 | (22068) | 200639 | 225112 | 358118 | 583230 | 733726 | 1517595 |
| Janus Henderson Balanced Portfolio - Service Shares | 158213 | (18550) | 139663 | 162821 | 288632 | 451453 | 657671 | 1248787 |
| Janus Henderson Enterprise Portfolio - Service Shares | 2223 | (9255) | (7032) | 37207 | 396076 | 433283 | (92754) | 333497 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 69393 | (24159) | 45234 | 306621 | 1043662 | 1350283 | 871035 | 2266552 |
| Janus Henderson Global Research Portfolio - Service Shares | 10942 | (5197) | 5745 | 83967 | 238487 | 322454 | 163907 | 492106 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares |  | (10760) | (10760) | 112718 | 494386 | 607104 | 597612 | 1193956 |
| Lincoln Hedged S&P 500 Conservative Fund - Service Class |  |  |  | (705) | 23818 | 23113 | (13231) | 9882 |
| Lincoln Hedged S&P 500 Fund - Service Class |  |  |  | 792 | 57222 | 58014 | 2018 | 60032 |
| LVIP AllianceBernstein Large Cap Growth Fund - Service Class |  |  |  | 4803 | 22558 | 27361 | (19328) | 8033 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class |  | (990686) | (990686) | 7597098 | 70837927 | 78435025 | (50757535) | 26686804 |
| LVIP American Balanced Allocation Fund - Standard Class | 306981 |  | 306981 | 9960 | 414987 | 424947 | 787205 | 1519133 |
| LVIP American Century Balanced Fund - Standard Class II | 1510017 | (553996) | 956021 | 448419 |  | 448419 | 5358226 | 6762666 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 962183 | (23433) | 938750 | (130410) |  | (130410) | (82928) | 725412 |
| LVIP American Century Ultra® Fund - Service Class |  |  |  | 117 | 4405 | 4522 | 1865 | 6387 |
| LVIP American Century Ultra® Fund - Standard Class |  | (634391) | (634391) | 2642838 | 12042098 | 14684936 | 3795628 | 17846173 |
| LVIP American Growth Allocation Fund - Service Class | 58 |  | 58 |  | 147 | 147 | 241 | 446 |
| LVIP American Growth Allocation Fund - Standard Class | 1893117 |  | 1893117 | 11536 | 4185872 | 4197408 | 7675686 | 13766211 |
| LVIP American Income Allocation Fund - Standard Class | 296349 |  | 296349 | 4238 | 180526 | 184764 | 507556 | 988669 |
| LVIP Baron Growth Opportunities Fund - Service Class |  | (338280) | (338280) | 606186 | 11025917 | 11632103 | (21107206) | (9813383) |
| LVIP Baron Growth Opportunities Fund - Standard Class |  | (3398) | (3398) | 7121 | 766745 | 773866 | (1415969) | (645501) |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 1219845 | (162294) | 1057551 | 2335622 | 1714528 | 4050150 | 786985 | 5894686 |
| LVIP BlackRock Equity Dividend Fund - Service Class | 395 |  | 395 | 1 | 2638 | 2639 | 66 | 3100 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 2091676 | (491299) | 1600377 | (739722) | 11851501 | 11111779 | 1970054 | 14682210 |
| LVIP BlackRock Global Allocation Fund - Service Class | 21 |  | 21 |  | 28 | 28 | 83 | 132 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 11116052 | (1895051) | 9221001 | 8595793 | 13796862 | 22392655 | 34366436 | 65980092 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 984197 | (307902) | 676295 | 202668 | 1002158 | 1204826 | 2385606 | 4266727 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 698351 | (437126) | 261225 | (597211) |  | (597211) | 4481923 | 4145937 |
| LVIP BlackRock Real Estate Fund - Service Class | 315 |  | 315 | 14 |  | 14 | 340 | 669 |
| LVIP BlackRock Real Estate Fund - Standard Class | 1696973 | (170767) | 1526206 | (350115) |  | (350115) | 2544094 | 3720185 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 416056 | (119571) | 296485 | 219611 | 535650 | 755261 | 673779 | 1725525 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |  | (33657) | (33657) | 645249 | 911442 | 1556691 | (721347) | 801687 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |  | (35288) | (35288) | 615386 | 2034988 | 2650374 | (2258252) | 356834 |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 24352 | (13999) | 10353 | 177731 | 383399 | 561130 | (249926) | 321557 |
| LVIP Dimensional International Core Equity Fund - Service Class | 148 |  | 148 |  |  |  | 121 | 269 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 1995303 | (353707) | 1641596 | 2294183 |  | 2294183 | 12774099 | 16709878 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 540028 | (33294) | 506734 | 821806 |  | 821806 | 3251933 | 4580473 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 698637 | (373766) | 324871 | 2829631 | 4859984 | 7689615 | 2075750 | 10090236 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 600976 | (425259) | 175717 | 4263003 | 5754197 | 10017200 | (726571) | 9466346 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 203947 | (41004) | 162943 | 1019219 | 2247974 | 3267193 | (1735789) | 1694347 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Service Class | 6078 |  | 6078 | 70 |  | 70 | 1707 | 7855 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 5428147 | (476039) | 4952108 | (1998303) |  | (1998303) | 4328199 | 7282004 |
| LVIP Franklin Templeton Core Bond Fund - Service Class | 2585 |  | 2585 | 30 |  | 30 | 649 | 3264 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 16015269 | (1359338) | 14655931 | (4604480) |  | (4604480) | 13980166 | 24031617 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 149195 | (23442) | 125753 | 484320 | 1116345 | 1600665 | (355815) | 1370603 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class | 156 |  | 156 | 14 |  | 14 | 1060 | 1230 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 2437934 | (400369) | 2037565 | 1419551 |  | 1419551 | 19181996 | 22639112 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 1992842 | (338905) | 1653937 | 2199265 | 336784 | 2536049 | 12019786 | 16209772 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class | 87 |  | 87 | 1266 | 481 | 1747 | 921 | 2755 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 1021218 | (413194) | 608024 | 2049747 | 4532612 | 6582359 | 10121301 | 17311684 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class | 68 |  | 68 | 4 |  | 4 | 689 | 761 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 1186786 | (614123) | 572663 | 2445463 |  | 2445463 | 11275607 | 14293733 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 1413277 | (206579) | 1206698 | 2841 | 233 | 3074 | 3457124 | 4666896 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 3189989 | (432508) | 2757481 | 878247 | 6099465 | 6977712 | 7537256 | 17272449 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 2500494 | (355087) | 2145407 | 134979 | 2659965 | 2794944 | 6153959 | 11094310 |
| LVIP Government Money Market Fund - Standard Class | 3491309 | (132820) | 3358489 | (8) | 4102 | 4094 | 8 | 3362591 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class |  | (5625) | (5625) | 165362 |  | 165362 | (248869) | (89132) |
| LVIP JPMorgan High Yield Fund - Service Class | 832 |  | 832 | 4 |  | 4 | 117 | 953 |
| LVIP JPMorgan High Yield Fund - Standard Class | 7264108 | (463733) | 6800375 | (361864) |  | (361864) | 2454710 | 8893221 |
| LVIP JPMorgan Retirement Income Fund - Standard Class | 25930 | (956) | 24974 | 3251 |  | 3251 | 56453 | 84678 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 247444 | (63468) | 183976 | 349104 | 2487219 | 2836323 | (2685560) | 334739 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 4932058 | (514509) | 4417549 | (444231) |  | (444231) | 1430750 | 5404068 |
| LVIP Loomis Sayles Global Growth Fund - Standard Class |  |  |  | 34819 | 269894 | 304713 | 86164 | 390877 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 85341 | (5407) | 79934 | (526518) | 635507 | 108989 | 112601 | 301524 |
| LVIP MFS International Growth Fund - Service Class | 808 |  | 808 | 58 | 4733 | 4791 | 2726 | 8325 |
| LVIP MFS International Growth Fund - Standard Class | 2207466 | (559155) | 1648311 | 2538198 | 11329309 | 13867507 | 7097369 | 22613187 |
| LVIP MFS Value Fund - Service Class | 1445 |  | 1445 | 50 | 6058 | 6108 | 1796 | 9349 |
| LVIP MFS Value Fund - Standard Class | 5895968 | (1266488) | 4629480 | 6220007 | 23337672 | 29557679 | 5236587 | 39423746 |
| LVIP Mondrian Global Income Fund - Standard Class | 144191 | (99228) | 44963 | (381618) |  | (381618) | 1881987 | 1545332 |
| LVIP Mondrian International Value Fund - Service Class | 1896 |  | 1896 | 226 | 1424 | 1650 | 9977 | 13523 |
| LVIP Mondrian International Value Fund - Standard Class | 2709359 | (233761) | 2475598 | 3871011 | 1977660 | 5848671 | 11840171 | 20164440 |
| LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class | 13315 | (3300) | 10015 | 120179 | 21114 | 141293 | 28918 | 180226 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 1850048 | (234646) | 1615402 | 1155 |  | 1155 | 205745 | 1822302 |
| LVIP Nomura High Yield Fund - Standard Class | 1130357 | (36589) | 1093768 | (177305) |  | (177305) | 700199 | 1616662 |
| LVIP Nomura Mid Cap Value Fund - Service Class | 495 |  | 495 | 53 | 4910 | 4963 | (496) | 4962 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 694371 | (159856) | 534515 | 884287 | 5502191 | 6386478 | (958349) | 5962644 |
| LVIP Nomura SMID Cap Core Fund - Service Class | 11 |  | 11 | 9 | 88 | 97 | 187 | 295 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 648524 | (530432) | 118092 | 2193299 | 2891085 | 5084384 | 4512816 | 9715292 |
| LVIP Nomura Social Awareness Fund - Standard Class | 147870 | (52866) | 95004 | 511898 | 1653790 | 2165688 | 563512 | 2824204 |
| LVIP Nomura U.S. Growth Fund - Service Class |  |  |  | 5 | 249 | 254 | 364 | 618 |
| LVIP Nomura U.S. Growth Fund - Standard Class |  | (239991) | (239991) | 5215352 | 7687718 | 12903070 | 2152009 | 14815088 |
| LVIP Nomura U.S. REIT Fund - Service Class | 907 |  | 907 | 7 |  | 7 | (907) | 7 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 2570795 | (340596) | 2230199 | 498825 |  | 498825 | (2257459) | 471565 |
| LVIP PIMCO Low Duration Bond Fund - Standard Class | 493082 |  | 493082 | (241) |  | (241) | 99691 | 592532 |
| LVIP SSGA Bond Index Fund - Service Class | 9970 |  | 9970 | (107) |  | (107) | 6571 | 16434 |
| LVIP SSGA Bond Index Fund - Standard Class | 5280205 | (724822) | 4555383 | (1418942) |  | (1418942) | 5611776 | 8748217 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 1141985 | (233654) | 908331 | 467456 | 772436 | 1239892 | 2556427 | 4704650 |
| LVIP SSGA Emerging Markets Equity Index Fund - Service Class | 1687 |  | 1687 | 405 |  | 405 | 12816 | 14908 |
| LVIP SSGA Emerging Markets Equity Index Fund - Standard Class | 61869 |  | 61869 | 10515 |  | 10515 | 469503 | 541887 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 626063 | (55860) | 570203 | 280759 | 136859 | 417618 | 2227203 | 3215024 |
| LVIP SSGA International Index Fund - Service Class | 8686 |  | 8686 | 2504 |  | 2504 | 50544 | 61734 |
| LVIP SSGA International Index Fund - Standard Class | 4998273 | (613421) | 4384852 | 4646823 |  | 4646823 | 28117230 | 37148905 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 467228 | (38785) | 428443 | 524063 |  | 524063 | 2206040 | 3158546 |
| LVIP SSGA Mid-Cap Index Fund - Service Class | 1374 |  | 1374 | 247 | 9216 | 9463 | (1443) | 9394 |
| LVIP SSGA Mid-Cap Index Fund - Standard Class | 155701 |  | 155701 | 3872 | 799853 | 803725 | (43874) | 915552 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 5577679 | (1306160) | 4271519 | 4503262 | 4527616 | 9030878 | 17987866 | 31290263 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 6171449 | (1385120) | 4786329 | 6368948 | 6249030 | 12617978 | 23033113 | 40437420 |
| LVIP SSGA Nasdaq-100 Index Fund - Service Class | 32 |  | 32 | 4719 | 1596 | 6315 | 3899 | 10246 |
| LVIP SSGA S&P 500 Index Fund - Service Class | 8003 |  | 8003 | 4385 | 45336 | 49721 | 85933 | 143657 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 21934202 | (10478352) | 11455850 | 68103692 | 99964180 | 168067872 | 151058765 | 330582487 |
| LVIP SSGA Short-Term Bond Index Fund - Standard Class | 221185 |  | 221185 | 596 |  | 596 | 21805 | 243586 |
| LVIP SSGA Small-Cap Index Fund - Service Class | 762 |  | 762 | 287 | 4203 | 4490 | 5029 | 10281 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 2141552 | (856991) | 1284561 | 3235894 | 9861207 | 13097101 | 10358789 | 24740451 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 508912 | (89400) | 419512 | (134423) | 33870 | (100553) | 1850627 | 2169586 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 3279961 | (650347) | 2629614 | (464145) | 324990 | (139155) | 16086176 | 18576635 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 2801181 | (542741) | 2258440 | (193231) | 399183 | 205952 | 16208802 | 18673194 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 42786 | (2320) | 40466 | (1662) | 78949 | 77287 | 48547 | 166300 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 197235 | (5050) | 192185 | 24425 | 318252 | 342677 | 454337 | 989199 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 254424 | (6959) | 247465 | 58830 | 571263 | 630093 | 1488521 | 2366079 |
| LVIP T. Rowe Price 2050 Fund - Standard Class | 226718 |  | 226718 | 28286 | 580573 | 608859 | 1585780 | 2421357 |
| LVIP T. Rowe Price 2060 Fund - Standard Class | 433395 |  | 433395 | 45052 | 371516 | 416568 | 3585021 | 4434984 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class |  |  |  | 65 | 7748 | 7813 | (3687) | 4126 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |  | (542485) | (542485) | 3296108 | 18946665 | 22242773 | (8690368) | 13009920 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 209944 | (80434) | 129510 | 131538 | 364821 | 496359 | 283589 | 909458 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 6030398 | (806028) | 5224370 | (2209291) |  | (2209291) | 6147618 | 9162697 |
| LVIP Vanguard Domestic Equity ETF Fund - Service Class | 9 |  | 9 |  | 3 | 3 | 25 | 37 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 3165680 | (1674845) | 1490835 | 14765843 | 143221817 | 157987660 | (112295907) | 47182588 |
| LVIP Vanguard International Equity ETF Fund - Service Class | 1397 |  | 1397 | 426 | 141 | 567 | 7904 | 9868 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 6724635 | (991711) | 5732924 | 5483398 | 631512 | 6114910 | 39594106 | 51441940 |
| LVIP Wellington SMID Cap Value Fund - Service Class | 1 |  | 1 | (15) | 2 | (13) | 9 | (3) |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 642054 | (296762) | 345292 | (87069) | 4705391 | 4618322 | (3346020) | 1617594 |
| LVIP Western Asset Core Bond Fund - Service Class | 259 |  | 259 | (1262) |  | (1262) | 1587 | 584 |
| M Capital Appreciation Fund | 20010 | (4063) | 15947 | 19258 | 324610 | 343868 | 18266 | 378081 |
| M International Equity Fund | 73754 | (5186) | 68568 | 97583 |  | 97583 | 555642 | 721793 |
| M Large Cap Growth Fund |  | (8053) | (8053) | 113246 | 1081305 | 1194551 | (419087) | 767411 |
| M Large Cap Value Fund | 55237 | (6400) | 48837 | 81568 | 195866 | 277434 | 187215 | 513486 |
| MFS® VIT Growth Series - Initial Class |  | (572766) | (572766) | 3422940 | 23044169 | 26467109 | (11123726) | 14770617 |
| MFS® VIT Growth Series - Service Class |  |  |  | 2 | 640 | 642 | (271) | 371 |
| MFS® VIT New Discovery Series - Initial Class |  |  |  | 5778 |  | 5778 | 283944 | 289722 |
| MFS® VIT Total Return Series - Initial Class | 2891140 | (523934) | 2367206 | (55691) | 7709302 | 7653611 | 617082 | 10637899 |
| MFS® VIT Utilities Series - Initial Class | 2000298 | (232064) | 1768234 | 1079833 | 914790 | 1994623 | 5518343 | 9281200 |
| MFS® VIT Utilities Series - Service Class | 665 |  | 665 | 34 | 331 | 365 | 2037 | 3067 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 18217 | (3402) | 14815 | 25492 | 405949 | 431441 | 33625 | 479881 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |  | (41558) | (41558) | 301584 | 2548941 | 2850525 | (1741920) | 1067047 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 25687 | (11522) | 14165 | 24788 | 602760 | 627548 | (33612) | 608101 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class |  | (3278) | (3278) | 46446 | 97960 | 144406 | 65310 | 206438 |
| Nomura VIP Emerging Markets Series - Service Class | 555 |  | 555 | 980 | 94 | 1074 | 29138 | 30767 |
| Nomura VIP Emerging Markets Series - Standard Class | 2693285 | (729197) | 1964088 | 16309876 | 345240 | 16655116 | 86600372 | 105219576 |
| Nomura VIP Energy Series - Service Class | 5 |  | 5 |  |  |  | 82 | 87 |
| Nomura VIP High Income Series - Service Class | 123 |  | 123 |  | 1 | 1 | 28 | 152 |
| Nomura VIP Mid Cap Growth Series - Service Class |  |  |  | (241) | 379 | 138 | 1 | 139 |
| Nomura VIP Science and Technology Series - Service Class |  |  |  | 535 | 383 | 918 | 240 | 1158 |
| Nomura VIP Small Cap Growth Series - Service Class |  |  |  | 337 |  | 337 | 96 | 433 |
| Nomura VIP Small Cap Value Series - Service Class | 11 |  | 11 | 38 | 71 | 109 | (34) | 86 |
| Nomura VIP Small Cap Value Series - Standard Class | 1630588 | (502099) | 1128489 | 1180818 | 7941302 | 9122120 | 143162 | 10393771 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 1112832 | (156735) | 956097 | (601248) |  | (601248) | 6305524 | 6660373 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class | 15 |  | 15 |  |  |  | 72 | 87 |
| PIMCO VIT Dynamic Bond Portfolio - Advisor Class | 131 |  | 131 | 1 |  | 1 | 59 | 191 |
| PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class | 378 |  | 378 | 1 |  | 1 | 417 | 796 |
| Putnam VT George Putnam Balanced Fund - Class IA | 63767 |  | 63767 | 18299 | 144814 | 163113 | 372618 | 599498 |
| Putnam VT Global Health Care Fund - Class IB |  | (4411) | (4411) | (5729) | 153164 | 147435 | 176514 | 319538 |
| Putnam VT Large Cap Value Fund - Class IB | 44323 | (6249) | 38074 | 29696 | 212022 | 241718 | 303159 | 582951 |
| Templeton Foreign VIP Fund - Class 1 | 30699 | (6640) | 24059 | 34448 | 77226 | 111674 | 166643 | 302376 |
| Templeton Foreign VIP Fund - Class 2 | 54430 | (4689) | 49741 | 48953 | 151982 | 200935 | 340258 | 590934 |
| Templeton Global Bond VIP Fund - Class 1 |  | (455270) | (455270) | (2161478) |  | (2161478) | 13264438 | 10647690 |
| Templeton Global Bond VIP Fund - Class 4 |  |  |  | 3 |  | 3 | 438 | 441 |
| Templeton Growth VIP Fund - Class 1 | 83324 | (18133) | 65191 | 99432 | 552023 | 651455 | 898483 | 1615129 |
| Templeton Growth VIP Fund - Class 2 | 10520 | (2430) | 8090 | 16306 | 90316 | 106622 | 142397 | 257109 |
| TOPS® Aggressive Growth ETF Portfolio - Class 2 Shares | 615 |  | 615 | 23 | 748 | 771 | 673 | 2059 |
| TOPS® Balanced ETF Portfolio - Class 2 Shares | 153423 | (31088) | 122335 | 58340 | 84673 | 143013 | 543270 | 808618 |
| TOPS® Balanced ETF Portfolio - Service Class Shares | 58198 |  | 58198 | 2731 | 32119 | 34850 | 202966 | 296014 |
| TOPS® Growth ETF Portfolio - Class 2 Shares | 43 |  | 43 | 1 | 54 | 55 | (10) | 88 |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | 417069 | (79764) | 337305 | 169950 | 386016 | 555966 | 2014967 | 2908238 |
| TOPS® Moderate Growth ETF Portfolio - Service Class Shares | 71810 |  | 71810 | 5395 | 68433 | 73828 | 351342 | 496980 |

---

See accompanying notes

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Statements of changes in net assets**

**Year Ended December 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | *Changes From Operations* | *Changes From Operations* | *Changes From Operations* | *Changes From Operations* | *Changes From Unit Transactions* | *Changes From Unit Transactions* |  |  |
| *Subaccount* | *Net Assets at January 1, 2024 ($)* | *Net investment income (loss) ($)* | *Net realized gain (loss) on investments ($)* | *Net change in unrealized appreciation or depreciation on investments ($)* | *Net Increase (Decrease) in Net Assets Resulting from Operations ($)* | *Net unit transactions ($)* | *Net Increase (Decrease) in Net Assets Resulting from Unit Transactions ($)* | *Total Increase (Decrease) in Net Assets ($)* | *Net Assets at December 31, 2024 ($)* |
| AB VPS Discovery Value Portfolio - Class A | 73977657 | 355109 | 4457739 | 2300051 | 7112899 | (1792549) | (1792549) | 5320350 | 79298007 |
| AB VPS International Value Portfolio - Class A | 9540573 | 246771 | 105371 | 112117 | 464259 | (508257) | (508257) | (43998) | 9496575 |
| AB VPS Large Cap Growth Portfolio - Class A | 4453561 | (7929) | 542077 | 558449 | 1092597 | (480585) | (480585) | 612012 | 5065573 |
| AB VPS Relative Value Portfolio - Class A | 18153773 | 227820 | 1018461 | 966194 | 2212475 | (2481948) | (2481948) | (269473) | 17884300 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 21223404 | (104175) | 393643 | 981675 | 1271143 | 1177695 | 1177695 | 2448838 | 23672242 |
| American Funds® IS Asset Allocation Fund - Class 4 |  | 163 | 167 | 173 | 503 | 10270 | 10270 | 10773 | 10773 |
| American Funds® IS Capital Income Builder - Class 4 | 2191 | 152 | 56 | 146 | 354 | 3039 | 3039 | 3393 | 5584 |
| American Funds® IS Global Growth Fund - Class 2 | 231836172 | 2664907 | 12608756 | 14833161 | 30106824 | 2240141 | 2240141 | 32346965 | 264183137 |
| American Funds® IS Global Growth Fund - Class 4 | 1406 | 53 | 120 | 71 | 244 | 2968 | 2968 | 3212 | 4618 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 135880484 | 780365 | 769436 | 1056338 | 2606139 | 3523148 | 3523148 | 6129287 | 142009771 |
| American Funds® IS Global Small Capitalization Fund - Class 4 | 51 | 3 | 15 | (16) | 2 | 451 | 451 | 453 | 504 |
| American Funds® IS Growth Fund - Class 2 | 728627819 | (1219138) | 56008089 | 166278172 | 221067123 | (49243229) | (49243229) | 171823894 | 900451713 |
| American Funds® IS Growth Fund - Class 4 | 52759 | 180 | 3899 | 25557 | 29636 | 81572 | 81572 | 111208 | 163967 |
| American Funds® IS Growth-Income Fund - Class 2 | 631877088 | 4070991 | 54825751 | 86792527 | 145689269 | (37349357) | (37349357) | 108339912 | 740217000 |
| American Funds® IS Growth-Income Fund - Class 4 | 4458 | 78 | 473 | 673 | 1224 | 8332 | 8332 | 9556 | 14014 |
| American Funds® IS International Fund - Class 2 | 261975335 | 2071237 | (1339814) | 6012161 | 6743584 | 8883186 | 8883186 | 15626770 | 277602105 |
| American Funds® IS International Fund - Class 4 | 6866 | 144 | 85 | (503) | (274) | 10222 | 10222 | 9948 | 16814 |
| American Funds® IS New World Fund - Class 4 | 19129 | 491 | 610 | 410 | 1511 | 20820 | 20820 | 22331 | 41460 |
| American Funds® IS Washington Mutual Investors Fund - Class 4 | 24971 | 961 | 1131 | 5969 | 8061 | 43789 | 43789 | 51850 | 76821 |
| ClearBridge Variable Growth Portfolio - Class II | 548 | 1 | 83 | (66) | 18 | (348) | (348) | (330) | 218 |
| ClearBridge Variable Large Cap Growth Portfolio - Class II | 5458 |  | 433 | 1042 | 1475 | 1548 | 1548 | 3023 | 8481 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 45736580 | 16423 | 1718305 | 2828340 | 4563068 | 1288447 | 1288447 | 5851515 | 51588095 |
| ClearBridge Variable Mid Cap Portfolio - Class II |  | 1 | (15) | 2 | (12) | 103 | 103 | 91 | 91 |
| Columbia VP Commodity Strategy Fund - Class 2 |  | 1 |  | 5 | 6 | 267 | 267 | 273 | 273 |
| Columbia VP Strategic Income Fund - Class 2 |  | 27 |  |  | 27 | 583 | 583 | 610 | 610 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 22034393 | 746885 | (87395) | 526174 | 1185664 | 292739 | 292739 | 1478403 | 23512796 |
| DWS Equity 500 Index VIP Portfolio - Class A | 51791028 | 566021 | 5555682 | 6205725 | 12327428 | (4128558) | (4128558) | 8198870 | 59989898 |
| DWS Small Cap Index VIP Portfolio - Class A | 10667879 | 103602 | 202569 | 855415 | 1161586 | (390327) | (390327) | 771259 | 11439138 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 330175 | 6344 | 4073 | 14486 | 24903 | (18746) | (18746) | 6157 | 336332 |
| Fidelity® VIP Balanced Portfolio - Service Class 2 | 4407 | 248 | 385 | 1039 | 1672 | 11264 | 11264 | 12936 | 17343 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 8306755 | 24785 | 1720942 | 1333843 | 3079570 | 3554119 | 3554119 | 6633689 | 14940444 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 334499401 | (1528060) | 72962603 | 35639370 | 107073913 | (32338268) | (32338268) | 74735645 | 409235046 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 4686 | 4 | 3957 | 1183 | 5144 | 20662 | 20662 | 25806 | 30492 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 1918056 | 24953 | 155833 | 98387 | 279173 | (125964) | (125964) | 153209 | 2071265 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 6003682 | 96436 | 653795 | 143457 | 893688 | (284713) | (284713) | 608975 | 6612657 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 6058386 | (13897) | 230767 | 2013255 | 2230125 | (888715) | (888715) | 1341410 | 7399796 |
| Fidelity® VIP Growth Portfolio - Service Class | 143008927 | (812012) | 47155562 | (4260564) | 42082986 | 979620 | 979620 | 43062606 | 186071533 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 27681 |  | 16831 | (5782) | 11049 | 40574 | 40574 | 51623 | 79304 |
| Fidelity® VIP High Income Portfolio - Service Class | 1471741 | 96943 | (10096) | 43857 | 130704 | 124214 | 124214 | 254918 | 1726659 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 763720 | 22404 | (10068) | (2300) | 10036 | (11705) | (11705) | (1669) | 762051 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 168972422 | (117720) | 28388684 | 9226 | 28280190 | (4205475) | (4205475) | 24074715 | 193047137 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 4681 | 39 | 1611 | (449) | 1201 | 5690 | 5690 | 6891 | 11572 |
| Fidelity® VIP Overseas Portfolio - Service Class | 7897291 | 112242 | 711804 | (462624) | 361422 | (220602) | (220602) | 140820 | 8038111 |
| Fidelity® VIP Strategic Income Portfolio - Service Class 2 | 828 | 110 | 1 | 14 | 125 | 2363 | 2363 | 2488 | 3316 |
| First Trust Capital Strength Hedged Equity Portfolio - Class I |  | 385 | 44 | (1981) | (1552) | 103458 | 103458 | 101906 | 101906 |
| First Trust Capital Strength Portfolio - Class I | 1694 | 869 | 13067 | (17676) | (3740) | 216154 | 216154 | 212414 | 214108 |
| First Trust International Developed Capital Strength Portfolio - Class I |  | 71 | 107 | (114) | 64 | 4670 | 4670 | 4734 | 4734 |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I |  | 4298 | 44 | (13252) | (8910) | 378627 | 378627 | 369717 | 369717 |
| Franklin Income VIP Fund - Class 1 | 182091288 | 8557204 | (370293) | 4045605 | 12232516 | (1203725) | (1203725) | 11028791 | 193120079 |
| Franklin Mutual Shares VIP Fund - Class 1 | 80821643 | 1536709 | 1331052 | 6120537 | 8988298 | (2269736) | (2269736) | 6718562 | 87540205 |
| Franklin Rising Dividends VIP Fund - Class 4 | 2012 | 19 | 112 | 167 | 298 | 2006 | 2006 | 2304 | 4316 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 19744131 | (41725) | (181678) | 2342974 | 2119571 | (1754921) | (1754921) | 364650 | 20108781 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 4 | 12953 |  | 115 | 2200 | 2315 | 11336 | 11336 | 13651 | 26604 |
| Goldman Sachs VIT Government Money Market Fund - Service Shares | 6897 | 1109 |  |  | 1109 | 19595 | 19595 | 20704 | 27601 |
| Invesco V.I. American Franchise Fund - Series I Shares | 13547939 | (39906) | 219977 | 4340483 | 4520554 | (1342648) | (1342648) | 3177906 | 16725845 |
| Invesco V.I. Core Equity Fund - Series I Shares | 14781603 | 72675 | 1474782 | 2033834 | 3581291 | (1653555) | (1653555) | 1927736 | 16709339 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 906542 | 33095 | (2379) | (4373) | 26343 | 123882 | 123882 | 150225 | 1056767 |
| Invesco V.I. Diversified Dividend Fund - Series II Shares |  | 1 | 19 | (2) | 18 | 70 | 70 | 88 | 88 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 39298361 | 481711 | 239777 | (773787) | (52299) | 2083752 | 2083752 | 2031453 | 41329814 |
| Invesco V.I. International Growth Fund - Series II Shares | 2272 | 17 | 359 | (544) | (168) | 3008 | 3008 | 2840 | 5112 |
| Invesco V.I. Main Street Small Cap Fund®- Series II Shares | 11705 |  | 1747 | 1705 | 3452 | 24214 | 24214 | 27666 | 39371 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 10285789 | 199369 | 205544 | 1098001 | 1502914 | (966221) | (966221) | 536693 | 10822482 |
| Janus Henderson Balanced Portfolio - Service Shares | 8626696 | 136657 | 725588 | 362675 | 1224920 | (692514) | (692514) | 532406 | 9159102 |
| Janus Henderson Enterprise Portfolio - Service Shares | 4492927 | 18686 | 244076 | 369796 | 632558 | (603277) | (603277) | 29281 | 4522208 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 9971022 | 61448 | 539725 | 1670852 | 2272025 | (749406) | (749406) | 1522619 | 11493641 |
| Janus Henderson Global Research Portfolio - Service Shares | 2158755 | 9237 | 167347 | 300482 | 477066 | (307694) | (307694) | 169372 | 2328127 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 4306441 | (10286) | 170875 | 1182992 | 1343581 | (507397) | (507397) | 836184 | 5142625 |
| Lincoln Hedged S&P 500 Fund - Service Class |  | 319 | 19594 | (10918) | 8995 | 253441 | 253441 | 262436 | 262436 |
| LVIP AllianceBernstein Large Cap Growth Fund - Service Class | 22095 |  | 739 | 6822 | 7561 | 30497 | 30497 | 38058 | 60153 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 163776879 | (1018553) | 11523544 | 30505820 | 41010811 | (8558609) | (8558609) | 32452202 | 196229081 |
| LVIP American Balanced Allocation Fund - Standard Class | 1721021 | 150267 | 14604 | 169379 | 334250 | 4293330 | 4293330 | 4627580 | 6348601 |
| LVIP American Century Balanced Fund - Standard Class II | 65927831 | 1002741 | 216814 | 6376766 | 7596321 | 3966199 | 3966199 | 11562520 | 77490351 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 11917303 | 438558 | (204815) | (23555) | 210188 | (537427) | (537427) | (327239) | 11590064 |
| LVIP American Century Ultra® Fund - Service Class |  |  | 377 | 1517 | 1894 | 30386 | 30386 | 32280 | 32280 |
| LVIP American Century Ultra® Fund - Standard Class |  | (236978) | 2096867 | 6945000 | 8804889 | 126447482 | 126447482 | 135252371 | 135252371 |
| LVIP American Growth Allocation Fund - Service Class | 140 | 32 | 4 | 41 | 77 | 1722 | 1722 | 1799 | 1939 |
| LVIP American Growth Allocation Fund - Standard Class | 43001551 | 1464678 | 139968 | 4302662 | 5907308 | 20905467 | 20905467 | 26812775 | 69814326 |
| LVIP American Income Allocation Fund - Standard Class | 4761562 | 206621 | (2637) | 261790 | 465774 | 1710737 | 1710737 | 2176511 | 6938073 |
| LVIP Baron Growth Opportunities Fund - Service Class | 78954224 | (164721) | 4557345 | 34948 | 4427572 | 6020015 | 6020015 | 10447587 | 89401811 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 3987631 | 21371 | 107822 | 138797 | 267990 | 1190865 | 1190865 | 1458855 | 5446486 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 47328003 | 1122016 | 4692270 | (706479) | 5107807 | (2399663) | (2399663) | 2708144 | 50036147 |
| LVIP BlackRock Equity Dividend Fund - Service Class | 5174 | 100 | 241 | (16) | 325 | 5832 | 5832 | 6157 | 11331 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 102666714 | 1640929 | 3919195 | 1496510 | 7056634 | 1070830 | 1070830 | 8127464 | 110794178 |
| LVIP BlackRock Global Allocation Fund - Service Class | 928 | 7 | 85 | (1) | 91 | (346) | (346) | (255) | 673 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 341759982 | 2783675 | 13280690 | 14188443 | 30252808 | (792005) | (792005) | 29460803 | 371220785 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 36995007 | 622299 | 337983 | 2971969 | 3932251 | (219414) | (219414) | 3712837 | 40707844 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 64271149 | 2726932 | (596256) | (608179) | 1522497 | 14616266 | 14616266 | 16138763 | 80409912 |
| LVIP BlackRock Real Estate Fund - Service Class | 4106 | 117 | 8 | (118) | 7 | 4056 | 4056 | 4063 | 8169 |
| LVIP BlackRock Real Estate Fund - Standard Class | 42850798 | 1014561 | (903050) | 654532 | 766043 | (422794) | (422794) | 343249 | 43194047 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 16932158 | 272210 | 149260 | 1816648 | 2238118 | 1131778 | 1131778 | 3369896 | 20302054 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 11860894 | (41796) | 1646600 | 1908071 | 3512875 | (1040702) | (1040702) | 2472173 | 14333067 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 11536522 | (48375) | 1775372 | 421162 | 2148159 | (1042704) | (1042704) | 1105455 | 12641977 |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 1421014 | 14673 | 187419 | 188302 | 390394 | 1492316 | 1492316 | 1882710 | 3303724 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 44793970 | 863700 | 318614 | (179282) | 1003032 | 4894724 | 4894724 | 5897756 | 50691726 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 13368981 | 337202 | 626744 | (387719) | 576227 | (21849) | (21849) | 554378 | 13923359 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 52736578 | 290556 | 4311548 | 6013902 | 10616006 | (1191602) | (1191602) | 9424404 | 62160982 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 54646306 | 218487 | 5068405 | 4334908 | 9621800 | (1646511) | (1646511) | 7975289 | 62621595 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 16425839 | 175553 | 3208049 | (238835) | 3144767 | (2260430) | (2260430) | 884337 | 17310176 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Service Class | 38779 | 3001 | 205 | (1861) | 1345 | 36700 | 36700 | 38045 | 76824 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 103249779 | 4429974 | (1607179) | (1080440) | 1742355 | 11101601 | 11101601 | 12843956 | 116093735 |
| LVIP Franklin Templeton Core Bond Fund - Service Class | 5488 | 683 | 15 | (655) | 43 | 12815 | 12815 | 12858 | 18346 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 285106502 | 15295777 | (4378816) | (6746774) | 4170187 | 53936189 | 53936189 | 58106376 | 343212878 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 9548280 | 132578 | 1156672 | (138783) | 1150467 | (267953) | (267953) | 882514 | 10430794 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class | 1888 | 105 | 10 | (65) | 50 | 1667 | 1667 | 1717 | 3605 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 65419293 | 1973432 | (702927) | 4253263 | 5523768 | (762772) | (762772) | 4760996 | 70180289 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 44935331 | 1543106 | 323288 | (567873) | 1298521 | 2830225 | 2830225 | 4128746 | 49064077 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class | 4338 | 81 | 557 | 1016 | 1654 | 5407 | 5407 | 7061 | 11399 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 76209063 | 511102 | 6543549 | 13653509 | 20708160 | (5044444) | (5044444) | 15663716 | 91872779 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class | 330 | 18 |  | 99 | 117 | 1623 | 1623 | 1740 | 2070 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 91159982 | 504558 | 571164 | 10379741 | 11455463 | (3049609) | (3049609) | 8405854 | 99565836 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 50431241 | 1606188 | (185379) | 2283822 | 3704631 | (999366) | (999366) | 2705265 | 53136506 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 126387123 | 3387876 | 685782 | 9235958 | 13309616 | (4834867) | (4834867) | 8474749 | 134861872 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 96590725 | 2630238 | 423673 | 6197907 | 9251818 | (4853705) | (4853705) | 4398113 | 100988838 |
| LVIP Government Money Market Fund - Standard Class | 87345132 | 3994855 | 2890 | 25 | 3997770 | (3884767) | (3884767) | 113003 | 87458135 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 2415225 | 35447 | 233299 | 29698 | 298444 | (15800) | (15800) | 282644 | 2697869 |
| LVIP JPMorgan Core Bond Fund - Service Class | 3469 | 232 | (213) | 112 | 131 | (3600) | (3600) | (3469) |  |
| LVIP JPMorgan High Yield Fund - Service Class | 4768 | 839 | (35) | (217) | 587 | 3297 | 3297 | 3884 | 8652 |
| LVIP JPMorgan High Yield Fund - Standard Class | 89339535 | 6720464 | (1032678) | 1505351 | 7193137 | 8603556 | 8603556 | 15796693 | 105136228 |
| LVIP JPMorgan Retirement Income Fund - Standard Class | 485272 | 19614 | 6802 | 10561 | 36977 | 137865 | 137865 | 174842 | 660114 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 18475998 | 185757 | 2039470 | 537865 | 2763092 | (963717) | (963717) | 1799375 | 20275373 |
| LVIP JPMorgan Short Duration Bond Fund - Service Class | 3971 |  | 194 | 34 | 228 | (4199) | (4199) | (3971) |  |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 101344177 | 3879564 | (538694) | 739065 | 4079935 | 4755149 | 4755149 | 8835084 | 110179261 |
| LVIP Loomis Sayles Global Growth Fund - Standard Class | 1024810 | 463 | 59593 | 225920 | 285976 | 569438 | 569438 | 855414 | 1880224 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 2491072 | 67703 | (19188) | 144530 | 193045 | (32711) | (32711) | 160334 | 2651406 |
| LVIP MFS International Growth Fund - Service Class | 16649 | 519 | 1741 | (242) | 2018 | 18627 | 18627 | 20645 | 37294 |
| LVIP MFS International Growth Fund - Standard Class | 106189487 | 1383192 | 6410028 | 457216 | 8250436 | 8861265 | 8861265 | 17111701 | 123301188 |
| LVIP MFS Value Fund - Service Class | 12408 | 760 | 2635 | (18) | 3377 | 36606 | 36606 | 39983 | 52391 |
| LVIP MFS Value Fund - Standard Class | 259774191 | 3923562 | 22925618 | 3272320 | 30121500 | 15601367 | 15601367 | 45722867 | 305497058 |
| LVIP Mondrian Global Income Fund - Standard Class | 22989547 | 468212 | (590796) | (1192709) | (1315293) | 3876768 | 3876768 | 2561475 | 25551022 |
| LVIP Mondrian International Value Fund - Service Class | 14018 | 952 | 637 | (393) | 1196 | 14687 | 14687 | 15883 | 29901 |
| LVIP Mondrian International Value Fund - Standard Class | 54394228 | 1619721 | 1656818 | (850956) | 2425583 | 1714915 | 1714915 | 4140498 | 58534726 |
| LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class | 853561 | 12089 | 99436 | 56839 | 168364 | 124047 | 124047 | 292411 | 1145972 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 38924164 | 1889036 | (16592) | 358687 | 2231131 | 2301600 | 2301600 | 4532731 | 43456895 |
| LVIP Nomura High Yield Fund - Standard Class | 18813525 | 1158763 | (351630) | 402397 | 1209530 | (1237462) | (1237462) | (27932) | 18785593 |
| LVIP Nomura Mid Cap Value Fund - Service Class | 9366 | 262 | 939 | 1175 | 2376 | 13984 | 13984 | 16360 | 25726 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 36657603 | 416548 | 1895245 | 3012929 | 5324722 | 648530 | 648530 | 5973252 | 42630855 |
| LVIP Nomura SMID Cap Core Fund - Service Class | 245 | 6 | 87 | 75 | 168 | 1296 | 1296 | 1464 | 1709 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 99921726 | 103545 | 7348178 | 6693439 | 14145162 | (4334138) | (4334138) | 9811024 | 109732750 |
| LVIP Nomura Social Awareness Fund - Standard Class | 15690508 | 98329 | 1400590 | 1798521 | 3297440 | 113261 | 113261 | 3410701 | 19101209 |
| LVIP Nomura U.S. Growth Fund - Service Class |  |  | 169 | 103 | 272 | 1665 | 1665 | 1937 | 1937 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 53669250 | (250323) | 8619673 | 9275700 | 17645050 | (5210048) | (5210048) | 12435002 | 66104252 |
| LVIP Nomura U.S. REIT Fund - Service Class | 3342 | 350 | 49 | 359 | 758 | 8288 | 8288 | 9046 | 12388 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 76642059 | 2140002 | 1039852 | 2960783 | 6140637 | (2643036) | (2643036) | 3497601 | 80139660 |
| LVIP PIMCO Low Duration Bond Fund - Standard Class | 5630989 | 401104 | (846) | (33612) | 366646 | 3212785 | 3212785 | 3579431 | 9210420 |
| LVIP SSGA Bond Index Fund - Service Class | 104649 | 6604 | 144 | (5101) | 1647 | 102066 | 102066 | 103713 | 208362 |
| LVIP SSGA Bond Index Fund - Standard Class | 113741773 | 3738093 | (1450733) | (1675835) | 611525 | 18940973 | 18940973 | 19552498 | 133294271 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 36672253 | 850438 | 350815 | 730646 | 1931899 | 392116 | 392116 | 2324015 | 38996268 |
| LVIP SSGA Emerging Markets Equity Index Fund - Service Class | 19861 | 947 | 312 | 511 | 1770 | 17348 | 17348 | 19118 | 38979 |
| LVIP SSGA Emerging Markets Equity Index Fund - Standard Class | 953602 | 38424 | (621) | 33107 | 70910 | 468558 | 468558 | 539468 | 1493070 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 23990868 | 652403 | 262777 | 1337820 | 2253000 | (3259158) | (3259158) | (1006158) | 22984710 |
| LVIP SSGA International Index Fund - Service Class | 94774 | 5336 | 1574 | (4778) | 2132 | 78806 | 78806 | 80938 | 175712 |
| LVIP SSGA International Index Fund - Standard Class | 108459844 | 3453228 | 2514900 | (3343950) | 2624178 | 12824713 | 12824713 | 15448891 | 123908735 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 12675646 | 361533 | 500814 | (580218) | 282129 | 399347 | 399347 | 681476 | 13357122 |
| LVIP SSGA Mid-Cap Index Fund - Service Class | 50009 | 988 | 6391 | 2156 | 9535 | 36403 | 36403 | 45938 | 95947 |
| LVIP SSGA Mid-Cap Index Fund - Standard Class | 3840810 | 81056 | 334558 | 190005 | 605619 | 2439624 | 2439624 | 3045243 | 6886053 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 193989703 | 4005706 | 6140822 | 4796769 | 14943297 | 970469 | 970469 | 15913766 | 209903469 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class | 25147 |  | 818 | (857) | (39) | (25108) | (25108) | (25147) |  |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 214336645 | 4533433 | 6936384 | 7269239 | 18739056 | 7148072 | 7148072 | 25887128 | 240223773 |
| LVIP SSGA Nasdaq-100 Index Fund - Service Class | 9313 | 100 | 333 | 4412 | 4845 | 28191 | 28191 | 33036 | 42349 |
| LVIP SSGA S&P 500 Index Fund - Service Class | 307668 | 5792 | 50588 | 44792 | 101172 | 246767 | 246767 | 347939 | 655607 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 1520757593 | 10905315 | 196532599 | 160306820 | 367744734 | 14084000 | 14084000 | 381828734 | 1902586327 |
| LVIP SSGA Short-Term Bond Index Fund - Standard Class | 2094903 | 173554 | 751 | (34318) | 139987 | 1553821 | 1553821 | 1693808 | 3788711 |
| LVIP SSGA Small-Cap Index Fund - Service Class | 35663 | 1031 | 3803 | 1216 | 6050 | 22115 | 22115 | 28165 | 63828 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 158985613 | 2282553 | 8899025 | 6174237 | 17355815 | 1283075 | 1283075 | 18638890 | 177624503 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 16032053 | 470994 | 1533076 | (1047729) | 956341 | 125452 | 125452 | 1081793 | 17113846 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 103528887 | 3389282 | 14561364 | (8929534) | 9021112 | 631633 | 631633 | 9652745 | 113181632 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 90407272 | 2768671 | 14533944 | (8296075) | 9006540 | 606224 | 606224 | 9612764 | 100020036 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 1274427 | 33239 | 4623 | 64303 | 102165 | (27172) | (27172) | 74993 | 1349420 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 4983041 | 128346 | 100862 | 313152 | 542360 | 628263 | 628263 | 1170623 | 6153664 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 9386376 | 220219 | 279732 | 786752 | 1286703 | 1722967 | 1722967 | 3009670 | 12396046 |
| LVIP T. Rowe Price 2050 Fund - Standard Class | 6220308 | 138948 | 181274 | 674957 | 995179 | 2927988 | 2927988 | 3923167 | 10143475 |
| LVIP T. Rowe Price 2060 Fund - Standard Class | 11619371 | 285968 | 516928 | 997911 | 1800807 | 5616813 | 5616813 | 7417620 | 19036991 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class | 12223 | 25 | 2849 | 1931 | 4805 | 15558 | 15558 | 20363 | 32586 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 98082567 | (198291) | 13134194 | 10362112 | 23298015 | (3208162) | (3208162) | 20089853 | 118172420 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 10324430 | 195504 | 62513 | 1047517 | 1305534 | (164970) | (164970) | 1140564 | 11464994 |
| LVIP Vanguard Bond Allocation Fund - Service Class |  |  | 377 |  | 377 | (377) | (377) |  |  |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 136732480 | 4803800 | (1666295) | (1708956) | 1428549 | 17272801 | 17272801 | 18701350 | 155433830 |
| LVIP Vanguard Domestic Equity ETF Fund - Service Class |  |  | 5402 |  | 5402 | (5402) | (5402) |  |  |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 244767171 | 1546493 | 19364677 | 30986939 | 51898109 | (5869858) | (5869858) | 46028251 | 290795422 |
| LVIP Vanguard International Equity ETF Fund - Service Class | 15792 | 612 | 668 | (828) | 452 | 15567 | 15567 | 16019 | 31811 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 153822250 | 3600510 | 2749589 | (1554449) | 4795650 | 13377698 | 13377698 | 18173348 | 171995598 |
| LVIP Wellington Capital Growth Fund - Service Class | 6436 |  | 3050 | (638) | 2412 | (8848) | (8848) | (6436) |  |
| LVIP Wellington Capital Growth Fund - Standard Class | 110086093 | (403039) | 26484717 | (5451459) | 20630219 | (130716312) | (130716312) | (110086093) |  |
| LVIP Wellington SMID Cap Value Fund - Service Class |  | 1 | 7 | (6) | 2 | 87 | 87 | 89 | 89 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 50974447 | 414377 | 5792669 | (47620) | 6159426 | 186058 | 186058 | 6345484 | 57319931 |
| LVIP Western Asset Core Bond Fund - Service Class | 5078 | 1421 | (20) | (1274) | 127 | 16959 | 16959 | 17086 | 22164 |
| M Capital Appreciation Fund | 1717704 | 34181 | 134025 | 2847 | 171053 | 31815 | 31815 | 202868 | 1920572 |
| M International Equity Fund | 2186371 | 66120 | 15656 | 1182 | 82958 | 164112 | 164112 | 247070 | 2433441 |
| M Large Cap Growth Fund | 3382867 | (7384) | 481287 | 358471 | 832374 | (416944) | (416944) | 415430 | 3798297 |
| M Large Cap Value Fund | 2726747 | 52207 | 326144 | 126620 | 504971 | (106939) | (106939) | 398032 | 3124779 |
| MFS® VIT Growth Series - Initial Class | 98476289 | (559568) | 12677015 | 17593722 | 29711169 | (5958351) | (5958351) | 23752818 | 122229107 |
| MFS® VIT Growth Series - Service Class | 201 |  | 218 | 125 | 343 | 2364 | 2364 | 2707 | 2908 |
| MFS® VIT New Discovery Series - Initial Class | 1195679 |  | 357 | 91052 | 91409 | 502727 | 502727 | 594136 | 1789815 |
| MFS® VIT Total Return Series - Initial Class | 91553255 | 1959968 | 4789675 | (13697) | 6735946 | 1650752 | 1650752 | 8386698 | 99939953 |
| MFS® VIT Utilities Series - Initial Class | 56212362 | 1203908 | 2335724 | 3371614 | 6911246 | 328767 | 328767 | 7240013 | 63452375 |
| MFS® VIT Utilities Series - Service Class | 1251 | 76 | 145 | 116 | 337 | 4554 | 4554 | 4891 | 6142 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 2581817 | 14927 | 191644 | 321903 | 528474 | 324949 | 324949 | 853423 | 3435240 |
| Morgan Stanley VIF Global Infrastructure Portfolio - Class II | 118 | 6 | 48 | (6) | 48 | (166) | (166) | (118) |  |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 18291203 | (44348) | 1436987 | 2750146 | 4142785 | (2457682) | (2457682) | 1685103 | 19976306 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 5660058 | 27994 | 272978 | 164548 | 465520 | (343759) | (343759) | 121761 | 5781819 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 1397919 | 371 | 113518 | 234487 | 348376 | (106098) | (106098) | 242278 | 1640197 |
| Nomura VIP Emerging Markets Series - Service Class | 7570 | 177 | 475 | 61 | 713 | 16530 | 16530 | 17243 | 24813 |
| Nomura VIP Emerging Markets Series - Standard Class | 135348225 | 3113720 | 1428879 | 1991263 | 6533862 | 3888740 | 3888740 | 10422602 | 145770827 |
| Nomura VIP Energy Series - Service Class |  |  |  | (9) | (9) | 269 | 269 | 260 | 260 |
| Nomura VIP High Income Series - Service Class | 398 | 57 |  | (4) | 53 | 921 | 921 | 974 | 1372 |
| Nomura VIP Mid Cap Growth Series - Service Class | 938 |  | 29 | (15) | 14 | 408 | 408 | 422 | 1360 |
| Nomura VIP Science and Technology Series - Service Class | 84 |  | 31 | 119 | 150 | 1179 | 1179 | 1329 | 1413 |
| Nomura VIP Small Cap Growth Series - Service Class | 1501 |  | 8 | 200 | 208 | 675 | 675 | 883 | 2384 |
| Nomura VIP Small Cap Value Series - Service Class | 377 | 5 | 21 | 38 | 64 | 472 | 472 | 536 | 913 |
| Nomura VIP Small Cap Value Series - Standard Class | 112235241 | 1077365 | 6896201 | 4380002 | 12353568 | (1177498) | (1177498) | 11176070 | 123411311 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 32819014 | 644931 | (1494960) | 2248078 | 1398049 | 2840354 | 2840354 | 4238403 | 37057417 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class | 109 | 6 |  | 2 | 8 | 250 | 250 | 258 | 367 |
| PIMCO VIT Dynamic Bond Portfolio - Advisor Class | 658 | 54 | 1 | 8 | 63 | 1021 | 1021 | 1084 | 1742 |
| PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class |  | 56 | 36 | (57) | 35 | 4054 | 4054 | 4089 | 4089 |
| Putnam VT George Putnam Balanced Fund - Class IA | 2099915 | 32761 | 26208 | 361951 | 420920 | 1212893 | 1212893 | 1633813 | 3733728 |
| Putnam VT Global Health Care Fund - Class IB | 2247531 | 6316 | 138396 | (108035) | 36677 | (90527) | (90527) | (53850) | 2193681 |
| Putnam VT Large Cap Value Fund - Class IB | 2553122 | 25682 | 183801 | 262192 | 471675 | (181809) | (181809) | 289866 | 2842988 |
| Templeton Foreign VIP Fund - Class 1 | 1100969 | 23096 | 4258 | (42085) | (14731) | 20332 | 20332 | 5601 | 1106570 |
| Templeton Foreign VIP Fund - Class 2 | 2215596 | 48982 | 26724 | (96904) | (21198) | (60159) | (60159) | (81357) | 2134239 |
| Templeton Global Bond VIP Fund - Class 1 | 67704391 | (475263) | (1322647) | (6631125) | (8429035) | 10733235 | 10733235 | 2304200 | 70008591 |
| Templeton Global Bond VIP Fund - Class 4 | 1500 |  | 3 | (267) | (264) | 1575 | 1575 | 1311 | 2811 |
| Templeton Growth VIP Fund - Class 1 | 7120142 | 65978 | 106475 | 214736 | 387189 | (325447) | (325447) | 61742 | 7181884 |
| Templeton Growth VIP Fund - Class 2 | 1307168 | 10390 | 58046 | 10679 | 79115 | (285896) | (285896) | (206781) | 1100387 |
| TOPS® Balanced ETF Portfolio - Class 2 Shares | 5779166 | 101000 | 63304 | 209910 | 374214 | 387234 | 387234 | 761448 | 6540614 |
| TOPS® Balanced ETF Portfolio - Service Class Shares | 1345038 | 39467 | 11020 | 56096 | 106583 | 577129 | 577129 | 683712 | 2028750 |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | 12430024 | 247309 | 338881 | 623148 | 1209338 | 5065379 | 5065379 | 6274717 | 18704741 |
| TOPS® Moderate Growth ETF Portfolio - Service Class Shares | 1599281 | 46286 | 43868 | 81014 | 171168 | 945560 | 945560 | 1116728 | 2716009 |

---

See accompanying notes

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Statements of changes in net assets (continued)**

**Year Ended December 31, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | *Changes From Operations* | *Changes From Operations* | *Changes From Operations* | *Changes From Operations* | *Changes From Unit Transactions* | *Changes From Unit Transactions* |  |  |
| *Subaccount* | *Net Assets At January 1, 2025 ($)* | *Net investment income (loss) ($)* | *Net realized gain (loss) on investments ($)* | *Net change in unrealized appreciation or depreciation on investments ($)* | *Net Increase (Decrease) in Net Assets Resulting from Operations ($)* | *Net unit transactions ($)* | *Net Increase (Decrease) in Net Assets Resulting from Unit Transactions ($)* | *Total Increase (Decrease) in Net Assets ($)* | *Net Assets at December 31, 2025 ($)* |
| AB VPS Discovery Value Portfolio - Class A | 79298007 | 408292 | 8951182 | (6917268) | 2442206 | 6045424 | 6045424 | 8487630 | 87785637 |
| AB VPS International Value Portfolio - Class A | 9496575 | 239057 | 844253 | 2543814 | 3627124 | (1852804) | (1852804) | 1774320 | 11270895 |
| AB VPS Large Cap Growth Portfolio - Class A | 5065573 | (10332) | 563798 | 91071 | 644537 | (386874) | (386874) | 257663 | 5323236 |
| AB VPS Relative Value Portfolio - Class A | 17884300 | 164093 | 1715691 | (102657) | 1777127 | (1036450) | (1036450) | 740677 | 18624977 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 23672242 | (101009) | 3093632 | (1580371) | 1412252 | 651702 | 651702 | 2063954 | 25736196 |
| American Funds® IS Asset Allocation Fund - Class 4 | 10773 | 385 | 1156 | 999 | 2540 | 11137 | 11137 | 13677 | 24450 |
| American Funds® IS Capital Income Builder - Class 4 | 5584 | 245 | 9 | 1218 | 1472 | 3604 | 3604 | 5076 | 10660 |
| American Funds® IS Capital World Growth and Income Fund - Class 2 |  | 1840 | 77 | 5019 | 6936 | 199686 | 199686 | 206622 | 206622 |
| American Funds® IS Global Growth Fund - Class 2 | 264183137 | 2664800 | 40220446 | 12047950 | 54933196 | (6428672) | (6428672) | 48504524 | 312687661 |
| American Funds® IS Global Growth Fund - Class 4 | 4618 | 97 | 959 | 501 | 1557 | 4530 | 4530 | 6087 | 10705 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 142009771 | (112379) | (226749) | 20793153 | 20454025 | (2106186) | (2106186) | 18347839 | 160357610 |
| American Funds® IS Global Small Capitalization Fund - Class 4 | 504 | 2 | 27 | 167 | 196 | 379 | 379 | 575 | 1079 |
| American Funds® IS Growth Fund - Class 2 | 900451713 | (2733207) | 120776962 | 58602398 | 176646153 | (30728378) | (30728378) | 145917775 | 1046369488 |
| American Funds® IS Growth Fund - Class 4 | 163967 | 235 | 20970 | 15133 | 36338 | 51050 | 51050 | 87388 | 251355 |
| American Funds® IS Growth-Income Fund - Class 2 | 740217000 | 3452782 | 148497795 | (24202101) | 127748476 | (21116839) | (21116839) | 106631637 | 846848637 |
| American Funds® IS Growth-Income Fund - Class 4 | 14014 | 91 | 2253 | (150) | 2194 | 3331 | 3331 | 5525 | 19539 |
| American Funds® IS International Fund - Class 2 | 277602105 | 2800284 | 3145307 | 65449995 | 71395586 | (18175173) | (18175173) | 53220413 | 330822518 |
| American Funds® IS International Fund - Class 4 | 16814 | 443 | 226 | 6923 | 7592 | 18706 | 18706 | 26298 | 43112 |
| American Funds® IS New World Fund - Class 4 | 41460 | 617 | 3330 | 11016 | 14963 | 17803 | 17803 | 32766 | 74226 |
| American Funds® IS Washington Mutual Investors Fund - Class 4 | 76821 | 980 | 8189 | 2183 | 11352 | (38) | (38) | 11314 | 88135 |
| ClearBridge Variable Growth Portfolio - Class II | 218 |  | 105 | (43) | 62 | 508 | 508 | 570 | 788 |
| ClearBridge Variable Large Cap Growth Portfolio - Class II | 8481 |  | 2193 | (1399) | 794 | (9275) | (9275) | (8481) |  |
| ClearBridge Variable Mid Cap Portfolio - Class I | 51588095 | (126904) | 4370932 | (1895034) | 2348994 | 4673205 | 4673205 | 7022199 | 58610294 |
| ClearBridge Variable Mid Cap Portfolio - Class II | 91 |  | 9 | (2) | 7 | (8) | (8) | (1) | 90 |
| Columbia VP Commodity Strategy Fund - Class 2 | 273 | 54 |  | 30 | 84 | 604 | 604 | 688 | 961 |
| Columbia VP Strategic Income Fund - Class 2 | 610 | 61 |  | 20 | 81 | 772 | 772 | 853 | 1463 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 23512796 | 900468 | 4740 | 1447822 | 2353030 | 470888 | 470888 | 2823918 | 26336714 |
| DWS Equity 500 Index VIP Portfolio - Class A | 59989898 | 512550 | 6682839 | 2547366 | 9742755 | (5070754) | (5070754) | 4672001 | 64661899 |
| DWS Small Cap Index VIP Portfolio - Class A | 11439138 | 131743 | 666427 | 603151 | 1401321 | (425873) | (425873) | 975448 | 12414586 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 336332 | 7151 | 17781 | 22577 | 47509 | (6298) | (6298) | 41211 | 377543 |
| Fidelity® VIP Balanced Portfolio - Service Class 2 | 17343 | 488 | 1008 | 2617 | 4113 | 13277 | 13277 | 17390 | 34733 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 14940444 | 30115 | 3370624 | 543094 | 3943833 | 4568390 | 4568390 | 8512223 | 23452667 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 409235046 | (1667478) | 93981223 | (7597509) | 84716236 | (15395834) | (15395834) | 69320402 | 478555448 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 30492 |  | 13169 | (281) | 12888 | 27598 | 27598 | 40486 | 70978 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 2071265 | 28126 | 155118 | 187998 | 371242 | (102393) | (102393) | 268849 | 2340114 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 6612657 | 105427 | 479886 | 597116 | 1182429 | (434499) | (434499) | 747930 | 7360587 |
| Fidelity® VIP Financials Portfolio - Initial Class |  | 424 | 383 | 1124 | 1931 | 34228 | 34228 | 36159 | 36159 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 7399796 | (15369) | 316567 | 1209122 | 1510320 | (441019) | (441019) | 1069301 | 8469097 |
| Fidelity® VIP Growth Portfolio - Service Class | 186071533 | (439867) | 29397169 | (1576457) | 27380845 | (920184) | (920184) | 26460661 | 212532194 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 79304 | 57 | 15557 | (176) | 15438 | 31443 | 31443 | 46881 | 126185 |
| Fidelity® VIP Health Care Portfolio - Initial Class |  | 118 | 175 | 2701 | 2994 | 30466 | 30466 | 33460 | 33460 |
| Fidelity® VIP High Income Portfolio - Service Class | 1726659 | 124564 | (4944) | 53925 | 173545 | 169736 | 169736 | 343281 | 2069940 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 762051 | 23488 | (8898) | 34350 | 48940 | (18814) | (18814) | 30126 | 792177 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 193047137 | (170636) | 24954599 | (1164287) | 23619676 | 9087156 | 9087156 | 32706832 | 225753969 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 11572 | 49 | 1995 | 58 | 2102 | 7279 | 7279 | 9381 | 20953 |
| Fidelity® VIP Overseas Portfolio - Service Class | 8038111 | 126045 | 1155891 | 345113 | 1627049 | 99249 | 99249 | 1726298 | 9764409 |
| Fidelity® VIP Strategic Income Portfolio - Service Class 2 | 3316 | 198 | 1 | 235 | 434 | 2568 | 2568 | 3002 | 6318 |
| Fidelity® VIP Technology Portfolio - Initial Class |  |  | 6338 | 6207 | 12545 | 451595 | 451595 | 464140 | 464140 |
| First Trust Capital Strength Hedged Equity Portfolio - Class I | 101906 | 1938 | (165) | (17051) | (15278) | 541517 | 541517 | 526239 | 628145 |
| First Trust Capital Strength Portfolio - Class I | 214108 | 3914 | (80) | 30028 | 33862 | 698130 | 698130 | 731992 | 946100 |
| First Trust International Developed Capital Strength Portfolio - Class I | 4734 | 173 | 244 | 1336 | 1753 | 6010 | 6010 | 7763 | 12497 |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I | 369717 | 20030 | 36457 | (21176) | 35311 | 633062 | 633062 | 668373 | 1038090 |
| Franklin Income VIP Fund - Class 1 | 193120079 | 9047639 | 1978697 | 12680587 | 23706923 | 2775307 | 2775307 | 26482230 | 219602309 |
| Franklin Mutual Shares VIP Fund - Class 1 | 87540205 | 1740666 | 9090908 | (820714) | 10010860 | 1385005 | 1385005 | 11395865 | 98936070 |
| Franklin Rising Dividends VIP Fund - Class 4 | 4316 | 33 | 593 | 39 | 665 | (156) | (156) | 509 | 4825 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 20108781 | (38372) | 931087 | (350958) | 541757 | (396664) | (396664) | 145093 | 20253874 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 4 | 26604 |  | 1485 | (974) | 511 | 11272 | 11272 | 11783 | 38387 |
| Goldman Sachs VIT Government Money Market Fund - Service Shares | 27601 | 588 |  |  | 588 | (12076) | (12076) | (11488) | 16113 |
| Invesco V.I. American Franchise Fund - Series I Shares | 16725845 | (42040) | 1945032 | (167823) | 1735169 | (1706859) | (1706859) | 28310 | 16754155 |
| Invesco V.I. Core Equity Fund - Series I Shares | 16709339 | 69456 | 1451366 | 983192 | 2504014 | (1372350) | (1372350) | 1131664 | 17841003 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 1056767 | 39333 | (22470) | 49518 | 66381 | (405774) | (405774) | (339393) | 717374 |
| Invesco V.I. Diversified Dividend Fund - Series II Shares | 88 |  | 4 | 4 | 8 | (4) | (4) | 4 | 92 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 41329814 | 392729 | 3035822 | 2905574 | 6334125 | (2724187) | (2724187) | 3609938 | 44939752 |
| Invesco V.I. International Growth Fund - Series II Shares | 5112 | 5 | 787 | 262 | 1054 | 3639 | 3639 | 4693 | 9805 |
| Invesco V.I. Main Street Small Cap Fund®- Series II Shares | 39371 | 157 | 6977 | (1972) | 5162 | 28356 | 28356 | 33518 | 72889 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 10822482 | 200639 | 583230 | 733726 | 1517595 | (819488) | (819488) | 698107 | 11520589 |
| Janus Henderson Balanced Portfolio - Service Shares | 9159102 | 139663 | 451453 | 657671 | 1248787 | (817611) | (817611) | 431176 | 9590278 |
| Janus Henderson Enterprise Portfolio - Service Shares | 4522208 | (7032) | 433283 | (92754) | 333497 | (57005) | (57005) | 276492 | 4798700 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 11493641 | 45234 | 1350283 | 871035 | 2266552 | (1083916) | (1083916) | 1182636 | 12676277 |
| Janus Henderson Global Research Portfolio - Service Shares | 2328127 | 5745 | 322454 | 163907 | 492106 | (169452) | (169452) | 322654 | 2650781 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 5142625 | (10760) | 607104 | 597612 | 1193956 | (394532) | (394532) | 799424 | 5942049 |
| Lincoln Hedged S&P 500 Conservative Fund - Service Class |  |  | 23113 | (13231) | 9882 | 409321 | 409321 | 419203 | 419203 |
| Lincoln Hedged S&P 500 Fund - Service Class | 262436 |  | 58014 | 2018 | 60032 | 436371 | 436371 | 496403 | 758839 |
| LVIP AllianceBernstein Large Cap Growth Fund - Service Class | 60153 |  | 27361 | (19328) | 8033 | 59 | 59 | 8092 | 68245 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 196229081 | (990686) | 78435025 | (50757535) | 26686804 | (5415638) | (5415638) | 21271166 | 217500247 |
| LVIP American Balanced Allocation Fund - Standard Class | 6348601 | 306981 | 424947 | 787205 | 1519133 | 5622097 | 5622097 | 7141230 | 13489831 |
| LVIP American Century Balanced Fund - Standard Class II | 77490351 | 956021 | 448419 | 5358226 | 6762666 | (428168) | (428168) | 6334498 | 83824849 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 11590064 | 938750 | (130410) | (82928) | 725412 | 62026 | 62026 | 787438 | 12377502 |
| LVIP American Century Ultra® Fund - Service Class | 32280 |  | 4522 | 1865 | 6387 | 17802 | 17802 | 24189 | 56469 |
| LVIP American Century Ultra® Fund - Standard Class | 135252371 | (634391) | 14684936 | 3795628 | 17846173 | (1743407) | (1743407) | 16102766 | 151355137 |
| LVIP American Growth Allocation Fund - Service Class | 1939 | 58 | 147 | 241 | 446 | 1696 | 1696 | 2142 | 4081 |
| LVIP American Growth Allocation Fund - Standard Class | 69814326 | 1893117 | 4197408 | 7675686 | 13766211 | 21053781 | 21053781 | 34819992 | 104634318 |
| LVIP American Income Allocation Fund - Standard Class | 6938073 | 296349 | 184764 | 507556 | 988669 | 1753906 | 1753906 | 2742575 | 9680648 |
| LVIP Baron Growth Opportunities Fund - Service Class | 89401811 | (338280) | 11632103 | (21107206) | (9813383) | 15485243 | 15485243 | 5671860 | 95073671 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 5446486 | (3398) | 773866 | (1415969) | (645501) | 2220934 | 2220934 | 1575433 | 7021919 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 50036147 | 1057551 | 4050150 | 786985 | 5894686 | 1585779 | 1585779 | 7480465 | 57516612 |
| LVIP BlackRock Equity Dividend Fund - Service Class | 11331 | 395 | 2639 | 66 | 3100 | 21129 | 21129 | 24229 | 35560 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 110794178 | 1600377 | 11111779 | 1970054 | 14682210 | 3455205 | 3455205 | 18137415 | 128931593 |
| LVIP BlackRock Global Allocation Fund - Service Class | 673 | 21 | 28 | 83 | 132 | 94 | 94 | 226 | 899 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 371220785 | 9221001 | 22392655 | 34366436 | 65980092 | (10729774) | (10729774) | 55250318 | 426471103 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 40707844 | 676295 | 1204826 | 2385606 | 4266727 | 1177568 | 1177568 | 5444295 | 46152139 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 80409912 | 261225 | (597211) | 4481923 | 4145937 | 3644139 | 3644139 | 7790076 | 88199988 |
| LVIP BlackRock Real Estate Fund - Service Class | 8169 | 315 | 14 | 340 | 669 | 4881 | 4881 | 5550 | 13719 |
| LVIP BlackRock Real Estate Fund - Standard Class | 43194047 | 1526206 | (350115) | 2544094 | 3720185 | 2887562 | 2887562 | 6607747 | 49801794 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 20302054 | 296485 | 755261 | 673779 | 1725525 | 580324 | 580324 | 2305849 | 22607903 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 14333067 | (33657) | 1556691 | (721347) | 801687 | (228984) | (228984) | 572703 | 14905770 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 12641977 | (35288) | 2650374 | (2258252) | 356834 | (117546) | (117546) | 239288 | 12881265 |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 3303724 | 10353 | 561130 | (249926) | 321557 | (250501) | (250501) | 71056 | 3374780 |
| LVIP Dimensional International Core Equity Fund - Service Class |  | 148 |  | 121 | 269 | 5077 | 5077 | 5346 | 5346 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 50691726 | 1641596 | 2294183 | 12774099 | 16709878 | (1884348) | (1884348) | 14825530 | 65517256 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 13923359 | 506734 | 821806 | 3251933 | 4580473 | (1444090) | (1444090) | 3136383 | 17059742 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 62160982 | 324871 | 7689615 | 2075750 | 10090236 | 165578 | 165578 | 10255814 | 72416796 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 62621595 | 175717 | 10017200 | (726571) | 9466346 | (4058360) | (4058360) | 5407986 | 68029581 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 17310176 | 162943 | 3267193 | (1735789) | 1694347 | 541385 | 541385 | 2235732 | 19545908 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Service Class | 76824 | 6078 | 70 | 1707 | 7855 | 70058 | 70058 | 77913 | 154737 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 116093735 | 4952108 | (1998303) | 4328199 | 7282004 | 6109905 | 6109905 | 13391909 | 129485644 |
| LVIP Franklin Templeton Core Bond Fund - Service Class | 18346 | 2585 | 30 | 649 | 3264 | 48612 | 48612 | 51876 | 70222 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 343212878 | 14655931 | (4604480) | 13980166 | 24031617 | 23467528 | 23467528 | 47499145 | 390712023 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 10430794 | 125753 | 1600665 | (355815) | 1370603 | (265103) | (265103) | 1105500 | 11536294 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class | 3605 | 156 | 14 | 1060 | 1230 | 1194 | 1194 | 2424 | 6029 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 70180289 | 2037565 | 1419551 | 19181996 | 22639112 | (6774045) | (6774045) | 15865067 | 86045356 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 49064077 | 1653937 | 2536049 | 12019786 | 16209772 | (3645470) | (3645470) | 12564302 | 61628379 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class | 11399 | 87 | 1747 | 921 | 2755 | (1390) | (1390) | 1365 | 12764 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 91872779 | 608024 | 6582359 | 10121301 | 17311684 | 1778556 | 1778556 | 19090240 | 110963019 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class | 2070 | 68 | 4 | 689 | 761 | 5696 | 5696 | 6457 | 8527 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 99565836 | 572663 | 2445463 | 11275607 | 14293733 | 927220 | 927220 | 15220953 | 114786789 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 53136506 | 1206698 | 3074 | 3457124 | 4666896 | (3455128) | (3455128) | 1211768 | 54348274 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 134861872 | 2757481 | 6977712 | 7537256 | 17272449 | (5870341) | (5870341) | 11402108 | 146263980 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 100988838 | 2145407 | 2794944 | 6153959 | 11094310 | (3150542) | (3150542) | 7943768 | 108932606 |
| LVIP Government Money Market Fund - Standard Class | 87458135 | 3358489 | 4094 | 8 | 3362591 | 35691010 | 35691010 | 39053601 | 126511736 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 2697869 | (5625) | 165362 | (248869) | (89132) | (2608737) | (2608737) | (2697869) |  |
| LVIP JPMorgan High Yield Fund - Service Class | 8652 | 832 | 4 | 117 | 953 | 5229 | 5229 | 6182 | 14834 |
| LVIP JPMorgan High Yield Fund - Standard Class | 105136228 | 6800375 | (361864) | 2454710 | 8893221 | 6551196 | 6551196 | 15444417 | 120580645 |
| LVIP JPMorgan Retirement Income Fund - Standard Class | 660114 | 24974 | 3251 | 56453 | 84678 | 124995 | 124995 | 209673 | 869787 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 20275373 | 183976 | 2836323 | (2685560) | 334739 | 1649675 | 1649675 | 1984414 | 22259787 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 110179261 | 4417549 | (444231) | 1430750 | 5404068 | 8630656 | 8630656 | 14034724 | 124213985 |
| LVIP Loomis Sayles Global Growth Fund - Standard Class | 1880224 |  | 304713 | 86164 | 390877 | 644143 | 644143 | 1035020 | 2915244 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 2651406 | 79934 | 108989 | 112601 | 301524 | (2952930) | (2952930) | (2651406) |  |
| LVIP MFS International Growth Fund - Service Class | 37294 | 808 | 4791 | 2726 | 8325 | 24198 | 24198 | 32523 | 69817 |
| LVIP MFS International Growth Fund - Standard Class | 123301188 | 1648311 | 13867507 | 7097369 | 22613187 | 2274341 | 2274341 | 24887528 | 148188716 |
| LVIP MFS Value Fund - Service Class | 52391 | 1445 | 6108 | 1796 | 9349 | 42570 | 42570 | 51919 | 104310 |
| LVIP MFS Value Fund - Standard Class | 305497058 | 4629480 | 29557679 | 5236587 | 39423746 | 17991178 | 17991178 | 57414924 | 362911982 |
| LVIP Mondrian Global Income Fund - Standard Class | 25551022 | 44963 | (381618) | 1881987 | 1545332 | 2257326 | 2257326 | 3802658 | 29353680 |
| LVIP Mondrian International Value Fund - Service Class | 29901 | 1896 | 1650 | 9977 | 13523 | 15931 | 15931 | 29454 | 59355 |
| LVIP Mondrian International Value Fund - Standard Class | 58534726 | 2475598 | 5848671 | 11840171 | 20164440 | (5158017) | (5158017) | 15006423 | 73541149 |
| LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class | 1145972 | 10015 | 141293 | 28918 | 180226 | (115820) | (115820) | 64406 | 1210378 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 43456895 | 1615402 | 1155 | 205745 | 1822302 | 1555384 | 1555384 | 3377686 | 46834581 |
| LVIP Nomura High Yield Fund - Standard Class | 18785593 | 1093768 | (177305) | 700199 | 1616662 | (1039945) | (1039945) | 576717 | 19362310 |
| LVIP Nomura Mid Cap Value Fund - Service Class | 25726 | 495 | 4963 | (496) | 4962 | 15518 | 15518 | 20480 | 46206 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 42630855 | 534515 | 6386478 | (958349) | 5962644 | 1976024 | 1976024 | 7938668 | 50569523 |
| LVIP Nomura SMID Cap Core Fund - Service Class | 1709 | 11 | 97 | 187 | 295 | 1444 | 1444 | 1739 | 3448 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 109732750 | 118092 | 5084384 | 4512816 | 9715292 | 692139 | 692139 | 10407431 | 120140181 |
| LVIP Nomura Social Awareness Fund - Standard Class | 19101209 | 95004 | 2165688 | 563512 | 2824204 | (321157) | (321157) | 2503047 | 21604256 |
| LVIP Nomura U.S. Growth Fund - Service Class | 1937 |  | 254 | 364 | 618 | 6265 | 6265 | 6883 | 8820 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 66104252 | (239991) | 12903070 | 2152009 | 14815088 | (10608286) | (10608286) | 4206802 | 70311054 |
| LVIP Nomura U.S. REIT Fund - Service Class | 12388 | 907 | 7 | (907) | 7 | 21548 | 21548 | 21555 | 33943 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 80139660 | 2230199 | 498825 | (2257459) | 471565 | 5797218 | 5797218 | 6268783 | 86408443 |
| LVIP PIMCO Low Duration Bond Fund - Standard Class | 9210420 | 493082 | (241) | 99691 | 592532 | 3744319 | 3744319 | 4336851 | 13547271 |
| LVIP SSGA Bond Index Fund - Service Class | 208362 | 9970 | (107) | 6571 | 16434 | 108227 | 108227 | 124661 | 333023 |
| LVIP SSGA Bond Index Fund - Standard Class | 133294271 | 4555383 | (1418942) | 5611776 | 8748217 | 21160009 | 21160009 | 29908226 | 163202497 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 38996268 | 908331 | 1239892 | 2556427 | 4704650 | 119069 | 119069 | 4823719 | 43819987 |
| LVIP SSGA Emerging Markets Equity Index Fund - Service Class | 38979 | 1687 | 405 | 12816 | 14908 | 12875 | 12875 | 27783 | 66762 |
| LVIP SSGA Emerging Markets Equity Index Fund - Standard Class | 1493070 | 61869 | 10515 | 469503 | 541887 | 229263 | 229263 | 771150 | 2264220 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 22984710 | 570203 | 417618 | 2227203 | 3215024 | (527390) | (527390) | 2687634 | 25672344 |
| LVIP SSGA International Index Fund - Service Class | 175712 | 8686 | 2504 | 50544 | 61734 | 66403 | 66403 | 128137 | 303849 |
| LVIP SSGA International Index Fund - Standard Class | 123908735 | 4384852 | 4646823 | 28117230 | 37148905 | 2420002 | 2420002 | 39568907 | 163477642 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 13357122 | 428443 | 524063 | 2206040 | 3158546 | (854874) | (854874) | 2303672 | 15660794 |
| LVIP SSGA Mid-Cap Index Fund - Service Class | 95947 | 1374 | 9463 | (1443) | 9394 | 48833 | 48833 | 58227 | 154174 |
| LVIP SSGA Mid-Cap Index Fund - Standard Class | 6886053 | 155701 | 803725 | (43874) | 915552 | 6592516 | 6592516 | 7508068 | 14394121 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 209903469 | 4271519 | 9030878 | 17987866 | 31290263 | (129647) | (129647) | 31160616 | 241064085 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 240223773 | 4786329 | 12617978 | 23033113 | 40437420 | 974424 | 974424 | 41411844 | 281635617 |
| LVIP SSGA Nasdaq-100 Index Fund - Service Class | 42349 | 32 | 6315 | 3899 | 10246 | 967 | 967 | 11213 | 53562 |
| LVIP SSGA S&P 500 Index Fund - Service Class | 655607 | 8003 | 49721 | 85933 | 143657 | 274892 | 274892 | 418549 | 1074156 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 1902586327 | 11455850 | 168067872 | 151058765 | 330582487 | 28585655 | 28585655 | 359168142 | 2261754469 |
| LVIP SSGA Short-Term Bond Index Fund - Standard Class | 3788711 | 221185 | 596 | 21805 | 243586 | 1566511 | 1566511 | 1810097 | 5598808 |
| LVIP SSGA Small-Cap Index Fund - Service Class | 63828 | 762 | 4490 | 5029 | 10281 | 26113 | 26113 | 36394 | 100222 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 177624503 | 1284561 | 13097101 | 10358789 | 24740451 | 7080840 | 7080840 | 31821291 | 209445794 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 17113846 | 419512 | (100553) | 1850627 | 2169586 | (645225) | (645225) | 1524361 | 18638207 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 113181632 | 2629614 | (139155) | 16086176 | 18576635 | 1475038 | 1475038 | 20051673 | 133233305 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 100020036 | 2258440 | 205952 | 16208802 | 18673194 | (1852248) | (1852248) | 16820946 | 116840982 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 1349420 | 40466 | 77287 | 48547 | 166300 | 18547 | 18547 | 184847 | 1534267 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 6153664 | 192185 | 342677 | 454337 | 989199 | 1468808 | 1468808 | 2458007 | 8611671 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 12396046 | 247465 | 630093 | 1488521 | 2366079 | 1707451 | 1707451 | 4073530 | 16469576 |
| LVIP T. Rowe Price 2050 Fund - Standard Class | 10143475 | 226718 | 608859 | 1585780 | 2421357 | 3706229 | 3706229 | 6127586 | 16271061 |
| LVIP T. Rowe Price 2060 Fund - Standard Class | 19036991 | 433395 | 416568 | 3585021 | 4434984 | 5823713 | 5823713 | 10258697 | 29295688 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class | 32586 |  | 7813 | (3687) | 4126 | 18511 | 18511 | 22637 | 55223 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 118172420 | (542485) | 22242773 | (8690368) | 13009920 | 4732532 | 4732532 | 17742452 | 135914872 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 11464994 | 129510 | 496359 | 283589 | 909458 | 138437 | 138437 | 1047895 | 12512889 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 155433830 | 5224370 | (2209291) | 6147618 | 9162697 | 10942184 | 10942184 | 20104881 | 175538711 |
| LVIP Vanguard Domestic Equity ETF Fund - Service Class |  | 9 | 3 | 25 | 37 | 1270 | 1270 | 1307 | 1307 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 290795422 | 1490835 | 157987660 | (112295907) | 47182588 | 9484479 | 9484479 | 56667067 | 347462489 |
| LVIP Vanguard International Equity ETF Fund - Service Class | 31811 | 1397 | 567 | 7904 | 9868 | 10974 | 10974 | 20842 | 52653 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 171995598 | 5732924 | 6114910 | 39594106 | 51441940 | (5432405) | (5432405) | 46009535 | 218005133 |
| LVIP Wellington SMID Cap Value Fund - Service Class | 89 | 1 | (13) | 9 | (3) | 46 | 46 | 43 | 132 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 57319931 | 345292 | 4618322 | (3346020) | 1617594 | 6014833 | 6014833 | 7632427 | 64952358 |
| LVIP Western Asset Core Bond Fund - Service Class | 22164 | 259 | (1262) | 1587 | 584 | (22748) | (22748) | (22164) |  |
| M Capital Appreciation Fund | 1920572 | 15947 | 343868 | 18266 | 378081 | (91483) | (91483) | 286598 | 2207170 |
| M International Equity Fund | 2433441 | 68568 | 97583 | 555642 | 721793 | (353905) | (353905) | 367888 | 2801329 |
| M Large Cap Growth Fund | 3798297 | (8053) | 1194551 | (419087) | 767411 | (265320) | (265320) | 502091 | 4300388 |
| M Large Cap Value Fund | 3124779 | 48837 | 277434 | 187215 | 513486 | (236149) | (236149) | 277337 | 3402116 |
| MFS® VIT Growth Series - Initial Class | 122229107 | (572766) | 26467109 | (11123726) | 14770617 | (2499981) | (2499981) | 12270636 | 134499743 |
| MFS® VIT Growth Series - Service Class | 2908 |  | 642 | (271) | 371 | 234 | 234 | 605 | 3513 |
| MFS® VIT New Discovery Series - Initial Class | 1789815 |  | 5778 | 283944 | 289722 | 488158 | 488158 | 777880 | 2567695 |
| MFS® VIT Total Return Series - Initial Class | 99939953 | 2367206 | 7653611 | 617082 | 10637899 | 1745764 | 1745764 | 12383663 | 112323616 |
| MFS® VIT Utilities Series - Initial Class | 63452375 | 1768234 | 1994623 | 5518343 | 9281200 | (1387919) | (1387919) | 7893281 | 71345656 |
| MFS® VIT Utilities Series - Service Class | 6142 | 665 | 365 | 2037 | 3067 | 18712 | 18712 | 21779 | 27921 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 3435240 | 14815 | 431441 | 33625 | 479881 | 542424 | 542424 | 1022305 | 4457545 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 19976306 | (41558) | 2850525 | (1741920) | 1067047 | (1652478) | (1652478) | (585431) | 19390875 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 5781819 | 14165 | 627548 | (33612) | 608101 | (475872) | (475872) | 132229 | 5914048 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 1640197 | (3278) | 144406 | 65310 | 206438 | (129279) | (129279) | 77159 | 1717356 |
| Nomura VIP Emerging Markets Series - Service Class | 24813 | 555 | 1074 | 29138 | 30767 | 16083 | 16083 | 46850 | 71663 |
| Nomura VIP Emerging Markets Series - Standard Class | 145770827 | 1964088 | 16655116 | 86600372 | 105219576 | (48127352) | (48127352) | 57092224 | 202863051 |
| Nomura VIP Energy Series - Service Class | 260 | 5 |  | 82 | 87 | 622 | 622 | 709 | 969 |
| Nomura VIP High Income Series - Service Class | 1372 | 123 | 1 | 28 | 152 | 1000 | 1000 | 1152 | 2524 |
| Nomura VIP Mid Cap Growth Series - Service Class | 1360 |  | 138 | 1 | 139 | (1499) | (1499) | (1360) |  |
| Nomura VIP Science and Technology Series - Service Class | 1413 |  | 918 | 240 | 1158 | 829 | 829 | 1987 | 3400 |
| Nomura VIP Small Cap Growth Series - Service Class | 2384 |  | 337 | 96 | 433 | 1213 | 1213 | 1646 | 4030 |
| Nomura VIP Small Cap Value Series - Service Class | 913 | 11 | 109 | (34) | 86 | (409) | (409) | (323) | 590 |
| Nomura VIP Small Cap Value Series - Standard Class | 123411311 | 1128489 | 9122120 | 143162 | 10393771 | 6091491 | 6091491 | 16485262 | 139896573 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 37057417 | 956097 | (601248) | 6305524 | 6660373 | (2051107) | (2051107) | 4609266 | 41666683 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class | 367 | 15 |  | 72 | 87 | 235 | 235 | 322 | 689 |
| PIMCO VIT Dynamic Bond Portfolio - Advisor Class | 1742 | 131 | 1 | 59 | 191 | 1212 | 1212 | 1403 | 3145 |
| PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class | 4089 | 378 | 1 | 417 | 796 | 2243 | 2243 | 3039 | 7128 |
| Putnam VT George Putnam Balanced Fund - Class IA | 3733728 | 63767 | 163113 | 372618 | 599498 | 615469 | 615469 | 1214967 | 4948695 |
| Putnam VT Global Health Care Fund - Class IB | 2193681 | (4411) | 147435 | 176514 | 319538 | (97803) | (97803) | 221735 | 2415416 |
| Putnam VT Large Cap Value Fund - Class IB | 2842988 | 38074 | 241718 | 303159 | 582951 | 88637 | 88637 | 671588 | 3514576 |
| Templeton Foreign VIP Fund - Class 1 | 1106570 | 24059 | 111674 | 166643 | 302376 | (255496) | (255496) | 46880 | 1153450 |
| Templeton Foreign VIP Fund - Class 2 | 2134239 | 49741 | 200935 | 340258 | 590934 | (237688) | (237688) | 353246 | 2487485 |
| Templeton Global Bond VIP Fund - Class 1 | 70008591 | (455270) | (2161478) | 13264438 | 10647690 | 277337 | 277337 | 10925027 | 80933618 |
| Templeton Global Bond VIP Fund - Class 4 | 2811 |  | 3 | 438 | 441 | 1364 | 1364 | 1805 | 4616 |
| Templeton Growth VIP Fund - Class 1 | 7181884 | 65191 | 651455 | 898483 | 1615129 | (666238) | (666238) | 948891 | 8130775 |
| Templeton Growth VIP Fund - Class 2 | 1100387 | 8090 | 106622 | 142397 | 257109 | (41468) | (41468) | 215641 | 1316028 |
| TOPS® Aggressive Growth ETF Portfolio - Class 2 Shares |  | 615 | 771 | 673 | 2059 | 90683 | 90683 | 92742 | 92742 |
| TOPS® Balanced ETF Portfolio - Class 2 Shares | 6540614 | 122335 | 143013 | 543270 | 808618 | 40942 | 40942 | 849560 | 7390174 |
| TOPS® Balanced ETF Portfolio - Service Class Shares | 2028750 | 58198 | 34850 | 202966 | 296014 | 549329 | 549329 | 845343 | 2874093 |
| TOPS® Growth ETF Portfolio - Class 2 Shares |  | 43 | 55 | (10) | 88 | 21559 | 21559 | 21647 | 21647 |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | 18704741 | 337305 | 555966 | 2014967 | 2908238 | 1713804 | 1713804 | 4622042 | 23326783 |
| TOPS® Moderate Growth ETF Portfolio - Service Class Shares | 2716009 | 71810 | 73828 | 351342 | 496980 | 1021056 | 1021056 | 1518036 | 4234045 |

---

See accompanying notes

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Notes to financial statements**

**December 31, 2025**

**1. Accounting Policies and Variable Account Information**

***The Variable Account:*** Lincoln Life Flexible Premium Variable Life Account M (the Variable Account) is a segregated investment account of The Lincoln National Life Insurance Company (the Company) and is registered as a unit investment trust with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The operations of the Variable Account, which commenced on June 18, 1998, are part of the operations of the Company. The Variable Account consists of twenty-nine products as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VUL-I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>ONE</sup> 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>CV</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Momentum VUL<sup>ONE</sup> 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>CV</sup>-II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln AssetEdge VUL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>CV</sup>-III | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln AssetEdge VUL 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>CV</sup>-IV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln AssetEdge VUL 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>DB</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln AssetEdge VUL 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>DB</sup>-II | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln AssetEdge VUL 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>DB</sup>-IV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln AssetEdge VUL 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MoneyGuard VUL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>ONE</sup> 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MoneyGuard Market Advantage 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>ONE</sup> 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>ONE</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>ONE</sup> 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Momentum VUL<sup>ONE</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>ONE</sup> 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln VUL<sup>ONE</sup> 2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln MoneyGuard Market Advantage |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln Momentum VUL<sup>ONE</sup> 2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln LifeGoals<sup>SM</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln InReach VUL<sup>ONE</sup> 2014 |

---

The assets of the Variable Account are owned by the Company. The Variable Account's assets support the variable life policies and may not be used to satisfy liabilities arising from any other business of the Company.

***Basis of Presentation:*** The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for unit investment trusts.

***Accounting Estimates:*** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts as of the date of the financial statements. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts that require use of estimates is the fair value of certain assets.

***Investments***: The assets of the Variable Account are divided into variable subaccounts, each of which may be invested in shares of one of two hundred sixty-nine mutual funds (the Funds) of twenty-seven open-ended management investment companies, each Fund with its own investment objective. The Funds are:

---

| |
|:---|
| AIM Variable Insurance Funds (Invesco Variable Insurance Funds): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. American Franchise Fund - Series I Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Comstock Fund - Series II Shares\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Core Equity Fund - Series I Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Core Plus Bond Fund - Series I Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Diversified Dividend Fund - Series II Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Equity and Income Fund - Series II Shares\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. EQV International Equity Fund - Series I Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. EQV International Equity Fund - Series II Shares\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. International Growth Fund - Series II Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Main Street Small Cap Fund®- Series II Shares |
| AllianceBernstein Variable Products Series Fund: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB VPS Discovery Value Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB VPS International Value Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB VPS Large Cap Growth Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB VPS Relative Value Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB VPS Sustainable Global Thematic Portfolio - Class A |
| American Funds Insurance Series®: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS American Funds Mortgage Fund - Class 4\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Asset Allocation Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Capital Income Builder - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Capital World Growth and Income Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Global Growth Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Global Growth Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Global Small Capitalization Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Global Small Capitalization Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Growth Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Growth Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Growth-Income Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Growth-Income Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS International Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS International Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS New World Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Funds® IS Washington Mutual Investors Fund - Class 4 |
| Columbia Funds Variable Insurance Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Strategic Income Fund - Class 2 |
| Columbia Funds Variable Series Trust II: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Commodity Strategy Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia VP Emerging Markets Bond Fund - Class 2\*\* |
| Delaware VIP® Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Emerging Markets Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Emerging Markets Series - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Value Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Value Series - Standard Class |
| Deutsche DWS Investments VIT Funds: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Equity 500 Index VIP Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Small Cap Index VIP Portfolio - Class A |
| Deutsche DWS Variable Series II: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DWS Alternative Asset Allocation VIP Portfolio - Class A |
| Eaton Vance Variable Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance VT Floating-Rate Income Fund - Initial Class\*\* |
| Fidelity® Variable Insurance Products: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Asset Manager 50% Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Balanced Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Contrafund® Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Equity-Income Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Equity-Income Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Financials Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Opportunities Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Growth Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Health Care Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP High Income Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Investment Grade Bond Portfolio - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Mid Cap Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Overseas Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Strategic Income Portfolio - Service Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity® VIP Technology Portfolio - Initial Class |
| First Trust Variable Insurance Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Trust Capital Strength Hedged Equity Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Trust Capital Strength Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Trust Dorsey Wright Tactical Core Portfolio - Class I\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Trust International Developed Capital Strength Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Trust Multi Income Allocation Portfolio - Class I\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I |
| Franklin Templeton Variable Insurance Products Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Allocation VIP Fund - Class 4\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Income VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Income VIP Fund - Class 4\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Mutual Shares VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Rising Dividends VIP Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Small-Mid Cap Growth VIP Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Foreign VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Foreign VIP Fund - Class 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Foreign VIP Fund - Class 4\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Global Bond VIP Fund - Class 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Templeton Growth VIP Fund - Class 2 |
| Goldman Sachs Variable Insurance Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs VIT Government Money Market Fund - Service Shares |
| Hartford Series Fund, Inc.: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Capital Appreciation HLS Fund - Class IC\*\* |
| Ivy Variable Insurance Portfolios: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Asset Strategy Series - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Energy Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP High Income Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Mid Cap Growth Series - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Science and Technology Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura VIP Small Cap Growth Series - Service Class |
| Janus Aspen Series: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Balanced Portfolio - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Balanced Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Enterprise Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Global Research Portfolio - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Global Research Portfolio - Service Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Global Technology and Innovation Portfolio - Service Shares |
| Legg Mason Partners Variable Equity Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Growth Portfolio - Class II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Large Cap Growth Portfolio - Class II\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Mid Cap Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ClearBridge Variable Mid Cap Portfolio - Class II |
| Lincoln Variable Insurance Products Trust\*: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Hedged S&P 500 Conservative Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Hedged S&P 500 Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP AllianceBernstein Large Cap Growth Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP AllianceBernstein Large Cap Growth Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Balanced Allocation Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Balanced Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Balanced Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Balanced Fund - Standard Class II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund - Standard Class II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Large Company Value Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Ultra® Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Ultra® Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Growth Allocation Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Growth Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Income Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP American Preservation Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Baron Growth Opportunities Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Baron Growth Opportunities Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Equity Dividend Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Equity Dividend Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Global Allocation Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Global Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Inflation Protected Bond Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Inflation Protected Bond Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Real Estate Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock Real Estate Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Blended Mid Cap Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional International Core Equity Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional International Core Equity Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional International Equity Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional U.S. Core Equity 1 Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional U.S. Core Equity 2 Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Fidelity Institutional AM® Total Bond Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Core Bond Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Core Bond Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Global Conservative Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Global Growth Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Global Moderate Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Government Money Market Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Core Bond Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan High Yield Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan High Yield Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Retirement Income Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Short Duration Bond Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Short Duration Bond Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Loomis Sayles Global Growth Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Loomis Sayles Global Growth Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP MFS International Growth Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP MFS International Growth Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP MFS Value Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP MFS Value Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Mondrian Global Income Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Mondrian Global Income Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Mondrian International Value Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Mondrian International Value Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura Diversified Floating Rate Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura Diversified Floating Rate Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura High Yield Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura High Yield Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura Mid Cap Value Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura Mid Cap Value Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura SMID Cap Core Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura SMID Cap Core Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura Social Awareness Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura Social Awareness Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura U.S. Growth Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura U.S. Growth Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura U.S. REIT Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Nomura U.S. REIT Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP PIMCO Low Duration Bond Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP PIMCO Low Duration Bond Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Bond Index Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Bond Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Conservative Index Allocation Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Conservative Index Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Emerging Markets Equity Index Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Emerging Markets Equity Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA International Index Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA International Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA International Managed Volatility Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Mid-Cap Index Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Mid-Cap Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Moderate Index Allocation Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Moderate Index Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Nasdaq-100 Index Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA S&P 500 Index Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA S&P 500 Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Short-Term Bond Index Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Short-Term Bond Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Small-Cap Index Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP SSGA Small-Cap Index Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Structured Conservative Allocation Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Structured Conservative Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Structured Moderate Allocation Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Structured Moderate Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Structured Moderately Aggressive Allocation Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Structured Moderately Aggressive Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price 2020 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price 2030 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price 2040 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price 2050 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price 2060 Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Vanguard Bond Allocation Fund - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Vanguard Bond Allocation Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Vanguard Domestic Equity ETF Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Vanguard Domestic Equity ETF Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Vanguard International Equity ETF Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Vanguard International Equity ETF Fund - Standard Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Wellington SMID Cap Value Fund - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVIP Wellington SMID Cap Value Fund - Standard Class |
| M Fund, Inc.: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M Capital Appreciation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M International Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M Large Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M Large Cap Value Fund |
| MFS® Variable Insurance Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Growth Series - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Growth Series - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT New Discovery Series - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Total Return Series - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Total Return Series - Service Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Utilities Series - Initial Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT Utilities Series - Service Class |
| MFS® Variable Insurance Trust II: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MFS® VIT II Core Equity Portfolio - Initial Class |
| Neuberger Berman Advisers Management Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman AMT Mid Cap Growth Portfolio - I Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman AMT Quality Equity Portfolio - I Class |
| Northern Lights Variable Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Aggressive Growth ETF Portfolio - Class 2 Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Balanced ETF Portfolio - Class 2 Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Balanced ETF Portfolio - Service Class Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Conservative ETF Portfolio - Class 2 Shares\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Growth ETF Portfolio - Class 2 Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Moderate Growth ETF Portfolio - Class 2 Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOPS® Moderate Growth ETF Portfolio - Service Class Shares |
| PIMCO Variable Insurance Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO VIT All Asset Portfolio - Advisor Class\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO VIT Dynamic Bond Portfolio - Advisor Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class |
| Putnam Variable Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT George Putnam Balanced Fund - Class IA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT George Putnam Balanced Fund - Class IB\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Global Health Care Fund - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Income Fund - Class IB\*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam VT Large Cap Value Fund - Class IB |
| VanEck VIP Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VanEck VIP Global Resources Fund - Class S Shares\*\* |
| Virtus Variable Insurance Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet Multi-Sector Intermediate Bond Series - Class A Shares\*\* |

---

\* Denotes an affiliate of the Company<br>\*\* Available fund with no money invested at December 31, 2025

Each subaccount invests in shares of a single underlying Fund. The investment performance of the subaccount will reflect the investment performance of the underlying Fund less separate account expenses. There is no assurance that the investment objective of any underlying Fund will be met. A Fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holders' investments in the Fund and the amounts reported in the financial statements. The contract holder assumes all of the investment performance risk for the subaccounts selected.

Investments in the Funds are stated at fair value as determined by the closing net asset value per share on December 31, 2025. Net asset value is quoted by the Funds as derived by the fair value of the Funds' underlying investments. The difference between cost and net asset value is reflected as unrealized appreciation or depreciation of investments. There are no redemption restrictions on investments in the Funds.

Investments for which the fair value is measured at NAV using the practical expedient (investments in investees measured at NAV) are excluded from the fair value hierarchy. Accordingly, the Variable Account's investments in the Funds have not been classified in the fair value hierarchy.

Investment transactions are accounted for on a trade-date basis. The cost of investments sold is determined by the average cost method.

ASC 946-10-15, "Financial Services - Investment Companies (Topic 946) - Scope and Scope Exceptions" provides accounting guidance for assessing whether an entity is an investment company. This guidance evaluates the entity's purpose and design to determine whether the entity is an investment company. The standard also adds additional disclosure requirements regarding contractually required commitments to investees. Management has evaluated the criteria in the standard and concluded that the Variable Account qualifies as an investment company and therefore applies the accounting requirements of ASC 946.

***Dividends:*** Dividends paid to the Variable Account are automatically reinvested in shares of the Funds on the payable date. Dividend income is recorded on the ex-dividend date.

***Federal Income Taxes:*** Operations of the Variable Account form a part of and are taxed with operations of the Company, which is taxed as a "life insurance company" under the Internal Revenue Code. The Variable Account will not be taxed as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended. Under current federal income tax law, no federal income taxes are payable or receivable with respect to the Variable Account's Net Investment Income (Loss) and the Net Realized Gain (Loss) on Investments.

***Segment Reporting:*** In this reporting period, we adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect our financial position or the results of its operations.

Each subaccount of the Variable Account constitutes a single operating segment and therefore, a single reportable segment because the CODM manages the activities of the Variable Account using information of each fund. The Variable Account is engaged in a single line of business as a

registered unit investment trust. The Variable Account is a funding vehicle for individual variable life contracts with assets owned by the Company to support the liabilities of the applicable insurance contracts. The subaccounts have identified the Board of Directors of the Lincoln Financial Investments Corporation as the chief operating decision maker ("CODM") as the Variable Account does not have employees and is not a separate legal entity. Lincoln Financial Investments Corporation is a wholly owned subsidiary of the Company.

The CODM uses Net Increase (Decrease) in Net Assets Resulting from Operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the subaccounts within the Variable Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the Accounting Policies and Variable Account Information (see note 1). The measure of segment assets is reported on the Statements of assets and liabilities as Total Assets and significant segment expenses are listed on the Statements of operations. Refer to the Statements of operations and Statements of changes in net assets for each subaccount's operating segment results as of December 31, 2025 and 2024

***Investment Fund Changes***: During 2024, the following funds became available as investment options for account contract owners. Accordingly, for the subaccounts that commenced operations during 2024, the 2024 Statements of changes in net assets and total return and investment income ratios in note 3 are for the period from the commencement of operations to December 31, 2024:

First Trust Capital Strength Hedged Equity Portfolio - Class I Lincoln Hedged S&P 500 Fund - Service Class <br> Lincoln Hedged S&P 500 Conservative Fund - Service Class

Also during 2024, the Lincoln Variable Insurance Products Trust assumed the assets and liabilities of the American Century Variable Portfolios, Inc. The following funds were affected:

---

| | |
|:---|:---|
| ***Predecessor Fund*** | ***Fund*** |
| American Century VP Balanced Fund - Class II | LVIP American Century Balanced Fund - Service Class |
| American Century VP Balanced Fund - Class I | LVIP American Century Balanced Fund - Standard Class II |
| American Century VP Inflation Protection Fund - Class I | LVIP American Century Inflation Protection Fund - Standard Class II |
| American Century VP Large Company Value Fund - Class II | LVIP American Century Large Company Value Fund - Service Class |

---

Also during 2024, the following funds changed their names:

---

| | |
|:---|:---|
| ***Previous Fund Name*** | ***New Fund Name*** |
| ClearBridge Variable Aggressive Growth Portfolio - Class II | ClearBridge Variable Growth Portfolio - Class II |
| Lincoln S&P 500 Ultra Buffer Fund May - Service Class | Lincoln Hedged S&P 500 Conservative Fund - Service Class |
| Lincoln S&P 500 Buffer Fund May - Service Class | Lincoln Hedged S&P 500 Fund - Service Class |
| LVIP T. Rowe Price Growth Stock Fund - Service Class | LVIP AllianceBernstein Large Cap Growth Fund - Service Class |
| LVIP T. Rowe Price Growth Stock Fund - Standard Class | LVIP AllianceBernstein Large Cap Growth Fund - Standard Class |
| LVIP Delaware Bond Fund - Service Class | LVIP Macquarie Bond Fund - Service Class |
| LVIP Delaware Bond Fund - Standard Class | LVIP Macquarie Bond Fund - Standard Class |
| LVIP Delaware Diversified Floating Rate Fund - Service Class | LVIP Macquarie Diversified Floating Rate Fund - Service Class |
| LVIP Delaware Diversified Floating Rate Fund - Standard Class | LVIP Macquarie Diversified Floating Rate Fund - Standard Class |
| LVIP Delaware Diversified Income Fund - Service Class | LVIP Macquarie Diversified Income Fund - Service Class |
| LVIP Delaware Diversified Income Fund - Standard Class | LVIP Macquarie Diversified Income Fund - Standard Class |
| LVIP Delaware High Yield Fund - Service Class | LVIP Macquarie High Yield Fund - Service Class |
| LVIP Delaware High Yield Fund - Standard Class | LVIP Macquarie High Yield Fund - Standard Class |
| LVIP Delaware Limited-Term Diversified Income Fund - Service Class | LVIP Macquarie Limited-Term Diversified Income Fund - Service Class |
| LVIP Delaware Limited-Term Diversified Income Fund - Standard Class | LVIP Macquarie Limited-Term Diversified Income Fund - Standard Class |
| LVIP Delaware Mid Cap Value Fund - Service Class | LVIP Macquarie Mid Cap Value Fund - Service Class |
| LVIP Delaware Mid Cap Value Fund - Standard Class | LVIP Macquarie Mid Cap Value Fund - Standard Class |
| LVIP Delaware SMID Cap Core Fund - Service Class | LVIP Macquarie SMID Cap Core Fund - Service Class |
| LVIP Delaware SMID Cap Core Fund - Standard Class | LVIP Macquarie SMID Cap Core Fund - Standard Class |
| LVIP Delaware Social Awareness Fund - Service Class | LVIP Macquarie Social Awareness Fund - Service Class |
| LVIP Delaware Social Awareness Fund - Standard Class | LVIP Macquarie Social Awareness Fund - Standard Class |
| LVIP Delaware U.S. Growth Fund - Service Class | LVIP Macquarie U.S. Growth Fund - Service Class |
| LVIP Delaware U.S. Growth Fund - Standard Class | LVIP Macquarie U.S. Growth Fund - Standard Class |
| LVIP Delaware U.S. REIT Fund - Service Class | LVIP Macquarie U.S. REIT Fund - Service Class |
| LVIP Delaware U.S. REIT Fund - Standard Class | LVIP Macquarie U.S. REIT Fund - Standard Class |
| LVIP Delaware Value Fund - Service Class | LVIP Macquarie Value Fund - Service Class |
| LVIP Delaware Value Fund - Standard Class | LVIP Macquarie Value Fund - Standard Class |
| LVIP Delaware Wealth Builder Fund - Standard Class | LVIP Macquarie Wealth Builder Fund - Standard Class |
| Delaware Ivy VIP Asset Strategy Portfolio - Class II | Macquarie VIP Asset Strategy Series - Service Class |
| Delaware VIP® Emerging Markets Series - Service Class | Macquarie VIP Emerging Markets Series - Service Class |
| Delaware VIP® Emerging Markets Series - Standard Class | Macquarie VIP Emerging Markets Series - Standard Class |
| Delaware Ivy VIP Energy Portfolio - Class II | Macquarie VIP Energy Series - Service Class |
| Delaware Ivy VIP High Income Portfolio - Class II | Macquarie VIP High Income Series - Service Class |
| Delaware Ivy VIP Mid Cap Growth Portfolio - Class II | Macquarie VIP Mid Cap Growth Series - Service Class |
| Delaware Ivy VIP Science and Technology Portfolio - Class II | Macquarie VIP Science and Technology Series - Service Class |
| Delaware Ivy VIP Small Cap Growth Portfolio - Class II | Macquarie VIP Small Cap Growth Series - Service Class |
| Delaware VIP® Small Cap Value Series - Service Class | Macquarie VIP Small Cap Value Series - Service Class |
| Delaware VIP® Small Cap Value Series - Standard Class | Macquarie VIP Small Cap Value Series - Standard Class |

---

Also during 2024, the following fund mergers occurred:

---

| | |
|:---|:---|
| ***Fund Acquired*** | ***Acquiring Fund*** |
| LVIP Wellington Capital Growth Fund - Service Class | LVIP American Century Ultra Fund - Service Class |
| LVIP Wellington Capital Growth Fund - Standard Class | LVIP American Century Ultra Fund - Standard Class |

---

Also during 2024, the following fund ceased to be available as an investment option to Variable Account contract owners:

Morgan Stanley VIF Global Infrastructure Portfolio - Class II

During 2025, the following funds became available as investment options for account contract owners. Accordingly, for the subaccounts that commenced operations during 2025, the 2025 Statements of operations and Statements of changes in net assets and total return and investment income ratios in note 3 are for the period from the commencement of operations to December 31, 2025:

---

| | |
|:---|:---|
| American Funds® IS Capital World Growth and Income Fund - Class 2 | TOPS® Aggressive Growth ETF Portfolio - Class 2 Shares |
| Fidelity® VIP Financials Portfolio - Initial Class | TOPS® Conservative ETF Portfolio - Class 2 Shares |
| Fidelity® VIP Health Care Portfolio - Initial Class | TOPS® Growth ETF Portfolio - Class 2 Shares |
| Fidelity® VIP Technology Portfolio - Initial Class |  |

---

Also during 2025, Nomura Asset Management acquired Macquarie Management Holdings, Inc. The following funds were affected:

---

| | |
|:---|:---|
| ***Predecessor Fund*** | ***Fund*** |
| Macquarie VIP Emerging Markets Series - Service Class | Nomura VIP Emerging Markets Series - Service Class |
| Macquarie VIP Emerging Markets Series - Standard Class | Nomura VIP Emerging Markets Series - Standard Class |
| Macquarie VIP Small Cap Value Series - Service Class | Nomura VIP Small Cap Value Series - Service Class |
| Macquarie VIP Small Cap Value Series - Standard Class | Nomura VIP Small Cap Value Series - Standard Class |
| Macquarie VIP Asset Strategy Series - Service Class | Nomura VIP Asset Strategy Series - Service Class |
| Macquarie VIP Energy Series - Service Class | Nomura VIP Energy Series - Service Class |
| Macquarie VIP High Income Series - Service Class | Nomura VIP High Income Series - Service Class |
| Macquarie VIP Mid Cap Growth Series - Service Class | Nomura VIP Mid Cap Growth Series - Service Class |
| Macquarie VIP Science and Technology Series - Service Class | Nomura VIP Science and Technology Series - Service Class |
| Macquarie VIP Small Cap Growth Series - Service Class | Nomura VIP Small Cap Growth Series - Service Class |

---

Also during 2025, the following funds changed their names:

---

| | |
|:---|:---|
| ***Previous Fund Name*** | ***New Fund Name*** |
| Fidelity® VIP Asset Manager Portfolio - Initial Class | Fidelity® VIP Asset Manager 50% Portfolio - Initial Class |
| Invesco Oppenheimer V.I. International Growth Fund - Series II Shares | Invesco V.I. International Growth Fund - Series II Shares |
| LVIP Macquarie Value Fund - Service Class | LVIP BlackRock Equity Dividend Fund - Service Class |
| LVIP Macquarie Value Fund - Standard Class | LVIP BlackRock Equity Dividend Fund - Standard Class |
| LVIP Macquarie Diversified Income Fund - Service Class | LVIP Fidelity Institutional AM® Total Bond Fund - Service Class |
| LVIP Macquarie Diversified Income Fund - Standard Class | LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class |
| LVIP Macquarie Bond Fund - Service Class | LVIP Franklin Templeton Core Bond Fund - Service Class |
| LVIP Macquarie Bond Fund - Standard Class | LVIP Franklin Templeton Core Bond Fund - Standard Class |
| LVIP Macquarie Limited-Term Diversified Income Fund - Service Class | LVIP JPMorgan Short Duration Bond Fund - Service Class |
| LVIP Macquarie Limited-Term Diversified Income Fund - Standard Class | LVIP JPMorgan Short Duration Bond Fund - Standard Class |
| LVIP Macquarie Diversified Floating Rate Fund - Service Class | LVIP Nomura Diversified Floating Rate Fund - Service Class |
| LVIP Macquarie Diversified Floating Rate Fund - Standard Class | LVIP Nomura Diversified Floating Rate Fund - Standard Class |
| LVIP Macquarie High Yield Fund - Service Class | LVIP Nomura High Yield Fund - Service Class |
| LVIP Macquarie High Yield Fund - Standard Class | LVIP Nomura High Yield Fund - Standard Class |
| LVIP Macquarie Mid Cap Value Fund - Service Class | LVIP Nomura Mid Cap Value Fund - Service Class |
| LVIP Macquarie Mid Cap Value Fund - Standard Class | LVIP Nomura Mid Cap Value Fund - Standard Class |
| LVIP Macquarie SMID Cap Core Fund - Service Class | LVIP Nomura SMID Cap Core Fund - Service Class |
| LVIP Macquarie SMID Cap Core Fund - Standard Class | LVIP Nomura SMID Cap Core Fund - Standard Class |
| LVIP Macquarie Social Awareness Fund - Service Class | LVIP Nomura Social Awareness Fund - Service Class |
| LVIP Macquarie Social Awareness Fund - Standard Class | LVIP Nomura Social Awareness Fund - Standard Class |
| LVIP Macquarie U.S. Growth Fund - Service Class | LVIP Nomura U.S. Growth Fund - Service Class |
| LVIP Macquarie U.S. Growth Fund - Standard Class | LVIP Nomura U.S. Growth Fund - Standard Class |
| LVIP Macquarie U.S. REIT Fund - Service Class | LVIP Nomura U.S. REIT Fund - Service Class |
| LVIP Macquarie U.S. REIT Fund - Standard Class | LVIP Nomura U.S. REIT Fund - Standard Class |
| Neuberger Berman AMT Sustainable Equity Portfolio - I Class | Neuberger Berman AMT Quality Equity Portfolio - I Class |

---

Also during 2025, the following fund mergers occurred:

---

| | |
|:---|:---|
| ***Fund Acquired*** | ***Acquiring Fund*** |
| LVIP Macquarie Wealth Builder Fund - Standard Class | LVIP Structured Moderate Allocation Fund - Standard Class |
| LVIP Western Asset Core Bond Fund - Service Class | LVIP Franklin Templeton Core Bond Fund - Service Class |

---

Also during 2025, the following funds ceased to be available as investment options to Variable Account contract owners:

Goldman Sachs VIT Multi-Strategy Alternatives Portfolio - Advisor Shares LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**2. Mortality and Expense Guarantees and Other Transactions with Affiliates**

Amounts are paid to the Company for mortality and expense guarantees at a percentage of the current value of the Variable Account each day. The mortality and expense risk charges for each of the variable subaccounts are reported in the Statements of operations. For the Lincoln MoneyGuard Market Advantage, Lincoln VUL<sup>ONE</sup> 2021, Lincoln AssetEdge VUL 2022, Lincoln MoneyGuard Market Advantage 2024, Lincoln LifeGoals<sup>SM</sup> and Lincoln AssetEdge VUL 2025 products, the mortality and expense guarantees are deducted as a monthly contract charge rather than a daily reduction of current value of the Variable Account.The rates are as follows for the twenty-nine policy types within the Variable Account:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| - VUL-I - annual rate of .80% for policy years one through twelve and .55% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>CV</sup> - annual rate of .75% for policy years one through ten, .35% for policy years eleven through twenty and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>CV</sup>-II - annual rate of .75% for policy years one through ten, .35% for policy years eleven through twenty and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>CV</sup>-III - annual rate of .75% for policy years one through ten, .35% for policy years eleven through twenty and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>CV</sup>-IV - annual rate of .60% for policy years one through ten and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>DB</sup> - annual rate of .90% for policy years one through nineteen and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>DB</sup>-II - annual rate of .90% for policy years one through nineteen and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>DB</sup>-IV - annual rate of .90% for policy years one through nineteen and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- MoneyGuard VUL - annual rate of 1.00%. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln MoneyGuard Market Advantage 2024 - annual rate of .36%. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>ONE</sup> - annual rate of .50% for policy years one through ten and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln Momentum VUL<sup>ONE</sup> - annual rate of .50% for policy years one through ten and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>ONE</sup> 2005 - annual rate of .50% for policy years one through ten and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln Momentum VUL<sup>ONE</sup> 2005 - annual rate of .50% for policy years one through ten and .20% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>ONE</sup> 2007 - annual rate of .60% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln Momentum VUL<sup>ONE</sup> 2007 - annual rate of .60% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln AssetEdge VUL - annual rate of .10% for policy years one through twenty and .00% thereafter for policies issued before 10/19/09. For policies issued on or after 10/19/09 an annual rate of .15% is charged for policy years one through fifteen and .00% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln AssetEdge VUL 2015 - annual rate of .15% is charged for policy years one through fifteen and .00% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln AssetEdge VUL 2019 - annual rate of .00% for all policy years. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln AssetEdge VUL 2020 - annual rate of .00% for all policy years. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln AssetEdge VUL 2022 - annual rate of .00% for all policy years. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln AssetEdge VUL 2025 - annual rate of .00% for all policy years. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>ONE</sup> 2012 - annual rate of .60% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>ONE</sup> 2014 - annual rate of .90% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>ONE</sup> 2019 - annual rate of .90% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln VUL<sup>ONE</sup> 2021 - annual rate of .90% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln MoneyGuard Market Advantage - annual rate of .24% for policy year one and thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln LifeGoals<sup>SM</sup> - annual rate of .60% for policy years one through twenty and .00% thereafter. |
| &nbsp;&nbsp;&nbsp;&nbsp;- Lincoln InReach VUL<sup>ONE</sup> 2014 - annual rate of .90% for policy years one through ten, .20% for policy years eleven through twenty and .00% thereafter. |

---

The Lincoln MoneyGuard Market Advantage, Lincoln VUL<sup>ONE</sup> 2021, Lincoln AssetEdge VUL 2022, Lincoln MoneyGuard Market Advantage 2024, Lincoln LifeGoals<sup>SM</sup> and Lincoln AssetEdge VUL 2025 products assess a mortality and expense guarantees charge. The mortality and expense guarantees deducted as a monthly charge for the years ended December 31, 2025 and 2024, amounted to $10,892,564 and $404,555, respectively.

The Company deducts a premium load, based on product, to cover state taxes and federal income tax liabilities and a portion of the sales expenses incurred by the Company. Refer to the product prospectuses for the applicable rate. The premium loads for the years ended December 31, 2025 and 2024, amounted to $66,742,482 and $74,430,420, respectively.

The Company charges a monthly administrative fee for items such as premium billings and collection, policy value calculation, confirmations and periodic reports. Refer to the product prospectus for the applicable administrative fee rates. Administrative fees for the years ended December 31, 2025 and 2024, totaled $215,933,367 and $205,287,322, respectively.

The Company assumes responsibility for providing the insurance benefit included in the policy. On a monthly basis, a cost of insurance charge is deducted proportionately from the value of each variable subaccount and/or fixed account funding option. The fixed account is part of the general

account of the Company and is not included in these financial statements. The cost of insurance charge depends on the attained age, risk classification, gender classification (in accordance with state law) and the current net amount at risk. The cost of insurance charges for the years ended December 31, 2025 and 2024, amounted to $228,332,613 and $235,738,400, respectively.

Under certain circumstances, the Company reserves the right to charge a transfer fee, refer to the product prospectus for applicable rates. For the years ended December 31, 2025 and 2024, no transfer fees were deducted from the variable subaccounts.

The Company, upon full surrender of a policy, may charge a surrender charge. This charge is in part a deferred sales charge and in part a recovery of certain first year administrative costs. The amount of the surrender charge, if any, will depend on the amount of the death benefit, the amount of premium payments made during the first two policy years and the age of the policy. In no event will the surrender charge exceed the maximum allowed by state or federal law. No surrender charge is imposed on partial surrenders for Lincoln VUL<sup>ONE</sup> 2007, Lincoln Momentum VUL<sup>ONE</sup> 2007, Lincoln VUL<sup>ONE</sup> 2012, Lincoln VUL<sup>ONE</sup> 2014, Lincoln AssetEdge VUL, Lincoln AssetEdge VUL 2015, Lincoln AssetEdge VUL 2019, Lincoln AssetEdge VUL 2020, Lincoln AssetEdge VUL 2022 and Lincoln LifeGoals<sup>SM</sup>. For all other products, an administrative fee of $25 (not to exceed 2% of the amount withdrawn) is imposed, allocated pro-rata among the variable subaccounts (and, where applicable, the fixed account) from which the partial surrender proceeds are taken. For the years ending December 31, 2025 and 2024, full surrender charges and partial surrender administrative charges totaled $14,487,232 and $8,226,437, respectively.

Premium load, cost of insurance, administrative, surrender and transfer fees are included within Net unit transactions on the Statements of changes in net assets.

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**3. Financial Highlights**

A summary of the fee rates, unit values, units outstanding, net assets and total return and investment income ratios for variable life contracts as of and for each year or period in the five years ended December 31, 2025, follows:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Subaccount* | *Year* | *Commencement Date (1)* | *Minimum Fee Rate (2)* | *Maximum Fee Rate (2)* | *Minimum Unit Value ($) (3)* | *Maximum Unit Value ($) (3)* | *Units Outstanding* | *Net Assets ($)* | *Minimum Total Return (4)* | *Maximum Total Return (4)* | *Investment Income Ratio (5)* |
| AB VPS Discovery Value Portfolio - Class A | 2025 |  | 0.00% | 0.90% | 15.43 | 49.38 | 4761063 | 87785637 | 1.96% | 2.89% | 0.87% |
|  | 2024 |  | 0.00% | 0.90% | 15.02 | 48.07 | 4269770 | 79298007 | 9.03% | 10.02% | 0.88% |
|  | 2023 |  | 0.00% | 0.90% | 13.68 | 53.70 | 3988370 | 73977657 | 16.13% | 17.18% | 1.09% |
|  | 2022 |  | 0.00% | 0.90% | 11.70 | 46.24 | 3430901 | 61074060 | -16.39% | -15.63% | 1.10% |
|  | 2021 |  | 0.00% | 1.00% | 13.90 | 70.20 | 3339861 | 74297048 | 34.60% | 35.95% | 0.75% |
| AB VPS International Value Portfolio - Class A | 2025 |  | 0.00% | 0.90% | 13.60 | 22.82 | 613718 | 11270895 | 40.43% | 41.70% | 2.45% |
|  | 2024 |  | 0.10% | 0.90% | 9.61 | 16.13 | 718511 | 9496575 | 4.12% | 4.96% | 2.71% |
|  | 2023 |  | 0.10% | 0.90% | 9.16 | 15.62 | 759061 | 9540573 | 14.12% | 15.03% | 0.80% |
|  | 2022 |  | 0.10% | 0.90% | 7.96 | 13.62 | 840174 | 9187196 | -14.39% | -13.70% | 4.65% |
|  | 2021 |  | 0.10% | 0.90% | 9.22 | 15.82 | 855214 | 10899421 | 10.09% | 10.97% | 2.02% |
| AB VPS Large Cap Growth Portfolio - Class A | 2025 |  | 0.20% | 0.20% | 30.42 | 59.10 | 155669 | 5323236 | 12.91% | 12.91% | 0.00% |
|  | 2024 |  | 0.20% | 0.20% | 26.94 | 52.34 | 167917 | 5065573 | 25.01% | 25.01% | 0.05% |
|  | 2023 |  | 0.20% | 0.35% | 21.55 | 54.61 | 164960 | 4453561 | 34.65% | 34.86% | 0.00% |
|  | 2022 |  | 0.20% | 0.90% | 15.98 | 51.05 | 158402 | 3483132 | -29.15% | -28.65% | 0.00% |
|  | 2021 |  | 0.20% | 0.90% | 22.40 | 72.06 | 151497 | 5436112 | 27.82% | 28.72% | 0.00% |
| AB VPS Relative Value Portfolio - Class A | 2025 |  | 0.00% | 0.90% | 19.71 | 60.49 | 789141 | 18624977 | 9.48% | 10.47% | 1.10% |
|  | 2024 |  | 0.10% | 0.90% | 17.87 | 54.84 | 784637 | 17884300 | 12.01% | 12.91% | 1.46% |
|  | 2023 |  | 0.10% | 0.90% | 15.85 | 48.59 | 842162 | 18153773 | 11.02% | 11.91% | 1.52% |
|  | 2022 |  | 0.10% | 0.90% | 14.17 | 43.44 | 848795 | 17496086 | -5.05% | -4.29% | 1.37% |
|  | 2021 |  | 0.10% | 0.90% | 14.82 | 56.29 | 867461 | 20677884 | 27.01% | 28.03% | 0.83% |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 2025 |  | 0.00% | 0.90% | 17.70 | 39.37 | 1208821 | 25736196 | 5.37% | 6.32% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 16.80 | 37.09 | 1155906 | 23672242 | 5.26% | 6.21% | 0.00% |
|  | 2023 |  | 0.00% | 0.90% | 15.96 | 34.97 | 1047181 | 21223404 | 14.97% | 16.01% | 0.29% |
|  | 2022 |  | 0.00% | 0.90% | 13.88 | 30.19 | 966016 | 17890738 | -27.64% | -26.98% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 19.19 | 41.41 | 813824 | 22004240 | 21.77% | 22.87% | 0.00% |
| American Funds® IS Asset Allocation Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 13.99 | 13.99 | 1748 | 24450 | 15.59% | 15.59% | 2.25% |
|  | 2024 | 2/26/2024 | 0.00% | 0.00% | 12.10 | 12.10 | 890 | 10773 | 12.12% | 12.12% | 2.97% |
| American Funds® IS Capital Income Builder - Class 4 | 2025 |  | 0.00% | 0.00% | 13.65 | 13.65 | 781 | 10660 | 20.16% | 20.16% | 2.97% |
|  | 2024 |  | 0.00% | 0.00% | 11.36 | 11.36 | 491 | 5584 | 9.93% | 9.93% | 3.65% |
|  | 2023 | 7/20/2023 | 0.00% | 0.00% | 10.34 | 10.34 | 212 | 2191 | 3.23% | 3.23% | 2.46% |
| American Funds® IS Capital World Growth and Income Fund - Class 2 | 2025 | 6/10/2025 | 0.00% | 0.00% | 11.90 | 11.90 | 17368 | 206622 | 5.06% | 14.58% | 2.78% |
| American Funds® IS Global Growth Fund - Class 2 | 2025 |  | 0.00% | 0.90% | 21.50 | 68.67 | 11519491 | 312687661 | 20.54% | 21.63% | 1.41% |
|  | 2024 |  | 0.00% | 0.90% | 17.84 | 56.97 | 11400504 | 264183137 | 12.66% | 13.68% | 1.58% |
|  | 2023 |  | 0.00% | 0.90% | 15.83 | 50.57 | 10761998 | 231836172 | 21.51% | 22.60% | 0.92% |
|  | 2022 |  | 0.00% | 0.90% | 13.03 | 44.61 | 10435435 | 192666332 | -25.41% | -24.74% | 0.70% |
|  | 2021 |  | 0.00% | 0.90% | 17.47 | 64.48 | 9028193 | 231044502 | 15.38% | 16.42% | 0.34% |
| American Funds® IS Global Growth Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 14.63 | 14.63 | 732 | 10705 | 21.34% | 21.34% | 1.38% |
|  | 2024 |  | 0.00% | 0.00% | 12.06 | 12.06 | 383 | 4618 | 13.39% | 13.39% | 1.65% |
|  | 2023 |  | 0.00% | 0.00% | 10.63 | 10.63 | 132 | 1406 | 22.29% | 22.29% | 1.19% |
|  | 2022 | 8/30/2022 | 0.00% | 0.00% | 8.69 | 8.69 | 10 | 84 | 1.27% | 1.27% | 0.00% |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 2025 |  | 0.00% | 0.90% | 14.43 | 40.25 | 9324337 | 160357610 | 13.61% | 14.64% | 0.36% |
|  | 2024 |  | 0.00% | 0.90% | 12.70 | 35.43 | 9127372 | 142009771 | 1.41% | 2.33% | 1.06% |
|  | 2023 |  | 0.00% | 0.90% | 12.51 | 45.55 | 8514447 | 135880484 | 15.13% | 16.17% | 0.27% |
|  | 2022 |  | 0.00% | 0.90% | 10.79 | 39.56 | 7743443 | 113573971 | -30.19% | -29.55% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 15.35 | 56.67 | 6449934 | 139389847 | 5.78% | 6.74% | 0.00% |
| American Funds® IS Global Small Capitalization Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 10.91 | 10.91 | 99 | 1079 | 14.33% | 14.33% | 0.23% |
|  | 2024 |  | 0.00% | 0.00% | 9.54 | 9.54 | 53 | 504 | 2.12% | 2.12% | 1.00% |
|  | 2023 | 9/19/2023 | 0.00% | 0.00% | 9.35 | 9.35 | 5 | 51 | 9.96% | 9.96% | 0.00% |
| American Funds® IS Growth Fund - Class 2 | 2025 |  | 0.00% | 0.90% | 31.49 | 124.62 | 25150918 | 1046369488 | 19.12% | 20.23% | 0.15% |
|  | 2024 |  | 0.00% | 0.90% | 26.43 | 104.62 | 24840461 | 900451713 | 30.44% | 31.63% | 0.34% |
|  | 2023 |  | 0.00% | 0.90% | 20.26 | 80.20 | 24324935 | 728627819 | 37.24% | 38.48% | 0.36% |
|  | 2022 |  | 0.00% | 0.90% | 14.76 | 58.44 | 23929414 | 550770583 | -30.57% | -29.94% | 0.33% |
|  | 2021 |  | 0.00% | 0.90% | 21.26 | 98.54 | 20487273 | 724039248 | 20.90% | 21.99% | 0.22% |
| American Funds® IS Growth Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 17.37 | 17.37 | 14467 | 251355 | 19.93% | 19.93% | 0.12% |
|  | 2024 |  | 0.00% | 0.00% | 14.49 | 14.49 | 11318 | 163967 | 31.30% | 31.30% | 0.16% |
|  | 2023 |  | 0.00% | 0.00% | 11.03 | 11.03 | 4781 | 52759 | 38.13% | 38.13% | 0.14% |
|  | 2022 | 8/30/2022 | 0.00% | 0.00% | 7.99 | 7.99 | 250 | 1999 | -6.54% | -6.54% | 0.20% |
| American Funds® IS Growth-Income Fund - Class 2 | 2025 |  | 0.00% | 0.90% | 23.27 | 75.92 | 27672469 | 846848637 | 17.01% | 18.06% | 0.93% |
|  | 2024 |  | 0.00% | 0.90% | 19.89 | 64.40 | 27436546 | 740217000 | 23.11% | 24.23% | 1.11% |
|  | 2023 |  | 0.00% | 0.90% | 16.16 | 51.92 | 27497908 | 631877088 | 25.01% | 26.14% | 1.39% |
|  | 2022 |  | 0.00% | 0.90% | 12.92 | 41.22 | 26267824 | 514194348 | -17.24% | -16.49% | 1.31% |
|  | 2021 |  | 0.00% | 1.00% | 15.62 | 60.67 | 24481049 | 613051303 | 22.86% | 24.10% | 1.13% |
| American Funds® IS Growth-Income Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 16.57 | 16.57 | 1179 | 19539 | 17.77% | 17.77% | 0.64% |
|  | 2024 |  | 0.00% | 0.00% | 14.07 | 14.07 | 996 | 14014 | 23.92% | 23.92% | 1.23% |
|  | 2023 | 12/28/2023 | 0.00% | 0.00% | 11.36 | 11.36 | 393 | 4458 | -0.26% | -0.26% | 0.00% |
| American Funds® IS International Fund - Class 2 | 2025 |  | 0.00% | 0.90% | 13.63 | 37.67 | 20718602 | 330822518 | 25.63% | 26.76% | 1.34% |
|  | 2024 |  | 0.00% | 0.90% | 10.77 | 29.99 | 21594044 | 277602105 | 2.23% | 3.16% | 1.22% |
|  | 2023 |  | 0.00% | 0.90% | 10.46 | 29.33 | 20026160 | 261975335 | 14.81% | 15.84% | 1.35% |
|  | 2022 |  | 0.00% | 0.90% | 9.05 | 25.55 | 18613925 | 226623539 | -21.50% | -20.79% | 1.79% |
|  | 2021 |  | 0.00% | 1.00% | 11.45 | 35.29 | 16959323 | 269863930 | -2.48% | -1.50% | 2.53% |
| American Funds® IS International Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 13.04 | 13.04 | 3307 | 43112 | 26.41% | 26.41% | 1.35% |
|  | 2024 |  | 0.00% | 0.00% | 10.31 | 10.31 | 1630 | 16814 | 2.93% | 2.93% | 1.40% |
|  | 2023 |  | 0.00% | 0.00% | 10.02 | 10.02 | 685 | 6866 | 15.56% | 15.56% | 2.45% |
|  | 2022 | 11/21/2022 | 0.00% | 0.00% | 8.67 | 8.67 | 101 | 876 | 0.32% | 0.32% | 0.88% |
| American Funds® IS New World Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 13.68 | 13.68 | 5427 | 74226 | 27.93% | 27.93% | 1.01% |
|  | 2024 |  | 0.00% | 0.00% | 10.69 | 10.69 | 3878 | 41460 | 6.33% | 6.33% | 1.40% |
|  | 2023 |  | 0.00% | 0.00% | 10.06 | 10.06 | 1902 | 19129 | 15.67% | 15.67% | 2.01% |
|  | 2022 | 3/28/2022 | 0.00% | 0.00% | 8.69 | 8.69 | 284 | 2468 | -12.63% | -12.63% | 1.36% |
| American Funds® IS Washington Mutual Investors Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 15.68 | 15.68 | 5620 | 88135 | 16.90% | 16.90% | 1.41% |
|  | 2024 |  | 0.00% | 0.00% | 13.41 | 13.41 | 5727 | 76821 | 18.85% | 18.85% | 1.84% |
|  | 2023 |  | 0.00% | 0.00% | 11.29 | 11.29 | 2212 | 24971 | 16.97% | 16.97% | 3.78% |
|  | 2022 | 11/21/2022 | 0.00% | 0.00% | 9.65 | 9.65 | 183 | 1763 | -0.64% | -0.64% | 1.06% |
| BlackRock Global Allocation V.I. Fund - Class I | 2021 |  | 0.00% | 0.90% | 13.92 | 26.36 | 21142117 | 351164653 | 5.72% | 6.67% | 0.93% |
| ClearBridge Variable Growth Portfolio - Class II | 2025 |  | 0.00% | 0.00% | 12.80 | 12.80 | 62 | 788 | 13.10% | 13.10% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 11.31 | 11.31 | 19 | 218 | 12.42% | 12.42% | 0.17% |
|  | 2023 | 5/19/2023 | 0.00% | 0.00% | 10.06 | 10.06 | 54 | 548 | 16.73% | 16.73% | 0.00% |
| ClearBridge Variable Large Cap Growth Portfolio - Class II | 2024 |  | 0.00% | 0.00% | 14.44 | 14.44 | 587 | 8481 | 27.56% | 27.56% | 0.00% |
|  | 2023 | 7/24/2023 | 0.00% | 0.00% | 11.32 | 11.32 | 482 | 5458 | 7.58% | 7.58% | 0.00% |
| ClearBridge Variable Mid Cap Portfolio - Class I | 2025 |  | 0.00% | 0.90% | 15.50 | 22.24 | 3241056 | 58610294 | 3.41% | 4.35% | 0.30% |
|  | 2024 |  | 0.00% | 0.90% | 14.99 | 21.34 | 2896935 | 51588095 | 9.02% | 10.01% | 0.63% |
|  | 2023 |  | 0.00% | 0.90% | 13.75 | 19.42 | 2770716 | 45736580 | 11.91% | 12.92% | 0.14% |
|  | 2022 |  | 0.00% | 0.90% | 12.29 | 17.21 | 2420946 | 36152786 | -25.98% | -25.31% | 0.37% |
|  | 2021 |  | 0.00% | 0.90% | 16.60 | 23.07 | 2127597 | 43383714 | 27.55% | 28.71% | 0.03% |
| ClearBridge Variable Mid Cap Portfolio - Class II | 2025 |  | 0.00% | 0.00% | 10.74 | 10.74 | 8 | 90 | 4.08% | 4.08% | 0.00% |
|  | 2024 | 2/20/2024 | 0.00% | 0.00% | 10.32 | 10.32 | 9 | 91 | 9.34% | 9.34% | 0.45% |
| Columbia VP Commodity Strategy Fund - Class 2 | 2025 |  | 0.00% | 0.00% | 11.91 | 11.91 | 81 | 961 | 15.30% | 15.30% | 8.96% |
|  | 2024 | 7/22/2024 | 0.00% | 0.00% | 10.32 | 10.32 | 26 | 273 | 2.62% | 2.62% | 0.60% |
| Columbia VP Strategic Income Fund - Class 2 | 2025 |  | 0.00% | 0.00% | 11.17 | 11.17 | 131 | 1463 | 7.16% | 7.16% | 5.30% |
|  | 2024 | 4/8/2024 | 0.00% | 0.00% | 10.42 | 10.42 | 59 | 610 | 4.51% | 4.51% | 4.35% |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 2025 |  | 0.00% | 0.90% | 13.73 | 21.61 | 1793614 | 26336714 | 9.51% | 10.50% | 4.00% |
|  | 2024 |  | 0.00% | 0.90% | 12.53 | 19.58 | 1761669 | 23512796 | 4.69% | 5.64% | 3.65% |
|  | 2023 |  | 0.00% | 0.90% | 11.97 | 18.55 | 1729779 | 22034393 | 5.24% | 6.19% | 6.66% |
|  | 2022 |  | 0.00% | 0.90% | 11.38 | 17.49 | 1645266 | 20023284 | -8.25% | -7.42% | 7.43% |
|  | 2021 |  | 0.00% | 0.90% | 12.40 | 18.91 | 1659623 | 22011989 | 11.73% | 12.74% | 1.99% |
| DWS Equity 500 Index VIP Portfolio - Class A | 2025 |  | 0.20% | 0.90% | 16.19 | 89.87 | 2044780 | 64661899 | 16.58% | 17.40% | 1.07% |
|  | 2024 |  | 0.20% | 0.90% | 23.38 | 76.82 | 2227536 | 59989898 | 23.51% | 24.38% | 1.22% |
|  | 2023 |  | 0.20% | 0.90% | 18.80 | 61.98 | 2258314 | 51791028 | 24.87% | 25.75% | 1.38% |
|  | 2022 |  | 0.20% | 0.90% | 14.95 | 49.46 | 2360723 | 45610730 | -19.07% | -18.50% | 1.26% |
|  | 2021 |  | 0.20% | 0.90% | 18.34 | 66.98 | 2235092 | 60403430 | 27.25% | 28.14% | 1.45% |
| DWS Small Cap Index VIP Portfolio - Class A | 2025 |  | 0.20% | 0.90% | 12.79 | 43.95 | 677722 | 12414586 | 11.63% | 12.41% | 1.36% |
|  | 2024 |  | 0.20% | 0.90% | 14.78 | 39.37 | 685359 | 11439138 | 10.16% | 10.93% | 1.16% |
|  | 2023 |  | 0.20% | 0.90% | 13.32 | 44.00 | 658351 | 10667879 | 15.71% | 16.53% | 1.11% |
|  | 2022 |  | 0.20% | 0.90% | 11.43 | 38.02 | 623548 | 9688954 | -21.35% | -20.79% | 0.92% |
|  | 2021 |  | 0.20% | 0.90% | 14.44 | 55.31 | 581149 | 12669342 | 13.48% | 14.27% | 0.84% |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 2025 |  | 0.55% | 0.55% | 33.41 | 33.41 | 11302 | 377543 | 14.35% | 14.35% | 2.58% |
|  | 2024 |  | 0.55% | 0.55% | 29.21 | 29.21 | 11513 | 336332 | 7.90% | 7.90% | 2.45% |
|  | 2023 |  | 0.55% | 0.55% | 27.07 | 27.07 | 12196 | 330175 | 12.32% | 12.32% | 2.24% |
|  | 2022 |  | 0.55% | 0.55% | 24.10 | 24.10 | 14932 | 359906 | -15.40% | -15.40% | 1.72% |
|  | 2021 |  | 0.55% | 0.55% | 28.49 | 28.49 | 22728 | 647532 | 9.32% | 9.32% | 1.66% |
| Fidelity® VIP Balanced Portfolio - Service Class 2 | 2025 |  | 0.00% | 0.00% | 14.08 | 14.08 | 2467 | 34733 | 14.96% | 14.96% | 1.78% |
|  | 2024 |  | 0.00% | 0.00% | 12.25 | 12.25 | 1416 | 17343 | 15.63% | 15.63% | 1.92% |
|  | 2023 | 5/25/2023 | 0.00% | 0.00% | 10.59 | 10.59 | 416 | 4407 | 11.83% | 11.83% | 2.63% |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 2025 |  | 0.00% | 0.00% | 19.35 | 19.35 | 1212007 | 23452667 | 21.48% | 21.48% | 0.16% |
|  | 2024 |  | 0.00% | 0.00% | 15.93 | 15.93 | 937957 | 14940444 | 33.79% | 33.79% | 0.21% |
|  | 2023 |  | 0.00% | 0.00% | 11.91 | 11.91 | 697714 | 8306755 | 33.45% | 33.45% | 0.58% |
|  | 2022 |  | 0.00% | 0.00% | 8.92 | 8.92 | 498162 | 4444294 | -26.31% | -26.31% | 0.79% |
|  | 2021 | 3/22/2021 | 0.00% | 0.00% | 12.11 | 12.11 | 183964 | 2227264 | 25.87% | 25.87% | 0.00% |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 2025 |  | 0.00% | 0.90% | 28.84 | 90.03 | 13160308 | 478555448 | 20.29% | 21.38% | 0.05% |
|  | 2024 |  | 0.00% | 0.90% | 23.97 | 74.29 | 13033103 | 409235046 | 32.44% | 33.63% | 0.09% |
|  | 2023 |  | 0.00% | 0.90% | 18.10 | 66.55 | 13288469 | 334499401 | 32.15% | 33.34% | 0.39% |
|  | 2022 |  | 0.00% | 0.90% | 13.70 | 50.36 | 13289829 | 268212189 | -27.04% | -26.38% | 0.41% |
|  | 2021 |  | 0.00% | 0.90% | 18.77 | 72.27 | 12022628 | 350879930 | 26.56% | 27.71% | 0.05% |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 2025 |  | 0.00% | 0.00% | 18.04 | 18.04 | 3935 | 70978 | 21.19% | 21.19% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 14.88 | 14.88 | 2049 | 30492 | 33.45% | 33.45% | 0.02% |
|  | 2023 |  | 0.00% | 0.00% | 11.15 | 11.15 | 420 | 4686 | 33.12% | 33.12% | 0.89% |
|  | 2022 | 8/30/2022 | 0.00% | 0.00% | 8.38 | 8.38 | 7 | 58 | -4.22% | -4.22% | 0.00% |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 2025 |  | 0.55% | 0.55% | 62.27 | 62.27 | 37578 | 2340114 | 18.37% | 18.37% | 1.84% |
|  | 2024 |  | 0.55% | 0.55% | 52.61 | 52.61 | 39370 | 2071265 | 14.72% | 14.72% | 1.76% |
|  | 2023 |  | 0.55% | 0.55% | 45.86 | 45.86 | 41822 | 1918056 | 10.04% | 10.04% | 1.94% |
|  | 2022 |  | 0.55% | 0.55% | 41.68 | 41.68 | 43411 | 1809229 | -5.48% | -5.48% | 1.83% |
|  | 2021 |  | 0.55% | 0.55% | 44.09 | 44.09 | 48215 | 2125936 | 24.21% | 24.21% | 1.88% |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 2025 |  | 0.20% | 0.20% | 14.54 | 31.14 | 323353 | 7360587 | 18.68% | 18.68% | 1.73% |
|  | 2024 |  | 0.20% | 0.35% | 12.26 | 34.70 | 339113 | 6612657 | 14.84% | 15.01% | 1.70% |
|  | 2023 |  | 0.20% | 0.90% | 16.41 | 38.11 | 317528 | 6003682 | 9.54% | 10.31% | 1.91% |
|  | 2022 |  | 0.20% | 0.90% | 14.87 | 34.79 | 274929 | 5384339 | -5.94% | -5.28% | 1.77% |
|  | 2021 |  | 0.20% | 0.90% | 15.70 | 37.27 | 232603 | 6367545 | 23.71% | 24.58% | 1.74% |
| Fidelity® VIP Financials Portfolio - Initial Class | 2025 | 5/14/2025 | 0.00% | 0.00% | 11.07 | 11.07 | 3266 | 36159 | 3.74% | 10.38% | 2.15% |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 2025 |  | 0.20% | 0.20% | 40.53 | 40.54 | 208920 | 8469097 | 21.65% | 21.65% | 0.00% |
|  | 2024 |  | 0.20% | 0.20% | 33.32 | 33.32 | 222054 | 7399796 | 38.48% | 38.48% | 0.00% |
|  | 2023 |  | 0.20% | 0.20% | 24.06 | 24.06 | 251762 | 6058386 | 45.22% | 45.22% | 0.00% |
|  | 2022 |  | 0.20% | 0.20% | 16.57 | 16.57 | 248173 | 4112389 | -38.34% | -38.34% | 0.00% |
|  | 2021 |  | 0.20% | 0.35% | 26.87 | 140.15 | 255014 | 6873790 | 11.44% | 11.60% | 0.00% |
| Fidelity® VIP Growth Portfolio - Service Class | 2025 |  | 0.00% | 0.90% | 29.79 | 123.16 | 5523299 | 212532194 | 13.75% | 14.78% | 0.21% |
|  | 2024 |  | 0.00% | 0.90% | 26.19 | 107.46 | 5312996 | 186071533 | 29.10% | 30.27% | 0.00% |
|  | 2023 |  | 0.00% | 0.90% | 20.29 | 82.62 | 4925878 | 143008927 | 34.88% | 36.09% | 0.04% |
|  | 2022 |  | 0.00% | 0.90% | 15.04 | 60.80 | 4313875 | 99387016 | -25.20% | -24.52% | 0.50% |
|  | 2021 |  | 0.00% | 0.90% | 20.11 | 93.95 | 3464048 | 113916934 | 21.98% | 23.08% | 0.00% |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 2025 |  | 0.00% | 0.00% | 17.11 | 17.11 | 7373 | 126185 | 14.61% | 14.61% | 0.06% |
|  | 2024 |  | 0.00% | 0.00% | 14.93 | 14.93 | 5311 | 79304 | 30.08% | 30.08% | 0.00% |
|  | 2023 |  | 0.00% | 0.00% | 11.48 | 11.48 | 2411 | 27681 | 35.89% | 35.89% | 0.00% |
|  | 2022 | 8/30/2022 | 0.00% | 0.00% | 8.45 | 8.45 | 7 | 57 | -6.90% | -6.90% | 0.00% |
| Fidelity® VIP Health Care Portfolio - Initial Class | 2025 | 6/10/2025 | 0.00% | 0.00% | 11.91 | 11.91 | 2809 | 33460 | 4.93% | 19.03% | 0.77% |
| Fidelity® VIP High Income Portfolio - Service Class | 2025 |  | 0.20% | 0.20% | 13.80 | 13.80 | 150027 | 2069940 | 10.10% | 10.10% | 7.11% |
|  | 2024 |  | 0.20% | 0.20% | 12.53 | 12.53 | 137788 | 1726659 | 8.51% | 8.51% | 6.23% |
|  | 2023 |  | 0.20% | 0.20% | 11.55 | 11.55 | 127436 | 1471741 | 10.28% | 10.28% | 5.77% |
|  | 2022 |  | 0.20% | 0.20% | 10.47 | 10.47 | 128232 | 1342846 | -11.73% | -11.73% | 4.88% |
|  | 2021 |  | 0.20% | 0.35% | 11.86 | 27.42 | 136942 | 1626632 | 4.13% | 4.29% | 5.07% |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 2025 |  | 0.55% | 0.55% | 16.56 | 16.56 | 47823 | 792177 | 6.64% | 6.64% | 3.61% |
|  | 2024 |  | 0.55% | 0.55% | 15.53 | 15.53 | 49058 | 762051 | 1.23% | 1.23% | 3.47% |
|  | 2023 |  | 0.55% | 0.55% | 15.34 | 15.34 | 49770 | 763720 | 5.62% | 5.62% | 2.63% |
|  | 2022 |  | 0.55% | 0.55% | 14.53 | 14.53 | 49698 | 722033 | -13.44% | -13.44% | 2.15% |
|  | 2021 |  | 0.55% | 0.55% | 16.78 | 16.78 | 56195 | 943164 | -1.15% | -1.15% | 2.07% |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 2025 |  | 0.00% | 0.90% | 19.08 | 56.86 | 9901366 | 225753969 | 10.66% | 11.66% | 0.38% |
|  | 2024 |  | 0.00% | 0.90% | 17.12 | 51.38 | 9088991 | 193047137 | 16.30% | 17.35% | 0.48% |
|  | 2023 |  | 0.00% | 0.90% | 14.62 | 44.18 | 8823580 | 168972422 | 13.97% | 15.00% | 0.54% |
|  | 2022 |  | 0.00% | 0.90% | 12.74 | 38.76 | 7746891 | 137206553 | -15.62% | -14.85% | 0.41% |
|  | 2021 |  | 0.00% | 0.90% | 15.83 | 45.94 | 7564678 | 162160305 | 24.38% | 25.51% | 0.51% |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 2025 |  | 0.00% | 0.00% | 13.69 | 13.69 | 1530 | 20953 | 11.49% | 11.49% | 0.31% |
|  | 2024 |  | 0.00% | 0.00% | 12.28 | 12.28 | 942 | 11572 | 17.18% | 17.18% | 0.44% |
|  | 2023 |  | 0.00% | 0.00% | 10.48 | 10.48 | 447 | 4681 | 14.80% | 14.80% | 1.42% |
|  | 2022 | 8/30/2022 | 0.00% | 0.00% | 9.13 | 9.13 | 7 | 59 | 0.32% | 0.32% | 0.00% |
| Fidelity® VIP Overseas Portfolio - Service Class | 2025 |  | 0.10% | 0.90% | 16.69 | 31.69 | 512256 | 9764409 | 19.20% | 20.16% | 1.58% |
|  | 2024 |  | 0.10% | 0.90% | 13.90 | 26.59 | 486168 | 8038111 | 4.01% | 4.85% | 1.62% |
|  | 2023 |  | 0.10% | 0.90% | 13.27 | 28.35 | 479116 | 7897291 | 19.33% | 20.29% | 0.94% |
|  | 2022 |  | 0.10% | 0.90% | 11.05 | 23.75 | 511145 | 7245137 | -25.26% | -24.66% | 1.01% |
|  | 2021 |  | 0.10% | 0.90% | 14.68 | 34.31 | 481457 | 9384310 | 18.50% | 19.45% | 0.44% |
| Fidelity® VIP Strategic Income Portfolio - Service Class 2 | 2025 |  | 0.00% | 0.00% | 11.50 | 11.50 | 549 | 6318 | 8.58% | 8.58% | 4.03% |
|  | 2024 |  | 0.00% | 0.00% | 10.59 | 10.59 | 313 | 3316 | 5.78% | 5.78% | 4.90% |
|  | 2023 | 6/14/2023 | 0.00% | 0.00% | 10.01 | 10.01 | 83 | 828 | 5.66% | 5.66% | 6.85% |
| Fidelity® VIP Technology Portfolio - Initial Class | 2025 | 5/14/2025 | 0.00% | 0.00% | 13.05 | 13.05 | 35553 | 464140 | 12.76% | 25.99% | 0.00% |
| First Trust Capital Strength Hedged Equity Portfolio - Class I | 2025 |  | 0.00% | 0.00% | 9.86 | 9.86 | 63712 | 628145 | -2.26% | -2.26% | 0.54% |
|  | 2024 | 6/18/2024 | 0.00% | 0.00% | 10.09 | 10.09 | 10103 | 101906 | -2.98% | 3.55% | 0.71% |
| First Trust Capital Strength Portfolio - Class I | 2025 |  | 0.00% | 0.00% | 11.12 | 12.54 | 84978 | 946100 | 5.65% | 5.70% | 0.65% |
|  | 2024 |  | 0.00% | 0.00% | 11.87 | 11.87 | 20263 | 214108 | 10.41% | 10.41% | 1.48% |
|  | 2023 |  | 0.00% | 0.00% | 10.75 | 10.75 | 158 | 1694 | 7.75% | 7.75% | 1.32% |
|  | 2022 | 8/30/2022 | 0.00% | 0.00% | 9.98 | 9.98 | 13 | 133 | 5.22% | 5.22% | 0.00% |
| First Trust International Developed Capital Strength Portfolio - Class I | 2025 |  | 0.00% | 0.00% | 12.92 | 12.92 | 967 | 12497 | 19.53% | 19.53% | 1.61% |
|  | 2024 | 1/26/2024 | 0.00% | 0.00% | 10.81 | 10.81 | 438 | 4734 | 2.09% | 2.09% | 1.60% |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I | 2025 |  | 0.00% | 0.00% | 10.96 | 10.96 | 94677 | 1038090 | 5.28% | 5.30% | 2.81% |
|  | 2024 | 6/21/2024 | 0.00% | 0.00% | 10.41 | 10.41 | 35507 | 369717 | 0.07% | 4.81% | 2.89% |
| Franklin Income VIP Fund - Class 1 | 2025 |  | 0.00% | 0.90% | 14.94 | 32.73 | 12720089 | 219602309 | 11.86% | 12.87% | 4.96% |
|  | 2024 |  | 0.00% | 0.90% | 13.36 | 29.04 | 12254887 | 193120079 | 6.50% | 7.46% | 5.14% |
|  | 2023 |  | 0.00% | 0.90% | 12.54 | 27.07 | 12036381 | 182091288 | 7.90% | 8.87% | 5.48% |
|  | 2022 |  | 0.00% | 0.90% | 11.62 | 24.90 | 8494372 | 124898686 | -6.09% | -5.24% | 4.90% |
|  | 2021 |  | 0.00% | 0.90% | 12.38 | 26.31 | 8784779 | 140722524 | 15.96% | 17.01% | 4.64% |
| Franklin Mutual Shares VIP Fund - Class 1 | 2025 |  | 0.00% | 0.90% | 15.81 | 37.34 | 4940513 | 98936070 | 10.81% | 11.81% | 2.29% |
|  | 2024 |  | 0.00% | 0.90% | 14.27 | 33.45 | 4677864 | 87540205 | 10.50% | 11.50% | 2.20% |
|  | 2023 |  | 0.00% | 0.90% | 12.91 | 30.04 | 4604771 | 80821643 | 12.71% | 13.73% | 2.14% |
|  | 2022 |  | 0.00% | 0.90% | 11.46 | 26.46 | 4179171 | 69348063 | -7.99% | -7.15% | 2.17% |
|  | 2021 |  | 0.00% | 0.90% | 12.45 | 28.54 | 4147899 | 77836938 | 18.45% | 19.52% | 3.04% |
| Franklin Rising Dividends VIP Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 13.60 | 13.60 | 355 | 4825 | 11.66% | 11.66% | 0.64% |
|  | 2024 |  | 0.00% | 0.00% | 12.18 | 12.18 | 354 | 4316 | 10.68% | 10.68% | 0.59% |
|  | 2023 | 5/25/2023 | 0.00% | 0.00% | 11.00 | 11.00 | 183 | 2012 | 9.44% | 9.44% | 0.00% |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 2025 |  | 0.00% | 0.90% | 18.15 | 58.09 | 864973 | 20253874 | 1.78% | 2.70% | 0.00% |
|  | 2024 |  | 0.10% | 0.90% | 17.71 | 56.65 | 805105 | 20108781 | 10.32% | 11.20% | 0.00% |
|  | 2023 |  | 0.10% | 0.90% | 15.94 | 50.97 | 843911 | 19744131 | 25.99% | 27.00% | 0.00% |
|  | 2022 |  | 0.10% | 0.90% | 12.56 | 40.15 | 798680 | 15307924 | -34.12% | -33.59% | 0.00% |
|  | 2021 |  | 0.10% | 0.90% | 18.94 | 60.49 | 685420 | 21757185 | 9.27% | 10.14% | 0.00% |
| Franklin Small-Mid Cap Growth VIP Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 11.48 | 11.48 | 3343 | 38387 | 2.40% | 2.40% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 11.21 | 11.21 | 2372 | 26604 | 10.89% | 10.89% | 0.00% |
|  | 2023 | 6/28/2023 | 0.00% | 0.00% | 10.11 | 10.11 | 1281 | 12953 | 11.69% | 11.69% | 0.00% |
| Goldman Sachs VIT Government Money Market Fund - Service Shares | 2025 |  | 0.00% | 0.00% | 11.58 | 11.58 | 1391 | 16113 | 3.94% | 3.94% | 3.91% |
|  | 2024 |  | 0.00% | 0.00% | 11.14 | 11.14 | 2477 | 27601 | 4.90% | 4.90% | 4.76% |
|  | 2023 | 10/19/2023 | 0.00% | 0.00% | 10.62 | 10.62 | 649 | 6897 | 1.02% | 1.02% | 1.01% |
| Invesco V.I. American Franchise Fund - Series I Shares | 2025 |  | 0.20% | 0.55% | 27.63 | 84.77 | 540903 | 16754155 | 11.05% | 11.44% | 0.00% |
|  | 2024 |  | 0.20% | 0.55% | 24.79 | 76.33 | 601723 | 16725845 | 34.15% | 34.62% | 0.00% |
|  | 2023 |  | 0.20% | 0.55% | 18.41 | 56.90 | 651406 | 13547939 | 40.15% | 40.64% | 0.00% |
|  | 2022 |  | 0.20% | 0.90% | 13.09 | 40.60 | 687978 | 10501101 | -31.73% | -31.25% | 0.00% |
|  | 2021 |  | 0.20% | 1.00% | 19.04 | 62.80 | 704111 | 16223327 | 10.81% | 11.70% | 0.00% |
| Invesco V.I. Core Equity Fund - Series I Shares | 2025 |  | 0.20% | 0.55% | 23.57 | 55.35 | 700603 | 17841003 | 15.53% | 15.93% | 0.65% |
|  | 2024 |  | 0.20% | 0.55% | 20.33 | 47.91 | 761569 | 16709339 | 24.92% | 25.36% | 0.70% |
|  | 2023 |  | 0.20% | 0.55% | 16.21 | 38.35 | 846639 | 14781603 | 22.69% | 23.12% | 0.72% |
|  | 2022 |  | 0.20% | 0.90% | 13.17 | 31.26 | 911804 | 13020999 | -21.26% | -20.71% | 0.89% |
|  | 2021 |  | 0.20% | 0.90% | 16.61 | 44.92 | 960031 | 18048581 | 26.60% | 27.48% | 0.66% |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 2025 |  | 0.55% | 0.55% | 19.37 | 19.37 | 37039 | 717374 | 6.50% | 6.50% | 4.27% |
|  | 2024 |  | 0.55% | 0.55% | 18.19 | 18.19 | 58111 | 1056767 | 2.49% | 2.49% | 3.71% |
|  | 2023 |  | 0.55% | 0.55% | 17.74 | 17.74 | 51093 | 906542 | 5.56% | 5.56% | 2.64% |
|  | 2022 |  | 0.55% | 0.55% | 16.81 | 16.81 | 50127 | 842587 | -15.00% | -15.00% | 0.54% |
|  | 2021 |  | 0.55% | 0.55% | 19.78 | 19.78 | 54753 | 1082801 | -1.20% | -1.20% | 1.51% |
| Invesco V.I. Diversified Dividend Fund - Series II Shares | 2025 |  | 0.00% | 0.00% | 13.88 | 13.88 | 7 | 92 | 15.44% | 15.44% | 0.00% |
|  | 2024 | 2/20/2024 | 0.00% | 0.00% | 12.02 | 12.02 | 7 | 88 | 10.70% | 10.70% | 0.30% |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 2025 |  | 0.00% | 0.90% | 14.64 | 17.33 | 2888963 | 44939752 | 15.46% | 16.50% | 1.45% |
|  | 2024 |  | 0.00% | 0.90% | 12.68 | 14.90 | 3072562 | 41329814 | -0.28% | 0.62% | 1.79% |
|  | 2023 |  | 0.00% | 0.90% | 12.71 | 18.77 | 2907565 | 39298361 | 17.09% | 18.15% | 0.20% |
|  | 2022 |  | 0.00% | 0.90% | 10.85 | 28.63 | 2921035 | 33813421 | -19.04% | -18.31% | 1.75% |
|  | 2021 |  | 0.00% | 0.90% | 13.30 | 35.36 | 2866715 | 41223736 | 4.94% | 5.89% | 1.32% |
| Invesco V.I. International Growth Fund - Series II Shares | 2025 |  | 0.00% | 0.00% | 11.96 | 11.96 | 820 | 9805 | 15.53% | 15.53% | 0.07% |
|  | 2024 |  | 0.00% | 0.00% | 10.35 | 10.35 | 494 | 5112 | -1.81% | -1.81% | 0.42% |
|  | 2023 | 7/20/2023 | 0.00% | 0.00% | 10.54 | 10.54 | 216 | 2272 | 3.24% | 3.24% | 0.38% |
| Invesco V.I. Main Street Small Cap Fund®- Series II Shares | 2025 |  | 0.00% | 0.00% | 12.80 | 12.80 | 5694 | 72889 | 8.44% | 8.44% | 0.27% |
|  | 2024 |  | 0.00% | 0.00% | 11.80 | 11.80 | 3335 | 39371 | 12.41% | 12.41% | 0.00% |
|  | 2023 |  | 0.00% | 0.00% | 10.50 | 10.50 | 1115 | 11705 | 17.82% | 17.82% | 1.95% |
|  | 2022 | 3/28/2022 | 0.00% | 0.00% | 8.91 | 8.91 | 72 | 638 | -11.36% | -11.36% | 0.35% |
| Janus Henderson Balanced Portfolio - Institutional Shares | 2025 |  | 0.20% | 0.20% | 20.33 | 20.33 | 566601 | 11520589 | 14.88% | 14.88% | 2.02% |
|  | 2024 |  | 0.20% | 0.20% | 17.70 | 17.70 | 611443 | 10822482 | 15.20% | 15.20% | 2.07% |
|  | 2023 |  | 0.20% | 0.20% | 15.36 | 15.37 | 669430 | 10285789 | 15.30% | 15.30% | 2.12% |
|  | 2022 |  | 0.20% | 0.35% | 13.33 | 26.70 | 687667 | 9164165 | -16.78% | -16.65% | 1.22% |
|  | 2021 |  | 0.20% | 0.35% | 15.99 | 43.15 | 746210 | 11944585 | 16.79% | 16.96% | 0.91% |
| Janus Henderson Balanced Portfolio - Service Shares | 2025 |  | 0.20% | 0.20% | 13.45 | 28.04 | 457272 | 9590278 | 14.59% | 14.59% | 1.71% |
|  | 2024 |  | 0.20% | 0.35% | 17.41 | 29.15 | 500600 | 9159102 | 14.74% | 14.92% | 1.75% |
|  | 2023 |  | 0.20% | 0.90% | 15.15 | 38.38 | 492593 | 8626696 | 14.10% | 14.90% | 1.65% |
|  | 2022 |  | 0.20% | 0.90% | 13.19 | 36.30 | 609509 | 9831817 | -17.37% | -16.78% | 0.98% |
|  | 2021 |  | 0.20% | 0.90% | 15.85 | 44.30 | 483766 | 12056430 | 15.86% | 16.68% | 0.67% |
| Janus Henderson Enterprise Portfolio - Service Shares | 2025 |  | 0.20% | 0.20% | 13.09 | 39.22 | 215062 | 4798700 | 7.20% | 7.21% | 0.05% |
|  | 2024 |  | 0.20% | 0.35% | 19.53 | 47.09 | 210778 | 4522208 | 14.92% | 15.09% | 0.63% |
|  | 2023 |  | 0.20% | 0.90% | 16.97 | 82.88 | 228642 | 4492927 | 16.72% | 17.54% | 0.09% |
|  | 2022 |  | 0.20% | 0.90% | 14.44 | 71.01 | 211981 | 4043242 | -16.90% | -16.32% | 0.08% |
|  | 2021 |  | 0.20% | 0.90% | 17.26 | 85.45 | 196972 | 5606650 | 15.50% | 16.31% | 0.25% |
| Janus Henderson Global Research Portfolio - Institutional Shares | 2025 |  | 0.20% | 0.20% | 24.50 | 24.50 | 517479 | 12676277 | 20.68% | 20.68% | 0.57% |
|  | 2024 |  | 0.20% | 0.20% | 20.30 | 20.30 | 566213 | 11493641 | 23.34% | 23.34% | 0.75% |
|  | 2023 |  | 0.20% | 0.20% | 16.46 | 16.46 | 605830 | 9971022 | 26.52% | 26.52% | 0.92% |
|  | 2022 |  | 0.20% | 0.35% | 13.01 | 27.97 | 665628 | 8658636 | -19.69% | -19.57% | 1.03% |
|  | 2021 |  | 0.20% | 0.35% | 16.17 | 52.69 | 732980 | 11871355 | 17.68% | 17.85% | 0.52% |
| Janus Henderson Global Research Portfolio - Service Shares | 2025 |  | 0.20% | 0.20% | 24.03 | 24.03 | 110305 | 2650781 | 20.36% | 20.36% | 0.42% |
|  | 2024 |  | 0.20% | 0.20% | 19.97 | 19.97 | 116602 | 2328127 | 23.02% | 23.02% | 0.60% |
|  | 2023 |  | 0.20% | 0.35% | 16.23 | 30.89 | 129543 | 2158755 | 26.03% | 26.22% | 0.77% |
|  | 2022 |  | 0.20% | 0.90% | 12.86 | 27.11 | 116288 | 1869247 | -20.33% | -19.77% | 0.89% |
|  | 2021 |  | 0.20% | 0.90% | 16.03 | 33.84 | 100755 | 2561818 | 16.74% | 17.56% | 0.36% |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 2025 |  | 0.20% | 0.20% | 36.18 | 36.19 | 164214 | 5942049 | 24.59% | 24.59% | 0.00% |
|  | 2024 |  | 0.20% | 0.20% | 29.04 | 29.04 | 177071 | 5142625 | 31.49% | 31.49% | 0.00% |
|  | 2023 |  | 0.20% | 0.20% | 22.09 | 22.09 | 194977 | 4306441 | 53.97% | 53.97% | 0.00% |
|  | 2022 |  | 0.20% | 0.20% | 14.34 | 14.35 | 201433 | 2889595 | -37.25% | -37.25% | 0.00% |
|  | 2021 |  | 0.20% | 0.20% | 22.86 | 22.86 | 216950 | 4959571 | 17.51% | 17.51% | 0.12% |
| JPMorgan Insurance Trust Global Allocation Portfolio - Class 1 | 2022 |  | 0.00% | 0.90% | 11.08 | 13.48 | 2819531 | 34963549 | -18.34% | -17.60% | 1.68% |
|  | 2021 |  | 0.00% | 0.90% | 13.57 | 16.38 | 2531961 | 38816225 | 8.53% | 9.51% | 1.00% |
| Lincoln Hedged S&P 500 Conservative Fund - Service Class | 2025 | 3/4/2025 | 0.00% | 0.00% | 11.63 | 11.63 | 36031 | 419203 | 6.50% | 15.48% | 0.00% |
| Lincoln Hedged S&P 500 Fund - Service Class | 2025 |  | 0.00% | 0.00% | 12.07 | 12.07 | 62895 | 758839 | 11.52% | 11.52% | 0.00% |
|  | 2024 | 7/22/2024 | 0.00% | 0.00% | 10.82 | 10.82 | 24257 | 262436 | 5.16% | 5.22% | 0.19% |
| LVIP AllianceBernstein Large Cap Growth Fund - Service Class | 2025 |  | 0.00% | 0.00% | 14.65 | 14.65 | 4659 | 68245 | 13.72% | 13.72% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 12.88 | 12.88 | 4670 | 60153 | 25.62% | 25.62% | 0.00% |
|  | 2023 | 5/25/2023 | 0.00% | 0.00% | 10.25 | 10.25 | 2155 | 22095 | 18.44% | 18.44% | 0.00% |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 22.03 | 90.36 | 7615214 | 217500247 | 12.98% | 14.00% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 19.50 | 79.38 | 7445825 | 196229081 | 24.80% | 25.93% | 0.00% |
|  | 2023 |  | 0.00% | 0.90% | 15.62 | 63.13 | 7120271 | 163776879 | 45.01% | 46.32% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 10.77 | 43.21 | 7141209 | 122197577 | -41.25% | -40.72% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 18.34 | 73.00 | 5175517 | 159103988 | 19.39% | 20.47% | 0.00% |
| LVIP American Balanced Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.00% | 13.87 | 13.87 | 972339 | 13489831 | 15.47% | 15.47% | 3.03% |
|  | 2024 |  | 0.00% | 0.00% | 12.01 | 12.01 | 528402 | 6348601 | 11.12% | 11.12% | 3.93% |
|  | 2023 | 7/20/2023 | 0.00% | 0.00% | 10.81 | 10.81 | 159177 | 1721021 | 4.44% | 5.24% | 6.28% |
| LVIP American Century Balanced Fund - Standard Class II | 2025 |  | 0.00% | 0.90% | 15.97 | 21.08 | 4679572 | 83824849 | 8.63% | 9.62% | 1.91% |
|  | 2024 |  | 0.00% | 0.90% | 14.70 | 19.25 | 4693283 | 77490351 | 11.06% | 12.06% | 2.09% |
|  | 2023 |  | 0.00% | 0.90% | 13.24 | 17.20 | 4425682 | 65927831 | 15.36% | 16.41% | 1.95% |
|  | 2022 |  | 0.00% | 0.90% | 11.48 | 14.79 | 4251088 | 55173570 | -18.01% | -17.27% | 1.23% |
|  | 2021 |  | 0.00% | 0.90% | 14.00 | 17.89 | 3972951 | 63197778 | 14.73% | 15.77% | 0.73% |
| LVIP American Century Inflation Protection Fund - Standard Class II | 2025 |  | 0.00% | 0.90% | 11.84 | 16.19 | 981594 | 12377502 | 5.65% | 6.60% | 8.14% |
|  | 2024 |  | 0.10% | 0.90% | 11.13 | 15.33 | 972311 | 11590064 | 0.90% | 1.71% | 3.82% |
|  | 2023 |  | 0.10% | 0.90% | 10.95 | 16.09 | 1009074 | 11917303 | 2.67% | 3.50% | 3.62% |
|  | 2022 |  | 0.10% | 0.90% | 10.59 | 15.67 | 1010593 | 11556703 | -13.66% | -12.96% | 5.14% |
|  | 2021 |  | 0.10% | 0.90% | 12.18 | 18.15 | 1095038 | 14621659 | 5.66% | 6.51% | 3.44% |
| LVIP American Century Ultra® Fund - Service Class | 2025 |  | 0.00% | 0.00% | 12.19 | 12.19 | 4632 | 56469 | 12.67% | 12.67% | 0.00% |
|  | 2024 | 8/23/2024 | 0.00% | 0.00% | 10.82 | 10.82 | 2984 | 32280 | 6.68% | 6.68% | 0.00% |
| LVIP American Century Ultra® Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 24.67 | 100.11 | 4556238 | 151355137 | 11.94% | 12.95% | 0.00% |
|  | 2024 | 8/23/2024 | 0.00% | 0.90% | 22.04 | 88.77 | 4207810 | 135252371 | 6.43% | 6.77% | 0.00% |
| LVIP American Growth Allocation Fund - Service Class | 2025 |  | 0.00% | 0.00% | 13.42 | 13.42 | 304 | 4081 | 16.67% | 16.67% | 2.00% |
|  | 2024 |  | 0.00% | 0.00% | 11.50 | 11.50 | 169 | 1939 | 11.61% | 11.61% | 3.22% |
|  | 2023 | 12/29/2023 | 0.00% | 0.00% | 10.30 | 10.30 | 14 | 140 | 0.00% | 0.00% | 0.00% |
| LVIP American Growth Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.00% | 13.52 | 13.52 | 7740649 | 104634318 | 17.07% | 17.07% | 2.19% |
|  | 2024 |  | 0.00% | 0.00% | 11.55 | 11.55 | 6046543 | 69814326 | 12.01% | 12.01% | 2.60% |
|  | 2023 |  | 0.00% | 0.00% | 10.31 | 10.31 | 4171626 | 43001551 | 14.95% | 14.95% | 3.56% |
|  | 2022 |  | 0.00% | 0.00% | 8.97 | 8.97 | 2265509 | 20314996 | -15.66% | -15.66% | 2.68% |
|  | 2021 | 3/17/2021 | 0.00% | 0.00% | 10.63 | 10.63 | 628506 | 6682111 | 7.14% | 7.14% | 5.75% |
| LVIP American Income Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.00% | 12.33 | 12.33 | 784998 | 9680648 | 12.56% | 12.56% | 3.55% |
|  | 2024 |  | 0.00% | 0.00% | 10.96 | 10.96 | 633249 | 6938073 | 8.48% | 8.48% | 3.52% |
|  | 2023 |  | 0.00% | 0.00% | 10.10 | 10.10 | 471449 | 4761562 | 10.77% | 10.77% | 4.17% |
|  | 2022 |  | 0.00% | 0.00% | 9.12 | 9.12 | 237959 | 2169654 | -13.39% | -13.39% | 4.14% |
|  | 2021 | 3/19/2021 | 0.00% | 0.00% | 10.53 | 10.53 | 59551 | 626946 | 6.66% | 6.66% | 9.81% |
| LVIP Baron Growth Opportunities Fund - Service Class | 2025 |  | 0.00% | 0.90% | 9.68 | 54.52 | 5497414 | 95073671 | -10.88% | -10.08% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 10.76 | 60.72 | 4441311 | 89401811 | 4.50% | 5.44% | 0.24% |
|  | 2023 |  | 0.00% | 0.90% | 15.12 | 57.67 | 3746199 | 78954224 | 16.75% | 17.81% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 12.95 | 49.03 | 3234521 | 62883408 | -26.49% | -25.83% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 17.62 | 88.03 | 2840691 | 78244918 | 17.66% | 18.72% | 0.00% |
| LVIP Baron Growth Opportunities Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 9.23 | 50.96 | 673427 | 7021919 | -10.66% | -9.85% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 10.24 | 57.04 | 462295 | 5446486 | 4.76% | 5.71% | 0.53% |
|  | 2023 |  | 0.00% | 0.90% | 9.68 | 54.45 | 334810 | 3987631 | 17.05% | 18.10% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 8.20 | 46.52 | 225486 | 2581124 | -26.31% | -25.64% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 19.71 | 63.13 | 111347 | 2344995 | 17.95% | 18.88% | 0.00% |
| LVIP BlackRock Advantage Allocation Fund - Standard Class | 2022 |  | 0.00% | 0.00% |  |  |  |  | 0.00% | 0.00% | 1.26% |
|  | 2021 | 4/1/2021 | 0.00% | 0.00% | 10.50 | 10.50 | 119965 | 1259639 | 5.98% | 5.98% | 2.41% |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 18.04 | 38.84 | 3029702 | 57516612 | 10.83% | 11.84% | 2.31% |
|  | 2024 |  | 0.10% | 0.90% | 16.16 | 34.78 | 2753737 | 50036147 | 10.50% | 11.38% | 2.79% |
|  | 2023 |  | 0.10% | 0.90% | 14.52 | 31.24 | 2710837 | 47328003 | 8.41% | 9.28% | 2.69% |
|  | 2022 |  | 0.10% | 0.90% | 13.30 | 28.60 | 2639352 | 44580183 | -3.16% | -2.38% | 2.22% |
|  | 2021 |  | 0.10% | 0.90% | 13.64 | 35.54 | 2978472 | 52695718 | 21.97% | 22.95% | 2.07% |
| LVIP BlackRock Equity Dividend Fund - Service Class | 2025 |  | 0.00% | 0.00% | 12.21 | 12.21 | 2913 | 35560 | 13.09% | 13.09% | 1.62% |
|  | 2024 |  | 0.00% | 0.00% | 10.79 | 10.79 | 1050 | 11331 | 6.86% | 6.86% | 1.86% |
|  | 2023 |  | 0.00% | 0.00% | 10.10 | 10.10 | 512 | 5174 | 3.18% | 3.18% | 1.61% |
|  | 2022 | 8/30/2022 | 0.00% | 0.00% | 9.79 | 9.79 | 6 | 61 | 4.44% | 4.44% | 3.08% |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 15.78 | 52.97 | 6739918 | 128931593 | 12.41% | 13.43% | 1.80% |
|  | 2024 |  | 0.00% | 0.90% | 14.04 | 46.77 | 6291740 | 110794178 | 6.22% | 7.18% | 1.97% |
|  | 2023 |  | 0.00% | 0.90% | 13.22 | 43.70 | 5773274 | 102666714 | 2.56% | 3.49% | 1.81% |
|  | 2022 |  | 0.00% | 0.90% | 12.89 | 42.29 | 4872453 | 92656533 | -4.14% | -3.27% | 1.78% |
|  | 2021 |  | 0.00% | 0.90% | 13.44 | 50.78 | 4966572 | 105352382 | 21.32% | 22.42% | 5.69% |
| LVIP BlackRock Global Allocation Fund - Service Class | 2025 |  | 0.00% | 0.00% | 13.92 | 13.92 | 65 | 899 | 18.41% | 18.41% | 2.71% |
|  | 2024 |  | 0.00% | 0.00% | 11.75 | 11.75 | 57 | 673 | 9.23% | 9.23% | 0.79% |
|  | 2023 | 7/21/2023 | 0.00% | 0.00% | 10.76 | 10.76 | 86 | 928 | 3.86% | 3.86% | 3.47% |
| LVIP BlackRock Global Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 12.97 | 32.85 | 23473228 | 426471103 | 17.65% | 18.71% | 2.81% |
|  | 2024 |  | 0.00% | 0.90% | 10.92 | 27.70 | 23771976 | 371220785 | 8.52% | 9.51% | 1.33% |
|  | 2023 |  | 0.00% | 0.90% | 9.97 | 25.32 | 23118566 | 341759982 | 12.61% | 13.62% | 2.85% |
|  | 2022 |  | 0.00% | 0.00% | 8.78 | 8.78 | 22125850 | 300862104 | -15.38% | -15.38% | 0.66% |
|  | 2021 | 3/31/2021 | 0.00% | 0.00% | 10.37 | 10.37 | 114474 | 1187505 | 5.69% | 5.69% | 2.31% |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 13.77 | 17.55 | 2957471 | 46152139 | 10.17% | 11.17% | 2.28% |
|  | 2024 |  | 0.00% | 0.90% | 12.49 | 15.81 | 2871130 | 40707844 | 10.18% | 11.17% | 2.30% |
|  | 2023 |  | 0.00% | 0.90% | 11.34 | 14.24 | 2880133 | 36995007 | 10.68% | 11.68% | 2.27% |
|  | 2022 |  | 0.00% | 0.90% | 10.25 | 12.77 | 2809375 | 32635438 | -17.27% | -16.52% | 1.60% |
|  | 2021 |  | 0.00% | 0.90% | 12.38 | 15.32 | 2637394 | 37221085 | 11.68% | 12.69% | 1.31% |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 11.67 | 14.84 | 7196179 | 88199988 | 4.81% | 5.76% | 0.84% |
|  | 2024 |  | 0.00% | 0.90% | 11.13 | 14.05 | 6911141 | 80409912 | 1.72% | 2.64% | 4.29% |
|  | 2023 |  | 0.00% | 0.90% | 10.94 | 13.70 | 5638293 | 64271149 | 4.13% | 5.07% | 2.47% |
|  | 2022 |  | 0.00% | 0.90% | 10.48 | 13.05 | 5458216 | 59222394 | -5.56% | -4.70% | 8.81% |
|  | 2021 |  | 0.00% | 0.90% | 11.07 | 13.71 | 5998303 | 68752349 | 3.73% | 4.67% | 7.39% |
| LVIP BlackRock Real Estate Fund - Service Class | 2025 |  | 0.00% | 0.00% | 9.61 | 9.61 | 1428 | 13719 | 8.63% | 8.63% | 3.65% |
|  | 2024 |  | 0.00% | 0.00% | 8.84 | 8.84 | 924 | 8169 | 1.36% | 1.36% | 2.83% |
|  | 2023 | 11/7/2023 | 0.00% | 0.00% | 8.72 | 8.72 | 471 | 4106 | 16.74% | 16.74% | 2.25% |
| LVIP BlackRock Real Estate Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 11.48 | 24.42 | 3684104 | 49801794 | 7.94% | 8.92% | 3.65% |
|  | 2024 |  | 0.00% | 0.90% | 10.63 | 22.45 | 3398049 | 43194047 | 0.70% | 1.61% | 2.76% |
|  | 2023 |  | 0.00% | 0.90% | 10.56 | 22.13 | 3315336 | 42850798 | 12.05% | 13.06% | 3.08% |
|  | 2022 |  | 0.00% | 0.90% | 9.42 | 19.60 | 3044672 | 36251175 | -29.28% | -28.64% | 1.77% |
|  | 2021 |  | 0.00% | 0.90% | 13.33 | 27.51 | 2428656 | 41982947 | 26.87% | 28.02% | 6.87% |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 14.38 | 18.75 | 1377983 | 22607903 | 8.00% | 8.97% | 1.97% |
|  | 2024 |  | 0.00% | 0.90% | 13.31 | 17.23 | 1332950 | 20302054 | 12.41% | 13.42% | 2.03% |
|  | 2023 |  | 0.00% | 0.90% | 11.84 | 15.22 | 1249134 | 16932158 | 11.35% | 12.35% | 1.99% |
|  | 2022 |  | 0.00% | 0.90% | 10.64 | 13.57 | 1273867 | 15378541 | -17.26% | -16.51% | 1.48% |
|  | 2021 |  | 0.00% | 0.90% | 12.86 | 16.27 | 1127587 | 16507526 | 13.63% | 14.66% | 1.31% |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 24.35 | 56.23 | 560430 | 14905770 | 4.58% | 5.52% | 0.00% |
|  | 2024 |  | 0.10% | 0.90% | 23.12 | 53.37 | 543354 | 14333067 | 29.24% | 30.28% | 0.01% |
|  | 2023 |  | 0.10% | 0.90% | 17.76 | 40.98 | 561249 | 11860894 | 32.95% | 34.02% | 0.42% |
|  | 2022 |  | 0.10% | 0.90% | 13.27 | 30.60 | 554242 | 9083456 | -27.39% | -26.81% | 0.00% |
|  | 2021 |  | 0.10% | 0.90% | 18.15 | 54.06 | 558281 | 12600930 | 29.69% | 30.73% | 0.00% |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 2025 |  | 0.10% | 0.90% | 17.86 | 39.41 | 650551 | 12881265 | 1.98% | 2.80% | 0.00% |
|  | 2024 |  | 0.10% | 0.90% | 17.39 | 38.36 | 639181 | 12641977 | 18.16% | 19.11% | 0.01% |
|  | 2023 |  | 0.10% | 0.90% | 14.62 | 32.22 | 654462 | 11536522 | 16.70% | 17.64% | 0.28% |
|  | 2022 |  | 0.10% | 0.90% | 12.44 | 27.40 | 605747 | 9983746 | -24.25% | -23.64% | 0.00% |
|  | 2021 |  | 0.10% | 0.90% | 16.31 | 35.91 | 579423 | 12785367 | 12.27% | 13.17% | 0.00% |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 2025 |  | 0.10% | 0.90% | 18.47 | 24.29 | 169366 | 3374780 | 9.82% | 10.70% | 0.77% |
|  | 2024 |  | 0.15% | 0.90% | 16.71 | 21.83 | 181557 | 3303724 | 21.19% | 22.11% | 1.29% |
|  | 2023 |  | 0.15% | 0.90% | 15.54 | 17.88 | 85963 | 1421014 | 21.44% | 22.35% | 1.08% |
|  | 2022 |  | 0.15% | 0.90% | 12.99 | 14.62 | 91994 | 1271863 | -18.19% | -17.57% | 0.89% |
|  | 2021 |  | 0.15% | 0.90% | 16.87 | 17.73 | 96000 | 1624970 | 20.95% | 21.86% | 0.55% |
| LVIP Dimensional International Core Equity Fund - Service Class | 2025 | 11/5/2025 | 0.00% | 0.00% | 14.54 | 14.54 | 368 | 5346 | 6.29% | 6.29% | 3.58% |
| LVIP Dimensional International Core Equity Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 16.26 | 20.05 | 3505984 | 65517256 | 34.05% | 35.26% | 3.50% |
|  | 2024 |  | 0.00% | 0.90% | 12.04 | 14.85 | 3655187 | 50691726 | 2.14% | 3.06% | 2.44% |
|  | 2023 |  | 0.00% | 0.90% | 11.71 | 14.44 | 3305110 | 44793970 | 14.97% | 16.01% | 3.08% |
|  | 2022 |  | 0.00% | 0.90% | 11.38 | 12.47 | 3303328 | 38819084 | -14.20% | -13.42% | 3.49% |
|  | 2021 |  | 0.00% | 0.90% | 13.27 | 14.43 | 3127631 | 42760967 | 12.20% | 13.22% | 2.38% |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 2025 |  | 0.10% | 0.90% | 14.90 | 20.06 | 1003766 | 17059742 | 33.88% | 34.95% | 3.51% |
|  | 2024 |  | 0.10% | 0.90% | 11.05 | 14.87 | 1106421 | 13923359 | 3.75% | 4.59% | 2.83% |
|  | 2023 |  | 0.10% | 0.90% | 10.58 | 15.29 | 1077792 | 13368981 | 15.65% | 16.57% | 3.59% |
|  | 2022 |  | 0.10% | 0.90% | 10.21 | 13.15 | 1054731 | 11996546 | -11.95% | -11.24% | 3.20% |
|  | 2021 |  | 0.10% | 0.90% | 11.59 | 14.85 | 1078603 | 13981208 | 14.34% | 15.25% | 3.04% |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 23.42 | 74.88 | 2472480 | 72416796 | 14.62% | 15.66% | 1.04% |
|  | 2024 |  | 0.00% | 0.90% | 20.43 | 64.84 | 2379929 | 62160982 | 19.69% | 20.77% | 1.11% |
|  | 2023 |  | 0.00% | 0.90% | 17.07 | 53.77 | 2383072 | 52736578 | 21.68% | 22.78% | 1.40% |
|  | 2022 |  | 0.00% | 0.90% | 14.03 | 43.85 | 2333538 | 42754181 | -16.01% | -15.25% | 1.39% |
|  | 2021 |  | 0.00% | 0.90% | 16.70 | 51.82 | 2274258 | 50575433 | 26.41% | 27.55% | 1.18% |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 22.71 | 31.50 | 2455861 | 68029581 | 14.35% | 15.38% | 0.91% |
|  | 2024 |  | 0.00% | 0.90% | 19.86 | 27.33 | 2585450 | 62621595 | 17.39% | 18.45% | 1.04% |
|  | 2023 |  | 0.00% | 0.90% | 16.92 | 23.09 | 2621415 | 54646306 | 20.56% | 21.65% | 1.23% |
|  | 2022 |  | 0.00% | 0.90% | 14.03 | 19.00 | 2736635 | 47786041 | -14.68% | -13.91% | 1.26% |
|  | 2021 |  | 0.00% | 0.90% | 16.45 | 22.09 | 2790309 | 57180554 | 26.63% | 27.77% | 1.13% |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 21.86 | 40.25 | 782571 | 19545908 | 8.05% | 9.02% | 1.13% |
|  | 2024 |  | 0.10% | 0.90% | 20.09 | 36.96 | 719736 | 17310176 | 19.57% | 20.53% | 1.40% |
|  | 2023 |  | 0.10% | 0.90% | 16.69 | 30.66 | 734484 | 16425839 | 20.86% | 21.83% | 1.23% |
|  | 2022 |  | 0.10% | 0.90% | 14.08 | 25.17 | 676682 | 13624757 | -15.45% | -14.77% | 1.03% |
|  | 2021 |  | 0.10% | 0.90% | 16.53 | 29.53 | 715038 | 17271303 | 26.55% | 27.56% | 1.04% |
| LVIP Fidelity Institutional AM® Total Bond Fund - Service Class | 2025 |  | 0.00% | 0.00% | 10.26 | 10.26 | 15080 | 154737 | 6.40% | 6.40% | 4.80% |
|  | 2024 |  | 0.00% | 0.00% | 9.64 | 9.64 | 7966 | 76824 | 1.67% | 1.67% | 4.66% |
|  | 2023 |  | 0.00% | 0.00% | 9.49 | 9.49 | 4088 | 38779 | 5.94% | 5.94% | 5.90% |
|  | 2022 | 3/28/2022 | 0.00% | 0.00% | 8.95 | 8.95 | 1273 | 11396 | -7.46% | -7.46% | 4.58% |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 10.82 | 19.36 | 10703916 | 129485644 | 5.76% | 6.72% | 4.54% |
|  | 2024 |  | 0.00% | 0.90% | 10.23 | 18.31 | 10079145 | 116093735 | 1.07% | 1.98% | 4.49% |
|  | 2023 |  | 0.00% | 0.90% | 10.12 | 18.12 | 9029276 | 103249779 | 5.28% | 6.24% | 4.27% |
|  | 2022 |  | 0.00% | 0.90% | 9.61 | 18.48 | 8238563 | 90087535 | -14.63% | -13.86% | 3.33% |
|  | 2021 |  | 0.00% | 0.90% | 11.26 | 21.64 | 8264242 | 106552993 | -2.18% | -1.30% | 5.01% |
| LVIP Franklin Templeton Core Bond Fund - Service Class | 2025 |  | 0.00% | 0.00% | 10.22 | 10.22 | 6869 | 70222 | 6.87% | 6.87% | 4.97% |
|  | 2024 |  | 0.00% | 0.00% | 9.57 | 9.57 | 1918 | 18346 | 1.25% | 1.25% | 5.95% |
|  | 2023 | 7/13/2023 | 0.00% | 0.00% | 9.45 | 9.45 | 581 | 5488 | 2.71% | 2.71% | 4.95% |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 10.61 | 20.62 | 33006535 | 390712023 | 6.29% | 7.25% | 4.41% |
|  | 2024 |  | 0.00% | 0.90% | 9.98 | 19.40 | 30663077 | 343212878 | 0.70% | 1.61% | 5.26% |
|  | 2023 |  | 0.00% | 0.90% | 9.91 | 19.26 | 25489357 | 285106502 | 4.98% | 5.93% | 3.45% |
|  | 2022 |  | 0.00% | 0.90% | 9.44 | 18.35 | 21391634 | 230190684 | -14.47% | -13.70% | 3.23% |
|  | 2021 |  | 0.00% | 0.90% | 11.04 | 26.20 | 21152846 | 269070179 | -2.68% | -1.80% | 2.15% |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 17.56 | 31.73 | 589101 | 11536294 | 12.49% | 13.51% | 1.39% |
|  | 2024 |  | 0.10% | 0.90% | 15.50 | 27.99 | 586299 | 10430794 | 11.53% | 12.43% | 1.61% |
|  | 2023 |  | 0.10% | 0.90% | 13.80 | 24.91 | 563250 | 9548280 | 16.19% | 17.12% | 1.65% |
|  | 2022 |  | 0.10% | 0.90% | 11.80 | 21.28 | 546996 | 8404385 | -12.85% | -12.15% | 1.54% |
|  | 2021 |  | 0.10% | 0.90% | 14.46 | 24.23 | 575316 | 10243993 | 16.26% | 17.20% | 1.18% |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class | 2025 |  | 0.00% | 0.00% | 13.93 | 13.93 | 433 | 6029 | 33.98% | 33.98% | 3.64% |
|  | 2024 |  | 0.00% | 0.00% | 10.40 | 10.40 | 347 | 3605 | 8.64% | 8.64% | 4.78% |
|  | 2023 | 11/7/2023 | 0.00% | 0.00% | 9.57 | 9.57 | 197 | 1888 | 6.13% | 6.13% | 2.96% |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 14.63 | 23.67 | 5244534 | 86045356 | 33.11% | 34.31% | 3.13% |
|  | 2024 |  | 0.00% | 0.90% | 10.92 | 17.64 | 5710570 | 70180289 | 7.93% | 8.90% | 3.41% |
|  | 2023 |  | 0.00% | 0.90% | 10.04 | 16.22 | 5685718 | 65419293 | 9.06% | 10.04% | 3.36% |
|  | 2022 |  | 0.00% | 0.90% | 9.15 | 14.75 | 5620386 | 60396459 | -12.62% | -11.83% | 10.54% |
|  | 2021 |  | 0.00% | 0.90% | 11.08 | 16.75 | 5299582 | 65679643 | 7.81% | 8.79% | 5.78% |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 16.03 | 28.09 | 3332772 | 61628379 | 34.38% | 35.59% | 3.61% |
|  | 2024 |  | 0.00% | 0.90% | 11.85 | 20.74 | 3537877 | 49064077 | 2.83% | 3.76% | 3.93% |
|  | 2023 |  | 0.00% | 0.90% | 11.44 | 20.16 | 3152849 | 44935331 | 17.86% | 18.92% | 4.32% |
|  | 2022 |  | 0.00% | 0.90% | 9.64 | 17.01 | 3319121 | 40958464 | -7.85% | -7.02% | 7.88% |
|  | 2021 |  | 0.00% | 0.90% | 11.62 | 18.99 | 3334754 | 44688771 | 12.15% | 13.16% | 4.52% |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class | 2025 |  | 0.00% | 0.00% | 16.69 | 16.69 | 765 | 12764 | 18.39% | 18.39% | 0.63% |
|  | 2024 |  | 0.00% | 0.00% | 14.09 | 14.09 | 809 | 11399 | 27.68% | 27.68% | 1.07% |
|  | 2023 | 5/16/2023 | 0.00% | 0.00% | 11.04 | 11.04 | 393 | 4338 | 17.43% | 17.43% | 0.91% |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 23.54 | 80.08 | 3856460 | 110963019 | 17.62% | 18.69% | 1.03% |
|  | 2024 |  | 0.00% | 0.90% | 20.01 | 67.57 | 3652325 | 91872779 | 26.84% | 27.99% | 1.06% |
|  | 2023 |  | 0.00% | 0.90% | 15.78 | 52.87 | 3554526 | 76209063 | 16.34% | 17.39% | 1.71% |
|  | 2022 |  | 0.00% | 0.90% | 13.56 | 45.11 | 3090333 | 62382003 | -10.78% | -9.97% | 2.95% |
|  | 2021 |  | 0.00% | 0.90% | 15.20 | 50.18 | 2973856 | 70276647 | 30.70% | 31.88% | 2.38% |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class | 2025 |  | 0.00% | 0.00% | 13.35 | 13.35 | 639 | 8527 | 13.30% | 13.30% | 1.69% |
|  | 2024 |  | 0.00% | 0.00% | 11.78 | 11.78 | 176 | 2070 | 12.91% | 12.91% | 1.49% |
|  | 2023 | 10/2/2023 | 0.00% | 0.00% | 10.43 | 10.43 | 32 | 330 | 15.32% | 15.32% | 2.25% |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 18.70 | 53.78 | 5262237 | 114786789 | 12.57% | 13.59% | 1.13% |
|  | 2024 |  | 0.00% | 0.90% | 16.49 | 47.41 | 5040943 | 99565836 | 12.18% | 13.19% | 1.15% |
|  | 2023 |  | 0.00% | 0.90% | 14.60 | 41.95 | 5039091 | 91159982 | 14.50% | 15.54% | 1.76% |
|  | 2022 |  | 0.00% | 0.90% | 12.66 | 36.36 | 4550183 | 75505617 | -13.24% | -12.45% | 3.55% |
|  | 2021 |  | 0.00% | 0.90% | 14.49 | 41.60 | 4542234 | 88687254 | 32.46% | 33.66% | 2.42% |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 12.84 | 24.35 | 3821972 | 54348274 | 8.80% | 9.79% | 2.67% |
|  | 2024 |  | 0.00% | 0.90% | 11.80 | 22.38 | 4036056 | 53136506 | 6.74% | 7.71% | 3.45% |
|  | 2023 |  | 0.00% | 0.90% | 11.05 | 20.96 | 4030212 | 50431241 | 8.74% | 9.72% | 2.04% |
|  | 2022 |  | 0.00% | 0.90% | 10.17 | 19.28 | 3912688 | 47116335 | -16.15% | -15.40% | 2.65% |
|  | 2021 |  | 0.00% | 0.90% | 12.12 | 23.00 | 3730088 | 57348860 | 6.67% | 7.63% | 3.56% |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 14.41 | 26.92 | 9085401 | 146263980 | 12.53% | 13.54% | 2.31% |
|  | 2024 |  | 0.00% | 0.90% | 12.81 | 23.74 | 9240379 | 134861872 | 10.15% | 11.15% | 2.95% |
|  | 2023 |  | 0.00% | 0.90% | 11.63 | 21.39 | 9192740 | 126387123 | 12.31% | 13.33% | 1.94% |
|  | 2022 |  | 0.00% | 0.90% | 10.35 | 18.90 | 9155173 | 117486513 | -19.41% | -18.68% | 2.50% |
|  | 2021 |  | 0.00% | 0.90% | 12.77 | 23.28 | 9167851 | 146993204 | 11.76% | 12.77% | 3.11% |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 13.76 | 25.54 | 7138662 | 108932606 | 10.52% | 11.52% | 2.40% |
|  | 2024 |  | 0.00% | 0.90% | 12.45 | 22.94 | 7203849 | 100988838 | 9.20% | 10.19% | 3.04% |
|  | 2023 |  | 0.00% | 0.90% | 11.40 | 20.85 | 7354290 | 96590725 | 10.84% | 11.84% | 1.93% |
|  | 2022 |  | 0.00% | 0.90% | 10.28 | 18.78 | 7200083 | 90864383 | -18.12% | -17.38% | 2.54% |
|  | 2021 |  | 0.00% | 0.90% | 12.56 | 22.94 | 7633399 | 119447115 | 9.83% | 10.82% | 3.04% |
| LVIP Government Money Market Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 10.82 | 12.02 | 10755134 | 126511736 | 3.04% | 3.97% | 3.89% |
|  | 2024 |  | 0.00% | 0.90% | 10.50 | 11.57 | 7717024 | 87458135 | 4.00% | 4.94% | 4.81% |
|  | 2023 |  | 0.00% | 0.90% | 10.10 | 11.04 | 8097300 | 87345132 | 3.81% | 4.75% | 4.65% |
|  | 2022 |  | 0.00% | 0.90% | 9.73 | 10.55 | 9260945 | 94895943 | 0.39% | 1.30% | 1.34% |
|  | 2021 |  | 0.00% | 0.90% | 9.69 | 10.42 | 10301654 | 104226159 | -0.88% | 0.02% | 0.01% |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 2024 |  | 0.15% | 0.90% | 15.03 | 20.46 | 147236 | 2697869 | 12.04% | 12.89% | 2.07% |
|  | 2023 |  | 0.15% | 0.90% | 16.86 | 18.13 | 142731 | 2415225 | 11.17% | 12.01% | 2.17% |
|  | 2022 |  | 0.15% | 0.90% | 15.17 | 16.18 | 136434 | 2088202 | -7.76% | -7.06% | 1.83% |
|  | 2021 |  | 0.15% | 0.90% | 16.44 | 17.41 | 147483 | 2441932 | 19.52% | 20.42% | 1.47% |
| LVIP JPMorgan Core Bond Fund - Service Class | 2024 |  | 0.00% | 0.00% |  |  |  |  | 0.00% | 0.00% | 4.72% |
|  | 2023 |  | 0.00% | 0.00% | 9.49 | 9.49 | 365 | 3469 | 5.66% | 5.66% | 3.76% |
|  | 2022 | 3/29/2022 | 0.00% | 0.00% | 8.98 | 8.98 | 161 | 1450 | -7.34% | -7.34% | 1.90% |
| LVIP JPMorgan High Yield Fund - Service Class | 2025 |  | 0.00% | 0.00% | 12.04 | 12.04 | 1232 | 14834 | 8.60% | 8.60% | 7.34% |
|  | 2024 |  | 0.00% | 0.00% | 11.09 | 11.09 | 780 | 8652 | 7.81% | 7.81% | 10.79% |
|  | 2023 |  | 0.00% | 0.00% | 10.28 | 10.28 | 464 | 4768 | 11.49% | 11.49% | 7.46% |
|  | 2022 | 3/29/2022 | 0.00% | 0.00% | 9.22 | 9.22 | 135 | 1243 | -6.61% | -6.61% | 5.28% |
| LVIP JPMorgan High Yield Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 13.10 | 23.55 | 8076839 | 120580645 | 7.88% | 8.85% | 6.57% |
|  | 2024 |  | 0.00% | 0.90% | 12.14 | 21.65 | 7512012 | 105136228 | 7.12% | 8.09% | 7.37% |
|  | 2023 |  | 0.00% | 0.90% | 11.34 | 20.05 | 6666508 | 89339535 | 10.76% | 11.76% | 4.95% |
|  | 2022 |  | 0.00% | 0.90% | 10.23 | 17.96 | 6058117 | 76031636 | -11.04% | -10.23% | 5.65% |
|  | 2021 |  | 0.00% | 0.90% | 11.50 | 20.03 | 6132552 | 87838239 | 5.48% | 6.43% | 4.74% |
| LVIP JPMorgan Retirement Income Fund - Standard Class | 2025 |  | 0.00% | 0.20% | 12.39 | 17.96 | 59543 | 869787 | 11.88% | 12.10% | 3.43% |
|  | 2024 |  | 0.00% | 0.20% | 11.05 | 16.05 | 50963 | 660114 | 7.75% | 7.96% | 3.72% |
|  | 2023 |  | 0.20% | 0.20% | 13.06 | 14.90 | 37463 | 485272 | 11.38% | 11.38% | 3.78% |
|  | 2022 | 6/10/2022 | 0.20% | 0.35% | 11.73 | 17.50 | 33476 | 402308 | -1.54% | -1.46% | 2.13% |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 2025 |  | 0.10% | 0.90% | 16.13 | 36.87 | 1306343 | 22259787 | 0.60% | 1.41% | 1.18% |
|  | 2024 |  | 0.10% | 0.90% | 15.92 | 36.38 | 1177512 | 20275373 | 14.40% | 15.32% | 1.35% |
|  | 2023 |  | 0.10% | 0.90% | 13.82 | 31.56 | 1113727 | 18475998 | 11.07% | 11.96% | 1.60% |
|  | 2022 |  | 0.10% | 0.90% | 12.36 | 28.20 | 963541 | 16008271 | -9.98% | -9.26% | 1.34% |
|  | 2021 |  | 0.10% | 0.90% | 14.25 | 31.09 | 1035388 | 19815893 | 27.91% | 28.95% | 1.00% |
| LVIP JPMorgan Short Duration Bond Fund - Service Class | 2023 |  | 0.00% | 0.00% | 10.16 | 10.16 | 391 | 3971 | 4.68% | 4.68% | 3.73% |
|  | 2022 | 3/29/2022 | 0.00% | 0.00% | 9.70 | 9.70 | 171 | 1656 | -1.51% | -1.51% | 2.04% |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 11.07 | 15.43 | 10411253 | 124213985 | 4.24% | 5.19% | 4.20% |
|  | 2024 |  | 0.00% | 0.90% | 10.62 | 14.69 | 9633622 | 110179261 | 3.36% | 4.30% | 4.06% |
|  | 2023 |  | 0.00% | 0.90% | 10.28 | 14.09 | 9192591 | 101344177 | 4.05% | 5.00% | 3.79% |
|  | 2022 |  | 0.00% | 0.90% | 9.88 | 13.44 | 8084921 | 85446064 | -4.98% | -4.12% | 2.47% |
|  | 2021 |  | 0.00% | 0.90% | 10.39 | 14.03 | 8674003 | 96496639 | -1.56% | -0.67% | 1.79% |
| LVIP Loomis Sayles Global Growth Fund - Standard Class | 2025 |  | 0.00% | 0.00% | 14.38 | 14.38 | 202746 | 2915244 | 17.59% | 17.59% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 12.23 | 12.23 | 153762 | 1880224 | 22.73% | 22.73% | 0.03% |
|  | 2023 |  | 0.00% | 0.00% | 9.96 | 9.96 | 102860 | 1024810 | 36.85% | 36.85% | 0.52% |
|  | 2022 |  | 0.00% | 0.00% | 7.28 | 7.28 | 69672 | 507238 | -25.74% | -25.74% | 0.52% |
|  | 2021 | 4/27/2021 | 0.00% | 0.00% | 9.80 | 9.80 | 21633 | 212086 | -1.59% | -1.59% | 0.00% |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 2025 |  | 0.00% | 0.00% |  |  |  |  | 0.00% | 0.00% | 3.18% |
|  | 2024 |  | 0.10% | 0.90% | 13.68 | 25.72 | 172021 | 2651406 | 7.21% | 8.07% | 2.87% |
|  | 2023 |  | 0.10% | 0.90% | 12.67 | 23.99 | 169060 | 2491072 | 8.92% | 9.80% | 2.73% |
|  | 2022 |  | 0.10% | 0.90% | 11.55 | 24.75 | 186254 | 2516845 | -12.00% | -11.30% | 2.18% |
|  | 2021 |  | 0.10% | 0.90% | 13.03 | 28.13 | 196701 | 3104915 | 10.78% | 11.67% | 2.09% |
| LVIP MFS International Growth Fund - Service Class | 2025 |  | 0.00% | 0.00% | 13.80 | 13.80 | 5058 | 69817 | 18.81% | 18.81% | 1.51% |
|  | 2024 |  | 0.00% | 0.00% | 11.62 | 11.62 | 3210 | 37294 | 7.83% | 7.83% | 1.67% |
|  | 2023 |  | 0.00% | 0.00% | 10.77 | 10.77 | 1545 | 16649 | 14.42% | 14.42% | 2.87% |
|  | 2022 | 3/29/2022 | 0.00% | 0.00% | 9.42 | 9.42 | 221 | 2085 | -8.27% | -8.27% | 0.86% |
| LVIP MFS International Growth Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 17.29 | 34.56 | 7218685 | 148188716 | 18.04% | 19.11% | 1.62% |
|  | 2024 |  | 0.00% | 0.90% | 14.65 | 29.06 | 7004717 | 123301188 | 7.13% | 8.10% | 1.63% |
|  | 2023 |  | 0.00% | 0.90% | 13.67 | 26.92 | 6315785 | 106189487 | 13.69% | 14.71% | 2.26% |
|  | 2022 |  | 0.00% | 0.90% | 12.03 | 23.50 | 5347237 | 83285205 | -15.05% | -14.29% | 1.11% |
|  | 2021 |  | 0.00% | 0.90% | 14.16 | 28.11 | 4951750 | 94070214 | 10.24% | 11.24% | 0.76% |
| LVIP MFS Value Fund - Service Class | 2025 |  | 0.00% | 0.00% | 13.54 | 13.54 | 7704 | 104310 | 12.78% | 12.78% | 1.79% |
|  | 2024 |  | 0.00% | 0.00% | 12.01 | 12.01 | 4364 | 52391 | 11.57% | 11.57% | 1.93% |
|  | 2023 | 3/21/2023 | 0.00% | 0.00% | 10.76 | 10.76 | 1153 | 12408 | 11.58% | 11.58% | 3.63% |
| LVIP MFS Value Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 18.04 | 53.19 | 16054006 | 362911982 | 12.05% | 13.06% | 1.78% |
|  | 2024 |  | 0.00% | 0.90% | 16.10 | 47.12 | 14629615 | 305497058 | 10.84% | 11.84% | 1.78% |
|  | 2023 |  | 0.00% | 0.90% | 14.53 | 42.19 | 13203748 | 259774191 | 7.10% | 8.07% | 1.92% |
|  | 2022 |  | 0.00% | 0.90% | 13.56 | 39.10 | 10600333 | 209568210 | -6.92% | -6.07% | 1.88% |
|  | 2021 |  | 0.00% | 0.90% | 14.57 | 41.69 | 9826036 | 220312448 | 24.34% | 25.46% | 1.45% |
| LVIP Mondrian Global Income Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 8.85 | 12.77 | 3035430 | 29353680 | 5.44% | 6.39% | 0.53% |
|  | 2024 |  | 0.00% | 0.90% | 8.39 | 12.02 | 2784408 | 25551022 | -6.00% | -5.15% | 2.35% |
|  | 2023 |  | 0.00% | 0.90% | 8.93 | 12.68 | 2361093 | 22989547 | 3.09% | 4.02% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 8.66 | 12.21 | 1971230 | 18555017 | -15.89% | -15.13% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 10.30 | 14.40 | 1871489 | 20975396 | -5.94% | -5.09% | 3.38% |
| LVIP Mondrian International Value Fund - Service Class | 2025 |  | 0.00% | 0.00% | 15.20 | 15.20 | 3905 | 59355 | 36.05% | 36.05% | 4.11% |
|  | 2024 |  | 0.00% | 0.00% | 11.17 | 11.17 | 2676 | 29901 | 4.43% | 4.43% | 3.52% |
|  | 2023 |  | 0.00% | 0.00% | 10.70 | 10.70 | 1310 | 14018 | 19.81% | 19.81% | 4.83% |
|  | 2022 | 3/29/2022 | 0.00% | 0.00% | 8.93 | 8.93 | 234 | 2089 | -10.58% | -10.58% | 2.73% |
| LVIP Mondrian International Value Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 16.35 | 37.39 | 4061014 | 73541149 | 35.16% | 36.38% | 4.06% |
|  | 2024 |  | 0.00% | 0.90% | 12.01 | 27.66 | 4338533 | 58534726 | 3.76% | 4.70% | 3.23% |
|  | 2023 |  | 0.00% | 0.90% | 11.50 | 26.66 | 4089454 | 54394228 | 19.04% | 20.11% | 3.37% |
|  | 2022 |  | 0.00% | 0.90% | 9.59 | 22.40 | 4047983 | 47543221 | -11.56% | -10.75% | 2.89% |
|  | 2021 |  | 0.00% | 0.90% | 10.77 | 25.32 | 3922749 | 53379004 | 10.27% | 11.26% | 3.51% |
| LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class | 2025 |  | 0.15% | 0.90% | 19.80 | 23.91 | 54161 | 1210378 | 14.77% | 15.63% | 1.09% |
|  | 2024 |  | 0.15% | 0.90% | 17.13 | 20.68 | 58355 | 1145972 | 15.80% | 16.67% | 1.40% |
|  | 2023 |  | 0.15% | 0.90% | 14.69 | 17.72 | 50171 | 853561 | 24.88% | 25.82% | 1.46% |
|  | 2022 |  | 0.15% | 0.90% | 11.68 | 14.09 | 36198 | 488244 | -18.67% | -18.05% | 1.74% |
|  | 2021 |  | 0.15% | 0.90% | 14.26 | 17.19 | 34744 | 573422 | 14.86% | 15.72% | 1.90% |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 11.49 | 13.75 | 3885796 | 46834581 | 3.83% | 4.76% | 4.18% |
|  | 2024 |  | 0.00% | 0.90% | 11.06 | 13.14 | 3756526 | 43456895 | 5.12% | 6.07% | 5.06% |
|  | 2023 |  | 0.00% | 0.90% | 10.52 | 12.40 | 3540356 | 38924164 | 4.62% | 5.57% | 5.34% |
|  | 2022 |  | 0.00% | 0.90% | 10.06 | 11.76 | 3380458 | 35513669 | -0.80% | 0.10% | 2.29% |
|  | 2021 |  | 0.00% | 0.90% | 10.14 | 11.76 | 3599457 | 38191510 | -0.50% | 0.40% | 1.24% |
| LVIP Nomura High Yield Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 13.90 | 40.65 | 1233777 | 19362310 | 8.28% | 9.26% | 6.04% |
|  | 2024 |  | 0.10% | 0.90% | 12.75 | 37.54 | 1287061 | 18785593 | 5.71% | 6.56% | 6.25% |
|  | 2023 |  | 0.10% | 0.90% | 11.98 | 35.52 | 1333621 | 18813525 | 11.66% | 12.55% | 6.83% |
|  | 2022 |  | 0.10% | 0.90% | 11.12 | 31.81 | 1306159 | 16829699 | -12.20% | -11.50% | 6.06% |
|  | 2021 |  | 0.10% | 1.00% | 12.57 | 36.96 | 1342362 | 20667499 | 3.88% | 4.82% | 9.71% |
| LVIP Nomura Mid Cap Value Fund - Service Class | 2025 |  | 0.00% | 0.00% | 13.37 | 13.37 | 3456 | 46206 | 12.95% | 12.95% | 1.35% |
|  | 2024 |  | 0.00% | 0.00% | 11.84 | 11.84 | 2174 | 25726 | 14.42% | 14.42% | 1.36% |
|  | 2023 |  | 0.00% | 0.00% | 10.34 | 10.34 | 905 | 9366 | 10.86% | 10.86% | 3.63% |
|  | 2022 | 3/28/2022 | 0.00% | 0.00% | 9.33 | 9.33 | 62 | 581 | -8.33% | -8.33% | 2.21% |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 18.55 | 60.47 | 2298898 | 50569523 | 12.33% | 13.35% | 1.50% |
|  | 2024 |  | 0.00% | 0.90% | 16.52 | 53.43 | 2129275 | 42630855 | 13.79% | 14.82% | 1.44% |
|  | 2023 |  | 0.00% | 0.90% | 14.51 | 46.60 | 1980535 | 36657603 | 10.25% | 11.24% | 1.79% |
|  | 2022 |  | 0.00% | 0.90% | 13.12 | 41.95 | 1589596 | 29175303 | -9.69% | -8.87% | 1.64% |
|  | 2021 |  | 0.00% | 0.90% | 14.58 | 46.11 | 1319701 | 28528586 | 30.73% | 31.91% | 1.44% |
| LVIP Nomura SMID Cap Core Fund - Service Class | 2025 |  | 0.00% | 0.00% | 13.08 | 13.08 | 264 | 3448 | 8.53% | 8.53% | 0.40% |
|  | 2024 |  | 0.00% | 0.00% | 12.06 | 12.06 | 142 | 1709 | 14.38% | 14.38% | 0.48% |
|  | 2023 | 7/13/2023 | 0.00% | 0.00% | 10.54 | 10.54 | 23 | 245 | 4.30% | 4.30% | 1.18% |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 18.29 | 82.42 | 5395303 | 120140181 | 7.88% | 8.85% | 0.58% |
|  | 2024 |  | 0.00% | 0.90% | 16.95 | 76.14 | 5190635 | 109732750 | 13.70% | 14.73% | 0.61% |
|  | 2023 |  | 0.00% | 0.90% | 14.91 | 66.73 | 5017739 | 99921726 | 15.41% | 16.45% | 1.16% |
|  | 2022 |  | 0.00% | 0.90% | 12.86 | 57.62 | 4542032 | 83352840 | -14.50% | -13.73% | 0.44% |
|  | 2021 |  | 0.00% | 1.00% | 14.94 | 82.15 | 4665565 | 103305570 | 21.95% | 23.18% | 0.95% |
| LVIP Nomura Social Awareness Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 24.16 | 77.08 | 729553 | 21604256 | 14.03% | 15.06% | 0.74% |
|  | 2024 |  | 0.00% | 0.90% | 21.19 | 67.09 | 721268 | 19101209 | 19.98% | 21.07% | 0.86% |
|  | 2023 |  | 0.00% | 0.90% | 17.66 | 58.50 | 631188 | 15690508 | 29.01% | 30.17% | 1.05% |
|  | 2022 |  | 0.00% | 0.90% | 13.69 | 45.34 | 596074 | 12207463 | -20.43% | -19.71% | 1.19% |
|  | 2021 |  | 0.00% | 0.90% | 17.20 | 63.51 | 547515 | 14793916 | 25.30% | 26.43% | 0.87% |
| LVIP Nomura U.S. Growth Fund - Service Class | 2025 |  | 0.00% | 0.00% | 19.85 | 19.85 | 444 | 8820 | 22.24% | 22.24% | 0.00% |
|  | 2024 | 7/30/2024 | 0.00% | 0.00% | 16.24 | 16.24 | 119 | 1937 | 16.00% | 16.00% | 0.00% |
| LVIP Nomura U.S. Growth Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 32.04 | 115.94 | 1596501 | 70311054 | 21.51% | 22.61% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 26.37 | 94.71 | 1731689 | 66104252 | 32.87% | 34.07% | 0.00% |
|  | 2023 |  | 0.00% | 0.90% | 19.85 | 70.75 | 1676623 | 53669250 | 47.02% | 48.35% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 13.50 | 47.76 | 1656957 | 39750640 | -28.31% | -27.66% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 18.83 | 66.12 | 1457353 | 52077504 | 17.04% | 18.10% | 0.00% |
| LVIP Nomura U.S. REIT Fund - Service Class | 2025 |  | 0.00% | 0.00% | 10.14 | 10.14 | 3347 | 33943 | 0.72% | 0.72% | 3.07% |
|  | 2024 |  | 0.00% | 0.00% | 10.07 | 10.07 | 1230 | 12388 | 7.55% | 7.55% | 3.93% |
|  | 2023 |  | 0.00% | 0.00% | 9.36 | 9.36 | 357 | 3342 | 12.24% | 12.24% | 4.55% |
|  | 2022 | 7/12/2022 | 0.00% | 0.00% | 8.34 | 8.34 | 164 | 1369 | -5.37% | -5.37% | 3.10% |
| LVIP Nomura U.S. REIT Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 12.09 | 45.71 | 5670450 | 86408443 | 0.11% | 1.02% | 3.11% |
|  | 2024 |  | 0.00% | 0.90% | 12.08 | 45.29 | 5098398 | 80139660 | 6.91% | 7.87% | 3.17% |
|  | 2023 |  | 0.00% | 0.90% | 11.30 | 42.03 | 5056824 | 76642059 | 11.57% | 12.58% | 3.60% |
|  | 2022 |  | 0.00% | 0.90% | 10.13 | 37.37 | 4610785 | 65165135 | -25.97% | -25.30% | 3.32% |
|  | 2021 |  | 0.00% | 0.90% | 13.68 | 80.65 | 4347590 | 86319814 | 41.79% | 43.07% | 3.05% |
| LVIP PIMCO Low Duration Bond Fund - Standard Class | 2025 |  | 0.00% | 0.00% | 10.97 | 10.97 | 1235409 | 13547271 | 5.47% | 5.47% | 4.44% |
|  | 2024 |  | 0.00% | 0.00% | 10.40 | 10.40 | 885838 | 9210420 | 5.13% | 5.13% | 5.51% |
|  | 2023 |  | 0.00% | 0.00% | 9.89 | 9.89 | 569359 | 5630989 | 4.87% | 4.87% | 4.28% |
|  | 2022 |  | 0.00% | 0.00% | 9.43 | 9.43 | 343394 | 3238388 | -4.88% | -4.88% | 3.21% |
|  | 2021 | 3/10/2021 | 0.00% | 0.00% | 9.91 | 9.91 | 112838 | 1118667 | -0.59% | -0.59% | 4.19% |
| LVIP SSGA Bond Index Fund - Service Class | 2025 |  | 0.00% | 0.00% | 10.07 | 10.07 | 33077 | 333023 | 6.53% | 6.53% | 3.78% |
|  | 2024 |  | 0.00% | 0.00% | 9.45 | 9.45 | 22048 | 208362 | 0.80% | 0.80% | 4.00% |
|  | 2023 |  | 0.00% | 0.00% | 9.38 | 9.38 | 11162 | 104649 | 5.03% | 5.03% | 4.97% |
|  | 2022 | 3/29/2022 | 0.00% | 0.00% | 8.93 | 8.93 | 1886 | 16836 | -7.77% | -7.77% | 4.12% |
| LVIP SSGA Bond Index Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 10.23 | 15.30 | 14736843 | 163202497 | 5.84% | 6.80% | 3.63% |
|  | 2024 |  | 0.00% | 0.90% | 9.66 | 14.34 | 12738436 | 133294271 | 0.15% | 1.05% | 3.63% |
|  | 2023 |  | 0.00% | 0.90% | 9.65 | 14.20 | 10880890 | 113741773 | 4.35% | 5.30% | 2.90% |
|  | 2022 |  | 0.00% | 0.90% | 9.25 | 13.50 | 9944453 | 99648170 | -14.22% | -13.44% | 2.17% |
|  | 2021 |  | 0.00% | 0.90% | 10.78 | 15.62 | 9839954 | 114996759 | -2.86% | -1.98% | 2.03% |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 13.73 | 22.18 | 2874824 | 43819987 | 11.79% | 12.80% | 2.78% |
|  | 2024 |  | 0.00% | 0.90% | 12.28 | 19.82 | 2839178 | 38996268 | 4.99% | 5.94% | 2.85% |
|  | 2023 |  | 0.00% | 0.90% | 11.70 | 18.73 | 2780630 | 36672253 | 9.74% | 10.73% | 2.48% |
|  | 2022 |  | 0.00% | 0.90% | 10.66 | 16.93 | 2691968 | 33226472 | -15.51% | -14.75% | 2.76% |
|  | 2021 |  | 0.00% | 0.90% | 12.61 | 19.88 | 2604936 | 38454913 | 5.42% | 6.37% | 2.22% |
| LVIP SSGA Emerging Markets Equity Index Fund - Service Class | 2025 |  | 0.00% | 0.00% | 12.77 | 12.77 | 5227 | 66762 | 33.15% | 33.15% | 3.28% |
|  | 2024 |  | 0.00% | 0.00% | 9.59 | 9.59 | 4064 | 38979 | 6.54% | 6.54% | 3.04% |
|  | 2023 |  | 0.00% | 0.00% | 9.00 | 9.00 | 2206 | 19861 | 8.56% | 8.56% | 6.03% |
|  | 2022 | 8/8/2022 | 0.00% | 0.00% | 8.29 | 8.29 | 325 | 2699 | -4.11% | -4.11% | 3.29% |
| LVIP SSGA Emerging Markets Equity Index Fund - Standard Class | 2025 |  | 0.00% | 0.00% | 10.54 | 10.54 | 214814 | 2264220 | 33.48% | 33.48% | 3.34% |
|  | 2024 |  | 0.00% | 0.00% | 7.90 | 7.90 | 189082 | 1493070 | 6.80% | 6.80% | 3.14% |
|  | 2023 |  | 0.00% | 0.00% | 7.39 | 7.39 | 128976 | 953602 | 8.83% | 8.83% | 4.00% |
|  | 2022 |  | 0.00% | 0.00% | 6.79 | 6.79 | 90353 | 613818 | -21.19% | -21.19% | 3.84% |
|  | 2021 | 3/25/2021 | 0.00% | 0.00% | 8.62 | 8.62 | 43095 | 371471 | -3.36% | -3.36% | 4.67% |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 15.43 | 26.16 | 1576118 | 25672344 | 13.35% | 14.37% | 2.60% |
|  | 2024 |  | 0.10% | 0.90% | 13.52 | 22.90 | 1588139 | 22984710 | 8.98% | 9.86% | 2.98% |
|  | 2023 |  | 0.10% | 0.90% | 12.32 | 20.86 | 1751433 | 23990868 | 12.49% | 13.39% | 2.52% |
|  | 2022 |  | 0.10% | 0.90% | 10.87 | 18.40 | 1696949 | 22139305 | -15.09% | -14.41% | 3.78% |
|  | 2021 |  | 0.10% | 0.90% | 12.72 | 21.51 | 1744015 | 27812059 | 11.57% | 12.47% | 5.17% |
| LVIP SSGA International Index Fund - Service Class | 2025 |  | 0.00% | 0.00% | 14.46 | 14.46 | 21015 | 303849 | 30.85% | 30.85% | 3.61% |
|  | 2024 |  | 0.00% | 0.00% | 11.05 | 11.05 | 15902 | 175712 | 2.97% | 2.97% | 3.66% |
|  | 2023 |  | 0.00% | 0.00% | 10.73 | 10.73 | 8831 | 94774 | 17.27% | 17.27% | 5.55% |
|  | 2022 | 3/28/2022 | 0.00% | 0.00% | 9.15 | 9.15 | 1820 | 16659 | -8.08% | -8.08% | 9.16% |
| LVIP SSGA International Index Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 16.51 | 27.85 | 8936222 | 163477642 | 30.01% | 31.18% | 3.53% |
|  | 2024 |  | 0.00% | 0.90% | 12.61 | 21.27 | 8853975 | 123908735 | 2.29% | 3.22% | 3.46% |
|  | 2023 |  | 0.00% | 0.90% | 12.24 | 20.63 | 7695006 | 108459844 | 16.52% | 17.57% | 3.32% |
|  | 2022 |  | 0.00% | 0.90% | 10.43 | 17.58 | 7233360 | 89742002 | -15.09% | -14.32% | 4.85% |
|  | 2021 |  | 0.00% | 0.90% | 12.99 | 21.11 | 5956709 | 88366223 | 10.06% | 11.06% | 2.80% |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 2025 |  | 0.15% | 0.90% | 13.83 | 16.82 | 1097802 | 15660794 | 23.88% | 24.82% | 3.24% |
|  | 2024 |  | 0.15% | 0.90% | 10.79 | 13.48 | 1169790 | 13357122 | 1.86% | 2.62% | 3.16% |
|  | 2023 |  | 0.10% | 0.90% | 10.56 | 13.14 | 1141634 | 12675646 | 16.39% | 17.33% | 3.01% |
|  | 2022 |  | 0.10% | 0.90% | 9.04 | 11.21 | 1226194 | 11530248 | -17.57% | -16.91% | 4.24% |
|  | 2021 |  | 0.10% | 0.90% | 10.94 | 13.51 | 1210372 | 13779724 | 9.77% | 10.65% | 2.32% |
| LVIP SSGA Mid-Cap Index Fund - Service Class | 2025 |  | 0.00% | 0.00% | 12.91 | 12.91 | 11938 | 154174 | 6.87% | 6.87% | 1.15% |
|  | 2024 |  | 0.00% | 0.00% | 12.08 | 12.08 | 7940 | 95947 | 13.27% | 13.27% | 1.25% |
|  | 2023 |  | 0.00% | 0.00% | 10.67 | 10.67 | 4688 | 50009 | 15.75% | 15.75% | 2.20% |
|  | 2022 | 3/29/2022 | 0.00% | 0.00% | 9.22 | 9.22 | 963 | 8875 | -11.63% | -11.63% | 2.28% |
| LVIP SSGA Mid-Cap Index Fund - Standard Class | 2025 |  | 0.00% | 0.00% | 13.80 | 13.80 | 1043038 | 14394121 | 7.13% | 7.13% | 1.53% |
|  | 2024 |  | 0.00% | 0.00% | 12.88 | 12.88 | 534576 | 6886053 | 13.55% | 13.55% | 1.57% |
|  | 2023 |  | 0.00% | 0.00% | 11.34 | 11.34 | 338566 | 3840810 | 16.05% | 16.05% | 1.86% |
|  | 2022 |  | 0.00% | 0.00% | 9.78 | 9.78 | 185607 | 1814403 | -13.40% | -13.40% | 2.18% |
|  | 2021 | 3/10/2021 | 0.00% | 0.00% | 11.29 | 11.29 | 70313 | 793683 | 10.89% | 10.89% | 2.30% |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 15.67 | 28.55 | 13635651 | 241064085 | 14.60% | 15.64% | 2.49% |
|  | 2024 |  | 0.00% | 0.90% | 13.67 | 24.71 | 13466798 | 209903469 | 7.40% | 8.37% | 2.62% |
|  | 2023 |  | 0.00% | 0.90% | 12.73 | 22.82 | 13015610 | 193989703 | 12.55% | 13.57% | 2.38% |
|  | 2022 |  | 0.00% | 0.90% | 11.31 | 20.12 | 12645055 | 170538214 | -16.17% | -15.41% | 2.89% |
|  | 2021 |  | 0.00% | 0.90% | 13.49 | 23.81 | 11904010 | 193791864 | 9.40% | 10.39% | 2.26% |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class | 2023 | 5/22/2023 | 0.00% | 0.00% | 10.20 | 10.20 | 2465 | 25147 | 7.92% | 7.92% | 1.88% |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 16.47 | 31.10 | 14951534 | 281635617 | 16.38% | 17.43% | 2.38% |
|  | 2024 |  | 0.00% | 0.90% | 14.15 | 26.51 | 14646457 | 240223773 | 8.29% | 9.26% | 2.56% |
|  | 2023 |  | 0.00% | 0.90% | 13.07 | 24.29 | 13861060 | 214336645 | 13.79% | 14.82% | 2.24% |
|  | 2022 |  | 0.00% | 0.90% | 11.48 | 21.17 | 13021550 | 183999831 | -16.63% | -15.88% | 2.68% |
|  | 2021 |  | 0.00% | 0.90% | 13.77 | 25.19 | 12154189 | 208204286 | 10.37% | 11.37% | 2.21% |
| LVIP SSGA Nasdaq-100 Index Fund - Service Class | 2025 |  | 0.00% | 0.00% | 17.80 | 17.80 | 3010 | 53562 | 20.20% | 20.20% | 0.06% |
|  | 2024 |  | 0.00% | 0.00% | 14.81 | 14.81 | 2860 | 42349 | 24.94% | 24.94% | 0.42% |
|  | 2023 |  | 0.00% | 0.00% | 11.85 | 11.85 | 786 | 9313 | 54.11% | 54.11% | 1.04% |
|  | 2022 | 8/30/2022 | 0.00% | 0.00% | 7.69 | 7.69 | 7 | 55 | -11.33% | -11.33% | 0.00% |
| LVIP SSGA S&P 500 Index Fund - Service Class | 2025 |  | 0.00% | 0.00% | 16.26 | 16.26 | 66062 | 1074156 | 17.30% | 17.30% | 0.96% |
|  | 2024 |  | 0.00% | 0.00% | 13.86 | 13.86 | 47296 | 655607 | 24.42% | 24.42% | 1.16% |
|  | 2023 |  | 0.00% | 0.00% | 11.14 | 11.14 | 27615 | 307668 | 25.70% | 25.70% | 2.21% |
|  | 2022 | 3/28/2022 | 0.00% | 0.00% | 8.86 | 8.86 | 6151 | 54516 | -15.34% | -15.34% | 2.29% |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 25.06 | 85.04 | 73275487 | 2261754469 | 16.54% | 17.60% | 1.08% |
|  | 2024 |  | 0.00% | 0.90% | 21.50 | 72.42 | 69876858 | 1902586327 | 23.61% | 24.73% | 1.20% |
|  | 2023 |  | 0.00% | 0.90% | 17.40 | 58.15 | 66178238 | 1520757593 | 24.88% | 26.01% | 1.53% |
|  | 2022 |  | 0.00% | 0.90% | 13.93 | 46.22 | 60449046 | 1165635377 | -19.04% | -18.31% | 1.58% |
|  | 2021 |  | 0.00% | 0.90% | 17.21 | 56.66 | 51628003 | 1290396332 | 27.27% | 28.42% | 1.33% |
| LVIP SSGA Short-Term Bond Index Fund - Standard Class | 2025 |  | 0.00% | 0.00% | 11.17 | 11.17 | 501126 | 5598808 | 5.52% | 5.52% | 4.84% |
|  | 2024 |  | 0.00% | 0.00% | 10.59 | 10.59 | 357817 | 3788711 | 4.88% | 4.88% | 5.97% |
|  | 2023 |  | 0.00% | 0.00% | 10.10 | 10.10 | 207513 | 2094903 | 5.17% | 5.17% | 3.96% |
|  | 2022 |  | 0.00% | 0.00% | 9.60 | 9.60 | 110300 | 1058763 | -3.45% | -3.45% | 2.30% |
|  | 2021 | 3/10/2021 | 0.00% | 0.00% | 9.94 | 9.94 | 19957 | 198414 | -0.28% | -0.28% | 2.28% |
| LVIP SSGA Small-Cap Index Fund - Service Class | 2025 |  | 0.00% | 0.00% | 12.52 | 12.52 | 8006 | 100222 | 12.18% | 12.18% | 1.00% |
|  | 2024 |  | 0.00% | 0.00% | 11.16 | 11.16 | 5720 | 63828 | 10.87% | 10.87% | 1.95% |
|  | 2023 |  | 0.00% | 0.00% | 10.06 | 10.06 | 3543 | 35663 | 16.21% | 16.21% | 1.86% |
|  | 2022 | 3/29/2022 | 0.00% | 0.00% | 8.66 | 8.66 | 657 | 5690 | -16.92% | -16.92% | 1.50% |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 16.38 | 48.76 | 11015255 | 209445794 | 11.45% | 12.46% | 1.12% |
|  | 2024 |  | 0.00% | 0.90% | 14.66 | 43.42 | 10201783 | 177624503 | 10.15% | 11.14% | 1.87% |
|  | 2023 |  | 0.00% | 0.90% | 13.22 | 39.13 | 9461120 | 158985613 | 15.46% | 16.50% | 1.38% |
|  | 2022 |  | 0.00% | 0.90% | 11.37 | 33.64 | 7936882 | 121447661 | -21.49% | -20.78% | 1.27% |
|  | 2021 |  | 0.00% | 0.90% | 14.38 | 42.53 | 6492540 | 131896485 | 13.53% | 14.56% | 0.90% |
| LVIP Structured Conservative Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 13.85 | 22.06 | 1230218 | 18638207 | 12.71% | 13.72% | 2.88% |
|  | 2024 |  | 0.00% | 0.90% | 12.29 | 19.42 | 1247299 | 17113846 | 5.50% | 6.46% | 3.32% |
|  | 2023 |  | 0.00% | 0.90% | 11.65 | 18.27 | 1227141 | 16032053 | 9.28% | 10.27% | 2.74% |
|  | 2022 |  | 0.00% | 0.90% | 10.66 | 16.60 | 1153994 | 14312831 | -14.07% | -13.30% | 3.92% |
|  | 2021 |  | 0.00% | 0.90% | 12.40 | 19.17 | 1108367 | 16243061 | 6.46% | 7.42% | 3.73% |
| LVIP Structured Moderate Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 16.00 | 28.60 | 7482189 | 133233305 | 16.23% | 17.28% | 2.72% |
|  | 2024 |  | 0.00% | 0.90% | 13.77 | 24.41 | 7319603 | 113181632 | 8.43% | 9.41% | 3.70% |
|  | 2023 |  | 0.00% | 0.90% | 12.70 | 22.34 | 7061813 | 103528887 | 12.08% | 13.09% | 2.65% |
|  | 2022 |  | 0.00% | 0.90% | 11.33 | 19.77 | 6843607 | 94799649 | -13.93% | -13.15% | 4.68% |
|  | 2021 |  | 0.00% | 0.90% | 13.16 | 22.66 | 6571767 | 107730500 | 11.15% | 12.15% | 4.85% |
| LVIP Structured Moderately Aggressive Allocation Fund - Service Class | 2022 | 6/1/2022 | 0.00% | 0.00% | 9.02 | 9.02 | 1475 | 13298 | -5.12% | -5.12% | 8.53% |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 16.85 | 31.54 | 6073171 | 116840982 | 18.26% | 19.33% | 2.59% |
|  | 2024 |  | 0.00% | 0.90% | 14.25 | 26.46 | 6023439 | 100020036 | 9.49% | 10.48% | 3.40% |
|  | 2023 |  | 0.00% | 0.90% | 13.01 | 23.98 | 5723953 | 90407272 | 13.25% | 14.27% | 2.61% |
|  | 2022 |  | 0.00% | 0.90% | 11.49 | 21.00 | 5438547 | 79162541 | -13.91% | -13.13% | 4.93% |
|  | 2021 |  | 0.00% | 0.90% | 13.35 | 24.20 | 5203401 | 90408942 | 12.66% | 13.68% | 5.24% |
| LVIP T. Rowe Price 2010 Fund - Standard Class | 2022 |  | 0.00% | 0.00% |  |  |  |  | 0.00% | 0.00% | 0.20% |
|  | 2021 |  | 0.20% | 0.35% | 13.44 | 20.09 | 28223 | 498660 | 8.23% | 8.40% | 2.61% |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 12.62 | 24.05 | 93302 | 1534267 | 12.00% | 13.02% | 3.04% |
|  | 2024 |  | 0.00% | 0.90% | 11.17 | 21.30 | 93125 | 1349420 | 7.84% | 8.81% | 2.72% |
|  | 2023 |  | 0.00% | 0.90% | 10.27 | 19.59 | 95873 | 1274427 | 12.52% | 13.54% | 2.73% |
|  | 2022 |  | 0.00% | 0.90% | 9.04 | 17.28 | 79308 | 974241 | -15.94% | -15.18% | 2.78% |
|  | 2021 |  | 0.00% | 0.90% | 13.85 | 21.44 | 91774 | 1354121 | 9.24% | 10.12% | 2.60% |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 2025 |  | 0.00% | 0.20% | 13.30 | 25.82 | 559140 | 8611671 | 14.76% | 14.99% | 2.83% |
|  | 2024 |  | 0.00% | 0.90% | 11.57 | 22.48 | 463828 | 6153664 | 9.44% | 10.43% | 2.33% |
|  | 2023 |  | 0.00% | 0.90% | 10.47 | 20.38 | 400468 | 4983041 | 15.10% | 16.14% | 2.39% |
|  | 2022 |  | 0.00% | 0.90% | 9.02 | 17.56 | 317319 | 3630402 | -17.62% | -16.87% | 2.53% |
|  | 2021 |  | 0.00% | 0.90% | 14.60 | 31.88 | 224891 | 3435021 | 12.58% | 13.48% | 2.55% |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 14.45 | 28.10 | 1059265 | 16469576 | 17.08% | 18.14% | 1.78% |
|  | 2024 |  | 0.00% | 0.90% | 12.23 | 23.81 | 927033 | 12396046 | 12.03% | 13.04% | 2.03% |
|  | 2023 |  | 0.00% | 0.90% | 10.82 | 21.08 | 759019 | 9386376 | 18.12% | 19.19% | 1.93% |
|  | 2022 |  | 0.00% | 0.90% | 9.08 | 17.71 | 594578 | 6508444 | -18.48% | -17.74% | 2.07% |
|  | 2021 |  | 0.00% | 0.90% | 15.26 | 35.22 | 390220 | 6069336 | 15.88% | 16.81% | 3.25% |
| LVIP T. Rowe Price 2050 Fund - Standard Class | 2025 |  | 0.00% | 0.00% | 14.96 | 14.96 | 1087292 | 16271061 | 19.64% | 19.64% | 1.73% |
|  | 2024 |  | 0.00% | 0.00% | 12.51 | 12.51 | 810982 | 10143475 | 14.20% | 14.20% | 1.68% |
|  | 2023 |  | 0.00% | 0.00% | 10.95 | 10.95 | 567935 | 6220308 | 20.30% | 20.30% | 1.94% |
|  | 2022 |  | 0.00% | 0.00% | 9.10 | 9.10 | 373181 | 3397516 | -17.95% | -17.95% | 2.97% |
|  | 2021 | 3/16/2021 | 0.00% | 0.00% | 11.10 | 11.10 | 86456 | 959249 | 10.85% | 10.85% | 7.31% |
| LVIP T. Rowe Price 2060 Fund - Standard Class | 2025 |  | 0.00% | 0.00% | 15.04 | 15.04 | 1948456 | 29295688 | 19.77% | 19.77% | 1.82% |
|  | 2024 |  | 0.00% | 0.00% | 12.55 | 12.55 | 1516463 | 19036991 | 14.27% | 14.27% | 1.88% |
|  | 2023 |  | 0.00% | 0.00% | 10.99 | 10.99 | 1057685 | 11619371 | 20.31% | 20.31% | 2.07% |
|  | 2022 |  | 0.00% | 0.00% | 9.13 | 9.13 | 639734 | 5841688 | -17.87% | -17.87% | 2.78% |
|  | 2021 | 3/24/2021 | 0.00% | 0.00% | 11.12 | 11.12 | 222740 | 2476399 | 13.99% | 13.99% | 4.47% |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class | 2025 |  | 0.00% | 0.00% | 14.46 | 14.46 | 3820 | 55223 | 10.76% | 10.76% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 13.05 | 13.05 | 2497 | 32586 | 23.36% | 23.36% | 0.11% |
|  | 2023 |  | 0.00% | 0.00% | 10.58 | 10.58 | 1155 | 12223 | 20.87% | 20.87% | 0.00% |
|  | 2022 | 3/28/2022 | 0.00% | 0.00% | 8.75 | 8.75 | 75 | 659 | -13.96% | -13.96% | 0.00% |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 20.42 | 80.80 | 5151263 | 135914872 | 10.05% | 11.04% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 18.56 | 72.87 | 4725820 | 118172420 | 22.56% | 23.67% | 0.32% |
|  | 2023 |  | 0.00% | 0.90% | 15.14 | 59.01 | 4596211 | 98082567 | 20.09% | 21.17% | 0.03% |
|  | 2022 |  | 0.00% | 0.90% | 12.61 | 50.53 | 3878711 | 75268534 | -25.20% | -24.52% | 0.02% |
|  | 2021 |  | 0.00% | 0.90% | 16.86 | 91.10 | 3323079 | 89842512 | 12.82% | 13.84% | 0.01% |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 14.78 | 18.03 | 780166 | 12512889 | 7.57% | 8.54% | 1.79% |
|  | 2024 |  | 0.00% | 0.90% | 13.74 | 16.64 | 769244 | 11464994 | 12.54% | 13.56% | 2.47% |
|  | 2023 |  | 0.00% | 0.90% | 12.21 | 14.67 | 780960 | 10324430 | 13.99% | 15.02% | 1.62% |
|  | 2022 |  | 0.00% | 0.90% | 10.71 | 12.78 | 783391 | 9093663 | -20.85% | -20.13% | 1.74% |
|  | 2021 |  | 0.00% | 0.90% | 13.53 | 16.02 | 708130 | 10410868 | 14.33% | 15.37% | 2.84% |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 10.14 | 12.72 | 16070379 | 175538711 | 5.37% | 6.33% | 3.70% |
|  | 2024 |  | 0.00% | 0.90% | 9.62 | 11.98 | 15029949 | 155433830 | 0.51% | 1.42% | 3.83% |
|  | 2023 |  | 0.00% | 0.90% | 9.58 | 11.82 | 13309542 | 136732480 | 5.05% | 6.00% | 3.52% |
|  | 2022 |  | 0.00% | 0.90% | 9.12 | 11.17 | 11487344 | 112172193 | -14.14% | -13.37% | 2.04% |
|  | 2021 |  | 0.00% | 0.90% | 10.62 | 12.90 | 11345954 | 129195901 | -2.17% | -1.29% | 1.52% |
| LVIP Vanguard Domestic Equity ETF Fund - Service Class | 2025 | 11/5/2025 | 0.00% | 0.00% | 15.63 | 15.63 | 84 | 1307 | 0.93% | 0.93% | 0.89% |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 23.67 | 57.04 | 11665611 | 347462489 | 15.43% | 16.47% | 1.02% |
|  | 2024 |  | 0.00% | 0.90% | 20.50 | 49.02 | 10821987 | 290795422 | 21.01% | 22.10% | 1.18% |
|  | 2023 |  | 0.00% | 0.90% | 16.95 | 40.19 | 10550504 | 244767171 | 24.10% | 25.22% | 1.37% |
|  | 2022 |  | 0.00% | 0.90% | 13.65 | 32.13 | 9908395 | 195494973 | -19.47% | -18.74% | 1.29% |
|  | 2021 |  | 0.00% | 0.90% | 16.96 | 39.57 | 9203297 | 232687238 | 24.61% | 25.74% | 1.28% |
| LVIP Vanguard International Equity ETF Fund - Service Class | 2025 |  | 0.00% | 0.00% | 13.82 | 13.82 | 3809 | 52653 | 31.23% | 31.23% | 3.71% |
|  | 2024 |  | 0.00% | 0.00% | 10.53 | 10.53 | 3020 | 31811 | 3.62% | 3.62% | 2.16% |
|  | 2023 | 9/22/2023 | 0.00% | 0.00% | 10.17 | 10.17 | 1553 | 15792 | 8.39% | 8.39% | 2.43% |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 15.86 | 23.05 | 12168249 | 218005133 | 30.38% | 31.56% | 3.48% |
|  | 2024 |  | 0.00% | 0.90% | 12.08 | 17.98 | 12502198 | 171995598 | 2.93% | 3.86% | 2.77% |
|  | 2023 |  | 0.00% | 0.90% | 11.66 | 18.03 | 11186092 | 153822250 | 14.33% | 15.36% | 3.23% |
|  | 2022 |  | 0.00% | 0.90% | 10.12 | 15.69 | 10348538 | 129353576 | -17.37% | -16.62% | 2.65% |
|  | 2021 |  | 0.00% | 0.90% | 13.26 | 18.88 | 9458051 | 144645571 | 7.19% | 8.16% | 2.96% |
| LVIP Wellington Capital Growth Fund - Service Class | 2023 | 3/21/2023 | 0.00% | 0.00% | 10.67 | 10.67 | 603 | 6436 | 25.27% | 25.27% | 0.00% |
| LVIP Wellington Capital Growth Fund - Standard Class | 2023 |  | 0.00% | 0.90% | 17.47 | 69.84 | 4118034 | 110086093 | 37.43% | 38.70% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 12.71 | 50.43 | 3931955 | 82622181 | -33.93% | -33.33% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 19.24 | 75.75 | 3007960 | 103431227 | 16.07% | 17.12% | 0.00% |
| LVIP Wellington SMID Cap Value Fund - Service Class | 2025 |  | 0.00% | 0.00% | 12.12 | 12.12 | 11 | 132 | 2.16% | 2.16% | 0.67% |
|  | 2024 | 2/20/2024 | 0.00% | 0.00% | 11.87 | 11.87 | 7 | 89 | 12.33% | 12.33% | 0.28% |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 2025 |  | 0.00% | 0.90% | 17.15 | 48.85 | 3199446 | 64952358 | 1.50% | 2.41% | 1.08% |
|  | 2024 |  | 0.00% | 0.90% | 16.90 | 47.77 | 2816345 | 57319931 | 11.31% | 12.32% | 1.32% |
|  | 2023 |  | 0.00% | 0.90% | 15.14 | 42.60 | 2668649 | 50974447 | 16.19% | 17.24% | 1.02% |
|  | 2022 |  | 0.00% | 0.90% | 12.94 | 36.39 | 2427500 | 41943594 | -10.81% | -10.00% | 0.77% |
|  | 2021 |  | 0.00% | 0.90% | 14.41 | 40.50 | 2472113 | 48929531 | 27.05% | 28.20% | 0.50% |
| LVIP Western Asset Core Bond Fund - Service Class | 2025 |  | 0.00% | 0.00% |  |  |  |  | 0.00% | 0.00% | 3.29% |
|  | 2024 |  | 0.00% | 0.00% | 9.32 | 9.32 | 2378 | 22164 | 0.44% | 0.44% | 7.39% |
|  | 2023 | 8/18/2023 | 0.00% | 0.00% | 9.28 | 9.28 | 547 | 5078 | 5.85% | 5.85% | 21.97% |
| M Capital Appreciation Fund | 2025 |  | 0.20% | 0.20% | 22.20 | 28.86 | 84692 | 2207170 | 17.82% | 17.82% | 0.98% |
|  | 2024 |  | 0.20% | 0.20% | 18.84 | 24.49 | 87125 | 1920572 | 9.72% | 9.72% | 2.04% |
|  | 2023 |  | 0.20% | 0.20% | 17.17 | 22.32 | 85580 | 1717704 | 23.31% | 23.31% | 0.41% |
|  | 2022 |  | 0.20% | 0.35% | 13.92 | 27.15 | 95638 | 1674240 | -18.43% | -18.30% | 0.00% |
|  | 2021 |  | 0.20% | 0.35% | 17.04 | 33.28 | 97245 | 2080691 | 17.33% | 17.50% | 0.00% |
| M International Equity Fund | 2025 |  | 0.20% | 0.20% | 16.57 | 18.53 | 166644 | 2801329 | 32.17% | 32.17% | 2.84% |
|  | 2024 |  | 0.20% | 0.20% | 12.54 | 14.02 | 191063 | 2433441 | 3.75% | 3.75% | 3.02% |
|  | 2023 |  | 0.20% | 0.20% | 12.08 | 13.51 | 178002 | 2186371 | 15.77% | 15.77% | 3.06% |
|  | 2022 |  | 0.20% | 0.35% | 10.44 | 13.44 | 186197 | 1986102 | -14.46% | -14.33% | 2.68% |
|  | 2021 |  | 0.20% | 0.35% | 12.18 | 15.71 | 188517 | 2345756 | 10.66% | 10.83% | 2.42% |
| M Large Cap Growth Fund | 2025 |  | 0.20% | 0.20% | 37.96 | 48.14 | 101757 | 4300388 | 19.37% | 19.37% | 0.00% |
|  | 2024 |  | 0.20% | 0.20% | 31.80 | 40.33 | 107392 | 3798297 | 25.25% | 25.25% | 0.00% |
|  | 2023 |  | 0.20% | 0.20% | 25.39 | 32.20 | 119619 | 3382867 | 31.77% | 31.77% | 0.00% |
|  | 2022 |  | 0.20% | 0.35% | 19.27 | 33.01 | 141625 | 3152771 | -25.67% | -25.56% | 0.00% |
|  | 2021 |  | 0.20% | 0.35% | 25.88 | 44.42 | 129468 | 3876828 | 21.07% | 21.25% | 0.00% |
| M Large Cap Value Fund | 2025 |  | 0.20% | 0.20% | 21.87 | 25.71 | 142158 | 3402116 | 17.07% | 17.07% | 1.73% |
|  | 2024 |  | 0.20% | 0.20% | 18.68 | 21.96 | 153539 | 3124779 | 18.39% | 18.39% | 1.92% |
|  | 2023 |  | 0.20% | 0.20% | 15.78 | 18.55 | 158332 | 2726747 | 7.39% | 7.39% | 2.30% |
|  | 2022 |  | 0.20% | 0.35% | 14.69 | 25.40 | 150706 | 2462590 | -1.79% | -1.65% | 1.92% |
|  | 2021 |  | 0.20% | 0.35% | 14.94 | 25.86 | 175859 | 2918295 | 29.55% | 29.75% | 1.50% |
| MFS® VIT Growth Series - Initial Class | 2025 |  | 0.00% | 0.90% | 24.67 | 107.92 | 3921597 | 134499743 | 11.19% | 12.20% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 22.18 | 96.72 | 3802780 | 122229107 | 30.29% | 31.47% | 0.00% |
|  | 2023 |  | 0.00% | 0.90% | 17.03 | 75.05 | 3788477 | 98476289 | 34.64% | 35.86% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 12.65 | 55.74 | 3898751 | 80241603 | -32.25% | -31.63% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 18.66 | 91.55 | 3290337 | 106215717 | 22.43% | 23.53% | 0.00% |
| MFS® VIT Growth Series - Service Class | 2025 |  | 0.00% | 0.00% | 15.89 | 15.89 | 221 | 3513 | 11.90% | 11.90% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 14.20 | 14.20 | 205 | 2908 | 31.15% | 31.15% | 0.00% |
|  | 2023 | 5/25/2023 | 0.00% | 0.00% | 10.83 | 10.83 | 19 | 201 | 16.57% | 16.57% | 0.00% |
| MFS® VIT New Discovery Series - Initial Class | 2025 |  | 0.00% | 0.00% | 8.93 | 8.93 | 287568 | 2567695 | 12.96% | 12.96% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 7.90 | 7.90 | 226431 | 1789815 | 6.72% | 6.72% | 0.00% |
|  | 2023 |  | 0.00% | 0.00% | 7.41 | 7.41 | 161437 | 1195679 | 14.41% | 14.41% | 0.00% |
|  | 2022 |  | 0.00% | 0.00% | 6.47 | 6.47 | 80862 | 523460 | -29.76% | -29.76% | 0.00% |
|  | 2021 | 3/12/2021 | 0.00% | 0.00% | 9.22 | 9.22 | 19155 | 176531 | -2.61% | -2.61% | 0.00% |
| MFS® VIT Total Return Series - Initial Class | 2025 |  | 0.00% | 0.90% | 15.62 | 35.06 | 6327015 | 112323616 | 10.17% | 11.16% | 2.75% |
|  | 2024 |  | 0.00% | 0.90% | 14.18 | 31.71 | 6144448 | 99939953 | 6.79% | 7.75% | 2.52% |
|  | 2023 |  | 0.00% | 0.90% | 13.28 | 30.86 | 5960227 | 91553255 | 9.45% | 10.44% | 2.10% |
|  | 2022 |  | 0.00% | 0.90% | 12.13 | 28.19 | 5595674 | 79929784 | -10.39% | -9.58% | 1.71% |
|  | 2021 |  | 0.00% | 0.90% | 13.54 | 37.69 | 5346075 | 88442493 | 13.09% | 14.12% | 1.84% |
| MFS® VIT Utilities Series - Initial Class | 2025 |  | 0.00% | 0.90% | 16.06 | 58.92 | 3579044 | 71345656 | 13.98% | 15.01% | 2.93% |
|  | 2024 |  | 0.00% | 0.90% | 14.09 | 51.69 | 3527844 | 63452375 | 10.66% | 11.66% | 2.36% |
|  | 2023 |  | 0.00% | 0.90% | 12.73 | 46.71 | 3325304 | 56212362 | -2.99% | -2.11% | 3.59% |
|  | 2022 |  | 0.00% | 0.90% | 13.12 | 68.95 | 2880202 | 52356943 | -0.15% | 0.76% | 2.39% |
|  | 2021 |  | 0.00% | 0.90% | 13.14 | 69.05 | 3097974 | 58018295 | 13.07% | 14.09% | 1.77% |
| MFS® VIT Utilities Series - Service Class | 2025 |  | 0.00% | 0.00% | 12.98 | 12.98 | 2151 | 27921 | 14.76% | 14.76% | 2.99% |
|  | 2024 |  | 0.00% | 0.00% | 11.31 | 11.31 | 543 | 6142 | 11.34% | 11.34% | 2.17% |
|  | 2023 | 7/20/2023 | 0.00% | 0.00% | 10.16 | 10.16 | 123 | 1251 | -2.90% | -2.90% | 0.87% |
| MFS® VIT II Core Equity Portfolio - Initial Class | 2025 |  | 0.00% | 0.20% | 16.49 | 24.90 | 233132 | 4457545 | 12.28% | 12.50% | 0.47% |
|  | 2024 |  | 0.00% | 0.20% | 14.65 | 22.17 | 196690 | 3435240 | 19.87% | 20.11% | 0.60% |
|  | 2023 |  | 0.00% | 0.35% | 12.20 | 41.05 | 165901 | 2581817 | 22.71% | 23.14% | 0.56% |
|  | 2022 |  | 0.00% | 0.90% | 9.91 | 43.92 | 117494 | 1752500 | -18.01% | -17.27% | 0.32% |
|  | 2021 |  | 0.00% | 0.90% | 18.23 | 53.57 | 58421 | 1667003 | 24.19% | 25.07% | 0.42% |
| Morgan Stanley VIF Global Infrastructure Portfolio - Class II | 2024 |  | 0.00% | 0.00% |  |  |  |  | 0.00% | 0.00% | 2.57% |
|  | 2023 | 7/13/2023 | 0.00% | 0.00% | 10.02 | 10.02 | 12 | 118 | -0.49% | -0.49% | 0.00% |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 2025 |  | 0.20% | 0.90% | 12.55 | 63.99 | 922732 | 19390875 | 4.51% | 5.24% | 0.00% |
|  | 2024 |  | 0.20% | 0.90% | 11.93 | 61.23 | 979858 | 19976306 | 22.91% | 23.77% | 0.00% |
|  | 2023 |  | 0.20% | 0.90% | 15.36 | 53.38 | 996695 | 18291203 | 17.09% | 17.91% | 0.00% |
|  | 2022 |  | 0.20% | 0.90% | 13.03 | 45.59 | 966262 | 16657523 | -29.37% | -28.88% | 0.00% |
|  | 2021 |  | 0.20% | 0.90% | 18.32 | 71.47 | 889486 | 24052186 | 11.98% | 12.77% | 0.00% |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 2025 |  | 0.20% | 0.90% | 12.61 | 38.77 | 339407 | 5914048 | 10.56% | 11.34% | 0.46% |
|  | 2024 |  | 0.20% | 0.90% | 13.72 | 35.07 | 363180 | 5781819 | 7.84% | 8.60% | 0.73% |
|  | 2023 |  | 0.20% | 0.90% | 12.64 | 32.52 | 340064 | 5660058 | 10.01% | 10.78% | 1.04% |
|  | 2022 |  | 0.20% | 0.90% | 11.41 | 37.41 | 332034 | 5338593 | -10.56% | -9.93% | 0.59% |
|  | 2021 |  | 0.20% | 0.90% | 12.67 | 41.83 | 348924 | 6625962 | 31.61% | 32.53% | 0.60% |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 2025 |  | 0.20% | 0.20% | 21.27 | 26.76 | 66004 | 1717356 | 13.51% | 13.51% | 0.00% |
|  | 2024 |  | 0.20% | 0.20% | 18.74 | 23.57 | 71540 | 1640197 | 25.59% | 25.59% | 0.22% |
|  | 2023 |  | 0.20% | 0.20% | 14.92 | 18.77 | 76676 | 1397919 | 26.64% | 26.65% | 0.34% |
|  | 2022 |  | 0.20% | 0.20% | 11.78 | 14.82 | 82904 | 1193936 | -18.61% | -18.61% | 0.43% |
|  | 2021 |  | 0.20% | 0.20% | 18.21 | 18.21 | 94543 | 1673782 | 23.23% | 23.23% | 0.38% |
| Nomura VIP Emerging Markets Series - Service Class | 2025 |  | 0.00% | 0.00% | 16.88 | 16.88 | 4246 | 71663 | 80.77% | 80.77% | 1.16% |
|  | 2024 |  | 0.00% | 0.00% | 9.34 | 9.34 | 2658 | 24813 | 4.77% | 4.77% | 1.78% |
|  | 2023 | 9/19/2023 | 0.00% | 0.00% | 8.91 | 8.91 | 849 | 7570 | 8.28% | 8.28% | 0.00% |
| Nomura VIP Emerging Markets Series - Standard Class | 2025 |  | 0.00% | 0.90% | 19.67 | 54.82 | 8896812 | 202863051 | 79.64% | 81.26% | 1.59% |
|  | 2024 |  | 0.00% | 0.90% | 10.87 | 30.52 | 11453215 | 145770827 | 4.15% | 5.09% | 2.61% |
|  | 2023 |  | 0.00% | 0.90% | 10.37 | 35.51 | 10883021 | 135348225 | 12.77% | 13.79% | 1.54% |
|  | 2022 |  | 0.00% | 0.90% | 9.13 | 31.49 | 10182068 | 116084051 | -28.23% | -27.58% | 4.13% |
|  | 2021 |  | 0.00% | 0.90% | 12.63 | 72.22 | 8653377 | 140189557 | -3.71% | -2.84% | 0.30% |
| Nomura VIP Energy Series - Service Class | 2025 |  | 0.00% | 0.00% | 14.07 | 14.07 | 69 | 969 | 11.89% | 11.89% | 0.84% |
|  | 2024 | 7/22/2024 | 0.00% | 0.00% | 12.57 | 12.57 | 21 | 260 | -11.03% | -11.03% | 0.00% |
| Nomura VIP High Income Series - Service Class | 2025 |  | 0.00% | 0.00% | 11.61 | 11.61 | 217 | 2524 | 7.17% | 7.17% | 6.31% |
|  | 2024 |  | 0.00% | 0.00% | 10.83 | 10.83 | 127 | 1372 | 6.19% | 6.19% | 6.16% |
|  | 2023 | 6/14/2023 | 0.00% | 0.00% | 10.20 | 10.20 | 39 | 398 | 7.27% | 7.27% | 0.00% |
| Nomura VIP Mid Cap Growth Series - Service Class | 2024 |  | 0.00% | 0.00% | 10.06 | 10.06 | 135 | 1360 | 2.20% | 2.20% | 0.00% |
|  | 2023 | 7/24/2023 | 0.00% | 0.00% | 9.85 | 9.85 | 95 | 938 | 0.10% | 0.10% | 0.00% |
| Nomura VIP Science and Technology Series - Service Class | 2025 |  | 0.00% | 0.00% | 18.86 | 18.86 | 180 | 3400 | 33.36% | 33.36% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 14.14 | 14.14 | 100 | 1413 | 30.59% | 30.59% | 0.00% |
|  | 2023 | 5/25/2023 | 0.00% | 0.00% | 10.83 | 10.83 | 8 | 84 | 19.75% | 19.75% | 0.00% |
| Nomura VIP Small Cap Growth Series - Service Class | 2025 |  | 0.00% | 0.00% | 11.90 | 11.90 | 339 | 4030 | 13.39% | 13.39% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 10.49 | 10.49 | 227 | 2384 | 14.26% | 14.26% | 0.00% |
|  | 2023 |  | 0.00% | 0.00% | 9.18 | 9.18 | 163 | 1501 | 13.04% | 13.04% | 0.00% |
|  | 2022 | 11/21/2022 | 0.00% | 0.00% | 8.12 | 8.12 | 35 | 286 | -4.58% | -4.58% | 0.00% |
| Nomura VIP Small Cap Value Series - Service Class | 2025 |  | 0.00% | 0.00% | 11.62 | 11.62 | 51 | 590 | 7.83% | 7.83% | 1.12% |
|  | 2024 |  | 0.00% | 0.00% | 10.78 | 10.78 | 85 | 913 | 11.02% | 11.02% | 0.85% |
|  | 2023 | 1/25/2023 | 0.00% | 0.00% | 9.71 | 9.71 | 39 | 377 | 3.42% | 3.42% | 0.00% |
| Nomura VIP Small Cap Value Series - Standard Class | 2025 |  | 0.00% | 0.90% | 15.90 | 62.07 | 7410731 | 139896573 | 7.19% | 8.16% | 1.27% |
|  | 2024 |  | 0.00% | 0.90% | 14.73 | 57.91 | 6889151 | 123411311 | 10.32% | 11.32% | 1.33% |
|  | 2023 |  | 0.00% | 0.90% | 13.26 | 52.49 | 6558792 | 112235241 | 8.46% | 9.44% | 0.92% |
|  | 2022 |  | 0.00% | 0.90% | 12.14 | 48.39 | 5591389 | 94706191 | -12.88% | -12.09% | 0.82% |
|  | 2021 |  | 0.00% | 0.90% | 13.84 | 83.94 | 5396661 | 113589230 | 33.21% | 34.42% | 0.82% |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 2025 |  | 0.00% | 0.90% | 9.97 | 17.71 | 3017758 | 41666683 | 17.73% | 18.79% | 2.85% |
|  | 2024 |  | 0.00% | 0.90% | 7.55 | 14.91 | 3336016 | 37057417 | 3.23% | 4.16% | 2.24% |
|  | 2023 |  | 0.00% | 0.90% | 7.30 | 14.31 | 3222859 | 32819014 | -8.68% | -7.85% | 16.01% |
|  | 2022 |  | 0.00% | 0.90% | 7.97 | 15.53 | 3214100 | 33019782 | 7.64% | 8.61% | 21.28% |
|  | 2021 |  | 0.00% | 0.90% | 7.38 | 14.30 | 3971254 | 35846313 | 32.15% | 33.34% | 4.22% |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class | 2025 |  | 0.00% | 0.00% | 10.70 | 10.70 | 64 | 689 | 18.66% | 18.66% | 2.77% |
|  | 2024 |  | 0.00% | 0.00% | 9.02 | 9.02 | 41 | 367 | 3.97% | 3.97% | 2.30% |
|  | 2023 | 7/13/2023 | 0.00% | 0.00% | 8.68 | 8.68 | 13 | 109 | -2.69% | -2.69% | 0.81% |
| PIMCO VIT Dynamic Bond Portfolio - Advisor Class | 2025 |  | 0.00% | 0.00% | 11.54 | 11.54 | 273 | 3145 | 8.00% | 8.00% | 5.38% |
|  | 2024 |  | 0.00% | 0.00% | 10.68 | 10.68 | 163 | 1742 | 5.51% | 5.51% | 4.65% |
|  | 2023 | 8/18/2023 | 0.00% | 0.00% | 10.12 | 10.12 | 65 | 658 | 4.28% | 4.28% | 1.52% |
| PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class | 2025 |  | 0.00% | 0.00% | 12.50 | 12.50 | 570 | 7128 | 14.86% | 14.86% | 6.74% |
|  | 2024 | 1/16/2024 | 0.00% | 0.00% | 10.88 | 10.88 | 376 | 4089 | 8.38% | 8.38% | 2.07% |
| Putnam VT George Putnam Balanced Fund - Class IA | 2025 |  | 0.00% | 0.00% | 15.06 | 15.06 | 328551 | 4948695 | 14.31% | 14.31% | 1.49% |
|  | 2024 |  | 0.00% | 0.00% | 13.18 | 13.18 | 283363 | 3733728 | 16.94% | 16.94% | 1.14% |
|  | 2023 |  | 0.00% | 0.00% | 11.27 | 11.27 | 186371 | 2099915 | 20.26% | 20.26% | 1.13% |
|  | 2022 |  | 0.00% | 0.00% | 9.37 | 9.37 | 89096 | 834730 | -15.82% | -15.82% | 0.79% |
|  | 2021 | 5/3/2021 | 0.00% | 0.00% | 11.13 | 11.13 | 24078 | 267960 | 7.82% | 7.82% | 0.00% |
| Putnam VT Global Health Care Fund - Class IB | 2025 |  | 0.20% | 0.20% | 20.90 | 20.90 | 115588 | 2415416 | 14.82% | 14.82% | 0.00% |
|  | 2024 |  | 0.20% | 0.20% | 18.20 | 18.20 | 120536 | 2193681 | 1.22% | 1.22% | 0.47% |
|  | 2023 |  | 0.20% | 0.35% | 17.98 | 40.33 | 118792 | 2247531 | 8.75% | 8.92% | 0.30% |
|  | 2022 |  | 0.20% | 0.90% | 16.51 | 47.66 | 104655 | 2113626 | -5.53% | -4.86% | 0.41% |
|  | 2021 |  | 0.20% | 0.90% | 17.35 | 50.45 | 83968 | 2401209 | 18.33% | 19.16% | 1.08% |
| Putnam VT Large Cap Value Fund - Class IB | 2025 |  | 0.00% | 0.20% | 16.43 | 25.04 | 140611 | 3514576 | 20.11% | 20.35% | 1.41% |
|  | 2024 |  | 0.00% | 0.20% | 13.65 | 20.85 | 136529 | 2842988 | 18.90% | 19.14% | 1.12% |
|  | 2023 |  | 0.20% | 0.35% | 17.53 | 35.73 | 144928 | 2553122 | 15.26% | 15.43% | 1.94% |
|  | 2022 |  | 0.20% | 0.35% | 15.19 | 36.03 | 142767 | 2525308 | -3.47% | -3.32% | 1.45% |
|  | 2021 |  | 0.20% | 0.90% | 15.71 | 37.32 | 89687 | 2276051 | 26.16% | 27.05% | 1.13% |
| Templeton Foreign VIP Fund - Class 1 | 2025 |  | 0.55% | 0.55% | 24.92 | 24.92 | 46280 | 1153450 | 28.80% | 28.80% | 2.54% |
|  | 2024 |  | 0.55% | 0.55% | 19.35 | 19.35 | 57184 | 1106570 | -1.34% | -1.34% | 2.59% |
|  | 2023 |  | 0.55% | 0.55% | 19.61 | 19.61 | 56133 | 1100969 | 20.43% | 20.43% | 3.38% |
|  | 2022 |  | 0.55% | 0.55% | 16.29 | 16.29 | 60564 | 986374 | -7.89% | -7.89% | 3.42% |
|  | 2021 |  | 0.55% | 0.55% | 17.68 | 17.68 | 67182 | 1187938 | 3.86% | 3.86% | 2.00% |
| Templeton Foreign VIP Fund - Class 2 | 2025 |  | 0.20% | 0.20% | 13.72 | 13.72 | 181256 | 2487485 | 28.94% | 28.94% | 2.32% |
|  | 2024 |  | 0.20% | 0.20% | 10.64 | 10.64 | 200516 | 2134239 | -1.20% | -1.20% | 2.40% |
|  | 2023 |  | 0.20% | 0.20% | 10.77 | 10.77 | 205671 | 2215596 | 20.52% | 20.52% | 3.20% |
|  | 2022 |  | 0.20% | 0.20% | 8.94 | 8.94 | 230403 | 2059506 | -7.79% | -7.79% | 3.09% |
|  | 2021 |  | 0.20% | 0.35% | 9.69 | 20.55 | 256795 | 2498510 | 3.79% | 3.95% | 1.82% |
| Templeton Global Bond VIP Fund - Class 1 | 2025 |  | 0.00% | 0.90% | 8.62 | 17.52 | 9024446 | 80933618 | 15.05% | 16.09% | 0.00% |
|  | 2024 |  | 0.00% | 0.90% | 7.49 | 15.22 | 9026486 | 70008591 | -11.92% | -11.13% | 0.00% |
|  | 2023 |  | 0.00% | 0.90% | 8.51 | 17.29 | 7708644 | 67704391 | 2.27% | 3.19% | 0.00% |
|  | 2022 |  | 0.00% | 0.90% | 8.32 | 16.90 | 7385492 | 63303922 | -5.70% | -4.85% | 0.00% |
|  | 2021 |  | 0.00% | 0.90% | 8.82 | 17.92 | 8038741 | 72976982 | -5.48% | -4.62% | 0.00% |
| Templeton Global Bond VIP Fund - Class 4 | 2025 |  | 0.00% | 0.00% | 9.97 | 9.97 | 463 | 4616 | 15.56% | 15.56% | 0.00% |
|  | 2024 |  | 0.00% | 0.00% | 8.63 | 8.63 | 326 | 2811 | -11.42% | -11.42% | 0.00% |
|  | 2023 | 11/7/2023 | 0.00% | 0.00% | 9.74 | 9.74 | 154 | 1500 | 8.42% | 8.42% | 0.00% |
| Templeton Growth VIP Fund - Class 1 | 2025 |  | 0.20% | 0.90% | 14.26 | 34.53 | 490853 | 8130775 | 23.05% | 23.91% | 1.10% |
|  | 2024 |  | 0.20% | 0.90% | 12.26 | 27.96 | 528428 | 7181884 | 4.76% | 5.49% | 1.16% |
|  | 2023 |  | 0.20% | 0.90% | 11.62 | 26.60 | 507551 | 7120142 | 20.15% | 20.99% | 3.48% |
|  | 2022 |  | 0.20% | 0.90% | 9.60 | 22.06 | 501686 | 6315622 | -12.12% | -11.50% | 0.52% |
|  | 2021 |  | 0.20% | 0.90% | 10.85 | 25.02 | 485431 | 7618311 | 4.32% | 5.05% | 1.29% |
| Templeton Growth VIP Fund - Class 2 | 2025 |  | 0.20% | 0.20% | 14.90 | 14.90 | 88314 | 1316028 | 23.58% | 23.58% | 0.87% |
|  | 2024 |  | 0.20% | 0.20% | 12.06 | 12.06 | 91255 | 1100387 | 5.19% | 5.19% | 1.03% |
|  | 2023 |  | 0.20% | 0.20% | 11.46 | 11.46 | 114033 | 1307168 | 20.77% | 20.77% | 3.31% |
|  | 2022 |  | 0.20% | 0.20% | 9.49 | 9.49 | 117197 | 1112421 | -11.68% | -11.68% | 0.16% |
|  | 2021 |  | 0.20% | 0.35% | 10.75 | 27.60 | 120037 | 1305850 | 4.50% | 4.66% | 1.09% |
| TOPS® Aggressive Growth ETF Portfolio - Class 2 Shares | 2025 | 6/26/2025 | 0.00% | 0.00% | 11.58 | 11.58 | 8009 | 92742 | 2.58% | 11.13% | 1.99% |
| TOPS® Balanced ETF Portfolio - Class 2 Shares | 2025 |  | 0.00% | 0.90% | 14.51 | 15.40 | 494502 | 7390174 | 11.84% | 12.85% | 2.21% |
|  | 2024 |  | 0.00% | 0.90% | 12.97 | 13.65 | 491682 | 6540614 | 5.90% | 6.86% | 2.08% |
|  | 2023 |  | 0.00% | 0.90% | 12.25 | 12.77 | 462384 | 5779166 | 10.39% | 11.39% | 1.52% |
|  | 2022 |  | 0.00% | 0.90% | 11.10 | 11.47 | 495754 | 5594854 | -11.95% | -11.15% | 1.79% |
|  | 2021 |  | 0.00% | 0.90% | 12.60 | 12.91 | 252728 | 3186699 | 8.64% | 9.62% | 0.86% |
| TOPS® Balanced ETF Portfolio - Service Class Shares | 2025 |  | 0.00% | 0.00% | 12.62 | 12.62 | 227671 | 2874093 | 12.81% | 12.81% | 2.39% |
|  | 2024 |  | 0.00% | 0.00% | 11.19 | 11.19 | 181292 | 2028750 | 6.79% | 6.79% | 2.30% |
|  | 2023 |  | 0.00% | 0.00% | 10.48 | 10.48 | 128359 | 1345038 | 11.32% | 11.32% | 2.25% |
|  | 2022 |  | 0.00% | 0.00% | 9.41 | 9.41 | 67253 | 633057 | -11.22% | -11.22% | 2.59% |
|  | 2021 | 8/5/2021 | 0.00% | 0.00% | 10.60 | 10.60 | 8139 | 86301 | 1.66% | 1.66% | 0.91% |
| TOPS® Growth ETF Portfolio - Class 2 Shares | 2025 | 9/16/2025 | 0.00% | 0.00% | 11.46 | 11.46 | 1889 | 21647 | 3.35% | 3.35% | 1.00% |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | 2025 |  | 0.00% | 0.90% | 16.01 | 17.00 | 1406338 | 23326783 | 14.10% | 15.13% | 1.97% |
|  | 2024 |  | 0.00% | 0.90% | 14.03 | 14.76 | 1296685 | 18704741 | 7.86% | 8.84% | 1.97% |
|  | 2023 |  | 0.00% | 0.90% | 13.01 | 13.56 | 938111 | 12430024 | 12.46% | 13.47% | 1.82% |
|  | 2022 |  | 0.00% | 0.90% | 11.57 | 11.95 | 705149 | 8259440 | -13.68% | -12.90% | 1.56% |
|  | 2021 |  | 0.00% | 0.90% | 13.40 | 13.72 | 379099 | 5109155 | 11.81% | 12.82% | 1.14% |
| TOPS® Moderate Growth ETF Portfolio - Service Class Shares | 2025 |  | 0.00% | 0.00% | 13.31 | 13.31 | 318218 | 4234045 | 15.11% | 15.11% | 2.10% |
|  | 2024 |  | 0.00% | 0.00% | 11.56 | 11.56 | 234974 | 2716009 | 8.73% | 8.73% | 2.10% |
|  | 2023 |  | 0.00% | 0.00% | 10.63 | 10.63 | 150443 | 1599281 | 13.36% | 13.36% | 2.32% |
|  | 2022 |  | 0.00% | 0.00% | 9.38 | 9.38 | 55927 | 524456 | -12.86% | -12.86% | 3.03% |
|  | 2021 | 5/20/2021 | 0.00% | 0.00% | 10.76 | 10.76 | 5410 | 58216 | 4.61% | 4.61% | 0.96% |

---

(1) Reflects less than a full year of activity. Funds were first received in this option on the commencement date noted or the option was inactive at the date funds were received thereby a succeeding commencement date is disclosed. In the scenario where a subaccount commenced operations during the year, the total returns may not bear proportion to the fee rate range if multiple fee rates commenced during the year.

(2) These amounts represent the annualized minimum and maximum contract expenses of the separate account, consisting primarily of mortality and expense charges, for only those subaccounts that existed for the entire year. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying funds have been excluded.

(3) As the unit value is presented as a range of minimum to maximum values for only those subaccounts which existed for the entire year, some individual contract unit values may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.

(4) These amounts represent the total return, including changes in value of mutual funds, and reflect deductions for all items included in the fee rate. The total return does not include contract charges deducted directly from policy account values. The total return is not annualized. As the total return is presented as a range of minimum to maximum values for only those subaccounts that existed for the entire year, some individual contract total returns may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.

(5) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense guarantee charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest. Investment income ratios are not annualized.

Note: Fee rate, unit value and total return minimum and maximum are the same where there is only one active contract level charge for the subaccount.

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**4. Purchases and Sales of Investments**

The aggregate cost of investments purchased and the aggregate proceeds from investments sold were as follows for 2025:

---

| | | |
|:---|:---|:---|
| *Subaccount* | *Aggregate Cost of Purchases ($)* | *Aggregate Proceeds from Sales ($)* |
| AB VPS Discovery Value Portfolio - Class A | 17924880 | 2293513 |
| AB VPS International Value Portfolio - Class A | 535160 | 2148907 |
| AB VPS Large Cap Growth Portfolio - Class A | 594123 | 547017 |
| AB VPS Relative Value Portfolio - Class A | 2020241 | 1437761 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 5014476 | 1435155 |
| American Funds® IS Asset Allocation Fund - Class 4 | 12678 |  |
| American Funds® IS Capital Income Builder - Class 4 | 3927 | 78 |
| American Funds® IS Capital World Growth and Income Fund - Class 2 | 204696 | 3170 |
| American Funds® IS Global Growth Fund - Class 2 | 45715161 | 14402194 |
| American Funds® IS Global Growth Fund - Class 4 | 7620 | 1979 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 10054167 | 8902451 |
| American Funds® IS Global Small Capitalization Fund - Class 4 | 460 | 57 |
| American Funds® IS Growth Fund - Class 2 | 111793656 | 69614536 |
| American Funds® IS Growth Fund - Class 4 | 99675 | 33693 |
| American Funds® IS Growth-Income Fund - Class 2 | 149006153 | 36711574 |
| American Funds® IS Growth-Income Fund - Class 4 | 13414 | 8154 |
| American Funds® IS International Fund - Class 2 | 9935048 | 25309937 |
| American Funds® IS International Fund - Class 4 | 22833 | 3684 |
| American Funds® IS New World Fund - Class 4 | 27960 | 7063 |
| American Funds® IS Washington Mutual Investors Fund - Class 4 | 34237 | 29026 |
| ClearBridge Variable Growth Portfolio - Class II | 613 |  |
| ClearBridge Variable Large Cap Growth Portfolio - Class II | 3119 | 12295 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 10427567 | 2250865 |
| ClearBridge Variable Mid Cap Portfolio - Class II | 341 | 334 |
| Columbia VP Commodity Strategy Fund - Class 2 | 658 |  |
| Columbia VP Strategic Income Fund - Class 2 | 861 | 28 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 2878158 | 1506802 |
| DWS Equity 500 Index VIP Portfolio - Class A | 6397614 | 5576919 |
| DWS Small Cap Index VIP Portfolio - Class A | 1072434 | 702254 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 41050 | 24380 |
| Fidelity® VIP Balanced Portfolio - Service Class 2 | 15168 | 427 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 8313908 | 419398 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 86573397 | 32047222 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 65084 | 26486 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 202354 | 152900 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 695888 | 634144 |
| Fidelity® VIP Financials Portfolio - Initial Class | 36110 | 1080 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 338778 | 680922 |
| Fidelity® VIP Growth Portfolio - Service Class | 39644962 | 15064654 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 75586 | 28892 |
| Fidelity® VIP Health Care Portfolio - Initial Class | 33938 | 3354 |
| Fidelity® VIP High Income Portfolio - Service Class | 419896 | 125596 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 75688 | 71014 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 39585151 | 7289636 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 9375 | 53 |
| Fidelity® VIP Overseas Portfolio - Service Class | 1984183 | 911599 |
| Fidelity® VIP Strategic Income Portfolio - Service Class 2 | 2804 | 38 |
| Fidelity® VIP Technology Portfolio - Initial Class | 501988 | 45277 |
| First Trust Capital Strength Hedged Equity Portfolio - Class I | 560117 | 16662 |
| First Trust Capital Strength Portfolio - Class I | 726443 | 24399 |
| First Trust International Developed Capital Strength Portfolio - Class I | 6746 | 347 |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I | 716275 | 25826 |
| Franklin Income VIP Fund - Class 1 | 22243313 | 8400983 |
| Franklin Mutual Shares VIP Fund - Class 1 | 16127839 | 3921080 |
| Franklin Rising Dividends VIP Fund - Class 4 | 2772 | 2460 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 1943545 | 1494832 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 4 | 13774 | 1122 |
| Goldman Sachs VIT Government Money Market Fund - Service Shares | 7323 | 18811 |
| Invesco V.I. American Franchise Fund - Series I Shares | 1683490 | 1887869 |
| Invesco V.I. Core Equity Fund - Series I Shares | 1499430 | 1525371 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 83319 | 449760 |
| Invesco V.I. Diversified Dividend Fund - Series II Shares | 328 | 330 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 5783852 | 5325343 |
| Invesco V.I. International Growth Fund - Series II Shares | 4453 | 22 |
| Invesco V.I. Main Street Small Cap Fund®- Series II Shares | 37300 | 1804 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 784803 | 1045534 |
| Janus Henderson Balanced Portfolio - Service Shares | 527875 | 917191 |
| Janus Henderson Enterprise Portfolio - Service Shares | 632519 | 300480 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 1212081 | 1207101 |
| Janus Henderson Global Research Portfolio - Service Shares | 460006 | 385226 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 536184 | 447090 |
| Lincoln Hedged S&P 500 Conservative Fund - Service Class | 649809 | 216670 |
| Lincoln Hedged S&P 500 Fund - Service Class | 549736 | 56143 |
| LVIP AllianceBernstein Large Cap Growth Fund - Service Class | 52280 | 29663 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 79014397 | 14582794 |
| LVIP American Balanced Allocation Fund - Standard Class | 6448719 | 104654 |
| LVIP American Century Balanced Fund - Standard Class II | 3960302 | 3432449 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 2081057 | 1080281 |
| LVIP American Century Ultra® Fund - Service Class | 23556 | 1349 |
| LVIP American Century Ultra® Fund - Standard Class | 20276253 | 10611953 |
| LVIP American Growth Allocation Fund - Service Class | 1901 |  |
| LVIP American Growth Allocation Fund - Standard Class | 27397306 | 264536 |
| LVIP American Income Allocation Fund - Standard Class | 2362976 | 132195 |
| LVIP Baron Growth Opportunities Fund - Service Class | 27877297 | 1704417 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 3322978 | 338697 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 6284641 | 1926783 |
| LVIP BlackRock Equity Dividend Fund - Service Class | 25015 | 853 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 22343281 | 5436198 |
| LVIP BlackRock Global Allocation Fund - Service Class | 143 |  |
| LVIP BlackRock Global Allocation Fund - Standard Class | 30969327 | 18681238 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 4018841 | 1162820 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 8737741 | 4832377 |
| LVIP BlackRock Real Estate Fund - Service Class | 5502 | 306 |
| LVIP BlackRock Real Estate Fund - Standard Class | 6200237 | 1786469 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 2520665 | 1108206 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 1563465 | 914664 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 3126781 | 1244627 |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 530828 | 387577 |
| LVIP Dimensional International Core Equity Fund - Service Class | 5236 | 11 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 6591867 | 6834619 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 999351 | 1936707 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 11795619 | 6445186 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 9998923 | 8127369 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 3855513 | 903211 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Service Class | 80461 | 4325 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 19331796 | 8269783 |
| LVIP Franklin Templeton Core Bond Fund - Service Class | 53023 | 1826 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 54765963 | 16642504 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 1699562 | 722567 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class | 1485 | 135 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 4978941 | 9715421 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 5757390 | 7412139 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class | 7757 | 8579 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 12261505 | 5342313 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class | 5797 | 33 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 9532284 | 8032401 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 3971156 | 6219353 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 13963623 | 10977018 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 7375791 | 5720961 |
| LVIP Government Money Market Fund - Standard Class | 72747873 | 59657687 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 44813 | 2659175 |
| LVIP JPMorgan High Yield Fund - Service Class | 6352 | 291 |
| LVIP JPMorgan High Yield Fund - Standard Class | 18217670 | 4866099 |
| LVIP JPMorgan Retirement Income Fund - Standard Class | 214443 | 64474 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 5092745 | 771875 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 37955050 | 24906845 |
| LVIP Loomis Sayles Global Growth Fund - Standard Class | 1069016 | 154979 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 786772 | 3024261 |
| LVIP MFS International Growth Fund - Service Class | 30550 | 811 |
| LVIP MFS International Growth Fund - Standard Class | 26838029 | 11586068 |
| LVIP MFS Value Fund - Service Class | 51715 | 1642 |
| LVIP MFS Value Fund - Standard Class | 54747414 | 8789084 |
| LVIP Mondrian Global Income Fund - Standard Class | 4105635 | 1803346 |
| LVIP Mondrian International Value Fund - Service Class | 20708 | 1457 |
| LVIP Mondrian International Value Fund - Standard Class | 10464597 | 11169356 |
| LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class | 98325 | 183016 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 6073003 | 2902217 |
| LVIP Nomura High Yield Fund - Standard Class | 2044688 | 1990865 |
| LVIP Nomura Mid Cap Value Fund - Service Class | 22750 | 1827 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 11949117 | 3936387 |
| LVIP Nomura SMID Cap Core Fund - Service Class | 1729 | 186 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 10616506 | 6915190 |
| LVIP Nomura Social Awareness Fund - Standard Class | 2928801 | 1501164 |
| LVIP Nomura U.S. Growth Fund - Service Class | 6611 | 97 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 11357432 | 14517991 |
| LVIP Nomura U.S. REIT Fund - Service Class | 23731 | 1276 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 11390773 | 3363356 |
| LVIP PIMCO Low Duration Bond Fund - Standard Class | 4359587 | 122186 |
| LVIP SSGA Bond Index Fund - Service Class | 132470 | 14273 |
| LVIP SSGA Bond Index Fund - Standard Class | 31644974 | 5929582 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 3392514 | 1592678 |
| LVIP SSGA Emerging Markets Equity Index Fund - Service Class | 18475 | 3913 |
| LVIP SSGA Emerging Markets Equity Index Fund - Standard Class | 429192 | 138060 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 1457804 | 1278132 |
| LVIP SSGA International Index Fund - Service Class | 98402 | 23313 |
| LVIP SSGA International Index Fund - Standard Class | 20453723 | 13648869 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 940014 | 1366445 |
| LVIP SSGA Mid-Cap Index Fund - Service Class | 64908 | 5485 |
| LVIP SSGA Mid-Cap Index Fund - Standard Class | 7687063 | 138993 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 17966851 | 9297363 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 19888271 | 7878488 |
| LVIP SSGA Nasdaq-100 Index Fund - Service Class | 30590 | 27995 |
| LVIP SSGA S&P 500 Index Fund - Service Class | 362449 | 34218 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 209555356 | 69549671 |
| LVIP SSGA Short-Term Bond Index Fund - Standard Class | 1862089 | 74393 |
| LVIP SSGA Small-Cap Index Fund - Service Class | 37414 | 6336 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 34809569 | 16582961 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 1181558 | 1373401 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 10722905 | 6293263 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 6002237 | 5196862 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 273000 | 135038 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 2248737 | 269492 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 3054758 | 528579 |
| LVIP T. Rowe Price 2050 Fund - Standard Class | 4757962 | 244442 |
| LVIP T. Rowe Price 2060 Fund - Standard Class | 6910395 | 281771 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class | 27735 | 1476 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 33032915 | 9896203 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 1056593 | 423825 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 29111195 | 12944641 |
| LVIP Vanguard Domestic Equity ETF Fund - Service Class | 1285 | 3 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 165496049 | 11298918 |
| LVIP Vanguard International Equity ETF Fund - Service Class | 16096 | 3584 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 18513632 | 17581601 |
| LVIP Wellington SMID Cap Value Fund - Service Class | 391 | 342 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 12531172 | 1465656 |
| LVIP Western Asset Core Bond Fund - Service Class | 2941 | 25430 |
| M Capital Appreciation Fund | 598180 | 349106 |
| M International Equity Fund | 193694 | 479031 |
| M Large Cap Growth Fund | 1451333 | 643401 |
| M Large Cap Value Fund | 453550 | 444996 |
| MFS® VIT Growth Series - Initial Class | 29134084 | 9162662 |
| MFS® VIT Growth Series - Service Class | 942 | 68 |
| MFS® VIT New Discovery Series - Initial Class | 589804 | 101646 |
| MFS® VIT Total Return Series - Initial Class | 15315169 | 3492897 |
| MFS® VIT Utilities Series - Initial Class | 7553780 | 6258675 |
| MFS® VIT Utilities Series - Service Class | 20277 | 569 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 1104355 | 141167 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 2945002 | 2090097 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 895187 | 754134 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 119920 | 154517 |
| Nomura VIP Emerging Markets Series - Service Class | 20658 | 3926 |
| Nomura VIP Emerging Markets Series - Standard Class | 6116725 | 51934749 |
| Nomura VIP Energy Series - Service Class | 627 |  |
| Nomura VIP High Income Series - Service Class | 1134 | 10 |
| Nomura VIP Mid Cap Growth Series - Service Class | 949 | 2069 |
| Nomura VIP Science and Technology Series - Service Class | 8612 | 7400 |
| Nomura VIP Small Cap Growth Series - Service Class | 3457 | 2244 |
| Nomura VIP Small Cap Value Series - Service Class | 601 | 928 |
| Nomura VIP Small Cap Value Series - Standard Class | 20221917 | 5060635 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 3861778 | 4956788 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class | 250 |  |
| PIMCO VIT Dynamic Bond Portfolio - Advisor Class | 1400 | 57 |
| PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class | 2704 | 83 |
| Putnam VT George Putnam Balanced Fund - Class IA | 972703 | 148653 |
| Putnam VT Global Health Care Fund - Class IB | 250280 | 199330 |
| Putnam VT Large Cap Value Fund - Class IB | 544734 | 206001 |
| Templeton Foreign VIP Fund - Class 1 | 138793 | 293004 |
| Templeton Foreign VIP Fund - Class 2 | 302650 | 338615 |
| Templeton Global Bond VIP Fund - Class 1 | 6432651 | 6610584 |
| Templeton Global Bond VIP Fund - Class 4 | 1467 | 103 |
| Templeton Growth VIP Fund - Class 1 | 747557 | 796581 |
| Templeton Growth VIP Fund - Class 2 | 147516 | 90578 |
| TOPS® Aggressive Growth ETF Portfolio - Class 2 Shares | 93492 | 1446 |
| TOPS® Balanced ETF Portfolio - Class 2 Shares | 746438 | 498488 |
| TOPS® Balanced ETF Portfolio - Service Class Shares | 678049 | 38403 |
| TOPS® Growth ETF Portfolio - Class 2 Shares | 21857 | 201 |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | 3169959 | 732834 |
| TOPS® Moderate Growth ETF Portfolio - Service Class Shares | 1224468 | 63169 |

---

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**5. Investments**

The following is a summary of investments owned at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Subaccount* | *Shares Owned* | *Net Asset Value ($)* | *Fair Value of Shares ($)* | *Cost of Shares ($)* |
| AB VPS Discovery Value Portfolio - Class A | 5291479 | 16.59 | 87785637 | 92171905 |
| AB VPS International Value Portfolio - Class A | 538762 | 20.92 | 11270895 | 8042093 |
| AB VPS Large Cap Growth Portfolio - Class A | 57517 | 92.55 | 5323236 | 4273416 |
| AB VPS Relative Value Portfolio - Class A | 586798 | 31.74 | 18624977 | 17675411 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 783923 | 32.83 | 25736196 | 26771107 |
| American Funds® IS Asset Allocation Fund - Class 4 | 913 | 26.77 | 24450 | 23278 |
| American Funds® IS Capital Income Builder - Class 4 | 737 | 14.46 | 10660 | 9182 |
| American Funds® IS Capital World Growth and Income Fund - Class 2 | 11242 | 18.38 | 206622 | 201603 |
| American Funds® IS Global Growth Fund - Class 2 | 8204872 | 38.11 | 312687661 | 271582139 |
| American Funds® IS Global Growth Fund - Class 4 | 285 | 37.55 | 10705 | 10043 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 8422143 | 19.04 | 160357610 | 162678360 |
| American Funds® IS Global Small Capitalization Fund - Class 4 | 57 | 18.97 | 1079 | 924 |
| American Funds® IS Growth Fund - Class 2 | 7538685 | 138.80 | 1046369488 | 731681425 |
| American Funds® IS Growth Fund - Class 4 | 1870 | 134.39 | 251355 | 205484 |
| American Funds® IS Growth-Income Fund - Class 2 | 12776835 | 66.28 | 846848637 | 696160926 |
| American Funds® IS Growth-Income Fund - Class 4 | 302 | 64.77 | 19539 | 19028 |
| American Funds® IS International Fund - Class 2 | 14888502 | 22.22 | 330822518 | 277897712 |
| American Funds® IS International Fund - Class 4 | 1975 | 21.83 | 43112 | 36225 |
| American Funds® IS New World Fund - Class 4 | 2341 | 31.71 | 74226 | 61869 |
| American Funds® IS Washington Mutual Investors Fund - Class 4 | 5022 | 17.55 | 88135 | 78053 |
| ClearBridge Variable Growth Portfolio - Class II | 60 | 13.24 | 788 | 870 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 2462617 | 23.80 | 58610294 | 55930604 |
| ClearBridge Variable Mid Cap Portfolio - Class II | 4 | 23.51 | 90 | 90 |
| Columbia VP Commodity Strategy Fund - Class 2 | 240 | 4.00 | 961 | 926 |
| Columbia VP Strategic Income Fund - Class 2 | 391 | 3.74 | 1463 | 1443 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 1920986 | 13.71 | 26336714 | 24905434 |
| DWS Equity 500 Index VIP Portfolio - Class A | 1986541 | 32.55 | 64661899 | 47949139 |
| DWS Small Cap Index VIP Portfolio - Class A | 826537 | 15.02 | 12414586 | 11510204 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 21427 | 17.62 | 377543 | 332916 |
| Fidelity® VIP Balanced Portfolio - Service Class 2 | 1365 | 25.45 | 34733 | 30831 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 391596 | 59.89 | 23452667 | 21015383 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 8065994 | 59.33 | 478555448 | 391221701 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 1248 | 56.86 | 70978 | 69832 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 79515 | 29.43 | 2340114 | 1827456 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 252421 | 29.16 | 7360587 | 6481989 |
| Fidelity® VIP Financials Portfolio - Initial Class | 1764 | 20.50 | 36159 | 35035 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 85408 | 99.16 | 8469097 | 5153929 |
| Fidelity® VIP Growth Portfolio - Service Class | 2201038 | 96.56 | 212532194 | 201722769 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 1359 | 92.88 | 126185 | 130809 |
| Fidelity® VIP Health Care Portfolio - Initial Class | 873 | 38.31 | 33460 | 30759 |
| Fidelity® VIP High Income Portfolio - Service Class | 427674 | 4.84 | 2069940 | 2153235 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 69734 | 11.36 | 792177 | 871203 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 6136286 | 36.79 | 225753969 | 217229997 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 596 | 35.17 | 20953 | 21079 |
| Fidelity® VIP Overseas Portfolio - Service Class | 357409 | 27.32 | 9764409 | 8812914 |
| Fidelity® VIP Strategic Income Portfolio - Service Class 2 | 571 | 11.07 | 6318 | 6061 |
| Fidelity® VIP Technology Portfolio - Initial Class | 9716 | 47.77 | 464140 | 457933 |
| First Trust Capital Strength Hedged Equity Portfolio - Class I | 64691 | 9.71 | 628145 | 647177 |
| First Trust Capital Strength Portfolio - Class I | 64536 | 14.66 | 946100 | 933628 |
| First Trust International Developed Capital Strength Portfolio - Class I | 883 | 14.16 | 12497 | 11275 |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I | 78822 | 13.17 | 1038090 | 1072518 |
| Franklin Income VIP Fund - Class 1 | 13708009 | 16.02 | 219602309 | 209928396 |
| Franklin Mutual Shares VIP Fund - Class 1 | 5960004 | 16.60 | 98936070 | 99824841 |
| Franklin Rising Dividends VIP Fund - Class 4 | 172 | 28.06 | 4825 | 4509 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 1085999 | 18.65 | 20253874 | 20197079 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 4 | 2489 | 15.42 | 38387 | 36072 |
| Goldman Sachs VIT Government Money Market Fund - Service Shares | 16112 | 1.00 | 16113 | 16113 |
| Invesco V.I. American Franchise Fund - Series I Shares | 206841 | 81.00 | 16754155 | 13387461 |
| Invesco V.I. Core Equity Fund - Series I Shares | 495171 | 36.03 | 17841003 | 15469269 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 122628 | 5.85 | 717374 | 750889 |
| Invesco V.I. Diversified Dividend Fund - Series II Shares | 3 | 26.89 | 92 | 90 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 1244524 | 36.11 | 44939752 | 44204121 |
| Invesco V.I. International Growth Fund - Series II Shares | 4737 | 2.07 | 9805 | 9868 |
| Invesco V.I. Main Street Small Cap Fund®- Series II Shares | 2630 | 27.71 | 72889 | 71884 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 206240 | 55.86 | 11520589 | 8693892 |
| Janus Henderson Balanced Portfolio - Service Shares | 161235 | 59.48 | 9590278 | 7764078 |
| Janus Henderson Enterprise Portfolio - Service Shares | 65422 | 73.35 | 4798700 | 4670072 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 159110 | 79.67 | 12676277 | 9229937 |
| Janus Henderson Global Research Portfolio - Service Shares | 34687 | 76.42 | 2650781 | 2049597 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 248206 | 23.94 | 5942049 | 4151659 |
| Lincoln Hedged S&P 500 Conservative Fund - Service Class | 39592 | 10.59 | 419203 | 432434 |
| Lincoln Hedged S&P 500 Fund - Service Class | 67542 | 11.24 | 758839 | 767739 |
| LVIP AllianceBernstein Large Cap Growth Fund - Service Class | 1522 | 44.85 | 68245 | 78885 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 4472369 | 48.63 | 217500247 | 221662700 |
| LVIP American Balanced Allocation Fund - Standard Class | 1083782 | 12.45 | 13489831 | 12529078 |
| LVIP American Century Balanced Fund - Standard Class II | 9267534 | 9.05 | 83824849 | 72970946 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 1371165 | 9.03 | 12377502 | 13683309 |
| LVIP American Century Ultra® Fund - Service Class | 1885 | 29.96 | 56469 | 53087 |
| LVIP American Century Ultra® Fund - Standard Class | 4797462 | 31.55 | 151355137 | 140614509 |
| LVIP American Growth Allocation Fund - Service Class | 325 | 12.56 | 4081 | 3799 |
| LVIP American Growth Allocation Fund - Standard Class | 8308927 | 12.59 | 104634318 | 100375625 |
| LVIP American Income Allocation Fund - Standard Class | 823815 | 11.75 | 9680648 | 9257216 |
| LVIP Baron Growth Opportunities Fund - Service Class | 1596294 | 59.56 | 95073671 | 105218873 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 111149 | 63.18 | 7021919 | 8013441 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 2604919 | 22.08 | 57516612 | 55511972 |
| LVIP BlackRock Equity Dividend Fund - Service Class | 1381 | 25.75 | 35560 | 35512 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 5001614 | 25.78 | 128931593 | 132269396 |
| LVIP BlackRock Global Allocation Fund - Service Class | 66 | 13.56 | 899 | 775 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 31443715 | 13.56 | 426471103 | 368959878 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 3406313 | 13.55 | 46152139 | 40792674 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 9327410 | 9.46 | 88199988 | 89883690 |
| LVIP BlackRock Real Estate Fund - Service Class | 1785 | 7.69 | 13719 | 13388 |
| LVIP BlackRock Real Estate Fund - Standard Class | 6375854 | 7.81 | 49801794 | 50856531 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 1554876 | 14.54 | 22607903 | 19741947 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 268365 | 55.54 | 14905770 | 12122821 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 677819 | 19.00 | 12881265 | 13120426 |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 196402 | 17.18 | 3374780 | 3247953 |
| LVIP Dimensional International Core Equity Fund - Service Class | 338 | 15.81 | 5346 | 5225 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 4132538 | 15.85 | 65517256 | 48100947 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 1268194 | 13.45 | 17059742 | 13333251 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 1397441 | 51.82 | 72416796 | 54963595 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 2977094 | 22.85 | 68029581 | 49030125 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 875987 | 22.31 | 19545908 | 18440902 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Service Class | 17482 | 8.85 | 154737 | 155268 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 14548949 | 8.90 | 129485644 | 139329730 |
| LVIP Franklin Templeton Core Bond Fund - Service Class | 6028 | 11.65 | 70222 | 69965 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 33505876 | 11.66 | 390712023 | 415884364 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 258870 | 44.56 | 11536294 | 10718092 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class | 598 | 10.08 | 6029 | 4979 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 8544723 | 10.07 | 86045356 | 69134458 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 5881693 | 10.48 | 61628379 | 49316501 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class | 768 | 16.62 | 12764 | 11036 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 6650466 | 16.69 | 110963019 | 90671814 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class | 590 | 14.45 | 8527 | 7708 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 7920700 | 14.49 | 114786789 | 95858105 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 4208477 | 12.91 | 54348274 | 52004004 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 10322816 | 14.17 | 146263980 | 138287351 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 7575286 | 14.38 | 108932606 | 102367113 |
| LVIP Government Money Market Fund - Standard Class | 10054832 | 10.00 | 100548321 | 100548336 |
| LVIP JPMorgan High Yield Fund - Service Class | 1481 | 10.02 | 14834 | 14907 |
| LVIP JPMorgan High Yield Fund - Standard Class | 12030395 | 10.02 | 120580645 | 121899508 |
| LVIP JPMorgan Retirement Income Fund - Standard Class | 63665 | 13.66 | 869787 | 794065 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 1283799 | 17.34 | 22259787 | 23032910 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 13182000 | 9.42 | 124213985 | 125981753 |
| LVIP Loomis Sayles Global Growth Fund - Standard Class | 151638 | 19.23 | 2915244 | 2509343 |
| LVIP MFS International Growth Fund - Service Class | 3288 | 21.23 | 69817 | 67160 |
| LVIP MFS International Growth Fund - Standard Class | 6979499 | 21.23 | 148188716 | 136503214 |
| LVIP MFS Value Fund - Service Class | 1912 | 54.56 | 104310 | 102204 |
| LVIP MFS Value Fund - Standard Class | 6636772 | 54.68 | 362911982 | 329969441 |
| LVIP Mondrian Global Income Fund - Standard Class | 3105552 | 9.45 | 29353680 | 30653584 |
| LVIP Mondrian International Value Fund - Service Class | 2796 | 21.23 | 59355 | 49231 |
| LVIP Mondrian International Value Fund - Standard Class | 3459946 | 21.26 | 73541149 | 59744623 |
| LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class | 73343 | 16.50 | 1210378 | 1002230 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 4759612 | 9.84 | 46834581 | 47357266 |
| LVIP Nomura High Yield Fund - Standard Class | 4458280 | 4.34 | 19362310 | 20300858 |
| LVIP Nomura Mid Cap Value Fund - Service Class | 1068 | 43.28 | 46206 | 44801 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 1155347 | 43.77 | 50569523 | 47010282 |
| LVIP Nomura SMID Cap Core Fund - Service Class | 131 | 26.33 | 3448 | 3174 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 4092247 | 29.36 | 120140181 | 102009426 |
| LVIP Nomura Social Awareness Fund - Standard Class | 385144 | 56.09 | 21604256 | 17981887 |
| LVIP Nomura U.S. Growth Fund - Service Class | 695 | 12.70 | 8820 | 8353 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 4883729 | 14.40 | 70311054 | 54454271 |
| LVIP Nomura U.S. REIT Fund - Service Class | 2512 | 13.51 | 33943 | 34456 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 6414404 | 13.47 | 86408443 | 84595490 |
| LVIP PIMCO Low Duration Bond Fund - Standard Class | 1431907 | 9.46 | 13547271 | 13597228 |
| LVIP SSGA Bond Index Fund - Service Class | 32979 | 10.10 | 333023 | 331267 |
| LVIP SSGA Bond Index Fund - Standard Class | 16168268 | 10.09 | 163202497 | 171058940 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 3005898 | 14.58 | 43819987 | 40818739 |
| LVIP SSGA Emerging Markets Equity Index Fund - Service Class | 4959 | 13.46 | 66762 | 53276 |
| LVIP SSGA Emerging Markets Equity Index Fund - Standard Class | 167621 | 13.51 | 2264220 | 1857736 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 1956734 | 13.12 | 25672344 | 22601028 |
| LVIP SSGA International Index Fund - Service Class | 22894 | 13.27 | 303849 | 253688 |
| LVIP SSGA International Index Fund - Standard Class | 12315628 | 13.27 | 163477642 | 129537251 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 1369070 | 11.44 | 15660794 | 13195658 |
| LVIP SSGA Mid-Cap Index Fund - Service Class | 12022 | 12.82 | 154174 | 152700 |
| LVIP SSGA Mid-Cap Index Fund - Standard Class | 1116776 | 12.89 | 14394121 | 14276732 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 13201034 | 18.26 | 241064085 | 206351820 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 14329684 | 19.65 | 281635617 | 235524881 |
| LVIP SSGA Nasdaq-100 Index Fund - Service Class | 3135 | 17.08 | 53562 | 44493 |
| LVIP SSGA S&P 500 Index Fund - Service Class | 31962 | 33.61 | 1074156 | 927662 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 67106411 | 33.70 | 2261754469 | 1651590459 |
| LVIP SSGA Short-Term Bond Index Fund - Standard Class | 560441 | 9.99 | 5598808 | 5616787 |
| LVIP SSGA Small-Cap Index Fund - Service Class | 2887 | 34.72 | 100222 | 92359 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 6016483 | 34.81 | 209445794 | 189113333 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 1636510 | 11.39 | 18638207 | 18800485 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 10364318 | 12.86 | 133233305 | 128327960 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 8446540 | 13.83 | 116840982 | 109805037 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 156144 | 9.83 | 1534267 | 1563129 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 688603 | 12.51 | 8611671 | 7970843 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 1183754 | 13.91 | 16469576 | 14053529 |
| LVIP T. Rowe Price 2050 Fund - Standard Class | 1056014 | 15.41 | 16271061 | 13812113 |
| LVIP T. Rowe Price 2060 Fund - Standard Class | 1692707 | 17.31 | 29295688 | 24301189 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class | 1963 | 28.13 | 55223 | 56086 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 4389306 | 30.97 | 135914872 | 131829860 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 961199 | 13.02 | 12512889 | 10835395 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 18973056 | 9.25 | 175538711 | 186053748 |
| LVIP Vanguard Domestic Equity ETF Fund - Service Class | 52 | 24.90 | 1307 | 1282 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 13886280 | 25.02 | 347462489 | 354661870 |
| LVIP Vanguard International Equity ETF Fund - Service Class | 3506 | 15.02 | 52653 | 44565 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 14491168 | 15.04 | 218005133 | 170816546 |
| LVIP Wellington SMID Cap Value Fund - Service Class | 6 | 23.98 | 132 | 129 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 2684093 | 24.20 | 64952358 | 67464632 |
| M Capital Appreciation Fund | 89978 | 24.53 | 2207170 | 2203095 |
| M International Equity Fund | 158446 | 17.68 | 2801329 | 1990533 |
| M Large Cap Growth Fund | 144260 | 29.81 | 4300388 | 4238844 |
| M Large Cap Value Fund | 199655 | 17.04 | 3402116 | 2745286 |
| MFS® VIT Growth Series - Initial Class | 1982310 | 67.85 | 134499743 | 122814148 |
| MFS® VIT Growth Series - Service Class | 58 | 60.68 | 3513 | 3648 |
| MFS® VIT New Discovery Series - Initial Class | 164596 | 15.60 | 2567695 | 2262999 |
| MFS® VIT Total Return Series - Initial Class | 4814557 | 23.33 | 112323616 | 114134783 |
| MFS® VIT Utilities Series - Initial Class | 1890953 | 37.73 | 71345656 | 64302311 |
| MFS® VIT Utilities Series - Service Class | 758 | 36.82 | 27921 | 25706 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 140042 | 31.83 | 4457545 | 3960218 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 668882 | 28.99 | 19390875 | 19612946 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 360393 | 16.41 | 5914048 | 5706902 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 40163 | 42.76 | 1717356 | 1181676 |
| Nomura VIP Emerging Markets Series - Service Class | 1791 | 40.01 | 71663 | 42480 |
| Nomura VIP Emerging Markets Series - Standard Class | 5071576 | 40.00 | 202863051 | 116461983 |
| Nomura VIP Energy Series - Service Class | 187 | 5.18 | 969 | 896 |
| Nomura VIP High Income Series - Service Class | 861 | 2.93 | 2524 | 2481 |
| Nomura VIP Science and Technology Series - Service Class | 104 | 32.66 | 3400 | 3039 |
| Nomura VIP Small Cap Growth Series - Service Class | 541 | 7.45 | 4030 | 3734 |
| Nomura VIP Small Cap Value Series - Service Class | 15 | 39.87 | 590 | 557 |
| Nomura VIP Small Cap Value Series - Standard Class | 3490433 | 40.08 | 139896573 | 126191545 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 6624274 | 6.29 | 41666683 | 41086695 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class | 107 | 6.42 | 689 | 618 |
| PIMCO VIT Dynamic Bond Portfolio - Advisor Class | 352 | 8.94 | 3145 | 3060 |
| PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class | 624 | 11.42 | 7128 | 6768 |
| Putnam VT George Putnam Balanced Fund - Class IA | 289059 | 17.12 | 4948695 | 4044923 |
| Putnam VT Global Health Care Fund - Class IB | 143689 | 16.81 | 2415416 | 2302926 |
| Putnam VT Large Cap Value Fund - Class IB | 98475 | 35.69 | 3514576 | 2733259 |
| Templeton Foreign VIP Fund - Class 1 | 69360 | 16.63 | 1153450 | 974671 |
| Templeton Foreign VIP Fund - Class 2 | 153359 | 16.22 | 2487485 | 2021923 |
| Templeton Global Bond VIP Fund - Class 1 | 5780973 | 14.00 | 80933618 | 83264206 |
| Templeton Global Bond VIP Fund - Class 4 | 343 | 13.44 | 4616 | 4328 |
| Templeton Growth VIP Fund - Class 1 | 560357 | 14.51 | 8130775 | 6836989 |
| Templeton Growth VIP Fund - Class 2 | 93006 | 14.15 | 1316028 | 1036216 |
| TOPS® Aggressive Growth ETF Portfolio - Class 2 Shares | 3880 | 23.90 | 92742 | 92069 |
| TOPS® Balanced ETF Portfolio - Class 2 Shares | 484602 | 15.25 | 7390174 | 6197788 |
| TOPS® Balanced ETF Portfolio - Service Class Shares | 188961 | 15.21 | 2874093 | 2577983 |
| TOPS® Growth ETF Portfolio - Class 2 Shares | 956 | 22.65 | 21647 | 21657 |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | 1436378 | 16.24 | 23326783 | 20099096 |
| TOPS® Moderate Growth ETF Portfolio - Service Class Shares | 261361 | 16.20 | 4234045 | 3730987 |

---

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**6. Changes in Units Outstanding**

The change in units outstanding for the year ended December 31, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Subaccount* | *Units Issued* | *Units Redeemed* | *Net Increase (Decrease)* |
| AB VPS Discovery Value Portfolio - Class A | 591771 | (100478) | 491293 |
| AB VPS International Value Portfolio - Class A | 22754 | (127547) | (104793) |
| AB VPS Large Cap Growth Portfolio - Class A | 5016 | (17264) | (12248) |
| AB VPS Relative Value Portfolio - Class A | 61557 | (57053) | 4504 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 116334 | (63419) | 52915 |
| American Funds® IS Asset Allocation Fund - Class 4 | 858 |  | 858 |
| American Funds® IS Capital Income Builder - Class 4 | 296 | (6) | 290 |
| American Funds® IS Capital World Growth and Income Fund - Class 2 | 17653 | (285) | 17368 |
| American Funds® IS Global Growth Fund - Class 2 | 542206 | (423219) | 118987 |
| American Funds® IS Global Growth Fund - Class 4 | 502 | (153) | 349 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 649095 | (452130) | 196965 |
| American Funds® IS Global Small Capitalization Fund - Class 4 | 52 | (6) | 46 |
| American Funds® IS Growth Fund - Class 2 | 1679744 | (1369287) | 310457 |
| American Funds® IS Growth Fund - Class 4 | 5348 | (2199) | 3149 |
| American Funds® IS Growth-Income Fund - Class 2 | 989376 | (753453) | 235923 |
| American Funds® IS Growth-Income Fund - Class 4 | 728 | (545) | 183 |
| American Funds® IS International Fund - Class 2 | 657053 | (1532495) | (875442) |
| American Funds® IS International Fund - Class 4 | 2006 | (329) | 1677 |
| American Funds® IS New World Fund - Class 4 | 2111 | (562) | 1549 |
| American Funds® IS Washington Mutual Investors Fund - Class 4 | 1953 | (2060) | (107) |
| ClearBridge Variable Growth Portfolio - Class II | 43 |  | 43 |
| ClearBridge Variable Large Cap Growth Portfolio - Class II | 209 | (796) | (587) |
| ClearBridge Variable Mid Cap Portfolio - Class I | 448119 | (103998) | 344121 |
| ClearBridge Variable Mid Cap Portfolio - Class II | 32 | (33) | (1) |
| Columbia VP Commodity Strategy Fund - Class 2 | 55 |  | 55 |
| Columbia VP Strategic Income Fund - Class 2 | 75 | (3) | 72 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 141779 | (109834) | 31945 |
| DWS Equity 500 Index VIP Portfolio - Class A | 23131 | (205887) | (182756) |
| DWS Small Cap Index VIP Portfolio - Class A | 30515 | (38152) | (7637) |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 524 | (735) | (211) |
| Fidelity® VIP Balanced Portfolio - Service Class 2 | 1084 | (33) | 1051 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 297577 | (23527) | 274050 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 777202 | (649997) | 127205 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 3476 | (1590) | 1886 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 738 | (2530) | (1792) |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 14779 | (30539) | (15760) |
| Fidelity® VIP Financials Portfolio - Initial Class | 3368 | (102) | 3266 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 6376 | (19510) | (13134) |
| Fidelity® VIP Growth Portfolio - Service Class | 564930 | (354627) | 210303 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 3881 | (1819) | 2062 |
| Fidelity® VIP Health Care Portfolio - Initial Class | 3119 | (310) | 2809 |
| Fidelity® VIP High Income Portfolio - Service Class | 21687 | (9448) | 12239 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 3082 | (4317) | (1235) |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 1073802 | (261427) | 812375 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 592 | (4) | 588 |
| Fidelity® VIP Overseas Portfolio - Service Class | 73131 | (47043) | 26088 |
| Fidelity® VIP Strategic Income Portfolio - Service Class 2 | 240 | (4) | 236 |
| Fidelity® VIP Technology Portfolio - Initial Class | 39203 | (3650) | 35553 |
| First Trust Capital Strength Hedged Equity Portfolio - Class I | 55260 | (1651) | 53609 |
| First Trust Capital Strength Portfolio - Class I | 66912 | (2197) | 64715 |
| First Trust International Developed Capital Strength Portfolio - Class I | 558 | (29) | 529 |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I | 61559 | (2389) | 59170 |
| Franklin Income VIP Fund - Class 1 | 862240 | (397038) | 465202 |
| Franklin Mutual Shares VIP Fund - Class 1 | 437481 | (174832) | 262649 |
| Franklin Rising Dividends VIP Fund - Class 4 | 183 | (182) | 1 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 97520 | (37652) | 59868 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 4 | 1070 | (99) | 971 |
| Goldman Sachs VIT Government Money Market Fund - Service Shares | 594 | (1680) | (1086) |
| Invesco V.I. American Franchise Fund - Series I Shares | 5641 | (66461) | (60820) |
| Invesco V.I. Core Equity Fund - Series I Shares | 5421 | (66387) | (60966) |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 2126 | (23198) | (21072) |
| Invesco V.I. Diversified Dividend Fund - Series II Shares | 27 | (27) |  |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 172884 | (356483) | (183599) |
| Invesco V.I. International Growth Fund - Series II Shares | 328 | (2) | 326 |
| Invesco V.I. Main Street Small Cap Fund®- Series II Shares | 2509 | (150) | 2359 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 11212 | (56054) | (44842) |
| Janus Henderson Balanced Portfolio - Service Shares | 13681 | (57009) | (43328) |
| Janus Henderson Enterprise Portfolio - Service Shares | 15174 | (10890) | 4284 |
| Janus Henderson Global Research Portfolio - Institutional Shares | 4760 | (53494) | (48734) |
| Janus Henderson Global Research Portfolio - Service Shares | 10132 | (16429) | (6297) |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 1605 | (14462) | (12857) |
| Lincoln Hedged S&P 500 Conservative Fund - Service Class | 56393 | (20362) | 36031 |
| Lincoln Hedged S&P 500 Fund - Service Class | 43552 | (4914) | 38638 |
| LVIP AllianceBernstein Large Cap Growth Fund - Service Class | 2183 | (2194) | (11) |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 552795 | (383406) | 169389 |
| LVIP American Balanced Allocation Fund - Standard Class | 452066 | (8129) | 443937 |
| LVIP American Century Balanced Fund - Standard Class II | 176477 | (190188) | (13711) |
| LVIP American Century Inflation Protection Fund - Standard Class II | 94352 | (85069) | 9283 |
| LVIP American Century Ultra® Fund - Service Class | 1765 | (117) | 1648 |
| LVIP American Century Ultra® Fund - Standard Class | 593127 | (244699) | 348428 |
| LVIP American Growth Allocation Fund - Service Class | 135 |  | 135 |
| LVIP American Growth Allocation Fund - Standard Class | 1714546 | (20440) | 1694106 |
| LVIP American Income Allocation Fund - Standard Class | 163254 | (11505) | 151749 |
| LVIP Baron Growth Opportunities Fund - Service Class | 1126810 | (70707) | 1056103 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 240246 | (29114) | 211132 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 355855 | (79890) | 275965 |
| LVIP BlackRock Equity Dividend Fund - Service Class | 1940 | (77) | 1863 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 717265 | (269087) | 448178 |
| LVIP BlackRock Global Allocation Fund - Service Class | 8 |  | 8 |
| LVIP BlackRock Global Allocation Fund - Standard Class | 638386 | (937134) | (298748) |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 154910 | (68569) | 86341 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 684914 | (399876) | 285038 |
| LVIP BlackRock Real Estate Fund - Service Class | 537 | (33) | 504 |
| LVIP BlackRock Real Estate Fund - Standard Class | 401326 | (115271) | 286055 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 109536 | (64503) | 45033 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 48143 | (31067) | 17076 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 73210 | (61840) | 11370 |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 7206 | (19397) | (12191) |
| LVIP Dimensional International Core Equity Fund - Service Class | 369 | (1) | 368 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 280178 | (429381) | (149203) |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 36936 | (139591) | (102655) |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 320531 | (227980) | 92551 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 187271 | (316860) | (129589) |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 99338 | (36503) | 62835 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Service Class | 7548 | (434) | 7114 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 1292028 | (667257) | 624771 |
| LVIP Franklin Templeton Core Bond Fund - Service Class | 5136 | (185) | 4951 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 3710462 | (1367004) | 2343458 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 40336 | (37534) | 2802 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class | 98 | (12) | 86 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 203239 | (669275) | (466036) |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 240979 | (446084) | (205105) |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class | 502 | (546) | (44) |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 357923 | (153788) | 204135 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class | 466 | (3) | 463 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 560670 | (339376) | 221294 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 231332 | (445416) | (214084) |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 465220 | (620198) | (154978) |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 250541 | (315728) | (65187) |
| LVIP Government Money Market Fund - Standard Class | 8345661 | (5307551) | 3038110 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 3532 | (150768) | (147236) |
| LVIP JPMorgan High Yield Fund - Service Class | 477 | (25) | 452 |
| LVIP JPMorgan High Yield Fund - Standard Class | 873174 | (308347) | 564827 |
| LVIP JPMorgan Retirement Income Fund - Standard Class | 13531 | (4951) | 8580 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 172773 | (43942) | 128831 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 2951360 | (2173729) | 777631 |
| LVIP Loomis Sayles Global Growth Fund - Standard Class | 60220 | (11236) | 48984 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 5342 | (177363) | (172021) |
| LVIP MFS International Growth Fund - Service Class | 1911 | (63) | 1848 |
| LVIP MFS International Growth Fund - Standard Class | 789161 | (575193) | 213968 |
| LVIP MFS Value Fund - Service Class | 3468 | (128) | 3340 |
| LVIP MFS Value Fund - Standard Class | 1745745 | (321354) | 1424391 |
| LVIP Mondrian Global Income Fund - Standard Class | 436865 | (185843) | 251022 |
| LVIP Mondrian International Value Fund - Service Class | 1337 | (108) | 1229 |
| LVIP Mondrian International Value Fund - Standard Class | 398702 | (676221) | (277519) |
| LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class | 3760 | (7954) | (4194) |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 369223 | (239953) | 129270 |
| LVIP Nomura High Yield Fund - Standard Class | 75180 | (128464) | (53284) |
| LVIP Nomura Mid Cap Value Fund - Service Class | 1424 | (142) | 1282 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 356539 | (186916) | 169623 |
| LVIP Nomura SMID Cap Core Fund - Service Class | 137 | (15) | 122 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 465462 | (260794) | 204668 |
| LVIP Nomura Social Awareness Fund - Standard Class | 58660 | (50375) | 8285 |
| LVIP Nomura U.S. Growth Fund - Service Class | 331 | (6) | 325 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 169133 | (304321) | (135188) |
| LVIP Nomura U.S. REIT Fund - Service Class | 2244 | (127) | 2117 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 762054 | (190002) | 572052 |
| LVIP PIMCO Low Duration Bond Fund - Standard Class | 361162 | (11591) | 349571 |
| LVIP SSGA Bond Index Fund - Service Class | 12517 | (1488) | 11029 |
| LVIP SSGA Bond Index Fund - Standard Class | 2533662 | (535255) | 1998407 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 132960 | (97314) | 35646 |
| LVIP SSGA Emerging Markets Equity Index Fund - Service Class | 1534 | (371) | 1163 |
| LVIP SSGA Emerging Markets Equity Index Fund - Standard Class | 41327 | (15595) | 25732 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 63723 | (75744) | (12021) |
| LVIP SSGA International Index Fund - Service Class | 6966 | (1853) | 5113 |
| LVIP SSGA International Index Fund - Standard Class | 947685 | (865438) | 82247 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 37357 | (109345) | (71988) |
| LVIP SSGA Mid-Cap Index Fund - Service Class | 4446 | (448) | 3998 |
| LVIP SSGA Mid-Cap Index Fund - Standard Class | 518763 | (10301) | 508462 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 627873 | (459020) | 168853 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 667987 | (362910) | 305077 |
| LVIP SSGA Nasdaq-100 Index Fund - Service Class | 1846 | (1696) | 150 |
| LVIP SSGA S&P 500 Index Fund - Service Class | 21079 | (2313) | 18766 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 5247958 | (1849329) | 3398629 |
| LVIP SSGA Short-Term Bond Index Fund - Standard Class | 150202 | (6893) | 143309 |
| LVIP SSGA Small-Cap Index Fund - Service Class | 2853 | (567) | 2286 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 1635985 | (822513) | 813472 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 62370 | (79451) | (17081) |
| LVIP Structured Moderate Allocation Fund - Standard Class | 473544 | (310958) | 162586 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 276826 | (227094) | 49732 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 10311 | (10134) | 177 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 115019 | (19707) | 95312 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 164615 | (32383) | 132232 |
| LVIP T. Rowe Price 2050 Fund - Standard Class | 294864 | (18554) | 276310 |
| LVIP T. Rowe Price 2060 Fund - Standard Class | 451762 | (19769) | 431993 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class | 1428 | (105) | 1323 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 737600 | (312157) | 425443 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 37401 | (26479) | 10922 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 2225179 | (1184749) | 1040430 |
| LVIP Vanguard Domestic Equity ETF Fund - Service Class | 84 |  | 84 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 1101226 | (257602) | 843624 |
| LVIP Vanguard International Equity ETF Fund - Service Class | 1087 | (298) | 789 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 763013 | (1096962) | (333949) |
| LVIP Wellington SMID Cap Value Fund - Service Class | 35 | (31) | 4 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 445261 | (62160) | 383101 |
| LVIP Western Asset Core Bond Fund - Service Class | 278 | (2656) | (2378) |
| M Capital Appreciation Fund | 12872 | (15305) | (2433) |
| M International Equity Fund | 8417 | (32836) | (24419) |
| M Large Cap Growth Fund | 11145 | (16780) | (5635) |
| M Large Cap Value Fund | 9642 | (21023) | (11381) |
| MFS® VIT Growth Series - Initial Class | 329930 | (211113) | 118817 |
| MFS® VIT Growth Series - Service Class | 21 | (5) | 16 |
| MFS® VIT New Discovery Series - Initial Class | 73424 | (12287) | 61137 |
| MFS® VIT Total Return Series - Initial Class | 356301 | (173734) | 182567 |
| MFS® VIT Utilities Series - Initial Class | 331932 | (280732) | 51200 |
| MFS® VIT Utilities Series - Service Class | 1655 | (47) | 1608 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 44858 | (8416) | 36442 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 30529 | (87655) | (57126) |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 20845 | (44618) | (23773) |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 989 | (6525) | (5536) |
| Nomura VIP Emerging Markets Series - Service Class | 1891 | (303) | 1588 |
| Nomura VIP Emerging Markets Series - Standard Class | 259311 | (2815714) | (2556403) |
| Nomura VIP Energy Series - Service Class | 48 |  | 48 |
| Nomura VIP High Income Series - Service Class | 92 | (2) | 90 |
| Nomura VIP Mid Cap Growth Series - Service Class | 57 | (192) | (135) |
| Nomura VIP Science and Technology Series - Service Class | 553 | (473) | 80 |
| Nomura VIP Small Cap Growth Series - Service Class | 307 | (195) | 112 |
| Nomura VIP Small Cap Value Series - Service Class | 48 | (82) | (34) |
| Nomura VIP Small Cap Value Series - Standard Class | 744571 | (222991) | 521580 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 189848 | (508106) | (318258) |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class | 23 |  | 23 |
| PIMCO VIT Dynamic Bond Portfolio - Advisor Class | 115 | (5) | 110 |
| PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class | 202 | (8) | 194 |
| Putnam VT George Putnam Balanced Fund - Class IA | 55968 | (10780) | 45188 |
| Putnam VT Global Health Care Fund - Class IB | 6646 | (11594) | (4948) |
| Putnam VT Large Cap Value Fund - Class IB | 13324 | (9242) | 4082 |
| Templeton Foreign VIP Fund - Class 1 | 1513 | (12417) | (10904) |
| Templeton Foreign VIP Fund - Class 2 | 8374 | (27634) | (19260) |
| Templeton Global Bond VIP Fund - Class 1 | 776421 | (778461) | (2040) |
| Templeton Global Bond VIP Fund - Class 4 | 148 | (11) | 137 |
| Templeton Growth VIP Fund - Class 1 | 12024 | (49599) | (37575) |
| Templeton Growth VIP Fund - Class 2 | 3655 | (6596) | (2941) |
| TOPS® Aggressive Growth ETF Portfolio - Class 2 Shares | 8137 | (128) | 8009 |
| TOPS® Balanced ETF Portfolio - Class 2 Shares | 36666 | (33846) | 2820 |
| TOPS® Balanced ETF Portfolio - Service Class Shares | 49707 | (3328) | 46379 |
| TOPS® Growth ETF Portfolio - Class 2 Shares | 1907 | (18) | 1889 |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | 154935 | (45282) | 109653 |
| TOPS® Moderate Growth ETF Portfolio - Service Class Shares | 88485 | (5241) | 83244 |

---

------

**Lincoln Life Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**6. Changes in Units Outstanding (continued)**

The change in units outstanding for the year ended December 31, 2024, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Subaccount* | *Units Issued* | *Units Redeemed* | *Net Increase (Decrease)* |
| AB VPS Discovery Value Portfolio - Class A | 485386 | (203986) | 281400 |
| AB VPS International Value Portfolio - Class A | 46658 | (87208) | (40550) |
| AB VPS Large Cap Growth Portfolio - Class A | 22871 | (19914) | 2957 |
| AB VPS Relative Value Portfolio - Class A | 78089 | (135614) | (57525) |
| AB VPS Sustainable Global Thematic Portfolio - Class A | 166467 | (57742) | 108725 |
| American Funds® IS Asset Allocation Fund - Class 4 | 890 |  | 890 |
| American Funds® IS Capital Income Builder - Class 4 | 373 | (94) | 279 |
| American Funds® IS Global Growth Fund - Class 2 | 921855 | (283349) | 638506 |
| American Funds® IS Global Growth Fund - Class 4 | 277 | (26) | 251 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | 893392 | (280467) | 612925 |
| American Funds® IS Global Small Capitalization Fund - Class 4 | 49 | (1) | 48 |
| American Funds® IS Growth Fund - Class 2 | 1615429 | (1099903) | 515526 |
| American Funds® IS Growth Fund - Class 4 | 7226 | (689) | 6537 |
| American Funds® IS Growth-Income Fund - Class 2 | 756432 | (817794) | (61362) |
| American Funds® IS Growth-Income Fund - Class 4 | 785 | (182) | 603 |
| American Funds® IS International Fund - Class 2 | 2010870 | (442986) | 1567884 |
| American Funds® IS International Fund - Class 4 | 1074 | (129) | 945 |
| American Funds® IS New World Fund - Class 4 | 2661 | (685) | 1976 |
| American Funds® IS Washington Mutual Investors Fund - Class 4 | 3986 | (471) | 3515 |
| ClearBridge Variable Growth Portfolio - Class II | 31 | (66) | (35) |
| ClearBridge Variable Large Cap Growth Portfolio - Class II | 149 | (44) | 105 |
| ClearBridge Variable Mid Cap Portfolio - Class I | 282027 | (155808) | 126219 |
| ClearBridge Variable Mid Cap Portfolio - Class II | 104 | (95) | 9 |
| Columbia VP Commodity Strategy Fund - Class 2 | 26 |  | 26 |
| Columbia VP Strategic Income Fund - Class 2 | 61 | (2) | 59 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | 154731 | (122841) | 31890 |
| DWS Equity 500 Index VIP Portfolio - Class A | 148149 | (178927) | (30778) |
| DWS Small Cap Index VIP Portfolio - Class A | 66507 | (39499) | 27008 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | 584 | (1267) | (683) |
| Fidelity® VIP Balanced Portfolio - Service Class 2 | 1182 | (182) | 1000 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | 267651 | (27408) | 240243 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | 585367 | (840733) | (255366) |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 1860 | (231) | 1629 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | 987 | (3439) | (2452) |
| Fidelity® VIP Equity-Income Portfolio - Service Class | 40226 | (18641) | 21585 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | 6008 | (35716) | (29708) |
| Fidelity® VIP Growth Portfolio - Service Class | 670973 | (283855) | 387118 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | 3159 | (259) | 2900 |
| Fidelity® VIP High Income Portfolio - Service Class | 20201 | (9849) | 10352 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | 4212 | (4924) | (712) |
| Fidelity® VIP Mid Cap Portfolio - Service Class | 649866 | (384455) | 265411 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | 674 | (179) | 495 |
| Fidelity® VIP Overseas Portfolio - Service Class | 46048 | (38996) | 7052 |
| Fidelity® VIP Strategic Income Portfolio - Service Class 2 | 233 | (3) | 230 |
| First Trust Capital Strength Hedged Equity Portfolio - Class I | 10243 | (140) | 10103 |
| First Trust Capital Strength Portfolio - Class I | 20547 | (442) | 20105 |
| First Trust International Developed Capital Strength Portfolio - Class I | 465 | (27) | 438 |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I | 35787 | (280) | 35507 |
| Franklin Income VIP Fund - Class 1 | 1028866 | (810360) | 218506 |
| Franklin Mutual Shares VIP Fund - Class 1 | 280882 | (207789) | 73093 |
| Franklin Rising Dividends VIP Fund - Class 4 | 185 | (14) | 171 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | 46631 | (85437) | (38806) |
| Franklin Small-Mid Cap Growth VIP Fund - Class 4 | 1191 | (100) | 1091 |
| Goldman Sachs VIT Government Money Market Fund - Service Shares | 1971 | (143) | 1828 |
| Invesco V.I. American Franchise Fund - Series I Shares | 9030 | (58713) | (49683) |
| Invesco V.I. Core Equity Fund - Series I Shares | 11087 | (96157) | (85070) |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | 8876 | (1858) | 7018 |
| Invesco V.I. Diversified Dividend Fund - Series II Shares | 89 | (82) | 7 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | 260581 | (95584) | 164997 |
| Invesco V.I. International Growth Fund - Series II Shares | 343 | (65) | 278 |
| Invesco V.I. Main Street Small Cap Fund®- Series II Shares | 2496 | (276) | 2220 |
| Janus Henderson Balanced Portfolio - Institutional Shares | 13895 | (71882) | (57987) |
| Janus Henderson Balanced Portfolio - Service Shares | 64025 | (56018) | 8007 |
| Janus Henderson Enterprise Portfolio - Service Shares | 17134 | (34998) | (17864) |
| Janus Henderson Global Research Portfolio - Institutional Shares | 10570 | (50187) | (39617) |
| Janus Henderson Global Research Portfolio - Service Shares | 5992 | (18933) | (12941) |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | 12453 | (30359) | (17906) |
| Lincoln Hedged S&P 500 Fund - Service Class | 32546 | (8289) | 24257 |
| LVIP AllianceBernstein Large Cap Growth Fund - Service Class | 2654 | (139) | 2515 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | 708664 | (383110) | 325554 |
| LVIP American Balanced Allocation Fund - Standard Class | 374898 | (5673) | 369225 |
| LVIP American Century Balanced Fund - Standard Class II | 363232 | (95631) | 267601 |
| LVIP American Century Inflation Protection Fund - Standard Class II | 97964 | (134727) | (36763) |
| LVIP American Century Ultra® Fund - Service Class | 3015 | (31) | 2984 |
| LVIP American Century Ultra® Fund - Standard Class | 4366078 | (158268) | 4207810 |
| LVIP American Growth Allocation Fund - Service Class | 155 |  | 155 |
| LVIP American Growth Allocation Fund - Standard Class | 1911197 | (36280) | 1874917 |
| LVIP American Income Allocation Fund - Standard Class | 169611 | (7811) | 161800 |
| LVIP Baron Growth Opportunities Fund - Service Class | 841671 | (146559) | 695112 |
| LVIP Baron Growth Opportunities Fund - Standard Class | 142692 | (15207) | 127485 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | 182560 | (139660) | 42900 |
| LVIP BlackRock Equity Dividend Fund - Service Class | 594 | (56) | 538 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | 787201 | (268735) | 518466 |
| LVIP BlackRock Global Allocation Fund - Service Class | 38 | (67) | (29) |
| LVIP BlackRock Global Allocation Fund - Standard Class | 1254995 | (601585) | 653410 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | 163991 | (172994) | (9003) |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 1390431 | (117583) | 1272848 |
| LVIP BlackRock Real Estate Fund - Service Class | 485 | (32) | 453 |
| LVIP BlackRock Real Estate Fund - Standard Class | 423521 | (340808) | 82713 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | 128673 | (44857) | 83816 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 31425 | (49320) | (17895) |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 46137 | (61418) | (15281) |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | 103744 | (8150) | 95594 |
| LVIP Dimensional International Core Equity Fund - Standard Class | 468003 | (117926) | 350077 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | 106660 | (78031) | 28629 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 198868 | (202011) | (3143) |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | 180645 | (216610) | (35965) |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | 93781 | (108529) | (14748) |
| LVIP Fidelity Institutional AM® Total Bond Fund - Service Class | 5939 | (2061) | 3878 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | 1349276 | (299407) | 1049869 |
| LVIP Franklin Templeton Core Bond Fund - Service Class | 1399 | (62) | 1337 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | 5531553 | (357833) | 5173720 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 62692 | (39643) | 23049 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class | 162 | (12) | 150 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | 451398 | (426546) | 24852 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | 493062 | (108034) | 385028 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class | 458 | (42) | 416 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | 417512 | (319713) | 97799 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class | 144 |  | 144 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | 300079 | (298227) | 1852 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 275736 | (269892) | 5844 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 489231 | (441592) | 47639 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 273173 | (423614) | (150441) |
| LVIP Government Money Market Fund - Standard Class | 5756557 | (6136833) | (380276) |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class | 11424 | (6919) | 4505 |
| LVIP JPMorgan Core Bond Fund - Service Class | 211 | (576) | (365) |
| LVIP JPMorgan High Yield Fund - Service Class | 1025 | (709) | 316 |
| LVIP JPMorgan High Yield Fund - Standard Class | 1142852 | (297348) | 845504 |
| LVIP JPMorgan Retirement Income Fund - Standard Class | 20362 | (6862) | 13500 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 129165 | (65380) | 63785 |
| LVIP JPMorgan Short Duration Bond Fund - Service Class | 231 | (622) | (391) |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | 1002887 | (561856) | 441031 |
| LVIP Loomis Sayles Global Growth Fund - Standard Class | 59454 | (8552) | 50902 |
| LVIP Macquarie Wealth Builder Fund - Standard Class | 13539 | (10578) | 2961 |
| LVIP MFS International Growth Fund - Service Class | 2388 | (723) | 1665 |
| LVIP MFS International Growth Fund - Standard Class | 836439 | (147507) | 688932 |
| LVIP MFS Value Fund - Service Class | 3328 | (117) | 3211 |
| LVIP MFS Value Fund - Standard Class | 1694449 | (268582) | 1425867 |
| LVIP Mondrian Global Income Fund - Standard Class | 530252 | (106937) | 423315 |
| LVIP Mondrian International Value Fund - Service Class | 2150 | (784) | 1366 |
| LVIP Mondrian International Value Fund - Standard Class | 529188 | (280109) | 249079 |
| LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class | 17194 | (9010) | 8184 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | 443053 | (226883) | 216170 |
| LVIP Nomura High Yield Fund - Standard Class | 106318 | (152878) | (46560) |
| LVIP Nomura Mid Cap Value Fund - Service Class | 1496 | (227) | 1269 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | 248951 | (100211) | 148740 |
| LVIP Nomura SMID Cap Core Fund - Service Class | 129 | (10) | 119 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | 445145 | (272249) | 172896 |
| LVIP Nomura Social Awareness Fund - Standard Class | 127140 | (37060) | 90080 |
| LVIP Nomura U.S. Growth Fund - Service Class | 122 | (3) | 119 |
| LVIP Nomura U.S. Growth Fund - Standard Class | 227072 | (172006) | 55066 |
| LVIP Nomura U.S. REIT Fund - Service Class | 937 | (64) | 873 |
| LVIP Nomura U.S. REIT Fund - Standard Class | 499217 | (457643) | 41574 |
| LVIP PIMCO Low Duration Bond Fund - Standard Class | 322271 | (5792) | 316479 |
| LVIP SSGA Bond Index Fund - Service Class | 13296 | (2410) | 10886 |
| LVIP SSGA Bond Index Fund - Standard Class | 2143005 | (285459) | 1857546 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | 195021 | (136473) | 58548 |
| LVIP SSGA Emerging Markets Equity Index Fund - Service Class | 2286 | (428) | 1858 |
| LVIP SSGA Emerging Markets Equity Index Fund - Standard Class | 63577 | (3471) | 60106 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 77685 | (240979) | (163294) |
| LVIP SSGA International Index Fund - Service Class | 9313 | (2242) | 7071 |
| LVIP SSGA International Index Fund - Standard Class | 1341994 | (183025) | 1158969 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | 77690 | (49534) | 28156 |
| LVIP SSGA Mid-Cap Index Fund - Service Class | 4425 | (1173) | 3252 |
| LVIP SSGA Mid-Cap Index Fund - Standard Class | 201000 | (4990) | 196010 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | 765787 | (314599) | 451188 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class | 938 | (3403) | (2465) |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | 1163017 | (377620) | 785397 |
| LVIP SSGA Nasdaq-100 Index Fund - Service Class | 2130 | (56) | 2074 |
| LVIP SSGA S&P 500 Index Fund - Service Class | 24233 | (4552) | 19681 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | 4856957 | (1158337) | 3698620 |
| LVIP SSGA Short-Term Bond Index Fund - Standard Class | 153060 | (2756) | 150304 |
| LVIP SSGA Small-Cap Index Fund - Service Class | 3512 | (1335) | 2177 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | 1214381 | (473718) | 740663 |
| LVIP Structured Conservative Allocation Fund - Standard Class | 63013 | (42855) | 20158 |
| LVIP Structured Moderate Allocation Fund - Standard Class | 433398 | (175608) | 257790 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | 467255 | (167769) | 299486 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | 13685 | (16433) | (2748) |
| LVIP T. Rowe Price 2030 Fund - Standard Class | 114411 | (51051) | 63360 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | 213941 | (45927) | 168014 |
| LVIP T. Rowe Price 2050 Fund - Standard Class | 257223 | (14176) | 243047 |
| LVIP T. Rowe Price 2060 Fund - Standard Class | 480344 | (21566) | 458778 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class | 1592 | (250) | 1342 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 470511 | (340902) | 129609 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | 24850 | (36566) | (11716) |
| LVIP Vanguard Bond Allocation Fund - Service Class | 1293 | (1293) |  |
| LVIP Vanguard Bond Allocation Fund - Standard Class | 2088546 | (368139) | 1720407 |
| LVIP Vanguard Domestic Equity ETF Fund - Service Class | 2219 | (2219) |  |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | 729402 | (457919) | 271483 |
| LVIP Vanguard International Equity ETF Fund - Service Class | 2766 | (1299) | 1467 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | 1495103 | (178997) | 1316106 |
| LVIP Wellington Capital Growth Fund - Service Class | 1510 | (2113) | (603) |
| LVIP Wellington Capital Growth Fund - Standard Class | 214750 | (4332784) | (4118034) |
| LVIP Wellington SMID Cap Value Fund - Service Class | 93 | (86) | 7 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | 290142 | (142446) | 147696 |
| LVIP Western Asset Core Bond Fund - Service Class | 1953 | (122) | 1831 |
| M Capital Appreciation Fund | 9113 | (7568) | 1545 |
| M International Equity Fund | 19364 | (6303) | 13061 |
| M Large Cap Growth Fund | 8579 | (20806) | (12227) |
| M Large Cap Value Fund | 11037 | (15830) | (4793) |
| MFS® VIT Growth Series - Initial Class | 262161 | (247858) | 14303 |
| MFS® VIT Growth Series - Service Class | 188 | (2) | 186 |
| MFS® VIT New Discovery Series - Initial Class | 69105 | (4111) | 64994 |
| MFS® VIT Total Return Series - Initial Class | 372483 | (188262) | 184221 |
| MFS® VIT Utilities Series - Initial Class | 516534 | (313994) | 202540 |
| MFS® VIT Utilities Series - Service Class | 479 | (59) | 420 |
| MFS® VIT II Core Equity Portfolio - Initial Class | 44846 | (14057) | 30789 |
| Morgan Stanley VIF Global Infrastructure Portfolio - Class II | 21 | (33) | (12) |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | 83034 | (99871) | (16837) |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | 55596 | (32480) | 23116 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | 1558 | (6694) | (5136) |
| Nomura VIP Emerging Markets Series - Service Class | 2454 | (645) | 1809 |
| Nomura VIP Emerging Markets Series - Standard Class | 1299018 | (728824) | 570194 |
| Nomura VIP Energy Series - Service Class | 21 |  | 21 |
| Nomura VIP High Income Series - Service Class | 89 | (1) | 88 |
| Nomura VIP Mid Cap Growth Series - Service Class | 47 | (7) | 40 |
| Nomura VIP Science and Technology Series - Service Class | 97 | (5) | 92 |
| Nomura VIP Small Cap Growth Series - Service Class | 75 | (11) | 64 |
| Nomura VIP Small Cap Value Series - Service Class | 46 |  | 46 |
| Nomura VIP Small Cap Value Series - Standard Class | 600851 | (270492) | 330359 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | 416483 | (303326) | 113157 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class | 28 |  | 28 |
| PIMCO VIT Dynamic Bond Portfolio - Advisor Class | 103 | (5) | 98 |
| PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class | 624 | (248) | 376 |
| Putnam VT George Putnam Balanced Fund - Class IA | 110067 | (13075) | 96992 |
| Putnam VT Global Health Care Fund - Class IB | 12704 | (10960) | 1744 |
| Putnam VT Large Cap Value Fund - Class IB | 10169 | (18568) | (8399) |
| Templeton Foreign VIP Fund - Class 1 | 4039 | (2988) | 1051 |
| Templeton Foreign VIP Fund - Class 2 | 13372 | (18527) | (5155) |
| Templeton Global Bond VIP Fund - Class 1 | 1585332 | (267490) | 1317842 |
| Templeton Global Bond VIP Fund - Class 4 | 181 | (9) | 172 |
| Templeton Growth VIP Fund - Class 1 | 60226 | (39349) | 20877 |
| Templeton Growth VIP Fund - Class 2 | 5152 | (27930) | (22778) |
| TOPS® Balanced ETF Portfolio - Class 2 Shares | 52898 | (23600) | 29298 |
| TOPS® Balanced ETF Portfolio - Service Class Shares | 55693 | (2760) | 52933 |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | 479467 | (120893) | 358574 |
| TOPS® Moderate Growth ETF Portfolio - Service Class Shares | 90842 | (6311) | 84531 |

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------

**Lincoln Life Flexible Premium Variable Life Account M**

**Notes to financial statements (continued)**

**7. Subsequent Events**

Management evaluated subsequent events through the date at which the Variable Account's financial statements were available to be issued and determined there were no additional matters to be disclosed.

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**Report of Independent Registered Public Accounting Firm**

To the Stockholder and Board of Directors of The Lincoln National Life Insurance Company and Contract Owners of Lincoln Life Flexible Premium Variable Life Account M

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Lincoln Life Flexible Premium Variable Life Account M ("Variable Account"), as of December 31, 2025, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Variable Account's management. Our responsibility is to express an opinion on each of the subaccounts' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Variable Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Variable Account's auditor since 1998.

Philadelphia, Pennsylvania

April 8, 2026

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|:---|:---|:---|:---|
| **Subaccount** | **Statements of Assets and Liabilities** | **Statements of Operations** | **Statements of Changes in Net Assets** |
| AB VPS Discovery Value Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS International Value Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS Large Cap Growth Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS Relative Value Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| AB VPS Sustainable Global Thematic Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Asset Allocation Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from February 26, 2024 (commencement of operations) through December 31, 2024 |
| American Funds® IS Capital Income Builder - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Capital World Growth and Income Fund - Class 2 | As of December 31, 2025 | For the period from June 10, 2025 <br>through December 31, 2025 | For the period from June 10, 2025 (commencement of operations) <br>through December 31, 2025 |
| American Funds® IS Global Growth Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Global Growth Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Global Small Capitalization Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Global Small Capitalization Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Growth Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Growth Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Growth-Income Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Growth-Income Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS International Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS International Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS New World Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| American Funds® IS Washington Mutual Investors Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| ClearBridge Variable Growth Portfolio - Class II | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| ClearBridge Variable Large Cap Growth Portfolio - Class II |  | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| ClearBridge Variable Mid Cap Portfolio - Class I | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| ClearBridge Variable Mid Cap Portfolio - Class II | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from February 20, 2024 (commencement of operations) through December 31, 2024 |
| Columbia VP Commodity Strategy Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from July 22, 2024 (commencement of operations) through December 31, 2024 |
| Columbia VP Strategic Income Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from April 8, 2024 (commencement of operations) through December 31, 2024 |
| DWS Alternative Asset Allocation VIP Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS Equity 500 Index VIP Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| DWS Small Cap Index VIP Portfolio - Class A | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Asset Manager 50% Portfolio - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Balanced Portfolio - Service Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Contrafund® Portfolio - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Contrafund® Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Contrafund® Portfolio - Service Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Equity-Income Portfolio - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Equity-Income Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Financials Portfolio - Initial Class | As of December 31, 2025 | For the period from May 14, 2025 <br>through December 31, 2025 | For the period from May 14, 2025 (commencement of operations) <br>through December 31, 2025 |
| Fidelity® VIP Growth Opportunities Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Growth Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Growth Portfolio - Service Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Health Care Portfolio - Initial Class | As of December 31, 2025 | For the period from June 10, 2025 <br>through December 31, 2025 | For the period from June 10, 2025 (commencement of operations) <br>through December 31, 2025 |
| Fidelity® VIP High Income Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Investment Grade Bond Portfolio - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Mid Cap Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Mid Cap Portfolio - Service Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Overseas Portfolio - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Strategic Income Portfolio - Service Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Fidelity® VIP Technology Portfolio - Initial Class | As of December 31, 2025 | For the period from May 14, 2025 <br>through December 31, 2025 | For the period from May 14, 2025 (commencement of operations) <br>through December 31, 2025 |
| First Trust Capital Strength Hedged Equity Portfolio - Class I | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from June 18, 2024 (commencement of operations) through December 31, 2024 |
| First Trust Capital Strength Portfolio - Class I | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| First Trust International Developed Capital Strength Portfolio - Class I | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from January 26, 2024 (commencement of operations) through December 31, 2024 |
| First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from June 21, 2024 (commencement of operations) through December 31, 2024 |
| Franklin Income VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Mutual Shares VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Rising Dividends VIP Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Franklin Small-Mid Cap Growth VIP Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Goldman Sachs VIT Government Money Market Fund - Service Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. American Franchise Fund - Series I Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Core Equity Fund - Series I Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Core Plus Bond Fund - Series I Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Diversified Dividend Fund - Series II Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from February 20, 2024 (commencement of operations) through December 31, 2024 |
| Invesco V.I. EQV International Equity Fund - Series I Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. International Growth Fund - Series II Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Main Street Small Cap Fund®- Series II Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Balanced Portfolio - Institutional Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Balanced Portfolio - Service Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Enterprise Portfolio - Service Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Global Research Portfolio - Institutional Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Global Research Portfolio - Service Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Global Technology and Innovation Portfolio - Service Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Lincoln Hedged S&P 500 Conservative Fund - Service Class | As of December 31, 2025 | For the period from March 4, 2025<br> through December 31, 2025 | For the period from March 4, 2025 (commencement of operations) <br>through December 31, 2025 |
| Lincoln Hedged S&P 500 Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from July 22, 2024 (commencement of operations) through December 31, 2024 |
| LVIP AllianceBernstein Large Cap Growth Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP AllianceBernstein Large Cap Growth Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP American Balanced Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Balanced Fund - Standard Class II | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Inflation Protection Fund - Standard Class II | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Ultra® Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from August 23, 2024 (commencement of operations) through December 31, 2024 |
| LVIP American Century Ultra® Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from August 23, 2024 (commencement of operations) through December 31, 2024 |
| LVIP American Growth Allocation Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP American Growth Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP American Income Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Baron Growth Opportunities Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Baron Growth Opportunities Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Dividend Value Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Equity Dividend Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Equity Dividend Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Global Allocation Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Global Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Inflation Protected Bond Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Real Estate Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock Real Estate Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Dimensional International Core Equity Fund - Service Class | As of December 31, 2025 | For the period from November 5, 2025<br> through December 31, 2025 | For the period from November 5, 2025 (commencement of operations) <br>through December 31, 2025 |
| LVIP Dimensional International Core Equity Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Dimensional International Equity Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Dimensional U.S. Core Equity 2 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Dimensional U.S. Equity Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Fidelity Institutional AM® Total Bond Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Core Bond Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Core Bond Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor International Equity Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Global Growth Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Government Money Market Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Invesco Select Equity Income Managed Volatility Fund - Standard Class |  | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP JPMorgan Core Bond Fund - Service Class |  |  | For the year ended December 31, 2024 |
| LVIP JPMorgan High Yield Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP JPMorgan High Yield Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP JPMorgan Retirement Income Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP JPMorgan Short Duration Bond Fund - Service Class |  |  | For the year ended December 31, 2024 |
| LVIP JPMorgan Short Duration Bond Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Loomis Sayles Global Growth Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Macquarie Wealth Builder Fund - Standard Class |  | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP MFS International Growth Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP MFS International Growth Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP MFS Value Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP MFS Value Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Mondrian Global Income Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Mondrian International Value Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Mondrian International Value Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Multi-Manager Global Equity Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura Diversified Floating Rate Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura High Yield Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura Mid Cap Value Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura Mid Cap Value Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura SMID Cap Core Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura SMID Cap Core Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura Social Awareness Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura U.S. Growth Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from July 30, 2024 (commencement of operations) through December 31, 2024 |
| LVIP Nomura U.S. Growth Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura U.S. REIT Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Nomura U.S. REIT Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP PIMCO Low Duration Bond Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Bond Index Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Bond Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Conservative Index Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Emerging Markets Equity Index Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Emerging Markets Equity Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA International Index Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA International Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA International Managed Volatility Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Mid-Cap Index Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Mid-Cap Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Moderate Index Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class |  |  | For the year ended December 31, 2024 |
| LVIP SSGA Moderately Aggressive Index Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Nasdaq-100 Index Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA S&P 500 Index Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA S&P 500 Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Short-Term Bond Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Small-Cap Index Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP SSGA Small-Cap Index Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Structured Conservative Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Structured Moderate Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Structured Moderately Aggressive Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price 2020 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price 2030 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price 2040 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price 2050 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price 2060 Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP U.S. Growth Allocation Managed Risk Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Vanguard Bond Allocation Fund - Service Class |  |  | For the period from January 8, 2024 (commencement of operations)<br> through December 31, 2024 |
| LVIP Vanguard Bond Allocation Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Vanguard Domestic Equity ETF Fund - Service Class | As of December 31, 2025 | For the period from November 5, 2025<br> through December 31, 2025 | For the period from November 5, 2025 (commencement of operations) <br>through December 31, 2025 |
| LVIP Vanguard Domestic Equity ETF Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Vanguard International Equity ETF Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Vanguard International Equity ETF Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Wellington Capital Growth Fund - Service Class |  |  | For the year ended December 31, 2024 |
| LVIP Wellington Capital Growth Fund - Standard Class |  |  | For the year ended December 31, 2024 |
| LVIP Wellington SMID Cap Value Fund - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from February 20, 2024 (commencement of operations) through December 31, 2024 |
| LVIP Wellington SMID Cap Value Fund - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| LVIP Western Asset Core Bond Fund - Service Class |  | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| M Capital Appreciation Fund | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| M International Equity Fund | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| M Large Cap Growth Fund | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| M Large Cap Value Fund | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT Growth Series - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT Growth Series - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT II Core Equity Portfolio - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT New Discovery Series - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT Total Return Series - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT Utilities Series - Initial Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| MFS® VIT Utilities Series - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Morgan Stanley VIF Global Infrastructure Portfolio - Class II |  |  | For the year ended December 31, 2024 |
| Neuberger Berman AMT Mid Cap Growth Portfolio - I Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Neuberger Berman AMT Quality Equity Portfolio - I Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Emerging Markets Series - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Emerging Markets Series - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Energy Series - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from July 22, 2024 (commencement of operations) through December 31, 2024 |
| Nomura VIP High Income Series - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Mid Cap Growth Series - Service Class |  | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Science and Technology Series - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Small Cap Growth Series - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Small Cap Value Series - Service Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Small Cap Value Series - Standard Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Administrative Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Dynamic Bond Portfolio - Advisor Class | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Emerging Markets Bond Portfolio - Advisor Class | As of December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period from January 16, 2024 (commencement of operations) through December 31, 2024 |
| Putnam VT George Putnam Balanced Fund - Class IA | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Global Health Care Fund - Class IB | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Large Cap Value Fund - Class IB | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Foreign VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Foreign VIP Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Global Bond VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Global Bond VIP Fund - Class 4 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Growth VIP Fund - Class 1 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| Templeton Growth VIP Fund - Class 2 | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| TOPS® Aggressive Growth ETF Portfolio - Class 2 Shares | As of December 31, 2025 | For the period from June 26, 2025 <br>through December 31, 2025 | For the period from June 26, 2025 (commencement of operations) <br>through December 31, 2025 |
| TOPS® Balanced ETF Portfolio - Class 2 Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| TOPS® Balanced ETF Portfolio - Service Class Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| TOPS® Growth ETF Portfolio - Class 2 Shares | As of December 31, 2025 | For the period from September 16, 2025<br> through December 31, 2025 | For the period from September 16, 2025 (commencement of operations) <br>through December 31, 2025 |
| TOPS® Moderate Growth ETF Portfolio - Class 2 Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |
| TOPS® Moderate Growth ETF Portfolio - Service Class Shares | As of December 31, 2025 | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 |

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