# EDGAR Filing Document

**Accession Number:** 0000059558
**File Stem:** 0000059558-23-000004
**Filing Date:** 2023-2
**Character Count:** 181597
**Document Hash:** 7fcf1ea1360018d3a88cb3d41afb44ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000059558-23-000004.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0000059558-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20230208

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN NATIONAL CORP
- **CENTRAL INDEX KEY:** 0000059558
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **IRS NUMBER:** 351140070
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06028
- **FILM NUMBER:** 23599285

**BUSINESS ADDRESS:**
- **STREET 1:** 150 N RADNOR CHESTER RD
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 4845831400

**MAIL ADDRESS:**
- **STREET 1:** 150 N RADNOR CHESTER RD
- **CITY:** RADNOR
- **STATE:** PA
- **ZIP:** 19087

?xml version="1.0" encoding="utf-8"? lnc-20230208x8k

UNITED STATES

‎SECURITIES AND EXCHANGE COMMISSION

‎Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

<u>February 8, 2023</u> 

Date of Report (Date of earliest event reported)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Lincoln National Corporation</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| <u>Indiana</u> | <u>1-6028</u> | <u>35-1140070</u> |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

<u>150 N. Radnor Chester Road</u><u>,</u> <u>Radnor</u><u>,</u> <u>PA</u> <u>19087</u>

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: <u>(</u><u>484</u><u>)</u> <u>583-1400</u>

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**__________________________________**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | LNC | New York Stock Exchange |
| Depositary Shares, each representing a 1/1000<sup>th</sup> interest in a share of 9.000% Non-Cumulative Preferred Stock, Series D | LNC PRD | New York Stock Exchange |

---

__________________________________

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

 **‎**

------

**Item 2.02. Results of Operations and Financial Condition.**

On February 8, 2023, Lincoln National Corporation (the "Company") issued a press release announcing its financial results for the quarter and full year ended December 31, 2022, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference. The Company's statistical supplement for the quarter ended December 31, 2022, is attached as Exhibit 99.2 and is incorporated herein by reference.

The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits.

The following exhibits are being furnished with this Form 8-K.

---

| | |
|:---|:---|
| Exhibit<br><u>Number</u> | <u>Description</u> |
| 99.1 | [<u>Press release dated February 8, 2023, announcing Lincoln National Corporation's financial results for the quarter and full year ended December 31, 2022.</u>](lnc-20230208xex99_1.htm) |
| 99.2 | [<u>Lincoln National Corporation Statistical Supplement for the quarter ended December 31, 2022.</u>](lnc-20230208xex99_2.htm) |

---

 **‎** 

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| LINCOLN NATIONAL CORPORATION | LINCOLN NATIONAL CORPORATION |
| By | <u>/s/ Adam Cohen</u> |
| Name: | Adam Cohen |
| Title: | Senior Vice President and Chief  |
|  | Accounting Officer |

---

Date: February 8, 2023

## Exhibit 99.1

![Picture 1](lnc-20230208xex99_1g001.jpg)

**<u>FOR IMMEDIATE RELEASE</u>**

**Lincoln Financial Group reports Fourth Quarter and** 

**full year 2022 Results**

_______________________________________

---

| | |
|:---|:---|
| ❖  | *Net income EPS of $0.01 and adjusted operating EPS of $0.97* |

---

---

| | |
|:---|:---|
| ❖  | *Adjusted operating results included a net unfavorable notable item of $116 million, or $(0.68) per share* |

---

---

| | |
|:---|:---|
| ❖  | *Adjusted operating EPS included $(0.24) from elevated pandemic-related claims experience and $(0.25) of below targeted alternative investment income* |

---

---

| | |
|:---|:---|
| ❖  | *BVPS, including AOCI, of $18.41; BVPS, excluding AOCI, of $63.73* |

---

---

| | |
|:---|:---|
| ❖  | *Expected year-end risk-based capital (RBC) ratio of approximately 383%* |

---

**Radnor, PA, February 8, 2023 –** Lincoln Financial Group (NYSE: LNC) today reported net income for the fourth quarter of 2022 of $6 million, or $0.01 per diluted share available to common stockholders, compared to net income in the fourth quarter of 2021 of $220 million, or $1.20 per diluted share available to common stockholders. Fourth quarter adjusted income from operations was $170 million, or $0.97 per diluted share available to common stockholders, compared to adjusted income from operations of $286 million, or $1.56 per diluted share available to common stockholders, in the fourth quarter of 2021.

Net loss for the full year of 2022 was $(2.2) billion, or $(13.10) per diluted share available to common stockholders, compared to net income of $1.4 billion, or $7.43 per diluted share available to common stockholders in 2021. Full year 2022 adjusted loss from operations was $(880) million, or $(5.22) per diluted share available to common stockholders, compared to adjusted income from operations of $1.6 billion, or $8.20 per diluted share available to common stockholders for the full year of 2021.

"We took swift action during the fourth quarter to fortify our balance sheet and improve our capital generation as we remain focused on positioning our franchise for profitable, capital-efficient growth by leveraging our differentiated business model, powerful distribution capabilities, and our high-quality investment portfolio," said Ellen Cooper, president and CEO of Lincoln Financial Group.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of or For the** | **As of or For the** | **As of or For the** | **As of or For the** |
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| <br>(in millions, except per share data) | **2022** | **2021** | **2022** | **2021** |
| Net Income (Loss) | $**6** | $220 | $**(2227)** | $1405 |
| Net Income (Loss) Available to Common Stockholders | **1** | 220 | **(2240)** | 1405 |
| Net Income (Loss) per Diluted Share Available to Common Stockholders<sup>(1)</sup> | **0.01** | 1.20 | **(13.10)** | 7.43 |
| Revenues | **4196** | 4604 | **18784** | 19230 |
| Adjusted Income (Loss) from Operations | **170** | 286 | **(880)** | 1551 |
| Adjusted Income (Loss) from Operations per Diluted Share Available to |  |  |  |  |
| &nbsp;&nbsp; Common Stockholders<sup>(1)</sup> | **0.97** | 1.56 | **(5.22)** | 8.20 |
| Average Basic Shares | **169.2** | 180.5 | **171.0** | 187.4 |
| Average Diluted Shares | **170.6** | 183.2 | **172.7** | 189.1 |
| Return on Equity (ROE), Including Accumulated Other Comprehensive |  |  |  |  |
| &nbsp;&nbsp; Income (AOCI) (Net Income) | **0.8%** | 4.2% | **-23.3%** | 6.7% |
| Adjusted Operating ROE, Excluding AOCI (Adjusted Income from Operations) | **6.0%** | 8.1% | **-6.9%** | 11.0% |
| Book Value per Share (BVPS), Including AOCI | $**18.41** | $114.41 | $**18.41** | $114.41 |
| Book Value per Share, Excluding AOCI | **63.73** | 78.05 | **63.73** | 78.05 |
| <sup>(1)</sup> Due to reporting a net loss and net adjusted loss from operations for the twelve months ended December 31, 2022, basic shares | <sup>(1)</sup> Due to reporting a net loss and net adjusted loss from operations for the twelve months ended December 31, 2022, basic shares | <sup>(1)</sup> Due to reporting a net loss and net adjusted loss from operations for the twelve months ended December 31, 2022, basic shares | <sup>(1)</sup> Due to reporting a net loss and net adjusted loss from operations for the twelve months ended December 31, 2022, basic shares | <sup>(1)</sup> Due to reporting a net loss and net adjusted loss from operations for the twelve months ended December 31, 2022, basic shares |
| &nbsp;&nbsp; were used in the diluted EPS calculation for that period as the use of diluted shares would have resulted in a lower loss per share. | &nbsp;&nbsp; were used in the diluted EPS calculation for that period as the use of diluted shares would have resulted in a lower loss per share. | &nbsp;&nbsp; were used in the diluted EPS calculation for that period as the use of diluted shares would have resulted in a lower loss per share. | &nbsp;&nbsp; were used in the diluted EPS calculation for that period as the use of diluted shares would have resulted in a lower loss per share. | &nbsp;&nbsp; were used in the diluted EPS calculation for that period as the use of diluted shares would have resulted in a lower loss per share. |

---

**Operating Highlights – Fourth Quarter and Full Year 2022** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Life Insurance average in-force face amount of $1.1 trillion, up 11% compared to the prior-year quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annuities net flows of $137 million compared to net outflows of $655 million in the prior-year quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Group Protection insurance premiums of $1.2 billion in the quarter, up 9%, and $4.8 billion for the full year, up 7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Retirement Plan Services net flows of $235 million compared to net outflows of $380 million in the prior-year quarter and full-year net flows of $2.9 billion compared to net flows of $464 million in the prior year

This quarter's adjusted operating EPS results included the net impact of an unfavorable notable item of $0.68 related to legal expenses. Full-year results included $12.21 of net unfavorable items primarily related to impacts from the company's annual review of DAC and reserve assumptions. In the prior-year quarter, there were no notable items within adjusted income from operations while the prior full-year results included $0.57 of net unfavorable items primarily related to legal expenses and impacts from the company's annual review of DAC and reserve assumptions.

**Fourth Quarter 2022 – Segment Results**

***Life Insurance***

Life Insurance reported income from operations of $46 million compared to $80 million in the prior-year quarter. The decrease was primarily driven by lower returns within the company's alternative investment portfolio and the run-rate impact from the company's annual review of DAC and reserve assumptions in the third quarter.

Total Life sales for the quarter were $186 million compared to $254 million in the prior-year quarter. For the full year, sales of $705 million were up 7% driven primarily by growth in indexed universal life sales.

------

Average Life Insurance in-force of $1.1 trillion increased 11% over the prior-year quarter. For the quarter, average account values were $48 billion, down 6% compared to the prior-year quarter.

***Annuities***

Annuities reported income from operations of $238 million, down 28% compared to the prior-year quarter. The decrease was primarily due to unfavorable equity markets lowering account values.

Total annuity deposits of $3.2 billion were up 7% from the prior-year quarter as sales growth in fixed annuities and indexed variable annuities more than offset a decline in sales of traditional variable annuities. For the full year, total annuity sales of $11.9 billion were up 1% from the prior year driven by growth in fixed annuity sales.

Net flows were $137 million in the quarter compared to net outflows of $655 million in the prior-year quarter. For the full year, net outflows totaled $415 million compared to net outflows of $2.6 billion in the prior year.

Average account values for the quarter of $144 billion were down 16% from the prior-year quarter, primarily driven by unfavorable equity markets. Variable annuities with living benefits represented 45% of total annuity account values, a decrease of five percentage points compared to the prior-year quarter.

***Group Protection***

Group Protection reported income from operations of $47 million in the quarter compared to a loss from operations of $115 million in the prior-year quarter. The increase was primarily driven by lower pandemic-related claims and improved disability results.

The total loss ratio was 79% in the current quarter compared to 96% in the prior-year quarter with the decrease driven primarily by lower pandemic-related life claims and improved disability incidence.

Group Protection sales for the quarter were $356 million, down 8% compared to the prior-year quarter. Full-year sales were $676 million, up 15% compared to the prior year. Insurance premiums of $1.2 billion in the quarter were up 9% compared to the prior-year quarter. Full-year premiums of $4.8 billion were up 7% from the prior year.

***Retirement Plan Services***

Retirement Plan Services reported income from operations of $49 million, down 14% compared to the prior-year quarter. The decrease was primarily driven by lower equity markets partly offset by higher spread income.

------

Total deposits for the quarter of $2.8 billion were down 7% compared to the prior-year quarter. For the full year, total deposits of $11.9 billion were up 10%. Full year growth was driven by a 17% increase in first-year sales and a 6% increase in recurring deposits.

Net flows totaled $235 million for the quarter and $2.9 billion for the year. Average account values for the quarter of $88 billion were down 10% from the prior-year quarter primarily driven by lower equity markets.

***Other Operations***

Other Operations reported a loss from operations of $210 million versus a loss of $68 million in the prior-year quarter.

The current quarter included a net unfavorable notable item of $116 million related to legal expenses while the prior-year quarter included no notable items.

**Fourth Quarter Highlights - Realized Gains and Losses / Impacts to Net Income**

Realized gains/losses and other impacts to net income (after-tax) in the quarter were primarily driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A $76 million loss associated with hedge program performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A $64 million loss associated with non-performance risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A $37 million loss associated with indexed annuity forward-starting options.

**Unrealized Gains and Losses**

The company reported a net unrealized loss of $(11.9) billion, pre-tax, on its available-for-sale securities at December 31, 2022. This compares to a net unrealized gain of $13.6 billion, pre-tax, at December 31, 2021, with the year-over-year decrease primarily driven by higher treasury rates.

**Share Count**

The quarter's average diluted share count of 170.6 million was down 7% from the fourth quarter of 2021, the result of repurchasing 8.7 million shares of stock at a cost of $550 million since December 31, 2021.

**Book Value**

As of December 31, 2022, book value per share, including AOCI, decreased 84% from the prior-year period to $18.41. Book value per share, excluding AOCI, decreased 18% from the prior-year period to $63.73.

The tables attached to this release define and reconcile the non-GAAP measures adjusted income from operations, adjusted operating ROE and BVPS, excluding AOCI, to net income, ROE and BVPS, including AOCI, calculated in accordance with GAAP.

------

This press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements – Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the company's current expectations.

For other financial information, please refer to the company's fourth quarter 2022 statistical supplement available on its website, http://www.lincolnfinancial.com/investor.

**Conference Call Information** 

Lincoln Financial Group will discuss the company's fourth quarter results with investors in a conference call beginning at 10:00 a.m. Eastern Time on Thursday, February 9, 2023.

The conference call will be broadcast live through the company website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the conference call to download and install any necessary streaming media software. A replay of the call will be available by 1:00 p.m. Eastern Time on February 9, 2023 at www.lincolnfinancial.com/webcast.

------

#### About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, approximately 16 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $282 billion in end-of-period account values as of December 31, 2022. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good and ranks among Newsweek's Most Responsible Companies. Dedicated to diversity, equity and inclusion, we are included on transparency benchmarking tools such as the Corporate Equality Index, the Disability Equality Index and the Bloomberg Gender-Equality Index. Committed to providing our employees with flexible work arrangements, we were named to FlexJobs' list of the Top 100 Companies to Watch for Remote Jobs in 2022. With a long and rich legacy of acting ethically, telling the truth and speaking up for what is right, Lincoln was recognized as one of Ethisphere's 2022 World's Most Ethical Companies®. We create opportunities for early career talent through our intern development program, which ranks among WayUp and Yello's annual list of Top 100 Internship Programs. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

![A picture containing graphical user interface Description automatically generated](lnc-20230208xex99_1g002.jpg)

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**<u>Explanatory Notes on Use of Non-GAAP Measures</u>**

Management believes that adjusted income from operations (adjusted operating income), adjusted operating return on equity, adjusted operating revenues, and adjusted operating EPS better explain the results of the company's ongoing businesses in a manner that allows for a better understanding of the underlying trends in the company's current business because the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management also believes that using book value excluding accumulated other comprehensive income ("AOCI") enables investors to analyze the amount of our net worth that is primarily attributable to our business operations. Book value per share excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.

For the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and/or are included in the Statistical Reports for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: www.lfg.com/investor.

**<u>Definitions of Non-GAAP Measures Used in this Press Release</u>**

Adjusted income (loss) from operations, adjusted operating revenues and adjusted operating return on equity (including and excluding average goodwill within average equity), excluding AOCI, using annualized adjusted income (loss) from operations are financial measures we use to evaluate and assess our results. Adjusted income (loss) from operations, adjusted operating revenues and adjusted operating return on equity ("ROE"), as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), revenues and ROE, the most directly comparable GAAP measures.

**Adjusted Income (Loss) from Operations**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Realized gains and losses associated with the following ("excluded realized gain (loss)"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Sales or disposals and impairments of financial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Changes in the fair value of equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities ("gain (loss) on the mark-to-market on certain instruments");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Changes in the fair value of the derivatives we own to hedge our guaranteed death benefit ("GDB") riders within our variable annuities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Changes in the fair value of the embedded derivatives of our guaranteed living benefit ("GLB") riders reflected within variable annuity net derivative results accounted for at fair value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Changes in the fair value of the derivatives we own to hedge our GLB riders reflected within variable annuity net derivative results; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Changes in the fair value of the embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products accounted for at fair value ("indexed annuity forward-starting option");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders and VUL products with secondary guarantees ("benefit ratio unlocking");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gains (losses) on modification or early extinguishment of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Losses from the impairment of intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Income (loss) from discontinued operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Income (loss) from the initial adoption of new accounting standards, regulations and policy changes including the net impact from the Tax Cuts and Jobs Act.

**Adjusted Operating Revenues**

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Excluded realized gain (loss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revenue adjustments from the initial adoption of new accounting standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Amortization of deferred front-end loads ("DFEL") arising from changes in benefit ratio unlocking; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Amortization of deferred gains arising from reserve changes on business sold through reinsurance.

------

**Adjusted Operating Return on Equity**

Adjusted operating return on equity measures how efficiently we generate profits from the resources provided by our net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is calculated by dividing annualized adjusted income (loss) from operations by average equity, excluding accumulated other comprehensive income (loss) ("AOCI").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Management evaluates return on equity by both including and excluding average goodwill within average equity.

**Definition of Notable Items**

Adjusted income (loss) from operations, excluding notable items, is a non-GAAP measure that excludes items which, in management's view, do not reflect the company's normal, ongoing operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We believe highlighting notable items included in adjusted income (loss) from operations enables investors to better understand the fundamental trends in its results of operations and financial condition.

**Book Value Per Share, Excluding AOCI**

Book value per share, excluding AOCI, is calculated based upon a non-GAAP financial measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is calculated by dividing (a) stockholders' equity, excluding AOCI and preferred stock by (b) common shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We provide book value per share, excluding AOCI, to enable investors to analyze the amount of our net worth that is primarily attributable to our business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Management believes book value per share, excluding AOCI, is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Book value per share is the most directly comparable GAAP measure.

**<u>Special Note</u>**

**Sales**

Sales as reported consist of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Annuities and Retirement Plan Services – deposits from new and existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Universal life insurance ("UL"), indexed universal life insurance ("IUL"), variable universal life insurance ("VUL") – first-year commissionable premiums plus 5% of excess premiums received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *MoneyGuard* <sup>®</sup> linked-benefit products – *MoneyGuard* <sup>®</sup> (UL), 15% of total expected premium deposits, and *MoneyGuard Market Advantage* <sup>SM</sup> (VUL), 150% of commissionable premiums;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Term – 100% of annualized first-year premiums; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Group Protection – annualized first-year premiums from new policies.

------

**Lincoln National Corporation**

**Reconciliation of Net Income to Adjusted Income from Operations**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the**  | **For the**  | **For the**  | **For the**  | **For the**  | **For the**  | **For the**  | **For the**  |
| (in millions, except per share data) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2022** | 2021 | 2021 | **2022** | **2022** | 2021 | 2021 |
| **Total Revenues** | **$** | **4196** | $| 4604 | **$** | **18784** | $| 19230 |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Excluded realized gain (loss) |  | **(482)** |  | (166) |  | **135** |  | (411) |
| &nbsp;&nbsp; Amortization of DFEL associated with benefit ratio unlocking |  | **2** |  | 1 |  | **(16)** |  | 2 |
| **Total Adjusted Operating Revenues** | **$** | **4676** | $ | 4769 | **$** | **18665** | $ | 19639 |
| **Net Income (Loss) Available to Common**  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **Stockholders – Diluted** | **$** | **1** | $| 220 | **$** | **(2240)** | $| 1405 |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Adjustment for deferred units of LNC stock in our  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; deferred compensation plans <sup>(1)</sup> |  | **(5)** |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | **(13)** |  | &nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net Income (Loss)** |  | **6** |  | 220 |  | **(2227)** |  | 1405 |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Excluded realized gain (loss), after-tax |  | **(381)** |  | (132) |  | **107** |  | (325) |
| &nbsp;&nbsp; Benefit ratio unlocking, after-tax |  | **217** |  | 77 |  | **(820)** |  | 196 |
| &nbsp;&nbsp; Impairment of intangibles |  | **-** |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | **(634)** |  | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Transaction and integration costs related to mergers, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; acquisitions and divestitures, after-tax |  | **-** |  | (11) |  | **-** |  | (11) |
| &nbsp;&nbsp; Gain (loss) on modification or early extinguishment |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; of debt, after-tax |  | **-** |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | **-** |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjustments |  | **(164)** |  | (66) |  | **(1347)** |  | (146) |
| **Adjusted Income (Loss) from Operations** | **$** | **170** | $ | 286 | **$** | **(880)** | $ | 1551 |
| **Earnings (Loss) Per Common Share – Diluted**<sup>(2)</sup> |  |  |  |  |  |  |  |  |
| Net income (loss) | **$** | **0.01** | $| 1.20 | **$** | **(13.10)** | $| 7.43 |
| Adjusted income (loss) from operations |  | **0.97** |  | 1.56 |  | **(5.22)** |  | 8.20 |
| **Average Stockholders' Equity** |  |  |  |  |  |  |  |  |
| Average equity, including average AOCI | **$** | **3159** | $| 20721 | **$** | **9576** | $| 20999 |
| Average AOCI |  | **(8148)** |  | 6645 |  | **(3084)** |  | 6944 |
| &nbsp;&nbsp; Average equity, excluding AOCI |  | **11307** |  | 14076 |  | **12660** |  | 14055 |
| Average goodwill |  | **1144** |  | 1778 |  | **1540** |  | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average equity, excluding AOCI and goodwill | **$** | **10163** | $ | 12298 | **$** | **11120** | $ | 12277 |
| **Return on Equity, Including AOCI** |  |  |  |  |  |  |  |  |
| Net income (loss) with average equity including goodwill |  | **0.8%** |  | 4.2% |  | **-23.3%** |  | 6.7% |
| **Adjusted Operating Return on Equity, Excluding AOCI** |  |  |  |  |  |  |  |  |
| Adjusted income (loss) from operations with average equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; including goodwill |  | **6.0%** |  | 8.1% |  | **-6.9%** |  | 11.0% |
| Adjusted income (loss) from operations with average equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; excluding goodwill |  | **6.7%** |  | 9.3% |  | **-7.9%** |  | 12.6% |
| <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  | <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  | <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  | <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  | <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  | <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  | <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  | <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  | <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  |
| <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted  | <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted  | <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted  | <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted  | <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted  | <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted  | <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted  | <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted  | <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted  |
| &nbsp;&nbsp; diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. | &nbsp;&nbsp; diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. | &nbsp;&nbsp; diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. | &nbsp;&nbsp; diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. | &nbsp;&nbsp; diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. | &nbsp;&nbsp; diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. | &nbsp;&nbsp; diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. | &nbsp;&nbsp; diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. | &nbsp;&nbsp; diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. |

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**Lincoln National Corporation**

**Reconciliation of Book Value per Share**

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2022** | 2021 |
| Book value per share, including AOCI | $**18.41** | $114.41 |
| Per share impact of AOCI | **(45.32)** | 36.36 |
| Book value per share, excluding AOCI | **63.73** | 78.05 |

---

**Lincoln National Corporation**

**Digest of Earnings**

---

| | | |
|:---|:---|:---|
|  | **For the**  | **For the**  |
| (in millions, except per share data) | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,** | **December 31,** |
|  | **2022** | 2021 |
| **Revenues** | $**4196** | $4604 |
| **Net Income (Loss)** | $**6** | $220 |
| Adjustment for deferred units of LNC stock in our  |  |  |
| &nbsp;&nbsp; deferred compensation plans <sup>(1)</sup> | **(5)** | &nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net Income (Loss) Available to Common**  |  |  |
| &nbsp;&nbsp; **Stockholders – Diluted** | $**1** | $220 |
| **Earnings (Loss) Per Common Share – Basic** | $**0.04** | $1.22 |
| **Earnings (Loss) Per Common Share – Diluted** | **0.01** | 1.20 |
| **Average Shares – Basic** | **169217427** | 180519527 |
| **Average Shares – Diluted** | **170632350** | 183246238 |
|  | **For the**  | **For the**  |
|  | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,** | **December 31,** |
|  | **2022** | 2021 |
| **Revenues** | $**18784** | $19230 |
| **Net Income (Loss)** | $**(2227)** | $1405 |
| Adjustment for deferred units of LNC stock in our  |  |  |
| &nbsp;&nbsp; deferred compensation plans <sup>(1)</sup> | **(13)** | &nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net Income (Loss) Available to Common** |  |  |
| &nbsp;&nbsp; **Stockholders – Diluted** | $**(2240)** | $1405 |
| **Earnings (Loss) Per Common Share – Basic** | $**(13.02)** | $7.50 |
| **Earnings (Loss) Per Common Share – Diluted** <sup>(2)</sup> | **(13.10)** | 7.43 |
| **Average Shares – Basic** | **171034695** | 187359884 |
| **Average Shares – Diluted** | **172700155** | 189098767 |
| <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  | <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  | <sup>(1)</sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.  |
| <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted | <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted | <sup>(2)</sup> In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted |
| EPS calculations, as the use of diluted shares would result in a lower loss per share. | EPS calculations, as the use of diluted shares would result in a lower loss per share. | EPS calculations, as the use of diluted shares would result in a lower loss per share. |

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**FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE** 

Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln's behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: "anticipate," "believe," "estimate," "expect," "project," "shall," "will" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln's businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.

Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Weak general economic and business conditions that may affect demand for our products, account values, investment results, guaranteed benefit liabilities, premium levels and claims experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company's ability to meet its obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries' products; the required amount of reserves and/or surplus; our ability to conduct business and our captive reinsurance arrangements as well as restrictions on the payment of revenue sharing and 12b-1 distribution fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The impact of U.S. federal tax reform legislation on our business, earnings and capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The impact of regulations adopted by the Securities and Exchange Commission ("SEC"), the Department of Labor or other federal or state regulators or self-regulatory organizations relating to the standard of care owed by investment advisers and/or broker-dealers that could affect our distribution model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The impact of new and emerging privacy regulations that may lead to increased compliance costs and reputation risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Increasing scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Actions taken by reinsurers to raise rates on in-force business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rapidly increasing interest rates causing contract holders to surrender life insurance and annuity policies, thereby causing realized investment losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The impact of the implementation of the provisions of the European Market Infrastructure Regulation relating to the regulation of derivatives transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries' products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefit riders of our subsidiaries' variable annuity products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ineffectiveness of our risk management policies and procedures, including our various hedging strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A deviation in actual experience regarding future persistency, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries' products and in establishing related insurance reserves, which may reduce future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in accounting principles that may affect our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, profitability of our insurance subsidiaries and liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Interruption in telecommunication, information technology or other operational systems or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches of our data security systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The effect of acquisitions and divestitures, restructurings, product withdrawals and other unusual items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives, including the Spark Initiative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The adequacy and collectability of reinsurance that we have obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for contract holder claims, affect our businesses and increase the cost and availability of reinsurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The unknown effect on our subsidiaries' businesses resulting from evolving market preferences and the changing demographics of our client base; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The unanticipated loss of key management, financial planners or wholesalers.

------

The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

The reporting of Risk-Based Capital ("RBC") measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

------

## Exhibit 99.2

![Text, letter Description automatically generated](lnc-20230208xex99_2g001.jpg)

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---

| | |
|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Table of Contents** | **Table of Contents** |
| Notes | 1 |
| Credit Ratings | 2 |
| **Consolidated** |  |
| &nbsp;&nbsp; Consolidated Statements of Income (Loss) | 3 |
| &nbsp;&nbsp; Consolidated Balance Sheets | 4 |
| &nbsp;&nbsp; Earnings, Shares and Return on Equity | 5 |
| &nbsp;&nbsp; Key Stakeholder Metrics | 6 |
| &nbsp;&nbsp; Segment and Sources of Earnings | 7 |
| &nbsp;&nbsp; Select Earnings Drivers By Segment | 8 |
| &nbsp;&nbsp; Sales By Segment | 9 |
| &nbsp;&nbsp; Operating Revenues and General and Administrative Expenses By Segment | 10 |
| &nbsp;&nbsp; Operating Commissions and Other Expenses | 11 |
| &nbsp;&nbsp; Interest Rate Yields and Spreads By Segment | 12 |
| **Select Earnings and Operational Data from Business Segments** |  |
| &nbsp;&nbsp; Life Insurance | 13 |
| &nbsp;&nbsp; Annuities | 14 |
| &nbsp;&nbsp; Group Protection | 15 |
| &nbsp;&nbsp; Retirement Plan Services | 16 |
| &nbsp;&nbsp; Other Operations  | 17 |
| **DAC & Account Value Rollforwards** |  |
| &nbsp;&nbsp; Consolidated DAC, VOBA, DSI and DFEL Roll Forwards | 18 |
| &nbsp;&nbsp; Account Value Roll Forwards: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Insurance | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annuities | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retirement Plan Services | 21 |
| **Other Information** |  |
| &nbsp;&nbsp; Fixed-Income Asset Class | 22 |
| &nbsp;&nbsp; Fixed-Income Credit Quality | 23 |
| &nbsp;&nbsp; Realized Gain (Loss), After-DAC | 24 |
| &nbsp;&nbsp; Select GAAP to Non-GAAP Reconciliations | 25 |

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| |
|:---|
| **Lincoln Financial Group** |
| **Notes** |
| **Computations** |
| • The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions. |
| • The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions. |
| • We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation. In addition, for any period where a net loss or adjusted loss from operations is experienced, |
| &nbsp;&nbsp;&nbsp;&nbsp;shares used in the diluted EPS calculation represent basic shares, as the use of diluted shares would result in a lower loss per share. |
| • Return on equity ("ROE") measures how efficiently we generate profits from the resources provided by our net assets. ROE is calculated by dividing annualized net income (loss) (or adjusted income (loss) |
| &nbsp;&nbsp;&nbsp;&nbsp;from operations) by average equity, excluding accumulated other comprehensive income (loss) ("AOCI"). Management evaluates consolidated ROE by both including and excluding the effect |
| &nbsp;&nbsp;&nbsp;&nbsp;of average goodwill. |
| • Book value per share, excluding AOCI, is calculated by dividing stockholders' equity, excluding AOCI and preferred stock, by common shares outstanding. We provide book value per share, excluding  |
| &nbsp;&nbsp;&nbsp;&nbsp;AOCI, to enable investors to analyze the amount of our net worth that is attributable primarily to our business operations. Management believes book value per share excluding AOCI is useful to investors |
| &nbsp;&nbsp;&nbsp;&nbsp;because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure. |
| • Pre-tax net margin is calculated by dividing adjusted income (loss) from operations before taxes by net revenue, which is defined as total adjusted operating revenues less interest credited. |
| **Definitions** |
| Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial |
| paper outstanding. |
| Sales as reported consist of the following: |
| &nbsp;&nbsp;&nbsp;&nbsp; • Annuities and Retirement Plan Services – deposits from new and existing customers; |
| &nbsp;&nbsp;&nbsp;&nbsp; • Universal life insurance ("UL"), indexed universal life insurance ("IUL"), variable universal life insurance ("VUL") – first-year commissionable premiums plus 5% of excess premiums received; |
| &nbsp;&nbsp;&nbsp;&nbsp; • *MoneyGuard*<sup>®</sup> linked-benefit products – *MoneyGuard*<sup>®</sup> (UL), 15% of total expected premium deposits, and *MoneyGuard Market Advantage*<sup>SM</sup> (VUL), 150% of commissionable premiums; |
| &nbsp;&nbsp;&nbsp;&nbsp; • Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;single premium deposits; |
| &nbsp;&nbsp;&nbsp;&nbsp; • Term – 100% of annualized first-year premiums; and |
| &nbsp;&nbsp;&nbsp;&nbsp; • Group Protection – annualized first-year premiums from new policies. |
| Throughout the document, "after-DAC" refers to the associated amortization expense of deferred acquisition costs ("DAC"), value of business acquired ("VOBA"), deferred sales inducements ("DSI")  |
| and deferred front-end loads ("DFEL") and changes in other contract holder funds. |
| Sources of earnings are defined as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp; • Investment spread earnings consist primarily of net investment income, net of interest credited earned on the underlying general account investments supporting our fixed products less related  |
| &nbsp;&nbsp; expenses. |
| &nbsp;&nbsp;&nbsp;&nbsp; • Mortality/morbidity earnings result from mortality margins, morbidity margins, and certain expense assessments and related fees that are a function of the rates priced into the product and level |
| &nbsp;&nbsp; of insurance in force. |
| &nbsp;&nbsp;&nbsp;&nbsp; • Fees on assets under management ("AUM") earnings results consist primarily of asset-based fees charged based on variable account values less associated benefits and related expenses. |
| &nbsp;&nbsp;&nbsp;&nbsp; • Variable annuity ("VA") riders earnings consist of fees charged to the contract holder related to guaranteed benefit rider features, less the net valuation premium and associated change in  |
| &nbsp;&nbsp; benefit reserves and related expenses. |
| Page 1a |

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| |
|:---|
| **Lincoln Financial Group** |
| **Notes** |
| **Non-GAAP Performance Measures** |
| Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein. |
| Adjusted income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable: |
| &nbsp;&nbsp;&nbsp;&nbsp; • Realized gains and losses associated with the following ("excluded realized gain (loss)"): |
| &nbsp;&nbsp;&nbsp;&nbsp; ▪ Sales or disposals and impairments of financial assets; |
| &nbsp;&nbsp;&nbsp;&nbsp; ▪ Changes in the fair value of equity securities; |
| &nbsp;&nbsp;&nbsp;&nbsp; ▪ Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities ("gain (loss) on the mark-to-market on certain instruments"); |
| &nbsp;&nbsp;&nbsp;&nbsp; ▪ Changes in the fair value of the derivatives we own to hedge our guaranteed death benefit ("GDB") riders within our variable annuities; |
| &nbsp;&nbsp;&nbsp;&nbsp; ▪ Changes in the fair value of the embedded derivatives of our guaranteed living benefit ("GLB") riders reflected within variable annuity net derivative results accounted for at fair value; |
| &nbsp;&nbsp;&nbsp;&nbsp; ▪ Changes in the fair value of the derivatives we own to hedge our GLB riders reflected within variable annuity net derivative results; and |
| &nbsp;&nbsp;&nbsp;&nbsp; ▪ Changes in the fair value of the embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; future reset periods for our indexed annuity products accounted for at fair value ("indexed annuity forward-starting options"); |
| &nbsp;&nbsp;&nbsp;&nbsp; • Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders and variable universal life insurance products with secondary guarantees ("benefit ratio unlocking"); |
| &nbsp;&nbsp;&nbsp;&nbsp; • Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance; |
| &nbsp;&nbsp;&nbsp;&nbsp; • Gains (losses) on modification or early extinguishment of debt; |
| &nbsp;&nbsp;&nbsp;&nbsp; • Losses from the impairment of intangible assets; |
| &nbsp;&nbsp;&nbsp;&nbsp; • Income (loss) from discontinued operations; |
| &nbsp;&nbsp;&nbsp;&nbsp; • Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; and |
| &nbsp;&nbsp;&nbsp;&nbsp; • Income (loss) from the initial adoption of new accounting standards, regulations and policy changes including the net impact from the Tax Cuts and Jobs Act. |
| Adjusted operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable: |
| &nbsp;&nbsp;&nbsp;&nbsp; • Excluded realized gain (loss); |
| &nbsp;&nbsp;&nbsp;&nbsp; • Revenue adjustments from the initial adoption of new accounting standards; |
| &nbsp;&nbsp;&nbsp;&nbsp; • Amortization of DFEL arising from changes in benefit ratio unlocking; and |
| &nbsp;&nbsp;&nbsp;&nbsp; • Amortization of deferred gains arising from reserve changes on business sold through reinsurance. |
| Management believes that the non-GAAP performance measures previously discussed explain the results of our ongoing businesses in a manner that allows for a better understanding of the underlying |
| trends in our current business as the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in many |
| instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. In addition, we believe that our definitions of adjusted operating revenues and adjusted  |
| income from operations provide investors with more valuable measures of our performance as they better reveal trends in our business. |
| Certain amounts reported in prior periods' Consolidated Balance Sheets have been reclassified to conform to the presentation adopted in the current period.  |
| **Statistical Supplement is Dated** |
| The financial data in this document is dated February 8, 2023, and has not been updated since that date. Lincoln Financial Group does not intend to update this document. |
| Page 1b |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Credit Ratings** | **Credit Ratings** | **Credit Ratings** | **Credit Ratings** | **Credit Ratings** |
|  | **Ratings as of February 8, 2023** | **Ratings as of February 8, 2023** | **Ratings as of February 8, 2023** | **Ratings as of February 8, 2023** |
|  | <br>**AM Best** | <br>**Fitch** | <br>**Moody's** | **Standard**<br>**& Poor's** |
| **Senior Debt Ratings** | bbb+ | BBB+ | Baa1 | BBB+ |
| **Financial Strength Ratings** |  |  |  |  |
| &nbsp;&nbsp; The Lincoln National Life Insurance Company | A | A+ | A1 | A+ |
| &nbsp;&nbsp; First Penn-Pacific Life Insurance Company | A | A+ | A1 | A- |
| &nbsp;&nbsp; Lincoln Life & Annuity Company of New York | A | A+ | A1 | A+ |
| **Investor Inquiries May Be Directed To:** |  |  |  |  |
| Albert Copersino, Vice President, Investor Relations |  |  |  |  |
| Email: Albert.Copersino@lfg.com |  |  |  |  |
| Phone: 203-257-4493 |  |  |  |  |
| Page 2 | Page 2 | Page 2 | Page 2 | Page 2 |

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![Picture 7](lnc-20230208xex99_2g002.jpg)

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** | **Consolidated Statements of Income (Loss)** |
| Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **12/31/21** | **3/31/22** | **3/31/22** | **6/30/22** | **6/30/22** | **9/30/22** | **12/31/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/21** | **12/31/22** | **12/31/22** | **Change** |
| **Revenues** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Insurance premiums  | $| 1420 | $| 1477 | $| 1498 | $1548 | $| 1564 | 10.1% | $| 5617 | $| 6087 | 8.4% |
| Fee income |  | 1628 |  | 1568 |  | 1506 | 1527 |  | 1453 | -10.7% |  | 6887 |  | 6054 | -12.1% |
| Net investment income |  | 1445 |  | 1412 |  | 1369 | 1326 |  | 1403 | -2.9% |  | 6115 |  | 5511 | -9.9% |
| Realized gain (loss) |  | (115) |  | 29 |  | 522 | 220 |  | (435) | NM |  | (212) |  | 336 | 258.5% |
| Amortization of deferred gain on business  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; sold through reinsurance |  | 19 |  | 19 |  | 19 | 18 |  | 18 | -5.3% |  | 46 |  | 74 | 60.9% |
| Other revenues |  | 207 |  | 182 |  | 190 | 159 |  | 193 | -6.8% |  | 777 |  | 722 | -7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total revenues |  | 4604 |  | 4687 |  | 5104 | 4798 |  | 4196 | -8.9% |  | 19230 |  | 18784 | -2.3% |
| **Expenses** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest credited |  | 692 |  | 697 |  | 706 | 722 |  | 746 | 7.8% |  | 2915 |  | 2870 | -1.5% |
| Benefits |  | 2251 |  | 2565 |  | 2890 | 5106 |  | 1986 | -11.8% |  | 8529 |  | 12546 | 47.1% |
| Commissions and other expenses |  | 1328 |  | 1236 |  | 1128 | 1358 |  | 1373 | 3.4% |  | 5791 |  | 5095 | -12.0% |
| Interest and debt expense |  | 66 |  | 66 |  | 68 | 71 |  | 77 | 16.7% |  | 270 |  | 283 | 4.8% |
| Spark program expense |  | 30 |  | 31 |  | 43 | 44 |  | 49 | 63.3% |  | 87 |  | 167 | 92.0% |
| Impairment of intangibles |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;- | 634 |  | &nbsp;&nbsp;&nbsp;&nbsp;- | NM |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | 634 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses |  | 4367 |  | 4595 |  | 4835 | 7935 |  | 4231 | -3.1% |  | 17592 |  | 21595 | 22.8% |
| Income (loss) before taxes |  | 237 |  | 92 |  | 269 | (3137) |  | (35) | NM |  | 1638 |  | (2811) | NM |
| Federal income tax expense (benefit) |  | 17 |  | (12) |  | 31 | (563) |  | (41) | NM |  | 233 |  | (584) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) |  | 220 |  | 104 |  | 238 | (2574) |  | 6 | -97.3% |  | 1405 |  | (2227) | NM |
| Adjustment for deferred units of LNC stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; in our deferred compensation plans |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (1) |  | (7) | (1) |  | (5) | NM |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (13) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) available to common |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; stockholders – diluted | $ | 220 | $ | 103 | $ | 231 | $(2575) | $ | 1 | -99.5% | $ | 1405 | $ | (2240) | NM |
| **Earnings (Loss) Per Common Share – Diluted** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income (loss) | $| 1.20 | $| 0.58 | $| 1.34 | $(15.17) | $| 0.01 | -99.2% | $| 7.43 | $| (13.10) | NM |
| **ROE, including AOCI** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income (loss) |  | 4.2% |  | 2.4% |  | 8.0% | NM |  | 0.8% |  |  | 6.7% |  | -23.3% |  |
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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** |
| **ASSETS** |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp; Fixed maturity available-for-sale ("AFS") securities, net of allowance for |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; credit losses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | $98120 | $90561 | $83158 | $77446 | $79023 | -19.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. government bonds | 433 | 418 | 415 | 384 | 379 | -12.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and municipal bonds | 6621 | 6001 | 5523 | 5089 | 5070 | -23.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign government bonds | 432 | 383 | 348 | 338 | 318 | -26.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed securities  | 2525 | 2338 | 2181 | 2048 | 2009 | -20.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed securities  | 1599 | 1592 | 1557 | 1549 | 1674 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities | 8512 | 8929 | 9711 | 10347 | 10904 | 28.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hybrid and redeemable preferred securities | 504 | 473 | 472 | 371 | 359 | -28.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity AFS securities, net of allowance for credit losses | 118746 | 110695 | 103365 | 97572 | 99736 | -16.0% |
| &nbsp;&nbsp; Trading securities | 4482 | 4385 | 3822 | 3580 | 3498 | -22.0% |
| &nbsp;&nbsp; Equity securities | 318 | 346 | 344 | 427 | 427 | 34.3% |
| &nbsp;&nbsp; Mortgage loans on real estate, net of allowance for credit losses | 17991 | 17892 | 17922 | 18066 | 18301 | 1.7% |
| &nbsp;&nbsp; Policy loans | 2364 | 2339 | 2368 | 2347 | 2359 | -0.2% |
| &nbsp;&nbsp; Derivative investments | 5437 | 4840 | 3370 | 3681 | 3736 | -31.3% |
| &nbsp;&nbsp; Other investments | 4292 | 4127 | 4054 | 3820 | 3739 | -12.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 153630 | 144624 | 135245 | 129493 | 131796 | -14.2% |
| Cash and invested cash | 2612 | 1960 | 1567 | 1472 | 3343 | 28.0% |
| DAC and VOBA | 6081 | 8810 | 11872 | 13676 | 13588 | 123.5% |
| Accrued investment income | 1189 | 1247 | 1226 | 1283 | 1253 | 5.4% |
| Reinsurance recoverables, net of allowance for credit losses | 20295 | 20044 | 19909 | 20045 | 19882 | -2.0% |
| Goodwill | 1778 | 1778 | 1778 | 1144 | 1144 | -35.7% |
| Other assets | 19133 | 18587 | 18381 | 20275 | 20895 | 9.2% |
| Separate account assets | 182583 | 168879 | 145791 | 137295 | 143536 | -21.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $387301 | $365929 | $335769 | $324683 | $335437 | -13.4% |
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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |  |
| Future contract benefits | $41030 | $39773 | $39306 | $41716 | $42151 | 2.7% |
| Other contract holder funds | 111702 | 112901 | 115127 | 118174 | 120800 | 8.1% |
| Short-term debt | 300 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 500 | 500 | 66.7% |
| Long-term debt by rating agency leverage definitions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Operating (see note<sup>(2)</sup> on page 6 for details) | 867 | 867 | 867 | 867 | 867 | 0.0% |
| &nbsp;&nbsp; Financial | 5458 | 5694 | 5631 | 5092 | 5088 | -6.8% |
| Payables for collateral on investments | 8946 | 8927 | 7524 | 6865 | 6712 | -25.0% |
| Other liabilities  | 16143 | 14176 | 12335 | 11957 | 11682 | -27.6% |
| Separate account liabilities | 182583 | 168879 | 145791 | 137295 | 143536 | -21.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 367029 | 351217 | 326581 | 322466 | 331336 | -9.7% |
| **Stockholders' Equity** |  |  |  |  |  |  |
| Preferred stock: |  |  |  |  |  |  |
| &nbsp;&nbsp; Series C preferred stock | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 493 | NM |
| &nbsp;&nbsp; Series D preferred stock | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 493 | NM |
| Common stock | 4735 | 4586 | 4546 | 4534 | 4544 | -4.0% |
| Retained earnings | 9096 | 8876 | 8985 | 6311 | 6239 | -31.4% |
| AOCI: |  |  |  |  |  |  |
| &nbsp;&nbsp; Unrealized investment gains (losses) | 6674 | 1485 | (4104) | (8384) | (7356) | NM |
| &nbsp;&nbsp; Foreign currency translation adjustment | (14) | (19) | (33) | (47) | (34) | NM |
| &nbsp;&nbsp; Funded status of employee benefit plans | (219) | (216) | (206) | (197) | (278) | -26.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total AOCI | 6441 | 1250 | (4343) | (8628) | (7668) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | 20272 | 14712 | 9188 | 2217 | 4101 | -79.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $387301 | $365929 | $335769 | $324683 | $335437 | -13.4% |
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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Earnings, Shares and Return on Equity** | **Earnings, Shares and Return on Equity** | **Earnings, Shares and Return on Equity** | **Earnings, Shares and Return on Equity** | **Earnings, Shares and Return on Equity** | **Earnings, Shares and Return on Equity** | **Earnings, Shares and Return on Equity** | **Earnings, Shares and Return on Equity** | **Earnings, Shares and Return on Equity** | **Earnings, Shares and Return on Equity** |
| Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) |
|  | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Twelve Months Ended** | **As of or For the Twelve Months Ended** | **As of or For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Income (Loss)** |  |  |  |  |  |  |  |  |  |
| Net income (loss) | $220 | $104 | $238 | $(2574) | $6 | -97.3% | $1405 | $(2227) | NM |
| Pre-tax adjusted income (loss) from operations | 320 | 333 | 463 | (2243) | 173 | -45.9% | 1824 | (1274) | NM |
| After-tax adjusted income (loss) from operations <sup>(1)</sup> | 286 | 294 | 391 | (1735) | 170 | -40.6% | 1551 | (880) | NM |
| Adjusted operating tax rate | 10.6% | 11.5% | 15.6% | 22.6% | 1.5% |  | 15.0% | 30.9% |  |
| **Average Stockholders' Equity** |  |  |  |  |  |  |  |  |  |
| Average equity, including AOCI | $20721 | $17492 | $11950 | $5702 | $3159 | -84.8% | $20999 | $9576 | -54.4% |
| Average AOCI | 6645 | 3846 | (1547) | (6485) | (8148) | NM | 6944 | (3084) | NM |
| &nbsp;&nbsp; Average equity, excluding AOCI | $14076 | $13646 | $13497 | $12187 | $11307 | -19.7% | $14055 | $12660 | -9.9% |
| **ROE, Excluding AOCI** |  |  |  |  |  |  |  |  |  |
| Net income (loss) | 6.3% | 3.0% | 7.0% | -84.5% | 0.2% |  | 10.0% | -17.6% |  |
| Adjusted income (loss) from operations | 8.1% | 8.6% | 11.6% | -57.0% | 6.0% |  | 11.0% | -6.9% |  |
| **Per Common Share** |  |  |  |  |  |  |  |  |  |
| Net income (loss) (diluted) | $1.20 | $0.58 | $1.34 | $(15.17) | $0.01 | -99.2% | $7.43 | $(13.10) | NM |
| Adjusted income (loss) from operations (diluted) | 1.56 | 1.66 | 2.23 | (10.23) | 0.97 | -37.8% | 8.20 | (5.22) | NM |
| Dividends declared during the period | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.0% | 1.71 | 1.80 | 5.3% |
| Book value, including AOCI | $114.41 | $85.59 | $53.97 | $13.10 | $18.41 | -83.9% | $114.41 | $18.41 | -83.9% |
| Per share impact of AOCI  | 36.36 | 7.27 | (25.52) | (50.99) | (45.32) | NM | 36.36 | (45.32) | NM |
| Book value, excluding AOCI  | $78.05 | $78.32 | $79.49 | $64.09 | $63.73 | -18.3% | $78.05 | $63.73 | -18.3% |
| **Common Shares** |  |  |  |  |  |  |  |  |  |
| Repurchased during the period | 9.1 | 5.8 | 1.8 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;- | -100.0% | 16.2 | 8.7 | -46.3% |
| End-of-period – basic | 177.2 | 171.9 | 170.2 | 169.2 | 169.2 | -4.5% | 177.2 | 169.2 | -4.5% |
| Average for the period – basic | 180.5 | 174.2 | 171.1 | 169.7 | 169.2 | -6.3% | 187.4 | 171 | -8.8% |
| End-of-period – diluted | 179.8 | 173.8 | 171.6 | 170.7 | 170.5 | -5.2% | 179.8 | 170.5 | -5.2% |
| Average for the period – diluted | 183.2 | 176.4 | 172.7 | 171.1 | 170.6 | -6.9% | 189.1 | 172.7 | -8.7% |
| <sup>(1)</sup> See reconciliation to net income (loss) on page 25. |  |  |  |  |  |  |  |  |  |
| Page 5 | Page 5 | Page 5 | Page 5 | Page 5 | Page 5 | Page 5 | Page 5 | Page 5 | Page 5 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Key Stakeholder Metrics** | **Key Stakeholder Metrics** | **Key Stakeholder Metrics** | **Key Stakeholder Metrics** | **Key Stakeholder Metrics** | **Key Stakeholder Metrics** | **Key Stakeholder Metrics** | **Key Stakeholder Metrics** | **Key Stakeholder Metrics** | **Key Stakeholder Metrics** |
| Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) | Unaudited (millions of dollars, except per share data) |
|  | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Cash Returned to Common Stockholders** |  |  |  |  |  |  |  |  |  |
| Shares repurchased | $650 | $400 | $100 | $50 | $&nbsp;&nbsp;&nbsp;&nbsp;- | -100.0% | $1105 | $550 | -50.2% |
| Common dividends | 78 | 80 | 77 | 77 | 76 | -2.6% | 319 | 310 | -2.8% |
| &nbsp;&nbsp; Total cash returned to common stockholders | $728 | $480 | $177 | $127 | $76 | -89.6% | $1424 | $860 | -39.6% |
| **Leverage Ratio** |  |  |  |  |  |  |  |  |  |
| Short-term debt | $300 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $500 | $500 | 66.7% |  |  |  |
| Long-term debt | 6325 | 6561 | 6498 | 5959 | 5955 | -5.8% |  |  |  |
| &nbsp;&nbsp; Total debt <sup>(1)</sup> | 6625 | 6561 | 6498 | 6459 | 6455 | -2.6% |  |  |  |
| &nbsp;&nbsp; Preferred stock | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 986 | NM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total debt and preferred stock  | 6625 | 6561 | 6498 | 6459 | 7441 | 12.3% |  |  |  |
| Less:  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Operating debt <sup>(2)</sup> | 867 | 867 | 867 | 867 | 867 | 0.0% |  |  |  |
| &nbsp;&nbsp; Pre-funding of upcoming debt maturities | 300 | 300 | 300 | 300 | 500 | 66.7% |  |  |  |
| &nbsp;&nbsp; 25% of capital securities and subordinated notes | 302 | 302 | 302 | 302 | 302 | 0.0% |  |  |  |
| &nbsp;&nbsp; 50% of preferred stock | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 493 | NM |  |  |  |
| &nbsp;&nbsp; Carrying value of fair value hedges and other items | 335 | 273 | 209 | 169 | 164 | -51.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total numerator | $4821 | $4819 | $4820 | $4821 | $5115 | 6.1% |  |  |  |
| Total stockholders' equity, excluding unrealized  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; investment gains (losses) | $13598 | $13227 | $13292 | $10601 | $11457 | -15.7% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Add: 25% of capital securities and subordinated  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notes | 302 | 302 | 302 | 302 | 302 | 0.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: 50% of preferred stock | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 493 | NM |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total numerator | 4821 | 4819 | 4820 | 4821 | 5115 | 6.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total denominator | $18721 | $18348 | $18414 | $15724 | $16381 | -12.5% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leverage ratio | 25.8% | 26.3% | 26.2% | 30.7% | 31.2% |  |  |  |  |
| **Holding Company Available Liquidity** | $1117 | $755 | $756 | $756 | $960 | -14.1% |  |  |  |
| <sup>(1)</sup> Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets. | <sup>(1)</sup> Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets. | <sup>(1)</sup> Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets. | <sup>(1)</sup> Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets. | <sup>(1)</sup> Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets. | <sup>(1)</sup> Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets. | <sup>(1)</sup> Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets. | <sup>(1)</sup> Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets. | <sup>(1)</sup> Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets. | <sup>(1)</sup> Excludes obligations under certain financing arrangements and finance leases of $664 million that are reported in other liabilities on our Consolidated Balance Sheets. |
| <sup>(2)</sup> We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain | <sup>(2)</sup> We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain | <sup>(2)</sup> We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain | <sup>(2)</sup> We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain | <sup>(2)</sup> We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain | <sup>(2)</sup> We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain | <sup>(2)</sup> We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain | <sup>(2)</sup> We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain | <sup>(2)</sup> We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain | <sup>(2)</sup> We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain |
| &nbsp;&nbsp; on increasing statutory reserves associated with secondary guarantee UL and term policies. | &nbsp;&nbsp; on increasing statutory reserves associated with secondary guarantee UL and term policies. | &nbsp;&nbsp; on increasing statutory reserves associated with secondary guarantee UL and term policies. | &nbsp;&nbsp; on increasing statutory reserves associated with secondary guarantee UL and term policies. | &nbsp;&nbsp; on increasing statutory reserves associated with secondary guarantee UL and term policies. | &nbsp;&nbsp; on increasing statutory reserves associated with secondary guarantee UL and term policies. | &nbsp;&nbsp; on increasing statutory reserves associated with secondary guarantee UL and term policies. | &nbsp;&nbsp; on increasing statutory reserves associated with secondary guarantee UL and term policies. | &nbsp;&nbsp; on increasing statutory reserves associated with secondary guarantee UL and term policies. | &nbsp;&nbsp; on increasing statutory reserves associated with secondary guarantee UL and term policies. |
| Page 6 | Page 6 | Page 6 | Page 6 | Page 6 | Page 6 | Page 6 | Page 6 | Page 6 | Page 6 |

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** | **Segment and Sources of Earnings** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **12/31/21** | **3/31/22** | **3/31/22** | **6/30/22** | **6/30/22** | **9/30/22** | **9/30/22** | **12/31/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/21** | **12/31/22** | **12/31/22** | **Change** |
| **Income (Loss) from Operations, Pre-Tax** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Life Insurance | $| 97 | $| 65 | $| 139 | $| (2743) | $| 51 | -47.4% | $| 657 | $| (2487) | NM |
| Annuities |  | 391 |  | 351 |  | 295 |  | 534 |  | 272 | -30.4% |  | 1524 |  | 1452 | -4.7% |
| Group Protection |  | (146) |  | (52) |  | 75 |  | 46 |  | 59 | 140.4% |  | (160) |  | 129 | 180.6% |
| Retirement Plan Services |  | 68 |  | 64 |  | 63 |  | 60 |  | 57 | -16.2% |  | 284 |  | 244 | -14.1% |
| Other Operations |  | (90) |  | (95) |  | (109) |  | (140) |  | (266) | NM |  | (481) |  | (612) | -27.2% |
| &nbsp;&nbsp; Adjusted income (loss) from operations, before  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; income taxes | $ | 320 | $ | 333 | $ | 463 | $ | (2243) | $ | 173 | -45.9% | $ | 1824 | $ | (1274) | NM |
| **Income (Loss) from Operations, After-Tax** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Life Insurance | $| 80 | $| 58 | $| 114 | $| (2160) | $| 46 | -42.5% | $| 535 | $| (1941) | NM |
| Annuities |  | 332 |  | 302 |  | 256 |  | 449 |  | 238 | -28.3% |  | 1283 |  | 1245 | -3.0% |
| Group Protection |  | (115) |  | (41) |  | 59 |  | 37 |  | 47 | 140.9% |  | (127) |  | 102 | 180.3% |
| Retirement Plan Services |  | 57 |  | 55 |  | 54 |  | 52 |  | 49 | -14.0% |  | 235 |  | 209 | -11.1% |
| Other Operations |  | (68) |  | (80) |  | (92) |  | (113) |  | (210) | NM |  | (375) |  | (495) | -32.0% |
| &nbsp;&nbsp; Adjusted income (loss) from operations  | $ | 286 | $ | 294 | $ | 391 | $ | (1735) | $ | 170 | -40.6% | $ | 1551 | $ | (880) | NM |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **12/31/21** | **3/31/22** | **3/31/22** | **6/30/22** | **6/30/22** | **9/30/22** | **9/30/22** | **12/31/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/21** | **12/31/22** | **12/31/22** | **Change** |
| **Sources of Earnings, Pre-Tax** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment spread | $| 113 | $| 99 | $| 128 | $| (919) | $| 99 | -12.4% | $| 624 | $| (593) | NM |
| Mortality/morbidity |  | (81) |  | (11) |  | 150 |  | (1620) |  | 85 | 204.9% |  | 199 |  | (1396) | NM |
| Fees on AUM |  | 355 |  | 325 |  | 305 |  | 221 |  | 254 | -28.5% |  | 1428 |  | 1107 | -22.5% |
| VA riders |  | 23 |  | 15 |  | (11) |  | 215 |  | 1 | -95.7% |  | 54 |  | 220 | NM |
| &nbsp;&nbsp; Total sources of earnings, before income taxes |  | 410 |  | 428 |  | 572 |  | (2103) |  | 439 | 7.1% |  | 2305 |  | (662) | NM |
| Other Operations |  | (90) |  | (95) |  | (109) |  | (140) |  | (266) | NM |  | (481) |  | (612) | -27.2% |
| &nbsp;&nbsp; Adjusted income (loss) from operations, before  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; income taxes | $ | 320 | $ | 333 | $ | 463 | $ | (2243) | $ | 173 | -45.9% | $ | 1824 | $ | (1274) | NM |
| **Sources of Earnings, Pre-Tax, Percentage By Component**  | **Sources of Earnings, Pre-Tax, Percentage By Component**  | **Sources of Earnings, Pre-Tax, Percentage By Component**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investment spread |  | 27.6% |  | 23.2% |  | 22.3% |  | -43.7% |  | 22.4% |  |  | 27.1% |  | -89.5% |  |
| Mortality/morbidity |  | -19.7% |  | -2.6% |  | 26.2% |  | -77.1% |  | 19.4% |  |  | 8.6% |  | -210.7% |  |
| Fees on AUM |  | 86.5% |  | 76.0% |  | 53.3% |  | 10.5% |  | 57.9% |  |  | 62.0% |  | 166.9% |  |
| VA riders |  | 5.6% |  | 3.4% |  | -1.8% |  | 10.3% |  | 0.3% |  |  | 2.3% |  | 33.3% |  |
| &nbsp;&nbsp; Total |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  | 100.0% |  |  | 100.0% |  | 100.0% |  |
| Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 | Page 7 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Select Earnings Drivers By Segment** | **Select Earnings Drivers By Segment** | **Select Earnings Drivers By Segment** | **Select Earnings Drivers By Segment** | **Select Earnings Drivers By Segment** | **Select Earnings Drivers By Segment** | **Select Earnings Drivers By Segment** | **Select Earnings Drivers By Segment** | **Select Earnings Drivers By Segment** | **Select Earnings Drivers By Segment** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Life Insurance** |  |  |  |  |  |  |  |  |  |
| Operating revenues | $1844 | $1825 | $1800 | $1762 | $1769 | -4.1% | $8137 | $7156 | -12.1% |
| Deposits | 1872 | 1334 | 1439 | 1386 | 1575 | -15.9% | 5693 | 5735 | 0.7% |
| Net flows | 1438 | 883 | 1038 | 978 | 1100 | -23.5% | 3982 | 3998 | 0.4% |
| Average account values, net of reinsurance | 51067 | 51236 | 49380 | 47742 | 47993 | -6.0% | 56943 | 49088 | -13.8% |
| Average in-force face amount | 959478 | 985286 | 1010659 | 1037952 | 1061415 | 10.6% | 928037 | 1023828 | 10.3% |
| **Annuities** |  |  |  |  |  |  |  |  |  |
| Operating revenues | $1282 | $1232 | $1169 | $1183 | $1190 | -7.2% | $5002 | $4774 | -4.6% |
| Deposits | 3011 | 2705 | 2702 | 3262 | 3210 | 6.6% | 11740 | 11879 | 1.2% |
| Net flows | (655) | (553) | (318) | 319 | 137 | 120.9% | (2569) | (415) | 83.8% |
| Average account values, net of reinsurance | 170953 | 163628 | 152025 | 147049 | 144302 | -15.6% | 166691 | 151796 | -8.9% |
| **Group Protection** |  |  |  |  |  |  |  |  |  |
| Operating revenues | $1252 | $1303 | $1323 | $1333 | $1344 | 7.3% | $4996 | $5303 | 6.1% |
| Insurance premiums | 1117 | 1169 | 1187 | 1200 | 1213 | 8.6% | 4450 | 4768 | 7.1% |
| **Retirement Plan Services** |  |  |  |  |  |  |  |  |  |
| Operating revenues | $335 | $318 | $315 | $316 | $324 | -3.3% | $1324 | $1273 | -3.9% |
| Deposits | 3000 | 3367 | 2943 | 2799 | 2777 | -7.4% | 10840 | 11886 | 9.6% |
| Net flows | (380) | 946 | 913 | 811 | 235 | 161.8% | 464 | 2905 | NM |
| Average account values | 98008 | 95843 | 90628 | 88194 | 87985 | -10.2% | 94649 | 90973 | -3.9% |
| **Consolidated** |  |  |  |  |  |  |  |  |  |
| Adjusted operating revenues <sup>(1)</sup> | $4769 | $4718 | $4641 | $4630 | $4676 | -2.0% | $19639 | $18665 | -5.0% |
| Deposits | 7883 | 7406 | 7084 | 7447 | 7562 | -4.1% | 28273 | 29500 | 4.3% |
| Net flows | 403 | 1276 | 1633 | 2108 | 1472 | 265.3% | 1877 | 6488 | 245.7% |
| Average account values, net of reinsurance | 320028 | 310707 | 292033 | 282985 | 280280 | -12.4% | 318283 | 291857 | -8.3% |
| <sup>(1)</sup> See reconciliation to total revenues on page 25. |  |  |  |  |  |  |  |  |  |
| Page 8 | Page 8 | Page 8 | Page 8 | Page 8 | Page 8 | Page 8 | Page 8 | Page 8 | Page 8 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Sales By Segment** | **Sales By Segment** | **Sales By Segment** | **Sales By Segment** | **Sales By Segment** | **Sales By Segment** | **Sales By Segment** | **Sales By Segment** | **Sales By Segment** | **Sales By Segment** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Sales** |  |  |  |  |  |  |  |  |  |
| Life Insurance: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; IUL/UL | $42 | $26 | $27 | $40 | $41 | -2.4% | $104 | $135 | 29.8% |
| &nbsp;&nbsp; *MoneyGuard*<sup>®</sup> | 36 | 22 | 24 | 22 | 26 | -27.8% | 101 | 94 | -6.9% |
| &nbsp;&nbsp; VUL | 92 | 34 | 44 | 36 | 49 | -46.7% | 181 | 163 | -9.9% |
| &nbsp;&nbsp; Term | 47 | 43 | 48 | 47 | 39 | -17.0% | 152 | 177 | 16.4% |
| &nbsp;&nbsp; Executive Benefits | 37 | 30 | 50 | 26 | 31 | -16.2% | 122 | 136 | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Life Insurance | $254 | $155 | $193 | $171 | $186 | -26.8% | $660 | $705 | 6.8% |
| Annuities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Indexed variable | $977 | $1048 | $1220 | $1246 | $1211 | 24.0% | $4910 | $4726 | -3.7% |
| &nbsp;&nbsp; Other variable without GLBs | 787 | 605 | 422 | 374 | 303 | -61.5% | 2818 | 1701 | -39.6% |
| &nbsp;&nbsp; Other variable with GLBs | 834 | 678 | 536 | 475 | 432 | -48.2% | 2988 | 2121 | -29.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total variable | 2598 | 2331 | 2178 | 2095 | 1946 | -25.1% | 10716 | 8548 | -20.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed | 413 | 374 | 524 | 1167 | 1264 | 206.1% | 1024 | 3331 | 225.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Annuities | $3011 | $2705 | $2702 | $3262 | $3210 | 6.6% | $11740 | $11879 | 1.2% |
| Percent with GLBs | 27.7% | 25.1% | 19.8% | 14.6% | 13.5% |  | 25.5% | 17.9% |  |
| Percent with GLBs, including the impact of VA reinsurance | 20.8% | 17.9% | 14.0% | 11.4% | 11.0% |  | 19.8% | 13.3% |  |
| Group Protection: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Life | $163 | $53 | $62 | $41 | $141 | -13.5% | $264 | $299 | 13.3% |
| &nbsp;&nbsp; Disability | 199 | 47 | 59 | 37 | 195 | -2.0% | 284 | 337 | 18.7% |
| &nbsp;&nbsp; Dental | 23 | 5 | 6 | 10 | 20 | -13.0% | 38 | 40 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Group Protection | $385 | $105 | $127 | $88 | $356 | -7.5% | $586 | $676 | 15.4% |
| Percent employee-paid | 35.0% | 57.0% | 48.5% | 49.4% | 35.7% |  | 43.1% | 43.2% |  |
| Retirement Plan Services: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; First-year sales | $1270 | $1198 | $1210 | $991 | $1059 | -16.6% | $3810 | $4458 | 17.0% |
| &nbsp;&nbsp; Recurring deposits | 1730 | 2169 | 1733 | 1808 | 1718 | -0.7% | 7030 | 7428 | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Retirement Plan Services | $3000 | $3367 | $2943 | $2799 | $2777 | -7.4% | $10840 | $11886 | 9.6% |
| Page 9 | Page 9 | Page 9 | Page 9 | Page 9 | Page 9 | Page 9 | Page 9 | Page 9 | Page 9 |

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** | **Operating Revenues and General and Administrative Expenses By Segment** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **12/31/21** | **3/31/22** | **3/31/22** | **6/30/22** | **6/30/22** | **9/30/22** | **9/30/22** | **12/31/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/21** | **12/31/22** | **12/31/22** | **Change** |
| **Operating Revenues** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Life Insurance | $| 1844 | $| 1825 | $| 1800 | $| 1762 | $| 1769 | -4.1% | $| 8137 | $| 7156 | -12.1% |
| Annuities |  | 1282 |  | 1232 |  | 1169 |  | 1183 |  | 1190 | -7.2% |  | 5002 |  | 4774 | -4.6% |
| Group Protection |  | 1252 |  | 1303 |  | 1323 |  | 1333 |  | 1344 | 7.3% |  | 4996 |  | 5303 | 6.1% |
| Retirement Plan Services |  | 335 |  | 318 |  | 315 |  | 316 |  | 324 | -3.3% |  | 1324 |  | 1273 | -3.9% |
| Other Operations |  | 56 |  | 40 |  | 34 |  | 36 |  | 49 | -12.5% |  | 180 |  | 159 | -11.7% |
| &nbsp;&nbsp; Total segment operating revenues | $ | 4769 | $ | 4718 | $ | 4641 | $ | 4630 | $ | 4676 | -2.0% | $ | 19639 | $ | 18665 | -5.0% |
| **General and Administrative Expenses,** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **Net of Amounts Capitalized** <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Life Insurance | $| 138 | $| 117 | $| 115 | $| 132 | $| 123 | -10.9% | $| 503 | $| 488 | -3.0% |
| Annuities |  | 125 |  | 112 |  | 108 |  | 118 |  | 110 | -12.0% |  | 477 |  | 448 | -6.1% |
| Group Protection |  | 177 |  | 165 |  | 166 |  | 182 |  | 173 | -2.3% |  | 659 |  | 686 | 4.1% |
| Retirement Plan Services |  | 80 |  | 69 |  | 69 |  | 75 |  | 75 | -6.3% |  | 293 |  | 288 | -1.7% |
| Other Operations |  | 52 |  | 48 |  | 48 |  | 70 |  | 212 | NM |  | 285 |  | 377 | 32.3% |
| &nbsp;&nbsp; Total  | $ | 572 | $ | 511 | $ | 506 | $ | 577 | $ | 693 | 21.2% | $ | 2217 | $ | 2287 | 3.2% |
| **General and Administrative Expenses,** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **Net of Amounts Capitalized, as a Percentage** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **of Operating Revenues** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Life Insurance |  | 7.5% |  | 6.4% |  | 6.4% |  | 7.5% |  | 7.0% |  |  | 6.2% |  | 6.8% |  |
| Annuities |  | 9.7% |  | 9.1% |  | 9.3% |  | 10.0% |  | 9.3% |  |  | 9.5% |  | 9.4% |  |
| Group Protection |  | 14.1% |  | 12.7% |  | 12.5% |  | 13.7% |  | 12.9% |  |  | 13.2% |  | 12.9% |  |
| Retirement Plan Services |  | 23.8% |  | 21.7% |  | 21.8% |  | 23.7% |  | 23.3% |  |  | 22.1% |  | 22.7% |  |
| Other Operations |  | 96.8% |  | 116.6% |  | 141.5% |  | 195.3% |  | 437.1% |  |  | 159.0% |  | 237.7% |  |
| &nbsp;&nbsp; Total |  | 12.0% |  | 10.8% |  | 10.9% |  | 12.5% |  | 14.8% |  |  | 11.3% |  | 12.3% |  |
| <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. | <sup>(1)</sup> See page 11 for general and administrative expenses capitalized. |
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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Operating Commissions and Other Expenses** | **Operating Commissions and Other Expenses** | **Operating Commissions and Other Expenses** | **Operating Commissions and Other Expenses** | **Operating Commissions and Other Expenses** | **Operating Commissions and Other Expenses** | **Operating Commissions and Other Expenses** | **Operating Commissions and Other Expenses** | **Operating Commissions and Other Expenses** | **Operating Commissions and Other Expenses** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Operating Commissions and** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **Other Expenses Incurred** |  |  |  |  |  |  |  |  |  |
| General and administrative expenses | $642 | $562 | $559 | $634 | $751 | 17.0% | $2440 | $2505 | 2.7% |
| Commissions | 760 | 654 | 656 | 659 | 654 | -13.9% | 2684 | 2623 | -2.3% |
| Taxes, licenses and fees | 89 | 98 | 83 | 82 | 86 | -3.4% | 341 | 349 | 2.3% |
| Interest and debt expense | 66 | 66 | 68 | 71 | 77 | 16.7% | 262 | 283 | 8.0% |
| Expenses associated with reserve financing |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; and letters of credit | 26 | 26 | 27 | 27 | 28 | 7.7% | 102 | 108 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total adjusted operating commissions and other |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expenses incurred  | 1583 | 1406 | 1393 | 1473 | 1596 | 0.8% | 5829 | 5868 | 0.7% |
| **Less Amounts Capitalized** |  |  |  |  |  |  |  |  |  |
| General and administrative expenses | (70) | (51) | (53) | (57) | (58) | 17.1% | (223) | (218) | 2.2% |
| Commissions | (361) | (265) | (281) | (283) | (288) | 20.2% | (1106) | (1117) | -1.0% |
| Taxes, licenses and fees | (15) | (11) | (10) | (9) | (10) | 33.3% | (44) | (40) | 9.1% |
| &nbsp;&nbsp; Total amounts capitalized | (446) | (327) | (344) | (349) | (356) | 20.2% | (1373) | (1375) | -0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses incurred, net of amounts  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; capitalized, excluding amortization | 1137 | 1079 | 1049 | 1124 | 1240 | 9.1% | 4456 | 4493 | 0.8% |
| **Amortization** |  |  |  |  |  |  |  |  |  |
| Amortization of DAC, VOBA and other intangibles | 263 | 289 | 250 | 381 | 238 | -9.5% | 1647 | 1157 | -29.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating commissions and other expenses | $1400 | $1368 | $1299 | $1505 | $1478 | 5.6% | $6103 | $5650 | -7.4% |
| Page 11 | Page 11 | Page 11 | Page 11 | Page 11 | Page 11 | Page 11 | Page 11 | Page 11 | Page 11 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Interest Rate Yields and Spreads By Segment** | **Interest Rate Yields and Spreads By Segment** | **Interest Rate Yields and Spreads By Segment** | **Interest Rate Yields and Spreads By Segment** | **Interest Rate Yields and Spreads By Segment** | **Interest Rate Yields and Spreads By Segment** | **Interest Rate Yields and Spreads By Segment** | **Interest Rate Yields and Spreads By Segment** | **Interest Rate Yields and Spreads By Segment** | **Interest Rate Yields and Spreads By Segment** |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Life Insurance – Interest-Sensitive** |  |  |  |  |  |  |  |  |  |
| Earned rate on reserves | 4.67% | 4.60% | 4.50% | 4.49% | 4.47% | (20) | 4.68% | 4.52% | (16) |
| Variable investment income on reserves <sup>(1)</sup> | 0.85% | 0.54% | 0.36% | -0.35% | 0.12% | (73) | 1.13% | 0.16% | (97) |
| &nbsp;&nbsp; Net investment income yield on reserves | 5.52% | 5.14% | 4.86% | 4.14% | 4.59% | (93) | 5.81% | 4.68% | (113) |
| &nbsp;&nbsp; Interest rate credited to contract holders | 3.76% | 3.77% | 3.74% | 3.79% | 3.75% | (1) | 3.77% | 3.77% | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate spread | 1.76% | 1.37% | 1.12% | 0.35% | 0.84% | (92) | 2.04% | 0.91% | (113) |
| Base spreads excluding alternative investments | 1.12% | 1.06% | 0.99% | 0.93% | 0.95% | (17) | 1.08% | 0.98% | (10) |
| Base spreads assuming 10% annualized yield on alternative  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; investments | 1.35% | 1.30% | 1.25% | 1.19% | 1.22% | (13) | 1.27% | 1.23% | (4) |
| **Annuities** |  |  |  |  |  |  |  |  |  |
| Earned rate on reserves | 3.06% | 2.99% | 3.09% | 3.25% | 3.59% | 53 | 3.12% | 3.24% | 12 |
| Variable investment income on reserves <sup>(1)</sup> | 0.31% | 0.23% | 0.11% | 0.01% | 0.02% | (29) | 0.24% | 0.09% | (15) |
| &nbsp;&nbsp; Net investment income yield on reserves | 3.37% | 3.22% | 3.20% | 3.26% | 3.61% | 24 | 3.36% | 3.33% | (3) |
| &nbsp;&nbsp; Interest rate credited to contract holders | 1.82% | 1.85% | 1.90% | 1.93% | 2.09% | 27 | 1.93% | 1.94% | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate spread | 1.55% | 1.37% | 1.30% | 1.33% | 1.52% | (3) | 1.43% | 1.39% | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Base spreads excluding variable investment income | 1.24% | 1.14% | 1.19% | 1.32% | 1.50% | 26 | 1.19% | 1.30% | 11 |
| **Retirement Plan Services** |  |  |  |  |  |  |  |  |  |
| Earned rate on reserves | 3.51% | 3.45% | 3.49% | 3.62% | 3.74% | 23 | 3.58% | 3.58% | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Variable investment income on reserves <sup>(1)</sup> | 0.39% | 0.19% | 0.14% | 0.03% | 0.01% | (38) | 0.25% | 0.09% | (16) |
| &nbsp;&nbsp; Net investment income yield on reserves | 3.90% | 3.64% | 3.63% | 3.65% | 3.75% | (15) | 3.83% | 3.67% | (16) |
| &nbsp;&nbsp; Interest rate credited to contract holders | 2.63% | 2.55% | 2.55% | 2.57% | 2.56% | (7) | 2.66% | 2.56% | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest rate spread | 1.27% | 1.09% | 1.08% | 1.08% | 1.19% | (8) | 1.17% | 1.11% | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Base spreads excluding variable investment income | 0.88% | 0.90% | 0.94% | 1.05% | 1.18% | 30 | 0.92% | 1.02% | 10 |
| **Total** <sup>(2)</sup> |  |  |  |  |  |  |  |  |  |
| Earned rate <sup>(3)</sup> | 3.80% | 3.80% | 3.77% | 3.96% | 3.96% | 16 | 3.92% | 3.87% | (5) |
| Variable investment income <sup>(1) (3)</sup> | 0.53% | 0.36% | 0.22% | -0.14% | 0.06% | (47) | 0.66% | 0.13% | (53) |
| &nbsp;&nbsp; Net investment income yield <sup>(3)</sup> | 4.33% | 4.16% | 3.99% | 3.82% | 4.02% | (31) | 4.58% | 4.00% | (58) |
| <sup>(1)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments. | <sup>(1)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments. | <sup>(1)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments. | <sup>(1)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments. | <sup>(1)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments. | <sup>(1)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments. | <sup>(1)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments. | <sup>(1)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments. | <sup>(1)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments. | <sup>(1)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments. |
| <sup>(2)</sup> Includes the results of all of our business segments and Other Operations. | <sup>(2)</sup> Includes the results of all of our business segments and Other Operations. | <sup>(2)</sup> Includes the results of all of our business segments and Other Operations. | <sup>(2)</sup> Includes the results of all of our business segments and Other Operations. | <sup>(2)</sup> Includes the results of all of our business segments and Other Operations. | <sup>(2)</sup> Includes the results of all of our business segments and Other Operations. | <sup>(2)</sup> Includes the results of all of our business segments and Other Operations. | <sup>(2)</sup> Includes the results of all of our business segments and Other Operations. | <sup>(2)</sup> Includes the results of all of our business segments and Other Operations. | <sup>(2)</sup> Includes the results of all of our business segments and Other Operations. |
| <sup>(3)</sup> Includes investment yields on reserves and surplus. | <sup>(3)</sup> Includes investment yields on reserves and surplus. | <sup>(3)</sup> Includes investment yields on reserves and surplus. | <sup>(3)</sup> Includes investment yields on reserves and surplus. | <sup>(3)</sup> Includes investment yields on reserves and surplus. | <sup>(3)</sup> Includes investment yields on reserves and surplus. | <sup>(3)</sup> Includes investment yields on reserves and surplus. | <sup>(3)</sup> Includes investment yields on reserves and surplus. | <sup>(3)</sup> Includes investment yields on reserves and surplus. | <sup>(3)</sup> Includes investment yields on reserves and surplus. |
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![Picture 3](lnc-20230208xex99_2g003.jpg)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Life Insurance – Select Earnings and Operational Data** | **Life Insurance – Select Earnings and Operational Data** | **Life Insurance – Select Earnings and Operational Data** | **Life Insurance – Select Earnings and Operational Data** | **Life Insurance – Select Earnings and Operational Data** | **Life Insurance – Select Earnings and Operational Data** | **Life Insurance – Select Earnings and Operational Data** | **Life Insurance – Select Earnings and Operational Data** | **Life Insurance – Select Earnings and Operational Data** | **Life Insurance – Select Earnings and Operational Data** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Twelve Months Ended** | **As of or For the Twelve Months Ended** | **As of or For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Income (Loss) from Operations** |  |  |  |  |  |  |  |  |  |
| Operating revenues: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Insurance premiums | $266 | $277 | $283 | $289 | $297 | 11.7% | $1033 | $1146 | 10.9% |
| &nbsp;&nbsp; Fee income | 848 | 846 | 840 | 876 | 813 | -4.1% | 3863 | 3374 | -12.7% |
| &nbsp;&nbsp; Net investment income | 716 | 688 | 665 | 586 | 646 | -9.8% | 3209 | 2585 | -19.4% |
| &nbsp;&nbsp; Operating realized gain (loss) | (4) | 1 | (2) | (3) | (3) | 25.0% | (9) | (6) | 33.3% |
| &nbsp;&nbsp; Amortization of deferred gain on |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; business sold through reinsurance | 13 | 12 | 12 | 12 | 12 | -7.7% | 20 | 49 | 145.0% |
| &nbsp;&nbsp; Other revenues | 5 | 1 | 2 | 2 | 4 | -20.0% | 21 | 8 | -61.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues | 1844 | 1825 | 1800 | 1762 | 1769 | -4.1% | 8137 | 7156 | -12.1% |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Interest credited | 322 | 325 | 329 | 329 | 325 | 0.9% | 1439 | 1307 | -9.2% |
| &nbsp;&nbsp; Benefits | 1126 | 1126 | 1041 | 3736 | 1116 | -0.9% | 4275 | 7020 | 64.2% |
| &nbsp;&nbsp; Commissions incurred | 236 | 156 | 176 | 177 | 189 | -19.9% | 639 | 698 | 9.2% |
| &nbsp;&nbsp; Other expenses incurred | 234 | 202 | 199 | 208 | 210 | -10.3% | 838 | 818 | -2.4% |
| &nbsp;&nbsp; Amounts capitalized | (276) | (182) | (204) | (202) | (217) | 21.4% | (745) | (805) | -8.1% |
| &nbsp;&nbsp; Amortization | 105 | 133 | 120 | 257 | 95 | -9.5% | 1034 | 605 | -41.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 1747 | 1760 | 1661 | 4505 | 1718 | -1.7% | 7480 | 9643 | 28.9% |
| Income (loss) from operations before taxes | 97 | 65 | 139 | (2743) | 51 | -47.4% | 657 | (2487) | NM |
| Federal income tax expense (benefit) | 17 | 7 | 25 | (583) | 5 | -70.6% | 122 | (546) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from operations | $80 | $58 | $114 | $(2160) | $46 | -42.5% | $535 | $(1941) | NM |
| **Effective Federal Income Tax Rate** | 17.1% | 11.3% | 17.6% | 21.3% | 9.9% |  | 18.6% | 22.0% |  |
| **Average Equity, Excluding Goodwill and AOCI**  | $8971 | $8831 | $9294 | $8213 | $7342 | -18.2% | $9040 | $8420 | -6.9% |
| **ROE, Excluding Goodwill and AOCI**  | 3.6% | 2.6% | 4.9% | NM | 2.5% |  | 5.9% | -23.1% |  |
| **Average Account Values, Net of Reinsurance** | $51067 | $51236 | $49380 | $47742 | $47993 | -6.0% | $56943 | $49088 | -13.8% |
| **In-Force Face Amount** |  |  |  |  |  |  |  |  |  |
| UL and other | $362106 | $361490 | $361565 | $362098 | $363884 | 0.5% | $362106 | $363884 | 0.5% |
| Term insurance | 611854 | 635123 | 663140 | 689101 | 707747 | 15.7% | 611854 | 707747 | 15.7% |
| &nbsp;&nbsp; Total in-force face amount | $973960 | $996613 | $1024705 | $1051199 | $1071631 | 10.0% | $973960 | $1071631 | 10.0% |
| Page 13 | Page 13 | Page 13 | Page 13 | Page 13 | Page 13 | Page 13 | Page 13 | Page 13 | Page 13 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Annuities – Select Earnings and Operational Data** | **Annuities – Select Earnings and Operational Data** | **Annuities – Select Earnings and Operational Data** | **Annuities – Select Earnings and Operational Data** | **Annuities – Select Earnings and Operational Data** | **Annuities – Select Earnings and Operational Data** | **Annuities – Select Earnings and Operational Data** | **Annuities – Select Earnings and Operational Data** | **Annuities – Select Earnings and Operational Data** | **Annuities – Select Earnings and Operational Data** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Twelve Months Ended** | **As of or For the Twelve Months Ended** | **As of or For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Income (Loss) from Operations** |  |  |  |  |  |  |  |  |  |
| Operating revenues: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Insurance premiums | $27 | $30 | $25 | $57 | $52 | 92.6% | $116 | $165 | 42.2% |
| &nbsp;&nbsp; Fee income | 702 | 658 | 611 | 590 | 574 | -18.2% | 2724 | 2434 | -10.6% |
| &nbsp;&nbsp; Net investment income | 349 | 360 | 337 | 379 | 385 | 10.3% | 1401 | 1461 | 4.3% |
| &nbsp;&nbsp; Operating realized gain (loss) | 55 | 54 | 51 | 52 | 50 | -9.1% | 208 | 207 | -0.5% |
| &nbsp;&nbsp; Amortization of deferred gain | 7 | 6 | 6 | 6 | 6 | -14.3% | 26 | 25 | -3.8% |
| &nbsp;&nbsp; Other revenues | 142 | 124 | 139 | 99 | 123 | -13.4% | 527 | 482 | -8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues | 1282 | 1232 | 1169 | 1183 | 1190 | -7.2% | 5002 | 4774 | -4.6% |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Interest credited | 203 | 207 | 214 | 224 | 249 | 22.7% | 811 | 894 | 10.2% |
| &nbsp;&nbsp; Benefits | 138 | 152 | 180 | (56) | 190 | 37.7% | 548 | 468 | -14.6% |
| &nbsp;&nbsp; Commissions incurred | 287 | 268 | 257 | 255 | 240 | -16.4% | 1136 | 1020 | -10.2% |
| &nbsp;&nbsp; Other expenses incurred | 280 | 260 | 243 | 251 | 239 | -14.6% | 1056 | 993 | -6.0% |
| &nbsp;&nbsp; Amounts capitalized | (132) | (118) | (110) | (117) | (103) | 22.0% | (515) | (449) | 12.8% |
| &nbsp;&nbsp; Amortization | 115 | 112 | 90 | 92 | 103 | -10.4% | 442 | 396 | -10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 891 | 881 | 874 | 649 | 918 | 3.0% | 3478 | 3322 | -4.5% |
| Income (loss) from operations before taxes | 391 | 351 | 295 | 534 | 272 | -30.4% | 1524 | 1452 | -4.7% |
| Federal income tax expense (benefit) | 59 | 49 | 39 | 85 | 34 | -42.4% | 241 | 207 | -14.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from operations | $332 | $302 | $256 | $449 | $238 | -28.3% | $1283 | $1245 | -3.0% |
| **Effective Federal Income Tax Rate** | 15.1% | 14.0% | 13.1% | 15.9% | 12.5% |  | 15.8% | 14.2% |  |
| **Average Equity, Excluding Goodwill and AOCI**  | $5310 | $5298 | $5665 | $6266 | $6321 | 19.0% | $5185 | $5887 | 13.5% |
| **ROE, Excluding Goodwill and AOCI**  | 25.0% | 22.8% | 18.1% | 28.7% | 15.1% |  | 24.7% | 21.2% |  |
| **Return on Average Account Values** | 78 | 74 | 67 | 122 | 66 | (12) | 77 | 82 | 5 |
| **Income (Loss) from Operations** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Variable annuity  | 295 | 269 | 230 | 401 | 205 | -30.5% | 1135 | 1105 | -2.6% |
| &nbsp;&nbsp; Fixed annuity  | 37 | 33 | 26 | 48 | 33 | -10.8% | 148 | 140 | -5.4% |
| **Account Values, Net of Reinsurance – End of Period** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Variable account values without GLBs | $69625 | $66584 | $59163 | $57749 | $61911 | -11.1% | $69625 | $61911 | -11.1% |
| &nbsp;&nbsp; Variable account values with GLBs | 86234 | 78837 | 68468 | 64057 | 65877 | -23.6% | 86234 | 65877 | -23.6% |
| &nbsp;&nbsp; Fixed account values | 16866 | 16723 | 16621 | 16974 | 17177 | 1.8% | 16866 | 17177 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total account values | 172725 | 162144 | 144252 | 138780 | 144965 | -16.1% | 172725 | 144965 |  |
| Percent variable account values with GLBs | 49.9% | 48.6% | 47.5% | 46.2% | 45.4% |  | 49.9% | 45.4% |  |
| Page 14 | Page 14 | Page 14 | Page 14 | Page 14 | Page 14 | Page 14 | Page 14 | Page 14 | Page 14 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Group Protection – Select Earnings and Operational Data** | **Group Protection – Select Earnings and Operational Data** | **Group Protection – Select Earnings and Operational Data** | **Group Protection – Select Earnings and Operational Data** | **Group Protection – Select Earnings and Operational Data** | **Group Protection – Select Earnings and Operational Data** | **Group Protection – Select Earnings and Operational Data** | **Group Protection – Select Earnings and Operational Data** | **Group Protection – Select Earnings and Operational Data** | **Group Protection – Select Earnings and Operational Data** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Twelve Months Ended** | **As of or For the Twelve Months Ended** | **As of or For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Income (Loss) from Operations** |  |  |  |  |  |  |  |  |  |
| Operating revenues: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Insurance premiums | $1117 | $1169 | $1187 | $1200 | $1213 | 8.6% | $4450 | $4768 | 7.1% |
| &nbsp;&nbsp; Net investment income | 90 | 85 | 86 | 83 | 79 | -12.2% | 366 | 333 | -9.0% |
| &nbsp;&nbsp; Other revenues | 45 | 49 | 50 | 50 | 52 | 15.6% | 180 | 202 | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues | 1252 | 1303 | 1323 | 1333 | 1344 | 7.3% | 4996 | 5303 | 6.1% |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Interest credited | 2 | 1 | 2 | 1 | 1 | -50.0% | 6 | 5 | -16.7% |
| &nbsp;&nbsp; Benefits | 1072 | 1027 | 926 | 939 | 953 | -11.1% | 3890 | 3844 | -1.2% |
| &nbsp;&nbsp; Commissions incurred | 95 | 94 | 96 | 101 | 103 | 8.4% | 361 | 394 | 9.1% |
| &nbsp;&nbsp; Other expenses incurred | 225 | 217 | 214 | 235 | 223 | -0.9% | 851 | 892 | 4.8% |
| &nbsp;&nbsp; Amounts capitalized | (30) | (21) | (24) | (23) | (29) | 3.3% | (91) | (99) | -8.8% |
| &nbsp;&nbsp; Amortization | 34 | 37 | 34 | 34 | 34 | 0.0% | 139 | 138 | -0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 1398 | 1355 | 1248 | 1287 | 1285 | -8.1% | 5156 | 5174 | 0.3% |
| Income (loss) from operations before taxes | (146) | (52) | 75 | 46 | 59 | 140.4% | (160) | 129 | 180.6% |
| Federal income tax expense (benefit) | (31) | (11) | 16 | 9 | 12 | 138.7% | (33) | 27 | 181.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from operations | $(115) | $(41) | $59 | $37 | $47 | 140.9% | $(127) | $102 | 180.3% |
| **Effective Federal Income Tax Rate** | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |  | 21.0% | 21.0% |  |
| **Average Equity, Excluding Goodwill and AOCI**  | $2810 | $2899 | $2988 | $3012 | $2888 | 2.8% | $2755 | $2947 | 7.0% |
| **ROE, Excluding Goodwill and AOCI**  | -16.4% | -5.6% | 7.9% | 4.9% | 6.5% |  | -4.6% | 3.5% |  |
| **Loss Ratios by Product Line** |  |  |  |  |  |  |  |  |  |
| Life | 108.7% | 91.0% | 80.5% | 71.6% | 74.6% |  | 98.6% | 79.4% |  |
| Disability | 90.2% | 87.2% | 76.7% | 83.2% | 81.7% |  | 81.4% | 82.2% |  |
| Dental | 71.1% | 71.1% | 76.9% | 72.0% | 74.0% |  | 76.3% | 73.5% |  |
| &nbsp;&nbsp; Total | 96.1% | 88.0% | 78.2% | 78.3% | 78.7% |  | 87.5% | 80.7% |  |
| Page 15 | Page 15 | Page 15 | Page 15 | Page 15 | Page 15 | Page 15 | Page 15 | Page 15 | Page 15 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Retirement Plan Services – Select Earnings and Operational Data** | **Retirement Plan Services – Select Earnings and Operational Data** | **Retirement Plan Services – Select Earnings and Operational Data** | **Retirement Plan Services – Select Earnings and Operational Data** | **Retirement Plan Services – Select Earnings and Operational Data** | **Retirement Plan Services – Select Earnings and Operational Data** | **Retirement Plan Services – Select Earnings and Operational Data** | **Retirement Plan Services – Select Earnings and Operational Data** | **Retirement Plan Services – Select Earnings and Operational Data** | **Retirement Plan Services – Select Earnings and Operational Data** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Three Months Ended** | **As of or For the Twelve Months Ended** | **As of or For the Twelve Months Ended** | **As of or For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Income (Loss) from Operations** |  |  |  |  |  |  |  |  |  |
| Operating revenues: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Fee income | $76 | $70 | $65 | $64 | $63 | -17.1% | $296 | $261 | -11.8% |
| &nbsp;&nbsp; Net investment income | 250 | 238 | 241 | 244 | 252 | 0.8% | 992 | 975 | -1.7% |
| &nbsp;&nbsp; Other revenues | 9 | 10 | 9 | 8 | 9 | 0.0% | 36 | 37 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues | 335 | 318 | 315 | 316 | 324 | -3.3% | 1324 | 1273 | -3.9% |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Interest credited | 154 | 152 | 156 | 161 | 161 | 4.5% | 617 | 630 | 2.1% |
| &nbsp;&nbsp; Benefits | 1 | 1 | 1 | 1 | 1 | 0.0% | 3 | 3 | 0.0% |
| &nbsp;&nbsp; Commissions incurred | 21 | 20 | 18 | 20 | 21 | 0.0% | 84 | 79 | -6.0% |
| &nbsp;&nbsp; Other expenses incurred | 89 | 79 | 76 | 82 | 83 | -6.7% | 326 | 320 | -1.8% |
| &nbsp;&nbsp; Amounts capitalized | (7) | (5) | (5) | (6) | (5) | 28.6% | (22) | (21) | 4.5% |
| &nbsp;&nbsp; Amortization | 9 | 7 | 6 | (2) | 6 | -33.3% | 32 | 18 | -43.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 267 | 254 | 252 | 256 | 267 | 0.0% | 1040 | 1029 | -1.1% |
| Income (loss) from operations before taxes | 68 | 64 | 63 | 60 | 57 | -16.2% | 284 | 244 | -14.1% |
| Federal income tax expense (benefit) | 11 | 9 | 9 | 8 | 8 | -27.3% | 49 | 35 | -28.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from operations | $57 | $55 | $54 | $52 | $49 | -14.0% | $235 | $209 | -11.1% |
| **Effective Federal Income Tax Rate** | 16.3% | 13.7% | 15.5% | 13.2% | 14.6% |  | 17.2% | 14.3% |  |
| **Average Equity, Excluding Goodwill and AOCI**  | $1477 | $1534 | $1618 | $1696 | $1697 | 14.9% | $1507 | $1636 | 8.6% |
| **ROE, Excluding Goodwill and AOCI**  | 15.4% | 14.4% | 13.3% | 12.2% | 11.5% |  | 15.6% | 12.8% |  |
| **Return on Average Account Values** | 23 | 23 | 24 | 24 | 22 | (1) | 25 | 23 | (2) |
| **Pre-tax Net Margin** | 37.6% | 38.6% | 39.8% | 38.5% | 35.0% |  | 40.2% | 38.0% |  |
| **Net Flows by Market** |  |  |  |  |  |  |  |  |  |
| Small Market | $98 | $(116) | $80 | $157 | $174 | 77.6% | $133 | $295 | 121.8% |
| Mid - Large Market | (58) | 1350 | 1074 | 906 | 482 | NM | 1800 | 3811 | 111.7% |
| *Multi-Fund*® and Other | (420) | (288) | (241) | (252) | (421) | -0.2% | (1469) | (1201) | 18.2% |
| **Net Flows – Trailing Twelve Months** | $464 | $1062 | $1458 | $2290 | $2905 | NM | $464 | $2905 | NM |
| Page 16 | Page 16 | Page 16 | Page 16 | Page 16 | Page 16 | Page 16 | Page 16 | Page 16 | Page 16 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Other Operations – Select Earnings and Operational Data** | **Other Operations – Select Earnings and Operational Data** | **Other Operations – Select Earnings and Operational Data** | **Other Operations – Select Earnings and Operational Data** | **Other Operations – Select Earnings and Operational Data** | **Other Operations – Select Earnings and Operational Data** | **Other Operations – Select Earnings and Operational Data** | **Other Operations – Select Earnings and Operational Data** | **Other Operations – Select Earnings and Operational Data** | **Other Operations – Select Earnings and Operational Data** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Income (Loss) from Operations** |  |  |  |  |  |  |  |  |  |
| Operating revenues: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Insurance premiums | $10 | $1 | $3 | $2 | $2 | -80.0% | $19 | $8 | -57.9% |
| &nbsp;&nbsp; Net investment income | 40 | 41 | 40 | 34 | 41 | 2.5% | 147 | 157 | 6.8% |
| &nbsp;&nbsp; Other revenues | 6 | (2) | (9) | &nbsp;&nbsp;&nbsp;&nbsp;- | 6 | 0.0% | 14 | (6) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating revenues | 56 | 40 | 34 | 36 | 49 | -12.5% | 180 | 159 | -11.7% |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Interest credited | 10 | 12 | 9 | 9 | 8 | -20.0% | 42 | 39 | -7.1% |
| &nbsp;&nbsp; Benefits | 21 | 14 | 21 | 24 | 21 | 0.0% | 81 | 79 | -2.5% |
| &nbsp;&nbsp; Commissions and other expenses | 19 | 12 | 2 | 28 | 160 | NM | 189 | 203 | 7.4% |
| &nbsp;&nbsp; Interest and debt expense | 66 | 66 | 68 | 71 | 77 | 16.7% | 262 | 283 | 8.0% |
| &nbsp;&nbsp; Spark program expense | 30 | 31 | 43 | 44 | 49 | 63.3% | 87 | 167 | 92.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 146 | 135 | 143 | 176 | 315 | 115.8% | 661 | 771 | 16.6% |
| Income (loss) from operations before taxes | (90) | (95) | (109) | (140) | (266) | NM | (481) | (612) | -27.2% |
| Federal income tax expense (benefit) | (22) | (15) | (17) | (27) | (56) | NM | (106) | (117) | -10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) from operations | $(68) | $(80) | $(92) | $(113) | $(210) | NM | $(375) | $(495) | -32.0% |
| Page 17 | Page 17 | Page 17 | Page 17 | Page 17 | Page 17 | Page 17 | Page 17 | Page 17 | Page 17 |

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![Picture 4](lnc-20230208xex99_2g004.jpg)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards** | **Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards** | **Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards** | **Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards** | **Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards** | **Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards** | **Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards** | **Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards** | **Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards** | **Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **DAC, VOBA and DSI** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period | $6169 | $6284 | $9020 | $12087 | $13896 | 125.3% | $6025 | $6284 | 4.3% |
| Business acquired (sold) through reinsurance | (650) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 100.0% | (650) | &nbsp;&nbsp;&nbsp;&nbsp;- | 100.0% |
| Deferrals | 446 | 328 | 345 | 350 | 357 | -20.0% | 1378 | 1380 | 0.1% |
| Operating amortization | (259) | (284) | (245) | (375) | (234) | 9.7% | (1637) | (1139) | 30.4% |
| &nbsp;&nbsp; Deferrals, net of operating amortization | 187 | 44 | 100 | (25) | 123 | -34.2% | (259) | 241 | 193.1% |
| Amortization associated with benefit ratio unlocking | (11) | 36 | 64 | 35 | (22) | -100.0% | (23) | 113 | NM |
| Adjustment related to realized (gains) losses | 36 | (37) | (131) | (35) | 69 | 91.7% | 86 | (133) | NM |
| Adjustment related to unrealized (gains) losses | 553 | 2693 | 3034 | 1834 | (263) | NM | 1105 | 7298 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period | $6284 | $9020 | $12087 | $13896 | $13803 | 119.7% | $6284 | $13803 | 119.7% |
| **DFEL** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period | $396 | $415 | $1363 | $4097 | $5752 | NM | $401 | $415 | 3.5% |
| Business acquired (sold) through reinsurance | (290) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 100.0% | (290) | &nbsp;&nbsp;&nbsp;&nbsp;- | 100.0% |
| Deferrals | 294 | 256 | 270 | 273 | 284 | -3.4% | 1015 | 1083 | 6.7% |
| Operating amortization | (147) | (151) | (145) | (190) | (143) | 2.7% | (979) | (629) | 35.8% |
| &nbsp;&nbsp; Deferrals, net of operating amortization | 147 | 105 | 125 | 83 | 141 | -4.1% | 36 | 454 | NM |
| Amortization associated with benefit ratio unlocking | (1) | 6 | 10 | 3 | (3) | NM | (3) | 15 | NM |
| Adjustment related to realized (gains) losses | (1) | (6) | (12) | (18) | (1) | 0.0% | (10) | (35) | NM |
| Adjustment related to unrealized (gains) losses | 164 | 843 | 2611 | 1587 | (220) | NM | 281 | 4820 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period | $415 | $1363 | $4097 | $5752 | $5669 | NM | $415 | $5669 | NM |
| **DAC, VOBA, DSI and DFEL**  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; **Balance as of End-of-Period, After-Tax** | $4637 | $6049 | $6312 | $6434 | $6426 | 38.6% | $4637 | $6426 | 38.6% |
| Page 18 | Page 18 | Page 18 | Page 18 | Page 18 | Page 18 | Page 18 | Page 18 | Page 18 | Page 18 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Life Insurance – Account Value Roll Forwards** | **Life Insurance – Account Value Roll Forwards** | **Life Insurance – Account Value Roll Forwards** | **Life Insurance – Account Value Roll Forwards** | **Life Insurance – Account Value Roll Forwards** | **Life Insurance – Account Value Roll Forwards** | **Life Insurance – Account Value Roll Forwards** | **Life Insurance – Account Value Roll Forwards** | **Life Insurance – Account Value Roll Forwards** | **Life Insurance – Account Value Roll Forwards** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **General Account** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period  | $37969 | $38094 | $37921 | $37817 | $37701 | -0.7% | $38136 | $38094 | -0.1% |
| Deposits | 1050 | 878 | 880 | 925 | 1001 | -4.7% | 3738 | 3685 | -1.4% |
| Withdrawals and deaths | (213) | (315) | (226) | (271) | (253) | -18.8% | (988) | (1067) | -8.0% |
| &nbsp;&nbsp; Net flows  | 837 | 563 | 654 | 654 | 748 | -10.6% | 2750 | 2618 | -4.8% |
| Contract holder assessments | (1107) | (1131) | (1096) | (1101) | (1113) | -0.5% | (4343) | (4440) | -2.2% |
| Reinvested interest credited | 395 | 395 | 338 | 331 | 334 | -15.4% | 1551 | 1398 | -9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, gross  | 38094 | 37921 | 37817 | 37701 | 37670 | -1.1% | 38094 | 37670 | -1.1% |
| Reinsurance ceded | (5562) | (5544) | (5549) | (5533) | (5512) | 0.9% | (5562) | (5512) | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, net | $32532 | $32377 | $32268 | $32168 | $32158 | -1.1% | $32532 | $32158 | -1.1% |
| **Separate Account** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period  | $23250 | $24907 | $23464 | $20363 | $19392 | -16.6% | $21078 | $24907 | 18.2% |
| Deposits | 822 | 456 | 559 | 461 | 574 | -30.2% | 1955 | 2050 | 4.9% |
| Withdrawals and deaths | (221) | (136) | (175) | (137) | (222) | -0.5% | (723) | (670) | 7.3% |
| &nbsp;&nbsp; Net flows  | 601 | 320 | 384 | 324 | 352 | -41.4% | 1232 | 1380 | 12.0% |
| Contract holder assessments | (247) | (218) | (230) | (231) | (241) | 2.4% | (858) | (921) | -7.3% |
| Change in market value and reinvestment | 1303 | (1545) | (3255) | (1064) | 1394 | 7.0% | 3455 | (4469) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, gross  | 24907 | 23464 | 20363 | 19392 | 20897 | -16.1% | 24907 | 20897 | -16.1% |
| Reinsurance ceded | (5593) | (5215) | (4498) | (4209) | (4421) | 21.0% | (5593) | (4421) | 21.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, net | $19314 | $18249 | $15865 | $15183 | $16476 | -14.7% | $19314 | $16476 | -14.7% |
| **Total** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period  | $61219 | $63001 | $61385 | $58180 | $57093 | -6.7% | $59214 | $63001 | 6.4% |
| Deposits | 1872 | 1334 | 1439 | 1386 | 1575 | -15.9% | 5693 | 5735 | 0.7% |
| Withdrawals and deaths | (434) | (451) | (401) | (408) | (475) | -9.4% | (1711) | (1737) | -1.5% |
| &nbsp;&nbsp; Net flows  | 1438 | 883 | 1038 | 978 | 1100 | -23.5% | 3982 | 3998 | 0.4% |
| Contract holder assessments | (1354) | (1349) | (1326) | (1332) | (1354) | 0.0% | (5201) | (5361) | -3.1% |
| Change in market value and reinvestment | 1698 | (1150) | (2917) | (733) | 1728 | 1.8% | 5006 | (3071) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, gross  | 63001 | 61385 | 58180 | 57093 | 58567 | -7.0% | 63001 | 58567 | -7.0% |
| Reinsurance ceded | (11155) | (10759) | (10047) | (9742) | (9933) | 11.0% | (11155) | (9933) | 11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, net | $51846 | $50626 | $48133 | $47351 | $48634 | -6.2% | $51846 | $48634 | -6.2% |
| Page 19 | Page 19 | Page 19 | Page 19 | Page 19 | Page 19 | Page 19 | Page 19 | Page 19 | Page 19 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Annuities – Account Value Roll Forwards** | **Annuities – Account Value Roll Forwards** | **Annuities – Account Value Roll Forwards** | **Annuities – Account Value Roll Forwards** | **Annuities – Account Value Roll Forwards** | **Annuities – Account Value Roll Forwards** | **Annuities – Account Value Roll Forwards** | **Annuities – Account Value Roll Forwards** | **Annuities – Account Value Roll Forwards** | **Annuities – Account Value Roll Forwards** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Fixed Annuities** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period | $24642 | $24728 | $24475 | $24253 | $24836 | 0.8% | $25405 | $24728 | -2.7% |
| Gross deposits | 413 | 374 | 524 | 1167 | 1264 | 206.1% | 1024 | 3331 | 225.3% |
| Full surrenders and deaths | (415) | (420) | (457) | (489) | (547) | -31.8% | (1879) | (1913) | -1.8% |
| Other contract benefits | (198) | (171) | (176) | (167) | (208) | -5.1% | (617) | (722) | -17.0% |
| &nbsp;&nbsp; Net flows | (200) | (217) | (109) | 511 | 509 | NM | (1472) | 696 | 147.3% |
| Contract holder assessments | (17) | (15) | (12) | (10) | (12) | 29.4% | (84) | (51) | 39.3% |
| Reinvested interest credited | 303 | (21) | (101) | 82 | 223 | -26.4% | 879 | 183 | -79.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, gross | 24728 | 24475 | 24253 | 24836 | 25556 | 3.3% | 24728 | 25556 | 3.3% |
| Reinsurance ceded | (7862) | (7752) | (7632) | (7862) | (8379) | -6.6% | (7862) | (8379) | -6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, net | $16866 | $16723 | $16621 | $16974 | $17177 | 1.8% | $16866 | $17177 | 1.8% |
| **Variable Annuities** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period | $149550 | $155866 | $145428 | $127639 | $121814 | -18.5% | $140313 | $155866 | 11.1% |
| Gross deposits | 2598 | 2331 | 2178 | 2095 | 1946 | -25.1% | 10716 | 8548 | -20.2% |
| Full surrenders and deaths | (1858) | (1567) | (1366) | (1302) | (1210) | 34.9% | (7505) | (5444) | 27.5% |
| Other contract benefits | (1195) | (1100) | (1021) | (985) | (1108) | 7.3% | (4308) | (4215) | 2.2% |
| &nbsp;&nbsp; Net flows | (455) | (336) | (209) | (192) | (372) | 18.2% | (1097) | (1111) | -1.3% |
| Contract holder assessments | (727) | (692) | (655) | (638) | (619) | 14.9% | (2839) | (2605) | 8.2% |
| Change in market value and reinvestment | 7498 | (9410) | (16925) | (4995) | 6973 | -7.0% | 19489 | (24354) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, gross | 155866 | 145428 | 127639 | 121814 | 127796 | -18.0% | 155866 | 127796 | -18.0% |
| Reinsurance ceded | (7) | (7) | (8) | (8) | (8) | -14.3% | (7) | (8) | -14.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, net | $155859 | $145421 | $127631 | $121806 | $127788 | -18.0% | $155859 | $127788 | -18.0% |
| **Total** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period | $174192 | $180594 | $169903 | $151892 | $146650 | -15.8% | $165718 | $180594 | 9.0% |
| Gross deposits | 3011 | 2705 | 2702 | 3262 | 3210 | 6.6% | 11740 | 11879 | 1.2% |
| Full surrenders and deaths | (2273) | (1987) | (1823) | (1791) | (1757) | 22.7% | (9384) | (7357) | 21.6% |
| Other contract benefits | (1393) | (1271) | (1197) | (1152) | (1316) | 5.5% | (4925) | (4937) | -0.2% |
| &nbsp;&nbsp; Net flows | (655) | (553) | (318) | 319 | 137 | 120.9% | (2569) | (415) | 83.8% |
| Contract holder assessments | (744) | (707) | (667) | (648) | (631) | 15.2% | (2923) | (2656) | 9.1% |
| Change in market value and reinvestment | 7801 | (9431) | (17026) | (4913) | 7196 | -7.8% | 20368 | (24171) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, gross | 180594 | 169903 | 151892 | 146650 | 153352 | -15.1% | 180594 | 153352 | -15.1% |
| Reinsurance ceded | (7869) | (7759) | (7640) | (7870) | (8387) | -6.6% | (7869) | (8387) | -6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period, net | $172725 | $162144 | $144252 | $138780 | $144965 | -16.1% | $172725 | $144965 | -16.1% |
| Page 20 | Page 20 | Page 20 | Page 20 | Page 20 | Page 20 | Page 20 | Page 20 | Page 20 | Page 20 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Retirement Plan Services – Account Value Roll Forwards** | **Retirement Plan Services – Account Value Roll Forwards** | **Retirement Plan Services – Account Value Roll Forwards** | **Retirement Plan Services – Account Value Roll Forwards** | **Retirement Plan Services – Account Value Roll Forwards** | **Retirement Plan Services – Account Value Roll Forwards** | **Retirement Plan Services – Account Value Roll Forwards** | **Retirement Plan Services – Account Value Roll Forwards** | **Retirement Plan Services – Account Value Roll Forwards** | **Retirement Plan Services – Account Value Roll Forwards** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **General Account** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period | $23152 | $23639 | $23958 | $24917 | $25272 | 9.2% | $22916 | $23639 | 3.2% |
| Gross deposits | 908 | 572 | 1132 | 702 | 590 | -35.0% | 2325 | 2996 | 28.9% |
| Withdrawals  | (631) | (554) | (485) | (575) | (738) | -17.0% | (2451) | (2352) | 4.0% |
| &nbsp;&nbsp; Net flows | 277 | 18 | 647 | 127 | (148) | NM | (126) | 644 | NM |
| Transfers between fixed and variable accounts | 59 | 154 | 160 | 69 | (145) | NM | 247 | 238 | -3.6% |
| Contract holder assessments | (4) | (3) | (3) | (3) | (3) | 25.0% | (14) | (13) | 7.1% |
| Reinvestment interest credited | 155 | 150 | 155 | 162 | 161 | 3.9% | 616 | 629 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period | $23639 | $23958 | $24917 | $25272 | $25137 | 6.3% | $23639 | $25137 | 6.3% |
| **Separate Account and Mutual Funds** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period | $72454 | $75475 | $71385 | $61789 | $59072 | -18.5% | $65391 | $75475 | 15.4% |
| Gross deposits | 2092 | 2795 | 1811 | 2097 | 2187 | 4.5% | 8515 | 8890 | 4.4% |
| Withdrawals  | (2749) | (1867) | (1545) | (1413) | (1804) | 34.4% | (7925) | (6629) | 16.4% |
| &nbsp;&nbsp; Net flows | (657) | 928 | 266 | 684 | 383 | 158.3% | 590 | 2261 | 283.2% |
| Transfers between fixed and variable accounts | (77) | (230) | (9) | (41) | (57) | 26.0% | (417) | (337) | 19.2% |
| Contract holder assessments | (67) | (64) | (60) | (57) | (57) | 14.9% | (260) | (238) | 8.5% |
| Change in market value and reinvestment | 3822 | (4724) | (9793) | (3303) | 4257 | 11.4% | 10171 | (13563) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period | $75475 | $71385 | $61789 | $59072 | $63598 | -15.7% | $75475 | $63598 | -15.7% |
| **Total** |  |  |  |  |  |  |  |  |  |
| Balance as of beginning-of-period | $95606 | $99114 | $95343 | $86706 | $84344 | -11.8% | $88307 | $99114 | 12.2% |
| Gross deposits  | 3000 | 3367 | 2943 | 2799 | 2777 | -7.4% | 10840 | 11886 | 9.6% |
| Withdrawals  | (3380) | (2421) | (2030) | (1988) | (2542) | 24.8% | (10376) | (8981) | 13.4% |
| &nbsp;&nbsp; Net flows | (380) | 946 | 913 | 811 | 235 | 161.8% | 464 | 2905 | NM |
| Transfers between fixed and variable accounts | (18) | (76) | 151 | 28 | (202) | NM | (170) | (99) | 41.8% |
| Contract holder assessments | (71) | (67) | (63) | (60) | (60) | 15.5% | (274) | (251) | 8.4% |
| Change in market value and reinvestment | 3977 | (4574) | (9638) | (3141) | 4418 | 11.1% | 10787 | (12934) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance as of end-of-period | $99114 | $95343 | $86706 | $84344 | $88735 | -10.5% | $99114 | $88735 | -10.5% |
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![Picture 5](lnc-20230208xex99_2g005.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Fixed-Income Asset Class** | **Fixed-Income Asset Class** | **Fixed-Income Asset Class** | **Fixed-Income Asset Class** | **Fixed-Income Asset Class** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **As of 12/31/21** | **As of 12/31/21** | **As of 12/31/22** | **As of 12/31/22** |
|  | **Amount** | **%** | **Amount** | **%** |
| **Fixed Maturity AFS Securities, Net of Allowance for Credit Losses, at Amortized Cost** |  |  |  |  |
| Industry corporate bonds: |  |  |  |  |
| &nbsp;&nbsp; Financial services | $16438 | 15.6% | $17762 | 15.9% |
| &nbsp;&nbsp; Basic industry | 4436 | 4.2% | 4353 | 3.9% |
| &nbsp;&nbsp; Capital goods | 7316 | 7.0% | 7374 | 6.6% |
| &nbsp;&nbsp; Communications | 4124 | 3.9% | 4239 | 3.8% |
| &nbsp;&nbsp; Consumer cyclical | 5811 | 5.5% | 6056 | 5.4% |
| &nbsp;&nbsp; Consumer non-cyclical | 16905 | 16.1% | 17080 | 15.3% |
| &nbsp;&nbsp; Energy | 4932 | 4.7% | 4776 | 4.3% |
| &nbsp;&nbsp; Technology | 5173 | 4.9% | 5581 | 5.0% |
| &nbsp;&nbsp; Transportation | 3414 | 3.2% | 3665 | 3.3% |
| &nbsp;&nbsp; Industrial other | 2159 | 2.1% | 2330 | 2.1% |
| &nbsp;&nbsp; Utilities | 13785 | 13.0% | 14204 | 12.8% |
| &nbsp;&nbsp; Government-related entities | 1863 | 1.8% | 1820 | 1.6% |
| Residential mortgage-backed securities ("RMBS") |  |  |  |  |
| &nbsp;&nbsp; Agency backed | 1973 | 1.9% | 1845 | 1.7% |
| &nbsp;&nbsp; Non-agency backed | 360 | 0.3% | 364 | 0.3% |
| Commercial mortgage-backed securities ("CMBS") | 1552 | 1.5% | 1917 | 1.7% |
| Asset-backed securities ("ABS") |  |  |  |  |
| &nbsp;&nbsp; Collateralized loan obligations ("CLOs") | 6356 | 6.0% | 8498 | 7.6% |
| &nbsp;&nbsp; Other ABS | 2083 | 2.0% | 3294 | 2.9% |
| Municipals | 5322 | 5.1% | 5410 | 4.8% |
| Government:  |  |  |  |  |
| &nbsp;&nbsp; United States | 375 | 0.4% | 405 | 0.4% |
| &nbsp;&nbsp; Foreign | 373 | 0.4% | 348 | 0.3% |
| Hybrid & redeemable preferred securities | 408 | 0.4% | 364 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity AFS securities, net of allowance for credit losses, at amortized cost | 105158 | 100.0% | 111685 | 100.0% |
| **Trading Securities** | 4170 |  | 3833 |  |
| **Equity Securities** | 285 |  | 383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity AFS, trading and equity securities | $109613 |  | $115901 |  |
| Page 22 | Page 22 | Page 22 | Page 22 | Page 22 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Fixed-Income Credit Quality** | **Fixed-Income Credit Quality** | **Fixed-Income Credit Quality** | **Fixed-Income Credit Quality** | **Fixed-Income Credit Quality** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **As of 12/31/21** | **As of 12/31/21** | **As of 12/31/22** | **As of 12/31/22** |
|  | **Amount** | **%** | **Amount** | **%** |
| **Fixed Maturity AFS Securities, Net of Allowance for Credit Losses, at Amortized Cost** <sup>(1)</sup> |  |  |  |  |
| NAIC 1 (AAA-A) | $58542 | 55.6% | $63741 | 57.1% |
| NAIC 2 (BBB) | 42797 | 40.7% | 44103 | 39.5% |
| &nbsp;&nbsp; Total investment grade | 101339 | 96.3% | 107844 | 96.6% |
| NAIC 3 (BB) | 2278 | 2.2% | 2101 | 1.9% |
| NAIC 4 (B) | 1424 | 1.4% | 1679 | 1.4% |
| NAIC 5 (CCC and lower) | 51 | 0.0% | 59 | 0.1% |
| NAIC 6 (in or near default) | 66 | 0.1% | 2 | 0.0% |
| Total below investment grade | 3819 | 3.7% | 3841 | 3.4% |
| &nbsp;&nbsp; Total | $105158 | 100.0% | $111685 | 100.0% |
| **Commercial Mortgage Loans, at Amortized Cost** <sup>(1)(2)</sup> |  |  |  |  |
| CM1 (AAA-A) | $14028 | 81.7% | $13361 | 78.5% |
| CM2 (BBB) | 2878 | 16.8% | 3382 | 19.9% |
| CM3-7 (BB and lower) | 265 | 1.5% | 271 | 1.6% |
| &nbsp;&nbsp; Total | $17171 | 100.0% | $17014 | 100.0% |
| **Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, at Amortized Cost** <sup>(1)(2)</sup> |  |  |  |  |
| AAA-A | $72570 | 59.3% | $77102 | 59.9% |
| BBB | 45675 | 37.3% | 47485 | 36.9% |
| BB and lower | 4084 | 3.4% | 4112 | 3.2% |
| &nbsp;&nbsp; Total | $122329 | 100.0% | $128699 | 100.0% |
| <sup>(1)</sup> Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners ("NAIC") or based upon ratings from credit rating | <sup>(1)</sup> Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners ("NAIC") or based upon ratings from credit rating | <sup>(1)</sup> Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners ("NAIC") or based upon ratings from credit rating | <sup>(1)</sup> Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners ("NAIC") or based upon ratings from credit rating | <sup>(1)</sup> Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners ("NAIC") or based upon ratings from credit rating |
| &nbsp;&nbsp; agencies to derive the NAIC designation. | &nbsp;&nbsp; agencies to derive the NAIC designation. | &nbsp;&nbsp; agencies to derive the NAIC designation. | &nbsp;&nbsp; agencies to derive the NAIC designation. | &nbsp;&nbsp; agencies to derive the NAIC designation. |
| <sup>(2)</sup> CM ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2  | <sup>(2)</sup> CM ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2  | <sup>(2)</sup> CM ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2  | <sup>(2)</sup> CM ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2  | <sup>(2)</sup> CM ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2  |
| &nbsp;&nbsp; and NAIC 3-6 = CM3-7. | &nbsp;&nbsp; and NAIC 3-6 = CM3-7. | &nbsp;&nbsp; and NAIC 3-6 = CM3-7. | &nbsp;&nbsp; and NAIC 3-6 = CM3-7. | &nbsp;&nbsp; and NAIC 3-6 = CM3-7. |
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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Realized Gain (Loss), After-DAC** | **Realized Gain (Loss), After-DAC** | **Realized Gain (Loss), After-DAC** | **Realized Gain (Loss), After-DAC** | **Realized Gain (Loss), After-DAC** | **Realized Gain (Loss), After-DAC** | **Realized Gain (Loss), After-DAC** | **Realized Gain (Loss), After-DAC** | **Realized Gain (Loss), After-DAC** | **Realized Gain (Loss), After-DAC** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Components of Realized Gain (Loss), Pre-Tax** |  |  |  |  |  |  |  |  |  |
| Total adjusted operating realized gain (loss) | $51 | $55 | $49 | $49 | $47 | -7.8% | $199 | $201 | 1.0% |
| Total excluded realized gain (loss) | (166) | (26) | 473 | 171 | (482) | NM | (411) | 135 | 132.8% |
| &nbsp;&nbsp; Total realized gain (loss), pre-tax | $(115) | $29 | $522 | $220 | $(435) | NM | $(212) | $336 | 258.5% |
| **Components of Excluded Realized Gain (Loss), After-Tax** |  |  |  |  |  |  |  |  |  |
| Credit loss benefit (expense) on mortgage loans on |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; real estate | $26 | $13 | $(5) | $(7) | $(8) | NM | $79 | $(7) | NM |
| Credit loss benefit (expense) on reinsurance-related assets | 6 | (3) | (1) | (103) | 8 | 33.3% | 2 | (99) | NM |
| Credit loss benefit (expense) on other financial assets | (1) | (1) | (3) | (5) | (4) | NM | (10) | (12) | -20.0% |
| Realized gain (loss) related to certain financial assets | (6) | (7) | (5) | (40) | (14) | NM | (14) | (67) | NM |
| Realized gain (loss) on equity securities | 4 | 3 | (6) | 2 | 14 | 250.0% | 32 | 13 | -59.4% |
| Realized gain (loss) on the mark-to-market on certain |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; instruments | 34 | (9) | &nbsp;&nbsp;&nbsp;&nbsp;- | 48 | 9 | -73.5% | 60 | 48 | -20.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total realized gain (loss) related to financial |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; instruments and reinsurance-related assets | 63 | (4) | (20) | (105) | 5 | -92.1% | 149 | (124) | NM |
| Variable annuity net derivative results: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Hedge program performance, including unlocking |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; for GLB reserves hedged and benefit ratio unlocking | (78) | (247) | (183) | (82) | (76) | 2.6% | (109) | (588) | NM |
| &nbsp;&nbsp; GLB non-performance risk component | (47) | 18 | 74 | (11) | (64) | -36.2% | (195) | 17 | 108.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total variable annuity net derivative results | (125) | (229) | (109) | (93) | (140) | -12.0% | (304) | (571) | -87.8% |
| Indexed annuity forward-starting option | 7 | 43 | (3) | 2 | (37) | NM | 26 | 4 | -84.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluded realized gain (loss), including |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; benefit ratio unlocking | (55) | (190) | (132) | (196) | (172) | NM | (129) | (691) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: benefit ratio unlocking on GDB |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and GLB riders | 77 | (170) | (506) | (330) | 209 | 171.4% | 196 | (798) | -30.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total excluded realized gain (loss), after-tax | $(132) | $(20) | $374 | $134 | $(381) | NM | $(325) | $107 | 9.1% |
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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** | **Lincoln Financial Group** |
| **Select GAAP to Non-GAAP Reconciliations** | **Select GAAP to Non-GAAP Reconciliations** | **Select GAAP to Non-GAAP Reconciliations** | **Select GAAP to Non-GAAP Reconciliations** | **Select GAAP to Non-GAAP Reconciliations** | **Select GAAP to Non-GAAP Reconciliations** | **Select GAAP to Non-GAAP Reconciliations** | **Select GAAP to Non-GAAP Reconciliations** | **Select GAAP to Non-GAAP Reconciliations** | **Select GAAP to Non-GAAP Reconciliations** |
| Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** | **For the Twelve Months Ended** |
|  | **12/31/21** | **3/31/22** | **6/30/22** | **9/30/22** | **12/31/22** | **Change** | **12/31/21** | **12/31/22** | **Change** |
| **Revenues** |  |  |  |  |  |  |  |  |  |
| Total revenues | $4604 | $4687 | $5104 | $4798 | $4196 | -8.9% | $19230 | $18784 | -2.3% |
| Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Excluded realized gain (loss) | (166) | (26) | 473 | 171 | (482) | NM | (411) | 135 | 132.8% |
| &nbsp;&nbsp; Amortization of DFEL associated with |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; benefit ratio unlocking | 1 | (5) | (10) | (3) | 2 | 100.0% | 2 | (16) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted operating revenues | $4769 | $4718 | $4641 | $4630 | $4676 | -2.0% | $19639 | $18665 | -5.0% |
| **Net Income** |  |  |  |  |  |  |  |  |  |
| Net income (loss) | $220 | $104 | $238 | $(2574) | $6 | -97.3% | $1405 | $(2227) | NM |
| Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Excluded realized gain (loss), after-tax | (132) | (20) | 374 | 134 | (381) | NM | (325) | 107 | 132.9% |
| &nbsp;&nbsp; Benefit ratio unlocking, after-tax | 77 | (170) | (527) | (339) | 217 | 181.8% | 196 | (820) | NM |
| &nbsp;&nbsp; Impairment of intangibles | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | (634) | &nbsp;&nbsp;&nbsp;&nbsp;- | NM | &nbsp;&nbsp;&nbsp;&nbsp;- | (634) | NM |
| &nbsp;&nbsp; Transaction and integration costs related to |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; mergers, acquisitions and divestitures, after-tax | (11) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 100.0% | (11) | &nbsp;&nbsp;&nbsp;&nbsp;- | 100.0% |
| &nbsp;&nbsp; Gain (loss) on modification or early extinguishment |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; of debt, after-tax | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | NM | (6) | &nbsp;&nbsp;&nbsp;&nbsp;- | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjustments | (66) | (190) | (153) | (839) | (164) | NM | (146) | (1347) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted income (loss) from operations | $286 | $294 | $391 | $(1735) | $170 | -40.6% | $1551 | $(880) | NM |
| **Earnings (Loss) Per Common Share – Diluted** |  |  |  |  |  |  |  |  |  |
| Net income (loss) | $1.20 | $0.58 | $1.34 | $(15.17) | $0.01 | -99.2% | $7.43 | $(13.10) | NM |
| Less: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Excluded realized gain (loss), after-tax | (0.72) | (0.11) | 2.16 | 0.79 | (2.23) | NM | (1.71) | 0.62 | 136.3% |
| &nbsp;&nbsp; Benefit ratio unlocking, after-tax | 0.42 | (0.97) | (3.05) | (2.00) | 1.27 | 202.4% | 1.03 | (4.80) | NM |
| &nbsp;&nbsp; Impairment of intangibles | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | (3.73) | &nbsp;&nbsp;&nbsp;&nbsp;- | NM | &nbsp;&nbsp;&nbsp;&nbsp;- | (3.70) | NM |
| &nbsp;&nbsp; Transaction and integration costs related to |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; mergers, acquisitions and divestitures, after-tax | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 100.0% | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;- | 100.0% |
| &nbsp;&nbsp; Gain (loss) on modification or early extinguishment |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; of debt, after-tax | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | NM | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;- | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted income (loss) from operations | $1.56 | $1.66 | $2.23 | $(10.23) | $0.97 | -37.8% | $8.20 | $(5.22) | NM |
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