# EDGAR Filing Document

**Accession Number:** 0000059558
**File Stem:** 0000059558-26-000031
**Filing Date:** 2026-5
**Character Count:** 219305
**Document Hash:** 4b89890dcaf0472b2b0211cc4261433f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000059558-26-000031.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0000059558-26-000031

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20260507

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN NATIONAL CORP
- **CENTRAL INDEX KEY:** 0000059558
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 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:** 26950592

**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='ASCII'? lnc-20260507

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>May 7, 2026</u>

Date of Report (Date of earliest event reported)

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

(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, Radnor, PA 19087</u>

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: <u>(484) 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 May 7, 2026, Lincoln National Corporation (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2026, 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 March 31, 2026, 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 (the "Exchange Act"), 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 (the "Securities Act"), except as otherwise expressly stated in such filing.

**Item 7.01. Regulation FD Disclosure.**

On May 7, 2026, in connection with the Company's first quarter 2026 earnings conference call scheduled for the same date, the Company made available on its website a first quarter 2026 earnings supplement presentation dated May 7, 2026, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

This presentation is being furnished under this Item 7.01 and shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.3 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act, 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 May 7, 2026, announcing Lincoln National Corporation's financial results for the quarter ended March 31, 2026.](a1q2026lncearningspr.htm)</u> |
| 99.2 | <u>[Lincoln National Corporation Statistical Supplement for the quarter ended March 31, 2026.](statsuppdocument1q26.htm)</u> |
| 99.3 | <u>[First Quarter 2026 Earnings Supplement dated May 7, 2026.](a1q2026investorsupplemen.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**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, Chief Accounting Officer and Treasurer |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Date: May 7, 2026

## Exhibit 99.1

'![image_0.jpg](image_0.jpg)&nbsp;&nbsp;&nbsp;&nbsp; **For Immediate Release**

![image_1.jpg](image_1.jpg)

**Lincoln Financial Reports 2026 First Quarter Results**

____________________________________

**Radnor, PA,** May 7, 2026**:** Lincoln Financial (NYSE: LNC) today reported financial results for the first quarter ended March 31, 2026.<br>

&nbsp;&nbsp;&nbsp;&nbsp;• Sustained progress against strategic and financial objectives drove solid first quarter performance.

&nbsp;&nbsp;&nbsp;&nbsp;• First quarter net loss available to common stockholders was $(211) million, or $(1.10) per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;• First quarter adjusted operating income available to common stockholders was $326 million, or $1.66 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The difference between net income and adjusted operating income was primarily attributable to the non-economic impact of changes in market risk benefits.

&nbsp;&nbsp;&nbsp;&nbsp;• Holding company available liquidity increased to $805 million, net of prefunding amounts.

"Our first quarter results reflect continued disciplined execution and consistent, meaningful progress against our strategic priorities," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "Group Protection delivered record first quarter earnings, while Life Insurance and Retirement Plan Services generated strong earnings growth. In Annuities, we achieved another quarter of diversification in new business with a more balanced mix and less market sensitivity.

"The cumulative impact of the actions we've taken — strengthening our capital foundation, optimizing our operating model, and diversifying our business mix — are translating into a more resilient, higher-quality earnings profile. We remain focused on advancing these priorities to further build on this trajectory and create sustainable, long-term value for shareholders."

------

**Business Highlights** 

![image.jpg](image.jpg)

Our 2026 first quarter performance represents sustained, company-wide progress against our strategic and financial objectives.

*<u>Retail Solutions</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• **Annuities** delivered operating income of $275 million, down 5% compared to the prior-year quarter, driven by the impact of the previously disclosed net investment income allocation refinement and unfavorable tax-related items. Adjusting for these items, operating income was up 1%, driven by favorable equity markets and growth in spread income, offset by variable annuity outflows. Annuities recorded $169 billion in ending account balances, net of reinsurance, and sales of $3.9 billion, up 4% year over year. Spread-based products accounted for approximately two-thirds of total sales in the quarter, reflecting our continued strategic shift towards spread-based business.

&nbsp;&nbsp;&nbsp;&nbsp;• **Life Insurance** delivered operating income of $41 million, a $57 million increase from the prior-year quarter, driven by strong alternative investment income and the impact of the fourth quarter 2025 captive consolidation. Annualized consolidated alternative investment income returns were approximately 12.3%, which is more than 2% higher than our annual target. Total sales were $129 million, up 33% compared to the prior-year quarter, reflecting sales growth across all product lines, most notably in Executive Benefits.

*<u>Workplace Solutions</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• **Group Protection** delivered operating income of $112 million, compared to $101 million in the prior-year quarter, driven by favorable life experience. Premiums were 2% higher year over year, as strong sales over the prior twelve months were partially offset by a large case lapse. Adjusting for the large case lapse, premiums were up 3.4% compared to the first quarter of 2025. Sales of $150 million were 4% lower year over year and demonstrated a disciplined approach to balanced growth in the segment.

&nbsp;&nbsp;&nbsp;&nbsp;• **Retirement Plan Services** reported operating income of $43 million in the quarter, up 26% year over year, driven by spread expansion and favorable equity markets, partially offset by trailing-twelve-month outflows. Net outflows were $0.2 billion, compared to $2.2 billion in the prior-year quarter. Total deposits were $4.1 billion in the quarter, up 1% over the prior-year quarter, with first-year sales of $1.1 billion, up 3% year over year.

------

**Earnings Summary**<br> ![image.jpg](image.jpg)

---

| | | |
|:---|:---|:---|
| *(in millions, except per share data)* | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **3/31/25** | **3/31/26** |
| Net income (loss) | $(722) | $(172) |
| Net income (loss) available to common stockholders — diluted | (756) | (211) |
| Net income (loss) per diluted share available to common stockholders | $(4.41) | $(1.10) |
| Adjusted income (loss) from operations | 314 | 360 |
| Adjusted income (loss) from operations available to common stockholders | 280 | 326 |
| Adjusted income (loss) from operations per diluted share available to common stockholders | $1.60 | $1.66 |

---

**Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations**<sup>(1)</sup>![image.jpg](image.jpg)

---

| | | |
|:---|:---|:---|
| *(in millions)* | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **3/31/25** | **3/31/26** |
| **Net income (loss) available to common stockholders — diluted** | $(756) | $(211) |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends declared | (34) | (34) |
| &nbsp;&nbsp;&nbsp;Adjustment for deferred units of LNC stock in our deferred compensation plans |  | (5) |
| **Net income (loss)** | (722) | (172) |
| Less: |  |  |
| &nbsp;&nbsp;Net annuity product features, pre-tax<sup>(1)</sup> | (1092) | (695) |
| &nbsp;&nbsp;&nbsp;Net life insurance product features, pre-tax | 42 | 22 |
| &nbsp;&nbsp;&nbsp;Credit loss-related adjustments, pre-tax | (28) | (20) |
| &nbsp;&nbsp;&nbsp;Investment gains (losses), pre-tax | (103) | (42) |
| &nbsp;&nbsp;&nbsp;Changes in the fair value of reinsurance-related embedded derivatives, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; trading securities and certain mortgage loans, pre-tax<sup>(1)</sup> | (90) | 179 |
| &nbsp;&nbsp;&nbsp;Gains (losses) on other non-financial assets, pre-tax |  | (6) |
| &nbsp;&nbsp;Other items, pre-tax<sup>(1)</sup> | (35) | (111) |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) related to the above pre-tax items | 270 | 141 |
| **Adjusted income (loss) from operations** | $314 | $360 |
| **Adjusted income (loss) from operations available to common stockholders** | $280 | $326 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Refer to the full reconciliation at the back of this release for footnotes.

------

**Variable Investment Income**

<br> ![image.jpg](image.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alternative Investment Income, after-tax**<sup>(1)</sup> | **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** |
| *(in millions)* | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** |
| Annuities | $2 | $3 | $2 | $3 | $3 |
| Life Insurance | 55 | 74 | 75 | 90 | 95 |
| Group Protection | 1 | 1 | 2 | 2 | 2 |
| Retirement Plan Services | 1 | 2 | 1 | 3 | 2 |
| Other Operations |  |  |  |  |  |
| **Consolidated** | $**59** | $**80** | $**80** | $**98** | $**102** |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have limited economic interest in those investments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Prepayment Income, after-tax** | **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** |
| *(in millions)* | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** |
| Annuities | $— | $3 | $3 | $5 | $1 |
| Life Insurance | 1 |  | 1 | 1 | 2 |
| Group Protection |  | 1 |  |  | 1 |
| Retirement Plan Services |  |  | 1 | 1 |  |
| Other Operations |  |  |  |  |  |
| **Consolidated** | $**1** | $**4** | $**5** | $**7** | $**4** |

---

**Items Impacting Segment and Other Operations Results**<br> ![image.jpg](image.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| *(in millions, after-tax)* | <u>Annuities</u> | <u>Life Insurance</u> | <u>Group Protection</u> | <u>Retirement Plan Services</u> | <u>Other Operations</u> |
| &nbsp;&nbsp;&nbsp;Alternative investment income compared to return target<sup>(1)</sup> | $— | $19 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Prepayment income<sup>(2)</sup> | 1 | 2 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;Annual assumption review |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax items<sup>(3)</sup> | (7) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |
| **Total impact** | $**(6)** | $**21** | $**1** | $**—** | $**—** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| *(in millions, after-tax)* | <u>Annuities</u> | <u>Life Insurance</u> | <u>Group Protection</u> | <u>Retirement Plan Services</u> | <u>Other Operations</u> |
| &nbsp;&nbsp;&nbsp;Alternative investment income compared to return target<sup>(1)</sup> | $(1) | $(16) | $— | $(1) | $— |
| &nbsp;&nbsp;&nbsp;Prepayment income<sup>(2)</sup> |  | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;Annual assumption review |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax items |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |
| **Total impact** | $**(1)** | $**(15)** | $**—** | $**(1)** | $**—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Alternative investment income comparison to return target assumes a 10% annual return on the alternative investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Prepayment income is actual income reported in the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Tax-related items including dividends-received deduction and foreign tax credit true-ups.

------

**Capital and Liquidity** <br> ![image.jpg](image.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| *(in millions, except percent and per share data)* | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** |
| Holding company available liquidity<sup>(1)</sup> | $466 | $466 | $461 | $1055 | $1205 |
| Holding company available liquidity, <br>net of prefunding | $466 | $466 | $461 | $655 | $805 |
| RBC ratio<sup>(2)</sup> | >420% | >420% | >420% | >420% | >420% |
| Book value per share (BVPS), including AOCI | $41.96 | $44.91 | $49.56 | $51.88 | $47.87 |
| Book value per share, excluding AOCI<sup>(3)</sup> | $67.04 | $67.95 | $69.66 | $73.10 | $71.06 |
| Adjusted book value per share<sup>(3)</sup> | $73.19 | $72.77 | $74.23 | $76.33 | $77.77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Holding company available liquidity presented as of 12/31/25 and 3/31/26 includes the $400 million prefunding of a 2026 maturity.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The RBC ratio is calculated annually as of December 31, but is reported in the March statutory reporting, and as such, the quarterly ratios presented for 3/31/25, 6/30/25, 9/30/25 and 3/31/26 are considered estimates based on information known at the time of reporting.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Refer to the reconciliation to book value per share, including AOCI, at the back of this release.

**Annuities**<br> ![image.jpg](image.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions, except ROA 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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| Total operating revenues | $1198 | $1214 | $1270 | $1308 | $1283 | 7.1% |
| Total operating expenses | 858 | 876 | 902 | 939 | 949 | 10.6% |
| Income (loss) from operations before taxes | 340 | 338 | 368 | 369 | 334 | (1.8)% |
| Federal income tax expense (benefit) | 50 | 51 | 58 | 58 | 59 | 18.0% |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations | $290 | $287 | $310 | $311 | $275 | (5.2)% |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations, excluding impact of annual assumption review | $290 | $287 | $318 | $311 | $275 | (5.2)% |
| Total sales | $3789 | $4019 | $4467 | $4889 | $3939 | 4.0% |
| Net flows | $(1676) | $(1162) | $(1143) | $(1227) | $(2196) | (31.0)% |
| Average account balances, net of reinsurance | $163688 | $159806 | $170318 | $174668 | $175173 | 7.0% |
| Return on average account balances (bps) | 71 | 72 | 73 | 71 | 63 |  |
| Return on average account balances (bps), excluding impact of annual assumption review | 71 | 72 | 75 | 71 | 63 |  |

---

**•** Income from operations was $275 million for the first quarter, compared to $290 million in the prior-year quarter, driven by the impact of the previously disclosed net investment income allocation refinement and unfavorable tax-related items. Adjusting for these items, operating income was up 1%, driven by favorable equity markets and growth in spread income, offset by variable annuity outflows.

• Total sales were $3.9 billion in the quarter, increasing 4% compared to the prior year. Spread-based products comprised nearly two-thirds of total sales.

• Net outflows were approximately $2.2 billion in the quarter, compared to net outflows of $1.7 billion in the prior-year quarter, primarily driven by traditional variable annuities.

------

• Average account balances, net of reinsurance, were $175 billion. The year-over-year increase of 7% was driven by growth across all product lines.

**Life Insurance**

<br> ![image.jpg](image.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| Total operating revenues | $1587 | $1602 | $1610 | $1643 | $1628 | 2.6% |
| Total operating expenses | 1619 | 1568 | 1586 | 1555 | 1586 | (2.0)% |
| Income (loss) from operations before taxes | (32) | 34 | 24 | 88 | 42 | 231.3% |
| Federal income tax expense (benefit) | (16) | 2 | (1) | 11 | 1 | 106.3% |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations | $(16) | $32 | $25 | $77 | $41 | NM |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations, excluding impact of annual assumption review | $(16) | $32 | $54 | $77 | $41 | NM |
| Average account balances, net of reinsurance | $44390 | $45147 | $47503 | $49150 | $49232 | 10.9% |
| Total sales | $97 | $121 | $298 | $142 | $129 | 33.0% |

---

• Income from operations was $41 million, compared to a loss of $16 million in the prior-year quarter. The year-over-year improvement was driven by strong alternative investment income and the impact of the fourth quarter 2025 captive consolidation.

• Total sales were $129 million, up 33% compared to the prior-year quarter, as sales of accumulation products continued to drive growth, most notably in Executive Benefits.

• Average account balances, net of reinsurance, were $49 billion, up 11% versus the prior-year quarter.

------

**Group Protection**<br> ![image.jpg](image.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions, except margin 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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| Total operating revenues | $1521 | $1538 | $1507 | $1535 | $1554 | 2.2% |
| Total operating expenses | 1393 | 1319 | 1319 | 1397 | 1412 | 1.4% |
| Income (loss) from operations before taxes | 128 | 219 | 188 | 138 | 142 | 10.9% |
| Federal income tax expense (benefit) | 27 | 46 | 39 | 29 | 30 | 11.1% |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations | $101 | $173 | $149 | $109 | $112 | 10.9% |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations, excluding impact of annual assumption review | $101 | $173 | $110 | $109 | $112 | 10.9% |
| Insurance premiums | $1371 | $1386 | $1352 | $1380 | $1399 | 2.0% |
| Total sales | $157 | $187 | $116 | $391 | $150 | (4.5)% |
| Total loss ratio | 72.4% | 65.9% | 68.3% | 71.4% | 71.1% |  |
| Total loss ratio, excluding the impact of the annual assumption review | 72.4% | 65.9% | 72.2% | 71.4% | 71.1% |  |
| Operating margin<sup>(1)</sup> | 7.4% | 12.5% | 11.0% | 7.9% | 8.0% |  |
| Operating margin, excluding the impact of annual assumption review | 7.4% | 12.5% | 8.1% | 7.9% | 8.0% |  |

---

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

• Income from operations was $112 million in the quarter, 11% higher than the prior-year quarter driven by favorable life experience.

• Operating margin was 8.0%, 60 basis points higher than the prior-year quarter, and the total loss ratio decreased 130 basis points to 71.1%, driven by favorable life experience partially offset by unfavorable disability severity.

• Insurance premiums were $1.4 billion in the quarter, increasing 2% year over year, driven by strong sales over the past twelve months. Adjusting for a large case lapse, premiums were up 3.4% compared to the first quarter of 2025.

• Sales decreased 4% year over year, demonstrating a disciplined approach to balanced growth in the segment.

------

**Retirement Plan Services**

<br> ![image.jpg](image.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions, except ROA 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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| Total operating revenues | $327 | $331 | $343 | $352 | $346 | 5.8% |
| Total operating expenses | 289 | 289 | 290 | 298 | 295 | 2.1% |
| Income (loss) from operations before taxes | 38 | 42 | 53 | 54 | 51 | 34.2% |
| Federal income tax expense (benefit) | 4 | 5 | 7 | 8 | 8 | 100.0% |
| &nbsp;&nbsp;&nbsp;Income (loss) from operations | $34 | $37 | $46 | $46 | $43 | 26.5% |
| Deposits | $4115 | $3594 | $5008 | $3939 | $4142 | 0.7% |
| Net flows | $(2184) | $(585) | $755 | $(998) | $(213) | 90.2% |
| Average account balances | $113075 | $111734 | $119259 | $123533 | $124766 | 10.3% |
| Return on average account balances (bps) | 12 | 13 | 15 | 15 | 14 |  |

---

• Income from operations was $43 million in the quarter, up 26% compared to the prior year, primarily resulting from spread expansion and favorable equity markets, partially offset by outflows.

• Net outflows were $0.2 billion, compared to $2.2 billion of net outflows in the prior-year quarter.

• Total deposits were $4.1 billion, up 1% over the prior-year quarter. First-year sales of $1.1 billion were up 3% year over year.

• Average account balances were $125 billion, increasing 10% from the prior year, driven by favorable equity markets.

**Other Operations**

![image.jpg](image.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in millions)* | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| Total operating revenues | $52 | $41 | $50 | $56 | $57 | 9.6% |
| Total operating expenses | 164 | 157 | 177 | 181 | 199 | 21.3% |
| Income (loss) from operations before taxes | (112) | (116) | (127) | (125) | (142) | (26.8)% |
| Federal income tax expense (benefit) | (17) | (25) | (28) | (27) | (31) | (82.4)% |
| &nbsp;&nbsp;Income (loss) from operations<sup>(1)</sup> | $(95) | $(91) | $(99) | $(98) | $(111) | (16.8)% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Income (loss) from operations does not include preferred dividends.

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**Unrealized Gains and Losses**<br> ![image.jpg](image.jpg)

The company reported a net unrealized loss of $9.1 billion (pre-tax) on its available-for-sale securities as of March 31, 2026, compared to a net unrealized loss of $9.4 billion (pre-tax) as of March 31, 2025. The year-over-year decrease was primarily due to tighter spreads.

The tables attached to this release define and reconcile the non-GAAP measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share excluding AOCI, and adjusted book value per share to net income (loss), net income (loss) available to common stockholders, and book value per share 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 first quarter 2026 statistical supplement and first quarter 2026 earnings supplement, which are available in the investor relations section of its website http://www.lincolnfinancial.com/investor.

**Conference Call Information** 

Lincoln Financial will discuss the company's first quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, May 7, 2026.

The call will be broadcast live through the company's website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the call to download and install any necessary streaming media software. A replay of the call will be available by 10:30 a.m. Eastern Time on May 7, 2026, at www.lincolnfinancial.com/webcast.

**About Lincoln Financial**

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2026, the company had $340 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.<br>

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| | | |
|:---|:---|:---|
| Contacts: | | |
| | John Muething | Karyn Baldwin |
| | Investor Relations | Media Relations |
| | Investorrelations@LFG.com | Media@LFG.com |

---

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**<u>Non-GAAP Measures</u>**

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

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

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

Management also believes that the use of the non-GAAP financial measures book value per share, excluding accumulated other comprehensive income ("AOCI"), and adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

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 Supplements for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: http://www.lincolnfinancial.com/investor.

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

Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share, excluding AOCI, and adjusted book value per share, as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), net income (loss) available to common stockholders, and book value per share, including AOCI, the most directly comparable GAAP measures.

**Adjusted Income (Loss) from Operations** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Items related to annuity product features, which include changes in market risk benefits ("MRBs"), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or

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future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, "net annuity product features");

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets ("credit loss-related adjustments");

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

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

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

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

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

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

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

**Adjusted Income (Loss) from Operations Available to Common Stockholders** 

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

**Book Value Per Share, Excluding AOCI**

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

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

• Book value per share is the most directly comparable GAAP measure.

**Adjusted Book Value Per Share**

Adjusted book value per share is calculated based upon a non-GAAP financial measure.

• It is calculated by dividing (a) stockholders' equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit ("GLB") and guaranteed death benefit ("GDB") hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios ("reinsurance-related embedded derivatives and portfolio gains (losses)") by (b) common shares outstanding.

• Book value per share is the most directly comparable GAAP measure.

------

**<u>Other Definitions</u>**

**Holding Company Available Liquidity** 

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**

Sales as reported consist of the following:

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

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

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

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

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

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

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**Lincoln National Corporation**

**Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations and**

 **Average Stockholders' Equity to Adjusted Average Stockholders' Equity**

---

| | | |
|:---|:---|:---|
| | **For the** | **For the** |
| (in millions, except per share data) | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | 2025 |
| **Net Income (Loss) Available to Common** |  |  |
| &nbsp;&nbsp;**Stockholders – Diluted** | $**(211)** | $(756) |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends declared | **(34)** | (34) |
| &nbsp;&nbsp;&nbsp;Adjustment for deferred units of LNC stock in our |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;deferred compensation plans | **(5)** |  |
| **Net Income (Loss)** | **(172)** | (722) |
| Less: |  |  |
| &nbsp;&nbsp;Net annuity product features, pre-tax <sup>(1)</sup> | **(695)** | (1092) |
| &nbsp;&nbsp;&nbsp;Net life insurance product features, pre-tax | **22** | 42 |
| &nbsp;&nbsp;&nbsp;Credit loss-related adjustments, pre-tax | **(20)** | (28) |
| &nbsp;&nbsp;&nbsp;Investment gains (losses), pre-tax | **(42)** | (103) |
| &nbsp;&nbsp;&nbsp;Changes in the fair value of reinsurance-related |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;embedded derivatives, trading securities and certain |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;mortgage loans, pre-tax <sup>(2)</sup> | **179** | (90) |
| &nbsp;&nbsp;&nbsp;Gains (losses) on other non-financial assets, pre-tax | **(6)** |  |
| &nbsp;&nbsp;Other items, pre-tax <sup>(3)(4)(5)(6)</sup> | **(111)** | (35) |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) related to the above pre-tax items | **141** | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | **(532)** | (1036) |
| **Adjusted Income (Loss) from Operations** | $**360** | $314 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends declared | **(34)** | (34) |
| **Adjusted Income (Loss) from Operations Available to Common Stockholders** | $**326** | $280 |
| **Earnings (Loss) Per Common Share – Diluted** |  |  |
| Net income (loss) | $**(1.10)** | $(4.41) |
| Adjusted income (loss) from operations | **1.66** | 1.60 |
| **Stockholders' Equity, Average** |  |  |
| Stockholders' equity | $**10559** | $8231 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock | **986** | 986 |
| &nbsp;&nbsp;&nbsp;AOCI | **(4262)** | (4671) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity, excluding AOCI and preferred stock | **13835** | 11916 |
| &nbsp;&nbsp;&nbsp;Changes in MRBs | **3037** | 2649 |
| &nbsp;&nbsp;&nbsp;GLB and GDB hedge instruments gains (losses) | **(3820)** | (3027) |
| &nbsp;&nbsp;&nbsp;Reinsurance-related embedded derivatives and portfolio gains (losses) | **(172)** | (173) |
| Adjusted average stockholders' equity | $**14790** | $12467 |

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<sup>(1)</sup> <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>For the three months ended March 31, 2026 and 2025, includes changes in MRBs of $(997) million and $(1,302) million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $177 million and $268 million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $125 million and $(58) million, respectively.

<sup>(2)</sup> <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes certain legal accruals of $(122) million for the three months ended March 31, 2026.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes severance expense related to initiatives to realign the workforce of $(7) million and $(6) million for the three months ended March 31, 2026 and 2025, respectively.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(20) million related to the sale of our wealth management business for the three months ended March 31, 2025.

<sup>(6)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes deferred compensation mark-to-market adjustment of $18 million and $(9) million for the three months ended March 31, 2026 and 2025, respectively.

------

**Lincoln National Corporation**

**Reconciliation of Book Value per Share**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of the Three Months Ended** | **As of the Three Months Ended** | **As of the Three Months Ended** | **As of the Three Months Ended** | **As of the Three Months Ended** |
| | 3/31/25 | 6/30/25 | 9/30/25 | 12/31/25 | **3/31/26** |
| **Book Value Per Common Share** |  |  |  |  |  |
| Book value per share | $41.96 | $44.91 | $49.56 | $51.88 | $**47.87** |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;AOCI | (25.08) | (23.04) | (20.10) | (21.22) | **(23.19)** |
| Book value per share, excluding AOCI | 67.04 | 67.95 | 69.66 | 73.10 | **71.06** |
| Less: |  |  |  |  |  |
| &nbsp;&nbsp;Changes in MRBs | 12.42 | 15.05 | 16.42 | 17.94 | **13.72** |
| &nbsp;&nbsp;GLB and GDB hedge instruments gains (losses) | (17.43) | (18.89) | (19.40) | (19.94) | **(19.87)** |
| &nbsp;&nbsp;Reinsurance-related embedded derivatives and portfolio gains (losses) | (1.14) | (0.98) | (1.59) | (1.23) | **(0.56)** |
| Adjusted book value per share | $73.19 | $72.77 | $74.23 | $76.33 | $**77.77** |

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------

**Lincoln National Corporation**

**Digest of Earnings**

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| | | |
|:---|:---|:---|
| | **For the** | **For the** |
| (in millions, except per share data) | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | 2025 |
| **Revenues** | $**5306** | $4691 |
| **Net Income (Loss)** | $**(172)** | $(722) |
| Preferred stock dividends declared | **(34)** | (34) |
| Adjustment for deferred units of LNC stock in our |  |  |
| &nbsp;&nbsp;deferred compensation plans <sup>(1)</sup> | **(5)** |  |
| **Net Income (Loss) Available to Common** |  |  |
| &nbsp;&nbsp;**Stockholders – Diluted** | $**(211)** | $(756) |
| **Net Income (Loss) Per Common Share – Basic** | $**(1.08)** | $(4.41) |
| **Net Income (Loss) Per Common Share – Diluted** <sup>(2)</sup> | $**(1.10)** | $(4.41) |
| **Average Shares – Basic** | **191891461** | 171321440 |
| **Average Shares – Diluted** | **196496544** | 174087020 |

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<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Due to reporting a net loss for the three months ended March 31, 2026 and 2025, basic shares were used in the diluted EPS calculation for these periods as the use of diluted shares would have resulted in a lower loss per share. Additionally, the diluted EPS calculation for the three months ended March 31, 2026, reflects the assumed settlement of certain deferred units of LNC stock in our deferred compensation plans.

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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:

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 balances, 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 affiliate reinsurance arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell;

&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 that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence ("AI") that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued 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;• Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses;

&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

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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 benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance 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 policyholder behavior, 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 consolidated 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 and 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 or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of 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;

&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 policyholder claims and adversely affect our businesses and 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 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 correct or 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

![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

![lncswoopgraphica.jpg](lncswoopgraphica.jpg)

Statistical Supplement

First Quarter 2026

------

![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

---

| | |
|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** |
| **Table of Contents** | **Table of Contents** |
| [Notes](#i16388e1f4b3545048e209e305f0f8537_113) ................................................................................................................................................................................................................................................................. | [1](#i16388e1f4b3545048e209e305f0f8537_113)-3 |
| [Credit Ratings](#i16388e1f4b3545048e209e305f0f8537_149) ................................................................................................................................................................................................................................................... | [4](#i16388e1f4b3545048e209e305f0f8537_149) |
| **Consolidated** |  |
| &nbsp;&nbsp;[Consolidated Statements of Income (Loss)](#i16388e1f4b3545048e209e305f0f8537_190) ................................................................................................................................................................................................ | [5](#i16388e1f4b3545048e209e305f0f8537_190) |
| &nbsp;&nbsp;[Consolidated Balance Sheets](#i16388e1f4b3545048e209e305f0f8537_211) ....................................................................................................................................................................................................................... | [6](#i16388e1f4b3545048e209e305f0f8537_211)-7 |
| &nbsp;&nbsp;[Earnings, Shares and Return on Equity](#i16388e1f4b3545048e209e305f0f8537_251) ......................................................................................................................................................................................................... | [8](#i16388e1f4b3545048e209e305f0f8537_251) |
| &nbsp;&nbsp;[Key Stakeholder Metrics](#i16388e1f4b3545048e209e305f0f8537_1425) ............................................................................................................................................................................................................................... | [9](#i16388e1f4b3545048e209e305f0f8537_1425) |
| &nbsp;&nbsp;[Select Earnings Drivers By Segment](#i16388e1f4b3545048e209e305f0f8537_272) ............................................................................................................................................................................................................ | [10](#i16388e1f4b3545048e209e305f0f8537_272) |
| &nbsp;&nbsp;[Sales By Segment](#i16388e1f4b3545048e209e305f0f8537_292) .......................................................................................................................................................................................................................................... | [11](#i16388e1f4b3545048e209e305f0f8537_292) |
| &nbsp;&nbsp;[Operating Revenues and General and Administrative Expenses By Segment](#i16388e1f4b3545048e209e305f0f8537_464) and Other Operations...................................................................................................... | [12](#i16388e1f4b3545048e209e305f0f8537_464) |
| &nbsp;&nbsp;[Operating Commissions and Other Expenses](#i16388e1f4b3545048e209e305f0f8537_484) ............................................................................................................................................................................................. | [13](#i16388e1f4b3545048e209e305f0f8537_484) |
| **Select Earnings and Operational Data from Business Segments and Other Operations** |  |
| &nbsp;&nbsp;[Annuities](#i16388e1f4b3545048e209e305f0f8537_586) ......................................................................................................................................................................................................................................................... | [14](#i16388e1f4b3545048e209e305f0f8537_586) |
| &nbsp;&nbsp;[Life Insurance](#i16388e1f4b3545048e209e305f0f8537_566) ................................................................................................................................................................................................................................................ | [15](#i16388e1f4b3545048e209e305f0f8537_566) |
| &nbsp;&nbsp;[Group Protection](#i16388e1f4b3545048e209e305f0f8537_607) ............................................................................................................................................................................................................................................ | [16](#i16388e1f4b3545048e209e305f0f8537_607) |
| &nbsp;&nbsp;[Retirement Plan Services](#i16388e1f4b3545048e209e305f0f8537_627) .............................................................................................................................................................................................................................. | [17](#i16388e1f4b3545048e209e305f0f8537_627) |
| &nbsp;&nbsp;[Other Operations](#i16388e1f4b3545048e209e305f0f8537_647)[...........................................................................................................................................................................................................................................](#i16388e1f4b3545048e209e305f0f8537_647). | [18](#i16388e1f4b3545048e209e305f0f8537_647) |
| **[Account Balance Roll Forwards](#i16388e1f4b3545048e209e305f0f8537_730)** |  |
| &nbsp;&nbsp;[Annuities](#i16388e1f4b3545048e209e305f0f8537_730) ...................................................................................................................................................................................................................................................... | [19](#i16388e1f4b3545048e209e305f0f8537_730)-20 |
| &nbsp;&nbsp;[Life Insurance](#i16388e1f4b3545048e209e305f0f8537_710) .............................................................................................................................................................................................................................................. | [21](#i16388e1f4b3545048e209e305f0f8537_710) |
| &nbsp;&nbsp;[Retirement Plan Services](#i16388e1f4b3545048e209e305f0f8537_750) ............................................................................................................................................................................................................................ | [22](#i16388e1f4b3545048e209e305f0f8537_750) |
| **Investment Information** |  |
| &nbsp;&nbsp;[Fixed-Income Asset Class](#i16388e1f4b3545048e209e305f0f8537_793) ............................................................................................................................................................................................................................. | [23](#i16388e1f4b3545048e209e305f0f8537_793) |
| &nbsp;&nbsp;[Fixed-Income Credit Quality](#i16388e1f4b3545048e209e305f0f8537_813) .......................................................................................................................................................................................................................... | [24](#i16388e1f4b3545048e209e305f0f8537_813) |
| **GAAP to Non-GAAP Reconciliations** |  |
| &nbsp;&nbsp;[Select GAAP to Non-GAAP Reconciliations](#i16388e1f4b3545048e209e305f0f8537_857) ................................................................................................................................................................................................. | [25](#i16388e1f4b3545048e209e305f0f8537_857)-29 |

---

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

---

| |
|:---|
| **Lincoln Financial** |
| **Notes** |
| **Non-GAAP Measures** |

---

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

*Adjusted Income (Loss) From Operations*

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

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

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

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

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

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

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

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

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

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

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

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

*Adjusted income (loss) from operations available to common stockholders* is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

*Adjusted Operating Revenues*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Credit loss-related adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;• Investment gains (losses);

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

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

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

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

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

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---

| |
|:---|
| **Lincoln Financial** |
| **Notes** |
| **Non-GAAP Measures, Continued** |

---

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

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

*Stockholders' Equity, Excluding AOCI and Preferred Stock*

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

*Adjusted Stockholders' Equity*

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

*Book Value per Share, Excluding AOCI*

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

*Adjusted Book Value per Share*

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

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

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

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---

| |
|:---|
| **Lincoln Financial** |
| **Notes** |
| **Non-GAAP Measures, Continued** |

---

*Adjusted Income (Loss) From Operations ROE*

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

**Computations**

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

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

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

**Definitions**

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

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

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

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

Sales as reported consist of the following:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• *MoneyGuard®* linked-benefit products – *MoneyGuard®* (UL) 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 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.

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

**Statistical Supplement is Dated**

This document is dated May 7, 2026, and has not been updated since that date. Lincoln Financial does not intend to update this document.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **Credit Ratings** | **Credit Ratings** | **Credit Ratings** | **Credit Ratings** | **Credit Ratings** |
| | **Ratings as of May 7, 2026** | **Ratings as of May 7, 2026** | **Ratings as of May 7, 2026** | **Ratings as of May 7, 2026** |
| |<br>**AM Best** |<br>**Fitch** |<br>**Moody's** | **Standard**<br>**& Poor's** |
| **Senior Debt Ratings** | bbb+ | BBB+ | Baa2 | BBB+ |
| **Financial Strength Ratings** |  |  |  |  |
| &nbsp;&nbsp;The Lincoln National Life Insurance Company | A | A+ | A2 | A+ |
| &nbsp;&nbsp;First Penn-Pacific Life Insurance Company | A | A+ | A2 | A- |
| &nbsp;&nbsp;Lincoln Life & Annuity Company of New York | A | A+ | A2 | A+ |
| **Investor Inquiries May Be Directed To:** |  |  |  |  |
| John Muething, Vice President, |  |  |  |  |
| Investor Relations |  |  |  |  |
| Email: InvestorRelations@lfg.com |  |  |  |  |
| Phone: 800-237-2920 |  |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Revenues** |  |  |  |  |  |  |
| Insurance premiums | $1676 | $1682 | $1637 | $1671 | $1674 | -0.1% |
| Fee income | 1373 | 1348 | 1392 | 1416 | 1377 | 0.3% |
| Net investment income | 1462 | 1471 | 1544 | 1597 | 1605 | 9.8% |
| Realized gain (loss) | 11 | (641) | (216) | 47 | 466 | NM |
| Other revenues | 169 | 184 | 198 | 191 | 184 | 8.9% |
| &nbsp;&nbsp;&nbsp;Total revenues | 4691 | 4044 | 4555 | 4922 | 5306 | 13.1% |
| **Expenses** |  |  |  |  |  |  |
| Benefits and policyholder liability remeasurement | 2009 | 1906 | 1927 | 1927 | 2009 | 0.0% |
| Interest credited | 890 | 916 | 954 | 984 | 999 | 12.2% |
| Market risk benefit (gain) loss | 1293 | (940) | (343) | (382) | 987 | -23.7% |
| Commissions and other expenses | 1368 | 1327 | 1414 | 1397 | 1476 | 7.9% |
| Interest and debt expense | 80 | (13) | 79 | 81 | 81 | 1.3% |
| &nbsp;&nbsp;&nbsp;Total expenses | 5640 | 3196 | 4031 | 4007 | 5552 | -1.6% |
| Income (loss) before taxes | (949) | 848 | 524 | 915 | (246) | 74.1% |
| Federal income tax expense (benefit) | (227) | 149 | 79 | 161 | (74) | 67.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | (722) | 699 | 445 | 754 | (172) | 76.2% |
| Preferred stock dividends declared | (34) | (11) | (34) | (11) | (34) | 0.0% |
| Adjustment for deferred units of LNC stock |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;in our deferred compensation plans |  |  |  | 2 | (5) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to common |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stockholders – diluted | $(756) | $688 | $411 | $745 | $(211) | 72.1% |
| **Earnings (Loss) Per Common Share – Diluted** |  |  |  |  |  |  |
| Net income (loss) | $(4.41) | $3.80 | $2.12 | $3.80 | $(1.10) | 75.1% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **ASSETS** |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |
| &nbsp;&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;&nbsp;Corporate bonds | $66885 | $67371 | $68351 | $69045 | $68284 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. government bonds | 538 | 564 | 619 | 869 | 919 | 70.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State and municipal bonds | 2350 | 2254 | 2235 | 2147 | 2124 | -9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign government bonds | 239 | 239 | 244 | 226 | 202 | -15.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed securities | 1941 | 2063 | 2118 | 2122 | 2063 | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed securities | 1830 | 1972 | 2150 | 2502 | 2669 | 45.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 14241 | 14658 | 14706 | 16282 | 17703 | 24.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybrid and redeemable preferred securities | 273 | 265 | 257 | 255 | 236 | -13.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity AFS securities, net of allowance for credit losses | 88297 | 89386 | 90680 | 93448 | 94200 | 6.7% |
| &nbsp;&nbsp;&nbsp;Trading securities | 1984 | 1909 | 1853 | 1676 | 1552 | -21.8% |
| &nbsp;&nbsp;&nbsp;Equity securities | 345 | 341 | 542 | 636 | 475 | 37.7% |
| &nbsp;&nbsp;&nbsp;Mortgage loans on real estate, net of allowance for credit losses | 21558 | 21996 | 22230 | 22472 | 22825 | 5.9% |
| &nbsp;&nbsp;&nbsp;Policy loans | 2529 | 2552 | 2584 | 2626 | 2606 | 3.0% |
| &nbsp;&nbsp;&nbsp;Derivative investments | 7849 | 8349 | 10427 | 9945 | 8337 | 6.2% |
| &nbsp;&nbsp;&nbsp;Other investments | 7314 | 7276 | 7786 | 8105 | 8742 | 19.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 129876 | 131809 | 136102 | 138908 | 138737 | 6.8% |
| Cash and invested cash | 4284 | 7143 | 10668 | 9502 | 7345 | 71.5% |
| Deferred acquisition costs, value of business acquired and deferred sales inducements | 12563 | 12604 | 12681 | 12827 | 12886 | 2.6% |
| Reinsurance recoverables, net of allowance for credit losses | 28580 | 28440 | 28665 | 28012 | 27688 | -3.1% |
| Deposit assets, net of allowance for credit losses | 31048 | 31754 | 33066 | 33690 | 33597 | 8.2% |
| Market risk benefit assets | 4157 | 4577 | 4694 | 4753 | 4303 | 3.5% |
| Accrued investment income | 1134 | 1136 | 1172 | 1122 | 1170 | 3.2% |
| Goodwill | 1144 | 1144 | 1144 | 1144 | 1144 | 0.0% |
| Other assets | 7606 | 7516 | 7223 | 7154 | 7248 | -4.7% |
| Separate account assets | 162506 | 172942 | 179860 | 180092 | 172043 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $382898 | $399065 | $415275 | $417204 | $406161 | 6.1% |

---

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |
| **Liabilities** |  |  |  |  |  |  |
| Policyholder account balances | $125262 | $129209 | $133223 | $136245 | $135683 | 8.3% |
| Future contract benefits | 40665 | 41053 | 41852 | 42077 | 42010 | 3.3% |
| Funds withheld reinsurance liabilities | 16838 | 16700 | 17559 | 17922 | 17564 | 4.3% |
| Market risk benefit liabilities | 1306 | 1205 | 1190 | 1118 | 1127 | -13.7% |
| Deferred front-end loads | 6910 | 7119 | 7349 | 7586 | 7804 | 12.9% |
| Payables for collateral on investments | 8282 | 8466 | 11153 | 7954 | 6556 | -20.8% |
| Short-term debt |  |  |  | 400 | 400 | NM |
| Long-term debt by rating agency leverage definitions: |  |  |  |  |  |  |
| &nbsp;&nbsp;Operating (see note <sup>(2)</sup> on page 9 for details) | 868 | 868 | 868 | 868 | 868 | 0.0% |
| &nbsp;&nbsp;&nbsp;Financial | 5000 | 4899 | 4904 | 4998 | 5101 | 2.0% |
| Other liabilities | 7068 | 7056 | 6865 | 7038 | 6793 | -3.9% |
| Separate account liabilities | 162506 | 172942 | 179860 | 180092 | 172043 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 374705 | 389517 | 404823 | 406298 | 395949 | 5.7% |
| **Stockholders' Equity** |  |  |  |  |  |  |
| Preferred stock | 986 | 986 | 986 | 986 | 986 | 0.0% |
| Common stock | 4703 | 5545 | 5574 | 5592 | 5602 | 19.1% |
| Retained earnings | 6810 | 7409 | 7731 | 8386 | 8091 | 18.8% |
| Accumulated other comprehensive income (loss): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized investment gain (loss) | (5078) | (4750) | (3930) | (3964) | (4900) | 3.5% |
| &nbsp;&nbsp;&nbsp;Market risk benefit non-performance risk gain (loss) | 464 | 114 | (58) | (261) | 179 | -61.4% |
| &nbsp;&nbsp;&nbsp;Policyholder liability discount rate remeasurement gain (loss) | 633 | 569 | 474 | 480 | 566 | -10.6% |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (24) | (14) | (18) | (18) | (20) | 16.7% |
| &nbsp;&nbsp;&nbsp;Funded status of employee benefit plans | (301) | (311) | (307) | (295) | (292) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accumulated other comprehensive income (loss) | (4306) | (4392) | (3839) | (4058) | (4467) | -3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 8193 | 9548 | 10452 | 10906 | 10212 | 24.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $382898 | $399065 | $415275 | $417204 | $406161 | 6.1% |

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Income (Loss)** |  |  |  |  |  |  |
| Net income (loss) | $(722) | $699 | $445 | $754 | $(172) | 76.2% |
| Pre-tax adjusted income (loss) from operations | 362 | 517 | 506 | 524 | 427 | 18.0% |
| After-tax adjusted income (loss) from operations <sup>(1)</sup> | 314 | 438 | 431 | 445 | 360 | 14.6% |
| Adjusted operating tax rate | 13.3% | 15.4% | 14.8% | 15.0% | 15.8% |  |
| Adjusted income (loss) from operations available to |  |  |  |  |  |  |
| &nbsp;&nbsp;common stockholders <sup>(1)</sup> | 280 | 427 | 397 | 434 | 326 | 16.4% |
| **ROE** |  |  |  |  |  |  |
| Net income (loss) ROE | -35.1% | 31.5% | 17.8% | 28.3% | -6.5% |  |
| Adjusted income (loss) from operations available to common |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;stockholders, excluding AOCI and preferred stock ROE | 9.4% | 14.0% | 12.1% | 12.7% | 9.4% |  |
| Adjusted income (loss) from operations ROE | 9.0% | 12.9% | 11.3% | 12.1% | 8.8% |  |
| **Per Common Share** |  |  |  |  |  |  |
| Net income (loss) (diluted) <sup>(2)</sup> | $(4.41) | $3.80 | $2.12 | $3.80 | $(1.10) | 75.1% |
| Adjusted income (loss) from operations (diluted) <sup>(3)</sup> | 1.60 | 2.36 | 2.04 | 2.21 | 1.66 | 3.7% |
| Dividends declared during the period | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.0% |
| **Book Value Per Common Share** |  |  |  |  |  |  |
| Book value per share | $41.96 | $44.91 | $49.56 | $51.88 | $47.87 | 14.1% |
| Book value per share, excluding AOCI <sup>(4)</sup> | 67.04 | 67.95 | 69.66 | 73.10 | 71.06 | 6.0% |
| Adjusted book value per share <sup>(4)</sup> | 73.19 | 72.77 | 74.23 | 76.33 | 77.77 | 6.3% |
| **Common Shares** |  |  |  |  |  |  |
| End-of-period – basic | 171.7 | 190.6 | 191.0 | 191.2 | 192.7 | 12.2% |
| Average for the period – basic | 171.3 | 177.2 | 190.8 | 191.1 | 191.9 | 12.0% |
| End-of-period – diluted | 175.3 | 194.0 | 196.0 | 196.7 | 196.3 | 12.0% |
| Average for the period – diluted <sup>(5)</sup> | 174.7 | 180.6 | 195.0 | 196.3 | 196.5 | 12.5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> See reconciliation to net income (loss) and net income (loss) available to common stockholders – diluted on page 25.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Due to reporting a net loss for the three months ended March 31, 2026 and 2025, basic shares were used in the diluted EPS calculation for these periods as the use of diluted shares would have resulted in a lower loss per share. Additionally, the diluted EPS calculation for the three months ended March 31, 2026, reflects the assumed settlement of certain deferred units of LNC stock in our deferred compensation plans.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> See reconciliation to earnings (loss) per common share – diluted on page 27.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> See reconciliation to stockholders' equity and book value per common share on page 29.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup> Represents shares used in our adjusted income (loss) from operations – diluted per share calculations.

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Cash Returned to Common Stockholders – Common Dividends** | $77 | $77 | $85 | $85 | $86 | 11.7% |
| **Cash Returned to Preferred Stockholders – Preferred Dividends** | $34 | $11 | $34 | $11 | $34 | 0.0% |
| **Leverage Ratio** |  |  |  |  |  |  |
| Short-term debt <sup>(1)</sup> | $— | $— | $— | $400 | $400 | NM |
| Long-term debt | 5868 | 5767 | 5772 | 5866 | 5969 | 1.7% |
| &nbsp;&nbsp;&nbsp;Total debt | 5868 | 5767 | 5772 | 6266 | 6369 | 8.5% |
| &nbsp;&nbsp;&nbsp;Preferred stock | 986 | 986 | 986 | 986 | 986 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt and preferred stock | 6854 | 6753 | 6758 | 7252 | 7355 | 7.3% |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;Operating debt <sup>(2)</sup> | 868 | 868 | 868 | 868 | 868 | 0.0% |
| &nbsp;&nbsp;Prefunding of upcoming debt maturities <sup>(3)</sup> |  |  |  | 400 | 400 | NM |
| &nbsp;&nbsp;&nbsp;25% of capital securities and subordinated notes | 302 | 247 | 247 | 247 | 247 | -18.2% |
| &nbsp;&nbsp;&nbsp;50% of preferred stock | 493 | 493 | 493 | 493 | 493 | 0.0% |
| &nbsp;&nbsp;&nbsp;Carrying value of fair value hedges and other items | 122 | 119 | 119 | 114 | 112 | -8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total numerator | $5069 | $5026 | $5031 | $5130 | $5235 | 3.3% |
| Adjusted stockholders' equity <sup>(4)</sup> | $12569 | $13873 | $14180 | $14595 | $14987 | 19.2% |
| Add: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;25% of capital securities and subordinated notes | 302 | 247 | 247 | 247 | 247 | -18.2% |
| &nbsp;&nbsp;&nbsp;50% of preferred stock | 493 | 493 | 493 | 493 | 493 | 0.0% |
| &nbsp;&nbsp;&nbsp;Total numerator | 5069 | 5026 | 5031 | 5130 | 5235 | 3.3% |
| &nbsp;&nbsp;&nbsp;Total denominator | $18433 | $19639 | $19951 | $20465 | $20962 | 13.7% |
| Leverage ratio | 27.5% | 25.6% | 25.2% | 25.1% | 25.0% |  |
| **Holding Company Available Liquidity** <sup>(3)</sup> | $466 | $466 | $461 | $1055 | $1205 | 158.6% |
| **Holding Company Available Liquidity, Net of Prefunding** | $466 | $466 | $461 | $655 | $805 | 72.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> As of March 31, 2026, consists of $400 million principal amount of our 3.625% Senior Notes due December 12, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;<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 on increasing statutory reserves associated with secondary guarantee UL and term policies.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Holding company available liquidity includes prefunding of upcoming debt maturities.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> See reconciliation to stockholders' equity on page 29.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Annuities** |  |  |  |  |  |  |
| Operating revenues | $1198 | $1214 | $1270 | $1308 | $1283 | 7.1% |
| Deposits | 3799 | 4024 | 4470 | 4890 | 3941 | 3.7% |
| Net flows | (1676) | (1162) | (1143) | (1227) | (2196) | -31.0% |
| Average account balances, net of reinsurance | 163688 | 159806 | 170318 | 174668 | 175173 | 7.0% |
| Alternative investment income <sup>(1)</sup> | 2 | 3 | 2 | 3 | 3 | 50.0% |
| **Life Insurance** |  |  |  |  |  |  |
| Operating revenues | $1587 | $1602 | $1610 | $1643 | $1628 | 2.6% |
| Deposits | 1218 | 1281 | 2247 | 1457 | 1253 | 2.9% |
| Net flows | 569 | 633 | 1659 | 974 | 634 | 11.4% |
| Average account balances, net of reinsurance | 44390 | 45147 | 47503 | 49150 | 49232 | 10.9% |
| Average in-force face amount | 1074858 | 1069688 | 1067503 | 1065813 | 1062558 | -1.1% |
| Alternative investment income <sup>(1)</sup> | 70 | 94 | 95 | 115 | 121 | 72.9% |
| **Group Protection** |  |  |  |  |  |  |
| Operating revenues | $1521 | $1538 | $1507 | $1535 | $1554 | 2.2% |
| Insurance premiums | 1371 | 1386 | 1352 | 1380 | 1399 | 2.0% |
| Alternative investment income <sup>(1)</sup> | 1 | 2 | 2 | 3 | 2 | 100.0% |
| **Retirement Plan Services** |  |  |  |  |  |  |
| Operating revenues | $327 | $331 | $343 | $352 | $346 | 5.8% |
| Deposits | 4115 | 3594 | 5008 | 3939 | 4142 | 0.7% |
| Net flows | (2184) | (585) | 755 | (998) | (213) | 90.2% |
| Average account balances | 113075 | 111734 | 119259 | 123533 | 124766 | 10.3% |
| Alternative investment income <sup>(1)</sup> | 2 | 2 | 2 | 3 | 3 | 50.0% |
| **Consolidated** |  |  |  |  |  |  |
| Adjusted operating revenues <sup>(2)</sup> | $4685 | $4726 | $4780 | $4894 | $4868 | 3.9% |
| Deposits | 9132 | 8899 | 11725 | 10286 | 9336 | 2.2% |
| Net flows | (3291) | (1114) | 1271 | (1251) | (1775) | 46.1% |
| Average account balances, net of reinsurance | 321153 | 316687 | 337080 | 347351 | 349171 | 8.7% |
| Alternative investment income <sup>(1)</sup> | 75 | 101 | 101 | 124 | 129 | 72.0% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> See reconciliation to total revenues on page 26.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Sales** |  |  |  |  |  |  |
| Annuities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;RILA | $1292 | $1447 | $1457 | $1936 | $1822 | 41.0% |
| &nbsp;&nbsp;&nbsp;Fixed | 863 | 1221 | 1368 | 1227 | 716 | -17.0% |
| &nbsp;&nbsp;&nbsp;Traditional variable with GLBs | 1099 | 935 | 1080 | 1119 | 867 | -21.1% |
| &nbsp;&nbsp;&nbsp;Traditional variable without GLBs | 535 | 416 | 562 | 607 | 534 | -0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Annuities | $3789 | $4019 | $4467 | $4889 | $3939 | 4.0% |
| Life Insurance: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;IUL/UL | $24 | $28 | $25 | $42 | $29 | 20.8% |
| &nbsp;&nbsp;*MoneyGuard*® | 28 | 29 | 31 | 35 | 29 | 3.6% |
| &nbsp;&nbsp;&nbsp;VUL | 15 | 15 | 26 | 36 | 22 | 46.7% |
| &nbsp;&nbsp;&nbsp;Term | 13 | 15 | 15 | 14 | 16 | 23.1% |
| &nbsp;&nbsp;&nbsp;Executive Benefits | 17 | 34 | 201 | 15 | 33 | 94.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Life Insurance | $97 | $121 | $298 | $142 | $129 | 33.0% |
| Group Protection: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Life | $101 | $104 | $50 | $136 | $97 | -4.0% |
| &nbsp;&nbsp;&nbsp;Disability | 48 | 70 | 47 | 232 | 45 | -6.3% |
| &nbsp;&nbsp;&nbsp;Dental | 8 | 13 | 19 | 23 | 8 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Group Protection | $157 | $187 | $116 | $391 | $150 | -4.5% |
| Percent employee-paid | 72.3% | 58.7% | 46.5% | 28.7% | 70.7% |  |
| Retirement Plan Services: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First-year sales | $1104 | $1222 | $2440 | $1683 | $1134 | 2.7% |
| &nbsp;&nbsp;&nbsp;Recurring deposits | 3011 | 2372 | 2568 | 2256 | 3008 | -0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Retirement Plan Services | $4115 | $3594 | $5008 | $3939 | $4142 | 0.7% |

---

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **Operating Revenues and General and Administrative Expenses By Segment and Other Operations** | **Operating Revenues and General and Administrative Expenses By Segment and Other Operations** | **Operating Revenues and General and Administrative Expenses By Segment and Other Operations** | **Operating Revenues and General and Administrative Expenses By Segment and Other Operations** | **Operating Revenues and General and Administrative Expenses By Segment and Other Operations** | **Operating Revenues and General and Administrative Expenses By Segment and Other Operations** | **Operating Revenues and General and Administrative Expenses By Segment and Other Operations** |
| 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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Operating Revenues** |  |  |  |  |  |  |
| Annuities | $1198 | $1214 | $1270 | $1308 | $1283 | 7.1% |
| Life Insurance | 1587 | 1602 | 1610 | 1643 | 1628 | 2.6% |
| Group Protection | 1521 | 1538 | 1507 | 1535 | 1554 | 2.2% |
| Retirement Plan Services | 327 | 331 | 343 | 352 | 346 | 5.8% |
| Other Operations | 52 | 41 | 50 | 56 | 57 | 9.6% |
| &nbsp;&nbsp;&nbsp;Total adjusted operating revenues | $4685 | $4726 | $4780 | $4894 | $4868 | 3.9% |
| **General and Administrative Expenses,** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Net of Amounts Capitalized** |  |  |  |  |  |  |
| Annuities | $108 | $110 | $108 | $122 | $111 | 2.8% |
| Life Insurance | 119 | 122 | 121 | 130 | 119 | 0.0% |
| Group Protection | 202 | 206 | 200 | 215 | 211 | 4.5% |
| Retirement Plan Services | 81 | 80 | 80 | 87 | 86 | 6.2% |
| Other Operations | 65 | 55 | 62 | 65 | 62 | -4.6% |
| &nbsp;&nbsp;&nbsp;Total | $575 | $573 | $571 | $619 | $589 | 2.4% |
| **General and Administrative Expenses,** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Net of Amounts Capitalized, as a Percentage** |  |  |  |  |  |  |
| &nbsp;&nbsp;**of Operating Revenues** |  |  |  |  |  |  |
| Annuities | 9.0% | 9.1% | 8.5% | 9.3% | 8.6% |  |
| Life Insurance | 7.5% | 7.6% | 7.5% | 7.9% | 7.3% |  |
| Group Protection | 13.3% | 13.4% | 13.2% | 14.0% | 13.6% |  |
| Retirement Plan Services | 24.9% | 24.1% | 23.2% | 24.8% | 24.8% |  |
| &nbsp;&nbsp;&nbsp;Total | 12.3% | 12.1% | 11.9% | 12.6% | 12.1% |  |

---

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Operating Commissions and** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Other Expenses Incurred** |  |  |  |  |  |  |
| General and administrative expenses | $629 | $627 | $637 | $693 | $644 | 2.4% |
| Commissions | 558 | 570 | 609 | 689 | 617 | 10.6% |
| Taxes, licenses and fees | 98 | 80 | 86 | 74 | 100 | 2.0% |
| Interest and debt expense | 80 | 81 | 79 | 81 | 81 | 1.3% |
| Expenses associated with reserve financing |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;and letters of credit | 32 | 33 | 35 | 25 | 26 | -18.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjusted operating commissions and |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other expenses incurred | 1397 | 1391 | 1446 | 1562 | 1468 | 5.1% |
| **Less Amounts Capitalized** |  |  |  |  |  |  |
| General and administrative expenses | (54) | (54) | (66) | (74) | (55) | -1.9% |
| Commissions | (238) | (252) | (281) | (360) | (289) | -21.4% |
| Taxes, licenses and fees | (9) | (7) | (15) | (8) | (9) | 0.0% |
| &nbsp;&nbsp;&nbsp;Total amounts capitalized | (301) | (313) | (362) | (442) | (353) | -17.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses incurred, net of amounts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capitalized, excluding amortization | 1096 | 1078 | 1084 | 1120 | 1115 | 1.7% |
| **Amortization** |  |  |  |  |  |  |
| Amortization of DAC, VOBA and other intangibles | 309 | 307 | 324 | 328 | 327 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating commissions and |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other expenses | $1405 | $1385 | $1408 | $1448 | $1442 | 2.6% |

---

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Income (Loss) from Operations** |  |  |  |  |  |  |
| Operating revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance premiums | $21 | $28 | $25 | $28 | $18 | -14.3% |
| &nbsp;&nbsp;Fee income <sup>(1)</sup> | 591 | 575 | 617 | 624 | 608 | 2.9% |
| &nbsp;&nbsp;&nbsp;Net investment income | 466 | 487 | 497 | 517 | 525 | 12.7% |
| &nbsp;&nbsp;&nbsp;Other revenues | 120 | 124 | 131 | 139 | 132 | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 1198 | 1214 | 1270 | 1308 | 1283 | 7.1% |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefits and policyholder liability remeasurement | 28 | 32 | 24 | 24 | 24 | -14.3% |
| &nbsp;&nbsp;&nbsp;Interest credited | 419 | 439 | 459 | 480 | 495 | 18.1% |
| &nbsp;&nbsp;&nbsp;Commissions incurred | 298 | 292 | 327 | 374 | 339 | 13.8% |
| &nbsp;&nbsp;&nbsp;Other expenses incurred | 145 | 142 | 138 | 162 | 150 | 3.4% |
| &nbsp;&nbsp;&nbsp;Amounts capitalized | (147) | (144) | (174) | (228) | (187) | -27.2% |
| &nbsp;&nbsp;&nbsp;Amortization | 115 | 115 | 128 | 127 | 128 | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 858 | 876 | 902 | 939 | 949 | 10.6% |
| Income (loss) from operations before taxes | 340 | 338 | 368 | 369 | 334 | -1.8% |
| Federal income tax expense (benefit) | 50 | 51 | 58 | 58 | 59 | 18.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $290 | $287 | $310 | $311 | $275 | -5.2% |
| **Effective Federal Income Tax Rate** | 14.7% | 15.2% | 15.8% | 15.7% | 17.6% |  |
| **Return on Average Account Balances, Net of** |  |  |  |  |  |  |
| **Reinsurance (bps)** | 71 | 72 | 73 | 71 | 63 | (8) |
| **Account Balances, Net of Reinsurance –** |  |  |  |  |  |  |
| &nbsp;&nbsp;**End-of-Period** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RILA account balances | $33527 | $36256 | $38499 | $39443 | $38659 | 15.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed account balances | 10415 | 10727 | 11492 | 12388 | 12919 | 24.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional variable account balances with GLBs | 67101 | 71527 | 73174 | 72809 | 68484 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional variable account balances without GLBs | 47371 | 49283 | 50914 | 50748 | 48711 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total account balances | $158414 | $167793 | $174079 | $175388 | $168773 | 6.5% |
| Percent traditional variable account balances with GLBs | 42.4% | 42.6% | 42.0% | 41.5% | 40.6% |  |
| **Fee Income, Gross of Hedge Allowance** | $790 | $775 | $817 | $825 | $807 | 2.2% |
| **Net Investment Income, Net of Reinsurance** <sup>(2)</sup> | 443 | 465 | 475 | 500 | 508 | 14.7% |
| **Interest Credited, Net of Reinsurance** <sup>(2)</sup> | 290 | 300 | 314 | 333 | 351 | 21.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Fee income is reported net of the hedge allowance, which represents fees allocated to net annuity product features to support the cost of hedging.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Net investment income and interest credited are both reported gross of reinsurance. Reinsurance impacts are settled through other revenues.

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Income (Loss) from Operations** |  |  |  |  |  |  |
| Operating revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance premiums | $283 | $267 | $260 | $262 | $256 | -9.5% |
| &nbsp;&nbsp;&nbsp;Fee income | 698 | 688 | 683 | 696 | 677 | -3.0% |
| &nbsp;&nbsp;&nbsp;Net investment income | 574 | 606 | 623 | 643 | 647 | 12.7% |
| &nbsp;&nbsp;&nbsp;Operating realized gain (loss) | (2) | (1) | (1) |  |  | 100.0% |
| &nbsp;&nbsp;&nbsp;Other revenues | 34 | 42 | 45 | 42 | 48 | 41.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 1587 | 1602 | 1610 | 1643 | 1628 | 2.6% |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefits and policyholder liability remeasurement | 1002 | 956 | 961 | 928 | 975 | -2.7% |
| &nbsp;&nbsp;&nbsp;Interest credited | 287 | 289 | 298 | 295 | 291 | 1.4% |
| &nbsp;&nbsp;&nbsp;Commissions incurred | 99 | 111 | 119 | 145 | 112 | 13.1% |
| &nbsp;&nbsp;&nbsp;Other expenses incurred | 194 | 191 | 199 | 196 | 183 | -5.7% |
| &nbsp;&nbsp;&nbsp;Amounts capitalized | (115) | (128) | (144) | (166) | (130) | -13.0% |
| &nbsp;&nbsp;&nbsp;Amortization of DAC and VOBA | 128 | 125 | 129 | 133 | 131 | 2.3% |
| &nbsp;&nbsp;&nbsp;Amortization of deferred loss on business |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;sold through reinsurance | 24 | 24 | 24 | 24 | 24 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1619 | 1568 | 1586 | 1555 | 1586 | -2.0% |
| Income (loss) from operations before taxes | (32) | 34 | 24 | 88 | 42 | 231.3% |
| Federal income tax expense (benefit) | (16) | 2 | (1) | 11 | 1 | 106.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $(16) | $32 | $25 | $77 | $41 | NM |
| **Effective Federal Income Tax Rate** | 47.9% | 5.2% | NM | 12.6% | 3.7% |  |
| **Average Account Balances, Net of Reinsurance** | $44390 | $45147 | $47503 | $49150 | $49232 | 10.9% |
| **In-Force Face Amount** |  |  |  |  |  |  |
| UL and other | $361480 | $360617 | $361964 | $362312 | $361544 | 0.0% |
| Term insurance | 709924 | 707355 | 705069 | 702280 | 698981 | -1.5% |
| &nbsp;&nbsp;&nbsp;Total in-force face amount | $1071404 | $1067972 | $1067033 | $1064592 | $1060525 | -1.0% |

---

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Income (Loss) from Operations** |  |  |  |  |  |  |
| Operating revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance premiums | $1371 | $1386 | $1352 | $1380 | $1399 | 2.0% |
| &nbsp;&nbsp;&nbsp;Net investment income | 89 | 94 | 98 | 95 | 96 | 7.9% |
| &nbsp;&nbsp;&nbsp;Other revenues | 61 | 58 | 57 | 60 | 59 | -3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 1521 | 1538 | 1507 | 1535 | 1554 | 2.2% |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefits and policyholder liability remeasurement | 994 | 913 | 923 | 984 | 994 | 0.0% |
| &nbsp;&nbsp;&nbsp;Interest credited |  | 1 | 1 | 1 |  | NM |
| &nbsp;&nbsp;&nbsp;Commissions incurred | 133 | 139 | 132 | 137 | 135 | 1.5% |
| &nbsp;&nbsp;&nbsp;Other expenses incurred | 261 | 263 | 260 | 275 | 272 | 4.2% |
| &nbsp;&nbsp;&nbsp;Amounts capitalized | (32) | (35) | (36) | (40) | (29) | 9.4% |
| &nbsp;&nbsp;&nbsp;Amortization | 37 | 38 | 39 | 40 | 40 | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 1393 | 1319 | 1319 | 1397 | 1412 | 1.4% |
| Income (loss) from operations before taxes | 128 | 219 | 188 | 138 | 142 | 10.9% |
| Federal income tax expense (benefit) | 27 | 46 | 39 | 29 | 30 | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $101 | $173 | $149 | $109 | $112 | 10.9% |
| **Effective Federal Income Tax Rate** | 21.0% | 21.0% | 21.0% | 21.0% | 21.0% |  |
| **Operating Margin** <sup>(1)</sup> | 7.4% | 12.5% | 11.0% | 7.9% | 8.0% |  |
| **Loss Ratios by Product Line** |  |  |  |  |  |  |
| Life | 75.2% | 67.2% | 59.6% | 67.9% | 66.9% |  |
| Disability | 70.1% | 64.2% | 73.8% | 73.6% | 73.4% |  |
| Dental | 79.0% | 80.4% | 78.0% | 74.9% | 81.6% |  |
| &nbsp;&nbsp;&nbsp;Total | 72.4% | 65.9% | 68.3% | 71.4% | 71.1% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Income (Loss) from Operations** |  |  |  |  |  |  |
| Operating revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fee income | $80 | $80 | $85 | $89 | $86 | 7.5% |
| &nbsp;&nbsp;&nbsp;Net investment income | 251 | 252 | 257 | 262 | 260 | 3.6% |
| &nbsp;&nbsp;&nbsp;Other revenues | (4) | (1) | 1 | 1 |  | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 327 | 331 | 343 | 352 | 346 | 5.8% |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest credited | 170 | 174 | 174 | 174 | 170 | 0.0% |
| &nbsp;&nbsp;&nbsp;Commissions incurred | 27 | 28 | 30 | 31 | 29 | 7.4% |
| &nbsp;&nbsp;&nbsp;Other expenses incurred | 91 | 87 | 87 | 95 | 97 | 6.6% |
| &nbsp;&nbsp;&nbsp;Amounts capitalized | (4) | (5) | (5) | (6) | (5) | -25.0% |
| &nbsp;&nbsp;&nbsp;Amortization | 5 | 5 | 4 | 4 | 4 | -20.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 289 | 289 | 290 | 298 | 295 | 2.1% |
| Income (loss) from operations before taxes | 38 | 42 | 53 | 54 | 51 | 34.2% |
| Federal income tax expense (benefit) | 4 | 5 | 7 | 8 | 8 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $34 | $37 | $46 | $46 | $43 | 26.5% |
| **Effective Federal Income Tax Rate** | 11.8% | 12.3% | 14.2% | 14.2% | 15.2% |  |
| **Return on Average Account Balances (bps)** | 12 | 13 | 15 | 15 | 14 | 2 |
| **Net Flows by Market** |  |  |  |  |  |  |
| Core Market <sup>(1)</sup> | $(79) | $28 | $190 | $(43) | $(201) | NM |
| Mid-Large Market | (1732) | (200) | 1025 | (401) | 403 | 123.3% |
| *Multi-Fund*® and Other | (373) | (413) | (460) | (554) | (415) | -11.3% |
| **Net Flows – Trailing Twelve Months** | $(2462) | $(2850) | $(2746) | $(3012) | $(1041) | 57.7% |
| **Base Spreads, Excluding Variable** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Investment Income** <sup>(2)</sup> | 1.03% | 0.99% | 1.07% | 1.10% | 1.16% | 13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Formerly referred to as "Small Market."

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums.

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Other Operations** |  |  |  |  |  |  |
| Operating revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $44 | $25 | $33 | $46 | $52 | 18.2% |
| &nbsp;&nbsp;&nbsp;Other revenues | 8 | 16 | 17 | 10 | 5 | -37.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues | 52 | 41 | 50 | 56 | 57 | 9.6% |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefits and policyholder liability remeasurement | 5 | 7 | 4 | 2 | 7 | 40.0% |
| &nbsp;&nbsp;&nbsp;Interest credited | 13 | 13 | 22 | 34 | 43 | 230.8% |
| &nbsp;&nbsp;&nbsp;Other expenses incurred | 66 | 56 | 72 | 64 | 68 | 3.0% |
| &nbsp;&nbsp;&nbsp;Interest and debt expense | 80 | 81 | 79 | 81 | 81 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 164 | 157 | 177 | 181 | 199 | 21.3% |
| Income (loss) from operations before taxes | (112) | (116) | (127) | (125) | (142) | -26.8% |
| Federal income tax expense (benefit) | (17) | (25) | (28) | (27) | (31) | -82.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $(95) | $(91) | $(99) | $(98) | $(111) | -16.8% |

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance 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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Traditional Variable Annuities** |  |  |  |  |  |  |
| Balance as of beginning-of-period | $118954 | $114477 | $120815 | $124093 | $123562 | 3.9% |
| Gross deposits | 1634 | 1351 | 1642 | 1726 | 1401 | -14.3% |
| Surrenders, withdrawals and benefits | (3678) | (3451) | (3843) | (4066) | (3982) | -8.3% |
| &nbsp;&nbsp;&nbsp;Net flows | (2044) | (2100) | (2201) | (2340) | (2581) | -26.3% |
| Policyholder assessments | (652) | (639) | (670) | (674) | (664) | -1.8% |
| Change in market value and reinvestment | (1781) | 9077 | 6149 | 2483 | (3117) | -75.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, gross | 114477 | 120815 | 124093 | 123562 | 117200 | 2.4% |
| Account balances reinsured | (5) | (5) | (5) | (5) | (5) | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, net | $114472 | $120810 | $124088 | $123557 | $117195 | 2.4% |
| **RILA** |  |  |  |  |  |  |
| Balance as of beginning-of-period | $34310 | $33527 | $36256 | $38499 | $39443 | 15.0% |
| Gross deposits | 1292 | 1447 | 1457 | 1936 | 1822 | 41.0% |
| Surrenders, withdrawals and benefits | (850) | (938) | (1106) | (1370) | (1539) | -81.1% |
| &nbsp;&nbsp;&nbsp;Net flows | 442 | 509 | 351 | 566 | 283 | -36.0% |
| Policyholder assessments | (5) | (4) | (4) | (4) | (4) | 20.0% |
| Change in market value and reinvestment | 346 | 341 | 392 | 402 | 381 | 10.1% |
| Change in fair value of embedded derivative instruments and other | (1566) | 1883 | 1504 | (20) | (1444) | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, gross | $33527 | $36256 | $38499 | $39443 | $38659 | 15.3% |

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance Roll Forwards** | **Annuities – Account Balance 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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Fixed Annuities** |  |  |  |  |  |  |
| Balance as of beginning-of-period | $25963 | $26039 | $26832 | $27874 | $28728 | 10.6% |
| Gross deposits | 873 | 1226 | 1371 | 1228 | 718 | -17.8% |
| Surrenders, withdrawals and benefits | (947) | (797) | (664) | (681) | (616) | 35.0% |
| &nbsp;&nbsp;&nbsp;Net flows | (74) | 429 | 707 | 547 | 102 | 237.8% |
| Policyholder assessments | (15) | (15) | (14) | (16) | (15) | 0.0% |
| Reinvested interest credited | 210 | 228 | 238 | 255 | 256 | 21.9% |
| Change in fair value of embedded derivative instruments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;and other | (45) | 151 | 111 | 68 | (97) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, gross | 26039 | 26832 | 27874 | 28728 | 28974 | 11.3% |
| Account balances reinsured | (15624) | (16105) | (16382) | (16340) | (16055) | -2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, net | $10415 | $10727 | $11492 | $12388 | $12919 | 24.0% |
| **Total** |  |  |  |  |  |  |
| Balance as of beginning-of-period | $179227 | $174043 | $183903 | $190466 | $191733 | 7.0% |
| Gross deposits | 3799 | 4024 | 4470 | 4890 | 3941 | 3.7% |
| Surrenders, withdrawals and benefits | (5475) | (5186) | (5613) | (6117) | (6137) | -12.1% |
| &nbsp;&nbsp;&nbsp;Net flows | (1676) | (1162) | (1143) | (1227) | (2196) | -31.0% |
| Policyholder assessments | (672) | (658) | (688) | (694) | (683) | -1.6% |
| Change in market value, reinvestment and interest credited | (1225) | 9646 | 6779 | 3140 | (2480) | NM |
| Change in fair value of embedded derivative instruments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;and other | (1611) | 2034 | 1615 | 48 | (1541) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, gross | 174043 | 183903 | 190466 | 191733 | 184833 | 6.2% |
| Account balances reinsured | (15629) | (16110) | (16387) | (16345) | (16060) | -2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, net | $158414 | $167793 | $174079 | $175388 | $168773 | 6.5% |

---

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **Life Insurance – Account Balance Roll Forwards** | **Life Insurance – Account Balance Roll Forwards** | **Life Insurance – Account Balance Roll Forwards** | **Life Insurance – Account Balance Roll Forwards** | **Life Insurance – Account Balance Roll Forwards** | **Life Insurance – Account Balance Roll Forwards** | **Life Insurance – Account Balance 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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **General Account** |  |  |  |  |  |  |
| Balance as of beginning-of-period | $36599 | $36220 | $36116 | $36008 | $35986 | -1.7% |
| Gross deposits | 865 | 847 | 851 | 993 | 837 | -3.2% |
| Withdrawals and deaths | (445) | (372) | (357) | (327) | (403) | 9.4% |
| &nbsp;&nbsp;&nbsp;Net flows | 420 | 475 | 494 | 666 | 434 | 3.3% |
| Transfers between general and separate accounts | 14 | 49 | 72 | 48 | 68 | NM |
| Policyholder assessments | (1104) | (1102) | (1114) | (1130) | (1095) | 0.8% |
| Reinvested interest credited | 356 | 360 | 367 | 361 | 357 | 0.3% |
| Change in fair value of embedded derivative instruments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;and other | (65) | 114 | 73 | 33 | (27) | 58.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, gross | 36220 | 36116 | 36008 | 35986 | 35723 | -1.4% |
| Account balances reinsured | (14965) | (14816) | (14658) | (14500) | (14304) | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, net | $21255 | $21300 | $21350 | $21486 | $21419 | 0.8% |
| **Separate Account** |  |  |  |  |  |  |
| Balance as of beginning-of-period | $28841 | $28106 | $30616 | $33252 | $34038 | 18.0% |
| Gross deposits | 353 | 434 | 1396 | 464 | 416 | 17.8% |
| Withdrawals and deaths | (204) | (276) | (231) | (156) | (216) | -5.9% |
| &nbsp;&nbsp;&nbsp;Net flows | 149 | 158 | 1165 | 308 | 200 | 34.2% |
| Transfers between general and separate accounts | (14) | (48) | (71) | (48) | (68) | NM |
| Policyholder assessments | (246) | (248) | (251) | (255) | (252) | -2.4% |
| Change in market value and reinvestment | (624) | 2648 | 1793 | 781 | (681) | -9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, gross | 28106 | 30616 | 33252 | 34038 | 33237 | 18.3% |
| Account balances reinsured | (5354) | (5629) | (5883) | (5943) | (5772) | -7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, net | $22752 | $24987 | $27369 | $28095 | $27465 | 20.7% |
| **Total** |  |  |  |  |  |  |
| Balance as of beginning-of-period | $65440 | $64326 | $66732 | $69260 | $70024 | 7.0% |
| Gross deposits | 1218 | 1281 | 2247 | 1457 | 1253 | 2.9% |
| Withdrawals and deaths | (649) | (648) | (588) | (483) | (619) | 4.6% |
| &nbsp;&nbsp;&nbsp;Net flows | 569 | 633 | 1659 | 974 | 634 | 11.4% |
| Transfers between general and separate accounts |  | 1 | 1 |  |  | 0.0% |
| Policyholder assessments | (1350) | (1350) | (1365) | (1385) | (1347) | 0.2% |
| Change in market value and reinvestment | (268) | 3008 | 2160 | 1142 | (324) | -20.9% |
| Change in fair value of embedded derivative instruments |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;and other | (65) | 114 | 73 | 33 | (27) | 58.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, gross | 64326 | 66732 | 69260 | 70024 | 68960 | 7.2% |
| Account balances reinsured | (20319) | (20445) | (20541) | (20443) | (20076) | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period, net | $44007 | $46287 | $48719 | $49581 | $48884 | 11.1% |

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **Retirement Plan Services – Account Balance Roll Forwards** | **Retirement Plan Services – Account Balance Roll Forwards** | **Retirement Plan Services – Account Balance Roll Forwards** | **Retirement Plan Services – Account Balance Roll Forwards** | **Retirement Plan Services – Account Balance Roll Forwards** | **Retirement Plan Services – Account Balance Roll Forwards** | **Retirement Plan Services – Account Balance 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) |
|  | **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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **General Account** |  |  |  |  |  |  |
| Balance as of beginning-of-period | $23619 | $23479 | $23700 | $23852 | $23843 | 0.9% |
| Gross deposits | 811 | 1109 | 1090 | 1054 | 880 | 8.5% |
| Withdrawals | (1330) | (1103) | (1287) | (1350) | (1279) | 3.8% |
| &nbsp;&nbsp;&nbsp;Net flows | (519) | 6 | (197) | (296) | (399) | 23.1% |
| Transfers between fixed and variable accounts | 211 | 44 | 171 | 114 | 86 | -59.2% |
| Policyholder assessments | (4) | (4) | (4) | (4) | (5) | -25.0% |
| Reinvested interest credited | 172 | 175 | 182 | 177 | 169 | -1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period | $23479 | $23700 | $23852 | $23843 | $23694 | 0.9% |
| **Separate Account and Mutual Funds** |  |  |  |  |  |  |
| Balance as of beginning-of-period | $88962 | $85754 | $92683 | $98900 | $100197 | 12.6% |
| Gross deposits | 3304 | 2485 | 3918 | 2885 | 3262 | -1.3% |
| Withdrawals | (4969) | (3076) | (2966) | (3587) | (3076) | 38.1% |
| &nbsp;&nbsp;&nbsp;Net flows | (1665) | (591) | 952 | (702) | 186 | 111.2% |
| Transfers between fixed and variable accounts | (200) | (54) | (149) | (101) | (82) | 59.0% |
| Policyholder assessments | (69) | (69) | (73) | (75) | (76) | -10.1% |
| Change in market value and reinvestment | (1274) | 7643 | 5487 | 2175 | (2074) | -62.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period | $85754 | $92683 | $98900 | $100197 | $98151 | 14.5% |
| **Total** |  |  |  |  |  |  |
| Balance as of beginning-of-period | $112581 | $109233 | $116383 | $122752 | $124040 | 10.2% |
| Gross deposits | 4115 | 3594 | 5008 | 3939 | 4142 | 0.7% |
| Withdrawals | (6299) | (4179) | (4253) | (4937) | (4355) | 30.9% |
| &nbsp;&nbsp;&nbsp;Net flows | (2184) | (585) | 755 | (998) | (213) | 90.2% |
| Transfers between fixed and variable accounts | 11 | (10) | 22 | 13 | 4 | -63.6% |
| Policyholder assessments | (73) | (73) | (77) | (79) | (81) | -11.0% |
| Change in market value and reinvestment | (1102) | 7818 | 5669 | 2352 | (1905) | -72.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of end-of-period | $109233 | $116383 | $122752 | $124040 | $121845 | 11.5% |

---

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **Fixed-Income Asset Class** | **Fixed-Income Asset Class** | **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) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **As of 3/31/25** | **As of 3/31/25** | **As of 12/31/25** | **As of 12/31/25** | **As of 3/31/26** | **As of 3/31/26** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| **Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Investments and Allowance for Credit Losses, at Amortized Cost** <sup>(1)</sup> |  |  |  |  |  |  |
| Industry corporate bonds: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Financial services | $12804 | 14.6% | $13135 | 14.3% | $13395 | 14.2% |
| &nbsp;&nbsp;&nbsp;Basic industry | 2822 | 3.2% | 2749 | 3.0% | 2755 | 2.9% |
| &nbsp;&nbsp;&nbsp;Capital goods | 5454 | 6.2% | 5574 | 6.1% | 5547 | 5.9% |
| &nbsp;&nbsp;&nbsp;Communications | 2800 | 3.2% | 2936 | 3.2% | 2884 | 3.1% |
| &nbsp;&nbsp;&nbsp;Consumer cyclical | 5317 | 6.1% | 5360 | 5.8% | 5422 | 5.8% |
| &nbsp;&nbsp;&nbsp;Consumer non-cyclical | 12571 | 14.4% | 12623 | 13.6% | 12764 | 13.5% |
| &nbsp;&nbsp;&nbsp;Energy | 2488 | 2.8% | 2487 | 2.7% | 2521 | 2.7% |
| &nbsp;&nbsp;&nbsp;Technology | 3993 | 4.5% | 4307 | 4.7% | 4235 | 4.5% |
| &nbsp;&nbsp;&nbsp;Transportation | 3130 | 3.6% | 3243 | 3.5% | 3200 | 3.4% |
| &nbsp;&nbsp;&nbsp;Industrial other | 2214 | 2.5% | 2346 | 2.6% | 2347 | 2.5% |
| &nbsp;&nbsp;&nbsp;Utilities | 11240 | 12.8% | 11459 | 12.4% | 11499 | 12.2% |
| &nbsp;&nbsp;&nbsp;Government-related entities | 1145 | 1.3% | 1108 | 1.2% | 1107 | 1.2% |
| Residential mortgage-backed securities ("RMBS") |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Agency backed | 1653 | 1.9% | 1715 | 1.9% | 1689 | 1.8% |
| &nbsp;&nbsp;&nbsp;Non-agency backed | 323 | 0.4% | 399 | 0.4% | 385 | 0.4% |
| Commercial mortgage-backed securities ("CMBS") | 1868 | 2.1% | 2503 | 2.7% | 2691 | 2.9% |
| Asset-backed securities ("ABS") |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateralized loan obligations ("CLOs") | 7888 | 9.0% | 8512 | 9.3% | 9213 | 9.8% |
| &nbsp;&nbsp;&nbsp;Other ABS | 6437 | 7.3% | 7713 | 8.4% | 8532 | 9.1% |
| Municipals | 2591 | 2.9% | 2424 | 2.6% | 2412 | 2.6% |
| United States and foreign government | 849 | 0.9% | 1153 | 1.3% | 1192 | 1.3% |
| Hybrid and redeemable preferred securities | 253 | 0.3% | 236 | 0.3% | 228 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity AFS securities, net of modified coinsurance and funds withheld |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments and allowance for credit losses, at amortized cost | 87840 | 100.0% | 91982 | 100.0% | 94018 | 100.0% |
| **Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments** | 507 |  | 434 |  | 425 |  |
| **Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments** | 322 |  | 561 |  | 423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;withheld investments and allowance for credit losses, at amortized cost | 88669 |  | 92977 |  | 94866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Modified coinsurance and funds withheld investments | 11587 |  | 10738 |  | 10568 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturity AFS, trading and equity securities | $100256 |  | $103715 |  | $105434 |  |

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

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **Fixed-Income Credit Quality** | **Fixed-Income Credit Quality** | **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) | Unaudited (millions of dollars) | Unaudited (millions of dollars) |
|  | **As of 3/31/25** | **As of 3/31/25** | **As of 12/31/25** | **As of 12/31/25** | **As of 3/31/26** | **As of 3/31/26** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| **Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments** |  |  |  |  |  |  |
| &nbsp;&nbsp;**and Allowance for Credit Losses, at Amortized Cost** <sup>(1)</sup> |  |  |  |  |  |  |
| NAIC 1 (AAA-A) | $52563 | 59.9% | $55596 | 60.4% | $57194 | 60.9% |
| NAIC 2 (BBB) | 32404 | 36.9% | 33291 | 36.2% | 33790 | 35.9% |
| &nbsp;&nbsp;&nbsp;Total investment grade | 84967 | 96.8% | 88887 | 96.6% | 90984 | 96.8% |
| NAIC 3 (BB) | 830 | 0.9% | 994 | 1.1% | 1353 | 1.4% |
| NAIC 4 (B) | 1877 | 2.1% | 1966 | 2.1% | 1548 | 1.6% |
| NAIC 5 (CCC and lower) | 92 | 0.1% | 63 | 0.1% | 87 | 0.1% |
| NAIC 6 (in or near default) | 74 | 0.1% | 72 | 0.1% | 46 | 0.1% |
| Total below investment grade | 2873 | 3.2% | 3095 | 3.4% | 3034 | 3.2% |
| &nbsp;&nbsp;&nbsp;Total | $87840 | 100.0% | $91982 | 100.0% | $94018 | 100.0% |
| **Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,** |  |  |  |  |  |  |
| &nbsp;&nbsp;**at Amortized Cost** <sup>(1)(2)</sup> |  |  |  |  |  |  |
| CM1 (AAA-A) | $13362 | 76.8% | $12814 | 73.3% | $12626 | 72.4% |
| CM2 (BBB) | 3979 | 22.8% | 4527 | 25.9% | 4664 | 26.7% |
| CM3-7 (BB and lower) <sup>(3)</sup> | 77 | 0.4% | 141 | 0.8% | 152 | 0.9% |
| &nbsp;&nbsp;&nbsp;Total | $17418 | 100.0% | $17482 | 100.0% | $17442 | 100.0% |
| **Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Coinsurance and Funds Withheld Investments, at Amortized Cost** <sup>(1)(2)</sup> |  |  |  |  |  |  |
| AAA-A | $65925 | 62.6% | $68410 | 62.5% | $69820 | 62.6% |
| BBB | 36383 | 34.6% | 37818 | 34.5% | 38454 | 34.5% |
| BB and lower | 2950 | 2.8% | 3236 | 3.0% | 3186 | 2.9% |
| &nbsp;&nbsp;&nbsp;Total | $105258 | 100.0% | $109464 | 100.0% | $111460 | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<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 agencies to derive the NAIC designation.

&nbsp;&nbsp;&nbsp;&nbsp;<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 and NAIC 3-6 = CM3-7.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Includes mortgage fund limited partnerships classified as CM3 that are included in "Other investments" on the Consolidated Balance Sheets.

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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) |
| | **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** |
| | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** | **Change** |
| **Net Income** | | | | | | | |
| Net income (loss) available to common stockholders – diluted | $(756) | $688 | $411 | $745 | $(211) | 72.1 | % |
| Less: | | | | | | | |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends declared | (34) | (11) | (34) | (11) | (34) | 0.0% | 0.0% |
| &nbsp;&nbsp;&nbsp;Adjustment for deferred units of LNC stock | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;in our deferred compensation plans |  |  |  | 2 | (5) | NM | NM |
| Net income (loss) | (722) | 699 | 445 | 754 | (172) | 76.2 | % |
| Less: | | | | | | | |
| &nbsp;&nbsp;Net annuity product features, pre-tax <sup>(1)</sup> | (1092) | 405 | 410 | 515 | (695) | 36.4 | % |
| &nbsp;&nbsp;&nbsp;Net life insurance product features, pre-tax | 42 | (58) | (22) | (5) | 22 | -47.6 | % |
| &nbsp;&nbsp;&nbsp;Credit loss-related adjustments, pre-tax | (28) | (25) | (38) | (43) | (20) | 28.6 | % |
| &nbsp;&nbsp;&nbsp;Investment gains (losses), pre-tax | (103) | (81) | (35) | (101) | (42) | 59.2 | % |
| &nbsp;&nbsp;&nbsp;Changes in the fair value of reinsurance-related | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;embedded derivatives, trading securities and certain | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;mortgage loans, pre-tax <sup>(2)</sup> | (90) | 14 | (191) | 65 | 179 | 298.9 | % |
| &nbsp;&nbsp;&nbsp;Gains (losses) on other non-financial assets, pre-tax |  |  |  | (14) | (6) | NM | NM |
| &nbsp;&nbsp;Other items, pre-tax <sup>(3)(4)(5)(6)(7)</sup> | (35) | 75 | (105) | (27) | (111) | NM | NM |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) related to the above pre-tax items | 270 | (69) | (5) | (81) | 141 | -47.8 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | (1036) | 261 | 14 | 309 | (532) | 48.6 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted income (loss) from operations | 314 | 438 | 431 | 445 | 360 | 14.6 | % |
| Add: | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividends declared | (34) | (11) | (34) | (11) | (34) | 0.0% | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted income (loss) from operations available | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to common stockholders | $280 | $427 | $397 | $434 | $326 | 16.4 | % |
| <sup>(1)</sup> Includes changes in MRBs of $(1302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026.  | <sup>(1)</sup> Includes changes in MRBs of $(1302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026.  | <sup>(1)</sup> Includes changes in MRBs of $(1302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026.  | <sup>(1)</sup> Includes changes in MRBs of $(1302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026.  | <sup>(1)</sup> Includes changes in MRBs of $(1302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026.  | <sup>(1)</sup> Includes changes in MRBs of $(1302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026.  | <sup>(1)</sup> Includes changes in MRBs of $(1302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026.  | <sup>(1)</sup> Includes changes in MRBs of $(1302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026.  |
| <sup>(2)</sup> Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. | <sup>(2)</sup> Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. | <sup>(2)</sup> Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. | <sup>(2)</sup> Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. | <sup>(2)</sup> Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. | <sup>(2)</sup> Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. | <sup>(2)</sup> Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. | <sup>(2)</sup> Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. |
| <sup>(3)</sup> For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. | <sup>(3)</sup> For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. | <sup>(3)</sup> For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. | <sup>(3)</sup> For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. | <sup>(3)</sup> For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. | <sup>(3)</sup> For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. | <sup>(3)</sup> For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. | <sup>(3)</sup> For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. |
| <sup>(4)</sup> Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. | <sup>(4)</sup> Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. | <sup>(4)</sup> Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. | <sup>(4)</sup> Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. | <sup>(4)</sup> Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. | <sup>(4)</sup> Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. | <sup>(4)</sup> Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. | <sup>(4)</sup> Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. |

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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

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*(continued from the previous page)*

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| |
|:---|
| <sup>(5)</sup> Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(20) million and $(5) million in the first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(18) million and $(3) million in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization. |
| <sup>(6)</sup> Includes deferred compensation mark-to-market adjustment of $(9) million, $1 million, $(14) million, $(10) million and $18 million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. |
| <sup>(7)</sup> Includes gains on early extinguishment of debt of $94 million in the second quarter of 2025. |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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** |
| | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Revenues** | | | | | | |
| Total revenues | $4691 | $4044 | $4555 | $4922 | $5306 | 13.1% |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revenue adjustments from annuity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;and life insurance product features | 227 | (590) | 39 | 121 | 327 | 44.1% |
| &nbsp;&nbsp;&nbsp;Credit loss-related adjustments | (28) | (25) | (38) | (43) | (20) | 28.6% |
| &nbsp;&nbsp;&nbsp;Investment gains (losses) | (103) | (81) | (35) | (101) | (42) | 59.2% |
| &nbsp;&nbsp;&nbsp;Changes in the fair value of reinsurance-related |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;embedded derivatives, trading securities and certain |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;mortgage loans <sup>(1)</sup> | (90) | 14 | (191) | 65 | 179 | 298.9% |
| &nbsp;&nbsp;&nbsp;Gains (losses) on other non-financial assets |  |  |  | (14) | (6) | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating revenues | $4685 | $4726 | $4780 | $4894 | $4868 | 3.9% |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter of 2023 reinsurance transaction.

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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 | 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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Earnings (Loss) Per Common Share – Diluted** |  |  |  |  |  |  |
| Net income (loss) | $(4.41) | $3.80 | $2.12 | $3.80 | $(1.10) | 75.1% |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;Net annuity product features, pre-tax <sup>(1)</sup> | (6.36) | 2.24 | 2.11 | 2.62 | (3.60) | 43.4% |
| &nbsp;&nbsp;&nbsp;Net life insurance product features, pre-tax | 0.25 | (0.32) | (0.11) | (0.02) | 0.12 | -52.0% |
| &nbsp;&nbsp;&nbsp;Credit loss-related adjustments, pre-tax | (0.17) | (0.14) | (0.20) | (0.22) | (0.10) | 41.2% |
| &nbsp;&nbsp;&nbsp;Investment gains (losses), pre-tax | (0.60) | (0.45) | (0.18) | (0.51) | (0.22) | 63.3% |
| &nbsp;&nbsp;&nbsp;Changes in the fair value of reinsurance-related |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;embedded derivatives, trading securities and certain |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;mortgage loans, pre-tax | (0.53) | 0.08 | (0.98) | 0.34 | 0.92 | 273.6% |
| &nbsp;&nbsp;&nbsp;Gains (losses) on other non-financial assets, pre-tax |  |  |  | (0.07) | (0.03) | NM |
| &nbsp;&nbsp;Other items, pre-tax <sup>(2)(3)(4)(5)(6)</sup> | (0.20) | 0.42 | (0.53) | (0.14) | (0.58) | NM |
| &nbsp;&nbsp;&nbsp;Income tax benefit (expense) related |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; to the above pre-tax items | 1.57 | (0.39) | (0.03) | (0.41) | 0.73 | -53.5% |
| &nbsp;&nbsp;&nbsp;Adjustment attributable to using different average |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;diluted shares for adjusted income (loss) from |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;operations as compared to net income (loss) | 0.03 |  |  |  |  | -100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted income (loss) from operations | $1.60 | $2.36 | $2.04 | $2.21 | $1.66 | 3.7% |

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| |
|:---|
| **Lincoln Financial** |
| **Select GAAP to Non-GAAP Reconciliations** |
| Unaudited |

---

*(continued from the previous page)*

---

| |
|:---|
| <sup>(1)</sup> Includes changes in MRBs of $(7.59), $5.15, $1.74, $1.91 and $(5.17); changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $1.57, $(3.34), $0.15, $0.22 and $0.92; changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(0.34), $0.43, $0.22, $0.49 and $0.65 for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. |
| <sup>(2)</sup> For the third quarter of 2025, includes certain legal accruals of $(0.05); for the fourth quarter of 2025, includes certain regulatory accruals of $0.01; for the first quarter of 2026, includes certain legal accruals of $(0.63).  |
| <sup>(3)</sup> Includes severance expense related to initiatives to realign the workforce of $(0.03), $(0.01), $(0.02), $(0.06) and $(0.04) in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. |
| <sup>(4)</sup> Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.12) and $(0.03) in the first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(0.10) and $(0.01) in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(0.28) in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(0.11) in the third quarter of 2025 related to Life Insurance segment persistency optimization. |
| <sup>(5)</sup> Includes deferred compensation mark-to-market adjustment of $(0.05), $0.01, $(0.07), $(0.05) and $0.09 in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. |
| <sup>(6)</sup> Includes gains on early extinguishment of debt of $0.52 in the second quarter of 2025. |

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<u>[Tab](#i16388e1f4b3545048e209e305f0f8537_76)[le of Contents](#i16388e1f4b3545048e209e305f0f8537_76)</u>![lncrefreshedsmalllogoa.jpg](lncrefreshedsmalllogoa.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** | **Lincoln Financial** |
| **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, 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** |
|  | **3/31/25** | **6/30/25** | **9/30/25** | **12/31/25** | **3/31/26** | **Change** |
| **Stockholders' Equity, End-of-Period** |  |  |  |  |  |  |
| Stockholders' equity | $8193 | $9548 | $10452 | $10906 | $10212 | 24.6% |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock | 986 | 986 | 986 | 986 | 986 | 0.0% |
| &nbsp;&nbsp;&nbsp;AOCI | (4306) | (4392) | (3839) | (4058) | (4467) | -3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity, excluding AOCI and preferred stock | 11513 | 12954 | 13305 | 13978 | 13693 | 18.9% |
| &nbsp;&nbsp;&nbsp;Changes in MRBs | 2133 | 2869 | 3136 | 3431 | 2643 | 23.9% |
| &nbsp;&nbsp;&nbsp;GLB and GDB hedge instruments gains (losses) | (2993) | (3602) | (3706) | (3812) | (3829) | -27.9% |
| &nbsp;&nbsp;&nbsp;Reinsurance-related embedded derivatives and portfolio gains (losses) | (196) | (186) | (305) | (236) | (108) | 44.9% |
| Adjusted stockholders' equity | $12569 | $13873 | $14180 | $14595 | $14987 | 19.2% |
| **Stockholders' Equity, Average** |  |  |  |  |  |  |
| Stockholders' equity | $8231 | $8871 | $10000 | $10679 | $10559 | 28.3% |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock | 986 | 986 | 986 | 986 | 986 | 0.0% |
| &nbsp;&nbsp;&nbsp;AOCI | (4671) | (4349) | (4116) | (3948) | (4262) | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity, excluding AOCI and preferred stock | 11916 | 12234 | 13130 | 13641 | 13835 | 16.1% |
| &nbsp;&nbsp;&nbsp;Changes in MRBs | 2649 | 2501 | 3002 | 3283 | 3037 | 14.6% |
| &nbsp;&nbsp;&nbsp;GLB and GDB hedge instruments gains (losses) | (3027) | (3297) | (3654) | (3759) | (3820) | -26.2% |
| &nbsp;&nbsp;&nbsp;Reinsurance-related embedded derivatives and portfolio gains (losses) | (173) | (191) | (245) | (270) | (172) | 0.6% |
| Adjusted average stockholders' equity | $12467 | $13221 | $14027 | $14387 | $14790 | 18.6% |
| **Book Value Per Common Share** |  |  |  |  |  |  |
| Book value per share | $41.96 | $44.91 | $49.56 | $51.88 | $47.87 | 14.1% |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AOCI | (25.08) | (23.04) | (20.10) | (21.22) | (23.19) | 7.5% |
| Book value per share, excluding AOCI | 67.04 | 67.95 | 69.66 | 73.10 | 71.06 | 6.0% |
| Less: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Changes in MRBs | 12.42 | 15.05 | 16.42 | 17.94 | 13.72 | 10.5% |
| &nbsp;&nbsp;&nbsp;GLB and GDB hedge instruments gains (losses) | (17.43) | (18.89) | (19.40) | (19.94) | (19.87) | -14.0% |
| &nbsp;&nbsp;&nbsp;Reinsurance-related embedded derivatives and portfolio gains (losses) | (1.14) | (0.98) | (1.59) | (1.23) | (0.56) | 50.9% |
| Adjusted book value per share | $73.19 | $72.77 | $74.23 | $76.33 | $77.77 | 6.3% |

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## Exhibit 99.3

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1 Earnings Supplement First Quarter 2026 May 7, 2026

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2 Forward-Looking Statements – Cautionary Language Certain statements made in this presentation 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, including the statements relating to our 2026 outlook, our medium-term expectations with respect to certain business segments and other key metrics, our illustrative timeline for strategic initiatives, our 2026 seasonality considerations and our 2026 expected operating income and expense reallocations. 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: • Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience; • 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; • 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; • 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 affiliate reinsurance arrangements; • Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell; • 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 that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products; • The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence ("AI") that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability; • Continued scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio; • Actions taken by reinsurers to raise rates on in-force business; • Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products; • Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses; • 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; • 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 benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance products; • Ineffectiveness of our risk management policies and procedures, including our various hedging strategies; A deviation in actual experience regarding future policyholder behavior, 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; Changes in accounting principles that may affect our consolidated financial statements; • 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; • 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 and profitability of our insurance subsidiaries and liquidity; • 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; • Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems; • The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items; • 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; The adequacy and collectability of reinsurance that we have obtained; • Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance; • 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; • The unknown effect on our subsidiaries' businesses resulting from evolving market preferences and the changing demographics of our client base; and • The unanticipated loss of key management 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 correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this presentation. 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.

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3 1Q26 Key Messages • Life Insurance sales up 33% YoY, with growth across all product lines. • Annuities total sales of $3.9B, up 4% YoY, with spread-based products comprising 64% of total sales. • Retirement Plan Services first-year sales grew 3% YoY, driven by growth in the Core Market. $ in millions After- tax Per share Adjusted Operating Income1 $326 $1.66 Normalizing items Higher alternative investment income compared to our 10% annual return target $19 $0.10 Tax-related items3 $(7) $(0.04) Seventh consecutive quarter of YoY adjusted operating income1 growth, up 16% in 1Q • Life Insurance earnings of $41M, up $57M YoY, driven by strong alternative investment income. • Group Protection earnings up 11% YoY, driven by favorable life experience. • Annuities earnings of $275M, down 5% versus prior year, as tax-related normalizing items and the previously disclosed NII allocation refinement pressured YoY results. • Retirement Plan Services YoY earnings growth reflected favorable markets and spread expansion. Continued sales momentum in targeted markets Maintained capital strength while enhancing financial flexibility • Holding Company available liquidity increased to $805M, net of prefunding amounts, up $150M from YE 2025. • Leverage ratio2 improved 250bps YoY to 25.0%. 1 Represents Adjusted Operating Income Available to Common Stockholders. See Non-GAAP Financial Measures Appendix for definition and reconciliations. 2 See Non-GAAP Financial Measures Appendix for definition and reconciliations. 3 Tax- related items includes dividends-received deduction and foreign tax credit true-ups.

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4 Annuities Group Protection Operating Income Primary Drivers Operating Income Primary Drivers Retirement Plan Services Life Insurance Operating Income Primary Drivers Operating Income Primary Drivers • Favorable equity markets • NII allocation refinement • Variable annuity outflows • Tax-related items • Favorable life experience • LTD resolution severity 1Q26 Earnings Drivers $ in millions • Favorable equity markets • Spread expansion • Outflows 4Q • Higher alternative investment income • Impact of 4Q25 captive consolidation $290 $275 1Q25 1Q26 $101 $112 1Q25 1Q26 $34 $43 1Q25 1Q26 $(16) $41 1Q25 1Q26

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5 $158 $168 $174 $175 $169 Key Highlights Operating Income2 ($M) Sales ($B) • Operating income declined 5% YoY, driven by the previously disclosed NII allocation refinement1, outflows, and tax-related items, partially offset by favorable equity markets. • Total sales of $3.9B increased 4% YoY, with spread-based products comprising nearly two- thirds of total sales. • Ending account balances3 grew 7% YoY, driven by favorable equity markets and growth in spread-based products. Key Priorities Ending Account Balances3 ($B) Return on Average Account Balances2,4 • Diversify source of earnings mix by growing spread-based account balances over time. • Maximize capital efficiency and achieve attractive new business returns. • Expand product set to target a larger addressable market. 7% 6% 7% 7% 8% 21% 22% 22% 22% 23% 30% 29% 29% 29% 28% 42% 43% 42% 42% 41% 1Q25 2Q25 3Q25 4Q25 1Q26 Fixed RILA VA w/o GLBs VA w/ GLBs 23% 30% 31% 25% 18% 34% 36% 32% 40% 46% 14% 11% 13% 12% 14% 29% 23% 24% 23% 22% 1Q25 2Q25 3Q25 4Q25 1Q26 Fixed RILA VA w/o GLB VA w/ GLB Annuities 0.71% 0.72% 0.75% 0.71% 0.63% 1Q25 2Q25 3Q25 4Q25 1Q26 $290 $287 $318 $311 $275 1Q25 2Q25 3Q25 4Q25 1Q26 $4.0$3.8 $4.5 $4.9 1 Previously disclosed reallocation of certain net investment income ("NII") from operating results to non-operating results. 2 Excludes $(8)M in 3Q25 related to annual assumption review. 3 Net of reinsurance. 4 Return on Average Account Balances, net of reinsurance. $3.9

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6 Key Highlights Operating Income1 ($M) Sales ($M) • Operating income increased by $11M Y0Y, driven by favorable life experience. • Premiums were up 2% Y0Y, driven by strong prior-period sales. Adjusting for a large case lapse, premium growth was 3.4%. • Life loss ratio was down 8 percentage pts YoY driven by favorable incidence and severity; the disability loss ratio increased 3 percentage pts due to resolution severity. Key Priorities Premiums and Margin1,2 ($M) Loss Ratios1,2 • Diversify book of business across segments and products, with focus on strong persistency and growing Local Markets and Supplemental Health. • Optimize capital efficiency by leveraging Bermuda entity. • Execute technology roadmap, including modernization of claims platform. $1,371 $1,386 $1,357 $1,380 $1,399 7.4% 12.5% 11.4% 8.1% 7.9% 8.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% $- $200 $400 $600 $800 $1,000 $1,200 $1,400 1Q25 2Q25 3Q25 4Q25 1Q26 Premiums Margin Margin, ex. Experience Refund 31% 38% 40% 59% 30% 24% 30% 35% 32% 29% 45% 32% 25% 9% 41% 1Q25 2Q25 3Q25 4Q25 1Q26 Disability Life Supp Health / Dental 75% 67% 65% 68% 67% 70% 67% 77% 74% 73% 1Q25 2Q25 3Q25 4Q25 1Q26 Life Disability 3 1Q25 2Q25 3Q25 4Q25 1Q26 Operating Income Experience Refund $157 $173 $187 $116 $391 Group Protection 1 Excludes $39M in 3Q25 related to annual assumption review. 2 Excludes the after-tax impact of the $15M experience refund in 2Q25. 3 Life loss ratio includes supplemental health. $150 $101 $110 $109 $112

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7 Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income increased by 26% YoY, driven by spread expansion and favorable equity markets, partially offset by outflows. • Total deposits were up 1%, with first-year sales up 3% YoY. • Ending account balances were $122B, up 12% YoY, supported by favorable equity markets. Key Priorities Ending Account Balances ($B) Return on Average Account Balances • Continued profitable growth with an emphasis on market segments with higher returns. • Expand revenue sources for existing account base. • Increase profitability through lowering operating costs and optimizing investment sourcing. 79% 80% 81% 81% 81% 21% 20% 19% 19% 19% $109 $116 $123 $124 $122 1Q25 2Q25 3Q25 4Q25 1Q26 Separate Account and Mutual Funds General Account $34 $37 $46 $46 $43 1Q25 2Q25 3Q25 4Q25 1Q26 0.12% 0.13% 0.15% 0.15% 0.14% 1Q25 2Q25 3Q25 4Q25 1Q26 31% 32% 22% 33% 40% 44% 26% 62% 33% 43% 25% 42% 16% 34% 17% 1Q25 2Q25 3Q25 4Q25 1Q26 Core Market Mid-Large Market Investment Only $1.1 $1.2 $2.4 $1.7 $1.1 1 Formerly referred to as "Small Market." 2 Formerly referred to as "Stable Value/Other." 1 2

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8 Key Highlights Operating Income (Loss)1 ($M) Sales ($M) • Operating income improved by $57M YoY, driven by higher alternative investment income and the impact of the 4Q25 captive consolidation. • Total sales of $129M were up 33% YoY, with growth across all product lines, most notably in Executive Benefits. • Revenues were 3% higher YoY driven by higher alternative investment income. Key Priorities Operating Revenue ($M) and Margin2 (%) Net G&A Expenses ($M) • Continued growth in accumulation and risk- sharing sales, focused on a more stable cash flow product suite. • Maximize capital efficiency and achieve attractive new business returns. • Continued optimization of legacy block free cash flow opportunities. 92% 91% 85% 80% 83% 8% 9% 15% 20% 17% 13% 8% 14% 19% 13% 19% 14% 1Q24 2Q24 3Q24 4Q24 1Q25 Underlying Earnings Alts Above Target Alts Below Target $(1) $32 $56 $63 $22 $(15) $(2) $14 $19 1Q25 2Q25 3Q25 4Q25 1Q26 $(16) Life Insurance 82% 72% 33% 89% 74% 18% 28% 67% 11% 26%$97 $121 $298 $142 $129 1Q25 2Q25 3Q25 4Q25 1Q26 Core Executive Benefits $54 $77 $119 $122 $121 $130 $119 1Q25 2Q25 3Q25 4Q25 1Q26 1 Excludes $(29)M in 3Q25 related to annual assumption review. 2 Margin is calculated as operating income (loss), excluding $(29)M in 3Q25 related to annual assumption review, divided by operating revenue. $1,587 $1,602 $1,610 $1,643 $1,628 -1.0% 2.0% 3.4% 4.7% 2.5% -2.0% 0.0 % 2.0% 4.0% 6.0% 8.0% 10.0% 1300 1350 1400 1450 1500 1550 1600 1650 1700 1Q25 2Q25 3Q25 4Q25 1Q26 $32 $41

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9 Key Highlights Operating Loss and Preferred Dividend ($M) Other Expenses ($M) • Operating loss of $(111)M is $16M higher YoY due to lower NII, net of interest credited, and lower other revenues related to a legacy block with market sensitivity. • Holding Company available liquidity increased to $805M at quarter-end, net of prefunding amounts, an increase of $150M since year-end 2025. • Leverage ratio improved by 250 basis points YoY driven by equity growth. Key Priorities Holding Company Available Liquidity1 ($M) Leverage Ratio2 • Continue to scale the funding agreement program after successful 2025 launch. • Build Holding Company liquidity to maximize capital flexibility. • Maintain leverage ratio at the 25% target. Other Operations ($95) ($91) ($99) ($98) ($111) ($34) ($11) ($34) ($11) ($34) 1Q25 2Q25 3Q25 4Q25 1Q26 Operating Loss Preferred Dividend $466 $466 $461 $655 $805 1Q25 2Q25 3Q25 4Q25 1Q26 27.5% 25.6% 25.2% 25.1% 25.0% 1Q25 2Q25 3Q25 4Q25 1Q26 $66 $56 $72 $64 $68 1Q25 2Q25 3Q25 4Q25 1Q26 1 Holding Company available liquidity presented as of 12/31/25 and 3/31/2026 do not include the $400 million prefunding of a 2026 maturity. 2 See Non-GAAP Financial Measures Appendix for definition and reconciliations.

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10 38% 37% 36% 36% 35% 18% 17% 17% 17% 16% 15% 16% 15% 16% 18% 18% 18% 18% 17% 18% 3% 3% 3% 3% 3%8% 9% 11% 11% 10% 1Q25 2Q25 3Q25 4Q25 1Q26 Public Corps Private Corps Structured Mortgage Loans Alts Other Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Portfolio grew $12B YoY to $131B, reflecting strategic shift toward spread-based earnings. • Portfolio yield expanded 10bps YoY to 4.67%, with new money yield continuing to exceed portfolio yield. • Diversified alternatives portfolio delivered a 3.1% quarterly return, or 12% annualized return, above our annual expectation of 10%. Key Priorities New Money Yields Alternative Investment Income ($M), Pre-Tax • Leverage sourcing capabilities and security selection of our multi-manager platform for portfolio construction. • Optimize new money strategy with focus on maintaining diversification and high quality while capitalizing on less liquid assets and structured asset class premiums. • Achieve attractive long-term alternative investment returns. Investment Portfolio 4.57% 4.61% 4.64% 4.65% 4.67% 6.0% 6.1% 5.9% 5.3% 5.5% 1Q25 2Q25 3Q25 4Q25 1Q26 Portfolio Yield New Money Yield $75 $101 $101 $124 $129 1.9% 2.5% 2.5% 3.0% 3.1% 0 20 40 60 80 100 120 140 1Q25 2Q25 3Q25 4Q25 1Q26 % Returns, Unannualized 62% 63% 62% 62% 62% 35% 34% 35% 35% 35% 3% 3% 3% 3% 3% 1Q25 2Q25 3Q25 4Q25 1Q26 NAIC 1/CM1 NAIC 2/CM2 NAIC 3-6/CM3-7 $119 $122 $126 1 2 $129 1 Mortgage Loans include CMLs and RMLs. 2 Other includes municipals, cash, COLI assets, common and preferred stock, sovereign government and UST/agency. $131

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11 Appendix

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12 Public Corporate 35% Private Credit 20% Public Structured 15% CML 13% RML 4% Other 13%2 Investment Portfolio High quality and well-diversified portfolio1 $131B Average A Rated Portfolio allocation by asset class 1 Data on slide is as of March 31, 2026. 2 Other includes cash/collateral, COLI assets, common and preferred stock, sovereign government, alternatives, and UST/agency. Note: All information regarding LNC's investment portfolio in this earnings supplement excludes assets related to certain modified coinsurance and coinsurance with funds withheld transactions. The modified coinsurance and funds withheld reinsurance agreements investment portfolio has counterparty protections in place including investment guidelines, as well as additional support including trusts and letters of credit that were established to meet LNC's risk management objectives. … with a high-quality private credit portfolio • Private credit is a key part of the investment strategy, enhancing yield and diversification while emphasizing disciplined risk management. • Private credit portfolio is highly-diversified and 91% investment grade. • Private Letter Ratings (PLRs) account for ~7% of the Lincoln General Account. The portfolio is well positioned… • Long-term investment strategy is tightly aligned with our liability profile and positioned for various economic cycles. • 97% investment grade, the portfolio remains high quality, providing flexibility to further add incremental yield. • Well positioned to further optimize the portfolio asset allocation given high-quality asset mix and shift toward shorter duration liabilities. Private Credit is ~20% of the General Account Private Corporates 15.0% Private Structured 3.6% Direct Lending 1.4%

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13 Non-GAAP Financial Measures Appendix

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14 Non-GAAP Financial Measures Non-GAAP Financial Measures Non-GAAP financial measures do not replace the most directly comparable GAAP measures. Reconciliations of the following non-GAAP financial measures to the most directly comparable GAAP financial measures or calculations of such measures, as applicable, are presented herein beginning on slide 16. Adjusted Income (Loss) From Operations Adjusted income (loss) from operations is GAAP net income (loss) excluding the effects of the following items, as applicable: • Items related to annuity product features, which include changes in market risk benefits ("MRBs"), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, "net annuity product features"); • Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of variable universal life insurance ("VUL") hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our indexed universal life insurance ("IUL") contracts and the associated index options we hold to hedge them (collectively, "net life insurance product features"); • Credit loss-related adjustments on fixed maturity available-for-sale ("AFS") securities, mortgage loans on real estate and reinsurance-related assets ("credit loss-related adjustments"); • Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, "investment gains (losses)"); • Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option ("changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans"); • Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law; • Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance; • Losses from the impairment of intangible assets and gains (losses) on other non-financial assets; • Income (loss) from discontinued operations; • Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans ("deferred compensation mark-to-market adjustment"); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and • Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances. Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

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15 Non-GAAP Financial Measures, Cont'd Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income) and adjusted income (loss) from operations per diluted share available to common stockholders is helpful to investors in evaluating the company's performance. Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company's business. Management excludes "net annuity product features" as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes "net life insurance product features" for similar reasons. In addition, management excludes "credit loss-related adjustments" and "investment gains (losses)" as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes "changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans" as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results. Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company's ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals. Adjusted Stockholders' Equity Adjusted stockholders' equity is stockholders' equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit ("GLB") and guaranteed death benefit ("GDB") hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios ("reinsurance-related embedded derivatives and portfolio gains (losses)"). Management believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Stockholders' equity is the most directly comparable GAAP measure. Leverage Ratio Leverage ratio is a measure that we use to monitor the level of our debt relative to our total capitalization. Debt used in this metric reflects total debt and preferred stock adjusted for certain items. Total capitalization reflects debt used in the numerator of this ratio and stockholders' equity adjusted for certain items.

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16 Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders Unaudited (millions of dollars, except per share data) For the Three Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Net Income Net income (loss) available to common stockholders – diluted $(756) $688 $411 $745 $(211) Less: Preferred stock dividends declared (34) (11) (34) (11) (34) Adjustment for deferred units of LNC stock in our deferred compensation plans — — — 2 (5) Net income (loss) (722) 699 445 754 (172) Less: Net annuity product features, pre-tax (1) (1,092) 405 410 515 (695) Net life insurance product features, pre-tax 42 (58) (22) (5) 22 Credit loss-related adjustments, pre-tax (28) (25) (38) (43) (20) Investment gains (losses), pre-tax (103) (81) (35) (101) (42) Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax (2) (90) 14 (191) 65 179 Gains (losses) on other non-financial assets, pre-tax — — — (14) (6) Other items, pre-tax (3)(4)(5)(6)(7) (35) 75 (105) (27) (111) Income tax benefit (expense) related to the above pre-tax items 270 (69) (5) (81) 141 Total adjustments (1,036) 261 14 309 (532) Adjusted income (loss) from operations 314 438 431 445 360 Add: Preferred stock dividends declared (34) (11) (34) (11) (34) Adjusted income (loss) from operations available to common stockholders $280 $427 $397 $434 $326 Earnings (Loss) Per Common Share – Diluted Net income (loss) (diluted) $(4.41) $3.80 $2.12 $3.80 $(1.10) Adjusted income (loss) from operations (diluted) 1.60 2.36 2.04 2.21 1.66 Refer to following slide 17 for footnotes to table.

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17 Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders (continued from previous slide) Unaudited (millions of dollars) (1) Includes changes in MRBs of $(1,302) million, $932 million, $337 million, $374 million and $(997) million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million and $177 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million and $125 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026. (2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. (3) For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. (4) Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million and $(7) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. (5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(20) million and $(5) million in the first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(18) million and $(3) million in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization. (6) Includes deferred compensation mark-to-market adjustment of $(9) million, $1 million, $(14) million, $(10) million and $18 million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025 and first quarter of 2026, respectively. (7) Includes gains on early extinguishment of debt of $94 million in the second quarter of 2025.

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18 Reconciliation of Adjusted Income (Loss) from Operations Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders, excluding Significant Items Unaudited (millions of dollars) (1) See reconciliation to Net Income (Loss) Available to Common Stockholders on slide 16. For the Three Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Adjusted income from operations available to common stockholders(1) $280 $427 $397 $434 $326 Less significant items: Annual assumption review - - (2) - - Total significant items - - (2) - - Adjusted income from operations available to common stockholders, excluding significant items $280 $427 $395 $434 $326

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19 Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Leverage Ratio Short-term debt (1) $— $— $— $400 $400 Long-term debt 5,868 5,767 5,772 5,866 5,969 Total debt 5,868 5,767 5,772 6,266 6,369 Preferred stock 986 986 986 986 986 Total debt and preferred stock 6,854 6,753 6,758 7,252 7,355 Less: Operating debt (2) 868 868 868 868 868 Prefunding of upcoming debt maturities — — — 400 400 25% of capital securities and subordinated notes 302 247 247 247 247 50% of preferred stock 493 493 493 493 493 Carrying value of fair value hedges and other items 122 119 119 114 112 Total numerator $5,069 $5,026 $5,031 $5,130 $5,235 Adjusted stockholders' equity (3) $12,569 $13,873 $14,180 $14,595 $14,987 Add: 25% of capital securities and subordinated notes 302 247 247 247 247 50% of preferred stock 493 493 493 493 493 Total numerator 5,069 5,026 5,031 5,130 5,235 Total denominator $18,433 $19,639 $19,951 $20,465 $20,962 Leverage ratio 27.5% 25.6% 25.2% 25.1% 25.0% (1) As of March 31, 2026, consists of $400 million principal amount of our 3.625% Senior Notes due December 12, 2026. (2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee universal life insurance and term policies. (3) See reconciliation to stockholders' equity on slide 20.

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20 Reconciliation of Stockholders' Equity to Adjusted Stockholders' Equity Unaudited (millions of dollars) As of or For the Three Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Stockholders' Equity, End-of-Period Stockholders' equity $8,193 $9,548 $10,452 $10,906 $10,212 Less: Preferred stock 986 986 986 986 986 AOCI (4,306) (4,392) (3,839) (4,058) (4,467) Stockholders' equity, excluding AOCI and preferred stock 11,513 12,954 13,305 13,978 13,693 Changes in MRBs 2,133 2,869 3,136 3,431 2,643 GLB and GDB hedge instruments gains (losses) (2,993) (3,602) (3,706) (3,812) (3,829) Reinsurance-related embedded derivatives and portfolio gains (losses) (196) (186) (305) (236) (108) Adjusted stockholders' equity $12,569 $13,873 $14,180 $14,595 $14,987

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