UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________ FORM 10-Q _________________ (Mark One) x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 OR ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number: 1-6028 _________________ LINCOLN NATIONAL CORPORATION (Exact name of registrant as ...

Lincoln National Corporation (NYSE:LNC) Q1 2022 Earnings Conference Call May 5, 2022 10:00 AM ET Company Participants Al Copersino - Vice President, Investor Relations Dennis Glass - President & Chief Executive Officer Ellen Cooper - Chief Executive Officer-Elect Randy Freitag - Chief Financial Officer & Head of Individual Life Conference Call Participants Nigel Dally - Morgan Stanley Tom Gallagher - Evercore Ryan Krueger - KBW Alex Scott - Goldman Sachs Suneet Kamath - Jefferies Operator Good morning and t ...

PART I - FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Lincoln National Corporation, providing comprehensive disclosures on financial position, performance, and cash flows [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to **$365.9 billion** as of March 31, 2022, from **$387.3 billion** at year-end 2021, primarily due to lower investments and separate account assets Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$365,929** | **$387,301** | | Total Investments | $144,624 | $153,630 | | Separate Account Assets | $168,879 | $182,583 | | **Total Liabilities** | **$351,217** | **$367,029** | | Long-term Debt | $6,561 | $6,325 | | Separate Account Liabilities | $168,879 | $182,583 | | **Total Stockholders' Equity** | **$14,712** | **$20,272** | | Accumulated Other Comprehensive Income (Loss) | $1,250 | $6,441 | [Consolidated Statements of Comprehensive Income (Loss)](index=4&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) For Q1 2022, net income decreased to **$104 million** from **$225 million** in Q1 2021, driven by higher benefits expenses and a significant other comprehensive loss of **$5.19 billion** Q1 2022 vs Q1 2021 Performance (in millions, except per share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Total Revenues | $4,687 | $4,534 | | Total Expenses | $4,595 | $4,272 | | Net Income (Loss) | $104 | $225 | | Other Comprehensive Income (Loss), net of tax | $(5,191) | $(3,170) | | **Comprehensive Income (Loss)** | **$(5,087)** | **$(2,945)** | | Diluted Net Income (Loss) Per Common Share | $0.58 | $1.16 | | Cash Dividends Declared Per Common Share | $0.45 | $0.42 | [Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity decreased to **$14.71 billion** as of March 31, 2022, from **$19.59 billion** a year prior, primarily due to a **$5.19 billion** other comprehensive loss Changes in Stockholders' Equity (in millions) | Component | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Beginning Balance | $20,272 | $19,593 | | Net Income (Loss) | $104 | $225 | | Other Comprehensive Income (Loss) | $(5,191) | $(3,170) | | Retirement of Common Stock/Cancellation | $(400) | $(105) | | Common Stock Dividends Declared | $(79) | $(81) | | **Ending Balance** | **$14,712** | **$19,593** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to **$753 million** in Q1 2022, while net cash used in investing activities increased to **$2.14 billion** Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $753 | $(642) | | Net Cash from Investing Activities | $(2,141) | $(712) | | Net Cash from Financing Activities | $736 | $996 | | **Net (Decrease) in Cash** | **$(652)** | **$(358)** | - The company repurchased **$400 million** of common stock in Q1 2022, compared to **$105 million** in Q1 2021[14](index=14&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies, investment portfolio, derivatives, segment performance, and legal contingencies, including ongoing litigation - The company sells a wide range of wealth protection, accumulation, retirement income, and group protection products, including various types of annuities and life insurance[16](index=16&type=chunk) - The company is preparing for the adoption of ASU 2018-12 (Targeted Improvements to the Accounting for Long-Duration Contracts) effective January 1, 2023, which may have a material impact[23](index=23&type=chunk) - As of March 31, 2022, the company estimates the aggregate range of reasonably possible losses for certain litigation and regulatory matters to be up to approximately **$120 million**, after-tax[121](index=121&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and results, analyzing segment performance, investment outcomes, and liquidity, highlighting a decrease in consolidated net income for Q1 2022 [Executive Summary](index=51&type=section&id=Executive%20Summary) The executive summary outlines the company's business structure, key environmental factors like the COVID-19 pandemic and rising interest rates, and the ongoing 'Spark Initiative' for expense savings - The company operates through four business segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection[195](index=195&type=chunk)[197](index=197&type=chunk) - The Federal Reserve's interest rate hikes in March and May 2022 are expected to adversely affect business through spread compression, though this is expected to moderate over time[203](index=203&type=chunk) - The company is implementing a new expense savings program, the 'Spark Initiative', which integrates remaining efforts from a previous strategic digitization initiative[205](index=205&type=chunk) [Results of Consolidated Operations](index=54&type=section&id=Results%20of%20Consolidated%20Operations) Consolidated net income for Q1 2022 decreased to **$104 million** from **$225 million** in Q1 2021, primarily due to unfavorable variable annuity derivative results and lower alternative investment income Consolidated Net Income (Loss) (in millions) | Component | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Income (loss) from operations | $294 | $350 | | Excluded realized gain (loss), after-tax | $(20) | $(180) | | Benefit ratio unlocking, after-tax | $(170) | $55 | | **Net income (loss)** | **$104** | **$225** | - Key drivers for the decrease in net income include unfavorable variable annuity derivative results, poor disability experience, and lower alternative investment income[216](index=216&type=chunk) - Total deposits increased to **$7.4 billion** in Q1 2022 from **$6.7 billion** in Q1 2021, while total account values remained relatively stable at approximately **$308 billion**[216](index=216&type=chunk) [Results of Annuities](index=56&type=section&id=Results%20of%20Annuities) The Annuities segment reported a slight increase in income from operations to **$302 million** in Q1 2022, driven by higher net investment income and a lower tax rate Annuities Segment - Income from Operations (in millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Total operating revenues | $1,232 | $1,204 | | Total operating expenses | $881 | $854 | | **Income from operations** | **$302** | **$290** | - The increase in operating income was driven by higher net investment income (from prepayments and higher account values) and a lower effective tax rate[221](index=221&type=chunk) - Variable annuity deposits were **$1.14 billion**, and fixed annuity deposits were **$1.57 billion** in Q1 2022, with the segment experiencing net outflows of **$553 million**[216](index=216&type=chunk)[226](index=226&type=chunk)[231](index=231&type=chunk) [Results of Retirement Plan Services](index=60&type=section&id=Results%20of%20Retirement%20Plan%20Services) The Retirement Plan Services segment's income from operations slightly decreased to **$55 million** in Q1 2022, primarily due to lower net investment income, despite strong net inflows of **$946 million** Retirement Plan Services - Income from Operations (in millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Total operating revenues | $318 | $327 | | Total operating expenses | $254 | $257 | | **Income from operations** | **$55** | **$57** | - The decrease in operating income was driven by lower net investment income from alternative investments and spread compression[238](index=238&type=chunk) - Net flows were strong at **$946 million**, up from **$347 million** year-over-year, driven by the mid-large market segment[216](index=216&type=chunk)[244](index=244&type=chunk) [Results of Life Insurance](index=64&type=section&id=Results%20of%20Life%20Insurance) The Life Insurance segment's income from operations decreased significantly to **$58 million** in Q1 2022, primarily due to lower net investment income and higher commission expenses, partially offset by lower COVID-19 mortality claims Life Insurance - Income from Operations (in millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Total operating revenues | $1,825 | $1,939 | | Total operating expenses | $1,760 | $1,809 | | **Income from operations** | **$58** | **$107** | - The decrease in operating income was driven by lower net investment income and higher commission and other expenses[255](index=255&type=chunk) - A key offsetting factor was lower benefits due to reduced mortality claims from the COVID-19 pandemic[255](index=255&type=chunk) - Total sales increased to **$155 million** from **$114 million** year-over-year, and total in-force face amount grew to **$996.6 billion**[260](index=260&type=chunk)[261](index=261&type=chunk) [Results of Group Protection](index=69&type=section&id=Results%20of%20Group%20Protection) The Group Protection segment reported an increased loss from operations of **$41 million** in Q1 2022, primarily due to unfavorable disability experience and higher claims management expenses, worsening the total loss ratio to **88.0%** Group Protection - Income (Loss) from Operations (in millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Total operating revenues | $1,303 | $1,254 | | Total operating expenses | $1,355 | $1,287 | | **Income (loss) from operations** | **$(41)** | **$(26)** | - The increased loss was driven by unfavorable disability experience and higher operating expenses[274](index=274&type=chunk) Loss Ratios by Product Line | Product Line | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Life | 91.0% | 101.0% | | Disability | 87.2% | 78.8% | | Dental | 71.1% | 76.8% | | **Total** | **88.0%** | **86.8%** | [Results of Other Operations](index=73&type=section&id=Results%20of%20Other%20Operations) Other Operations reported an increased loss of **$80 million** in Q1 2022, primarily due to higher Spark Initiative expenses and lower revenues tied to market fluctuations - The loss from operations increased to **$80 million** from **$78 million** year-over-year[285](index=285&type=chunk) - A key driver of the increased loss was higher Spark program expense, which rose to **$31 million** from **$13 million** in Q1 2021[285](index=285&type=chunk)[286](index=286&type=chunk) - The loss was partially offset by lower other expenses, mainly due to the impact of a declining stock price on deferred compensation plan liabilities[286](index=286&type=chunk)[291](index=291&type=chunk) [Consolidated Investments](index=77&type=section&id=Consolidated%20Investments) Total investments decreased to **$144.6 billion** as of March 31, 2022, with the portfolio remaining high-quality and heavily weighted towards fixed maturity AFS securities, despite increased unrealized losses Investment Portfolio Composition (in millions) | Investment Type | March 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Fixed maturity AFS securities | $110,695 | $118,746 | | Mortgage loans on real estate | $17,892 | $17,991 | | Alternative investments | $2,805 | $2,666 | | **Total investments** | **$144,624** | **$153,630** | - The fixed maturity AFS portfolio's credit quality remained high, with **96.6%** of securities rated investment grade as of March 31, 2022[315](index=315&type=chunk) - Gross unrealized losses on fixed maturity AFS securities increased by **$2.5 billion** in Q1 2022, primarily attributed to widening credit spreads and rising interest rates[32](index=32&type=chunk)[317](index=317&type=chunk) [Liquidity and Capital Resources](index=89&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity and capital position, supported by insurance premiums, investment income, and capital market access, with **$480 million** returned to common stockholders in Q1 2022 - The holding company received **$126 million** in dividends from its subsidiaries in Q1 2022, down from **$255 million** in Q1 2021[352](index=352&type=chunk) Return of Capital to Common Stockholders (in millions) | Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Dividends paid | $80 | $81 | | Repurchase of common stock | $400 | $105 | | **Total cash returned** | **$480** | **$186** | - The company has access to FHLB facilities with an estimated maximum borrowing capacity of **$7.75 billion** (**$7.0 billion** at LNL, **$750 million** at LLANY), of which **$3.9 billion** was outstanding as of March 31, 2022[365](index=365&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=92&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks, including interest rate, equity market, credit, and foreign currency exchange risk, through an integrated asset-liability management process - The company is exposed to several market risks, primarily interest rate risk, equity market risk, and credit risk, which are managed via an integrated asset-liability process[371](index=371&type=chunk) [Controls and Procedures](index=93&type=section&id=Item%204.%20Controls%20and%20Procedures) The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective as of March 31, 2022, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[372](index=372&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[373](index=373&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=93&type=section&id=Item%201.%20Legal%20Proceedings) This section provides an update on legal proceedings, noting a class certification granted in the 'Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York' case related to cost of insurance charges - In the case of Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, the court granted class certification on March 31, 2022, for owners of six universal life products assessed a cost of insurance charge since June 27, 2013[376](index=376&type=chunk) [Risk Factors](index=93&type=section&id=Item%201A.%20Risk%20Factors) This section states that there are no material changes from the risk factors previously disclosed in the company's Form 10-K for the year ended December 31, 2021 - The report refers to the risk factors detailed in the company's 2021 Form 10-K, indicating no material changes during the quarter[378](index=378&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=94&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2022, the company repurchased **5.82 million** shares of common stock for approximately **$400 million**, with **$864 million** remaining available for future repurchases under authorization Share Repurchase Activity - Q1 2022 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2022 | - | - | | Feb 2022 | 4,757,657 | $67.26 | | Mar 2022 | 1,059,739 | $75.49 | | **Total Q1** | **5,817,396** | **N/A** | - As of March 31, 2022, the company had **$864 million** remaining under its security repurchase authorization, which has no expiration date[379](index=379&type=chunk) [Exhibits](index=94&type=section&id=Item%206.%20Exhibits) This section references the Exhibit Index, which lists all exhibits filed with the Form 10-Q report, including new debt securities, compensation agreements, and required certifications - The Exhibit Index lists all documents filed with the report, including debt agreements, compensation plans, and Sarbanes-Oxley certifications[380](index=380&type=chunk)[383](index=383&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 _______________________________________________________________________________________________________ ______________F_______O__________R_________M_______________1_______0_______ - ____K______________________________ (Mark One) Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscalyear ended December 31, 2021 OR Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Ac ...

Lincoln National Corporation (NYSE:LNC) Q4 2021 Earnings Conference Call February 3, 2022 10:00 AM ET Company Participants Al Copersino - Vice President, Investor Relations Dennis Glass - President and Chief Executive Officer Randy Freitag - Chief Financial Officer and Head of Individual Life Conference Call Participants Tom Gallagher - EVR Suneet Kamath - Jefferies Tracy Benguigui - Barclays Alex Scott - Goldman Sachs Josh Shanker - Bank of America Elyse Greenspan - Wells Fargo Erik Bass - Autonomous Resea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________ FORM 10-Q _________________ (Mark One) x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 OR ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number: 1-6028 _________________ LINCOLN NATIONAL CORPORATION (Exact name of registra ...

Lincoln National Corporation (NYSE:LNC) Q2 2021 Earnings Conference Call August 5, 2021 10:00 AM ET Company Participants Al Copersino - Vice President, Investor Relations Dennis Glass - President & Chief Executive Officer Randy Freitag - Chief Financial Officer & Head, Individual Life Conference Call Participants Tracy Benguigui - Barclays Erik Bass - Autonomous Research Tom Gallagher - Evercore Elyse Greenspan - Wells Fargo Humphrey Lee - Dowling John Barnidge - Piper Sandler Operator Good morning and than ...

Financial Performance - Total revenues for the six months ended June 30, 2021, increased to $9,386 million, up 18% from $7,942 million in the same period of 2020[10] - Net income for the six months ended June 30, 2021, was $867 million, compared to a net loss of $42 million for the same period in 2020[10] - Fee income for the six months ended June 30, 2021, rose to $3,262 million, compared to $2,997 million for the same period in 2020, reflecting an increase of 9%[10] - The company reported a comprehensive income of $2,360 million for the three months ended June 30, 2021, compared to $4,225 million for the same period in 2020[10] - The company reported a total increase in payables for collateral on investments of $1.977 billion for the six months ended June 30, 2021, compared to $1.949 billion for the same period in 2020[58] - The company reported a total of $1,383 million in issuances for the six months ended June 30, 2021, compared to $1,032 million for the same period in 2020, indicating a year-over-year increase[178] Assets and Liabilities - Total assets as of June 30, 2021, were $380,148 million, up from $365,948 million as of December 31, 2020[8] - Total liabilities increased to $358,403 million as of June 30, 2021, compared to $343,249 million as of December 31, 2020[8] - Cash and invested cash as of June 30, 2021, amounted to $2,389 million, an increase from $1,708 million at the beginning of the year[14] - The company’s retained earnings as of June 30, 2021, were $9,245 million, an increase from $8,686 million as of December 31, 2020[11] Investments - Total fixed maturity available-for-sale (AFS) securities as of June 30, 2021, had an amortized cost of $106.668 billion and a fair value of $122.215 billion[27] - The gross unrealized gains for fixed maturity AFS securities were $15.884 billion, while the gross unrealized losses were $328 million as of June 30, 2021[27] - The company’s total fixed maturity AFS securities included corporate bonds valued at $101.003 billion as of June 30, 2021[27] - The total carrying value of mortgage loans on real estate was $17,586 million as of June 30, 2021, with an allowance for credit losses of $170 million[40] - The total number of fixed maturity AFS securities in an unrealized loss position was 1,368 as of June 30, 2021[28] Credit Losses and Allowances - The total allowance for credit losses on mortgage loans on real estate decreased to $170 million as of June 30, 2021, from $184 million at the beginning of the period[48] - The provision for credit loss expense decreased by $14 million for the three months ended June 30, 2021, due to improving economic projections[49] - The allowance for credit losses for reinsurance-related assets was $196 million, with no material changes noted for the six months ended June 30, 2021[9] Derivative Instruments and Hedging - The company uses interest rate swaps to hedge against changes in the fair value of certain fixed-rate long-term debt and fixed maturity securities due to interest rate risks[70] - The company maintains a risk management strategy that incorporates the use of derivative instruments to minimize fluctuations in earnings caused by various risks, including interest rate and foreign currency exchange risks[63] - As of June 30, 2021, the total notional amounts of derivative instruments were $168.64 billion, with a fair value of $8.83 billion in assets and $7.99 billion in liabilities[88] - The company reported cash flow hedges with notional amounts of $6.50 billion, including interest rate contracts of $2.94 billion and foreign currency contracts of $3.56 billion[88] Segment Performance - Annuities segment operating revenues for the six months ended June 30, 2021, were $2,453 million, compared to $2,166 million for the same period in 2020, reflecting a 13% increase[193] - Life Insurance segment reported operating revenues of $2,029 million for the three months ended June 30, 2021, a 24% increase from $1,639 million in the same period of 2020[193] - The Retirement Plan Services segment saw operating revenues rise to $333 million for the three months ended June 30, 2021, up from $282 million in the same period of 2020, marking an 18% increase[193] - Group Protection segment operating revenues increased to $1,247 million for the three months ended June 30, 2021, compared to $1,199 million in the same period of 2020, a growth of 4%[193] Shareholder Returns - The company declared cash dividends of $0.42 per common share for the three months ended June 30, 2021, compared to $0.40 for the same period in 2020[10] - The common stock balance as of June 30, 2021, was 189,089,948 shares, down from 193,247,103 shares as of June 30, 2020, reflecting a decrease of approximately 2.0%[143] - The company repurchased 4,122,569 shares during the six months ended June 30, 2021, compared to 3,809,924 shares in the same period of 2020, indicating an increase of about 8.2%[143] Tax and Regulatory Matters - The effective tax rate for the three and six months ended June 30, 2021, was 17% and 16%, respectively, compared to 42% and 67% for the same periods in 2020[6][8] - The company estimates a range of reasonably possible losses related to litigation and regulatory matters to be up to approximately $120 million, after-tax[28]

Investor presentation May 18, 2021 u're In C Al Copersino VP, Investor Relations 203-257-4493 Albert.Copersino@LFG.com This document may not be accurate after its date, and LNC does not undertake to update or keep it accurate after such date. ©2021 Lincoln National Corporation 1 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 ...

Lincoln National Corporation (NYSE:LNC) Q1 2021 Earnings Conference Call May 6, 2021 10:00 AM ET Company Participants Al Copersino - Vice President of Investor Relations Dennis Glass - President & Chief Executive Officer Randy Freitag - Chief Financial Officer & Head of Individual Life Conference Call Participants Elyse Greenspan - Wells Fargo Tom Gallagher - Evercore Humphrey Lee - Dowling & Partners Ryan Krueger - KBW Jimmy Bhullar - JPMorgan John Barnidge - Piper Sandler Suneeth Kamath - Citi Operator Go ...