UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended September 30, 2023 WASHINGTON, D.C. 20549 _________________ OR FORM 10-Q _________________ ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Mark One) For the transition period from ______ to ______ x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-6028 _________________ LINCOLN NATIONAL CORPORATION (Exact name of registra ...

Lincoln National Corporation (NYSE:LNC) Q2 2023 Earnings Conference Call August 3, 2023 10:00 AM ET Company Participants Al Copersino – Vice President and Head-Investor Relations Ellen Cooper – Chairman, President and Chief Executive Officer Chris Neczypor – Chief Financial Officer Conference Call Participants Ryan Krueger – KBW Alex Scott – Goldman Sachs Tom Gallagher – Evercore Elyse Greenspan – Wells Fargo Erik Bass – Autonomous John Barnidge – Piper Sandler Jimmy Bhullar – JPMorgan Chase Operator Good ...

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, 2023 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 2023 Results Conference Call May 10, 2023 10:00 AM ET Company Participants Al Copersino - VP, IR Ellen Cooper - President and CEO Chris Neczypor - CFO Conference Call Participants Erik Bass - Autonomous Research Tom Gallagher - Evercore ISI Michael Ward - Citigroup Jimmy Bhullar - JPMorgan Chase John Barnidge - Piper Sandler Ryan Krueger - KBW Operator Good morning, and thank you for joining Lincoln Financial Group’s First Quarter 2023 Earnings Conference Call. [Op ...

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 March 31, 2023 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 a ...

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, 2022 OR Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Ac ...

Financial Data and Key Metrics Changes - Adjusted operating EPS will exclude market risk benefit fair value changes and include an estimated $800 million of VA hedge costs [1] - The impact of LDTI is expected to increase year-end total book value by about $300 million and reduce year-end book value excluding AOCI by $900 million [1][2] - The company expects to end the year with an RBC ratio of approximately 383%, an improvement towards the target of 400% [47][110] Business Line Data and Key Metrics Changes - Operating income for the Life Insurance segment was $46 million, down from $80 million in the prior-year quarter, primarily due to alternative investment results [43] - Annuities reported operating income of $238 million compared to $332 million in the prior-year quarter, reflecting the decline in capital markets [67] - Group Protection reported operating income of $47 million, an increase from an operating loss of $115 million in the prior-year quarter, aided by lower pandemic-related claims [69] Market Data and Key Metrics Changes - Annuity sales increased 7% from the prior year quarter, with positive flows reflecting continued strength in index variables and fixed index products [54] - Retirement Plan Services reported a 7% decline in fourth quarter total deposits from a strong prior year period, but full-year total deposits rose 10% [56] - The loss ratio adjusted for the impact of the pandemic was 77.1%, a 420 basis point decrease from the prior-year quarter [60] Company Strategy and Development Direction - The company is focused on maximizing distributable earnings and improving capital generation, with a target of $260 million to $300 million in run rate savings from the Spark initiative by late 2024 [35][81] - The strategy includes reducing capital sensitivity to market volatility and further diversifying the earnings mix [35] - The company is evaluating both internal and external opportunities to maximize the value of its in-force business, including potential block reinsurance transactions [53][108] Management's Comments on Operating Environment and Future Outlook - Management expects ongoing headwinds in 2023, including pressures from capital markets, pandemic claims, and inflation-driven expenses [14][15] - Despite these challenges, the company remains confident in its ability to improve the business over time and expects distributable earnings to align with prior expectations [16][80] - Management highlighted that the company has made substantial progress in rebuilding capital and improving ongoing capital generation [91] Other Important Information - The company raised $1 billion of preferred capital to strengthen its balance sheet [47] - The investment portfolio is well positioned for a potential credit cycle, with a credit quality of 97% investment grade, the highest in the last decade [72] - The company is committed to returning capital to shareholders through dividends, with the Board approving the dividend for the first quarter of 2023 [77] Q&A Session Summary Question: Focus on block reinsurance deals - Management is currently focusing on maximizing the value of in-force business and evaluating both internal and external solutions [8][11] Question: Strategic transactions consideration - The company is primarily focused on financial transactions that optimize the value of in-force business but remains open to evaluating strategic opportunities if they make sense [11][10] Question: Impact of higher reinsurance costs - The company expects higher reinsurance costs in 2023 compared to 2022, which will impact the Life business [15][130] Question: Future cash flow expectations - The company guided to a range of $600 million to $800 million of distributable earnings for 2023, with expectations of $300 million to $500 million in free cash flow [80][76] Question: Commitment to common dividend - Management reiterated its commitment to returning capital to shareholders through dividends, while also focusing on rebuilding capital [77][99]

Financial Data and Key Metrics Changes - The company reported a third quarter adjusted operating loss of $1.7 billion or $10.23 per share, which includes $11.62 per share from this year's assumption review [41] - Excluding the impact of the assumption review, adjusted operating earnings would have been $237 million or $1.39 per share for the quarter [41] - The risk-based capital (RBC) ratio is projected to decline from approximately 427% at the beginning of the year to about 360% by year-end [38][14] Business Line Data and Key Metrics Changes - Annuities operating income, excluding the annual assumption review, was $232 million compared to $343 million in the prior year quarter, reflecting a 32% decline [43] - Retirement Plan Services reported operating income of $52 million, down from $60 million in the prior year quarter, driven by a $10 million drop in alternative investment income [44] - Life insurance reported an operating loss of $2.2 billion, with an operating income of $37 million excluding the annual assumption review [45] Market Data and Key Metrics Changes - Total Life Insurance sales increased by 3% from the prior year quarter, primarily due to a rise in indexed Universal Life sales [12] - In Retirement Plan Services, total deposits of $2.8 billion were up 16% from the prior year quarter, reflecting a 33% increase in first-year sales [13] - Group Protection sales surged by 83% from the prior year quarter, with premiums of $1.2 billion up 8% compared to the prior year quarter [13] Company Strategy and Development Direction - The company aims to maximize distributable earnings and improve capital generation while reducing capital sensitivity to market volatility [15] - A strategic focus on diversifying earnings with durable cash-generative income streams is emphasized [15] - The company is evaluating strategic alternatives for its in-force business, including potential block reinsurance transactions [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the plan to rebuild the RBC ratio to the target of 400%, although it will take time [57] - The company is focused on improving the cash flow profile of the Life business and expects to see growth despite recent challenges [47] - Management acknowledged the impact of market volatility on capital positions but remains optimistic about future capital generation [80] Other Important Information - The company incurred a $634 million GAAP goodwill impairment charge in its life business due to variable universal life equity market impacts [11] - S&P revised the company's rating from AA- with a negative outlook to A+ with a stable outlook, while Moody's affirmed its A1 rating with a negative outlook [53] Q&A Session Summary Question: How long will it take to rebuild the RBC ratio back to the 400% target? - Management indicated that rebuilding the RBC ratio will take time but expressed confidence in the ongoing actions to support capital generation [57] Question: Can you quantify the ultimate lapse rate on GUL and the opportunity for third-party reinsurance? - Management provided insights into the lapse and surrender rates, indicating a significant reduction in expected lapsation and a potential for reinsurance opportunities if the right conditions are met [59][66] Question: How confident is the company in maintaining the common stock dividend? - Management expressed confidence in maintaining the dividend, citing strong capital generation and various levers available to optimize distributable earnings [71] Question: What are the strategic options for risk transfer? - Management stated that all options are on the table, with a focus on finding the right price and timing for potential transactions [92]

Lincoln National Corporation (NYSE:LNC) Q2 2022 Results Conference Call August 4, 2022 10:00 AM ET Company Participants Al Copersino - VP, IR Ellen Cooper - President, CEO Randy Freitag - CFO Conference Call Participants Elyse Greenspan - Wells Fargo Erik Bass - Autonomous Research Jimmy Bhullar - JP Morgan John Barnidge - Piper Sandler Josh Shanker - Bank of America Mike Ward - Citi Tom Gallagher - Evercore ISI Operator Good morning, and thank you for joining Lincoln Financial Group's Second Quarter 2022 E ...

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 ...