For the fiscal year ended December 31, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | Title of each class | Trading symbol | Name of each exchange on which | | --- | --- | --- | | | | registered | | Common Stock | LNC | New York Stock Exchange | | th Depositary Shares, each representing a 1/1000 interest in a share | LNC PRD | New York Stock Exchange | | of 9.000% Non-C ...

Lincoln National Corporation (NYSE:LNC) Q3 2023 Earnings Conference Call November 2, 2023 10:00 AM ET Company Participants Adam Cohen - CAO and Interim Chief Head, Investor Relations Ellen Cooper - Chairman, President and CEO Chris Neczypor - CFO Conference Call Participants Alex Scott - Goldman Sachs Tom Gallagher - Evercore ISI Ryan Krueger - KBW Mike Ward - Citi John Barnidge - Piper Sandler Jimmy Bhullar - JPMorgan Wes Carmichael - Wells Fargo Wilma Burdis - Raymond James Operator Good morning and thank ...

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 ...

Financial Data and Key Metrics Changes - The company reported second quarter adjusted operating income available to common stockholders of $343 million, or $2.02 per diluted share, with net income available to common stockholders at $502 million, or $2.94 per diluted share [51] - The estimated RBC ratio was approximately flat at 380%, with expectations to increase by approximately 15 points upon closing the Fortitude transaction [52][47] - The margin for the quarter was 8.6%, reflecting a 450 basis point increase year-over-year [53] Business Line Data and Key Metrics Changes - The Group business reported operating income of $109 million, up from $49 million in the prior year quarter, driven by improved life and disability results [26] - Annuities delivered operating income of $271 million, down from $294 million year-over-year, primarily due to higher expenses and lower prepayment income [27] - Retirement Plan Services reported operating income of $47 million, down from $55 million in the prior year quarter, largely due to lower prepayment income and higher expenses [29] - Life Insurance reported operating income of $33 million, down from $63 million in the prior year quarter, primarily due to last year's assumption reset [30] Market Data and Key Metrics Changes - In the Group Protection segment, premiums grew 6%, reflecting strong customer relationships and execution of pricing actions [49] - Indexed Universal Life (IUL) sales were slightly up, while term life and variable universal life (VUL) sales declined as the company shifts towards a more capital-efficient product mix [48] - Annuity sales declined 4% year-over-year but were up 6% year-to-date, with expectations for sales growth in the second half of the year [20] Company Strategy and Development Direction - The company is focused on rebuilding capital and improving long-term free cash flow while diversifying its earnings mix [4][19] - The strategic pivot includes enhancing product mix for capital efficiency and reducing capital sensitivity to market volatility [6] - The Group business is expected to become a larger part of the overall earnings mix, contributing almost a third of operating earnings this quarter [53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their strategy and the positive contributions from the Group Protection business [18] - The company anticipates that the Fortitude transaction will improve free cash flow by over $100 million annually and enhance the RBC ratio [19][11] - Management acknowledged ongoing challenges in the Life business but remains focused on improving earnings power and free cash flow over time [32] Other Important Information - The company is implementing the Spark Initiative to enhance business efficiencies and drive cost savings [19] - The investment portfolio remains conservatively positioned, with over 97% investment-grade holdings and no material loan modifications [9][61] - The company is actively monitoring its commercial mortgage loan portfolio, which continues to perform well [34] Q&A Session Summary Question: Update on free cash flow and balance sheet structure - Management is focused on closing the Fortitude transaction and exploring other projects to improve free cash flow and capital structure [66] Question: RBC movement and life business impact - The RBC ratio was flat due to strong Group business performance offsetting headwinds in the Life business, with expectations for improvement post-Fortitude closing [70] Question: Mortality confidence and assumptions - Management noted elevated older age mortality but did not provide specific conclusions on long-term assumptions at this time [94] Question: Regulatory process for the Fortitude deal - Management expressed confidence in closing the transaction but noted that regulatory approvals are taking longer than expected [103]

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 ...

Financial Data and Key Metrics Changes - The company reported first quarter adjusted operating income available to common stockholders of $260 million or $1.52 per diluted share, with alternative investments falling short by $19 million or $0.11 per share [18][19] - A net loss available to common shareholders was reported at $909 million or $5.37 per diluted share, primarily due to changes in market risk benefits and hedge instrument valuations [19][20] - The estimated RBC ratio at the end of the first quarter was approximately 380%, with expectations to reach closer to 400% post-reinsurance transaction [46][34] Business Line Data and Key Metrics Changes - Group Protection reported operating income of $71 million, a significant improvement from a loss of $46 million in the prior year quarter, driven by better disability results [21] - Annuities delivered operating income of $274 million, down from $317 million in the prior year quarter, primarily due to lower account values and higher expenses [25] - Retirement Plan Services reported operating income of $43 million, down from $58 million, largely due to lower prepayment income and higher expenses [27] Market Data and Key Metrics Changes - Group Protection sales increased by 22%, with a notable 50% growth in employee-paid sales [53] - Indexed Universal Life sales rose by 34%, marking a record first quarter for IUL sales, while overall Life Insurance sales decreased by 16% [49] - Retirement Plan Services net flows were strong at $535 million, supported by a high-touch customer experience [53] Company Strategy and Development Direction - The company is focused on improving capital efficiency and free cash flow generation, with initiatives like the Spark Initiative and a repositioned VA hedge program [8][48] - The strategy includes a shift towards a more capital-efficient product mix, particularly in Life Insurance, with a focus on Indexed Universal Life [59] - The company aims to strengthen its balance sheet and reduce financial leverage while maintaining financial flexibility for long-term sustainable value creation [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing improvement of the capital position and long-term free cash flow profile, despite headwinds in the Life business [39][32] - The company anticipates that many of the current headwinds will normalize over the next few years, leading to improved GAAP earnings and free cash flow [60][31] - Management highlighted the importance of strategic investments in technology and distribution to support growth in Workplace Solutions businesses [52] Other Important Information - The company reported a high-quality investment portfolio, with 97% of the portfolio being investment grade and a focus on disciplined credit risk management [35] - The commercial mortgage loan portfolio is primarily composed of high-quality loans, with a significant reduction in office exposure [36][38] - The recent reinsurance transaction is expected to enhance free cash flow by over $100 million annually and improve the RBC ratio by about 15 points at close [34][66] Q&A Session Summary Question: Strategic view on the individual Life business and potential improvements - Management acknowledged the need for further optimization of the in-force business and emphasized a capital-efficient product mix shift [11][60] Question: Confirmation of cash flow expectations for 2023 - The company confirmed expectations of $300 million to $500 million of free cash flow for 2023, after interest expenses [65] Question: Thoughts on S&P capital model changes - Management indicated that they would review the new S&P capital model and work closely with S&P to ensure it captures potential risks adequately [68] Question: Inclusion of fixed annuity block in the recent deal - The decision to include the fixed annuity block was strategic to enhance the attractiveness of the transaction and improve free cash flow [72] Question: Trends in annuity and life insurance surrender activity - Surrender rates in the annuity block increased as expected due to the higher interest rate environment, but overall surrenders were in line with expectations [92][106] Question: Residual exposure from the reinsurance transaction - Management confirmed that some risk is retained in the transaction, but it is considered manageable [108] Question: Outlook for capital deployment ability post-transaction - Management expressed confidence in improving capital deployment and free cash flow generation over time, with a focus on capital efficiency [85][100]

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]