1Q23 - Stat Supp

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	Lincoln Financial Group
	Table of Contents


	Notes	1
	Credit Ratings	2
	Consolidated
	Consolidated Statements of Income (Loss)	3
	Consolidated Balance Sheets	4
	Earnings, Shares and Return on Equity	5
	Key Stakeholder Metrics	6
	Select Earnings Drivers By Segment	7
	Sales By Segment	8
	Operating Revenues and General and Administrative Expenses By Segment	9
	Operating Commissions and Other Expenses	10
	Interest Rate Yields and Spreads By Segment	11
	Select Earnings and Operational Data from Business Segments
	Income (Loss) from Operations Summary	12
	Life Insurance	13
	Annuities	14
	Group Protection	15
	Retirement Plan Services	16
	Other Operations	17
	DAC & Account Balance Roll Forwards
	Consolidated DAC, VOBA, DSI and DFEL Roll Forwards	18
	Account Balance Roll Forwards:
	Life Insurance	19
	Annuities	20
	Retirement Plan Services	21
	Investment Information
	Fixed-Income Asset Class	22
	Fixed-Income Credit Quality	23
	GAAP to Non-GAAP Reconciliations
	Select GAAP to Non-GAAP Reconciliations	24-26

Lincoln Financial Group

Notes

Non-GAAP Performance Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 24.

Adjusted Income (Loss) From Operations

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

• Changes in market risk benefits (“MRBs”), including gains and losses and benefit payments (“MRB-related impacts”);

• Investment and reinsurance-related realized gain (loss):

▪ Changes in the carrying value of mortgage loans on real estate attributable to current expected credit losses (“CECL”) (“changes in CECL reserve for mortgage loans on real estate”);

▪ Changes in the carrying value of reinsurance-related assets attributable to CECL (“changes in CECL reserve for reinsurance-related assets”);

▪ Changes in the carrying value of fixed maturity AFS securities attributable to the estimation of credit losses (“changes in the credit loss allowance for fixed maturity AFS securities”); and

▪ Changes in the fair value of investments, including trading securities, equity securities, certain derivatives, and mortgage loans on real estate electing the fair value option, and of

embedded derivatives within certain reinsurance arrangements, as well as sales or disposals of investments (“changes in investments and reinsurance-related embedded derivatives”);

• Changes in the fair value of the derivative instruments we hold to hedge GLB and GDB, net of fee income allocated to support the cost of hedging them (“changes in fair value of GLB and GDB

hedge instruments, net of hedge allowance”);

• Changes in the fair value of the embedded derivative liabilities of our indexed annuity and indexed universal life insurance contracts and the associated index options we hold to hedge them, including

collateral expense associated with hedge programs (“indexed product net derivative results”);

• Changes in reserves resulting from benefit ratio unlocking on variable universal life insurance products with secondary guarantees (“benefit ratio unlocking”);

• Income (loss) from the initial adoption of new accounting standards, regulations and policy changes;

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

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

• Gains (losses) on modification or early extinguishment of debt;

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

• Income (loss) from discontinued operations.

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends and the adjustment for deferred

units of LNC stock in our deferred compensation plans.

Adjusted Operating Revenues

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

• Investment and reinsurance-related realized gain (loss);

• Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance;

• Indexed product net derivative results;

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

• Amortization of deferred gains arising from reserve changes on business sold through reinsurance.

Management believes that the non-GAAP performance measures discussed above explain the results of our ongoing businesses in a manner that allows for a better understanding of the underlying trends

in our current business as the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in many instances,

decisions regarding these items do not necessarily relate to the operations of the individual segments. In addition, we believe that our definitions of adjusted operating revenues and adjusted income (loss)

from operations provide investors with more valuable measures of our performance as they better reveal trends in our business.

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Lincoln Financial Group

Notes

Non-GAAP Performance Measures, Continued

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding AOCI is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates market movements that are

unpredictable and 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

For presented periods prior to January 1, 2023, adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock and MRB-related impacts. For periods beginning on or after January 1, 2023,

adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, MRB-related impacts and GLB and GDB hedged instruments gains (losses), to align to updates made to our variable

annuity hedge program effective January 1, 2023. Management believes this metric is useful to investors because it eliminates the effect of market movements that are unpredictable and 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. We provide book value per share, excluding AOCI, to

enable investors to analyze the amount of our net worth that is attributable primarily to our business operations. Management believes book value per share, excluding AOCI, is useful to investors because it

eliminates the effect of items that are unpredictable and 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 stockholders’ equity, excluding AOCI, preferred stock and MRB-related impacts, by common shares outstanding. We provide adjusted book value per share

to enable investors to analyze the amount of our net worth that is attributable primarily to our business operations. Management believes adjusted book value per share is useful to investors because it eliminates

the effect of items that are unpredictable and can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates. Stockholders’ equity 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 are unpredictable and 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.

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 are unpredictable and 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.

Management believes that the non-GAAP measures discussed above allow for a better understanding of the underlying trends in our current business as the excluded items are unpredictable and not necessarily

indicative of current operating fundamentals or future performance of the business.

Computations

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

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

• We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation. In addition, for any period where a net loss or adjusted loss from operations is experienced, shares

used in the diluted EPS calculation represent basic shares, as the use of diluted shares would result in a lower loss per share.

• Pre-tax net margin is calculated by dividing adjusted income (loss) from operations before taxes by net revenue, which is defined as total adjusted operating revenues less interest credited.

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Lincoln Financial Group

Notes

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 and adjusted income (loss) from

operations available to common stockholders, excluding AOCI and preferred stock ROE metrics on page 1b for further information on how these metrics are calculated. Management evaluates consolidated

ROE by both including and excluding the effect of average goodwill.

Sales as reported consist of the following:

• 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® linked-benefit products – MoneyGuard® (UL), 15% of total expected premium deposits, and MoneyGuard Market AdvantageSM (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;

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

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

Statistical Supplement is Dated

This document is dated May 9, 2023, and has not been updated since that date. Lincoln Financial Group does not intend to update this document.

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Lincoln Financial Group

Credit Ratings

Ratings as of May 9, 2023

Standard

AM Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

bbb+

BBB+

Baa1

BBB+

Financial Strength Ratings

The Lincoln National Life Insurance Company

A+

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

Investor Inquiries May Be Directed To:

Albert Copersino, Vice President, Investor Relations

Email: InvestorRelations@lfg.com

Phone: 800-237-2920

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Lincoln Financial Group
Consolidated Statements of Income (Loss)
Unaudited (millions of dollars, except per share data)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Revenues
Insurance premiums	$	1,477	$	1,498	$	1,548	$	1,564	$	1,579	6.9%
Fee income		1,458		1,409		1,381		1,354		1,379	-5.4%
Net investment income		1,411		1,398		1,295		1,412		1,466	3.9%
Realized gain (loss)		181		1,101		249		(692)		(828)	NM
Amortization of deferred gain on business
sold through reinsurance		11		11		10		10		9	-18.2%
Other revenues		182		160		189		193		209	14.8%
Total revenues		4,720		5,577		4,672		3,841		3,814	-19.2%

Expenses
Benefits		2,156		1,954		2,149		2,220		2,291	6.3%
Interest credited		697		710		726		744		785	12.6%
Market risk benefit (gain) loss		(1,359)		477		(798)		(1,567)		619	145.5%
Policyholder liability remeasurement (gain) loss		41		85		2,692		(52)		(118)	NM
Commissions and other expenses		1,253		1,208		1,280		1,385		1,300	3.8%
Interest and debt expense		66		68		71		77		83	25.8%
Spark program expense		31		43		44		49		24	-22.6%
Impairment of intangibles		-		-		634		-		-	NM
Total expenses		2,885		4,545		6,798		2,856		4,984	72.8%
Income (loss) before taxes		1,835		1,032		(2,126)		985		(1,170)	NM
Federal income tax expense (benefit)		353		192		(351)		173		(289)	NM
Net income (loss)		1,482		840		(1,775)		812		(881)	NM
Preferred stock dividends declared		-		-		-		-		(25)	NM
Adjustment for deferred units of LNC stock
in our deferred compensation plans		(1)		(7)		(1)		(5)		(3)	NM
Net income (loss) available to common
stockholders – diluted	$	1,481	$	833	$	(1,776)	$	807	$	(909)	NM

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	8.39	$	4.83	$	(10.47)	$	4.73	$	(5.37)	NM





Page 3


Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)

	As of
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	90,561	$	83,158	$	77,446	$	79,023	$	80,448	-11.2%
U.S. government bonds		418		415		384		379		383	-8.4%
State and municipal bonds		6,001		5,523		5,089		5,070		5,257	-12.4%
Foreign government bonds		383		348		338		318		309	-19.3%
Residential mortgage-backed securities		2,338		2,181		2,048		2,009		2,050	-12.3%
Commercial mortgage-backed securities		1,592		1,557		1,549		1,674		1,671	5.0%
Asset-backed securities		8,929		9,711		10,347		10,904		11,458	28.3%
Hybrid and redeemable preferred securities		441		423		371		359		360	-18.4%
Total fixed maturity AFS securities, net of allowance for credit losses		110,663		103,316		97,572		99,736		101,936	-7.9%
Trading securities		4,364		3,803		3,580		3,498		3,266	-25.2%
Equity securities		399		412		427		427		414	3.8%
Mortgage loans on real estate, net of allowance for credit losses		17,892		17,922		18,066		18,301		18,327	2.4%
Policy loans		2,339		2,368		2,347		2,359		2,383	1.9%
Derivative investments		4,574		3,167		3,456		3,594		4,005	-12.4%
Other investments		4,121		4,078		3,812		3,739		3,892	-5.6%
Total investments		144,352		135,066		129,260		131,654		134,223	-7.0%
Cash and invested cash		1,960		1,567		1,472		3,343		3,766	92.1%
Deferred acquisition costs, value of business acquired and deferred sales inducements		11,965		12,050		12,140		12,235		12,277	2.6%
Reinsurance recoverables, net of allowance for credit losses		21,158		19,874		19,460		19,443		19,309	-8.7%
Market risk benefit assets		2,291		2,205		2,428		2,807		3,445	50.4%
Accrued investment income		1,247		1,226		1,283		1,253		1,277	2.4%
Goodwill		1,778		1,778		1,144		1,144		1,144	-35.7%
Other assets		16,493		16,708		18,435		18,802		19,280	16.9%
Separate account assets		168,879		145,791		137,295		143,536		148,421	-12.1%
Total assets	$	370,123	$	336,265	$	322,917	$	334,217	$	343,142	-7.3%






Page 4a


Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)

	As of
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	110,606	$	110,202	$	111,732	$	114,435	$	116,167	5.0%
Future contract benefits		38,887		36,453		38,087		38,826		39,757	2.2%
Market risk benefit liabilities		3,312		3,195		2,756		2,078		1,976	-40.3%
Deferred front-end loads		4,416		4,623		4,834		5,052		5,250	18.9%
Payables for collateral on investments		8,927		7,524		6,865		6,712		6,803	-23.8%
Short-term debt		-		-		500		500		500	NM
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 6 for details)		867		867		867		867		867	0.0%
Financial		5,694		5,631		5,092		5,088		5,107	-10.3%
Other liabilities		14,280		12,648		12,106		12,021		11,562	-19.0%
Separate account liabilities		168,879		145,791		137,295		143,536		148,421	-12.1%
Total liabilities		355,868		326,934		320,134		329,115		336,410	-5.5%

Stockholders’ Equity
Preferred stock		-		-		-		986		986	NM
Common stock		4,586		4,546		4,534		4,544		4,560	-0.6%
Retained earnings		6,354		7,065		5,189		5,924		4,940	-22.3%
Accumulated other comprehensive income (loss):
Unrealized investment gain (loss)		2,033		(4,623)		(9,677)		(8,528)		(6,754)	NM
Market risk benefit non-performance risk gain (loss)		1,971		2,325		2,175		1,741		2,766	40.3%
Policyholder liability discount rate remeasurement gain (loss)		(454)		257		806		747		545	220.0%
Foreign currency translation adjustment		(19)		(33)		(47)		(34)		(31)	-63.2%
Funded status of employee benefit plans		(216)		(206)		(197)		(278)		(280)	-29.6%
Total accumulated other comprehensive income (loss)		3,315		(2,280)		(6,940)		(6,352)		(3,754)	NM
Total stockholders’ equity		14,255		9,331		2,783		5,102		6,732	-52.8%
Total liabilities and stockholders’ equity	$	370,123	$	336,265	$	322,917	$	334,217	$	343,142	-7.3%







Page 4b


Lincoln Financial Group
Earnings, Shares and Return on Equity
Unaudited (millions of dollars, except per share data)

	As of or For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Income (Loss)
Net income (loss)	$	1,482	$	840	$	(1,775)	$	812	$	(881)	NM
Pre-tax adjusted income (loss) from operations		307		441		(2,513)		127		310	1.0%
After-tax adjusted income (loss) from operations (1)		274		374		(1,949)		134		288	5.1%
Adjusted operating tax rate		10.7%		15.3%		22.5%		-5.5%		7.2%
Adjusted income (loss) from operations available to common stockholders		273		367		(1,950)		129		260	-4.8%

ROE
Net income (loss) ROE		34.7%		28.5%		NM		82.3%		-59.6%
Adjusted income (loss) from operations available to common stockholders,
excluding AOCI and preferred stock ROE		10.5%		13.0%		-73.1%		5.1%		10.4%
Adjusted income (loss) from operations ROE		8.4%		10.8%		-60.7%		4.6%		9.5%

Per Common Share
Net income (loss) (diluted)	$	8.39	$	4.83	$	(10.47)	$	4.73	$	(5.37)	NM
Adjusted income (loss) from operations (diluted) (2)		1.55		2.13		(11.49)		0.76		1.52	-1.9%
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	$	82.93	$	54.81	$	16.45	$	24.32	$	33.89	-59.1%
Book value per share, excluding AOCI (3)		63.64		68.21		57.46		61.86		56.04	-11.9%
Adjusted book value per share (3)		75.77		82.78		68.53		65.72		66.05	-12.8%

Common Shares
Repurchased during the period		5.8		1.8		1.0		-		-	-100.0%
End-of-period – basic		171.9		170.2		169.2		169.2		169.5	-1.4%
Average for the period – basic		174.2		171.1		169.7		169.2		169.4	-2.8%
End-of-period – diluted		173.8		171.6		170.7		170.5		170.5	-1.9%
Average for the period – diluted		176.4		172.7		171.1		170.6		170.5	-3.3%

(1) See reconciliation to net income (loss) on page 24.
(2) See reconciliation to earnings (loss) per common share - diluted on page 25.
(3) See reconciliation to stockholders’ equity and book value per common share on page 26.


Page 5


Lincoln Financial Group
Key Stakeholder Metrics
Unaudited (millions of dollars, except per share data)

	As of or For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Cash Returned to Common Stockholders
Shares repurchased	$	400	$	100	$	50	$	-	$	-	-100.0%
Common dividends		80		77		77		76		76	-5.0%
Total cash returned to common stockholders	$	480	$	177	$	127	$	76	$	76	-84.2%

Cash Returned to Preferred Stockholders
Preferred dividends	$	-	$	-	$	-	$	-	$	25	NM

Leverage Ratio
Short-term debt	$	-	$	-	$	500	$	500	$	500	NM
Long-term debt		6,561		6,498		5,959		5,955		5,974	-8.9%
Total debt (1)		6,561		6,498		6,459		6,455		6,474	-1.3%
Preferred stock		-		-		-		986		986	NM
Total debt and preferred stock		6,561		6,498		6,459		7,441		7,460	13.7%
Less:
Operating debt (2)		867		867		867		867		867	0.0%
Pre-funding of upcoming debt maturities		300		300		300		500		500	66.7%
25% of capital securities and subordinated notes		302		302		302		302		302	0.0%
50% of preferred stock		-		-		-		493		493	NM
Carrying value of fair value hedges and other items		273		209		169		164		182	-33.3%
Total numerator	$	4,819	$	4,820	$	4,821	$	5,115	$	5,116	6.2%

Adjusted stockholders’ equity (3)	$	13,025	$	14,094	$	11,595	$	11,120	$	11,197	-14.0%
Add:
25% of capital securities and subordinated notes		302		302		302		302		302	0.0%
50% of preferred stock		-		-		-		493		493	NM
Total numerator		4,819		4,820		4,821		5,115		5,116	6.2%
Total denominator	$	18,146	$	19,216	$	16,718	$	17,030	$	17,108	-5.7%

Leverage ratio		26.6%		25.1%		28.8%		30.0%		29.9%

Holding Company Available Liquidity	$	755	$	756	$	756	$	960	$	954	26.4%

(1) Excludes obligations under finance leases and certain financing arrangements of $649 million that are reported in other liabilities on our Consolidated Balance Sheets.
(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 UL and term policies.
(3) See reconciliation to stockholders’ equity on page 26.

Page 6


Lincoln Financial Group
Select Earnings Drivers By Segment
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Life Insurance
Operating revenues	$	1,729	$	1,705	$	1,623	$	1,688	$	1,757	1.6%
Deposits		1,351		1,459		1,406		1,605		1,320	-2.3%
Net flows		911		1,063		1,002		1,149		852	-6.5%
Average account balances, net of reinsurance		51,203		49,316		47,663		47,963		49,100	-4.1%
Average in-force face amount		985,286		1,010,659		1,037,952		1,061,415		1,075,614	9.2%

Annuities
Operating revenues	$	1,147	$	1,097	$	1,113	$	1,125	$	1,141	-0.5%
Deposits		2,704		2,701		3,232		3,198		3,164	17.0%
Net flows		(525)		(285)		322		152		(331)	37.0%
Average account balances, net of reinsurance		161,411		149,824		144,858		142,099		146,331	-9.3%

Group Protection
Operating revenues	$	1,303	$	1,323	$	1,333	$	1,346	$	1,388	6.5%
Insurance premiums		1,169		1,187		1,200		1,213		1,251	7.0%

Retirement Plan Services
Operating revenues	$	318	$	315	$	316	$	325	$	328	3.1%
Deposits		3,637		3,200		3,091		2,973		3,209	-11.8%
Net flows		927		913		805		51		535	-42.3%
Average account balances		95,798		90,628		88,196		87,987		91,457	-4.5%

Consolidated
Adjusted operating revenues (1)	$	4,537	$	4,474	$	4,421	$	4,531	$	4,657	2.6%
Deposits		7,692		7,360		7,729		7,776		7,693	0.0%
Net flows		1,313		1,691		2,129		1,352		1,056	-19.6%
Average account balances, net of reinsurance		308,412		289,768		280,717		278,049		286,888	-7.0%

(1) See reconciliation to total revenues on page 25.





Page 7


Lincoln Financial Group
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Sales
Life Insurance:
IUL/UL	$	26	$	27	$	40	$	41	$	34	30.8%
MoneyGuard®		22		24		22		26		21	-4.5%
VUL		34		44		36		49		30	-11.8%
Term		43		48		47		39		30	-30.2%
Executive Benefits		30		50		26		31		15	-50.0%
Total Life Insurance	$	155	$	193	$	171	$	186	$	130	-16.1%

Annuities:
Indexed variable	$	1,048	$	1,220	$	1,246	$	1,211	$	1,147	9.4%
Other variable without GLBs		605		422		374		303		255	-57.9%
Other variable with GLBs		678		536		475		432		445	-34.4%
Total variable		2,331		2,178		2,095		1,946		1,847	-20.8%
Fixed		374		524		1,167		1,264		1,317	252.1%
Total Annuities	$	2,705	$	2,702	$	3,262	$	3,210	$	3,164	17.0%
Percent with GLBs		25.1%		19.8%		14.6%		13.5%		14.1%
Percent with GLBs, including the impact of VA reinsurance		17.9%		14.0%		11.4%		11.0%		12.0%

Group Protection:
Life	$	53	$	62	$	41	$	141	$	82	54.7%
Disability		47		59		37		195		40	-14.9%
Dental		5		6		10		20		6	20.0%
Total Group Protection	$	105	$	127	$	88	$	356	$	128	21.9%
Percent employee-paid		57.0%		48.5%		49.4%		35.7%		70.3%

Retirement Plan Services:
First-year sales	$	1,198	$	1,210	$	991	$	1,059	$	736	-38.6%
Recurring deposits		2,439		1,990		2,100		1,914		2,473	1.4%
Total Retirement Plan Services	$	3,637	$	3,200	$	3,091	$	2,973	$	3,209	-11.8%





Page 8


Lincoln Financial Group
Operating Revenues and General and Administrative Expenses By Segment
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Operating Revenues
Life Insurance	$	1,729	$	1,705	$	1,623	$	1,688	$	1,757	1.6%
Annuities		1,147		1,097		1,113		1,125		1,141	-0.5%
Group Protection		1,303		1,323		1,333		1,346		1,388	6.5%
Retirement Plan Services		318		315		316		325		328	3.1%
Other Operations		40		34		36		47		43	7.5%
Total segment operating revenues	$	4,537	$	4,474	$	4,421	$	4,531	$	4,657	2.6%

General and Administrative Expenses,
Net of Amounts Capitalized
Life Insurance	$	117	$	115	$	132	$	123	$	134	14.5%
Annuities		112		108		118		110		123	9.8%
Group Protection		165		166		182		173		191	15.8%
Retirement Plan Services		69		69		75		75		79	14.5%
Other Operations		48		48		70		212		38	-20.8%
Total	$	511	$	506	$	577	$	693	$	565	10.6%

General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Life Insurance		6.8%		6.8%		8.2%		7.3%		7.6%
Annuities		9.8%		9.9%		10.6%		9.8%		10.8%
Group Protection		12.7%		12.5%		13.7%		12.9%		13.8%
Retirement Plan Services		21.8%		21.9%		23.7%		23.2%		24.0%
Other Operations		115.7%		140.2%		193.6%		457.7%		90.0%
Total		11.3%		11.3%		13.1%		15.3%		12.1%









Page 9

Lincoln Financial Group
Operating Commissions and Other Expenses
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	562	$	559	$	634	$	750	$	617	9.8%
Commissions		655		652		660		654		615	-6.1%
Taxes, licenses and fees		97		79		81		88		94	-3.1%
Interest and debt expense		66		68		71		77		83	25.8%
Expenses associated with reserve financing
and letters of credit		26		27		27		28		30	15.4%
Total adjusted operating commissions and other
expenses incurred		1,406		1,385		1,473		1,597		1,439	2.3%

Less Amounts Capitalized
General and administrative expenses		(51)		(53)		(57)		(57)		(52)	-2.0%
Commissions		(265)		(281)		(283)		(287)		(242)	8.7%
Taxes, licenses and fees		(11)		(10)		(9)		(10)		(9)	18.2%
Total amounts capitalized		(327)		(344)		(349)		(354)		(303)	7.3%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,079		1,041		1,124		1,243		1,136	5.3%

Amortization
Amortization of DAC, VOBA and other intangibles		263		265		265		266		268	1.9%
Total operating commissions and other expenses	$	1,342	$	1,306	$	1,389	$	1,509	$	1,404	4.6%













Page 10


Lincoln Financial Group
Interest Rate Yields and Spreads By Segment
Unaudited

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Life Insurance – Interest-Sensitive
Earned rate on reserves		4.60%		4.50%		4.49%		4.47%		4.43%	(17)
Variable investment income on reserves (1)		0.54%		0.36%		-0.35%		0.12%		0.39%	(15)
Net investment income yield on reserves		5.14%		4.86%		4.14%		4.59%		4.82%	(32)
Interest rate credited to contract holders		3.76%		3.74%		3.80%		3.75%		3.77%	1
Interest rate spread		1.38%		1.12%		0.34%		0.84%		1.05%	(33)

Base spreads excluding alternative investment income		1.07%		0.99%		0.93%		0.95%		0.90%	(17)
Base spreads assuming 10% annualized yield on alternative investments		1.31%		1.25%		1.18%		1.21%		1.18%	(13)

Annuities
Earned rate on reserves		2.99%		3.08%		3.25%		3.59%		3.75%	76
Variable investment income on reserves (1)		0.23%		0.11%		0.01%		0.01%		0.01%	(22)
Net investment income yield on reserves		3.22%		3.19%		3.26%		3.60%		3.76%	54
Interest rate credited to contract holders		1.85%		1.90%		1.93%		2.09%		2.25%	40
Interest rate spread		1.37%		1.29%		1.33%		1.51%		1.51%	14
Base spreads excluding variable investment income		1.14%		1.18%		1.32%		1.50%		1.50%	36

Retirement Plan Services
Earned rate on reserves		3.45%		3.49%		3.62%		3.74%		3.81%	36
Variable investment income on reserves (1)		0.19%		0.14%		0.03%		0.01%		0.00%	(19)
Net investment income yield on reserves		3.64%		3.63%		3.65%		3.75%		3.81%	17
Interest rate credited to contract holders		2.56%		2.55%		2.57%		2.56%		2.67%	11
Interest rate spread		1.09%		1.08%		1.08%		1.19%		1.14%	5
Base spreads excluding variable investment income		0.89%		0.94%		1.05%		1.18%		1.14%	25

Total (2)
Earned rate (3)		3.80%		3.77%		4.01%		3.98%		4.08%	28
Variable investment income (1) (3)		0.36%		0.30%		-0.13%		0.06%		0.16%	(20)
Net investment income yield (3)		4.16%		4.07%		3.88%		4.04%		4.24%	8

(1) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments.
(2) Includes the results of all of our business segments and Other Operations.
(3) Includes investment yields on reserves and surplus.



Page 11


Lincoln Financial Group
Income (Loss) from Operations Summary
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Income (Loss) from Operations, Pre-Tax
Life Insurance	$	21	$	74	$	(2,758)	$	(18)	$	(23)	NM
Annuities		371		343		313		319		300	-19.1%
Group Protection		(58)		62		15		33		89	253.4%
Retirement Plan Services		67		66		53		61		51	-23.9%
Other Operations		(94)		(104)		(136)		(268)		(107)	-13.8%
Adjusted income (loss) from operations, before
income taxes	$	307	$	441	$	(2,513)	$	127	$	310	1.0%

Income (Loss) from Operations, After-Tax
Life Insurance	$	23	$	63	$	(2,171)	$	(9)	$	(13)	NM
Annuities		317		294		275		275		274	-13.6%
Group Protection		(46)		49		12		26		71	254.3%
Retirement Plan Services		58		55		47		52		43	-25.9%
Other Operations		(78)		(87)		(112)		(210)		(87)	-11.5%
Adjusted income (loss) from operations, after income
taxes	$	274	$	374	$	(1,949)	$	134	$	288	5.1%



















Page 12


Lincoln Financial Group
Life Insurance – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	277	$	283	$	289	$	297	$	285	2.9%
Fee income		761		754		745		735		776	2.0%
Net investment income		688		664		585		650		687	-0.1%
Operating realized gain (loss)		(2)		(2)		(2)		(2)		(2)	0.0%
Amortization of deferred gain on
business sold through reinsurance		4		4		4		4		4	0.0%
Other revenues		1		2		2		4		7	NM
Total operating revenues		1,729		1,705		1,623		1,688		1,757	1.6%
Operating expenses:
Benefits		1,025		926		1,041		1,079		1,152	12.4%
Interest credited		325		329		329		325		328	0.9%
Policyholder liability remeasurement (gain) loss		62		85		2,708		(2)		(13)	NM
Commissions incurred		156		176		177		189		148	-5.1%
Other expenses incurred		202		199		208		210		216	6.9%
Amounts capitalized		(182)		(204)		(202)		(217)		(174)	4.4%
Amortization		120		120		120		122		123	2.5%
Total operating expenses		1,708		1,631		4,381		1,706		1,780	4.2%
Income (loss) from operations before taxes		21		74		(2,758)		(18)		(23)	NM
Federal income tax expense (benefit)		(2)		11		(587)		(9)		(10)	NM
Income (loss) from operations	$	23	$	63	$	(2,171)	$	(9)	$	(13)	NM

Effective Federal Income Tax Rate		-8.7%		14.7%		21.3%		52.0%		45.0%

Average Account Balances, Net of Reinsurance	$	51,203	$	49,316	$	47,663	$	47,963	$	49,100	-4.1%

In-Force Face Amount
UL and other	$	361,490	$	361,565	$	362,098	$	363,884	$	364,101	0.7%
Term insurance		635,123		663,140		689,101		707,747		715,495	12.7%
Total in-force face amount	$	996,613	$	1,024,705	$	1,051,199	$	1,071,631	$	1,079,596	8.3%






Page 13

Lincoln Financial Group
Annuities – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	30	$	25	$	57	$	52	$	38	26.7%
Fee income (1)		628		591		574		556		540	-14.0%
Net investment income		359		367		348		389		421	17.3%
Amortization of deferred gain on
business sold through reinsurance		6		6		6		6		5	-16.7%
Other revenues		124		108		128		122		137	10.5%
Total operating revenues		1,147		1,097		1,113		1,125		1,141	-0.5%
Operating expenses:
Benefits		52		48		79		72		63	21.2%
Interest credited		207		215		224		248		278	34.3%
Policyholder liability remeasurement (gain) loss		1		1		1		-		(1)	NM
Commissions incurred		269		254		254		240		240	-10.8%
Other expenses incurred		259		239		251		242		251	-3.1%
Amounts capitalized		(118)		(110)		(117)		(103)		(98)	16.9%
Amortization		106		107		108		107		108	1.9%
Total operating expenses		776		754		800		806		841	8.4%
Income (loss) from operations before taxes		371		343		313		319		300	-19.1%
Federal income tax expense (benefit)		54		49		38		44		26	-51.9%
Income (loss) from operations	$	317	$	294	$	275	$	275	$	274	-13.6%

Effective Federal Income Tax Rate		14.3%		14.2%		12.3%		13.7%		8.6%

Return on Average Account Balances		79		79		76		77		75	(4)

Income (Loss) from Operations
Variable annuity		279		264		256		238		238	-14.7%
Fixed annuity		38		30		19		37		36	-5.3%
Account Balances, Net of Reinsurance – End-of-Period
Variable account balances without GLBs	$	66,538	$	59,128	$	57,720	$	61,872	$	64,824	-2.6%
Variable account balances with GLBs		78,837		68,468		64,057		65,877		67,274	-14.7%
Fixed account balances		14,557		14,469		14,810		14,989		15,053	3.4%
Total account balances	$	159,932	$	142,065	$	136,587	$	142,738	$	147,151	-8.0%
Percent variable account balances with GLBs		49.3%		48.2%		46.9%		46.2%		45.7%

(1) Presented net of GLB and GDB hedge allowance of $161 million, $152 million, $148 million, $143 million and $162 million for the periods ended March 31, 2022, June 30, 2022,
September 30, 2022, December 31, 2022 and March 31, 2023, respectively.


Page 14

Lincoln Financial Group
Group Protection – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,169	$	1,187	$	1,200	$	1,213	$	1,251	7.0%
Net investment income		85		86		83		81		85	0.0%
Other revenues		49		50		50		52		52	6.1%
Total operating revenues		1,303		1,323		1,333		1,346		1,388	6.5%
Operating expenses:
Benefits		1,060		952		994		1,030		1,037	-2.2%
Interest credited		1		2		1		1		1	0.0%
Policyholder liability remeasurement (gain) loss		(22)		(11)		(22)		(48)		(100)	NM
Commissions incurred		94		96		101		103		106	12.8%
Other expenses incurred		217		214		235		223		248	14.3%
Amounts capitalized		(21)		(24)		(23)		(29)		(25)	-19.0%
Amortization		32		32		32		33		32	0.0%
Total operating expenses		1,361		1,261		1,318		1,313		1,299	-4.6%
Income (loss) from operations before taxes		(58)		62		15		33		89	253.4%
Federal income tax expense (benefit)		(12)		13		3		7		18	250.0%
Income (loss) from operations	$	(46)	$	49	$	12	$	26	$	71	254.3%

Effective Federal Income Tax Rate		21.0%		21.0%		21.0%		21.0%		21.0%

Loss Ratios by Product Line
Life		91.1%		80.6%		71.8%		74.8%		80.4%
Disability		88.8%		78.7%		87.7%		85.7%		71.4%
Dental		71.1%		76.9%		72.0%		74.0%		76.4%
Total		88.9%		79.3%		81.0%		81.1%		75.0%










Page 15

Lincoln Financial Group
Retirement Plan Services – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	70	$	65	$	64	$	63	$	64	-8.6%
Net investment income		238		241		244		253		255	7.1%
Other revenues		10		9		8		9		9	-10.0%
Total operating revenues		318		315		316		325		328	3.1%
Operating expenses:
Interest credited		152		155		161		161		167	9.9%
Commissions incurred		20		18		20		21		21	5.0%
Other expenses incurred		79		75		83		83		89	12.7%
Amounts capitalized		(5)		(5)		(6)		(5)		(5)	0.0%
Amortization		5		6		5		4		5	0.0%
Total operating expenses		251		249		263		264		277	10.4%
Income (loss) from operations before taxes		67		66		53		61		51	-23.9%
Federal income tax expense (benefit)		9		11		6		9		8	-11.1%
Income (loss) from operations	$	58	$	55	$	47	$	52	$	43	-25.9%

Effective Federal Income Tax Rate		14.0%		15.6%		12.3%		15.0%		16.4%

Return on Average Account Balances		24		24		21		24		19	(5)

Pre-tax Net Margin		40.4%		41.1%		34.2%		37.1%		31.8%

Net Flows by Market
Small Market	$	(116)	$	80	$	157	$	174	$	148	227.6%
Mid - Large Market		1,331		1,073		899		298		711	-46.6%
Multi-Fund® and Other		(288)		(240)		(251)		(421)		(324)	-12.5%

Net Flows – Trailing Twelve Months	$	931	$	1,394	$	2,199	$	2,696	$	2,304	147.5%









Page 16


Lincoln Financial Group
Other Operations – Select Earnings and Operational Data
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Other Operations
Operating revenues:
Insurance premiums	$	1	$	3	$	2	$	2	$	5	NM
Net investment income		41		40		35		39		35	-14.6%
Other revenues		(2)		(9)		(1)		6		3	250.0%
Total operating revenues		40		34		36		47		43	7.5%
Operating expenses:
Benefits		12		14		20		19		20	66.7%
Interest credited		12		9		9		8		10	-16.7%
Policyholder liability remeasurement (gain) loss		1		2		-		2		-	-100.0%
Commissions and other expenses		12		2		28		160		13	8.3%
Interest and debt expense		66		68		71		77		83	25.8%
Spark program expense		31		43		44		49		24	-22.6%
Total operating expenses		134		138		172		315		150	11.9%
Income (loss) from operations before taxes		(94)		(104)		(136)		(268)		(107)	-13.8%
Federal income tax expense (benefit)		(16)		(17)		(24)		(58)		(20)	-25.0%
Income (loss) from operations	$	(78)	$	(87)	$	(112)	$	(210)	$	(87)	-11.5%


















Page 17

A close-up of a logo

Description automatically generated with low confidence


Lincoln Financial Group
Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	11,896	$	11,965	$	12,050	$	12,140	$	12,235	2.8%
Deferrals		328		345		350		357		306	-6.7%
Operating amortization		(259)		(260)		(260)		(262)		(264)	-1.9%
Balance as of end-of-period	$	11,965	$	12,050	$	12,140	$	12,235	$	12,277	2.6%

DFEL
Balance as of beginning-of-period	$	4,225	$	4,416	$	4,623	$	4,834	$	5,052	19.6%
Deferrals		256		270		273		284		267	4.3%
Operating amortization		(65)		(63)		(62)		(66)		(69)	-6.2%
Balance as of end-of-period	$	4,416	$	4,623	$	4,834	$	5,052	$	5,250	18.9%

DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	5,964	$	5,867	$	5,772	$	5,675	$	5,551	-6.9%





















Page 18


Lincoln Financial Group
Life Insurance – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
General Account
Balance as of beginning-of-period	$	38,200	$	38,005	$	37,791	$	37,691	$	37,694	-1.3%
Gross deposits		913		935		963		1,110		926	1.4%
Withdrawals and deaths		(331)		(300)		(284)		(328)		(393)	-18.7%
Net flows		582		635		679		782		533	-8.4%
Transfers between general and separate accounts		(6)		34		(12)		(14)		32	NM
Policyholder assessments		(1,113)		(1,121)		(1,123)		(1,138)		(1,128)	-1.3%
Reinvested interest credited		371		373		377		374		373	0.5%
Change in fair value of embedded derivative instruments		(29)		(135)		(21)		(1)		29	200.0%
Balance as of end-of-period, gross		38,005		37,791		37,691		37,694		37,533	-1.2%
Account balances reinsured		(5,572)		(5,584)		(5,575)		(5,558)		(5,525)	0.8%
Balance as of end-of-period, net	$	32,433	$	32,207	$	32,116	$	32,136	$	32,008	-1.3%

Separate Account
Balance as of beginning-of-period	$	24,785	$	23,376	$	20,327	$	19,382	$	20,920	-15.6%
Gross deposits		438		524		443		495		394	-10.0%
Withdrawals and deaths		(109)		(96)		(120)		(128)		(75)	31.2%
Net flows		329		428		323		367		319	-3.0%
Transfers between general and separate accounts		7		(34)		12		14		(32)	NM
Policyholder assessments		(225)		(233)		(236)		(244)		(238)	-5.8%
Change in market value and reinvestment		(1,520)		(3,210)		(1,044)		1,401		1,193	178.5%
Balance as of end-of-period, gross		23,376		20,327		19,382		20,920		22,162	-5.2%
Account balances reinsured		(5,215)		(4,498)		(4,209)		(4,421)		(4,606)	11.7%
Balance as of end-of-period, net	$	18,161	$	15,829	$	15,173	$	16,499	$	17,556	-3.3%

Total
Balance as of beginning-of-period	$	62,985	$	61,381	$	58,118	$	57,073	$	58,614	-6.9%
Gross deposits		1,351		1,459		1,406		1,605		1,320	-2.3%
Withdrawals and deaths		(440)		(396)		(404)		(456)		(468)	-6.4%
Net flows		911		1,063		1,002		1,149		852	-6.5%
Policyholder assessments		(1,338)		(1,354)		(1,359)		(1,382)		(1,366)	-2.1%
Change in market value and reinvestment		(1,149)		(2,837)		(667)		1,775		1,566	236.3%
Change in fair value of embedded derivative instruments		(29)		(135)		(21)		(1)		29	200.0%
Balance as of end-of-period, gross		61,381		58,118		57,073		58,614		59,695	-2.7%
Account balances reinsured		(10,787)		(10,082)		(9,784)		(9,979)		(10,131)	6.1%
Balance as of end-of-period, net	$	50,594	$	48,036	$	47,289	$	48,635	$	49,564	-2.0%


Page 19


Lincoln Financial Group
Annuities – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Fixed Annuities
Balance as of beginning-of-period	$	22,552	$	22,307	$	22,099	$	22,670	$	23,365	3.6%
Gross deposits		373		523		1,137		1,252		1,317	253.1%
Full surrenders and deaths		(420)		(457)		(489)		(547)		(728)	-73.3%
Other contract benefits		(143)		(144)		(134)		(181)		(161)	-12.6%
Net flows		(190)		(78)		514		524		428	NM
Policyholder assessments		(15)		(13)		(10)		(12)		(15)	0.0%
Reinvested interest credited		124		131		134		143		154	24.2%
Change in fair value of embedded derivative instruments		(164)		(248)		(67)		40		87	153.0%
Balance as of end-of-period, gross		22,307		22,099		22,670		23,365		24,019	7.7%
Account balances reinsured		(7,750)		(7,630)		(7,860)		(8,376)		(8,966)	-15.7%
Balance as of end-of-period, net	$	14,557	$	14,469	$	14,810	$	14,989	$	15,053	3.4%

Variable Annuities
Balance as of beginning-of-period	$	155,813	$	145,382	$	127,604	$	121,785	$	127,757	-18.0%
Gross deposits		2,331		2,178		2,095		1,946		1,847	-20.8%
Full surrenders and deaths		(1,567)		(1,366)		(1,302)		(1,210)		(1,592)	-1.6%
Other contract benefits		(1,099)		(1,019)		(985)		(1,108)		(1,014)	7.7%
Net flows		(335)		(207)		(192)		(372)		(759)	NM
Policyholder assessments		(692)		(655)		(638)		(619)		(624)	9.8%
Change in market value and reinvestment		(9,007)		(14,974)		(4,650)		5,804		5,191	157.6%
Change in fair value of embedded derivative instruments		(397)		(1,942)		(339)		1,159		540	236.0%
Balance as of end-of-period, gross		145,382		127,604		121,785		127,757		132,105	-9.1%
Account balances reinsured		(7)		(8)		(8)		(8)		(7)	0.0%
Balance as of end-of-period, net	$	145,375	$	127,596	$	121,777	$	127,749	$	132,098	-9.1%

Total
Balance as of beginning-of-period	$	178,365	$	167,689	$	149,703	$	144,455	$	151,122	-15.3%
Gross deposits		2,704		2,701		3,232		3,198		3,164	17.0%
Full surrenders and deaths		(1,987)		(1,823)		(1,791)		(1,757)		(2,320)	-16.8%
Other contract benefits		(1,242)		(1,163)		(1,119)		(1,289)		(1,175)	5.4%
Net flows		(525)		(285)		322		152		(331)	37.0%
Policyholder assessments		(707)		(668)		(648)		(631)		(639)	9.6%
Change in market value, reinvestment and interest credited		(8,883)		(14,843)		(4,516)		5,947		5,345	160.2%
Change in fair value of embedded derivative instruments		(561)		(2,190)		(406)		1,199		627	211.8%
Balance as of end-of-period, gross		167,689		149,703		144,455		151,122		156,124	-6.9%
Account balances reinsured		(7,757)		(7,638)		(7,868)		(8,384)		(8,973)	-15.7%
Balance as of end-of-period, net	$	159,932	$	142,065	$	136,587	$	142,738	$	147,151	-8.0%


Page 20


Lincoln Financial Group
Retirement Plan Services – Account Balance Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
General Account
Balance as of beginning-of-period	$	23,579	$	23,958	$	24,917	$	25,276	$	25,138	6.6%
Gross deposits		842		1,389		994		787		701	-16.7%
Withdrawals		(844)		(743)		(873)		(1,119)		(1,113)	-31.9%
Net flows		(2)		646		121		(332)		(412)	NM
Transfers between fixed and variable accounts		234		161		79		36		103	-56.0%
Policyholder assessments		(3)		(3)		(3)		(3)		(3)	0.0%
Reinvested interest credited		150		155		162		161		168	12.0%
Balance as of end-of-period	$	23,958	$	24,917	$	25,276	$	25,138	$	24,994	4.3%

Separate Account and Mutual Funds
Balance as of beginning-of-period	$	75,465	$	71,376	$	61,782	$	59,064	$	63,592	-15.7%
Gross deposits		2,795		1,811		2,097		2,186		2,508	-10.3%
Withdrawals		(1,866)		(1,544)		(1,413)		(1,803)		(1,561)	16.3%
Net flows		929		267		684		383		947	1.9%
Transfers between fixed and variable accounts		(231)		(166)		(42)		(55)		(104)	55.0%
Policyholder assessments		(64)		(60)		(57)		(57)		(58)	9.4%
Change in market value and reinvestment		(4,723)		(9,635)		(3,303)		4,257		3,608	176.4%
Balance as of end-of-period	$	71,376	$	61,782	$	59,064	$	63,592	$	67,985	-4.8%

Total
Balance as of beginning-of-period	$	99,044	$	95,334	$	86,699	$	84,340	$	88,730	-10.4%
Gross deposits		3,637		3,200		3,091		2,973		3,209	-11.8%
Withdrawals		(2,710)		(2,287)		(2,286)		(2,922)		(2,674)	1.3%
Net flows		927		913		805		51		535	-42.3%
Transfers between fixed and variable accounts		3		(5)		37		(19)		(1)	NM
Policyholder assessments		(67)		(63)		(60)		(60)		(61)	9.0%
Change in market value and reinvestment		(4,573)		(9,480)		(3,141)		4,418		3,776	182.6%
Balance as of end-of-period	$	95,334	$	86,699	$	84,340	$	88,730	$	92,979	-2.5%







Page 21

A close-up of a logo

Description automatically generated with low confidence


Lincoln Financial Group
Fixed-Income Asset Class
Unaudited (millions of dollars)

	As of 3/31/22				As of 12/31/22				As of 3/31/23
	Amount		%		Amount		%		Amount		%
Fixed Maturity AFS Securities, Net of Allowance for Credit Losses, at Amortized Cost
Industry corporate bonds:
Financial services	$	16,969		15.8%	$	17,762		15.9%	$	17,615		15.8%
Basic industry		4,532		4.2%		4,353		3.9%		4,200		3.8%
Capital goods		7,400		6.9%		7,374		6.6%		7,227		6.5%
Communications		4,234		3.9%		4,239		3.8%		4,236		3.8%
Consumer cyclical		6,070		5.6%		6,056		5.4%		5,890		5.3%
Consumer non-cyclical		17,082		15.9%		17,080		15.3%		16,930		15.2%
Energy		4,871		4.5%		4,776		4.3%		4,735		4.2%
Technology		5,242		4.9%		5,581		5.0%		5,724		5.1%
Transportation		3,536		3.3%		3,665		3.3%		3,639		3.3%
Industrial other		2,283		2.1%		2,330		2.1%		2,341		2.1%
Utilities		14,036		13.1%		14,204		12.8%		14,342		12.9%
Government-related entities		1,820		1.7%		1,820		1.6%		1,807		1.6%
Residential mortgage-backed securities ("RMBS")
Agency backed		1,921		1.8%		1,845		1.7%		1,852		1.7%
Non-agency backed		367		0.3%		364		0.3%		365		0.3%
Commercial mortgage-backed securities ("CMBS")		1,656		1.5%		1,917		1.7%		1,905		1.7%
Asset-backed securities ("ABS")
Collateralized loan obligations ("CLOs")		6,646		6.2%		8,498		7.6%		8,721		7.8%
Other ABS		2,399		2.2%		3,294		2.9%		3,479		3.1%
Municipals		5,380		5.0%		5,410		4.8%		5,386		4.8%
Government:
United States		392		0.4%		405		0.4%		399		0.4%
Foreign		358		0.3%		348		0.3%		334		0.3%
Hybrid & redeemable preferred securities		408		0.4%		364		0.3%		362		0.3%
Total fixed maturity AFS securities, net of allowance for credit losses, at amortized cost		107,602		100.0%		111,685		100.0%		111,489		100.0%
Trading Securities		4,348				3,833				3,546
Equity Securities		307				383				383
Total fixed maturity AFS, trading and equity securities	$	112,257			$	115,901			$	115,418





Page 22


Lincoln Financial Group
Fixed-Income Credit Quality
Unaudited (millions of dollars)

	As of 3/31/22				As of 12/31/22				As of 3/31/23
	Amount		%		Amount		%		Amount		%
Fixed Maturity AFS Securities, Net of Allowance for Credit Losses, at Amortized Cost (1)
NAIC 1 (AAA-A)	$	59,694		55.5%	$	63,741		57.1%	$	64,244		57.6%
NAIC 2 (BBB)		44,120		41.0%		44,103		39.5%		43,664		39.2%
Total investment grade		103,814		96.5%		107,844		96.6%		107,908		96.8%

NAIC 3 (BB)		2,148		1.9%		2,101		1.9%		1,900		1.7%
NAIC 4 (B)		1,479		1.4%		1,679		1.4%		1,591		1.4%
NAIC 5 (CCC and lower)		95		0.1%		59		0.1%		70		0.1%
NAIC 6 (in or near default)		66		0.1%		2		0.0%		20		0.0%
Total below investment grade		3,788		3.5%		3,841		3.4%		3,581		3.2%
Total	$	107,602		100.0%	$	111,685		100.0%	$	111,489		100.0%

Commercial Mortgage Loans, at Amortized Cost (1)(2)
CM1 (AAA-A)	$	13,912		82.4%	$	13,361		78.5%	$	13,195		77.5%
CM2 (BBB)		2,695		16.0%		3,382		19.9%		3,540		20.8%
CM3-7 (BB and lower)		263		1.6%		271		1.6%		284		1.7%
Total	$	16,870		100.0%	$	17,014		100.0%	$	17,019		100.0%

Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, at Amortized Cost (1)(2)
AAA-A	$	73,606		59.1%	$	77,102		59.9%	$	77,439		60.3%
BBB		46,815		37.6%		47,485		36.9%		47,204		36.7%
BB and lower		4,051		3.3%		4,112		3.2%		3,865		3.0%
Total	$	124,472		100.0%	$	128,699		100.0%	$	128,508		100.0%

(1) 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.
(2) 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.







Page 23

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Description automatically generated with low confidence


Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Net Income
Net income (loss)	$	1,482	$	840	$	(1,775)	$	812	$	(881)	NM
Less:
MRB-related impacts, after-tax		1,062		(399)		612		1,219		(506)	NM
Investment and reinsurance-related realized gain (loss), after-tax:
Changes in CECL reserve for mortgage loans on real estate		14		(3)		(7)		(6)		(3)	NM
Changes in CECL reserve for reinsurance-related assets		(1)		3		(93)		2		(1)	0.0%
Changes in the credit loss allowance for fixed maturity AFS securities		(1)		(3)		(4)		(4)		(14)	NM
Total credit loss adjustments		12		(3)		(104)		(8)		(18)	NM
Changes in investments and reinsurance-related embedded derivatives (1)		(11)		(17)		20		10		(136)	NM
Total investment and reinsurance-related realized gain (loss), after-tax		1		(20)		(84)		2		(154)	NM
Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance, after-tax		58		868		302		(516)		(377)	NM
Indexed product net derivative results, after-tax		87		23		(20)		(31)		(135)	NM
Benefit ratio unlocking, after-tax		-		(6)		(2)		4		3	NM
Impairment of intangibles		-		-		(634)		-		-	NM
Total adjustments		1,208		466		174		678		(1,169)	NM
Adjusted income (loss) from operations	$	274	$	374	$	(1,949)	$	134	$	288	5.1%

(1) Includes net losses on disposals of $(31) million on fixed maturity AFS securities, after-tax, and mark-to-market adjustments of $(11) million on equity securities, after-tax, for the quarter
ended March 31, 2023.















Page 24

Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Revenues
Total revenues	$	4,720	$	5,577	$	4,672	$	3,841	$	3,814	-19.2%
Less:
Investment and reinsurance-related realized gain (loss)		1		(25)		(105)		3		(196)	NM
Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance		73		1,099		382		(653)		(476)	NM
Indexed product net derivative results		109		29		(25)		(39)		(171)	NM
Adjusted operating revenues	$	4,537	$	4,474	$	4,421	$	4,531	$	4,657	2.6%

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	8.39	$	4.83	$	(10.47)	$	4.73	$	(5.37)	NM
Less:
MRB-related impacts, after-tax		6.02		(2.30)		3.60		7.14		(3.00)	NM
Investment and reinsurance-related realized gain (loss), after-tax		-		(0.12)		(0.49)		0.01		(0.91)	NM
Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance, after-tax		0.33		5.03		1.77		(3.02)		(2.23)	NM
Indexed product net derivative results, after-tax		0.49		0.13		(0.11)		(0.18)		(0.79)	NM
Benefit ratio unlocking, after-tax		-		(0.04)		(0.02)		0.02		0.02	NM
Impairment of intangibles		-		-		(3.73)		-		-	NM
Adjustment attributable to using different average
diluted shares for adjusted income from operations
as compared to net loss (1)		-		-		-		-		0.02	NM
Adjusted income (loss) from operations	$	1.55	$	2.13	$	(11.49)	$	0.76	$	1.52	-1.9%

(1) In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares
would result in a lower loss per share. Due to reporting adjusted income from operations per common share on a different share basis than net loss per common share, we have
included an adjustment to reconcile the two metrics.










Page 25

Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars, except per share data)

	For the Three Months Ended
	3/31/22		6/30/22		9/30/22		12/31/22		3/31/23		Change
Stockholders’ Equity, End-of-Period
Stockholders' equity	$	14,255	$	9,331	$	2,783	$	5,102	$	6,732	-52.8%
Less:
Preferred stock		-		-		-		986		986	NM
AOCI		3,315		(2,280)		(6,940)		(6,352)		(3,754)	NM
Stockholders’ equity, excluding AOCI and preferred stock		10,940		11,611		9,723		10,468		9,500	-13.2%
MRB-related impacts		(2,085)		(2,483)		(1,872)		(652)		(1,158)	44.5%
GLB and GDB hedge instruments gains (losses)(1)		N/A		N/A		N/A		N/A		(539)
Adjusted stockholders' equity	$	13,025	$	14,094	$	11,595	$	11,120	$	11,197	-14.0%

Stockholders’ Equity, Average
Stockholders' equity	$	17,085	$	11,793	$	6,057	$	3,943	$	5,917	-65.4%
Less:
Preferred stock		-		-		-		493		986	NM
AOCI		6,650		518		(4,610)		(6,646)		(5,053)	NM
Stockholders’ equity, excluding AOCI and preferred stock		10,435		11,275		10,667		10,096		9,984	-4.3%
MRB-related impacts		(2,616)		(2,284)		(2,177)		(1,262)		(905)	65.4%
GLB and GDB hedge instruments gains (losses)(1)		N/A		N/A		N/A		N/A		(269)
Adjusted average stockholders' equity	$	13,051	$	13,559	$	12,844	$	11,358	$	11,158	-14.5%

Book Value Per Common Share
Book value per share	$	82.93	$	54.81	$	16.45	$	24.32	$	33.89	-59.1%
Less:
AOCI		19.29		(13.40)		(41.01)		(37.54)		(22.15)	NM
Book value per share, excluding AOCI		63.64		68.21		57.46		61.86		56.04	-11.9%
Less:
MRB-related gains (losses)		(12.13)		(14.57)		(11.07)		(3.86)		(6.83)	43.7%
GLB and GDB hedge instruments gains (losses)(1)		N/A		N/A		N/A		N/A		(3.18)
Adjusted book value per share	$	75.77	$	82.78	$	68.53	$	65.72	$	66.05	-12.8%

(1) For periods beginning on or after January 1, 2023, gains (losses) on our GLB and GDB hedge instruments are excluded from adjusted stockholders' equity to align to the
updated hedge program.



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