{"id":756953,"date":"2023-05-09T21:57:19","date_gmt":"2023-05-10T01:57:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/lincoln-financial-group-reports-first-quarter-2023-results\/"},"modified":"2023-05-09T21:57:19","modified_gmt":"2023-05-10T01:57:19","slug":"lincoln-financial-group-reports-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lincoln-financial-group-reports-first-quarter-2023-results\/","title":{"rendered":"Lincoln Financial Group Reports First Quarter 2023 Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwdoublebottom { border-bottom: double black 2.25pt }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwpadl3 { padding-left: 15px }\n.bwpadl6 { padding-left: 30px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwwidth1 { width: 1% }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth2 { width: 2% }\n.bwwidth3 { width: 3% }\n.bwwidth6 { width: 6% }\n.bwwidth67 { width: 67% }\n.bwwidth71 { width: 71% }\n.bwwidth79 { width: 79% }\n.bwwidth8 { width: 8% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Lincoln Financial Group Reports First Quarter 2023 Results<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>Net loss available to common stockholders of $(5.37) per diluted share includes unfavorable impacts from the new accounting for market risk benefits (\u201cMRBs\u201d) as a result of the recent adoption of Accounting Standards Update 2018-12 (\u201cLDTI\u201d)<\/i><\/li>\n<li><i>Adjusted operating income available to common stockholders of $1.52 per diluted share<\/i><\/li>\n<li><i>Executing on our objectives to rebuild capital and increase ongoing free cash flow<\/i><\/li>\n<li><i>Delivered robust level of sales while shifting to a more capital-efficient product mix<\/i><\/li>\n<li><i>High-quality and diversified investment portfolio is well-positioned<\/i><\/li>\n<\/ul>\n<p>RADNOR, Pa.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nLincoln Financial Group (NYSE: LNC) today reported a net loss available to common stockholders for the first quarter of 2023 of $(909) million, or $(5.37) per diluted share, compared to net income available to common stockholders in the first quarter of 2022 of $1,481 million, or $8.39 per diluted share. The net loss available to common stockholders this quarter was primarily driven by unfavorable impacts from a portion of the MRB and hedge instrument fair value changes. A favorable portion of the MRB fair value change flowed through AOCI, approximately offsetting the impact to total stockholders\u2019 equity.<\/p>\n<p>\nFirst quarter adjusted income from operations available to common stockholders was $260 million, or $1.52 per diluted share, compared to adjusted income from operations available to common stockholders of $273 million, or $1.55 per diluted share, in the first quarter of 2022.<\/p>\n<p>\n\u201cWe are continuing to take swift action and I am pleased with the substantial progress we have made to rebuild capital and increase our ongoing pace of capital generation,\u201d said Ellen Cooper, president and CEO of Lincoln Financial Group. \u201cWe are delivering profitable new-business growth with a more capital-efficient product mix in 2023 across our retail and workplace solutions businesses, while maintaining a robust level of sales. Last week\u2019s announcement of our $28 billion block reinsurance transaction with Fortitude Re is an important step to further advance our enterprise strategic objectives and continue bolstering the balance sheet. While we are experiencing earnings headwinds in 2023, as we continue to execute, I remain confident that the earnings power of the business will begin to re-emerge more materially in 2024 and beyond.\u201d<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwtopsingle bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwtopsingle bwrightsingle bwpadl0\" rowspan=\"1\"><b>As of or For the<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\"><b>Three Months Ended<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\"><b>March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">(in millions, except per share data)<\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwpadr0\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwrightsingle\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2022<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Net Income (Loss)<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(881<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,482<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Net Income (Loss) Available to Common Stockholders<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(909<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,481<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Net Income (Loss) per Diluted Share Available to Common Stockholders <sup>(1)<\/sup><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(5.37<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8.39<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Revenues<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>3,814<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,720<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Adjusted Income (Loss) from Operations<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>288<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n274<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Adjusted Income (Loss) from Operations Available to Common Stockholders<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>260<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n273<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Adjusted Income (Loss) from Operations per Diluted Share Available to<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">Common Stockholders<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1.52<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.55<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Average Basic Shares<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>169.4<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n174.2<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Average Diluted Shares<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>170.5<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n176.4<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Net Income (Loss) Return on Equity (&#8220;ROE&#8221;)<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>-59.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n34.7<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Adjusted Income (Loss) from Operations Available to Common Stockholders,<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">Excluding AOCI and Preferred Stock ROE<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>10.4<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10.5<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Adjusted Income (Loss) from Operations ROE<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>9.5<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Book Value per Share (BVPS), Including AOCI<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>33.89<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n82.93<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Book Value per Share, Excluding AOCI<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>56.04<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n63.64<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Adjusted Book Value per Share<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>66.05<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n75.77<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><sup>(1)<\/sup> 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.<\/td>\n<\/tr>\n<\/table>\n<p><b>Operating Highlights \u2013 First Quarter 2023<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAnnuities deposits of $3.2 billion, up 17% from the prior-year quarter<\/p>\n<\/li>\n<li>\nShifting and reducing Life Insurance sales, driven by a more capital-efficient mix with sales down 16%<\/p>\n<\/li>\n<li>\nGroup Protection operating margin of 5.6%, with a loss ratio of 75%<\/p>\n<\/li>\n<li>\nRetirement Plan Services trailing-twelve months positive net flows of $2.3 billion<\/p>\n<\/li>\n<\/ul>\n<p>\nThere were no notable items within adjusted income from operations for the current quarter or the prior-year quarter. First quarter 2023 adjusted operating income available to common stock shareholders per diluted share included:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nA favorable impact of $0.06 in Annuities related to a dividends received deduction true-up,<\/p>\n<\/li>\n<li>\nAlternative investment income $(0.11) below a targeted 10% long-term annualized return, and<\/p>\n<\/li>\n<li>\nPrepayment income of $0.02.<\/p>\n<\/li>\n<\/ul>\n<p>\nAdjusted operating income available to common stock shareholders per diluted share for the prior-year period included:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAn unfavorable impact of $(0.11) from one-time claims adjustments in Group Protection,<\/p>\n<\/li>\n<li>\nAlternative investment income in line with a targeted 10% long-term annualized return, and<\/p>\n<\/li>\n<li>\nPrepayment income of $0.23.<\/p>\n<\/li>\n<\/ul>\n<p><b>First Quarter 2023 \u2013 Segment Results<\/b><\/p>\n<p><b><i>Annuities<\/i><\/b><\/p>\n<p>\nAnnuities reported income from operations of $274 million, down 14% compared to the prior-year quarter. The decrease was primarily due to lower fee income driven by unfavorable capital markets, partially offset by a favorable tax adjustment in the current quarter.<\/p>\n<p>\nTotal annuity deposits of $3.2 billion were up 17% from the prior-year quarter as sales growth in fixed annuities and indexed variable annuities more than offset a decline in sales of traditional variable annuities. Net outflows were $331 million in the quarter compared to net outflows of $525 million in the prior-year quarter.<\/p>\n<p>\nAverage account balances for the quarter of $146 billion were down 9% from the prior-year quarter, primarily driven by unfavorable capital markets. Variable annuities with living benefits represented 46% of total annuity account balances, a decrease of four percentage points compared to the prior-year quarter.<\/p>\n<p><b><i>Life Insurance<\/i><\/b><\/p>\n<p>\nLife Insurance reported a loss from operations of $(13) million compared to income of $23 million in the prior-year quarter. The decrease was primarily driven by the run-rate impact from the company\u2019s third quarter 2022 annual review of DAC and reserve assumptions and lower alternative investment income, prepayment income and base spreads, partially offset by an improvement in COVID-19 mortality experience.<\/p>\n<p>\nTotal Life sales for the quarter were $130 million compared to $155 million in the prior-year quarter, driven primarily by the shift to a more capital-efficient product mix with lower sales of Variable Universal Life, Executive Benefits and Term products, partially offset by increased sales of Indexed Universal Life products.<\/p>\n<p>\nAverage Life Insurance in-force of $1.1 trillion increased 9% over the prior-year quarter. For the quarter, average account balances were $49 billion, down 4% compared to the prior-year quarter.<\/p>\n<p><b><i>Group Protection<\/i><\/b><\/p>\n<p>\nGroup Protection reported income from operations of $71 million in the quarter compared to a loss from operations of $46 million in the prior-year quarter. The increase was primarily driven by improved disability underwriting results and lower COVID-19 mortality claims.<\/p>\n<p>\nThe total loss ratio was 75% in the current quarter compared to 89% in the prior-year quarter with the decrease driven primarily by better disability incidence and resolutions and lower life claims. The operating margin expanded 950 basis points from the prior-year quarter to 5.6%.<\/p>\n<p>\nGroup Protection sales for the quarter were $128 million, up 22% compared to the prior-year quarter. Supplemental Health products represented 24% of total Group Protection sales, compared to 9% in the prior-year quarter.<\/p>\n<p>\nInsurance premiums of $1.3 billion in the quarter were up 7% compared to the prior-year quarter.<\/p>\n<p><b><i>Retirement Plan Services<\/i><\/b><\/p>\n<p>\nRetirement Plan Services reported income from operations of $43 million, down 26% compared to the prior-year quarter. The decrease was primarily driven by lower prepayment income and higher expenses, partly offset by the earnings impact related to positive net flows and higher base spreads.<\/p>\n<p>\nTotal deposits for the quarter of $3.2 billion were down 12% compared to the prior-year quarter. Net flows totaled $535 million for the quarter, contributing to trailing-twelve months\u2019 net flows of $2.3 billion.<\/p>\n<p>\nAverage account balances for the quarter of $91 billion were down 5% from the prior-year quarter primarily driven by lower equity markets.<\/p>\n<p><b><i>Other Operations<\/i><\/b><\/p>\n<p>\nOther Operations reported a loss from operations of $87 million versus a loss of $78 million in the prior-year quarter.<\/p>\n<p><b>First Quarter Highlights &#8211; Realized Gains and Losses \/ Impacts to Net Income<\/b><\/p>\n<p>\nRealized gains\/losses and other impacts to net income (after-tax) in the quarter were primarily driven by:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nA $506 million loss associated with unfavorable impacts from a portion of the MRB fair value change, as a result of the adoption of LDTI. A favorable portion of the MRB fair value change flowed through AOCI more than offsetting the impact to total stockholders\u2019 equity.<\/p>\n<\/li>\n<li>\nA $377 million loss associated with changes in the fair value of Guaranteed Living Benefits and Guaranteed Death Benefits hedge instruments, net of hedge allowance.<\/p>\n<\/li>\n<li>\n$49 million of net realized credit losses.<\/p>\n<\/li>\n<\/ul>\n<p><b>Unrealized Gains and Losses<\/b><\/p>\n<p>\nThe company reported a net unrealized loss of $(9.6) billion, pre-tax, on its available-for-sale securities at March 31, 2023. This compares to a net unrealized gain of $3.1 billion, pre-tax, at March 31, 2022, with the year-over-year decrease primarily driven by higher treasury rates.<\/p>\n<p><b>Share Count<\/b><\/p>\n<p>\nThe quarter\u2019s average diluted share count of 170.5 million was down 3% from the first quarter of 2022, the result of repurchasing 2.8 million shares of stock at a cost of $150 million since March 31, 2022.<\/p>\n<p><b>Book Value<\/b><\/p>\n<p>\nVersus the prior-year period, as of March 31, 2023, book value per share, including AOCI, decreased 59% to $33.89, book value per share, excluding AOCI, decreased 12% to $56.04 and adjusted book value per share decreased 13% to $66.05.<\/p>\n<p>\nThe tables attached to this release define and reconcile the non-GAAP measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE, adjusted income from operations ROE, BVPS, excluding AOCI, and adjusted BVPS to net income (loss), net income (loss) available to common stockholders, net income (loss) ROE and BVPS, including AOCI, calculated in accordance with GAAP.<\/p>\n<p>\nThis press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements \u2013 Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the company\u2019s current expectations.<\/p>\n<p>\nFor other financial information, please refer to the company\u2019s first quarter 2023 statistical supplement and investment portfolio supplement available on its website <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.lincolnfinancial.com%2Finvestor&amp;esheet=53396934&amp;newsitemid=20230509006220&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.lincolnfinancial.com%2Finvestor&amp;index=1&amp;md5=19f388fb848634cc8be1ed78d53522dd\">http:\/\/www.lincolnfinancial.com\/investor<\/a>.<\/p>\n<p><b>Conference Call Information<\/b><\/p>\n<p>\nLincoln Financial Group will discuss the company\u2019s first quarter results with investors in a conference call beginning at 10:00 a.m. Eastern Time on Wednesday, May 10, 2023.<\/p>\n<p>\nThe conference call will be broadcast live through the company website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.lincolnfinancial.com%2Fwebcast&amp;esheet=53396934&amp;newsitemid=20230509006220&amp;lan=en-US&amp;anchor=www.lincolnfinancial.com%2Fwebcast&amp;index=2&amp;md5=4ef71f3fb2c9bee5409e48d9cb40dca5\">www.lincolnfinancial.com\/webcast<\/a>. Please log on to the webcast at least 15 minutes prior to the start of the conference call to download and install any necessary streaming media software. A replay of the call will be available by 1:00 p.m. Eastern Time on May 10, 2023 at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.lincolnfinancial.com%2Fwebcast&amp;esheet=53396934&amp;newsitemid=20230509006220&amp;lan=en-US&amp;anchor=www.lincolnfinancial.com%2Fwebcast&amp;index=3&amp;md5=5094ef655ad5e5f6842185d64191ca94\">www.lincolnfinancial.com\/webcast<\/a>.<\/p>\n<p><b>About Lincoln Financial Group<\/b><\/p>\n<p>\nLincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, approximately 16 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $290 billion in end-of-period account balances net of reinsurance as of March 31, 2023. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and ranks among Newsweek\u2019s Most Responsible Companies. Dedicated to diversity, equity and inclusion, we are included on transparency benchmarking tools such as the Corporate Equality Index, the Disability Equality Index and the Bloomberg Gender-Equality Index. Committed to providing our employees with flexible work arrangements, we were named to FlexJobs\u2019 list of the Top 100 Companies to Watch for Remote Jobs in 2022. With a long and rich legacy of acting ethically, telling the truth and speaking up for what is right, Lincoln was recognized as one of Ethisphere\u2019s 2022 World\u2019s Most Ethical Companies\u00ae. We create opportunities for early career talent through our intern development program, which ranks among WayUp and Yello\u2019s annual list of Top 100 Internship Programs. Learn more at: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.LincolnFinancial.com&amp;esheet=53396934&amp;newsitemid=20230509006220&amp;lan=en-US&amp;anchor=www.LincolnFinancial.com&amp;index=4&amp;md5=4cfdb2ebdc2bf959c71636e97eed80b0\">www.LincolnFinancial.com<\/a>. Follow us on <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.facebook.com%2Flincolnfinancialgroup&amp;esheet=53396934&amp;newsitemid=20230509006220&amp;lan=en-US&amp;anchor=Facebook&amp;index=5&amp;md5=d92bcb85b1030952362bea3e3652d11c\">Facebook<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fmobile.twitter.com%2Flincolnfingroup&amp;esheet=53396934&amp;newsitemid=20230509006220&amp;lan=en-US&amp;anchor=Twitter&amp;index=6&amp;md5=922c95fbe7fb1ae64423946f665eed22\">Twitter<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2F4307%3FtrkInfo%3Dtas%253Alincoln%2Bfinancial%252Cidx%253A3-1-3%26trk%3Dtyah&amp;esheet=53396934&amp;newsitemid=20230509006220&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=7&amp;md5=ee562ccbd66ad6868282fe476622db5a\">LinkedIn<\/a>, and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.instagram.com%2Flincolnfingroup%2F&amp;esheet=53396934&amp;newsitemid=20230509006220&amp;lan=en-US&amp;anchor=Instagram&amp;index=8&amp;md5=5666ca65892030c6172b6ee4b8dff609\">Instagram<\/a>. Sign up for email alerts at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fnewsroom.lfg.com&amp;esheet=53396934&amp;newsitemid=20230509006220&amp;lan=en-US&amp;anchor=http%3A%2F%2Fnewsroom.lfg.com&amp;index=9&amp;md5=893bcd0a3d0e7095b1c95af9405adaee\">http:\/\/newsroom.lfg.com<\/a>.<\/p>\n<p><b><span class=\"bwuline\">Explanatory Notes on Use of Non-GAAP Measures<\/span><\/b><\/p>\n<p>\nManagement believes that adjusted income from operations (or adjusted operating income), adjusted income from operations available to common stockholders, adjusted income from operations available to common stockholders, excluding AOCI and preferred stock ROE, adjusted income from operations ROE, adjusted operating revenues, and adjusted income from operations per diluted share available to common stockholders better explain the results of the company\u2019s ongoing businesses in a manner that allows for a better understanding of the underlying trends in the company\u2019s current business because the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management also believes that using book value, excluding accumulated other comprehensive income (\u201cAOCI\u201d) , and adjusted book value per share enables investors to analyze the amount of our net worth that is primarily attributable to our business operations. 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. 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.<\/p>\n<p>\nFor the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and\/or are included in the Statistical Reports for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.lfg.com%2Finvestor&amp;esheet=53396934&amp;newsitemid=20230509006220&amp;lan=en-US&amp;anchor=www.lfg.com%2Finvestor&amp;index=10&amp;md5=31e2cabc88ebdf599e2f9d65fd5d6fd7\">www.lfg.com\/investor<\/a>.<\/p>\n<p><b><span class=\"bwuline\">Definitions of Non-GAAP Measures Used in this Press Release<\/span><\/b><\/p>\n<p>\nAdjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted operating revenues, adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE and adjusted income (loss) from operations ROE (in each case including and excluding the effect of average goodwill), BVPS, excluding AOCI, and adjusted BVPS are financial measures we use to evaluate and assess our results. Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, adjusted operating revenues, adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE, adjusted income (loss) from operations ROE, BVPS, excluding AOCI, and adjusted BVPS, as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), net income (loss) available to common stockholders, revenues, net income (loss) ROE and BVPS, including AOCI, the most directly comparable GAAP measures.<\/p>\n<p><b>Adjusted Income (Loss) from Operations<\/b><\/p>\n<p>\nAdjusted income (loss) from operations is GAAP net income (loss) excluding the after-tax effects of the following items, as applicable:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nChanges in market risk benefits (\u201cMRBs\u201d), including gains and losses and benefit payments (\u201cMRB-related impacts\u201d);<\/p>\n<\/li>\n<li>\nInvestment and reinsurance-related realized gain (loss):<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nChanges in the carrying value of mortgage loans on real estate attributable to current expected credit losses (\u201cCECL\u201d) (\u201cchanges in CECL reserve for mortgage loans on real estate\u201d);<\/p>\n<\/li>\n<li>\nChanges in the carrying value of reinsurance-related assets attributable to CECL (\u201cchanges in CECL reserve for reinsurance-related assets\u201d);<\/p>\n<\/li>\n<li>\nChanges in the carrying value of fixed maturity AFS securities attributable to the estimation of credit losses (\u201cchanges in the credit loss allowance for fixed maturity AFS securities\u201d); and<\/p>\n<\/li>\n<li>\nChanges 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 (\u201cchanges in investments and reinsurance-related embedded derivatives\u201d);<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nChanges in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them (\u201cchanges in fair value of GLB and GDB hedge instruments, net of hedge allowance\u201d);<\/p>\n<\/li>\n<li>\nChanges 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; (\u201cindexed product net derivative results\u201d);<\/p>\n<\/li>\n<li>\nChanges in reserves resulting from benefit ratio unlocking on variable universal life insurance products with secondary guarantees (\u201cbenefit ratio unlocking\u201d);<\/p>\n<\/li>\n<li>\nIncome (loss) from the initial adoption of new accounting standards, regulations and policy changes;<\/p>\n<\/li>\n<li>\nIncome (loss) from reserve changes, net of related amortization, on business sold through reinsurance;<\/p>\n<\/li>\n<li>\nTransaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business;<\/p>\n<\/li>\n<li>\nGains (losses) on modification or early extinguishment of debt;<\/p>\n<\/li>\n<li>\nLosses from the impairment of intangible assets and gains (losses) on other non-financial assets; and<\/p>\n<\/li>\n<li>\nIncome (loss) from discontinued operations.<\/p>\n<\/li>\n<\/ul>\n<p><b>Adjusted Income (Loss) from Operations Available to Common Stockholders<\/b><\/p>\n<p>\nAdjusted 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.<\/p>\n<p><b>Adjusted Operating Revenues<\/b><\/p>\n<p>\nAdjusted operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nInvestment and reinsurance-related realized gain (loss);<\/p>\n<\/li>\n<li>\nChanges in fair value of GLB and GDB hedge instruments, net of hedge allowance;<\/p>\n<\/li>\n<li>\nIndexed product net derivative results;<\/p>\n<\/li>\n<li>\nRevenue adjustments from the initial adoption of new accounting standards; and<\/p>\n<\/li>\n<li>\nAmortization of deferred gains arising from reserve changes on business sold through reinsurance.<\/p>\n<\/li>\n<\/ul>\n<p><b>Adjusted Income (Loss) From Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE<\/b><\/p>\n<p>\nAdjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE measures how efficiently we generate profits from the resources provided by our net assets.<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIt is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by average stockholders\u2019 equity, excluding AOCI and preferred stock.<\/p>\n<\/li>\n<li>\nManagement 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.<\/p>\n<\/li>\n<li>\nManagement evaluates ROE by both including and excluding the effect of average goodwill.<\/p>\n<\/li>\n<\/ul>\n<p><b>Adjusted Income (Loss) from Operations ROE<\/b><\/p>\n<p>\nAdjusted income (loss) from operations ROE is calculated based upon a non-GAAP financial measure.<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIt is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders\u2019 equity.<\/p>\n<\/li>\n<li>\nManagement 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.<\/p>\n<\/li>\n<li>\nManagement evaluates ROE by both including and excluding the effect of average goodwill.<\/p>\n<\/li>\n<\/ul>\n<p><b>Book Value Per Share, Excluding AOCI<\/b><\/p>\n<p>\nBook value per share, excluding AOCI, is calculated based upon a non-GAAP financial measure.<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIt is calculated by dividing (a) stockholders\u2019 equity, excluding AOCI and preferred stock by (b) common shares outstanding.<\/p>\n<\/li>\n<li>\nWe provide book value per share, excluding AOCI, to enable investors to analyze the amount of our net worth that is primarily attributable to our business operations.<\/p>\n<\/li>\n<li>\nManagement believes book value per share, excluding AOCI, is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.<\/p>\n<\/li>\n<li>\nBook value per share is the most directly comparable GAAP measure.<\/p>\n<\/li>\n<\/ul>\n<p><b>Adjusted Book Value Per Share<\/b><\/p>\n<p>\nAdjusted book value per share is calculated based upon a non-GAAP financial measure.<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nIt is calculated by dividing (a) stockholders\u2019 equity, excluding AOCI, preferred stock and MRB-related impacts by (b) common shares outstanding.<\/p>\n<\/li>\n<li>\nWe provide adjusted book value per share to enable investors to analyze the amount of our net worth that is primarily attributable to our business operations.<\/p>\n<\/li>\n<li>\nManagement believes adjusted book value per share is useful to investors because it eliminates the effect of market movements that are unpredictable that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.<\/p>\n<\/li>\n<li>\nBook value per share is the most directly comparable GAAP measure.<\/p>\n<\/li>\n<\/ul>\n<p><b>Definition of Notable Items<\/b><\/p>\n<p>\nNotable items are items which, in management\u2019s view, do not reflect the company\u2019s normal, ongoing operations.<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nWe believe highlighting notable items included in adjusted income (loss) from operations enables investors to better understand the fundamental trends in its results of operations and financial condition.<\/p>\n<\/li>\n<\/ul>\n<p><b><span class=\"bwuline\">Special Note<\/span><\/b><\/p>\n<p><b>Sales<\/b><\/p>\n<p>\nSales as reported consist of the following:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nUniversal life insurance (\u201cUL\u201d), indexed universal life insurance (\u201cIUL\u201d), variable universal life insurance (\u201cVUL\u201d) \u2013 first-year commissionable premiums plus 5% of excess premiums received;<\/p>\n<\/li>\n<li><i>MoneyGuard<sup>\u00ae<\/sup><\/i>linked-benefit products \u2013 <i>MoneyGuard<sup>\u00ae<\/sup><\/i> (UL), 15% of total expected premium deposits, and<i> MoneyGuard Market Advantage<sup>SM<\/sup><\/i>(VUL), 150% of commissionable premiums;\n<\/li>\n<li>\nExecutive Benefits \u2013 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;<\/p>\n<\/li>\n<li>\nTerm \u2013 100% of annualized first-year premiums;<\/p>\n<\/li>\n<li>\nAnnuities and Retirement Plan Services \u2013 deposits from new and existing customers; and<\/p>\n<\/li>\n<li>\nGroup Protection \u2013 annualized first-year premiums from new policies.<\/p>\n<\/li>\n<\/ul>\n<p class=\"bwalignc\"><b>Lincoln National Corporation<br \/>\n<br \/><\/b><b>Reconciliation of Net Income to Income from Operations<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>For the<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">(in millions, except per share data)<\/td>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>Three Months Ended<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\"><b>March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2022<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\"><b>Net Income (Loss) Available to Common<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\"><b>Stockholders \u2013 Diluted<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(909<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,481<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Less:<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">Preferred stock dividends declared<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(25<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">Adjustment for deferred units of LNC stock in our<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl6\" rowspan=\"1\" colspan=\"1\">deferred compensation plans <sup>(1)<\/sup><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(3<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\"><b>Net Income (Loss)<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(881<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,482<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Less:<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">MRB-related impacts, after-tax<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(506<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,062<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">Investment and reinsurance-related realized gain (loss), after-tax<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(154<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">Changes in fair value of GLB and GDB hedge instruments, net of hedge allowance, after-tax<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(377<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n58<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">Indexed product net derivative results, after-tax<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(135<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n87<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">Benefit ratio unlocking, after-tax<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>3<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl6\" rowspan=\"1\" colspan=\"1\">Total adjustments<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(1,169<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,208<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\"><b>Adjusted Income (Loss) from Operations<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwdoublebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>288<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwdoublebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n274<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\"><b>Earnings (Loss) Per Common Share \u2013 Diluted <sup>(2)<\/sup><\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Net income (loss) <sup>(2)<\/sup><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(5.37<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8.39<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Adjusted income (loss) from operations<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>1.52<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.55<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\"><b>Stockholders\u2019 Equity, Average<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Stockholders&#8217; equity<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>5,917<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17,085<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Less:<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">Preferred stock<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>986<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">AOCI<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(5,053<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,650<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl6\" rowspan=\"1\" colspan=\"1\">Stockholders\u2019 equity, excluding AOCI and preferred stock<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>9,984<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,435<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">MRB-related impacts<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(905<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(2,616<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">GLB and GDB hedge instruments gains (losses) <sup>(3)<\/sup><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(269<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nN\/A<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Adjusted average stockholders&#8217; equity<\/td>\n<td class=\"bwalignc bwvertalignb bwdoublebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>11,158<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwdoublebottom bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13,051<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\"><b>Return on Equity<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Net income (loss) ROE<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>-59.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n34.7<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Adjusted income (loss) from operations available to common stockholders,<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth79 bwpadl3\" rowspan=\"1\" colspan=\"1\">excluding AOCI and preferred stock ROE<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>10.4<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10.5<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\">Adjusted income (loss) from operations ROE<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>9.5<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth6\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth2\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth79\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup>(1)<\/sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><sup>(2) <\/sup>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.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><sup>(3) <\/sup>For periods beginning on or after January 1, 2023, gains (losses) on our GLB and GDB hedge instruments are excluded from adjusted stockholders&#8217; equity to align to the updated hedge program.<\/td>\n<\/tr>\n<\/table>\n<p class=\"bwalignc\"><b>Lincoln National Corporation<br \/>\n<br \/><\/b><b>Reconciliation of Book Value per Share<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\"><b>As of March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2022<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\"><b>Book Value Per Common Share<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">Book value per share<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>33.89<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n82.93<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">Less:<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth67 bwpadl3\" rowspan=\"1\" colspan=\"1\">AOCI<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(22.15<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.29<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">Book value per share, excluding AOCI<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>56.04<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n63.64<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">Less:<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth67 bwpadl3\" rowspan=\"1\" colspan=\"1\">MRB-related gains (losses)<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(6.83<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(12.13<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth67 bwpadl3\" rowspan=\"1\" colspan=\"1\">GLB and GDB hedge instruments gains (losses)<sup>(1)<\/sup><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(3.18<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nN\/A<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\">Adjusted book value per share<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n66.05<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n75.77<\/p>\n<\/td>\n<td class=\"bwvertalignb bwdoublebottom bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth67\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><sup>(1)<\/sup> For periods beginning on or after January 1, 2023, gains (losses) on our GLB and GDB hedge instruments are excluded from adjusted stockholders&#8217; equity to align to the updated hedge program.<\/td>\n<\/tr>\n<\/table>\n<p class=\"bwalignc\"><b>Lincoln National Corporation<br \/>\n<br \/><\/b><b>Digest of Earnings<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>For the<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\">(in millions, except per share data)<\/td>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>Three Months Ended<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"7\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\"><b>March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2022<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\"><b>Revenues<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>3,814<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,720<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\"><b>Net Income (Loss)<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(881<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,482<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\">Preferred stock dividends declared<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(25<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\">Adjustment for deferred units of LNC stock in our<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth71 bwpadl3\" rowspan=\"1\" colspan=\"1\">deferred compensation plans <sup>(1)<\/sup><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(3<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n(1<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\"><b>Net Income (Loss) Available to Common<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth71 bwpadl3\" rowspan=\"1\" colspan=\"1\"><b>Stockholders \u2013 Diluted<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(909<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,481<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\"><b>Earnings (Loss) Per Common Share \u2013 Basic<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\"><b>$<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(5.35<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\">$<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8.50<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\"><b>Earnings (Loss) Per Common Share \u2013 Diluted <sup>(2)<\/sup><\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>(5.37<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8.39<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\"><b>Average Shares \u2013 Basic<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>169,357,846<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n174,153,475<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\"><b>Average Shares \u2013 Diluted<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>170,485,160<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignb bwpadl0 bwpadr0\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n176,434,549<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth3\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth71\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth3\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup>(1)<\/sup> We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"8\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup>(2)<\/sup> 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.<\/td>\n<\/tr>\n<\/table>\n<p><b>FORWARD-LOOKING STATEMENTS \u2013 CAUTIONARY LANGUAGE<\/b><\/p>\n<p>\nCertain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln\u2019s behalf are \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995 (\u201cPSLRA\u201d). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cshall,\u201d \u201cwill\u201d and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln\u2019s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.<\/p>\n<p>\nForward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nWeak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience;<\/p>\n<\/li>\n<li>\nAdverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and\/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;<\/p>\n<\/li>\n<li>\nThe inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company\u2019s ability to meet its obligations;<\/p>\n<\/li>\n<li>\nLegislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries\u2019 products; the required amount of reserves and\/or surplus; our ability to conduct business and our captive reinsurance arrangements as well as restrictions on the payment of revenue sharing and 12b-1 distribution fees;<\/p>\n<\/li>\n<li>\nThe impact of U.S. federal tax reform legislation on our business, earnings and capital;<\/p>\n<\/li>\n<li>\nThe impact of regulations adopted by the Securities and Exchange Commission (\u201cSEC\u201d), the Department of Labor or other federal or state regulators or self-regulatory organizations relating to the standard of care owed by investment advisers and\/or broker-dealers that could affect our distribution model;<\/p>\n<\/li>\n<li>\nThe impact of new and emerging privacy regulations that may lead to increased compliance costs and reputation risk;<\/p>\n<\/li>\n<li>\nIncreasing scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;<\/p>\n<\/li>\n<li>\nActions taken by reinsurers to raise rates on in-force business;<\/p>\n<\/li>\n<li>\nDeclines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;<\/p>\n<\/li>\n<li>\nRapidly increasing interest rates causing policyholders to surrender life insurance and annuity policies, thereby causing realized investment losses;<\/p>\n<\/li>\n<li>\nThe impact of the implementation of the provisions of the European Market Infrastructure Regulation relating to the regulation of derivatives transactions;<\/p>\n<\/li>\n<li>\nThe initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;<\/p>\n<\/li>\n<li>\nA decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries\u2019 products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefit riders, which are accounted for as market risk benefits, of our subsidiaries\u2019 variable annuity products;<\/p>\n<\/li>\n<li>\nIneffectiveness of our risk management policies and procedures, including our various hedging strategies;<\/p>\n<\/li>\n<li>\nA deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries\u2019 products and in establishing related insurance reserves, which may reduce future earnings;<\/p>\n<\/li>\n<li>\nChanges in accounting principles that may affect our consolidated financial statements;<\/p>\n<\/li>\n<li>\nLowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;<\/p>\n<\/li>\n<li>\nLowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, profitability of our insurance subsidiaries and liquidity;<\/p>\n<\/li>\n<li>\nSignificant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;<\/p>\n<\/li>\n<li>\nInterruption in telecommunication, information technology or other operational systems or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches of our data security systems;<\/p>\n<\/li>\n<li>\nThe effect of acquisitions and divestitures, restructurings, product withdrawals and other unusual items;<\/p>\n<\/li>\n<li>\nThe inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives, including the Spark Initiative;<\/p>\n<\/li>\n<li>\nThe adequacy and collectability of reinsurance that we have obtained;<\/p>\n<\/li>\n<li>\nPandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims, affect our businesses and increase the cost and availability of reinsurance;<\/p>\n<\/li>\n<li>\nCompetitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;<\/p>\n<\/li>\n<li>\nThe unknown effect on our subsidiaries\u2019 businesses resulting from evolving market preferences and the changing demographics of our client base; and<\/p>\n<\/li>\n<li>\nThe unanticipated loss of key management, financial planners or wholesalers.<\/p>\n<\/li>\n<\/ul>\n<p>\nThe risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.<\/p>\n<p>\nFurther, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.<\/p>\n<p>\nThe reporting of Risk-Based Capital (\u201cRBC\u201d) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230509006220r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230509006220\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230509006220\/en\/<\/a><\/span><\/p>\n<p>\nAl Copersino<br \/>\n<br \/>(800) 237-2920<br \/>\n<br \/>Investor Relations<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:InvestorRelations@LFG.com\">InvestorRelations@LFG.com<br \/>\n<\/a><\/p>\n<p>Kelly Capizzi<br \/>\n<br \/>(484) 583-7824<br \/>\n<br \/>Media Relations<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Kelly.Capizzi@LFG.com\">Kelly.Capizzi@LFG.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Pennsylvania United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Consulting Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230509006220\/en\/398522\/3\/LFG-B-HORZ_202_K.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Lincoln Financial Group Reports First Quarter 2023 Results Net loss available to common stockholders of $(5.37) per diluted share includes unfavorable impacts from the new accounting for market risk benefits (\u201cMRBs\u201d) as a result of the recent adoption of Accounting Standards Update 2018-12 (\u201cLDTI\u201d) Adjusted operating income available to common stockholders of $1.52 per diluted share Executing on our objectives to rebuild capital and increase ongoing free cash flow Delivered robust level of sales while shifting to a more capital-efficient product mix High-quality and diversified investment portfolio is well-positioned RADNOR, Pa.&#8211;(BUSINESS WIRE)&#8211; Lincoln Financial Group (NYSE: LNC) today reported a net loss available to common stockholders for the first quarter of 2023 of $(909) million, or $(5.37) per diluted share, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/lincoln-financial-group-reports-first-quarter-2023-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Lincoln Financial Group Reports First Quarter 2023 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-756953","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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