← LINCOLN NATIONAL CORP

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
ASSETS
Current assets:
Cash and Cash Equivalents, at Carrying Value $2.7b $1.6b — — — — — — — —
Goodwill $2.3b $1.4b $1.8b $1.8b $1.8b $1.8b $1.8b $1.1b $1.1b $1.1b
Operating Lease, Right-of-Use Asset — — — $233.0m $182.0m $147.0m — $118.0m $85.0m $58.0m
Other assets $5.0b $6.1b $15.7b $16.2b $16.0b $18.0b $20.9b $9.3b $8.2b $7.2b
Additional Financial Items
Cash and invested cash — $1.6b $2.3b $2.6b $1.7b $2.6b $3.3b $3.4b $5.8b $9.5b
Deferred acquisition costs, value of business acquired and deferred sales inducements — — — — — — $12.2b $12.4b $12.5b $12.8b
Deferred front-end loads — — — — — — $5.1b $5.9b $6.7b $7.6b
Deposit assets, net of allowance for credit losses — — — — — — $11.6b $28.8b $30.8b $33.7b
Derivative investments $927.0m $915.0m $1.1b $1.9b $3.1b $5.4b $3.7b $6.5b $9.7b $9.9b
Equity securities $275.0m $246.0m $99.0m $103.0m $129.0m $318.0m $427.0m $306.0m $294.0m $636.0m
Fixed maturity available-for-sale securities, at fair value, (amortized cost: 2025 - $101,462; 2024 - $97,415; allowance for credit losses: 2025 - $110; 2024 - $46) — — — — — — $99.7b $88.7b $87.1b $93.4b
Funds withheld reinsurance liabilities $2.0b $1.8b $1.7b $1.8b $1.9b $2.1b $5.7b $17.6b $16.9b $17.9b
Future contract benefits $21.6b $22.9b $34.6b $36.4b $40.8b $41.0b $42.2b $39.9b $39.8b $42.1b
Market risk benefit assets — — — — — — $2.8b $3.9b $4.9b $4.8b
Market risk benefit liabilities — — — — — — $2.1b $1.7b $1.0b $1.1b
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2025 - $199; 2024 - $232) — — — $16.3b $16.8b $18.0b $18.3b $19.0b $21.1b $22.5b
Other investments $2.2b $2.3b $2.3b $3.0b $4.0b $4.3b $3.7b $5.0b $6.6b $8.1b
Other liabilities $5.9b $5.5b $12.7b $13.5b $13.8b $13.8b $11.7b $7.3b $7.3b $7.0b
Payables for collateral on investments $5.0b $4.4b $4.8b $5.1b $6.2b $8.9b $6.7b $8.1b $10.0b $8.0b
Policy loans $2.5b $2.4b $2.5b $2.5b $2.4b $2.4b $2.4b $2.5b $2.5b $2.6b
Policyholder account balances $78.9b $80.2b $91.2b $98.0b $105.4b $111.7b $120.8b $120.7b $126.2b $136.2b
Reinsurance recoverables, net of allowance for credit losses $5.3b $4.9b $17.7b $17.1b $16.5b $20.3b $19.9b $29.8b $28.8b $28.0b
Separate account assets $128.4b $144.2b $132.8b $153.6b $168.0b $182.6b $143.5b $158.3b $168.4b $180.1b
Separate account liabilities $128.4b $144.2b $132.8b $153.6b $168.0b $182.6b $143.5b $158.3b $168.4b $180.1b
Trading securities $1.7b $1.6b $1.9b $4.7b $4.5b $4.5b $3.5b $2.4b $2.0b $1.7b
Total investments $106.7b $113.1b $115.2b $133.7b $154.0b $153.6b $131.8b $124.3b $129.3b $138.9b
Total stockholders’ equity $14.5b $17.3b $14.3b $19.7b $22.7b $20.3b $4.1b $6.9b $8.3b $10.9b
Assets $261.6b $281.8b $298.1b $334.8b $365.9b $387.3b $365.5b $372.4b $390.8b $417.2b
Total assets $261.6b $281.8b $298.1b $334.8b $365.9b $387.3b $335.4b $372.4b $390.8b $417.2b
LIABILITIES AND EQUITY
Total liabilities and stockholders’ equity $261.6b $281.8b $298.1b $334.8b $365.9b $387.3b $335.4b $372.4b $390.8b $417.2b
Accrued investment income $1.1b $1.1b $1.1b $1.1b $1.3b $1.2b $1.3b $1.1b $1.1b $1.1b
Long-term Debt, Current Maturities — $450.0m — $300.0m — $300.0m — $250.0m $300.0m $400.0m
Short-term debt — $450.0m — $300.0m — $300.0m $500.0m $250.0m $300.0m $400.0m
Long-term Debt $5.1b $5.1b $5.7b $6.1b $6.3b $6.3b $6.0b $5.8b $6.1b $6.3b
Deferred Tax Liabilities, Net $4.3b $3.2b $1.2b $2.4b $3.3b $2.8b — — — —
Liabilities
Total liabilities $247.1b $264.4b $283.8b $315.1b $343.2b $367.0b $331.3b $365.5b $382.6b $406.3b
Stockholders’ equity:
Accumulated Other Comprehensive Income (Loss), Net of Tax $1.6b $3.2b $407.0m $5.7b $8.9b $6.4b $1.3b ($3.5b) ($5.0b) ($4.1b)
Accumulated other comprehensive income (loss) $1.6b $3.2b $407.0m $5.7b $8.9b $6.4b ($7.7b) ($3.5b) ($5.0b) ($4.1b)
Common stock – 800,000,000 shares authorized; 190,051,477 and 170,380,646 shares issued and outstanding as of December 31, 2025 and 2024, respectively 5.9b 5.7b 5.4b 5.2b 5.1b 4.7b 4.5b 4.6b 4.7b 5.6b
Preferred stock $0 — — — — — $986.0m $986.0m $986.0m $986.0m
Retained Earnings (Accumulated Deficit) $7.0b $8.4b $8.6b $8.9b $8.7b $9.1b $9.3b $4.8b $7.6b $8.4b
Stockholders' Equity Attributable to Parent $14.5b $17.3b $14.3b $19.7b $22.7b $20.3b $15.2b $6.9b $8.3b $10.9b
Liabilities and Equity $261.6b $281.8b $298.1b $334.8b $365.9b $387.3b $365.5b $372.4b $390.8b $417.2b

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.