Lincoln National Corporation · NYSE:LNC
Lincoln National — Q4 2025 Earnings Presentation
32 slides from Lincoln National's earnings presentation, Feb 12, 2026
Slide 1: Earnings Supplement Fourth Quarter 2025
Earnings Supplement Fourth Quarter 2025 February 12, 2026 1
Slide 2: Forward-Looking Statements – Cautionary Language
Forward-Looking Statements – Cautionary Language Certain statements made in this presentation and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forwar
Slide 3: 2025 Fourth Quarter Summary
2025 Fourth Quarter Summary 3
Slide 4: 4Q25 Key Messages
4Q25 Key Messages Adjusted operating income1 up 31% YoY, with broad-based earnings growth • Life Insurance earnings of $77M, up $92M YoY, driven by improved mortality and strong After- Per alternative investment income. $ in millions tax share • Group Protection earnings up 2% YoY, driven by strong
Slide 5: 4Q25 Earnings Drivers
4Q25 Earnings Drivers $ in millions Annuities Group Protection Operating Income Primary Drivers Operating Income Primary Drivers $311 $109 $107 • Favorable equity markets • Higher premiums $303 • Favorable mortality experience • Favorable disability results • Higher net G&A expenses • Life incidence
Slide 6: Annuities
Annuities Key Highlights Operating Income1 ($M) Sales ($B) $318 $4.9 $311 $4.5 • Operating income increased 3% YoY, $303 $290 $4.0 23% $287 $3.7 $3.8 24% driven by favorable equity markets and 23% 12% favorable mortality experience, partially 34% 29% 13% 11% offset by outflows and higher net G&A 14%
Slide 7: Group Protection
Group Protection Key Highlights Operating Income1 ($M) Sales ($M) $173 $467 • Operating income increased by $2M YoY, 9% $391 driven by strong premium growth. 9% $107 $110 $109 37% $101 32% $187 • Total sales down 16% YoY, compared to $157 32% $116 the fourth-quarter sales record achieved 54% 45% 25%
Slide 8: Retirement Plan Services
Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) $46 $46 $2.4 • Operating income increased by 7% YoY, $43 16% $37 driven by favorable equity markets and $34 $1.7 spread expansion, partially offset by $1.3 $1.1 $1.2 62% 34% outflows and higher net G&A expenses. 20%
Slide 9: Life Insurance
Life Insurance Key Highlights Operating Income (Loss)1 ($M) Sales ($M) 19% $77 8% 13% 14% $298 • Operating income improved by $92M 15% 20% $14 13% 9% 19% $54 YoY, driven by improved mortality and 14% 8% 17% higher alternative investment income. $32 $56 $63 67% $142 91% 85% $32 80% $119 $121 92% 83%
Slide 10: Other Operations
Other Operations Key Highlights Operating Loss and Preferred Dividend ($M) Other Expenses ($M) $72 $68 $66 • Operating loss of $(98)M is $3M lower $64 YoY due to the impact of a favorable item $56 in the fourth quarter of 2024. ($95) ($95) ($91) ($99) ($98) • Other expenses were down $4M YoY ($11) (
Slide 11: Investment Portfolio
Investment Portfolio Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality 3% 3% 3% 3% 3% $119 $119 $122 $126 $129 • Portfolio grew $10B YoY to $129B, 9% 8% 9% 11% 11% 35% 35% 34% 35% 35% 3% 3% 3% 3% 3% supporting our strategic shift toward 18% 18% 18% 18% 17% spread-based earnings
Slide 12: Outlook
Outlook 12
Slide 13: Continuing our transformation
Continuing our transformation Growing earnings while diversifying our mix 2023 2026 2026 Operating Income Mix1,3 Original Outlook1,2 Current Outlook1,6 Diversifying our sources of earnings to Group Group Group 20-30% 24-25% a more balanced mix 18% with an emphasis on Annuities Retirement Annuities 5
Slide 14: Delivering on our financial commitments one year early
Delivering on our financial commitments one year early Rebuilt capital base with an incremental buffer while improving leverage and free cash flow Year End RBC Ratio1 Leverage Ratio2 FCF Conversion Ratio3 30% 439% Prior 2026 Financial Target5 45%-60% 45% 433% Original 2026 28% Financial Target4 Orig
Slide 15: Executing on our strategic initiatives
Executing on our strategic initiatives Multi-year journey built upon execution and strategic realignment Stabilize and Revitalize Leveraging our Foundation Illustrative timeline for strategic initiatives 2023 2024 2025 2026 2027 2028 GUL Deal Reinsurance (external risk transfer) (Fortitude Re) Evalu
Slide 16: Workplace Solutions
Workplace Solutions Group Protection Retirement Plan Services Diversify book of business across segment and product, with focus on Continued profitable growth with an emphasis on market segments with Priorities strong persistency and growing Local Markets and Supplemental Health higher returns Optim
Slide 17: Retail Solutions
Retail Solutions Annuities Life Insurance Diversify source of earnings mix by growing spread-based account value Continued growth in accumulation and risk-sharing sales, focused on a Priorities over time more stable cash flow product suite Maximize capital efficiency and achieve attractive new busin
Slide 18: Other Operations and Holding Company
Other Operations and Holding Company Other Operations Holding Company Continue to grow new ventures, in particular scaling the FABN program Ensure capital flexibility to redeem the preferred securities in 2027 Priorities after successful 2025 launch Increase the return of excess capital to stockhold
Slide 19: Appendix
Appendix _———
Slide 20: 2026 Modeling Considerations: Seasonality and Allocation Changes
2026 Modeling Considerations: Seasonality and Allocation Changes Expected Seasonality 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Annuities 90 fee days 91 fee days 92 fee days 92 fee days Group Protection Seasonally higher loss ratio Seasonally lower loss ratio Seasonally higher loss ratio Retir
Slide 21: Investment portfolio
Investment portfolio High quality and well-diversified portfolio1 Private Credit is ~20% of the General Account Portfolio allocation by asset class Public Direct Corporate Lending 36% 2% Private Structured 3% Private $129B Credit Other Average A- Rated 20% 13%2 Private RML Public Corporates 4% CML S
Slide 22: Non-GAAP Financial Measures Appendix
Non-GAAP Financial Measures Appendix 22
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures Non-GAAP financial measures do not replace the most directly comparable GAAP measures. Reconciliations of the following non-GAAP financial measures to the most directly comparable GAAP financial measures or calculations of such measures, as app
Slide 24: Non-GAAP Financial Measures, Cont’d
Non-GAAP Financial Measures, Cont’d Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income) and adjusted income (loss) from operations per dilute
Slide 25: Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income
Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders Unaudited (millions of dollars, except per share data) For the Three Months Ended For the Twelve Months Ended 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 12/3
Slide 26: Reconciliation of Net Income (Loss) Available to Common Stockholders (continued)
Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders (continued from previous slide) Unaudited (millions of dollars) (1) Includes changes in MRBs of $1,282 million, $(1,302) million, $932 million, $337 million
Slide 27: Reconciliation of Adjusted Income excluding Significant Items
Reconciliation of Adjusted Income (Loss) from Operations Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders, excluding Significant Items Unaudited (millions of dollars) For the Three Months Ended For the Twelve Months Ended 12/31/24 3/31/25 6/
Slide 28: Leverage Ratio
Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 12/31/23 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Leverage Ratio Short-term debt (1) $ 250 $ 300 $ — $ — $ — $ 400 Long-term debt 5,699 5,856 5,868 5,767 5,772 5,866 Total debt 5,949 6,156 5,868 5,767 5,772 6,266 Pre
Slide 29: Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity
Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity Unaudited (millions of dollars) As of or For the Three Months Ended 12/31/23 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 6,893 $ 8,269 $ 8,193 $ 9,548 $ 10,452 $ 10,906 Le
Slide 30: Free Cash Flow Conversion Ratio, Year Ended 12/31/25
Free Cash Flow Conversion Ratio, Including Reconciliation of Holding Company Net Cash Provided by Operating Activities to Free Cash Flow Unaudited (millions of dollars) For the Year Ended 12/31/25 Holding company net cash provided by operating activities $ 491 Adjustments: Preferred stock dividends
Slide 31: Free Cash Flow Conversion Ratio, Year Ended 12/31/24
Free Cash Flow Conversion Ratio, Including Reconciliation of Holding Company Net Cash Provided by Operating Activities to Free Cash Flow Unaudited (millions of dollars) For the Year Ended 12/31/24 Holding company net cash provided by operating activities $ 176 Adjustments: Preferred stock dividends
Slide 32: Free Cash Flow Conversion Ratio, Year Ended 12/31/23
Free Cash Flow Conversion Ratio, Including Reconciliation of Holding Company Net Cash Provided by Operating Activities to Free Cash Flow Unaudited (millions of dollars) For the Year Ended 12/31/23 Holding company net cash provided by operating activities $ 398 Adjustments: Preferred stock dividends