Lincoln National Corporation · NYSE:LNC
Lincoln National — Q1 2026 Earnings Presentation
20 slides from Lincoln National's earnings presentation, May 7, 2026
Slide 1: Earnings Supplement First Quarter 2026
Earnings Supplement First Quarter 2026 May 7, 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: 1Q26 Key Messages
1Q26 Key Messages Seventh consecutive quarter of YoY adjusted operating income1 growth, up 16% in 1Q • Life Insurance earnings of $41M, up $57M YoY, driven by strong alternative investment income. After- Per $ in millions tax share • Group Protection earnings up 11% YoY, driven by favorable life exp
Slide 4: 1Q26 Earnings Drivers
1Q26 Earnings Drivers $ in millions Annuities Group Protection Operating Income Primary Drivers Operating Income Primary Drivers $290 $112 $275 • Favorable equity markets • Favorable life experience $101 • NII allocation refinement • LTD resolution severity • Variable annuity outflows 1Q25 1Q26 • Ta
Slide 5: Annuities
Annuities Key Highlights Operating Income2 ($M) Sales ($B) • Operating income declined 5% YoY, driven by $318 $4.9 the previously disclosed NII allocation $311 $4.5 refinement1, outflows, and tax-related items, $3.8 $4.0 23% $3.9 $290 $287 24% partially offset by favorable equity markets. $275 23% 1
Slide 6: Group Protection
Group Protection Key Highlights Operating Income1 ($M) Sales ($M) • Operating income increased by $11M Y0Y, $391 $173 driven by favorable life experience. 9% • Premiums were up 2% Y0Y, driven by strong 32% $110 $109 $112 prior-period sales. Adjusting for a large case $101 $187 lapse, premium growth
Slide 7: Retirement Plan Services
Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income increased by 26% YoY, $46 $46 $2.4 driven by spread expansion and favorable $43 16% equity markets, partially offset by outflows. $37 $34 $1.7 • Total deposits were up 1%, with first-year $1.2 34%
Slide 8: Life Insurance
Life Insurance Key Highlights Operating Income (Loss)1 ($M) Sales ($M) • Operating income improved by $57M YoY, $7719% driven by higher alternative investment 8% 13% 14% $298 15% $14 income and the impact of the 4Q25 captive 13% $54 20% 9% 19% 14% consolidation. 8% $41 17% $32 $56 $63 $19 67% $142 $
Slide 9: Other Operations
Other Operations Key Highlights Operating Loss and Preferred Dividend ($M) Other Expenses ($M) • Operating loss of $(111)M is $16M higher YoY $72 $66 $68 due to lower NII, net of interest credited, and $64 lower other revenues related to a legacy block $56 ($95) ($91) ($99) ($98) with market sensiti
Slide 10: Investment Portfolio
Investment Portfolio Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Portfolio grew $12B YoY to $131B, reflecting 3% 3% 3% 3% 3% $119 $122 $126 $129 $131 strategic shift toward spread-based earnings. 8% 9% 11% 11% 10% 35% 34% 35% 35% 35% 3% 3% 3% 3% 3% 17% 18% • Portfolio y
Slide 11: Appendix
Appendix ———
Slide 12: Investment Portfolio
Investment Portfolio High quality and well-diversified portfolio1 Portfolio allocation by asset class Private Credit is ~20% of the General Account Direct Public Lending Corporate 1.4% 35% Private Structured 3.6% Private $131B Credit Other Average A Rated 20% 13%2 Private Corporates RML Public 15.0%
Slide 13: Non-GAAP Financial Measures Appendix
Non-GAAP Financial Measures Appendix 13
Slide 14: 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 15: 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 16: Reconciliation of Net Income (Loss) to Adjusted Income from Operations
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 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Net Income Net income (loss) avai
Slide 17: Reconciliation of Net Income (Loss) to Adjusted Income (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 $(1,302) million, $932 million, $337 million, $374 million a
Slide 18: Adjusted Income from Operations, 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 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Adjust
Slide 19: Leverage Ratio
Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Leverage Ratio Short-term debt (1) $ — $ — $ — $ 400 $ 400 Long-term debt 5,868 5,767 5,772 5,866 5,969 Total debt 5,868 5,767 5,772 6,266 6,369 Preferred stock 986 986 986 986
Slide 20: 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 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 8,193 $ 9,548 $ 10,452 $ 10,906 $ 10,212 Less: Preferred sto