Lincoln National Corporation · NYSE:LNC
Lincoln National — Q3 2025 Earnings Presentation
21 slides from Lincoln National's earnings presentation, Oct 30, 2025
Slide 1: Earnings Supplement Third Quarter 2025
Earnings Supplement Third Quarter 2025 October 30, 2025
Slide 2: Forward-Looking Statements – Cautionary Language
Forward-Looking Statements – Cautionary Language Certain statements made in this press release 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 forwa
Slide 3: 3Q25 Scorecard
3Q25 Scorecard Adjusted Annuities Life Insurance Operating Income1 Account Balances Operating Income2 +13% YoY $174B $54M Diversified earnings mix Record quarter for ending account Continued progress in supported profitable growth balances, net of reinsurance repositioning for profitability Leverage
Slide 4: 3Q25 Key Messages
3Q25 Key Messages Broadening momentum resulted in fifth consecutive quarter of YoY earnings growth After- Per $ in millions tax share • Adjusted operating income1 increased 13% YoY, supported by a diversified business mix. Adjusted Operating Income, $397 $2.04 ex. sig and norm. items • Life Insuranc
Slide 5: 3Q25 Earnings Drivers
3Q25 Earnings Drivers $ in millions Annuities Group Protection Operating Income1 Primary Drivers Operating Income1 Primary Drivers $300 $318 $110 $110 • Favorable equity markets • Favorable life experience • Higher spread income • Favorable tax items • Traditional variable annuity • LTD resolutions
Slide 6: Annuities
Annuities Key Highlights Operating Income1 ($M) Sales ($B) • Operating income1 increased 6% YoY, primarily $318 $4.5 $303 $3.8 $4.0 driven by favorable equity markets, higher spread $300 $3.7 24% $290 $287 $3.4 23% income, and favorable tax items. 29% 13% 20% 34% 11% • Total sales of $4.5B increased
Slide 7: Group Protection
Group Protection Key Highlights Operating Income1 ($M) Sales ($M) • Operating income1 in line with prior-year quarter, as $173 $467 favorable life experience was offset by unfavorable 9% LTD resolutions. $110 $107 $101 $110 37% • Total sales up 38% YoY, driven by disciplined growth across market seg
Slide 8: Retirement Plan Services
Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) $46 $2.4 • Operating income increased by 5% YoY, driven by $44 $43 favorable equity markets and spread expansion, 16% $37 $34 $1.7 partially offset by stable value outflows. 11% $1.3 $1.2 $1.1 62% • First-year sales
Slide 9: Life Insurance
Life Insurance Key Highlights Operating Income (Loss)1 ($M) Sales ($M) 19% $54 • Operating income1 improved by $40M YoY, driven by 8% 13% 14% $298 15% stable mortality, higher investment income, and 13% 20% 9% 19% $32 14% lower net G&A expenses. 8% 17% $56 $14 67% $32 • Total sales more than doubled
Slide 10: Other Operations
Other Operations Key Highlights Operating Loss and Preferred Dividend ($M) Interest Expense ($M) $86 • Operating loss modestly higher than recent trend $83 driven by project investments. ($84) $80 $81 ($95) ($95) ($91) ($99) $79 • Interest expense decreased $7M YoY, reflecting ($11) lower average ou
Slide 11: Investment Portfolio
Investment Portfolio Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Well-diversified portfolio with 97% investment- 3% 3% 3% 3% 3% grade-rated assets. $118 $119 $119 $122 $126 9% 9% 8% 9% 11% 35% 35% 35% 34% 35% 3% 3% 3% 3% 3% 18% 18% 18% • Achieved a 5.9% new money yield;
Slide 12: Appendix
Appendix ———
Slide 13: Investment portfolio $126B
Investment portfolio High quality and well-diversified portfolio1 Portfolio allocation by asset class Energy RMLs Industrial Other 2% Municipal 4% 2% 2% Communications 2% The portfolio is well-positioned Basic Industry 2% Transportation • Long-term investment strategy is tightly aligned with our lia
Slide 14: Non-GAAP Financial Measures Appendix
Non-GAAP Financial Measures Appendix 14
Slide 15: 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 16: 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 17: 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 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Net Income Net income (loss) avai
Slide 18: 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 $(666) million, $1,282 million, $(1,302) million, $932 milli
Slide 19: 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 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Adjust
Slide 20: Leverage Ratio
Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Leverage Ratio Short-term debt $ 300 $ 300 $ — $ — $ — Long-term debt 5,897 5,856 5,868 5,767 5,772 Total debt 6,197 6,156 5,868 5,767 5,772 Preferred stock 986 986 986 986 986
Slide 21: 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 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 9,013 $ 8,269 $ 8,193 $ 9,548 $ 10,452 Less: Preferred stock