Lincoln Financial Group
Table of Contents
Analyst Coverage and Credit Ratings	1
Notes	2
Consolidated
Consolidated Statements of Income (Loss)	3
Consolidated Balance Sheets	4
Earnings, Shares and Return on Equity	5
Key Stakeholder Metrics	6
Segment and Sources of Earnings	7
Select Earnings Drivers By Segment	8
Sales By Segment	9
Operating Revenues and General and Administrative Expenses By Segment	10
Operating Commissions and Other Expenses	11
Interest Rate Yields and Spreads By Segment	12
Select Earnings and Operational Data from Business Segments
Annuities	13
Retirement Plan Services	14
Life Insurance	15
Group Protection	16
Other Operations	17
DAC & Account Value Rollforwards
Consolidated DAC, VOBA, DSI and DFEL Roll Forwards	18
Account Value Roll Forwards:
Annuities	19
Retirement Plan Services	20
Life Insurance	21
Other Information
Select Investment Data	22
Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC	23
Select GAAP to Non-GAAP Reconciliations	24

Lincoln Financial Group
Analyst Coverage and Credit Ratings
Firm	Analyst				Phone Number
Autonomous Research U.S., L.P.	Erik Bass					646-561-6248
B. Riley FBR	Randy Binner					703-312-1890
Citi Research	Suneet Kamath					212-816-3457
Credit Suisse	Andrew Kligerman					212-325-5069
Dowling & Partners	Humphrey Lee					860-676-7324
Evercore	Thomas Gallagher					212-446-9439
Goldman Sachs	Alex Scott					917-343-7160
J.P. Morgan Securities	Jimmy Bhullar					212-622-6397
Keefe, Bruyette & Woods, Inc.	Ryan Krueger					860-722-5930
Morgan Stanley	Nigel Dally					212-761-4132
Piper Sandler & Co.	John Barnidge					312-281-3412
RBC Capital Markets	Mark Dwelle					804-782-4008
Wells Fargo	Elyse Greenspan					212-214-8031
This list is provided for informational purposes only.  Lincoln Financial Group does not endorse the analyses, conclusions or recommendations contained in any report issued by these
or any other analysts.
		Ratings as of May 6, 2020
						Standard
		A.M Best	Fitch	Moody's		& Poor's
Senior Debt Ratings		a-	BBB+	Baa1		A-
Financial Strength Ratings
The Lincoln National Life Insurance Company		A+	A+	A1		AA-
First Penn-Pacific Life Insurance Company		A	A+	A1		A-
Lincoln Life & Annuity Company of New York		A+	A+	A1		AA-
Lincoln Life Assurance Company of Boston		A+				AA-
Investor Inquiries May Be Directed To:
Chris Giovanni, Senior Vice President, Corporate Treasurer
Email:  Christopher.Giovanni@lfg.com
Phone:  484-583-1793
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Lincoln Financial Group

Notes

Computations

• The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.

• The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.

• If the effect of equity classification would result in a more dilutive Earnings Per Share (“EPS”), the numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market

 adjustment for deferred units of LNC stock in our deferred compensation plans.  In addition, for any period where a net loss is experienced, shares used in the diluted EPS calculation represent

 basic shares, as the use of diluted shares would result in a lower loss per share.

• Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets.  ROE is calculated by dividing annualized net income (loss) (or adjusted income (loss)

 from operations) by average equity, excluding accumulated other comprehensive income (loss) (“AOCI”).  Management evaluates consolidated ROE by both including and excluding the effect

 of average goodwill.

• Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI, by common shares outstanding.  We provide book value per share, excluding AOCI, to enable

 investors to analyze the amount of our net worth that is attributable primarily to our business operations.  Management 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.  Book value per share is the most directly comparable GAAP measure.

• Pre-tax net margin is calculated by dividing adjusted income (loss) from operations before taxes by net revenue, which is defined as total adjusted operating revenues less interest credited.

Definitions

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial

paper outstanding.

Sales as reported consist of the following:

• Annuities and Retirement Plan Services – deposits from new and existing customers;

•  MoneyGuard®, our linked-benefit product – 15% of total expected premium deposits;

• Universal life (“UL”), indexed universal life (“IUL”), variable universal life (“VUL”) – first-year commissionable premiums plus 5% of excess premiums received;

• Executive Benefits – single premium bank-owned UL and VUL, 15% of single premium deposits, and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess

     premium received;

• Term – 100% of annualized first-year premiums; and

• Group Protection – annualized first-year premiums from new policies.

Throughout the document, “after-DAC” refers to the associated amortization expense of deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”)

and deferred front-end loads (“DFEL”) and changes in other contract holder funds.

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Lincoln Financial Group

Notes

Sources of earnings are defined as follows:

• Investment spread earnings consist primarily of net investment income, net of interest credited earned on the underlying general account investments supporting our fixed products less related

 expenses.

• Mortality/morbidity earnings result from mortality margins, morbidity margins, and certain expense assessments and related fees that are a function of the rates priced into the product and level

 of insurance in force.

• Fees on assets under management (“AUM”) earnings results consist primarily of asset-based fees charged based on variable account values less associated benefits and related expenses.

• Variable annuity (“VA”) riders earnings consist of fees charged to the contract holder related to guaranteed benefit rider features, less the net valuation premium and associated change in

  benefit reserves and related expenses.

Non-GAAP Performance Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein.

Adjusted income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable:

• Realized gains and losses associated with the following (“excluded realized gain (loss)”):

▪ Sales or disposals and impairments of financial assets;

▪ Changes in the fair value of equity securities;

▪ Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities (“gain (loss) on the mark-to-market on certain instruments”);

▪ Changes in the fair value of the derivatives we own to hedge our guaranteed death benefit (“GDB”) riders within our variable annuities;

▪ Changes in the fair value of the embedded derivatives of our guaranteed living benefit (“GLB”) riders reflected within variable annuity net derivative results accounted for at fair value;

▪ Changes in the fair value of the derivatives we own to hedge our GLB riders reflected within variable annuity net derivative results; and

▪ Changes in the fair value of the embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to

future reset periods for our indexed annuity products accounted for at fair value (“indexed annuity forward-starting options”);

• Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders (“benefit ratio unlocking”);

• Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

• Gains (losses) on early extinguishment of debt;

• Losses from the impairment of intangible assets;

• Income (loss) from discontinued operations;

• Acquisition and integration costs related to mergers and acquisitions; and

• Income (loss) from the initial adoption of new accounting standards, regulations and policy changes including the net impact from the Tax Cuts and Jobs Act.

Adjusted operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:

• Excluded realized gain (loss);

• Revenue adjustments from the initial adoption of new accounting standards;

• Amortization of DFEL arising from changes in GDB and GLB benefit ratio unlocking; and

• Amortization of deferred gains arising from reserve changes on business sold through reinsurance.

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Lincoln Financial Group

Notes

Management believes that the non-GAAP performance measures previously discussed explain the results of our ongoing businesses in a manner that allows for a better understanding of the underlying

trends in our current business as the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in many

instances, decisions regarding these items do not necessarily relate to the operations of the individual segments.  In addition, we believe that our definitions of adjusted operating revenues and adjusted

income from operations provide investors with more valuable measures of our performance as they better reveal trends in our business.

Due to reporting a net loss for the three months ended September 30, 2019, basic shares were used in the diluted earnings per share calculation for that period as the use of diluted shares would have

resulted in a lower loss per share.

Statistical Supplement is Dated

The financial data in this document is dated May 6, 2020, and has not been updated since that date.  Lincoln Financial Group does not intend to update this document.

Page 2c

Lincoln Financial Group
Consolidated Statements of Income (Loss)
Unaudited (millions of dollars, except per share data)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Revenues
Insurance premiums	$	1,446	$	1,398	$	1,325	$	1,344	$	1,373	-5.0%
Fee income		1,475		1,517		1,934		1,572		1,539	4.3%
Net investment income		1,251		1,355		1,235		1,381		1,375	9.9%
Realized gain (loss):
Other-than-temporary impairment (“OTTI”)		(8)		(4)		(2)		(1)		-	100.0%
Realized gain (loss), excluding OTTI		(354)		(113)		(9)		(118)		(24)	93.2%
Total realized gain (loss)		(362)		(117)		(11)		(119)		(24)	93.4%
Amortization of deferred gains on business
sold through reinsurance		8		8		8		7		11	37.5%
Other revenues		147		149		147		159		151	2.7%
Total revenues		3,965		4,310		4,638		4,344		4,425	11.6%
Expenses
Interest credited		678		680		705		717		725	6.9%
Benefits		1,757		1,852		2,502		1,768		2,501	42.3%
Commissions and other expenses		1,176		1,272		1,552		1,288		1,085	-7.7%
Interest and debt expense		71		70		113		72		68	-4.2%
Strategic digitization expense		15		15		16		18		12	-20.0%
Total expenses		3,697		3,889		4,888		3,863		4,391	18.8%
Income (loss) before taxes		268		421		(250)		481		34	-87.3%
Federal income tax expense (benefit)		16		58		(89)		50		(18)	NM
Net income (loss)		252		363		(161)		431		52	-79.4%
Adjustment for LNC stock units in our
deferred compensation plans		-		-		(3)		(1)		(23)	NM
Net income (loss) available to common
stockholders – diluted	$	252	$	363	$	(164)	$	430	$	29	-88.5%
Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	1.22	$	1.79	$	(0.83)	$	2.15	$	0.15	-87.7%
ROE, including AOCI
Net income (loss)		6.6%		8.3%		-3.4%		8.7%		1.1%
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Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)
	As of
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowances for
credit losses ("ACL"):
Corporate bonds	$	83,208	$	84,790	$	87,910	$	88,716	$	85,797	3.1%
U.S. government bonds		423		430		438		435		482	13.9%
State and municipal bonds		5,569		5,669		5,800		5,884		5,906	6.1%
Foreign government bonds		453		440		444		393		389	-14.1%
Residential mortgage-backed securities		3,414		3,292		3,287		3,241		3,271	-4.2%
Commercial mortgage-backed securities		885		965		1,033		1,083		1,119	26.4%
Asset-backed securities		3,484		3,542		4,172		4,889		5,086	46.0%
Hybrid and redeemable preferred securities		614		605		575		559		556	-9.4%
Total fixed maturity AFS securities, net of ACL		98,050		99,733		103,659		105,200		102,606	4.6%
Trading securities		3,314		4,522		4,691		4,673		4,019	21.3%
Equity securities		153		196		158		103		83	-45.8%
Mortgage loans on real estate, net of ACL		13,997		15,090		15,947		16,339		16,791	20.0%
Policy loans		2,498		2,484		2,475		2,477		2,571	2.9%
Derivative investments		981		1,510		2,201		1,911		4,417	NM
Other investments		2,752		2,845		3,389		2,994		4,765	73.1%
Total investments		121,745		126,380		132,520		133,697		135,252	11.1%
Cash and invested cash		1,593		3,314		2,939		2,563		6,202	289.3%
DAC and VOBA		9,441		8,588		7,492		7,694		9,212	-2.4%
Premiums and fees receivable		607		553		440		465		562	-7.4%
Accrued investment income		1,184		1,146		1,182		1,148		1,185	0.1%
Reinsurance recoverables, net of ACL		17,660		17,481		17,353		17,144		16,923	-4.2%
Reinsurance related embedded derivatives		-		-		-		-		137	NM
Funds withheld reinsurance assets		549		548		543		536		535	-2.6%
Goodwill		1,778		1,778		1,778		1,778		1,778	0.0%
Other assets		16,373		16,196		15,939		16,170		16,246	-0.8%
Separate account assets		143,369		146,275		145,092		153,566		130,617	-8.9%
Total assets	$	314,299	$	322,259	$	325,278	$	334,761	$	318,649	1.4%
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Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)
	As of
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	34,009	$	34,890	$	36,108	$	36,420	$	37,100	9.1%
Other contract holder funds		93,959		94,947		95,283		98,018		99,508	5.9%
Short-term debt		300		300		300		300		-	-100.0%
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 6 for details)		866		866		866		866		866	0.0%
Financial		4,706		4,755		5,204		5,201		5,882	25.0%
Reinsurance related embedded derivatives		177		310		339		327		-	-100.0%
Funds withheld reinsurance liabilities		1,762		1,796		1,817		1,810		1,843	4.6%
Payables for collateral on investments		5,362		5,632		5,528		5,082		8,434	57.3%
Other liabilities		13,372		14,033		14,742		13,482		17,824	33.3%
Separate account liabilities		143,369		146,275		145,092		153,566		130,617	-8.9%
Total liabilities		297,882		303,804		305,279		315,072		302,074	1.4%
Stockholders’ Equity
Common stock		5,285		5,241		5,192		5,162		5,071	-4.0%
Retained earnings		8,679		8,878		8,559		8,854		8,500	-2.1%
AOCI:
Unrealized investment gains (losses)		2,773		4,658		6,572		6,017		3,348	20.7%
Foreign currency translation adjustment		(20)		(24)		(29)		(17)		(27)	-35.0%
Funded status of employee benefit plans		(300)		(298)		(295)		(327)		(317)	-5.7%
Total AOCI		2,453		4,336		6,248		5,673		3,004	22.5%
Total stockholders’ equity		16,417		18,455		19,999		19,689		16,575	1.0%
Total liabilities and stockholders’ equity	$	314,299	$	322,259	$	325,278	$	334,761	$	318,649	1.4%
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Lincoln Financial Group
Earnings, Shares and Return on Equity
Unaudited (millions of dollars, except per share data)
	As of or For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Income (Loss)
Net income (loss)	$	252	$	363	$	(161)	$	431	$	52	-79.4%
Pre-tax adjusted income (loss) from operations		507		566		(104)		566		558	10.1%
After-tax adjusted income (loss) from operations (1)		441		478		(46)		482		465	5.4%
Adjusted operating tax rate		13.0%		15.5%		55.8%		14.8%		16.5%
Average Stockholders’ Equity
Average equity, including AOCI	$	15,384	$	17,436	$	19,227	$	19,844	$	18,132	17.9%
Average AOCI		1,430		3,394		5,292		5,961		4,338	203.4%
Average equity, excluding AOCI	$	13,954	$	14,042	$	13,935	$	13,883	$	13,794	-1.1%
ROE, Excluding AOCI
Net income (loss)		7.2%		10.4%		-4.6%		12.4%		1.5%
Adjusted income (loss) from operations		12.6%		13.6%		-1.3%		13.9%		13.5%
Per Share
Net income (loss) (diluted)	$	1.22	$	1.79	$	(0.83)	$	2.15	$	0.15	-87.7%
Adjusted income (loss) from operations (diluted)		2.14		2.36		(0.25)		2.41		2.24	4.7%
Dividends declared during the period		0.37		0.37		0.37		0.40		0.40	8.1%
Book value, including AOCI	$	80.88	$	91.92	$	100.84	$	100.11	$	85.79	6.1%
Per share impact of AOCI		12.09		21.60		31.51		28.84		15.55	28.6%
Book value, excluding AOCI	$	68.79	$	70.32	$	69.33	$	71.27	$	70.24	2.1%
Shares
Repurchased during the period		3.9		2.3		2.5		1.7		3.8	-2.6%
End-of-period – basic		203.0		200.8		198.3		196.7		193.2	-4.8%
End-of-period – diluted		204.2		202.2		200.7		199.2		195.0	-4.5%
Average for the period – diluted		206.0		202.9		201.6		200.0		197.3	-4.2%
(1) See reconciliation to net income (loss) on page 24.
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Lincoln Financial Group
Key Stakeholder Metrics
Unaudited (millions of dollars, except per share data)
	As of or For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Cash Returned to Common Stockholders
Shares repurchased	$	240	$	150	$	150	$	100	$	225	-6.3%
Common dividends		76		75		74		73		79	3.9%
Total cash returned to common stockholders	$	316	$	225	$	224	$	173	$	304	-3.8%
Leverage Ratio
Short-term debt	$	300	$	300	$	300	$	300	$	-	-100.0%
Long-term debt		5,572		5,621		6,070		6,067		6,748	21.1%
Total debt (1)		5,872		5,921		6,370		6,367		6,748	14.9%
Less:
Operating debt (2)		866		866		866		866		866	0.0%
25% of capital securities		302		302		302		302		302	0.0%
Carrying value of fair value hedges and other items		222		270		331		278		459	106.8%
Total numerator	$	4,482	$	4,483	$	4,871	$	4,921	$	5,121	14.3%
Stockholders’ equity, excluding unrealized
investment gains (losses)	$	13,644	$	13,797	$	13,427	$	13,672	$	13,227	-3.1%
Add:  25% of capital securities		302		302		302		302		302	0.0%
Total numerator		4,482		4,483		4,871		4,921		5,121	14.3%
Total denominator	$	18,428	$	18,582	$	18,600	$	18,895	$	18,650	1.2%
Leverage ratio		24.3%		24.1%		26.2%		26.0%		27.5%
Holding Company Available Liquidity	$	481	$	474	$	765	$	702	$	760	58.0%
(1) Excludes obligations under finance leases and certain financing arrangements of $388 million that are reported in other liabilities on our Consolidated Balance Sheets.
(2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain
on increasing statutory reserves associated with secondary guarantee UL and term policies.
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Lincoln Financial Group
Segment and Sources of Earnings
Unaudited (millions of dollars)
	For the Three Months Ended											For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change	3/31/19		3/31/20		Change
Income (Loss) from Operations, Pre-Tax
Annuities	$	287	$	309	$	185	$	312	$	302	5.2%	$	287	$	302	5.2%
Retirement Plan Services		43		49		49		54		45	4.7%		43		45	4.7%
Life Insurance		195		207		(318)		222		209	7.2%		195		209	7.2%
Group Protection		70		86		78		68		50	-28.6%		70		50	-28.6%
Other Operations		(88)		(85)		(98)		(90)		(48)	45.5%		(88)		(48)	45.5%
Adjusted income (loss) from operations, before
income taxes	$	507	$	566	$	(104)	$	566	$	558	10.1%	$	507	$	558	10.1%
Income (Loss) from Operations, After-Tax
Annuities	$	250	$	266	$	169	$	269	$	261	4.4%	$	250	$	261	4.4%
Retirement Plan Services		39		42		44		47		40	2.6%		39		40	2.6%
Life Insurance		157		168		(245)		179		171	8.9%		157		171	8.9%
Group Protection		55		68		61		54		40	-27.3%		55		40	-27.3%
Other Operations		(60)		(66)		(75)		(67)		(47)	21.7%		(60)		(46)	23.3%
Adjusted income (loss) from operations	$	441	$	478	$	(46)	$	482	$	465	5.4%	$	441	$	465	5.4%
	For the Three Months Ended											For the Trailing Twelve Months
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change	3/31/19		3/31/20		Change
Sources of Earnings, Pre-Tax
Investment spread	$	151	$	164	$	(126)	$	173	$	151	0.0%	$	654	$	362	-44.6%
Mortality/morbidity		179		196		(119)		189		165	-7.8%		717		432	-39.7%
Fees on AUM		243		269		262		275		290	19.3%		1,036		1,094	5.6%
VA riders		22		22		(23)		19		-	-100.0%		131		17	-87.0%
Total sources of earnings, before income taxes		595		651		(6)		656		606	1.8%		2,538		1,905	-24.9%
Other Operations		(88)		(85)		(98)		(90)		(48)	45.5%		(330)		(321)	2.7%
Adjusted income (loss) from operations, before
income taxes	$	507	$	566	$	(104)	$	566	$	558	10.1%	$	2,208	$	1,584	-28.3%
Sources of Earnings, Pre-Tax, Percentage By Component
Investment spread		25.5%		25.2%		1829.1%		26.4%		25.0%			25.8%		19.0%
Mortality/morbidity		30.1%		30.2%		1720.6%		28.8%		27.3%			28.2%		22.7%
Fees on AUM		40.7%		41.1%		-3785.1%		42.0%		47.8%			40.8%		57.4%
VA riders		3.7%		3.5%		335.4%		2.8%		-0.1%			5.2%		0.9%
Total		100.0%		100.0%		100.0%		100.0%		100.0%			100.0%		100.0%
Page 7

Lincoln Financial Group
Select Earnings Drivers By Segment
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Annuities
Operating revenues	$	1,174	$	1,156	$	1,117	$	1,153	$	1,129	-3.8%
Deposits		3,508		3,654		3,461		3,902		3,697	5.4%
Net flows		492		377		253		729		528	7.3%
Average account values		127,185		131,675		133,922		137,817		137,922	8.4%
Retirement Plan Services
Operating revenues	$	293	$	299	$	298	$	310	$	297	1.4%
Deposits		2,496		2,073		2,234		2,663		2,779	11.3%
Net flows		(381)		307		272		422		671	276.1%
Average account values		69,977		72,612		74,201		76,478		75,845	8.4%
Life Insurance
Operating revenues	$	1,700	$	1,802	$	2,098	$	1,838	$	1,821	7.1%
Deposits		1,537		1,683		1,685		2,413		1,450	-5.7%
Net flows		1,020		1,217		1,227		1,957		963	-5.6%
Average account values		50,355		51,495		52,050		53,243		52,866	5.0%
Average in-force face amount		753,441		772,231		790,667		814,865		836,488	11.0%
Group Protection
Operating revenues	$	1,138	$	1,155	$	1,137	$	1,158	$	1,224	7.6%
Insurance premiums		1,023		1,032		1,024		1,035		1,094	6.9%
Consolidated
Adjusted operating revenues (1)	$	4,362	$	4,470	$	4,700	$	4,513	$	4,509	3.4%
Deposits		7,541		7,410		7,380		8,978		7,926	5.1%
Net flows		1,131		1,901		1,752		3,108		2,162	91.2%
Average account values		247,517		255,782		260,173		267,538		266,633	7.7%
(1) See reconciliation to total revenues on page 24.
Page 8

Lincoln Financial Group
Sales By Segment
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Sales
Annuities:
With guaranteed living benefits	$	1,060	$	1,241	$	1,243	$	1,428	$	1,185	11.8%
Without guaranteed living benefits		864		1,115		1,191		1,298		1,454	68.3%
Variable		1,924		2,356		2,434		2,726		2,639	37.2%
Fixed		1,584		1,298		1,027		1,176		1,058	-33.2%
Total Annuities	$	3,508	$	3,654	$	3,461	$	3,902	$	3,697	5.4%
Retirement Plan Services:
First-year sales	$	829	$	610	$	723	$	1,227	$	867	4.6%
Recurring deposits		1,667		1,463		1,511		1,436		1,912	14.7%
Total Retirement Plan Services	$	2,496	$	2,073	$	2,234	$	2,663	$	2,779	11.3%
Life Insurance:
UL	$	11	$	15	$	11	$	20	$	9	-18.2%
MoneyGuard®		51		56		67		124		34	-33.3%
IUL		16		25		37		76		21	31.3%
VUL		52		53		54		107		44	-15.4%
Term		30		37		37		39		35	16.7%
Total individual life insurance		160		186		206		366		143	-10.6%
Executive Benefits		31		24		28		81		26	-16.1%
Total Life Insurance	$	191	$	210	$	234	$	447	$	169	-11.5%
Group Protection:
Life	$	64	$	42	$	131	$	108	$	50	-21.9%
Disability		42		40		96		140		42	0.0%
Dental		13		13		15		49		10	-23.1%
Total Group Protection	$	119	$	95	$	242	$	297	$	102	-14.3%
Percent employee-paid		52.6%		45.8%		41.5%		37.6%		59.9%
Page 9

Lincoln Financial Group
Operating Revenues and General and Administrative Expenses By Segment
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Operating Revenues
Annuities	$	1,174	$	1,156	$	1,117	$	1,153	$	1,129	-3.8%
Retirement Plan Services		293		299		298		310		297	1.4%
Life Insurance		1,700		1,802		2,098		1,838		1,821	7.1%
Group Protection		1,138		1,155		1,137		1,158		1,224	7.6%
Other Operations		57		58		50		54		38	-33.3%
Total segment operating revenues	$	4,362	$	4,470	$	4,700	$	4,513	$	4,509	3.4%
General and Administrative Expenses,
Net of Amounts Capitalized (1)
Annuities		117	$	126	$	118	$	132	$	120	2.6%
Retirement Plan Services		75		76		73		78		72	-4.0%
Life Insurance		121		131		123		145		121	0.0%
Group Protection		156		167		162		174		154	-1.3%
Other Operations		40		37		25		43		(4)	NM
Total	$	509	$	537	$	501	$	572	$	463	-9.0%
General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		10.0%		10.9%		10.6%		11.4%		10.7%
Retirement Plan Services		25.5%		25.4%		24.6%		25.3%		24.4%
Life Insurance		7.1%		7.3%		5.9%		7.9%		6.7%
Group Protection		13.7%		14.4%		14.1%		15.0%		12.5%
Other Operations		69.9%		64.3%		49.6%		81.8%		-10.0%
Total		11.7%		12.0%		10.7%		12.7%		10.3%
(1) See page 11 for general and administrative expenses capitalized.
Page 10

Lincoln Financial Group
Operating Commissions and Other Expenses
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Operating Commissions and Other Expenses Incurred
General and administrative expenses	$	563	$	593	$	569	$	663	$	520	-7.6%
Commissions		649		689		707		867		706	8.8%
Taxes, licenses and fees		100		74		86		87		90	-10.0%
Interest and debt expense		71		70		71		72		68	-4.2%
Expenses associated with reserve financing
and unrelated letters of credit		22		22		22		23		23	4.5%
Total operating commissions and other expenses incurred		1,405		1,448		1,455		1,712		1,407	0.1%
Less Amounts Capitalized
General and administrative expenses		(54)		(56)		(68)		(91)		(57)	-5.6%
Commissions		(326)		(348)		(374)		(523)		(362)	-11.0%
Taxes, licenses and fees		(15)		(15)		(14)		(26)		(13)	13.3%
Total amounts capitalized		(395)		(419)		(456)		(640)		(432)	-9.4%
Total expenses incurred, net of amounts
capitalized, excluding amortization		1,010		1,029		999		1,072		975	-3.5%
Amortization
Amortization of DAC, VOBA and other intangibles		209		280		601		261		247	18.2%
Total operating commissions and other expenses	$	1,219	$	1,309	$	1,600	$	1,333	$	1,222	0.2%
Page 11

Lincoln Financial Group
Interest Rate Yields and Spreads By Segment
Unaudited
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Annuities
Earned rate on reserves		3.97%		4.09%		4.04%		3.84%		3.73%	(24)
Variable investment income on reserves (1)		0.05%		0.09%		0.09%		0.20%		0.03%	(2)
Net investment income yield on reserves		4.02%		4.18%		4.13%		4.04%		3.76%	(26)
Interest rate credited to contract holders		2.41%		2.35%		2.46%		2.47%		2.31%	(10)
Interest rate spread		1.61%		1.83%		1.67%		1.57%		1.45%	(16)
Base spreads excluding variable investment income		1.56%		1.74%		1.58%		1.37%		1.42%	(14)
Retirement Plan Services
Earned rate on reserves		4.18%		4.13%		4.13%		4.07%		3.95%	(23)
Variable investment income on reserves (1)		0.05%		0.07%		0.16%		0.24%		0.05%	-
Net investment income yield on reserves		4.23%		4.20%		4.29%		4.31%		4.00%	(23)
Interest rate credited to contract holders		2.92%		2.90%		2.90%		2.89%		2.87%	(5)
Interest rate spread		1.31%		1.30%		1.39%		1.42%		1.13%	(18)
Base spreads excluding variable investment income		1.26%		1.23%		1.23%		1.18%		1.08%	(18)
Life Insurance – Interest-Sensitive
Earned rate on reserves		4.85%		4.87%		4.86%		4.84%		4.77%	(8)
Variable investment income on reserves (1)		0.06%		0.46%		-0.38%		0.33%		0.31%	25
Net investment income yield on reserves		4.91%		5.33%		4.48%		5.17%		5.08%	17
Interest rate credited to contract holders		3.69%		3.68%		3.71%		3.71%		3.80%	11
Interest rate spread		1.22%		1.65%		0.77%		1.46%		1.28%	6
Base spreads excluding variable investment income		1.16%		1.19%		1.15%		1.13%		0.97%	(19)
Total (2)
Earned rate (3)		4.33%		4.35%		4.39%		4.33%		4.29%	(4)
Variable investment income (1) (3)		0.06%		0.32%		-0.19%		0.28%		0.19%	13
Net investment income yield (3)		4.39%		4.67%		4.20%		4.61%		4.48%	9
(1) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments.
(2) Includes the results of all of our business segments and Other Operations.
(3) Includes investment yields on reserves and surplus.
Page 12

Lincoln Financial Group
Annuities – Select Earnings and Operational Data
Unaudited (millions of dollars)
	As of or For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	208	$	137	$	79	$	78	$	53	-74.5%
Fee income		568		586		596		606		593	4.4%
Net investment income		257		286		287		309		326	26.8%
Operating realized gain (loss)		41		46		51		53		54	31.7%
Amortization of deferred gain		8		8		8		7		8	0.0%
Other revenues		92		93		96		100		95	3.3%
Total operating revenues		1,174		1,156		1,117		1,153		1,129	-3.8%
Operating expenses:
Interest credited		162		163		183		190		192	18.5%
Benefits		284		219		273		163		170	-40.1%
Commissions incurred		268		287		295		322		311	16.0%
Other expenses incurred		230		244		240		257		250	8.7%
Amounts capitalized		(147)		(161)		(175)		(198)		(191)	-29.9%
Amortization		90		95		116		107		95	5.6%
Total operating expenses		887		847		932		841		827	-6.8%
Income (loss) from operations before taxes		287		309		185		312		302	5.2%
Federal income tax expense (benefit)		37		43		16		43		41	10.8%
Income (loss) from operations	$	250	$	266	$	169	$	269	$	261	4.4%
Effective Federal Income Tax Rate		12.8%		13.9%		8.4%		13.9%		13.4%
Average Equity, Excluding Goodwill and AOCI	$	4,785	$	4,741	$	4,846	$	4,883	$	4,887	2.1%
ROE, Excluding Goodwill and AOCI		20.9%		22.5%		14.0%		22.0%		21.4%
Return on Average Account Values		79		81		51		78		76	(3)
Income (Loss) from Operations
Variable annuity		214		232		198		233		232	8.4%
Fixed annuity		36		34		(29)		36		29	-19.4%
Account Values
Variable annuity account values:
Average	$	113,785	$	117,254	$	118,680	$	121,632	$	120,972	6.3%
End-of-period		116,514		119,005		118,424		125,492		108,689	-6.7%
Fixed annuity account values:
Average		13,400		14,421		15,242		16,185		16,950	26.5%
End-of-period		13,944		14,839		15,611		16,636		17,208	23.4%
Page 13

Lincoln Financial Group
Retirement Plan Services – Select Earnings and Operational Data
Unaudited (millions of dollars)
	As of or For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	61	$	62	$	63	$	66	$	61	0.0%
Net investment income		226		231		229		239		229	1.3%
Other revenues		6		6		6		5		7	16.7%
Total operating revenues		293		299		298		310		297	1.4%
Operating expenses:
Interest credited		145		145		147		148		150	3.4%
Benefits		-		1		1		1		-	NM
Commissions incurred		19		19		20		20		19	0.0%
Other expenses incurred		85		83		80		86		82	-3.5%
Amounts capitalized		(5)		(5)		(5)		(7)		(6)	-20.0%
Amortization		6		7		6		8		7	16.7%
Total operating expenses		250		250		249		256		252	0.8%
Income (loss) from operations before taxes		43		49		49		54		45	4.7%
Federal income tax expense (benefit)		4		7		5		7		5	25.0%
Income (loss) from operations	$	39	$	42	$	44	$	47	$	40	2.6%
Effective Federal Income Tax Rate		8.5%		14.3%		9.3%		13.7%		11.3%
Average Equity, Excluding Goodwill and AOCI	$	1,402	$	1,429	$	1,447	$	1,440	$	1,415	0.9%
ROE, Excluding Goodwill and AOCI		11.2%		11.7%		12.2%		13.0%		11.2%
Pre-tax Net Margin		29.1%		31.7%		32.4%		33.6%		30.4%
Return on Average Account Values		22		23		24		25		21	(1)
Net Flows by Market
Small Market		189		25		117		118		141	-25.4%
Mid - Large Market		(283)		532		436		651		790	NM
Multi-Fund® and Other		(287)		(250)		(281)		(347)		(260)	9.4%
Net Flows – Trailing Twelve Months	$	1,702	$	1,510	$	371	$	620	$	1,672	-1.8%
Page 14

Lincoln Financial Group
Life Insurance – Select Earnings and Operational Data
Unaudited (millions of dollars)
	As of or For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	213	$	224	$	219	$	228	$	224	5.2%
Fee income		844		868		1,275		898		893	5.8%
Net investment income		643		707		601		706		697	8.4%
Operating realized gain (loss)		(3)		(2)		(1)		(1)		(3)	0.0%
Amortization of deferred gain on
business sold through reinsurance		-		-		-		-		3	NM
Other revenues		3		5		4		7		7	133.3%
Total operating revenues		1,700		1,802		2,098		1,838		1,821	7.1%
Operating expenses:
Interest credited		354		355		360		364		371	4.8%
Benefits		902		913		1,426		942		954	5.8%
Commissions incurred		186		197		212		337		191	2.7%
Other expenses incurred		212		214		215		256		209	-1.4%
Amounts capitalized		(220)		(232)		(246)		(397)		(216)	1.8%
Amortization		71		148		449		114		103	45.1%
Total operating expenses		1,505		1,595		2,416		1,616		1,612	7.1%
Income (loss) from operations before taxes		195		207		(318)		222		209	7.2%
Federal income tax expense (benefit)		38		39		(73)		43		38	0.0%
Income (loss) from operations	$	157	$	168	$	(245)	$	179	$	171	8.9%
Effective Federal Income Tax Rate		19.6%		19.1%		22.9%		19.2%		18.1%
Average Equity, Excluding Goodwill and AOCI	$	8,399	$	8,697	$	8,601	$	8,502	$	8,798	4.8%
ROE, Excluding Goodwill and AOCI		7.5%		7.7%		-11.4%		8.4%		7.8%
Average Account Values	$	50,355	$	51,495	$	52,050	$	53,243	$	52,866	5.0%
In-Force Face Amount
UL and other	$	346,292	$	347,674	$	348,836	$	357,726	$	356,889	3.1%
Term insurance		416,789		433,706		451,117		472,050		486,311	16.7%
Total in-force face amount	$	763,081	$	781,380	$	799,953	$	829,776	$	843,200	10.5%
Page 15

Lincoln Financial Group
Group Protection – Select Earnings and Operational Data
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,023	$	1,032	$	1,024	$	1,035	$	1,094	6.9%
Net investment income		74		81		72		81		81	9.5%
Other revenues		41		42		41		42		49	19.5%
Total operating revenues		1,138		1,155		1,137		1,158		1,224	7.6%
Operating expenses:
Interest credited		1		1		2		1		2	100.0%
Benefits		753		758		756		768		862	14.5%
Commissions incurred		92		92		88		95		87	-5.4%
Other expenses incurred		203		208		212		232		200	-1.5%
Amounts capitalized		(23)		(20)		(29)		(38)		(19)	17.4%
Amortization		42		30		30		32		42	0.0%
Total operating expenses		1,068		1,069		1,059		1,090		1,174	9.9%
Income (loss) from operations before taxes		70		86		78		68		50	-28.6%
Federal income tax expense (benefit)		15		18		17		14		10	-33.3%
Income (loss) from operations	$	55	$	68	$	61	$	54	$	40	-27.3%
Effective Federal Income Tax Rate		21.0%		21.0%		21.0%		21.0%		21.0%
Average Equity, Excluding Goodwill and AOCI	$	2,165	$	2,360	$	2,492	$	2,554	$	2,601	20.1%
ROE, Excluding Goodwill and AOCI		10.1%		11.5%		9.9%		8.4%		6.1%
Loss Ratios by Product Line
Life		71.4%		71.2%		70.5%		65.7%		79.4%
Disability		75.4%		74.9%		76.4%		80.5%		78.3%
Dental		72.2%		75.0%		73.4%		70.7%		74.6%
Total		73.7%		73.6%		74.1%		74.4%		78.5%
Page 16

Lincoln Financial Group
Other Operations – Select Earnings and Operational Data
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Other Operations
Operating revenues:
Insurance premiums	$	2	$	5	$	3	$	4	$	2	0.0%
Net investment income		51		50		46		46		42	-17.6%
Other revenues		4		3		1		4		(6)	NM
Total operating revenues		57		58		50		54		38	-33.3%
Operating expenses:
Interest credited		15		15		14		14		12	-20.0%
Benefits		20		25		42		23		16	-20.0%
Commissions and other expenses		24		18		5		17		(22)	NM
Interest and debt expenses		71		70		71		72		68	-4.2%
Strategic digitization expense		15		15		16		18		12	-20.0%
Total operating expenses		145		143		148		144		86	-40.7%
Income (loss) from operations before taxes		(88)		(85)		(98)		(90)		(48)	45.5%
Federal income tax expense (benefit)		(28)		(19)		(23)		(23)		(1)	96.4%
Income (loss) from operations	$	(60)	$	(66)	$	(75)	$	(67)	$	(47)	21.7%
Page 17

Lincoln Financial Group
Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	10,512	$	9,689	$	8,832	$	7,731	$	7,928	-24.6%
Business acquired (sold) through reinsurance		-		-		-		-		(10)	NM
Cumulative effect from adoption of new accounting standard		-		-		-		-		5	NM
Deferrals		406		427		459		643		435	7.1%
Operating amortization		(209)		(279)		(604)		(262)		(243)	-16.3%
Deferrals, net of operating amortization		197		148		(145)		381		192	-2.5%
Amortization associated with benefit ratio unlocking		(25)		(7)		3		(16)		66	NM
Adjustment related to realized (gains) losses		31		11		(9)		22		58	87.1%
Adjustment related to unrealized (gains) losses		(1,026)		(1,009)		(950)		(190)		1,218	218.7%
Balance as of end-of-period	$	9,689	$	8,832	$	7,731	$	7,928	$	9,457	-2.4%
DFEL
Balance as of beginning-of-period	$	2,769	$	2,203	$	1,647	$	482	$	650	-76.5%
Cumulative effect from adoption of new accounting standard		-		-		-		-		4	NM
Deferrals		217		245		264		368		240	10.6%
Operating amortization		(112)		(142)		(547)		(163)		(160)	-42.9%
Deferrals, net of operating amortization		105		103		(283)		205		80	-23.8%
Amortization associated with benefit ratio unlocking		(3)		(1)		-		(2)		8	NM
Adjustment related to realized (gains) losses		3		(3)		(3)		3		17	NM
Adjustment related to unrealized (gains) losses		(671)		(655)		(879)		(38)		620	192.4%
Balance as of end-of-period	$	2,203	$	1,647	$	482	$	650	$	1,379	-37.4%
DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	5,914	$	5,676	$	5,727	$	5,750	$	6,382	7.9%
Page 18

Lincoln Financial Group
Annuities – Account Value Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Fixed Annuities
Balance as of beginning-of-period	$	21,666	$	22,941	$	23,836	$	24,448	$	25,384	17.2%
Gross deposits		1,584		1,298		1,027		1,176		1,058	-33.2%
Full surrenders and deaths		(469)		(501)		(441)		(355)		(400)	14.7%
Other contract benefits		(151)		(135)		(145)		(170)		(156)	-3.3%
Net flows		964		662		441		651		502	-47.9%
Contract holder assessments		(8)		(10)		(10)		(11)		(13)	-62.5%
Reinvested interest credited		319		243		181		296		(133)	NM
Balance as of end-of-period, gross		22,941		23,836		24,448		25,384		25,740	12.2%
Reinsurance ceded		(8,997)		(8,997)		(8,837)		(8,748)		(8,532)	5.2%
Balance as of end-of-period, net	$	13,944	$	14,839	$	15,611	$	16,636	$	17,208	23.4%
Variable Annuities
Balance as of beginning-of-period	$	108,536	$	116,514	$	119,005	$	118,424	$	125,492	15.6%
Gross deposits		1,924		2,356		2,434		2,726		2,639	37.2%
Full surrenders and deaths		(1,458)		(1,722)		(1,711)		(1,642)		(1,602)	-9.9%
Other contract benefits		(938)		(919)		(911)		(1,006)		(1,011)	-7.8%
Net flows		(472)		(285)		(188)		78		26	105.5%
Contract holder assessments		(601)		(619)		(636)		(638)		(632)	-5.2%
Change in market value and reinvestment		9,051		3,395		243		7,628		(16,197)	NM
Balance as of end-of-period, gross and net	$	116,514	$	119,005	$	118,424	$	125,492	$	108,689	-6.7%
Total
Balance as of beginning-of-period	$	130,202	$	139,455	$	142,841	$	142,872	$	150,876	15.9%
Gross deposits		3,508		3,654		3,461		3,902		3,697	5.4%
Full surrenders and deaths		(1,927)		(2,223)		(2,152)		(1,997)		(2,002)	-3.9%
Other contract benefits		(1,089)		(1,054)		(1,056)		(1,176)		(1,167)	-7.2%
Net flows		492		377		253		729		528	7.3%
Contract holder assessments		(609)		(629)		(646)		(649)		(645)	-5.9%
Change in market value and reinvestment		9,370		3,638		424		7,924		(16,330)	NM
Balance as of end-of-period, gross		139,455		142,841		142,872		150,876		134,429	-3.6%
Reinsurance ceded		(8,997)		(8,997)		(8,837)		(8,748)		(8,532)	5.2%
Balance as of end-of-period, net	$	130,458	$	133,844	$	134,035	$	142,128	$	125,897	-3.5%
Page 19

	Lincoln Financial Group
	Retirement Plan Services – Account Value Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended
		3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
	General Account
	Balance as of beginning-of-period	$	19,766	$	19,914	$	20,076	$	20,337	$	20,558	4.0%
	Gross deposits		458		393		469		663		609	33.0%
	Withdrawals		(519)		(470)		(490)		(682)		(565)	-8.9%
	Net flows		(61)		(77)		(21)		(19)		44	172.1%
	Transfers between fixed and variable accounts		70		97		136		94		587	NM
	Contract holder assessments		(3)		(3)		(3)		(3)		(3)	0.0%
	Reinvestment interest credited		142		145		149		149		149	4.9%
	Balance as of end-of-period	$	19,914	$	20,076	$	20,337	$	20,558	$	21,335	7.1%
	Separate Account and Mutual Funds
	Balance as of beginning-of-period	$	47,289	$	51,885	$	53,938	$	54,227	$	58,131	22.9%
	Gross deposits		2,038		1,680		1,765		2,000		2,170	6.5%
	Withdrawals		(2,358)		(1,296)		(1,472)		(1,559)		(1,543)	34.6%
	Net flows		(320)		384		293		441		627	295.9%
	Transfers between fixed and variable accounts		(210)		(141)		(190)		(171)		(610)	NM
	Contract holder assessments		(51)		(52)		(54)		(55)		(54)	-5.9%
	Change in market value and reinvestment		5,177		1,862		240		3,689		(9,793)	NM
	Balance as of end-of-period	$	51,885	$	53,938	$	54,227	$	58,131	$	48,301	-6.9%
	Total
	Balance as of beginning-of-period	$	67,055	$	71,799	$	74,014	$	74,564	$	78,689	17.3%
	Gross deposits		2,496		2,073		2,234		2,663		2,779	11.3%
	Withdrawals		(2,877)		(1,766)		(1,962)		(2,241)		(2,108)	26.7%
	Net flows		(381)		307		272		422		671	276.1%
	Transfers between fixed and variable accounts		(140)		(44)		(54)		(77)		(23)	83.6%
	Contract holder assessments		(54)		(55)		(57)		(58)		(57)	-5.6%
	Change in market value and reinvestment		5,319		2,007		389		3,838		(9,644)	NM
	Balance as of end-of-period	$	71,799	$	74,014	$	74,564	$	78,689	$	69,636	-3.0%
8	Page 20

Lincoln Financial Group
Life Insurance – Account Value Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
General Account
Balance as of beginning-of-period	$	37,289	$	37,275	$	37,438	$	37,582	$	38,141	2.3%
Deposits		1,027		1,117		1,137		1,525		996	-3.0%
Withdrawals and deaths		(331)		(195)		(243)		(156)		(380)	-14.8%
Net flows		696		922		894		1,369		616	-11.5%
Contract holder assessments		(1,043)		(1,107)		(1,094)		(1,184)		(1,075)	-3.1%
Reinvested interest credited		333		348		344		374		372	11.7%
Balance as of end-of-period, gross		37,275		37,438		37,582		38,141		38,054	2.1%
Reinsurance ceded		(669)		(666)		(660)		(656)		(649)	3.0%
Balance as of end-of-period, net	$	36,606	$	36,772	$	36,922	$	37,485	$	37,405	2.2%
Separate Account
Balance as of beginning-of-period	$	13,735	$	15,346	$	15,941	$	16,136	$	17,646	28.5%
Deposits		510		566		548		888		454	-11.0%
Withdrawals and deaths		(186)		(271)		(215)		(300)		(107)	42.5%
Net flows		324		295		333		588		347	7.1%
Contract holder assessments		(193)		(195)		(197)		(230)		(204)	-5.7%
Change in market value and reinvestment		1,480		495		59		1,152		(3,007)	NM
Balance as of end-of-period, gross		15,346		15,941		16,136		17,646		14,782	-3.7%
Reinsurance ceded		(832)		(844)		(829)		(876)		(712)	14.4%
Balance as of end-of-period, net	$	14,514	$	15,097	$	15,307	$	16,770	$	14,070	-3.1%
Total
Balance as of beginning-of-period	$	51,024	$	52,621	$	53,379	$	53,718	$	55,787	9.3%
Deposits		1,537		1,683		1,685		2,413		1,450	-5.7%
Withdrawals and deaths		(517)		(466)		(458)		(456)		(487)	5.8%
Net flows		1,020		1,217		1,227		1,957		963	-5.6%
Contract holder assessments		(1,236)		(1,302)		(1,291)		(1,414)		(1,279)	-3.5%
Change in market value and reinvestment		1,813		843		403		1,526		(2,635)	NM
Balance as of end-of-period, gross		52,621		53,379		53,718		55,787		52,836	0.4%
Reinsurance ceded		(1,501)		(1,510)		(1,489)		(1,532)		(1,361)	9.3%
Balance as of end-of-period, net	$	51,120	$	51,869	$	52,229	$	54,255	$	51,475	0.7%
Page 21

Lincoln Financial Group
Select Investment Data
Unaudited (millions of dollars)
	As of 3/31/19				As of 12/31/19				As of 3/31/20
	Amount		%		Amount		%		Amount		%
Fixed Maturity AFS, Trading and Equity Securities, at Fair Value
Fixed maturity AFS securities, net of ACL:
Corporate bonds	$	83,208		82.0%	$	88,716		80.7%	$	85,797		80.3%
U.S. government bonds		423		0.4%		435		0.4%		482		0.5%
State and municipal bonds		5,569		5.5%		5,884		5.4%		5,906		5.5%
Foreign government bonds		453		0.4%		393		0.4%		389		0.4%
Residential mortgage-backed securities		3,414		3.4%		3,241		2.9%		3,271		3.1%
Commercial mortgage-backed securities		885		0.9%		1,083		1.0%		1,119		1.0%
Asset-backed securities		3,484		3.4%		4,889		4.4%		5,086		4.8%
Hybrid and redeemable preferred securities		614		0.6%		559		0.5%		556		0.5%
Total fixed maturity AFS securities, net of ACL		98,050		96.5%		105,200		95.7%		102,606		96.1%
Trading securities		3,314		3.3%		4,673		4.2%		4,019		3.8%
Equity securities		153		0.2%		103		0.1%		83		0.1%
Total fixed maturity AFS securities, net of ACL, and trading and equity securities	$	101,517		100.0%	$	109,976		100.0%	$	106,708		100.0%
Fixed Maturity AFS, Trading and Equity Securities, at Amortized Cost
Fixed maturity AFS securities	$	92,894		96.6%	$	94,295		95.8%	$	96,217		96.1%
Trading securities		3,115		3.2%		4,005		4.1%		3,790		3.8%
Equity securities		164		0.2%		123		0.1%		121		0.1%
Total fixed maturity AFS, trading and equity securities	$	96,173		100.0%	$	98,423		100.0%	$	100,128		100.0%
Percentage of Fixed Maturity AFS Securities, at Amortized Cost
Investment grade				96.1%				96.3%				95.8%
Below investment grade				3.9%				3.7%				4.2%
Page 22

Lincoln Financial Group
Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Components of Realized Gain (Loss), Pre-Tax
Total adjusted operating realized gain (loss)	$	38	$	44	$	50	$	52	$	51	34.2%
Total excluded realized gain (loss)		(400)		(161)		(61)		(171)		(75)	81.3%
Total realized gain (loss), pre-tax	$	(362)	$	(117)	$	(11)	$	(119)	$	(24)	93.4%
Reconciliation of Excluded Realized Gain (Loss)
Net of Benefit Ratio Unlocking, After-Tax
Total excluded realized gain (loss)	$	(316)	$	(128)	$	(49)	$	(135)	$	(60)	81.0%
Benefit ratio unlocking		142		46		(2)		91		(349)	NM
Excluded realized gain (loss) net of
benefit ratio unlocking, after-tax	$	(174)	$	(82)	$	(51)	$	(44)	$	(409)	NM
Components of Excluded Realized Gain (Loss) Net
of Benefit Ratio Unlocking, After-Tax
Credit loss expense on mortgage loans on real estate	$	-	$	-	$	-	$	-	$	(51)	NM
Credit loss expense on other financial assets		-		-		-		-		(16)	NM
OTTI		(6)		(3)		(2)		(1)		-	100.0%
Realized gain (loss) related to certain financial assets		(15)		(7)		(12)		(11)		13	188.6%
Gain (loss) on the mark-to-market on equity investments		5		1		(14)		6		(14)	NM
Gain (loss) on the mark-to-market on certain instruments		(94)		(28)		19		9		38	140.4%
Realized gain (loss) related to financial assets, after-tax		(110)		(37)		(9)		3		(30)	72.7%
Variable annuity net derivative results:
Hedge program performance, including unlocking
for GLB reserves hedged		(15)		(19)		(65)		2		(496)	NM
GLB non-performance risk component		(27)		(2)		43		(55)		147	NM
Total variable annuity net derivative results		(42)		(21)		(22)		(53)		(349)	NM
Indexed annuity forward-starting option		(22)		(24)		(20)		6		(30)	-36.4%
Excluded realized gain (loss) net of
benefit ratio unlocking, after-tax	$	(174)	$	(82)	$	(51)	$	(44)	$	(409)	NM
Page 23

Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars)
	For the Three Months Ended
	3/31/19		6/30/19		9/30/19		12/31/19		3/31/20		Change
Revenues
Total revenues	$	3,965	$	4,310	$	4,638	$	4,344	$	4,425	11.6%
Less:
Excluded realized gain (loss)		(400)		(161)		(61)		(171)		(75)	81.3%
Amortization of DFEL associated with
benefit ratio unlocking		3		1		(1)		2		(9)	NM
Adjusted operating revenues	$	4,362	$	4,470	$	4,700	$	4,513	$	4,509	3.4%
Net Income
Net income (loss)	$	252	$	363	$	(161)	$	431	$	52	-79.4%
Less:
Excluded realized gain (loss), after-tax		(316)		(128)		(49)		(135)		(60)	81.0%
Benefit ratio unlocking, after-tax		142		46		(2)		91		(349)	NM
Net impact from the Tax Cuts and Jobs Act		-		-		-		17		-	NM
Acquisition and integration costs related to
mergers and acquisitions, after-tax		(15)		(33)		(31)		(24)		(4)	73.3%
Gain (loss) on early extinguishment of debt, after-tax		-		-		(33)		-		-	NM
Total adjustments		(189)		(115)		(115)		(51)		(413)	NM
Adjusted income (loss) from operations	$	441	$	478	$	(46)	$	482	$	465	5.4%
Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	1.22	$	1.79	$	(0.83)	$	2.15	$	0.15	-87.7%
Less:
Excluded realized gain (loss), after-tax		(1.54)		(0.63)		(0.24)		(0.68)		(0.30)	80.5%
Benefit ratio unlocking, after-tax		0.69		0.22		(0.01)		0.46		(1.77)	NM
Net impact from the Tax Cuts and Jobs Act		-		-		-		0.08		-	NM
Acquisition and integration costs related to mergers
and acquisitions, after-tax		(0.07)		(0.16)		(0.16)		(0.12)		(0.02)	71.4%
Gain (loss) on early extinguishment of debt, after-tax		-		-		(0.17)		-		-	NM
Adjusted income (loss) from operations	$	2.14	$	2.36	$	(0.25)	$	2.41	$	2.24	4.7%
Page 24