As further described in Note 1, the previously reported financial information for all quarters in 2022 and 2021 has been restated and is reflected in the tables that follow. See “Restatement of Previously Issued Consolidated Financial Statements – Description of Misstatements” in Note 1 for a description of the restatement adjustments. The unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Restated amounts are computed independently for each quarter presented; therefore, the sum of the quarterly amounts may not equal the total amount for the respective year due to rounding.

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions, except share data)


	As Restated
	As of		As of			As of
	March 31,		June 30,		September 30,
	2021		2021			2021
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: $105,866, $106,668 and $107,459 at March 31, 2021,
June 30, 2021 and September 30, 2021, respectively; allowance for credit
losses: $14, $9 and $17 at March 31, 2021, June 30, 2021 and
September 30, 2021, respectively)	$	117,313	$	122,215		$	122,085
Trading securities		4,344		4,211			4,170
Equity securities		144		195			264
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: $874, $818 and $792 at March 31, 2021, June 30,
2021 and September 30, 2021)		17,255		17,586			17,730
Policy loans		2,502		2,410			2,379
Derivative investments		3,482		4,730			5,075
Other investments		3,547		3,948			4,066
Total investments		148,587		155,295			155,769
Cash and invested cash		1,350		2,389			2,614
Deferred acquisition costs and value of business acquired		7,665		6,261			5,966
Accrued investment income		1,301		1,254			1,297
Reinsurance recoverables, net of allowance for credit losses		16,289		15,981			15,729
Goodwill		1,778		1,778			1,778
Other assets		18,264		18,125			18,076
Separate account assets		171,339		178,795			175,667
Total assets	$	366,573	$	379,878		$	376,896

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	39,592	$	40,251		$	40,641
Other contract holder funds		107,002		108,778			109,300
Short-term debt		300		300			300
Long-term debt		6,294		6,334			6,323
Payables for collateral on investments		7,597		8,199			8,379
Other liabilities		14,862		15,479			15,121
Separate account liabilities		171,339		178,795			175,667
Total liabilities		346,986		358,136			355,731

Contingencies and Commitments (See Note 13)

Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized		-		-			-
Common stock – 800,000,000 shares authorized;
191,149,192, 189,089,948 and 186,089,222 shares issued and outstanding
as of March 31, 2021, June 30, 2021 and September 30, 2021, respectively		5,057		5,021			4,956
Retained earnings		8,769		9,242			9,360
Accumulated other comprehensive income (loss)		5,761		7,479			6,849
Total stockholders’ equity		19,587		21,742			21,165
Total liabilities and stockholders’ equity	$	366,573	$	379,878		$	376,896

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions, except share data)


	As Restated
	As of		As of			As of
	March 31,		June 30,		September 30,
	2022		2022			2022
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: $107,587, $109,592 and $111,058 at March 31, 2022,
June 30, 2022 and September 30, 2022, respectively; allowance for credit
losses: $20, $12 and $18 at March 31, 2022, June 30, 2022 and
September 30, 2022, respectively)	$	110,663	$	103,317		$	97,572
Trading securities		4,364		3,803			3,580
Equity securities		399		411			427
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: $537, $528 and $495 at March 31, 2022, June 30,
2022 and September 30, 2022)		17,892		17,922			18,066
Policy loans		2,339		2,368			2,347
Derivative investments		4,573		3,167			3,455
Other investments		4,122		4,078			3,813
Total investments		144,352		135,066			129,260
Cash and invested cash		1,960		1,567			1,472
Deferred acquisition costs and value of business acquired		8,811		11,872			13,684
Accrued investment income		1,247		1,226			1,283
Reinsurance recoverables, net of allowance for credit losses		20,044		19,909			20,045
Goodwill		1,778		1,778			1,144
Other assets		18,467		18,137			19,991
Separate account assets		168,879		145,791			137,295
Total assets	$	365,538	$	335,346		$	324,174

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	39,776	$	39,309		$	41,716
Other contract holder funds		112,913		115,145			118,201
Short-term debt		-		-			500
Long-term debt		6,561		6,498			5,959
Payables for collateral on investments		8,927		7,524			6,865
Other liabilities		13,298		11,425			10,970
Separate account liabilities		168,879		145,791			137,295
Total liabilities		350,354		325,692			321,506

Contingencies and Commitments (See Note 13)

Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized		-		-			-
Common stock – 800,000,000 shares authorized;
171,890,974, 170,224,116 and 169,214,493 shares issued and outstanding
as of March 31, 2022, June 30, 2022 and September 30, 2022, respectively		4,586		4,546			4,534
Retained earnings		9,346		9,445			6,762
Accumulated other comprehensive income (loss)		1,252		(4,337	)		(8,628	)
Total stockholders’ equity		15,184		9,654			2,668
Total liabilities and stockholders’ equity	$	365,538	$	335,346		$	324,174

‎

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	As Restated
	For the Three Months Ended
	March 31,			June 30,		September 30,				December 31,
	2021			2021			2021			2021
Revenues
Insurance premiums	$	1,400		$	1,404		$	1,394		$	1,419
Fee income		1,597			1,673			2,000			1,635
Net investment income		1,509			1,583			1,575			1,444
Realized gain (loss)		(180	)		1			79			514
Amortization of deferred gain on business sold through
reinsurance		9			9			9			11
Other revenues		198			192			181			206
Total revenues		4,533			4,862			5,238			5,229
Expenses
Interest credited		743			745			748			696
Benefits		2,227			1,930			2,121			2,251
Commissions and other expenses		1,231			1,325			1,908			1,330
Interest and debt expense		65			65			73			67
Spark program expense		13			21			22			31
Total expenses		4,279			4,086			4,872			4,375
Income (loss) before taxes		254			776			366			854
Federal income tax expense (benefit)		35			131			50			146
Net income (loss)		219			645			316			708
Other comprehensive income (loss), net of tax		(3,170	)		1,718			(630	)		(408	)
Comprehensive income (loss)	$	(2,951	)	$	2,363		$	(314	)	$	300

Net Income (Loss) Per Common Share
Basic	$	1.14		$	3.40		$	1.69		$	3.92
Diluted	$	1.13		$	3.36		$	1.67		$	3.86

Cash Dividends Declared Per Common Share	$	0.42		$	0.42		$	0.42		$	0.45

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	As Restated
	For the Three Months Ended
	March 31,			June 30,		September 30,				December 31,
	2022			2022			2022			2022
Revenues
Insurance premiums	$	1,477		$	1,498		$	1,548		$	1,564
Fee income		1,568			1,506			1,527			1,453
Net investment income		1,411			1,398			1,295			1,411
Realized gain (loss)		25			515			212			(407	)
Amortization of deferred gain on business sold through
reinsurance		11			11			10			10
Other revenues		182			160			189			191
Total revenues		4,674			5,088			4,781			4,222
Expenses
Interest credited		697			706			722			745
Benefits		2,568			2,890			5,103			1,985
Commissions and other expenses		1,235			1,123			1,355			1,382
Interest and debt expense		66			68			71			78
Spark program expense		31			44			44			48
Impairment of intangibles		-			-			634			-
Total expenses		4,597			4,831			7,929			4,238
Income (loss) before taxes		77			257			(3,148	)		(16	)
Federal income tax expense (benefit)		(15	)		29			(565	)		(37	)
Net income (loss)		92			228			(2,583	)		21
Other comprehensive income (loss), net of tax		(5,189	)		(5,589	)		(4,291	)		960
Comprehensive income (loss)	$	(5,097	)	$	(5,361	)	$	(6,874	)	$	981

Net Income (Loss) Per Common Share
Basic	$	0.53		$	1.34		$	(15.22	)	$	0.12
Diluted	$	0.52		$	1.28		$	(15.23	)	$	0.09

Cash Dividends Declared Per Common Share	$	0.45		$	0.45		$	0.45		$	0.45

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in millions)


	As Restated
	For the Three Months Ended
	March 31,			June 30,		September 30,
	2021			2021			2021
Common Stock
Balance as of beginning-of-period	$	5,082		$	5,057		$	5,021
Stock compensation/issued for benefit plans		25			23			16
Retirement of common stock/cancellation of shares		(50	)		(59	)		(81	)
Balance as of end-of-period		5,057			5,021			4,956

Retained Earnings
Balance as of beginning-of-period		8,686			8,769			9,242
Net income (loss)		219			645			316
Retirement of common stock		(55	)		(91	)		(119	)
Common stock dividends declared		(81	)		(81	)		(79	)
Balance as of end-of-period		8,769			9,242			9,360

Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-period		8,931			5,761			7,479
Other comprehensive income (loss), net of tax		(3,170	)		1,718			(630	)
Balance as of end-of-period		5,761			7,479			6,849
Total stockholders’ equity as of end-of-period	$	19,587		$	21,742		$	21,165


	As Restated
	For the Three Months Ended
	March 31,			June 30,		September 30,
	2022			2022			2022
Common Stock
Balance as of beginning-of-period	$	4,735		$	4,586		$	4,546
Stock compensation/issued for benefit plans		6			9			15
Retirement of common stock/cancellation of shares		(155	)		(49	)		(27	)
Balance as of end-of-period		4,586			4,546			4,534

Retained Earnings
Balance as of beginning-of-period		9,578			9,346			9,445
Net income (loss)		92			228			(2,583	)
Retirement of common stock		(245	)		(51	)		(23	)
Common stock dividends declared		(79	)		(78	)		(77	)
Balance as of end-of-period		9,346			9,445			6,762

Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-period		6,441			1,252			(4,337	)
Other comprehensive income (loss), net of tax		(5,189	)		(5,589	)		(4,291	)
Balance as of end-of-period		1,252			(4,337	)		(8,628	)
Total stockholders’ equity as of end-of-period	$	15,184		$	9,654		$	2,668

‎

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)


	As Restated
	For the			For the			For the
	Three Months			Six Months			Nine Months
	Ended			Ended			Ended
	March 31,			June 30,			September 30,
	2021			2021			2021
Cash Flows from Operating Activities
Net income (loss)	$	219		$	864		$	1,180
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Realized (gain) loss		180			179			100
Sales and maturities (purchases) of trading securities, net		118			230			239
Amortization of deferred gain on business sold through reinsurance		(9	)		(17	)		(27	)
Change in:
Deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads deferrals and interest, net
of amortization		54			112			346
Premiums and fees receivable		(161	)		(97	)		(98	)
Accrued investment income		(41	)		(10	)		(34	)
Insurance liabilities and reinsurance-related balances		(762	)		(1,431	)		(1,779	)
Accrued expenses		(40	)		42			246
Federal income tax accruals		35			166			215
Other		(216	)		(251	)		(263	)
Net cash provided by (used in) operating activities		(623	)		(213	)		125
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities		(3,854	)		(8,324	)		(11,917	)
Sales of available-for-sale securities and equity securities		571			1,269			1,452
Maturities of available-for-sale securities		1,913			4,700			7,055
Purchases of alternative investments		(163	)		(361	)		(506	)
Sales and repayments of alternative investments		54			128			258
Issuance of mortgage loans on real estate		(887	)		(1,632	)		(2,210	)
Repayment and maturities of mortgage loans on real estate		403			851			1,274
Repayment (issuance) of policy loans, net		(76	)		16			48
Net change in collateral on investments, derivatives and related settlements		1,341			1,888			2,312
Other		(33	)		(71	)		(219	)
Net cash provided by (used in) investing activities		(731	)		(1,536	)		(2,453	)
Cash Flows from Financing Activities
Payment related to modification or early extinguishment of debt		-			-			(8	)
Proceeds from certain financing arrangements		-			50			50
Deposits of fixed account values, including the fixed portion of variable		3,140			6,378			9,152
Withdrawals of fixed account values, including the fixed portion of variable		(1,773	)		(3,276	)		(4,961	)
Transfers from (to) separate accounts, net		(130	)		(255	)		(254	)
Common stock issued for benefit plans		7			12			14
Repurchase of common stock		(105	)		(255	)		(455	)
Dividends paid to common stockholders		(80	)		(161	)		(241	)
Other		(63	)		(63	)		(63	)
Net cash provided by (used in) financing activities		996			2,430			3,234
Net increase (decrease) in cash, invested cash and restricted cash		(358	)		681			906
Cash, invested cash and restricted cash as of beginning-of-year		1,708			1,708			1,708
Cash, invested cash and restricted cash as of end-of-period	$	1,350		$	2,389		$	2,614

‎

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)


	As Restated
	For the			For the			For the
	Three Months			Six Months			Nine Months
	Ended			Ended			Ended
	March 31,			June 30,			September 30,
	2022			2022			2022
Cash Flows from Operating Activities
Net income (loss)	$	92			319		$	(2,264	)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Realized (gain) loss		(25	)		(540	)		(752	)
Sales and maturities (purchases) of trading securities, net		(187	)		117			163
Amortization of deferred gain on business sold through reinsurance		(11	)		(22	)		(31	)
Impairment of intangibles		-			-			634
Change in:
Deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads deferrals and interest, net
of amortization		31			-			74
Premiums and fees receivable		(91	)		(76	)		(3	)
Accrued investment income		(35	)		(40	)		(80	)
Insurance liabilities and reinsurance-related balances		1,275			3,116			6,166
Accrued expenses		(262	)		(371	)		(402	)
Federal income tax accruals		39			69			(498	)
Other		(74	)		135			383
Net cash provided by (used in) operating activities		752			2,707			3,390
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities		(3,934	)		(8,204	)		(12,008	)
Sales of available-for-sale securities and equity securities		105			308			1,196
Maturities of available-for-sale securities		1,604			3,231			4,333
Purchases of alternative investments		(161	)		(329	)		(484	)
Sales and repayments of alternative investments		131			183			383
Issuance of mortgage loans on real estate		(539	)		(1,366	)		(1,924	)
Repayment and maturities of mortgage loans on real estate		717			1,428			1,872
Repayment (issuance) of policy loans, net		25			(5	)		17
Net change in collateral on investments, derivatives and related settlements		16			(1,893	)		(3,155	)
Other		(104	)		(101	)		(93	)
Net cash provided by (used in) investing activities		(2,140	)		(6,748	)		(9,863	)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities		(300	)		(300	)		(300	)
Issuance of long-term debt, net of issuance costs		297			297			296
Payment related to sale-leaseback transactions		(4	)		(47	)		(52	)
Proceeds from certain financing arrangements		-			53			53
Deposits of fixed account values, including the fixed portion of variable		3,046			6,900			11,062
Withdrawals of fixed account values, including the fixed portion of variable		(1,884	)		(3,352	)		(4,997	)
Transfers from (to) separate accounts, net		70			116			71
Common stock issued for benefit plans		(10	)		(14	)		(15	)
Repurchase of common stock		(400	)		(500	)		(550	)
Dividends paid to common stockholders		(79	)		(157	)		(234	)
Other		-			-			(1	)
Net cash provided by (used in) financing activities		736			2,996			5,333
Net increase (decrease) in cash, invested cash and restricted cash		(652	)		(1,045	)		(1,140	)
Cash, invested cash and restricted cash as of beginning-of-year		2,612			2,612			2,612
Cash, invested cash and restricted cash as of end-of-period	$	1,960		$	1,567		$	1,472

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions, except share data)


	As of March 31, 2021
	As
	Previously		Restatement			As
	Reported		Impacts			Restated
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: 2021 - $105,866; allowance for credit losses: 2021 - $14)	$	117,313	$	-		$	117,313
Trading securities		4,365		(21	)		4,344
Equity securities		123		21			144
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2021 - $874)		17,255		-			17,255
Policy loans		2,502		-			2,502
Derivative investments		3,453		29			3,482
Other investments		3,548		(1	)		3,547
Total investments		148,559		28			148,587
Cash and invested cash		1,350		-			1,350
Deferred acquisition costs and value of business acquired		7,665		-			7,665
Accrued investment income		1,301		-			1,301
Reinsurance recoverables, net of allowance for credit losses		16,289		-			16,289
Goodwill		1,778		-			1,778
Other assets		18,479		(215	)		18,264
Separate account assets		171,339		-			171,339
Total assets	$	366,760	$	(187	)	$	366,573

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	39,591	$	1		$	39,592
Other contract holder funds		107,002		-			107,002
Short-term debt		300		-			300
Long-term debt		6,294		-			6,294
Payables for collateral on investments		7,597		-			7,597
Other liabilities		15,044		(182	)		14,862
Separate account liabilities		171,339		-			171,339
Total liabilities		347,167		(181	)		346,986

Contingencies and Commitments (See Note 13)

Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized		-		-			-
Common stock – 800,000,000 shares authorized;
191,149,192 shares issued and outstanding as of March 31, 2021		5,057		-			5,057
Retained earnings		8,775		(6	)		8,769
Accumulated other comprehensive income (loss)		5,761		-			5,761
Total stockholders’ equity		19,593		(6	)		19,587
Total liabilities and stockholders’ equity	$	366,760	$	(187	)	$	366,573

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions, except share data)


	As of June 30, 2021
	As
	Previously		Restatement			As
	Reported		Impacts			Restated
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: 2021 - $106,668; allowance for credit losses: 2021 - $9)	$	122,215	$	-		$	122,215
Trading securities		4,232		(21	)		4,211
Equity securities		174		21			195
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2021 - $818)		17,586		-			17,586
Policy loans		2,410		-			2,410
Derivative investments		4,548		182			4,730
Other investments		3,950		(2	)		3,948
Total investments		155,115		180			155,295
Cash and invested cash		2,389		-			2,389
Deferred acquisition costs and value of business acquired		6,261		-			6,261
Accrued investment income		1,254		-			1,254
Reinsurance recoverables, net of allowance for credit losses		15,981		-			15,981
Goodwill		1,778		-			1,778
Other assets		18,575		(450	)		18,125
Separate account assets		178,795		-			178,795
Total assets	$	380,148	$	(270	)	$	379,878

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	40,250	$	1		$	40,251
Other contract holder funds		108,778		-			108,778
Short-term debt		300		-			300
Long-term debt		6,334		-			6,334
Payables for collateral on investments		8,199		-			8,199
Other liabilities		15,747		(268	)		15,479
Separate account liabilities		178,795		-			178,795
Total liabilities		358,403		(267	)		358,136

Contingencies and Commitments (See Note 13)

Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized		-		-			-
Common stock – 800,000,000 shares authorized;
189,089,948 shares issued and outstanding as of June 30, 2021		5,021		-			5,021
Retained earnings		9,245		(3	)		9,242
Accumulated other comprehensive income (loss)		7,479		-			7,479
Total stockholders’ equity		21,745		(3	)		21,742
Total liabilities and stockholders’ equity	$	380,148	$	(270	)	$	379,878

‎

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions, except share data)


	As of September 30, 2021
	As
	Previously		Restatement			As
	Reported		Impacts			Restated
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: 2021 - $107,459; allowance for credit losses: 2021 - $17)	$	122,085	$	-		$	122,085
Trading securities		4,191		(21	)		4,170
Equity securities		243		21			264
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2021 - $792)		17,730		-			17,730
Policy loans		2,379		-			2,379
Derivative investments		4,828		247			5,075
Other investments		4,069		(3	)		4,066
Total investments		155,525		244			155,769
Cash and invested cash		2,614		-			2,614
Deferred acquisition costs and value of business acquired		5,965		1			5,966
Accrued investment income		1,297		-			1,297
Reinsurance recoverables, net of allowance for credit losses		15,729		-			15,729
Goodwill		1,778		-			1,778
Other assets		18,477		(401	)		18,076
Separate account assets		175,667		-			175,667
Total assets	$	377,052	$	(156	)	$	376,896

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	40,641	$	-		$	40,641
Other contract holder funds		109,297		3			109,300
Short-term debt		300		-			300
Long-term debt		6,323		-			6,323
Payables for collateral on investments		8,379		-			8,379
Other liabilities		15,275		(154	)		15,121
Separate account liabilities		175,667		-			175,667
Total liabilities		355,882		(151	)		355,731

Contingencies and Commitments (See Note 13)

Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized		-		-			-
Common stock – 800,000,000 shares authorized;
186,089,222 shares issued and outstanding as of September 30, 2021		4,956		-			4,956
Retained earnings		9,365		(5	)		9,360
Accumulated other comprehensive income (loss)		6,849		-			6,849
Total stockholders’ equity		21,170		(5	)		21,165
Total liabilities and stockholders’ equity	$	377,052	$	(156	)	$	376,896

‎

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions, except share data)


	As of March 31, 2022
	As
	Previously		Restatement			As
	Reported		Impacts			Restated
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: 2022 - $107,587; allowance for credit losses: 2022 - $20)	$	110,695	$	(32	)	$	110,663
Trading securities		4,385		(21	)		4,364
Equity securities		346		53			399
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2022 - $537)		17,892		-			17,892
Policy loans		2,339		-			2,339
Derivative investments		4,840		(267	)		4,573
Other investments		4,127		(5	)		4,122
Total investments		144,624		(272	)		144,352
Cash and invested cash		1,960		-			1,960
Deferred acquisition costs and value of business acquired		8,810		1			8,811
Accrued investment income		1,247		-			1,247
Reinsurance recoverables, net of allowance for credit losses		20,044		-			20,044
Goodwill		1,778		-			1,778
Other assets		18,587		(120	)		18,467
Separate account assets		168,879		-			168,879
Total assets	$	365,929	$	(391	)	$	365,538

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	39,773	$	3		$	39,776
Other contract holder funds		112,901		12			112,913
Long-term debt		6,561		-			6,561
Payables for collateral on investments		8,927		-			8,927
Other liabilities		14,176		(878	)		13,298
Separate account liabilities		168,879		-			168,879
Total liabilities		351,217		(863	)		350,354

Contingencies and Commitments (See Note 13)

Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized		-		-			-
Common stock – 800,000,000 shares authorized;
171,890,974 shares issued and outstanding as of March 31, 2022		4,586		-			4,586
Retained earnings		8,876		470			9,346
Accumulated other comprehensive income (loss)		1,250		2			1,252
Total stockholders’ equity		14,712		472			15,184
Total liabilities and stockholders’ equity	$	365,929	$	(391	)	$	365,538

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions, except share data)


	As of June 30, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: 2022 - $109,592; allowance for credit losses: 2022 - $12)	$	103,365		$	(48	)	$	103,317
Trading securities		3,822			(19	)		3,803
Equity securities		344			67			411
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2022 - $528)		17,922			-			17,922
Policy loans		2,368			-			2,368
Derivative investments		3,370			(203	)		3,167
Other investments		4,054			24			4,078
Total investments		135,245			(179	)		135,066
Cash and invested cash		1,567			-			1,567
Deferred acquisition costs and value of business acquired		11,872			-			11,872
Accrued investment income		1,226			-			1,226
Reinsurance recoverables, net of allowance for credit losses		19,909			-			19,909
Goodwill		1,778			-			1,778
Other assets		18,381			(244	)		18,137
Separate account assets		145,791			-			145,791
Total assets	$	335,769		$	(423	)	$	335,346

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	39,306		$	3		$	39,309
Other contract holder funds		115,127			18			115,145
Long-term debt		6,498			-			6,498
Payables for collateral on investments		7,524			-			7,524
Other liabilities		12,335			(910	)		11,425
Separate account liabilities		145,791			-			145,791
Total liabilities		326,581			(889	)		325,692

Contingencies and Commitments (See Note 13)

Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized		-			-			-
Common stock – 800,000,000 shares authorized;
170,224,116 shares issued and outstanding as of June 30, 2022		4,546			-			4,546
Retained earnings		8,985			460			9,445
Accumulated other comprehensive income (loss)		(4,343	)		6			(4,337	)
Total stockholders’ equity		9,188			466			9,654
Total liabilities and stockholders’ equity	$	335,769		$	(423	)	$	335,346

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited, in millions, except share data)


	As of September 30, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value
(amortized cost: 2022 - $111,058; allowance for credit losses: 2022 - $18)	$	97,572		$	-		$	97,572
Trading securities		3,580			-			3,580
Equity securities		427			-			427
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2022 - $495)		18,066			-			18,066
Policy loans		2,347			-			2,347
Derivative investments		3,681			(226	)		3,455
Other investments		3,820			(7	)		3,813
Total investments		129,493			(233	)		129,260
Cash and invested cash		1,472			-			1,472
Deferred acquisition costs and value of business acquired		13,676			8			13,684
Accrued investment income		1,283			-			1,283
Reinsurance recoverables, net of allowance for credit losses		20,045			-			20,045
Goodwill		1,144			-			1,144
Other assets		20,275			(284	)		19,991
Separate account assets		137,295			-			137,295
Total assets	$	324,683		$	(509	)	$	324,174

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	41,716		$	-		$	41,716
Other contract holder funds		118,174			27			118,201
Short-term debt		500			-			500
Long-term debt		5,959			-			5,959
Payables for collateral on investments		6,865			-			6,865
Other liabilities		11,957			(987	)		10,970
Separate account liabilities		137,295			-			137,295
Total liabilities		322,466			(960	)		321,506

Contingencies and Commitments (See Note 13)

Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized		-			-			-
Common stock – 800,000,000 shares authorized;
169,214,493 shares issued and outstanding as of September 30, 2022		4,534			-			4,534
Retained earnings		6,311			451			6,762
Accumulated other comprehensive income (loss)		(8,628	)		-			(8,628	)
Total stockholders’ equity		2,217			451			2,668
Total liabilities and stockholders’ equity	$	324,683		$	(509	)	$	324,174

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	For the Three Months Ended
	March 31, 2021
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Revenues
Insurance premiums	$	1,406		$	(6	)	$	1,400
Fee income		1,592			5			1,597
Net investment income		1,510			(1	)		1,509
Realized gain (loss)		(181	)		1			(180	)
Amortization of deferred gain on business sold through reinsurance		9			-			9
Other revenues		198			-			198
Total revenues		4,534			(1	)		4,533
Expenses
Interest credited		737			6			743
Benefits		2,226			1			2,227
Commissions and other expenses		1,231			-			1,231
Interest and debt expense		65			-			65
Spark program expense		13			-			13
Total expenses		4,272			7			4,279
Income (loss) before taxes		262			(8	)		254
Federal income tax expense (benefit)		37			(2	)		35
Net income (loss)		225			(6	)		219
Other comprehensive income (loss), net of tax		(3,170	)		-			(3,170	)
Comprehensive income (loss)	$	(2,945	)	$	(6	)	$	(2,951	)

Net Income (Loss) Per Common Share
Basic	$	1.17		$	(0.03	)	$	1.14
Diluted	$	1.16		$	(0.03	)	$	1.13

Cash Dividends Declared Per Common Share	$	0.42		$	-		$	0.42

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	For the Three Months Ended
	June 30, 2021
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Revenues
Insurance premiums	$	1,398		$	6		$	1,404
Fee income		1,670			3			1,673
Net investment income		1,584			(1	)		1,583
Realized gain (loss)		(2	)		3			1
Amortization of deferred gain on business sold through reinsurance		9			-			9
Other revenues		192			-			192
Total revenues		4,851			11			4,862
Expenses
Interest credited		737			8			745
Benefits		1,930			-			1,930
Commissions and other expenses		1,326			(1	)		1,325
Interest and debt expense		65			-			65
Spark program expense		21			-			21
Total expenses		4,079			7			4,086
Income (loss) before taxes		772			4			776
Federal income tax expense (benefit)		130			1			131
Net income (loss)		642			3			645
Other comprehensive income (loss), net of tax		1,718			-			1,718
Comprehensive income (loss)	$	2,360		$	3		$	2,363

Net Income (Loss) Per Common Share
Basic	$	3.38		$	0.02		$	3.40
Diluted	$	3.34		$	0.02		$	3.36

Cash Dividends Declared Per Common Share	$	0.42		$	-		$	0.42

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	For the Three Months Ended
	September 30, 2021
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Revenues
Insurance premiums	$	1,394		$	-		$	1,394
Fee income		1,996			4			2,000
Net investment income		1,576			(1	)		1,575
Realized gain (loss)		85			(6	)		79
Amortization of deferred gain on business sold through reinsurance		9			-			9
Other revenues		181			-			181
Total revenues		5,241			(3	)		5,238
Expenses
Interest credited		750			(2	)		748
Benefits		2,122			(1	)		2,121
Commissions and other expenses		1,906			2			1,908
Interest and debt expense		73			-			73
Spark program expense		22			-			22
Total expenses		4,873			(1	)		4,872
Income (loss) before taxes		368			(2	)		366
Federal income tax expense (benefit)		50			-			50
Net income (loss)		318			(2	)		316
Other comprehensive income (loss), net of tax		(630	)		-			(630	)
Comprehensive income (loss)	$	(312	)	$	(2	)	$	(314	)

Net Income (Loss) Per Common Share
Basic	$	1.70		$	(0.01	)	$	1.69
Diluted	$	1.68		$	(0.01	)	$	1.67

Cash Dividends Declared Per Common Share	$	0.42		$	-		$	0.42

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	For the Three Months Ended
	December 31, 2021
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Revenues
Insurance premiums	$	1,419		$	-		$	1,419
Fee income		1,629			6			1,635
Net investment income		1,445			(1	)		1,444
Realized gain (loss)		(114	)		628			514
Amortization of deferred gain on business sold through reinsurance		19			(8	)		11
Other revenues		206			-			206
Total revenues		4,604			625			5,229
Expenses
Interest credited		691			5			696
Benefits		2,251			-			2,251
Commissions and other expenses		1,328			2			1,330
Interest and debt expense		67			-			67
Spark program expense		31			-			31
Total expenses		4,368			7			4,375
Income (loss) before taxes		236			618			854
Federal income tax expense (benefit)		16			130			146
Net income (loss)		220			488			708
Other comprehensive income (loss), net of tax		(408	)		-			(408	)
Comprehensive income (loss)	$	(188	)	$	488		$	300

Net Income (Loss) Per Common Share
Basic	$	1.22		$	2.70		$	3.92
Diluted	$	1.20		$	2.66		$	3.86

Cash Dividends Declared Per Common Share	$	0.45		$	-		$	0.45

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	For the Three Months Ended
	March 31, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Revenues
Insurance premiums	$	1,477		$	-		$	1,477
Fee income		1,568			-			1,568
Net investment income		1,412			(1	)		1,411
Realized gain (loss)		29			(4	)		25
Amortization of deferred gain on business sold through reinsurance		19			(8	)		11
Other revenues		182			-			182
Total revenues		4,687			(13	)		4,674
Expenses
Interest credited		697			-			697
Benefits		2,565			3			2,568
Commissions and other expenses		1,236			(1	)		1,235
Interest and debt expense		66			-			66
Spark program expense		31			-			31
Total expenses		4,595			2			4,597
Income (loss) before taxes		92			(15	)		77
Federal income tax expense (benefit)		(12	)		(3	)		(15	)
Net income (loss)		104			(12	)		92
Other comprehensive income (loss), net of tax		(5,191	)		2			(5,189	)
Comprehensive income (loss)	$	(5,087	)	$	(10	)	$	(5,097	)

Net Income (Loss) Per Common Share
Basic	$	0.60		$	(0.07	)	$	0.53
Diluted	$	0.58		$	(0.06	)	$	0.52

Cash Dividends Declared Per Common Share	$	0.45		$	-		$	0.45

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	For the Three Months Ended
	June 30, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Revenues
Insurance premiums	$	1,498		$	-		$	1,498
Fee income		1,506			-			1,506
Net investment income		1,369			29			1,398
Realized gain (loss)		522			(7	)		515
Amortization of deferred gain on business sold through reinsurance		19			(8	)		11
Other revenues		190			(30	)		160
Total revenues		5,104			(16	)		5,088
Expenses
Interest credited		706			-			706
Benefits		2,890			-			2,890
Commissions and other expenses		1,127			(4	)		1,123
Interest and debt expense		68			-			68
Spark program expense		44			-			44
Total expenses		4,835			(4	)		4,831
Income (loss) before taxes		269			(12	)		257
Federal income tax expense (benefit)		31			(2	)		29
Net income (loss)		238			(10	)		228
Other comprehensive income (loss), net of tax		(5,593	)		4			(5,589	)
Comprehensive income (loss)	$	(5,355	)	$	(6	)	$	(5,361	)

Net Income (Loss) Per Common Share
Basic	$	1.39		$	(0.05	)	$	1.34
Diluted	$	1.34		$	(0.06	)	$	1.28

Cash Dividends Declared Per Common Share	$	0.45		$	-		$	0.45

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	For the Three Months Ended
	September 30, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Revenues
Insurance premiums	$	1,548		$	-		$	1,548
Fee income		1,527			-			1,527
Net investment income		1,326			(31	)		1,295
Realized gain (loss)		220			(8	)		212
Amortization of deferred gain on business sold through reinsurance		18			(8	)		10
Other revenues		159			30			189
Total revenues		4,798			(17	)		4,781
Expenses
Interest credited		722			-			722
Benefits		5,106			(3	)		5,103
Commissions and other expenses		1,358			(3	)		1,355
Interest and debt expense		71			-			71
Spark program expense		44			-			44
Impairment of intangibles		634			-			634
Total expenses		7,935			(6	)		7,929
Income (loss) before taxes		(3,137	)		(11	)		(3,148	)
Federal income tax expense (benefit)		(563	)		(2	)		(565	)
Net income (loss)		(2,574	)		(9	)		(2,583	)
Other comprehensive income (loss), net of tax		(4,285	)		(6	)		(4,291	)
Comprehensive income (loss)	$	(6,859	)	$	(15	)	$	(6,874	)

Net Income (Loss) Per Common Share
Basic	$	(15.17	)	$	(0.05	)	$	(15.22	)
Diluted	$	(15.17	)	$	(0.06	)	$	(15.23	)

Cash Dividends Declared Per Common Share	$	0.45		$	-		$	0.45

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	For the Three Months Ended
	December 31, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Revenues
Insurance premiums	$	1,564		$	-		$	1,564
Fee income		1,453			-			1,453
Net investment income		1,404			7			1,411
Realized gain (loss)		(435	)		28			(407	)
Amortization of deferred gain on business sold through reinsurance		18			(8	)		10
Other revenues		191			-			191
Total revenues		4,195			27			4,222
Expenses
Interest credited		745			-			745
Benefits		1,985			-			1,985
Commissions and other expenses		1,374			8			1,382
Interest and debt expense		78			-			78
Spark program expense		48			-			48
Total expenses		4,230			8			4,238
Income (loss) before taxes		(35	)		19			(16	)
Federal income tax expense (benefit)		(40	)		3			(37	)
Net income (loss)		5			16			21
Other comprehensive income (loss), net of tax		960			-			960
Comprehensive income (loss)	$	965		$	16		$	981

Net Income (Loss) Per Common Share
Basic	$	0.04		$	0.08		$	0.12
Diluted	$	0.01		$	0.08		$	0.09

Cash Dividends Declared Per Common Share	$	0.45		$	-		$	0.45

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in millions)


	For the Three Months Ended
	March 31, 2021
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Common Stock
Balance as of beginning-of-year	$	5,082		$	-		$	5,082
Stock compensation/issued for benefit plans		25			-			25
Retirement of common stock/cancellation of shares		(50	)		-			(50	)
Balance as of end-of-period		5,057			-			5,057

Retained Earnings
Balance as of beginning-of-year		8,686			-			8,686
Net income (loss)		225			(6	)		219
Retirement of common stock		(55	)		-			(55	)
Common stock dividends declared		(81	)		-			(81	)
Balance as of end-of-period		8,775			(6	)		8,769

Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-year		8,931			-			8,931
Other comprehensive income (loss), net of tax		(3,170	)		-			(3,170	)
Balance as of end-of-period		5,761			-			5,761
Total stockholders’ equity as of end-of-period	$	19,593		$	(6	)	$	19,587


	For the Three Months Ended
	June 30, 2021
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Common Stock
Balance as of beginning-of-period	$	5,057		$	-		$	5,057
Stock compensation/issued for benefit plans		23			-			23
Retirement of common stock/cancellation of shares		(59	)		-			(59	)
Balance as of end-of-period		5,021			-			5,021

Retained Earnings
Balance as of beginning-of-period		8,775			(6	)		8,769
Net income (loss)		642			3			645
Retirement of common stock		(91	)		-			(91	)
Common stock dividends declared		(81	)		-			(81	)
Balance as of end-of-period		9,245			(3	)		9,242

Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-period		5,761			-			5,761
Other comprehensive income (loss), net of tax		1,718			-			1,718
Balance as of end-of-period		7,479			-			7,479
Total stockholders’ equity as of end-of-period	$	21,745		$	(3	)	$	21,742

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in millions)


	For the Three Months Ended
	September 30, 2021
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Common Stock
Balance as of beginning-of-period	$	5,021		$	-		$	5,021
Stock compensation/issued for benefit plans		16			-			16
Retirement of common stock/cancellation of shares		(81	)		-			(81	)
Balance as of end-of-period		4,956			-			4,956

Retained Earnings
Balance as of beginning-of-period		9,245			(3	)		9,242
Net income (loss)		318			(2	)		316
Retirement of common stock		(119	)		-			(119	)
Common stock dividends declared		(79	)		-			(79	)
Balance as of end-of-period		9,365			(5	)		9,360

Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-period		7,479			-			7,479
Other comprehensive income (loss), net of tax		(630	)		-			(630	)
Balance as of end-of-period		6,849			-			6,849
Total stockholders’ equity as of end-of-period	$	21,170		$	(5	)	$	21,165


	For the Three Months Ended
	March 31, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Common Stock
Balance as of beginning-of-year	$	4,735		$	-		$	4,735
Stock compensation/issued for benefit plans		6			-			6
Retirement of common stock/cancellation of shares		(155	)		-			(155	)
Balance as of end-of-period		4,586			-			4,586

Retained Earnings
Balance as of beginning-of-year		9,096			482			9,578
Net income (loss)		104			(12	)		92
Retirement of common stock		(245	)		-			(245	)
Common stock dividends declared		(79	)		-			(79	)
Balance as of end-of-period		8,876			470			9,346

Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-year		6,441			-			6,441
Other comprehensive income (loss), net of tax		(5,191	)		2			(5,189	)
Balance as of end-of-period		1,250			2			1,252
Total stockholders’ equity as of end-of-period	$	14,712		$	472		$	15,184

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in millions)


	For the Three Months Ended
	June 30, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Common Stock
Balance as of beginning-of-period	$	4,586		$	-		$	4,586
Stock compensation/issued for benefit plans		9			-			9
Retirement of common stock/cancellation of shares		(49	)		-			(49	)
Balance as of end-of-period		4,546			-			4,546

Retained Earnings
Balance as of beginning-of-period		8,876			470			9,346
Net income (loss)		238			(10	)		228
Retirement of common stock		(51	)		-			(51	)
Common stock dividends declared		(78	)		-			(78	)
Balance as of end-of-period		8,985			460			9,445

Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-period		1,250			2			1,252
Other comprehensive income (loss), net of tax		(5,593	)		4			(5,589	)
Balance as of end-of-period		(4,343	)		6			(4,337	)
Total stockholders’ equity as of end-of-period	$	9,188		$	466		$	9,654


	For the Three Months Ended
	September 30, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Common Stock
Balance as of beginning-of-period	$	4,546		$	-		$	4,546
Stock compensation/issued for benefit plans		15			-			15
Retirement of common stock/cancellation of shares		(27	)		-			(27	)
Balance as of end-of-period		4,534			-			4,534

Retained Earnings
Balance as of beginning-of-period		8,985			460			9,445
Net income (loss)		(2,574	)		(9	)		(2,583	)
Retirement of common stock		(23	)		-			(23	)
Common stock dividends declared		(77	)		-			(77	)
Balance as of end-of-period		6,311			451			6,762

Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-period		(4,343	)		6			(4,337	)
Other comprehensive income (loss), net of tax		(4,285	)		(6	)		(4,291	)
Balance as of end-of-period		(8,628	)		-			(8,628	)
Total stockholders’ equity as of end-of-period	$	2,217		$	451		$	2,668

‎

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)


	For the Three Months Ended
	March 31, 2021
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Cash Flows from Operating Activities
Net income (loss)	$	225		$	(6	)	$	219
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Realized (gain) loss		181			(1	)		180
Sales and maturities (purchases) of trading securities, net		98			20			118
Amortization of deferred gain on business sold through reinsurance		(9	)		-			(9	)
Change in:
Deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads deferrals and interest, net
of amortization		54			-			54
Premiums and fees receivable		(167	)		6			(161	)
Accrued investment income		(41	)		-			(41	)
Insurance liabilities and reinsurance-related balances		(764	)		2			(762	)
Accrued expenses		(40	)		-			(40	)
Federal income tax accruals		37			(2	)		35
Other		(216	)		-			(216	)
Net cash provided by (used in) operating activities		(642	)		19			(623	)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities		(3,834	)		(20	)		(3,854	)
Sales of available-for-sale securities and equity securities		571			-			571
Maturities of available-for-sale securities		1,913			-			1,913
Purchases of alternative investments		(163	)		-			(163	)
Sales and repayments of alternative investments		54			-			54
Issuance of mortgage loans on real estate		(888	)		1			(887	)
Repayment and maturities of mortgage loans on real estate		403			-			403
Repayment (issuance) of policy loans, net		(76	)		-			(76	)
Net change in collateral on investments, derivatives and related settlements		1,341			-			1,341
Other		(33	)		-			(33	)
Net cash provided by (used in) investing activities		(712	)		(19	)		(731	)
Cash Flows from Financing Activities
Deposits of fixed account values, including the fixed portion of variable		3,136			4			3,140
Withdrawals of fixed account values, including the fixed portion of variable		(1,777	)		4			(1,773	)
Transfers from (to) separate accounts, net		(122	)		(8	)		(130	)
Common stock issued for benefit plans		7			-			7
Repurchase of common stock		(105	)		-			(105	)
Dividends paid to common stockholders		(80	)		-			(80	)
Other		(63	)		-			(63	)
Net cash provided by (used in) financing activities		996			-			996
Net increase (decrease) in cash, invested cash and restricted cash		(358	)		-			(358	)
Cash, invested cash and restricted cash as of beginning-of-year		1,708			-			1,708
Cash, invested cash and restricted cash as of end-of-period	$	1,350		$	-		$	1,350

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)


	For the Six Months Ended
	June 30, 2021
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Cash Flows from Operating Activities
Net income (loss)	$	867		$	(3	)	$	864
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Realized (gain) loss		182			(3	)		179
Sales and maturities (purchases) of trading securities, net		210			20			230
Amortization of deferred gain on business sold through reinsurance		(17	)		-			(17	)
Change in:
Deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads deferrals and interest, net
of amortization		115			(3	)		112
Premiums and fees receivable		(97	)		-			(97	)
Accrued investment income		(10	)		-			(10	)
Insurance liabilities and reinsurance-related balances		(1,438	)		7			(1,431	)
Accrued expenses		42			-			42
Federal income tax accruals		167			(1	)		166
Other		(252	)		1			(251	)
Net cash provided by (used in) operating activities		(231	)		18			(213	)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities		(8,304	)		(20	)		(8,324	)
Sales of available-for-sale securities and equity securities		1,269			-			1,269
Maturities of available-for-sale securities		4,700			-			4,700
Purchases of alternative investments		(361	)		-			(361	)
Sales and repayments of alternative investments		128			-			128
Issuance of mortgage loans on real estate		(1,634	)		2			(1,632	)
Repayment and maturities of mortgage loans on real estate		851			-			851
Repayment (issuance) of policy loans, net		16			-			16
Net change in collateral on investments, derivatives and related settlements		1,888			-			1,888
Other		(71	)		-			(71	)
Net cash provided by (used in) investing activities		(1,518	)		(18	)		(1,536	)
Cash Flows from Financing Activities
Proceeds from certain financing arrangements		50			-			50
Deposits of fixed account values, including the fixed portion of variable		6,375			3			6,378
Withdrawals of fixed account values, including the fixed portion of variable		(3,299	)		23			(3,276	)
Transfers from (to) separate accounts, net		(229	)		(26	)		(255	)
Common stock issued for benefit plans		12			-			12
Repurchase of common stock		(255	)		-			(255	)
Dividends paid to common stockholders		(161	)		-			(161	)
Other		(63	)		-			(63	)
Net cash provided by (used in) financing activities		2,430			-			2,430
Net increase (decrease) in cash, invested cash and restricted cash		681			-			681
Cash, invested cash and restricted cash as of beginning-of-year		1,708			-			1,708
Cash, invested cash and restricted cash as of end-of-period	$	2,389		$	-		$	2,389

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)


	For the Nine Months Ended
	September 30, 2021
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Cash Flows from Operating Activities
Net income (loss)	$	1,185		$	(5	)	$	1,180
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Realized (gain) loss		97			3			100
Sales and maturities (purchases) of trading securities, net		219			20			239
Amortization of deferred gain on business sold through reinsurance		(27	)		-			(27	)
Change in:
Deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads deferrals and interest, net
of amortization		348			(2	)		346
Premiums and fees receivable		(98	)		-			(98	)
Accrued investment income		(34	)		-			(34	)
Insurance liabilities and reinsurance-related balances		(1,779	)		-			(1,779	)
Accrued expenses		246			-			246
Federal income tax accruals		216			(1	)		215
Other		(265	)		2			(263	)
Net cash provided by (used in) operating activities		108			17			125
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities		(11,897	)		(20	)		(11,917	)
Sales of available-for-sale securities and equity securities		1,452			-			1,452
Maturities of available-for-sale securities		7,055			-			7,055
Purchases of alternative investments		(506	)		-			(506	)
Sales and repayments of alternative investments		258			-			258
Issuance of mortgage loans on real estate		(2,213	)		3			(2,210	)
Repayment and maturities of mortgage loans on real estate		1,274			-			1,274
Repayment (issuance) of policy loans, net		48			-			48
Net change in collateral on investments, derivatives and related settlements		2,312			-			2,312
Other		(219	)		-			(219	)
Net cash provided by (used in) investing activities		(2,436	)		(17	)		(2,453	)
Cash Flows from Financing Activities
Payment related to modification or early extinguishment of debt		(8	)		-			(8	)
Proceeds from certain financing arrangements		50			-			50
Deposits of fixed account values, including the fixed portion of variable		9,150			2			9,152
Withdrawals of fixed account values, including the fixed portion of variable		(4,961	)		-			(4,961	)
Transfers from (to) separate accounts, net		(252	)		(2	)		(254	)
Common stock issued for benefit plans		14			-			14
Repurchase of common stock		(455	)		-			(455	)
Dividends paid to common stockholders		(241	)		-			(241	)
Other		(63	)		-			(63	)
Net cash provided by (used in) financing activities		3,234			-			3,234
Net increase (decrease) in cash, invested cash and restricted cash		906			-			906
Cash, invested cash and restricted cash as of beginning-of-year		1,708			-			1,708
Cash, invested cash and restricted cash as of end-of-period	$	2,614		$	-		$	2,614

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)


	For the Three Months Ended
	March 31, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Cash Flows from Operating Activities
Net income (loss)	$	104		$	(12	)	$	92
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Realized (gain) loss		(29	)		4			(25	)
Sales and maturities (purchases) of trading securities, net		(187	)		-			(187	)
Amortization of deferred gain on business sold through reinsurance		(19	)		8			(11	)
Change in:
Deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads deferrals and interest, net
of amortization		31			-			31
Premiums and fees receivable		(91	)		-			(91	)
Accrued investment income		(35	)		-			(35	)
Insurance liabilities and reinsurance-related balances		1,271			4			1,275
Accrued expenses		(262	)		-			(262	)
Federal income tax accruals		42			(3	)		39
Other		(72	)		(2	)		(74	)
Net cash provided by (used in) operating activities		753			(1	)		752
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities		(3,934	)		-			(3,934	)
Sales of available-for-sale securities and equity securities		105			-			105
Maturities of available-for-sale securities		1,604			-			1,604
Purchases of alternative investments		(161	)		-			(161	)
Sales and repayments of alternative investments		131			-			131
Issuance of mortgage loans on real estate		(540	)		1			(539	)
Repayment and maturities of mortgage loans on real estate		717			-			717
Repayment (issuance) of policy loans, net		25			-			25
Net change in collateral on investments, derivatives and related settlements		16			-			16
Other		(104	)		-			(104	)
Net cash provided by (used in) investing activities		(2,141	)		1			(2,140	)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities		(300	)		-			(300	)
Issuance of long-term debt, net of issuance costs		297			-			297
Payment related to sale-leaseback transactions		(4	)		-			(4	)
Deposits of fixed account values, including the fixed portion of variable		3,048			(2	)		3,046
Withdrawals of fixed account values, including the fixed portion of variable		(1,830	)		(54	)		(1,884	)
Transfers from (to) separate accounts, net		14			56			70
Common stock issued for benefit plans		(10	)		-			(10	)
Repurchase of common stock		(400	)		-			(400	)
Dividends paid to common stockholders		(79	)		-			(79	)
Net cash provided by (used in) financing activities		736			-			736
Net increase (decrease) in cash, invested cash and restricted cash		(652	)		-			(652	)
Cash, invested cash and restricted cash as of beginning-of-year		2,612			-			2,612
Cash, invested cash and restricted cash as of end-of-period	$	1,960		$	-		$	1,960

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)


	For the Six Months Ended
	June 30, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Cash Flows from Operating Activities
Net income (loss)	$	341		$	(22	)	$	319
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Realized (gain) loss		(551	)		11			(540	)
Sales and maturities (purchases) of trading securities, net		117			-			117
Amortization of deferred gain on business sold through reinsurance		(38	)		16			(22	)
Change in:
Deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads deferrals and interest, net
of amortization		2			(2	)		-
Premiums and fees receivable		(76	)		-			(76	)
Accrued investment income		(40	)		-			(40	)
Insurance liabilities and reinsurance-related balances		3,083			33			3,116
Accrued expenses		(371	)		-			(371	)
Federal income tax accruals		74			(5	)		69
Other		167			(32	)		135
Net cash provided by (used in) operating activities		2,708			(1	)		2,707
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities		(8,204	)		-			(8,204	)
Sales of available-for-sale securities and equity securities		308			-			308
Maturities of available-for-sale securities		3,231			-			3,231
Purchases of alternative investments		(329	)		-			(329	)
Sales and repayments of alternative investments		183			-			183
Issuance of mortgage loans on real estate		(1,368	)		2			(1,366	)
Repayment and maturities of mortgage loans on real estate		1,428			-			1,428
Repayment (issuance) of policy loans, net		(5	)		-			(5	)
Net change in collateral on investments, derivatives and related settlements		(1,892	)		(1	)		(1,893	)
Other		(101	)		-			(101	)
Net cash provided by (used in) investing activities		(6,749	)		1			(6,748	)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities		(300	)		-			(300	)
Issuance of long-term debt, net of issuance costs		297			-			297
Payment related to sale-leaseback transactions		(47	)		-			(47	)
Proceeds from certain financing arrangements		53			-			53
Deposits of fixed account values, including the fixed portion of variable		6,900			-			6,900
Withdrawals of fixed account values, including the fixed portion of variable		(3,298	)		(54	)		(3,352	)
Transfers from (to) separate accounts, net		62			54			116
Common stock issued for benefit plans		(14	)		-			(14	)
Repurchase of common stock		(500	)		-			(500	)
Dividends paid to common stockholders		(157	)		-			(157	)
Net cash provided by (used in) financing activities		2,996			-			2,996
Net increase (decrease) in cash, invested cash and restricted cash		(1,045	)		-			(1,045	)
Cash, invested cash and restricted cash as of beginning-of-year		2,612			-			2,612
Cash, invested cash and restricted cash as of end-of-period	$	1,567		$	-		$	1,567


	For the Nine Months Ended
	September 30, 2022
	As
	Previously			Restatement			As
	Reported			Impacts			Restated
Cash Flows from Operating Activities
Net income (loss)	$	(2,233	)	$	(31	)	$	(2,264	)
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
Realized (gain) loss		(771	)		19			(752	)
Sales and maturities (purchases) of trading securities, net		163			-			163
Amortization of deferred gain on business sold through reinsurance		(56	)		25			(31	)
Impairment of intangibles		634			-			634
Change in:
Deferred acquisition costs, value of business acquired, deferred sales
inducements and deferred front-end loads deferrals and interest, net
of amortization		80			(6	)		74
Premiums and fees receivable		(3	)		-			(3	)
Accrued investment income		(80	)		-			(80	)
Insurance liabilities and reinsurance-related balances		6,166			-			6,166
Accrued expenses		(402	)		-			(402	)
Federal income tax accruals		(490	)		(8	)		(498	)
Other		386			(3	)		383
Net cash provided by (used in) operating activities		3,394			(4	)		3,390
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities		(12,008	)		-			(12,008	)
Sales of available-for-sale securities and equity securities		1,196			-			1,196
Maturities of available-for-sale securities		4,333			-			4,333
Purchases of alternative investments		(484	)		-			(484	)
Sales and repayments of alternative investments		383			-			383
Issuance of mortgage loans on real estate		(1,928	)		4			(1,924	)
Repayment and maturities of mortgage loans on real estate		1,872			-			1,872
Repayment (issuance) of policy loans, net		17			-			17
Net change in collateral on investments, derivatives and related settlements		(3,155	)		-			(3,155	)
Other		(93	)		-			(93	)
Net cash provided by (used in) investing activities		(9,867	)		4			(9,863	)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities		(300	)		-			(300	)
Issuance of long-term debt, net of issuance costs		296			-			296
Payment related to sale-leaseback transactions		(52	)		-			(52	)
Proceeds from certain financing arrangements		53			-			53
Deposits of fixed account values, including the fixed portion of variable		11,067			(5	)		11,062
Withdrawals of fixed account values, including the fixed portion of variable		(4,943	)		(54	)		(4,997	)
Transfers from (to) separate accounts, net		12			59			71
Common stock issued for benefit plans		(15	)		-			(15	)
Repurchase of common stock		(550	)		-			(550	)
Dividends paid to common stockholders		(234	)		-			(234	)
Other		(1	)		-			(1	)
Net cash provided by (used in) financing activities		5,333			-			5,333
Net increase (decrease) in cash, invested cash and restricted cash		(1,140	)		-			(1,140	)
Cash, invested cash and restricted cash as of beginning-of-year		2,612			-			2,612
Cash, invested cash and restricted cash as of end-of-period	$	1,472		$	-		$	1,472