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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Insurance premiums $ 1,614 $ 1,566 $ 4,839 $ 4,757
Fee income 1,352 1,363 4,015 4,107
Net investment income 1,411 1,494 4,090 4,468
Realized gain (loss) (431) (453) (201) (3,066)
Other revenues 165 233 637 680
Total revenues 4,111 4,203 13,380 10,946
Expenses        
Benefits 1,937 2,152 5,948 6,635
Interest credited 880 831 2,555 2,424
Market risk benefit (gain) loss 657 (1,428) (1,386) (2,832)
Policyholder liability remeasurement (gain) loss (50) 159 (166) (68)
Commissions and other expenses 1,304 1,371 4,254 4,071
Interest and debt expense 86 84 253 250
Total expenses 4,814 3,169 11,458 10,480
Income (loss) before taxes (703) 1,034 1,922 466
Federal income tax expense (benefit) (175) 181 334 (17)
Net income (loss) (528) 853 1,588 483
Other comprehensive income (loss), net of tax:        
Unrealized investment gain (loss) 1,688 (2,896) 1,248 (1,635)
Market risk benefit non-performance risk gain (loss) 372 (844) (289) (742)
Policyholder liability discount rate remeasurement gain (loss) (373) 364 (165) 274
Foreign currency translation adjustment 9 (6) 8 1
Funded status of employee benefit plans (9) 6 (8) (26)
Total other comprehensive income (loss), net of tax 1,687 (3,376) 794 (2,128)
Comprehensive income (loss) 1,159 (2,523) 2,382 (1,645)
Net Income (Loss) Available to Common Stockholders        
Net income (loss) (528) 853 1,588 483
Preferred stock dividends declared (34) (34) (80) (71)
Deferred units of LNC stock in our deferred compensation plans 0 0 3 (2)
Net income (loss) available to common stockholders $ (562) $ 819 $ 1,511 $ 410
Net Income (Loss) Per Common Share        
Basic (in dollars per share) $ (3.29) $ 4.82 $ 8.85 $ 2.43
Diluted (in dollars per share) (3.29) 4.79 8.75 2.40
Cash Dividends Declared Per Preferred Share (in dollars per share) 1,718.75 1,718.75 4,000 3,535.94
Cash Dividends Declared Per Common Share (in dollars per share) 0.45 0.45 1.35 1.35
Series C Preferred Stock        
Net Income (Loss) Per Common Share        
Cash Dividends Declared Per Preferred Share (in dollars per share) 1,156.25 1,156.25 2,312.5 1,792.19
Series D Preferred Stock        
Net Income (Loss) Per Common Share        
Cash Dividends Declared Per Preferred Share (in dollars per share) $ 562.50 $ 562.50 $ 1,687.5 $ 1,743.75