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Shares and Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Changes in Preferred
Preferred stock authorized, issued and outstanding (number of shares) was as follows:

As of December 31,
20242023
Shares AuthorizedShares IssuedShares OutstandingShares AuthorizedShares IssuedShares Outstanding
9.250% Fixed Rate Reset Non-Cumulative
Preferred Stock, Series C20,000 20,000 20,000 20,000 20,000 20,000 
9.000% Non-Cumulative Preferred Stock,
Series D20,000 20,000 20,000 20,000 20,000 20,000 
Not designated9,960,000 – – 9,960,000 – – 
Total preferred shares10,000,000 40,000 40,000 10,000,000 40,000 40,000 

The per share and aggregate dividends declared for preferred stock by series (in millions except per share data) was as follows:

For the Years Ended December 31,
20242023
SeriesDividend Per ShareAggregate DividendDividend Per ShareAggregate Dividend
Series C$2,312.50 $46 $1,792.19 36 
Series D2,250.00 45 2,306.25 46 
Total$4,562.50 $91 $4,098.44 82 
Schedule of Common Stock Outstanding Roll Forward
The changes in our common stock (number of shares) were as follows:

For the Years Ended December 31,
202420232022
Common Stock
Balance as of beginning-of-year169,666,137169,220,511177,193,515
Stock compensation/issued for benefit plans714,509445,626692,491
Retirement/cancellation of shares– – (8,665,495)
Balance as of end-of-year170,380,646169,666,137169,220,511
Reconciliation of the Denominator Calculations of Basic and Diluted Earnings per Share
The calculation of EPS was as follows (in millions except per share data):

For the Years Ended December 31,
202420232022
Net income (loss) available to common stockholders – basic$3,184 $(834)$1,358 
Deferred units of LNC stock in our
deferred compensation plans (1)
3 (1)(13)
Net income (loss) available to common
 stockholders – diluted$3,187 $(835)$1,345 
Weighted-average shares, as used in basic calculation170,597,104169,562,903171,034,695
Incremental common shares from assumed exercise or
issuance of stock-based incentive compensation awards1,789,530570,9431,152,890
Average deferred compensation shares (1)
693,791604,809512,570
Weighted-average shares, as used in diluted calculation (2)
173,080,425170,738,655172,700,155
Net income (loss) per share:
Basic$18.66 $(4.92)$7.93 
Diluted18.41 (4.92)7.78 

(1)    We have participants in our deferred compensation plans who selected LNC stock as the measure for the investment return attributable to all or a portion of their deferral amounts. This obligation is settled in either cash or LNC stock pursuant to the applicable plan document. We exclude deferred units of LNC stock that are antidilutive from our diluted EPS calculation.
(2)     Due to reporting a net loss for the year ended December 31, 2023, basic shares were used in the diluted EPS calculation for this year as the use of diluted shares would have resulted in a lower loss per share.
Components and Changes in AOCI
The following summarizes the components and changes in AOCI (in millions):

For the Years Ended December 31,
202420232022
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year$(5,188)$(8,916)$9,616 
Unrealized holding gains (losses) arising during the year(1,787)2,413 (25,552)
Change in foreign currency exchange rate adjustment(220)179 (322)
Change in future contract benefits and policyholder account balances, net
   of reinsurance		477 1,306 2,291 
Income tax benefit (expense)317 (849)5,039 
Less:
Reclassification adjustment for gains (losses) included in net income (loss)(205)(860)(15)
Income tax benefit (expense)43 181 3 
Balance as of end-of-year$(6,239)$(5,188)$(8,916)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year$375 $388 $(85)
Unrealized holding gains (losses) arising during the year201 243 378 
Change in foreign currency exchange rate adjustment220 (169)312 
Income tax benefit (expense)(88)(15)(144)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)89 91 92 
Income tax benefit (expense)(19)(19)(19)
Balance as of end-of-year$638 $375 $388 
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year$1,070 $1,741 $1,951 
Adjustment arising during the year(1,175)(854)(266)
Income tax benefit (expense)251 183 56 
Balance as of end-of-year$146 $1,070 $1,741 
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year$587 $747 $(1,265)
Adjustment arising during the year198 (206)2,559 
Income tax benefit (expense) (41)46 (547)
Balance as of end-of-year$744 $587 $747 
Foreign Currency Translation Adjustment
Balance as of beginning-of-year$(26)$(34)$(14)
Foreign currency translation adjustment arising during the year(3)8 (20)
Balance as of end-of-year$(29)$(26)$(34)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year$(294)$(278)$(219)
Adjustment arising during the year(5)(13)(74)
Income tax benefit (expense)3 (3)15 
Balance as of end-of-year$(296)$(294)$(278)
Schedule of Reclassifications Out of AOCI
The following summarizes the reclassifications out of AOCI (in millions) and the associated line item on the Consolidated Statements of Comprehensive Income (Loss):

For the Years Ended December 31,
202420232022
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification$(244)$(869)$(15)Realized gain (loss)
Associated change in future contract benefits39 9 – Benefits
Reclassification before income
tax benefit (expense)(205)(860)(15)Income (loss) before taxes
Income tax benefit (expense)43 181 3 Federal income tax expense (benefit)
Reclassification, net of income tax$(162)$(679)$(12)Net income (loss)
Unrealized Gain (Loss) on Derivative
Instruments
Interest rate contracts$(3)$(1)$2 Net investment income
Interest rate contracts25 31 (11)Interest and debt expense
Foreign currency contracts59 54 62 Net investment income
Foreign currency contracts8 7 39 Realized gain (loss)
Reclassifications before income
tax benefit (expense)89 91 92 Income (loss) before taxes
Income tax benefit (expense)(19)(19)(19)Federal income tax expense (benefit)
Reclassifications, net of income tax$70 $72 $73 Net income (loss)