Shares and Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Schedule of Changes in Preferred

Preferred stock authorized, issued and outstanding (number of shares) was as follows:

	As of March 31, 2026			As of December 31, 2025
	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
9.250% Fixed Rate Reset Non-Cumulative
Preferred Stock, Series C	20,000	20,000	20,000	20,000	20,000	20,000
9.000% Non-Cumulative Preferred Stock,   Series D	20,000	20,000	20,000	20,000	20,000	20,000
Not designated	9,960,000	–	–	9,960,000	–	–
Total preferred shares	10,000,000	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 Three Months Ended March 31,
	2026				2025
	Dividend		Aggregate		Dividend		Aggregate
Series	Per Share		Dividend		Per Share		Dividend
Series C	$	1,156.25	$	23	$	1,156.25	$	23
Series D	562.50		11		562.50		11
Total	$	1,718.75	$	34	$	1,718.75	$	34

Schedule of Common Stock Outstanding Roll Forward

The changes in our common stock (number of shares) were as follows:

	For the Three Months Ended March 31,
	2026	2025
Common Stock
Balance as of beginning-of-year	190,051,477	170,380,646
Stock compensation/issued for benefit   plans	1,158,291	314,520
Balance as of end-of-period	191,209,768	170,695,166

Reconciliation of the Denominator Calculations of Basic and Diluted Earnings per Share

The calculation of earnings per share (“EPS”) was as follows (in millions except per share data):

	For the Three Months Ended March 31,
	2026		2025
Net income (loss) available to common stockholders – basic	$	(206)	$	(756)
Deferred units of LNC stock in our
deferred compensation plans (1)	(5)		–
Net income (loss) available to common
stockholders – diluted	$	(211)	$	(756)
Weighted-average shares, as used in basic calculation	191,891,461		171,321,440
Incremental common shares from assumed exercise or
issuance of stock-based incentive compensation awards	3,879,235		2,765,580
Average deferred compensation shares (1)	725,848		–
Weighted-average shares, as used in diluted calculation (2)	196,496,544		174,087,020
Net income (loss) per share:
Basic	$	(1.08)	$	(4.41)
Diluted	(1.10)		(4.41)

(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 three months ended March 31, 2026 and 2025, basic shares were used in the diluted EPS calculation for these periods as the use of diluted shares would have resulted in a lower loss per share. Additionally, the diluted EPS calculation for the three months ended March 31, 2026, reflects the assumed settlement of certain deferred units of LNC stock in our deferred compensation plans.

Components and Changes in AOCI

The following summarizes the components and changes in AOCI (in millions):

	As of or For the Three Months Ended March 31,
	2026		2025
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(4,413)	$	(6,239)
Unrealized holding gains (losses)	(1,222)		744
Change in foreign currency exchange rate adjustment	(78)		156
Change in future contract benefits and policyholder account balances,
net of reinsurance	(19)		(326)
Income tax benefit (expense)	278		(121)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(13)		(90)
Income tax benefit (expense)	3		19
Balance as of end-of-period	$	(5,444)	$	(5,715)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	450	$	638
Unrealized holding gains (losses)	62		173
Change in foreign currency exchange rate adjustment	76		(153)
Income tax benefit (expense)	(30)		(4)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	18		21
Income tax benefit (expense)	(4)		(4)
Balance as of end-of-period	$	544	$	637
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	(262)	$	146
OCI before reclassification	560		403
Income tax benefit (expense)	(118)		(85)
Balance as of end-of-period	$	180	$	464
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	480	$	744
OCI before reclassification	109		(141)
Income tax benefit (expense)	(23)		30
Balance as of end-of-period	$	566	$	633
Foreign Currency Translation Adjustment
Balance as of beginning-of-year	$	(18)	$	(29)
OCI before reclassification	(3)		5
Balance as of end-of-period	$	(21)	$	(24)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(295)	$	(296)
OCI before reclassification	3		(5)
Balance as of end-of-period	$	(292)	$	(301)

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 Three Months Ended March 31,
	2026		2025
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(15)	$	(118)	Realized gain (loss)
Associated change in future contract benefits	2		28		Benefits
Reclassification before income tax benefit (expense)	(13)		(90)		Income (loss) before taxes
Income tax benefit (expense)	3		19		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(10)	$	(71)	Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Interest rate contracts	2		3		Interest and debt expense
Foreign currency contracts	15		15		Net investment income
Foreign currency contracts	1		3		Realized gain (loss)
Reclassification before income tax benefit (expense)	18		21		Income (loss) before taxes
Income tax benefit (expense)	(4)		(4)		Federal income tax expense (benefit)
Reclassification, net of income tax	$	14	$	17	Net income (loss)