Shares and Stockholder's Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Shares and Stockholder's Equity

Shares and Stockholder’s Equity

All authorized and issued shares of LNL are owned by LNC.

AOCI

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

	For the Years Ended December 31,
	2024		2023		2022
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(3,532)	$	(8,526)	$	9,153
Unrealized holding gains (losses) arising during the year	(1,294)		2,122		(24,475)
Change in foreign currency exchange rate adjustment	(219)		178		(321)
Change in future contract benefits and policyholder account balances, net of reinsurance	1,189		638		2,292
Income tax benefit (expense)	64		(650)		4,815
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(173)		(3,425)		(13)
Income tax benefit (expense)	36		719		3
Balance as of end-of-year	$	(3,655)	$	(3,532)	$	(8,526)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	249	$	301	$	258
Unrealized holding gains (losses) arising during the year	38		162		(154)
Change in foreign currency exchange rate adjustment	220		(169)		312
Income tax benefit (expense)	(54)		2		(34)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	64		60		103
Income tax benefit (expense)	(13)		(13)		(22)
Balance as of end-of-year	$	402	$	249	$	301
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	1,069	$	1,739	$	1,951
Adjustment arising during the year	(1,175)		(854)		(267)
Income tax benefit (expense)	251		184		55
Balance as of end-of-year	$	145	$	1,069	$	1,739
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	645	$	790	$	(1,101)
Adjustment arising during the year	189		(187)		2,406
Income tax benefit (expense)	(39)		42		(515)
Balance as of end-of-year	$	795	$	645	$	790
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(16)	$	(17)	$	(11)
Adjustment arising during the year	(1)		1		(6)
Balance as of end-of-year	$	(17)	$	(16)	$	(17)

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,
	2024		2023		2022
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(182)	$	(4,014)	$	(13)	Realized gain (loss)
Associated change in future contract benefits	9		589		–		Benefits
Reclassification before income
tax benefit (expense)	(173)		(3,425)		(13)		Income (loss) before taxes
Income tax benefit (expense)	36		719		3		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(137)	$	(2,706)	$	(10)	Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Interest rate contracts	$	(3)	$	(1)	$	2	Net investment income
Foreign currency contracts	59		54		62		Net investment income
Foreign currency contracts	8		7		39		Realized gain (loss)
Reclassifications before income
tax benefit (expense)	64		60		103		Income (loss) before taxes
Income tax benefit (expense)	(13)		(13)		(22)		Federal income tax expense (benefit)
Reclassifications, net of income tax	$	51	$	47	$	81	Net income (loss)