Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Details underlying short-term and long-term debt (in millions) were as follows:

	As of December 31,
	2024		2023
Short-Term Debt
Current maturities of long-term debt (1)	$	–	$	50
Short-term debt (2)	24		790
Total short-term debt	$	24	$	840
Long-Term Debt, Excluding Current Portion
6.03% surplus note, due 2028 (1)(3)	$	750	$	750
6.56% surplus note, due 2028 (1)(3)	500		500
SOFR + 111 bps surplus note, due 2028 (1)(4)	71		71
SOFR + 226 bps surplus note, due 2028 (5)	522		544
SOFR + 200 bps surplus note, due 2035 (1)(4)	30		30
SOFR + 155 bps surplus note, due 2037 (1)(4)	25		25
4.20% surplus note, due 2037 (1)(4)	50		50
SOFR + 100 bps surplus note, due 2037 (1)(4)	154		154
4.225% surplus note, due 2037 (1)(4)	28		28
4.00% surplus note, due 2037 (1)(4)	30		30
4.50% surplus note, due 2038 (1)(4)	13		13
Total long-term debt	$	2,173	$	2,195

(1) Surplus note issued to LNC.

(2) The short-term debt represents short-term notes payable to LNC related to the cash management agreement.

(3) Subject to approval by the Commissioner, LNC has the right to redeem the note for immediate repayment in total or in part once per year on the anniversary date of the note. Any payment of interest or repayment of principal may be paid only out of our statutory earnings, only if our statutory capital surplus exceeds the surplus as of the date of note issuance, and subject to approval by the Commissioner.

(4) Subject to approval by the Commissioner, we have the right to repay the note in whole or in part prior to the maturity date, if our statutory capital surplus exceeds the sum of our surplus at closing plus any accrued but unpaid interest.

(5) Surplus note issued to a wholly owned subsidiary of LNC.

Future Principal Payments

Future principal payments due on long-term debt (in millions) as of December 31, 2024, were as follows:

2025	$	–
2026	–
2027	–
2028	1,843
2029	–
Thereafter	330
Total	$	2,173

Schedule of Line of Credit Facilities

Credit facilities, which allow for borrowing or issuances of LOCs, (in millions) were as follows:

		As of December 31, 2024
	Expiration Date	Maximum Available		LOCs Issued
Credit Facilities
Five-year revolving credit facility (1)	December 21, 2028	$	2,000	$	250
LOC facility (2)	August 26, 2031	965		895
LOC facility (2)	October 1, 2031	827		827
Total		$	3,792	$	1,972

(1) LOCs issued represents LOCs issued by LNC and its subsidiaries. LNL and its subsidiaries had $3 million of LOCs issued as of December 31, 2024. The LOCs of which LNL and its subsidiaries are the beneficiary aggregated to $236 million as of December 31, 2024.

(2) Our wholly owned subsidiaries entered into irrevocable LOC facility agreements with third-party lenders supporting inter-company reinsurance agreements where LNL is the beneficiary.