Shares and Stockholder's Equity

3 Months Ended

Mar. 31, 2025

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 Three Months Ended March 31,
	2025		2024
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(3,655)	$	(3,532)
Unrealized holding gains (losses)	591		(914)
Change in foreign currency exchange rate adjustment	156		(102)
Change in future contract benefits and policyholder account balances,
net of reinsurance	(543)		1,574
Income tax benefit (expense)	(43)		(120)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(20)		(51)
Income tax benefit (expense)	4		11
Balance as of end-of-period	$	(3,478)	$	(3,054)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	402	$	249
Unrealized holding gains (losses)	181		(16)
Change in foreign currency exchange rate adjustment	(153)		101
Income tax benefit (expense)	(6)		(18)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	18		15
Income tax benefit (expense)	(4)		(3)
Balance as of end-of-period	$	410	$	304
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	145	$	1,069
OCI before reclassification	403		(590)
Income tax benefit (expense)	(85)		126
Balance as of end-of-period	$	463	$	605
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	795	$	645
OCI before reclassification	(100)		133
Income tax benefit (expense)	21		(28)
Balance as of end-of-period	$	716	$	750
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(17)	$	(16)
Balance as of end-of-period	$	(17)	$	(16)

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,
	2025		2024
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(27)	$	(50)	Realized gain (loss)
Associated change in future contract benefits	7		(1)		Benefits
Reclassification before income tax benefit (expense)	(20)		(51)		Income (loss) before taxes
Income tax benefit (expense)	4		11		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(16)	$	(40)	Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Foreign currency contracts	$	15	$	15	Net investment income
Foreign currency contracts	3		–		Realized gain (loss)
Reclassification before income tax benefit (expense)	18		15		Income (loss) before taxes
Income tax benefit (expense)	(4)		(3)		Federal income tax expense (benefit)
Reclassification, net of income tax	$	14	$	12	Net income (loss)