Shares and Stockholder's Equity

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year	$	(2,482)	$	(3,655)
Unrealized holding gains (losses)	(1,072)		591
Change in foreign currency exchange rate adjustment	(77)		156
Change in future contract benefits and policyholder account balances,
net of reinsurance	593		(543)
Income tax benefit (expense)	118		(43)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	(23)		(20)
Income tax benefit (expense)	5		4
Balance as of end-of-period	$	(2,902)	$	(3,478)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	213	$	402
Unrealized holding gains (losses)	62		181
Change in foreign currency exchange rate adjustment	76		(153)
Income tax benefit (expense)	(29)		(6)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)	16		18
Income tax benefit (expense)	(3)		(4)
Balance as of end-of-period	$	309	$	410
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year	$	(261)	$	145
OCI before reclassification	559		403
Income tax benefit (expense)	(118)		(85)
Balance as of end-of-period	$	180	$	463
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year	$	589	$	795
OCI before reclassification	50		(100)
Income tax benefit (expense)	(11)		21
Balance as of end-of-period	$	628	$	716
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year	$	(14)	$	(17)
Balance as of end-of-period	$	(14)	$	(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 Three Months Ended March 31,
	2026		2025
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification	$	(24)	$	(27)	Realized gain (loss)
Associated change in future contract benefits	1		7		Benefits
Reclassification before income tax benefit (expense)	(23)		(20)		Income (loss) before taxes
Income tax benefit (expense)	5		4		Federal income tax expense (benefit)
Reclassification, net of income tax	$	(18)	$	(16)	Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Foreign currency contracts	15		15		Net investment income
Foreign currency contracts	1		3		Realized gain (loss)
Reclassification before income tax benefit (expense)	16		18		Income (loss) before taxes
Income tax benefit (expense)	(3)		(4)		Federal income tax expense (benefit)
Reclassification, net of income tax	$	13	$	14	Net income (loss)