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Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
We provide products and services and report results through our Annuities, Life Insurance, Group Protection and Retirement Plan Services business segments. The accounting policies of the business segments and Other Operations are the same as those described in Note 1 in our 2025 Form 10-K. We also have Other Operations, which includes the financial results for operations that are not directly related to the business segments. Our business segments and Other Operations reflect the manner by which our chief operating decision maker (“CODM”) views and manages the business. Our CODM is the President. A discussion of these segments and Other Operations is found in Note 19 in our 2025 Form 10-K.

Income (loss) from operations is the internal measure used by our CODM that explains the results of our ongoing operations in a manner that allows for a better understanding of the underlying trends by excluding items that are not necessarily indicative of current operating fundamentals or future performance, and, in most instances, decisions regarding these adjustments do not necessarily relate to the operations of the individual business segments. Income (loss) from operations is used by our CODM to evaluate financial performance, to assess the budgeting and forecasting process and to determine future resource allocation.

Income (loss) from operations is GAAP net income (loss) excluding the following items, as applicable:

•Items related to annuity product features, which include changes in MRBs, income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”);
•Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);
•Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);
•Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);
•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);
•GLB rider fees ceded to LNBAR;
•Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law;
•Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;
•Losses from the impairment of intangible assets and gains (losses) on other non-financial assets;
•Income (loss) from discontinued operations;
•Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and
•Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.

We use our prevailing corporate federal income tax rate of 21% and an estimated state income tax rate, where applicable, net of the impacts related to the separate account dividends-received deduction, tax credits and any other permanent differences for events recognized differently in the consolidated financial statements and federal income tax returns.

We do not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance.
The tables below reconcile our internal measure of performance to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

For the Three Months Ended June 30, 2026
AnnuitiesLife InsuranceGroup ProtectionRetirement Plan ServicesOther OperationsTotal
Operating Revenues (1)
$1,210 $1,200 $1,520 $349 $88 $4,367 
Operating Expenses (2)
Benefits and policyholder liability
remeasurement47 590 971 – 3 1,611 
Interest credited513 230 1 169 48 961 
Commissions329 69 123 30 1 552 
General and administrative expenses134 133 237 91 39 634 
Interest and debt expense– – – – 26 26 
Other (3)
(23)90 46 6 1 120 
Total operating expenses1,000 1,112 1,378 296 118 3,904 
Total federal income tax expense (benefit)26 12 30 7 (11)64 
Total income (loss) from operations184 76 112 46 (19)399 
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)
995 
Net life insurance product features, pre-tax(85)
Credit loss-related adjustments, pre-tax(37)
Investment gains (losses), pre-tax41 
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)
(32)
GLB rider fees ceded to LNBAR, pre-tax(237)
Other items, pre-tax (6)(7)
(12)
Income tax benefit (expense) related to
the above pre-tax items(133)
Total net income (loss)$899 

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).
(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
(3)    Other operating expenses include:
Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and letters of credit (“LOCs”); and amortization of deferred loss on business sold through reinsurance.
Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; amortization of deferred loss on business sold through reinsurance; expenses associated with reserve financing and LOCs; and other intangible amortization.
Group Protection: taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization; amortization of deferred loss on business sold through reinsurance; and expenses associated with LOCs.
Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees; and expenses associated with LOCs.
Other Operations: DAC capitalization and amortization; taxes, licenses and fees; and expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs net of reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions.
(4)    Includes changes in MRBs of $638 million; income allocated to support the cost of hedging or future benefits of $191 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $166 million.
(5)    Includes primarily changes in the fair value of embedded derivatives related to affiliate reinsurance transactions.
(6)    Includes severance expense related to initiatives to realign the workforce of $(11) million.
(7)    Includes deferred compensation mark-to-market adjustment of $(1) million.
For the Three Months Ended June 30, 2025
AnnuitiesLife InsuranceGroup ProtectionRetirement Plan ServicesOther OperationsTotal
Operating Revenues (1)
$1,130 $1,218 $1,486 $328 $35 $4,197 
Operating Expenses (2)
Benefits and policyholder liability
 remeasurement30 626 910 – 4 1,570 
Interest credited439 222 1 174 13 849 
Commissions292 90 126 28 – 536 
General and administrative expenses126 131 227 83 35 602 
Interest and debt expense– – – – 40 40 
Other (3)
(13)83 36 4 – 110 
Total operating expenses874 1,152 1,300 289 92 3,707 
Total federal income tax expense (benefit)34 8 39 5 (13)73 
Total income (loss) from operations222 58 147 34 (44)417 
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)
721 
Net life insurance product features, pre-tax(57)
Credit loss-related adjustments, pre-tax(25)
Investment gains (losses), pre-tax(81)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)
(55)
GLB rider fees ceded to LNBAR, pre-tax(237)
Other items, pre-tax (6)(7)(8)
1 
Income tax benefit (expense) related to
the above pre-tax items(57)
Total net income (loss)$627 

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).
(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
(3)    Other operating expenses include:
Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; and amortization of deferred loss on business sold through reinsurance. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; amortization of deferred loss on business sold through reinsurance; expenses associated with reserve financing and LOCs; and other intangible amortization.
Group Protection: DAC capitalization and amortization; taxes, licenses and fees; other intangible amortization; expenses associated with LOCs; and amortization of deferred loss on business sold through reinsurance.
Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees; and expenses associated with LOCs.
Other Operations: taxes, licenses and fees; DAC capitalization and amortization; and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.
(4)    Includes changes in MRBs of $443 million; income allocated to support the cost of hedging or future benefits of $166 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $112 million.
(5)    Includes primarily changes in the fair value of embedded derivatives related to affiliate reinsurance transactions.
(6)    Includes severance expense related to initiatives to realign the workforce of $(2) million.
(7)    Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $2 million related to the sale of the wealth management business.
(8)    Includes deferred compensation mark-to-market adjustment of $1 million.
For the Six Months Ended June 30, 2026
AnnuitiesLife InsuranceGroup ProtectionRetirement Plan ServicesOther OperationsTotal
Operating Revenues (1)
$2,366 $2,431 $3,013 $692 $148 $8,650 
Operating Expenses (2)
Benefits and policyholder liability
remeasurement70 1,301 1,938 – 5 3,314 
Interest credited1,009 458 1 339 90 1,897 
Commissions668 143 245 59 2 1,117 
General and administrative expenses266 260 467 181 77 1,251 
Interest and debt expense– – – – 51 51 
Other (3)
(66)182 94 13 3 226 
Total operating expenses1,947 2,344 2,745 592 228 7,856 
Total federal income tax expense (benefit)58 4 56 14 (22)110 
Total income (loss) from operations361 83 212 86 (58)684 
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)
629 
Net life insurance product features, pre-tax(65)
Credit loss-related adjustments, pre-tax(57)
Investment gains (losses), pre-tax34 
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)
218 
GLB rider fees ceded to LNBAR, pre-tax(473)
Gains (losses) on other non-financial
assets, pre-tax(2)
Other items, pre-tax (6)(7)(8)
(129)
Income tax benefit (expense) related to
the above pre-tax items(33)
Total net income (loss)$806 

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).
(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
(3)    Other operating expenses include:
Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; and amortization of deferred loss on business sold through reinsurance.
Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; amortization of deferred loss on business sold through reinsurance; expenses associated with reserve financing and LOCs; and other intangible amortization.
Group Protection: taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization; amortization of deferred loss on business sold through reinsurance; and expenses associated with LOCs.
Retirement Plan Services: taxes, licenses and fees; DAC capitalization and amortization; and expenses associated with LOCs.
Other Operations: taxes, licenses and fees; DAC capitalization and amortization; and expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs net of reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions.
(4)    Includes changes in MRBs of $(75) million; income allocated to support the cost of hedging or future benefits of $389 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $315 million.
(5)    Includes primarily changes in the fair value of embedded derivatives related to affiliate reinsurance transactions.
(6)    Includes certain legal accruals of $(122) million.
(7)    Includes severance expense related to initiatives to realign the workforce of $(18) million.
(8)    Includes deferred compensation mark-to-market adjustment of $11 million.

For the Six Months Ended June 30, 2025
AnnuitiesLife InsuranceGroup ProtectionRetirement Plan ServicesOther OperationsTotal
Operating Revenues (1)
$2,249 $2,429 $2,957 $651 $77 $8,363 
Operating Expenses (2)
Benefits and policyholder liability
 remeasurement57 1,357 1,895 – 6 3,315 
Interest credited859 442 – 344 27 1,672 
Commissions590 178 253 55 – 1,076 
General and administrative expenses251 260 449 168 83 1,211 
Interest and debt expense– – – – 80 80 
Other (3)
(25)176 65 11 – 227 
Total operating expenses1,732 2,413 2,662 578 196 7,581 
Total federal income tax expense (benefit)68 (11)62 8 (20)107 
Total income (loss) from operations449 27 233 65 (99)675 
Reconciliation of total income (loss) from
operations to net income (loss):
Net annuity product features, pre-tax (4)
256 
Net life insurance product features, pre-tax(36)
Credit loss-related adjustments, pre-tax(53)
Investment gains (losses), pre-tax(44)
Changes in the fair value of
reinsurance-related embedded
derivatives, trading securities and
certain mortgage loans, pre-tax (5)
(233)
GLB rider fees ceded to LNBAR, pre-tax(469)
Other items, pre-tax (6)(7)(8)
(31)
Income tax benefit (expense) related to
the above pre-tax items123 
Total net income (loss)$188 

(1)    See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).
(2)    The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
(3)    Other operating expenses include:
Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and
LOCs; and amortization of deferred loss on business sold through reinsurance.
Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; amortization of deferred loss on business sold through reinsurance; expenses associated with reserve financing and LOCs; and other intangible amortization.
Group Protection: taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization; expenses associated with LOCs; and amortization of deferred loss on business sold through reinsurance.
Retirement Plan Services: taxes, licenses and fees; DAC capitalization and amortization; and expenses associated with LOCs.
Other Operations: taxes, licenses and fees; DAC capitalization and amortization; and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.
(4)    Includes changes in MRBs of $(176) million; income allocated to support the cost of hedging or future benefits of $346 million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $86 million.
(5)    Includes primarily changes in the fair value of embedded derivatives related to affiliate reinsurance transactions.
(6)    Includes severance expense related to initiatives to realign the workforce of $(8) million.
(7)    Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(18) million related to the sale of the wealth management business.
(8)    Includes deferred compensation mark-to-market adjustment of $(5) million.
The tables below reconcile our total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

For the Three Months Ended June 30, 2026
AnnuitiesLife InsuranceGroup ProtectionRetirement Plan ServicesOther OperationsTotal
Operating revenues$1,210 $1,200 $1,520 $349 $88 $4,367 
Revenue adjustments from annuity and life
insurance product features357 (112)– – – 245 
Credit loss-related adjustments(17)1 (2)(1)(18)(37)
Investment gains (losses)13 64 – 1 (37)41 
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans28 (78)17 – 1 (32)
GLB rider fees ceded to LNBAR(237)– – – – (237)
Total revenues$1,354 $1,075 $1,535 $349 $34 $4,347 

For the Three Months Ended June 30, 2025
AnnuitiesLife InsuranceGroup ProtectionRetirement Plan ServicesOther OperationsTotal
Operating revenues$1,130 $1,218 $1,486 $328 $35 $4,197 
Revenue adjustments from annuity and life
insurance product features278 (65)– – – 213 
Credit loss-related adjustments(2)(2)– (7)(14)(25)
Investment gains (losses)9 (15)– (3)(72)(81)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans(27)(7)(16)– (5)(55)
GLB rider fees ceded to LNBAR(237)– – – – (237)
Total revenues$1,151 $1,129 $1,470 $318 $(56)$4,012 
For the Six Months Ended June 30, 2026
AnnuitiesLife InsuranceGroup ProtectionRetirement Plan ServicesOther OperationsTotal
Operating revenues$2,366 $2,431 $3,013 $692 $148 $8,650 
Revenue adjustments from annuity and life
insurance product features704 (86)– – – 618 
Credit loss-related adjustments(21)– (1)(3)(32)(57)
Investment gains (losses)9 47 – 1 (23)34 
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans159 (12)64 – 7 218 
GLB rider fees ceded to LNBAR(473)– – – – (473)
Gains (losses) on other non-financial assets– – – – (2)(2)
Total revenues$2,744 $2,380 $3,076 $690 $98 $8,988 

For the Six Months Ended June 30, 2025
AnnuitiesLife InsuranceGroup ProtectionRetirement Plan ServicesOther OperationsTotal
Operating revenues$2,249 $2,429 $2,957 $651 $77 $8,363 
Revenue adjustments from annuity and life
insurance product features432 (47)– – – 385 
Credit loss-related adjustments(19)(1)(2)(9)(22)(53)
Investment gains (losses)7 12 1 (6)(58)(44)
Changes in the fair value of reinsurance-
related embedded derivatives, trading
securities and certain mortgage loans(121)(43)(52)– (17)(233)
GLB rider fees ceded to LNBAR(469)– – – – (469)
Total revenues$2,079 $2,350 $2,904 $636 $(20)$7,949 
Other business segment and Other Operations information (in millions) was as follows:

For the Three
Months Ended
June 30,		For the Six
Months Ended
June 30,
2026202520262025
Net Investment Income
Annuities$570 $502 $1,129 $997 
Life Insurance520 500 1,030 981 
Group Protection93 92 184 178 
Retirement Plan Services258 250 516 499 
Other Operations69 22 124 58 
Total net investment income$1,510 $1,366 $2,983 $2,713