Lincoln National Corporation · NYSE:LNC
Lincoln National — Q3 2026 Earnings Presentation
21 slides from Lincoln National's earnings presentation, Nov 5, 2026
Slide 1: Earnings Supplement Third Quarter 2026
1 Earnings Supplement Third Quarter 2026 November 5, 2026
Slide 2: Forward-Looking Statements – Cautionary Language
2 Forward-Looking Statements – Cautionary Language Certain statements made in this presentation and in other written or oral statements made by Lincoln or on Lincoln’s behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forw
Slide 3: 3Q26 Key Messages
3 3Q26 Key Messages • Annuities sales of $4.3B were up 21% sequentially, with spread-based products representing 67% of sales. Fixed annuity sales more than doubled sequentially. • Life Insurance core sales up 3%, led by IUL growth of 36%. • Group Protection premiums up 3% YoY, including 32% growth
Slide 4: 3Q26 Earnings Drivers
4 Annuities Life Insurance Operating Income1 Primary Drivers Operating Income1 Primary Drivers Group Protection Retirement Plan Services Operating Income1 Primary Drivers Operating Income Primary Drivers • Favorable Group Life incidence • Disability severity volatility • Continued moderation from fa
Slide 5: Annuities Key Highlights
5 Annuities 1 Excludes $(8)M and $(10)M in 3Q25 and 3Q26, respectively, related to annual assumption review. 2 Net of reinsurance. 3 Return on Average Account Balances, net of reinsurance. Key Highlights Operating Income1 ($M) Sales ($B) • Operating income1 of $304M, up 6% sequentially, with return
Slide 6: Life Insurance Key Highlights
6 Key Highlights Operating Income1 ($M) Sales ($M) • Operating income1 of $130M, up $76M YoY, driven by higher alternative investment income, improved mortality, and the impact of the captive consolidation. • Underlying earnings, excluding alternatives above or below target, grew 38% YoY. • Total sa
Slide 7: Group Protection Key Highlights
7 Key Highlights Operating Income1 ($M) Sales ($M) • Operating income1 of $77M, down $33M YoY, driven by unfavorable disability experience, partially offset by favorable life experience. • Premiums up 3% YoY, led by local markets, up 5%, and supplemental health, up 32%. • Disability loss ratio1 incr
Slide 8: Retirement Plan Services Key Highlights
8 Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income of $55M, up 20% YoY, driven by spread expansion, favorable equity markets, and a $3M one-time item. • First-year sales declined YoY, primarily driven by lower mid-large market sales. • Ending account balances of $128B, u
Slide 9: Other Operations and Holding Company Key Highlights
9 Key Highlights Operating Loss1 and Preferred Dividend ($M) Other Expenses ($M) • Operating loss1 of $98M, in line with the prior-year quarter. • Holding Company available liquidity, net of prefunding, increased ~$350M since YE 2025 to ~$1.0B. Leverage ratio3 at the 25% target. • Repurchased $50M o
Slide 10: Investment Portfolio Key Highlights
10 Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Well-diversified portfolio with 97% investment-grade rated assets. • Portfolio yield expanded 20bps sequentially to 4.93%, supported by higher new money yields. • Diversified alternatives portfolio delivered a 4.1% quarterl
Slide 11: Appendix
11 Appendix
Slide 12: Investment Portfolio
12 Public Corporate 33% Private Credit 20% Public Structured 15% CML 13% RML 5% Other 14%2 Investment Portfolio High quality and well-diversified portfolio1 $138B Average A- Rated Portfolio allocation by asset class 1 Data on slide is as of September 30, 2026. 2 Other includes cash, COLI assets, com
Slide 13: Modeling Considerations
13 Modeling Considerations Estimated impacts post Talcott Reinsurance Transaction and Preferred Stock Repurchases Estimated Operating Income Impacts post Talcott Rx Transaction, after tax ($M) Estimated Preferred Dividends3 ($M) ($7) ($18) ($7) ($18) ($13) 4Q’26 1Q'27 2Q'27 3Q'27 4Q'27 4Q’26 FY 2027
Slide 14: Non-GAAP Financial Measures Appendix
14 Non-GAAP Financial Measures Appendix 2
Slide 15: Non-GAAP Financial Measures
15 Non-GAAP Financial Measures Non-GAAP Financial Measures Non-GAAP financial measures do not replace the most directly comparable GAAP measures. Reconciliations of the following non-GAAP financial measures to the most directly comparable GAAP financial measures or calculations of such measures, as
Slide 16: Non-GAAP Financial Measures, Cont'd
16 Non-GAAP Financial Measures, Cont’d Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income) and adjusted income (loss) from operations per dil
Slide 17: Reconciliation of Net Income to Adjusted Income from Operations
17 Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders Unaudited (millions of dollars, except per share data) For the Three Months Ended 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Net Income (Loss) Net income (
Slide 18: Reconciliation of Net Income to Adjusted Income from Operations (continued)
18 Reconciliation of Net Income (Loss) Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders (continued from previous slide) Unaudited (millions of dollars) (1) Includes changes in MRBs of $337 million, $374 million, $(997) million, $1,450 millio
Slide 19: Reconciliation of Adjusted Income Excluding Significant Items
19 Reconciliation of Adjusted Income (Loss) from Operations Available to Common Stockholders to Adjusted Income (Loss) from Operations Available to Common Stockholders, Excluding Significant Items Unaudited (millions of dollars) (1) See reconciliation to Net Income (Loss) Available to Common Stockho
Slide 20: Leverage Ratio
20 Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Leverage Ratio Short-term debt $ — $ 400 $ 400 $ 400 $ — Long-term debt 5,772 5,866 5,969 6,465 6,440 Total debt 5,772 6,266 6,369 6,865 6,440 Preferred stock 986 986 986 98
Slide 21: Reconciliation of Stockholders' Equity to Adjusted Stockholders' Equity
21 Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity Unaudited (millions of dollars) As of or For the Three Months Ended 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 10,452 $ 10,906 $ 10,212 $ 11,349 $ 9,424 Less: Preferred