Form 8-K

8-K — LINCOLN NATIONAL CORP

Accession: 0000059558-26-000058

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0000059558

SIC: 6311 (LIFE INSURANCE)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — lnc-20260730.htm (Primary)

EX-99.1 (a2q2026lncearningspr.htm)

EX-99.2 (statsuppdocument2q26.htm)

EX-99.3 (a2q2026investorsupplemen.htm)

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8-K

8-K (Primary)

Filename: lnc-20260730.htm · Sequence: 1

lnc-20260730

0000059558FALSE00000595582026-07-302026-07-300000059558us-gaap:CommonStockMember2026-07-302026-07-300000059558us-gaap:SeriesDPreferredStockMember2026-07-302026-07-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July 30, 2026

Date of Report (Date of earliest event reported)

Lincoln National Corporation

(Exact name of registrant as specified in its charter)

Indiana 1-6028 35-1140070

(State or other jurisdiction (Commission (IRS Employer

of incorporation) File Number) Identification No.)

150 N. Radnor Chester Road, Radnor, PA 19087

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (484) 583-1400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol(s) Name of each exchange on which registered

Common Stock LNC New York Stock Exchange

Depositary Shares, each representing a 1/1000th interest in a share of 9.000% Non-Cumulative Preferred Stock, Series D

LNC PRD New York Stock Exchange

__________________________________

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 30, 2026, Lincoln National Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference. The Company’s statistical supplement for the quarter ended June 30, 2026, is attached as Exhibit 99.2 and is incorporated herein by reference.

The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

On July 30, 2026, in connection with the Company’s second quarter 2026 earnings conference call scheduled for the same date, the Company made available on its website a second quarter 2026 earnings supplement presentation dated July 30, 2026, a copy of which is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

This presentation is being furnished under this Item 7.01 and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in Exhibit 99.3 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

The following exhibits are being furnished with this Form 8-K.

Exhibit

Number

Description

99.1

Press release dated July 30, 2026, announcing Lincoln National Corporation’s financial results for the quarter ended June 30, 2026.

99.2

Lincoln National Corporation Statistical Supplement for the quarter ended June 30, 2026.

99.3

Second Quarter 2026 Earnings Supplement dated July 30, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LINCOLN NATIONAL CORPORATION

By /s/ Adam Cohen

Name: Adam Cohen

Title: Senior Vice President, Chief Accounting Officer and Treasurer

Date: July 30, 2026

EX-99.1

Filename: a2q2026lncearningspr.htm · Sequence: 2

Document

' For Immediate Release

Lincoln Financial Reports 2026 Second Quarter Results

____________________________________

Radnor, PA, July 30, 2026: Lincoln Financial (NYSE: LNC) today reported financial results for the second quarter ended June 30, 2026.

•Strong second quarter performance and improved profitability, reflecting continued progress against our strategic and financial objectives.

•Second quarter net income available to common stockholders was $1.3 billion, or $6.72 per diluted share.

•Second quarter adjusted operating income available to common stockholders was $439 million, or $2.24 per diluted share.

◦The difference between net income and adjusted operating income was primarily attributable to the non-economic impact of changes in market risk benefits.

•Holding company available liquidity increased to $903 million, net of prefunding amounts.

•Completed $500 million subordinated debt issuance with proceeds supporting capital flexibility to repurchase and/or redeem outstanding preferred stock.

“The second quarter marked a significant step forward in the execution of our long-term strategy and reflects the strength of the franchise we have built," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "We delivered another quarter of year-over-year earnings growth, supported by strength across all businesses. Life Insurance and Retirement Plan Services reported strong earnings growth, Group Protection extended its track record of excellent operating performance, and our Annuities business remained well positioned as we continue to diversify our earnings mix toward spread-based products.”

"Our progress this quarter demonstrates the continued momentum on our strategic priorities. In addition to the prefunding amounts related to our preferred stock, available liquidity at the holding company continues to grow, positioning us well to execute on our stated priorities over the next year and create durable, long-term value for shareholders."

Business Highlights

Our 2026 second quarter performance demonstrated continued execution against our financial and strategic objectives.

Retail Solutions

•Annuities delivered operating income of $287 million, in line with the prior-year quarter, driven by favorable equity markets and higher spread income, offset by variable annuity outflows and the $12 million impact of the previously disclosed net investment income reallocation to non-operating income. Annuities reported a record-high $182 billion in ending account balances, net of reinsurance, up nearly 9% year over year. Total sales were $3.5 billion with spread-based products accounting for 63% of sales.

•Life Insurance delivered operating income of $57 million, a $25-million increase from the prior-year quarter, driven by favorable mortality, partially offset by lower alternative investment income. Total margin increased 160 basis points to 3.6% driven by underlying earnings growth. Total sales were $216 million, up 79% compared to the prior-year quarter, reflecting growth in Executive Benefits and Core Life.

Workplace Solutions

•Group Protection delivered operating income of $147 million and a margin of 10.4%, lower than the prior-year quarter, which included a $15 million experience refund. Beginning in the third quarter of 2025, the experience refund timing changed to quarterly recognition. Excluding the impact of the prior-year refund, earnings were $11 million lower due to a higher disability loss ratio partially offset by an improved life loss ratio. Premiums were 2% higher year over year reflecting prior-period sales.

•Retirement Plan Services reported operating income of $49 million in the quarter, up 32% year over year, driven by higher spread income and favorable equity markets. Net outflows were $2.4 billion, compared to $585 million in the prior-year quarter, reflecting actions to improve overall profitability. Total deposits were $3.7 billion in the quarter, up 4% over the prior-year quarter, supported by strong recurring deposit growth. Ending account balances were $131 billion, a record high.

Earnings Summary

(in millions, except per share data) For the Three Months Ended For the Six Months Ended

6/30/25 6/30/26 6/30/25 6/30/26

Net income (loss) $ 699 $ 1,332 $ (23) $ 1,160

Net income (loss) available to common stockholders — diluted 688 1,321 (69) 1,109

Net income (loss) per diluted share available to common stockholders $ 3.80 $ 6.72 $ (0.39) $ 5.65

Adjusted income (loss) from operations 438 450 752 810

Adjusted income (loss) from operations available to common stockholders 427 439 706 764

Adjusted income (loss) from operations per diluted share available to common stockholders $ 2.36 $ 2.24 $ 3.97 $ 3.89

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations(1)

(in millions) For the Three Months Ended For the Six Months Ended

6/30/25 6/30/26 6/30/25 6/30/26

Net income (loss) available to common stockholders — diluted $ 688 $ 1,321 $ (69) $ 1,109

Less:

Preferred stock dividends declared (11) (11) (46) (46)

Adjustment for deferred units of LNC stock in our deferred compensation plans — — — (5)

Net income (loss) 699 1,332 (23) 1,160

Less:

Net annuity product features, pre-tax(1)

405 1,497 (687) 802

Net life insurance product features, pre-tax (58) (50) (15) (28)

Credit loss-related adjustments, pre-tax (25) (37) (53) (57)

Investment gains (losses), pre-tax (81) (197) (183) (239)

Changes in the fair value of reinsurance-related embedded derivatives,

trading securities and certain mortgage loans, pre-tax(1)

14 (85) (76) 94

Gains (losses) on other non-financial assets, pre-tax — — — (6)

Other items, pre-tax(1)

75 (12) 40 (123)

Income tax benefit (expense) related to the above pre-tax items (69) (234) 199 (93)

Adjusted income (loss) from operations $ 438 $ 450 $ 752 $ 810

Adjusted income (loss) from operations available to common stockholders $ 427 $ 439 $ 706 $ 764

(1) Refer to the full reconciliation at the back of this release for footnotes.

Variable Investment Income

Alternative Investment Income, after-tax(1)

For the Three Months Ended For the Six Months Ended

(in millions) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 6/30/25 6/30/26

Annuities $ 3 $ 2 $ 3 $ 3 $ 1 $ 5 $ 4

Life Insurance 74 75 90 95 38 129 133

Group Protection 1 2 2 2 1 2 3

Retirement Plan Services 2 1 3 2 1 3 3

Other Operations — — — — — — —

Consolidated $ 80 $ 80 $ 98 $ 102 $ 41 $ 139 $ 143

(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have limited economic interest in those investments.

Prepayment Income, after-tax

For the Three Months Ended

For the Six Months Ended

(in millions)

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 6/30/25 6/30/26

Annuities

$ 3 $ 3 $ 5 $ 1 $ 2 $ 3 $ 3

Life Insurance

— 1 1 2 2 1 4

Group Protection

1 — — 1 1 1 2

Retirement Plan Services

— 1 1 — 3 — 3

Other Operations

— — — — — —

Consolidated

$ 4 $ 5 $ 7 $ 4 $ 8 $ 5 $ 12

Items Impacting Segment and Other Operations Results

For the Three Months Ended June 30, 2026

(in millions, after-tax)

Annuities

Life Insurance

Group Protection

Retirement Plan Services

Other Operations

Alternative investment income compared to return target(1)

$ (1) $ (40) $ (1) $ (1) $ —

Prepayment income(2)

2 2 1 3 —

Annual assumption review

— — — — —

Tax items(3)

— — — — —

Other — — — — —

Total impact

$ 1 $ (38) $ — $ 2 $ —

For the Three Months Ended June 30, 2025

(in millions, after-tax)

Annuities

Life Insurance

Group Protection

Retirement Plan Services

Other Operations

Alternative investment income compared to return target(1)

$ — $ — $ — $ — $ —

Prepayment income(2)

3 — 1 — —

Annual assumption review

— — — — —

Tax items — — — — —

Other — — — — —

Total impact

$ 3 $ — $ 1 $ — $ —

(1) Alternative investment income comparison to return target assumes a 10% annual return on the alternative investment portfolio.

(2) Prepayment income is actual income reported in the quarter.

(3) Tax-related items including dividends-received deduction and foreign tax credit true-ups.

Capital and Liquidity

As of or For the Three Months Ended

(in millions, except percent and per share data) 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26

Holding company available liquidity(1)

$ 466 $ 461 $ 1,055 $ 1,205 $ 1,803

Holding company available liquidity,

net of prefunding $ 466 $ 461 $ 655 $ 805 $ 903

RBC ratio(2)

>420% >420% >420% >420% >420%

Book value per share (BVPS), including AOCI $ 44.91 $ 49.56 $ 51.88 $ 47.87 $ 53.68

Book value per share, excluding AOCI(3)

$ 67.95 $ 69.66 $ 73.10 $ 71.06 $ 77.39

Adjusted book value per share(3)

$ 72.77 $ 74.23 $ 76.33 $ 77.77 $ 79.45

(1) Holding company available liquidity presented as of December 31, 2025, March 31, 2026, and June 30, 2026 includes the $400 million prefunding of a 2026 maturity; amounts presented as of June 30, 2026 also include the $500 million prefunding of the repurchase and/or redemption of our outstanding preferred stock.

(2) The RBC ratio is calculated annually as of December 31, but is reported in the March statutory reporting, and as such, the quarterly ratios presented for 6/30/25, 9/30/25, 3/31/26, and 6/30/26 are considered estimates based on information known at the time of reporting.

(3) Refer to the reconciliation to book value per share, including AOCI, at the back of this release.

Annuities

(in millions, except ROA data) As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Total operating revenues $ 1,214 $ 1,270 $ 1,308 $ 1,283 $ 1,341 10.5 % $ 2,412 $ 2,624 8.8 %

Total operating expenses 876 902 939 949 1,002 14.4 % 1,734 1,951 12.5 %

Income (loss) from operations before taxes 338 368 369 334 339 0.3 % 678 673 (0.7) %

Federal income tax expense (benefit) 51 58 58 59 52 2.0 % 101 111 9.9 %

Income (loss) from operations $ 287 $ 310 $ 311 $ 275 $ 287 0.0% $ 577 $ 562 (2.6) %

Income (loss) from operations, excluding impact of annual assumption review $ 287 $ 318 $ 311 $ 275 $ 287 0.0 % $ 577 $ 562 (2.6) %

Total sales $ 4,019 $ 4,467 $ 4,889 $ 3,939 $ 3,515 (12.5) % $ 7,807 $ 7,454 (4.5) %

Net flows $ (1,162) $ (1,143) $ (1,227) $ (2,196) $ (2,917) NM $ (2,838) $ (5,114) (80.2) %

Average account balances, net of reinsurance $ 159,806 $ 170,318 $ 174,668 $ 175,173 $ 178,812 11.9 % $ 161,877 $ 177,240 9.5 %

Return on average account balances (bps) 72 73 71 63 64 71 63

Return on average account balances (bps), excluding impact of annual assumption review 72 75 71 63 64 71 63

•Income from operations was $287 million for the second quarter, in line with the prior-year quarter, driven by favorable equity markets and higher spread income, offset by variable annuity outflows and the $12 million impact of the previously disclosed net investment income reallocation to non-operating income.

•Total sales were $3.5 billion in the quarter, down 13% compared to the prior year. Spread-based products accounted for 63% of total sales.

•Net outflows were approximately $2.9 billion in the quarter, compared to net outflows of $1.2 billion in the prior-year quarter, with the year-over-year increase primarily driven by traditional variable annuities and RILA outflows.

•Average account balances, net of reinsurance, were $179 billion. The year-over-year increase of 12% was driven by growth across all product lines.

Life Insurance

(in millions) As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Total operating revenues $ 1,602 $ 1,610 $ 1,643 $ 1,628 $ 1,572 (1.9) % $ 3,188 $ 3,200 0.4 %

Total operating expenses 1,568 1,586 1,555 1,586 1,508 (3.8) % 3,186 3,094 (2.9) %

Income (loss) from operations before taxes 34 24 88 42 64 88.2 % 2 106 NM

Federal income tax expense (benefit) 2 (1) 11 1 7 250.0 % (14) 8 157.1 %

Income (loss) from operations $ 32 $ 25 $ 77 $ 41 $ 57 78.1 % $ 16 $ 98 NM

Income (loss) from operations, excluding impact of annual assumption review $ 32 $ 54 $ 77 $ 41 $ 57 78.1 % $ 16 $ 98 NM

Average account balances, net of reinsurance $ 45,147 $ 47,503 $ 49,150 $ 49,232 $ 50,981 12.9 % $ 44,769 $ 50,107 11.9 %

Total sales $ 121 $ 298 $ 142 $ 129 $ 216 78.5 % $ 218 $ 345 58.3 %

•Income from operations was $57 million, compared to $32 million in the prior-year quarter. The year-over-year improvement was driven by favorable mortality and the impact of the fourth quarter 2025 captive consolidation, partially offset by lower alternative investment income.

•Total sales were $216 million, up 79% compared to the prior-year quarter, driven by growth in Executive Benefits and Core Life.

•Average account balances, net of reinsurance, were $51 billion, up 13% versus the prior-year quarter.

Group Protection

(in millions, except margin data) As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Total operating revenues $ 1,538 $ 1,507 $ 1,535 $ 1,554 $ 1,576 2.5 % $ 3,059 $ 3,129 2.3 %

Total operating expenses 1,319 1,319 1,397 1,412 1,390 5.4 % 2,712 2,801 3.3 %

Income (loss) from operations before taxes 219 188 138 142 186 (15.1) % 347 328 (5.5) %

Federal income tax expense (benefit) 46 39 29 30 39 (15.2) % 73 69 (5.5) %

Income (loss) from operations $ 173 $ 149 $ 109 $ 112 $ 147 (15.0) % $ 274 $ 259 (5.5) %

Income (loss) from operations, excluding impact of annual assumption review $ 173 $ 110 $ 109 $ 112 $ 147 (15.0) % $ 274 $ 259 (5.5) %

Insurance premiums $ 1,386 $ 1,352 $ 1,380 $ 1,399 $ 1,420 2.5 % $ 2,757 $ 2,819 2.2 %

Total sales $ 187 $ 116 $ 391 $ 150 $ 155 (17.1) % $ 344 $ 305 (11.3) %

Total loss ratio 65.9 % 68.3 % 71.4 % 71.1 % 68.4 % 69.2 % 69.8 %

Total loss ratio, excluding the impact of the annual assumption review 65.9 % 72.2 % 71.4 % 71.1 % 68.4 % 69.2 % 69.8 %

Operating margin(1)

12.5 % 11.0 % 7.9 % 8.0 % 10.4 % 9.9 % 9.2 %

Operating margin, excluding the impact of annual assumption review 12.5 % 8.1 % 7.9 % 8.0 % 10.4 % 9.9 % 9.2 %

(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

•Income from operations was $147 million in the quarter, $26 million lower than the prior-year quarter, which included a $15 million experience refund. Beginning in the third quarter of 2025, the experience refund changed to quarterly recognition. Excluding the impact of the prior-year quarter refund, earnings were $11 million lower driven by a higher disability loss ratio that was partially offset by an improved life loss ratio.

•Operating margin was 10.4%, 210 basis points lower than the prior-year quarter, and the total loss ratio increased by 250 basis points to 68.4%, driven primarily by the experience refund recognition change. Excluding the impact of this change, the operating margin was 100 basis points lower and the total loss ratio increased by 110 basis points due primarily to moderation of disability incidence.

•Insurance premiums were $1.4 billion in the quarter, increasing 2% year over year, driven by prior-period sales.

•Sales decreased 17% year over year, reflecting our disciplined approach to achieve balanced, profitable growth.

Retirement Plan Services

(in millions, except ROA data) As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Total operating revenues $ 331 $ 343 $ 352 $ 346 $ 353 6.6 % $ 658 $ 699 6.2 %

Total operating expenses 289 290 298 295 296 2.4 % 578 591 2.2 %

Income (loss) from operations before taxes 42 53 54 51 57 35.7 % 80 108 35.0 %

Federal income tax expense (benefit) 5 7 8 8 8 60.0 % 9 16 77.8 %

Income (loss) from operations $ 37 $ 46 $ 46 $ 43 $ 49 32.4 % $ 71 $ 92 29.6 %

Deposits $ 3,594 $ 5,008 $ 3,939 $ 4,142 $ 3,736 4.0 % $ 7,709 $ 7,878 2.2 %

Net flows $ (585) $ 755 $ (998) $ (213) $ (2,425) NM $ (2,768) $ (2,638) 4.7 %

Average account balances $ 111,734 $ 119,259 $ 123,533 $ 124,766 $ 128,344 14.9 % $ 112,772 $ 127,049 12.7 %

Return on average account balances (bps) 13 15 15 14 15 13 14

•Income from operations was $49 million in the quarter, up 32% compared to the prior year, primarily resulting from higher spread income and favorable equity markets, partially offset by higher net G&A expenses.

•Net outflows were $2.4 billion, compared to $585 million of net outflows in the prior-year quarter, reflecting actions taken to improve overall profitability.

•Total deposits were $3.7 billion, up 4% over the prior-year quarter driven by strong recurring deposit growth. First-year sales of $0.9 billion were down 23% year over year.

•Average account balances were $128 billion, increasing 15% from the prior year, driven by favorable equity markets.

Other Operations

(in millions) As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Total operating revenues $ 41 $ 50 $ 56 $ 57 $ 84 104.9 % $ 94 $ 142 51.1 %

Total operating expenses 157 177 181 199 202 28.7 % 322 402 24.8 %

Income (loss) from operations before taxes (116) (127) (125) (142) (118) (1.7) % (228) (260) (14.0) %

Federal income tax expense (benefit) (25) (28) (27) (31) (28) (12.0) % (42) (59) (40.5) %

Income (loss) from operations(1)

$ (91) $ (99) $ (98) $ (111) $ (90) 1.1 % $ (186) $ (201) (8.1) %

(1) Income (loss) from operations does not include preferred dividends.

Unrealized Gains and Losses

The company reported a net unrealized loss of $8.5 billion (pre-tax) on its available-for-sale securities as of June 30, 2026, compared to a net unrealized loss of $9.1 billion (pre-tax) as of June 30, 2025. The year-over-year decrease was primarily due to tighter spreads.

The tables attached to this release define and reconcile the non-GAAP measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share excluding AOCI, and adjusted book value per share to net income (loss), net income (loss) available to common stockholders, and book value per share including AOCI, calculated in accordance with GAAP.

This press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements – Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the company’s current expectations.

For other financial information, please refer to the company’s second quarter 2026 statistical supplement and second quarter 2026 earnings supplement, which are available in the investor relations section of its website http://www.lincolnfinancial.com/investor.

Conference Call Information

Lincoln Financial will discuss the company’s second quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, July 30, 2026.

The call will be broadcast live through the company’s website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the call to download and install any necessary streaming media software. A replay of the call will be available by 10:30 a.m. Eastern Time on July 30, 2026, at www.lincolnfinancial.com/webcast.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2026, the company had $366 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

Contacts:

John Muething Karyn Baldwin

Investor Relations Media Relations

Investorrelations@LFG.com Media@LFG.com

Non-GAAP Measures

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 (loss)) and adjusted income (loss) from operations per diluted share available to common stockholders is helpful to investors in evaluating the company’s performance.

Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition below) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.

Management also believes that the use of the non-GAAP financial measures book value per share, excluding accumulated other comprehensive income (“AOCI”), and adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates.

For the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and/or are included in the Statistical Supplements for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: http://www.lincolnfinancial.com/investor.

Definitions of Non-GAAP Measures Used in this Press Release

Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share, excluding AOCI, and adjusted book value per share, as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), net income (loss) available to common stockholders, and book value per share, including AOCI, the most directly comparable GAAP measures.

Adjusted Income (Loss) from Operations

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

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”);

•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 our 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.

Adjusted Income (Loss) from Operations Available to Common Stockholders

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

Book Value Per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated based upon a non-GAAP financial measure.

•It is calculated by dividing (a) stockholders’ equity, excluding AOCI and preferred stock, by (b) common shares outstanding.

•Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value Per Share

Adjusted book value per share is calculated based upon a non-GAAP financial measure.

•It is calculated by dividing (a) stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”) by (b) common shares outstanding.

•Book value per share is the most directly comparable GAAP measure.

Other Definitions

Holding Company Available Liquidity

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper outstanding.

Sales

Sales as reported consist of the following:

•Annuities and Retirement Plan Services – deposits from new and existing customers;

•Universal life insurance (“UL”), indexed universal life insurance (“IUL”), variable universal life insurance (“VUL”) – first-year commissionable premiums plus 5% of excess premiums received;

•MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market Advantage® (VUL), 150% of commissionable premiums;

•Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits;

•Term – 100% of annualized first-year premiums; and

•Group Protection – annualized first-year premiums from new policies.

Lincoln National Corporation

Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations and

Average Stockholders' Equity to Adjusted Average Stockholders' Equity

For the For the

(in millions, except per share data) Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net Income (Loss) Available to Common

Stockholders – Diluted $ 1,321 $ 688 $ 1,109 $ (69)

Less:

Preferred stock dividends declared (11) (11) (46) (46)

Adjustment for deferred units of LNC stock in our

deferred compensation plans — — (5) —

Net Income (Loss) 1,332 699 1,160 (23)

Less:

Net annuity product features, pre-tax (1)

1,497 405 802 (687)

Net life insurance product features, pre-tax (50) (58) (28) (15)

Credit loss-related adjustments, pre-tax (37) (25) (57) (53)

Investment gains (losses), pre-tax (197) (81) (239) (183)

Changes in the fair value of reinsurance-related

embedded derivatives, trading securities and certain

mortgage loans, pre-tax (2)

(85) 14 94 (76)

Gains (losses) on other non-financial assets, pre-tax — — (6) —

Other items, pre-tax (3)(4)(5)(6)(7)

(12) 75 $ (123) 40

Income tax benefit (expense) related to the above pre-tax items (234) (69) (93) 199

Total adjustments 882 261 350 (775)

Adjusted Income (Loss) from Operations 450 438 810 752

Add:

Preferred stock dividends declared (11) (11) (46) (46)

Adjusted Income (Loss) from Operations Available to Common Stockholders $ 439 $ 427 $ 764 $ 706

Earnings (Loss) Per Common Share – Diluted

Net income (loss) $ 6.72 $ 3.80 $ 5.65 $ (0.39)

Adjusted income (loss) from operations 2.24 2.36 3.89 3.97

Stockholders’ Equity, Average

Stockholders' equity $ 10,780 $ 8,871 10,670 8,551

Less:

Preferred stock 986 986 986 986

AOCI (4,523) (4,349) (4,392) (4,510)

Stockholders’ equity, excluding AOCI and preferred stock 14,317 12,234 14,076 12,075

Changes in MRBs 3,216 2,501 3,127 2,575

GLB and GDB hedge instruments gains (losses) (3,949) (3,297) (3,885) (3,162)

Reinsurance-related embedded derivatives and portfolio gains (losses) (113) (191) (142) (182)

Adjusted average stockholders' equity $ 15,163 $ 13,221 $ 14,976 $ 12,844

(1) For the three months ended June 30, 2026 and 2025, includes changes in MRBs of $1,450 million and $932 million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(115) million and $(605) million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $162 million and $78 million, respectively. For the six months ended June 30, 2026 and 2025, includes changes in MRBs of $453 million and $(370) million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $62 million and $(337) million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $287 million and $20 million, respectively.

(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.

(3) Includes certain legal accruals of $(122) million for the six months ended June 30, 2026.

(4) Includes severance expense related to initiatives to realign the workforce of $(11) million and $(2) million for the three months ended June 30, 2026 and 2025, respectively, and $(18) million and $(8) million for the six months ended June 30, 2026 and 2025, respectively.

(5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives of $(18) million primarily related to the Bain Capital transaction for the three months ended June 30, 2025, and $(20) million related to the sale of our wealth management business and $(18) million primarily related to the Bain Capital transaction for the six months ended June 30, 2025.

(6) Includes deferred compensation mark-to-market adjustment of $(1) million and $1 million for the three months ended June 30, 2026 and 2025, respectively, and $17 million and $(8) million for the six months ended June 30, 2026 and 2025, respectively.

(7) Includes gain on early extinguishment of debt of $94 million for the three and six months ended June 30, 2025.

Lincoln National Corporation

Reconciliation of Book Value per Share

As of the Three Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26

Book Value Per Common Share

Book value per share $ 44.91 $ 49.56 $ 51.88 $ 47.87 $ 53.68

Less:

AOCI (23.04) (20.10) (21.22) (23.19) (23.71)

Book value per share, excluding AOCI 67.95 69.66 73.10 71.06 77.39

Less:

Changes in MRBs 15.05 16.42 17.94 13.72 19.63

GLB and GDB hedge instruments gains (losses) (18.89) (19.40) (19.94) (19.87) (21.08)

Reinsurance-related embedded derivatives and portfolio gains (losses) (0.98) (1.59) (1.23) (0.56) (0.61)

Adjusted book value per share $ 72.77 $ 74.23 $ 76.33 $ 77.77 $ 79.45

Lincoln National Corporation

Digest of Earnings

For the For the

(in millions, except per share data) Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Revenues $ 4,542 $ 4,044 $ 9,848 $ 8,735

Net Income (Loss) $ 1,332 $ 699 $ 1,160 $ (23)

Preferred stock dividends declared (11) (11) (46) (46)

Adjustment for deferred units of LNC stock in our

deferred compensation plans (1)

— — (5) —

Net Income (Loss) Available to Common

Stockholders – Diluted $ 1,321 $ 688 $ 1,109 $ (69)

Net Income (Loss) Per Common Share – Basic $ 6.85 $ 3.88 $ 5.79 $ (0.39)

Net Income (Loss) Per Common Share – Diluted (2)

$ 6.72 $ 3.80 $ 5.65 $ (0.39)

Average Shares – Basic 192,862,677 177,175,326 192,379,752 174,264,554

Average Shares – Diluted 196,418,594 180,602,665 196,460,254 177,033,874

(1) We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.

(2) Due to reporting a net loss for the six months ended June 30, 2025, basic shares were used in the diluted EPS calculation for this period as the use of diluted shares would have resulted in a lower loss per share.

FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE

Certain statements made in this press release 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 forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:

•Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience;

•Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;

•The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations;

•Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; and our affiliate reinsurance arrangements;

•Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell;

•The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products;

•The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence (“AI”) that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability;

•Continued scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;

•Actions taken by reinsurers to raise rates on in-force business;

•Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;

•Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses;

•The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;

•A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance products;

•Ineffectiveness of our risk management policies and procedures, including our various hedging strategies;

•A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings;

•Changes in accounting principles that may affect our consolidated financial statements;

•Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;

•Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention and profitability of our insurance subsidiaries and liquidity;

•Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;

•Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems;

•The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items;

•The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives;

•The adequacy and collectability of reinsurance that we have obtained;

•Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance;

•Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;

•The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and

•The unanticipated loss of key management or wholesalers.

The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

The reporting of Risk-Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

EX-99.2

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Document

Statistical Supplement

Second Quarter 2026

Lincoln Financial

Table of Contents

Notes .................................................................................................................................................................................................................................................................

1-3

Credit Ratings ...................................................................................................................................................................................................................................................

Consolidated

Consolidated Statements of Income (Loss) ................................................................................................................................................................................................

Consolidated Balance Sheets .......................................................................................................................................................................................................................

6-7

Earnings, Shares and Return on Equity .........................................................................................................................................................................................................

Key Stakeholder Metrics ...............................................................................................................................................................................................................................

Select Earnings Drivers By Segment ............................................................................................................................................................................................................

Sales By Segment ..........................................................................................................................................................................................................................................

Operating Revenues and General and Administrative Expenses By Segment and Other Operations......................................................................................................

Operating Commissions and Other Expenses .............................................................................................................................................................................................

Select Earnings and Operational Data from Business Segments and Other Operations

Annuities .........................................................................................................................................................................................................................................................

Life Insurance ................................................................................................................................................................................................................................................

Group Protection ............................................................................................................................................................................................................................................

Retirement Plan Services ..............................................................................................................................................................................................................................

Other Operations ............................................................................................................................................................................................................................................

Account Balance Roll Forwards

19-20

Investment Information

Fixed-Income Asset Class .............................................................................................................................................................................................................................

Fixed-Income Credit Quality ..........................................................................................................................................................................................................................

GAAP to Non-GAAP Reconciliations

Select GAAP to Non-GAAP Reconciliations .................................................................................................................................................................................................

25-29

Table of Contents

Lincoln Financial

Notes

Non-GAAP Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein beginning on page 25.

Adjusted Income (Loss) From Operations

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

• Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of 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 variable universal life insurance (“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 indexed universal life insurance (“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 available-for-sale (“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”);

• 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 our 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.

Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

Adjusted Operating Revenues

Adjusted operating revenues represent GAAP revenues excluding the effects of the following items, as applicable:

• Changes in the fair value of the derivative instruments we hold to hedge guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders inclusive of 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 and IUL products (“revenue adjustments from annuity and life insurance product features”);

• Credit loss-related adjustments;

• Investment gains (losses);

• Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;

• Revenue adjustments from the initial adoption of new accounting standards;

• Amortization of deferred gains arising from reserve changes on business sold through reinsurance; and

• Gains (losses) on other non-financial assets.

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, adjusted income (loss) from operations per diluted share available to common stockholders and adjusted operating revenues is helpful to investors in evaluating the company’s performance.

Table of Contents

Lincoln Financial

Notes

Non-GAAP Measures, Continued

Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.

Stockholders’ Equity, Excluding AOCI and Preferred Stock

Stockholders’ equity, excluding accumulated other comprehensive income (loss) (“AOCI”) and preferred stock is stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors to analyze our net worth because it eliminates market movements that can fluctuate significantly from period to period, primarily related to changes in interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, GLB and GDB hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”). Management believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure.

Book Value per Share, Excluding AOCI

Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI and preferred stock, by common shares outstanding. Management believes that using book value per share, excluding AOCI enables investors to analyze the amount of our net worth that is attributable to our business operations. Book value per share, excluding AOCI, is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Book Value per Share

Adjusted book value per share is calculated by dividing adjusted stockholders’ equity by common shares outstanding. Management believes that using adjusted book value per share enables investors to analyze the amount of our net worth that is attributable to our business operations. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and interest rates. Book value per share is the most directly comparable GAAP measure.

Adjusted Income (Loss) From Operations Available to Common Stockholders, Excluding AOCI and Preferred Stock ROE

Adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by average stockholders’ equity, excluding AOCI and preferred stock. Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that can fluctuate significantly from period to period, primarily related to changes in interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Table of Contents

Lincoln Financial

Notes

Non-GAAP Measures, Continued

Adjusted Income (Loss) From Operations ROE

Adjusted income (loss) from operations ROE is calculated by dividing annualized adjusted income (loss) from operations available to common stockholders by adjusted average stockholders’ equity. Management believes this metric is useful to investors because it eliminates the effect of market movements on ROE that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Net income (loss) ROE is the most directly comparable GAAP measure.

Computations

• The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.

• The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.

• We exclude deferred units of LNC stock that are antidilutive from our diluted net income (loss) and adjusted income (loss) from operations earnings per share calculations.

Definitions

Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. See adjusted income (loss) from operations ROE above and adjusted income (loss) from operations available to common stockholders, excluding AOCI and preferred stock ROE on page 2 for further information on how these metrics are calculated. Management evaluates consolidated ROE by both including and excluding the effect of average goodwill.

Leverage ratio is a measure that we use to monitor the level of our debt relative to our total capitalization. Debt used in this metric reflects total debt and preferred stock adjusted for certain items.

Total capitalization reflects debt used in the numerator of this ratio and stockholders' equity adjusted for certain items.

Sales as reported consist of the following:

• Annuities and Retirement Plan Services – deposits from new and existing customers;

• Universal life insurance (“UL”), IUL, VUL – first-year commissionable premiums plus 5% of excess premiums received;

• MoneyGuard® linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market AdvantageSM (VUL), 150% of commissionable premiums;

• Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits;

• Term – 100% of annualized first-year premiums; and

• Group Protection – annualized first-year premiums from new policies.

Certain amounts reported in prior periods have been reclassified to conform to the presentation adopted in the current period.

Statistical Supplement is Dated

This document is dated July 30, 2026, and has not been updated since that date. Lincoln Financial does not intend to update this document.

Table of Contents

Lincoln Financial

Credit Ratings

Ratings as of July 30, 2026

Standard

AM Best Fitch Moody's & Poor's

Senior Debt Ratings bbb+ BBB+ Baa2 BBB+

Financial Strength Ratings

The Lincoln National Life Insurance Company A A+ A2 A+

First Penn-Pacific Life Insurance Company A A+ A2 A-

Lincoln Life & Annuity Company of New York A A+ A2 A+

Investor Inquiries May Be Directed To:

John Muething, Vice President,

Investor Relations

Email: InvestorRelations@lfg.com

Phone: 800-237-2920

Table of Contents

Lincoln Financial

Consolidated Statements of Income (Loss)

Unaudited (millions of dollars, except per share data)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Revenues

Insurance premiums $ 1,682 $ 1,637 $ 1,671 $ 1,674 $ 1,715 2.0 % $ 3,358 $ 3,388 0.9 %

Fee income 1,348 1,392 1,416 1,377 1,406 4.3 % 2,721 2,783 2.3 %

Net investment income 1,471 1,544 1,597 1,605 1,625 10.5 % 2,934 3,230 10.1 %

Realized gain (loss) (641) (216) 47 466 (406) 36.7 % (631) 60 109.5 %

Other revenues 184 198 191 184 202 9.8 % 353 387 9.6 %

Total revenues 4,044 4,555 4,922 5,306 4,542 12.3 % 8,735 9,848 12.7 %

Expenses

Benefits and policyholder liability remeasurement 1,906 1,927 1,927 2,009 1,866 -2.1 % 3,916 3,875 -1.0 %

Interest credited 916 954 984 999 1,024 11.8 % 1,805 2,023 12.1 %

Market risk benefit (gain) loss (940) (343) (382) 987 (1,460) -55.3 % 353 (473) NM

Commissions and other expenses 1,327 1,414 1,397 1,476 1,387 4.5 % 2,695 2,862 6.2 %

Interest and debt expense (13) 79 81 81 82 NM 67 164 144.8 %

Total expenses 3,196 4,031 4,007 5,552 2,899 -9.3 % 8,836 8,451 -4.4 %

Income (loss) before taxes 848 524 915 (246) 1,643 93.8 % (101) 1,397 NM

Federal income tax expense (benefit) 149 79 161 (74) 311 108.7 % (78) 237 NM

Net income (loss) 699 445 754 (172) 1,332 90.6 % (23) 1,160 NM

Preferred stock dividends declared (11) (34) (11) (34) (11) 0.0% (46) (46) 0.0%

Adjustment for deferred units of LNC stock

in our deferred compensation plans — — 2 (5) — NM — (5) NM

Net income (loss) available to common

stockholders – diluted $ 688 $ 411 $ 745 $ (211) $ 1,321 92.0 % $ (69) $ 1,109 NM

Earnings (Loss) Per Common Share – Diluted

Net income (loss) $ 3.80 $ 2.12 $ 3.80 $ (1.10) $ 6.72 76.8 % $ (0.39) $ 5.65 NM

Table of Contents

Lincoln Financial

Consolidated Balance Sheets

Unaudited (millions of dollars)

As of

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change

ASSETS

Investments:

Fixed maturity available-for-sale (“AFS”) securities, net of allowance for

credit losses:

Corporate bonds $ 67,371 $ 68,351 $ 69,045 $ 68,284 $ 67,901 0.8%

U.S. government bonds 564 619 869 919 962 70.6%

State and municipal bonds 2,254 2,235 2,147 2,124 2,067 -8.3%

Foreign government bonds 239 244 226 202 203 -15.1%

Residential mortgage-backed securities 2,063 2,118 2,122 2,063 1,953 -5.3%

Commercial mortgage-backed securities 1,972 2,150 2,502 2,669 2,888 46.5%

Asset-backed securities 14,658 14,706 16,282 17,703 18,898 28.9%

Hybrid and redeemable preferred securities 265 257 255 236 213 -19.6%

Total fixed maturity AFS securities, net of allowance for credit losses 89,386 90,680 93,448 94,200 95,085 6.4%

Trading securities 1,909 1,853 1,676 1,552 1,515 -20.6%

Equity securities 341 542 636 475 456 33.7%

Mortgage loans on real estate, net of allowance for credit losses 21,996 22,230 22,472 22,825 23,406 6.4%

Policy loans 2,552 2,584 2,626 2,606 2,596 1.7%

Derivative investments 8,349 10,427 9,945 8,337 11,382 36.3%

Other investments 7,276 7,786 8,105 8,742 8,870 21.9%

Total investments 131,809 136,102 138,908 138,737 143,310 8.7%

Cash and invested cash 7,143 10,668 9,502 7,345 10,165 42.3%

Deferred acquisition costs, value of business acquired and deferred sales inducements 12,604 12,681 12,827 12,886 12,918 2.5%

Reinsurance recoverables, net of allowance for credit losses 28,440 28,665 28,012 27,688 27,225 -4.3%

Deposit assets, net of allowance for credit losses 31,754 33,066 33,690 33,597 33,619 5.9%

Market risk benefit assets 4,577 4,694 4,753 4,303 5,077 10.9%

Accrued investment income 1,136 1,172 1,122 1,170 1,169 2.9%

Goodwill 1,144 1,144 1,144 1,144 1,144 0.0%

Other assets 7,516 7,223 7,154 7,248 6,918 -8.0%

Separate account assets 172,942 179,860 180,092 172,043 188,252 8.9%

Total assets $ 399,065 $ 415,275 $ 417,204 $ 406,161 $ 429,797 7.7%

Table of Contents

Lincoln Financial

Consolidated Balance Sheets

Unaudited (millions of dollars)

As of

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Policyholder account balances $ 129,209 $ 133,223 $ 136,245 $ 135,683 $ 139,510 8.0 %

Future contract benefits 41,053 41,852 42,077 42,010 42,177 2.7 %

Funds withheld reinsurance liabilities 16,700 17,559 17,922 17,564 16,808 0.6 %

Market risk benefit liabilities 1,205 1,190 1,118 1,127 895 -25.7 %

Deferred front-end loads 7,119 7,349 7,586 7,804 8,059 13.2 %

Payables for collateral on investments 8,466 11,153 7,954 6,556 9,232 9.0 %

Short-term debt — — 400 400 400 NM

Long-term debt by rating agency leverage definitions:

Operating (see note (2) on page 9 for details)

868 868 868 868 868 0.0%

Financial 4,899 4,904 4,998 5,101 5,597 14.2 %

Other liabilities 7,056 6,865 7,038 6,793 6,650 -5.8 %

Separate account liabilities 172,942 179,860 180,092 172,043 188,252 8.9 %

Total liabilities 389,517 404,823 406,298 395,949 418,448 7.4 %

Stockholders’ Equity

Preferred stock 986 986 986 986 986 0.0%

Common stock 5,545 5,574 5,592 5,602 5,619 1.3 %

Retained earnings 7,409 7,731 8,386 8,091 9,322 25.8 %

Accumulated other comprehensive income (loss):

Unrealized investment gain (loss) (4,750) (3,930) (3,964) (4,900) (4,621) 2.7 %

Market risk benefit non-performance risk gain (loss) 114 (58) (261) 179 (225) NM

Policyholder liability discount rate remeasurement gain (loss) 569 474 480 566 580 1.9 %

Foreign currency translation adjustment (14) (18) (18) (20) (20) -42.9 %

Funded status of employee benefit plans (311) (307) (295) (292) (292) 6.1 %

Total accumulated other comprehensive income (loss) (4,392) (3,839) (4,058) (4,467) (4,578) -4.2 %

Total stockholders’ equity 9,548 10,452 10,906 10,212 11,349 18.9 %

Total liabilities and stockholders’ equity $ 399,065 $ 415,275 $ 417,204 $ 406,161 $ 429,797 7.7 %

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Lincoln Financial

Earnings, Shares and Return on Equity

Unaudited (millions of dollars, except per share data)

As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Income (Loss)

Net income (loss) $ 699 $ 445 $ 754 $ (172) $ 1,332 90.6 % $ (23) $ 1,160 NM

Pre-tax adjusted income (loss) from operations 517 506 524 427 528 2.1 % 879 955 8.6 %

After-tax adjusted income (loss) from operations (1)

438 431 445 360 450 2.7 % 752 810 7.7 %

Adjusted operating tax rate 15.4 % 14.8 % 15.0 % 15.8 % 14.6 % 14.4 % 15.2 %

Adjusted income (loss) from operations available to

common stockholders (1)

427 397 434 326 439 2.8 % 706 764 8.2 %

ROE

Net income (loss) ROE 31.5 % 17.8 % 28.3 % -6.5 % 49.4 % -0.5 % 21.7 %

Adjusted income (loss) from operations available to common

stockholders, excluding AOCI and preferred stock ROE 14.0 % 12.1 % 12.7 % 9.4 % 12.3 % 11.7 % 10.9 %

Adjusted income (loss) from operations ROE 12.9 % 11.3 % 12.1 % 8.8 % 11.6 % 11.0 % 10.2 %

Per Common Share

Net income (loss) (diluted) (2)

$ 3.80 $ 2.12 $ 3.80 $ (1.10) $ 6.72 76.8 % $ (0.39) $ 5.65 NM

Adjusted income (loss) from operations (diluted) (3)

2.36 2.04 2.21 1.66 2.24 -5.1 % 3.97 3.89 -2.0 %

Dividends declared during the period 0.45 0.45 0.45 0.45 0.45 0.0% 0.90 0.90 0.0%

Book Value Per Common Share

Book value per share $ 44.91 $ 49.56 $ 51.88 $ 47.87 $ 53.68 19.5 % $ 44.91 $ 53.68 19.5 %

Book value per share, excluding AOCI (4)

67.95 69.66 73.10 71.06 77.39 13.9 % 67.95 77.39 13.9 %

Adjusted book value per share (4)

72.77 74.23 76.33 77.77 79.45 9.2 % 72.77 79.45 9.2 %

Common Shares

End-of-period – basic 190.6 191.0 191.2 192.7 193.0 1.3 % 190.6 193.0 1.3 %

Average for the period – basic 177.2 190.8 191.1 191.9 192.9 8.9 % 174.3 192.4 10.4 %

End-of-period – diluted 194.0 196.0 196.7 196.3 196.5 1.3 % 194.0 196.5 1.3 %

Average for the period – diluted (5)

180.6 195.0 196.3 196.5 196.4 8.7 % 177.7 196.5 10.6 %

(1) See reconciliation to net income (loss) and net income (loss) available to common stockholders – diluted on page 25.

(2) Due to reporting a net loss for the three months ended March 31, 2026 and six months ended June 30, 2025, basic shares were used in the diluted EPS calculation for these periods as the use of diluted shares would have resulted in a lower loss per share. Additionally, the diluted EPS calculation for the three months ended March 31, 2026, reflects the assumed settlement of certain deferred units of LNC stock in our deferred compensation plans.

(3) See reconciliation to earnings (loss) per common share – diluted on page 27.

(4) See reconciliation to stockholders’ equity and book value per common share on page 29.

(5) Represents shares used in our adjusted income (loss) from operations – diluted per share calculations.

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Lincoln Financial

Key Stakeholder Metrics

Unaudited (millions of dollars, except per share data)

As of or For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Cash Returned to Common Stockholders – Common Dividends $ 77 $ 85 $ 85 $ 86 $ 86 11.7 % $ 154 $ 172 11.7 %

Cash Returned to Preferred Stockholders – Preferred Dividends $ 11 $ 34 $ 11 $ 34 $ 11 0.0% $ 46 $ 46 0.0%

Leverage Ratio

Short-term debt (1)

$ — $ — $ 400 $ 400 $ 400 NM

Long-term debt 5,767 5,772 5,866 5,969 6,465 12.1 %

Total debt 5,767 5,772 6,266 6,369 6,865 19.0 %

Preferred stock 986 986 986 986 986 0.0%

Total debt and preferred stock 6,753 6,758 7,252 7,355 7,851 16.3 %

Less:

Operating debt (2)

868 868 868 868 868 0.0%

Prefunding of upcoming debt maturities (3)

— — 400 400 400 NM

Prefunding of repurchase and/or redemption of shares

of outstanding preferred stock (3)

— — — — 500 NM

25% of capital securities and subordinated notes 247 247 247 247 372 50.6 %

50% of preferred stock, net of prefunding 493 493 493 493 243 -50.7 %

Carrying value of fair value hedges and other items 119 119 114 112 108 -9.2 %

Total numerator $ 5,026 $ 5,031 $ 5,130 $ 5,235 $ 5,360 6.6 %

Adjusted stockholders’ equity (4)

$ 13,873 $ 14,180 $ 14,595 $ 14,987 $ 15,340 10.6 %

Add:

25% of capital securities and subordinated notes 247 247 247 247 372 50.6 %

50% of preferred stock, net of prefunding 493 493 493 493 243 -50.7 %

Total numerator 5,026 5,031 5,130 5,235 5,360 6.6 %

Total denominator $ 19,639 $ 19,951 $ 20,465 $ 20,962 $ 21,315 8.5 %

Leverage ratio 25.6 % 25.2 % 25.1 % 25.0 % 25.1 %

Holding Company Available Liquidity (3)

$ 466 $ 461 $ 1,055 $ 1,205 $ 1,803 286.9 %

Holding Company Available Liquidity, Net of Prefunding $ 466 $ 461 $ 655 $ 805 $ 903 93.8 %

(1) As of June 30, 2026, consists of $400 million principal amount of our 3.625% Senior Notes due December 12, 2026.

(2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and term policies.

(3) Holding company available liquidity includes prefunding of upcoming debt maturities and prefunding of repurchase and/or redemption of shares of outstanding preferred stock.

(4) See reconciliation to stockholders’ equity on page 29.

Table of Contents

Lincoln Financial

Select Earnings Drivers By Segment

Unaudited (millions of dollars)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Annuities

Operating revenues $ 1,214 $ 1,270 $ 1,308 $ 1,283 $ 1,341 10.5 % $ 2,412 $ 2,624 8.8 %

Deposits 4,024 4,470 4,890 3,941 3,520 -12.5 % 7,823 7,461 -4.6 %

Net flows (1,162) (1,143) (1,227) (2,196) (2,917) NM (2,838) (5,114) -80.2 %

Average account balances, net of reinsurance 159,806 170,318 174,668 175,173 178,812 11.9 % 161,877 177,240 9.5 %

Alternative investment income (1)

3 2 3 3 1 -66.7 % 6 4 -33.3 %

Life Insurance

Operating revenues $ 1,602 $ 1,610 $ 1,643 $ 1,628 $ 1,572 -1.9 % $ 3,188 $ 3,200 0.4 %

Deposits 1,281 2,247 1,457 1,253 1,673 30.6 % 2,500 2,927 17.1 %

Net flows 633 1,659 974 634 1,133 79.0 % 1,202 1,768 47.1 %

Average account balances, net of reinsurance 45,147 47,503 49,150 49,232 50,981 12.9 % 44,769 50,107 11.9 %

Average in-force face amount 1,069,688 1,067,503 1,065,813 1,062,558 1,059,320 -1.0 % 1,072,273 1,060,939 -1.1 %

Alternative investment income (1)

94 95 115 121 47 -50.0 % 163 168 3.1 %

Group Protection

Operating revenues $ 1,538 $ 1,507 $ 1,535 $ 1,554 $ 1,576 2.5 % $ 3,059 $ 3,129 2.3 %

Insurance premiums 1,386 1,352 1,380 1,399 1,420 2.5 % 2,757 2,819 2.2 %

Alternative investment income (1)

2 2 3 2 2 0.0% 3 4 33.3 %

Retirement Plan Services

Operating revenues $ 331 $ 343 $ 352 $ 346 $ 353 6.6 % $ 658 $ 699 6.2 %

Deposits 3,594 5,008 3,939 4,142 3,736 4.0 % 7,709 7,878 2.2 %

Net flows (585) 755 (998) (213) (2,425) NM (2,768) (2,638) 4.7 %

Average account balances 111,734 119,259 123,533 124,766 128,344 14.9 % 112,772 127,049 12.7 %

Alternative investment income (1)

2 2 3 3 2 0.0% 4 5 25.0 %

Consolidated

Adjusted operating revenues (2)

$ 4,726 $ 4,780 $ 4,894 $ 4,868 $ 4,926 4.2 % $ 9,411 $ 9,794 4.1 %

Deposits 8,899 11,725 10,286 9,336 8,929 0.3 % 18,032 18,266 1.3 %

Net flows (1,114) 1,271 (1,251) (1,775) (4,209) NM (4,404) (5,984) -35.9 %

Average account balances, net of reinsurance 316,687 337,080 347,351 349,171 358,137 13.1 % 319,418 354,396 11.0 %

Alternative investment income (1)

101 101 124 129 52 -48.5 % 176 181 2.8 %

(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have a limited economic interest in the investments.

(2) See reconciliation to total revenues on page 26.

Table of Contents

Lincoln Financial

Sales By Segment

Unaudited (millions of dollars)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Sales

Annuities:

RILA $ 1,447 $ 1,457 $ 1,936 $ 1,822 $ 1,599 10.5 % $ 2,739 $ 3,421 24.9 %

Fixed 1,221 1,368 1,227 716 604 -50.5 % 2,083 1,320 -36.6 %

Traditional variable with GLBs 935 1,080 1,119 867 639 -31.7 % 2,033 1,506 -25.9 %

Traditional variable without GLBs 416 562 607 534 673 61.8 % 952 1,207 26.8 %

Total Annuities $ 4,019 $ 4,467 $ 4,889 $ 3,939 $ 3,515 -12.5 % $ 7,807 $ 7,454 -4.5 %

Life Insurance:

IUL/UL $ 28 $ 25 $ 42 $ 29 $ 23 -17.9 % $ 52 $ 52 0.0%

MoneyGuard®

29 31 35 29 32 10.3 % 58 61 5.2 %

VUL 15 26 36 22 35 133.3 % 30 57 90.0 %

Term 15 15 14 16 13 -13.3 % 28 29 3.6 %

Executive Benefits 34 201 15 33 113 232.4 % 50 146 192.0 %

Total Life Insurance $ 121 $ 298 $ 142 $ 129 $ 216 78.5 % $ 218 $ 345 58.3 %

Group Protection:

Life $ 104 $ 50 $ 136 $ 97 $ 83 -20.2 % $ 205 $ 180 -12.2 %

Disability 70 47 232 45 65 -7.1 % 118 110 -6.8 %

Dental 13 19 23 8 7 -46.2 % 21 15 -28.6 %

Total Group Protection $ 187 $ 116 $ 391 $ 150 $ 155 -17.1 % $ 344 $ 305 -11.3 %

Percent employee-paid 58.7 % 46.5 % 28.7 % 70.7 % 56.6 % 64.9 % 63.5 %

Retirement Plan Services:

First-year sales $ 1,222 $ 2,440 $ 1,683 $ 1,134 $ 941 -23.0 % $ 2,326 $ 2,076 -10.7 %

Recurring deposits 2,372 2,568 2,256 3,008 2,795 17.8 % 5,383 5,802 7.8 %

Total Retirement Plan Services $ 3,594 $ 5,008 $ 3,939 $ 4,142 $ 3,736 4.0 % $ 7,709 $ 7,878 2.2 %

Table of Contents

Lincoln Financial

Operating Revenues and General and Administrative Expenses By Segment and Other Operations

Unaudited (millions of dollars)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Operating Revenues

Annuities $ 1,214 $ 1,270 $ 1,308 $ 1,283 $ 1,341 10.5 % $ 2,412 $ 2,624 8.8 %

Life Insurance 1,602 1,610 1,643 1,628 1,572 -1.9 % 3,188 3,200 0.4 %

Group Protection 1,538 1,507 1,535 1,554 1,576 2.5 % 3,059 3,129 2.3 %

Retirement Plan Services 331 343 352 346 353 6.6 % 658 699 6.2 %

Other Operations 41 50 56 57 84 104.9 % 94 142 51.1 %

Total adjusted operating revenues $ 4,726 $ 4,780 $ 4,894 $ 4,868 $ 4,926 4.2 % $ 9,411 $ 9,794 4.1 %

General and Administrative Expenses,

Net of Amounts Capitalized

Annuities $ 110 $ 108 $ 122 $ 111 $ 116 5.5 % $ 218 $ 227 4.1 %

Life Insurance 122 121 130 119 124 1.6 % 241 243 0.8 %

Group Protection 206 200 215 211 217 5.3 % 408 429 5.1 %

Retirement Plan Services 80 80 87 86 89 11.3 % 161 175 8.7 %

Other Operations 55 62 65 62 58 5.5 % 120 119 -0.8 %

Total $ 573 $ 571 $ 619 $ 589 $ 604 5.4 % $ 1,148 $ 1,193 3.9 %

General and Administrative Expenses,

Net of Amounts Capitalized, as a Percentage

of Operating Revenues

Annuities 9.1 % 8.5 % 9.3 % 8.6 % 8.6 % 9.0 % 8.6 %

Life Insurance 7.6 % 7.5 % 7.9 % 7.3 % 7.9 % 7.6 % 7.6 %

Group Protection 13.4 % 13.2 % 14.0 % 13.6 % 13.8 % 13.3 % 13.7 %

Retirement Plan Services 24.1 % 23.2 % 24.8 % 24.8 % 25.3 % 24.5 % 25.1 %

Total 12.1 % 11.9 % 12.6 % 12.1 % 12.3 % 12.2 % 12.2 %

Table of Contents

Lincoln Financial

Operating Commissions and Other Expenses

Unaudited (millions of dollars)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Operating Commissions and

Other Expenses Incurred

General and administrative expenses $ 627 $ 637 $ 693 $ 644 $ 659 5.1 % $ 1,256 $ 1,303 3.7 %

Commissions 570 609 689 617 605 6.1 % 1,127 1,221 8.3 %

Taxes, licenses and fees 80 86 74 100 80 0.0% 178 179 0.6 %

Interest and debt expense 81 79 81 81 82 1.2 % 161 164 1.9 %

Expenses associated with reserve financing

and letters of credit 33 35 25 26 27 -18.2 % 65 52 -20.0 %

Total adjusted operating commissions and

other expenses incurred 1,391 1,446 1,562 1,468 1,453 4.5 % 2,787 2,919 4.7 %

Less Amounts Capitalized

General and administrative expenses (54) (66) (74) (55) (55) -1.9 % (108) (110) -1.9 %

Commissions (252) (281) (360) (289) (268) -6.3 % (490) (557) -13.7 %

Taxes, licenses and fees (7) (15) (8) (9) (8) -14.3 % (16) (16) 0.0%

Total amounts capitalized (313) (362) (442) (353) (331) -5.8 % (614) (683) -11.2 %

Total expenses incurred, net of amounts

capitalized, excluding amortization 1,078 1,084 1,120 1,115 1,122 4.1 % 2,173 2,236 2.9 %

Amortization

Amortization of DAC, VOBA and other intangibles 307 324 328 327 331 7.8 % 617 658 6.6 %

Total operating commissions and

other expenses $ 1,385 $ 1,408 $ 1,448 $ 1,442 $ 1,453 4.9 % $ 2,790 $ 2,894 3.7 %

Table of Contents

Lincoln Financial

Annuities – Select Earnings and Operational Data

Unaudited (millions of dollars)

As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Income (Loss) from Operations

Operating revenues:

Insurance premiums $ 28 $ 25 $ 28 $ 18 $ 36 28.6 % $ 50 $ 54 8.0 %

Fee income (1)

575 617 624 608 623 8.3 % 1,166 1,231 5.6 %

Net investment income 487 497 517 525 547 12.3 % 953 1,072 12.5 %

Other revenues 124 131 139 132 135 8.9 % 243 267 9.9 %

Total operating revenues 1,214 1,270 1,308 1,283 1,341 10.5 % 2,412 2,624 8.8 %

Operating expenses:

Benefits and policyholder liability remeasurement 32 24 24 24 47 46.9 % 60 71 18.3 %

Interest credited 439 459 480 495 513 16.9 % 858 1,008 17.5 %

Commissions incurred 292 327 374 339 329 12.7 % 590 668 13.2 %

Other expenses incurred 142 138 162 150 149 4.9 % 286 299 4.5 %

Amounts capitalized (144) (174) (228) (187) (168) -16.7 % (291) (354) -21.6 %

Amortization 115 128 127 128 132 14.8 % 231 259 12.1 %

Total operating expenses 876 902 939 949 1,002 14.4 % 1,734 1,951 12.5 %

Income (loss) from operations before taxes 338 368 369 334 339 0.3 % 678 673 -0.7 %

Federal income tax expense (benefit) 51 58 58 59 52 2.0 % 101 111 9.9 %

Income (loss) from operations $ 287 $ 310 $ 311 $ 275 $ 287 0.0% $ 577 $ 562 -2.6 %

Effective Federal Income Tax Rate 15.2 % 15.8 % 15.7 % 17.6 % 15.5 % 15.0 % 16.5 %

Return on Average Account Balances, Net of

Reinsurance (bps) 72 73 71 63 64 (8) 71 63 (8)

Account Balances, Net of Reinsurance –

End-of-Period

RILA account balances $ 36,256 $ 38,499 $ 39,443 $ 38,659 $ 42,102 16.1 % $ 36,256 $ 42,102 16.1 %

Fixed account balances 10,727 11,492 12,388 12,919 13,529 26.1 % 10,727 13,529 26.1 %

Traditional variable account balances with GLBs 71,527 73,174 72,809 68,484 74,012 3.5 % 71,527 74,012 3.5 %

Traditional variable account balances without GLBs 49,283 50,914 50,748 48,711 52,646 6.8 % 49,283 52,646 6.8 %

Total account balances $ 167,793 $ 174,079 $ 175,388 $ 168,773 $ 182,289 8.6 % $ 167,793 $ 182,289 8.6 %

Percent traditional variable account balances with GLBs 42.6 % 42.0 % 41.5 % 40.6 % 40.6 % 42.6 % 40.6 %

Fee Income, Gross of Hedge Allowance $ 775 $ 817 $ 825 $ 807 $ 822 6.1 % $ 1,565 $ 1,629 4.1 %

Net Investment Income, Net of Reinsurance (2)

465 475 500 508 530 14.0 % 908 1,038 14.3 %

Interest Credited, Net of Reinsurance (2)

300 314 333 351 367 22.3 % 590 717 21.5 %

(1) Fee income is reported net of the hedge allowance, which represents fees allocated to net annuity product features to support the cost of hedging.

(2) Net investment income and interest credited are both reported gross of reinsurance. Reinsurance impacts are settled through other revenues.

Table of Contents

Lincoln Financial

Life Insurance – Select Earnings and Operational Data

Unaudited (millions of dollars)

As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Income (Loss) from Operations

Operating revenues:

Insurance premiums $ 267 $ 260 $ 262 $ 256 $ 258 -3.4 % $ 550 $ 515 -6.4 %

Fee income 688 683 696 677 683 -0.7 % 1,386 1,359 -1.9 %

Net investment income 606 623 643 647 573 -5.4 % 1,180 1,220 3.4 %

Operating realized gain (loss) (1) (1) — — — 100.0 % (3) — 100.0 %

Other revenues 42 45 42 48 58 38.1 % 75 106 41.3 %

Total operating revenues 1,602 1,610 1,643 1,628 1,572 -1.9 % 3,188 3,200 0.4 %

Operating expenses:

Benefits and policyholder liability remeasurement 956 961 928 975 894 -6.5 % 1,958 1,869 -4.5 %

Interest credited 289 298 295 291 293 1.4 % 576 585 1.6 %

Commissions incurred 111 119 145 112 112 0.9 % 210 224 6.7 %

Other expenses incurred 191 199 196 183 182 -4.7 % 384 364 -5.2 %

Amounts capitalized (128) (144) (166) (130) (128) 0.0% (243) (258) -6.2 %

Amortization of DAC and VOBA 125 129 133 131 131 4.8 % 254 261 2.8 %

Amortization of deferred loss on business

sold through reinsurance 24 24 24 24 24 0.0% 47 49 4.3 %

Total operating expenses 1,568 1,586 1,555 1,586 1,508 -3.8 % 3,186 3,094 -2.9 %

Income (loss) from operations before taxes 34 24 88 42 64 88.2 % 2 106 NM

Federal income tax expense (benefit) 2 (1) 11 1 7 250.0 % (14) 8 157.1 %

Income (loss) from operations $ 32 $ 25 $ 77 $ 41 $ 57 78.1 % $ 16 $ 98 NM

Effective Federal Income Tax Rate 5.2 % NM 12.6 % 3.7 % 10.2 % NM 7.6 %

Average Account Balances, Net of Reinsurance $ 45,147 $ 47,503 $ 49,150 $ 49,232 $ 50,981 12.9 % $ 44,769 $ 50,107 11.9 %

In-Force Face Amount

UL and other $ 360,617 $ 361,964 $ 362,312 $ 361,544 $ 362,618 0.6 % $ 360,617 $ 362,618 0.6 %

Term insurance 707,355 705,069 702,280 698,981 695,497 -1.7 % 707,355 695,497 -1.7 %

Total in-force face amount $ 1,067,972 $ 1,067,033 $ 1,064,592 $ 1,060,525 $ 1,058,115 -0.9 % $ 1,067,972 $ 1,058,115 -0.9 %

Table of Contents

Lincoln Financial

Group Protection – Select Earnings and Operational Data

Unaudited (millions of dollars)

As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Income (Loss) from Operations

Operating revenues:

Insurance premiums $ 1,386 $ 1,352 $ 1,380 $ 1,399 $ 1,420 2.5 % $ 2,757 $ 2,819 2.2 %

Net investment income 94 98 95 96 98 4.3 % 183 194 6.0 %

Other revenues 58 57 60 59 58 0.0% 119 116 -2.5 %

Total operating revenues 1,538 1,507 1,535 1,554 1,576 2.5 % 3,059 3,129 2.3 %

Operating expenses:

Benefits and policyholder liability remeasurement 913 923 984 994 971 6.4 % 1,908 1,965 3.0 %

Interest credited 1 1 1 — 1 0.0% — 1 NM

Commissions incurred 139 132 137 135 133 -4.3 % 272 268 -1.5 %

Other expenses incurred 263 260 275 272 275 4.6 % 523 545 4.2 %

Amounts capitalized (35) (36) (40) (29) (30) 14.3 % (67) (59) 11.9 %

Amortization 38 39 40 40 40 5.3 % 76 81 6.6 %

Total operating expenses 1,319 1,319 1,397 1,412 1,390 5.4 % 2,712 2,801 3.3 %

Income (loss) from operations before taxes 219 188 138 142 186 -15.1 % 347 328 -5.5 %

Federal income tax expense (benefit) 46 39 29 30 39 -15.2 % 73 69 -5.5 %

Income (loss) from operations $ 173 $ 149 $ 109 $ 112 $ 147 -15.0 % $ 274 $ 259 -5.5 %

Effective Federal Income Tax Rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 %

Operating Margin (1)

12.5 % 11.0 % 7.9 % 8.0 % 10.4 % 9.9 % 9.2 %

Loss Ratios by Product Line

Life 67.2 % 59.6 % 67.9 % 66.9 % 62.2 % 71.2 % 64.5 %

Disability 64.2 % 73.8 % 73.6 % 73.4 % 71.9 % 67.1 % 72.6 %

Dental 80.4 % 78.0 % 74.9 % 81.6 % 82.0 % 79.7 % 81.8 %

Total 65.9 % 68.3 % 71.4 % 71.1 % 68.4 % 69.2 % 69.8 %

(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.

Table of Contents

Lincoln Financial

Retirement Plan Services – Select Earnings and Operational Data

Unaudited (millions of dollars)

As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Income (Loss) from Operations

Operating revenues:

Fee income $ 80 $ 85 $ 89 $ 86 $ 93 16.3 % $ 160 $ 179 11.9 %

Net investment income 252 257 262 260 260 3.2 % 503 520 3.4 %

Other revenues (1) 1 1 — — 100.0 % (5) — 100.0 %

Total operating revenues 331 343 352 346 353 6.6 % 658 699 6.2 %

Operating expenses:

Interest credited 174 174 174 170 169 -2.9 % 344 339 -1.5 %

Commissions incurred 28 30 31 29 30 7.1 % 55 59 7.3 %

Other expenses incurred 87 87 95 97 96 10.3 % 179 193 7.8 %

Amounts capitalized (5) (5) (6) (5) (3) 40.0 % (9) (8) 11.1 %

Amortization 5 4 4 4 4 -20.0 % 9 8 -11.1 %

Total operating expenses 289 290 298 295 296 2.4 % 578 591 2.2 %

Income (loss) from operations before taxes 42 53 54 51 57 35.7 % 80 108 35.0 %

Federal income tax expense (benefit) 5 7 8 8 8 60.0 % 9 16 77.8 %

Income (loss) from operations $ 37 $ 46 $ 46 $ 43 $ 49 32.4 % $ 71 $ 92 29.6 %

Effective Federal Income Tax Rate 12.3 % 14.2 % 14.2 % 15.2 % 14.8 % 12.1 % 15.0 %

Return on Average Account Balances (bps) 13 15 15 14 15 2 13 14 1

Net Flows by Market

Core Market (1)

$ 28 $ 190 $ (43) $ (201) $ (56) NM $ (51) $ (258) NM

Mid-Large Market (200) 1,025 (401) 403 (1,918) NM (1,933) (1,515) 21.6 %

Multi-Fund® and Other

(413) (460) (554) (415) (451) -9.2 % (784) (865) -10.3 %

Net Flows – Trailing Twelve Months $ (2,850) $ (2,746) $ (3,012) $ (1,041) $ (2,881) -1.1 % $ (2,850) $ (2,881) -1.1 %

Base Spreads, Excluding Variable

Investment Income (2)

0.99 % 1.07 % 1.10 % 1.16 % 1.19 % 20 1.01 % 1.18 % 17

(1) Formerly referred to as “Small Market.”

(2) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums.

Table of Contents

Lincoln Financial

Other Operations – Select Earnings and Operational Data

Unaudited (millions of dollars)

As of or For the Three Months Ended As of or For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Other Operations

Operating revenues:

Insurance premiums $ — $ — $ — $ — $ — NM $ 1 $ 1 0.0%

Net investment income 25 33 46 52 63 152.0 % 69 115 66.7 %

Other revenues 16 17 10 5 21 31.3 % 24 26 8.3 %

Total operating revenues 41 50 56 57 84 104.9 % 94 142 51.1 %

Operating expenses:

Benefits and policyholder liability remeasurement 7 4 2 7 9 28.6 % 11 17 54.5 %

Interest credited 13 22 34 43 48 269.2 % 27 90 233.3 %

Other expenses incurred 56 72 64 68 63 12.5 % 123 131 6.5 %

Interest and debt expense 81 79 81 81 82 1.2 % 161 164 1.9 %

Total operating expenses 157 177 181 199 202 28.7 % 322 402 24.8 %

Income (loss) from operations before taxes (116) (127) (125) (142) (118) -1.7 % (228) (260) -14.0 %

Federal income tax expense (benefit) (25) (28) (27) (31) (28) -12.0 % (42) (59) -40.5 %

Income (loss) from operations $ (91) $ (99) $ (98) $ (111) $ (90) 1.1 % $ (186) $ (201) -8.1 %

Table of Contents

Lincoln Financial

Annuities – Account Balance Roll Forwards

Unaudited (millions of dollars)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Traditional Variable Annuities

Balance as of beginning-of-period $ 114,477 $ 120,815 $ 124,093 $ 123,562 $ 117,200 2.4 % $ 118,954 $ 123,562 3.9 %

Gross deposits 1,351 1,642 1,726 1,401 1,312 -2.9 % 2,985 2,713 -9.1 %

Surrenders, withdrawals and benefits (3,451) (3,843) (4,066) (3,982) (3,975) -15.2 % (7,129) (7,957) -11.6 %

Net flows (2,100) (2,201) (2,340) (2,581) (2,663) -26.8 % (4,144) (5,244) -26.5 %

Policyholder assessments (639) (670) (674) (664) (671) -5.0 % (1,292) (1,334) -3.3 %

Change in market value and reinvestment 9,077 6,149 2,483 (3,117) 12,796 41.0 % 7,297 9,678 32.6 %

Balance as of end-of-period, gross 120,815 124,093 123,562 117,200 126,662 4.8 % 120,815 126,662 4.8 %

Account balances reinsured (5) (5) (5) (5) (4) 20.0 % (5) (4) 20.0 %

Balance as of end-of-period, net $ 120,810 $ 124,088 $ 123,557 $ 117,195 $ 126,658 4.8 % $ 120,810 $ 126,658 4.8 %

RILA

Balance as of beginning-of-period $ 33,527 $ 36,256 $ 38,499 $ 39,443 $ 38,659 15.3 % $ 34,310 $ 39,443 15.0 %

Gross deposits 1,447 1,457 1,936 1,822 1,599 10.5 % 2,739 3,421 24.9 %

Surrenders, withdrawals and benefits (938) (1,106) (1,370) (1,539) (1,821) -94.1 % (1,788) (3,360) -87.9 %

Net flows 509 351 566 283 (222) NM 951 61 -93.6 %

Policyholder assessments (4) (4) (4) (4) (4) 0.0% (8) (9) -12.5 %

Change in market value and reinvestment 341 392 402 381 448 31.4 % 686 830 21.0 %

Change in fair value of embedded derivative instruments

and other 1,883 1,504 (20) (1,444) 3,221 71.1 % 317 1,777 NM

Balance as of end-of-period, gross $ 36,256 $ 38,499 $ 39,443 $ 38,659 $ 42,102 16.1 % $ 36,256 $ 42,102 16.1 %

Table of Contents

Lincoln Financial

Annuities – Account Balance Roll Forwards

Unaudited (millions of dollars)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Fixed Annuities

Balance as of beginning-of-period $ 26,039 $ 26,832 $ 27,874 $ 28,728 $ 28,974 11.3 % $ 25,963 $ 28,728 10.6 %

Gross deposits 1,226 1,371 1,228 718 609 -50.3 % 2,099 1,327 -36.8 %

Surrenders, withdrawals and benefits (797) (664) (681) (616) (641) 19.6 % (1,744) (1,258) 27.9 %

Net flows 429 707 547 102 (32) NM 355 69 -80.6 %

Policyholder assessments (15) (14) (16) (15) (15) 0.0% (30) (30) 0.0%

Reinvested interest credited 228 238 255 256 266 16.7 % 438 523 19.4 %

Change in fair value of embedded derivative instruments

and other 151 111 68 (97) 225 49.0 % 106 128 20.8 %

Balance as of end-of-period, gross 26,832 27,874 28,728 28,974 29,418 9.6 % 26,832 29,418 9.6 %

Account balances reinsured (16,105) (16,382) (16,340) (16,055) (15,889) 1.3 % (16,105) (15,889) 1.3 %

Balance as of end-of-period, net $ 10,727 $ 11,492 $ 12,388 $ 12,919 $ 13,529 26.1 % $ 10,727 $ 13,529 26.1 %

Total

Balance as of beginning-of-period $ 174,043 $ 183,903 $ 190,466 $ 191,733 $ 184,833 6.2 % $ 179,227 $ 191,733 7.0 %

Gross deposits 4,024 4,470 4,890 3,941 3,520 -12.5 % 7,823 7,461 -4.6 %

Surrenders, withdrawals and benefits (5,186) (5,613) (6,117) (6,137) (6,437) -24.1 % (10,661) (12,575) -18.0 %

Net flows (1,162) (1,143) (1,227) (2,196) (2,917) NM (2,838) (5,114) -80.2 %

Policyholder assessments (658) (688) (694) (683) (690) -4.9 % (1,330) (1,373) -3.2 %

Change in market value, reinvestment and interest credited 9,646 6,779 3,140 (2,480) 13,510 40.1 % 8,421 11,031 31.0 %

Change in fair value of embedded derivative instruments

and other 2,034 1,615 48 (1,541) 3,446 69.4 % 423 1,905 NM

Balance as of end-of-period, gross 183,903 190,466 191,733 184,833 198,182 7.8 % 183,903 198,182 7.8 %

Account balances reinsured (16,110) (16,387) (16,345) (16,060) (15,893) 1.3 % (16,110) (15,893) 1.3 %

Balance as of end-of-period, net $ 167,793 $ 174,079 $ 175,388 $ 168,773 $ 182,289 8.6 % $ 167,793 $ 182,289 8.6 %

Table of Contents

Lincoln Financial

Life Insurance – Account Balance Roll Forwards

Unaudited (millions of dollars)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

General Account

Balance as of beginning-of-period $ 36,220 $ 36,116 $ 36,008 $ 35,986 $ 35,723 -1.4 % $ 36,599 $ 35,986 -1.7 %

Gross deposits 847 851 993 837 800 -5.5 % 1,713 1,637 -4.4 %

Withdrawals and deaths (372) (357) (327) (403) (356) 4.3 % (818) (759) 7.2 %

Net flows 475 494 666 434 444 -6.5 % 895 878 -1.9 %

Transfers between general and separate accounts 49 72 48 68 86 75.5 % 63 154 144.4 %

Policyholder assessments (1,102) (1,114) (1,130) (1,095) (1,075) 2.5 % (2,205) (2,170) 1.6 %

Reinvested interest credited 360 367 361 357 364 1.1 % 715 721 0.8 %

Change in fair value of embedded derivative instruments

and other 114 73 33 (27) 148 29.8 % 49 121 146.9 %

Balance as of end-of-period, gross 36,116 36,008 35,986 35,723 35,690 -1.2 % 36,116 35,690 -1.2 %

Account balances reinsured (14,816) (14,658) (14,500) (14,304) (14,127) 4.7 % (14,816) (14,127) 4.7 %

Balance as of end-of-period, net $ 21,300 $ 21,350 $ 21,486 $ 21,419 $ 21,563 1.2 % $ 21,300 $ 21,563 1.2 %

Separate Account

Balance as of beginning-of-period $ 28,106 $ 30,616 $ 33,252 $ 34,038 $ 33,237 18.3 % 28,841 $ 34,038 18.0 %

Gross deposits 434 1,396 464 416 873 101.2 % 787 1,290 63.9 %

Withdrawals and deaths (276) (231) (156) (216) (184) 33.3 % (480) (400) 16.7 %

Net flows 158 1,165 308 200 689 NM 307 890 189.9 %

Transfers between general and separate accounts (48) (71) (48) (68) (86) -79.2 % (63) (154) NM

Policyholder assessments (248) (251) (255) (252) (256) -3.2 % (494) (508) -2.8 %

Change in market value and reinvestment 2,648 1,793 781 (681) 4,285 61.8 % 2,025 3,603 77.9 %

Balance as of end-of-period, gross 30,616 33,252 34,038 33,237 37,869 23.7 % 30,616 37,869 23.7 %

Account balances reinsured (5,629) (5,883) (5,943) (5,772) (6,354) -12.9 % (5,629) (6,354) -12.9 %

Balance as of end-of-period, net $ 24,987 $ 27,369 $ 28,095 $ 27,465 $ 31,515 26.1 % $ 24,987 $ 31,515 26.1 %

Total

Balance as of beginning-of-period $ 64,326 $ 66,732 $ 69,260 $ 70,024 $ 68,960 7.2 % $ 65,440 $ 70,024 7.0 %

Gross deposits 1,281 2,247 1,457 1,253 1,673 30.6 % 2,500 2,927 17.1 %

Withdrawals and deaths (648) (588) (483) (619) (540) 16.7 % (1,298) (1,159) 10.7 %

Net flows 633 1,659 974 634 1,133 79.0 % 1,202 1,768 47.1 %

Transfers between general and separate accounts 1 1 — — — -100.0 % — — NM

Policyholder assessments (1,350) (1,365) (1,385) (1,347) (1,331) 1.4 % (2,699) (2,678) 0.8 %

Change in market value and reinvestment 3,008 2,160 1,142 (324) 4,649 54.6 % 2,740 4,324 57.8 %

Change in fair value of embedded derivative instruments

and other 114 73 33 (27) 148 29.8 % 49 121 146.9 %

Balance as of end-of-period, gross 66,732 69,260 70,024 68,960 73,559 10.2 % 66,732 73,559 10.2 %

Account balances reinsured (20,445) (20,541) (20,443) (20,076) (20,481) -0.2 % (20,445) (20,481) -0.2 %

Balance as of end-of-period, net $ 46,287 $ 48,719 $ 49,581 $ 48,884 $ 53,078 14.7 % $ 46,287 $ 53,078 14.7 %

Table of Contents

Lincoln Financial

Retirement Plan Services – Account Balance Roll Forwards

Unaudited (millions of dollars)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

General Account

Balance as of beginning-of-period $ 23,479 $ 23,700 $ 23,852 $ 23,843 $ 23,694 0.9 % $ 23,619 $ 23,843 0.9 %

Gross deposits 1,109 1,090 1,054 880 901 -18.8 % 1,921 1,781 -7.3 %

Withdrawals (1,103) (1,287) (1,350) (1,279) (1,470) -33.3 % (2,433) (2,749) -13.0 %

Net flows 6 (197) (296) (399) (569) NM (512) (968) -89.1 %

Transfers between fixed and variable accounts 44 171 114 86 131 197.7 % 254 217 -14.6 %

Policyholder assessments (4) (4) (4) (5) (5) -25.0 % (8) (9) -12.5 %

Reinvested interest credited 175 182 177 169 168 -4.0 % 347 336 -3.2 %

Balance as of end-of-period $ 23,700 $ 23,852 $ 23,843 $ 23,694 $ 23,419 -1.2 % $ 23,700 $ 23,419 -1.2 %

Separate Account and Mutual Funds

Balance as of beginning-of-period $ 85,754 $ 92,683 $ 98,900 $ 100,197 $ 98,151 14.5 % $ 88,962 $ 100,197 12.6 %

Gross deposits 2,485 3,918 2,885 3,262 2,835 14.1 % 5,788 6,097 5.3 %

Withdrawals (3,076) (2,966) (3,587) (3,076) (4,691) -52.5 % (8,044) (7,767) 3.4 %

Net flows (591) 952 (702) 186 (1,856) NM (2,256) (1,670) 26.0 %

Transfers between fixed and variable accounts (54) (149) (101) (82) (129) NM (253) (211) 16.6 %

Policyholder assessments (69) (73) (75) (76) (77) -11.6 % (138) (154) -11.6 %

Change in market value and reinvestment 7,643 5,487 2,175 (2,074) 11,259 47.3 % 6,368 9,186 44.3 %

Balance as of end-of-period $ 92,683 $ 98,900 $ 100,197 $ 98,151 $ 107,348 15.8 % $ 92,683 $ 107,348 15.8 %

Total

Balance as of beginning-of-period $ 109,233 $ 116,383 $ 122,752 $ 124,040 $ 121,845 11.5 % $ 112,581 $ 124,040 10.2 %

Gross deposits 3,594 5,008 3,939 4,142 3,736 4.0 % 7,709 7,878 2.2 %

Withdrawals (4,179) (4,253) (4,937) (4,355) (6,161) -47.4 % (10,477) (10,516) -0.4 %

Net flows (585) 755 (998) (213) (2,425) NM (2,768) (2,638) 4.7 %

Transfers between fixed and variable accounts (10) 22 13 4 2 120.0 % 1 6 NM

Policyholder assessments (73) (77) (79) (81) (82) -12.3 % (146) (163) -11.6 %

Change in market value and reinvestment 7,818 5,669 2,352 (1,905) 11,427 46.2 % 6,715 9,522 41.8 %

Balance as of end-of-period $ 116,383 $ 122,752 $ 124,040 $ 121,845 $ 130,767 12.4 % $ 116,383 $ 130,767 12.4 %

Table of Contents

Lincoln Financial

Fixed-Income Asset Class

Unaudited (millions of dollars)

As of 6/30/25 As of 12/31/25 As of 6/30/26

Amount % Amount % Amount %

Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld

Investments and Allowance for Credit Losses, at Amortized Cost (1)

Industry corporate bonds:

Financial services $ 12,685 14.4 % $ 13,135 14.3 % $ 13,249 13.9 %

Basic industry 2,868 3.2 % 2,749 3.0 % 2,745 2.9 %

Capital goods 5,507 6.2 % 5,574 6.1 % 5,520 5.8 %

Communications 2,752 3.1 % 2,936 3.2 % 3,071 3.2 %

Consumer cyclical 5,351 6.0 % 5,360 5.8 % 5,353 5.6 %

Consumer non-cyclical 12,438 14.1 % 12,623 13.6 % 12,825 13.4 %

Energy 2,486 2.8 % 2,487 2.7 % 2,536 2.7 %

Technology 4,042 4.6 % 4,307 4.7 % 4,224 4.4 %

Transportation 3,216 3.6 % 3,243 3.5 % 3,198 3.4 %

Industrial other 2,268 2.6 % 2,346 2.6 % 2,357 2.5 %

Utilities 11,399 12.9 % 11,459 12.4 % 11,490 12.0 %

Government-related entities 1,133 1.3 % 1,108 1.2 % 1,107 1.2 %

Residential mortgage-backed securities ("RMBS")

Agency backed 1,709 1.9 % 1,715 1.9 % 1,653 1.7 %

Non-agency backed 383 0.4 % 399 0.4 % 365 0.4 %

Commercial mortgage-backed securities ("CMBS") 1,987 2.2 % 2,503 2.7 % 2,916 3.1 %

Asset-backed securities ("ABS")

Collateralized loan obligations ("CLOs") 8,161 9.2 % 8,512 9.3 % 9,484 9.9 %

Other ABS 6,542 7.4 % 7,713 8.4 % 9,484 9.9 %

Municipals 2,511 2.8 % 2,424 2.6 % 2,378 2.5 %

United States and foreign government 872 1.0 % 1,153 1.3 % 1,241 1.3 %

Hybrid and redeemable preferred securities 248 0.3 % 236 0.3 % 208 0.2 %

Total fixed maturity AFS securities, net of modified coinsurance and funds withheld

investments and allowance for credit losses, at amortized cost 88,558 100.0 % 91,982 100.0 % 95,404 100.0 %

Trading Securities, Net of Modified Coinsurance and Funds Withheld Investments 506 434 419

Equity Securities, Net of Modified Coinsurance and Funds Withheld Investments 307 561 398

Total fixed maturity AFS, trading and equity securities, net of modified coinsurance and funds

withheld investments and allowance for credit losses, at amortized cost 89,371 92,977 96,221

Modified coinsurance and funds withheld investments 11,426 10,738 9,454

Total fixed maturity AFS, trading and equity securities $ 100,797 $ 103,715 $ 105,675

(1) Net investment income and net gains (losses) related to assets held by us to support certain modified coinsurance and funds withheld agreements are included in periodic payments to or from the reinsurers, resulting in the economic benefits of these assets flowing to the reinsurers. Accordingly, these assets have been excluded from summaries provided on pages 23 and 24 as we have a limited economic interest in the assets.

Table of Contents

Lincoln Financial

Fixed-Income Credit Quality

Unaudited (millions of dollars)

As of 6/30/25 As of 12/31/25 As of 6/30/26

Amount % Amount % Amount %

Fixed Maturity AFS Securities, Net of Modified Coinsurance and Funds Withheld Investments

and Allowance for Credit Losses, at Amortized Cost (1)

NAIC 1 (AAA-A) $ 53,585 60.4 % $ 55,596 60.4 % $ 58,223 61.0 %

NAIC 2 (BBB) 31,935 36.1 % 33,291 36.2 % 34,130 35.8 %

Total investment grade 85,520 96.5 % 88,887 96.6 % 92,353 96.8 %

NAIC 3 (BB) 934 1.1 % 994 1.1 % 1,090 1.1 %

NAIC 4 (B) 1,952 2.2 % 1,966 2.1 % 1,820 1.9 %

NAIC 5 (CCC and lower) 78 0.1 % 63 0.1 % 107 0.1 %

NAIC 6 (in or near default) 74 0.1 % 72 0.1 % 34 0.1 %

Total below investment grade 3,038 3.5 % 3,095 3.4 % 3,051 3.2 %

Total $ 88,558 100.0 % $ 91,982 100.0 % $ 95,404 100.0 %

Commercial Mortgage Loans, Net of Modified Coinsurance and Funds Withheld Investments,

at Amortized Cost (1)(2)

CM1 (AAA-A) $ 13,329 76.3 % $ 12,814 73.3 % $ 12,353 70.5 %

CM2 (BBB) 4,083 23.4 % 4,527 25.9 % 4,952 28.3 %

CM3-7 (BB and lower) (3)

61 0.3 % 141 0.8 % 203 1.2 %

Total $ 17,473 100.0 % $ 17,482 100.0 % $ 17,508 100.0 %

Total Fixed Maturity AFS Securities and Commercial Mortgage Loans, Net of Modified

Coinsurance and Funds Withheld Investments, at Amortized Cost (1)(2)

AAA-A $ 66,914 63.1 % $ 68,410 62.5 % $ 70,576 62.5 %

BBB 36,018 34.0 % 37,818 34.5 % 39,082 34.6 %

BB and lower 3,099 2.9 % 3,236 3.0 % 3,254 2.9 %

Total $ 106,031 100.0 % $ 109,464 100.0 % $ 112,912 100.0 %

(1) Ratings are based upon the designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or based upon ratings from credit rating agencies to derive the NAIC designation.

(2) CM Ratings reflect the risk-based capital risk category for commercial mortgage loans. Letter ratings are assumed NAIC equivalent ratings where NAIC 1 = CM1, NAIC 2 = CM2 and NAIC 3-6 = CM3-7.

(3) Includes mortgage fund limited partnerships classified as CM3 that are included in “Other investments” on the Consolidated Balance Sheets.

Table of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Net Income

Net income (loss) available to common stockholders – diluted $ 688 $ 411 $ 745 $ (211) $ 1,321 92.0 % $ (69) $ 1,109 NM

Less:

Preferred stock dividends declared (11) (34) (11) (34) (11) 0.0% (46) (46) 0.0%

Adjustment for deferred units of LNC stock

in our deferred compensation plans — — 2 (5) — NM — (5) NM

Net income (loss) 699 445 754 (172) 1,332 90.6 % (23) 1,160 NM

Less:

Net annuity product features, pre-tax (1)

405 410 515 (695) 1,497 269.6 % (687) 802 216.7 %

Net life insurance product features, pre-tax (58) (22) (5) 22 (50) 13.8 % (15) (28) -86.7 %

Credit loss-related adjustments, pre-tax (25) (38) (43) (20) (37) -48.0 % (53) (57) -7.5 %

Investment gains (losses), pre-tax (81) (35) (101) (42) (197) NM (183) (239) -30.6 %

Changes in the fair value of reinsurance-related

embedded derivatives, trading securities and certain

mortgage loans, pre-tax (2)

14 (191) 65 179 (85) NM (76) 94 223.7 %

Gains (losses) on other non-financial assets, pre-tax — — (14) (6) — NM — (6) NM

Other items, pre-tax (3)(4)(5)(6)(7)

75 (105) (27) (111) (12) NM 40 (123) NM

Income tax benefit (expense) related to the above

pre-tax items (69) (5) (81) 141 (234) NM 199 (93) NM

Total adjustments 261 14 309 (532) 882 237.9 % (775) 350 145.2 %

Adjusted income (loss) from operations 438 431 445 360 450 2.7 % 752 810 7.7 %

Add:

Preferred stock dividends declared (11) (34) (11) (34) (11) 0.0% (46) (46) 0.0%

Adjusted income (loss) from operations available

to common stockholders $ 427 $ 397 $ 434 $ 326 $ 439 2.8 % $ 706 $ 764 8.2 %

(1) Includes changes in MRBs of $(1,302) million, $932 million, $337 million, $374 million, $(997) million and $1,450 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $268 million, $(605) million, $30 million, $44 million, $177 million and $(115) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $(58) million, $78 million, $43 million, $97 million, $125 million and $162 million for the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026.

(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.

(3) For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million.

(4) Includes severance expense related to initiatives to realign the workforce of $(6) million, $(2) million, $(5) million, $(11) million, $(7) million and $(11) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026, respectively.

(continued on the next page)

Table of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars)

(continued from the previous page)

(5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(20) million and $(5) million in the first quarter of 2025 and fourth quarter of 2025, respectively, related to the sale of our wealth management business; $(18) million and $(3) million in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization.

(6) Includes deferred compensation mark-to-market adjustment of $(9) million, $1 million, $(14) million, $(10) million, $18 million and $(1) million in the first quarter of 2025, second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026, respectively.

(7) Includes gain on early extinguishment of debt of $94 million in the second quarter of 2025.

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Revenues

Total revenues $ 4,044 $ 4,555 $ 4,922 $ 5,306 $ 4,542 12.3 % $ 8,735 $ 9,848 12.7 %

Less:

Revenue adjustments from annuity

and life insurance product features (590) 39 121 327 (65) 89.0 % (364) 262 172.0 %

Credit loss-related adjustments (25) (38) (43) (20) (37) -48.0 % (53) (57) -7.5 %

Investment gains (losses) (81) (35) (101) (42) (197) NM (183) (239) -30.6 %

Changes in the fair value of reinsurance-related

embedded derivatives, trading securities and certain

mortgage loans (1)

14 (191) 65 179 (85) NM (76) 94 223.7 %

Gains (losses) on other non-financial assets — — (14) (6) — NM — (6) NM

Adjusted operating revenues $ 4,726 $ 4,780 $ 4,894 $ 4,868 $ 4,926 4.2 % $ 9,411 $ 9,794 4.1 %

(1) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter of 2023 reinsurance transaction.

Table of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Earnings (Loss) Per Common Share – Diluted

Net income (loss) $ 3.80 $ 2.12 $ 3.80 $ (1.10) $ 6.72 76.8 % $ (0.39) $ 5.65 NM

Less:

Net annuity product features, pre-tax (1)

2.24 2.11 2.62 (3.60) 7.62 240.2 % (3.94) 4.09 203.8 %

Net life insurance product features, pre-tax (0.32) (0.11) (0.02) 0.12 (0.26) 18.8 % (0.08) (0.14) -75.0 %

Credit loss-related adjustments, pre-tax (0.14) (0.20) (0.22) (0.10) (0.19) -35.7 % (0.31) (0.29) 6.5 %

Investment gains (losses), pre-tax (0.45) (0.18) (0.51) (0.22) (1.00) NM (1.05) (1.22) -16.2 %

Changes in the fair value of reinsurance-related

embedded derivatives, trading securities and certain

mortgage loans, pre-tax 0.08 (0.98) 0.34 0.92 (0.44) NM (0.43) 0.48 211.6 %

Gains (losses) on other non-financial assets, pre-tax — — (0.07) (0.03) — NM — (0.03) NM

Other items, pre-tax (2)(3)(4)(5)(6)

0.42 (0.53) (0.14) (0.58) (0.06) NM 0.23 (0.63) NM

Income tax benefit (expense) related

to the above pre-tax items (0.39) (0.03) (0.41) 0.73 (1.19) NM 1.14 (0.48) NM

Adjustment attributable to using different average

diluted shares for adjusted income (loss) from

operations as compared to net income (loss) — — — — — NM 0.08 (0.02) NM

Adjusted income (loss) from operations $ 2.36 $ 2.04 $ 2.21 $ 1.66 $ 2.24 -5.1 % $ 3.97 $ 3.89 -2.0 %

(continued on the next page)

Table of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited

(continued from the previous page)

(1) Includes changes in MRBs of $5.15, $1.74, $1.91, $(5.17), $7.39, $(2.12) and $2.31; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(3.34), $0.15, $0.22, $0.92, $(0.59), $(1.93) and $0.32; changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $0.43, $0.22, $0.49, $0.65, $0.82, $0.11 and $1.46 for the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026, six months ended 2025 and six months ended 2026, respectively.

(2) For the third quarter of 2025, includes certain legal accruals of $(0.05); for the fourth quarter of 2025, includes certain regulatory accruals of $0.01; for the first quarter of 2026, includes certain legal accruals of $(0.63). For the six months ended 2026, includes certain legal accruals of $(0.62).

(3) Includes severance expense related to initiatives to realign the workforce of $(0.01), $(0.02), $(0.06), $(0.04), $(0.06), $(0.05) and $(0.10) in the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, second quarter of 2026, six months ended 2025 and six months ended 2026, respectively.

(4) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(0.10) and $(0.01) in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(0.03) in the fourth quarter of 2025 related to the sale of our wealth management business; $(0.28) in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(0.11) in the third quarter of 2025 related to Life Insurance segment persistency optimization; for the six months ended 2025, includes $(0.11) related to the sale of our wealth management business and $(0.11) related to the Bain Capital transaction.

(5) Includes deferred compensation mark-to-market adjustment of $0.01, $(0.07), $(0.05), $0.09, $(0.04), and $0.09 in the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026, six months ended 2025 and six months ended 2026 respectively.

(6) Includes gain on early extinguishment of debt of $0.52 and $0.54 in the second quarter of 2025 and six months ended 2025, respectively.

Table of Contents

Lincoln Financial

Select GAAP to Non-GAAP Reconciliations

Unaudited (millions of dollars, except per share data)

For the Three Months Ended For the Six Months Ended

6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Change 6/30/25 6/30/26 Change

Stockholders’ Equity, End-of-Period

Stockholders’ equity $ 9,548 $ 10,452 $ 10,906 $ 10,212 $ 11,349 18.9 % $ 9,548 $ 11,349 18.9 %

Less:

Preferred stock 986 986 986 986 986 0.0% 986 986 0.0%

AOCI (4,392) (3,839) (4,058) (4,467) (4,578) -4.2 % (4,392) (4,578) -4.2 %

Stockholders’ equity, excluding AOCI and preferred stock 12,954 13,305 13,978 13,693 14,941 15.3 % 12,954 14,941 15.3 %

Changes in MRBs 2,869 3,136 3,431 2,643 3,789 32.1 % 2,869 3,789 32.1 %

GLB and GDB hedge instruments gains (losses) (3,602) (3,706) (3,812) (3,829) (4,070) -13.0 % (3,602) (4,070) -13.0 %

Reinsurance-related embedded derivatives and portfolio

gains (losses) (186) (305) (236) (108) (118) 36.6 % (186) (118) 36.6 %

Adjusted stockholders’ equity $ 13,873 $ 14,180 $ 14,595 $ 14,987 $ 15,340 10.6 % $ 13,873 $ 15,340 10.6 %

Stockholders’ Equity, Average

Stockholders’ equity $ 8,871 $ 10,000 $ 10,679 $ 10,559 $ 10,780 21.5 % $ 8,551 $ 10,670 24.8 %

Less:

Preferred stock 986 986 986 986 986 0.0% 986 986 0.0%

AOCI (4,349) (4,116) (3,948) (4,262) (4,523) -4.0 % (4,510) (4,392) 2.6 %

Stockholders’ equity, excluding AOCI and preferred stock 12,234 13,130 13,641 13,835 14,317 17.0 % 12,075 14,076 16.6 %

Changes in MRBs 2,501 3,002 3,283 3,037 3,216 28.6 % 2,575 3,127 21.4 %

GLB and GDB hedge instruments gains (losses) (3,297) (3,654) (3,759) (3,820) (3,949) -19.8 % (3,162) (3,885) -22.9 %

Reinsurance-related embedded derivatives and portfolio

gains (losses) (191) (245) (270) (172) (113) 40.8 % (182) (142) 22.0 %

Adjusted average stockholders' equity $ 13,221 $ 14,027 $ 14,387 $ 14,790 $ 15,163 14.7 % $ 12,844 $ 14,976 16.6 %

Book Value Per Common Share

Book value per share $ 44.91 $ 49.56 $ 51.88 $ 47.87 $ 53.68 19.5 % $ 44.91 $ 53.68 19.5 %

Less:

AOCI (23.04) (20.10) (21.22) (23.19) (23.71) -2.9 % (23.04) (23.71) -2.9 %

Book value per share, excluding AOCI 67.95 69.66 73.10 71.06 77.39 13.9 % 67.95 77.39 13.9 %

Less:

Changes in MRBs 15.05 16.42 17.94 13.72 19.63 30.4 % 15.05 19.63 30.4 %

GLB and GDB hedge instruments gains (losses) (18.89) (19.40) (19.94) (19.87) (21.08) -11.6 % (18.89) (21.08) -11.6 %

Reinsurance-related embedded derivatives and portfolio

gains (losses) (0.98) (1.59) (1.23) (0.56) (0.61) 37.8 % (0.98) (0.61) 37.8 %

Adjusted book value per share $ 72.77 $ 74.23 $ 76.33 $ 77.77 $ 79.45 9.2 % $ 72.77 $ 79.45 9.2 %

EX-99.3

Filename: a2q2026investorsupplemen.htm · Sequence: 4

a2q2026investorsupplemen

1 Earnings Supplement Second Quarter 2026 July 30, 2026

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 forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln’s businesses, prospective services or products, future performance or financial results. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including: • Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience; • Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures; • The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations; • Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; and our affiliate reinsurance arrangements; • Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell; • The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products; • The impact of existing and emerging rules and regulations relating to privacy, cybersecurity and artificial intelligence (“AI”) that may lead to increased compliance costs, reputation risk and/or changes in business practices, and challenges with properly managing the use of AI that could result in reputational harm, competitive harm and legal liability; • Continued scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio; • Actions taken by reinsurers to raise rates on in-force business; • Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products; • Increasing or sustained higher interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses; • The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings; • A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefits, including riders on certain of our annuity products and secondary guarantees on certain variable universal life insurance products; • Ineffectiveness of our risk management policies and procedures, including our various hedging strategies; A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings; Changes in accounting principles that may affect our consolidated financial statements; • Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition; • Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention and profitability of our insurance subsidiaries and liquidity; • Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets; • Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems; • The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items; • The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives; The adequacy and collectability of reinsurance that we have obtained; • Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance; • Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products; • The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and • The unanticipated loss of key management or wholesalers. The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this presentation. The reporting of Risk-Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

3 2Q26 Key Messages • Annuities sales of $3.5B reflected disciplined sales execution, with spread-based products comprising 63% of total sales. • Life Insurance sales of $216M reflected strong growth in Executive Benefits and Core Life. • Retirement Plan Services total deposits grew 4% YoY; ending account balances2 a record-high $131B. $ in millions After- tax Per share Adjusted Operating Income1 $439 $2.24 Normalizing items Lower alternative investment income compared to our 10% annual return target ($43) ($0.22) Eighth consecutive quarter of YoY adjusted operating income1 growth, up 3% for 2Q • Life Insurance earnings of $57M, up $25M YoY, driven by favorable mortality, partially offset by lower alternative investment income. • Annuities earnings of $287M was in line with the PY quarter, as favorable equity markets were offset by VA outflows and the $12M impact of the previously disclosed NII reallocation to non-operating income. • Group Protection delivered earnings of $147M and a margin of 10.4%, reflecting continued momentum in the business. • Retirement Plan Services earnings up $12M YoY reflected favorable markets and spread expansion. Continued disciplined sales momentum; record ending account balances2 Strategic actions enhanced capital strength and flexibility • Holding Company available liquidity increased to ~$900M, net of prefunding, up ~$250M since YE 2025. • Prefunded $500M to repurchase and/or redeem preferred stock. • Leverage ratio3 remained at ~25%. 1 Represents Adjusted Operating Income Available to Common Stockholders. See Non-GAAP Financial Measures Appendix for definition and reconciliations. 2 Net of reinsurance. 3 See Non-GAAP Financial Measures Appendix for definition and reconciliations.

4 Annuities Group Protection Operating Income Primary Drivers Operating Income Primary Drivers Retirement Plan Services Life Insurance Operating Income Primary Drivers Operating Income Primary Drivers • Favorable equity markets • Spread income growth • Variable annuity outflows • NII reallocation to non- operating income • Favorable life incidence • Change in experience refund recognition timing • Disability incidence normalization 2Q26 Earnings Drivers $ in millions • Spread income growth • Favorable equity markets • Higher net G&A expenses • Favorable mortality • Impact of 4Q25 captive consolidation • Lower alternative investment income $287 $287 2Q25 2Q26 $173 $147 2Q25 2Q26 Experience Refund $37 $49 2Q25 2Q26 $32 $57 2Q25 2Q26

5 Key Highlights Operating Income2 ($M) Sales ($B) • Operating income in line YoY, as favorable equity markets were offset by VA outflows and the $12M impact of the previously disclosed NII reallocation to non-operating income1. • Total sales of $3.5B reflected disciplined sales execution, with spread-based products comprising 63% of total sales. • Ending account balances3 grew 9% YoY, driven by favorable equity markets and growth in spread- based products. Key Priorities Ending Account Balances3 ($B) Return on Average Account Balances2,4 • Diversify source of earnings mix by growing spread-based account balances over time. • Maximize capital efficiency and achieve attractive new business returns. • Expand product set to target a larger addressable market. $168 $174 $175 $169 $182 6% 7% 7% 8% 7% 22% 22% 22% 23% 23% 29% 29% 29% 28% 29% 43% 42% 42% 41% 41% 2Q25 3Q25 4Q25 1Q26 2Q26 Fixed RILA VA w/o GLBs VA w/ GLBs 30% 31% 25% 18% 17% 36% 32% 40% 46% 46% 11% 13% 12% 14% 19% 23% 24% 23% 22% 18% 2Q25 3Q25 4Q25 1Q26 2Q26 Fixed RILA VA w/o GLB VA w/ GLB Annuities 0.72% 0.75% 0.71% 0.63% 0.64% 2Q25 3Q25 4Q25 1Q26 2Q26 $287 $318 $311 $275 $287 2Q25 3Q25 4Q25 1Q26 2Q26 $4.0 $4.5 $4.9 1 Previously disclosed reallocation of certain net investment income (“NII”) from operating results to non-operating results. 2 Excludes $(8)M in 3Q25 related to annual assumption review. 3 Net of reinsurance. 4 Return on Average Account Balances, net of reinsurance. $3.9 $3.5

6 Key Highlights Operating Income1 ($M) Sales ($M) • Operating income decreased $26M YoY, primarily driven by the $15M experience refund in the PY quarter. • Premiums were up 2% Y0Y, driven by prior-period sales. • Disability loss ratio increased YoY due to normalized disability incidence and the absence of the PY experience refund, partially offset by life loss ratio improvement from favorable incidence. Key Priorities Premiums and Margin1,2 ($M) Loss Ratios1,2 • Diversify book of business across segments and products, with focus on strong persistency and growing Local Markets and Supplemental Health. • Optimize capital efficiency by leveraging our Bermuda entity. • Execute technology roadmap, including modernization of claims platform. $1,386 $1,357 $1,380 $1,399 $1,420 12.5% 10.4% 11.4% 8.1% 7.9% 8.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% $- $200 $400 $600 $800 $1,000 $1,200 $1,400 2Q25 3Q25 4Q25 1Q26 2Q26 Premiums Margin Margin, ex. Experience Refund 38% 40% 59% 30% 42% 30% 35% 32% 29% 28% 32% 25% 9% 41% 30% 2Q25 3Q25 4Q25 1Q26 2Q26 Disability Life Supp Health / Dental 67% 65% 68% 67% 62% 67% 77% 74% 73% 72% 2Q25 3Q25 4Q25 1Q26 2Q26 Life Disability 3 2Q25 3Q25 4Q25 1Q26 2Q26 Experience Refund $173 $187 $116 $391 Group Protection 1 Excludes $39M in 3Q25 related to annual assumption review. 2 Excludes the after-tax impact of the $15M experience refund in 2Q25. 3 Life loss ratio includes supplemental health. $150 $110 $109 $112 $147 $155

7 Retirement Plan Services Key Highlights Operating Income ($M) First-year Sales ($B) • Operating income increased by 32% YoY, driven by spread income growth and favorable equity markets, partially offset by higher net G&A expenses. • Base spreads, excluding variable investment income, expanded 20 basis points compared to the PY quarter. • Ending account balances were $131B, a record high, up 12% YoY, supported by favorable equity markets. Key Priorities Ending Account Balances ($B) Return on Average Account Balances • Continued profitable growth with an emphasis on market segments with higher returns. • Expand revenue sources for existing account base. • Increase profitability through lowering operating costs and optimizing investment sourcing. 80% 81% 81% 81% 82% 20% 19% 19% 19% 18% $116 $123 $124 $122 $131 2Q25 3Q25 4Q25 1Q26 2Q26 Separate Account and Mutual Funds General Account $37 $46 $46 $43 $49 2Q25 3Q25 4Q25 1Q26 2Q26 0.13% 0.15% 0.15% 0.14% 0.15% 2Q25 3Q25 4Q25 1Q26 2Q26 32% 22% 33% 40% 40% 26% 62% 33% 43% 45% 42% 16% 34% 17% 15% 2Q25 3Q25 4Q25 1Q26 2Q26 Core Market Mid-Large Market Investment Only $0.9 $1.2 $2.4 $1.7 $1.1 1 Formerly referred to as “Small Market.” 2 Formerly referred to as “Stable Value/Other.” 1 2

8 Key Highlights Operating Income (Loss)1 ($M) Sales ($M) • Operating income improved by $25M YoY, driven by favorable mortality and the impact of the 4Q25 captive consolidation, partially offset by lower alternative investment income. • Total sales of $216M were up 79% YoY, reflecting growth in Executive Benefits and Core Life. • Margin increased 160 basis points to 3.6%, driven by underlying earnings growth. Revenues were 2% lower YoY, driven by lower alternative investment income. Key Priorities Operating Revenue ($M) and Margin2 (%) Net G&A Expenses ($M) • Continued growth in accumulation and risk- sharing sales, focused on a more stable cash flow product suite. • Maximize capital efficiency and achieve attractive new business returns. • Continued optimization of legacy block free cash flow opportunities. 92% 91% 85% 80% 83% 8% 9% 15% 20% 17% 13% 8% 14% 19% 13% 19% 14% 1Q24 2Q24 3Q24 4Q24 1Q25 Underlying Earnings Alts Above Target Alts Below Target $32 $56 $63 $22 $57 $(2) $14 $19 $(40) 2Q25 3Q25 4Q25 1Q26 2Q26 $97 Life Insurance 72% 33% 89% 74% 48% 28% 67% 11% 26% 52% $121 $298 $142 $129 $216 2Q25 3Q25 4Q25 1Q26 2Q26 Core Executive Benefits $54 $77 $122 $121 $130 $119 $124 2Q25 3Q25 4Q25 1Q26 2Q26 1 Excludes $(29)M in 3Q25 related to annual assumption review. 2 Margin is calculated as operating income (loss), excluding $(29)M in 3Q25 related to annual assumption review, divided by operating revenue. $1,602 $1,610 $1,643 $1,628 $1,572 2.0% 3.4% 4.7% 2.5% 3.6% -2.0% 0.0 % 2.0% 4.0% 6.0% 8.0% 10.0% 1400 1450 1500 1550 1600 1650 1700 2Q25 3Q25 4Q25 1Q26 2Q26 $41 $32

9 Key Highlights Operating Loss and Preferred Dividend ($M) Other Expenses ($M) • Operating loss of $90M is $1M lower YoY as continued scaling of institutional funding agreement business was partially offset by higher other expenses. • Holding Company available liquidity increased to ~$900M at quarter-end, net of prefunding, an increase of ~$250M since YE 2025. • Leverage ratio2 remains in line with target at 25.1%. Key Priorities Holding Company Available Liquidity1 ($M) Leverage Ratio2 • Continue to scale the funding agreement program after successful 2025 launch. • Build Holding Company liquidity to maximize capital flexibility. • Maintain leverage ratio at the 25% target. Other Operations ($91) ($99) ($98) ($111) ($90) ($11) ($34) ($11) ($34) ($11) 2Q25 3Q25 4Q25 1Q26 2Q26 Operating Loss Preferred Dividend $466 $461 $655 $805 $903 2Q25 3Q25 4Q25 1Q26 2Q26 25.6% 25.2% 25.1% 25.0% 25.1% 2Q25 3Q25 4Q25 1Q26 2Q26 $56 $72 $64 $68 $63 2Q25 3Q25 4Q25 1Q26 2Q26 1 Holding Company available liquidity presented as of 12/31/25, 3/31/26 and 6/30/26 does not include the $400 million prefunding of a 2026 maturity; Holding Company available liquidity presented as of 6/30/26 also does not include the $500 million prefunding of the repurchase and/or redemption of our outstanding preferred stock. 2 See Non-GAAP Financial Measures Appendix for definition and reconciliations.

10 Key Highlights Investment Portfolio ($B) Rated Assets Portfolio Quality • Portfolio grew $15B YoY to $137B, reflecting strategic shift toward spread-based earnings. • Portfolio yield expanded 12bps YoY to 4.73%, with new money yield continuing to exceed portfolio yield. • Diversified alternatives portfolio delivered a 1.2% quarterly return, or 4.9% annualized return, below our annual expectation of 10%. Key Priorities New Money Yields Alternative Investment Income ($M), Pre-Tax • Leverage sourcing capabilities and security selection of our multi-manager platform for portfolio construction. • Optimize new money strategy with focus on maintaining diversification and high quality while capitalizing on less liquid assets and structured asset class premiums. • Achieve attractive long-term alternative investment returns. 37% 36% 36% 35% 34% 17% 17% 17% 16% 16% 16% 15% 16% 18% 18% 18% 18% 17% 18% 17% 3% 3% 3% 3% 3%9% 11% 11% 10% 12% 2Q25 3Q25 4Q25 1Q26 2Q26 Public Corps Private Corps Structured Mortgage Loans Alts Other Investment Portfolio 4.61% 4.64% 4.65% 4.67% 4.73% 6.1% 5.9% 5.3% 5.5% 5.9% 2Q25 3Q25 4Q25 1Q26 2Q26 Portfolio Yield New Money Yield $101 $101 $124 $129 $52 2.5% 2.5% 3.0% 3.1% 1.2% 0 20 40 60 80 100 120 140 2Q25 3Q25 4Q25 1Q26 2Q26 % Returns, Unannualized 63% 62% 62% 62% 62% 34% 35% 35% 35% 35% 3% 3% 3% 3% 3% 2Q25 3Q25 4Q25 1Q26 2Q26 NAIC 1/CM1 NAIC 2/CM2 NAIC 3-6/CM3-7 $137 $122 $126 1 2 $129 1 Mortgage Loans include CMLs and RMLs. 2 Other includes municipals, cash, COLI assets, common and preferred stock, sovereign government and UST/agency. $131

11 Appendix

12 Public Corporate 34% Private Credit 20% Public Structured 14% CML 13% RML 4% Other 15%2 Investment Portfolio High quality and well-diversified portfolio1 $137B Average A- Rated Portfolio allocation by asset class 1 Data on slide is as of June 30, 2026. 2 Other includes cash, COLI assets, common and preferred stock, sovereign government, alternatives, and UST/agency. Cash is inclusive of $7.7B of collateral. Note: All information regarding LNC’s investment portfolio in this earnings supplement excludes assets related to certain modified coinsurance and coinsurance with funds withheld transactions. The modified coinsurance and funds withheld reinsurance agreements investment portfolio has counterparty protections in place including investment guidelines, as well as additional support including trusts and letters of credit that were established to meet LNC’s risk management objectives. … with a high-quality private credit portfolio • Private credit is a key part of the investment strategy, enhancing yield and diversification while emphasizing disciplined risk management • Private credit portfolio is highly-diversified and 91% investment grade • Private Letter Ratings (PLRs) account for ~6% of the Lincoln General Account The portfolio is well-positioned… • Long-term investment strategy is tightly aligned with our liability profile and positioned for various economic cycles. • 97% investment grade, the portfolio remains high quality, providing flexibility to further add incremental yield. • Well positioned to further optimize the portfolio asset allocation given high-quality asset mix and shift toward shorter duration liabilities. Private Credit is 20% of the General Account Private Corporates 15% Private Structured 4% Direct Lending 1%

13 Non-GAAP Financial Measures Appendix

14 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 applicable, are presented herein beginning on slide 16. Adjusted Income (Loss) From Operations Adjusted income (loss) from operations is GAAP net income (loss) excluding the effects of the following items, as applicable: • Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of 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 variable universal life insurance (“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 indexed universal life insurance (“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 available-for-sale (“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”); • 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 our 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. Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.

15 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 diluted share available to common stockholders is helpful to investors in evaluating the company’s performance. Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results. Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition above) that are not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals. Adjusted Stockholders' Equity Adjusted stockholders’ equity is stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”). Management believes this metric is useful to investors to analyze our net worth because it eliminates the effect of market movements that can fluctuate significantly from period to period, primarily related to changes in equity markets and interest rates. Stockholders’ equity is the most directly comparable GAAP measure. Leverage Ratio Leverage ratio is a measure that we use to monitor the level of our debt relative to our total capitalization. Debt used in this metric reflects total debt and preferred stock adjusted for certain items. Total capitalization reflects debt used in the numerator of this ratio and stockholders' equity adjusted for certain items.

16 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 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Net Income Net income (loss) available to common stockholders – diluted $ 688 $ 411 $ 745 $ (211) $ 1,321 Less: Preferred stock dividends declared (11) (34) (11) (34) (11) Adjustment for deferred units of LNC stock in our deferred compensation plans — — 2 (5) — Net income (loss) 699 445 754 (172) 1,332 Less: Net annuity product features, pre-tax (1) 405 410 515 (695) 1,497 Net life insurance product features, pre-tax (58) (22) (5) 22 (50) Credit loss-related adjustments, pre-tax (25) (38) (43) (20) (37) Investment gains (losses), pre-tax (81) (35) (101) (42) (197) Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax (2) 14 (191) 65 179 (85) Gains (losses) on other non-financial assets, pre-tax — — (14) (6) — Other items, pre-tax (3)(4)(5)(6)(7) 75 (105) (27) (111) (12) Income tax benefit (expense) related to the above pre-tax items (69) (5) (81) 141 (234) Total adjustments 261 14 309 (532) 882 Adjusted income (loss) from operations 438 431 445 360 450 Add: Preferred stock dividends declared (11) (34) (11) (34) (11) Adjusted income (loss) from operations available to common stockholders $ 427 $ 397 $ 434 $ 326 $ 439 Earnings (Loss) Per Common Share – Diluted Net income (loss) (diluted) $ 3.80 $ 2.12 $ 3.80 $ (1.10) $ 6.72 Adjusted income (loss) from operations (diluted) 2.36 2.04 2.21 1.66 2.24 Refer to following slide 17 for footnotes to table.

17 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 $932 million, $337 million, $374 million, $(997) million and $1,450 million; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(605) million, $30 million, $44 million, $177 million and $(115) million; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $78 million, $43 million, $97 million, $125 million and $162 million for the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026. (2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. (3) For the third quarter of 2025, includes certain legal accruals of $(9) million; for the fourth quarter of 2025, includes certain regulatory accruals of $2 million; for the first quarter of 2026, includes certain legal accruals of $(122) million. (4) Includes severance expense related to initiatives to realign the workforce of $(2) million, $(5) million, $(11) million, $(7) million and $(11) million in the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026, respectively. (5) Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives consisting of $(5) million in the fourth quarter of 2025, related to the sale of our wealth management business; $(18) million and $(3) million in the second quarter of 2025 and fourth quarter of 2025, respectively, primarily related to the Bain Capital transaction; $(55) million in the third quarter of 2025 of transaction costs related to restructuring certain captive reinsurance subsidiaries; and $(22) million in the third quarter of 2025 related to Life Insurance segment persistency optimization. (6) Includes deferred compensation mark-to-market adjustment of $1 million, $(14) million, $(10) million, $18 million and $(1) million in the second quarter of 2025, third quarter of 2025, fourth quarter of 2025, first quarter of 2026 and second quarter of 2026, respectively. (7) Includes gain on early extinguishment of debt of $94 million in the second quarter of 2025.

18 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 Stockholders on slide 16. For the Three Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Adjusted income from operations available to common stockholders(1) $ 427 $ 397 $ 434 $ 326 $ 439 Less significant items: Annual assumption review - (2) - - - Total significant items - (2) - - - Adjusted income from operations available to common stockholders, excluding significant items $ 427 $ 395 $ 434 $ 326 $ 439

19 Leverage Ratio Unaudited (millions of dollars) As of or For the Three Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Leverage Ratio Short-term debt (1) $ — $ — $ 400 $ 400 $ 400 Long-term debt 5,767 5,772 5,866 5,969 6,465 Total debt 5,767 5,772 6,266 6,369 6,865 Preferred stock 986 986 986 986 986 Total debt and preferred stock 6,753 6,758 7,252 7,355 7,851 Less: Operating debt (2) 868 868 868 868 868 Prefunding of upcoming debt maturities — — 400 400 400 Prefunding of repurchase and/or redemption of shares of outstanding preferred stock — — — — 500 25% of capital securities and subordinated notes 247 247 247 247 372 50% of preferred stock, net of prefunding 493 493 493 493 243 Carrying value of fair value hedges and other items 119 119 114 112 108 Total numerator $ 5,026 $ 5,031 $ 5,130 $ 5,235 $ 5,360 Adjusted stockholders’ equity (3) $ 13,873 $ 14,180 $ 14,595 $ 14,987 $ 15,340 Add: 25% of capital securities and subordinated notes 247 247 247 247 372 50% of preferred stock, net of prefunding 493 493 493 493 243 Total numerator 5,026 5,031 5,130 5,235 5,360 Total denominator $ 19,639 $ 19,951 $ 20,465 $ 20,962 $ 21,315 Leverage ratio 25.6% 25.2% 25.1% 25.0% 25.1% (1) As of June 30, 2026, consists of $400 million principal amount of our 3.625% Senior Notes due December 12, 2026. (2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee universal life insurance and term policies. (3) See reconciliation to stockholders’ equity on slide 20.

20 Reconciliation of Stockholders’ Equity to Adjusted Stockholders’ Equity Unaudited (millions of dollars) As of or For the Three Months Ended 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Stockholders’ Equity, End-of-Period Stockholders’ equity $ 9,548 $ 10,452 $ 10,906 $ 10,212 $ 11,349 Less: Preferred stock 986 986 986 986 986 AOCI (4,392) (3,839) (4,058) (4,467) (4,578) Stockholders’ equity, excluding AOCI and preferred stock 12,954 13,305 13,978 13,693 14,941 Changes in MRBs 2,869 3,136 3,431 2,643 3,789 GLB and GDB hedge instruments gains (losses) (3,602) (3,706) (3,812) (3,829) (4,070) Reinsurance-related embedded derivatives and portfolio gains (losses) (186) (305) (236) (108) (118) Adjusted stockholders’ equity $ 13,873 $ 14,180 $ 14,595 $ 14,987 $ 15,340

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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No definition available.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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No definition available.

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xbrli:dateItemType

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Period Type:

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- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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No definition available.

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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No definition available.

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- Definition

Name of the City or Town

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No definition available.

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- Definition

Code for the postal or zip code

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No definition available.

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- Definition

Name of the state or province.

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No definition available.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

+ Details

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

+ Details

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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