Lincoln National Corporation (BVMF:L1NC34)

Lincoln National Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Investments in Debt Securities	90,423	86,857	88,491	99,377	118,242	122,429
Investments in Equity & Preferred Securities	1,180	919	905	1,123	1,155	1,015
Policy Loans	2,584	2,476	2,476	2,359	2,364	2,426
Other Investments	40,471	36,993	33,910	15,030	3,977	3,713
Total Investments	158,741	150,353	147,104	139,688	148,189	150,847
Cash & Equivalents	10,668	5,801	3,365	3,343	2,612	1,708
Reinsurance Recoverable	28,665	28,750	29,843	19,953	20,295	16,496
Other Receivables	1,272	1,207	1,114	1,253	1,189	1,743
Deferred Policy Acquisition Cost	12,681	11,916	11,732	11,505	5,890	5,565
Separate Account Assets	179,860	168,438	158,257	143,536	182,583	167,965
Property, Plant & Equipment	-	85	118	154	184	257
Goodwill	1,144	1,144	1,144	1,144	1,778	1,778
Other Intangible Assets	-	30	34	38	42	49
Other Current Assets	11,762	12,894	10,116	8,347	13,248	9,991
Long-Term Deferred Charges	-	198	195	198	203	213
Other Long-Term Assets	10,482	10,015	9,391	5,172	10,732	9,336
Total Assets	415,275	390,831	372,413	334,331	386,945	365,948
Insurance & Annuity Liabilities	154,490	148,045	145,958	143,143	140,329	136,691
Unpaid Claims	5,667	5,510	5,566	5,335	6,280	5,934
Reinsurance Payable	17,559	16,907	17,641	5,740	-	1,946
Current Portion of Long-Term Debt	-	300	250	500	300	-
Current Portion of Leases	-	29	-	-	-	-
Long-Term Debt	7,772	6,838	7,359	7,166	7,150	7,676
Long-Term Leases	-	60	129	258	332	428
Separate Account Liability	179,860	168,438	158,257	143,536	182,583	167,965
Other Current Liabilities	14,918	12,449	9,077	4,783	6,131	3,986
Other Long-Term Liabilities	24,557	23,986	21,283	18,677	22,964	18,494
Total Liabilities	404,823	382,562	365,520	329,229	366,191	343,249
Preferred Stock, Redeemable	986	986	986	986	-	-
Common Stock	5,574	4,674	4,605	4,544	4,735	5,082
Retained Earnings	7,731	7,645	4,778	5,924	9,578	8,686
Comprehensive Income & Other	-3,839	-5,036	-3,476	-6,352	6,441	8,931
Total Common Equity	9,466	7,283	5,907	4,116	20,754	22,699
Shareholders' Equity	10,452	8,269	6,893	5,102	20,754	22,699
Total Liabilities & Equity	415,275	390,831	372,413	334,331	386,945	365,948
Filing Date Shares Outstanding	189.94	170.4	169.67	169.22	172.45	191.96
Total Common Shares Outstanding	189.92	170.38	169.67	169.22	177.19	192.33
Total Debt	7,772	7,227	7,738	7,924	7,782	8,104
Net Cash (Debt)	2,896	-1,426	-4,373	-4,581	-5,170	-6,396
Net Cash Per Share	16.03	-8.24	-25.79	-26.53	-27.26	-32.89
Book Value Per Share	49.84	42.75	34.82	24.32	117.13	118.02
Tangible Book Value	8,322	6,109	4,729	2,934	18,934	20,872
Tangible Book Value Per Share	43.82	35.86	27.87	17.34	106.85	108.52

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.