Lincoln National Balance Sheet

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Investments in Debt Securities	93,193	86,857	88,491	99,377	118,242
Investments in Equity & Preferred Securities	891	919	905	1,123	1,155
Policy Loans	2,626	2,476	2,476	2,359	2,364
Other Investments	41,795	36,993	33,910	15,030	3,977
Total Investments	162,653	150,353	147,104	139,688	148,189
Cash & Equivalents	9,502	5,801	3,365	3,343	2,612
Reinsurance Recoverable	28,012	28,750	29,843	19,953	20,295
Other Receivables	1,122	1,207	1,114	1,253	1,189
Deferred Policy Acquisition Cost	12,827	11,916	11,732	11,505	5,890
Separate Account Assets	180,092	168,438	158,257	143,536	182,583
Property, Plant & Equipment	-	85	118	154	184
Goodwill	1,144	1,144	1,144	1,144	1,778
Other Intangible Assets	-	30	34	38	42
Other Current Assets	9,945	12,894	10,116	8,347	13,248
Long-Term Deferred Charges	-	198	195	198	203
Other Long-Term Assets	11,907	10,015	9,391	5,172	10,732
Total Assets	417,204	390,831	372,413	334,331	386,945
Insurance & Annuity Liabilities	178,322	148,045	145,958	143,143	140,329
Unpaid Claims	-	5,510	5,566	5,335	6,280
Reinsurance Payable	17,922	16,907	17,641	5,740	-
Current Portion of Long-Term Debt	400	300	250	500	300
Current Portion of Leases	-	29	-	-	-
Long-Term Debt	5,866	6,838	7,359	7,166	7,150
Long-Term Leases	-	60	129	258	332
Separate Account Liability	180,092	168,438	158,257	143,536	182,583
Other Current Liabilities	-	12,449	9,077	4,783	6,131
Other Long-Term Liabilities	23,696	23,986	21,283	18,677	22,964
Total Liabilities	406,298	382,562	365,520	329,229	366,191
Preferred Stock, Redeemable	986	986	986	986	-
Common Stock	5,592	4,674	4,605	4,544	4,735
Retained Earnings	8,386	7,645	4,778	5,924	9,578
Comprehensive Income & Other	-4,058	-5,036	-3,476	-6,352	6,441
Total Common Equity	9,920	7,283	5,907	4,116	20,754
Shareholders' Equity	10,906	8,269	6,893	5,102	20,754
Total Liabilities & Equity	417,204	390,831	372,413	334,331	386,945
Filing Date Shares Outstanding	191.2	170.4	169.67	169.22	172.45
Total Common Shares Outstanding	191.2	170.38	169.67	169.22	177.19
Total Debt	6,266	7,227	7,738	7,924	7,782
Net Cash (Debt)	3,236	-1,426	-4,373	-4,581	-5,170
Net Cash Per Share	17.39	-8.24	-25.79	-26.53	-27.26
Book Value Per Share	51.88	42.75	34.82	24.32	117.13
Tangible Book Value	8,776	6,109	4,729	2,934	18,934
Tangible Book Value Per Share	45.90	35.86	27.87	17.34	106.85

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