Lincoln National Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	3,275	-752	1,358	3,778
Depreciation & Amortization	-	-	-	38
Gain (Loss) on Sale of Assets	-523	-3	42	12
Gain (Loss) on Sale of Investments	268	897	15	-659
Change in Income Taxes	747	-396	421	864
Change in Insurance Reserves / Liabilities	-3,322	-3,719	4,377	-2,337
Change in Other Net Operating Assets	212	113	-158	415
Other Operating Activities	-3,461	1,092	-3,683	-2,685
Operating Cash Flow	-2,007	-2,074	3,609	-217
Investment in Securities	-1,073	-1,967	-7,281	-5,406
Other Investing Activities	3,748	-570	-4,118	2,958
Investing Cash Flow	821	-3,334	-11,646	-3,584
Long-Term Debt Issued	346	-	296	-
Total Debt Repaid	-117	-579	-370	-59
Net Debt Issued (Repaid)	229	-579	-74	-59
Issuance of Common Stock	-	-	-	20
Repurchases of Common Stock	-	-	-550	-1,105
Issuance of Preferred Stock	-	-	986	-
Common Dividends Paid	-307	-305	-310	-319
Preferred Dividends Paid	-91	-82	-	-
Total Dividends Paid	-398	-387	-310	-319
Other Financing Activities	-116	652	187	-84
Financing Cash Flow	3,622	5,430	8,768	4,705
Net Cash Flow	2,436	22	731	904
Cash Interest Paid	372	344	269	277
Cash Income Tax Paid	-	-	-54	1
Levered Free Cash Flow	-54.88	-13,853	-739.63	-5,434
Unlevered Free Cash Flow	155.13	-13,646	-562.75	-5,265
Change in Working Capital	-1,674	-3,365	5,128	-583

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