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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549


FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2026

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

For the transition period from _________ to _________.

Commission File Number: 1-6028

_______________________________________________________________________________________________________

LINCOLN NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

_______________________________________________________________________________________________________




Indiana						35-1140070
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

150 N. Radnor-Chester Road, Suite A305, Radnor, Pennsylvania						19087
(Address of principal executive offices)						(Zip Code)

(484) 583-1400

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

_____________________________________________________________________________________________________

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of May 1, 2026, there were 191,213,197 shares of the registrant’s common stock outstanding.

—————————————————————————————————————————————————————

Table of Contents

Lincoln National Corporation

Table of Contents



		Page
PART I
Item 1.	Financial Statements:
	Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025	1
	Unaudited Consolidated Statements of Comprehensive Income (Loss) for the thre e months
	ended March 31, 2026 and 2025	2
	Unaudited Consolidated Statements of Stockholders’ Equity for the three months
	ended March 31, 2026 and 2025	3
	Unaudited Consolidated Statements of Cash Flows for the three months
	ended March 31, 2026 and 2025	4
	Notes to Unaudited Consolidated Financial Statements:
	Note 1 – Nature of Operations and Basis of Presentation	5
	Note 2 – New Accounting Standards	6
	Note 3 – Investments	6
	Note 4 – Variable Interest Entities	15
	Note 5 – Derivative Instruments	16
	Note 6 – DAC, VOBA, DSI and DFEL	25
	Note 7 – Reinsurance	27

	Note 8 – MRBs	28
	Note 9 – Separate Accounts	29
	Note 1 0 – Policyholder Account Balances	30
	Note 1 1 – Future Contract Benefits	34
	Note 1 2 – Debt	39
	Note 1 3 – Fair Value of Financial Instruments	41
	Note 1 4 – Contingencies and Commitments	53
	Note 1 5 – Shares and Stockholders’ Equity	58
	Note 1 6 – Segment Information	61
	Note 1 7 – Realized Gain (Loss)	66
	Note 1 8 – Federal Income Taxes	67
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	68
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	118
Item 4.	Controls and Procedures	118

PART II
Item 1.	Legal Proceedings	119
Item 1A.	Risk Factors	119
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	119
Item 5.	Other Information	119
Item 6.	Exhibits	119
	Exhibit Index for the Report on Form 10-Q	120
	Signatures	121

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)


	As of		As of
	March 31,		December 31,
	2026		2025
	(Unaudited)
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value (amortized cost:

2026 - $103,424; 2025 - $101,462 allowance for credit losses: 2026 - $111; 2025 - $110)	$	94,200	$	93,448
Trading securities	1,552		1,676
Equity securities	475		636
Mortgage loans on real estate, net of allowance for credit losses
(portion at fair value: 2026 - $198; 2025 - $199)	22,825		22,472
Policy loans	2,606		2,626
Derivative investments	8,337		9,945
Other investments	8,742		8,105
Total investments	138,737		138,908
Cash and invested cash	7,345		9,502
Deferred acquisition costs, value of business acquired and deferred sales inducements	12,886		12,827
Reinsurance recoverables, net of allowance for credit losses	27,688		28,012
Deposit assets, net of allowance for credit losses	33,597		33,690
Market risk benefit assets	4,303		4,753
Accrued investment income	1,170		1,122
Goodwill	1,144		1,144
Other assets	7,248		7,154
Separate account assets	172,043		180,092
Total assets	$	406,161	$	417,204

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Policyholder account balances	$	135,683	$	136,245
Future contract benefits	42,010		42,077
Funds withheld reinsurance liabilities	17,564		17,922
Market risk benefit liabilities	1,127		1,118
Deferred front-end loads	7,804		7,586
Payables for collateral on investments	6,556		7,954
Short-term debt	400		400
Long-term debt	5,969		5,866




Other liabilities	6,793		7,038
Separate account liabilities	172,043		180,092
Total liabilities	395,949		406,298

Contingencies and Commitments (See Note 1 4)

Stockholders’ Equity
Preferred stock – 10,000,000 shares authorized:
Series C preferred stock – 20,000 shares authorized, issued and outstanding
as of March 31, 2026, and December 31, 2025	493		493
Series D preferred stock – 20,000 shares authorized, issued and outstanding
as of March 31, 2026, and December 31, 2025	493		493
Common stock – 800,000,000 shares authorized; 191,209,768 and 190,051,477 shares
issued and outstanding as of March 31, 2026, and December 31, 2025, respectively	5,602		5,592
Retained earnings	8,091		8,386
Accumulated other comprehensive income (loss)	(4,467)		(4,058)
Total stockholders’ equity	10,212		10,906
Total liabilities and stockholders’ equity	$	406,161	$	417,204

See accompanying Notes to Consolidated Financial Statements

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LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)


	For the Three Months Ended March 31,
		2026		2025
Revenues
Insurance premiums		$	1,674	$	1,676
Fee income		1,377		1,373
Net investment income		1,605		1,462
Realized gain (loss)		466		11


Other revenues		184		169
Total revenues		5,306		4,691
Expenses
Benefits		2,055		2,068
Policyholder liability remeasurement (gain) loss		(46)		(59)
Interest credited		999		890
Market risk benefit (gain) loss		987		1,293
Commissions and other expenses		1,476		1,368
Interest and debt expense		81		80


Total expenses		5,552		5,640
Income (loss) before taxes		(246)		(949)
Federal income tax expense (benefit)		(74)		(227)


Net income (loss)		(172)		(722)
Other comprehensive income (loss), net of tax:

Unrealized investment gain (loss)		(937)		523
Market risk benefit non-performance risk gain (loss)		442		318
Policyholder liability discount rate remeasurement gain (loss)		86		(111)
Foreign currency translation adjustment		(3)		5
Funded status of employee benefit plans		3		(5)
Total other comprehensive income (loss), net of tax		(409)		730
Comprehensive income (loss)		$	(581)	$	8

Net Income (Loss) Available to Common Stockholders
Net income (loss)		$	(172)	$	(722)
Preferred stock dividends declared		(34)		(34)

Net income (loss) available to common stockholders		$	(206)	$	(756)

Net Income (Loss) Per Common Share


Basic		$	(1.08)	$	(4.41)




Diluted		(1.10)		(4.41)





Cash Dividends Declared Per Common Share		$	0.45	$	0.45

See accompanying Notes to Consolidated Financial Statements

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LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in millions)


	For the Three Months Ended March 31,
		2026		2025
Preferred Stock
Balance as of beginning-of-year		$	986	$	986


Balance as of end-of-period		986		986

Common Stock
Balance as of beginning-of-year		5,592		4,674

Stock compensation/issued for benefit plans		10		29

Balance as of end-of-period		5,602		4,703

Retained Earnings
Balance as of beginning-of-year		8,386		7,645

Net income (loss)		(172)		(722)

Preferred stock dividends declared		(34)		(34)
Common stock dividends declared		(89)		(79)
Balance as of end-of-period		8,091		6,810

Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-year		(4,058)		(5,036)

Other comprehensive income (loss), net of tax		(409)		730
Balance as of end-of-period		(4,467)		(4,306)
Total stockholders’ equity as of end-of-period		$	10,212	$	8,193

See accompanying Notes to Consolidated Financial Statements

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LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)


	For the Three Months Ended March 31,
	2026		2025
Cash Flows from Operating Activities
Net income (loss)	$	(172)	$	(722)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Realized (gain) loss	(466)		(11)
Market risk benefit (gain) loss	987		1,293
Sales and maturities (purchases) of trading securities, net	103		71



Change in:
Deferred acquisition costs, value of business acquired, deferred sales inducements
and deferred front-end loads	163		156
Accrued investment income	(33)		(16)
Insurance liabilities and reinsurance-related balances	(307)		(449)
Accrued expenses	(98)		(227)
Federal income tax accruals	(74)		(227)
Other	35		(140)
Net cash provided by (used in) operating activities	138		(272)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities	(4,847)		(3,513)
Sales of available-for-sale securities and equity securities	424		300
Maturities of available-for-sale securities	2,595		2,689
Purchases of other investments	(417)		(397)
Sales and repayments of other investments	350		222
Issuance of mortgage loans on real estate	(1,384)		(919)
Repayment and maturities of mortgage loans on real estate	811		502
Repayment (issuance) of policy loans, net	20		(54)
Net change in collateral on investments, certain derivatives and related settlements	(971)		(799)

Other	(35)		(77)
Net cash provided by (used in) investing activities	(3,454)		(2,046)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities	(150)		(300)
Issuance of long-term debt, net of issuance costs	250		–

Payment related to sale-leaseback transactions	(1)		(2)

Payment related to certain financing arrangements	(15)		(14)
Policyholder account balances:
Deposits	4,947		4,434
Withdrawals	(3,232)		(3,129)
Transfers from (to) separate accounts, net	(497)		(73)

Common stock issued for benefit plans	(23)		(4)


Dividends paid to preferred stockholders	(34)		(34)
Dividends paid to common stockholders	(86)		(77)

Net cash provided by (used in) financing activities	1,159		801
Net increase (decrease) in cash and invested cash	(2,157)		(1,517)
Cash and invested cash as of beginning-of-year	9,502		5,801
Cash and invested cash as of end-of-period	$	7,345	$	4,284

See accompanying Notes to Consolidated Financial Statements

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LINCOLN NATIONAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Nature of Operations and Basis of Presentation

Nature of Operations

Lincoln National Corporation and its subsidiaries (“LNC” or the “Company,” which also may be referred to as “we,” “our” or “us”) operate multiple insurance businesses through four business segments: Annuities, Life Insurance, Group Protection and Retirement Plan Services. In addition, we include financial results for operations that are not directly related to our business segments in Other Operations. The collective group of businesses uses “Lincoln Financial” as its marketing identity. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions. These products primarily include variable annuities, fixed annuities (including indexed), registered index-linked annuities (“RILA”), universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, group life, disability and dental and employer-sponsored retirement plans and services. For more information on our segments and the products and solutions we provide, see Note 16.

Basis of Presentation

The accompanying unaudited consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information contained in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”), should be read in connection with the reading of these interim unaudited consolidated financial statements.

Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in our 2025 Form 10-K.

In the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Interim results for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026. All material inter-company accounts and transactions have been eliminated in consolidation.

Certain amounts presented in the consolidated financial statements for the prior period in this report have been reclassified to conform to the presentation adopted in the current year.

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by segment as follows:


Segment			Level of Aggregation
Annuities			Variable Annuities
			Fixed Annuities
			Payout Annuities
Life Insurance			Traditional Life
			UL and Other
Group Protection			Group Protection
Retirement Plan Services			Retirement Plan Services

The variable annuities level of aggregation includes RILA products, which are indexed variable annuities. The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company (“Protective”) and Swiss Re Life & Health America, Inc (“Swiss Re”) as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business.

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2. New Accounting Standards

Future Adoption of Accounting Standards

The following table provides a description of future adoptions of Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board that may have an impact on the consolidated financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.


Standard	Description	Effective Date	Effect on Financial Statements or Other Significant Matters
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)	This ASU requires disclosure of specified information about certain costs and expenses, including employee compensation, depreciation and intangible asset amortization.	January 1, 2027	We are evaluating the impact of this ASU to the consolidated financial statements.
ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	This ASU removes all references to prescriptive and sequential software development stages (referred to as “project stages”) and requires capitalization of software costs when both of the following occur: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”).	January 1, 2028	We are evaluating the impact of this ASU to the consolidated financial statements.

3. Investments

Fixed Maturity AFS Securities

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity available-for-sale (“AFS”) securities (in millions) were as follows:


	As of March 31, 2026

	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	76,595	$	600	$	8,873	$	38	$	68,284
U.S. government bonds	951		5		37		–		919
State and municipal bonds	2,503		14		393		–		2,124
Foreign government bonds	241		15		54		–		202
RMBS	2,195		39		165		6		2,063
CMBS	2,774		7		112		–		2,669
ABS	17,931		94		256		66		17,703
Hybrid and redeemable preferred securities	234		11		8		1		236
Total fixed maturity AFS securities	$	103,424	$	785	$	9,898	$	111	$	94,200

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	As of December 31, 2025
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	76,318	$	834	$	8,054	$	53	$	69,045
U.S. government bonds	892		9		32		–		869
State and municipal bonds	2,514		18		385		–		2,147
Foreign government bonds	261		16		51		–		226
RMBS	2,237		45		154		6		2,122
CMBS	2,586		15		99		–		2,502
ABS	16,412		137		217		50		16,282
Hybrid and redeemable preferred securities	242		21		7		1		255
Total fixed maturity AFS securities	$	101,462	$	1,095	$	8,999	$	110	$	93,448

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of March 31, 2026, were as follows:


	Amortized Cost		Fair Value
Due in one year or less	$	5,047	$	4,995
Due after one year through five years	20,597		20,161
Due after five years through ten years	12,503		11,999
Due after ten years	42,377		34,610
Subtotal	80,524		71,765
Structured securities (RMBS, CMBS, ABS)	22,900		22,435
Total fixed maturity AFS securities	$	103,424	$	94,200

Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:


	As of March 31, 2026

	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	23,311	$	3,669	$	29,704	$	5,204	$	53,015	$	8,873
U.S. government bonds	558		31		36		6		594		37
State and municipal bonds	625		163		965		230		1,590		393
Foreign government bonds	12		2		122		52		134		54
RMBS	569		48		766		117		1,335		165
CMBS	1,048		28		940		84		1,988		112
ABS	8,793		81		2,856		175		11,649		256
Hybrid and redeemable
preferred securities	45		2		54		6		99		8
Total fixed maturity AFS securities	$	34,961	$	4,024	$	35,443	$	5,874	$	70,404	$	9,898

Total number of fixed maturity AFS securities in an unrealized loss position											7,330

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	As of December 31, 2025
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	16,727	$	3,366	$	31,404	$	4,688	$	48,131	$	8,054
U.S. government bonds	427		27		36		5		463		32
State and municipal bonds	582		166		995		219		1,577		385
Foreign government bonds	10		2		135		49		145		51
RMBS	345		39		838		115		1,183		154
CMBS	577		19		956		80		1,533		99
ABS	3,453		37		3,107		180		6,560		217
Hybrid and redeemable
preferred securities	22		2		54		5		76		7
Total fixed maturity AFS securities	$	22,143	$	3,658	$	37,525	$	5,341	$	59,668	$	8,999

Total number of fixed maturity AFS securities in an unrealized loss position											6,089

(1) As of March 31, 2026, and December 31, 2025, we recognized $5 million and $12 million of gross unrealized losses, respectively, in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:


	As of March 31, 2026

	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	3,606	$	1,070	577
Six months or greater, but less than nine months	904		449		210
Nine months or greater, but less than twelve months	311		165		61
Twelve months or greater	4,935		2,285		868
Total	$	9,756	$	3,969	1,716


	As of December 31, 2025
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	2,355	$	839	445
Six months or greater, but less than nine months	351		163		65
Nine months or greater, but less than twelve months	302		119		99
Twelve months or greater	5,214		2,195		902
Total	$	8,222	$	3,316	1,511

(1) We may reflect a security in more than one aging category based on various purchase dates.

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Our gross unrealized losses on fixed maturity AFS securities increased by $899 million for the three months ended March 31, 2026. As discussed further below, we do not believe the unrealized loss position as of March 31, 2026, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of March 31, 2026, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.

As of March 31, 2026, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.

Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of March 31, 2026, and December 31, 2025, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of March 31, 2026, and December 31, 2025, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $3.0 billion and $3.1 billion, respectively, and a fair value of $2.9 billion. Based upon the analysis discussed above, we believe that as of March 31, 2026, and December 31, 2025, we would have recovered the amortized cost of each corporate bond.

As of March 31, 2026, the unrealized losses associated with our mortgage-backed securities and asset-backed securities (“ABS”) were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.

As of March 31, 2026, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.

Credit Loss Impairment on Fixed Maturity AFS Securities

We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:


	As of or For the Three Months Ended March 31, 2026
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	53	$	6	$	50	$	1	$	110
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	2		–		–		–		2
Additions (reductions) for securities for which
credit losses were previously recognized	7		–		18		–		25
Reductions for disposed securities	(1)		–		(2)		–		(3)
Reductions for securities charged off	(23)		–		–		–		(23)
Balance as of end-of-period (2)	$	38	$	6	$	66	$	1	$	111

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	As of or For the Three Months Ended March 31, 2025
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	14	$	7	$	24	$	1	$	46
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	7		–		8		–		15
Additions (reductions) for securities for which
credit losses were previously recognized	2		(1)		12		–		13
Reductions for disposed securities	–		–		–		–		–
Reductions for securities charged off	–		–		–		–		–
Balance as of end-of-period (2)	$	23	$	6	$	44	$	1	$	74

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

(2) As of March 31, 2026 and 2025, accrued investment income on fixed maturity AFS securities totaled $954 million and $911 million, respectively, and was excluded from the estimate of credit losses.

Losses from debt instrument modifications were $1 million and $5 million for the three months ended March 31, 2026 and 2025, respectively.

Mortgage Loans on Real Estate

The following provides the current and past due composition of our mortgage loans on real estate (in millions):


	As of March 31, 2026						As of December 31, 2025
	Commercial		Residential		Total		Commercial		Residential		Total
Current	$	17,596	$	4,992	$	22,588	$	17,636	$	4,628	$	22,264
30 to 59 days past due	4		89		93		1		93		94
60 to 89 days past due	–		29		29		5		34		39
90 or more days past due	36		168		204		35		144		179
Allowance for credit losses	(116)		(64)		(180)		(113)		(69)		(182)
Unamortized premium (discount)	(4)		126		122		(4)		115		111
Mark-to-market gains (losses) (1)	(32)		1		(31)		(33)		–		(33)
Total carrying value	$	17,484	$	5,341	$	22,825	$	17,527	$	4,945	$	22,472

(1) Represents the mark-to-market on certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers, and for which we have elected the fair value option. As of March 31, 2026, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $19 million, respectively. As of December 31, 2025, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $20 million, respectively. As of March 31, 2026, and December 31, 2025, there were no such mortgage loans on real estate that were more than 90 days past due and still accruing interest. For additional information, see “Fair Value Option” in Note 13.

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows, excluding certain mortgage loans on real estate that support our modified coinsurance agreements where the investment results are passed directly to the reinsurers:


	As of March 31, 2026		As of December 31, 2025

Commercial mortgage loans on real estate	$	6	$	5
Residential mortgage loans on real estate	172		148
Total	$	178	$	153

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We use loan-to-value (“LTV”) and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:


	As of March 31, 2026
	LTV Less Than 65%		Debt-Service Coverage Ratio	LTV 65% to 75%		Debt-Service Coverage Ratio	LTV Greater Than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2026	$	427	1.64	$	30	1.38	$	1	1.61	$	458
2025	1,331		1.81	166		1.41	11		1.20	1,508
2024	1,487		1.68	57		1.41	1		2.06	1,545
2023	1,309		1.87	32		1.39	1		1.17	1,342
2022	1,647		2.23	65		1.64	3		1.21	1,715
2021 and prior	10,970		2.73	85		2.35	9		1.60	11,064
Total	$	17,171		$	435		$	26		$	17,632


	As of December 31, 2025
	LTV Less Than 65%		Debt-Service Coverage Ratio	LTV 65% to 75%		Debt-Service Coverage Ratio	LTV Greater Than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2025	$	1,322	1.81	$	182	1.41	$	11	1.20	$	1,515
2024	1,496		1.68	66		1.41	1		2.01	1,563
2023	1,332		1.86	33		1.38	1		1.17	1,366
2022	1,706		2.21	76		1.59	5		1.83	1,787
2021	2,208		3.66	37		1.70	26		4.36	2,271
2020 and prior	9,098		2.53	46		1.38	27		1.94	9,171
Total	$	17,162		$	440		$	71		$	17,673

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:


	As of March 31, 2026
	Performing		Nonperforming		Total
Origination Year
2026	$	393	$	1	$	394
2025	1,810		11		1,821
2024	1,651		74		1,725
2023	419		21		440
2022	406		35		441
2021 and prior	553		30		583
Total	$	5,232	$	172	$	5,404

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	As of December 31, 2025
	Performing		Nonperforming		Total
Origination Year
2025	$	1,650	$	4	$	1,654
2024	1,776		64		1,840
2023	440		21		461
2022	425		33		458
2021	381		14		395
2020 and prior	194		12		206
Total	$	4,866	$	148	$	5,014

Credit Losses on Mortgage Loans on Real Estate

In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value.

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:


	As of or For the Three Months Ended March 31, 2026
	Commercial		Residential		Total
Balance as of beginning-of-year	$	113	$	69	$	182
Additions (reductions) from provision for credit loss
expense (1)	3		(5)		(2)
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	–		–		–
Balance as of end-of-period (2)	$	116	$	64	$	180


	As of or For the Three Months Ended March 31, 2025
	Commercial		Residential		Total
Balance as of beginning-of-year	$	99	$	53	$	152
Additions (reductions) from provision for credit loss
expense (1)	(1)		3		2
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	–		–		–
Balance as of end-of-period (2)	$	98	$	56	$	154

(1) We recognized less than $1 million and $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended March 31, 2026 and 2025, respectively.

(2) Accrued investment income on mortgage loans on real estate totaled $113 million and $101 million as of March 31, 2026 and 2025, respectively, and was excluded from the estimate of credit losses.

Alternative Investments

As of March 31, 2026, and December 31, 2025, alternative investments included investments in 380 and 384 different partnerships, respectively, and represented approximately 3% of total investments. These amounts do not include alternative investments that support funds withheld and modified coinsurance reinsurance agreements where the investment results are passed directly to the reinsurers.

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Impairments on Fixed Maturity AFS Securities

Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:


	For the Three Months Ended March 31,
	2026		2025










Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(8)	$	(9)
RMBS	–		1
ABS	(16)		(20)
Total credit loss benefit (expense)	$	(24)	$	(28)

Payables for Collateral on Investments

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:


	As of March 31, 2026				As of December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Collateral payable for derivative investments (1)	$	6,373	$	6,373	$	7,809	$	7,809
Securities pledged under securities lending agreements (2)	183		177		145		139

Investments pledged for FHLB lending program (3)	–		–		–		–
Total payables for collateral on investments	$	6,556	$	6,550	$	7,954	$	7,948

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.

(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

(3) Our pledged investments for Federal Home Loan Bank (“FHLB”) related to the lending program are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

We have repurchase agreements through which we can obtain liquidity by pledging securities. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in fixed maturity AFS securities. Lincoln National Corporation guarantees the obligations of certain reinsurance subsidiaries under certain repurchase agreements. As of March 31, 2026 and December 31, 2025, we were not participating in any open repurchase agreements.

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Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:


	For the Three Months Ended March 31,
	2026		2025
Collateral payable for derivative investments	$	(1,436)	$	(1,655)
Securities pledged under securities
lending agreements	38		10
Securities pledged under repurchase agreements	–		57
Investments pledged for FHLB lending program	–		(150)
Total increase (decrease) in payables for
collateral on investments	$	(1,398)	$	(1,738)

We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:


	As of March 31, 2026
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total


Securities Lending
Corporate bonds	$	175	$	–	$	–	$	–	$	175

Foreign government bonds	4		–		–		–		4
Equity securities	4		–		–		–		4
Total gross secured borrowings	$	183	$	–	$	–	$	–	$	183


	As of December 31, 2025
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	130	$	–	$	–	$	–	$	130
Foreign government bonds	5		–		–		–		5
Equity securities	10		–		–		–		10
Total gross secured borrowings	$	145	$	–	$	–	$	–	$	145

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of March 31, 2026, we had not received any collateral and, therefore, had not sold or repledged any collateral under these agreements.

We also accept collateral from derivative counterparties in the form of securities that we are permitted to sell or re-pledge. As of March 31, 2026, the fair value of this collateral received that we are permitted to sell or re-pledge was $1.6 billion, and we had re-pledged $31 million of this collateral to cover our collateral requirements.

Assets Pledged as Collateral

We pledge assets as collateral in connection with derivative, securities lending and repurchase agreements, funding agreements issued pursuant to funding agreement backed repurchase agreements (“FABRs”), membership obligations with the FHLB and regulatory

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deposits. See “Payables for Collateral on Investments” above and “Funding Agreements – FABR Funding Agreements” in Note 10 for additional information. Assets pledged as collateral at carrying value as reported on the Consolidated Balance Sheets were as follows:


	As of March 31, 2026		As of December 31, 2025
Fixed maturity AFS securities	$	3,642	$	3,578
Trading securities	14		14
Equity securities	4		10
Mortgage loans on real estate	1,666		1,217
Other investments	50		71
Cash and invested cash	356		65
Total assets pledged as collateral	$	5,732	$	4,955

Investment Commitments

As of March 31, 2026, our investment commitments were $4.3 billion, which included $3.0 billion of limited partnerships (“LPs”), $831 million of mortgage loans on real estate, $285 million of private placement securities and $210 million of asset-backed variable interest entities (“VIEs”).

Concentrations of Financial Instruments

As of March 31, 2026, our most significant investments in one issuer were our investments in securities issued by the Federal National Mortgage Association and the U.S. Treasury with a fair value of $932 million and $900 million, respectively, or 1% of total investments. As of December 31, 2025, our most significant investments in one issuer were our investments in securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation with a fair value of $951 million and $595 million, respectively, or 1% and less than 1% of total investments, respectively.

As of March 31, 2026, and December 31, 2025, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $14.1 billion and $14.2 billion, respectively, or 10% of total investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $13.1 billion and $13.2 billion, respectively, or 9% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

4. Variable Interest Entities

Consolidated VIEs

Asset information (dollars in millions) for the consolidated VIEs included on the Consolidated Balance Sheets was as follows:


	As of March 31, 2026					As of December 31, 2025

	Number of Instruments	Notional/Par Amounts		Carrying Value		Number of Instruments	Notional/Par Amounts		Carrying Value
Assets




Asset-backed VIE	1	$	390	$	390	1	$	210	$	210

There were no gains or losses for consolidated VIEs recognized on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025.

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Unconsolidated VIEs

Structured Securities

Through our investment activities, we make passive investments in structured securities issued by VIEs for which we are not the manager. These structured securities include our ABS, residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). We have not provided financial or other support with respect to these VIEs other than our original investment. We have determined that we are not the primary beneficiary of these VIEs due to the relative size of our investment in comparison to the principal amount of the structured securities issued by the VIEs and the level of credit subordination that reduces our obligation to absorb losses or right to receive benefits. Our maximum exposure to loss on these structured securities is limited to the amortized cost for these investments. We recognize our variable interest in these VIEs at fair value on the Consolidated Balance Sheets. For information about these structured securities, see Note 3.

Limited Partnerships and Limited Liability Companies

We invest in certain LPs and limited liability companies (“LLCs”) that we have concluded are VIEs. Our exposure to loss is limited to the capital we invest in the LPs and LLCs. We do not hold any substantive kick-out or participation rights in the LPs and LLCs, and we do not receive any performance fees or decision maker fees from the LPs and LLCs. Based on our analysis of the LPs and LLCs, other than the asset-backed VIE discussed above, we are not the primary beneficiary of the VIEs as we do not have the power to direct the most significant activities of the LPs and LLCs. The carrying amounts of our investments in the LPs and LLCs are recognized in other investments on the Consolidated Balance Sheets and were $5.7 billion and $5.8 billion as of March 31, 2026, and December 31, 2025, respectively.


	As of March 31, 2026						As of December 31, 2025
	Notional Amounts		Fair Value				Notional Amounts		Fair Value
			Asset		Liability				Asset		Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)	$	1,570	$	8	$	10	$	1,300	$	12	$	7
Foreign currency contracts (1)	4,974		472		87		4,922		380		125
Total cash flow hedges	6,544		480		97		6,222		392		132
Fair value hedges:
Interest rate contracts (1)	833		1		7		833		1		–
Foreign currency contracts (1)	25		–		1		25		–		2
Total fair value hedges	858		1		8		858		1		2
Non-Qualifying Hedges
Interest rate contracts (1)	88,019		124		326		84,814		64		321
Foreign currency contracts (1)	322		14		3		289		12		4
Equity market contracts (1)	164,036		12,886		4,845		238,623		15,560		5,685

Credit contracts (1)	239		–		–		17		–		–
Embedded derivatives:
Reinsurance-related (2)	–		–		92		–		–		289

RILA, fixed indexed annuity
and IUL contracts (3)	–		1,332		13,444		–		1,369		15,115
Total derivative instruments	$	260,018	$	14,837	$	18,815	$	330,823	$	17,398	$	21,548


	Remaining Life as of March 31, 2026
	Less Than 1 Year		1 - 5 Years		6 - 10 Years		11 - 30 Years		Over 30 Years		Total
Interest rate contracts (1)	$	18,494	$	26,227	$	16,603	$	27,298	$	1,800	$	90,422
Foreign currency contracts (2)	218		1,657		1,627		1,777		42		5,321
Equity market contracts	96,298		55,709		9,887		6		2,136		164,036

Credit contracts	–		110		129		–		–		239
Total derivative instruments
with notional amounts	$	115,010	$	83,703	$	28,246	$	29,081	$	3,978	$	260,018


	Amortized Cost of the Hedged Assets (Liabilities)				Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets (Liabilities)
	As of March 31, 2026		As of December 31, 2025		As of March 31, 2026		As of December 31, 2025
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value (1)	$	642	$	645	$	19	$	21
Long-term debt (2)	(987)		(989)		(112)		(114)


	For the Three Months Ended March 31,
	2026		2025
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year	$	450	$	638
Other comprehensive income (loss):
Unrealized holding gains (losses):
Cash flow hedges:
Interest rate contracts	(7)		5
Foreign currency contracts	69		168



Change in foreign currency exchange rate adjustment	76		(153)
Income tax benefit (expense)	(30)		(4)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Foreign currency contracts (1)	15		15
Interest rate contracts (2)	2		3
Foreign currency contracts (3)	1		3
Income tax benefit (expense)	(4)		(4)
Balance as of end-of-period	$	544	$	637


	As of March 31, 2026				As of December 31, 2025
	Collateral Posted by Counterparty		Collateral Posted to Counterparty		Collateral Posted by Counterparty		Collateral Posted to Counterparty
S&P Credit Rating of Counterparty

AA-	$	2,072	$	(129)	$	2,868	$	(4)
A+	3,836		(182)		4,612		(15)
A	43		–		64		–
A-	401		–		240		–


Total cash collateral	$	6,352	$	(311)	$	7,784	$	(19)


	As of March 31, 2026
	Derivative Instruments		Embedded Derivative Instruments		Total
Financial Assets
Gross amount of recognized assets	$	13,317	$	1,332	$	14,649
Gross amounts offset	(4,980)		–		(4,980)
Net amount of assets	8,337		1,332		9,669
Gross amounts not offset:
Cash collateral	(6,352)		–		(6,352)
Non-cash collateral (1)	(1,985)		–		(1,985)
Net amount	$	–	$	1,332	$	1,332

Financial Liabilities
Gross amount of recognized liabilities	$	299	$	13,536	$	13,835
Gross amounts offset	(188)		–		(188)
Net amount of liabilities	111		13,536		13,647
Gross amounts not offset:
Cash collateral (2)	(111)		–		(111)

Net amount	$	–	$	13,536	$	13,536


	As of March 31,		As of December 31,
	2026		2025
DAC, VOBA and DSI
Variable Annuities	$	4,143	$	4,112
Fixed Annuities	504		478

Traditional Life	1,295		1,308
UL and Other	6,434		6,421
Group Protection	196		198
Retirement Plan Services	306		304
Other Operations	8		6
Total DAC, VOBA and DSI	$	12,886	$	12,827


	As of or For the Three Months Ended March 31, 2026
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	4,008	$	452	$	1,281	$	6,057	$	198	$	242


Deferrals	142		46		24		106		30		5
Amortization	(108)		(19)		(35)		(83)		(32)		(4)
Balance as of end-of-period	$	4,042	$	479	$	1,270	$	6,080	$	196	$	243


	As of or For the Three Months Ended March 31, 2026				As of or For the Three Months Ended March 31, 2025
	Variable Annuities		UL and Other		Variable Annuities		UL and Other
Balance as of beginning-of-year	$	264	$	7,265	$	273	$	6,406
Deferrals	3		315		3		279
Amortization	(6)		(95)		(6)		(98)
Balance as of end-of-period	261		7,485		270		6,587
Less: reinsurance recoverables	–		221		–		237
Balance as of end-of-period, net of reinsurance	$	261	$	7,264	$	270	$	6,350

LINCOLN NATIONAL CORP 10-Q