Lincoln National reports Q3 2026 results

Item 2.02. Results of Operations and Financial Condition.

On November 5, 2026, Lincoln National Corporation (the "Company") issued a press release announcing its financial results for the quarter ended September 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 September 30, 2026, is attached as Exhibit 99.2¹ 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 1934², 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 November 5, 2026, in connection with the Company's third quarter 2026 earnings conference call scheduled for the same date, the Company made available on its website a third quarter 2026 earnings supplement presentation dated November 5, 2026³ , a copy of which is attached hereto as Exhibit 99.3⁴ and is incorporated herein by reference.

This presentation is being furnished under this Item 7.01 and shall not be deemed "filed⁴" 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 November 5, 2026, announcing Lincoln National Corporation's financial results for the quarter ended September 30, 2026.

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

99.3 Third Quarter 2026 Earnings Supplement dated November 5, 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 Cohen⁵

Name: Adam Cohen⁵

Title: Senior Vice President, Interim Chief Financial Officer, Chief⁵

Accounting Officer and Treasurer⁵

Date: November 5, 2026⁵

' For Immediate Release

Lincoln Financial Reports 2026 Third Quarter Results

____________________________________

Radnor, PA, November 5, 2026 : Lincoln Financial (NYSE: LNC) today reported financial results for the third quarter ended September 30, 2026.

• Solid quarter reflected resilient, diversified earnings mix and enhanced capital flexibility.

• Third quarter net income available to common stockholders was $1.3 billion, or $6.77 per diluted share⁶, including a net unfavorable impact of $0.47 per diluted share related to the annual assumption review.

• Third quarter adjusted operating income available to common stockholders was $339 million, or $1.72 per diluted share⁷, including a net unfavorable impact of $0.48 per diluted share related to the annual assumption review.

◦ The difference between net income and adjusted operating income was primarily attributable to the non-economic impact of changes in market risk benefits.⁸

• Holding company available liquidity increased to $1.0 billion, net of prefunding amounts⁹, up approximately $350 million since year-end 2025.

• Resumed share repurchases with $50 million of common stock and retired $437 million of preferred stock through tender offers.¹⁰

"Our increasingly diversified earnings base continues to support Lincoln's overall performance," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "Life Insurance and Retirement Plan Services were highlights of the quarter, both delivering strong year-over-year earnings growth and reinforcing the resilience of our business mix. In Annuities, return on average account balances improved for a second consecutive quarter, supported by our expanding spread-based businesses, a source of more stable earnings over time. Group Protection fell short of our expectations as the continued normalization of disability incidence was compounded by volatility in claims severity, while underlying fundamentals remain solid.

"Closing our reinsurance transaction with Talcott in October marked one of the final milestones of the plan we laid out in 2023, further de-risking our balance sheet. With significantly improved financial flexibility, we resumed share repurchases , an important step in expanding durable capital returns. We also remain confident in our ability to d rive disciplined, profitable growth, increase free cash flow and create long-term value for our shareholders."

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Business Highlights

Our 2026 third quarter performance demonstrated continued execution against our financial and strategic objectives. The segment operating results presented below do not include the impacts of our annual assumption review. See the segment discussions that follow for additional information.

Retail Solutions

• Annuities delivered operating income of $304 million, up 6% sequentially, driven by higher spread income and favorable equity markets. Year-over-year earnings moderated by $14 million driven by the $12 million impact of the previously disclosed net investment income reallocation to non-operating income and variable annuity outflows. Total sales were $4.3 billion, up 21% sequentially, as fixed annuity sales more than doubled quarter over quarter. Spread-based products represented 67% of total sales.

• Life Insurance delivered operating income of $130 million, a $76 million increase from the prior-year quarter, driven by higher alternative investment income, improved mortality, and the impact of the captive consolidation. Total sales were $106 million, down 64% year over year, as the prior-year quarter benefited from several large executive benefits cases; core life sales grew 3% year over year, driven by indexed-universal life.

Workplace Solutions

• Group Protection delivered operating income of $77 million and a margin of 5.5%, with lower year-over-year results reflecting unfavorable disability experience, partially offset by favorable life results. The disability loss ratio increased 6 percentage points year over year, reflecting higher claim severity and continued moderation in incidence from favorable levels. Premiums increased 3% year over year, led by local markets growth of 5% and supplemental health growth of 32%.

• Retirement Plan Services reported operating income of $55 million in the quarter, up 20% year over year, driven by higher spread income, favorable equity markets, and a favorable one-time item. Net outflows were $1.9 billion, compared to $755 million of net inflows in the prior-year quarter, and total deposits were $3.5 billion in the quarter, down 29%, driven by lower first-year sales in the mid-large market. Ending account balances were $128 billion, up 4% year over year.

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Earnings Summary (in millions, except per share data) For the Three Months Ended For the Nine Months Ended