Lincoln National LNC
Lincoln National reports $1.4 billion net income for Q3 2026
- Form
- 10-Q
- Filed
- Importance
- Major
- Accession
- 0000059558-26-000072
- Revenue of $5.48 billion for the three months ended Sep 30, 2026
- Net income of $1.4 billion for the three months ended Sep 30, 2026
- Diluted EPS of $6.77 for the three months ended Sep 30, 2026
- Cash and equivalents of $9.79 billion as of Sep 30, 2026
Written from the 10-Q on EDGAR. AI can make mistakes. Check the filing.
What changed
29 changes since the June 2026 10-Q
Compared with the 10-Q 0000059558-26-000060, filed Jul 30, 2026.
(1) Of the total number of shares purchased, no shares were received in connection with the exercise of…
(1) Of the total number of shares purchased, no shares were received in connection with the exercise of stock options and related taxes.
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(1) Of the total number of shares purchased, no shares were received in connection with the exercise of stock options and related taxes. (1) Of the total number of shares purchased, no shares were received in connection with the exercise of stock options and related taxes. For the quarter ended September 30, 2026, there were 1,120,523 shares purchased as part of publicly announced plans or programs.The following summarizes purchases by the Company during the quarter ended September 30, 2026 of depositary…
The following summarizes purchases by the Company during the quarter ended September 30, 2026 of depositary shares registered under Section 12 of the Exchange Act and that represent fractional interests in preferred…
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The following summarizes purchases by the Company during the quarter ended September 30, 2026 of depositary shares registered under Section 12 of the Exchange Act and that represent fractional interests in preferred stock equity securities: The following summarizes purchases by the Company during the quarter ended September 30, 2026 of depositary shares registered under Section 12 of the Exchange Act and that represent fractional interests in preferred stock equity securities:(1) Reflects the repurchase of depositary shares ("Series D Depositary Shares"), each representing a…
(1) Reflects the repurchase of depositary shares ("Series D Depositary Shares"), each representing a 1/1000th interest in a share of our 9.000% Non-Cumulative Preferred Stock, Series D, through a tender offer that…
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(1) Reflects the repurchase of depositary shares ("Series D Depositary Shares"), each representing a 1/1000th interest in a share of our 9.000% Non-Cumulative Preferred Stock, Series D, through a tender offer that closed on September 10, 2026. (1) Reflects the repurchase of depositary shares ("Series D Depositary Shares"), each representing a 1/1000th interest in a share of our 9.000% Non-Cumulative Preferred Stock, Series D, through a tender offer that closed on September 10, 2026. For more information about the tender offer, see Note 15 herein.New legal mention
Reference is made to the lawsuits captioned Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company , Iwanski v. First Penn-Pacific Life Insurance Company ("FPP"), TVPX ARS…
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Reference is made to the lawsuits captioned Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company , Iwanski v. First Penn-Pacific Life Insurance Company ("FPP"), TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company and Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York ("LLANY"), each of which was previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K").New legal mention
On August 11, 2026, the U.S. Court of Appeals for the Second Circuit reversed the final approval of the Glover settlement, finding that the record did not support a determination that the named plaintiffs were typical…
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On August 11, 2026, the U.S. Court of Appeals for the Second Circuit reversed the final approval of the Glover settlement, finding that the record did not support a determination that the named plaintiffs were typical of the class.New legal mention
On September 8, 2026, the Glover parties entered into an amended settlement agreement to add plaintiffs with policies issued by FPP and LLANY and to add FPP and LLANY as defendants.
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On September 8, 2026, the Glover parties entered into an amended settlement agreement to add plaintiffs with policies issued by FPP and LLANY and to add FPP and LLANY as defendants.New legal mention
On October 2, 2026, the Glover plaintiffs filed an amended complaint reflecting these changes.
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On October 2, 2026, the Glover plaintiffs filed an amended complaint reflecting these changes.New legal mention
On October 28, 2026, certain Glover class members filed objections to the amended settlement.
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On October 28, 2026, certain Glover class members filed objections to the amended settlement.New legal mention
The amended settlement continues to consist of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski , TVPX ARS INC. and Vida ).
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The amended settlement continues to consist of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski , TVPX ARS INC. and Vida ).New legal mention
With respect to the status of the stays in the Iwanski and TVPX ARS INC. cases, the court in these matters stayed both cases on August 11, 2026, and on September 17, 2026, dismissed all pending motions in each case…
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With respect to the status of the stays in the Iwanski and TVPX ARS INC. cases, the court in these matters stayed both cases on August 11, 2026, and on September 17, 2026, dismissed all pending motions in each case, permitting leave to refile upon the conclusion of the renewed settlement proceedings in Glover .New legal mention
On August 11, 2026, the Second Circuit reversed the final approval of the settlement, finding that the record did not support a determination that the named plaintiffs were typical of the class.
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On August 11, 2026, the Second Circuit reversed the final approval of the settlement, finding that the record did not support a determination that the named plaintiffs were typical of the class.New legal mention
On September 8, 2026, the parties entered into an amended settlement agreement to add plaintiffs with policies issued by FPP and LLANY and to add FPP and LLANY as defendants.
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On September 8, 2026, the parties entered into an amended settlement agreement to add plaintiffs with policies issued by FPP and LLANY and to add FPP and LLANY as defendants.New legal mention
On October 2, 2026, the plaintiffs filed an amended complaint reflecting these changes.
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On October 2, 2026, the plaintiffs filed an amended complaint reflecting these changes.Revenue up 21% from Jun 30
$5.5B, was $4.5B.
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$4.5BNow
$5.5BNet income up 5% from Jun 30
$1.4B, was $1.3B.
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$1.3BNow
$1.4BCash down 3.7% from Jun 30
$9.8B, was $10.2B.
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$10.2BNow
$9.8BEPS up 0.7% from Jun 30
$6.77, was $6.72.
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$6.72Now
$6.77Item 2 .
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Item 2 . Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds (c) The following summarizes purchases of equity securities by the Company during the quarter ended June 30, 2026 (dollars in millions, except per share data):Now
Item 2 . Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds (c) The following summarizes purchases of common stock equity securities by the Company during the quarter ended September 30, 2026 (dollars in millions, except per share data):During the third quarter of 2026, the Federal Reserve raised the federal funds rate target range by 25 basis…
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During the third quarter of 2026, the Federal Reserve raised the federal funds rate target range by 25 basis points to 3.75% to 4.00%, as inflation remains elevated. The Federal Reserve noted that economic activity continues to expand at a solid pace and labor market conditions have remained stable, while emphasizing its commitment to returning inflation to its long-term target of 2%.The impacts of our annual assumption review were driven primarily by the following:
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The impacts of our annual assumption review were driven primarily by the following:• For Annuities, the unfavorable impact was driven by updates to policyholder behavior assumptions.
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• For Annuities, the unfavorable impact was driven by updates to policyholder behavior assumptions.• For Group Protection, the unfavorable impact was driven by updates to incurred assumptions and model…
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• For Group Protection, the unfavorable impact was driven by updates to incurred assumptions and model enhancements, partially offset by updates to the claim termination rate assumption.• For Annuities, the unfavorable impact was driven by model enhancements and updates to policyholder…
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• For Annuities, the unfavorable impact was driven by model enhancements and updates to policyholder behavior assumptions.• For Group Protection, the favorable impact was driven by updates to the claim termination rate assumption…
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• For Group Protection, the favorable impact was driven by updates to the claim termination rate assumption, partially offset by updates to social security and incurred assumptions and other items.See "Summary of Critical Accounting Estimates – Annual Assumption Review" above for information on the…
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See "Summary of Critical Accounting Estimates – Annual Assumption Review" above for information on the impacts from our annual assumption review.See "Summary of Critical Accounting Estimates – Annual Assumption Review" for information on the impacts…
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See "Summary of Critical Accounting Estimates – Annual Assumption Review" for information on the impacts from our annual assumption review.
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Section by section. Added words and removed words against the earlier filing.
Cover page 2 changes
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For the quarterly period ended June September 30, 2026
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As of July 24, October 30, 2026, there wer e 191,447,336 190,423,066 s hares of t he registrant's common stock outstanding.
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Financial statements 160 changes
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June September 30, December 31,
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Equity securities 456 636
Derivative investments 11,382 9,945
Other investments 8,870 8,105
Total investments 143,310 138,908
2026 - $ 103,761 103,656 ; 2025 - $ 101,462 allowance for credit losses: 2026 - $ 139 132 ; 2025 - $ 110 )
Trading securities 1,515 1,376 1,676
Equity securities 451 636
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2026 - $ 195 187 ; 2025 - $ 199 )
Policy loans 2,596 2,592 2,626
Derivative investments 9,752 9,945
Other investments 9,401 8,105
Total investments 139,291 138,908
Cash and invested cash 10,165 9,791 9,502
Deferred acquisition costs, value of business acquired and deferred sales inducements 12,918 12,968 12,827
Reinsurance recoverables, net of allowance for credit losses 27,225 26,008 28,012
Deposit assets, net of allowance for credit losses 33,619 33,449 33,690
Market risk benefit assets 5,077 5,433 4,753
Accrued investment income 1,169 1,223 1,122
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Other assets 6,918 7,154
Total assets $ 429,797 $ 417,204
Other assets 7,179 7,154
Separate account assets 188,252 182,209 180,092
Total assets $ 418,695 $ 417,204
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Total liabilities 418,448 406,298
Policyholder account balances $ 139,510 140,342 $ 136,245
Future contract benefits 42,177 40,704 42,077
Funds withheld reinsurance liabilities 16,808 15,469 17,922
Market risk benefit liabilities 895 660 1,118
Deferred front-end loads 8,059 8,283 7,586
Payables for collateral on investments 9,232 8,311 7,954
Short-term debt 400 – 400
Long-term debt 6,465 6,440 5,866
Other liabilities 6,650 6,853 7,038
Separate account liabilities 188,252 182,209 180,092
Total liabilities 409,271 406,298
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Retained earnings 9,322 8,386
Series C preferred stock – 20,000 shares authorized; 9,363 and 20,000 shares issued and outstanding as of June September 30, 2026, and December 31, 2025, respectively
Series D preferred stock – 20,000 shares authorized; 13,146 and 20,000 shares issued and outstanding as of June September 30, 2026, and December 31, 2025, respectively
Common stock – 800,000,000 shares authorized; 191,425,371 190,420,659 and 190,051,477 shares issued and outstanding as of June September 30, 2026, and December 31, 2025, respectively
Retained earnings 10,545 8,386
Accumulated other comprehensive income (loss) ( 4,578 7,278 ) ( 4,058 )
Total stockholders' equity 11,349 9,424 10,906
Total liabilities and stockholders' equity $ 429,797 418,695 $ 417,204
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Insurance premiums $ 1,715 $ 1,682 $ 3,388 $ 3,358
Fee income 1,406 1,348 2,783 2,721
Net investment income 1,625 1,471 3,230 2,934
Realized gain (loss) ( 406 ) ( 641 ) 60 ( 631 )
Other revenues 202 184 387 353
Total revenues 4,542 4,044 9,848 8,735
Benefits 1,920 1,994 3,975 4,062
Interest credited 1,024 916 2,023 1,805
Commissions and other expenses 1,387 1,327 2,862 2,695
Interest and debt expense 82 ( 13 ) 164 67
Total expenses 2,899 3,196 8,451 8,836
Income (loss) before taxes 1,643 848 1,397 ( 101 )
Net income (loss) 1,332 699 1,160 ( 23 )
June September 30, For the Six Nine
Insurance premiums $ 1,665 $ 1,637 $ 5,053 $ 4,995
Fee income 1,416 1,392 4,199 4,113
Net investment income 1,724 1,544 4,955 4,478
Realized gain (loss) 442 ( 216 ) 502 ( 847 )
Other revenues 234 198 619 551
Total revenues 5,481 4,555 15,328 13,290
Benefits 2,039 1,926 6,014 5,988
Policyholder liability remeasurement (gain) loss ( 54 ) ( 88 ) 36 1 ( 100 64 ) ( 146 )
Interest credited 1,062 954 3,084 2,759
Market risk benefit (gain) loss ( 1,460 1,017 ) ( 940 343 ) ( 473 1,490 ) 353 10
Commissions and other expenses 1,536 1,414 4,398 4,110
Interest and debt expense 90 79 254 146
Total expenses 3,746 4,031 12,196 12,867
Income (loss) before taxes 1,735 524 3,132 423
Federal income tax expense (benefit) 311 149 237 ( 78 336 79 573 –
Net income (loss) 1,399 445 2,559 423
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Unrealized investment gain (loss) 279 328 ( 658 ) 851
Comprehensive income (loss) $ 1,221 $ 613 $ 640 $ 621
Unrealized investment gain (loss) ( 2,693 ) 820 ( 3,351 ) 1,671
Market risk benefit non-performance risk gain (loss) ( 404 355 ) ( 350 172 ) 38 ( 32 317 ) ( 204 )
Policyholder liability discount rate remeasurement gain (loss) 14 348 ( 64 95 ) 100 448 ( 175 270 )
Foreign currency translation adjustment – 10 ( 3 ) ( 2 ) 15 11
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and 80 more changes in the filing
Note 1: Nature of Operations and Basis of Presentation 2 changes
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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 six nine months ended June September 30, 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.
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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 annuities and the results of certain disability income business.
Note 3: Investments 162 changes
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As of September 30, 2026
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Corporate bonds $ 75,626 $ 625 $ 8,305 $ 45 $ 67,901
State and municipal bonds 2,437 13 383 – 2,067
Foreign government bonds 240 14 51 – 203
RMBS 2,080 36 157 6 1,953
CMBS 3,002 5 116 3 2,888
ABS 19,161 91 270 84 18,898
Hybrid and redeemable preferred securities 214 8 8 1 213
Total fixed maturity AFS securities $ 103,761 $ 795 $ 9,332 $ 139 $ 95,085
Corporate bonds $ 72,756 $ 233 $ 11,293 $ 36 $ 61,660
U.S. government bonds 1,001 3 42 1,006 1 79 – 962 928
State and municipal bonds 2,292 2 509 – 1,785
Foreign government bonds 237 9 63 – 183
RMBS 2,088 24 239 7 1,866
CMBS 3,170 1 180 3 2,988
ABS 21,898 51 406 85 21,458
Hybrid and redeemable preferred securities 209 8 9 1 207
Total fixed maturity AFS securities $ 103,656 $ 329 $ 12,778 $ 132 $ 91,075
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The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of June September 30, 2026, were as follows:
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Due after ten years 41,688 34,501
Subtotal 79,518 71,346
Due in one year or less $ 5,574 3,686 $ 5,516 3,632
Due after one year through five years 19,711 19,252 16,463 15,755
Due after five years through ten years 12,545 12,077 14,096 13,101
Due after ten years 42,255 32,275
Subtotal 76,500 64,763
Structured securities (RMBS, CMBS, ABS) 24,243 23,739 27,156 26,312
Total fixed maturity AFS securities $ 103,761 103,656 $ 95,085 91,075
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As of September 30, 2026
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Corporate bonds $ 23,365 $ 3,339 $ 29,373 $ 4,966 $ 52,738 $ 8,305
U.S. government bonds 815 36 43 6 858 42
State and municipal bonds 623 153 970 230 1,593 383
Foreign government bonds 12 2 125 49 137 51
RMBS 505 37 777 120 1,282 157
CMBS 1,297 32 917 84 2,214 116
ABS 6,416 81 2,654 189 9,070 270
Corporate bonds $ 29,184 $ 4,058 $ 26,528 $ 7,235 $ 55,712 $ 11,293
U.S. government bonds 786 64 64 15 850 79
State and municipal bonds 872 210 845 299 1,717 509
Foreign government bonds 12 3 113 60 125 63
RMBS 955 77 733 162 1,688 239
CMBS 1,820 77 901 103 2,721 180
ABS 9,227 199 2,575 207 11,802 406
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preferred securities 44 2 54 6 98 8
Total fixed maturity AFS securities $ 33,077 $ 3,682 $ 34,913 $ 5,650 $ 67,990 $ 9,332
preferred securities 89 4 52 5 141 9
Total fixed maturity AFS securities $ 42,945 $ 4,692 $ 31,811 $ 8,086 $ 74,756 $ 12,778
Total number of fixed maturity AFS securities in an unrealized loss position 6,980 8,021 to Twelve Months Greater Than Twelve Months Total
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Total number of fixed maturity AFS securities in an unrealized loss position 6,089 (1) As of June September 30, 2026, and December 31, 2025, we recognized $ 3 8 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.
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As of September 30, 2026
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Less than six months $ 2,187 $ 627 396
Total $ 8,700 $ 3,546 1,590
Less than six months $ 7,114 $ 2,329 913
Six months or greater, but less than nine months 471 171 118 1,731 708 339
Nine months or greater, but less than twelve months 909 434 422 209 113
Twelve months or greater 5,133 2,314 867 5,398 3,245 913
Total $ 14,665 $ 6,491 2,278
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Our gross unrealized losses on fixed maturity AFS securities increased by $ 333 million 3.8 billion for the six nine months ended June September 30, 2026. As discussed further below, we do not believe the unrealized loss position as of June September 30, 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 June September 30, 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 June September 30, 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 June September 30, 2026, and December 31, 2025, 96 % of the fair value of our corporate bond portfolio was rated investment grade. As of June September 30, 2026, and December 31, 2025, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $ 3.0 2.7 billion and $ 3.1 billion, respectively, and a fair value of $ 2.5 billion and $ 2.9 billion, respectively. Based upon the analysis discussed above, we believe that as of June September 30, 2026, and December 31, 2025, we would have recovered the amortized cost of each corporate bond.
As of June September 30, 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 June September 30, 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.
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As of or For the Three Months Ended June September 30, 2026
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Balance as of beginning-of-period $ 38 45 $ 6 $ – 3 $ 66 84 $ 1 $ 111 139
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not previously recognized 9 – 3 – – 12
not previously recognized 4 – – – – 4
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credit losses were previously recognized 4 – 13 1 – 18 1 – 22 15
Reductions for disposed securities ( 2 1 ) – – – – ( 2 1 )
Reductions for securities charged off ( 4 25 ) – – – – ( 4 25 )
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As of or For the Six Nine Months Ended June September 30, 2026
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not previously recognized 11 – 3 – – 14
not previously recognized 14 – 3 – – 17
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credit losses were previously recognized 12 – 26 1 – 36 37 – 48 64
Reductions for disposed securities ( 3 4 ) – – ( 2 ) – ( 5 6 )
Reductions for securities charged-off ( 28 ) – – – – ( 28 ) charged off
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As of or For the Three Months Ended June September 30, 2025
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Balance as of beginning-of-period $ 23 36 $ 6 5 $ – $ 44 43 $ 1 $ 74 85
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not previously recognized 17 14 – – – – 17 14
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credit losses were previously recognized 4 ( 5 1 – ( ( 1 ) – 2 5
Reductions for disposed securities – – – ( 1 ) – ( 1 )
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and 82 more changes in the filing
Note 4: Variable Interest Entities 5 changes
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As of June September 30, 2026 As of December 31, 2025
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Asset-backed VIE 1 $ 600 749 $ 600 749 1 $ 210 $ 210
There were no gains or losses for consolidated VIEs recognized on the Consolidated Statements of Comprehensive Income (Loss) for the three and six nine months ended June September 30, 2026 and 2025.
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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 $ 5.9 billion and $ 5.8 billion as of June September 30, 2026, and December 31, 2025, respectively.
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We invest in certain closed-end funds that we have concluded are VIEs as the equity holders lack power through voting rights to direct the activities of the entity that most significantly impact its economic performance. We determined that we are not the primary beneficiary of the VIEs as we do not have the power to influence the decisions that are most impactful to the performance of the VIE, and we do not receive all of the economics of the VIE. Our exposure to loss is limited to the capital we invest in the funds. The carrying amounts of our investments in these funds are recognized in equity securities on the Consolidated Balance Sheets and were $ 164 167 million and $ 135 million as of June September 30, 2026, and December 31, 2025, respectively.
Note 5: Derivative Instruments 93 changes
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As of June September 30, 2026 As of December 31, 2025
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Total cash flow hedges 6,714 432 120 6,688 350 192 6,222 392 132
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Total fair value hedges 858 2 1 7 7 858 1 2
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Total derivative instruments $ 265,156 297,111 $ 18,850 18,799 $ 23,131 24,031 $ 330,823 $ 17,398 $ 21,548 (1) These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements.
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Remaining Life as of June September 30, 2026
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Equity market contracts 106,674 51,527 9,094 6 2,138 169,439 with notional amounts $ 124,244 $ 81,236 $ 26,327 $ 28,559 $ 4,790 $ 265,156 (1) As of June 30, 2026, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was November 27, 2030.
Equity market contracts 120,654 70,411 8,191 6 2,257 201,519 with notional amounts $ 137,895 $ 103,402 $ 24,141 $ 27,573 $ 4,100 $ 297,111 (1) As of September 30, 2026, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for forecasted transactions for these instruments, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was March 19, 2031.
(2) As of June September 30, 2026, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for forecasted transactions for these instruments, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was June 16, 2061.
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(1) Includes $ 20 million and $ 21 million of unamortized adjustments from discontinued hedges as of June September 30, 2026, and December 31, 2025, respectively.
(2) Includes $( 270 266 ) million and $( 278 ) million of unamortized adjustments from discontinued hedges as of June September 30, 2026, and December 31, 2025, respectively.
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Interest rate contracts ( 13 88 ) 37 43
Foreign currency contracts 9 169 ( 63 ) 234
Change in foreign currency exchange rate adjustment 87 91 ( 474 433 )
Income tax benefit (expense) ( 19 ) 57 12 33
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Income tax benefit (expense) ( 8 11 ) ( 8 11 )
Balance as of end-of-period $ 486 362 $ 396 472
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For the Three Months Ended June September 30,
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Cash Flow Hedges are Recorded $ ( 406 ) $ 1,625 $ 82 $ ( 641 ) $ 1,471 $ ( 13 )
Cash Flow Hedges are Recorded $ 442 $ 1,724 $ 90 $ ( 216 ) $ 1,544 $ 79
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Hedged items – ( 4 ) – – 3 ( 1 )
Derivatives designated as hedging
instruments – 4 – – ( 3 ) 1
Foreign currency contracts:
Hedged items – – – – 2 –
Hedged items – ( 32 ) 24 – 2 ( 4 )
1 unchanged paragraph
instruments – – – – ( 2 ) –
instruments – 32 ( 24 ) – ( 2 ) 4
3 unchanged paragraphs
from AOCI into income – – 2 – ( 1 4 ) 2
2 unchanged paragraphs
from AOCI into income ( 3 ) 15 – ( 12 1 ) 15 –
1 unchanged paragraph
Foreign currency contracts – – – ( 3 ) – –
Equity market contracts 3,801 – – 1,185 – –
Credit contracts ( 1 ) – – 1 – –
Interest rate contracts ( 44 522 ) – – ( 96 12 ) – –
Equity market contracts 703 – – 2,574 – –
1 unchanged paragraph
Reinsurance-related ( 90 ) – – ( 2 ) – –
Reinsurance-related 602 – – ( 213 ) – –
1 unchanged paragraph
and IUL contracts ( 3,450 ) – – ( 2,073 ) – –
and IUL contracts ( 69 ) – – ( 1,628 ) – –
1 unchanged paragraph
For the Six Months Ended June 30,
For the Nine Months Ended September 30,
3 unchanged paragraphs
Cash Flow Hedges are Recorded $ 60 $ 3,230 $ 164 $ ( 631 ) $ 2,934 $ 67
Cash Flow Hedges are Recorded $ 502 $ 4,955 $ 254 $ ( 847 ) $ 4,478 $ 146
2 unchanged paragraphs
Hedged items – ( 5 ) ( 2 ) – 14 ( 17 )
Hedged items – ( 37 ) 22 – 16 ( 21 )
1 unchanged paragraph
instruments – 5 2 – ( 14 ) 17
instruments – 37 ( 22 ) – ( 16 ) 21
7 unchanged paragraphs
from AOCI into income – 1 6 – 4 – 1 8 10
2 unchanged paragraphs
from AOCI into income 1 31 – 3 27 –
from AOCI into income ( 2 ) 46 – 2 42 –
1 unchanged paragraph
Equity market contracts 2,805 – – 41 – –
Interest rate contracts ( 18 ) – 540 ) – 13 – 86 – –
Foreign currency contracts 2 1 – – ( 5 ) – –
Equity market contracts 3,508 – – 2,504 – –
2 unchanged paragraphs
Reinsurance-related 107 – – ( 110 ) – –
Reinsurance-related 709 – – ( 324 ) – –
1 unchanged paragraph
Information related to our CDSs for which we are the seller (dollars in millions) was as follows:
Maturity Reason for Entering Name of Recourse Credit Rating of Underlying Obligation (1)
Number of Instruments Fair Value (2)
Maximum Potential Payout (3)
Credit Contract Type
Basket CDSs 6/20/2031 (4)
(1) Represents average credit ratings based on the midpoint of the applicable ratings among Moody's, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings.
(2) Third-party valuation specialists are used to determine the market value of our CDSs.
(3) Represents the maximum potential amount of future payments (undiscounted) we could be required to make under the CDSs, assuming the value of the underlying referenced securities was reduced to zero.
(4) CDSs were entered into in order to hedge the liability exposure on certain variable annuity products.
(5) Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract.
and IUL contracts ( 1,866 1,935 ) – – ( 419 2,048 ) – –
As of June September 30, 2026, $ 67 56 million of the deferred net gains (losses) on derivative instruments in AOCI were expected to be reclassified to earnings during the next 12 months. The reclassification is impacted by both interest rates and foreign currency forward rates, as the cash flow hedges affecting the reclassification include interest rate swaps and foreign currency swaps.
For the six nine months ended June September 30, 2026 and 2025, there were no material reclassifications to earnings due to hedged firm commitments no longer deemed probable or due to hedged forecasted transactions that had not occurred by the end of the originally specified time period.
As of September 30, 2026, and December 31, 2025, we did not have any exposure related to CDSs for which we are the seller.
We are exposed to credit losses in the event of non-performance by our counterparties on various derivative contracts and reflect assumptions regarding the credit or non-performance risk. The non-performance risk is based upon assumptions for each counterparty's credit spread over the estimated weighted average life of the counterparty exposure, less collateral held. As of June September 30, 2026, the non-performance risk adjustment was zero . The credit risk associated with such agreements is minimized by entering into agreements with financial institutions with long-standing, superior performance records. Additionally, we maintain a policy of requiring derivative contracts to be governed by an International Swaps and Derivatives Association ("ISDA") Master Agreement. We are required to maintain minimum ratings as a matter of routine practice in negotiating ISDA agreements. Under nearly all of our ISDA agreements, our insurance subsidiaries have agreed to maintain certain financial strength ratings. A downgrade below these levels could result in termination of derivative contracts, at which time any amounts payable by us would be dependent on the market value of the underlying derivative contracts. In certain transactions, we and the counterparty have entered into a credit support annex requiring either party to post collateral when net exposures exceed pre-determined thresholds. These thresholds vary by counterparty and credit rating. The amount of such exposure is essentially the net replacement cost or market value less collateral held for such agreements with each counterparty if the net market value is in our favor. We did not have any exposure as of June September 30, 2026, or December 31, 2025.
1 unchanged paragraph
As of June September 30, 2026 As of December 31, 2025
4 unchanged paragraphs
Total cash collateral $ 9,024 7,962 $ ( 7 112 ) $ 7,784 $ ( 19 )
2 unchanged paragraphs
As of September 30, 2026
1 unchanged paragraph
Gross amount of recognized assets $ 17,387 $ 1,437 $ 18,824
Net amount of assets 11,382 1,437 12,819
Gross amount of recognized assets $ 16,668 $ 1,817 $ 18,485
Gross amounts offset ( 6,005 6,916 ) – ( 6,005 6,916 )
Net amount of assets 9,752 1,817 11,569
1 unchanged paragraph
Cash collateral ( 9,024 ) – ( 9,024 )
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
1 unchanged paragraph
16 unchanged paragraphs
and 13 more changes in the filing
Note 6: DAC, VOBA, DSI and DFEL 59 changes
2 unchanged paragraphs
Fixed Annuities 525 478
Group Protection 193 198
Other Operations 10 6
Fixed Annuities 565 478
Traditional Life 1,279 1,266 1,308
UL and Other 6,448 6,471 6,421
Group Protection 191 198
Retirement Plan Services 305 306 304
Other Operations 11 6
Total DAC, VOBA and DSI $ 12,918 12,968 $ 12,827
1 unchanged paragraph
Variable Annuities $ 259 $ 264
Variable Annuities $ 256 $ 264
UL and Other 7,699 7,922 7,265
1 unchanged paragraph
Total DFEL $ 8,059 8,283 $ 7,586
(1) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $ 101 105 million and $ 57 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of June September 30, 2026, and December 31, 2025, respectively.
1 unchanged paragraph
As of or For the Six Nine Months Ended June September 30, 2026
3 unchanged paragraphs
Deferrals 270 85 45 213 60 9
Amortization ( 219 ) ( 36 ) ( 71 ) ( 167 ) ( 65 ) ( 9 )
Balance as of end-of-period $ 4,059 $ 501 $ 1,255 $ 6,103 $ 193 $ 242
Deferrals 396 148 66 325 89 14
Amortization ( 344 ) ( 57 ) ( 104 ) ( 250 ) ( 96 ) ( 14 )
Balance as of end-of-period $ 4,060 $ 543 $ 1,243 $ 6,132 $ 191 $ 242
As of or For the Six Nine Months Ended June September 30, 2025
3 unchanged paragraphs
Deferrals 264 26 45 198 67 9
Amortization ( 195 ) ( 31 ) ( 72 ) ( 158 ) ( 59 ) ( 10 )
Balance as of end-of-period $ 3,920 $ 389 $ 1,308 $ 5,956 $ 186 $ 241
Deferrals 404 60 66 321 103 14
Amortization ( 307 ) ( 47 ) ( 107 ) ( 238 ) ( 90 ) ( 14 )
Balance as of end-of-period $ 3,948 $ 407 $ 1,294 $ 5,999 $ 191 $ 242
DAC amortization expense of $ 285 298 million and $ 567 865 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three and six nine months ended June September 30, 2026, respectively, and $ 262 277 million and $ 525 803 million, respectively, was recorded for the corresponding periods in 2025.
1 unchanged paragraph
As of or For the Six Nine Months Ended
2 unchanged paragraphs
Amortization ( 1 ) ( 3 ) ( 19 )
Amortization ( 2 ) ( 4 ) ( 28 )
Balance as of end-of-period $ 11 10 $ 24 23 $ 320 312
As of or For the Six Nine Months Ended
2 unchanged paragraphs
Amortization ( 1 ) ( 4 ) ( 18 )
Amortization ( 1 ) ( 6 ) ( 28 )
Balance as of end-of-period $ 12 $ 31 29 $ 357 347
VOBA amortization expense of $ 11 million and $ 23 34 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three and six nine months ended June September 30, 2026, respectively, and $ 11 12 million and $ 23 35 million, respectively, was recorded for the corresponding periods in 2025. No additions or write-offs were recorded for each respective period.
1 unchanged paragraph
As of or For the Six Nine Months Ended
1 unchanged paragraph
Amortization ( 5 ) ( 1 ) ( 1 ) ( 1 )
Amortization ( 7 ) ( 2 ) 1 ( 1 )
Balance as of end-of-period $ 99 98 $ 13 12 $ 25 27 $ 63 64
As of or For the Six Nine Months Ended
1 unchanged paragraph
Amortization ( 5 ) ( 1 ) ( 1 ) ( 1 )
Amortization ( 8 ) ( 1 ) ( 1 ) ( 1 )
Balance as of end-of-period $ 108 106 $ 15 $ 26 $ 51 58
DSI amortization expense of $ 4 2 million and $ 8 9 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the three and six nine months ended June September 30, 2026, respectively, and $ 4 million and $ 8 11 million, respectively, was recorded for the corresponding periods in 2025.
1 unchanged paragraph
As of or For the Six Nine
June September 30, 2026 As of or For the Six Nine
1 unchanged paragraph
Deferrals 7 627 7 573
Amortization ( 12 ) ( 193 ) ( 12 ) ( 183 )
Balance as of end-of-period 259 7,699 268 6,796
Deferrals 10 950 11 890
Amortization ( 18 ) ( 293 ) ( 18 ) ( 269 )
Balance as of end-of-period 256 7,922 266 7,027
Less: reinsurance recoverables – 217 214 – 233 229
Balance as of end-of-period, net of reinsurance $ 259 256 $ 7,482 7,708 $ 268 266 $ 6,563 6,798
DFEL amortization of $ 104 106 million and $ 205 311 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the three and six nine months ended June September 30, 2026, respectively, and $ 91 92 million and $ 195 287 million, respectively, was recorded for the corresponding periods in 2025.
Note 7: Reinsurance 13 changes
Derivative investments 19 21
Total $ 7,776 $ 8,910
On October 1, 2026, we closed our previously announced $ 6.3 billion reinsurance transaction with Talcott Financial Group ("Talcott"), which included ceding approximately $ 5.8 billion of in-force guaranteed universal life ("GUL") statutory reserves to a Talcott subsidiary effective the same date.
The GUL transaction is structured partly as coinsurance with funds withheld and partly as modified coinsurance between us and Talcott, with counterparty protections including over-collateralization and agreed-upon investment guidelines designed to align with our risk management framework. Under the terms of the agreement, we will retain account administration and recordkeeping of the policies, including claims management.
Effective October 1, 2023, we entered into two reinsurance agreements with Fortitude Reinsurance Company Ltd. ("Fortitude Re"), an authorized Bermuda reinsurer with reciprocal jurisdiction reinsurer status in Indiana, to reinsure certain blocks of in-force UL with secondary guarantees ("ULSG"), MoneyGuard ® and fixed annuity products, including group pension annuities. Fortitude Re represents our largest reinsurance exposure as of June September 30, 2026, and December 31, 2025.
The first agreement was structured as a coinsurance treaty between us and Fortitude Re for the ULSG and fixed annuities blocks. As significant insurance risk was transferred for ULSG products and life-contingent annuities, amounts recoverable from Fortitude Re were $ 10.5 10.4 billion and $ 10.6 billion as of June September 30, 2026, and December 31, 2025, respectively. We reported a deferred loss on the transaction of $ 2.4 billion and $ 2.5 billion as of June September 30, 2026, and December 31, 2025, respectively. We amortized $ 23 24 million and $ 47 71 million of the deferred loss during the three and six nine months ended June September 30, 2026, respectively, and $ 23 million and $ 46 69 million for the three and six nine months ended June September 30, 2025, respectively. Annuities that are not life-contingent do not contain significant insurance risk; therefore, we reported deposit assets for these contracts of $ 2.2 2.1 billion and $ 2.4 billion as of June September 30, 2026, and December 31, 2025, respectively.
The second agreement was structured as coinsurance with funds withheld for the MoneyGuard block; however, as we retained significant insurance risk under the agreement, we reported deposit assets of $ 8.7 8.8 billion and $ 8.5 billion as of June September 30, 2026, and December 31, 2025, respectively. In this coinsurance with funds withheld reinsurance agreement, we as the ceding company withhold, and therefore retain, the assets backing the deposit assets. We held investments with a carrying value of $ 7.8 6.4 billion and $ 8.9 billion in support of reserves associated with the Fortitude Re transaction in a funds withheld arrangement as of June September 30, 2026, and December 31, 2025, respectively, which consisted of the following (in millions):
Fixed maturity AFS securities $ 6,379 5,007 $ 7,325
Derivative investments 16 21
Other investments 1,291 1,290 1,388
Cash and invested cash 6 40 88
Accrued investment income 78 69 88
Total $ 6,422 $ 8,910
Note 8: MRBs 36 changes
1 unchanged paragraph
As of June September 30, 2026 As of December 31, 2025
1 unchanged paragraph
Variable Annuities $ 4,979 $ 726 $ ( 4,253 ) $ 4,655 $ 940 $ ( 3,715 )
Fixed Annuities 50 167 117 51 175 124
Variable Annuities $ 5,317 $ 537 $ ( 4,780 ) $ 4,655 $ 940 $ ( 3,715 )
Fixed Annuities 67 122 55 51 175 124
Retirement Plan Services 48 2 49 1 ( 46 48 ) 47 3 ( 44 )
Total MRBs $ 5,077 5,433 $ 895 660 $ ( 4,182 4,773 ) $ 4,753 $ 1,118 $ ( 3,635 )
1 unchanged paragraph
As of or For the Six Nine
June September 30, 2026 As of or For the Six Nine
6 unchanged paragraphs
Issuances 2 2 – 10 – –
Attributed fees collected 749 15 4 734 16 3
Benefit payments ( 13 ) – – ( 14 ) – –
Effect of changes in interest rates ( 278 ) ( 14 ) – 175 35 ( 2 )
Issuances ( 1 ) 3 – 12 – –
Attributed fees collected 1,120 21 6 1,105 23 5
Benefit payments ( 19 ) – – ( 20 ) – –
Effect of changes in interest rates ( 1,797 ) ( 86 ) ( 9 ) 75 38 ( 3 )
Effect of changes in equity markets ( 1,218 1,163 ) ( 2 1 ) ( 4 ) ( 792 1,667 ) ( 6 ) 3 ( 6 )
Effect of changes in equity index volatility 28 ( 15 ) 35 3 – – 36 7 –
1 unchanged paragraph
Effect of assumption review:
Effect of changes in future expected
policyholder behavior 73 ( 25 ) 1 37 15 ( 1 )
Effect of changes in other future expected
1 unchanged paragraph
changes in non-performance risk ( 4,585 ) 163 ( 45 ) ( 3,318 ) 132 ( 42 )
changes in non-performance risk ( 5,536 ) 78 ( 50 ) ( 3,696 ) 161 ( 43 )
1 unchanged paragraph
non-performance risk 332 ( 46 ) ( 1 ) ( 102 ) ( 42 ) –
non-performance risk 756 ( 23 ) 2 114 ( 40 ) –
Balance as of end-of-period ( 4,253 4,780 ) 117 55 ( 46 48 ) ( 3,420 3,582 ) 90 121 ( 42 43 )
Less: Ceded MRB assets (liabilities) ( 387 414 ) – – ( 339 347 ) – –
Balance as of end-of-period, net of reinsurance $ ( 3,866 4,366 ) $ 117 55 $ ( 46 48 ) $ ( 3,081 3,235 ) $ 90 121 $ ( 42 43 )
1 unchanged paragraph
Net amount at risk (2) (3)
1 unchanged paragraph
(2) Consists primarily of the update of fund mapping, volatility and other capital market assumptions.
(2) (3) Net amount at risk ("NAR") is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For guaranteed living benefits ("GLBs"), the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.
Effect of Annual Assumption Review
For the nine months ended September 30, 2026, Variable Annuities had an unfavorable impact attributable to the annual assumption review driven by updates to policyholder behavior and separate account fee assumptions. For the nine months ended September 30, 2026, Fixed Annuities had a favorable impact attributable to the annual assumption review driven by updates to policyholder behavior assumptions. Retirement Plan Services did not have any significant assumption updates.
For the nine months ended September 30, 2025, Variable Annuities had an unfavorable impact attributable to the annual assumption review driven by updates to policyholder behavior and capital market assumptions and other items, partially offset by model enhancements and updates to separate account fee assumptions. For the nine months ended September 30, 2025, Fixed Annuities and Retirement Plan Services did not have any significant assumption updates.
1 unchanged paragraph
Note 9: Separate Accounts 37 changes
2 unchanged paragraphs
Domestic $ 88,904 $ 84,274
International 19,978 18,262
Balanced funds 47,390 46,561
Domestic $ 86,598 $ 84,274
International 18,979 18,262
Other equity funds 1,718 1,622 1,505
Balanced funds 45,421 46,561
Bond funds 24,757 24,044 24,164
Money market funds 2,130 2,192 2,096
Other funds 1,595 1,577 1,491
Exchange-traded funds 285 238 323
Fixed maturity AFS securities 178 171 164
Cash and invested cash 38 54 35
Other investments 1,279 1,313 1,217
Total separate account assets $ 188,252 182,209 $ 180,092
1 unchanged paragraph
Variable Annuities $ 126,196 $ 122,945
Variable Annuities $ 121,375 $ 122,945
UL and Other 37,869 37,373 34,038
Retirement Plan Services 24,121 23,396 23,047
1 unchanged paragraph
Total separate account liabilities $ 188,252 182,209 $ 180,092
(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($ 55 54 million a nd and $ 53 million as of June September 30, 2026, and December 31, 2025, respectively) that are excluded from the following tables.
1 unchanged paragraph
As of or For the Six Nine
June September 30, 2026 As of or For the Six Nine
2 unchanged paragraphs
Gross deposits 2,582 1,290 1,010 2,831 787 1,177
Withdrawals ( 9,383 ) ( 400 ) ( 1,904 ) ( 7,683 ) ( 480 ) ( 1,805 )
Policyholder assessments ( 1,340 ) ( 508 ) ( 97 ) ( 1,299 ) ( 494 ) ( 91 )
Change in market performance 9,680 3,603 2,111 7,290 2,025 1,451
Net transfers from (to) general account 1,712 ( 154 ) ( 46 ) 908 ( 63 ) ( 53 )
Balance as of end-of-period $ 126,196 $ 37,869 $ 24,121 $ 120,045 $ 30,616 $ 22,220
Cash surrender value $ 124,787 $ 35,499 $ 24,107 $ 118,658 $ 25,814 $ 22,205
Gross deposits 3,939 1,661 1,527 4,392 2,183 1,755
Withdrawals ( 14,467 ) ( 589 ) ( 2,909 ) ( 11,949 ) ( 712 ) ( 2,730 )
Policyholder assessments ( 2,019 ) ( 767 ) ( 147 ) ( 1,972 ) ( 745 ) ( 138 )
Change in market performance 8,208 3,239 1,944 13,445 3,819 2,751
Net transfers from (to) general account 2,769 ( 209 ) ( 66 ) 1,514 ( 134 ) ( 60 )
Balance as of end-of-period $ 121,375 $ 37,373 $ 23,396 $ 123,428 $ 33,252 $ 23,119
Cash surrender value $ 119,964 $ 35,059 $ 23,383 $ 122,028 $ 30,837 $ 23,105
Note 10: Policyholder Account Balances 60 changes
1 unchanged paragraph
Fixed Annuities 29,418 28,728
Variable Annuities $ 42,568 42,318 $ 40,060
Fixed Annuities 30,353 28,728
UL and Other 35,690 35,239 35,986
Retirement Plan Services 23,419 23,425 23,843
Total policyholder account balances $ 139,510 140,342 $ 136,245
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Note 11: Future Contract Benefits 115 changes
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Note 13: Fair Value of Financial Instruments 308 changes
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and 308 more changes in the filing
Note 14: Contingencies and Commitments 14 changes
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and 14 more changes in the filing
Note 15: Shares and Stockholders' Equity 82 changes
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Note 16: Segment Information 197 changes
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Note 17: Realized Gain (Loss) 21 changes
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Note 18: Federal Income Taxes 4 changes
and 4 more changes in the filing
MD&A 809 changes
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and 809 more changes in the filing
Controls and procedures 1 change
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and 1 more change in the filing
Legal proceedings 3 changes
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and 3 more changes in the filing
Risk factors 12 changes
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and 12 more changes in the filing
Other information 1 change
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and 1 more change in the filing
Exhibits 13 changes
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11 unchanged paragraphs
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and 13 more changes in the filing
Unchanged: Unregistered sales of stock, Notes to the financial statements, Note 2: New Accounting Standards, Market risk
Only in this filing: Note 12: Short-Term and Long-Term Debt
Only in the earlier filing: Note 12: Debt, Note 19: Subsequent Event
Compared by code from the two filings' text and XBRL. Not advice.
The reading, claim by claim
- It provides details on assets, liabilities, revenues, and expenses for the period.
- The consolidated balance sheet shows total assets of $418.7 billion as of September 30, 2026, compared to $417.2 billion as of December 31, 2025.
- Total liabilities were $409.3 billion as of September 30, 2026, and $406.3 billion as of December 31, 2025.
- Stockholders' equity was $9.4 billion as of September 30, 2026, and $10.9 billion as of December 31, 2025.
- For the quarter ended September 30, 2026, LINCOLN NATIONAL CORP reported revenue of $5.5 billion.
- In its 10-Q for the quarter ended September 30, 2026, LINCOLN NATIONAL CORP reported net income of $1.4 billion.
6 of 8 claims matched the filing text.
Not found in the filing text
- The filing includes consolidated balance sheets, income statements, and statements of stockholders' equity.
- The company also disclosed details on its revenue and expenses for the period.
From the filing
Item 1. Financial Statements
Item 1. Financial Statements
LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS1
(in millions, except share data)
As of As of
(Unaudited)
ASSETS
Investments:
Fixed maturity available-for-sale securities, at fair value (amortized cost:
Mortgage loans on real estate, net of allowance for credit losses
Deferred acquisition costs, value of business acquired and deferred sales inducements 12,968 12,827
Reinsurance recoverables, net of allowance for credit losses 26,008 28,012
Deposit assets, net of allowance for credit losses 33,449 33,690
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Payables for collateral on investments 8,311 7,954
Short-term debt – 400
Contingencies and Commitments (See Note 1 4 )
Stockholders' Equity
Preferred stock – 10,000,000 shares authorized:
Accumulated other comprehensive income (loss) ( 7,278 ) ( 4,058 )
Total stockholders' equity 9,424 10,9064
Total liabilities and stockholders' equity $ 418,695 $ 417,204
See accompanying Notes to Consolidated Financial Statements
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LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)1
(Unaudited, in millions, except per share data)
For the Three
Months Ended
September 30, For the Nine
Months Ended
September 30,
2026 2025 2026 2025
Revenues
Expenses
Net Income (Loss) Available to Common Stockholders
Preferred stock repurchase premium
Net Income (Loss) Per Common Share
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
September 30, For the Nine
Months Ended
September 30,
2026 2025 2026 2025
Preferred Stock
Balance as of beginning-of-period $ 986 $ 986 $ 986 $ 986
Repurchase of Series C preferred stock ( 262 ) – ( 262 ) –
Repurchase of Series D preferred stock ( 169 ) – ( 169 ) –
Balance as of end-of-period 555 986 555 986
Common Stock
Balance as of beginning-of-period 5,619 5,545 5,592 4,674
Issuance of common stock – – – 825
Retirement of common stock/cancellation of shares ( 33 ) – ( 33 ) –
Retained Earnings
Preferred stock repurchase premium
Accumulated Other Comprehensive Income (Loss)
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