3Q20 - Stat Supp


	Lincoln Financial Group
	Table of Contents


	Analyst Coverage and Credit Ratings	1
	Notes	2
	Consolidated
	Consolidated Statements of Income (Loss)	3
	Consolidated Balance Sheets	4
	Earnings, Shares and Return on Equity	5
	Key Stakeholder Metrics	6
	Segment and Sources of Earnings	7
	Select Earnings Drivers By Segment	8
	Sales By Segment	9
	Operating Revenues and General and Administrative Expenses By Segment	10
	Operating Commissions and Other Expenses	11
	Interest Rate Yields and Spreads By Segment	12
	Select Earnings and Operational Data from Business Segments
	Annuities	13
	Retirement Plan Services	14
	Life Insurance	15
	Group Protection	16
	Other Operations	17
	DAC & Account Value Rollforwards
	Consolidated DAC, VOBA, DSI and DFEL Roll Forwards	18
	Account Value Roll Forwards:
	Annuities	19
	Retirement Plan Services	20
	Life Insurance	21
	Other Information
	Select Investment Data	22
	Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC	23
	Select GAAP to Non-GAAP Reconciliations	24


Lincoln Financial Group
Analyst Coverage and Credit Ratings


Firm	Analyst				Phone Number
Autonomous Research U.S., L.P.	Erik Bass					646-561-6248
B. Riley FBR	Randy Binner					703-312-1890
Bank of America	Joshua Shanker					646-855-5716
Citi Research	Suneet Kamath					212-816-3457
Credit Suisse	Andrew Kligerman					212-325-5069
Dowling & Partners	Humphrey Lee					860-676-7324
Evercore	Thomas Gallagher					212-446-9439
J.P. Morgan Securities	Jimmy Bhullar					212-622-6397
Keefe, Bruyette & Woods, Inc.	Ryan Krueger					860-722-5930
Morgan Stanley	Nigel Dally					212-761-4132
Piper Sandler & Co.	John Barnidge					312-281-3412
RBC Capital Markets	Mark Dwelle					804-782-4008
Wells Fargo	Elyse Greenspan					212-214-8031

This list is provided for informational purposes only. Lincoln Financial Group does not endorse the analyses, conclusions or recommendations contained in any report issued by these
or any other analysts.

		Ratings as of November 4, 2020
						Standard
		A.M Best	Fitch	Moody's		& Poor's
Senior Debt Ratings		a-	BBB+	Baa1		A-
Financial Strength Ratings
The Lincoln National Life Insurance Company		A+	A+	A1		AA-
First Penn-Pacific Life Insurance Company		A	A+	A1		A-
Lincoln Life & Annuity Company of New York		A+	A+	A1		AA-
Lincoln Life Assurance Company of Boston		A+				AA-

Investor Inquiries May Be Directed To:
Chris Giovanni, Senior Vice President, Corporate Treasurer
Email: Christopher.Giovanni@lfg.com
Phone: 484-583-1793





Page 1

Lincoln Financial Group

Notes

Computations

• The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.

• The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.

• If the effect of equity classification would result in a more dilutive Earnings Per Share (“EPS”), the numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market

adjustment for deferred units of LNC stock in our deferred compensation plans. In addition, for any period where a net loss or adjusted loss from operations is experienced, shares used in the diluted EPS

calculation represent basic shares, as the use of diluted shares would result in a lower loss per share.

• Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. ROE is calculated by dividing annualized net income (loss) (or adjusted income (loss)

from operations) by average equity, excluding accumulated other comprehensive income (loss) (“AOCI”). Management evaluates consolidated ROE by both including and excluding the effect

of average goodwill.

• Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI, by common shares outstanding. We provide book value per share, excluding AOCI, to enable

investors to analyze the amount of our net worth that is attributable primarily to our business operations. Management believes book value per share excluding AOCI is useful to investors because

it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure.

• Pre-tax net margin is calculated by dividing adjusted income (loss) from operations before taxes by net revenue, which is defined as total adjusted operating revenues less interest credited.

Definitions

Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial

paper outstanding.

Sales as reported consist of the following:

• Annuities and Retirement Plan Services – deposits from new and existing customers;

• MoneyGuard®, our linked-benefit product – 15% of total expected premium deposits;

• Universal life (“UL”), indexed universal life (“IUL”), variable universal life (“VUL”) – first-year commissionable premiums plus 5% of excess premiums received;

• Executive Benefits – single premium bank-owned UL and VUL, 15% of single premium deposits, and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess

premium received;

• Term – 100% of annualized first-year premiums; and

• Group Protection – annualized first-year premiums from new policies.

Throughout the document, “after-DAC” refers to the associated amortization expense of deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”)

and deferred front-end loads (“DFEL”) and changes in other contract holder funds.

Page 2a

Lincoln Financial Group

Notes

Sources of earnings are defined as follows:

• Investment spread earnings consist primarily of net investment income, net of interest credited earned on the underlying general account investments supporting our fixed products less related

expenses.

• Mortality/morbidity earnings result from mortality margins, morbidity margins, and certain expense assessments and related fees that are a function of the rates priced into the product and level

of insurance in force.

• Fees on assets under management (“AUM”) earnings results consist primarily of asset-based fees charged based on variable account values less associated benefits and related expenses.

• Variable annuity (“VA”) riders earnings consist of fees charged to the contract holder related to guaranteed benefit rider features, less the net valuation premium and associated change in

benefit reserves and related expenses.

Non-GAAP Performance Measures

Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein.

Adjusted income (loss) from operations is GAAP net income excluding the after-tax effects of the following items, as applicable:

• Realized gains and losses associated with the following (“excluded realized gain (loss)”):

▪ Sales or disposals and impairments of financial assets;

▪ Changes in the fair value of equity securities;

▪ Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities (“gain (loss) on the mark-to-market on certain instruments”);

▪ Changes in the fair value of the derivatives we own to hedge our guaranteed death benefit (“GDB”) riders within our variable annuities;

▪ Changes in the fair value of the embedded derivatives of our guaranteed living benefit (“GLB”) riders reflected within variable annuity net derivative results accounted for at fair value;

▪ Changes in the fair value of the derivatives we own to hedge our GLB riders reflected within variable annuity net derivative results; and

▪ Changes in the fair value of the embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to

future reset periods for our indexed annuity products accounted for at fair value (“indexed annuity forward-starting options”);

• Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders (“benefit ratio unlocking”);

• Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;

• Gains (losses) on early extinguishment of debt;

• Losses from the impairment of intangible assets;

• Income (loss) from discontinued operations;

• Acquisition and integration costs related to mergers and acquisitions; and

• Income (loss) from the initial adoption of new accounting standards, regulations and policy changes including the net impact from the Tax Cuts and Jobs Act.

Adjusted operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:

• Excluded realized gain (loss);

• Revenue adjustments from the initial adoption of new accounting standards;

• Amortization of DFEL arising from changes in GDB and GLB benefit ratio unlocking; and

• Amortization of deferred gains arising from reserve changes on business sold through reinsurance.

Page 2b

Lincoln Financial Group

Notes

Management believes that the non-GAAP performance measures previously discussed explain the results of our ongoing businesses in a manner that allows for a better understanding of the underlying

trends in our current business as the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in many

instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. In addition, we believe that our definitions of adjusted operating revenues and adjusted

income from operations provide investors with more valuable measures of our performance as they better reveal trends in our business.

Statistical Supplement is Dated

The financial data in this document is dated November 4, 2020, and has not been updated since that date. Lincoln Financial Group does not intend to update this document.

Page 2c


Lincoln Financial Group
Consolidated Statements of Income (Loss)
Unaudited (millions of dollars, except per share data)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Revenues
Insurance premiums	$	1,325	$	1,344	$	1,373	$	1,342	$	1,293	-2.4%	$	4,170	$	4,008	-3.9%
Fee income		1,934		1,572		1,539		1,458		1,815	-6.2%		4,925		4,812	-2.3%
Net investment income		1,235		1,381		1,375		1,172		1,458	18.1%		3,842		4,005	4.2%
Realized gain (loss):
Other-than-temporary impairment (“OTTI”)		(2)		(1)		-		-		-	100.0%		(14)		-	100.0%
Realized gain (loss), excluding OTTI		(9)		(118)		(24)		(647)		629	NM		(477)		(43)	91.0%
Total realized gain (loss)		(11)		(119)		(24)		(647)		629	NM		(491)		(43)	91.2%
Amortization of deferred gains on business
sold through reinsurance		8		7		11		11		11	37.5%		23		32	39.1%
Other revenues		147		159		151		181		155	5.4%		444		489	10.1%
Total revenues		4,638		4,344		4,425		3,517		5,361	15.6%		12,913		13,303	3.0%

Expenses
Interest credited		705		717		725		732		732	3.8%		2,063		2,189	6.1%
Benefits		2,502		1,768		2,501		1,725		2,484	-0.7%		6,112		6,710	9.8%
Commissions and other expenses		1,552		1,288		1,085		1,123		1,599	3.0%		3,999		3,807	-4.8%
Interest and debt expense		113		72		68		84		66	-41.6%		254		218	-14.2%
Strategic digitization expense		16		18		12		14		20	25.0%		47		45	-4.3%
Total expenses		4,888		3,863		4,391		3,678		4,901	0.3%		12,475		12,969	4.0%
Income (loss) before taxes		(250)		481		34		(161)		460	284.0%		438		334	-23.7%
Federal income tax expense (benefit)		(89)		50		(18)		(67)		62	169.7%		(16)		(22)	-37.5%
Net income (loss)		(161)		431		52		(94)		398	NM		454		356	-21.6%
Adjustment for LNC stock units in our
deferred compensation plans		(3)		(1)		(23)		-		(5)	-66.7%		-		(16)	NM
Net income (loss) available to common
stockholders – diluted	$	(164)	$	430	$	29	$	(94)	$	393	NM	$	454	$	340	-25.1%

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	(0.83)	$	2.15	$	0.15	$	(0.49)	$	2.01	NM	$	2.24	$	1.74	-22.3%

ROE, including AOCI
Net income (loss)		-3.4%		8.7%		1.1%		-2.0%		7.5%			3.5%		2.5%



Page 3


Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)

	As of
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change
ASSETS
Investments:
Fixed maturity available-for-sale (“AFS”) securities, net of allowance for
credit losses:
Corporate bonds	$	87,910	$	88,716	$	85,797	$	95,390	$	98,717	12.3%
U.S. government bonds		438		435		482		504		496	13.2%
State and municipal bonds		5,800		5,884		5,906		6,393		6,774	16.8%
Foreign government bonds		444		393		389		436		436	-1.8%
Residential mortgage-backed securities		3,287		3,241		3,271		3,272		3,203	-2.6%
Commercial mortgage-backed securities		1,033		1,083		1,119		1,226		1,430	38.4%
Asset-backed securities		4,172		4,889		5,086		5,716		6,590	58.0%
Hybrid and redeemable preferred securities		575		559		556		582		606	5.4%
Total fixed maturity AFS securities, net of allowance for credit losses		103,659		105,200		102,606		113,519		118,252	14.1%
Trading securities		4,691		4,673		4,019		4,651		4,633	-1.2%
Equity securities		158		103		83		87		122	-22.8%
Mortgage loans on real estate, net of allowance for credit losses		15,947		16,339		16,791		16,578		16,541	3.7%
Policy loans		2,475		2,477		2,571		2,551		2,527	2.1%
Derivative investments		2,201		1,911		4,417		2,957		3,236	47.0%
Other investments		3,389		2,994		4,765		4,574		4,204	24.0%
Total investments		132,520		133,697		135,252		144,917		149,515	12.8%
Cash and invested cash		2,939		2,563		6,202		4,201		2,595	-11.7%
DAC and VOBA		7,492		7,694		9,212		7,012		6,307	-15.8%
Premiums and fees receivable		440		465		562		490		498	13.2%
Accrued investment income		1,182		1,148		1,185		1,168		1,320	11.7%
Reinsurance recoverables, net of allowance for credit losses		17,353		17,144		16,923		16,866		16,610	-4.3%
Reinsurance related embedded derivatives		-		-		137		-		-	NM
Funds withheld reinsurance assets		543		536		535		535		539	-0.7%
Goodwill		1,778		1,778		1,778		1,778		1,778	0.0%
Other assets		15,939		16,170		16,246		15,905		15,667	-1.7%
Separate account assets		145,092		153,566		130,617		146,787		152,975	5.4%
Total assets	$	325,278	$	334,761	$	318,649	$	339,659	$	347,804	6.9%
		`



Page 4a


Lincoln Financial Group
Consolidated Balance Sheets
Unaudited (millions of dollars)

	As of
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Future contract benefits	$	36,108	$	36,420	$	37,100	$	38,604	$	40,089	11.0%
Other contract holder funds		95,283		98,018		99,508		100,537		102,568	7.6%
Short-term debt		300		300		-		-		-	-100.0%
Long-term debt by rating agency leverage definitions:
Operating (see note (2) on page 6 for details)		866		866		866		866		866	0.0%
Financial		5,204		5,201		5,882		5,870		5,848	12.4%
Reinsurance related embedded derivatives		339		327		-		245		334	-1.5%
Funds withheld reinsurance liabilities		1,817		1,810		1,843		1,867		1,910	5.1%
Payables for collateral on investments		5,528		5,082		8,434		7,031		6,435	16.4%
Other liabilities		14,742		13,482		17,824		17,121		15,230	3.3%
Separate account liabilities		145,092		153,566		130,617		146,787		152,975	5.4%
Total liabilities		305,279		315,072		302,074		318,928		326,255	6.9%

Stockholders’ Equity
Common stock		5,192		5,162		5,071		5,081		5,093	-1.9%
Retained earnings		8,559		8,854		8,500		8,327		8,647	1.0%
AOCI:
Unrealized investment gains (losses)		6,572		6,017		3,348		7,668		8,153	24.1%
Foreign currency translation adjustment		(29)		(17)		(27)		(28)		(21)	27.6%
Funded status of employee benefit plans		(295)		(327)		(317)		(317)		(323)	-9.5%
Total AOCI		6,248		5,673		3,004		7,323		7,809	25.0%
Total stockholders’ equity		19,999		19,689		16,575		20,731		21,549	7.8%
Total liabilities and stockholders’ equity	$	325,278	$	334,761	$	318,649	$	339,659	$	347,804	6.9%










Page 4b


Lincoln Financial Group
Earnings, Shares and Return on Equity
Unaudited (millions of dollars, except per share data)

	As of or For the Three Months Ended											As of or For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Income (Loss)
Net income (loss)	$	(161)	$	431	$	52	$	(94)	$	398	NM	$	454	$	356	-21.6%
Pre-tax adjusted income (loss) from operations		(104)		566		558		195		(212)	NM		969		541	-44.2%
After-tax adjusted income (loss) from operations (1)		(46)		482		465		187		(133)	NM		873		519	-40.5%
Adjusted operating tax rate		55.8%		14.8%		16.5%		4.0%		37.2%			9.9%		4.1%

Average Stockholders’ Equity
Average equity, including AOCI	$	19,227	$	19,844	$	18,132	$	18,653	$	21,140	9.9%	$	17,349	$	19,309	11.3%
Average AOCI		5,292		5,961		4,338		5,164		7,566	43.0%		3,372		5,689	68.7%
Average equity, excluding AOCI	$	13,935	$	13,883	$	13,794	$	13,489	$	13,574	-2.6%	$	13,977	$	13,620	-2.6%

ROE, Excluding AOCI
Net income (loss)		-4.6%		12.4%		1.5%		-2.8%		11.7%			4.3%		3.5%
Adjusted income (loss) from operations		-1.3%		13.9%		13.5%		5.5%		-3.9%			8.3%		5.1%

Per Share
Net income (loss) (diluted)	$	(0.83)	$	2.15	$	0.15	$	(0.49)	$	2.01	NM	$	2.24	$	1.74	-22.3%
Adjusted income (loss) from operations (diluted)		(0.25)		2.41		2.24		0.97		(0.72)	NM		4.30		2.57	-40.2%
Dividends declared during the period		0.37		0.40		0.40		0.40		0.40	8.1%		1.11		1.20	8.1%

Book value, including AOCI	$	100.84	$	100.11	$	85.79	$	107.28	$	111.51	10.6%	$	100.84	$	111.51	10.6%
Per share impact of AOCI		31.51		28.84		15.55		37.90		40.41	28.2%		31.51		40.41	28.2%
Book value, excluding AOCI	$	69.33	$	71.27	$	70.24	$	69.38	$	71.10	2.6%	$	69.33	$	71.10	2.6%

Shares
Repurchased during the period		2.5		1.7		3.8		-		-	-100.0%		8.7		3.8	-56.3%
End-of-period – basic		198.3		196.7		193.2		193.2		193.3	-2.5%		198.3		193.3	-2.5%
End-of-period – diluted		200.7		199.2		195.0		194.0		195.3	-2.7%		200.7		195.3	-2.7%
Average for the period – diluted		201.6		200.0		197.3		193.8		195.4	-3.1%		203.1		195.9	-3.5%

(1) See reconciliation to net income (loss) on page 24.




Page 5


Lincoln Financial Group
Key Stakeholder Metrics
Unaudited (millions of dollars, except per share data)

	As of or For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Cash Returned to Common Stockholders
Shares repurchased	$	150	$	100	$	225	$	-	$	-	-100.0%	$	540	$	225	-58.3%
Common dividends		74		73		79		77		77	4.1%		225		233	3.6%
Total cash returned to common stockholders	$	224	$	173	$	304	$	77	$	77	-65.6%	$	765	$	458	-40.1%

Leverage Ratio
Short-term debt	$	300	$	300	$	-	$	-	$	-	-100.0%
Long-term debt		6,070		6,067		6,748		6,736		6,714	10.6%
Total debt (1)		6,370		6,367		6,748		6,736		6,714	5.4%
Less:
Operating debt (2)		866		866		866		866		866	0.0%
25% of capital securities		302		302		302		302		302	0.0%
Carrying value of fair value hedges and other items		331		278		459		451		428	29.3%
Total numerator	$	4,871	$	4,921	$	5,121	$	5,117	$	5,118	5.1%

Stockholders’ equity, excluding unrealized
investment gains (losses)	$	13,427	$	13,672	$	13,227	$	13,063	$	13,396	-0.2%
Add: 25% of capital securities		302		302		302		302		302	0.0%
Total numerator		4,871		4,921		5,121		5,117		5,118	5.1%
Total denominator	$	18,600	$	18,895	$	18,650	$	18,482	$	18,816	1.2%

Leverage ratio		26.2%		26.0%		27.5%		27.7%		27.2%

Holding Company Available Liquidity	$	765	$	702	$	760	$	774	$	756	-1.2%

(1) Excludes obligations under finance leases and certain financing arrangements of $456 million that are reported in other liabilities on our Consolidated Balance Sheets.
(2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain
on increasing statutory reserves associated with secondary guarantee UL and term policies.







Page 6


Lincoln Financial Group
Segment and Sources of Earnings
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Income (Loss) from Operations, Pre-Tax
Annuities	$	185	$	312	$	302	$	272	$	220	18.9%	$	781	$	794	1.7%
Retirement Plan Services		49		54		45		33		58	18.4%		141		135	-4.3%
Life Insurance		(318)		222		209		(52)		(400)	-25.8%		85		(244)	NM
Group Protection		78		68		50		49		8	-89.7%		233		108	-53.6%
Other Operations		(98)		(90)		(48)		(107)		(98)	0.0%		(271)		(252)	7.0%
Adjusted income (loss) from operations, before
income taxes	$	(104)	$	566	$	558	$	195	$	(212)	NM	$	969	$	541	-44.2%

Income (Loss) from Operations, After-Tax
Annuities	$	169	$	269	$	261	$	237	$	196	16.0%	$	686	$	694	1.2%
Retirement Plan Services		44		47		40		30		50	13.6%		125		119	-4.8%
Life Insurance		(245)		179		171		(37)		(311)	-26.9%		79		(177)	NM
Group Protection		61		54		40		39		6	-90.2%		184		85	-53.8%
Other Operations		(75)		(67)		(47)		(82)		(74)	1.3%		(201)		(202)	-0.5%
Adjusted income (loss) from operations	$	(46)	$	482	$	465	$	187	$	(133)	NM	$	873	$	519	-40.5%

	For the Three Months Ended											For the Trailing Twelve Months
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Sources of Earnings, Pre-Tax
Investment spread	$	(126)	$	173	$	151	$	39	$	(119)	5.6%	$	351	$	244	-30.5%
Mortality/morbidity		(119)		189		165		15		(208)	-74.8%		438		160	-63.5%
Fees on AUM		262		275		290		245		321	22.5%		1,044		1,132	8.4%
VA riders		(23)		19		-		3		(108)	NM		40		(86)	NM
Total sources of earnings, before income taxes		(6)		656		606		302		(114)	NM		1,873		1,450	-22.6%
Other Operations		(98)		(90)		(48)		(107)		(98)	0.0%		(343)		(343)	0.0%
Adjusted income (loss) from operations, before
income taxes	$	(104)	$	566	$	558	$	195	$	(212)	NM	$	1,532	$	1,107	-27.7%

Sources of Earnings, Pre-Tax, Percentage By Component
Investment spread		1829.1%		26.4%		25.0%		12.7%		103.7%			18.7%		16.8%
Mortality/morbidity		1720.6%		28.8%		27.3%		4.8%		181.6%			23.4%		11.1%
Fees on AUM		-3785.1%		42.0%		47.8%		81.3%		-279.5%			55.8%		78.0%
VA riders		335.4%		2.8%		-0.1%		1.2%		94.2%			2.1%		-5.9%
Total		100.0%		100.0%		100.0%		100.0%		100.0%			100.0%		100.0%

Page 7

Lincoln Financial Group
Select Earnings Drivers By Segment
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Annuities
Operating revenues	$	1,117	$	1,153	$	1,129	$	1,037	$	1,126	0.8%	$	3,447	$	3,292	-4.5%
Deposits		3,461		3,902		3,697		2,515		2,539	-26.6%		10,623		8,751	-17.6%
Net flows		253		729		528		58		(283)	NM		1,122		303	-73.0%
Average account values		133,922		137,817		137,922		134,197		144,368	7.8%		130,941		138,903	6.1%

Retirement Plan Services
Operating revenues	$	298	$	310	$	297	$	282	$	311	4.4%	$	890	$	889	-0.1%
Deposits		2,234		2,663		2,779		2,307		2,374	6.3%		6,803		7,459	9.6%
Net flows		272		422		671		(1,207)		362	33.1%		199		(175)	NM
Average account values		74,201		76,478		75,845		73,611		79,644	7.3%		72,166		76,797	6.4%

Life Insurance
Operating revenues	$	2,098	$	1,838	$	1,821	$	1,639	$	2,127	1.4%	$	5,600	$	5,587	-0.2%
Deposits		1,685		2,413		1,450		1,428		1,537	-8.8%		4,907		4,414	-10.0%
Net flows		1,227		1,957		963		1,023		1,156	-5.8%		3,464		3,142	-9.3%
Average account values		52,050		53,243		52,866		52,693		54,570	4.8%		51,300		53,376	4.0%
Average in-force face amount		790,667		814,865		836,488		853,071		870,505	10.1%		772,113		853,355	10.5%

Group Protection
Operating revenues	$	1,137	$	1,158	$	1,224	$	1,199	$	1,184	4.1%	$	3,430	$	3,608	5.2%
Insurance premiums		1,024		1,035		1,094		1,086		1,052	2.7%		3,079		3,231	4.9%

Consolidated
Adjusted operating revenues (1)	$	4,700	$	4,513	$	4,509	$	4,209	$	4,788	1.9%	$	13,533	$	13,507	-0.2%
Deposits		7,380		8,978		7,926		6,250		6,450	-12.6%		22,333		20,624	-7.7%
Net flows		1,752		3,108		2,162		(126)		1,235	-29.5%		4,785		3,270	-31.7%
Average account values		260,173		267,538		266,633		260,501		278,582	7.1%		254,407		269,076	5.8%

(1) See reconciliation to total revenues on page 24.





Page 8


Lincoln Financial Group
Sales By Segment
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Sales
Annuities:
With guaranteed living benefits	$	1,243	$	1,428	$	1,185	$	824	$	541	-56.5%	$	3,543	$	2,551	-28.0%
Without guaranteed living benefits		1,191		1,298		1,454		1,392		1,911	60.5%		3,171		4,756	50.0%
Variable		2,434		2,726		2,639		2,216		2,452	0.7%		6,714		7,307	8.8%
Fixed		1,027		1,176		1,058		299		87	-91.5%		3,909		1,444	-63.1%
Total Annuities	$	3,461	$	3,902	$	3,697	$	2,515	$	2,539	-26.6%	$	10,623	$	8,751	-17.6%

Retirement Plan Services:
First-year sales	$	723	$	1,227	$	867	$	827	$	870	20.3%	$	2,161	$	2,564	18.6%
Recurring deposits		1,511		1,436		1,912		1,480		1,504	-0.5%		4,642		4,895	5.5%
Total Retirement Plan Services	$	2,234	$	2,663	$	2,779	$	2,307	$	2,374	6.3%	$	6,803	$	7,459	9.6%

Life Insurance:
UL	$	11	$	20	$	9	$	5	$	3	-72.7%	$	37	$	17	-54.1%
MoneyGuard®		67		124		34		36		35	-47.8%		174		106	-39.1%
IUL		37		76		21		23		24	-35.1%		79		69	-12.7%
VUL		54		107		44		55		60	11.1%		159		157	-1.3%
Term		37		39		35		36		28	-24.3%		105		100	-4.8%
Total individual life insurance		206		366		143		155		150	-27.2%		554		449	-19.0%
Executive Benefits		28		81		26		4		36	28.6%		81		66	-18.5%
Total Life Insurance	$	234	$	447	$	169	$	159	$	186	-20.5%	$	635	$	515	-18.9%

Group Protection:
Life	$	131	$	108	$	50	$	47	$	24	-81.7%	$	237	$	121	-48.9%
Disability		96		140		42		47		17	-82.3%		179		106	-40.8%
Dental		15		49		10		11		8	-46.7%		40		29	-27.5%
Total Group Protection	$	242	$	297	$	102	$	105	$	49	-79.8%	$	456	$	256	-43.9%
Percent employee-paid		41.5%		37.6%		59.9%		51.6%		58.9%			45.3%		56.3%






Page 9


Lincoln Financial Group
Operating Revenues and General and Administrative Expenses By Segment
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Operating Revenues
Annuities	$	1,117	$	1,153	$	1,129	$	1,037	$	1,126	0.8%	$	3,447	$	3,292	-4.5%
Retirement Plan Services		298		310		297		282		311	4.4%		890		889	-0.1%
Life Insurance		2,098		1,838		1,821		1,639		2,127	1.4%		5,600		5,587	-0.2%
Group Protection		1,137		1,158		1,224		1,199		1,184	4.1%		3,430		3,608	5.2%
Other Operations		50		54		38		52		40	-20.0%		166		131	-21.1%
Total segment operating revenues	$	4,700	$	4,513	$	4,509	$	4,209	$	4,788	1.9%	$	13,533	$	13,507	-0.2%

General and Administrative Expenses,
Net of Amounts Capitalized (1)
Annuities		118	$	132	$	120	$	111	$	111	-5.9%	$	361	$	343	-5.0%
Retirement Plan Services		73		78		72		68		69	-5.5%		223		210	-5.8%
Life Insurance		123		145		121		116		118	-4.1%		376		355	-5.6%
Group Protection		162		174		154		153		155	-4.3%		486		461	-5.1%
Other Operations		25		43		(4)		55		34	36.0%		103		85	-17.5%
Total	$	501	$	572	$	463	$	503	$	487	-2.8%	$	1,549	$	1,454	-6.1%

General and Administrative Expenses,
Net of Amounts Capitalized, as a Percentage
of Operating Revenues
Annuities		10.6%		11.4%		10.7%		10.7%		9.9%			10.5%		10.4%
Retirement Plan Services		24.6%		25.3%		24.4%		24.3%		22.3%			25.1%		23.6%
Life Insurance		5.9%		7.9%		6.7%		7.1%		5.5%			6.7%		6.4%
Group Protection		14.1%		15.0%		12.5%		12.7%		13.1%			14.1%		12.8%
Other Operations		49.6%		81.8%		-10.0%		107.5%		83.7%			61.7%		65.3%
Total		10.7%		12.7%		10.3%		12.0%		10.2%			11.4%		10.8%

(1) See page 11 for general and administrative expenses capitalized.







Page 10


Lincoln Financial Group
Operating Commissions and Other Expenses
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Operating Commissions and
Other Expenses Incurred
General and administrative expenses	$	569	$	663	$	520	$	554	$	537	-5.6%	$	1,727	$	1,610	-6.8%
Commissions		707		867		706		621		611	-13.6%		2,045		1,937	-5.3%
Taxes, licenses and fees		86		87		90		79		85	-1.2%		260		254	-2.3%
Interest and debt expense		71		72		68		68		66	-7.0%		212		203	-4.2%
Expenses associated with reserve financing
and unrelated letters of credit		22		23		23		23		24	9.1%		65		69	6.2%
Total adjusted operating commissions and other
expenses incurred		1,455		1,712		1,407		1,345		1,323	-9.1%		4,309		4,073	-5.5%

Less Amounts Capitalized
General and administrative expenses		(68)		(91)		(57)		(51)		(50)	26.5%		(178)		(156)	12.4%
Commissions		(374)		(523)		(362)		(291)		(272)	27.3%		(1,046)		(924)	11.7%
Taxes, licenses and fees		(14)		(26)		(13)		(13)		(11)	21.4%		(42)		(37)	11.9%
Total amounts capitalized		(456)		(640)		(432)		(355)		(333)	27.0%		(1,266)		(1,117)	11.8%
Total expenses incurred, net of amounts
capitalized, excluding amortization		999		1,072		975		990		990	-0.9%		3,043		2,956	-2.9%

Amortization
Amortization of DAC, VOBA and other intangibles		601		261		247		207		680	13.1%		1,088		1,134	4.2%
Total operating commissions and other expenses	$	1,600	$	1,333	$	1,222	$	1,197	$	1,670	4.4%	$	4,131	$	4,090	-1.0%













Page 11


Lincoln Financial Group
Interest Rate Yields and Spreads By Segment
Unaudited

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Annuities
Earned rate on reserves		4.04%		3.84%		3.73%		3.69%		3.63%	(41)		4.03%		3.69%	(34)
Variable investment income on reserves (1)		0.09%		0.20%		0.03%		0.10%		0.09%	-		0.08%		0.07%	(1)
Net investment income yield on reserves		4.13%		4.04%		3.76%		3.79%		3.72%	(41)		4.11%		3.76%	(35)
Interest rate credited to contract holders		2.46%		2.47%		2.31%		2.26%		2.12%	(34)		2.40%		2.22%	(18)
Interest rate spread		1.67%		1.57%		1.45%		1.53%		1.60%	(7)		1.71%		1.54%	(17)
Base spreads excluding variable investment income		1.58%		1.37%		1.42%		1.43%		1.51%	(7)		1.63%		1.47%	(16)

Retirement Plan Services
Earned rate on reserves		4.13%		4.07%		3.95%		3.85%		3.82%	(31)		4.15%		3.87%	(28)
Variable investment income on reserves (1)		0.16%		0.24%		0.05%		0.06%		0.10%	(6)		0.09%		0.07%	(2)
Net investment income yield on reserves		4.29%		4.31%		4.00%		3.91%		3.92%	(37)		4.24%		3.94%	(30)
Interest rate credited to contract holders		2.90%		2.89%		2.87%		2.86%		2.81%	(9)		2.91%		2.85%	(6)
Interest rate spread		1.39%		1.42%		1.13%		1.05%		1.11%	(28)		1.33%		1.09%	(24)
Base spreads excluding variable investment income		1.23%		1.18%		1.08%		0.99%		1.01%	(22)		1.24%		1.02%	(22)

Life Insurance – Interest-Sensitive
Earned rate on reserves		4.86%		4.84%		4.77%		4.78%		4.76%	(10)		4.86%		4.77%	(9)
Variable investment income on reserves (1)		-0.38%		0.33%		0.31%		-0.72%		0.76%	114		0.04%		0.12%	8
Net investment income yield on reserves		4.48%		5.17%		5.08%		4.06%		5.52%	104		4.90%		4.89%	(1)
Interest rate credited to contract holders		3.71%		3.71%		3.80%		3.81%		3.75%	4		3.69%		3.79%	10
Interest rate spread		0.77%		1.46%		1.28%		0.25%		1.77%	100		1.21%		1.10%	(11)
Base spreads excluding variable investment income		1.15%		1.13%		0.97%		0.97%		1.01%	(14)		1.17%		0.98%	(19)

Total (2)
Earned rate (3)		4.39%		4.33%		4.29%		4.06%		4.09%	(30)		4.36%		4.15%	(21)
Variable investment income (1) (3)		-0.19%		0.28%		0.19%		-0.34%		0.45%	64		0.06%		0.10%	4
Net investment income yield (3)		4.20%		4.61%		4.48%		3.72%		4.54%	34		4.42%		4.25%	(17)

(1) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments.
(2) Includes the results of all of our business segments and Other Operations.
(3) Includes investment yields on reserves and surplus.





Page 12


Lincoln Financial Group
Annuities – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended											As of or For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	79	$	78	$	53	$	22	$	17	-78.5%	$	424	$	92	-78.3%
Fee income		596		606		593		567		608	2.0%		1,751		1,768	1.0%
Net investment income		287		309		326		270		334	16.4%		831		929	11.8%
Operating realized gain (loss)		51		53		54		49		57	11.8%		137		160	16.8%
Amortization of deferred gain		8		7		8		8		8	0.0%		23		24	4.3%
Other revenues		96		100		95		121		102	6.3%		281		319	13.5%
Total operating revenues		1,117		1,153		1,129		1,037		1,126	0.8%		3,447		3,292	-4.5%
Operating expenses:
Interest credited		183		190		192		192		198	8.2%		508		582	14.6%
Benefits		273		163		170		127		261	-4.4%		775		558	-28.0%
Commissions incurred		295		322		311		246		248	-15.9%		850		805	-5.3%
Other expenses incurred		240		257		250		221		232	-3.3%		717		703	-2.0%
Amounts capitalized		(175)		(198)		(191)		(122)		(118)	32.6%		(484)		(431)	11.0%
Amortization		116		107		95		101		85	-26.7%		300		281	-6.3%
Total operating expenses		932		841		827		765		906	-2.8%		2,666		2,498	-6.3%
Income (loss) from operations before taxes		185		312		302		272		220	18.9%		781		794	1.7%
Federal income tax expense (benefit)		16		43		41		35		24	50.0%		95		100	5.3%
Income (loss) from operations	$	169	$	269	$	261	$	237	$	196	16.0%	$	686	$	694	1.2%

Effective Federal Income Tax Rate		8.4%		13.9%		13.4%		12.9%		11.1%			12.2%		12.6%

Average Equity, Excluding Goodwill and AOCI	$	4,846	$	4,883	$	4,887	$	5,002	$	5,394	11.3%	$	4,791	$	5,094	6.3%

ROE, Excluding Goodwill and AOCI		14.0%		22.0%		21.4%		19.0%		14.5%			19.1%		18.2%

Return on Average Account Values		51		78		76		71		54	3		70		67	(3)

Income (Loss) from Operations
Variable annuity		198		233		232		207		176	-11.1%		645		615	-4.7%
Fixed annuity		(29)		36		29		30		20	169.0%		41		79	92.7%

Account Values
Variable annuity account values:
Average	$	118,680	$	121,632	$	120,972	$	116,861	$	127,011	7.0%	$	116,593	$	121,700	4.4%
End-of-period		118,424		125,492		108,689		121,712		127,585	7.7%		118,424		127,585	7.7%
Fixed annuity account values:
Average		15,242		16,185		16,950		17,336		17,357	13.9%		14,348		17,203	19.9%
End-of-period		15,611		16,636		17,208		17,349		17,263	10.6%		15,611		17,263	10.6%

Page 13


Lincoln Financial Group
Retirement Plan Services – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended											As of or For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Income (Loss) from Operations
Operating revenues:
Fee income	$	63	$	66	$	61	$	58	$	65	3.2%	$	187	$	184	-1.6%
Net investment income		229		239		229		218		240	4.8%		686		686	0.0%
Other revenues		6		5		7		6		6	0.0%		17		19	11.8%
Total operating revenues		298		310		297		282		311	4.4%		890		889	-0.1%
Operating expenses:
Interest credited		147		148		150		153		155	5.4%		437		458	4.8%
Benefits		1		1		-		1		1	0.0%		1		2	100.0%
Commissions incurred		20		20		19		18		19	-5.0%		60		56	-6.7%
Other expenses incurred		80		86		82		77		74	-7.5%		248		233	-6.0%
Amounts capitalized		(5)		(7)		(6)		(6)		(4)	20.0%		(15)		(16)	-6.7%
Amortization		6		8		7		6		8	33.3%		18		21	16.7%
Total operating expenses		249		256		252		249		253	1.6%		749		754	0.7%
Income (loss) from operations before taxes		49		54		45		33		58	18.4%		141		135	-4.3%
Federal income tax expense (benefit)		5		7		5		3		8	60.0%		16		16	0.0%
Income (loss) from operations	$	44	$	47	$	40	$	30	$	50	13.6%	$	125	$	119	-4.8%

Effective Federal Income Tax Rate		9.3%		13.7%		11.3%		10.1%		13.7%			10.8%		12.0%

Average Equity, Excluding Goodwill and AOCI	$	1,447	$	1,440	$	1,415	$	1,410	$	1,441	-0.4%	$	1,426	$	1,422	-0.3%

ROE, Excluding Goodwill and AOCI		12.2%		13.0%		11.2%		8.5%		13.8%			11.7%		11.2%

Pre-tax Net Margin		32.4%		33.6%		30.4%		25.8%		36.8%			31.1%		31.3%

Return on Average Account Values		24		25		21		16		25	1		23		21	(2)

Net Flows by Market
Small Market		117		118		141		30		113	-3.4%	$	330	$	284	-13.9%
Mid - Large Market		436		651		790		(1,084)		500	14.7%		685		206	-69.9%
Multi-Fund® and Other		(281)		(347)		(260)		(153)		(251)	10.7%		(816)		(665)	18.5%

Net Flows – Trailing Twelve Months	$	371	$	620	$	1,672	$	158	$	248	-33.2%	$	371	$	248	-33.2%





Page 14


Lincoln Financial Group
Life Insurance – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended											As of or For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	219	$	228	$	224	$	230	$	223	1.8%	$	656	$	676	3.0%
Fee income		1,275		898		893		830		1,141	-10.5%		2,985		2,865	-4.0%
Net investment income		601		706		697		577		761	26.6%		1,952		2,035	4.3%
Operating realized gain (loss)		(1)		(1)		(3)		(2)		-	100.0%		(5)		(5)	0.0%
Amortization of deferred gain on
business sold through reinsurance		-		-		3		3		3	NM		-		9	NM
Other revenues		4		7		7		1		(1)	NM		12		7	-41.7%
Total operating revenues		2,098		1,838		1,821		1,639		2,127	1.4%		5,600		5,587	-0.2%
Operating expenses:
Interest credited		360		364		371		375		369	2.5%		1,069		1,116	4.4%
Benefits		1,426		942		954		1,084		1,428	0.1%		3,240		3,465	6.9%
Commissions incurred		212		337		191		173		171	-19.3%		595		535	-10.1%
Other expenses incurred		215		256		209		195		209	-2.8%		640		614	-4.1%
Amounts capitalized		(246)		(397)		(216)		(202)		(202)	17.9%		(697)		(620)	11.0%
Amortization		449		114		103		66		552	22.9%		668		721	7.9%
Total operating expenses		2,416		1,616		1,612		1,691		2,527	4.6%		5,515		5,831	5.7%
Income (loss) from operations before taxes		(318)		222		209		(52)		(400)	-25.8%		85		(244)	NM
Federal income tax expense (benefit)		(73)		43		38		(15)		(89)	-21.9%		6		(67)	NM
Income (loss) from operations	$	(245)	$	179	$	171	$	(37)	$	(311)	-26.9%	$	79	$	(177)	NM

Effective Federal Income Tax Rate		22.9%		19.2%		18.1%		28.9%		22.2%			6.0%		27.2%

Average Equity, Excluding Goodwill and AOCI	$	8,601	$	8,502	$	8,798	$	8,977	$	8,854	2.9%	$	8,566	$	8,876	3.6%

ROE, Excluding Goodwill and AOCI		-11.4%		8.4%		7.8%		-1.6%		-14.1%			1.2%		-2.7%

Average Account Values	$	52,050	$	53,243	$	52,866	$	52,693	$	54,570	4.8%	$	51,300	$	53,376	4.0%

In-Force Face Amount
UL and other	$	348,836	$	357,726	$	356,889	$	357,690	$	358,897	2.9%	$	348,836	$	358,897	2.9%
Term insurance		451,117		472,050		486,311		505,251		519,173	15.1%		451,117		519,173	15.1%
Total in-force face amount	$	799,953	$	829,776	$	843,200	$	862,941	$	878,070	9.8%	$	799,953	$	878,070	9.8%




Page 15


Lincoln Financial Group
Group Protection – Select Earnings and Operational Data
Unaudited (millions of dollars)

	As of or For the Three Months Ended											As of or For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Income (Loss) from Operations
Operating revenues:
Insurance premiums	$	1,024	$	1,035	$	1,094	$	1,086	$	1,052	2.7%	$	3,079	$	3,231	4.9%
Net investment income		72		81		81		69		88	22.2%		226		239	5.8%
Other revenues		41		42		49		44		44	7.3%		125		138	10.4%
Total operating revenues		1,137		1,158		1,224		1,199		1,184	4.1%		3,430		3,608	5.2%
Operating expenses:
Interest credited		2		1		2		1		1	-50.0%		4		4	0.0%
Benefits		756		768		862		843		875	15.7%		2,267		2,580	13.8%
Commissions incurred		88		95		87		97		80	-9.1%		272		264	-2.9%
Other expenses incurred		212		232		200		198		194	-8.5%		624		591	-5.3%
Amounts capitalized		(29)		(38)		(19)		(23)		(9)	69.0%		(72)		(50)	30.6%
Amortization		30		32		42		34		35	16.7%		102		111	8.8%
Total operating expenses		1,059		1,090		1,174		1,150		1,176	11.0%		3,197		3,500	9.5%
Income (loss) from operations before taxes		78		68		50		49		8	-89.7%		233		108	-53.6%
Federal income tax expense (benefit)		17		14		10		10		2	-88.2%		49		23	-53.1%
Income (loss) from operations	$	61	$	54	$	40	$	39	$	6	-90.2%	$	184	$	85	-53.8%

Effective Federal Income Tax Rate		21.0%		21.0%		21.0%		21.0%		21.0%			21.0%		21.0%

Average Equity, Excluding Goodwill and AOCI	$	2,492	$	2,554	$	2,601	$	2,628	$	2,678	7.5%	$	2,339	$	2,636	12.7%

ROE, Excluding Goodwill and AOCI		9.9%		8.4%		6.1%		5.9%		0.9%			10.5%		4.3%

Loss Ratios by Product Line
Life		70.5%		65.7%		79.4%		82.6%		91.9%			71.0%		84.5%
Disability		76.4%		80.5%		78.3%		78.7%		78.9%			75.6%		78.7%
Dental		73.4%		70.7%		74.6%		40.2%		70.1%			73.5%		61.7%
Total		74.1%		74.4%		78.5%		77.8%		83.2%			73.8%		79.8%








Page 16


Lincoln Financial Group
Other Operations – Select Earnings and Operational Data
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Other Operations
Operating revenues:
Insurance premiums	$	3	$	4	$	2	$	5	$	2	-33.3%	$	10	$	9	-10.0%
Net investment income		46		46		42		38		35	-23.9%		147		116	-21.1%
Other revenues		1		4		(6)		9		3	200.0%		9		6	-33.3%
Total operating revenues		50		54		38		52		40	-20.0%		166		131	-21.1%
Operating expenses:
Interest credited		14		14		12		11		9	-35.7%		44		31	-29.5%
Benefits		42		23		16		30		33	-21.4%		88		80	-9.1%
Commissions and other expenses		5		17		(22)		36		10	100.0%		46		24	-47.8%
Interest and debt expenses		71		72		68		68		66	-7.0%		212		203	-4.2%
Strategic digitization expense		16		18		12		14		20	25.0%		47		45	-4.3%
Total operating expenses		148		144		86		159		138	-6.8%		437		383	-12.4%
Income (loss) from operations before taxes		(98)		(90)		(48)		(107)		(98)	0.0%		(271)		(252)	7.0%
Federal income tax expense (benefit)		(23)		(23)		(1)		(25)		(24)	-4.3%		(70)		(50)	28.6%
Income (loss) from operations	$	(75)	$	(67)	$	(47)	$	(82)	$	(74)	1.3%	$	(201)	$	(202)	-0.5%



















Page 17


Lincoln Financial Group
Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
DAC, VOBA and DSI
Balance as of beginning-of-period	$	8,832	$	7,731	$	7,928	$	9,457	$	7,241	-18.0%	$	10,512	$	7,928	-24.6%
Business acquired (sold) through reinsurance		-		-		(10)		-		-	NM		-		(10)	NM
Cumulative effect from adoption of new
accounting standard		-		-		5		-		-	NM		-		5	NM
Deferrals		459		643		435		355		334	-27.2%		1,291		1,123	-13.0%
Operating amortization		(604)		(262)		(243)		(204)		(679)	-12.4%		(1,092)		(1,126)	-3.1%
Deferrals, net of operating amortization		(145)		381		192		151		(345)	NM		199		(3)	NM
Amortization associated with benefit ratio unlocking		3		(16)		66		(4)		(10)	NM		(29)		52	279.3%
Adjustment related to realized (gains) losses		(9)		22		58		33		(198)	NM		33		(106)	NM
Adjustment related to unrealized (gains) losses		(950)		(190)		1,218		(2,396)		(168)	82.3%		(2,984)		(1,346)	54.9%
Balance as of end-of-period	$	7,731	$	7,928	$	9,457	$	7,241	$	6,520	-15.7%	$	7,731	$	6,520	-15.7%

DFEL
Balance as of beginning-of-period	$	1,647	$	482	$	650	$	1,379	$	433	-73.7%	$	2,769	$	650	-76.5%
Cumulative effect from adoption of new
accounting standards		-		-		4		-		-	NM		-		4	NM
Deferrals		264		368		240		252		263	-0.4%		732		754	3.0%
Operating amortization		(547)		(163)		(160)		(111)		(424)	22.5%		(803)		(695)	13.4%
Deferrals, net of operating amortization		(283)		205		80		141		(161)	43.1%		(71)		59	183.1%
Amortization associated with benefit ratio unlocking		-		(2)		8		(2)		(1)	NM		(5)		5	200.0%
Adjustment related to realized (gains) losses		(3)		3		17		12		(14)	NM		(4)		16	NM
Adjustment related to unrealized (gains) losses		(879)		(38)		620		(1,097)		135	115.4%		(2,207)		(342)	84.5%
Balance as of end-of-period	$	482	$	650	$	1,379	$	433	$	392	-18.7%	$	482	$	392	-18.7%

DAC, VOBA, DSI and DFEL
Balance as of End-of-Period, After-Tax	$	5,727	$	5,750	$	6,382	$	5,378	$	4,841	-15.5%	$	5,727	$	4,841	-15.5%








Page 18


Lincoln Financial Group
Annuities – Account Value Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Fixed Annuities
Balance as of beginning-of-period	$	23,836	$	24,448	$	25,384	$	25,740	$	25,801	8.2%	$	21,666	$	25,384	17.2%
Gross deposits		1,027		1,176		1,058		299		87	-91.5%		3,909		1,444	-63.1%
Full surrenders and deaths		(441)		(355)		(400)		(384)		(399)	9.5%		(1,411)		(1,183)	16.2%
Other contract benefits		(145)		(170)		(156)		(143)		(135)	6.9%		(431)		(434)	-0.7%
Net flows		441		651		502		(228)		(447)	NM		2,067		(173)	NM
Contract holder assessments		(10)		(11)		(13)		(16)		(16)	-60.0%		(28)		(44)	-57.1%
Reinvested interest credited		181		296		(133)		305		234	29.3%		743		405	-45.5%
Balance as of end-of-period, gross		24,448		25,384		25,740		25,801		25,572	4.6%		24,448		25,572	4.6%
Reinsurance ceded		(8,837)		(8,748)		(8,532)		(8,452)		(8,309)	6.0%		(8,837)		(8,309)	6.0%
Balance as of end-of-period, net	$	15,611	$	16,636	$	17,208	$	17,349	$	17,263	10.6%	$	15,611	$	17,263	10.6%

Variable Annuities
Balance as of beginning-of-period	$	119,005	$	118,424	$	125,492	$	108,689	$	121,713	2.3%	$	108,536	$	125,492	15.6%
Gross deposits		2,434		2,726		2,639		2,216		2,452	0.7%		6,714		7,307	8.8%
Full surrenders and deaths		(1,711)		(1,642)		(1,602)		(1,068)		(1,384)	19.1%		(4,891)		(4,054)	17.1%
Other contract benefits		(911)		(1,006)		(1,011)		(862)		(904)	0.8%		(2,768)		(2,777)	-0.3%
Net flows		(188)		78		26		286		164	187.2%		(945)		476	150.4%
Contract holder assessments		(636)		(638)		(632)		(611)		(648)	-1.9%		(1,857)		(1,890)	-1.8%
Change in market value and reinvestment		243		7,628		(16,197)		13,349		6,356	NM		12,690		3,507	-72.4%
Balance as of end-of-period, gross		118,424		125,492		108,689		121,713		127,585	7.7%		118,424		127,585	7.7%
Reinsurance ceded		-		-		-		(1)		-	NM		-		-	NM
Balance as of end-of-period, gross and net	$	118,424	$	125,492	$	108,689	$	121,712	$	127,585	7.7%	$	118,424	$	127,585	7.7%

Total
Balance as of beginning-of-period	$	142,841	$	142,872	$	150,876	$	134,429	$	147,514	3.3%	$	130,202	$	150,876	15.9%
Gross deposits		3,461		3,902		3,697		2,515		2,539	-26.6%		10,623		8,751	-17.6%
Full surrenders and deaths		(2,152)		(1,997)		(2,002)		(1,452)		(1,783)	17.1%		(6,302)		(5,237)	16.9%
Other contract benefits		(1,056)		(1,176)		(1,167)		(1,005)		(1,039)	1.6%		(3,199)		(3,211)	-0.4%
Net flows		253		729		528		58		(283)	NM		1,122		303	-73.0%
Contract holder assessments		(646)		(649)		(645)		(627)		(664)	-2.8%		(1,885)		(1,934)	-2.6%
Change in market value and reinvestment		424		7,924		(16,330)		13,654		6,590	NM		13,433		3,912	-70.9%
Balance as of end-of-period, gross		142,872		150,876		134,429		147,514		153,157	7.2%		142,872		153,157	7.2%
Reinsurance ceded		(8,837)		(8,748)		(8,532)		(8,453)		(8,309)	6.0%		(8,837)		(8,309)	6.0%
Balance as of end-of-period, net	$	134,035	$	142,128	$	125,897	$	139,061	$	144,848	8.1%	$	134,035	$	144,848	8.1%

Page 19


Lincoln Financial Group
Retirement Plan Services – Account Value Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
General Account
Balance as of beginning-of-period	$	20,076	$	20,337	$	20,558	$	21,335	$	21,672	7.9%	$	19,766	$	20,558	4.0%
Gross deposits		469		663		609		817		568	21.1%		1,319		1,994	51.2%
Withdrawals		(490)		(682)		(565)		(752)		(477)	2.7%		(1,479)		(1,793)	-21.2%
Net flows		(21)		(19)		44		65		91	NM		(160)		201	225.6%
Transfers between fixed and variable accounts		136		94		587		124		402	195.6%		303		1,112	267.0%
Contract holder assessments		(3)		(3)		(3)		(3)		(4)	-33.3%		(8)		(10)	-25.0%
Reinvestment interest credited		149		149		149		151		155	4.0%		436		455	4.4%
Balance as of end-of-period	$	20,337	$	20,558	$	21,335	$	21,672	$	22,316	9.7%	$	20,337	$	22,316	9.7%

Separate Account and Mutual Funds
Balance as of beginning-of-period	$	53,938	$	54,227	$	58,131	$	48,301	$	54,886	1.8%	$	47,289	$	58,131	22.9%
Gross deposits		1,765		2,000		2,170		1,490		1,806	2.3%		5,484		5,465	-0.3%
Withdrawals		(1,472)		(1,559)		(1,543)		(2,762)		(1,535)	-4.3%		(5,125)		(5,841)	-14.0%
Net flows		293		441		627		(1,272)		271	-7.5%		359		(376)	NM
Transfers between fixed and variable accounts		(190)		(171)		(610)		(161)		(436)	NM		(542)		(1,205)	NM
Contract holder assessments		(54)		(55)		(54)		(49)		(50)	7.4%		(158)		(153)	3.2%
Change in market value and reinvestment		240		3,689		(9,793)		8,067		3,584	NM		7,279		1,858	-74.5%
Balance as of end-of-period	$	54,227	$	58,131	$	48,301	$	54,886	$	58,255	7.4%	$	54,227	$	58,255	7.4%

Total
Balance as of beginning-of-period	$	74,014	$	74,564	$	78,689	$	69,636	$	76,558	3.4%	$	67,055	$	78,689	17.3%
Gross deposits		2,234		2,663		2,779		2,307		2,374	6.3%		6,803		7,459	9.6%
Withdrawals		(1,962)		(2,241)		(2,108)		(3,514)		(2,012)	-2.5%		(6,604)		(7,634)	-15.6%
Net flows		272		422		671		(1,207)		362	33.1%		199		(175)	NM
Transfers between fixed and variable accounts		(54)		(77)		(23)		(37)		(34)	37.0%		(239)		(93)	61.1%
Contract holder assessments		(57)		(58)		(57)		(52)		(54)	5.3%		(166)		(163)	1.8%
Change in market value and reinvestment		389		3,838		(9,644)		8,218		3,739	NM		7,715		2,313	-70.0%
Balance as of end-of-period	$	74,564	$	78,689	$	69,636	$	76,558	$	80,571	8.1%	$	74,564	$	80,571	8.1%







Page 20


Lincoln Financial Group
Life Insurance – Account Value Roll Forwards
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
General Account
Balance as of beginning-of-period	$	37,438	$	37,582	$	38,141	$	38,054	$	38,034	1.6%	$	37,289	$	38,141	2.3%
Deposits		1,137		1,525		996		964		966	-15.0%		3,281		2,926	-10.8%
Withdrawals and deaths		(243)		(156)		(380)		(263)		(230)	5.3%		(770)		(873)	-13.4%
Net flows		894		1,369		616		701		736	-17.7%		2,511		2,053	-18.2%
Contract holder assessments		(1,094)		(1,184)		(1,075)		(1,073)		(1,079)	1.4%		(3,242)		(3,227)	0.5%
Reinvested interest credited		344		374		372		352		389	13.1%		1,024		1,113	8.7%
Balance as of end-of-period, gross		37,582		38,141		38,054		38,034		38,080	1.3%		37,582		38,080	1.3%
Reinsurance ceded		(660)		(656)		(649)		(646)		(646)	2.1%		(660)		(646)	2.1%
Balance as of end-of-period, net	$	36,922	$	37,485	$	37,405	$	37,388	$	37,434	1.4%	$	36,922	$	37,434	1.4%

Separate Account
Balance as of beginning-of-period	$	15,941	$	16,136	$	17,646	$	14,782	$	17,351	8.8%	$	13,735	$	17,646	28.5%
Deposits		548		888		454		464		571	4.2%		1,626		1,488	-8.5%
Withdrawals and deaths		(215)		(300)		(107)		(142)		(151)	29.8%		(673)		(399)	40.7%
Net flows		333		588		347		322		420	26.1%		953		1,089	14.3%
Contract holder assessments		(197)		(230)		(204)		(211)		(217)	-10.2%		(585)		(632)	-8.0%
Change in market value and reinvestment		59		1,152		(3,007)		2,458		1,117	NM		2,033		568	-72.1%
Balance as of end-of-period, gross		16,136		17,646		14,782		17,351		18,671	15.7%		16,136		18,671	15.7%
Reinsurance ceded		(829)		(876)		(712)		(830)		(874)	-5.4%		(829)		(874)	-5.4%
Balance as of end-of-period, net	$	15,307	$	16,770	$	14,070	$	16,521	$	17,797	16.3%	$	15,307	$	17,797	16.3%

Total
Balance as of beginning-of-period	$	53,379	$	53,718	$	55,787	$	52,836	$	55,385	3.8%	$	51,024	$	55,787	9.3%
Deposits		1,685		2,413		1,450		1,428		1,537	-8.8%		4,907		4,414	-10.0%
Withdrawals and deaths		(458)		(456)		(487)		(405)		(381)	16.8%		(1,443)		(1,272)	11.9%
Net flows		1,227		1,957		963		1,023		1,156	-5.8%		3,464		3,142	-9.3%
Contract holder assessments		(1,291)		(1,414)		(1,279)		(1,284)		(1,296)	-0.4%		(3,827)		(3,859)	-0.8%
Change in market value and reinvestment		403		1,526		(2,635)		2,810		1,506	273.7%		3,057		1,681	-45.0%
Balance as of end-of-period, gross		53,718		55,787		52,836		55,385		56,751	5.6%		53,718		56,751	5.6%
Reinsurance ceded		(1,489)		(1,532)		(1,361)		(1,476)		(1,520)	-2.1%		(1,489)		(1,520)	-2.1%
Balance as of end-of-period, net	$	52,229	$	54,255	$	51,475	$	53,909	$	55,231	5.7%	$	52,229	$	55,231	5.7%




Page 21


Lincoln Financial Group
Select Investment Data
Unaudited (millions of dollars)

	As of 9/30/19				As of 12/31/19				As of 9/30/20
	Amount		%		Amount		%		Amount		%
Fixed Maturity AFS, Trading and Equity Securities, at Fair Value
Fixed maturity AFS securities, net of allowance for credit losses:
Corporate bonds	$	87,910		81.2%	$	88,716		80.7%	$	98,717		80.1%
U.S. government bonds		438		0.4%		435		0.4%		496		0.4%
State and municipal bonds		5,800		5.3%		5,884		5.4%		6,774		5.5%
Foreign government bonds		444		0.4%		393		0.4%		436		0.4%
Residential mortgage-backed securities		3,287		3.0%		3,241		2.9%		3,203		2.6%
Commercial mortgage-backed securities		1,033		1.0%		1,083		1.0%		1,430		1.2%
Asset-backed securities		4,172		3.8%		4,889		4.4%		6,590		5.4%
Hybrid and redeemable preferred securities		575		0.5%		559		0.5%		606		0.5%
Total fixed maturity AFS securities, net of allowance for credit losses		103,659		95.6%		105,200		95.7%		118,252		96.1%
Trading securities		4,691		4.3%		4,673		4.2%		4,633		3.8%
Equity securities		158		0.1%		103		0.1%		122		0.1%
Total fixed maturity AFS securities, net of allowance for credit losses, and trading and
equity securities	$	108,508		100.0%	$	109,976		100.0%	$	123,007		100.0%

Fixed Maturity AFS, Trading and Equity Securities, at Amortized Cost
Fixed maturity AFS securities	$	88,176		95.4%	$	94,295		95.8%	$	101,885		95.8%
Trading securities		4,093		4.4%		4,005		4.1%		4,296		4.1%
Equity securities		185		0.2%		123		0.1%		140		0.1%
Total fixed maturity AFS, trading and equity securities	$	92,454		100.0%	$	98,423		100.0%	$	106,321		100.0%

Percentage of Fixed Maturity AFS Securities, at Amortized Cost
Investment grade				96.4%				96.3%				95.9%
Below investment grade				3.6%				3.7%				4.1%










Page 22


Lincoln Financial Group
Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Components of Realized Gain (Loss), Pre-Tax
Total adjusted operating realized gain (loss)	$	50	$	52	$	51	$	47	$	57	14.0%	$	132	$	155	17.4%
Total excluded realized gain (loss)		(61)		(171)		(75)		(694)		572	NM		(623)		(198)	68.2%
Total realized gain (loss), pre-tax	$	(11)	$	(119)	$	(24)	$	(647)	$	629	NM	$	(491)	$	(43)	91.2%

Reconciliation of Excluded Realized Gain (Loss)
Net of Benefit Ratio Unlocking, After-Tax
Total excluded realized gain (loss)	$	(49)	$	(135)	$	(60)	$	(548)	$	452	NM	$	(492)	$	(156)	68.3%
Benefit ratio unlocking		(2)		91		(349)		282		83	NM		186		17	-90.9%
Excluded realized gain (loss) net of
benefit ratio unlocking, after-tax	$	(51)	$	(44)	$	(409)	$	(266)	$	535	NM	$	(306)	$	(139)	54.6%

Components of Excluded Realized Gain (Loss) Net
of Benefit Ratio Unlocking, After-Tax
Credit loss benefit (expense) on mortgage loans on
real estate	$	-	$	-	$	(51)	$	(79)	$	50	NM	$	-	$	(79)	NM
Credit loss benefit (expense) on other financial assets		-		-		(16)		(1)		(1)	NM		-		(17)	NM
OTTI		(2)		(1)		-		-		-	100.0%		(11)		-	100.0%
Realized gain (loss) related to certain financial assets		(12)		(8)		14		(36)		(5)	59.7%		(33)		(28)	15.2%
Realized gain (loss) on equity securities		(14)		3		(15)		2		3	121.4%		(8)		(10)	-25.0%
Realized gain (loss) on the mark-to-market on certain
instruments		19		9		38		(1)		(6)	NM		(103)		32	131.1%
Realized gain (loss) related to financial assets, after-tax		(9)		3		(30)		(115)		41	NM		(155)		(102)	34.2%
Variable annuity net derivative results:
Hedge program performance, including unlocking
for GLB reserves hedged		(65)		2		(496)		(71)		12	118.5%		(99)		(555)	NM
GLB non-performance risk component		43		(55)		147		(79)		464	NM		14		532	NM
Total variable annuity net derivative results		(22)		(53)		(349)		(150)		476	NM		(85)		(23)	72.9%
Indexed annuity forward-starting option		(20)		6		(30)		(1)		18	190.0%		(66)		(14)	78.8%
Excluded realized gain (loss) net of
benefit ratio unlocking, after-tax	$	(51)	$	(44)	$	(409)	$	(266)	$	535	NM	$	(306)	$	(139)	54.6%





Page 23

Lincoln Financial Group
Select GAAP to Non-GAAP Reconciliations
Unaudited (millions of dollars)

	For the Three Months Ended											For the Nine Months Ended
	9/30/19		12/31/19		3/31/20		6/30/20		9/30/20		Change	9/30/19		9/30/20		Change
Revenues
Total revenues	$	4,638	$	4,344	$	4,425	$	3,517	$	5,361	15.6%	$	12,913	$	13,303	3.0%
Less:
Excluded realized gain (loss)		(61)		(171)		(75)		(694)		572	NM		(623)		(198)	68.2%
Amortization of DFEL associated with
benefit ratio unlocking		(1)		2		(9)		2		1	200.0%		3		(6)	NM
Adjusted operating revenues	$	4,700	$	4,513	$	4,509	$	4,209	$	4,788	1.9%	$	13,533	$	13,507	-0.2%

Net Income
Net income (loss)	$	(161)	$	431	$	52	$	(94)	$	398	NM	$	454	$	356	-21.6%
Less:
Excluded realized gain (loss), after-tax		(49)		(135)		(60)		(548)		452	NM		(492)		(156)	68.3%
Benefit ratio unlocking, after-tax		(2)		91		(349)		282		83	NM		186		17	-90.9%
Net impact from the Tax Cuts and Jobs Act		-		17		-		-		-	NM		-		-	NM
Acquisition and integration costs related to
mergers and acquisitions, after-tax		(31)		(24)		(4)		(3)		(4)	87.1%		(80)		(12)	85.0%
Gain (loss) on early extinguishment of debt, after-tax		(33)		-		-		(12)		-	100.0%		(33)		(12)	63.6%
Total adjustments		(115)		(51)		(413)		(281)		531	NM		(419)		(163)	61.1%
Adjusted income (loss) from operations	$	(46)	$	482	$	465	$	187	$	(133)	NM	$	873	$	519	-40.5%

Earnings (Loss) Per Common Share – Diluted
Net income (loss)	$	(0.83)	$	2.15	$	0.15	$	(0.49)	$	2.01	NM	$	2.24	$	1.74	-22.3%
Less:
Excluded realized gain (loss), after-tax		(0.24)		(0.68)		(0.30)		(2.85)		2.32	NM		(2.42)		(0.80)	66.9%
Benefit ratio unlocking, after-tax		(0.01)		0.46		(1.77)		1.46		0.43	NM		0.91		0.09	-90.1%
Net impact from the Tax Cuts and Jobs Act		-		0.08		-		-		-	NM		-		-	NM
Acquisition and integration costs related to mergers
and acquisitions, after-tax		(0.16)		(0.12)		(0.02)		(0.01)		(0.02)	87.5%		(0.39)		(0.06)	84.6%
Gain (loss) on early extinguishment of debt, after-tax		(0.17)		-		-		(0.06)		-	100.0%		(0.16)		(0.06)	62.5%
Adjusted income (loss) from operations	$	(0.25)	$	2.41	$	2.24	$	0.97	$	(0.72)	NM	$	4.30	$	2.57	-40.2%





Page 24