LINCOLN NATIONAL CORP
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
LNC$42.77-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Comprehensive Income (Loss)
(in millions, except per share data)
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenues | |||
| Insurance premiums | $3,672 | $6,087 | $5,617 |
| Fee income | 5,467 | 5,603 | 6,039 |
| Net investment income | 5,879 | 5,515 | 6,111 |
| Realized gain (loss) | (4,311) | 840 | (867) |
| Amortization of deferred gain (loss) on business sold through reinsurance | 38 | 42 | 38 |
| Other revenues | 900 | 723 | 777 |
| Total revenues | 11,645 | 18,810 | 17,715 |
| Expenses | |||
| Benefits | 6,138 | 8,479 | 8,503 |
| Interest credited | 3,248 | 2,877 | 2,929 |
| Market risk benefit (gain) loss | (2,264) | (3,246) | (3,753) |
| Policyholder liability remeasurement (gain) loss | (152) | 2,766 | (183) |
| Commissions and other expenses | 5,339 | 5,125 | 5,219 |
| Interest and debt expense | 331 | 283 | 270 |
| Spark program expense | 153 | 167 | 87 |
| Impairment of intangibles | – | 634 | – |
| Total expenses | 12,793 | 17,085 | 13,072 |
| Income (loss) before taxes | (1,148) | 1,725 | 4,643 |
| Federal income tax expense (benefit) | (396) | 367 | 865 |
| Net income (loss) | (752) | 1,358 | 3,778 |
| Other comprehensive income (loss), net of tax: | |||
| Unrealized investment gain (loss) | 3,715 | (18,059) | (3,287) |
| Market risk benefit non-performance risk gain (loss) | (671) | (210) | (923) |
| Policyholder liability discount rate remeasurement gain (loss) | (160) | 2,012 | 591 |
| Foreign currency translation adjustment | 8 | (20) | (2) |
| Funded status of employee benefit plans | (16) | (59) | 47 |
| Total other comprehensive income (loss), net of tax | 2,876 | (16,336) | (3,574) |
| Comprehensive income (loss) | $2,124 | $(14,978) | $204 |
| Net Income (Loss) Per Common Share | |||
| Basic | $(4.92) | $7.93 | $20.17 |
| Diluted | (4.92) | 7.78 | 19.96 |
| Cash Dividends Declared Per Preferred Share | |||
| Series C preferred stock | $1,792.19 | $– | $– |
| Series D preferred stock | 2,306.25 | – | – |
| Cash Dividends Declared Per Common Share | $1.80 | $1.80 | $1.71 |
See accompanying Notes to Consolidated Financial Statements
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