LINCOLN NATIONAL CORP

For the period ended Dec 31, 2023. Filed Feb 22, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 22, 2024

LNC$42.77-0.5%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Years Ended December 31,
	2023	2022	2021
Cash Flows from Operating Activities
Net income (loss)	$(752)	$1,358	$3,778
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Realized (gain) loss	4,311	(840)	867
Market risk benefit (gain) loss	(2,264)	(3,246)	(3,753)
Sales and maturities (purchases) of trading securities, net	1,301	300	(87)
Amortization of deferred gain (loss) on business sold through reinsurance	(38)	(42)	(38)
Impairment of intangibles	–	634	–
Net operating cash payments related to closing Fortitude Re reinsurance transaction	(1,438)	–	–
Change in:
Deferred acquisition costs, value of business acquired, deferred sales inducements
and deferred front-end loads	637	488	475
Accrued investment income	4	(67)	16
Insurance liabilities and reinsurance-related balances	(3,681)	4,419	(2,337)
Accrued expenses	109	(91)	399
Federal income tax accruals	(396)	421	864
Other	133	275	(401)
Net cash provided by (used in) operating activities	(2,074)	3,609	(217)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities	(11,131)	(14,813)	(16,915)
Sales of available-for-sale securities and equity securities	4,013	2,297	2,268
Maturities of available-for-sale securities	5,670	5,453	9,621
Purchases of alternative investments	(630)	(664)	(757)
Sales and repayments of alternative investments	111	446	377
Issuance of mortgage loans on real estate	(1,946)	(2,507)	(3,079)
Repayment and maturities of mortgage loans on real estate	1,268	2,255	1,881
Repayment (issuance) of policy loans, net	(119)	5	62
Net change in collateral on investments, certain derivatives and related settlements	(260)	(4,070)	3,261
Other	(310)	(48)	(303)
Net cash provided by (used in) investing activities	(3,334)	(11,646)	(3,584)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities	(500)	(300)	–
Issuance of long-term debt, net of issuance costs	–	296	–
Payment related to modification or early extinguishment of debt	–	–	(8)
Payment related to sale-leaseback transactions	(79)	(70)	(59)
Proceeds from certain financing arrangements	86	186	159
Payment related to certain financing arrangements	(49)	–	–
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction	1,246	–	–
Deposits of fixed account balances	16,404	16,203	13,426
Withdrawals of fixed account balances	(10,660)	(7,674)	(7,174)
Transfers from (to) separate accounts, net	(624)	19	(175)
Common stock issued for benefit plans	(7)	(16)	20
Issuance of preferred stock, net of issuance costs	–	986	–
Repurchase of common stock	–	(550)	(1,105)
Dividends paid to preferred stockholders	(82)	–	–
Dividends paid to common stockholders	(305)	(310)	(319)
Other	–	(2)	(60)
Net cash provided by (used in) financing activities	5,430	8,768	4,705
Net increase (decrease) in cash, invested cash and restricted cash	22	731	904
Cash, invested cash and restricted cash as of beginning-of-year	3,343	2,612	1,708
Cash, invested cash and restricted cash as of end-of-year	$3,365	$3,343	$2,612

See accompanying Notes to Consolidated Financial Statements

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.