LINCOLN NATIONAL CORP

For the period ended Dec 31, 2024. Filed Feb 21, 2025.

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.

FY2024 · Filed Feb 21, 2025

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

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Contents

Item 8. Consolidated Statements of Cash Flows

	For the Years Ended December 31,
	2024	2023	2022
Cash Flows from Operating Activities
Net income (loss)	$3,275	$(752)	$1,358
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Realized (gain) loss	(269)	4,311	(840)
Market risk benefit (gain) loss	(2,677)	(2,264)	(3,246)
Sales and maturities (purchases) of trading securities, net	343	1,301	300
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	689	637	488
Accrued investment income	(39)	4	(67)
Insurance liabilities and reinsurance-related balances	(3,322)	(3,719)	4,377
Accrued expenses	251	109	(91)
Federal income tax accruals	747	(396)	421
Other	(1,005)	133	275
Net cash provided by (used in) operating activities	(2,007)	(2,074)	3,609
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities	(11,442)	(11,131)	(14,813)
Sales of available-for-sale securities and equity securities	1,965	4,013	2,297
Maturities of available-for-sale securities	9,442	5,670	5,453
Purchases of alternative investments	(1,390)	(630)	(664)
Sales and repayments of alternative investments	352	111	446
Issuance of mortgage loans on real estate	(4,146)	(1,946)	(2,507)
Repayment and maturities of mortgage loans on real estate	1,673	1,268	2,255
Repayment (issuance) of policy loans, net	–	(119)	5
Net change in collateral on investments, certain derivatives and related settlements	4,052	(260)	(4,070)
Cash received from disposition, net of cash transferred	619	–	–
Other	(304)	(310)	(48)
Net cash provided by (used in) investing activities	821	(3,334)	(11,646)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities	(100)	(500)	(300)
Issuance of long-term debt, net of issuance costs	346	–	296
Payment related to sale-leaseback transactions	(17)	(79)	(70)
Proceeds from certain financing arrangements	53	86	186
Payment related to certain financing arrangements	(137)	(49)	–
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction	–	1,246	–
Deposits of fixed account balances	16,060	16,404	16,203
Withdrawals of fixed account balances	(12,153)	(10,660)	(7,674)
Transfers from (to) separate accounts, net	(27)	(624)	19
Common stock issued for benefit plans	(5)	(7)	(16)
Issuance of preferred stock, net of issuance costs	–	–	986
Repurchase of common stock	–	–	(550)
Dividends paid to preferred stockholders	(91)	(82)	–
Dividends paid to common stockholders	(307)	(305)	(310)
Other	–	–	(2)
Net cash provided by (used in) financing activities	3,622	5,430	8,768
Net increase (decrease) in cash, invested cash and restricted cash	2,436	22	731
Cash, invested cash and restricted cash as of beginning-of-year	3,365	3,343	2,612
Cash, invested cash and restricted cash as of end-of-year	$5,801	$3,365	$3,343

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.