LINCOLN NATIONAL CORP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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– Condensed Financial Information of Registrant
SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
(Parent Company Only) (in millions, except share data)
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Investments in subsidiaries | $16,650 | $14,240 |
| Derivative investments | 1 | 165 |
| Other investments | 20 | 49 |
| Cash and invested cash | 1,130 | 786 |
| Loans to and accrued interest due from subsidiaries | 2,152 | 2,234 |
| Other assets | 206 | 122 |
| Total assets | $20,159 | $17,596 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Liabilities | ||
| Common stock dividends payable | $86 | $77 |
| Short-term debt | 400 | 300 |
| Long-term debt | 7,366 | 7,356 |
| Loans from and accrued interest due to subsidiaries | 1,129 | 1,072 |
| Other liabilities | 272 | 522 |
| Total liabilities | 9,253 | 9,327 |
| Contingencies and Commitments (See Note 17) | ||
| Stockholders’ Equity | ||
| Preferred stock – 10,000,000 shares authorized: | ||
| Series C preferred stock – 20,000 shares authorized, issued and outstanding | ||
| as of December 31, 2025 and 2024 | 493 | 493 |
| Series D preferred stock – 20,000 shares authorized, issued and outstanding | ||
| as of December 31, 2025 and 2024 | 493 | 493 |
| Common stock – 800,000,000 shares authorized; 188,425,634 and 170,380,646 shares | ||
| issued and outstanding as of December 31, 2025 and 2024, respectively | 5,592 | 4,674 |
| Retained earnings | 8,386 | 7,645 |
| Accumulated other comprehensive income (loss) | (4,058) | (5,036) |
| Total stockholders’ equity | 10,906 | 8,269 |
| Total liabilities and stockholders’ equity | $20,159 | $17,596 |
FS-3
SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Parent Company Only) (in millions)
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues | |||
| Interest from subsidiaries | $200 | $276 | $233 |
| Net investment income | 27 | 24 | 25 |
| Realized gain (loss) | (1) | 101 | – |
| Other revenues | – | 2 | – |
| Total revenues | 226 | 403 | 258 |
| Expenses | |||
| Operating and administrative expenses | 127 | 100 | 78 |
| Interest – subsidiaries | 251 | 268 | 175 |
| Interest – other | 200 | 297 | 289 |
| Total expenses | 578 | 665 | 542 |
| Income (loss) before federal income taxes, equity in income (loss) of subsidiaries | (352) | (262) | (284) |
| Federal income tax expense (benefit) | (76) | (60) | (61) |
| Income (loss) before equity in income (loss) of subsidiaries | (276) | (202) | (223) |
| Equity in income (loss) of subsidiaries | 1,453 | 3,477 | (529) |
| Net income (loss) | 1,177 | 3,275 | (752) |
| Other comprehensive income (loss), net of tax: | |||
| Unrealized investment gain (loss) | 1,638 | (788) | 3,715 |
| Market risk benefit non-performance risk gain (loss) | (408) | (924) | (671) |
| Policyholder liability discount rate remeasurement gain (loss) | (264) | 157 | (160) |
| Foreign currency translation adjustment | 11 | (3) | 8 |
| Funded status of employee benefit plans | 1 | (2) | (16) |
| Total other comprehensive income (loss), net of tax | 978 | (1,560) | 2,876 |
| Comprehensive income (loss) | $2,155 | $1,715 | $2,124 |
FS-4
SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued)
STATEMENTS OF CASH FLOWS
(Parent Company Only) (in millions)
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net Cash Provided by (Used in) Operating Activities (1) | $491 | $176 | $398 |
| Cash Flows from Investing Activities | |||
| Capital contribution to subsidiaries | (967) | (27) | (7) |
| Cash received from disposition | – | 125 | – |
| Sales of available-for-sale securities | 418 | – | – |
| Net change in collateral on investments, derivatives and related settlements | 68 | 132 | 69 |
| Other | – | – | 45 |
| Net cash provided by (used in) investing activities | (481) | 230 | 107 |
| Cash Flows from Financing Activities | |||
| Payment of long-term debt, including current maturities | (300) | (100) | (500) |
| Issuance of long-term debt, net of issuance costs | 495 | 346 | – |
| Payment related to modification or early extinguishment of debt | (421) | – | – |
| Increase (decrease) in loans from subsidiaries, net | 74 | 28 | (84) |
| (Increase) decrease in loans to subsidiaries, net | 73 | 379 | (113) |
| Common stock issued for benefit plans | 4 | (5) | (7) |
| Issuance of common stock | 825 | – | – |
| Dividends paid to preferred stockholders | (91) | (91) | (82) |
| Dividends paid to common stockholders | (325) | (306) | (305) |
| Net cash provided by (used in) financing activities | 334 | 251 | (1,091) |
| Net increase (decrease) in cash and invested cash | 344 | 657 | (586) |
| Cash and invested cash as of beginning-of-year | 786 | 129 | 715 |
| Cash and invested cash as of end-of-year | $1,130 | $786 | $129 |
| Supplemental Disclosures of Cash Flow Information | |||
| Net cash paid (received) for: | |||
| Interest | $560 | $577 | $484 |
| Income taxes | (34) | 17 | (7) |
(1) Includes dividends from subsidiaries of$845 million, $595 million and $685 million for the years ended December 31, 2025, 2024 and 2023, respectively.
FS-5
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