Lincoln National Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Lincoln National Corporation has filed its 2023 10-K annual report detailing its financial performance and operations.</b>

AI Summary

LINCOLN NATIONAL CORP (LNC-PD) filed a Annual Report (10-K) with the SEC on February 22, 2024. Lincoln National Corporation filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Life Insurance, with SIC code 6311. The filing was submitted on February 22, 2024. The company is incorporated in Indiana.

Why It Matters

For investors and stakeholders tracking LINCOLN NATIONAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lincoln National's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. As a life insurance company, the detailed financial disclosures in this report are essential for understanding its solvency, profitability, and market position within the insurance industry.

Risk Assessment

Risk Level: medium — LINCOLN NATIONAL CORP shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of financial and operational information. Specific risks and their impact are detailed within the report, but without access to the full content, a precise risk level is difficult to ascertain beyond the general nature of annual filings.

Analyst Insight

Review the detailed financial statements and risk factor sections within the 10-K to understand Lincoln National's performance and potential challenges in the life insurance sector.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240222 — Filing Date (Filed as of Date)
• 6311 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• LINCOLN NATIONAL CORP (company) — Filer
• 150 N RADNOR CHESTER RD (location) — Business Address
• RADNOR (location) — Business Address City
• PA (location) — Business Address State
• 19087 (location) — Business Address ZIP

FAQ

Industry Context

Lincoln National Corporation operates within the Life Insurance industry, a sector characterized by long-term financial products and regulatory oversight.

Regulatory Implications

As a life insurance provider, Lincoln National is subject to state and federal regulations governing solvency, consumer protection, and financial reporting.

What Investors Should Do

1. Analyze the company's revenue streams and profitability metrics for FY 2023.
2. Examine the risk factors section for potential headwinds and mitigation strategies.
3. Compare key financial ratios to industry benchmarks and prior year performance.

Key Dates

• 2023-12-31: Fiscal Year End — The end date for the reporting period covered by the 10-K.
• 2024-02-22: Filing Date — The date Lincoln National Corp. officially submitted its 10-K filing.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to the previous year's filings.

Filing Documents

• lnc-20231231.htm (10-K) — 8746KB
• exhibit104-lnc.htm (EX-10.4) — 10KB
• exhibit106-lnc.htm (EX-10.6) — 101KB
• exhibit1012-lnc.htm (EX-10.12) — 19KB
• exhibit1058-lnc.htm (EX-10.58) — 15KB
• exhibit1059-lnc.htm (EX-10.59) — 13KB
• exhibit1060-lnc.htm (EX-10.60) — 17KB
• exhibit21-lnc.htm (EX-21) — 34KB
• exhibit23-lnc.htm (EX-23) — 6KB
• exhibit311-lnc.htm (EX-31.1) — 9KB
• exhibit312-lnc.htm (EX-31.2) — 10KB
• exhibit321-lnc.htm (EX-32.1) — 4KB
• exhibit322-lnc.htm (EX-32.2) — 4KB
• exhibit97-lnc.htm (EX-97) — 47KB
• image_0.jpg (GRAPHIC) — 0KB
• image_01.jpg (GRAPHIC) — 0KB
• image_02.jpg (GRAPHIC) — 1KB
• 0000059558-24-000013.txt (&nbsp;) — 43334KB
• lnc-20231231.xsd (EX-101.SCH) — 203KB
• lnc-20231231_cal.xml (EX-101.CAL) — 212KB
• lnc-20231231_def.xml (EX-101.DEF) — 1421KB
• lnc-20231231_lab.xml (EX-101.LAB) — 2146KB
• lnc-20231231_pre.xml (EX-101.PRE) — 1836KB
• lnc-20231231_htm.xml (XML) — 10348KB

Business

Item 1. Business 1 Overview 1 Business Segments and Other Operations 2 Annuities 2 Life Insurance 4 Group Protection 6 Retirement Plan Services 8 Other Operations 10 Reinsurance 10 Reserves 10 Investments 11 Financial Strength Ratings 11 Regulatory 12 Human Capital Management 18 Available Information 19

Risk Factors

Item 1A. Risk Factors 20

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 34

Cybersecurity

Item 1C. Cybersecurity 34

Properties

Item 2. Properties 36

Legal Proceedings

Item 3. Legal Proceedings 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36 Information About our Executive Officers 37 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

[Reserved]

Item 6. [Reserved] 38

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 95

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 101

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 217

Controls and Procedures

Item 9A. Controls and Procedures 217

Other Information

Item 9B. Other Information 218

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 218 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 218

Executive Compensation

Item 11. Executive Compensation 218

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 218

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 218

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 218 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 219 Index to Exhibits 220

Signatures

Signatures 228 Index to Financial Statement Schedules FS-1 Table of Contents PART I The "Business" section and other parts of this Form 10-K contain forward-looking statements that involve inherent risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, and containing words such as "believes," "estimates," "anticipates," "expects" or similar words are forward-looking statements. Our actual results may differ materially from the projected results discussed in the forward-looking statements. Factors that could cause such differences include, but are not limited to, those discussed in "Item 1A. Risk Factors" and in the "Forward-Looking Statements – Cautionary Language" in "Part II – Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" ("MD&A") of the Form 10-K. The consolidated financial statements and the accompanying notes to the consolidated financial statements ("Notes") are presented in "Part II – Item 8. Financial Statements and Supplementary Data."

Business

Item 1. Business OVERVIEW Lincoln National Corporation ("LNC," which also may be referred to as "Lincoln," "we," "our" or "us") is a holding company that operates multiple insurance and retirement businesses through subsidiary companies. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement income products and solutions. LNC was organized under the laws of the state of Indiana in 1968. We currently maintain our principal executive offices in Radnor, Pennsylvania. "Lincoln Financial Group" is the marketing name for LNC and its subsidiary companies. We provide products and services and report results through four segments as follows: Business Segments Annuities Life Insurance Group Protection Retirement Plan Services We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments The results of Lincoln Financial Network ("LFN") and Lincoln Financial Distributors ("LFD"), our retail and wholesale distributors, respectively, are included in the segments for which they distribute products. LFD distributes our individual products and services, retirement plans and corporate-owned universal life insurance and variable universal life insurance ("COLI") and bank-owned universal life insurance and variable universal life insurance ("BOLI") products and services. The distribution occurs primarily through consultants, brokers, planners, agents, financial advisers, third-party administrators ("TPAs") and other intermediaries. Group Protection distributes its products and services primarily through employee benefit brokers, TPAs and other employee benefit firms. As of December 31, 2023, LFD had approximately 520 internal and external wholesalers (including sales and relationship managers). As of December 31, 2023, LFN offered LNC and non-proprietary products and advisory services through a national network of approximately

View Full Filing

View this 10-K filing on SEC EDGAR