XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.23.1

Guaranteed Benefit Features | 12 Months Ended
--- | ---
Dec. 31, 2022
Guaranteed Benefit Features [Abstract] |
Guaranteed Benefit Features | 10. Guaranteed Benef it Features The GDB features include those where we contractually guarantee to the contract holder either: return of no less than total deposits made to the contract less any partial withdrawals (“return of net deposits”); total deposits made to the contract less any partial withdrawals plus a minimum return (“minimum return”); or the highest contract value on any contract anniversary date through age 80. The highest contract value is increased by purchase payments and is decreased by withdrawals subsequent to that anniversary date. Information on the GDB features outstanding (dollars in millions) was as follows:
| As of December 31, |  |
| 2022 (1) |  |  | 2021 (1) |  |
Return of Net Deposits |  |  |  |  |  |  |  |
Total account value | $ | 94,297 |  |  | $ | 117,503 |  |
Net amount at risk (2) |  | 1,376 |  |  |  | 84 |  |
Average attained age of contract holders |  | 67 years |  |  |  | 67 years |  |
Minimum Return |  |  |  |  |  |  |  |
Total account value | $ | 71 |  |  | $ | 102 |  |
Net amount at risk (2) |  | 14 |  |  |  | 11 |  |
Average attained age of contract holders |  | 79 years |  |  |  | 79 years |  |
Guaranteed minimum return |  | 5% |  |  |  | 5% |  |
Anniversary Contract Value |  |  |  |  |  |  |  |
Total account value | $ | 21,730 |  |  | $ | 28,788 |  |
Net amount at risk (2) |  | 3,699 |  |  |  | 400 |  |
Average attained age of contract holders |  | 73 years |  |  |  | 73 years |  |
(1)Our variable contracts with guarantees may offer more than one type of guarantee in each contract; therefore, the amounts listed are not mutually exclusive. (2)Represents the amount of death benefit in excess of the account value that is subject to market fluctuations. The determination of GDB liabilities is based on models that involve a range of scenarios and assumptions, including those regarding expected market rates of return and volatility, contract surrender rates and mortality experience. The following summarizes the balances of and changes in the liabilities for GDBs (in millions), which were recorded in future contract benefits on the Consolidated Balance Sheets:
| For the Years Ended December 31, |  |
| 2022 |  | 2021 |  | 2020 |  |
Balance as of beginning-of-year | $ | 132 |  | $ | 121 |  | $ | 117 |  |
Changes in reserves |  | 210 |  |  | 31 |  |  | 30 |  |
Benefits paid |  | (58 | ) |  | (20 | ) |  | (26 | ) |
Balance as of end-of-year | $ | 284 |  | $ | 132 |  | $ | 121 |  |
Variable Annuity Contracts Account values of variable annuity contracts, including those with guarantees, (in millions) were invested in separate account investment options as follows:
| As of December 31, |  |
| 2022 |  |  | 2021 |  |
Asset Type |  |  |  |  |  |  |  |
Domestic equity | $ | 58,640 |  |  | $ | 77,290 |  |
International equity |  | 15,959 |  |  |  | 21,223 |  |
Fixed income |  | 35,982 |  |  |  | 45,231 |  |
Total | $ | 110,581 |  |  | $ | 143,744 |  |
Secondary Guarantee Products Future contract benefits and other contract holder funds include reserves for our secondary guarantee products sold through our Life Insurance segment. Reserves on UL and VUL products with secondary guarantees represented 40% and 39% of total life insurance in-force reserves as of December 31, 2022 and 2021, respectively.

X
- Definition Guaranteed Benefit Features [Abstract] + References No definition available. + Details
Name: | lnc_GuaranteedBenefitFeaturesAbstract
Namespace Prefix: | lnc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Guaranteed benefit features disclosure, including net amount at risk, average attained age of contract holders and guaranteed minimum return. For minimum guaranteed benefits to policyholders and contract holders, discloses the amount of liability reported for additional insurance benefits, annuitization benefits and other minimum guarantees, by type of benefit, for the most recent balance sheet date and the incurred and paid amounts for periods presented for traditional and nontraditional products. + References No definition available. + Details
Name: | lnc_ScheduleOfMinimumGuaranteedBenefitsLiabilitiesTextBlock
Namespace Prefix: | lnc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration