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Shares and Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
Schedule of Changes in Preferred | Preferred stock authorized, issued and outstanding (number of shares) was as follows:
| As of December 31,
| 2024 |  | 2023
| Shares Authorized |  | Shares Issued |  | Shares Outstanding |  | Shares Authorized |  | Shares Issued |  | Shares Outstanding
9.250% Fixed Rate Reset Non-Cumulative |  |  |  |  |  |  |  |  |  |  |
Preferred Stock, Series C | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | 20,000 |
9.000% Non-Cumulative Preferred Stock, |  |  |  |  |  |  |  |  |  |  |
Series D | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | 20,000 |  |  | 20,000 |
Not designated | 9,960,000 |  |  | – |  |  | – |  |  | 9,960,000 |  |  | – |  |  | – |
Total preferred shares | 10,000,000 |  |  | 40,000 |  |  | 40,000 |  |  | 10,000,000 |  |  | 40,000 |  |  | 40,000 |
The per share and aggregate dividends declared for preferred stock by series (in millions except per share data) was as follows:
| For the Years Ended December 31,
| 2024 |  | 2023
Series | Dividend Per Share |  | Aggregate Dividend |  | Dividend Per Share |  | Aggregate Dividend
Series C | $ | 2,312.50 |  |  | $ | 46 |  |  | $ | 1,792.19 |  |  | 36 |
Series D | 2,250.00 |  |  | 45 |  |  | 2,306.25 |  |  | 46 |
Total | $ | 4,562.50 |  |  | $ | 91 |  |  | $ | 4,098.44 |  |  | 82 |
Schedule of Common Stock Outstanding Roll Forward | The changes in our common stock (number of shares) were as follows:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Common Stock |  |  |  |  |
Balance as of beginning-of-year | 169,666,137 |  | 169,220,511 |  | 177,193,515
Stock compensation/issued for benefit plans | 714,509 |  | 445,626 |  | 692,491
Retirement/cancellation of shares | – |  |  | – |  |  | (8,665,495)
Balance as of end-of-year | 170,380,646 |  | 169,666,137 |  | 169,220,511
Reconciliation of the Denominator Calculations of Basic and Diluted Earnings per Share | The calculation of EPS was as follows (in millions except per share data):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Net income (loss) available to common stockholders – basic | $ | 3,184 |  |  | $ | (834) |  |  | $ | 1,358 |
Deferred units of LNC stock in our |  |  |  |  |
deferred compensation plans (1) | 3 |  |  | (1) |  |  | (13) |
Net income (loss) available to common |  |  |  |  |
stockholders – diluted | $ | 3,187 |  |  | $ | (835) |  |  | $ | 1,345 |
Weighted-average shares, as used in basic calculation | 170,597,104 |  | 169,562,903 |  | 171,034,695
Incremental common shares from assumed exercise or |  |  |  |  |
issuance of stock-based incentive compensation awards | 1,789,530 |  | 570,943 |  | 1,152,890
Average deferred compensation shares (1) | 693,791 |  | 604,809 |  | 512,570
Weighted-average shares, as used in diluted calculation (2) | 173,080,425 |  | 170,738,655 |  | 172,700,155
Net income (loss) per share: |  |  |  |  |
Basic | $ | 18.66 |  |  | $ | (4.92) |  |  | $ | 7.93 |
Diluted | 18.41 |  |  | (4.92) |  |  | 7.78 |
(1) We have participants in our deferred compensation plans who selected LNC stock as the measure for the investment return attributable to all or a portion of their deferral amounts. This obligation is settled in either cash or LNC stock pursuant to the applicable plan document. We exclude deferred units of LNC stock that are antidilutive from our diluted EPS calculation. (2) Due to reporting a net loss for the year ended December 31, 2023, basic shares were used in the diluted EPS calculation for this year as the use of diluted shares would have resulted in a lower loss per share.
Components and Changes in AOCI | The following summarizes the components and changes in AOCI (in millions):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain |  |  |  |  |
Other Investments |  |  |  |  |
Balance as of beginning-of-year | $ | (5,188) |  |  | $ | (8,916) |  |  | $ | 9,616 |
Unrealized holding gains (losses) arising during the year | (1,787) |  |  | 2,413 |  |  | (25,552) |
Change in foreign currency exchange rate adjustment | (220) |  |  | 179 |  |  | (322) |
Change in future contract benefits and policyholder account balances, net of reinsurance | 477 |  |  | 1,306 |  |  | 2,291 |
Income tax benefit (expense) | 317 |  |  | (849) |  |  | 5,039 |
Less: |  |  |  |  |
Reclassification adjustment for gains (losses) included in net income (loss) | (205) |  |  | (860) |  |  | (15) |
Income tax benefit (expense) | 43 |  |  | 181 |  |  | 3 |
Balance as of end-of-year | $ | (6,239) |  |  | $ | (5,188) |  |  | $ | (8,916) |
Unrealized Gain (Loss) on Derivative Instruments |  |  |  |  |
Balance as of beginning-of-year | $ | 375 |  |  | $ | 388 |  |  | $ | (85) |
Unrealized holding gains (losses) arising during the year | 201 |  |  | 243 |  |  | 378 |
Change in foreign currency exchange rate adjustment | 220 |  |  | (169) |  |  | 312 |
Income tax benefit (expense) | (88) |  |  | (15) |  |  | (144) |
Less: |  |  |  |  |
Reclassification adjustment for gains (losses) included in net income (loss) | 89 |  |  | 91 |  |  | 92 |
Income tax benefit (expense) | (19) |  |  | (19) |  |  | (19) |
Balance as of end-of-year | $ | 638 |  |  | $ | 375 |  |  | $ | 388 |
Market Risk Benefit Non-Performance Risk Gain (Loss) |  |  |  |  |
Balance as of beginning-of-year | $ | 1,070 |  |  | $ | 1,741 |  |  | $ | 1,951 |
Adjustment arising during the year | (1,175) |  |  | (854) |  |  | (266) |
Income tax benefit (expense) | 251 |  |  | 183 |  |  | 56 |
Balance as of end-of-year | $ | 146 |  |  | $ | 1,070 |  |  | $ | 1,741 |
Policyholder Liability Discount Rate Remeasurement Gain (Loss) |  |  |  |  |
Balance as of beginning-of-year | $ | 587 |  |  | $ | 747 |  |  | $ | (1,265) |
Adjustment arising during the year | 198 |  |  | (206) |  |  | 2,559 |
Income tax benefit (expense) | (41) |  |  | 46 |  |  | (547) |
Balance as of end-of-year | $ | 744 |  |  | $ | 587 |  |  | $ | 747 |
Foreign Currency Translation Adjustment |  |  |  |  |
Balance as of beginning-of-year | $ | (26) |  |  | $ | (34) |  |  | $ | (14) |
Foreign currency translation adjustment arising during the year | (3) |  |  | 8 |  |  | (20) |
Balance as of end-of-year | $ | (29) |  |  | $ | (26) |  |  | $ | (34) |
Funded Status of Employee Benefit Plans |  |  |  |  |
Balance as of beginning-of-year | $ | (294) |  |  | $ | (278) |  |  | $ | (219) |
Adjustment arising during the year | (5) |  |  | (13) |  |  | (74) |
Income tax benefit (expense) | 3 |  |  | (3) |  |  | 15 |
Balance as of end-of-year | $ | (296) |  |  | $ | (294) |  |  | $ | (278) |
Schedule of Reclassifications Out of AOCI | The following summarizes the reclassifications out of AOCI (in millions) and the associated line item on the Consolidated Statements of Comprehensive Income (Loss):
| For the Years Ended December 31, |
| 2024 |  | 2023 |  | 2022 |
Unrealized Gain (Loss) on Fixed Maturity AFS |  |  |  |  |  |
Securities and Certain Other Investments |  |  |  |  |  |
Reclassification | $ | (244) |  |  | $ | (869) |  |  | $ | (15) |  | Realized gain (loss)
Associated change in future contract benefits | 39 |  |  | 9 |  |  | – |  | Benefits
Reclassification before income |  |  |  |  |  |
tax benefit (expense) | (205) |  |  | (860) |  |  | (15) |  | Income (loss) before taxes
Income tax benefit (expense) | 43 |  |  | 181 |  |  | 3 |  | Federal income tax expense (benefit)
Reclassification, net of income tax | $ | (162) |  |  | $ | (679) |  |  | $ | (12) |  | Net income (loss)
Unrealized Gain (Loss) on Derivative |  |  |  |  |  |
Instruments |  |  |  |  |  |
Interest rate contracts | $ | (3) |  |  | $ | (1) |  |  | $ | 2 |  | Net investment income
Interest rate contracts | 25 |  |  | 31 |  |  | (11) |  | Interest and debt expense
Foreign currency contracts | 59 |  |  | 54 |  |  | 62 |  | Net investment income
Foreign currency contracts | 8 |  |  | 7 |  |  | 39 |  | Realized gain (loss)
Reclassifications before income |  |  |  |  |  |
tax benefit (expense) | 89 |  |  | 91 |  |  | 92 |  | Income (loss) before taxes
Income tax benefit (expense) | (19) |  |  | (19) |  |  | (19) |  | Federal income tax expense (benefit)
Reclassifications, net of income tax | $ | 70 |  |  | $ | 72 |  |  | $ | 73 |  | Net income (loss)

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