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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM 10-Q

(Mark One)
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2025
OR
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _________ to _________.
Commission File Number: 1-6028
_______________________________________________________________________________________________________
LINCOLN NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________________________________

Indiana | 35-1140070
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)
150 N. Radnor-Chester Road, Suite A305, Radnor, Pennsylvania | 19087
(Address of principal executive offices) | (Zip Code)

(484) 583-1400
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
_____________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading symbol(s) |  | Name of each exchange on which registered
Common Stock |  | LNC |  | New York Stock Exchange
Depositary Shares, each representing a 1/1000 th interest in a share of 9.000% Non-Cumulative Preferred Stock, Series D |  | LNC PRD |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

| Large Accelerated Filer | ☒ |  | Accelerated Filer | ☐
| Non-accelerated Filer | ☐ |  | Smaller Reporting Company | ☐
|  |  |  | Emerging Growth Company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
As o f May 2, 2025, th ere wer e 170,733,897 shares of t he registrant’s common stock outstanding.
—————————————————————————————————————————————————————

Table of Contents
Lincoln National Corporation
Table of Contents

|  | Page
PART I
Item 1. | Financial Statements: |
| Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024 | 1
| Unaudited Consolidated Statements of Comprehensive Income (Loss) for the thre e months |
| ended March 31, 2025 and 2024 | 2
| Unaudited Consolidated Statements of Stockholders’ Equity for the three months |
| ended March 31, 2025 and 2024 | 3
| Unaudited Consolidated Statements of Cash Flows for the three months |
| ended March 31, 2025 and 2024 | 4
| Notes to Unaudited Consolidated Financial Statements: |
| Note 1 – Nature of Operations and Basis of Presentation | 5
| Note 2 – New Accounting Standards | 6
| Note 3 – Investments | 7
| Note 4 – Variable Interest Entities | 16
| Note 5 – Derivative Instruments | 16
| Note 6 – DAC, VOBA, DSI and DFEL | 26
| Note 7 – Reinsurance | 29
| Note 8 – MRBs | 29
| Note 9 – Separate Accounts | 31
| Note 1 0 – Policyholder Account Balances | 32
| Note 1 1 – Future Contract Benefits | 36
| Note 12 – Fair Value of Financial Instruments | 41
| Note 13 – Contingencies and Commitments | 54
| Note 14 – Shares and Stockholders’ Equity | 59
| Note 15 – Segment Information | 62
| Note 16 – Realized Gain (Loss) | 67
| Note 17 – Federal Income Taxes | 67
| Note 1 8 – Subsequent Event | 68
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 69
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 116
Item 4. | Controls and Procedures | 116
PART II
Item 1. | Legal Proceedings | 118
Item1A. | Risk Factors | 118
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 119
Item 5. | Other Information | 119
Item 6. | Exhibits | 119
| Exhibit Index for the Report on Form 10-Q | 120
| Signatures | 121

Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
LINCOLN NATIONAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(in millions, except share data)

| As of |  | As of
| March 31, |  | December 31,
| 2025 |  | 2024
| (Unaudited) |  |
ASSETS |  |  |
Investments: |  |  |
Fixed maturity available-for-sale securities, at fair value |  |  |
(amortized cost: 2025 - $97,795; 2024 - $97,415; allowance for credit losses: 2025 - $74; 2024 - $46) | $ | 88,297 |  |  | $ | 87,111 |
Trading securities | 1,984 |  |  | 2,025 |
Equity securities | 345 |  |  | 294 |
Mortgage loans on real estate, net of allowance for credit losses |  |  |
(portion at fair value: 2025 - $232; 2024 - $232) | 21,558 |  |  | 21,083 |
Policy loans | 2,529 |  |  | 2,476 |
Derivative investments | 7,849 |  |  | 9,677 |
Other investments | 6,653 |  |  | 6,588 |
Total investments | 129,215 |  |  | 129,254 |
Cash and invested cash | 4,284 |  |  | 5,801 |
Deferred acquisition costs, value of business acquired and deferred sales inducements | 12,563 |  |  | 12,537 |
Reinsurance recoverables, net of allowance for credit losses | 28,580 |  |  | 28,750 |
Deposit assets, net of allowance for credit losses | 31,048 |  |  | 30,776 |
Market risk benefit assets | 4,157 |  |  | 4,860 |
Accrued investment income | 1,134 |  |  | 1,108 |
Goodwill | 1,144 |  |  | 1,144 |
Other assets | 8,267 |  |  | 8,163 |
Separate account assets | 162,506 |  |  | 168,438 |
Total assets | $ | 382,898 |  |  | $ | 390,831 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Liabilities |  |  |
Policyholder account balances | $ | 125,262 |  |  | $ | 126,197 |
Future contract benefits | 40,665 |  |  | 39,807 |
Funds withheld reinsurance liabilities | 16,838 |  |  | 16,907 |
Market risk benefit liabilities | 1,306 |  |  | 1,046 |
Deferred front-end loads | 6,910 |  |  | 6,730 |
Payables for collateral on investments | 8,282 |  |  | 10,020 |
Short-term debt | – |  |  | 300 |
Long-term debt | 5,868 |  |  | 5,856 |
Other liabilities | 7,068 |  |  | 7,261 |
Separate account liabilities | 162,506 |  |  | 168,438 |
Total liabilities | 374,705 |  |  | 382,562 |
Contingencies and Commitments (See Note 13) |  |  |
Stockholders’ Equity |  |  |
Preferred stock – 10,000,000 shares authorized: |  |  |
Series C preferred stock – 20,000 shares authorized, issued and outstanding |  |  |
as of March 31, 2025, and December 31, 2024 | 493 |  |  | 493 |
Series D preferred stock – 20,000 shares authorized, issued and outstanding |  |  |
as of March 31, 2025, and December 31, 2024 | 493 |  |  | 493 |
Common stock – 800,000,000 shares authorized; 170,695,166 and 170,380,646 shares |  |  |
issued and outstanding as of March 31, 2025, and December 31, 2024, respectively | 4,703 |  |  | 4,674 |
Retained earnings | 6,810 |  |  | 7,645 |
Accumulated other comprehensive income (loss) | (4,306) |  |  | (5,036) |
Total stockholders’ equity | 8,193 |  |  | 8,269 |
Total liabilities and stockholders’ equity | $ | 382,898 |  |  | $ | 390,831 |

See accompanying Notes to Consolidated Financial Statements
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LINCOLN NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited, in millions, except per share data)

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |  |  |
Insurance premiums |  |  |  |  |  |  | $ | 1,676 |  |  | $ | 1,601 |
Fee income |  |  |  |  |  |  | 1,365 |  |  | 1,324 |
Net investment income |  |  |  |  |  |  | 1,457 |  |  | 1,346 |
Realized gain (loss) |  |  |  |  |  |  | 11 |  |  | (434) |
Other revenues |  |  |  |  |  |  | 182 |  |  | 279 |
Total revenues |  |  |  |  |  |  | 4,691 |  |  | 4,116 |
Expenses |  |  |  |  |  |  |  |  |
Benefits |  |  |  |  |  |  | 2,068 |  |  | 2,003 |
Interest credited |  |  |  |  |  |  | 890 |  |  | 822 |
Market risk benefit (gain) loss |  |  |  |  |  |  | 1,293 |  |  | (1,907) |
Policyholder liability remeasurement (gain) loss |  |  |  |  |  |  | (59) |  |  | (12) |
Commissions and other expenses |  |  |  |  |  |  | 1,368 |  |  | 1,601 |
Interest and debt expense |  |  |  |  |  |  | 80 |  |  | 81 |
Total expenses |  |  |  |  |  |  | 5,640 |  |  | 2,588 |
Income (loss) before taxes |  |  |  |  |  |  | (949) |  |  | 1,528 |
Federal income tax expense (benefit) |  |  |  |  |  |  | (227) |  |  | 306 |
Net income (loss) |  |  |  |  |  |  | (722) |  |  | 1,222 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Unrealized investment gain (loss) |  |  |  |  |  |  | 523 |  |  | (127) |
Market risk benefit non-performance risk gain (loss) |  |  |  |  |  |  | 318 |  |  | (464) |
Policyholder liability discount rate remeasurement gain (loss) |  |  |  |  |  |  | (111) |  |  | 116 |
Foreign currency translation adjustment |  |  |  |  |  |  | 5 |  |  | (1) |
Funded status of employee benefit plans |  |  |  |  |  |  | (5) |  |  | 1 |
Total other comprehensive income (loss), net of tax |  |  |  |  |  |  | 730 |  |  | (475) |
Comprehensive income (loss) |  |  |  |  |  |  | $ | 8 |  |  | $ | 747 |
Net Income (Loss) Available to Common Stockholders |  |  |  |  |  |  |  |  |
Net income (loss) |  |  |  |  |  |  | $ | (722) |  |  | $ | 1,222 |
Preferred stock dividends declared |  |  |  |  |  |  | (34) |  |  | (34) |
Net income (loss) available to common stockholders |  |  |  |  |  |  | $ | (756) |  |  | $ | 1,188 |
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |
Basic |  |  |  |  |  |  | $ | (4.41) |  |  | $ | 6.98 |
Diluted |  |  |  |  |  |  | (4.41) |  |  | 6.93 |
Cash Dividends Declared Per Common Share |  |  |  |  |  |  | $ | 0.45 |  |  | $ | 0.45 |

See accompanying Notes to Consolidated Financial Statements
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LINCOLN NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in millions)

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Preferred Stock |  |  |  |  |  |  |
Balance as of beginning-of-year |  |  |  |  | $ | 986 |  |  | $ | 986 |
Balance as of end-of-period |  |  |  |  | 986 |  |  | 986 |
Common Stock |  |  |  |  |  |  |
Balance as of beginning-of-year |  |  |  |  | 4,674 |  |  | 4,605 |
Stock compensation/issued for benefit plans |  |  |  |  | 29 |  |  | 19 |
Balance as of end-of-period |  |  |  |  | 4,703 |  |  | 4,624 |
Retained Earnings |  |  |  |  |  |  |
Balance as of beginning-of-year |  |  |  |  | 7,645 |  |  | 4,778 |
Net income (loss) |  |  |  |  | (722) |  |  | 1,222 |
Preferred stock dividends declared |  |  |  |  | (34) |  |  | (34) |
Common stock dividends declared |  |  |  |  | (79) |  |  | (79) |
Balance as of end-of-period |  |  |  |  | 6,810 |  |  | 5,887 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |
Balance as of beginning-of-year |  |  |  |  | (5,036) |  |  | (3,476) |
Other comprehensive income (loss), net of tax |  |  |  |  | 730 |  |  | (475) |
Balance as of end-of-period |  |  |  |  | (4,306) |  |  | (3,951) |
Total stockholders’ equity as of end-of-period |  |  |  |  | $ | 8,193 |  |  | $ | 7,546 |

See accompanying Notes to Consolidated Financial Statements
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LINCOLN NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)

| For the Three Months Ended March 31,
| 2025 |  | 2024
Cash Flows from Operating Activities |  |  |
Net income (loss) | $ | (722) |  |  | $ | 1,222 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) |  |  |
operating activities: |  |  |
Realized (gain) loss | (11) |  |  | 434 |
Market risk benefit (gain) loss | 1,293 |  |  | (1,907) |
Sales and maturities (purchases) of trading securities, net | 71 |  |  | 129 |
Change in: |  |  |
Deferred acquisition costs, value of business acquired, deferred sales inducements |  |  |
and deferred front-end loads | 156 |  |  | 190 |
Accrued investment income | (16) |  |  | (32) |
Insurance liabilities and reinsurance-related balances | (216) |  |  | (1,035) |
Accrued expenses | (227) |  |  | (41) |
Federal income tax accruals | (227) |  |  | 306 |
Other | (373) |  |  | (609) |
Net cash provided by (used in) operating activities | (272) |  |  | (1,343) |
Cash Flows from Investing Activities |  |  |
Purchases of available-for-sale securities and equity securities | (3,722) |  |  | (2,360) |
Sales of available-for-sale securities and equity securities | 509 |  |  | 677 |
Maturities of available-for-sale securities | 2,689 |  |  | 1,694 |
Purchases of alternative investments | (397) |  |  | (315) |
Sales and repayments of alternative investments | 213 |  |  | 16 |
Issuance of mortgage loans on real estate | (919) |  |  | (571) |
Repayment and maturities of mortgage loans on real estate | 502 |  |  | 267 |
Repayment (issuance) of policy loans, net | (54) |  |  | (1) |
Net change in collateral on investments, certain derivatives and related settlements | (799) |  |  | 2,232 |
Other | (68) |  |  | – |
Net cash provided by (used in) investing activities | (2,046) |  |  | 1,639 |
Cash Flows from Financing Activities |  |  |
Payment of long-term debt, including current maturities | (300) |  |  | (47) |
Issuance of long-term debt, net of issuance costs | – |  |  | 347 |
Payment related to sale-leaseback transactions | (2) |  |  | (4) |
Payment related to certain financing arrangements | (14) |  |  | (16) |
Policyholder account balances: |  |  |
Deposits | 4,434 |  |  | 3,602 |
Withdrawals | (3,129) |  |  | (3,215) |
Transfers from (to) separate accounts, net | (73) |  |  | (90) |
Common stock issued for benefit plans | (4) |  |  | (5) |
Dividends paid to preferred stockholders | (34) |  |  | (34) |
Dividends paid to common stockholders | (77) |  |  | (77) |
Net cash provided by (used in) financing activities | 801 |  |  | 461 |
Net increase (decrease) in cash, invested cash and restricted cash | (1,517) |  |  | 757 |
Cash, invested cash and restricted cash as of beginning-of-year | 5,801 |  |  | 3,365 |
Cash, invested cash and restricted cash as of end-of-period | $ | 4,284 |  |  | $ | 4,122 |

See accompanying Notes to Consolidated Financial Statements
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LINCOLN NATIONAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Nature of Operations and Basis of Presentation
Nature of Operations
Lincoln National Corporation and its subsidiaries (“LNC” or the “Company,” which also may be referred to as “we,” “our” or “us”) operate multiple insurance businesses through four business segments: Annuities, Life Insurance, Group Protection and Retirement Plan Services. In addition, we include financial results for operations that are not directly related to our business segments in Other Operations. The collective group of businesses uses “Lincoln Financial” as its marketing identity. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions. These products primarily include variable annuities, fixed annuities (including indexed), registered index-linked annuities (“RILA”), universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL and VUL, indexed universal life insurance (“IUL”), term life insurance, group life, disability and dental and employer-sponsored retirement plans and services. For more information on our segments and the products and solutions we provide, see Note 15.
Basis of Presentation
The accompanying unaudited consolidated financial statements are prepared in accordance with United States of America generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for the Securities and Exchange Commission (“SEC”) Quarterly Report on Form 10-Q, including Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The information contained in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”), should be read in connection with the reading of these interim unaudited consolidated financial statements.
Certain GAAP policies, which significantly affect the determination of financial condition, results of operations and cash flows, are summarized in our 2024 Form 10-K.
In the opinion of management, these statements include all normal recurring adjustments necessary for a fair presentation of the Company’s results. Interim results for the three months ended March 31, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025. All material inter-company accounts and transactions have been eliminated in consolidation.
We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by business segment as follows:

Business Segment | Level of Aggregation
Annuities | Variable Annuities
| Fixed Annuities
| Payout Annuities
Life Insurance | Traditional Life
| UL and Other
Group Protection | Group Protection
Retirement Plan Services | Retirement Plan Services

The variable annuities level of aggregation includes RILA products, which are indexed variable annuities. The fixed annuities level of aggregation represents deferred fixed annuities. We have excluded amounts reported in Other Operations from our disaggregated disclosures that are attributable to the indemnity reinsurance agreements with Protective Life Insurance Company (“Protective”) and Swiss Re Life & Health America, Inc (“Swiss Re”) as these contracts are fully reinsured, run-off institutional pension business in the form of group annuity and the results of certain disability income business.
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2. New Accounting Standards
Adoption of New Accounting Standards
The following table provides a description of current period adoptions of new Accounting Standards Updates (“ASUs”).

Standard | Description | Effective Date | Effect on Financial Statements or Other Significant Matters
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures | This ASU aims to enhance reportable segment disclosure requirements. It requires that a public entity disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), disclose and describe other segment items and report additional measures of a segment’s profit or loss if used by the CODM. | January 1, 2024 (Annual Filings) and January 1, 2025 (Quarterly Filings) | We adopted this ASU on the applicable effective dates, incorporating the required disclosures in Note 15 to the consolidated financial statements, along with retrospectively updating the applicable tabular disclosures.

Future Adoption of New Accounting Standards
The following table provides a description of future adoptions of new ASUs that may have an impact on the consolidated financial statements when adopted. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

Standard | Description | Effective Date | Effect on Financial Statements or Other Significant Matters
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | This ASU establishes new income tax disclosure requirements, as well as adjusts certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation. | January 1, 2025 (Annual Filings) | We are evaluating the impact of this ASU to disclosures within the Federal Income Taxes Note to the consolidated financial statements.
ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) | This ASU requires disclosure of specified information about certain costs and expenses, including employee compensation, depreciation and intangible asset amortization. | January 1, 2027 | We are evaluating the impact of this ASU to the consolidated financial statements.

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3. Investments
Fixed Maturity AFS Securities
The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity available-for-sale (“AFS”) securities (in millions) were as follows:

| As of March 31, 2025
| Amortized Cost |  | Gross Unrealized |  | Allowance for Credit Losses |  | Fair Value
|  | Gains |  | Losses |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 75,363 |  |  | $ | 630 |  |  | $ | 9,085 |  |  | $ | 23 |  |  | $ | 66,885 |
U.S. government bonds | 567 |  |  | 5 |  |  | 34 |  |  | – |  |  | 538 |
State and municipal bonds | 2,744 |  |  | 21 |  |  | 415 |  |  | – |  |  | 2,350 |
Foreign government bonds | 282 |  |  | 13 |  |  | 56 |  |  | – |  |  | 239 |
RMBS | 2,104 |  |  | 29 |  |  | 186 |  |  | 6 |  |  | 1,941 |
CMBS | 1,961 |  |  | 6 |  |  | 137 |  |  | – |  |  | 1,830 |
ABS | 14,515 |  |  | 110 |  |  | 340 |  |  | 44 |  |  | 14,241 |
Hybrid and redeemable preferred securities | 259 |  |  | 25 |  |  | 10 |  |  | 1 |  |  | 273 |
Total fixed maturity AFS securities | $ | 97,795 |  |  | $ | 839 |  |  | $ | 10,263 |  |  | $ | 74 |  |  | $ | 88,297 |

| As of December 31, 2024
| Amortized Cost |  | Gross Unrealized |  | Allowance for Credit Losses |  | Fair Value
|  | Gains |  | Losses |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 75,556 |  |  | $ | 563 |  |  | $ | 9,655 |  |  | $ | 14 |  |  | $ | 66,450 |
U.S. government bonds | 429 |  |  | 3 |  |  | 41 |  |  | – |  |  | 391 |
State and municipal bonds | 2,798 |  |  | 18 |  |  | 445 |  |  | – |  |  | 2,371 |
Foreign government bonds | 282 |  |  | 11 |  |  | 56 |  |  | – |  |  | 237 |
RMBS | 2,066 |  |  | 24 |  |  | 220 |  |  | 7 |  |  | 1,863 |
CMBS | 1,817 |  |  | 4 |  |  | 156 |  |  | – |  |  | 1,665 |
ABS | 14,226 |  |  | 99 |  |  | 421 |  |  | 24 |  |  | 13,880 |
Hybrid and redeemable preferred securities | 241 |  |  | 25 |  |  | 11 |  |  | 1 |  |  | 254 |
Total fixed maturity AFS securities | $ | 97,415 |  |  | $ | 747 |  |  | $ | 11,005 |  |  | $ | 46 |  |  | $ | 87,111 |

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of March 31, 2025, were as follows:

| Amortized Cost |  | Fair Value
Due in one year or less | $ | 4,353 |  |  | $ | 4,332 |
Due after one year through five years | 18,500 |  |  | 18,050 |
Due after five years through ten years | 13,107 |  |  | 12,271 |
Due after ten years | 43,255 |  |  | 35,632 |
Subtotal | 79,215 |  |  | 70,285 |
Structured securities (RMBS, CMBS, ABS) | 18,580 |  |  | 18,012 |
Total fixed maturity AFS securities | $ | 97,795 |  |  | $ | 88,297 |

Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.
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The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

| As of March 31, 2025
| Less Than or Equal to Twelve Months |  | Greater Than Twelve Months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses (1)
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 23,140 |  |  | $ | 3,798 |  |  | $ | 29,434 |  |  | $ | 5,287 |  |  | $ | 52,574 |  |  | $ | 9,085 |
U.S. government bonds | 67 |  |  | 2 |  |  | 230 |  |  | 32 |  |  | 297 |  |  | 34 |
State and municipal bonds | 940 |  |  | 214 |  |  | 766 |  |  | 201 |  |  | 1,706 |  |  | 415 |
Foreign government bonds | 32 |  |  | 6 |  |  | 119 |  |  | 50 |  |  | 151 |  |  | 56 |
RMBS | 660 |  |  | 58 |  |  | 786 |  |  | 128 |  |  | 1,446 |  |  | 186 |
CMBS | 610 |  |  | 43 |  |  | 785 |  |  | 94 |  |  | 1,395 |  |  | 137 |
ABS | 3,820 |  |  | 94 |  |  | 3,522 |  |  | 246 |  |  | 7,342 |  |  | 340 |
Hybrid and redeemable |  |  |  |  |  |  |  |  |  |  |
preferred securities | 24 |  |  | 2 |  |  | 92 |  |  | 8 |  |  | 116 |  |  | 10 |
Total fixed maturity AFS securities | $ | 29,293 |  |  | $ | 4,217 |  |  | $ | 35,734 |  |  | $ | 6,046 |  |  | $ | 65,027 |  |  | $ | 10,263 |
Total number of fixed maturity AFS securities in an unrealized loss position |  |  |  |  |  | 6,835 |

| As of December 31, 2024
| Less Than or Equal to Twelve Months |  | Greater Than Twelve Months |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses (1)
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 24,657 |  |  | $ | 4,054 |  |  | $ | 29,786 |  |  | $ | 5,601 |  |  | $ | 54,443 |  |  | $ | 9,655 |
U.S. government bonds | 86 |  |  | 3 |  |  | 224 |  |  | 38 |  |  | 310 |  |  | 41 |
State and municipal bonds | 1,087 |  |  | 228 |  |  | 760 |  |  | 217 |  |  | 1,847 |  |  | 445 |
Foreign government bonds | 32 |  |  | 5 |  |  | 118 |  |  | 51 |  |  | 150 |  |  | 56 |
RMBS | 795 |  |  | 76 |  |  | 760 |  |  | 144 |  |  | 1,555 |  |  | 220 |
CMBS | 579 |  |  | 50 |  |  | 777 |  |  | 106 |  |  | 1,356 |  |  | 156 |
ABS | 2,907 |  |  | 118 |  |  | 3,827 |  |  | 303 |  |  | 6,734 |  |  | 421 |
Hybrid and redeemable |  |  |  |  |  |  |  |  |  |  |
preferred securities | 23 |  |  | 3 |  |  | 93 |  |  | 8 |  |  | 116 |  |  | 11 |
Total fixed maturity AFS securities | $ | 30,166 |  |  | $ | 4,537 |  |  | $ | 36,345 |  |  | $ | 6,468 |  |  | $ | 66,511 |  |  | $ | 11,005 |
Total number of fixed maturity AFS securities in an unrealized loss position |  |  |  | 6,985 |

(1) As of March 31, 2025, and December 31, 2024, we recognized $12 million and $23 million of gross unrealized losses, respectively, in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.
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The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:

| As of March 31, 2025
| Fair Value |  | Gross Unrealized Losses |  | Number of Securities (1)
Less than six months | $ | 3,053 |  |  | $ | 900 |  |  | 522 |
Six months or greater, but less than nine months | 1,600 |  |  | 518 |  |  | 324 |
Nine months or greater, but less than twelve months | 369 |  |  | 187 |  |  | 208 |
Twelve months or greater | 4,381 |  |  | 2,149 |  |  | 737 |
Total | $ | 9,403 |  |  | $ | 3,754 |  |  | 1,791 |

| As of December 31, 2024
| Fair Value |  | Gross Unrealized Losses |  | Number of Securities (1)
Less than six months | $ | 5,405 |  |  | $ | 1,621 |  |  | 799 |
Six months or greater, but less than nine months | 371 |  |  | 198 |  |  | 216 |
Nine months or greater, but less than twelve months | 71 |  |  | 28 |  |  | 37 |
Twelve months or greater | 4,440 |  |  | 2,218 |  |  | 741 |
Total | $ | 10,287 |  |  | $ | 4,065 |  |  | 1,793 |

(1) We may reflect a security in more than one aging category based on various purchase dates.
Our gross unrealized losses on fixed maturity AFS securities decreased by $742 million for the three months ended March 31, 2025. As discussed further below, we do not believe the unrealized loss position as of March 31, 2025, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. Based upon this evaluation as of March 31, 2025, management believes we have the ability to generate adequate amounts of cash from our normal operations (e.g., insurance premiums, fee income and investment income) to meet cash requirements with a prudent margin of safety without requiring the sale of our impaired securities.
As of March 31, 2025, the unrealized losses associated with our corporate bond, U.S. government bond, state and municipal bond and foreign government bond securities were attributable primarily to rising interest rates and widening credit spreads since purchase. We performed a detailed analysis of the financial performance of the underlying issuers and determined that we expected to recover the entire amortized cost of each impaired security.
Credit ratings express opinions about the credit quality of a security. Securities rated investment grade (those rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service (“Moody’s”)) are generally considered by the rating agencies and market participants to be low credit risk. As of March 31, 2025, and December 31, 2024, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of March 31, 2025, and December 31, 2024, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $2.8 billion and $2.9 billion, respectively, and a fair value of $2.7 billion and $2.8 billion, respectively. Based upon the analysis discussed above, we believe that as of March 31, 2025, and December 31, 2024, we would have recovered the amortized cost of each corporate bond.
As of March 31, 2025, the unrealized losses associated with our mortgage-backed securities (“MBS”) and asset-backed securities (“ABS”) were attributable primarily to rising interest rates and widening credit spreads since purchase. We assessed for credit impairment using a cash flow model that incorporates key assumptions including default rates, severities and prepayment rates. We estimated losses for a security by forecasting the underlying loans in each transaction. The forecasted loan performance was used to project cash flows to the various tranches in the structure, as applicable. Our forecasted cash flows also considered, as applicable, independent industry analyst reports and forecasts and other independent market data. Based upon our assessment of the expected credit losses of the security given the performance of the underlying collateral compared to our subordination or other credit enhancement, we expected to recover the entire amortized cost of each impaired security.
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As of March 31, 2025, the unrealized losses associated with our hybrid and redeemable preferred securities were attributable primarily to wider credit spreads caused by illiquidity in the market and subordination within the capital structure, as well as credit risk of underlying issuers. For our hybrid and redeemable preferred securities, we evaluated the financial performance of the underlying issuers based upon credit performance and investment ratings and determined that we expected to recover the entire amortized cost of each impaired security.
Credit Loss Impairment on Fixed Maturity AFS Securities
We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require an allowance for credit losses. Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:

| For the Three Months Ended March 31, 2025 |  |
| Corporate Bonds |  | RMBS |  | ABS |  | Hybrids |  | Total |  |
Balance as of beginning-of-year | $ | 14 |  |  | $ | 7 |  |  | $ | 24 |  |  | $ | 1 |  |  | $ | 46 |  |  |
Additions from purchases of PCD debt securities (1) | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  |
Additions for securities for which credit losses were |  |  |  |  |  |  |  |  |  |  |
not previously recognized | 7 |  |  | – |  |  | 8 |  |  | – |  |  | 15 |  |  |
Additions (reductions) for securities for which |  |  |  |  |  |  |  |  |  |  |
credit losses were previously recognized | 2 |  |  | (1) |  |  | 12 |  |  | – |  |  | 13 |  |  |
Reductions for securities charged off | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  |
Balance as of end-of-period (2) | $ | 23 |  |  | $ | 6 |  |  | $ | 44 |  |  | $ | 1 |  |  | $ | 74 |  |  |

| For the Three Months Ended March 31, 2024
| Corporate Bonds |  | RMBS |  | ABS |  | Hybrids |  | Total
Balance as of beginning-of-year | $ | 8 |  |  | $ | 6 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 19 |
Additions from purchases of PCD debt securities (1) | – |  |  | – |  |  | – |  |  | – |  |  | – |
Additions for securities for which credit losses were |  |  |  |  |  |  |  |  |
not previously recognized | 1 |  |  | – |  |  | – |  |  | – |  |  | 1 |
Additions (reductions) for securities for which |  |  |  |  |  |  |  |  |
credit losses were previously recognized | 2 |  |  | – |  |  | – |  |  | – |  |  | 2 |
Reductions for disposed securities | (1) |  |  | – |  |  | – |  |  | – |  |  | (1) |
Reductions for securities charged off | – |  |  | – |  |  | – |  |  | – |  |  | – |
Balance as of end-of-period (2) | $ | 10 |  |  | $ | 6 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 21 |

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.
(2) As of March 31, 2025 and 2024, accrued investment income on fixed maturity AFS securities totaled $911 million and $943 million, respectively, and was excluded from the estimate of credit losses.
Losses from debt instrument modifications were $5 million and zero for the three months ended March 31, 2025 and 2024, respectively.
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Mortgage Loans on Real Estate
The following provides the current and past due composition of our mortgage loans on real estate (in millions):

| As of March 31, 2025 |  | As of December 31, 2024
| Commercial |  | Residential |  | Total |  | Commercial |  | Residential |  | Total
Current | $ | 17,602 |  |  | $ | 3,795 |  |  | $ | 21,397 |  |  | $ | 17,567 |  |  | $ | 3,387 |  |  | $ | 20,954 |
30 to 59 days past due | 13 |  |  | 84 |  |  | 97 |  |  | 6 |  |  | 71 |  |  | 77 |
60 to 89 days past due | 3 |  |  | 26 |  |  | 29 |  |  | – |  |  | 33 |  |  | 33 |
90 or more days past due | 31 |  |  | 104 |  |  | 135 |  |  | 35 |  |  | 90 |  |  | 125 |
Allowance for credit losses | (98) |  |  | (56) |  |  | (154) |  |  | (99) |  |  | (53) |  |  | (152) |
Unamortized premium (discount) | (5) |  |  | 91 |  |  | 86 |  |  | (6) |  |  | 83 |  |  | 77 |
Mark-to-market gains (losses) (1) | (32) |  |  | – |  |  | (32) |  |  | (31) |  |  | – |  |  | (31) |
Total carrying value | $ | 17,514 |  |  | $ | 4,044 |  |  | $ | 21,558 |  |  | $ | 17,472 |  |  | $ | 3,611 |  |  | $ | 21,083 |

(1) Represents the mark-to-market on certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers, and for which we have elected the fair value option. As of March 31, 2025, and December 31, 2024, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $21 million, respectively. As of March 31, 2025, and December 31, 2024, there were no such mortgage loans on real estate that were more than 90 days past due and still accruing interest. See Note 12 for additional information.
The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows, excluding certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers:

|  |  | As of March 31, 2025 |  |  |  | As of December 31, 2024
Commercial mortgage loans on real estate |  |  | $ | 1 |  |  |  |  | $ | 4 |
Residential mortgage loans on real estate |  |  | 106 |  |  |  |  | 92 |
Total |  |  | $ | 107 |  |  |  |  | $ | 96 |

We use loan-to-value (“LTV”) and debt-service coverage ratios as credit quality indicators for our commercial mortgage loans on real estate. The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:

| As of March 31, 2025
| LTV Less Than 65% |  | Debt-Service Coverage Ratio |  | LTV 65% to 75% |  | Debt-Service Coverage Ratio |  | LTV Greater Than 75% |  | Debt-Service Coverage Ratio |  | Total
Origination Year |  |  |  |  |  |  |  |  |  |  |  |  |
2025 | $ | 267 |  |  | 1.63 |  |  | $ | 18 |  |  | 1.33 |  |  | $ | – |  |  | – |  |  | $ | 285 |
2024 | 1,551 |  |  | 1.73 |  |  | 74 |  |  | 1.42 |  |  | 1 |  |  | 1.69 |  |  | 1,626 |
2023 | 1,346 |  |  | 1.76 |  |  | 40 |  |  | 1.37 |  |  | 2 |  |  | 1.51 |  |  | 1,388 |
2022 | 1,718 |  |  | 2.07 |  |  | 87 |  |  | 1.52 |  |  | 8 |  |  | 1.24 |  |  | 1,813 |
2021 | 2,247 |  |  | 3.21 |  |  | 46 |  |  | 1.73 |  |  | 9 |  |  | 1.26 |  |  | 2,302 |
2020 and prior | 10,103 |  |  | 2.48 |  |  | 114 |  |  | 1.56 |  |  | 13 |  |  | 1.13 |  |  | 10,230 |
Total | $ | 17,232 |  |  |  |  | $ | 379 |  |  |  |  | $ | 33 |  |  |  |  | $ | 17,644 |

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| As of December 31, 2024
| LTV Less Than 65% |  | Debt-Service Coverage Ratio |  | LTV 65% to 75% |  | Debt-Service Coverage Ratio |  | LTV Greater Than 75% |  | Debt-Service Coverage Ratio |  | Total
Origination Year |  |  |  |  |  |  |  |  |  |  |  |  |
2024 | $ | 1,548 |  |  | 1.73 |  |  | $ | 83 |  |  | 1.41 |  |  | $ | – |  |  | – |  |  | $ | 1,631 |
2023 | 1,348 |  |  | 1.78 |  |  | 44 |  |  | 1.36 |  |  | – |  |  | – |  |  | 1,392 |
2022 | 1,724 |  |  | 2.11 |  |  | 94 |  |  | 1.55 |  |  | 4 |  |  | 1.30 |  |  | 1,822 |
2021 | 2,267 |  |  | 3.50 |  |  | 47 |  |  | 1.52 |  |  | – |  |  | – |  |  | 2,314 |
2020 | 1,167 |  |  | 3.33 |  |  | 4 |  |  | 1.53 |  |  | – |  |  | – |  |  | 1,171 |
2019 and prior | 9,138 |  |  | 2.38 |  |  | 126 |  |  | 1.58 |  |  | 8 |  |  | 1.30 |  |  | 9,272 |
Total | $ | 17,192 |  |  |  |  | $ | 398 |  |  |  |  | $ | 12 |  |  |  |  | $ | 17,602 |

We use loan performance status as the primary credit quality indicator for our residential mortgage loans on real estate. The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:

| As of March 31, 2025
| Performing |  | Nonperforming |  | Total
Origination Year |  |  |  |  |
2025 | $ | 167 |  |  | $ | – |  |  | $ | 167 |
2024 | 2,223 |  |  | 29 |  |  | 2,252 |
2023 | 495 |  |  | 19 |  |  | 514 |
2022 | 471 |  |  | 31 |  |  | 502 |
2021 | 415 |  |  | 12 |  |  | 427 |
2020 and prior | 223 |  |  | 15 |  |  | 238 |
Total | $ | 3,994 |  |  | $ | 106 |  |  | $ | 4,100 |

| As of December 31, 2024
| Performing |  | Nonperforming |  | Total
Origination Year |  |  |  |  |
2024 | $ | 1,895 |  |  | $ | 14 |  |  | $ | 1,909 |
2023 | 557 |  |  | 16 |  |  | 573 |
2022 | 492 |  |  | 33 |  |  | 525 |
2021 | 427 |  |  | 11 |  |  | 438 |
2020 | 65 |  |  | 4 |  |  | 69 |
2019 and prior | 136 |  |  | 14 |  |  | 150 |
Total | $ | 3,572 |  |  | $ | 92 |  |  | $ | 3,664 |

Credit Losses on Mortgage Loans on Real Estate
In connection with our recognition of an allowance for credit losses for mortgage loans on real estate, we perform a quantitative analysis using a probability of default/loss given default/exposure at default approach to estimate expected credit losses in our mortgage loan portfolio as well as unfunded commitments related to commercial mortgage loans, exclusive of certain mortgage loans held at fair value.
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Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:

| For the Three Months Ended March 31, 2025
| Commercial |  | Residential |  | Total
Balance as of beginning-of-year | $ | 99 |  |  | $ | 53 |  |  | $ | 152 |
Additions (reductions) from provision for credit loss |  |  |  |  |
expense (1) | (1) |  |  | 3 |  |  | 2 |
Additions from purchases of PCD mortgage loans on |  |  |  |  |
real estate | – |  |  | – |  |  | – |
Balance as of end-of-period (2) | $ | 98 |  |  | $ | 56 |  |  | $ | 154 |

| For the Three Months Ended March 31, 2024
| Commercial |  | Residential |  | Total
Balance as of beginning-of-year | $ | 86 |  |  | $ | 28 |  |  | $ | 114 |
Additions (reductions) from provision for credit loss |  |  |  |  |
expense (1) | (2) |  |  | 3 |  |  | 1 |
Additions from purchases of PCD mortgage loans on |  |  |  |  |
real estate | – |  |  | – |  |  | – |
Balance as of end-of-period (2) | $ | 84 |  |  | $ | 31 |  |  | $ | 115 |

(1) We recognized $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended March 31, 2025 and 2024.
(2) Accrued investment income on mortgage loans on real estate totaled $101 million and $69 million as of March 31, 2025 and 2024, respectively, and was excluded from the estimate of credit losses.
Alternative Investments
As of March 31, 2025, and December 31, 2024, alternative investments included investments in 370 and 371 different partnerships, respectively, and represented approximately 3% of total investments.
Impairments on Fixed Maturity AFS Securities
Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Credit Loss Benefit (Expense) |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |
Corporate bonds | $ | (9) |  |  | $ | (2) |  |  |  |  |
RMBS | 1 |  |  | – |  |  |  |  |
ABS | (20) |  |  | – |  |  |  |  |
Total credit loss benefit (expense) | $ | (28) |  |  | $ | (2) |  |  |  |  |

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Payables for Collateral on Investments
The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:

| As of March 31, 2025 |  | As of December 31, 2024
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Collateral payable for derivative investments (1) | $ | 5,558 |  |  | $ | 5,558 |  |  | $ | 7,213 |  |  | $ | 7,213 |
Securities pledged under securities lending agreements (2) | 167 |  |  | 161 |  |  | 157 |  |  | 151 |
Securities pledged under repurchase agreements (3) | 57 |  |  | 59 |  |  | – |  |  | – |
Investments pledged for FHLBI (4) | 2,500 |  |  | 3,480 |  |  | 2,650 |  |  | 3,657 |
Total payables for collateral on investments | $ | 8,282 |  |  | $ | 9,258 |  |  | $ | 10,020 |  |  | $ | 11,021 |

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.
(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.
(3) Our pledged securities under repurchase agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. The cash received in our repurchase program is typically invested in cash and invested cash or fixed maturity AFS securities.
(4) Our pledged investments for Federal Home Loan Bank (“FHLB”) of Indianapolis (“FHLBI”) are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.
Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:

| For the Three Months Ended March 31,
| 2025 |  | 2024
Collateral payable for derivative investments | $ | (1,655) |  |  | $ | 1,684 |
Securities pledged under securities |  |  |
lending agreements | 10 |  |  | 78 |
Securities pledged under repurchase agreements | 57 |  |  | – |
Investments pledged for FHLBI | (150) |  |  | 250 |
Total increase (decrease) in payables for |  |  |
collateral on investments | $ | (1,738) |  |  | $ | 2,012 |

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We have elected not to offset our securities lending transactions in the consolidated financial statements. The remaining contractual maturities of securities lending transactions accounted for as secured borrowings (in millions) were as follows:

| As of March 31, 2025
| Overnight and Continuous |  | Up to 30 Days |  | 30-90 Days |  | Greater Than 90 Days |  | Total
Securities Lending |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 157 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 157 |
Equity securities | 10 |  |  | – |  |  | – |  |  | – |  |  | 10 |
Total gross secured borrowings | $ | 167 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 167 |

| As of December 31, 2024
| Overnight and Continuous |  | Up to 30 Days |  | 30-90 Days |  | Greater Than 90 Days |  | Total
Securities Lending |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 144 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 144 |
U.S. government bonds | 1 |  |  | – |  |  | – |  |  | – |  |  | 1 |
Equity securities | 12 |  |  | – |  |  | – |  |  | – |  |  | 12 |
Total gross secured borrowings | $ | 157 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 157 |

We accept collateral in the form of securities in connection with repurchase agreements. In instances where we are permitted to sell or re-pledge the securities received, we report the fair value of the collateral received and a related obligation to return the collateral in the consolidated financial statements. In addition, we receive securities in connection with securities borrowing agreements that we are permitted to sell or re-pledge. As of March 31, 2025, we had not received any collateral and, therefore, had not sold or repledged any
collateral under these agreements.
We also accept collateral from derivative counterparties in the form of securities that we are permitted to sell or re-pledge. As of March 31, 2025, the fair value of this collateral received that we are permitted to sell or re-pledge was $2.2 billion, and we had re-pledged $64 million of this collateral to cover our collateral requirements.
We had not pledged any fixed maturity AFS securities to derivative counterparties as of March 31, 2025.
Investment Commitments
As of March 31, 2025, our investment commitments were $4.6 billion, which included $3.5 billion of limited partnerships (“LPs”), $828 million of mortgage loans on real estate and $277 million of private placement securities.
Concentrations of Financial Instruments
As of March 31, 2025, and December 31, 2024, our most significant investments in one issuer were our investments in securities issued by the Federal National Mortgage Association with a fair value of $892 million and $851 million, respectively, or 1% of total investments, and our investments in securities issued by the Federal Home Loan Mortgage Corporation with a fair value of $604 million and $566 million, respectively, or less than 1% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.
As of March 31, 2025, and December 31, 2024, our most significant investments in one industry were our investments in securities in the financial services industry with a fair value of $13.5 billion and $13.4 billion, respectively, or 10% of total investments, and our investments in securities in the consumer non-cyclical industry with a fair value of $13.0 billion and $12.9 billion, respectively, or 10% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.
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4. Variable Interest Entities
Consolidated VIEs
Asset information (dollars in millions) for the consolidated variable interest entities (“VIEs”) included on the Consolidated Balance Sheets was as follows:

| As of March 31, 2025 |  | As of December 31, 2024
| Number of Instruments |  | Notional Amounts |  | Carrying Value |  | Number of Instruments |  | Notional Amounts |  | Carrying Value
Assets |  |  |  |  |  |  |  |  |  |  |
Total return swap | 1 |  |  | $ | 504 |  |  | $ | – |  |  | $ | 1 |  |  | $ | 522 |  |  | $ | – |

There were no gains or losses for consolidated VIEs recognized on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024.
Unconsolidated VIEs
Structured Securities
Through our investment activities, we make passive investments in structured securities issued by VIEs for which we are not the manager. These structured securities include our ABS, residential mortgage-backed securities (“RMBS”) and commercial mortgage-backed securities (“CMBS”). We have not provided financial or other support with respect to these VIEs other than our original investment. We have determined that we are not the primary beneficiary of these VIEs due to the relative size of our investment in comparison to the principal amount of the structured securities issued by the VIEs and the level of credit subordination that reduces our obligation to absorb losses or right to receive benefits. Our maximum exposure to loss on these structured securities is limited to the amortized cost for these investments. We recognize our variable interest in these VIEs at fair value on the Consolidated Balance Sheets. For information about these structured securities, see Note 3.
Limited Partnerships and Limited Liability Companies
We invest in certain LPs and limited liability companies (“LLCs”) that we have concluded are VIEs. Our exposure to loss is limited to the capital we invest in the LPs and LLCs. We do not hold any substantive kick-out or participation rights in the LPs and LLCs, and we do not receive any performance fees or decision maker fees from the LPs and LLCs. Based on our analysis of the LPs and LLCs, we are not the primary beneficiary of the VIEs as we do not have the power to direct the most significant activities of the LPs and LLCs. The carrying amounts of our investments in the LPs and LLCs are recognized in other investments on the Consolidated Balance Sheets and were $5.6 billion and $5.3 billion as of March 31, 2025, and December 31, 2024, respectively.
5. Derivative Instruments
We maintain an overall risk management strategy that incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk. We assess these risks by continually identifying and monitoring changes in our exposures that may adversely affect expected future cash flows and by evaluating hedging opportunities.
Derivative activities are monitored by various management committees. The committees are responsible for overseeing the implementation of various hedging strategies that are developed through the analysis of financial simulation models and other internal and industry sources. The resulting hedging strategies are incorporated into our overall risk management strategies.
See Note 13 for additional disclosures related to the fair value of our derivative instruments.
Interest Rate Contracts
We use derivative instruments as part of our interest rate risk management strategy. These instruments are economic hedges unless otherwise noted and include:
Forward-Starting Interest Rate Swaps
We use forward-starting interest rate swaps to hedge the interest rate exposure within our annuity, life insurance and retirement products.
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Interest Rate Cap Corridors
We use interest rate cap corridors to provide a level of protection from the effect of rising interest rates for certain annuity contracts and life insurance products. Interest rate cap corridors involve purchasing an interest rate cap at a specific cap rate and selling an interest rate cap with a higher cap rate. For each corridor, the amount of quarterly payments, if any, is determined by the rate at which the underlying index rate resets above the original capped rate. The corridor limits the benefit the purchaser can receive as the related interest rate index rises above the higher capped rate. There is no additional liability to us other than the purchase price associated with the interest rate cap corridor.
Interest Rate Futures
We use interest rate futures contracts to hedge the liability exposure on certain options in variable annuity and RILA products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.
Interest Rate Swap Agreements
We use interest rate swap agreements to hedge the liability exposure on certain options in variable annuity and RILA products.
We also use interest rate swap agreements designated and qualifying as cash flow hedges to hedge the interest rate risk of floating-rate bond coupon payments on certain variable-rate long-term debt and other variable-rate bonds held by replicating a fixed-rate bond.
Finally, we use interest rate swap agreements designated and qualifying as fair value hedges to hedge against changes in the fair value of certain fixed-rate long-term debt and fixed maturity securities due to interest rate risks.
Bond Forwards and Treasury and Reverse Treasury Locks
We use treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to our issuance of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. In addition, we use bond forwards and reverse treasury locks designated and qualifying as cash flow hedges to hedge the interest rate exposure related to the anticipated purchase of fixed-rate securities or the anticipated future cash flows of floating-rate fixed maturity securities due to changes in interest rates. These derivatives are primarily structured to hedge interest rate risk inherent in the assumptions used to price certain liabilities.
Foreign Currency Contracts
We use derivative instruments as part of our foreign currency risk management strategy. These instruments are economic hedges unless otherwise noted and include:
Currency Futures
We use currency futures to hedge foreign exchange risk associated with certain options in variable annuity products. Currency futures exchange one currency for another at a specified date in the future at a specified exchange rate.
Foreign Currency Swaps
We use foreign currency swaps to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency swap is a contractual agreement to exchange one currency for another at specified dates in the future at a specified exchange rate.
We also use foreign currency swaps designated and qualifying as cash flow and fair value hedges to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies.
Foreign Currency Forwards
We use foreign currency forwards to hedge foreign exchange risk of investments in fixed maturity securities denominated in foreign currencies. A foreign currency forward is a contractual agreement to exchange one currency for another at specified dates in the future at a specified current exchange rate.
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Equity Market Contracts
We use derivative instruments as part of our equity market risk management strategy that are economic hedges and include:
Call Options Based on the S&P 500® Index and Other Indices
We use call options to hedge the liability exposure on certain options in variable annuity, RILA, fixed indexed annuity, IUL and VUL products.
Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500 Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use call options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.
Consumer Price Index Swaps
We use consumer price index swaps to hedge the liability exposure on certain options in fixed annuity products. Consumer price index swaps are contracts entered into at no cost and whose payoff is the difference between the consumer price index inflation rate and the fixed-rate determined as of inception.
Equity Futures
We use equity futures contracts to hedge the liability exposure on certain options in variable annuity and RILA products. These futures contracts require payment between our counterparty and us on a daily basis for changes in the futures index price.
Put Options
We use put options to hedge the liability exposure on certain options in variable annuity, RILA and VUL products. Put options are contracts that require the buyers to pay at a specified future date the amount, if any, by which a specified equity index is less than the strike rate stated in the agreement, applied to a notional amount.
Total Return Swaps
We use total return swaps to hedge the liability exposure on certain options in variable annuity, RILA and VUL products.
In addition, we use total return swaps to hedge a portion of the liability related to our deferred compensation plans. We receive the total return on a portfolio of indexes and pay a floating-rate of interest.
Commodity Contracts
We use commodity contracts to economically hedge certain investments that are closely tied to the changes in commodity values. The commodity contract is an over-the-counter contract that combines a purchase put/sold call to lock in a commodity price within a predetermined range in exchange for a net premium.
Credit Contracts
We use derivative instruments as part of our credit risk management strategy that are economic hedges and include:
Credit Default Swaps – Buying Protection
We use credit default swaps (“CDSs”) to hedge the liability exposure on certain options in variable annuity products.
We buy CDSs to hedge against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows us to put the bond back to the counterparty at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.
CDSs – Selling Protection
We use CDSs to hedge the liability exposure on certain options in variable annuity products.
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We sell CDSs to offer credit protection to policyholders and investors. The CDSs hedge the policyholders and investors against a drop in bond prices due to credit concerns of certain bond issuers. A CDS allows the investor to put the bond back to us at par upon a default event by the bond issuer. A default event is defined as bankruptcy, failure to pay, obligation acceleration or restructuring.
Embedded Derivatives
We have embedded derivatives that include:
RILA, Fixed Indexed Annuity and IUL Contracts Embedded Derivatives
Our RILA, fixed indexed annuity and IUL contracts permit the holder to elect an interest rate return or an equity market component, where interest credited to the contracts is linked to the performance of the S&P 500® Index or other indices. Policyholders may elect to rebalance index options at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. We use options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period.
Reinsurance-Related Embedded Derivatives
We have certain modified coinsurance and coinsurance with funds withheld reinsurance agreements with embedded derivatives related to the withheld assets of the related funds. These derivatives are considered total return swaps with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.
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Primary Risks Managed by Derivatives
We have derivative instruments with off-balance-sheet risks whose notional or contract amounts exceed the related credit exposure. Outstanding derivative instruments with off-balance-sheet risks (in millions) were as follows:

| As of March 31, 2025 |  | As of December 31, 2024
| Notional Amounts |  | Fair Value |  | Notional Amounts |  | Fair Value
|  | Asset |  | Liability |  |  | Asset |  | Liability
Qualifying Hedges |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts (1) | $ | 1,275 |  |  | $ | 154 |  |  | $ | 6 |  |  | $ | 1,230 |  |  | $ | 156 |  |  | $ | 16 |
Foreign currency contracts (1) | 4,805 |  |  | 552 |  |  | 44 |  |  | 4,738 |  |  | 556 |  |  | 44 |
Total cash flow hedges | 6,080 |  |  | 706 |  |  | 50 |  |  | 5,968 |  |  | 712 |  |  | 60 |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts (1) | 1,066 |  |  | 2 |  |  | 29 |  |  | 1,066 |  |  | 10 |  |  | 16 |
Foreign currency contracts (1) | 25 |  |  | – |  |  | – |  |  | 25 |  |  | 1 |  |  | – |
Total fair value hedges | 1,091 |  |  | 2 |  |  | 29 |  |  | 1,091 |  |  | 11 |  |  | 16 |
Non-Qualifying Hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts (1) | 81,364 |  |  | 40 |  |  | 334 |  |  | 75,445 |  |  | 63 |  |  | 439 |
Foreign currency contracts (1) | 332 |  |  | 23 |  |  | 2 |  |  | 348 |  |  | 30 |  |  | 2 |
Equity market contracts (1) | 168,433 |  |  | 10,477 |  |  | 3,081 |  |  | 191,666 |  |  | 13,072 |  |  | 3,879 |
Credit contracts (1) | 242 |  |  | – |  |  | – |  |  | 57 |  |  | – |  |  | – |
Embedded derivatives: |  |  |  |  |  |  |  |  |  |  |
Reinsurance-related (2) | – |  |  | – |  |  | 138 |  |  | – |  |  | – |  |  | 30 |
RILA, fixed indexed annuity and IUL |  |  |  |  |  |  |  |  |  |  |
contracts (3) | – |  |  | 1,092 |  |  | 10,807 |  |  | – |  |  | 1,115 |  |  | 12,449 |
Total derivative instruments | $ | 257,542 |  |  | $ | 12,340 |  |  | $ | 14,441 |  |  | $ | 274,575 |  |  | $ | 15,003 |  |  | $ | 16,875 |

(1) These asset and liability balances are presented on a gross basis. Amounts are reported in derivative investments and other liabilities on the Consolidated Balance Sheets after the evaluation for right of offset subject to master netting agreements.
(2) Reported in funds withheld reinsurance liabilities on the Consolidated Balance Sheets.
(3) Reported in policyholder account balances and deposit assets on the Consolidated Balance Sheets.
The maturity of the notional amounts of derivative instruments (in millions) was as follows:

| Remaining Life as of March 31, 2025
| Less Than 1 Year |  | 1 - 5 Years |  | 6 - 10 Years |  | 11 - 30 Years |  | Over 30 Years |  | Total
Interest rate contracts (1) | $ | 12,810 |  |  | $ | 18,418 |  |  | $ | 23,981 |  |  | $ | 27,898 |  |  | $ | 598 |  |  | $ | 83,705 |
Foreign currency contracts (2) | 199 |  |  | 1,292 |  |  | 1,776 |  |  | 1,853 |  |  | 42 |  |  | 5,162 |
Equity market contracts | 127,307 |  |  | 30,374 |  |  | 8,696 |  |  | 7 |  |  | 2,049 |  |  | 168,433 |
Credit contracts | – |  |  | 172 |  |  | 70 |  |  | – |  |  | – |  |  | 242 |
Total derivative instruments with |  |  |  |  |  |  |  |  |  |  |
notional amounts | $ | 140,316 |  |  | $ | 50,256 |  |  | $ | 34,523 |  |  | $ | 29,758 |  |  | $ | 2,689 |  |  | $ | 257,542 |

(1) As of March 31, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was April 20, 2067.
(2) As of March 31, 2025, the latest maturity date for which we were hedging our exposure to the variability in future cash flows for these instruments was June 16, 2061.
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The following amounts (in millions) were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

| Amortized Cost of the Hedged Assets (Liabilities) |  | Cumulative Fair Value Hedging Adjustment Included in the Amortized Cost of the Hedged Assets (Liabilities)
| As of March 31, 2025 |  | As of December 31, 2024 |  | As of March 31, 2025 |  | As of December 31, 2024
Line Item in the Consolidated Balance Sheets in |  |  |  |  |  |  |
which the Hedged Item is Included |  |  |  |  |  |  |
Fixed maturity AFS securities, at fair value | $ | 497 |  |  | $ | 484 |  |  | $ | 19 |  |  | $ | 7 |
Long-term debt (1) | (691) |  |  | (676) |  |  | 184 |  |  | 199 |

(1) Includes $(306) million and $(310) million of unamortized adjustments from discontinued hedges as of March 31, 2025, and December 31, 2024, respectively.
The change in our unrealized gain (loss) on derivative instruments within accumulated other comprehensive income (loss) (“AOCI”) (in millions) was as follows:

| For the Three Months Ended March 31,
| 2025 |  | 2024
Unrealized Gain (Loss) on Derivative Instruments |  |  |
Balance as of beginning-of-year | $ | 638 |  |  | $ | 375 |
Other comprehensive income (loss): |  |  |
Unrealized holding gains (losses) arising during the period: |  |  |
Cash flow hedges: |  |  |
Interest rate contracts | 5 |  |  | 89 |
Foreign currency contracts | 168 |  |  | (25) |
Change in foreign currency exchange rate adjustment | (153) |  |  | 101 |
Income tax benefit (expense) | (4) |  |  | (35) |
Less: |  |  |
Reclassification adjustment for gains (losses) |  |  |
included in net income (loss): |  |  |
Cash flow hedges: |  |  |
Foreign currency contracts (1) | 15 |  |  | 15 |
Interest rate contracts (2) | 3 |  |  | 9 |
Foreign currency contracts (3) | 3 |  |  | – |
Income tax benefit (expense) | (4) |  |  | (5) |
Balance as of end-of-period | $ | 637 |  |  | $ | 486 |

(1) The OCI offset is reported within net investment income on the Consolidated Statements of Comprehensive Income (Loss).
(2) The OCI offset is reported within interest and debt expense on the Consolidated Statements of Comprehensive Income (Loss).
(3) The OCI offset is reported within realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
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The effects of qualifying and non-qualifying hedges (in millions) on the Consolidated Statements of Comprehensive Income (Loss) were as follows:

| Gain (Loss) Recognized in Income For the Three Months Ended March 31,
| 2025 |  | 2024
| Realized Gain (Loss) |  | Net Investment Income |  | Interest and Debt Expense |  | Realized Gain (Loss) |  | Net Investment Income |  | Interest and Debt Expense
Total Line Items in which the |  |  |  |  |  |  |  |  |  |  |
Effects of Fair Value or Cash |  |  |  |  |  |  |  |  |  |  |
Flow Hedges are Recorded | $ | 11 |  |  | $ | 1,457 |  |  | $ | 80 |  |  | $ | (434) |  |  | $ | 1,346 |  |  | $ | 81 |
Qualifying Hedges |  |  |  |  |  |  |  |  |  |  |
Gain or (loss) on fair value hedging |  |  |  |  |  |  |  |  |  |  |
relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |
Hedged items | – |  |  | 11 |  |  | (15) |  |  | – |  |  | (18) |  |  | 17 |
Derivatives designated as hedging |  |  |  |  |  |  |  |  |  |  |
instruments | – |  |  | (11) |  |  | 15 |  |  | – |  |  | 18 |  |  | (17) |
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |
Hedged items | – |  |  | 1 |  |  | – |  |  | – |  |  | (1) |  |  | – |
Derivatives designated as hedging |  |  |  |  |  |  |  |  |  |  |
instruments | – |  |  | (1) |  |  | – |  |  | – |  |  | 1 |  |  | – |
Gain or (loss) on cash flow hedging |  |  |  |  |  |  |  |  |  |  |
relationships: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified |  |  |  |  |  |  |  |  |  |  |
from AOCI into income | – |  |  | – |  |  | 3 |  |  | – |  |  | – |  |  | 9 |
Foreign currency contracts: |  |  |  |  |  |  |  |  |  |  |
Amount of gain or (loss) reclassified |  |  |  |  |  |  |  |  |  |  |
from AOCI into income | 3 |  |  | 15 |  |  | – |  |  | – |  |  | 15 |  |  | – |
Non-Qualifying Hedges |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | 82 |  |  | – |  |  | – |  |  | (163) |  |  | – |  |  | – |
Foreign currency contracts | (1) |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
Equity market contracts | (1,143) |  |  | – |  |  | – |  |  | 2,134 |  |  | – |  |  | – |
Credit contracts | 1 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
Embedded derivatives: |  |  |  |  |  |  |  |  |  |  |
Reinsurance-related | (108) |  |  | – |  |  | – |  |  | 197 |  |  | – |  |  | – |
RILA, fixed indexed annuity and IUL |  |  |  |  |  |  |  |  |  |  |
contracts | 1,654 |  |  | – |  |  | – |  |  | (1,642) |  |  | – |  |  | – |

As of March 31, 2025, $76 million of the deferred net gains (losses) on derivative instruments in AOCI were expected to be reclassified to earnings during the next 12 months. This reclassification would be due primarily to interest rate variances related to our interest rate swap agreements.
For the three months ended March 31, 2025 and 2024, there were no material reclassifications to earnings due to hedged firm commitments no longer deemed probable or due to hedged forecasted transactions that had not occurred by the end of the originally specified time period.
As of March 31, 2025, and December 31, 2024, we did not have any exposure related to CDSs for which we are the seller.
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Credit Risk
We are exposed to credit losses in the event of non-performance by our counterparties on various derivative contracts and reflect assumptions regarding the credit or non-performance risk. The non-performance risk is based upon assumptions for each counterparty’s credit spread over the estimated weighted average life of the counterparty exposure, less collateral held. As of March 31, 2025, the non-performance risk adjustment was zero. The credit risk associated with such agreements is minimized by entering into agreements with financial institutions with long-standing, superior performance records. Additionally, we maintain a policy of requiring derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement. We are required to maintain minimum ratings as a matter of routine practice in negotiating ISDA agreements. Under nearly all of our ISDA agreements, our insurance subsidiaries have agreed to maintain certain financial strength ratings. A downgrade below these levels could result in termination of derivative contracts, at which time any amounts payable by us would be dependent on the market value of the underlying derivative contracts. In certain transactions, we and the counterparty have entered into a credit support annex requiring either party to post collateral when net exposures exceed pre-determined thresholds. These thresholds vary by counterparty and credit rating. The amount of such exposure is essentially the net replacement cost or market value less collateral held for such agreements with each counterparty if the net market value is in our favor. We did not have any exposure as of March 31, 2025, or December 31, 2024.
The amounts recognized (in millions) by S&P credit rating of counterparty, for which we had the right to reclaim cash collateral or were obligated to return cash collateral, were as follows:

|  | As of March 31, 2025 |  | As of December 31, 2024
S&P Credit Rating of Counterparty |  | Collateral Posted by Counterparty |  | Collateral Posted to Counterparty |  | Collateral Posted by Counterparty |  | Collateral Posted to Counterparty
AA- |  | $ | 3,314 |  |  | $ | (12) |  |  | $ | 4,043 |  |  | $ | (21) |
A+ |  | 1,741 |  |  | (28) |  |  | 2,460 |  |  | (89) |
A |  | 32 |  |  | – |  |  | 47 |  |  | – |
A- |  | 449 |  |  | – |  |  | 632 |  |  | – |
Total cash collateral |  | $ | 5,536 |  |  | $ | (40) |  |  | $ | 7,182 |  |  | $ | (110) |

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Balance Sheet Offsetting
Information related to the effects of offsetting on the Consolidated Balance Sheets (in millions) was as follows:

| As of March 31, 2025
| Derivative Instruments |  | Embedded Derivative Instruments |  | Total
Financial Assets |  |  |  |  |
Gross amount of recognized assets | $ | 11,173 |  |  | $ | 1,092 |  |  | $ | 12,265 |
Gross amounts offset | (3,324) |  |  | – |  |  | (3,324) |
Net amount of assets | 7,849 |  |  | 1,092 |  |  | 8,941 |
Gross amounts not offset: |  |  |  |  |
Cash collateral | (5,536) |  |  | – |  |  | (5,536) |
Non-cash collateral (1) | (2,313) |  |  | – |  |  | (2,313) |
Net amount | $ | – |  |  | $ | 1,092 |  |  | $ | 1,092 |
Financial Liabilities |  |  |  |  |
Gross amount of recognized liabilities | $ | 197 |  |  | $ | 10,945 |  |  | $ | 11,142 |
Gross amounts offset | (100) |  |  | – |  |  | (100) |
Net amount of liabilities | 97 |  |  | 10,945 |  |  | 11,042 |
Gross amounts not offset: |  |  |  |  |
Cash collateral | (40) |  |  | – |  |  | (40) |
Non-cash collateral (2) | (57) |  |  | – |  |  | (57) |
Net amount | $ | – |  |  | $ | 10,945 |  |  | $ | 10,945 |

(1) Excludes excess non-cash collateral received of $941 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.
(2) Excludes excess non-cash collateral pledged of $1 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.
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| As of December 31, 2024
| Derivative Instruments |  | Embedded Derivative Instruments |  | Total
Financial Assets |  |  |  |  |
Gross amount of recognized assets | $ | 13,483 |  |  | $ | 1,115 |  |  | $ | 14,598 |
Gross amounts offset | (3,806) |  |  | – |  |  | (3,806) |
Net amount of assets | 9,677 |  |  | 1,115 |  |  | 10,792 |
Gross amounts not offset: |  |  |  |  |
Cash collateral | (7,182) |  |  | – |  |  | (7,182) |
Non-cash collateral (1) | (2,495) |  |  | – |  |  | (2,495) |
Net amount | $ | – |  |  | $ | 1,115 |  |  | $ | 1,115 |
Financial Liabilities |  |  |  |  |
Gross amount of recognized liabilities | $ | 617 |  |  | $ | 12,479 |  |  | $ | 13,096 |
Gross amounts offset | (432) |  |  | – |  |  | (432) |
Net amount of liabilities | 185 |  |  | 12,479 |  |  | 12,664 |
Gross amounts not offset: |  |  |  |  |
Cash collateral | (110) |  |  | – |  |  | (110) |
Non-cash collateral (2) | (75) |  |  | – |  |  | (75) |
Net amount | $ | – |  |  | $ | 12,479 |  |  | $ | 12,479 |

(1) Excludes excess non-cash collateral received of $817 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.
(2) Excludes excess non-cash collateral pledged of $39 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.
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6. DAC, VOBA, DSI and DFEL
The following table reconciles deferred acquisition costs (“DAC”), value of business acquired (“VOBA”) and deferred sales inducements (“DSI”) (in millions) to the Consolidated Balance Sheets:

| As of March 31, |  | As of December 31,
| 2025 |  | 2024
DAC, VOBA and DSI |  |  |
Variable Annuities | $ | 4,001 |  |  | $ | 3,964 |
Fixed Annuities | 416 |  |  | 423 |
Traditional Life | 1,352 |  |  | 1,370 |
UL and Other | 6,323 |  |  | 6,318 |
Group Protection | 181 |  |  | 178 |
Retirement Plan Services | 288 |  |  | 284 |
Other Operations | 2 |  |  | – |
Total DAC, VOBA and DSI | $ | 12,563 |  |  | $ | 12,537 |

The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:

| As of March 31, |  | As of December 31,
| 2025 |  | 2024
DFEL |  |  |
Variable Annuities | $ | 270 |  |  | $ | 273 |
UL and Other | 6,587 |  |  | 6,406 |
Other Operations (1) | 53 |  |  | 51 |
Total DFEL | $ | 6,910 |  |  | $ | 6,730 |

(1) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $53 million and $51 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2025, and December 31, 2024, respectively.
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The following tables summarize the changes in DAC (in millions):

| For the Three Months Ended March 31, 2025
| Variable Annuities |  | Fixed Annuities |  | Traditional Life |  | UL and Other |  | Group Protection |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 3,851 |  |  | $ | 394 |  |  | $ | 1,335 |  |  | $ | 5,916 |  |  | $ | 178 |  |  | $ | 242 |
Deferrals | 136 |  |  | 10 |  |  | 21 |  |  | 94 |  |  | 32 |  |  | 5 |
Amortization | (97) |  |  | (16) |  |  | (37) |  |  | (79) |  |  | (29) |  |  | (5) |
Balance as of end-of-period | $ | 3,890 |  |  | $ | 388 |  |  | $ | 1,319 |  |  | $ | 5,931 |  |  | $ | 181 |  |  | $ | 242 |

| For the Three Months Ended March 31, 2024
| Variable Annuities |  | Fixed Annuities |  | Traditional Life |  | UL and Other |  | Group Protection |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 3,751 |  |  | $ | 421 |  |  | $ | 1,376 |  |  | $ | 5,791 |  |  | $ | 154 |  |  | $ | 239 |
Deferrals | 89 |  |  | 9 |  |  | 32 |  |  | 100 |  |  | 29 |  |  | 5 |
Amortization | (89) |  |  | (16) |  |  | (37) |  |  | (76) |  |  | (26) |  |  | (5) |
Balance as of end-of-period | $ | 3,751 |  |  | $ | 414 |  |  | $ | 1,371 |  |  | $ | 5,815 |  |  | $ | 157 |  |  | $ | 239 |

DAC amortization expense of $263 million and $249 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024, respectively.
The following tables summarize the changes in VOBA (in millions):

| For the Three Months Ended March 31, 2025
| Fixed Annuities |  | Traditional Life |  | UL and Other
Balance as of beginning-of-year | $ | 13 |  |  | $ | 35 |  |  | $ | 375 |
Amortization | (1) |  |  | (2) |  |  | (9) |
Balance as of end-of-period | $ | 12 |  |  | $ | 33 |  |  | $ | 366 |

| For the Three Months Ended March 31, 2024
| Fixed Annuities |  | Traditional Life |  | UL and Other
Balance as of beginning-of-year | $ | 15 |  |  | $ | 42 |  |  | $ | 413 |
Amortization | (1) |  |  | (2) |  |  | (10) |
Balance as of end-of-period | $ | 14 |  |  | $ | 40 |  |  | $ | 403 |

VOBA amortization expense of $12 million and $13 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024, respectively. No additions or write-offs were recorded for each respective period.
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The following tables summarize the changes in DSI (in millions):

| For the Three Months Ended March 31, 2025
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 113 |  |  | $ | 16 |  |  | $ | 27 |  |  | $ | 42 |
Deferrals | – |  |  | – |  |  | – |  |  | 4 |
Amortization | (2) |  |  | – |  |  | (1) |  |  | – |
Balance as of end-of-period | $ | 111 |  |  | $ | 16 |  |  | $ | 26 |  |  | $ | 46 |

| For the Three Months Ended March 31, 2024
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 122 |  |  | $ | 19 |  |  | $ | 28 |  |  | $ | 26 |
Deferrals | 1 |  |  | – |  |  | – |  |  | 8 |
Amortization | (3) |  |  | – |  |  | – |  |  | – |
Balance as of end-of-period | $ | 120 |  |  | $ | 19 |  |  | $ | 28 |  |  | $ | 34 |

DSI amortization expense of $3 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024.
The following tables summarize the changes in DFEL (in millions):

| For the Three Months Ended March 31, 2025 |  | For the Three Months Ended March 31, 2024
| Variable Annuities |  | UL and Other |  | Variable Annuities |  | UL and Other
Balance as of beginning-of-year | $ | 273 |  |  | $ | 6,406 |  |  | $ | 278 |  |  | $ | 5,579 |
Deferrals | 3 |  |  | 279 |  |  | 5 |  |  | 267 |
Amortization | (6) |  |  | (98) |  |  | (6) |  |  | (68) |
Balance as of end-of-period | 270 |  |  | 6,587 |  |  | 277 |  |  | 5,778 |
Less: Ceded DFEL | – |  |  | 237 |  |  | – |  |  | 258 |
Balance as of end-of-period, net of reinsurance | $ | 270 |  |  | $ | 6,350 |  |  | $ | 277 |  |  | $ | 5,520 |

DFEL amortization of $104 million and $74 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024, respectively.
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7. Reinsurance
Fortitude Re
Effective October 1, 2023, we entered into two reinsurance agreements with Fortitude Reinsurance Company Ltd. (“Fortitude Re”), an authorized Bermuda reinsurer with reciprocal jurisdiction reinsurer status in Indiana, to reinsure certain blocks of in-force UL with secondary guarantees (“ULSG”), MoneyGuard® and fixed annuity products, including group pension annuities. Fortitude Re represents our largest reinsurance exposure as of March 31, 2025, and December 31, 2024.
The first agreement was structured as a coinsurance treaty between us and Fortitude Re for the ULSG and fixed annuities blocks. As significant insurance risk was transferred for ULSG products and life-contingent annuities, amounts recoverable from Fortitude Re were $10.6 billion as of March 31, 2025, and December 31, 2024. We reported a deferred loss on the transaction of $2.6 billion as of March 31, 2025, and December 31, 2024. We amortized $23 million and $22 million of the deferred loss during the three months ended March 31, 2025 and 2024, respectively. Annuities that are not life-contingent do not contain significant insurance risk; therefore, we reported deposit assets for these contracts of $2.8 billion and $3.0 billion as of March 31, 2025, and December 31, 2024, respectively.
The second agreement was structured as coinsurance with funds withheld for the MoneyGuard block; however, as we retained significant insurance risk under the agreement, we reported deposit assets of $8.2 billion and $8.1 billion as of March 31, 2025, and December 31, 2024, respectively. In this coinsurance with funds withheld reinsurance agreement, we as the ceding company withhold, and therefore retain, the assets backing the deposit assets. We held investments with a carrying value of $9.2 billion and $9.3 billion in support of reserves associated with the Fortitude Re transaction in a funds withheld arrangement as of March 31, 2025, and December 31, 2024, respectively, which consisted of the following (in millions):

| As of March 31, |  | As of December 31,
| 2025 |  | 2024
Fixed maturity AFS securities | $ | 7,549 |  |  | $ | 7,764 |
Derivative investments | 19 |  |  | 30 |
Other investments | 1,465 |  |  | 1,419 |
Cash and invested cash | 104 |  |  | 28 |
Accrued investment income | 93 |  |  | 96 |
Total | $ | 9,230 |  |  | $ | 9,337 |

8. MRBs
The following table reconciles market risk benefits (“MRBs”) (in millions) to MRB assets and MRB liabilities on the Consolidated Balance Sheets:

| As of March 31, 2025 |  | As of December 31, 2024
| Assets |  | Liabilities |  | Net (Assets) Liabilities |  | Assets |  | Liabilities |  | Net (Assets) Liabilities
Variable Annuities | $ | 4,041 |  |  | $ | 1,165 |  |  | $ | (2,876) |  |  | $ | 4,737 |  |  | $ | 933 |  |  | $ | (3,804) |
Fixed Annuities | 73 |  |  | 137 |  |  | 64 |  |  | 78 |  |  | 110 |  |  | 32 |
Retirement Plan Services | 43 |  |  | 4 |  |  | (39) |  |  | 45 |  |  | 3 |  |  | (42) |
Total MRBs | $ | 4,157 |  |  | $ | 1,306 |  |  | $ | (2,851) |  |  | $ | 4,860 |  |  | $ | 1,046 |  |  | $ | (3,814) |

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The following table summarizes the balances of and changes in net MRB (assets) liabilities (in millions):

| As of or For the Three Months Ended March 31, 2025 |  | As of or For the Three Months Ended March 31, 2024
| Variable Annuities |  | Fixed Annuities |  | Retirement Plan Services |  | Variable Annuities |  | Fixed Annuities |  | Retirement Plan Services
Balance as of beginning-of-year | $ | (3,804) |  |  | $ | 32 |  |  | $ | (42) |  |  | $ | (2,180) |  |  | $ | 32 |  |  | $ | (30) |
Less: Effect of cumulative changes in |  |  |  |  |  |  |  |  |  |  |
non-performance risk | (153) |  |  | (33) |  |  | – |  |  | (1,299) |  |  | (58) |  |  | (4) |
Balance as of beginning-of-year, before the effect |  |  |  |  |  |  |  |  |  |  |
of changes in non-performance risk | (3,651) |  |  | 65 |  |  | (42) |  |  | (881) |  |  | 90 |  |  | (26) |
Issuances | 5 |  |  | – |  |  | – |  |  | 3 |  |  | – |  |  | – |
Attributed fees collected | 373 |  |  | 8 |  |  | 1 |  |  | 380 |  |  | 9 |  |  | 2 |
Benefit payments | (6) |  |  | – |  |  | – |  |  | (11) |  |  | – |  |  | – |
Effect of changes in interest rates | 396 |  |  | 39 |  |  | 1 |  |  | (1,081) |  |  | (17) |  |  | (6) |
Effect of changes in equity markets | 456 |  |  | 2 |  |  | 2 |  |  | (1,343) |  |  | (11) |  |  | (4) |
Effect of changes in equity index volatility | 31 |  |  | – |  |  | – |  |  | 4 |  |  | (2) |  |  | – |
In-force updates and other changes in MRBs (1) | 59 |  |  | (2) |  |  | 1 |  |  | 51 |  |  | 1 |  |  | 1 |
Balance as of end-of-period, before the effect of |  |  |  |  |  |  |  |  |  |  |
changes in non-performance risk | (2,337) |  |  | 112 |  |  | (37) |  |  | (2,878) |  |  | 70 |  |  | (33) |
Effect of cumulative changes in |  |  |  |  |  |  |  |  |  |  |
non-performance risk | (539) |  |  | (48) |  |  | (2) |  |  | (726) |  |  | (43) |  |  | (2) |
Balance as of end-of-period | (2,876) |  |  | 64 |  |  | (39) |  |  | (3,604) |  |  | 27 |  |  | (35) |
Less: Ceded MRB assets (liabilities) | (312) |  |  | – |  |  | – |  |  | (358) |  |  | – |  |  | – |
Balance as of end-of-period, net of reinsurance | $ | (2,564) |  |  | $ | 64 |  |  | $ | (39) |  |  | $ | (3,246) |  |  | $ | 27 |  |  | $ | (35) |
Weighted-average age of policyholders (years) | 73 |  | 70 |  | 63 |  | 72 |  | 69 |  | 63
Net amount at risk (2) | $ | 2,518 |  |  | $ | 255 |  |  | $ | 4 |  |  | $ | 2,056 |  |  | $ | 210 |  |  | $ | 3 |

(1) Consists primarily of changes in MRB assets and liabilities related to differences between separate account fund performance and modeled indices and other changes such as actual to expected policyholder behavior.
(2) Net amount at risk (“NAR”) is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For guaranteed living benefits (“GLBs”), the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit feature exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.
See “MRBs” in Note 12 for details related to our fair value judgments, assumptions, inputs and valuation methodology.
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9. Separate Accounts
The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

| As of March 31, |  | As of December 31,
| 2025 |  | 2024
Mutual funds and collective investment trusts | $ | 161,823 |  |  | $ | 167,759 |
Exchange-traded funds | 249 |  |  | 336 |
Fixed maturity AFS securities | 168 |  |  | 161 |
Cash and invested cash | 77 |  |  | 12 |
Other investments | 189 |  |  | 170 |
Total separate account assets | $ | 162,506 |  |  | $ | 168,438 |

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

| As of March 31, |  | As of December 31,
| 2025 |  | 2024
Variable Annuities | $ | 113,635 |  |  | $ | 117,998 |
UL and Other | 28,106 |  |  | 28,841 |
Retirement Plan Services | 20,708 |  |  | 21,541 |
Other Operations (1) | 57 |  |  | 58 |
Total separate account liabilities | $ | 162,506 |  |  | $ | 168,438 |

(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($47 million a nd $49 million as of March 31, 2025, and December 31, 2024, respectively) that are excluded from the following tables.
The following table summarizes the balances of and changes in separate account liabilities (in millions):

| As of or For the Three Months Ended March 31, 2025 |  | As of or For the Three Months Ended March 31, 2024
| Variable Annuities |  | UL and Other |  | Retirement Plan Services |  | Variable Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 117,998 |  |  | $ | 28,841 |  |  | $ | 21,541 |  |  | $ | 113,356 |  |  | $ | 25,150 |  |  | $ | 19,699 |
Gross deposits | 1,557 |  |  | 353 |  |  | 627 |  |  | 904 |  |  | 358 |  |  | 570 |
Withdrawals | (3,915) |  |  | (204) |  |  | (902) |  |  | (3,208) |  |  | (103) |  |  | (732) |
Policyholder assessments | (656) |  |  | (246) |  |  | (46) |  |  | (648) |  |  | (246) |  |  | (44) |
Change in market performance | (1,798) |  |  | (624) |  |  | (478) |  |  | 7,503 |  |  | 1,885 |  |  | 1,475 |
Net transfers from (to) general account | 449 |  |  | (14) |  |  | (34) |  |  | 269 |  |  | (37) |  |  | 18 |
Balance as of end-of-period | $ | 113,635 |  |  | $ | 28,106 |  |  | $ | 20,708 |  |  | $ | 118,176 |  |  | $ | 27,007 |  |  | $ | 20,986 |
Cash surrender value | $ | 112,239 |  |  | $ | 23,577 |  |  | $ | 20,695 |  |  | $ | 116,771 |  |  | $ | 24,606 |  |  | $ | 20,971 |

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10. Policyholder Account Balances
The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:

| As of March 31, |  | As of December 31,
| 2025 |  | 2024
Variable Annuities | $ | 34,370 |  | $ | 35,267
Fixed Annuities | 26,039 |  | 25,963
UL and Other | 36,220 |  | 36,599
Retirement Plan Services | 23,479 |  | 23,619
Other (1) | 5,154 |  | 4,749
Total policyholder account balances | $ | 125,262 |  | $ | 126,197

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.3 billion and $4.4 billion as of March 31, 2025, and December 31, 2024, respectively) and funding agreements, that are excluded from the following tables. See “Funding Agreements” below for more information.
The following table summarizes the balances and changes in policyholder account balances (in millions):

| As of or For the Three Months Ended March 31, 2025
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 35,267 |  |  | $ | 25,963 |  |  | $ | 36,599 |  |  | $ | 23,619 |
Gross deposits | 1,369 |  |  | 873 |  |  | 865 |  |  | 811 |
Withdrawals | (612) |  |  | (947) |  |  | (445) |  |  | (1,330) |
Policyholder assessments | – |  |  | (15) |  |  | (1,104) |  |  | (4) |
Net transfers from (to) separate account | (287) |  |  | – |  |  | 14 |  |  | 211 |
Interest credited | 199 |  |  | 210 |  |  | 356 |  |  | 172 |
Change in fair value of embedded derivative |  |  |  |  |  |  |
instruments and other | (1,566) |  |  | (45) |  |  | (65) |  |  | – |
Balance as of end-of-period | $ | 34,370 |  | $ | 26,039 |  | $ | 36,220 |  | $ | 23,479
Weighted-average crediting rate | 2.3% |  | 3.2% |  | 3.9% |  | 2.9%
Net amount at risk (1) (2) | $ | 2,518 |  | $ | 255 |  | $ | 299,107 |  | $ | 4
Cash surrender value | 33,108 |  | 24,935 |  | 32,645 |  | 23,443

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| As of or For the Three Months Ended March 31, 2024
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 29,141 |  | $ | 25,355 |  | $ | 37,180 |  | $ | 23,784
Gross deposits | 973 |  | 973 |  | 850 |  | 790
Withdrawals | (224) |  | (1,410) |  | (364) |  | (1,203)
Policyholder assessments | – |  | (17) |  | (1,124) |  | (3)
Net transfers from (to) separate account | (178) |  | – |  | 38 |  | 50
Interest credited | 158 |  | 183 |  | 365 |  | 168
Change in fair value of embedded derivative |  |  |  |  |  |  |
instruments and other | 1,538 |  | 78 |  | 61 |  | –
Balance as of end-of-period | $ | 31,408 |  | $ | 25,162 |  | $ | 37,006 |  | $ | 23,586
Weighted-average crediting rate | 2.1 | % |  | 2.9 | % |  | 3.9 | % |  | 2.8 | %
Net amount at risk (1) (2) | $ | 2,056 |  | $ | 210 |  | $ | 300,740 |  | $ | 3
Cash surrender value | 30,228 |  | 24,139 |  | 33,314 |  | 23,560

(1) NAR is the current guaranteed minimum benefit in excess of the current account balance as of the balance sheet date. For GLBs, the guaranteed minimum benefit is calculated based on the present value of GLB payments. Our variable annuity products may offer more than one type of guaranteed benefit rider to a policyholder. In instances where more than one guaranteed benefit rider exists in a contract, the guaranteed benefit rider that provides the highest NAR is used in the calculation.
(2) Calculation is based on total account balances and includes both policyholder account balances and separate account balances.
Funding Agreements
FABN Program
The Lincoln National Life Insurance Company (“LNL”) established a $5.0 billion funding agreement-backed notes (“FABN”) program in 2024 pursuant to which LNL may issue unsecured funding agreements to an unaffiliated and unconsolidated special purpose statutory trust (the “Trust”) that will then issue medium-term notes for which payment of interest and principal is secured by such funding agreement. Funding agreements issued to the Trust are reported in policyholder account balances on the Consolidated Balance Sheets, and the associated interest is reported within interest credited on the Consolidated Statements of Comprehensive Income (Loss). We had funding agreements issued under the program of $500 million as of March 31, 2025, compared to none as of December 31, 2024.
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The following table presents policyholder account balances (in millions) by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between the interest being credited to policyholders and the respective guaranteed contract minimums:

| As of March 31, 2025
| At Guaranteed Minimum |  | 1-50 Basis Points Above |  | 51-100 Basis Points Above |  | 101-150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
Range of Guaranteed |  |  |  |  |
Minimum Crediting Rate |  |  |  |  |
Variable Annuities |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 9 |  | $ | – |  | $ | – |  | $ | – |  | $ | – |  | $ | 9
1.01% - 2.00% | 3 |  | – |  | – |  | – |  | 7 |  | 10
2.01% - 3.00% | 495 |  | – |  | – |  | – |  | – |  | 495
3.01% - 4.00% | 1,197 |  | – |  | – |  | – |  | – |  | 1,197
4.01% and above | 7 |  | – |  | – |  | – |  | – |  | 7
Other (1) | – |  | – |  | – |  | – |  | – |  | 32,652
Total | $ | 1,711 |  | $ | – |  | $ | – |  | $ | – |  | $ | 7 |  | $ | 34,370
Fixed Annuities |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 201 |  | $ | 855 |  | $ | 459 |  | $ | 229 |  | $ | 2,266 |  | $ | 4,010
1.01% - 2.00% | 223 |  | 202 |  | 146 |  | 161 |  | 5,908 |  | 6,640
2.01% - 3.00% | 1,499 |  | 33 |  | 1 |  | 2 |  | 38 |  | 1,573
3.01% - 4.00% | 930 |  | – |  | – |  | – |  | – |  | 930
4.01% and above | 166 |  | – |  | – |  | – |  | – |  | 166
Other (1) | – |  | – |  | – |  | – |  | – |  | 12,720
Total | $ | 3,019 |  | $ | 1,090 |  | $ | 606 |  | $ | 392 |  | $ | 8,212 |  | $ | 26,039
UL and Other |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 261 |  | $ | – |  | $ | 231 |  | $ | 31 |  | $ | 453 |  | $ | 976
1.01% - 2.00% | 541 |  | – |  | – |  | – |  | 2,976 |  | 3,517
2.01% - 3.00% | 6,483 |  | 9 |  | 152 |  | – |  | – |  | 6,644
3.01% - 4.00% | 14,972 |  | – |  | 1 |  | – |  | – |  | 14,973
4.01% and above | 3,525 |  | – |  | – |  | – |  | – |  | 3,525
Other (1) | – |  | – |  | – |  | – |  | – |  | 6,585
Total | $ | 25,782 |  | $ | 9 |  | $ | 384 |  | $ | 31 |  | $ | 3,429 |  | $ | 36,220
Retirement Plan Services |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 573 |  | $ | 312 |  | $ | 725 |  | $ | 3,498 |  | $ | 5,766 |  | $ | 10,874
1.01% - 2.00% | 477 |  | 996 |  | 1,847 |  | 451 |  | 662 |  | 4,433
2.01% - 3.00% | 1,680 |  | 542 |  | 48 |  | 18 |  | 1 |  | 2,289
3.01% - 4.00% | 4,194 |  | 107 |  | 8 |  | 11 |  | – |  | 4,320
4.01% and above | 1,426 |  | 137 |  | – |  | – |  | – |  | 1,563
Total | $ | 8,350 |  | $ | 2,094 |  | $ | 2,628 |  | $ | 3,978 |  | $ | 6,429 |  | $ | 23,479

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| As of March 31, 2024
| At Guaranteed Minimum |  | 1-50 Basis Points Above |  | 51-100 Basis Points Above |  | 101-150 Basis Points Above |  | Greater Than 150 Basis Points Above |  | Total
Range of Guaranteed |  |  |  |  |
Minimum Crediting Rate |  |  |  |  |
Variable Annuities |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | – |  | $ | – |  | $ | – |  | $ | – |  | $ | – |  | $ | –
1.01% - 2.00% | 5 |  | – |  | – |  | – |  | 6 |  | 11
2.01% - 3.00% | 560 |  | – |  | – |  | – |  | – |  | 560
3.01% - 4.00% | 1,319 |  | – |  | – |  | – |  | – |  | 1,319
4.01% and above | 9 |  | – |  | – |  | – |  | – |  | 9
Other (1) | – |  | – |  | – |  | – |  | – |  | 29,509
Total | $ | 1,893 |  | $ | – |  | $ | – |  | $ | – |  | $ | 6 |  | $ | 31,408
Fixed Annuities |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 679 |  | $ | 605 |  | $ | 560 |  | $ | 493 |  | $ | 2,466 |  | $ | 4,803
1.01% - 2.00% | 360 |  | 99 |  | 285 |  | 500 |  | 3,231 |  | 4,475
2.01% - 3.00% | 1,749 |  | 39 |  | 5 |  | 1 |  | 25 |  | 1,819
3.01% - 4.00% | 916 |  | – |  | – |  | – |  | – |  | 916
4.01% and above | 177 |  | – |  | – |  | – |  | – |  | 177
Other (1) | – |  | – |  | – |  | – |  | – |  | 12,972
Total | $ | 3,881 |  | $ | 743 |  | $ | 850 |  | $ | 994 |  | $ | 5,722 |  | $ | 25,162
UL and Other |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 264 |  | $ | – |  | $ | 219 |  | $ | 119 |  | $ | 30 |  | $ | 632
1.01% - 2.00% | 548 |  | – |  | – |  | – |  | 3,208 |  | 3,756
2.01% - 3.00% | 6,848 |  | 10 |  | 149 |  | – |  | – |  | 7,007
3.01% - 4.00% | 15,596 |  | – |  | 1 |  | – |  | – |  | 15,597
4.01% and above | 3,722 |  | – |  | – |  | – |  | – |  | 3,722
Other (1) | – |  | – |  | – |  | – |  | – |  | 6,292
Total | $ | 26,978 |  | $ | 10 |  | $ | 369 |  | $ | 119 |  | $ | 3,238 |  | $ | 37,006
Retirement Plan Services |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 437 |  | $ | 500 |  | $ | 740 |  | $ | 3,706 |  | $ | 4,320 |  | $ | 9,703
1.01% - 2.00% | 527 |  | 1,660 |  | 1,413 |  | 1,345 |  | 14 |  | 4,959
2.01% - 3.00% | 2,342 |  | 21 |  | 63 |  | 17 |  | 1 |  | 2,444
3.01% - 4.00% | 4,842 |  | 31 |  | 3 |  | 3 |  | – |  | 4,879
4.01% and above | 1,458 |  | 143 |  | – |  | – |  | – |  | 1,601
Total | $ | 9,606 |  | $ | 2,355 |  | $ | 2,219 |  | $ | 5,071 |  | $ | 4,335 |  | $ | 23,586

(1) Consists of indexed account balances that include the fair value of embedded derivative instruments, non-life contingent payout annuity account balances, short-term dollar cost averaging annuities business and policy loans.
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11. Future Contract Benefits
The following table reconciles future contract benefits (in millions) to the Consolidated Balance Sheets:

| As of March 31, |  | As of December 31,
| 2025 |  | 2024
Payout Annuities (1) | $ | 2,033 |  |  | $ | 2,009 |
Traditional Life (1) | 3,821 |  |  | 3,774 |
Group Protection (2) | 5,712 |  |  | 5,628 |
UL and Other (3) | 16,702 |  |  | 16,062 |
Other Operations (4) | 9,062 |  |  | 9,070 |
Other (5) | 3,335 |  |  | 3,264 |
Total future contract benefits | $ | 40,665 |  |  | $ | 39,807 |

(1) See “Liability for Future Policy Benefits” below for further information.
(2) See “Liability for Future Claims” below for further information.
(3) See “Additional Liabilities for Other Insurance Benefits” below for further information.
(4) Represents future contract benefits reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($5.4 billion as of March 31, 2025, and December 31, 2024) and Swiss Re ($1.8 billion as of March 31, 2025, and December 31, 2024) that are excluded from the following tables.
(5) Represents other miscellaneous reserves that are not representative of long-duration contracts and are excluded from the following tables.
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Liability for Future Policy Benefits
The following table summarizes the balances of and changes in the present values of expected net premiums and liability for future policy benefits (“LFPB”) (in millions, except years):

| As of or For the Three Months Ended March 31, 2025 |  | As of or For the Three Months Ended March 31, 2024
| Payout Annuities |  | Traditional Life |  | Payout Annuities |  | Traditional Life
Present Value of Expected Net Premiums |  |  |  |  |  |  |
Balance as of beginning-of-year | $ | – |  |  | $ | 5,873 |  |  | $ | – |  |  | $ | 6,200 |
Less: Effect of cumulative changes in discount |  |  |  |  |  |  |
rate assumptions | – |  |  | (275) |  |  | – |  |  | (148) |
Beginning balance at original discount rate | – |  |  | 6,148 |  |  | – |  |  | 6,348 |
Effect of actual variances from expected experience | – |  |  | (48) |  |  | – |  |  | 2 |
Adjusted balance as of beginning-of-year | – |  |  | 6,100 |  |  | – |  |  | 6,350 |
Issuances | – |  |  | 64 |  |  | – |  |  | 108 |
Interest accrual | – |  |  | 62 |  |  | – |  |  | 63 |
Net premiums collected | – |  |  | (192) |  |  | – |  |  | (202) |
Flooring impact of LFPB | – |  |  | (5) |  |  | – |  |  | 3 |
Ending balance at original discount rate | – |  |  | 6,029 |  |  | – |  |  | 6,322 |
Effect of cumulative changes in discount |  |  |  |  |  |  |
rate assumptions | – |  |  | (196) |  |  | – |  |  | (254) |
Balance as of end-of-period | $ | – |  |  | $ | 5,833 |  |  | $ | – |  |  | $ | 6,068 |
Present Value of Expected LFPB |  |  |  |  |  |  |
Balance as of beginning-of-year | $ | 2,009 |  |  | $ | 9,647 |  |  | $ | 2,085 |  |  | $ | 10,041 |
Less: Effect of cumulative changes in discount |  |  |  |  |  |  |
rate assumptions | (251) |  |  | (438) |  |  | (187) |  |  | (189) |
Beginning balance at original discount rate (1) | 2,260 |  |  | 10,085 |  |  | 2,272 |  |  | 10,230 |
Effect of actual variances from expected experience | (1) |  |  | (55) |  |  | 1 |  |  | 7 |
Adjusted balance as of beginning-of-year | 2,259 |  |  | 10,030 |  |  | 2,273 |  |  | 10,237 |
Issuances | 22 |  |  | 64 |  |  | 15 |  |  | 108 |
Interest accrual | 22 |  |  | 99 |  |  | 22 |  |  | 100 |
Benefit payments | (49) |  |  | (234) |  |  | (49) |  |  | (206) |
Ending balance at original discount rate (1) | 2,254 |  |  | 9,959 |  |  | 2,261 |  |  | 10,239 |
Effect of cumulative changes in discount |  |  |  |  |  |  |
rate assumptions | (221) |  |  | (305) |  |  | (227) |  |  | (378) |
Balance as of end-of-period | $ | 2,033 |  |  | $ | 9,654 |  |  | $ | 2,034 |  |  | $ | 9,861 |
Net balance as of end-of-period | $ | 2,033 |  |  | $ | 3,821 |  |  | $ | 2,034 |  |  | $ | 3,793 |
Less: Reinsurance recoverables | 1,478 |  |  | 360 |  |  | 1,562 |  |  | 421 |
Net balance as of end-of-period, net of reinsurance | $ | 555 |  |  | $ | 3,461 |  |  | $ | 472 |  |  | $ | 3,372 |
Weighted-average duration of future policyholder |  |  |  |  |  |  |
benefit liability (years) | 9 |  | 9 |  | 9 |  | 9

(1) Includes deferred profit liability within Payout Annui ties of $65 million a nd $60 million as of March 31, 2025 and 2024, respectively.
For the three months ended March 31, 2025 and 2024, Payout Annuities and Traditional Life did not have any significantly different actual experience compared to expected.
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The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

| As of March 31, 2025 |  | As of March 31, 2024
| Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Payout Annuities |  |  |  |  |  |  |
Expected future gross premiums | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Expected future benefit payments | 3,408 |  |  | 2,033 |  |  | 3,438 |  |  | 2,034 |
Traditional Life |  |  |  |  |  |  |
Expected future gross premiums | 13,807 |  |  | 9,447 |  |  | 13,896 |  |  | 9,570 |
Expected future benefit payments | 14,129 |  |  | 9,654 |  |  | 14,582 |  |  | 9,861 |

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Payout Annuities |  |  |  |  |  |  |
Gross premiums | $ | 23 |  |  | $ | 21 |  |  |  |  |
Interest accretion | 22 |  |  | 22 |  |  |  |  |
Traditional Life |  |  |  |  |  |  |
Gross premiums | 314 |  |  | 314 |  |  |  |  |
Interest accretion | 37 |  |  | 37 |  |  |  |  |

The following table summarizes the weighted-average interest rates:

| For the Three Months Ended March 31,
| 2025 |  | 2024
Payout Annuities |  |  |
Interest accretion rate | 4.0 | % |  | 3.9 | %
Current discount rate | 5.2 | % |  | 5.2 | %
Traditional Life |  |  |
Interest accretion rate | 5.0 | % |  | 5.0 | %
Current discount rate | 4.9 | % |  | 5.0 | %

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Liability for Future Claims
The following table summarizes the balances of and changes in liability for future claims (in millions, except years):

| Group Protection
| As of or For the Three Months Ended March 31,
| 2025 |  | 2024
Balance as of beginning-of-year | $ | 5,628 |  |  | $ | 5,689 |
Less: Effect of cumulative changes in discount |  |  |
rate assumptions | (550) |  |  | (490) |
Beginning balance at original discount rate | 6,178 |  |  | 6,179 |
Effect of actual variances from expected experience | (72) |  |  | (67) |
Adjusted beginning-of-year balance | 6,106 |  |  | 6,112 |
New incidence | 402 |  |  | 408 |
Interest | 50 |  |  | 48 |
Benefit payments | (371) |  |  | (382) |
Ending balance at original discount rate | 6,187 |  |  | 6,186 |
Effect of cumulative changes in discount |  |  |
rate assumptions | (475) |  |  | (546) |
Balance as of end-of-period | 5,712 |  |  | 5,640 |
Less: Reinsurance recoverables | 121 |  |  | 123 |
Balance as of end-of-period, net of reinsurance | $ | 5,591 |  |  | $ | 5,517 |
Weighted-average duration of liability for future |  |  |
claims (years) | 5 |  | 5

For the three months ended March 31, 2025, we experienced more favorable reported incidence and claim terminations than assumed.
For the three months ended March 31, 2024, we experienced more favorable claim terminations than assumed.
The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

| As of March 31, 2025 |  | As of March 31, 2024
| Undiscounted |  | Discounted |  | Undiscounted |  | Discounted
Group Protection |  |  |  |  |  |  |
Expected future benefit payments | $ | 7,413 |  |  | $ | 5,712 |  |  | $ | 7,296 |  |  | $ | 5,640 |

The following table summarizes the gross premiums and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Group Protection |  |  |  |  |  |  |
Gross premiums | $ | 933 |  |  | $ | 896 |  |  |  |  |
Interest accretion | 50 |  |  | 48 |  |  |  |  |

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The following table summarizes the weighted-average interest rates:

| For the Three Months Ended March 31,
| 2025 |  | 2024
Group Protection |  |  |
Interest accretion rate | 3.4 | % |  | 3.2 | %
Current discount rate | 4.9 | % |  | 5.0 | %

Additional Liabilities for Other Insurance Benefits
The following table summarizes the balances of and changes in additional liabilities for other insurance benefits (in millions, except years):

| UL and Other
| As of or For the Three Months Ended March 31,
| 2025 |  | 2024
Balance as of beginning-of-year | $ | 16,062 |  |  | $ | 15,000 |
Less: Effect of cumulative changes in shadow |  |  |
balance in AOCI | (2,673) |  |  | (2,222) |
Balance as of beginning-of-year, excluding |  |  |
shadow balance in AOCI | 18,735 |  |  | 17,222 |
Effect of actual variances from expected experience | 23 |  |  | 106 |
Adjusted beginning-of-year balance | 18,758 |  |  | 17,328 |
Interest accrual | 228 |  |  | 209 |
Net assessments collected | 293 |  |  | 303 |
Benefit payments | (200) |  |  | (313) |
Balance as of end-of-period, excluding shadow |  |  |
balance in AOCI | 19,079 |  |  | 17,527 |
Effect of cumulative changes in shadow |  |  |
balance in AOCI | (2,377) |  |  | (3,083) |
Balance as of end-of-period | 16,702 |  |  | 14,444 |
Less: Reinsurance recoverables | 5,316 |  |  | 4,776 |
Balance as of end-of-period, net of reinsurance | $ | 11,386 |  |  | $ | 9,668 |
Weighted-average duration of additional liabilities |  |  |
for other insurance benefits (years) | 16 |  | 17

For the three months ended March 31, 2025, we did not have any significantly different actual experience compared to expected.
For the three months ended March 31, 2024, we had unfavorable actual mortality experience compared to expected on reinsured and retained business.
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The following table summarizes the gross assessments and interest accretion (in millions) recognized in insurance premiums and benefits, respectively, on the Consolidated Statements of Comprehensive Income (Loss):

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
UL and Other |  |  |  |  |  |  |
Gross assessments | $ | 700 |  |  | $ | 766 |  |  |  |  |
Interest accretion | 228 |  |  | 209 |  |  |  |  |

The following table summarizes the weighted-average interest rates:

| For the Three Months Ended March 31,
| 2025 |  | 2024
UL and Other |  |  |
Interest accretion rate | 5.4 | % |  | 5.3 | %

12. Fair Value of Financial Instruments
Financial Instruments Carried at Fair Value
The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:
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| As of March 31, 2025
| Quoted |  |  |  |  |  |
| Prices |  |  |  |  |  |
| in Active |  |  |  |  |  |
| Markets for |  | Significant |  | Significant |  |
| Identical |  | Observable |  | Unobservable |  | Total
| Assets |  | Inputs |  | Inputs |  | Fair
| (Level 1) |  | (Level 2) |  | (Level 3) |  | Value
Assets |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |
Corporate bonds | $ | – |  |  | $ | 63,911 |  |  | $ | 2,974 |  |  | $ | 66,885 |
U.S. government bonds | 518 |  |  | 20 |  |  | – |  |  | 538 |
State and municipal bonds | – |  |  | 2,350 |  |  | – |  |  | 2,350 |
Foreign government bonds | – |  |  | 239 |  |  | – |  |  | 239 |
RMBS | – |  |  | 1,922 |  |  | 19 |  |  | 1,941 |
CMBS | – |  |  | 1,800 |  |  | 30 |  |  | 1,830 |
ABS | – |  |  | 11,610 |  |  | 2,631 |  |  | 14,241 |
Hybrid and redeemable preferred securities | 47 |  |  | 145 |  |  | 81 |  |  | 273 |
Trading securities | – |  |  | 1,697 |  |  | 287 |  |  | 1,984 |
Equity securities | – |  |  | 310 |  |  | 35 |  |  | 345 |
Mortgage loans on real estate | – |  |  | – |  |  | 232 |  |  | 232 |
Derivative investments (1) | – |  |  | 11,238 |  |  | 10 |  |  | 11,248 |
Other investments – short-term investments | – |  |  | 468 |  |  | 15 |  |  | 483 |
MRB assets | – |  |  | – |  |  | 4,157 |  |  | 4,157 |
Other assets: |  |  |  |  |  |  |
Ceded MRBs | – |  |  | – |  |  | 2 |  |  | 2 |
Indexed annuity ceded embedded derivatives | – |  |  | – |  |  | 1,092 |  |  | 1,092 |
Separate account assets | 373 |  |  | 162,133 |  |  | – |  |  | 162,506 |
Total assets | $ | 938 |  |  | $ | 257,843 |  |  | $ | 11,565 |  |  | $ | 270,346 |
Liabilities |  |  |  |  |  |  |
Policyholder account balances – RILA, fixed annuity |  |  |  |  |  |  |
and IUL contracts | $ | – |  |  | $ | – |  |  | $ | (10,807) |  |  | $ | (10,807) |
Funds withheld reinsurance liabilities – reinsurance-related |  |  |  |  |  |  |
embedded derivatives | – |  |  | 185 |  |  | (323) |  |  | (138) |
MRB liabilities | – |  |  | – |  |  | (1,306) |  |  | (1,306) |
Other liabilities: |  |  |  |  |  |  |
Ceded MRBs | – |  |  | – |  |  | (314) |  |  | (314) |
Derivative liabilities (1) | – |  |  | (3,377) |  |  | (119) |  |  | (3,496) |
Total liabilities | $ | – |  |  | $ | (3,192) |  |  | $ | (12,869) |  |  | $ | (16,061) |

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| As of December 31, 2024
| Quoted |  |  |  |  |  |
| Prices |  |  |  |  |  |
| in Active |  |  |  |  |  |
| Markets for |  | Significant |  | Significant |  |
| Identical |  | Observable |  | Unobservable |  | Total
| Assets |  | Inputs |  | Inputs |  | Fair
| (Level 1) |  | (Level 2) |  | (Level 3) |  | Value
Assets |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |
Corporate bonds | $ | – |  |  | $ | 63,585 |  |  | $ | 2,865 |  |  | $ | 66,450 |
U.S. government bonds | 371 |  |  | 20 |  |  | – |  |  | 391 |
State and municipal bonds | – |  |  | 2,371 |  |  | – |  |  | 2,371 |
Foreign government bonds | – |  |  | 237 |  |  | – |  |  | 237 |
RMBS | – |  |  | 1,851 |  |  | 12 |  |  | 1,863 |
CMBS | – |  |  | 1,657 |  |  | 8 |  |  | 1,665 |
ABS | – |  |  | 11,781 |  |  | 2,099 |  |  | 13,880 |
Hybrid and redeemable preferred securities | 48 |  |  | 133 |  |  | 73 |  |  | 254 |
Trading securities | – |  |  | 1,760 |  |  | 265 |  |  | 2,025 |
Equity securities | – |  |  | 260 |  |  | 34 |  |  | 294 |
Mortgage loans on real estate | – |  |  | – |  |  | 232 |  |  | 232 |
Derivative investments (1) | – |  |  | 13,884 |  |  | 3 |  |  | 13,887 |
Other investments – short-term investments | – |  |  | 369 |  |  | 23 |  |  | 392 |
MRB assets | – |  |  | – |  |  | 4,860 |  |  | 4,860 |
Other assets: |  |  |  |  |  |  |
Ceded MRBs | – |  |  | – |  |  | 2 |  |  | 2 |
Indexed annuity ceded embedded derivatives | – |  |  | – |  |  | 1,115 |  |  | 1,115 |
Separate account assets | 391 |  |  | 168,047 |  |  | – |  |  | 168,438 |
Total assets | $ | 810 |  |  | $ | 265,955 |  |  | $ | 11,591 |  |  | $ | 278,356 |
Liabilities |  |  |  |  |  |  |
Policyholder account balances – RILA, fixed annuity |  |  |  |  |  |  |
and IUL contracts | $ | – |  |  | $ | – |  |  | $ | (12,449) |  |  | $ | (12,449) |
Funds withheld reinsurance liabilities – reinsurance-related |  |  |  |  |  |  |
embedded derivatives | – |  |  | 204 |  |  | (234) |  |  | (30) |
MRB liabilities | – |  |  | – |  |  | (1,046) |  |  | (1,046) |
Other liabilities: |  |  |  |  |  |  |
Ceded MRBs | – |  |  | – |  |  | (381) |  |  | (381) |
Derivative liabilities (1) | – |  |  | (4,256) |  |  | (139) |  |  | (4,395) |
Total liabilities | $ | – |  |  | $ | (4,052) |  |  | $ | (14,249) |  |  | $ | (18,301) |

(1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty.
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The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 8.

| For the Three Months Ended March 31, 2025 |  |  |  |  |  |
|  |  |  |  | Gains |  | Issuances, |  | Transfers |  |  |  |  |  |  |  |
|  |  | Items |  | (Losses) |  | Sales, |  | Into or |  |  |  |  |  |  |  |
|  |  | Included |  | in |  | Maturities, |  | Out |  |  |  |  |  |  |  |
| Beginning |  | in |  | OCI |  | Settlements, |  | of |  | Ending |  |  |  |  |  |
| Fair |  | Net |  | and |  | Calls, |  | Level 3, |  | Fair |  |  |  |  |  |
| Value |  | Income |  | Other (1) |  | Net |  | Net |  | Value |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,865 |  |  | $ | (13) |  |  | $ | 1 |  |  | $ | 99 |  |  | $ | 22 |  |  | $ | 2,974 |  |  |  |  |  |  |
RMBS | 12 |  |  | – |  |  | – |  |  | 7 |  |  | – |  |  | 19 |  |  |  |  |  |  |
CMBS | 8 |  |  | – |  |  | – |  |  | 22 |  |  | – |  |  | 30 |  |  |  |  |  |  |
ABS | 2,099 |  |  | (21) |  |  | 18 |  |  | 478 |  |  | 57 |  |  | 2,631 |  |  |  |  |  |  |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | 73 |  |  | – |  |  | – |  |  | 18 |  |  | (10) |  |  | 81 |  |  |  |  |  |  |
Trading securities | 265 |  |  | 1 |  |  | – |  |  | 4 |  |  | 17 |  |  | 287 |  |  |  |  |  |  |
Equity securities | 34 |  |  | (6) |  |  | – |  |  | 7 |  |  | – |  |  | 35 |  |  |  |  |  |  |
Mortgage loans on real estate | 232 |  |  | (1) |  |  | 2 |  |  | (1) |  |  | – |  |  | 232 |  |  |  |  |  |  |
Other investments | 23 |  |  | – |  |  | – |  |  | (8) |  |  | – |  |  | 15 |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (3) | 2 |  |  | – |  |  | – |  |  | – |  | – |  |  | 2 |  |  |  |  |  |  |
Indexed annuity ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (4) | 1,115 |  |  | (24) |  |  | – |  |  | 1 |  |  | – |  |  | 1,092 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RILA, fixed annuity and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IUL contracts (4) | (12,449) |  |  | 1,676 |  |  | – |  |  | (34) |  |  | – |  |  | (10,807) |  |  |  |  |  |  |
Funds withheld reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
liabilities – reinsurance-related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives (4) | (234) |  |  | (89) |  |  | – |  |  | – |  | – |  |  | (323) |  |  |  |  |  |  |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (3) | (381) |  |  | 67 |  |  | – |  |  | – |  | – |  |  | (314) |  |  |  |  |  |  |
Derivative liabilities | (136) |  |  | 27 |  |  | – |  |  | – |  | – |  |  | (109) |  |  |  |  |  |  |
Total, net | $ | (6,472) |  |  | $ | 1,617 |  |  | $ | 21 |  |  | $ | 593 |  |  | $ | 86 |  |  | $ | (4,155) |  |  |  |  |  |  |

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| For the Three Months Ended March 31, 2024
|  |  |  |  | Gains |  | Issuances, |  | Transfers |  |
|  |  | Items |  | (Losses) |  | Sales, |  | Into or |  |
|  |  | Included |  | in |  | Maturities, |  | Out |  |
| Beginning |  | in |  | OCI |  | Settlements, |  | of |  | Ending
| Fair |  | Net |  | and |  | Calls, |  | Level 3, |  | Fair
| Value |  | Income |  | Other (1) |  | Net |  | Net |  | Value
Assets |  |  |  |  |  |  |  |  |  |  |
Investments: (2) |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,497 |  |  | $ | 2 |  |  | $ | (10) |  |  | $ | 22 |  |  | $ | (22) |  |  | $ | 2,489 |
State and municipal bonds | 5 |  |  | – |  |  | – |  |  | – |  |  | (5) |  |  | – |
RMBS | 13 |  |  | – |  |  | (1) |  |  | – |  |  | – |  |  | 12 |
CMBS | 8 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 8 |
ABS | 1,484 |  |  | – |  |  | (1) |  |  | 201 |  |  | 8 |  |  | 1,692 |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |
securities | 48 |  |  | – |  |  | 3 |  |  | – |  |  | – |  |  | 51 |
Trading securities | 284 |  |  | – |  |  | – |  |  | (13) |  |  | – |  |  | 271 |
Equity securities | 42 |  |  | (3) |  |  | – |  |  | – |  |  | – |  |  | 39 |
Mortgage loans on real estate | 288 |  |  | – |  |  | 1 |  |  | – |  |  | – |  |  | 289 |
Derivative investments | 36 |  |  | 12 |  |  | – |  |  | 4 |  |  | (51) |  |  | 1 |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (3) | 2 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 2 |
Indexed annuity ceded embedded |  |  |  |  |  |  |  |  |  |  |
derivatives (4) | 940 |  |  | 33 |  |  | – |  |  | – |  |  | – |  |  | 973 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances – |  |  |  |  |  |  |  |  |  |  |
RILA, fixed annuity and |  |  |  |  |  |  |  |  |  |  |
IUL contracts (4) | (9,077) |  |  | (1,677) |  |  | – |  |  | (142) |  |  | – |  |  | (10,896) |
Funds withheld reinsurance |  |  |  |  |  |  |  |  |  |  |
liabilities – reinsurance-related |  |  |  |  |  |  |  |  |  |  |
embedded derivatives (4) | (789) |  |  | 206 |  |  | – |  |  | – |  |  | – |  |  | (583) |
Other liabilities – ceded MRBs (3) | (239) |  |  | (121) |  |  | – |  |  | – |  |  | – |  |  | (360) |
Total, net | $ | (4,458) |  |  | $ | (1,548) |  |  | $ | (8) |  |  | $ | 72 |  |  | $ | (70) |  |  | $ | (6,012) |

(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).
(2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
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The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:

| For the Three Months Ended March 31, 2025 |  |  |  |  |  |
| Issuances |  | Sales |  | Maturities |  | Settlements |  | Calls |  | Total |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 246 |  |  | $ | (45) |  |  | $ | – |  |  | $ | (102) |  |  | $ | – |  |  | $ | 99 |  |  |  |  |  |  |
RMBS | 7 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 7 |  |  |  |  |  |  |
CMBS | 22 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 22 |  |  |  |  |  |  |
ABS | 594 |  |  | – |  |  | (10) |  |  | (90) |  |  | (16) |  |  | 478 |  |  |  |  |  |  |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | 20 |  |  | (2) |  |  | – |  |  | – |  |  | – |  |  | 18 |  |  |  |  |  |  |
Trading securities | 50 |  |  | (42) |  |  | – |  |  | (4) |  |  | – |  |  | 4 |  |  |  |  |  |  |
Equity securities | 8 |  |  | (1) |  |  | – |  |  | – |  |  | – |  |  | 7 |  |  |  |  |  |  |
Mortgage loans on real estate | – |  |  | (1) |  |  | – |  |  | – |  |  | – |  |  | (1) |  |  |  |  |  |  |
Other investments | 2 |  |  | – |  |  | (10) |  |  | – |  |  | – |  |  | (8) |  |  |  |  |  |  |
Other assets – indexed annuity ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives | 27 |  |  | – |  |  | – |  |  | (26) |  |  | – |  |  | 1 |  |  |  |  |  |  |
Policyholder account balances – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RILA, fixed annuity and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IUL contracts | (234) |  |  | – |  |  | – |  |  | 200 |  |  | – |  |  | (34) |  |  |  |  |  |  |
Total, net | $ | 742 |  |  | $ | (91) |  |  | $ | (20) |  |  | $ | (22) |  |  | $ | (16) |  |  | $ | 593 |  |  |  |  |  |  |

| For the Three Months Ended March 31, 2024
| Issuances |  | Sales |  | Maturities |  | Settlements |  | Calls |  | Total
Investments: |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 277 |  |  | $ | (141) |  |  | $ | (2) |  |  | $ | (111) |  |  | $ | (1) |  |  | $ | 22 |
ABS | 264 |  |  | – |  |  | – |  |  | (63) |  |  | – |  |  | 201 |
Trading securities | – |  |  | (2) |  |  | – |  |  | (11) |  |  | – |  |  | (13) |
Mortgage loans on real estate | 1 |  |  | (1) |  |  | – |  |  | – |  |  | – |  |  | – |
Derivative investments | 7 |  |  | – |  |  | (3) |  |  | – |  |  | – |  |  | 4 |
Other assets – indexed annuity ceded |  |  |  |  |  |  |  |  |  |  |
embedded derivatives | 26 |  |  | – |  |  | – |  |  | (26) |  |  | – |  |  | – |
Policyholder account balances – |  |  |  |  |  |  |  |  |  |  |
RILA, fixed annuity and |  |  |  |  |  |  |  |  |  |  |
IUL contracts | (249) |  |  | – |  |  | – |  |  | 107 |  |  | – |  |  | (142) |
Total, net | $ | 326 |  |  | $ | (144) |  |  | $ | (5) |  |  | $ | (104) |  |  | $ | (1) |  |  | $ | 72 |

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The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

| For the Three Months Ended March 31, |  |  |
| 2025 |  |  | 2024 |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Trading securities (1) | $ | (3) |  |  |  | $ | – |  |  |  |  |  |
Equity securities (1) | (6) |  |  |  | (3) |  |  |  |  |  |
Mortgage loans on real estate (1) | (1) |  |  |  | – |  |  |  |  |  |
Derivative investments (1) | 12 |  |  |  | 16 |  |  |  |  |  |
MRBs (2) | (1,299) |  |  |  | 1,896 |  |  |  |  |  |
Funds withheld reinsurance liabilities – |  |  |  |  |  |  |  |  |
reinsurance-related embedded derivatives (1) | (89) |  |  |  | 206 |  |  |  |  |  |
Embedded derivatives – indexed annuity |  |  |  |  |  |  |  |  |
and IUL contracts (1) | 169 |  |  |  | 241 |  |  |  |  |  |
Total, net | $ | (1,217) |  |  |  | $ | 2,356 |  |  |  |  |  |

(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

| For the Three Months Ended March 31, |  |
| 2025 |  |  | 2024 |  |  |  |
Investments: |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |
Corporate bonds | $ | (7) |  |  |  | $ | (11) |  |  |  |  |
ABS | 16 |  |  |  | (1) |  |  |  |  |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |
securities | – |  |  |  | 2 |  |  |  |  |
Mortgage loans on real estate | 2 |  |  |  | 1 |  |  |  |  |
Total, net | $ | 11 |  |  |  | $ | (9) |  |  |  |  |

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The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

| For the Three Months Ended March 31, 2025 |  | For the Three Months Ended March 31, 2024 |  |  |  |  |  |
| Transfers |  | Transfers |  |  |  | Transfers |  | Transfers |  |  |  |  |  |  |  |
| Into |  | Out of |  |  |  | Into |  | Out of |  |  |  |  |  |  |  |
| Level 3 |  | Level 3 |  | Total |  | Level 3 |  | Level 3 |  | Total |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 22 |  |  | $ | – |  |  | $ | 22 |  |  | $ | 22 |  |  | $ | (44) |  |  | $ | (22) |  |  |  |  |  |  |
State and municipal bonds | – |  |  | – |  |  | – |  |  | – |  |  | (5) |  |  | (5) |  |  |  |  |  |  |
ABS | 57 |  |  | – |  |  | 57 |  |  | 31 |  |  | (23) |  |  | 8 |  |  |  |  |  |  |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | – |  |  | (10) |  |  | (10) |  |  | – |  |  | – |  |  | – |  |  |  |  |  |  |
Trading securities | 17 |  |  | – |  |  | 17 |  |  | – |  |  | – |  |  | – |  |  |  |  |  |  |
Derivative investments | – |  |  | – |  |  | – |  |  | – |  |  | (51) |  |  | (51) |  |  |  |  |  |  |
Total, net | $ | 96 |  |  | $ | (10) |  |  | $ | 86 |  |  | $ | 53 |  |  | $ | (123) |  |  | $ | (70) |  |  |  |  |  |  |

Transfers into and out of Level 3 are generally the result of observable market information on financial instruments no longer being available or becoming available to our pricing vendors. For the three months ended March 31, 2025 and 2024, transfers in and out of Level 3 were attributable primarily to the financial instruments’ observable market information no longer being available or becoming available.
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The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of March 31, 2025:

|  |  |  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  |  |  | Average |  |  |  |
| Fair |  | Valuation |  | Significant |  | Assumption or |  | Input |  |  |  |
| Value |  | Technique |  | Unobservable Inputs |  | Input Ranges |  | Range (1) |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 190 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 0.0 | % |  | – |  |  | 4.3 | % |  | 1.9 | % |  |  |  |
ABS | 10 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.4 | % |  | – |  |  | 1.4 | % |  | 1.4 | % |  |  |  |
CMBS | 8 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 2.0 | % |  | — |  |  | 2.0 | % |  | 2.0 | % |  |  |  |
Hybrid and redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
preferred securities | 39 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.2 | % |  | – |  |  | 2.1 | % |  | 1.8 | % |  |  |  |
Equity securities | 5 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 4.5 | % |  | – |  |  | 4.5 | % |  | 4.5 | % |  |  |  |
MRB assets | 4,157 |  |  | Discounted cash flow |  | Lapse (3) |  | 1.0 | % |  | — |  |  | 30.0 | % |  | (10) |  |  |  |
|  |  |  |  | Utilization of GLB withdrawals (4) |  | 85.0 | % |  | — |  |  | 100.0 | % |  | 92.0 | % |  |  |  |
|  |  |  |  | Claims utilization factor (5) |  | 60.0 | % |  | — |  |  | 100.0 | % |  | (10) |  |  |  |
|  |  |  |  | Premiums utilization factor (5) |  | 80.0 | % |  | — |  |  | 115.0 | % |  | (10) |  |  |  |
|  |  |  |  | Non-performance risk (6) |  | 0.3 | % |  | — |  |  | 2.2 | % |  | 1.8 | % |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |
|  |  |  |  | Volatility (8) |  | 1.0 | % |  | — |  |  | 29.0 | % |  | 14.3 | % |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (11) | 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives | 1,092 |  |  | Discounted cash flow |  | Lapse (3) |  | 0.0 | % |  | – |  |  | 9.0 | % |  | (10) |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
balances – indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives | $ | (10,860) |  |  | Discounted cash flow |  | Lapse (3) |  | 0.0 | % |  | – |  |  | 9.0 | % |  | (10) |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |
MRB liabilities | (1,306) |  |  | Discounted cash flow |  | Lapse (3) |  | 1.0 | % |  | — |  |  | 30.0 | % |  | (10) |  |  |  |
|  |  |  |  | Utilization of GLB withdrawals (4) |  | 85.0 | % |  | — |  |  | 100.0 | % |  | 92.0 | % |  |  |  |
|  |  |  |  | Claims utilization factor (5) |  | 60.0 | % |  | — |  |  | 100.0 | % |  | (10) |  |  |  |
|  |  |  |  | Premiums utilization factor (5) |  | 80.0 | % |  | — |  |  | 115.0 | % |  | (10) |  |  |  |
|  |  |  |  | Non-performance risk (6) |  | 0.3 | % |  | — |  |  | 2.2 | % |  | 1.8 | % |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |
|  |  |  |  | Volatility (8) |  | 1.0 | % |  | — |  |  | 29.0 | % |  | 14.3 | % |  |  |  |
Other liabilities – ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRBs (11) | (314) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2024:

|  |  |  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Average |  |  |  |  |  |
| Fair |  | Valuation |  | Significant |  | Assumption or |  | Input |  |  |  |  |  |
| Value |  | Technique |  | Unobservable Inputs |  | Input Ranges |  | Range (1) |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 187 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 0.0 | % |  | – |  |  | 3.1 | % |  | 1.7 | % |  |  |  |  |  |
ABS | 10 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.3 | % |  | – |  |  | 1.3 | % |  | 1.3 | % |  |  |  |  |  |
CMBS | 8 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.9 | % |  | – |  |  | 1.9 | % |  | 1.9 | % |  |  |  |  |  |
Hybrid and redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
preferred securities | 19 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.4 | % |  | – |  |  | 1.9 | % |  | 1.8 | % |  |  |  |  |  |
Equity securities | 5 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 4.5 | % |  | – |  |  | 4.5 | % |  | 4.5 | % |  |  |  |  |  |
MRB assets | 4,860 |  |  | Discounted cash flow |  | Lapse (3) |  | 1.0 | % |  | — |  |  | 30.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Utilization of GLB withdrawals (4) |  | 85.0 | % |  | – |  |  | 100.0 | % |  | 92.0 | % |  |  |  |  |  |
|  |  |  |  | Claims utilization factor (5) |  | 60.0 | % |  | – |  |  | 100.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Premiums utilization factor (5) |  | 80.0 | % |  | – |  |  | 115.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Non-performance risk (6) |  | 0.3 | % |  | – |  |  | 2.0 | % |  | 1.6 | % |  |  |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |  |  |
|  |  |  |  | Volatility (8) |  | 1.0 | % |  | – |  |  | 29.0 | % |  | 14.5 | % |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (11) | 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives | 1,115 |  |  | Discounted cash flow |  | Lapse (3) |  | 0.0 | % |  | — |  |  | 9.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
balances – indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives | $ | (12,402) |  |  | Discounted cash flow |  | Lapse (3) |  | 0.0 | % |  | – |  |  | 9.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |  |  |
MRB liabilities | (1,046) |  |  | Discounted cash flow |  | Lapse (3) |  | 1.0 | % |  | – |  |  | 30.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Utilization of GLB withdrawals (4) |  | 85.0 | % |  | – |  |  | 100.0 | % |  | 92.0 | % |  |  |  |  |  |
|  |  |  |  | Claims utilization factor (5) |  | 60.0 | % |  | – |  |  | 100.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Premiums utilization factor (5) |  | 80.0 | % |  | – |  |  | 115.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Non-performance risk (6) |  | 0.3 | % |  | — |  |  | 2.0 | % |  | 1.6 | % |  |  |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |  |  |
|  |  |  |  | Volatility (8) |  | 1.0 | % |  | – |  |  | 29.0 | % |  | 14.5 | % |  |  |  |  |  |
Other liabilities – ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRBs (11) | (381) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.
(2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.
(3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.
(4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.
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(5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.
(6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption.
(7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.
(8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.
(9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors.
(10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.
(11) The fair value inputs for ceded MRBs are consistent with those used to value MRB assets and liabilities.
From the table above, we have excluded Level 3 fair value measurements obtained from independent, third-party pricing sources. We do not develop the significant inputs used to measure the fair value of these assets and liabilities, and the information regarding the significant inputs is not readily available to us. Independent broker-quoted fair values are non-binding quotes developed by market makers or broker-dealers obtained from third-party sources recognized as market participants. The fair value of a broker-quoted asset or liability is based solely on the receipt of an updated quote from a single market maker or a broker-dealer recognized as a market participant as we do not adjust broker quotes when used as the fair value measurement for an asset or liability. Significant increases or decreases in any of the quotes received from a third-party broker-dealer may result in a significantly higher or lower fair value measurement.
The embedded derivative liability associated with Fortitude Re was excluded from the above table. As discussed in Note 7, this embedded derivative liability was created through a coinsurance with funds withheld reinsurance agreement where the investments supporting the reinsurance agreement were withheld by and continue to be reported on the Consolidated Balance Sheets. This reinsurance-related embedded derivative is valued as a total return swap with reference to the fair value of the investments held by us. Accordingly, the unobservable inputs utilized in the valuation of the reinsurance-related embedded derivative are a component of the investments supporting the reinsurance agreement that are reported on the Consolidated Balance Sheets.
Changes in any of the significant inputs presented in the table above would have resulted in a significant change in the fair value measurement of the asset or liability as follows:
•Investments – An increase in the liquidity/duration adjustment input would have resulted in a decrease in the fair value measurement.
•Indexed annuity contracts embedded derivatives – For direct embedded derivatives, an increase in the lapse or mortality inputs would have resulted in a decrease in the fair value measurement.
•MRBs – Assuming our MRBs are in a liability position: an increase in our lapse, non-performance risk or mortality inputs would have resulted in a decrease in the fair value measurement, except for policies with guaranteed death benefit (“GDB”) riders only, in which case an increase in mortality inputs would have resulted in an increase in the fair value measurement.
For each category discussed above, the unobservable inputs are not inter-related; therefore, a directional change in one input would not have affected the other inputs.
As part of our ongoing valuation process, we assess the reasonableness of our valuation techniques or models and make adjustments as necessary.
Fair Value Option
Mortgage loans on real estate, net of allowance for credit losses, as reported on the Consolidated Balance Sheets, includes mortgage loans on real estate for which the fair value option was elected. The fair value option allows us to elect fair value as an alternative measurement for mortgage loans not otherwise reported at fair value. We have made these elections for certain mortgage loans associated with modified coinsurance agreements to help mitigate the inconsistency in earnings that would otherwise result from the use of embedded derivatives included with these loans. Changes in fair value are reflected in realized gain (loss) on the Consolidated Statement of Comprehensive Income (Loss). Changes in fair value due to instrument-specific credit risk are estimated using changes in credit spreads and quality ratings for the period reported. Mortgage loans on real estate for which the fair value option was elected are valued using third-party pricing services. We have procedures in place to review the valuations each quarter to ensure they are reasonable, including utilizing a separate third party to reperform the valuation for a selection of mortgage loans on an annual basis. Due to lack of observable inputs, mortgage loans electing the fair value option are classified as Level 3 within the fair value hierarchy.
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The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:

| As of March 31, |  | As of December 31,
| 2025 |  | 2024
Fair value | $ | 232 |  |  | $ | 232 |
Aggregate contractual principal | 263 |  |  | 263 |

For information on current and past due composition and accruing status for loans where we have elected the fair value option, see Note 3.
Financial Instruments Not Carried at Fair Value
The following summarizes the fair value by the fair value hierarchy levels and the carrying amount of our financial instruments not carried at fair value (in millions):

|  | As of March 31, 2025
|  | Quoted |  |  |  |  |  |  |  |  |  |  |  |
|  | Prices |  |  |  |  |  |  |  |  |  |  |  |
|  | in Active |  |  |  |  |  |  |  |  |  |  |  |
|  | Markets for |  |  | Significant |  |  | Significant |  |  |  |  |  |
|  | Identical |  |  | Observable |  |  | Unobservable |  |  | Total |  |  |
|  | Assets |  |  | Inputs |  |  | Inputs |  |  | Fair |  |  | Carrying
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |  |  | Amount
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | – |  |  |  | $ | 20,373 |  |  |  | $ | – |  |  |  | $ | 20,373 |  |  |  | $ | 21,326 |
Other investments |  | – |  |  |  | 513 |  |  |  | 5,657 |  |  |  | 6,170 |  |  |  | 6,170 |
Policy loans |  | – |  |  |  | 2,529 |  |  |  | – |  |  |  | 2,529 |  |  |  | 2,529 |
Cash and invested cash |  | – |  |  |  | 4,284 |  |  |  | – |  |  |  | 4,284 |  |  |  | 4,284 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances – certain investment |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts and other liabilities |  | $ | – |  |  |  | $ | – |  |  |  | $ | (30,876) |  |  |  | $ | (30,876) |  |  |  | $ | (41,005) |
Policyholder account balances – funding agreements |  | – |  |  |  | (508) |  |  |  | – |  |  |  | (508) |  |  |  | (500) |
Long-term debt |  | – |  |  |  | (5,356) |  |  |  | – |  |  |  | (5,356) |  |  |  | (5,868) |
Funds withheld reinsurance-related liabilities – excluding |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives |  | – |  |  |  | – |  |  |  | (16,700) |  |  |  | (16,700) |  |  |  | (16,700) |

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|  | As of December 31, 2024
|  | Quoted |  |  |  |  |  |  |  |  |  |  |  |
|  | Prices |  |  |  |  |  |  |  |  |  |  |  |
|  | in Active |  |  |  |  |  |  |  |  |  |  |  |
|  | Markets for |  |  | Significant |  |  | Significant |  |  |  |  |  |
|  | Identical |  |  | Observable |  |  | Unobservable |  |  | Total |  |  |
|  | Assets |  |  | Inputs |  |  | Inputs |  |  | Fair |  |  | Carrying
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |  |  | Amount
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | – |  |  |  | $ | 19,647 |  |  |  | $ | – |  |  |  | $ | 19,647 |  |  |  | $ | 21,083 |
Other investments |  | – |  |  |  | 1,119 |  |  |  | 5,469 |  |  |  | 6,588 |  |  |  | 6,588 |
Policy loans |  | – |  |  |  | 2,476 |  |  |  | – |  |  |  | 2,476 |  |  |  | 2,476 |
Cash and invested cash |  | – |  |  |  | 5,801 |  |  |  | – |  |  |  | 5,801 |  |  |  | 5,801 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances – certain investment |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts and other liabilities |  | $ | – |  |  |  | $ | – |  |  |  | $ | (30,505) |  |  |  | $ | (30,505) |  |  |  | $ | (40,394) |
Short-term debt |  | – |  |  |  | (299) |  |  |  | – |  |  |  | (299) |  |  |  | (300) |
Long-term debt |  | – |  |  |  | (5,304) |  |  |  | – |  |  |  | (5,304) |  |  |  | (5,856) |
Funds withheld reinsurance-related liabilities – excluding |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives |  | – |  |  |  | – |  |  |  | (16,877) |  |  |  | (16,877) |  |  |  | (16,877) |

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value on the Consolidated Balance Sheets. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown above are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.
Mortgage Loans on Real Estate
The fair value of mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, is established using a discounted cash flow method based on credit rating, maturity and future income. The ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt-service coverage, LTV, quality of tenancy, borrower and payment record. The fair value for impaired mortgage loans is based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s market price or the fair value of the collateral if the loan is collateral dependent. The inputs used to measure the fair value of our mortgage loans on real estate, excluding mortgage loans accounted for using the fair value option, are classified as Level 2 within the fair value hierarchy.
Other Investments
The carrying value of our assets classified as other investments, excluding short-term investments, approximates fair value. Other investments includes primarily LPs and other privately held investments that are accounted for using the equity method of accounting and the carrying value is based on our proportional share of the net assets of the LPs. Other investments also includes FHLB stock carried at cost and periodically evaluated for impairment based on ultimate recovery of par value. The inputs used to measure the fair value of our LPs, other privately held investments and FHLB stock are classified as Level 3 within the fair value hierarchy. The remaining assets in other investments include cash collateral receivables and securities that are not LPs or other privately held investments. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.
Policy Loans
The carrying value for policy loans are the unpaid principal balances. Policy loans are fully collateralized by the cash surrender value of underlying insurance policies. As a result, the carrying value of the policy loans approximates the fair value. The inputs used to measure the fair value of these assets are classified as Level 2 within the fair value hierarchy.
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Cash and Invested Cash
Cash and invested cash is carried at cost. The inputs used to measure its fair value are classified as Level 2 within the fair value hierarchy.
Policyholder Account Balances – Certain Investment Contracts and Other Liabilities
Policyholder account balances and other liabilities include account balances of certain investment contracts that exclude significant mortality or morbidity risk. The fair value of the account balances of certain investment contracts is based on a discounted cash flow model as of the balance sheet date. The inputs used to measure the fair value of these policyholder account balances are classified as Level 3 within the fair value hierarchy.
Policyholder Account Balances – Funding Agreements
The fair value of funding agreements is based on quoted market prices and is measured using inputs that are classified as Level 2 within the fair value hierarchy. For more information on funding agreements, see Note 10.
Short-Term and Long-Term Debt
The fair value of short-term and long-term debt is based on quoted market prices. The inputs used to measure the fair value of our short-term and long-term debt are classified as Level 2 within the fair value hierarchy.
Funds Withheld Reinsurance Liabilities
Funds withheld reinsurance liabilities includes our obligation to pay reinsurers under coinsurance with funds withheld and modified coinsurance arrangements where the Company is the cedant. This liability includes embedded derivatives, which are total return swaps with contractual returns that are attributable to the Company’s reinsurance agreements. The embedded derivatives are carried at fair value and thus excluded from the preceding table. The inputs used to measure the remaining balance are classified as Level 3 within the fair value hierarchy.
13. Contingencies and Commitments
Contingencies
Regulatory and Litigation Matters
Regulatory bodies, such as state insurance departments, the SEC, the Financial Industry Regulatory Authority, tax authorities and other regulatory bodies regularly make inquiries and conduct examinations, investigations or audits concerning our compliance with, among other things, insurance laws, securities laws, tax laws, laws governing the activities of broker-dealers and registered investment advisers and unclaimed property laws. Tax-related matters can include disputes with taxing authorities, ongoing audits, evaluation of filing positions and any potential assessments related thereto.
LNC is involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding verdicts obtained in the jurisdiction for similar matters. This variability in pleadings, together with the actual experiences of LNC in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.
Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.
We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be estimated as of March 31, 2025.
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For some matters, the Company is able to estimate a reasonably possible range of loss. For such matters in which a loss is probable, an accrual has been made. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. Accordingly, the estimate contained in this paragraph reflects two types of matters. For some matters included within this estimate, an accrual has been made, but there is a reasonable possibility that an exposure exists in excess of the amount accrued. In these cases, the estimate reflects the reasonably possible range of loss in excess of the accrued amount. For other matters included within this estimation, no accrual has been made because a loss, while potentially estimable, is believed to be reasonably possible but not probable. In these cases, the estimate reflects the reasonably possible loss or range of loss. As of March 31, 2025, we estimate the aggregate range of reasonably possible losses, including amounts in excess of amounts accrued for these matters as of such date, to be up to approximately $150 million, after-tax. Any estimate is not an indication of expected loss, if any, or of the Company’s maximum possible loss exposure on such matters.
For other matters, we are not currently able to estimate the reasonably possible loss or range of loss. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts and the progress of settlement negotiations. On a quarterly and annual basis, we review relevant information with respect to litigation contingencies and update our accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.
Among other matters, we are presently engaged in litigation, including relating to cost of insurance rates (“Cost of Insurance and Other Litigation”), as described below. No accrual has been made for some of these matters. Although a loss is believed to be reasonably possible for these matters, for some of these matters, we are not able to estimate a reasonably possible amount or range of potential liability. An adverse outcome in one or more of these matters may have a material impact on the consolidated financial statements, but, based on information currently known, management does not believe those cases are likely to have such an impact.
Cost of Insurance and Other Litigation
Cost of Insurance Litigation
Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company, filed in the U.S. District Court for the District of Connecticut, No. 3:16-cv-00827, is a putative class action that was served on LNL on June 8, 2016. Plaintiff is the owner of a universal life insurance policy who alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who owned policies containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on behalf of all such policyholders. On January 11, 2019, the court dismissed plaintiff’s complaint in its entirety. In response, plaintiff filed a motion for leave to amend the complaint, which, on September 25, 2023, the court granted in part and denied in part. Plaintiff filed an amended complaint on October 10, 2023. On March 7, 2024, the parties entered into a provisional settlement agreement that encompasses policies that are at issue in this case, which also includes all policies at issue in the lawsuits captioned Iwanski v. First Penn-Pacific Life Insurance Company, TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company and Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, each of which are described below. The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the provisional settlement. The provisional settlement, which is still subject to final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski, TVPX ARS INC. and Vida). As of March 31, 2025, the total provisional settlement amount of $147.5 million, pre-tax, remains accrued.
Iwanski v. First Penn-Pacific Life Insurance Company (“FPP”), No. 2:18-cv-01573, filed in the U.S. District Court for the Eastern District of Pennsylvania is a putative class action that was filed on April 13, 2018. Plaintiff alleges that defendant FPP breached the terms of his life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued by FPP containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a provisional settlement agreement that encompasses all policies at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuits captioned TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company and Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York (both discussed below). The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the provisional settlement. The provisional settlement, which is still subject to final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski, TVPX ARS INC. and Vida). A motion has been filed to stay the proceedings in this matter pending the completion of the settlement approval process in Glover.
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TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company, filed in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:18-cv-02989, is a putative class action that was filed on July 17, 2018. Plaintiff alleges that LNL charged more for non-guaranteed cost of insurance than permitted by the policy. Plaintiff seeks to represent all universal life and variable universal life policyholders who own policies issued by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of Plaintiff’s policy and seeks damages on behalf of all such policyholders. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a provisional settlement agreement that encompasses all policies at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuits captioned Iwanski v. First Penn-Pacific Life Insurance Company (discussed above) and Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York (discussed below). The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the provisional settlement. The provisional settlement, which is still subject to final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski, TVPX ARS INC. and Vida). A motion has been filed to stay the proceedings in this matter pending the completion of the settlement approval process in Glover.
Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:19-cv-06004, is a putative class action that was filed on June 27, 2019. Plaintiff alleges that Lincoln Life & Annuity Company of New York (“LLANY”) charged more for non-guaranteed cost of insurance than was permitted by the policies. On March 31, 2022, the court issued an order granting plaintiff’s motion for class certification and certified a class of all current or former owners of six universal life insurance products issued by LLANY that were assessed a cost of insurance charge any time on or after June 27, 2013. Plaintiff seeks damages on behalf of the class. On April 19, 2023, LLANY filed a motion for summary judgment. On March 7, 2024, the parties in Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company (discussed above) entered into a provisional settlement agreement that encompasses all policies at issue in this case, as the Glover case is inclusive of all policies in this case, as well as in the lawsuits captioned Iwanski v. First Penn-Pacific Life Insurance Company and TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Company (both discussed above). The Glover plaintiffs’ motion for preliminary approval of the provisional settlement was filed on March 8, 2024, and on September 4, 2024, the court granted preliminary approval of the provisional settlement. On December 16, 2024, the court heard oral argument on the issue of whether to grant final approval of the provisional settlement. The provisional settlement, which is still subject to final approval of the court, consists of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski, TVPX ARS INC. and Vida). On March 29, 2024, the court issued its summary judgment decision, granting LLANY’s motion in part and denying it in part, and entering summary judgment against twenty-two policyholders that the court determined were not economically harmed. On June 25, 2024, the court granted LLANY’s April 12, 2024, motion to stay proceedings in this matter pending the completion of the approval process in Glover.
Angus v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 2:22-cv-01878, is a putative class action filed on May 13, 2022. Plaintiff alleges that defendant LNL breached the terms of her life insurance policy by deducting non-guaranteed cost of insurance charges in excess of what is permitted by the policies. Plaintiff seeks to represent all owners of universal life insurance policies issued or insured by LNL or its predecessors containing non-guaranteed cost of insurance provisions that are similar to those of plaintiff’s policy and seeks damages on their behalf. Breach of contract is the only cause of action asserted. On August 26, 2022, LNL filed a motion to dismiss. We are vigorously defending this matter.
EFG Bank AG, Cayman Branch, et al. v. The Lincoln National Life Insurance Company, No. 17-cv-02592-GJP (E.D. Pa.), filed on February 1, 2017; Conestoga Trust, et al, v. Lincoln National Corp., et al., No. 18-cv-02379-GJP (E.D. Pa.), filed on June 6, 2018; Brighton Trustees, LLC, et al. v. The Lincoln National Life Insurance Company, No. 2:23-cv-2251-GJP (E.D. Pa.), filed on April 20, 2023 (and transferred to the U.S. District Court for the Eastern District of Pennsylvania on June 12, 2023); and Ryan K. Crayne, on behalf of and as trustee for Carlton Peak Trust v. The Lincoln National Life Insurance Company, No. 2:24-cv-00053-GJP, filed on November 17, 2023 (and transferred to the U.S. District Court for the Eastern District of Pennsylvania on January 4, 2024) are consolidated civil actions pending in the Eastern District of Pennsylvania. In each case other than Crayne, plaintiffs purport to own universal life insurance policies or interests in universal life insurance policies originally issued by Jefferson-Pilot (now LNL). In Crayne, plaintiffs purport to own litigation claims concerning universal life policies originally issued by Jefferson-Pilot (now LNL). Among other things, plaintiffs in each case allege that LNL (or, in Conestoga, LNL and LNC) breached the terms of policyholders’ contracts when it increased non-guaranteed cost of insurance rates beginning in 2016 (or, in Brighton Trustees, in 2016 and 2017). We are vigorously defending these consolidated matters.
Wells Fargo Bank, N.A, solely in its capacity as securities intermediary v. The Lincoln National Life Insurance Company, pending in the U.S. District Court for the Eastern District of Pennsylvania, No. 25-cv-00152-GJP (E.D. Pa.), is a civil action initially filed on December 4, 2024, in the U.S. District Court for the Northern District of Indiana. On January 9, 2025, this case was transferred to the Eastern District of Pennsylvania. Plaintiff, purporting to act solely in its capacity as securities intermediary for the beneficial owner of universal life insurance policies originally issued by Jefferson-Pilot (now LNL), alleges, among other things, that LNL breached the terms of Plaintiff’s contracts when it increased non-guaranteed cost of insurance rates beginning in 2016 and 2017. We are vigorously defending this matter.
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Other Litigation
Henry Morgan et al. v. Lincoln National Corporation d/b/a Lincoln Financial Group, et al, filed in the District Court of the 14 th Judicial District of Dallas County, Texas, No. DC-23-02492, is a putative class action that was filed on February 22, 2023. Plaintiffs Henry Morgan, Susan Smith, Charles Smith, Laura Seale, Terri Cogburn, Laura Baesel, Kathleen Walton, Terry Warner, and Toni Hale (“Plaintiffs”) allege on behalf of a putative class that Lincoln National Corporation d/b/a Lincoln Financial Group, LNL and LLANY (together, “Lincoln”), FMR, LLC, and Fidelity Product Services, LLC (“Fidelity”) created and marketed misleading and deceptive insurance products with attributes of investment products. The putative class comprises all individuals and entities who purchased Lincoln OptiBlend products that allocated account monies to the 1-Year Fidelity AIM Dividend Participation Account, between January 1, 2020, to December 31, 2022. Plaintiffs assert the following claims individually and on behalf of the class, (1) violations of the Texas Deceptive Trade Practices Act against Lincoln; (2) common-law fraud against Lincoln; (3) negligent misrepresentation against Lincoln and Fidelity; and (4) aiding and abetting fraud against Fidelity. Plaintiffs allege they suffered damages from “a missed investment return of approximately 5-6%” and mitigation damages. They seek actual, consequential and punitive damages, as well as pre-judgment and post-judgment interest, attorney’s fees and litigation costs. On March 31, 2023, the Lincoln defendants filed a notice of removal removing the action from the 14 th Judicial District of Dallas County, Texas, to the United States District Court for the Northern District of Texas, Dallas Division. On May 8, 2023, the Lincoln defendants and the Fidelity defendants filed motions to dismiss, which remain pending. We are vigorously defending this matter.
Donald C. Meade v. Lincoln National Corporation, Ellen Cooper, Dennis Glass, and Randal Freitag (“Defendants”), No. 2:24-cv-01704, pending in the U.S. District Court for the Eastern District of Pennsylvania, is a putative class action that was filed on April 23, 2024. On June 24, 2024, Local 295 IBT Employer Group Pension Trust Fund (“Local 295”) filed a motion for appointment as lead plaintiff. On October 23, 2024, the court granted this motion. Local 295 seeks to represent persons and entities that purchased or otherwise acquired Lincoln National Corporation common stock between December 8, 2021, and November 2, 2022, inclusive (the “Class Period”). On December 23, 2024, plaintiff filed an amended complaint. Plaintiff alleges claims under Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934, and under SEC Rule 10b-5. Plaintiff alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts that plaintiff alleges Defendants knew, or recklessly disregarded, at the time the statements were made, about the Company’s business, operations and prospects with respect to its Guaranteed Universal Life policies and their lapse rates. The action seeks unspecified compensatory damages and reasonable costs and expenses incurred in this action, including counsel fees and expert fees, together with equitable/injunctive relief or such other relief as the court may deem just and proper. On February 21, 2025, Defendants filed a motion to dismiss. We are vigorously defending this matter.
In Re Lincoln National Corporation Stockholder Derivative Litigation, No. 2:24-cv-02713, is the matter name for the following two civil actions that were consolidated for all purposes on September 26, 2024, by the U.S. District Court for the Eastern District of Pennsylvania: L awrence Hollin, derivatively on behalf of Nominal Defendant Lincoln National Corporation v. Ellen G. Cooper, Dennis R. Glass, Randal J. Freitag, Deirdre P Connelly, William H. Cunningham, Reginald E. Davis, Eric G. Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Michael F. Mee, Lynn M. Utter and Patrick S. Pittard (“Individual Defendants”) and Lincoln National Corporation (“Nominal Defendant”), No. 2:24-cv-02713 (E.D. Pa.), filed on June 20, 2024; and Robert R. Wiersum, derivatively on behalf of Lincoln National Corporation v. Ellen G. Cooper, Dennis R. Glass, Randal J. Freitag, Deirdre P Connelly, William H. Cunningham, Reginald E. Davis, Eric G. Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Michael F. Mee, Lynn M. Utter and Patrick S. Pittard (“Individual Defendants”) and Lincoln National Corporation (“Nominal Defendant”), No. 2:24-cv-03251 (E.D. Pa.), filed on July 23, 2024. By the same September 26, 2024, order, the court directed, among other things, that all proceedings and deadlines in this consolidated case be stayed until 30 days after resolution of all motions to dismiss (including the exhaustion of all related appeals) in the Meade matter discussed above. Plaintiffs bring this complaint for, inter alia, alleged breaches of fiduciary duties between November 4, 2020, at latest, through the date of filing and allege violations of the federal securities laws caused by the issuance of allegedly materially false and misleading statements issued, or caused to be issued, by the Individual Defendants in the Company’s SEC filings and other public statements. Plaintiffs allege that the Company thereby suffered loss, injury and damage. Among other relief, plaintiffs seek, in favor of the Company, damages sustained by the Company, punitive damages and attorney’s fees, an accounting for all damages to the Company and an unspecified order directing the Company to improve existing corporate governance and internal procedures. The Individual Defendants are vigorously defending these consolidated matters.
In Re Lincoln National Corporation Shareholder Derivative Litigation, No. CV-2024-0011319, is the matter name for the following two civil actions that were consolidated for all purposes on February 28, 2025, by the Court of Common Pleas of Delaware County, Pennsylvania: Anthony Morgan, derivatively on behalf of Nominal Defendant Lincoln National Corporation v. Ellen G. Cooper, Deirdre P. Connelly, William H. Cunningham, Reginald Davis, Eric C. [G.] Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Lynn M. Utter, Dennis Glass and Randal Freitag (“Individual Defendants”) and Lincoln National Corporation (“Nominal Defendant”), No. CV-2024-011319 (Court of Common Pleas of Delaware County, Pennsylvania) filed on December 31, 2024; and Harry Rosenthal, derivatively on behalf of Nominal Defendant Lincoln National Corporation v. Ellen G. Cooper, Deirdre P Connelly, William H. Cunningham, Reginald Davis, Eric C. [G.] Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Lynn M. Utter, Dennis Glass and Randal Freitag (“Individual Defendants”) and Lincoln National Corporation (“Nominal Defendant”), No. CV-2025-00146 (Court of Common Pleas of Delaware County, Pennsylvania) filed on January 3, 2025. By the same February 28, 2025, order, the court directed, among other things, that all proceedings and deadlines in this consolidated case be stayed until 30 days after resolution of all motions to dismiss (including the exhaustion of all related appeals) in the Meade matter discussed above. Plaintiffs bring this verified stockholder derivative complaint purportedly on behalf of Nominal Defendant
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Lincoln National Corporation against the Individual Defendants, inter alia, for alleged breaches of fiduciary duties for allegedly failing to comply with federal securities laws, by the issuance of allegedly materially false and misleading statements in the Company’s SEC filings and other public statements. Plaintiffs allege claims against the Individual Defendants for breach of fiduciary duties and for unjust enrichment. Plaintiffs allege, inter alia, that the Individual Defendants failed to disclose to investors: (i) that the Company was experiencing a decline in its VUL business; (ii) that, as a result, the goodwill associated with the life insurance business was overstated; (iii) that, as a result, the Company’s policy lapse assumptions were outdated; (iv) that, as a result, the Company’s reserves were overstated; (v) that, as a result, the Company’s reported financial results and financial statements were misstated; and (vi) that, as a result, the Individual Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Plaintiffs allege that the Company thereby suffered loss, injury and damage. Among other relief, the action seeks specifically, in favor of the Company: damages sustained by the Company; a direction by the court for the Company to take all necessary actions to reform and improve its corporate governance and internal procedures to comply with all applicable laws and to protect the Company and its shareholders; restitution from the Individual Defendants, and each of them, and an order for the disgorgement of all profits, benefits and other compensation obtained by the Individual Defendants; the costs and disbursements of the action, including reasonable attorneys’ fees, accountants’ and experts’ fees, costs and expenses; and such other and further relief as the court deems just and proper. The Individual Defendants are vigorously defending this matter.
Kelly Grink v. Virtua Health and Lincoln National Corporation et al., No. 1:24-cv-09919, is a putative class action filed on October 18, 2024, in the U.S. District Court for the District of New Jersey. On March 7, 2025, Plaintiffs filed an amended complaint which, inter alia, added an additional named plaintiff (Steven Molnar) and additional named defendants, including Lincoln Retirement Services Company, LLC, and [The] Lincoln National Life Insurance Company. Plaintiffs Kelly Grink, Diane Trump and Steven Molnar are participants in Virtua Health’s defined contribution plans. Plaintiffs seek to represent all current and former participants or beneficiaries of Virtua’s 401(k) savings plan and 403(b) retirement program (together, the “Plans”) who invested in the Plans’ fixed annuity option in the six years prior to the filing of this lawsuit. Lincoln offers a fixed annuity investment option to plan participants through its group annuity contract with the Plans. Lincoln also provides recordkeeping and administration services to the Plans. Plaintiffs allege that the Virtua defendants acted in breach of their fiduciary duty including by maintaining the Plans’ investment in the Lincoln stable value fund when other investment providers are alleged to have provided superior alternatives at substantially lower cost. Plaintiffs allege that the Lincoln defendants were at all relevant times fiduciaries to the Plans and were parties in interest to a prohibited transaction under ERISA. The action seeks relief against the Lincoln defendants including the disgorgement of any profits they received as a result of the alleged breaches of fiduciary duty, together with plaintiffs’ attorney’s fees and costs, prejudgment and post-judgment interest and such other equitable or remedial relief as the court deems appropriate. On April 4, 2025, the Lincoln defendants filed a motion to dismiss. We are vigorously defending this matter.
Tax Assessment Proceeding
Lincoln National Life Insurance Company v. Township of Radnor, pending in the Court of Common Pleas of Delaware County, Pennsylvania Civil Division, No. 2022-001894, is a de novo appeal filed by LNL on March 21, 2022, regarding a September 30, 2021, Notice of Tax Assessment issued by the Township of Radnor to LNL for additional business privilege tax (“BPT”) for the years 2014-2019/2020 estimate. The assessment was based on an audit undertaken by a third-party auditor and consultant to the Township of Radnor, following a periodic business review of LNL undertaken by the same individual in 2018. The assessment is comprised of taxes, interest and penalties for the period in question. LNL filed a motion for summary judgment that was denied by the court. The trial of this matter was held in the fourth quarter of 2024. The court’s ruling remains pending. We are vigorously defending this matter.
Reinsurance Disputes
Certain reinsurers have in the past sought, and may in the future seek, rate increases on certain yearly renewable term agreements. We may initiate legal proceedings, as necessary, under these agreements in order to protect our contractual rights. Additionally, reinsurers have in the past initiated, and may in the future initiate, legal proceedings against us.
State Guaranty Fund Assessments
State guaranty associations levy assessments on insurance companies doing business within their jurisdictions to cover policyholder losses from insolvent or impaired insurance companies. Mandatory assessments may be partially recovered through a reduction in future premium taxes in some states. We accrue the cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life & Health Insurance Guaranty Associations and the amount of premiums written in each state. We reported the undiscounted expected state guaranty fund assessment liability within other liabilities on the Consolidated Balance Sheets of $63 million as of March 31, 2025, and December 31, 2024. The actual amount of assessments levied against us in connection with insurance company insolvencies may vary from this estimate. Future guaranty fund assessments are expected to be paid based on anticipated funding periods for each guaranty association obligation. In addition, we reported the related receivable for expected future state premium tax recoveries within other assets on the Consolidated Balance Sheets of $100 million and $99 million as of March 31, 2025, and December 31, 2024, respectively. Premium tax recoveries are expected to be realized based on regulations set forth by the various state taxing authorities. The balance sheet position as of March 31, 2025, and December 31, 2024, nets to recoveries of $37 million and $36 million, respectively.
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14. Shares and Stockholders’ Equity
Preferred Shares
Preferred stock authorized, issued and outstanding (number of shares) was as follows:

| As of March 31, 2025 |  | As of December 31, 2024
| 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 Three Months Ended March 31,
| 2025 |  | 2024
| Dividend |  | Aggregate |  | Dividend |  | Aggregate
Series | Per Share |  | Dividend |  | Per Share |  | Dividend
Series C | $ | 1,156.25 |  |  | $ | 23 |  |  | $ | 1,156.25 |  |  | $ | 23 |
Series D | 562.50 |  |  | 11 |  |  | 562.50 |  |  | 11 |
Total | $ | 1,718.75 |  |  | $ | 34 |  |  | $ | 1,718.75 |  |  | $ | 34 |

Common Shares
The changes in our common stock (number of shares) were as follows:

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |
Common Stock |  |  |  |  |  |  |  |
Balance as of beginning-of-year | 170,380,646 |  |  | 169,666,137 |  |  |  |  |  |
Stock compensation/issued for benefit plans | 314,520 |  |  | 350,750 |  |  |  |  |  |
Balance as of end-of-period | 170,695,166 |  |  | 170,016,887 |  |  |  |  |  |

Our common stock is without par value.
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Earnings Per Share
The calculation of earnings per share (“EPS”) was as follows (in millions except per share data):

| For the Three Months Ended March 31, |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |
Net income (loss) available to common stockholders – basic | $ | (756) |  |  | $ | 1,188 |  |  |  |  |  |  |  |
Deferred units of LNC stock in our |  |  |  |  |  |  |  |  |  |
deferred compensation plans (1) | – |  |  | 3 |  |  |  |  |  |  |  |
Net income (loss) available to common |  |  |  |  |  |  |  |  |  |
stockholders – diluted | $ | (756) |  |  | $ | 1,191 |  |  |  |  |  |  |  |
Weighted-average shares, as used in basic calculation | 171,321,440 |  | 170,049,994 |  |  |  |  |  |  |
Incremental common shares from assumed exercise or |  |  |  |  |  |  |  |  |  |
issuance of stock-based incentive compensation awards | 2,765,580 |  | 1,096,272 |  |  |  |  |  |  |
Average deferred compensation shares (1) | – |  |  | 688,480 |  |  |  |  |  |  |
Weighted-average shares, as used in diluted calculation (2) | 174,087,020 |  | 171,834,746 |  |  |  |  |  |  |
Net income (loss) per share: |  |  |  |  |  |  |  |  |  |
Basic | $ | (4.41) |  |  | $ | 6.98 |  |  |  |  |  |  |  |
Diluted | (4.41) |  |  | 6.93 |  |  |  |  |  |  |  |

(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 three months ended March 31, 2025, basic shares were used in the diluted EPS calculation for this period as the use of diluted shares would have resulted in a lower loss per share.
In the event the average market price of LNC common stock exceeds the issue price of stock options and the options have a dilutive effect to our EPS, such options will be shown in the table above.
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AOCI
The following summarizes the components and changes in AOCI (in millions):

| For the Three Months Ended March 31,
| 2025 |  | 2024
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain |  |  |
Other Investments |  |  |
Balance as of beginning-of-year | $ | (6,239) |  |  | $ | (5,188) |
Unrealized holding gains (losses) | 744 |  |  | (1,140) |
Change in foreign currency exchange rate adjustment | 156 |  |  | (103) |
Change in future contract benefits and policyholder account balances, |  |  |
net of reinsurance | (326) |  |  | 891 |
Income tax benefit (expense) | (121) |  |  | 71 |
Less: |  |  |
Reclassification adjustment for gains (losses) included in net income (loss) | (90) |  |  | (55) |
Income tax benefit (expense) | 19 |  |  | 12 |
Balance as of end-of-period | $ | (5,715) |  |  | $ | (5,426) |
Unrealized Gain (Loss) on Derivative Instruments |  |  |
Balance as of beginning-of-year | $ | 638 |  |  | $ | 375 |
Unrealized holding gains (losses) | 173 |  |  | 64 |
Change in foreign currency exchange rate adjustment | (153) |  |  | 101 |
Income tax benefit (expense) | (4) |  |  | (35) |
Less: |  |  |
Reclassification adjustment for gains (losses) included in net income (loss) | 21 |  |  | 24 |
Income tax benefit (expense) | (4) |  |  | (5) |
Balance as of end-of-period | $ | 637 |  |  | $ | 486 |
Market Risk Benefit Non-Performance Risk Gain (Loss) |  |  |
Balance as of beginning-of-year | $ | 146 |  |  | $ | 1,070 |
OCI before reclassification | 403 |  |  | (590) |
Income tax benefit (expense) | (85) |  |  | 126 |
Balance as of end-of-period | $ | 464 |  |  | $ | 606 |
Policyholder Liability Discount Rate Remeasurement Gain (Loss) |  |  |
Balance as of beginning-of-year | $ | 744 |  |  | $ | 587 |
OCI before reclassification | (141) |  |  | 147 |
Income tax benefit (expense) | 30 |  |  | (31) |
Balance as of end-of-period | $ | 633 |  |  | $ | 703 |
Foreign Currency Translation Adjustment |  |  |
Balance as of beginning-of-year | $ | (29) |  |  | $ | (26) |
OCI before reclassification | 5 |  |  | (1) |
Balance as of end-of-period | $ | (24) |  |  | $ | (27) |
Funded Status of Employee Benefit Plans |  |  |
Balance as of beginning-of-year | $ | (296) |  |  | $ | (294) |
OCI before reclassification | (5) |  |  | 1 |
Balance as of end-of-period | $ | (301) |  |  | $ | (293) |

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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 Three Months Ended March 31, |
| 2025 |  | 2024 |
Unrealized Gain (Loss) on Fixed Maturity AFS |  |  |  |
Securities and Certain Other Investments |  |  |  |
Reclassification | $ | (118) |  |  | $ | (54) |  | Realized gain (loss)
Associated change in future contract benefits | 28 |  |  | (1) |  | Benefits
Reclassification before income tax benefit (expense) | (90) |  |  | (55) |  | Income (loss) before taxes
Income tax benefit (expense) | 19 |  |  | 12 |  | Federal income tax expense (benefit)
Reclassification, net of income tax | $ | (71) |  |  | $ | (43) |  | Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments |  |  |  |
Interest rate contracts | $ | 3 |  |  | $ | 9 |  | Interest and debt expense
Foreign currency contracts | 15 |  |  | 15 |  | Net investment income
Foreign currency contracts | 3 |  |  | – |  | Realized gain (loss)
Reclassification before income tax benefit (expense) | 21 |  |  | 24 |  | Income (loss) before taxes
Income tax benefit (expense) | (4) |  |  | (5) |  | Federal income tax expense (benefit)
Reclassification, net of income tax | $ | 17 |  |  | $ | 19 |  | Net income (loss)

15. Segment Information
We provide products and services and report results through our Annuities, Life Insurance, Group Protection and Retirement Plan Services business segments. The accounting policies of the business segments and Other Operations are the same as those described in
Note 1 in our 2024 Form 10-K. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our business segments and Other Operations reflect the manner by which our CODM views and manages the business. Our CODM is the Chief Executive Officer. A discussion of these segments and Other Operations is found in Note 19 in our 2024 Form 10-K.
Income (loss) from operations is the internal measure used by our CODM that explains the results of our ongoing operations in a manner that allows for a better understanding of the underlying trends by excluding items that are unpredictable and not necessarily indicative of current operating fundamentals or future performance, and, in many instances, decisions regarding these adjustments do not necessarily relate to the operations of the individual business segments. Income (loss) from operations is used by our CODM to evaluate financial performance, to assess the budgeting and forecasting process and to determine future resource allocation. In the third quarter of 2024, we revised our definition of income (loss) from operations to exclude the impact of certain additional items that are not indicative of the ongoing operations of the business and may obscure trends in the underlying performance of the Company. The presentation of prior period income (loss) from operations was recast for such third quarter 2024 revisions to conform to the current period presentation.
Income (loss) from operations is GAAP net income excluding the following items, as applicable:
•Items related to annuity product features, which include changes in MRBs, including gains and losses and benefit payments, changes in the fair value of the derivative instruments we hold to hedge GLB and GDB riders, net of fee income allocated to support the cost of hedging them, and changes in the fair value of the embedded derivative liabilities of our indexed annuity contracts and the associated index options we hold to hedge them, including collateral expense associated with the hedge program (collectively, “net annuity product features”);
•Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);
•Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);
•Changes in the fair value of equity securities, certain derivatives, certain other investments and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);
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•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);
•Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law;
•Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;
•Losses from the impairment of intangible assets and gains (losses) on other non-financial assets;
•Income (loss) from discontinued operations;
•Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and
•Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.
We use our prevailing corporate federal income tax rate of 21% and an estimated state income tax rate, where applicable, net of the impacts related to dividends-received deduction and foreign tax credits and any other permanent differences for events recognized differently in the consolidated financial statements and federal income tax returns.
We do not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance.
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The tables below reconcile our internal measure of performance to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

| For the Three Months Ended March 31, 2025
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating Revenues (1) | $ | 1,198 |  |  | $ | 1,587 |  |  | $ | 1,521 |  |  | $ | 327 |  |  | $ | 52 |  |  | $ | 4,685 |
Operating Expenses (2) |  |  |  |  |  |  |  |  |  |  |
Benefits and policyholder liability |  |  |  |  |  |  |  |  |  |  |
remeasurement (gain) loss | 28 |  |  | 1,002 |  |  | 994 |  |  | – |  |  | 4 |  |  | 2,028 |
Interest credited | 419 |  |  | 287 |  |  | – |  |  | 170 |  |  | 14 |  |  | 890 |
Commissions | 298 |  |  | 99 |  |  | 133 |  |  | 27 |  |  | – |  |  | 557 |
General and administrative expenses | 125 |  |  | 131 |  |  | 222 |  |  | 84 |  |  | 68 |  |  | 630 |
Interest and debt expense | – |  |  | – |  |  | – |  |  | – |  |  | 80 |  |  | 80 |
Other (3) | (12) |  |  | 100 |  |  | 44 |  |  | 8 |  |  | (2) |  |  | 138 |
Total operating expenses | 858 |  |  | 1,619 |  |  | 1,393 |  |  | 289 |  |  | 164 |  |  | 4,323 |
Total federal income tax expense (benefit) | 50 |  |  | (16) |  |  | 27 |  |  | 4 |  |  | (17) |  |  | 48 |
Total income (loss) from operations | 290 |  |  | (16) |  |  | 101 |  |  | 34 |  |  | (95) |  |  | 314 |
Reconciliation of total income (loss) from |  |  |  |  |  |  |  |  |  |  |
operations to net income (loss): |  |  |  |  |  |  |  |  |  |  |
Net annuity product features, pre-tax |  |  |  |  |  |  |  |  |  |  | (1,092) |
Net life insurance product features, pre-tax |  |  |  |  |  |  |  |  |  |  | 42 |
Credit loss-related adjustments, pre-tax |  |  |  |  |  |  |  |  |  |  | (28) |
Investment gains (losses), pre-tax |  |  |  |  |  |  |  |  |  |  | (103) |
Changes in the fair value of |  |  |  |  |  |  |  |  |  |  |
reinsurance-related embedded |  |  |  |  |  |  |  |  |  |  |
derivatives, trading securities and |  |  |  |  |  |  |  |  |  |  |
certain mortgage loans, pre-tax (4) |  |  |  |  |  |  |  |  |  |  | (90) |
Other items, pre-tax (5) (6) (7) |  |  |  |  |  |  |  |  |  |  | (35) |
Income tax benefit (expense) related to |  |  |  |  |  |  |  |  |  |  |
the above pre-tax items |  |  |  |  |  |  |  |  |  |  | 270 |
Total net income (loss) |  |  |  |  |  |  |  |  |  |  | $ | (722) |

(1) See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).
(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
(3) Other operating expenses include: Annuities: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and letters of credit (“LOCs”) and amortization of deferred loss on business sold through reinsurance. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs; amortization of deferred loss on business sold through reinsurance and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: Taxes, licenses and fees; DAC capitalization and amortization and expenses associated with LOCs. Other Operations: DAC capitalization and amortization; taxes, licenses and fees and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.
(4) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.
(5) Includes severance expense related to initiatives to realign the workforce of $(6) million.
(6) Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(20) million.
(7) Includes deferred compensation mark-to-market adjustment of $(9) million.
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| For the Three Months Ended March 31, 2024
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating Revenues (1) | $ | 1,269 |  |  | $ | 1,541 |  |  | $ | 1,425 |  |  | $ | 322 |  |  | $ | 27 |  |  | $ | 4,584 |
Operating Expenses (2) |  |  |  |  |  |  |  |  |  |  |
Benefits and policyholder liability |  |  |  |  |  |  |  |  |  |  |
remeasurement (gain) loss | 27 |  |  | 987 |  |  | 963 |  |  | – |  |  | 7 |  |  | 1,984 |
Interest credited | 354 |  |  | 294 |  |  | 1 |  |  | 166 |  |  | 7 |  |  | 822 |
Commissions | 254 |  |  | 113 |  |  | 109 |  |  | 23 |  |  | – |  |  | 499 |
General and administrative expenses | 120 |  |  | 143 |  |  | 208 |  |  | 86 |  |  | 57 |  |  | 613 |
Interest and debt expense | – |  |  | – |  |  | – |  |  | – |  |  | 81 |  |  | 81 |
Other (3) | 197 |  |  | 54 |  |  | 43 |  |  | 6 |  |  | (6) |  |  | 295 |
Total operating expenses | 952 |  |  | 1,591 |  |  | 1,324 |  |  | 281 |  |  | 146 |  |  | 4,294 |
Total federal income tax expense (benefit) | 58 |  |  | (15) |  |  | 21 |  |  | 5 |  |  | (23) |  |  | 46 |
Total income (loss) from operations | 259 |  |  | (35) |  |  | 80 |  |  | 36 |  |  | (96) |  |  | 244 |
Reconciliation of total income (loss) from |  |  |  |  |  |  |  |  |  |  |
operations to net income (loss) (4): |  |  |  |  |  |  |  |  |  |  |
Net annuity product features, pre-tax |  |  |  |  |  |  |  |  |  |  | 1,450 |
Net life insurance product features, pre-tax |  |  |  |  |  |  |  |  |  |  | (130) |
Credit loss-related adjustments, pre-tax |  |  |  |  |  |  |  |  |  |  | (1) |
Investment gains (losses), pre-tax |  |  |  |  |  |  |  |  |  |  | (81) |
Changes in the fair value of |  |  |  |  |  |  |  |  |  |  |
reinsurance-related embedded |  |  |  |  |  |  |  |  |  |  |
derivatives, trading securities and |  |  |  |  |  |  |  |  |  |  |
certain mortgage loans, pre-tax (5) |  |  |  |  |  |  |  |  |  |  | 194 |
Other items, pre-tax (6) (7) (8) (9) |  |  |  |  |  |  |  |  |  |  | (186) |
Income tax benefit (expense) related to |  |  |  |  |  |  |  |  |  |  |
the above pre-tax items |  |  |  |  |  |  |  |  |  |  | (268) |
Total net income (loss) |  |  |  |  |  |  |  |  |  |  | $ | 1,222 |

(1) See table below for reconciliation of total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss).
(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
(3) Other operating expenses include: Annuities: Broker-dealer expenses; DAC and VOBA capitalization and amortization; taxes, licenses and fees and expenses associated with reserve financing and LOCs. Life Insurance: DAC and VOBA capitalization and amortization; taxes, licenses and fees; expenses associated with reserve financing and LOCs and other intangible amortization. Group Protection: Taxes, licenses and fees; DAC capitalization and amortization; other intangible amortization and expenses associated with LOCs. Retirement Plan Services: DAC capitalization and amortization; taxes, licenses and fees and expenses associated with LOCs. Other Operations: Taxes, licenses and fees and reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of LOCs.
(4) The prior period presentation was recast to conform to the revised definition of income (loss) from operations.
(5) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. For more information, see Note 7.
(6) Includes $(114) million primarily related to the settlement of cost of insurance litigation in the first quarter of 2024.
(7) Includes severance expense related to initiatives to realign the workforce of $(49) million.
(8) Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(10) million.
(9) Includes deferred compensation mark-to-market adjustment of $(13) million.
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The tables below reconcile our total operating revenues to the GAAP measure presented in the Consolidated Statements of Comprehensive Income (Loss) (in millions):

| For the Three Months Ended March 31, 2025
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating revenues | $ | 1,198 |  |  | $ | 1,587 |  |  | $ | 1,521 |  |  | $ | 327 |  |  | $ | 52 |  |  | $ | 4,685 |
Revenue adjustments from annuity and life |  |  |  |  |  |  |  |  |  |  |
insurance product features | 209 |  |  | 18 |  |  | – |  |  | – |  |  | – |  |  | 227 |
Credit loss-related adjustments | (17) |  |  | 1 |  |  | (2) |  |  | (2) |  |  | (8) |  |  | (28) |
Investment gains (losses) | (6) |  |  | (109) |  |  | – |  |  | (2) |  |  | 14 |  |  | (103) |
Changes in the fair value of reinsurance- |  |  |  |  |  |  |  |  |  |  |
related embedded derivatives, trading |  |  |  |  |  |  |  |  |  |  |
securities and certain mortgage loans | 10 |  |  | (89) |  |  | – |  |  | – |  |  | (11) |  |  | (90) |
Total revenues | $ | 1,394 |  |  | $ | 1,408 |  |  | $ | 1,519 |  |  | $ | 323 |  |  | $ | 47 |  |  | $ | 4,691 |

| For the Three Months Ended March 31, 2024
| Annuities |  | Life Insurance |  | Group Protection |  | Retirement Plan Services |  | Other Operations |  | Total
Operating revenues | $ | 1,269 |  |  | $ | 1,541 |  |  | $ | 1,425 |  |  | $ | 322 |  |  | $ | 27 |  |  | $ | 4,584 |
Revenue adjustments from annuity and life |  |  |  |  |  |  |  |  |  |  |
insurance product features | (446) |  |  | (134) |  |  | – |  |  | – |  |  | – |  |  | (580) |
Credit loss-related adjustments | (4) |  |  | 5 |  |  | – |  |  | – |  |  | (2) |  |  | (1) |
Investment gains (losses) | 19 |  |  | (29) |  |  | – |  |  | (5) |  |  | (66) |  |  | (81) |
Changes in the fair value of reinsurance- |  |  |  |  |  |  |  |  |  |  |
related embedded derivatives, trading |  |  |  |  |  |  |  |  |  |  |
securities and certain mortgage loans | (3) |  |  | 205 |  |  | – |  |  | – |  |  | (8) |  |  | 194 |
Total revenues | $ | 835 |  |  | $ | 1,588 |  |  | $ | 1,425 |  |  | $ | 317 |  |  | $ | (49) |  |  | $ | 4,116 |

Other business segment and Other Operations information (in millions) was as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Net Investment Income |  |  |  |  |  |  |
Annuities |  |  |  |  | $ | 452 |  |  | $ | 379 |
Life Insurance |  |  |  |  | 624 |  |  | 622 |
Group Protection |  |  |  |  | 89 |  |  | 85 |
Retirement Plan Services |  |  |  |  | 251 |  |  | 244 |
Other Operations |  |  |  |  | 41 |  |  | 16 |
Total net investment income |  |  |  |  | $ | 1,457 |  |  | $ | 1,346 |

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16. Realized Gain (Loss)
Realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss) includes realized gains and losses from the sale of investments, write-downs for impairments of investments and changes in the allowance for credit losses for financial assets, changes in fair value for mortgage loans on real estate accounted for under the fair value option, changes in fair value of equity securities, VUL derivative and embedded derivative gains and losses, gains and losses on the sale of subsidiaries and businesses and net gains and losses on reinsurance-related embedded derivatives and trading securities. Realized gains and losses on the sale of investments are determined using the specific identification method. Realized gain (loss) is also net of allocations of investment gains and losses to certain policyholders, certain funds withheld on reinsurance arrangements and certain modified coinsurance arrangements for which we have a contractual obligation. Details underlying realized gain (loss) (in millions) were as follows:

| For the Three Months Ended March 31,
| 2025 |  | 2024
Fixed maturity AFS securities: |  |  |
Gross gains | $ | 4 |  |  | $ | 7 |
Gross losses | (122) |  |  | (61) |
Credit loss benefit (expense) (1) | (28) |  |  | (2) |
Realized gain (loss) on equity securities (2) | (5) |  |  | 11 |
Credit loss benefit (expense) on mortgage loans on real estate (1) | (1) |  |  | – |
Credit loss benefit (expense) on reinsurance-related assets | 1 |  |  | 1 |
Realized gain (loss) on the mark-to-market on certain |  |  |
instruments (3)(4) | (55) |  |  | 12 |
Indexed product derivative results (5) | (69) |  |  | 145 |
Derivative results (6) | 287 |  |  | (548) |
Other realized gain (loss) | (1) |  |  | 1 |
Total realized gain (loss) | $ | 11 |  |  | $ | (434) |

(1) Includes changes in the allowance for credit losses as well as direct write-downs to amortized cost as a result of negative credit events.
(2) Includes mark-to-market adjustments on equity securities still held of $(5) million and $11 million for the three months ended March 31, 2025 and 2024, respectively.
(3) Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities.
(4) Includes gains and losses from fair value changes on mortgage loans on real estate accounted for under the fair value option of $(1) million and less than $1 million for the three months ended March 31, 2025 and 2024, respectively.
(5) Represents the change in fair value of the index options that we hold and the change in the fair value of the embedded derivative liabilities of our indexed annuity and IUL contracts, and the associated index options to hedge policyholder index allocations applicable to future reset periods for our indexed annuity products.
(6) Includes the change in the fair value of the derivative instruments we own to support capital needs associated with our GLB and GDB riders net of fee income allocated to support the cost of purchasing the hedging instruments.
17. Federal Income Taxes
The effective tax rate is the ratio of tax expense (benefit) over pre-tax income (loss). The effective tax rate was 24% and 20% for the three months ended March 31, 2025 and 2024, respectively. The effective tax rate on pre-tax income is typically lower than the prevailing corporate federal income tax rate of 21% due to benefits from preferential tax items including the separate account dividends-received deduction and tax credits.
For the three months ended March 31, 2025, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to a tax benefit at 21% from pre-tax losses in addition to the effects of preferential tax items.
For the three months ended March 31, 2024, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of preferential tax items.
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18. Subsequent Event
On April 9, 2025, we announced our entry into a stock purchase agreement (the “Purchase Agreement”) with Bain Capital Prairie, LLC (the “Buyer”), a newly formed subsidiary of Bain Capital, pursuant to which we will sell shares (the “Shares”) representing approximately 9.9% of our outstanding Common Stock (“Common Stock) on a post-issuance basis, to the Buyer for aggregate consideration of approximately $825 million in cash (the “Transaction”). The closing of the Transaction is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the satisfaction of customary closing conditions.
The Purchase Agreement provides for, among other things, certain limitations on the Buyer’s and certain of its affiliates’ ability to transfer Common Stock, purchase additional Common Stock, and take certain other actions with respect to the Company and its Common Stock, and an agreement that the Buyer and certain of its affiliates will, subject to certain limitations, vote Common Stock they beneficially own in favor of the matters recommended for approval by the Company’s board of directors (the “Board”). The Purchase Agreement also grants the Buyer the right to designate one observer to be present in a nonvoting capacity at all meetings of the Board and, following the first anniversary of the closing of the Transaction, the right to replace such observer with a voting member of the Board, in each case subject to the Buyer’s satisfaction of certain conditions and approval of the Board.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations

| Page
Forward-Looking Statements – Cautionary Language | 70
Introduction | 71
Executive Summary | 71
Summary of Critical Accounti ng Estimates | 72
Results of Consolidated Operations | 78
Results of Annuities | 80
Results of Life Insurance | 85
Results of Group Protection | 91
Results of Retirement Plan Services | 94
Results of Other Operations | 98
Consolidated Investments | 100
Liquidity and Capital Resources | 112

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The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the financial condition as of March 31, 2025, compared with December 31, 2024, and the results of operations for the three months ended March 31, 2025, compared with the corresponding period in 2024 of Lincoln National Corporation and its consolidated subsidiaries. Unless otherwise stated or the context otherwise requires, “LNC,” “Company,” “we,” “our” or “us” refers to Lincoln National Corporation and its consolidated subsidiaries.
The MD&A is provided as a supplement to, and should be read in conjunction with, the consolidated financial statements and the accompanying notes to the consolidated financial statements (“Notes”) presented in “Part I – Item 1. Financial Statements” and our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). For more detailed information on the risks and uncertainties associated with the Company’s business activities, see the risks described in “Part I – Item 1A. Risk Factors” in our 2024 Form 10-K.
FORWARD-LOOKING STATEMENTS – CAUTIONARY LANGUAGE
Certain statements made in this report and in other written or oral statements made by us or on our behalf are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: “anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,” “will” and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in our businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. We claim the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.
Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:
•Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience;
•Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;
•The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations;
•Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; our affiliate reinsurance arrangements; and restrictions on the payment of revenue sharing and 12b-1 distribution fees;
•Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell;
•The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products;
•The impact of new and emerging rules, laws and regulations relating to privacy, cybersecurity and artificial intelligence that may lead to increased compliance costs, reputation risk and/or changes in business practices;
•Increasing scrutiny and evolving expectations and regulations regarding environmental, social and governance matters that may adversely affect our reputation and our investment portfolio;
•Actions taken by reinsurers to raise rates on in-force business;
•Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;
•Rapidly increasing or sustained high interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses;
•The impact of the implementation of the provisions of the European Market Infrastructure Regulation relating to the regulation of derivatives transactions;
•The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;
•A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefit riders, which are accounted for as market risk benefits (“MRBs”), of our subsidiaries’ variable annuity products;
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•Ineffectiveness of our risk management policies and procedures, including our various hedging strategies;
•A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings;
•Changes in accounting principles that may affect our consolidated financial statements;
•Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;
•Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, and profitability of our insurance subsidiaries and liquidity;
•Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;
•Interruption in or failure of the telecommunication, information technology or other operational systems of the Company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems;
•The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items;
•The inability to complete our announced transaction with Bain Capital within the expected timeframe, or at all, and the possibility that the anticipated benefits related to the transaction may not materialize as expected;
•The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives;
•The adequacy and collectability of reinsurance that we have obtained;
•Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance;
•Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;
•The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and
•The unanticipated loss of key management or wholesalers.
The risks and uncertainties included here are not exhaustive. Other sections of this report and other reports that we file with the SEC include additional factors that could affect our businesses and financial performance, including “Part I – Item 1A. Risk Factors” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Form 10-K. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.
Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, we disclaim any obligation to correct or update any forward-looking statements to reflect events or circumstances that occur after the date of this report.
INTRODUCTION
Executive Summary
We are a holding company that operates multiple insurance and retirement businesses through subsidiary companies. We sell a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions through our four business segments:
•Annuities
•Life Insurance
•Group Protection
•Retirement Plan Services
We also have Other Operations, which includes the financial results for operations that are not directly related to the business segments. See “Part I – Item 1. Business” in our 2024 Form 10-K for a discussion of our business segments and products.
In this report, in addition to providing consolidated net income (loss), we also provide income (loss) from operations because we believe it is a meaningful measure of the profitability of our business segments and Other Operations. Income (loss) from operations is the financial performance measure we use to evaluate and assess the results of our segments and Other Operations. Accordingly, we define and report income (loss) from operations by segment in Note 15. Our management believes that income (loss) from operations explains
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the results of our ongoing businesses in a manner that allows for a better understanding of the underlying trends in and performance of our current businesses. Certain items are excluded from income (loss) from operations because they are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in many instances, decisions regarding these items do not necessarily relate to the operations of the individual segments.
We provide information about our business segments’ and Other Operations’ operating revenue and expense line items, key drivers of changes and historical details underlying the line items below. For factors that could cause actual results to differ materially from those set forth, see “Forward-Looking Statements – Cautionary Language” above and “Part I – Item 1A. Risk Factors” in our 2024 Form 10-K.
On April 9, 2025, we entered into a stock purchase agreement with Bain Capital Prairie, LLC, a newly formed subsidiary of Bain Capital, pursuant to which we will sell shares representing approximately 9.9% of our outstanding common stock on a post-issuance basis for aggregate consideration of approximately $825 million in cash. We expect the transaction will provide us with capital to deploy toward our strategic priorities, including growing spread-based earnings, advancing our portfolio management efforts and asset sourcing capabilities and optimizing our legacy life portfolio. For more information, see Note 18.
Industry trends and significant operational matters are described in “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary” of our 2024 Form 10-K.
Summary of Critical Accounting Estimates
The MD&A included in our 2024 Form 10-K contains a detailed discussion of our critical accounting estimates. The following information updates the “Summary of Critical Accounting Estimates” provided in our 2024 Form 10-K, and therefore, should be read in conjunction with that disclosure.
Investments
Investment Valuation
The following summarizes investments on the Consolidated Balance Sheets carried at fair value by pricing source and fair value hierarchy level (in millions) as of March 31, 2025:

| Quoted |  |  |  |  |  |
| Prices |  |  |  |  |  |
| in Active |  |  |  |  |  |
| Markets for |  | Significant |  | Significant |  |
| Identical |  | Observable |  | Unobservable |  |
| Assets |  | Inputs |  | Inputs |  | Total
| (Level 1) |  | (Level 2) |  | (Level 3) |  | Fair Value
Priced by third-party pricing services | $ | 565 |  |  | $ | 75,386 |  |  | $ | 111 |  |  | $ | 76,062 |
Priced by independent broker quotations | – |  |  | – |  |  | 5,832 |  |  | 5,832 |
Priced by matrices | – |  |  | 16,947 |  |  | – |  |  | 16,947 |
Priced by other methods (1) | – |  |  | – |  |  | 252 |  |  | 252 |
Total | $ | 565 |  |  | $ | 92,333 |  |  | $ | 6,195 |  |  | $ | 99,093 |
Percent of total | 1% |  | 93% |  | 6% |  | 100%

(1) Represents primarily securities for which pricing models were used to compute fair value.
For more information about the valuation of our financial instruments carried at fair value, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Summary of Critical Accounting Estimates – Investments – Investment Valuation” in our 2024 Form 10-K and Note 12 herein.
Derivatives
Derivatives are primarily used for hedging purposes. We hedge certain portions of our exposure to interest rate risk, foreign currency exchange risk, equity market risk, basis risk, commodity risk and credit risk by entering into derivative transactions. We also purchase and issue financial instruments that contain embedded derivative instruments. See “Policyholder Account Balances” below for information on
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embedded derivatives. Assessing the effectiveness of hedging and evaluating the carrying values of the related derivatives often involve a variety of assumptions and estimates
We carry our derivative instruments at fair value, which we determine through valuation techniques or models that use market data inputs or independent broker quotations. The fair values fluctuate from period to period due to the volatility of the valuation inputs, including but not limited to swap interest rates, interest and equity volatility and equity index levels, foreign currency forward and spot rates, credit spreads and correlations, some of which are significantly affected by economic conditions. The effect to revenue is reported in realized gain (loss) and such amount along with the associated federal income taxes is excluded from income (loss) from operations of our segments.
For more information on derivatives, see Note 1 in our 2024 Form 10-K and Note 5 herein. For more information on market exposures associated with our derivatives, including sensitivities, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Form 10-K.
Future Contract Benefits
Future contract benefits represent liability reserves that we have established and carry based on estimates of how much we will need to pay for future benefits and claims.
Liability for Future Policy Benefits
Liability for future policy benefits (“LFPB”) represents the reserve amounts associated with non-participating traditional life insurance contracts and limited payment life-contingent annuity contracts that are calculated to meet the various policy and contract obligations as they mature. Establishing adequate reserves for our obligations to policyholders requires assumptions to be made that are intended to represent an estimation of experience for the period that policy benefits are payable. If actual experience is better than or equal to the assumptions, then reserves should be adequate to provide for future benefits and expenses. If experience is worse than the assumptions, additional reserves may be required. Significant assumptions include mortality rates, morbidity and policyholder behavior (e.g., persistency) and withdrawals. During the third quarter of each year, we conduct our comprehensive review of the actuarial assumptions to best estimate future premium and benefit cash flows (“cash flow assumptions”) and projection models used in estimating these liabilities and update these assumptions as needed (excluding the claims settlement expense assumption that is locked-in at inception) in the calculation of the net premium ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. In measuring our LFPB, we establish cohorts, which are groupings of long-duration contracts. On a quarterly basis, we retrospectively update the net premium ratio at the cohort level for actual experience. For all contract cohorts issued after January 1, 2021, interest is accrued on LFPB at the single-A interest rate on the contract cohort inception date. For contract cohorts issued prior to January 1, 2021, interest remains accruing at the original discount rate in effect on the contract cohort inception date due to the modified retrospective transition method. We also remeasure the LFPB using the single-A interest rate as of the end of each reporting period.
Liability for Future Claims
Future contract benefits include reserves for long-term life and disability claims associated with our Group Protection segment. These reserves use actuarial assumptions primarily based on claim termination rates, offsets for other insurance including social security and long-term disability incidence and severity assumptions. Such cash flow assumptions are subject to the comprehensive review process discussed above. We remeasure the liability for future claims using a single-A interest rate as of the end of each reporting period.
Additional Liabilities for Other Insurance Benefits
We previously issued UL-type contracts where we provided a secondary guarantee to the policyholder. The policy can remain in force, even if the base policy account balance is zero, as long as contractual secondary guarantee requirements have been met. These guaranteed benefits require an additional liability that is calculated based on the application of a benefit ratio (calculated as the present value of total expected benefit payments over the life of the contract from inception divided by the present value of total expected assessments over the life of the contract). These secondary guarantees are reported within future contract benefits on the Consolidated Balance Sheets. The level and direction of the change in reserves will vary over time based on the emergence of the benefit ratio and the level of assessments associated with the contracts. Cash flow assumptions incorporated in a benefit ratio in measuring these additional liabilities for other insurance benefits include mortality rates, morbidity, policyholder behavior (e.g., persistency) and withdrawals based principally on generally accepted actuarial methods and assumptions. During the third quarter of each year, we conduct our comprehensive review of the cash flow assumptions and projection models used in estimating these liabilities and update these assumptions in the calculation of the benefit ratio. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update.
For additional information on future contract benefits, see Note 11.
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Market Risk Benefits
MRBs are contracts or contract features that provide protection to the policyholder from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk upon the occurrence of a specific event or circumstance, such as death, annuitization or periodic withdrawal. An MRB can be in either an asset or a liability position. Our MRB assets and MRB liabilities are reported at fair value separately on the Consolidated Balance Sheets.
We issue variable and fixed annuity contracts that may include various types of guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) riders that we have accounted for as MRBs. For contracts that contain multiple riders that qualify as MRBs, the MRBs are valued on a combined basis using an integrated model. We have entered into reinsurance agreements to cede certain GLB and GDB riders where the reinsurance agreements themselves are accounted for as MRBs or contain MRBs. We therefore record ceded MRB assets and ceded MRB liabilities associated with these reinsurance agreements. We report ceded MRBs associated with these reinsurance agreements in other assets or other liabilities on the Consolidated Balance Sheets.
Net amount at risk (“NAR”) represents the amount of GLB or GDB in excess of a policyholder’s account balance at the balance sheet date. Underperforming markets increase our exposure to potential benefits with the GLB and GDB riders. A contract with a GDB rider is “in the money” if the policyholder’s account balance falls below the GDB. As of March 31, 2025 and 2024, 12% and 9%, respectively, of all in-force contracts with a GDB rider were “in the money.” A contract with a GLB rider is “in the money” if the policyholder’s account balance falls below the present value of GLB payments, assuming no full surrenders. As of March 31, 2025 and 2024, 19% and 16%, respectively, of all in-force contracts with a GLB rider were “in the money.” However, the only way the policyholder can realize the excess of the present value of benefits over the account balance of the contract is through a series of withdrawals or income payments that do not exceed a maximum amount. If, after the series of withdrawals or income payments, the account balance is exhausted, the policyholder will continue to receive a series of annuity payments. The account balance can also fluctuate with market returns on a daily basis resulting in increases or decreases in the excess of the present value of benefits over account balance.
Many policyholders have both a GLB and GDB present on the same policy. The total NAR represents the greater of GLB NAR and GDB NAR for each policy as only one benefit can be exercised in practice. Details underlying the NAR, net of reinsurance, (in millions) were as follows:

| Annuities |  | Retirement Plan Services
| As of March 31, |  | As of March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
GLB NAR | $ | 1,756 |  |  | $ | 1,454 |  |  | $ | 1 |  |  | $ | 1 |
GDB NAR | 1,027 |  |  | 842 |  |  | 2 |  |  | 2 |
Total NAR | 2,681 |  |  | 2,197 |  |  | 4 |  |  | 3 |

The change in the fair value of MRB assets and liabilities is reported in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss), except for the portion attributable to the change in non-performance risk, which is recognized in other comprehensive income (loss) (“OCI”). The change in the fair value of ceded MRB assets and liabilities, including the changes in our counterparties’ non-performance risks, is reported in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our non-performance risk. Ceded MRBs are valued based on a stochastic projection of risk-neutral scenarios that incorporate a spread reflecting our counterparties’ non-performance risk. The scenario assumptions, at each valuation date, are those we view to be appropriate for a hypothetical market participant and include assumptions for capital markets, lapse, benefit utilization, mortality, risk margin and administrative expenses. These assumptions are based on a combination of historical data and actuarial judgments. The assumption for our own non-performance risk and our counterparties’ non-performance risk for MRBs and ceded MRBs, respectively, are determined at each valuation date and reflect our risk and our counterparties’ risks of not fulfilling the obligations of the underlying liability. The spread for the non-performance risk is added to the discount rates used in determining the fair value from the net cash flows. We believe these assumptions are consistent with those that would be used by a market participant; however, as the related markets develop, we will continue to reassess our assumptions. During the third quarter of each year, we conduct our comprehensive review of the assumptions used in calculating the fair value of these MRBs and update these assumptions on a prospective basis as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update. For information on fair value inputs, see Note 12.
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For illustrative purposes, the following presents hypothetical effects to MRBs attributable to changes to key assumptions / inputs, assuming all other factors remain constant:

|  |  |  | Hypothetical |  | Hypothetical |  |
|  |  |  | Effect |  | Effect |  |
Assumption / Input |  | Actual Experience |  | to MRB Liability |  | to Net Income |  | Description of Assumption / Input
Equity market return |  | Increase / (Decrease) |  | (Decrease) / Increase |  | Increase / (Decrease) |  | Equity market return input represents impact based on movements in equity markets.
Interest rate |  | Higher / Lower |  | (Decrease) / Increase |  | Increase / (Decrease) |  | Interest rate input represents impact based on movements in interest rates and impact to fixed-income assets.
Volatility |  | Increase / (Decrease) |  | Increase / (Decrease) |  | (Decrease) / Increase |  | Volatility assumption represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of difference indices.
Mortality |  | Increase / (Decrease) |  | (Decrease) / Increase |  | Increase / (Decrease) |  | Mortality represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.
Mortality contracts with only GDB rider |  | Increase / (Decrease) |  | Increase / (Decrease) |  | (Decrease) / Increase |  | Mortality represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.
Lapse |  | Higher / Lower |  | (Decrease) / Increase |  | Increase / (Decrease) |  | Lapse assumption represents the estimated probability of a contract surrendering during a year, thereby forgoing any future benefits.
Benefit utilization |  | Higher / Lower |  | Increase / (Decrease) |  | (Decrease) / Increase |  | Benefit utilization assumption of guaranteed withdrawals represents the estimated percentage of policyholders that utilize the guaranteed withdrawal feature.

We use derivative instruments to hedge our exposure to selected risk caused by changes in equity markets and interest rates associated with GLB and GDB riders that are available in our variable annuity products and accounted for as MRBs. Our hedge program focuses on generating sufficient income to fund future claims with a goal of maximizing distributable earnings and explicitly protecting capital. We utilize options and total return swaps on U.S.-based equity indices, and futures on U.S.-based and international equity indices, as well as interest rate futures, interest rate swaps and currency futures. For additional information on our derivatives, see Note 5.
As part of our hedge program, equity market and interest rate conditions are monitored on a daily basis. We rebalance our hedge positions based upon changes in these factors as needed. While we actively manage our hedge positions, these positions may not completely offset changes in the fair value of our GLB and GDB riders caused by movements in these factors due to, among other things, differences in timing between when a market exposure changes and corresponding changes to the hedge positions, extreme swings in the equity markets, interest rates and market-implied volatilities, realized market volatility, policyholder behavior, divergence between the performance of the underlying funds and the hedging indices, divergence between the actual and expected performance of the hedge instruments or our ability to purchase hedging instruments at prices consistent with our desired risk and return trade-off.
The following table presents our after-tax estimates of the potential instantaneous effect to net income (loss) that could result from sudden changes that may occur in equity markets and interest rates (in millions) and excludes the net cost of operating the hedge program. The amounts represent the difference between the change in GLB and GDB riders and the change in the fair value of the underlying hedge instruments. These estimates are based upon the balance as of March 31, 2025, net of reinsurance, and the related hedge instruments in place as of that date.
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The effects presented in the table below are not representative of the aggregate impacts that could result if a combination of such changes to equity market returns and interest rates occurred.

|  | In-Force Sensitivities
Equity Market Return |  | -10% |  | +10%
Hypothetical effect to net income |  | $ | (600) |  | $ | 600
Interest Rates |  | -25 bps |  | +25 bps
Hypothetical effect to net income |  | $ | (425) |  | $ | 400

The actual effects of the results illustrated in the table above could vary significantly depending on a variety of factors, many of which are out of our control, and consideration should be given to the following:
•The analysis is only valid as of March 31, 2025, due to changing market conditions, policyholder activity, hedge positions and other factors;
•The analysis assumes instantaneous shifts in the capital market factors and no ability to rebalance hedge positions prior to the market changes;
•The analysis assumes constant exchange rates and implied dividend yields;
•Assumptions regarding shifts in the market factors, such as assuming parallel shifts in interest rates, may be overly simplistic and not indicative of actual market behavior in stress scenarios;
•It is very unlikely that one capital market sector (e.g., equity markets) will sustain such a large instantaneous movement without affecting other capital market sectors; and
•The analysis assumes that there is no tracking or basis risk between the funds and/or indices affecting the GLB and GDB riders and the instruments utilized to hedge these exposures.
For additional information on MRBs, see Note 8.
Policyholder Account Balances
Policyholder account balances include the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability includes universal life insurance (“UL”), MoneyGua rd®, variable universal life insurance (“VUL”), indexed universal life insurance (“IUL”), investment-type annuity (including registered index-linked annuities (“RILA”), individual and group fixed and fixed portion of variable annuities, fixed indexed deferred annuities and non-life contingent payout fixed annuities) and funding agreement products where account balances are equal to deposits plus interest credited less withdrawals, surrender charges, asset-based fees and policyholder administration charges (collectively known as “policyholder assessments”), as well as amounts representing the fair value of embedded derivative instruments associated with our fixed indexed annuity and IUL products. During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models underlying our reserves and embedded derivatives and update assumptions as needed. We may also update these assumptions in other quarters as we become aware of information that is indicative of the need for such an update.
Our indexed annuity and IUL contracts permit the holder to elect a fixed interest rate return or a return where interest credited to the contracts is linked to the performance of the S&P 500® Index or other indices. The value of the variable portion of the policyholder’s account balance varies with the performance of the underlying variable funds chosen by the policyholder. Policyholders may elect to rebalance among the various accounts within the product at renewal dates. At the end of each indexed term, which can be up to six years, we have the opportunity to re-price the indexed component by establishing different participation rates, caps, spreads or specified rates, subject to contractual guarantees. We purchase and sell index options that are highly correlated to the portfolio allocation decisions of our policyholders, such that we are economically hedged with respect to equity returns for the current reset period. The mark-to-market of the options held generally offsets the change in value of the embedded derivative within the contract, both of which are recorded as a component of realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). The Derivatives and Hedging and the Fair Value Measurements and Disclosures Topics of the Financial Accounting Standards Board Accounting Standards Codification TM
require that we calculate fair values of index options we may purchase or sell in the future to hedge policyholder index allocations in future reset periods. These fair values represent an estimate of the cost of the options we will purchase or sell in the future, discounted back to the date of the balance sheet, using current market indicators of volatility and interest rates. Changes in the fair values of these liabilities are included as a component of realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). For more information on indexed product derivative results, see Note 16.
For additional information on the liability for policyholder account balances, see Note 10.
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Reinsurance Recoverables
Reinsurance recoverables are generally measured and recognized consistent with the assumptions and methodologies used to project the future performance of the underlying direct business as discussed in the “Future Contract Benefits” and “Policyholder Account Balances” sections above. During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models and update assumptions as needed. In addition, we consider the potential impact of counterparty credit risks related to the reinsurance recoverable by estimating an allowance for credit losses using a probability of loss model approach to estimate expected credit losses for reinsurance recoverables. For additional information on our allowance for credit losses on reinsurance-related assets, see Note 7 in our 2024 Form 10-K.
Income Taxes
Management uses certain assumptions and estimates in determining the income taxes payable or refundable for the current year, the deferred income tax assets and liabilities for items recognized differently in its financial statements from amounts shown on its income tax returns and the federal income tax expense. Determining these amounts requires analysis and interpretation of current tax laws and regulations. Management exercises judgment in evaluating the amount and timing of recognition of the resulting income tax assets and liabilities. These judgments and estimates are re-evaluated on a continual basis as regulatory and business factors change. Legislative changes to the Internal Revenue Code of 1986, as amended, modifications or new regulations, administrative rulings, or court decisions could increase or decrease our effective tax rate.
The application of GAAP requires us to evaluate the recoverability of our deferred tax assets and establish a valuation allowance, if necessary, to reduce our deferred tax asset to an amount that is more likely than not to be realizable. Judgment and the use of estimates are required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, we consider many factors, including: the nature and character of the deferred tax assets and liabilities; taxable income in prior carryback years; future reversals of existing temporary differences; the length of time carryovers can be utilized; and any future prudent and feasible tax planning strategies.
As of March 31, 2025, we had an approximate $2.1 billion deferred tax asset related to net unrealized losses on fixed maturity available-for-sale (“AFS”) securities. In the assessment of the future realizability of this deferred tax asset, management concluded that its tax planning strategies, including holding these securities to recovery, were prudent and feasible as these unrealized losses were caused by factors other than credit loss, and we have the intent and ability to hold these securities to recovery and collect all of the contractual cash flows.
Although realization is not assured, management believes it is more likely than not that the deferred tax assets, will be realized.
For risks related to establishing a valuation allowance against our deferred tax assets, see “Part I – Item 1A. Risk Factors – Assumptions and Estimates – We may be required to recognize an impairment of our goodwill or to establish a valuation allowance against our deferred tax assets” in our 2024 Form 10-K.
For additional information on income taxes, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Summary of Critical Accounting Estimates – Income Taxes” and Note 22 in our 2024 Form 10-K and Note 17 herein.
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RESULTS OF CONSOLIDATED OPERATIONS
Details underlying the consolidated results (in millions) were as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 (1)
Net Income (Loss) |  |  |  |  |  |  |
Income (loss) from operations: |  |  |  |  |  |  |
Annuities |  |  |  |  | $ | 290 |  |  | $ | 259 |
Life Insurance |  |  |  |  | (16) |  |  | (35) |
Group Protection |  |  |  |  | 101 |  |  | 80 |
Retirement Plan Services |  |  |  |  | 34 |  |  | 36 |
Other Operations |  |  |  |  | (95) |  |  | (96) |
Net annuity product features, pre-tax |  |  |  |  | (1,092) |  |  | 1,450 |
Net life insurance product features, pre-tax |  |  |  |  | 42 |  |  | (130) |
Credit loss-related adjustments, pre-tax |  |  |  |  | (28) |  |  | (1) |
Investment gains (losses), pre-tax |  |  |  |  | (103) |  |  | (81) |
Changes in the fair value of reinsurance-related |  |  |  |  |  |  |
embedded derivatives, trading securities and |  |  |  |  |  |  |
certain mortgage loans, pre-tax (2) |  |  |  |  | (90) |  |  | 194 |
Other items, pre-tax (3) (4) (5) (6) |  |  |  |  | (35) |  |  | (186) |
Income tax benefit (expense) related to the |  |  |  |  |  |  |
above pre-tax items |  |  |  |  | 270 |  |  | (268) |
Net income (loss) |  |  |  |  | $ | (722) |  |  | $ | 1,222 |

(1) The prior period presentation was recast to conform to the revised definition of income (loss) from operations. See Note 15 for additional information.
(2) Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction. The coinsurance with funds withheld investment portfolio includes fixed maturity securities classified as AFS with changes in fair value recorded in OCI. Since the corresponding and offsetting changes in fair value of the embedded derivative related to the coinsurance with funds withheld investment portfolio are recorded in realized gain (loss), volatility can occur within net income (loss). See Note 7 for more information.
(3) Includes $(114) million primarily related to the settlement of cost of insurance litigation for the three months ended March 31, 2024.
(4) Includes severance expense related to initiatives to realign the workforce of $(6) million and $(49) million for the three months ended March 31, 2025 and 2024, respectively.
(5) Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(20) million and $(10) million for the three months ended March 31, 2025 and 2024, respectively.
(6) Includes deferred compensation mark-to-market adjustment of $(9) million and $(13) million for the three months ended March 31, 2025 and 2024, respectively.
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Comparison of the Three Months Ended March 31, 2025 to 2024
Net income decreased due primarily to the following:
•Loss in net annuity product features in 2025 compared to gain in 2024 driven by loss in MRB-related impacts in 2025 compared to gain in 2024 due to unfavorable changes from equity markets and interest rates, partially offset by improvement in the fair value of GLB hedge instruments attributable to the impact of capital markets.
•Unfavorable changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans in 2025 compared to favorable changes in 2024 driven by the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
•Higher credit loss-related adjustments on fixed maturity AFS securities.
The decrease in net income was partially offset by the following:
•Gain in net life insurance product features in 2025 compared to loss in 2024 driven by improvement in the fair value of hedges associated with VUL products attributable to the impact of capital markets.
•Lower expenses in other items.
•Growth in average account balances and improvement in our total loss ratio in our Group Protection segment.
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RESULTS OF ANNUITIES
Income (Loss) from Operations
Details underlying the results for Annuities (in millions) were as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Operating Revenues |  |  |  |  |  |  |
Insurance premiums (1) |  |  |  |  | $ | 21 |  |  | $ | 26 |
Fee income |  |  |  |  | 591 |  |  | 580 |
Net investment income |  |  |  |  | 466 |  |  | 420 |
Other revenues (2) |  |  |  |  | 120 |  |  | 243 |
Total operating revenues |  |  |  |  | 1,198 |  |  | 1,269 |
Operating Expenses |  |  |  |  |  |  |
Benefits (1) |  |  |  |  | 29 |  |  | 27 |
Interest credited |  |  |  |  | 419 |  |  | 354 |
Policyholder liability remeasurement (gain) loss |  |  |  |  | (1) |  |  | – |
Commissions and other expenses |  |  |  |  | 411 |  |  | 571 |
Total operating expenses |  |  |  |  | 858 |  |  | 952 |
Income (loss) from operations before taxes |  |  |  |  | 340 |  |  | 317 |
Federal income tax expense (benefit) |  |  |  |  | 50 |  |  | 58 |
Income (loss) from operations |  |  |  |  | $ | 290 |  |  | $ | 259 |

(1) Insurance premiums include primarily our income annuities that have a corresponding offset in benefits. Benefits include primarily changes in income annuity reserves driven by insurance premiums.
(2) Consists primarily of revenues attributable to broker-dealer services, which are subject to market volatility and have a comparable offset in commissions and other expenses; and the net settlement related to certain reinsurance transactions, which has a corresponding offset in net investment income and interest credited. During the second quarter of 2024, we closed the sale of our wealth management business. For more information, see Note 1 in our 2024 Form 10-K.
Comparison of the Three Months Ended March 31, 2025 to 2024
Income from operations for this segment increased due primarily to the following:
•Higher fee income driven by higher average daily separate account balances.
•Lower federal income tax expense due to unfavorable separate account dividends-received deduction true-ups in 2024.
The increase in income from operations was partially offset by the following:
•Lower net investment income, net of interest credited, which more than offset impacts from higher average general account balances, improving portfolio yields from the current interest rate environment and higher investment income within our surplus portfolio. The lower net investment income, net of interest credited, was experienced in certain reinsured portfolios that have a corresponding increase in other revenues and decrease in benefits.
•Higher commissions and other expenses, net of broker-dealer expenses, driven by higher deferred acquisition costs (“DAC”) amortization.
The increase in income from operations was also due to higher commissions and other expenses in the first quarter of 2024 related to a balance sheet true-up in preparation for the close of the sale of the wealth management business.
Additional Information
New deposits are an important component of net flows and key to our efforts to grow our business. Although deposits do not significantly affect current period income from operations, they can significantly impact future income from operations.
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The other component of net flows relates to the retention of new business and account balances. An important measure of retention is the reduction in account balances caused by full surrenders, deaths and other contract benefits. These outflows as a percentage of average gross account balances were 11% for the three months ended March 31, 2025 and 2024.
Our fixed annuities and RILA have discretionary fixed and indexed crediting rates that reset on an annual or periodic basis and may be subject to surrender charges. Our ability to retain these annuities will be subject to current competitive conditions at the time crediting rates for these products reset. We expect to manage the effects of spreads on near-term income from operations through portfolio management and, to a lesser extent, crediting rate actions, which assumes no significant changes in net flows or other changes that may cause interest rate spreads to differ from our expectations. For information on interest rate spreads and interest rate risk, see “Part I – Item 1A. Risk Factors – Market Conditions – Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements,” “Part I – Item 1A. Risk Factors – Market Conditions – Increases in interest rates and sustained high interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals and surrenders” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2024 Form 10-K. For information on the interest rate environment, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary – Industry Trends – Interest Rate Environment” in our 2024 Form 10-K.
Fee Income
Details underlying fee income (in millions) were as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Fee Income |  |  |  |  |  |  |
Mortality, expense and other assessments (1) |  |  |  |  | $ | 576 |  |  | $ | 564 |
Surrender charges |  |  |  |  | 13 |  |  | 15 |
DFEL: |  |  |  |  |  |  |
Deferrals |  |  |  |  | (4) |  |  | (5) |
Amortization |  |  |  |  | 6 |  |  | 6 |
Total fee income |  |  |  |  | $ | 591 |  |  | $ | 580 |

(1) Presented net of GLB and GDB hedge allowance.
We charge policyholders mortality and expense assessments on variable annuity accounts to cover insurance and administrative expenses. These assessments are a function of the rates priced into the product and the average daily separate account balances. Average daily separate account balances are driven by net flows and variable fund returns. Charges on GLB riders are assessed based on a contractual rate that is applied either to the account balance or the guaranteed amount. We allocate a portion of these fees to support the cost of hedging GLB and GDB riders. For more information, see Note 15. We may collect surrender charges when our fixed and variable annuity policyholders surrender their contracts during the surrender charge period to protect us from premature withdrawals.
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Net Investment Income and Interest Credited
Details underlying net investment income and interest credited (in millions) were as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Net Investment Income |  |  |  |  |  |  |
Fixed maturity AFS securities, mortgage loans on real |  |  |  |  |  |  |
estate and other, net of investment expenses |  |  |  |  | $ | 431 |  |  | $ | 383 |
Commercial mortgage loan prepayment and bond |  |  |  |  |  |  |
make-whole premiums (1) |  |  |  |  | – |  |  | 1 |
Surplus investments (2) |  |  |  |  | 35 |  |  | 31 |
Net investment income pertaining to broker-dealer services |  |  |  |  | – |  |  | 5 |
Total net investment income |  |  |  |  | $ | 466 |  |  | $ | 420 |
Interest Credited |  |  |  |  |  |  |
Amount provided to policyholders |  |  |  |  | $ | 416 |  |  | $ | 351 |
DSI deferrals |  |  |  |  | – |  |  | (1) |
Interest credited before DSI amortization |  |  |  |  | 416 |  |  | 350 |
DSI amortization |  |  |  |  | 3 |  |  | 4 |
Total interest credited |  |  |  |  | $ | 419 |  |  | $ | 354 |

(1) See “Consolidated Investments – Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums” below for additional information.
(2) Represents net investment income on the required statutory surplus for this segment and includes the effect of investment income on alternative investments for such assets that are held in the portfolios supporting statutory surplus versus the portfolios supporting product liabilities. See “Consolidated Investments – Alternative Investments” below for more information on alternative investments.
A portion of our investment income earned is credited to the policyholders of our deferred fixed annuities, the fixed portion of our variable annuities and our RILA contracts. We expect to earn a spread between what we earn on the underlying general account investments supporting the fixed annuities, fixed portion of the variable annuities and RILA contracts and what we credit to our policyholders’ accounts. Changes in commercial mortgage loan prepayments and bond make-whole premiums, investment income on alternative investments and surplus investment income can vary significantly from period to period due to a number of factors and, therefore, may contribute to investment income results that are not indicative of the underlying trends.
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Account Balances
Details underlying account balances (dollars in millions) were as follows:

|  | For the Three Months Ended March 31, |
|  |  |  |  | 2025 |  | 2024 |
Separate Account Balance Information (1) |  |  |  |  |  |  |  |
Separate account deposits |  |  |  |  | $ | 1,557 |  |  | $ | 904 |  |
Separate account net flows |  |  |  |  | (2,359) |  |  | (2,304) |  |
Separate account balances |  |  |  |  | 113,635 |  |  | 118,176 |  |
Average daily separate account balances |  |  |  |  | 118,294 |  |  | 114,943 |  |
Average daily S&P 500® Index (2) |  |  |  |  | 5,900 |  |  | 4,996 |  |
General Account Balance Information |  |  |  |  |  |  |  |
General account deposits |  |  |  |  | $ | 2,242 |  |  | $ | 1,945 |  |
General account net flows |  |  |  |  | 683 |  |  | 311 |  |
General account balances (3) |  |  |  |  | 44,779 |  |  | 41,617 |  |
Average general account balances (3) |  |  |  |  | 45,394 |  |  | 40,348 |  |

(1) Excludes the fixed portion of variable annuities and RILA indexed account balances.
(2) We generally use the S&P 500 Index as a benchmark for the performance of our separate account balances. The account balances of our variable annuity contracts are invested by our policyholders in a variety of investment options including, but not limited to, domestic and international equity securities and fixed income, which do not necessarily align with S&P 500 Index performance.
(3) Net of reinsurance.
For more information on account balances, see Notes 9 and 10.
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Commissions and Other Expenses
Details underlying commissions and other expenses (in millions) were as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Commissions and Other Expenses |  |  |  |  |  |  |
Commissions: |  |  |  |  |  |  |
Deferrable |  |  |  |  | $ | 128 |  |  | $ | 84 |
Non-deferrable |  |  |  |  | 170 |  |  | 170 |
General and administrative expenses |  |  |  |  | 125 |  |  | 120 |
Expenses associated with reserve financing |  |  |  |  |  |  |
and LOC expenses |  |  |  |  | 6 |  |  | 6 |
Taxes, licenses and fees |  |  |  |  | 14 |  |  | 14 |
Total expenses incurred, excluding broker-dealer |  |  |  |  | 443 |  |  | 394 |
DAC deferrals |  |  |  |  | (147) |  |  | (98) |
Total pre-broker-dealer expenses incurred, |  |  |  |  |  |  |
excluding amortization |  |  |  |  | 296 |  |  | 296 |
DAC, VOBA and other amortization |  |  |  |  | 115 |  |  | 106 |
Broker-dealer expenses incurred (1) |  |  |  |  | – |  |  | 169 |
Total commissions and other expenses |  |  |  |  | $ | 411 |  |  | $ | 571 |

DAC Deferrals |  |  |  |  |  |  |
As a percentage of sales/deposits | 3.9 | % |  | 3.4 | % |  |  |  |

(1) During the second quarter of 2024, we closed the sale of our wealth management business. For more information, see Note 1 in our 2024 Form 10-K.
Commissions and other expenses that result directly from and are essential to the successful acquisition of new or renewal business are deferred to the extent recoverable and are amortized on a constant level basis over the expected term of the related contracts using the groupings and actuarial assumptions consistent with those used for calculating the related policyholder liability balances. Certain types of commissions, such as trail commissions that are based on account balances, are expensed as incurred rather than deferred and amortized.
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RESULTS OF LIFE INSURANCE
Income (Loss) from Operations
Details underlying the results for Life Insurance (in millions) were as follows:

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Operating Revenues |  |  |  |  |  |  |  |  |
Insurance premiums (1) |  |  |  |  |  |  | $ | 283 |  |  | $ | 288 |
Fee income |  |  |  |  |  |  | 698 |  |  | 672 |
Net investment income |  |  |  |  |  |  | 571 |  |  | 581 |
Operating realized gain (loss) |  |  |  |  |  |  | (2) |  |  | (2) |
Other revenues (2) |  |  |  |  |  |  | 37 |  |  | 2 |
Total operating revenues |  |  |  |  |  |  | 1,587 |  |  | 1,541 |
Operating Expenses |  |  |  |  |  |  |  |  |
Benefits |  |  |  |  |  |  | 994 |  |  | 928 |
Interest credited |  |  |  |  |  |  | 287 |  |  | 294 |
Policyholder liability remeasurement (gain) loss |  |  |  |  |  |  | 8 |  |  | 59 |
Commissions and other expenses (2) |  |  |  |  |  |  | 330 |  |  | 310 |
Total operating expenses |  |  |  |  |  |  | 1,619 |  |  | 1,591 |
Income (loss) from operations before taxes |  |  |  |  |  |  | (32) |  |  | (50) |
Federal income tax expense (benefit) |  |  |  |  |  |  | (16) |  |  | (15) |
Income (loss) from operations |  |  |  |  |  |  | $ | (16) |  |  | $ | (35) |

(1) Includes term insurance premiums, which have a corresponding partial offset in benefits for changes in reserves.
(2) For information on amortization of deferred gain (loss) on business sold through reinsurance, see Note 1 in our 2024 Form 10-K.
Comparison of the Three Months Ended March 31, 2025 to 2024
Loss from operations for this segment decreased due primarily to the following:
•Higher fee income driven by higher deferred front-end loads (“DFEL”) amortization.
•Lower commissions and other expenses, net of amortization of deferred loss on business sold through reinsurance, due to expense management.
The decrease in loss from operations for this segment was partially offset by the following:
•Higher benefits and policyholder liability remeasurement loss driven by aging of the block, partially offset by improved mortality due to lower claims incidence.
•Lower net investment income, net of interest credited, driven by lower investment income on alternative investments.
Additional Information
For information on interest rate spreads and interest rate risk, see “Part I – Item 1A. Risk Factors – Market Conditions – Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements,” “Part I – Item 1A. Risk Factors – Market Conditions – Increases in interest rates and sustained high interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals and surrenders” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2024 Form 10-K. For information on the interest rate environment, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary – Industry Trends – Interest Rate Environment” in our 2024 Form 10-K.
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Insurance Premiums
Insurance premiums relate to traditional products and are a function of the rates priced into the product and insurance in force. Insurance in force, in turn, is driven by sales, persistency and mortality claims.
Fee Income
Details underlying fee income, sales, net flows, account balances and in-force face amount (in millions) were as follows:

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Fee Income |  |  |  |  |  |  |  |  |
Cost of insurance assessments |  |  |  |  |  |  | $ | 546 |  |  | $ | 523 |
Expense assessments |  |  |  |  |  |  | 343 |  |  | 338 |
Surrender charges |  |  |  |  |  |  | 10 |  |  | 10 |
DFEL: |  |  |  |  |  |  |  |  |
Deferrals |  |  |  |  |  |  | (279) |  |  | (267) |
Amortization |  |  |  |  |  |  | 78 |  |  | 68 |
Total fee income |  |  |  |  |  |  | $ | 698 |  |  | $ | 672 |

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Sales by Product |  |  |  |  |  |  |  |  |
IUL/UL |  |  |  |  |  |  | $ | 24 |  |  | $ | 18 |
MoneyGuard® |  |  |  |  |  |  | 28 |  |  | 24 |
VUL |  |  |  |  |  |  | 15 |  |  | 23 |
Term |  |  |  |  |  |  | 13 |  |  | 19 |
Executive Benefits |  |  |  |  |  |  | 17 |  |  | 7 |
Total sales |  |  |  |  |  |  | $ | 97 |  |  | $ | 91 |
Net Flows |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  | $ | 1,218 |  |  | $ | 1,208 |
Withdrawals and deaths |  |  |  |  |  |  | (649) |  |  | (467) |
Net flows |  |  |  |  |  |  | $ | 569 |  |  | $ | 741 |
Policyholder Assessments |  |  |  |  |  |  | $ | 1,350 |  |  | $ | 1,370 |

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| As of March 31, |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |
Account Balances (1) |  |  |  |  |  |  |  |
General account | $ | 21,255 |  |  | $ | 21,399 |  |  |  |  |  |
Separate account | 22,752 |  |  | 21,669 |  |  |  |  |  |
Total account balances | $ | 44,007 |  |  | $ | 43,068 |  |  |  |  |  |
In-Force Face Amount |  |  |  |  |  |  |  |
UL and other | $ | 361,480 |  |  | $ | 365,507 |  |  |  |  |  |
Term insurance | 709,924 |  |  | 720,745 |  |  |  |  |  |
Total in-force face amount | $ | 1,071,404 |  |  | $ | 1,086,252 |  |  |  |  |  |
| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |
Average General Account Balances (1) | $ | 21,353 |  |  | $ | 21,401 |  |  |  |  |  |

(1) Net of reinsurance ceded.
Fee income relates only to interest-sensitive products and includes cost of insurance assessments, expense assessments and surrender charges. Both cost of insurance and expense assessments can have deferrals and amortization related to DFEL. Cost of insurance and expense assessments are deducted from our policyholders’ account balances. These amounts are a function of the rates priced into the product and premiums received, face amount in force and account balances.
Sales are not recorded as a component of revenues (other than for traditional products) and do not have a significant effect on current quarter income from operations but are indicators of future profitability. Generally, we have higher sales during the second half of the year with the fourth quarter being our strongest.
Sales in the table above and as discussed above were reported as follows:
•UL, IUL and VUL – first-year commissionable premiums plus 5% of excess premiums received;
•MoneyGuard® linked-benefit products – MoneyGuard (UL) and MoneyGuard Market Advantage SM (VUL), 150% of commissionable premiums;
•Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits; and
•Term – 100% of annualized first-year premiums.
We monitor the business environment, including but not limited to the regulatory and interest rate environments, and make changes to our product offerings and in-force products as needed, and as permitted under the terms of the policies, to sustain the future profitability of our segment.
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Net Investment Income and Interest Credited
Details underlying net investment income and interest credited (in millions) were as follows:

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Net Investment Income |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities, mortgage loans on real estate |  |  |  |  |  |  |  |  |
and other, net of investment expenses |  |  |  |  |  |  | $ | 460 |  |  | $ | 476 |
Commercial mortgage loan prepayment and bond |  |  |  |  |  |  |  |  |
make-whole premiums (1) |  |  |  |  |  |  | 1 |  |  | – |
Alternative investments (2) |  |  |  |  |  |  | 70 |  |  | 74 |
Surplus investments (3) |  |  |  |  |  |  | 40 |  |  | 31 |
Total net investment income |  |  |  |  |  |  | $ | 571 |  |  | $ | 581 |
Interest Credited |  |  |  |  |  |  | $ | 287 |  |  | $ | 294 |

(1) See “Consolidated Investments – Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums” below for additional information.
(2) See “Consolidated Investments – Alternative Investments” below for additional information.
(3) Represents net investment income on the required statutory surplus for this segment and includes the effect of investment income on alternative investments for such assets that are held in the portfolios supporting statutory surplus versus the portfolios supporting product liabilities.
A portion of the investment income earned for this segment is credited to policyholder accounts. Statutory reserves will typically grow at a faster rate than account balances because of reserve requirements. Investments allocated to this segment are based upon the statutory reserve liabilities and are affected by various reserve adjustments, including financing transactions providing relief from reserve requirements. These financing transactions lead to a transfer of investments from this segment to Other Operations. We expect to earn a spread between what we earn on the underlying general account investments and what we credit to our policyholders’ accounts. Investment income partially offsets the earnings effect of the associated growth of our policy reserves. Commercial mortgage loan prepayments and bond make-whole premiums and investment income on alternative investments can vary significantly from period to period due to a number of factors, and, therefore, may contribute to investment income results that are not indicative of the underlying trends.
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Benefits and Policyholder Remeasurement (Gain) Loss
Details underlying benefits and policyholder remeasurement (gain) loss (dollars in millions) were as follows:

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Benefits and Policyholder Remeasurement (Gain) Loss |  |  |  |  |  |  |  |  |
Death claims direct and assumed |  |  |  |  |  |  | $ | 1,484 |  |  | $ | 1,568 |
Death claims ceded |  |  |  |  |  |  | (610) |  |  | (758) |
Reserves released on death |  |  |  |  |  |  | (190) |  |  | (146) |
Net death benefits |  |  |  |  |  |  | 684 |  |  | 664 |
Change in secondary guarantee life insurance product |  |  |  |  |  |  |  |  |
reserves |  |  |  |  |  |  | 111 |  |  | 97 |
Change in MoneyGuard® reserves |  |  |  |  |  |  | 152 |  |  | 142 |
Change in traditional product reserves |  |  |  |  |  |  | – |  |  | 37 |
Other benefits (1) |  |  |  |  |  |  | 55 |  |  | 47 |
Total benefits and policyholder remeasurement |  |  |  |  |  |  |  |  |
(gain) loss |  |  |  |  |  |  | $ | 1,002 |  |  | $ | 987 |
Death claims per $1,000 of in-force |  |  |  |  |  |  | 2.55 |  |  | 2.44 |

(1) Includes primarily long-term care claims and life surrender benefits.
Benefits for this segment include claims incurred during the period in excess of the associated reserves for its interest-sensitive and traditional products. In addition, benefits include the change in secondary guarantee, linked-benefit and term life insurance product reserves. These reserves are affected by changes in expected future trends of assessments and benefits causing remeasurements. Generally, we experience higher mortality in the first quarter of the year due to the seasonality of claims.
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Commissions and Other Expenses
Details underlying commissions and other expenses (in millions) were as follows:

|  |  |  | For the Three Months Ended March 31, |  |
|  |  |  |  |  |  | 2025 |  | 2024 |  |
Commissions and Other Expenses |  |  |  |  |  |  |  |  |  |  |
Commissions |  |  |  |  |  |  | $ | 99 |  |  | $ | 113 |  |  |
General and administrative expenses |  |  |  |  |  |  | 131 |  |  | 143 |  |  |
Expenses associated with reserve financing |  |  |  |  |  |  | 26 |  |  | 23 |  |  |
Taxes, licenses and fees |  |  |  |  |  |  | 37 |  |  | 38 |  |  |
Total expenses incurred |  |  |  |  |  |  | 293 |  |  | 317 |  |  |
DAC and VOBA deferrals |  |  |  |  |  |  | (115) |  |  | (133) |  |  |
Total expenses recognized before amortization |  |  |  |  |  |  | 178 |  |  | 184 |  |  |
DAC and VOBA amortization |  |  |  |  |  |  | 127 |  |  | 125 |  |  |
Amortization of deferred loss on business sold |  |  |  |  |  |  |  |  |  |  |
through reinsurance (1) |  |  |  |  |  |  | 24 |  |  | – |  |  |
Other intangible amortization |  |  |  |  |  |  | 1 |  |  | 1 |  |  |
Total commissions and other expenses |  |  |  |  |  |  | $ | 330 |  |  | $ | 310 |  |  |

DAC and VOBA Deferrals |  |  |  |  |  |  |  |  |
As a percentage of sales |  |  |  |  |  |  | 118.6 | % |  | 146.2 | %

(1) The amortization of deferred loss on business sold through reinsurance pertains to the fourth quarter 2023 reinsurance transaction. See Note 1 in our 2024 Form 10-K for additional information.
Commissions and other expenses that result directly from and are essential to the successful acquisition of new or renewal business are deferred to the extent recoverable. For our interest-sensitive and traditional products, DAC and value of business acquired (“VOBA”) are amortized on a constant level basis over the expected term of the related contracts using the groupings and actuarial assumptions consistent with those used for calculating the related policyholder liability balances.
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RESULTS OF GROUP PROTECTION
Income (Loss) from Operations
Details underlying the results for Group Protection (in millions) were as follows:

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Operating Revenues |  |  |  |  |  |  |  |  |
Insurance premiums |  |  |  |  |  |  | $ | 1,371 |  |  | $ | 1,285 |
Net investment income |  |  |  |  |  |  | 89 |  |  | 85 |
Other revenues (1) |  |  |  |  |  |  | 61 |  |  | 55 |
Total operating revenues |  |  |  |  |  |  | 1,521 |  |  | 1,425 |
Operating Expenses |  |  |  |  |  |  |  |  |
Benefits |  |  |  |  |  |  | 1,064 |  |  | 1,030 |
Interest credited |  |  |  |  |  |  | – |  |  | 1 |
Policyholder liability remeasurement (gain) loss |  |  |  |  |  |  | (70) |  |  | (67) |
Commissions and other expenses |  |  |  |  |  |  | 399 |  |  | 360 |
Total operating expenses |  |  |  |  |  |  | 1,393 |  |  | 1,324 |
Income (loss) from operations before taxes |  |  |  |  |  |  | 128 |  |  | 101 |
Federal income tax expense (benefit) |  |  |  |  |  |  | 27 |  |  | 21 |
Income (loss) from operations |  |  |  |  |  |  | $ | 101 |  |  | $ | 80 |

(1) Consists of revenue from third parties for administrative services performed, which has a corresponding partial offset in commissions and other expenses.

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Income (Loss) from Operations by Product Line |  |  |  |  |  |  |  |  |
Life |  |  |  |  |  |  | $ | 8 |  |  | $ | 9 |
Disability |  |  |  |  |  |  | 95 |  |  | 73 |
Dental |  |  |  |  |  |  | (2) |  |  | (2) |
Income (loss) from operations |  |  |  |  |  |  | $ | 101 |  |  | $ | 80 |

Comparison of the Three Months Ended March 31, 2025 to 2024
Income from operations for this segment increased due primarily to higher insurance premiums due to growth in business in force and persistency.
The increase in income from operations was partially offset by the following:
•Higher commissions and other expenses due to incentive compensation as a result of increased production performance and higher other costs pertaining to business operations.
•Higher benefits, net of policyholder liability remeasurement gain, driven by growth in business in force and higher claims experience in our life business, partially offset by lower incidence in our disability business.
Additional Information
For information about the effect of the loss ratio sensitivity on our income (loss) from operations, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Group Protection – Additional Information” in our 2024 Form 10-K.
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For information on the effects of current interest rates on our long-term disability claim reserves, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk – Effect of Interest Rate Sensitivity” in our 2024 Form 10-K. For information on the interest rate environment, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary” in our 2024 Form 10-K.
Insurance Premiums
Details underlying insurance premiums (in millions) were as follows:

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Insurance Premiums by Product Line |  |  |  |  |  |  |  |  |
Life |  |  |  |  |  |  | $ | 542 |  |  | $ | 499 |
Disability |  |  |  |  |  |  | 783 |  |  | 740 |
Dental |  |  |  |  |  |  | 46 |  |  | 46 |
Total insurance premiums |  |  |  |  |  |  | $ | 1,371 |  |  | $ | 1,285 |
Sales by Product Line |  |  |  |  |  |  |  |  |
Life |  |  |  |  |  |  | $ | 101 |  |  | $ | 85 |
Disability |  |  |  |  |  |  | 48 |  |  | 51 |
Dental |  |  |  |  |  |  | 8 |  |  | 8 |
Total sales |  |  |  |  |  |  | $ | 157 |  |  | $ | 144 |

Premiums are a function of the rates priced into the product and our business in force. Business in force, in turn, is driven by sales and persistency experience.
Sales relate to new policyholders and new coverages sold to existing policyholders. We believe that the trend in sales is an important indicator of development of business in force over time. Sales in the table above are the combined annualized premiums for our products. Generally, we have higher sales during the fourth quarter of the year.
Net Investment Income
We use our investment income to offset the earnings effect of the associated build of our reserves, which are a function of our insurance premiums and the yields on our investments. Details underlying net investment income (in millions) were as follows:

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Net Investment Income |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities, mortgage loans on real estate |  |  |  |  |  |  |  |  |
and other, net of investment expenses |  |  |  |  |  |  | $ | 70 |  |  | $ | 68 |
Surplus investments (2) |  |  |  |  |  |  | 19 |  |  | 17 |
Total net investment income |  |  |  |  |  |  | $ | 89 |  |  | $ | 85 |

(1) See “Consolidated Investments – Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums” below for additional information.
(2) Represents net investment income on the required statutory surplus for this segment and includes the effect of investment income on alternative investments for such assets that are held in the portfolios supporting statutory surplus versus the portfolios supporting product liabilities. See “Consolidated Investments – Alternative Investments” below for more information on alternative investments.
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Benefits, Interest Credited and Policyholder Liability Remeasurement (Gain) Loss
Details underlying benefits, interest credited, policyholder liability remeasurement (gain) loss (in millions) and loss ratios by product line were as follows:

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  |  | 2025 |  | 2024
Benefits, Interest Credited and Policyholder |  |  |  |  |  |  |  |  |
Liability Remeasurement (Gain) Loss by |  |  |  |  |  |  |  |  |
Product Line |  |  |  |  |  |  |  |  |
Life |  |  |  |  |  |  | $ | 407 |  | $ | 380 |
Disability |  |  |  |  |  |  | 550 |  | 549 |
Dental |  |  |  |  |  |  | 37 |  | 35 |
Total benefits, interest credited and policyholder |  |  |  |  |  |  |  |  |
liability remeasurement (gain) loss |  |  |  |  |  |  | $ | 994 |  |  | $ | 964 |
Loss Ratios by Product Line |  |  |  |  |  |  |  |  |
Life |  |  |  |  |  |  | 75.2 | % |  | 76.1 | %
Disability |  |  |  |  |  |  | 70.1 | % |  | 74.2 | %
Dental |  |  |  |  |  |  | 79.0 | % |  | 76.5 | %
Total |  |  |  |  |  |  | 72.4 | % |  | 75.0 | %

Generally, we experience higher mortality in the first quarter of the year and higher disability claims in the fourth quarter of the year due to the seasonality of claims. For additional information on our loss ratios, see “Additional Information” above.
Commissions and Other Expenses
Details underlying commissions and other expenses (in millions) were as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Commissions and Other Expenses |  |  |  |  |  |  |
Commissions |  |  |  |  | $ | 133 |  |  | $ | 109 |
General and administrative expenses |  |  |  |  | 222 |  |  | 208 |
Taxes, licenses and fees |  |  |  |  | 38 |  |  | 37 |
Other |  |  |  |  | 1 |  |  | 1 |
Total expenses incurred |  |  |  |  | 394 |  |  | 355 |
DAC deferrals |  |  |  |  | (32) |  |  | (29) |
Total expenses recognized before amortization |  |  |  |  | 362 |  |  | 326 |
DAC and other intangible amortization |  |  |  |  | 37 |  |  | 34 |
Total commissions and other expenses |  |  |  |  | $ | 399 |  |  | $ | 360 |

DAC Deferrals |  |  |  |  |  |  |
As a percentage of insurance premiums | 2.3 | % |  | 2.3 | % |  |  |  |

Commissions and other expenses that result directly from and are essential to the successful acquisition of new or renewal business are deferred to the extent recoverable and are amortized on a constant level basis over the expected term of the related contracts using the groupings and actuarial assumptions consistent with those used for calculating the related policyholder liability balances. Certain broker commissions that vary with and are related to paid premiums are expensed as incurred rather than deferred and amortized.
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RESULTS OF RETIREMENT PLAN SERVICES
Income (Loss) from Operations
Details underlying the results for Retirement Plan Services (in millions) were as follows:

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  | 2025 |  |  | 2024
Operating Revenues |  |  |  |  |  |  |  |  |
Fee income |  |  |  |  |  | $ | 72 |  |  |  | $ | 70 |
Net investment income |  |  |  |  |  | 251 |  |  |  | 244 |
Other revenues (1) |  |  |  |  |  | 4 |  |  |  | 8 |
Total operating revenues |  |  |  |  |  | 327 |  |  |  | 322 |
Operating Expenses |  |  |  |  |  |  |  |  |
Interest credited |  |  |  |  |  | 170 |  |  |  | 166 |
Commissions and other expenses |  |  |  |  |  | 119 |  |  |  | 115 |
Total operating expenses |  |  |  |  |  | 289 |  |  |  | 281 |
Income (loss) from operations before taxes |  |  |  |  |  | 38 |  |  |  | 41 |
Federal income tax expense (benefit) |  |  |  |  |  | 4 |  |  |  | 5 |
Income (loss) from operations |  |  |  |  |  | $ | 34 |  |  |  | $ | 36 |

(1) Consists primarily of mutual fund account program revenues from mid to large employers.
Comparison of the Three Months Ended March 31, 2025 to 2024
Income from operations for this segment decreased due primarily to:
•Lower other revenues driven by a plan termination during the fourth quarter of 2024.
•Higher commissions and other expenses driven by higher trail commissions resulting from higher average daily separate account balances.
The decrease in income from operations was partially offset by the following:
•Higher net investment income, net of interest credited, driven by higher investment income on surplus investments, partially offset by lower average general account balances.
•Higher fee income driven by higher average daily separate account balances.
Additional Information
Net flows in this business fluctuate based on the timing of larger plans being implemented and terminating over the course of the year.
New deposits are an important component of net flows and key to our efforts to grow our business. Although deposits do not significantly affect current period income from operations, they can significantly impact future income from operations. The other component of net flows relates to the retention of the business. An important measure of retention is the reduction in account balances caused by plan sponsor terminations and participant withdrawals. These outflows as a percentage of average account balances were 22% and 13% fo r the three months ended March 31, 2025 and 2024, respectively. The increase in the outflow rate was attributable primarily to a large plan termination during the first quarter of 2025.
Our net flows are negatively affected by the continued net outflows from our oldest blocks of annuities business (as presented on our Net Flows By Market table below as “Multi-Fund® and other”), which are among our higher margin product lines in this segment, due to the fact that they are mature blocks with low distribution and servicing costs. The proportion of these products to our total account balances wa s 13% a nd 14% as of March 31, 2025 and 2024, respectively. Due to this overall shift in business mix toward products with lower returns, new deposit production continues to be necessary to maintain earnings at current levels.
Our fixed annuity business includes products with discretionary and index-based crediting rates that are reset on either a quarterly or semi-annual basis. Our ability to retain quarterly or semi-annual reset annuities will be subject to current competitive conditions at the
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time crediting rates for these products reset. We expect to manage the effects of spreads on near-term income from operations through portfolio management and, to a lesser extent, crediting rate actions, which assumes no significant changes in net flows into or out of our fixed accounts or other changes that may cause interest rate spreads to differ from our expectations. For information on interest rate spreads and interest rate risk, see “Part I – Item 1A. Risk Factors – Market Conditions – Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain statutory requirements,” “Part I – Item 1A. Risk Factors – Market Conditions – Increases in interest rates and sustained high interest rates may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals and surrenders” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2024 Form 10-K. For information on the interest rate environment, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Executive Summary – Industry Trends – Interest Rate Environment” in our 2024 Form 10-K.
Fee Income
Details underlying fee income (in millions) were as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  |  | 2024
Fee Income |  |  |  |  |  |  |  |
Annuity expense assessments |  |  |  |  | $ | 53 |  |  |  | $ | 51 |
Mutual fund fees |  |  |  |  | 18 |  |  |  | 18 |
Total expense assessments |  |  |  |  | 71 |  |  |  | 69 |
Surrender charges |  |  |  |  | 1 |  |  |  | 1 |
Total fee income |  |  |  |  | $ | 72 |  |  |  | $ | 70 |

Our fee income is primarily composed of expense assessments that we charge to cover insurance and administrative expenses, and mutual fund fees earned for services we provide to our mutual fund programs. Fee income is primarily based on average account balances, both general and separate, which are driven by net flows and the equity markets. Fee income is also driven by non-account balance-related items such as participant counts. We may collect surrender charges when our policyholders surrender their contracts during the surrender charge period to protect us from premature withdrawals.
Net Investment Income and Interest Credited
Details underlying net investment income and interest credited (in millions) were as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  |  | 2024
Net Investment Income |  |  |  |  |  |  |  |
Fixed maturity AFS securities, mortgage loans on real estate |  |  |  |  |  |  |  |
and other, net of investment expenses |  |  |  |  | $ | 231 |  |  |  | $ | 226 |
Commercial mortgage loan prepayment and |  |  |  |  |  |  |  |
bond make-whole premiums (1) |  |  |  |  | – |  |  |  | 1 |
Surplus investments (2) |  |  |  |  | 20 |  |  |  | 17 |
Total net investment income |  |  |  |  | $ | 251 |  |  |  | $ | 244 |
Interest Credited |  |  |  |  | $ | 170 |  |  |  | $ | 166 |

(1) See “Consolidated Investments – Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums” below for additional information.
(2) Represents net investment income on the required statutory surplus for this segment and includes the effect of investment income on alternative investments for such assets that are held in the portfolios supporting statutory surplus versus the portfolios supporting product liabilities. See “Consolidated Investments – Alternative Investments” below for more information on alternative investments.
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A portion of our investment income earned is credited to the policyholders of our fixed annuity products, including the fixed portion of variable annuity contracts. We expect to earn a spread between what we earn on the underlying general account investments supporting the fixed annuity product line, including the fixed portion of variable annuity contracts, and what we credit to our policyholders’ accounts. Commercial mortgage loan prepayments and bond make-whole premiums, investment income on alternative investments and surplus investment income can vary significantly from period to period due to a number of factors and, therefore, may contribute to investment income results that are not indicative of the underlying trends.
Account Balances
Details underlying account balances (dollars in millions) were as follows:

|  |  | As of or For the Three Months Ended March 31,
|  |  |  |  | 2025 |  |  | 2024
Separate Account Balance Information (1) |  |  |  |  |  |  |  |
Separate account deposits |  |  |  |  | $ | 617 |  |  |  | $ | 551 |
Separate account net flows |  |  |  |  | (270) |  |  |  | (177) |
Separate account balances |  |  |  |  | 20,673 |  |  |  | 20,958 |
Average daily separate account balances |  |  |  |  | 21,575 |  |  |  | 20,132 |
Average daily S&P 500® Index (2) |  |  |  |  | 5,900 |  |  |  | 4,996 |
General Account Balance Information |  |  |  |  |  |  |  |
General account deposits |  |  |  |  | $ | 811 |  |  |  | $ | 790 |
General account net flows |  |  |  |  | (519) |  |  |  | (413) |
General account balances |  |  |  |  | 23,479 |  |  |  | 23,586 |
Average general account balances |  |  |  |  | 23,552 |  |  |  | 23,655 |
Mutual Fund Account Balance Information |  |  |  |  |  |  |  |
Mutual fund deposits |  |  |  |  | $ | 2,687 |  |  |  | $ | 2,461 |
Mutual fund net flows |  |  |  |  | (1,395) |  |  |  | 981 |
Mutual fund account balances (3) |  |  |  |  | 65,081 |  |  |  | 62,268 |

(1) Excludes the fixed portion of variable annuities.
(2) We generally use the S&P 500 Index as a benchmark for the performance of our separate account balances. The account balances of our variable annuity contracts are invested by our policyholders in a variety of investment options including, but not limited to, domestic and international equity securities and fixed income, which do not necessarily align with S&P 500 Index performance.
(3) Mutual funds are not included in the separate accounts reported on the Consolidated Balance Sheets as we do not have any ownership interest in them.

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  | 2025 |  |  | 2024
Net Flows By Market |  |  |  |  |  |  |  |  |
Small market |  |  |  |  |  | $ | (79) |  |  |  | $ | (32) |
Mid – large market |  |  |  |  |  | (1,732) |  |  |  | 847 |
Multi-Fund® and other |  |  |  |  |  | (373) |  |  |  | (424) |
Total net flows |  |  |  |  |  | $ | (2,184) |  |  |  | $ | 391 |

For more information on account balances, see Notes 9 and 10.
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Commissions and Other Expenses
Details underlying commissions and other expenses (in millions) were as follows:

|  |  |  | For the Three Months Ended March 31,
|  |  |  |  |  | 2025 |  |  | 2024
Commissions and Other Expenses |  |  |  |  |  |  |  |  |
Commissions: |  |  |  |  |  |  |  |  |
Deferrable |  |  |  |  |  | $ | 1 |  |  | $ | 1
Non-deferrable |  |  |  |  |  | 26 |  |  | 22
General and administrative expenses |  |  |  |  |  | 84 |  |  | 86
Taxes, licenses and fees |  |  |  |  |  | 7 |  |  | 6
Total expenses incurred |  |  |  |  |  | 118 |  |  | 115
DAC deferrals |  |  |  |  |  | (4) |  |  | (5)
Total expenses recognized before amortization |  |  |  |  |  | 114 |  |  | 110
DAC amortization |  |  |  |  |  | 5 |  |  | 5
Total commissions and other expenses |  |  |  |  |  | $ | 119 |  |  | $ | 115
DAC Deferrals |  |  |  |  |  |  |  |  |
As a percentage of annuity sales/deposits |  |  |  |  |  | 0.3% |  |  | 0.4%

Commissions and other expenses that result directly from and are essential to the successful acquisition of new or renewal business are deferred to the extent recoverable and are amortized on a constant level basis over the expected term of the related contracts using the groupings and actuarial assumptions consistent with those used for calculating the related policyholder liability balances. Certain types of commissions, such as trail commissions that are based on account balances, are expensed as incurred rather than deferred and amortized. Distribution expenses associated with the sale of mutual fund products are expensed as incurred.
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RESULTS OF OTHER OPERATIONS
Income (Loss) from Operations
Details underlying the results for Other Operations (in millions) were as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 (1)
Operating Revenues |  |  |  |  |  |  |
Insurance premiums (2) |  |  |  |  | $ | – |  |  | $ | 2 |
Net investment income (3) |  |  |  |  | 41 |  |  | 16 |
Other revenues (4) |  |  |  |  | 11 |  |  | 9 |
Total operating revenues |  |  |  |  | 52 |  |  | 27 |
Operating Expenses |  |  |  |  |  |  |
Benefits |  |  |  |  | 5 |  |  | 6 |
Interest credited |  |  |  |  | 13 |  |  | 9 |
Policyholder liability remeasurement (gain) loss |  |  |  |  | – |  |  | (1) |
Other expenses |  |  |  |  | 66 |  |  | 51 |
Interest and debt expense |  |  |  |  | 80 |  |  | 81 |
Total operating expenses |  |  |  |  | 164 |  |  | 146 |
Income (loss) from operations before taxes |  |  |  |  | (112) |  |  | (119) |
Federal income tax expense (benefit) |  |  |  |  | (17) |  |  | (23) |
Income (loss) from operations |  |  |  |  | $ | (95) |  |  | $ | (96) |

(1) The prior period presentation was recast to conform to the revised definition of income (loss) from operations. See Note 15 for additional information.
(2) Includes our disability income business, which has a corresponding offset in benefits for changes in reserves.
(3) Includes our institutional pension business, which has a corresponding offset in premiums and benefits for changes in reserves, and funding agreements, which has a partial offset in interest credited. For information on funding agreements, see Note 10.
(4) Includes certain third-party advisory fees, which has a partial offset in other expenses.
Comparison of the Three Months Ended March 31, 2025 to 2024
Loss from operations for Other Operations modestly decreased due primarily to higher net investment income, net of interest credited, related to higher allocated investments driven by an increase in excess capital retained by Other Operations. The decrease in loss from operations was partially offset by lower other revenues due to the effect of market fluctuations on assets held as part of certain compensation plans.
Net Investment Income and Interest Credited
We utilize an internal formula to determine the amount of capital that is allocated to our business segments. Investment income on capital in excess of the calculated amounts is reported in Other Operations. If our business segments require increases in statutory reserves, surplus or investments, the amount of excess capital that is retained by Other Operations would decrease and net investment income would be negatively affected.
Write-downs for impairments decrease the recorded value of investments owned by the business segments. These write-downs are not included in the income from operations of our business segments. When impairment occurs, assets are transferred to the business segments’ portfolios and will reduce the future net investment income for Other Operations. Statutory reserve adjustments for our business segments can also cause allocations of investments between the business segments and Other Operations.
The majority of our interest credited relates to our reinsurance operations sold to Swiss Re Life & Health America, Inc. (“Swiss Re”) in 2001. A substantial amount of the business was sold through indemnity reinsurance transactions, which is still recorded in the consolidated financial statements. The interest credited corresponds to investment income earnings on the assets we continue to hold for this business. There is no effect to income or loss in Other Operations or on a consolidated basis for these amounts because interest earned on the blocks that continue to be reinsured is passed through to Swiss Re in the form of interest credited.
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Benefits
Benefits are recognized when incurred for institutional pension products and disability income business.
Other Expenses
Details underlying other expenses (in millions) were as follows:

|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 (1)
General and administrative expenses: |  |  |  |  |  |  |
Legal |  |  |  |  | $ | 1 |  |  | $ | 1 |
Branding |  |  |  |  | 8 |  |  | 12 |
Other (2) |  |  |  |  | 59 |  |  | 44 |
Total general and administrative expenses |  |  |  |  | 68 |  |  | 57 |
DAC and VOBA deferrals |  |  |  |  | (2) |  |  | – |
Other (3) |  |  |  |  | – |  |  | (6) |
Total other expenses |  |  |  |  | $ | 66 |  |  | $ | 51 |

(1) The prior period presentation was recast to conform to the revised definition of income (loss) from operations. See Note 15 for additional information.
(2) Includes expenses that are corporate in nature and not allocated to our business segments.
(3) Consists primarily of reimbursements to Other Operations from the Life Insurance segment for the use of proceeds from certain issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its access to a financing facility and issuance of letters of credit (“LOCs”) and taxes, licenses and fees.
Interest and Debt Expense
Our current level of interest expense may not be indicative of the future due to, among other things, the timing of the use of cash and the future cost of capital. For additional information on our financing activities, see “Liquidity and Capital Resources – Holding Company Sources and Uses of Liquidity and Capital – Debt” below.
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CONSOLIDATED INVESTMENTS
Details underlying consolidated investment balances (in millions) were as follows:

|  |  |  |  | Percentage of
|  |  |  |  | Total Investments
| As of March 31, |  | As of December 31, |  | As of March 31, |  | As of December 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Investments |  |  |  |  |  |  |
Fixed maturity AFS securities | $ | 88,297 |  |  | $ | 87,111 |  |  | 68.3 | % |  | 67.4 | %
Trading securities | 1,984 |  |  | 2,025 |  |  | 1.5 | % |  | 1.6 | %
Equity securities | 345 |  |  | 294 |  |  | 0.3 | % |  | 0.2 | %
Mortgage loans on real estate | 21,558 |  |  | 21,083 |  |  | 16.7 | % |  | 16.3 | %
Policy loans | 2,529 |  |  | 2,476 |  |  | 2.0 | % |  | 1.9 | %
Derivative investments | 7,849 |  |  | 9,677 |  |  | 6.1 | % |  | 7.5 | %
Alternative investments | 4,006 |  |  | 3,836 |  |  | 3.1 | % |  | 3.0 | %
Other investments | 2,647 |  |  | 2,752 |  |  | 2.0 | % |  | 2.1 | %
Total investments | $ | 129,215 |  |  | $ | 129,254 |  |  | 100.0 | % |  | 100.0 | %

Investment Objective
Investments are an integral part of our operations. We follow a balanced approach to investing for both current income and prudent risk management, with an emphasis on generating sufficient current income, net of income tax, to meet our obligations to customers, as well as other general liabilities. This balanced approach requires the evaluation of expected return and risk of each asset class utilized, while still meeting our income objectives. This approach is important to our asset-liability management because decisions can be made based upon both the economic and current investment income considerations affecting assets and liabilities. For a discussion of our risk management process, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Form 10-K.
Investment Portfolio Composition and Diversification
Fundamental to our investment policy is diversification across asset classes. Our investment portfolio, excluding cash and invested cash, is composed of fixed maturity securities, mortgage loans on real estate, real estate (either wholly owned or in joint ventures) and other long-term investments. We purchase investments for our segmented portfolios that have yield, duration and other characteristics that take into account the liabilities of the products being supported.
We have the ability to maintain our investment holdings throughout credit cycles because of our capital position, the long-term nature of our liabilities and the matching of our portfolios of investment assets with the liabilities of our various products.
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Fixed Maturity and Equity Securities Portfolios
Fixed maturity securities consist of portfolios classified as AFS and trading. Details underlying our fixed maturity AFS securities by industry classification (in millions) are presented in the tables below. These tables agree in total with the presentation of fixed maturity AFS securities in Note 3; however, the categories below represent a more detailed breakout of the fixed maturity AFS portfolio. Therefore, the investment classifications listed below do not agree to the investment categories provided in Note 3.

| As of March 31, 2025
| Net |  |  |  |  |  |  |  | %
| Amortized |  | Gross Unrealized |  | Fair |  | Fair
| Cost (1) |  | Gains |  | Losses |  | Value |  | Value
Fixed Maturity AFS Securities |  |  |  |  |  |  |  |  |
Industry corporate bonds: |  |  |  |  |  |  |  |  |
Financial services | $ | 14,269 |  |  | $ | 110 |  |  | $ | 1,267 |  |  | $ | 13,112 |  |  | 14.8 | %
Basic industry | 3,375 |  |  | 42 |  |  | 372 |  |  | 3,045 |  |  | 3.4 | %
Capital goods | 6,170 |  |  | 59 |  |  | 696 |  |  | 5,533 |  |  | 6.3 | %
Communications | 3,208 |  |  | 49 |  |  | 416 |  |  | 2,841 |  |  | 3.2 | %
Consumer cyclical | 5,786 |  |  | 44 |  |  | 553 |  |  | 5,277 |  |  | 6.0 | %
Consumer non-cyclical | 14,988 |  |  | 124 |  |  | 2,210 |  |  | 12,902 |  |  | 14.7 | %
Energy | 2,981 |  |  | 29 |  |  | 314 |  |  | 2,696 |  |  | 3.1 | %
Technology | 4,759 |  |  | 21 |  |  | 567 |  |  | 4,213 |  |  | 4.8 | %
Transportation | 3,456 |  |  | 32 |  |  | 357 |  |  | 3,131 |  |  | 3.5 | %
Industrial other | 2,481 |  |  | 9 |  |  | 448 |  |  | 2,042 |  |  | 2.3 | %
Utilities | 12,530 |  |  | 92 |  |  | 1,663 |  |  | 10,959 |  |  | 12.4 | %
Government-related entities | 1,337 |  |  | 19 |  |  | 222 |  |  | 1,134 |  |  | 1.3 | %
Collateralized mortgage and other obligations (“CMOs”): |  |  |  |  |  |  |  |  |
Agency backed | 1,191 |  |  | 3 |  |  | 142 |  |  | 1,052 |  |  | 1.2 | %
Non-agency backed | 324 |  |  | 24 |  |  | 4 |  |  | 344 |  |  | 0.4 | %
Mortgage pass through securities (“MPTS”): |  |  |  |  |  |  |  |  |
Agency backed | 583 |  |  | 2 |  |  | 40 |  |  | 545 |  |  | 0.6 | %
Commercial mortgage-backed securities (“CMBS”): |  |  |  |  |  |  |  |  |
Non-agency backed | 1,961 |  |  | 6 |  |  | 137 |  |  | 1,830 |  |  | 2.1 | %
Asset-backed securities (“ABS”): |  |  |  |  |  |  |  |  |
Collateralized loan obligations (“CLOs”) | 8,004 |  |  | 14 |  |  | 233 |  |  | 7,785 |  |  | 8.8 | %
Other (2) | 6,467 |  |  | 96 |  |  | 107 |  |  | 6,456 |  |  | 7.3 | %
Municipals: |  |  |  |  |  |  |  |  |
Taxable | 2,710 |  |  | 21 |  |  | 412 |  |  | 2,319 |  |  | 2.6 | %
Tax-exempt | 34 |  |  | – |  |  | 3 |  |  | 31 |  |  | 0.0 | %
Government: |  |  |  |  |  |  |  |  |
United States | 567 |  |  | 5 |  |  | 34 |  |  | 538 |  |  | 0.6 | %
Foreign | 282 |  |  | 13 |  |  | 56 |  |  | 239 |  |  | 0.3 | %
Hybrid and redeemable preferred securities | 258 |  |  | 25 |  |  | 10 |  |  | 273 |  |  | 0.3 | %
Total fixed maturity AFS securities | 97,721 |  |  | 839 |  |  | 10,263 |  |  | 88,297 |  |  | 100.0 | %
Trading Securities (3) | 2,105 |  |  | 40 |  |  | 161 |  |  | 1,984 |  |  |
Equity Securities | 368 |  |  | 7 |  |  | 30 |  |  | 345 |  |  |
Total fixed maturity AFS, trading and equity securities | $ | 100,194 |  |  | $ | 886 |  |  | $ | 10,454 |  |  | $ | 90,626 |  |  |

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| As of December 31, 2024
| Net |  |  |  |  |  |  |  | %
| Amortized |  | Gross Unrealized |  | Fair |  | Fair
| Cost (1) |  | Gains |  | Losses |  | Value |  | Value
Fixed Maturity AFS Securities |  |  |  |  |  |  |  |  |
Industry corporate bonds: |  |  |  |  |  |  |  |  |
Financial services | $ | 14,276 |  |  | $ | 97 |  |  | $ | 1,396 |  |  | $ | 12,977 |  |  | 14.9 | %
Basic industry | 3,395 |  |  | 40 |  |  | 381 |  |  | 3,054 |  |  | 3.5 | %
Capital goods | 6,223 |  |  | 51 |  |  | 745 |  |  | 5,529 |  |  | 6.4 | %
Communications | 3,242 |  |  | 49 |  |  | 437 |  |  | 2,854 |  |  | 3.3 | %
Consumer cyclical | 5,899 |  |  | 38 |  |  | 593 |  |  | 5,344 |  |  | 6.1 | %
Consumer non-cyclical | 15,042 |  |  | 115 |  |  | 2,356 |  |  | 12,801 |  |  | 14.7 | %
Energy | 3,000 |  |  | 27 |  |  | 341 |  |  | 2,686 |  |  | 3.1 | %
Technology | 4,708 |  |  | 19 |  |  | 620 |  |  | 4,107 |  |  | 4.7 | %
Transportation | 3,451 |  |  | 28 |  |  | 370 |  |  | 3,109 |  |  | 3.6 | %
Industrial other | 2,450 |  |  | 7 |  |  | 445 |  |  | 2,012 |  |  | 2.3 | %
Utilities | 12,494 |  |  | 76 |  |  | 1,750 |  |  | 10,820 |  |  | 12.4 | %
Government-related entities | 1,362 |  |  | 16 |  |  | 221 |  |  | 1,157 |  |  | 1.3 | %
CMOs: |  |  |  |  |  |  |  |  |
Agency backed | 1,202 |  |  | 3 |  |  | 168 |  |  | 1,037 |  |  | 1.2 | %
Non-agency backed | 328 |  |  | 21 |  |  | 4 |  |  | 345 |  |  | 0.4 | %
MPTS: |  |  |  |  |  |  |  |  |
Agency backed | 529 |  |  | – |  |  | 48 |  |  | 481 |  |  | 0.6 | %
CMBS: |  |  |  |  |  |  |  |  |
Non-agency backed | 1,817 |  |  | 4 |  |  | 156 |  |  | 1,665 |  |  | 1.9 | %
ABS: |  |  |  |  |  |  |  |  |
CLOs | 8,307 |  |  | 21 |  |  | 277 |  |  | 8,051 |  |  | 9.2 | %
Other (2) | 5,895 |  |  | 78 |  |  | 144 |  |  | 5,829 |  |  | 6.6 | %
Municipals: |  |  |  |  |  |  |  |  |
Taxable | 2,765 |  |  | 18 |  |  | 443 |  |  | 2,340 |  |  | 2.7 | %
Tax-exempt | 33 |  |  | – |  |  | 2 |  |  | 31 |  |  | 0.0 | %
Government: |  |  |  |  |  |  |  |  |
United States | 429 |  |  | 3 |  |  | 41 |  |  | 391 |  |  | 0.5 | %
Foreign | 282 |  |  | 11 |  |  | 56 |  |  | 237 |  |  | 0.3 | %
Hybrid and redeemable preferred securities | 240 |  |  | 25 |  |  | 11 |  |  | 254 |  |  | 0.3 | %
Total fixed maturity AFS securities | 97,369 |  |  | 747 |  |  | 11,005 |  |  | 87,111 |  |  | 100.0 | %
Trading Securities (3) | 2,168 |  |  | 35 |  |  | 178 |  |  | 2,025 |  |  |
Equity Securities | 310 |  |  | 6 |  |  | 22 |  |  | 294 |  |  |
Total fixed maturity AFS, trading and equity securities | $ | 99,847 |  |  | $ | 788 |  |  | $ | 11,205 |  |  | $ | 89,430 |  |  |

(1) Represents amortized cost, net of the allowance for credit losses.
(2) Includes securities collateralized by consumer loans, equipment loans and other asset types.
(3) Certain of our trading securities support our reinsurance funds withheld and modified coinsurance agreements and the investment results are passed directly to the reinsurers. See “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Investments – Fixed Maturity and Equity Securities Portfolios – Trading Securities” in our 2024 Form 10-K for more information.
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Fixed Maturity AFS Securities
In accordance with the fixed maturity AFS accounting guidance, we reflect stockholders’ equity as if unrealized gains and losses were actually recognized and consider all related accounting adjustments that would occur upon such a hypothetical recognition of unrealized gains and losses. Such related balance sheet effects include adjustments to future contract benefits, policyholder account balances and deferred income taxes. Adjustments to each of these balances are charged or credited to accumulated other comprehensive income (loss) (“AOCI”). For instance, deferred income tax balances are adjusted because unrealized gains or losses do not affect actual taxes currently paid.
The quality of our fixed maturity AFS securities portfolio, as measured at estimated fair value and by the percentage of fixed maturity AFS securities invested in various ratings categories, relative to the entire fixed maturity AFS security portfolio (in millions) was as follows:

|  |  |  | As of March 31, 2025 |  | As of December 31, 2024
|  | Rating Agency |  | Net |  |  |  |  |  | Net |  |  |  |
NAIC |  | Equivalent |  | Amortized |  | Fair |  | % of |  | Amortized |  | Fair |  | % of
Designation (1) |  | Designation (1) |  | Cost |  | Value |  | Total |  | Cost |  | Value |  | Total
Investment Grade Securities |  |  |  |  |  |  |  |  |  |  |  |
1 |  | AAA / AA / A |  | $ | 58,615 |  |  | $ | 52,575 |  |  | 59.6 | % |  | $ | 58,103 |  |  | $ | 51,596 |  |  | 59.2 | %
2 |  | BBB |  | 36,157 |  |  | 32,854 |  |  | 37.2 | % |  | 36,224 |  |  | 32,583 |  |  | 37.4 | %
Total investment grade securities |  | 94,772 |  |  | 85,429 |  |  | 96.8 | % |  | 94,327 |  |  | 84,179 |  |  | 96.6 | %
Below Investment Grade Securities |  |  |  |  |  |  |  |  |  |  |  |
3 |  | BB |  | 875 |  |  | 825 |  |  | 0.9 | % |  | 960 |  |  | 910 |  |  | 1.0 | %
4 |  | B |  | 1,878 |  |  | 1,856 |  |  | 2.1 | % |  | 1,857 |  |  | 1,826 |  |  | 2.1 | %
5 |  | CCC and lower |  | 122 |  |  | 112 |  |  | 0.1 | % |  | 138 |  |  | 124 |  |  | 0.2 | %
6 |  | In or near default |  | 74 |  |  | 75 |  |  | 0.1 | % |  | 87 |  |  | 72 |  |  | 0.1 | %
Total below investment grade securities |  | 2,949 |  |  | 2,868 |  |  | 3.2 | % |  | 3,042 |  |  | 2,932 |  |  | 3.4 | %
Total fixed maturity AFS securities |  | $ | 97,721 |  |  | $ | 88,297 |  |  | 100.0 | % |  | $ | 97,369 |  |  | $ | 87,111 |  |  | 100.0 | %

Total securities below investment |  |  |  |  |  |  |  |  |  |  |  |
grade as a percentage of total |  |  |  |  |  |  |  |  |  |  |  |
fixed maturity AFS securities |  | 3.0 | % |  | 3.2 | % |  |  |  | 3.1 | % |  | 3.4 | % |  |

(1) Based upon the rating designations determined and provided by the National Association of Insurance Commissioners (“NAIC”) or the major credit rating agencies (Fitch Ratings (“Fitch”), Moody’s Investors Service (“Moody’s”) and S&P Global Ratings (“S&P”)). For securities where the ratings assigned by the major credit rating agencies are not equivalent, the second lowest rating assigned is used. For those securities where ratings by the major credit rating agencies are not available, which does not represent a significant amount of our total fixed maturity AFS securities, we base the ratings disclosed upon internal ratings. The average credit quality was A- as of March 31, 2025.
Comparisons between the NAIC designations and rating agency designations are published by the NAIC. The NAIC assigns securities quality designations and uniform valuations, which are used by insurers when preparing their annual statements. The NAIC designations are similar to the rating agency designations of the Nationally Recognized Statistical Rating Organizations for marketable bonds. NAIC designations 1 and 2 include bonds generally considered investment grade (rated Baa3 or higher by Moody’s, or rated BBB- or higher by S&P and Fitch) by such ratings organizations. However, securities designated NAIC 1 and 2 could be deemed below investment grade by the rating agencies as a result of the current risk-based capital (“RBC”) rules for residential mortgage-backed securities (“RMBS”) and CMBS for statutory reporting. NAIC designations 3 through 6 include bonds generally considered below investment grade (rated Ba1 or lower by Moody’s, or rated BB+ or lower by S&P and Fitch).
As of March 31, 2025, and December 31, 2024, 97% of the total fixed maturity AFS securities in an unrealized loss position were investment grade. Our gross unrealized losses recognized in OCI on fixed maturity AFS securities as of March 31, 2025, decreased by $742 million since December 31, 2024. For the three months ended March 31, 2025, we recognized $122 million of gross losses, on fixed maturity AFS securities, which were primarily related to sales that support our reinsurance funds withheld agreements where the
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investment results are passed directly to the reinsurers. For the three months ended March 31, 2024, we recognized $61 million of gross losses on fixed maturity AFS securities, which were primarily related to portfolio rebalancing.
We regularly review our fixed maturity AFS securities for declines in fair value that we determine to be impairment-related, including those attributable to credit risk factors that may require a credit allowance. We do not believe the unrealized loss position as of March 31, 2025, required an impairment recognized in earnings as: (i) we did not intend to sell these fixed maturity AFS securities; (ii) it is not more likely than not that we will be required to sell the fixed maturity AFS securities before recovery of their amortized cost basis; and (iii) the difference in the fair value compared to the amortized cost was due to factors other than credit loss. This conclusion is consistent with our asset-liability management process. Management considered the following as part of the evaluation:
•The current economic environment and market conditions;
•Our business strategy and current business plans;
•The nature and type of security, including expected maturities and exposure to general credit, liquidity, market and interest rate risk;
•Our analysis of data from financial models and other internal and industry sources to evaluate the current effectiveness of our hedging and overall risk management strategies;
•The current and expected timing of contractual maturities of our assets and liabilities, expectations of prepayments on investments and expectations for surrenders and withdrawals of annuity contracts and life insurance policies;
•The capital risk limits approved by management; and
•Our current financial condition and liquidity demands.
We recognized $(28) million of credit loss benefit (expense) on our fixed maturity AFS securities for the three months ended March 31, 2025, and $(2) million for the corresponding period in 2024. In order to determine the amount of credit loss, we calculated the recovery value by performing a discounted cash flow analysis based on the current cash flows and future cash flows we expect to recover. To determine the recoverability, we considered the facts and circumstances surrounding the underlying issuer including, but not limited to, the following:
•Historical and implied volatility of the security;
•The extent to which the fair value has been less than amortized cost;
•Adverse conditions specifically related to the security or to specific conditions in an industry or geographic area;
•Failure, if any, of the issuer of the security to make scheduled payments; and
•Recoveries or additional declines in fair value subsequent to the balance sheet date.
For information on credit loss impairment on fixed maturity AFS securities, see Notes 3 and 16 herein and Note 1 in our 2024 Form 10-K.
As reported on the Consolidated Balance Sheets, we had $133.5 billion of investments and cash and invested cash, which exceeded the liabilities for our future obligations under insurance policies and contracts, net of amounts recoverable from reinsurers and amounts on deposit with reinsurers, which totaled $110.4 billion as of March 31, 2025. If it were necessary to liquidate fixed maturity AFS securities prior to maturity or call to meet cash flow needs, we would first look to those fixed maturity AFS securities that are in an unrealized gain position, which had a fair value of $23.3 billion as of March 31, 2025, rather than selling fixed maturity AFS securities in an unrealized loss position. The amount of cash that we have on hand at any point in time takes into account our liquidity needs in the future, other sources of cash, such as the maturities of investments, interest and dividends we earn on our investments and the ongoing cash flows from new and existing business. For additional information, see “Liquidity and Capital Resources” below.
As of March 31, 2025, and December 31, 2024, the estimated fair value for all private placement securities was $21.5 billion and $20.9 billion, respectively, representing 17% and 16% of total investments, respectively.
Mortgage-Backed Securities (Included in Fixed Maturity AFS and Trading Securities)
See “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Investments – Mortgage-Backed Securities” in our 2024 Form 10-K for a discussion of our mortgage-backed securities.
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The market value of fixed maturity AFS and trading securities backed by subprime loans was $180 million and represented less than 1% of our total investment portfolio as of March 31, 2025. Fixed maturity AFS securities represented $173 million, or 96%, and trading securities represented $7 million, or 4%, of the subprime exposure as of March 31, 2025. The table below summarizes our investments in fixed maturity AFS securities backed by pools of residential mortgages (in millions) as of March 31, 2025:

| Agency |  | Non-Agency |  | Total
| Net Amortized Cost |  | Fair Value |  | Net Amortized Cost |  | Fair Value |  | Net Amortized Cost |  | Fair Value
Type |  |  |  |  |  |  |  |  |  |  |
RMBS | $ | 1,774 |  |  | $ | 1,598 |  |  | $ | 324 |  |  | $ | 343 |  |  | $ | 2,098 |  |  | $ | 1,941 |
ABS home equity | – |  |  | – |  |  | 157 |  |  | 191 |  |  | 157 |  |  | 191 |
Total by type (1)(2) | $ | 1,774 |  |  | $ | 1,598 |  |  | $ | 481 |  |  | $ | 534 |  |  | $ | 2,255 |  |  | $ | 2,132 |
NAIC Designation |  |  |  |  |  |  |  |  |  |  |
1 | $ | 1,774 |  |  | $ | 1,598 |  |  | $ | 454 |  |  | $ | 502 |  |  | $ | 2,228 |  |  | $ | 2,100 |
2 | – |  |  | – |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
3 | – |  |  | – |  |  | 10 |  |  | 9 |  |  | 10 |  |  | 9 |
4 | – |  |  | – |  |  | 10 |  |  | 16 |  |  | 10 |  |  | 16 |
5 | – |  |  | – |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |
6 | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
Total by NAIC designation (1)(2)(3) | $ | 1,774 |  |  | $ | 1,598 |  |  | $ | 481 |  |  | $ | 534 |  |  | $ | 2,255 |  |  | $ | 2,132 |

Total fixed maturity AFS securities backed by pools of |  |  |  |  |  |  |  |  |  |
residential mortgages as a percentage of total fixed maturity AFS securities |  |  |  | 2.3 | % |  | 2.4 | %
Total non-agency backed as a percentage of total fixed maturity AFS securities | 0.5 | % |  | 0.6 | %

(1) Does not include the amortized cost of trading securities totaling $71 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $71 million in trading securities consisted of $14 million agency and $57 million non-agency.
(2) Does not include the fair value of trading securities totaling $63 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $63 million in trading securities consisted of $13 million agency and $50 million non-agency.
(3) Based upon the rating designations determined and provided by the NAIC.
None of these investments included any direct investments in subprime lenders or mortgages. We are not aware of material exposure to subprime loans in our alternative investment portfolio.
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The following summarizes our investments in fixed maturity AFS securities backed by pools of commercial mortgages (in millions) as of March 31, 2025:

| Multiple Property |  | Single Property |  | Total
| Net Amortized Cost |  | Fair Value |  | Net Amortized Cost |  | Fair Value |  | Net Amortized Cost |  | Fair Value
Type |  |  |  |  |  |  |  |  |  |  |
CMBS (1)(2) | $ | 1,879 |  |  | $ | 1,754 |  |  | $ | 82 |  |  | $ | 76 |  |  | $ | 1,961 |  |  | $ | 1,830 |
NAIC Designation |  |  |  |  |  |  |  |  |  |  |
1 | $ | 1,874 |  |  | $ | 1,749 |  |  | $ | 82 |  |  | $ | 76 |  |  | $ | 1,956 |  |  | $ | 1,825 |
2 | 5 |  |  | 5 |  |  | – |  |  | – |  |  | 5 |  |  | 5 |
3 | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
4 | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
5 | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
6 | – |  |  | – |  | — | – |  |  | – |  | — | – |  |  | – |
Total by NAIC designation (1)(2)(3) | $ | 1,879 |  |  | $ | 1,754 |  |  | $ | 82 |  |  | $ | 76 |  |  | $ | 1,961 |  |  | $ | 1,830 |

Total fixed maturity AFS securities backed by pools of |  |  |  |  |  |
commercial mortgages as a percentage of total fixed maturity AFS securities |  |  |  | 2.0 | % |  | 2.1 | %

(1) Does not include the amortized cost of trading securities totaling $125 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $125 million in trading securities consisted of $76 million of multiple property CMBS and $49 million of single property CMBS.
(2) Does not include the fair value of trading securities totaling $108 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $108 million in trading securities consisted of $69 million of multiple property CMBS and $39 million of single property CMBS.
(3) Based upon the rating designations determined and provided by the NAIC.
The following summarizes our investments in asset-backed securities within fixed maturity AFS securities (in millions) as of March 31, 2025:

| CLOs |  | Other |  | Total
| Net Amortized Cost |  | Fair Value |  | Net Amortized Cost |  | Fair Value |  | Net Amortized Cost |  | Fair Value
Type |  |  |  |  |  |  |  |  |  |  |
ABS (1)(2) | $ | 8,004 |  |  | $ | 7,785 |  |  | $ | 6,467 |  |  | $ | 6,456 |  |  | $ | 14,471 |  |  | $ | 14,241 |
NAIC Designation |  |  |  |  |  |  |  |  |  |  |
1 | $ | 7,755 |  |  | $ | 7,537 |  |  | $ | 4,850 |  |  | $ | 4,847 |  |  | $ | 12,605 |  |  | $ | 12,384 |
2 | 249 |  |  | 248 |  |  | 1,543 |  |  | 1,527 |  |  | 1,792 |  |  | 1,775 |
3 | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
4 | – |  |  | – |  |  | 6 |  |  | 14 |  |  | 6 |  |  | 14 |
5 | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |
6 | – |  |  | – |  | – | 68 |  |  | 68 |  | – | 68 |  |  | 68 |
Total by NAIC designation (1)(2)(3) | $ | 8,004 |  |  | $ | 7,785 |  |  | $ | 6,467 |  |  | $ | 6,456 |  |  | $ | 14,471 |  |  | $ | 14,241 |

(1) Does not include the amortized cost of trading securities totaling $416 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $416 million in trading securities consisted of $287 million of CLOs and $129 million of Other ABS.
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(2) Does not include the fair value of trading securities totaling $409 million that primarily support our reinsurance funds withheld and modified coinsurance agreements because investment results for these agreements are passed directly to the reinsurers. The $409 million in trading securities consisted of $287 million of CLOs and $122 million of Other ABS.
(3) Based upon the rating designations determined and provided by the NAIC.
Composition by Industry Categories of our Unrealized Losses on Fixed Maturity AFS Securities
When considering unrealized gain and loss information, it is important to recognize that the information relates to the position of securities at a particular point in time and may not be indicative of the position of our investment portfolios subsequent to the balance sheet date. Further, because the timing of the recognition of realized investment gains and losses through the selection of which securities are sold is largely at management’s discretion, it is important to consider the information provided below within the context of the overall unrealized gain or loss position of our investment portfolios. These are important considerations that should be included in any evaluation of the potential effect of securities in an unrealized loss position on our future earnings. The composition by industry categories of all fixed maturity AFS securities in an unrealized loss position (in millions) as of March 31, 2025, was as follows:

| Net Amortized Cost |  | % Net Amortized Cost |  | Gross Unrealized Losses |  | % Gross Unrealized Losses |  | Fair Value |  | % Fair Value
Healthcare | $ | 5,765 |  |  | 7.7 | % |  | $ | 1,219 |  |  | 11.9 | % |  | $ | 4,546 |  |  | 7.0 | %
Electric | 6,994 |  |  | 9.3 | % |  | 1,125 |  |  | 11.0 | % |  | 5,869 |  |  | 9.0 | %
Technology | 3,793 |  |  | 5.0 | % |  | 567 |  |  | 5.5 | % |  | 3,226 |  |  | 5.0 | %
Food and beverage | 3,599 |  |  | 4.8 | % |  | 526 |  |  | 5.1 | % |  | 3,073 |  |  | 4.7 | %
Industrial – other | 2,093 |  |  | 2.8 | % |  | 455 |  |  | 4.4 | % |  | 1,638 |  |  | 2.4 | %
Local authorities | 2,159 |  |  | 2.9 | % |  | 420 |  |  | 4.1 | % |  | 1,739 |  |  | 2.7 | %
Banking | 4,642 |  |  | 6.2 | % |  | 360 |  |  | 3.5 | % |  | 4,282 |  |  | 6.6 | %
ABS | 7,328 |  |  | 9.7 | % |  | 327 |  |  | 3.2 | % |  | 7,001 |  |  | 10.8 | %
Pharmaceuticals | 2,124 |  |  | 2.8 | % |  | 308 |  |  | 3.0 | % |  | 1,816 |  |  | 2.8 | %
Diversified manufacturing | 2,185 |  |  | 2.9 | % |  | 301 |  |  | 2.9 | % |  | 1,884 |  |  | 2.9 | %
Natural gas | 1,542 |  |  | 2.0 | % |  | 273 |  |  | 2.7 | % |  | 1,269 |  |  | 2.0 | %
Retail | 1,549 |  |  | 2.1 | % |  | 249 |  |  | 2.4 | % |  | 1,300 |  |  | 2.0 | %
Chemicals | 1,833 |  |  | 2.4 | % |  | 243 |  |  | 2.4 | % |  | 1,590 |  |  | 2.4 | %
Brokerage asset management | 1,610 |  |  | 2.1 | % |  | 218 |  |  | 2.1 | % |  | 1,392 |  |  | 2.1 | %
Transportation services | 1,859 |  |  | 2.5 | % |  | 205 |  |  | 2.0 | % |  | 1,654 |  |  | 2.5 | %
Property and casualty | 1,351 |  |  | 1.8 | % |  | 205 |  |  | 2.0 | % |  | 1,146 |  |  | 1.8 | %
Aerospace and defense | 1,310 |  |  | 1.7 | % |  | 199 |  |  | 1.9 | % |  | 1,111 |  |  | 1.7 | %
Life insurance | 1,220 |  |  | 1.6 | % |  | 198 |  |  | 1.9 | % |  | 1,022 |  |  | 1.6 | %
Utility – other | 1,138 |  |  | 1.5 | % |  | 186 |  |  | 1.8 | % |  | 952 |  |  | 1.5 | %
Government-sponsored | 468 |  |  | 0.6 | % |  | 154 |  |  | 1.5 | % |  | 314 |  |  | 0.5 | %
Midstream | 1,344 |  |  | 1.8 | % |  | 151 |  |  | 1.5 | % |  | 1,193 |  |  | 1.8 | %
Wirelines | 847 |  |  | 1.1 | % |  | 150 |  |  | 1.5 | % |  | 697 |  |  | 1.1 | %
Railroads | 835 |  |  | 1.1 | % |  | 147 |  |  | 1.4 | % |  | 688 |  |  | 1.1 | %
Non-agency CMBS | 1,524 |  |  | 2.0 | % |  | 136 |  |  | 1.3 | % |  | 1,388 |  |  | 2.1 | %
Consumer products | 903 |  |  | 1.2 | % |  | 127 |  |  | 1.2 | % |  | 776 |  |  | 1.2 | %
Integrated | 657 |  |  | 0.9 | % |  | 118 |  |  | 1.1 | % |  | 539 |  |  | 0.8 | %
Wireless | 676 |  |  | 0.9 | % |  | 117 |  |  | 1.1 | % |  | 559 |  |  | 0.9 | %
Automotive | 1,339 |  |  | 1.8 | % |  | 114 |  |  | 1.1 | % |  | 1,225 |  |  | 1.9 | %
Industries with unrealized losses |  |  |  |  |  |  |  |  |  |  |
less than $100 million | 12,603 |  |  | 16.8 | % |  | 1,465 |  |  | 14.5 | % |  | 11,138 |  |  | 17.1 | %
Total by industry | $ | 75,290 |  |  | 100.0 | % |  | $ | 10,263 |  |  | 100.0 | % |  | $ | 65,027 |  |  | 100.0 | %

Total by industry as a percentage of |  |  |  |  |  |  |  |  |  |  |
total fixed maturity AFS securities | 77.0 | % |  |  |  | 100.0 | % |  |  |  | 73.6 | % |  |

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Mortgage Loans on Real Estate
The following tables summarize key information on mortgage loans on real estate (in millions):

| As of March 31, 2025
| Commercial |  | Residential |  | Total |  | %
Credit Quality Indicator |  |  |  |  |  |  |
Current | $ | 17,587 |  |  | $ | 3,994 |  |  | $ | 21,581 |  |  | 99.4 | %
Delinquent (1) | 25 |  |  | 47 |  |  | 72 |  |  | 0.3 | %
Foreclosure | – |  |  | 59 |  |  | 59 |  |  | 0.3 | %
Total mortgage loans on real estate before allowance | 17,612 |  |  | 4,100 |  |  | 21,712 |  |  | 100.0 | %
Allowance for credit losses | (98) |  |  | (56) |  |  | (154) |  |  |
Total mortgage loans on real estate | $ | 17,514 |  |  | $ | 4,044 |  |  | $ | 21,558 |  |  |

| As of December 31, 2024
| Commercial |  | Residential |  | Total |  | %
Credit Quality Indicator |  |  |  |  |  |  |
Current | $ | 17,546 |  |  | $ | 3,572 |  |  | $ | 21,118 |  |  | 99.4 | %
Delinquent (1) | 25 |  |  | 33 |  |  | 58 |  |  | 0.3 | %
Foreclosure | – |  |  | 59 |  |  | 59 |  |  | 0.3 | %
Total mortgage loans on real estate before allowance | 17,571 |  |  | 3,664 |  |  | 21,235 |  |  | 100.0 | %
Allowance for credit losses | (99) |  |  | (53) |  |  | (152) |  |  |
Total mortgage loans on real estate | $ | 17,472 |  |  | $ | 3,611 |  |  | $ | 21,083 |  |  |

(1) Includes certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers. As of March 31, 2025, and December 31, 2024, the fair value of such commercial mortgage loans on real estate that were in delinquent status was $21 million.
As of March 31, 2025, there were specifically identified impaired commercial and residential mortgage loans with an aggregate carrying value of $34 million and $66 million, respectively, or less than 1% of total mortgage loans on real estate. As of December 31, 2024, there were specifically identified impaired commercial and residential mortgage loans with an aggregate carrying value of $36 million and $58 million, respectively, or less than 1% of total mortgage loans on real estate.
The total outstanding principal and interest on commercial mortgage loans that were two or more payments delinquent, excluding foreclosures, as of March 31, 2025, and December 31, 2024, was $34 million, or less than 1% of total mortgage loans on real estate. The total outstanding principal and interest on residential mortgage loans that were three or more payments delinquent, excluding foreclosures, as of March 31, 2025, and December 31, 2024, was $46 million and $32 million, respectively, or less than 1% of total mortgage loans on real estate.
The carrying value of mortgage loans on real estate by business segment and Other Operations (in millions) was as follows:

| As of March 31, 2025 |  | As of December 31, 2024
Segment |  |  |
Annuities | $ | 9,212 |  |  | $ | 8,783 |
Life Insurance | 3,490 |  |  | 3,527 |
Group Protection | 1,607 |  |  | 1,608 |
Retirement Plan Services | 5,413 |  |  | 5,380 |
Other Operations | 1,836 |  |  | 1,785 |
Total mortgage loans on real estate | $ | 21,558 |  |  | $ | 21,083 |

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The composition of commercial mortgage loans (in millions) by property type, geographic region and state is shown below as of March 31, 2025:

| Carrying Value |  | % |  |  |  | Carrying Value |  | %
Property Type |  |  |  |  | State |  |  |  |
Apartment | $ | 5,455 |  |  | 31.1 | % |  | CA |  | $ | 4,712 |  |  | 26.9 | %
Industrial | 5,124 |  |  | 29.3 | % |  | TX |  | 1,694 |  |  | 9.7 | %
Office building | 3,123 |  |  | 17.8 | % |  | FL |  | 1,007 |  |  | 5.7 | %
Retail | 2,764 |  |  | 15.8 | % |  | AZ |  | 904 |  |  | 5.2 | %
Other commercial | 798 |  |  | 4.6 | % |  | NY |  | 895 |  |  | 5.2 | %
Mixed use | 144 |  |  | 0.8 | % |  | PA |  | 890 |  |  | 5.1 | %
Hotel/motel | 106 |  |  | 0.6 | % |  | WA |  | 670 |  |  | 3.9 | %
Total | $ | 17,514 |  |  | 100.0 | % |  | MD |  | 670 |  |  | 3.8 | %
Geographic Region |  |  |  |  | GA |  | 605 |  |  | 3.5 | %
Pacific | 5,688 |  |  | 32.5 | % |  | TN |  | 528 |  |  | 3.0 | %
South Atlantic | 3,666 |  |  | 20.8 | % |  | NC |  | 498 |  |  | 2.8 | %
Middle Atlantic | 2,188 |  |  | 12.5 | % |  | VA |  | 424 |  |  | 2.4 | %
West South Central | 1,831 |  |  | 10.5 | % |  | UT |  | 404 |  |  | 2.3 | %
Mountain | 1,605 |  |  | 9.2 | % |  | NJ |  | 403 |  |  | 2.3 | %
East North Central | 1,104 |  |  | 6.3 | % |  | IL |  | 340 |  |  | 1.9 | %
East South Central | 641 |  |  | 3.7 | % |  | OH |  | 318 |  |  | 1.8 | %
West North Central | 444 |  |  | 2.5 | % |  | OR |  | 305 |  |  | 1.7 | %
New England | 347 |  |  | 2.0 | % |  | All other states |  | 2,247 |  |  | 12.8 | %
Total | $ | 17,514 |  |  | 100.0 | % |  | Total |  | $ | 17,514 |  |  | 100.0 | %

The following table shows the principal amount (in millions) of our commercial and residential mortgage loans by year in which the principal is contractually obligated to be repaid:

| As of March 31, 2025
| Commercial |  | Residential |  | Total |  | %
Principal Repayment Year |  |  |  |  |  |  |
2025 | $ | 848 |  |  | $ | 405 |  |  | $ | 1,253 |  |  | 5.8 | %
2026 | 1,399 |  |  | 285 |  |  | 1,684 |  |  | 7.8 | %
2027 | 1,850 |  |  | 50 |  |  | 1,900 |  |  | 8.8 | %
2028 | 2,194 |  |  | 47 |  |  | 2,241 |  |  | 10.3 | %
2029 | 1,884 |  |  | 50 |  |  | 1,934 |  |  | 8.9 | %
2030 and thereafter | 9,474 |  |  | 3,172 |  |  | 12,646 |  |  | 58.4 | %
Total | $ | 17,649 |  |  | $ | 4,009 |  |  | $ | 21,658 |  |  | 100.0 | %

See Note 3 for information regarding our loan-to-value and debt-service coverage ratios and our allowance for credit losses.
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Alternative Investments
Investment income (loss) on alternative investments by business segment (in millions) was as follows:

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Annuities | $ | 2 |  |  | $ | 2 |  |  |  |  |
Life Insurance | 70 |  |  | 74 |  |  |  |  |
Group Protection | 1 |  |  | 1 |  |  |  |  |
Retirement Plan Services | 2 |  |  | 1 |  |  |  |  |
Total (1) | $ | 75 |  |  | $ | 78 |  |  |  |  |

(1) Includes net investment income on the alternative investments supporting the required statutory surplus of our insurance businesses.
As of March 31, 2025, and December 31, 2024, alternative investments included investments in 370 and 371 different partnerships, respectively, and the portfolio represented approximately 3% of total investments. The partnerships do not represent off-balance sheet financing and generally involve several third-party partners. Some of our partnerships contain capital calls, which require us to contribute capital upon notification by the general partner. These capital calls are contemplated during the initial investment decision and are planned for well in advance of the call date. The capital calls are not material in size and are not material to our liquidity. Alternative investments are accounted for using the equity method of accounting and are included in other investments on the Consolidated Balance Sheets.
Net Investment Income
Details underlying net investment income (in millions) and our investment yield were as follows:

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Net Investment Income |  |  |  |  |  |  |
Fixed maturity AFS securities | $ | 1,059 |  |  | $ | 1,051 |  |  |  |  |
Trading securities | 26 |  |  | 32 |  |  |  |  |
Equity securities | 3 |  |  | 4 |  |  |  |  |
Mortgage loans on real estate | 251 |  |  | 196 |  |  |  |  |
Policy loans | 26 |  |  | 25 |  |  |  |  |
Cash and invested cash | 59 |  |  | 37 |  |  |  |  |
Commercial mortgage loan prepayment |  |  |  |  |  |  |
and bond make-whole premiums (1) | 2 |  |  | 2 |  |  |  |  |
Alternative investments (2) | 75 |  |  | 78 |  |  |  |  |
Other investments | 23 |  |  | 15 |  |  |  |  |
Investment income | 1,524 |  |  | 1,440 |  |  |  |  |
Investment expense | (67) |  |  | (94) |  |  |  |  |
Net investment income | $ | 1,457 |  |  | $ | 1,346 |  |  |  |  |

(1) See “Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums” below for additional information.
(2) See “Alternative Investments” above for additional information.
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| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Interest Rate Yield |  |  |  |  |  |  |
Fixed maturity AFS securities, mortgage loans on |  |  |  |  |  |  |
real estate and other, net of investment expenses | 4.23 | % |  | 4.00 | % |  |  |  |
Commercial mortgage loan prepayment and |  |  |  |  |  |  |
bond make-whole premiums | 0.01 | % |  | 0.00 | % |  |  |  |
Alternative investments | 0.23 | % |  | 0.26 | % |  |  |  |
Net investment income yield on invested assets | 4.47 | % |  | 4.26 | % |  |  |  |

We earn investment income on our general account investments supporting our liabilities associated with investment-type annuities (including RILA, individual and group fixed and fixed portion of variable annuities, fixed indexed deferred annuities and non-life contingent payout fixed annuities), UL, MoneyGuard(R), VUL, IUL and funding agreement products. The profitability of our products is affected by our ability to achieve target spreads, or margins, between the interest income earned on the general account assets and the interest credited to the policyholder account balance. The net investment income and the interest rate yield tables above each include commercial mortgage loan prepayments and bond make-whole premiums, alternative investments and contingent interest and standby real estate equity commitments. These items can vary significantly from period to period due to a number of factors and, therefore, can provide results that are not indicative of the underlying trends.
Commercial Mortgage Loan Prepayment and Bond Make-Whole Premiums
Prepayment and make-whole premiums are collected when borrowers elect to call or prepay their debt prior to the stated maturity. A prepayment or make-whole premium allows investors to attain the same yield as if the borrower made all scheduled interest payments until maturity. These premiums are designed to make investors indifferent to prepayment.
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LIQUIDITY AND CAPITAL RESOURCES
Overview
Liquidity
Liquidity refers to our ability to generate adequate amounts of cash from our normal operations to meet cash requirements with a prudent margin of safety. Our ability to generate and maintain sufficient liquidity depends on the profitability of our businesses, general economic conditions and access to the capital markets and other sources of liquidity and capital as described below.
When considering our liquidity, it is important to distinguish between the needs of our insurance subsidiaries and the needs of the holding company, LNC. As a holding company with no operations of its own, LNC is largely dependent upon the dividend capacity of its insurance and other subsidiaries as well as their ability to advance or repay funds to it through inter-company borrowing arrangements, which may be affected by factors influencing the subsidiaries’ capital position, as discussed further below. Based on the sources of liquidity available to us as discussed below, we currently expect to be able to meet the holding company’s ongoing cash needs.
Capital
Capital refers to our long-term financial resources to support the operations of our businesses, to fund long-term growth strategies and to support our operations during adverse conditions. Our ability to generate and maintain sufficient capital depends on the profitability of our businesses, general economic conditions and access to the capital markets and other sources of liquidity and capital as described below.
Disruptions, uncertainty or volatility in the capital and credit markets may materially affect our business operations and results of operations and may adversely affect our subsidiaries’ capital position, which may cause them to retain more capital. This in turn may pressure our subsidiaries’ ability to pay dividends to LNC, which may lead us to take steps to preserve or raise additional capital. We believe we have appropriate capital to operate our business in accordance with our strategy. For more information, see “Subsidiaries’ Capital” below.
For factors that could cause actual results to differ materially from those set forth in this section and that could affect our expectations for liquidity and capital, see “Forward-Looking Statements – Cautionary Language” above and “Part I – Item 1A. Risk Factors” in our 2024 Form 10-K.
Consolidated Sources and Uses of Liquidity and Capital
Our primary sources of liquidity and capital are insurance premiums and fees, investment income, maturities and sales of investments, issuance of debt or other types of securities and policyholder deposits. We also have access to alternative sources of liquidity as discussed below. Our primary uses are to pay policy claims and benefits, to fund commissions and other general operating expenses, to purchase investments, to fund policy surrenders and withdrawals, to pay dividends to our common and preferred stockholders, to repurchase our common stock and to repay debt. Our operating activities provided (used) cash of $(272) million and $(1.3) billion for the three months ended March 31, 2025 and 2024, respectively. Cash flows from operating activities will fluctuate based on the timing of insurance premiums received and benefit payments to policyholders, as well as other business activities including cash payments on certain derivatives used to hedge exposure to product-related risks.
Holding Company Sources and Uses of Liquidity and Capital
The primary sources of liquidity and capital at the holding company level are dividends, return of capital and interest payments from subsidiaries, augmented by holding company short-term investments, bank lines of credit and the ongoing availability of long-term public financing under an effective shelf registration statement, which allows us to issue, in unlimited amounts, securities, including debt securities, preferred stock, common stock, warrants, stock purchase contracts, stock purchase units and depository shares. These sources support the general corporate needs of the holding company, including its common and preferred stock dividends, common stock repurchases, interest and debt service, funding of callable securities, acquisitions and investment in core businesses.
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Details underlying the primary sources of the holding company’s liquidity (in millions) were as follows:

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Cash Dividends and Return of Capital from Subsidiaries |  |  |  |  |  |  |
The Lincoln National Life Insurance Company | $ | 230 |  |  | $ | 180 |  |  |  |  |
Total cash dividends and return of capital from subsidiaries | $ | 230 |  |  | $ | 180 |  |  |  |  |
Interest from Subsidiaries |  |  |  |  |  |  |
Interest on inter-company notes | $ | 35 |  |  | $ | 40 |  |  |  |  |

The table above focuses on significant and recurring cash flow items and excludes the effects of certain financing activities, including the periodic issuance and retirement of debt, issuance of preferred stock, cash flows related to our inter-company cash management program and certain investing activities, including capital contributions to subsidiaries. These activities are discussed below. Taxes have been eliminated from the analysis due to a tax sharing agreement among our primary subsidiaries resulting in a modest effect on net cash flows at the holding company. Also excluded from this analysis is the modest amount of investment income on short-term investments of the holding company and employee stock exercise activity related to our stock-based incentive compensation plans. See “Part IV – Item 15(a)(2) Financial Statement Schedules – Schedule II – Condensed Financial Information of Registrant” in our 2024 Form 10-K for the holding company cash flow statement. For information regarding limits on the dividends that our insurance subsidiaries may pay without prior approval, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Holding Company Sources and Uses of Liquidity and Capital – Restrictions on Subsidiaries’ Dividends” in our 2024 Form 10-K.
Subsidiaries’ Capital
Our insurance subsidiaries must maintain certain regulatory capital levels. We utilize the RBC ratio as a primary measure of the capital adequacy of our insurance subsidiaries. The RBC ratio is an important factor in the determination of the credit and financial strength ratings of LNC and its subsidiaries, as a reduction in our insurance subsidiaries’ surplus will affect their RBC ratios and dividend-paying capacity. For additional information on RBC ratios, see “Part I – Item 1. Business – Regulatory – Insurance Regulation – Risk-Based Capital” in our 2024 Form 10-K.
Our insurance subsidiaries’ regulatory capital levels are affected by statutory accounting rules, which are subject to change by each applicable insurance regulator. For instance, our term products and UL products containing secondary guarantees subject to the NAIC RBC framework require reserves calculated pursuant to the Valuation of Life Insurance Policies Model Regulation (“XXX”) and Actuarial Guideline XXXVIII (“AG38”), respectively. Our insurance subsidiaries employ strategies to reduce the strain caused by XXX and AG38 by reinsuring the business to reinsurance captives or reinsurance subsidiaries. Our captive reinsurance and reinsurance subsidiaries provide a mechanism for financing a portion of the excess reserve amounts in a more efficient manner and free up capital the insurance subsidiaries can use for any number of purposes, including paying dividends to the holding company. We use long-dated LOCs and debt financing as well as other financing strategies to finance those reserves. Included in the LOCs issued as of March 31, 2025, was $1.7 billion of long-dated LOCs issued to support inter-company reinsurance agreements for term products and UL products containing secondary guarantees. For information on the LOCs, see the credit facilities table in Note 13 in our 2024 Form 10-K. Our captive reinsurance and reinsurance subsidiaries have also issued long-term notes of $3.7 billion to finance a portion of the excess reserves associated with our term and UL products with secondary guarantees as of March 31, 2025; of this amount, $3.0 billion involve exposure to variable interest entities. For information on these long-term notes issued by our captive reinsurance and reinsurance subsidiaries, see Note 4 in our 2024 Form 10-K. We have also used the proceeds from senior note issuances of $875 million to execute long-term structured solutions primarily supporting reinsurance of UL products containing secondary guarantees. LOCs and related capital market solutions lower the capital effect of term products and UL products containing secondary guarantees.
Statutory reserves for variable annuity guaranteed benefit riders and guaranteed benefits on VUL policies, as well as certain components of the NAIC RBC calculation that are impacted by such guaranteed benefits, are sensitive to changes in the equity markets and interest rates, and such statutory reserves and our RBC levels are also affected by the level of account balances relative to the level of any guarantees, product design and reinsurance arrangements. As a result, the relationship between reserve changes and equity market performance is non-linear during any given reporting period. Our insurance subsidiaries cede a portion of the variable annuity guaranteed benefit riders to Lincoln National Reinsurance Company (Barbados) Limited (“LNBAR”) through a modified coinsurance agreement. Our variable annuity hedge program mitigates the risk to LNBAR from guaranteed benefit riders and continues to focus on generating sufficient income to fund future claims with a goal of maximizing distributable earnings and explicitly protecting capital. LNL also uses a partial hedge that mitigates potential capital volatility from guaranteed benefits on VUL policies. Market conditions greatly influence the
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ultimate capital required due to its effect on the valuation of reserves and supporting derivatives. For more information, see Note 4 in our 2024 Form 10-K.
Changes in equity markets may also affect the capital position of our insurance subsidiaries. We may decide to reallocate available capital among our insurance subsidiaries, as well as our captive reinsurance or reinsurance subsidiaries, which would result in different RBC ratios for our insurance subsidiaries. In addition, changes in the equity markets can affect the value of our variable annuity and VUL separate accounts. When the market value of our separate account assets increases, the statutory surplus within our insurance subsidiaries also increases, all else equal. Contrarily, when the market value of our separate account assets decreases, the statutory surplus within our insurance subsidiaries also decreases, all else equal, which will affect RBC ratios, and in the case of our separate account assets becoming less than the related product liabilities, we must allocate additional capital to fund the difference.
LNC made no capital contributions in cash to subsidiaries for the three months ended March 31, 2025 and 2024.
Debt
Although our subsidiaries currently generate adequate cash flow to meet the needs of our normal operations, periodically LNC may issue debt to maintain ratings and increase liquidity, as well as to fund internal growth, acquisitions and the retirement of its debt.
Details underlying our debt activities (in millions) for the three months ended March 31, 2025, were as follows:

| Beginning Balance |  | Issuance |  | Maturities, Repayments and Refinancing |  | Change in Fair Value Hedges |  | Other Changes (1) |  | Ending Balance
Short-Term Debt |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt (2) | $ | 300 |  |  | $ | – |  |  | $ | (300) |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Long-Term Debt |  |  |  |  |  |  |  |  |  |  |
Senior notes | 4,498 |  |  | – |  |  | – |  |  | 15 |  |  | (3) |  |  | 4,510 |
Term loans | 150 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 150 |
Subordinated notes (3) | 995 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 995 |
Capital securities (3) | 213 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 213 |
Total long-term debt | $ | 5,856 |  |  | $ | – |  |  | $ | – |  |  | $ | 15 |  |  | $ | (3) |  |  | $ | 5,868 |

(1) Includes the non-cash reclassification of long-term debt to current maturities of long-term debt, accretion (amortization) of discounts and premiums, amortization of debt issuance costs and amortization of adjustments from discontinued hedges, as applicable.
(2) We repaid our 3.35% Senior Notes that matured on March 9, 2025.
(3) We use interest rate swaps to partially hedge the variability in rates.
LNC made interest payments to service debt to third parties of $82 million and $62 million for the three months ended March 31, 2025 and 2024, respectively.
For additional information about our short-term and long-term debt and our credit facilities, see Note 13 in our 2024 Form 10-K.
Preferred Stock
Details underlying preferred stock dividends paid (in millions) were as follows:

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Series C preferred stock dividends | $ | 23 |  |  | $ | 23 |  |  |  |  |
Series D preferred stock dividends | 11 |  |  | 11 |  |  |  |  |
Total preferred stock dividends | $ | 34 |  |  | $ | 34 |  |  |  |  |

For additional information on preferred stock, see Note 14 herein and Note 18 in our 2024 Form 10-K.
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Return of Capital to Common Stockholders
One of our primary goals is to provide a return to our common stockholders through share price accretion, dividends and stock repurchases. In determining dividends, the Board of Directors takes into consideration items such as current and expected earnings, capital needs, rating agency considerations and requirements for financial flexibility. The amount and timing of share repurchases depends on key capital ratios, rating agency expectations, the generation of dividends from our subsidiaries and an evaluation of the costs and benefits associated with alternative uses of capital. We did not repurchase any shares of common stock under our buyback program for the three months ended March 31, 2025 and 2024. For additional information regarding share repurchases, see “Part II – Item 2(c)” below.
Details underlying return of capital to common stockholders (in millions) were as follows:

| For the Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Dividends to common stockholders | $ | 77 |  |  | $ | 76 |  |  |  |  |
Total cash returned to common stockholders | $ | 77 |  |  | $ | 76 |  |  |  |  |

Alternative Sources of Liquidity
Inter-Company Cash Management Program
To meet short-term liquidity needs that arise in the ordinary course of business, we utilize an inter-company cash management program between LNC and participating subsidiaries whereby participating subsidiaries can borrow cash from or lend cash to LNC. Loans under the inter-company cash management program are permitted under applicable insurance laws subject to certain restrictions. For our Indiana-domiciled insurance subsidiary, the borrowing and lending limit is currently 3% of the insurance company’s admitted assets as of its most recent year end. For our New York-domiciled insurance subsidiary, it may borrow from LNC less than 2% of its admitted assets as of its most recent year end but may not lend any amounts to LNC. As of March 31, 2025, LNC had $76 million of outstanding
borrowings from the cash management program related primarily to collateral posting requirements on derivatives. As of
March 31, 2025, LNC did not have outstanding lending into the cash management program.
Facility Agreement for Senior Notes Issuance
LNC entered into a facility agreement in 2020 with a Delaware trust that gives LNC the right over a 10-year period to issue, from time to time, up to $500 million of 2.330% senior notes to the trust in exchange for a corresponding amount of U.S. Treasury securities held by the trust. By agreeing to purchase the 2.330% senior notes in exchange for U.S. Treasury securities upon exercise of the issuance right, the trust will provide a source of liquid assets for the Company. The issuance right will be exercised automatically in full upon our failure to make certain payments to the trust, if the failure to pay is not cured within 30 days, or upon certain bankruptcy events involving LNC. We are also required to exercise the issuance right in full if consolidated stockholders’ equity (excluding AOCI) falls below a minimum threshold (which was $2.75 billion as of March 31, 2025, and is subject to adjustment from time to time in certain cases) and upon certain other events described in the facility agreement. For additional information, see Note 13 in our 2024 Form 10-K.
Federal Home Loan Bank
Our primary insurance subsidiary, LNL, is a member of the Federal Home Loan Bank (“FHLB”) of Indianapolis (“FHLBI”). Membership allows LNL access to the FHLBI’s financial services, including the ability to obtain loans and to issue funding agreements as an alternative source of liquidity that are collateralized by qualifying mortgage-related assets, agency securities or U.S. Treasury securities. Borrowings under this facility are subject to the FHLBI’s discretion and require the availability of qualifying assets at LNL. As of March 31, 2025, LNL had an estimated maximum borrowing capacity of $7.0 billion under the FHLBI facility and maximum available borrowing based on qualifying assets of $4.9 billion. As of March 31, 2025, LNL had outstanding borrowings of $2.5 billion under this facility reported within payables for collateral on investments on the Consolidated Balance Sheets. Lincoln Life & Annuity Company of New York (“LLANY”) is a member of the Federal Home Loan Bank of New York (“FHLBNY”) with an estimated maximum borrowing capacity of $750 million. Borrowings under this facility are subject to the FHLBNY’s discretion and require the availability of qualifying assets at LLANY. As of March 31, 2025, LLANY had no outstanding borrowings under this facility. For additional information, see “Payables for Collateral on Investments” in Note 3.
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Repurchase Agreements and Securities Lending Programs
Our insurance and reinsurance subsidiaries had access to $2.6 billion through committed repurchase agreements, of which none was utilized as of March 31, 2025. Our insurance subsidiaries, by virtue of their general account fixed-income investment holdings, can also access liquidity through securities lending programs and uncommitted repurchase agreements. As of March 31, 2025, our insurance subsidiaries had securities pledged under securities lending agreements and uncommitted repurchase agreements with a carrying value of $167 million and $57 million, respectively. For additional information, see “Payables for Collateral on Investments” in Note 3.
Collateral on Derivative Contracts
Our cash flows associated with collateral received from counterparties (when we are in a net collateral payable position) and posted with counterparties (when we are in a net collateral receivable position) change as the market value of the underlying derivative contract changes. The net collateral position depends on changes in interest rates and equity markets related to the amount of the exposures hedged. As of March 31, 2025, we were in a net collateral payable position of $5.5 billion compared to $7.1 billion as of December 31, 2024. In the event of adverse changes in fair value of our derivative instruments, we may need to return, post or pledge collateral to counterparties. If we do not have sufficient high quality securities or cash to provide as collateral to counterparties, we have alternative sources of liquidity. In addition to the liquidity from repurchase agreements and FHLB facilities discussed above, we also have a five-year revolving credit facility discussed in Note 13 in our 2024 Form 10-K. For additional information, see “Credit Risk” in Note 5.
Ratings
Financial Strength Ratings
See “Part I – Item 1. Business – Financial Strength Ratings” in our 2024 Form 10-K for information on our financial strength ratings.
Credit Ratings
See “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Ratings” in our 2024 Form 10-K for information on our credit ratings.
If our current financial strength ratings or credit ratings were downgraded in the future, terms in our derivative agreements and/or certain repurchase agreements may be triggered, which could negatively affect overall liquidity. For the majority of our derivative counterparties, there is a termination event if the long-term credit ratings of LNC drop below BBB-/Baa3 (S&P/Moody’s) or if the financial strength ratings of LNL drop below BBB-/Baa3 (S&P/Moody’s). For certain repurchase agreements, there is a termination event if the long-term credit ratings of LNC drop below BBB-/Baa3 (S&P/Moody’s) or if the financial strength ratings of LNL drop below BBB+/Baa1 (S&P/Moody’s). In addition, contractual selling agreements with intermediaries could be negatively affected, which could have an adverse effect on overall sales of annuities, life insurance and investment products. See “Part I – Item 1A. Risk Factors – Covenants and Ratings – A downgrade in our financial strength or credit ratings could limit our ability to market products, increase the number or value of policies being surrendered and/or hurt our relationships with creditors” in our 2024 Form 10-K for more information.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We analyze and manage the risks arising from market exposures of financial instruments, as well as other risks, in an integrated asset-liability management process that considers diversification. We have exposures to several market risks including interest rate risk, equity market risk, credit risk and, to a lesser extent, foreign currency exchange risk. For information on these market risks, see “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2024 Form 10-K.
Item 4. Controls and Procedures
Conclusions Regarding Disclosure Controls and Procedures
We maintain disclosure controls and procedures, which are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. As of the end of the period required by this report, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act).
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Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective in timely alerting them to material information relating to us and our consolidated subsidiaries required to be disclosed in our periodic reports under the Exchange Act.
Changes in Internal Control Over Financial Reporting
There was no change in the Company’s internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) during the quarter ended March 31, 2025, that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.
A control system, no matter how well designed and operated, can provide only reasonable assurance that the control system’s objectives will be met. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. Projections of any evaluation of control effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
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PART II – OTHER INFORMATION
Item 1. Legal Proceedings
Reference is made to the lawsuit captioned Donald C. Meade v. Lincoln National Corporation, Ellen Cooper, Dennis Glass, and Randal Freitag (“Defendants”), previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). On February 21, 2025, Defendants filed a motion to dismiss.
Reference is made to the lawsuits captioned Anthony Morgan, derivatively on behalf of Nominal Defendant Lincoln National Corporation v. Ellen G. Cooper, Deirdre P. Connelly, William H. Cunningham, Reginald Davis, Eric C. [G.] Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Lynn M. Utter, Dennis Glass and Randal Freitag and Lincoln National Corporation and Harry Rosenthal, derivatively on behalf of Nominal Defendant Lincoln National Corporation v. Ellen G. Cooper, Deirdre P Connelly, William H. Cunningham, Reginald Davis, Eric C. [G.] Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Lynn M. Utter, Dennis Glass and Randal Freitag and Lincoln National Corporation, both of which were previously disclosed in the 2024 Form 10-K. On February 28, 2025, the Court of Common Pleas of Delaware County, Pennsylvania, entered an order consolidating these two civil actions for all purposes under the matter name In Re Lincoln National Corporation Shareholder Derivative Litigation, No. CV-2024-0011319. By the same February 28, 2025, order, the court directed, among other things, that all proceedings and deadlines in this consolidated case be stayed until 30 days after resolution of all motions to dismiss (including the exhaustion of all related appeals) in the Donald C. Meade v. Lincoln National Corporation, Ellen Cooper, Dennis Glass, and Randal Freitag matter, discussed above and previously disclosed in the 2024 Form 10-K.
Reference is made to the lawsuit captioned Kelly Grink v. Virtua Health and Lincoln National Corporation et al., previously disclosed in the 2024 Form 10-K. On March 7, 2025, Plaintiffs filed an amended complaint which, inter alia, added an additional named plaintiff (Steven Molnar) and additional named defendants, including Lincoln Retirement Services Company, LLC, and [The] Lincoln National Life Insurance Company. The action seeks relief against the Lincoln defendants including the disgorgement of any profits they received as a result of the alleged breaches of fiduciary duty, together with plaintiffs’ attorney’s fees and costs, prejudgment and post-judgment interest and such other equitable or remedial relief as the court deems appropriate. On April 4, 2025, the Lincoln defendants filed a motion to dismiss.
See Note 13 in “Part I – Item 1. Financial Statements” for further discussion regarding these matters and other contingencies.
Item 1A. Risk Factors
In addition to the factors set forth in “Part I – Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements – Cautionary Language,” you should carefully consider the risks described under “Part I – Item 1A. Risk Factors” in our 2024 Form 10-K. Such risks and uncertainties are not the only ones facing our Company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. If any of these risks actually occur, our business, financial condition and results of operations could be materially affected. In that case, the value of our securities could decline substantially.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(c) The following summarizes purchases of equity securities by the Company during the quarter ended March 31, 2025 (dollars in millions, except per share data):

|  |  |  |  |  | (c) Total Number |  | (d) Approximate Dollar
|  | (a) Total |  |  |  | of Shares |  | Value of Shares
|  | Number |  | (b) Average |  | Purchased as Part of |  | that May Yet Be
|  | of Shares |  | Price Paid |  | Publicly Announced |  | Purchased Under the
Period |  | Purchased |  | per Share |  | Plans or Programs (1) |  | Plans or Programs (1)
1/1/25 – 1/31/25 |  | – |  |  | $ | – |  |  | – |  |  | $ | 714 |
2/1/25 – 2/28/25 |  | – |  |  | – |  |  | – |  |  | 714
3/1/25 – 3/31/25 |  | – |  |  | – |  |  | – |  |  | 714

(1) On November 10, 2021, our Board of Directors authorized an increase in our securities repurchase authorization, bringing the total aggregate repurchase authorization to $1.5 billion. As of March 31, 2025, our remaining security repurchase authorization was $714 million. The security repurchase authorization does not have an expiration date. The amount and timing of share repurchases depends on key capital ratios, rating agency expectations, the generation of free cash flow and an evaluation of the costs and benefits associated with alternative uses of capital. Our stock repurchases may be effected from time to time through open market purchases or in privately negotiated transactions and may be made pursuant to an accelerated share repurchase agreement or Rule 10b5-1 plan.
Item 5. Other Information
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
During the three months ended March 31, 2025, none of our directors or officers (as defined in Exchange Act Rule 16a-1(f)) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
Item 6. Exhibits
The Exhibits included in this report are listed in the Exhibit Index beginning on page 120, which is incorporated herein by reference.
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LINCOLN NATIONAL CORPORATION
Exhibit Index for the Report on Form 10-Q
For the Quarter Ended March 31, 2025

3.1 | Amended and Restated Bylaws of Lincoln National Corporation (“LNC”), effective March 3, 2025, are incorporated by reference to Exhibit 3.1 to LNC’s Form 8-K (File No. 1-6028) filed with the Securities and Exchange Commission (“SEC”) on March 4, 2025.
10.1 | Form of Long-Term Incentive Award Program Performance Cycle (“PSA”) Agreement for CEO (effective February 2025).*
10.2 | Form of Restricted Stock Unit (“RSU”) Award Agreement for CEO (effective February 2025).*
10.3 | Form of PSA Agreement for CEO (February 2025; alternate vesting).* ^
10.4 | Form of RSU Award Agreement for CEO (February 2025; alternate vesting).*
10.5 | Form of PSA Agreement for Senior Management Committee (“SMC”) (other than CEO) (effective February 2025).*
10.6 | Form of RSU Award Agreement for SMC (other than CEO) (effective February 2025).*
31.1 | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH | XBRL Taxonomy Extension Schema Document.
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB | XBRL Taxonomy Extension Label Linkbase Document.
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document.
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* This exhibit is a management contract or compensatory plan or arrangement.
^ Schedules (or similar attachments) to this agreement have been omitted pursuant to Item 601(a) of Regulation S-K. LNC will furnish supplementally a copy of the schedule (or similar attachment) to the SEC, upon request.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|  | LINCOLN NATIONAL CORPORATION
| By: | /s/ Christopher Neczypor
|  | Christopher Neczypor Executive Vice President and Chief Financial Officer
| By: | /s/ Adam Cohen
|  | Adam Cohen Senior Vice President, Chief Accounting Officer and Treasurer
Dated: May 8, 2025 |  |

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