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Policyholder Account Balances | 6 Months Ended
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Jun. 30, 2025
Policyholder Account Balance [Abstract] |
Policyholder Account Balance | Policyholder Account Balances The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:
| As of June 30, |  | As of December 31,
| 2025 |  | 2024
Variable Annuities | $ | 37,026 |  | $ | 35,267
Fixed Annuities | 26,832 |  | 25,963
UL and Other | 36,116 |  | 36,599
Retirement Plan Services | 23,700 |  | 23,619
Other (1) | 5,535 |  | 4,749
Total policyholder account balances | $ | 129,209 |  | $ | 126,197
(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.2 billion and $4.4 billion as of June 30, 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 Six Months Ended June 30, 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 | 2,893 |  |  | 2,099 |  |  | 1,713 |  |  | 1,921 |
Withdrawals | (1,234) |  |  | (1,744) |  |  | (818) |  |  | (2,433) |
Policyholder assessments | (1) |  |  | (30) |  |  | (2,205) |  |  | (8) |
Net transfers from (to) separate account | (619) |  |  | – |  |  | 63 |  |  | 254 |
Interest credited | 403 |  |  | 438 |  |  | 715 |  |  | 347 |
Change in fair value of embedded derivative |  |  |  |  |  |  |
instruments and other | 317 |  |  | 106 |  |  | 49 |  |  | – |
Balance as of end-of-period | $ | 37,026 |  | $ | 26,832 |  | $ | 36,116 |  | $ | 23,700
Weighted-average crediting rate | 2.3% |  | 3.3% |  | 3.9% |  | 3.0%
Net amount at risk (1) (2) | $ | 1,689 |  | $ | 272 |  | $ | 296,496 |  | $ | 2
Cash surrender value | 35,740 |  | 25,660 |  | 32,446 |  | 23,667
| As of or For the Six Months Ended June 30, 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 | 2,102 |  | 2,646 |  | 1,743 |  | 1,636
Withdrawals | (413) |  | (2,602) |  | (753) |  | (2,275)
Policyholder assessments | (1) |  | (31) |  | (2,254) |  | (7)
Net transfers from (to) separate account | (146) |  | – |  | 113 |  | 120
Interest credited | 328 |  | 382 |  | 733 |  | 340
Change in fair value of embedded derivative |  |  |  |  |  |  |
instruments and other | 1,842 |  | 87 |  | 86 |  | –
Balance as of end-of-period | $ | 32,853 |  | $ | 25,837 |  | $ | 36,848 |  | $ | 23,598
Weighted-average crediting rate | 2.1 | % |  | 3.0 | % |  | 4.0 | % |  | 2.9 | %
Net amount at risk (1) (2) | $ | 2,135 |  | $ | 221 |  | $ | 299,869 |  | $ | 3
Cash surrender value | 31,650 |  | 24,762 |  | 33,114 |  | 23,570
(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 totaling $1.0 billion as of June 30, 2025, compared to none as of December 31, 2024. 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 June 30, 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% | $ | – |  | $ | – |  | $ | – |  | $ | – |  | $ | – |  | $ | –
1.01% - 2.00% | 3 |  | – |  | – |  | – |  | 7 |  | 10
2.01% - 3.00% | 486 |  | – |  | – |  | – |  | – |  | 486
3.01% - 4.00% | 1,168 |  | – |  | – |  | – |  | – |  | 1,168
4.01% and above | 7 |  | – |  | – |  | – |  | – |  | 7
Other (1) | – |  | – |  | – |  | – |  | – |  | 35,355
Total | $ | 1,664 |  | $ | – |  | $ | – |  | $ | – |  | $ | 7 |  | $ | 37,026
Fixed Annuities |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 108 |  | $ | 895 |  | $ | 425 |  | $ | 197 |  | $ | 2,250 |  | $ | 3,875
1.01% - 2.00% | 215 |  | 206 |  | 136 |  | 119 |  | 6,646 |  | 7,322
2.01% - 3.00% | 1,455 |  | 27 |  | 1 |  | 2 |  | 45 |  | 1,530
3.01% - 4.00% | 873 |  | – |  | – |  | – |  | – |  | 873
4.01% and above | 161 |  | – |  | – |  | – |  | – |  | 161
Other (1) | – |  | – |  | – |  | – |  | – |  | 13,071
Total | $ | 2,812 |  | $ | 1,128 |  | $ | 562 |  | $ | 318 |  | $ | 8,941 |  | $ | 26,832
UL and Other |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 256 |  | $ | – |  | $ | 226 |  | $ | 74 |  | $ | 510 |  | $ | 1,066
1.01% - 2.00% | 535 |  | – |  | 6 |  | – |  | 2,891 |  | 3,432
2.01% - 3.00% | 6,592 |  | 8 |  | 144 |  | – |  | – |  | 6,744
3.01% - 4.00% | 14,610 |  | – |  | 1 |  | – |  | – |  | 14,611
4.01% and above | 3,477 |  | – |  | – |  | – |  | – |  | 3,477
Other (1) | – |  | – |  | – |  | – |  | – |  | 6,786
Total | $ | 25,470 |  | $ | 8 |  | $ | 377 |  | $ | 74 |  | $ | 3,401 |  | $ | 36,116
Retirement Plan Services |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 573 |  | $ | 329 |  | $ | 693 |  | $ | 3,265 |  | $ | 6,396 |  | $ | 11,256
1.01% - 2.00% | 472 |  | 944 |  | 1,851 |  | 507 |  | 662 |  | 4,436
2.01% - 3.00% | 1,719 |  | 532 |  | 1 |  | 2 |  | – |  | 2,254
3.01% - 4.00% | 4,079 |  | 102 |  | 7 |  | 11 |  | – |  | 4,199
4.01% and above | 1,555 |  | – |  | – |  | – |  | – |  | 1,555
Total | $ | 8,398 |  | $ | 1,907 |  | $ | 2,552 |  | $ | 3,785 |  | $ | 7,058 |  | $ | 23,700
| As of June 30, 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% | 4 |  | – |  | – |  | – |  | 6 |  | 10
2.01% - 3.00% | 539 |  | – |  | – |  | – |  | – |  | 539
3.01% - 4.00% | 1,289 |  | – |  | – |  | – |  | – |  | 1,289
4.01% and above | 9 |  | – |  | – |  | – |  | – |  | 9
Other (1) | – |  | – |  | – |  | – |  | – |  | 31,006
Total | $ | 1,841 |  | $ | – |  | $ | – |  | $ | – |  | $ | 6 |  | $ | 32,853
Fixed Annuities |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 615 |  | $ | 609 |  | $ | 594 |  | $ | 463 |  | $ | 2,464 |  | $ | 4,745
1.01% - 2.00% | 304 |  | 133 |  | 279 |  | 329 |  | 4,301 |  | 5,346
2.01% - 3.00% | 1,694 |  | 40 |  | 5 |  | 1 |  | 31 |  | 1,771
3.01% - 4.00% | 1,059 |  | – |  | – |  | – |  | – |  | 1,059
4.01% and above | 173 |  | – |  | – |  | – |  | – |  | 173
Other (1) | – |  | – |  | – |  | – |  | – |  | 12,743
Total | $ | 3,845 |  | $ | 782 |  | $ | 878 |  | $ | 793 |  | $ | 6,796 |  | $ | 25,837
UL and Other |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 264 |  | $ | – |  | $ | 218 |  | $ | 119 |  | $ | 42 |  | $ | 643
1.01% - 2.00% | 544 |  | – |  | – |  | – |  | 3,186 |  | 3,730
2.01% - 3.00% | 6,797 |  | 10 |  | 150 |  | – |  | – |  | 6,957
3.01% - 4.00% | 15,432 |  | – |  | 1 |  | – |  | – |  | 15,433
4.01% and above | 3,679 |  | – |  | – |  | – |  | – |  | 3,679
Other (1) | – |  | – |  | – |  | – |  | – |  | 6,406
Total | $ | 26,716 |  | $ | 10 |  | $ | 369 |  | $ | 119 |  | $ | 3,228 |  | $ | 36,848
Retirement Plan Services |  |  |  |  |  |  |  |  |  |  |
Up to 1.00% | $ | 489 |  | $ | 502 |  | $ | 727 |  | $ | 3,684 |  | $ | 4,511 |  | $ | 9,913
1.01% - 2.00% | 509 |  | 1,648 |  | 1,382 |  | 1,154 |  | 220 |  | 4,913
2.01% - 3.00% | 2,394 |  | 25 |  | 1 |  | – |  | – |  | 2,420
3.01% - 4.00% | 4,667 |  | 57 |  | 5 |  | 5 |  | – |  | 4,734
4.01% and above | 1,618 |  | – |  | – |  | – |  | – |  | 1,618
Total | $ | 9,677 |  | $ | 2,232 |  | $ | 2,115 |  | $ | 4,843 |  | $ | 4,731 |  | $ | 23,598
(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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