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Shares and Stockholders’ Equity (Tables) | 6 Months Ended
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Jun. 30, 2025
Stockholders' Equity Note [Abstract] |
Schedule of Changes in Preferred | Preferred stock authorized, issued and outstanding (number of shares) was as follows:
| As of June 30, 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 June 30,
| 2025 |  | 2024
| Dividend |  | Aggregate |  | Dividend |  | Aggregate
Series | Per Share |  | Dividend |  | Per Share |  | Dividend
Series C | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Series D | 562.50 |  |  | 11 |  |  | 562.50 |  |  | 11 |
Total | $ | 562.50 |  |  | $ | 11 |  |  | $ | 562.50 |  |  | $ | 11 |
| For the Six Months Ended June 30,
| 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 | 1,125.00 |  |  | 23 |  |  | 1,125.00 |  |  | 23 |
Total | $ | 2,281.25 |  |  | $ | 46 |  |  | $ | 2,281.25 |  |  | $ | 46 |
Schedule of Common Stock Outstanding Roll Forward | The changes in our common stock (number of shares) were as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  |  | 2024
Common Stock |  |  |  |  |  |  |  |
Balance as of beginning-of-period | 170,695,166 |  |  | 170,016,887 |  |  | 170,380,646 |  |  |  | 169,666,137 |
Issuance of common stock | 18,759,497 |  |  | – |  |  | 18,759,497 |  |  |  | – |
Stock compensation/issued for benefit plans | 116,241 |  |  | 171,600 |  |  | 430,761 |  |  |  | 522,350 |
Balance as of end-of-period | 189,570,904 |  |  | 170,188,487 |  |  | 189,570,904 |  |  |  | 170,188,487 |
Reconciliation of the Denominator Calculations of Basic and Diluted Earnings per Share | The calculation of earnings per share (“EPS”) was as follows (in millions except per share data):
| For the Three Months Ended June 30, |  |  |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  |  |  | 2025 |  | 2024
Net income (loss) available to common stockholders – basic | $ | 688 |  |  | $ | 884 |  |  |  |  | $ | (69) |  |  | $ | 2,070 |
Deferred units of LNC stock in our |  |  |  |  |  |  |  |  |
deferred compensation plans (1) | – |  |  | – |  |  |  |  | – |  |  | 3 |
Net income (loss) available to common |  |  |  |  |  |  |  |  |
stockholders – diluted | $ | 688 |  |  | $ | 884 |  |  |  |  | $ | (69) |  |  | $ | 2,073 |
Weighted-average shares, as used in basic calculation | 177,175,326 |  | 170,620,161 |  |  |  | 174,264,554 |  | 170,335,077
Incremental common shares from assumed exercise or |  |  |  |  |  |  |  |  |
issuance of stock-based incentive compensation awards | 2,773,060 |  | 1,553,402 |  |  |  | 2,769,320 |  | 1,324,837
Average deferred compensation shares (1) | 654,279 |  |  | 719,003 |  |  |  | – |  |  | 703,742
Weighted-average shares, as used in diluted calculation (2) | 180,602,665 |  | 172,892,566 |  |  |  | 177,033,874 |  | 172,363,656
Net income (loss) per share: |  |  |  |  |  |  |  |  |
Basic | $ | 3.88 |  |  | $ | 5.18 |  |  |  |  | $ | (0.39) |  |  | $ | 12.16 |
Diluted | 3.80 |  |  | 5.11 |  |  |  |  | (0.39) |  |  | 12.03 |
(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 six months ended June 30, 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.

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