<SEC-DOCUMENT>0000059558-25-000058.txt : 20250909
<SEC-HEADER>0000059558-25-000058.hdr.sgml : 20250909
<ACCEPTANCE-DATETIME>20250612165317
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000059558-25-000058
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN NATIONAL CORP
		CENTRAL INDEX KEY:			0000059558
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		EIN:				351140070
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		4845831400

	MAIL ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="i05fe9b9ee5af4a428c5bb4e9629359f9_37"></div><div style="min-height:72pt;width:100%"><div><img alt="image.jpg" src="image.jpg" style="height:65px;margin-bottom:5pt;vertical-align:text-bottom;width:624px"></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">June 12, 2025</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">VIA EDGAR CORRESPONDENCE</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">U.S. Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">Office of Finance</font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">100 F Street, NE</font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">Washington, DC  20549</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">Attention&#58;  Lory Empie and Robert Klein</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:700;line-height:112%">RE&#58;  Lincoln National Corporation </font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:700;line-height:112%">         Form 10-K for the Fiscal Year Ended December 31, 2024</font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:700;line-height:112%">         File No. 1-6028</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">This letter is in response to the letter dated June 3, 2025, from the staff of the Securities and Exchange Commission Division of Corporation Finance (the &#8220;Staff&#8221;) concerning the Form 10-K of Lincoln National Corporation (the &#8220;Company,&#8221; &#8220;we&#8221; or &#8220;our&#8221;) for the year ended December 31, 2024. Our reply refers to the specific comments in the Staff&#8217;s letter.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">The comments of the Staff are set forth in bold italicized text below, and the Company&#8217;s responses are set forth in plain text immediately following each comment. The Company&#8217;s proposed disclosure changes are set forth in underlined italicized text below.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%;text-decoration:underline">Form 10-K for the Fiscal Year Ended December 31, 2024</font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Results of Consolidated Operations, page 55</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:112%">1. We note your presentation here and elsewhere of an adjustment for net annuity product features, pre-tax as part of your reconciliation. We note that this adjustment is defined on page 205 and appears to be comprised of multiple items. Please revise your disclosures in future filings to provide additional details and quantification of the individual components that comprise this adjustment. To the extent that it is also presented as an adjustment for a non-GAAP measure (e.g., as part of your definition of Adjusted Income in earnings releases on Form 8-K), provide clear disclosure explaining why management believes the exclusion of the net annuity product features is meaningful and provides useful information to investors regarding the registrant's financial condition and results of operations.</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">In response to the Staff&#8217;s comment, the Company will revise its disclosure in future filings to describe and quantify the individual components of this adjustment. Using the year ended December 31, 2024, as an example, we will include disclosure in footnote form within our tabular reconciliations substantially similar to the following&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">Net annuity product features, pre-tax, in millions</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:7.15pt;font-weight:400;line-height:112%;position:relative;top:-3.85pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">                     2,508</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:7.15pt;font-style:italic;font-weight:400;line-height:112%;position:relative;text-decoration:underline;top:-3.85pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%;text-decoration:underline"> Includes the following&#58;  changes in market risk benefits of $2,638 million&#59; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(562) million&#59; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $432 million.  </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">In addition, in response to the Staff&#8217;s comment, when presenting net annuity product features, pre-tax, as an adjustment in our non-GAAP measure adjusted income (loss) from operations in our earnings release or otherwise, the Company will provide clear disclosure explaining why management believes the exclusion of net annuity product features is meaningful and provides useful information to investors. The following language, or substantially similar language, will be included in such disclosure&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%;text-decoration:underline">Management believes that excluding net annuity product features from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company&#8217;s business, as this adjustment primarily represents the difference between the valuation of reserves and the valuation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%;text-decoration:underline">Notes to Consolidated Financial Statements</font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">10. Separate Accounts, page 162</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">2. We note your disclosure showing Mutual funds and collective investment trusts as the majority investment category within separate accounts. In future filings and where appropriate, please revise your disclosure to show mutual funds and collective investment trusts by investment objective or other meaningful groupings. Refer to ASC 944-80-55-17 Example 3.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">2</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">In response to the Staff&#8217;s comment, the Company will revise its disclosure in future filings and where appropriate to further disaggregate the mutual funds and collective investment trusts category in accordance with ASC 944-80-55-17 Example 3, in a manner substantially similar to the following (in millions) (disaggregated groupings identified in italicized text)&#58;</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:56.410%"><tr><td style="width:1.0%"></td><td style="width:68.502%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.309%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.889%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:700;line-height:100%">As of</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:700;line-height:100%">December 31,</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:700;line-height:100%">2024</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Mutual funds and collective investment trusts&#58;</font></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Equity funds&#58;</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Domestic</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">77,740&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">International </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">16,282&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Other equity funds</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">1,403&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Balanced funds</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">45,683&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Bond funds</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">23,399&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Money market funds</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">1,931&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Other funds</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">1,321&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Exchange-traded funds</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">336&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Fixed maturity AFS securities</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">161&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Cash and invested cash </font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">12&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Other investments</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">170&#160;</font></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">Total separate account assets</font></td><td colspan="3" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:100%">168,438&#160;</font></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">12. Future contract Benefits, page 167</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">3. We note your presentation of the &#34;effect of actual variances from expected experience&#34; within your summaries of changes in the present values of expected net premiums for LFPB on page 168, Group Protection on page 170, and UL and Other on page 171. To the extent material, please revise your disclosure in future filings to include a comparison and discussion of actual experience attributable to each of mortality, morbidity and lapses compared to what was expected for the period. For example, to the extent that there are significant favorable and&#47;or unfavorable offsetting impacts associated with each assumption, consider quantifying or providing accompanying information to further discuss those effects of actual experience versus expected.</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">3</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">In response to the Staff&#8217;s comment, the Company will revise its disclosure that follows each of its tabular liability presentations in future filings to instead include a footnote to the &#8220;effect of actual variances from expected experience&#8221; line item that discusses actual experience attributable to assumptions such as mortality, morbidity and lapses compared to expected experience for the period, in each case to the extent that such variance materially impacted the liability for the period. Using the year ended December 31, 2024, as an example, the Company will include disclosure substantially similar to the following&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%;text-decoration:underline">LFPB&#58;  Traditional Life</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Line item within the rollforward of present value of expected net premiums, in millions&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">Effect of actual variances from expected experience</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:7.15pt;font-weight:400;line-height:112%;position:relative;top:-3.85pt;vertical-align:baseline">(1)                                                          </font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">(53)</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Line item within the rollforward of present value of expected future policy benefits, in millions&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">Effect of actual variances from expected experience</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:7.15pt;font-weight:400;line-height:112%;position:relative;top:-3.85pt;vertical-align:baseline">(1)                                                          </font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">(70)</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:7.15pt;font-style:italic;font-weight:400;line-height:120%;position:relative;text-decoration:underline;top:-3.85pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline"> For the year ended December 31, 2024, the actual to expected reserve impact on expected net premiums was attributable primarily to mortality, which unfavorably impacted the liability by $67 million, which was partially offset by $14 million primarily related to policyholder behavior&#59; the actual to expected reserve impact on expected future policy benefits was attributable primarily to mortality, which favorably impacted the liability by $107 million, which was partially offset by $37 million primarily related to policyholder behavior.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Liability for Future Claims&#58;  Group Protection</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Line item within the rollforward of liability for future claims, in millions&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">Effect of actual variances from expected experience</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:7.15pt;font-weight:400;line-height:112%;position:relative;top:-3.85pt;vertical-align:baseline">(1)                                                          </font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">(345)</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:7.15pt;font-style:italic;font-weight:400;line-height:120%;position:relative;text-decoration:underline;top:-3.85pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline"> Generally, the experience exhibited for the Group Protection business relates to morbidity and, to a lesser extent, mortality. Group Protection long-duration products have limited exposure to lapse risk, as the liabilities for future policyholder benefits are limited to those associated with claim reserves. For the year ended December 31, 2024, morbidity comprised substantially all of the favorable effect of actual variances from expected experience, as we experienced more favorable reported incidence and claim terminations than assumed.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Additional Liabilities for Other Insurance Benefits&#58; UL and Other</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:112%">Line item within the rollforward of additional liabilities for other insurance benefits, in millions&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">Effect of actual variances from expected experience</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:7.15pt;font-weight:400;line-height:112%;position:relative;top:-3.85pt;vertical-align:baseline">(1)                                                          </font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:112%">289</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:7.15pt;font-style:italic;font-weight:400;line-height:120%;position:relative;text-decoration:underline;top:-3.85pt;vertical-align:baseline">(1)</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline"> For the year ended December 31, 2024, the actual to expected reserve impact was attributable to mortality, which unfavorably impacted the liability by $273 million, and other items that unfavorably impacted the liability by $16 million.</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">****</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">4</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">The Company acknowledges that the Company and its management are responsible for the accuracy and adequacy of its disclosures, notwithstanding any review, comments, action or absence of action by the Staff. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">If you have any questions regarding our response, please contact Emily Pickard, Vice President, Head of GAAP and SEC Reporting, at (336) 691-3955.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:12pt;font-weight:400;line-height:120%">Sincerely</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">,</font></div><div><font><br></font></div><div><font style="background-color:#ffffff;color:#000000;font-family:'Aptos',san-serif;font-size:12pt;font-weight:400;line-height:120%">&#47;s&#47;</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%"> Adam M. Cohen</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:115%">Adam M. Cohen</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> </font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">Senior Vice President, Chief Accounting Officer and Treasurer</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">cc&#58;</font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:12pt;font-weight:400;line-height:120%">  </font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">Christopher Neczypor, Executive Vice President and Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Aptos',san-serif;font-size:12pt;font-weight:400;line-height:120%">      </font><font style="color:#000000;font-family:'Aptos',san-serif;font-size:11pt;font-weight:400;line-height:120%">Emily Pickard, Vice President, Head of GAAP and SEC Reporting</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Garamond',serif;font-size:12pt;font-weight:400;line-height:120%">5</font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
