LINCOLN NATIONAL CORP

LNC 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 18,212 18,442 -1.2%
Show Business Segments breakouts
Annuities · Operating Segments 4,859 4,702 +3.3%
Group Protection · Operating Segments 6,099 5,711 +6.8%
Life Insurance · Operating Segments 5,899 6,288 -6.2%
Retirement Plan Services · Operating Segments 1,331 1,278 +4.1%
Show Consolidated Entities breakouts
Parent Company 226 403 -43.9%
Show Consolidation Items breakouts
Corporate Non Segment 24 463 -94.8%
General & Administrative 2,647 2,738 -3.3%
Show Business Segments breakouts
Annuities · Operating Segments 532 495 +7.5%
Group Protection · Operating Segments 915 870 +5.2%
Life Insurance · Operating Segments 541 563 -3.9%
Retirement Plan Services · Operating Segments 342 340 +0.6%
Show Consolidated Entities breakouts
Parent Company 127 100 +27.0%
Show Consolidation Items breakouts
Corporate Non Segment 254 256 -0.8%
Operating Segments and Corporate Non Segment 2,584 2,524 +2.4%
Operating Expenses (FY) — — —
Show Business Segments breakouts
Annuities · Operating Segments 3,575 3,508 +1.9%
Group Protection · Operating Segments 5,429 5,179 +4.8%
Life Insurance · Operating Segments 6,328 6,353 -0.4%
Retirement Plan Services · Operating Segments 1,165 1,135 +2.6%
Show Consolidation Items breakouts
Corporate Non Segment 679 626 +8.5%
Operating Segments and Corporate Non Segment 17,176 16,801 +2.2%
Operating Income (FY) — — —
Show Business Segments breakouts
Annuities · Operating Segments 1,198 1,160 +3.3%
Group Protection · Operating Segments 532 425 +25.2%
Life Insurance · Operating Segments 117 -63 +285.7%
Retirement Plan Services · Operating Segments 163 163 0.0%
Show Consolidation Items breakouts
Corporate Non Segment -382 -370 -3.2%
Operating Segments and Corporate Non Segment 1,628 1,315 +23.8%
Income Before Taxes 1,338 4,022 -66.7%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 65 89 -27.0%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income 199 205 -2.9%
Show Consolidated Entities breakouts
Parent Company -352 -262 -34.4%
Income Tax Expense (Benefit) 161 747 -78.4%
Show Business Segments breakouts
Annuities · Operating Segments 217 228 -4.8%
Group Protection · Operating Segments 141 113 +24.8%
Life Insurance · Operating Segments -3 -42 +92.9%
Retirement Plan Services · Operating Segments 25 23 +8.7%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 14 19 -26.3%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -42 -43 +2.3%
Show Consolidated Entities breakouts
Parent Company -76 -60 -26.7%
Show Consolidation Items breakouts
Corporate Non Segment -99 -96 -3.1%
Operating Segments and Corporate Non Segment 281 226 +24.3%
Comprehensive Income 2,155 1,715 +25.7%
Show Consolidated Entities breakouts
Parent Company 2,155 1,715 +25.7%
EPS (Basic) 5.94 18.66 -68.2%
EPS (Diluted) 5.83 18.41 -68.3%
Wtd Avg Shares (Basic) 182,674,725 170,597,104 +7.1%
Wtd Avg Shares (Diluted) 186,062,087 173,080,425 +7.5%
Policyholder Benefits And Claims Incurred Net 7,960 7,918 +0.5%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -51 -39 -30.8%
Net Income Loss Available To Common Stockholders Basic 1,086 3,184 -65.9%
Premiums Earned Net 12,162 11,827 +2.8%
Show Product Lines breakouts
Accident And Health Insurance Segment 3,807 3,521 +8.1%
Life And Annuity Insurance Product Line 8,355 8,306 +0.6%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Non-Current Assets
Goodwill 1,144 1,144 0.0%
Show Business Segments breakouts
Annuities 440 440 0.0%
Group Protection 684 684 0.0%
Retirement Plan Services 20 20 0.0%
Total Assets 417,204 390,831 +6.7%
Show Variable Interest Entity Type [Axis] breakouts
Asset-backed VIE · Variable Interest Entity Primary Beneficiary 210 — —
Show Consolidated Entities breakouts
Parent Company 20,159 17,596 +14.6%
Operating Lease Right-of-Use Assets 58 85 -31.8%
Other Assets
Equity Securities Fv Ni 636 294 +116.3%
Show Ceded Credit Risk breakouts
Athene Holding Ltd. 43 42 +2.4%
Derivative Assets 9,945 9,677 +2.8%
Show Variable Interest Entity Type [Axis] breakouts
Asset-backed VIE · Variable Interest Entity Primary Beneficiary 210 — —
Show Consolidated Entities breakouts
Parent Company 1 165 -99.4%
Variable Interest Entity Primary Beneficiary 210 — —
Show Ceded Credit Risk breakouts
Athene Holding Ltd. 24 46 -47.8%
Fortitude Re 21 30 -30.0%
Other Investments 8,105 7,252 +11.8%
Show Consolidated Entities breakouts
Parent Company 20 49 -59.2%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Limited Partnerships and Limited Liability Companies 5.8 5.3 +9.4%
Show Ceded Credit Risk breakouts
Athene Holding Ltd. 56 54 +3.7%
Fortitude Re 1,388 1,419 -2.2%
Investments 138,908 129,918 +6.9%
Show Ceded Credit Risk breakouts
Commonwealth 11.6 9 +28.9%
Fortitude Re 8.9 9.3 -4.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 9,502 5,801 +63.8%
Show Consolidated Entities breakouts
Parent Company 1,130 786 +43.8%
Show Ceded Credit Risk breakouts
Athene Holding Ltd. 100 147 -32.0%
Fortitude Re 88 28 +214.3%
Deferred Policy Acquisition Costs Value Of Business Acquired And Deferred Sales Inducements 12,827 12,537 +2.3%
Show Product Lines breakouts
Fixed Annuity 478 423 +13.0%
Variable Annuity 4,112 3,964 +3.7%
Show Business Segments breakouts
Group Protection 198 178 +11.2%
Retirement Plan Services 304 284 +7.0%
Traditional Life 1,308 1,370 -4.5%
UL and Other 6,421 6,318 +1.6%
Show Consolidation Items breakouts
Corporate Non Segment 6 — —
Reinsurance Recoverables 28,012 28,750 -2.6%
Show Ceded Credit Risk breakouts
Protective 8.1 8.4 -3.6%
Resolution Life 4.8 4.9 -2.0%
Swiss Re 1.4 1.3 +7.7%
Deposit Assets 33,690 30,776 +9.5%
Show Ceded Credit Risk breakouts
Hannover Life 4.5 3 +50.0%
Market Risk Benefit Asset Amount 4,753 4,860 -2.2%
Show Product Lines breakouts
Fixed Annuity 51 78 -34.6%
Retirement Plan Services 47 45 +4.4%
Variable Annuity 4,655 4,737 -1.7%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Ceded MRBs 2 2 0.0%
Fair Value Inputs Level3 · Ceded MRBs 2 — —
Fair Value Inputs Level3 · MRB assets 4,753 4,860 -2.2%
Fair Value Inputs Level3 · MRB assets 4,753 — —
Show Financial Instrument breakouts
Ceded MRBs 2 2 0.0%
MRB assets 4,753 4,860 -2.2%
Accrued Investment Income Receivable 1,122 1,108 +1.3%
Show Ceded Credit Risk breakouts
Athene Holding Ltd. 14 18 -22.2%
Fortitude Re 88 96 -8.3%
Other Assets 7,154 7,499 -4.6%
Show Consolidated Entities breakouts
Parent Company 206 122 +68.9%
Show Ceded Credit Risk breakouts
Athene Holding Ltd. 2 1 +100.0%
Separate Account Assets 180,092 168,438 +6.9%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 383 391 -2.0%
Fair Value Inputs Level2 179,709 168,047 +6.9%
Show Financial Instrument breakouts
Domestic · Separate Account Equity Security 84,274 77,740 +8.4%
International · Separate Account Equity Security 18,262 16,282 +12.2%
Other equity funds · Separate Account Equity Security 1,505 1,403 +7.3%
Show Separate Account Asset Category breakouts
Balanced funds 46,561 45,683 +1.9%
Bond funds 24,164 23,399 +3.3%
Exchange-traded funds 323 336 -3.9%
Money market funds 2,096 1,931 +8.5%
Other funds 1,491 1,321 +12.9%
Other investments 1,217 170 +615.9%
Separate Account Cash And Cash Equivalents 35 12 +191.7%
Separate Account Debt Security 164 161 +1.9%
Current Liabilities
Debt Current 400 300 +33.3%
Show Consolidated Entities breakouts
Parent Company 400 300 +33.3%
Current Portion of Long-Term Debt 400 300 +33.3%
Non-Current Liabilities
Total Liabilities 406,298 382,562 +6.2%
Show Consolidated Entities breakouts
Parent Company 9,253 9,327 -0.8%
Long-Term Debt 6,262 — —
Show Debt Instrument breakouts
Funding Agreement Backed Notes Program · The Lincoln National Life Insurance Company 1.5 — —
Funding Agreement Backed Notes Program · The Lincoln National Life Insurance Company 800 — —
Funding Agreement Backed Notes Program · The Lincoln National Life Insurance Company 1.5 — —
Other Liabilities
Debt Securities Available For Sale Excluding Accrued Interest 93,448 87,111 +7.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Hybrid and redeemable preferred securities 32 48 -33.3%
Fair Value Inputs Level1 · US Government Debt Securities 849 371 +128.8%
Fair Value Inputs Level2 · Asset Backed Securities 12,698 11,788 +7.7%
Fair Value Inputs Level2 · Commercial Mortgage Backed Securities 2,417 1,657 +45.9%
Fair Value Inputs Level2 · Corporate Bond Securities 65,132 63,748 +2.2%
Fair Value Inputs Level2 · Foreign Government Debt Securities 226 237 -4.6%
Fair Value Inputs Level2 · Hybrid and redeemable preferred securities 140 143 -2.1%
Fair Value Inputs Level2 · Residential Mortgage Backed Securities 2,122 1,862 +14.0%
Fair Value Inputs Level2 · US Government Debt Securities 20 20 0.0%
Fair Value Inputs Level2 · US States And Political Subdivisions 2,147 2,371 -9.4%
Fair Value Inputs Level3 · Asset Backed Securities 3,584 2,092 +71.3%
Fair Value Inputs Level3 · Asset Backed Securities 8 10 -20.0%
Fair Value Inputs Level3 · Commercial Mortgage Backed Securities 85 8 +962.5%
Fair Value Inputs Level3 · Commercial Mortgage Backed Securities 41 8 +412.5%
Fair Value Inputs Level3 · Corporate Bond Securities 3,913 2,702 +44.8%
Fair Value Inputs Level3 · Corporate Bond Securities 706 187 +277.5%
Fair Value Inputs Level3 · Hybrid and redeemable preferred securities 83 63 +31.7%
Fair Value Inputs Level3 · Hybrid and redeemable preferred securities 40 19 +110.5%
Show Financial Instrument breakouts
Asset Backed Securities 16,282 13,880 +17.3%
Commercial Mortgage Backed Securities 2,502 1,665 +50.3%
Corporate Bond Securities 69,045 66,450 +3.9%
Fixed maturity AFS securities other than structured securities 72,542 — —
Foreign Government Debt Securities 226 237 -4.6%
Hybrid and redeemable preferred securities 255 254 +0.4%
Residential Mortgage Backed Securities 2,122 1,863 +13.9%
Structured securities (RMBS, CMBS, ABS) 20,906 — —
US Government Debt Securities 869 391 +122.3%
US States And Political Subdivisions 2,147 2,371 -9.4%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary · Reinsurance-Related Notes, December 31 2022 1.5 — —
Variable Interest Entity Not Primary Beneficiary · Reinsurance-Related Notes, Novemebr 1 2019 500 — —
Variable Interest Entity Not Primary Beneficiary · Reinsurance-Related Notes, September 30 2014 1.4 — —
Variable Interest Entity Not Primary Beneficiary · Reinsurance-Related Notes, September 30 2021 400 — —
Show Ceded Credit Risk breakouts
Athene Holding Ltd. 124 142 -12.7%
Fortitude Re 7,325 7,764 -5.7%
Trading Securities Debt 1,676 2,025 -17.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 1,347 1,766 -23.7%
Fair Value Inputs Level3 329 259 +27.0%
Show Ceded Credit Risk breakouts
Athene Holding Ltd. 1,121 1,385 -19.1%
Show Investment Type breakouts
Asset Backed Securities 273 371 -26.4%
Commercial Mortgage Backed Securities 100 109 -8.3%
Corporate Bond Securities 1,182 1,409 -16.1%
Foreign Government Debt Securities 39 41 -4.9%
Hybrid and redeemable preferred securities 13 19 -31.6%
Residential Mortgage Backed Securities 56 63 -11.1%
US States And Political Subdivisions 13 13 0.0%
Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss 22,472 21,083 +6.6%
Show Ceded Credit Risk breakouts
Athene Holding Ltd. 199 232 -14.2%
Show Financing Receivable Portfolio breakouts
Commercial Real Estate Portfolio Segment 17,527 17,472 +0.3%
Residential Portfolio Segment 4,945 3,611 +36.9%
Policyholder Funds 136,245 126,197 +8.0%
Show Product Lines breakouts
Fixed Annuity 28,728 25,963 +10.6%
Fixed Annuity · 1.01% - 2.00% 8,809 5,505 +60.0%
Fixed Annuity · 101-150 Basis Points Above 205 475 -56.8%
Fixed Annuity · 101-150 Basis Points Above 70 218 -67.9%
Fixed Annuity · 101-150 Basis Points Above 2 2 0.0%
Fixed Annuity · 101-150 Basis Points Above 133 255 -47.8%
Fixed Annuity · 2.01% - 3.00% 1,448 1,637 -11.5%
Fixed Annuity · 3.01% - 4.00% 830 1,540 -46.1%
Fixed Annuity · 4.01% and above 157 170 -7.6%
Fixed Annuity · 51-100 Basis Points Above 514 691 -25.6%
Fixed Annuity · 51-100 Basis Points Above 120 150 -20.0%
Fixed Annuity · 51-100 Basis Points Above 1 1 0.0%
Fixed Annuity · 51-100 Basis Points Above 393 540 -27.2%
Fixed Annuity · Other 13,855 12,898 +7.4%
Fixed Annuity · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 1,082 1,002 +8.0%
Fixed Annuity · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 210 174 +20.7%
Fixed Annuity · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 104 27 +285.2%
Fixed Annuity · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 768 801 -4.1%
Fixed Annuity · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 10,492 7,084 +48.1%
Fixed Annuity · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 8,221 4,728 +73.9%
Fixed Annuity · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 59 37 +59.5%
Fixed Annuity · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 2,212 2,319 -4.6%
Fixed Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 2,580 3,813 -32.3%
Fixed Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 188 235 -20.0%
Fixed Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 1,282 1,570 -18.3%
Fixed Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 830 1,540 -46.1%
Fixed Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 157 170 -7.6%
Fixed Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 123 298 -58.7%
Fixed Annuity · Up to 1.00% 3,629 4,213 -13.9%
Other Longduration Insurance Product Line 7,628 4,749 +60.6%
Other Longduration Insurance Product Line · Funding Agreement Backed Notes Program 3.7 — —
Other Longduration Insurance Product Line · Reinsurance Agreement 3.5 4.4 -20.5%
Retirement Plan Services 23,843 23,619 +0.9%
Retirement Plan Services · 1.01% - 2.00% 4,034 4,891 -17.5%
Retirement Plan Services · 101-150 Basis Points Above 3,929 4,287 -8.4%
Retirement Plan Services · 101-150 Basis Points Above 467 942 -50.4%
Retirement Plan Services · 101-150 Basis Points Above 3 1 +200.0%
Retirement Plan Services · 101-150 Basis Points Above 10 12 -16.7%
Retirement Plan Services · 101-150 Basis Points Above 3,449 3,332 +3.5%
Retirement Plan Services · 2.01% - 3.00% 2,220 2,309 -3.9%
Retirement Plan Services · 3.01% - 4.00% 3,940 4,403 -10.5%
Retirement Plan Services · 4.01% and above 1,510 1,569 -3.8%
Retirement Plan Services · 51-100 Basis Points Above 2,922 2,718 +7.5%
Retirement Plan Services · 51-100 Basis Points Above 1,711 1,890 -9.5%
Retirement Plan Services · 51-100 Basis Points Above 496 85 +483.5%
Retirement Plan Services · 51-100 Basis Points Above 7 8 -12.5%
Retirement Plan Services · 51-100 Basis Points Above 708 735 -3.7%
Retirement Plan Services · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 1,380 1,445 -4.5%
Retirement Plan Services · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 814 1,001 -18.7%
Retirement Plan Services · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 27 28 -3.6%
Retirement Plan Services · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 98 111 -11.7%
Retirement Plan Services · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 441 305 +44.6%
Retirement Plan Services · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 7,480 6,139 +21.8%
Retirement Plan Services · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 561 588 -4.6%
Retirement Plan Services · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 6,919 5,551 +24.6%
Retirement Plan Services · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 8,132 9,030 -9.9%
Retirement Plan Services · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 481 470 +2.3%
Retirement Plan Services · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 1,694 2,195 -22.8%
Retirement Plan Services · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 3,825 4,272 -10.5%
Retirement Plan Services · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 1,510 1,569 -3.8%
Retirement Plan Services · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 622 524 +18.7%
Retirement Plan Services · Up to 1.00% 12,139 10,447 +16.2%
UL and Other 35,986 36,599 -1.7%
UL and Other · 1.01% - 2.00% 3,240 3,517 -7.9%
UL and Other · 101-150 Basis Points Above 36 122 -70.5%
UL and Other · 101-150 Basis Points Above 36 122 -70.5%
UL and Other · 2.01% - 3.00% 6,497 6,761 -3.9%
UL and Other · 3.01% - 4.00% 14,233 15,074 -5.6%
UL and Other · 4.01% and above 3,463 3,564 -2.8%
UL and Other · 51-100 Basis Points Above 418 378 +10.6%
UL and Other · 51-100 Basis Points Above 178 151 +17.9%
UL and Other · 51-100 Basis Points Above 1 1 0.0%
UL and Other · 51-100 Basis Points Above 239 226 +5.8%
UL and Other · Other 7,269 6,585 +10.4%
UL and Other · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 10 10 0.0%
UL and Other · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0001 To0050 10 10 0.0%
UL and Other · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 3,464 3,460 +0.1%
UL and Other · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 2,711 2,974 -8.8%
UL and Other · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 753 486 +54.9%
UL and Other · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 24,789 26,044 -4.8%
UL and Other · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 529 543 -2.6%
UL and Other · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 6,309 6,600 -4.4%
UL and Other · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 14,232 15,073 -5.6%
UL and Other · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 3,463 3,564 -2.8%
UL and Other · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 256 264 -3.0%
UL and Other · Up to 1.00% 1,284 1,098 +16.9%
Variable Annuity 40,060 35,267 +13.6%
Variable Annuity · 1.01% - 2.00% 9 10 -10.0%
Variable Annuity · 2.01% - 3.00% 464 511 -9.2%
Variable Annuity · 3.01% - 4.00% 1,115 1,231 -9.4%
Variable Annuity · 4.01% and above 5 8 -37.5%
Variable Annuity · Other 38,467 33,507 +14.8%
Variable Annuity · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 4 7 -42.9%
Variable Annuity · Policyholder Account Balance Above Guaranteed Minimum Crediting Rate Range From0151 And Greater 4 7 -42.9%
Variable Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 1,589 1,753 -9.4%
Variable Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 5 3 +66.7%
Variable Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 464 511 -9.2%
Variable Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 1,115 1,231 -9.4%
Variable Annuity · Policyholder Account Balance At Guaranteed Minimum Crediting Rate 5 8 -37.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Policyholder account balances – funding agreements 3,778 — —
Fair Value Inputs Level3 · Policyholder account balances – certain investment contracts and other liabilities 36,710 30,505 +20.3%
Show Financial Instrument breakouts
Policyholder account balances – certain investment contracts and other liabilities · Carrying Reported Amount Fair Value Disclosure 43,793 40,394 +8.4%
Policyholder account balances – certain investment contracts and other liabilities · Portion At Other Than Fair Value Fair Value Disclosure 36,710 30,505 +20.3%
Policyholder account balances – funding agreements · Carrying Reported Amount Fair Value Disclosure 3,749 — —
Policyholder account balances – funding agreements · Portion At Other Than Fair Value Fair Value Disclosure 3,778 — —
Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense 42,077 39,807 +5.7%
Funds Held Under Reinsurance Agreements Liability 17,922 16,907 +6.0%
Market Risk Benefit Liability Amount 1,118 1,046 +6.9%
Show Product Lines breakouts
Fixed Annuity 175 110 +59.1%
Retirement Plan Services 3 3 0.0%
Variable Annuity 940 933 +0.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Ceded MRBs 359 381 -5.8%
Fair Value Inputs Level3 · MRB liabilities 1,118 1,046 +6.9%
Fair Value Inputs Level3 · MRB liabilities 1,118 1,046 +6.9%
Fair Value Inputs Level3 · Other liabilities – ceded MRBs 359 381 -5.8%
Show Financial Instrument breakouts
Ceded MRBs 359 381 -5.8%
MRB liabilities 1,118 1,046 +6.9%
Deferred Front End Loads 7,586 6,730 +12.7%
Show Product Lines breakouts
Variable Annuity 264 273 -3.3%
Show Business Segments breakouts
UL and Other 7,265 6,406 +13.4%
Show Consolidation Items breakouts
Corporate Non Segment 57 51 +11.8%
Deposits Received For Securities Loaned At Carrying Value 7,954 10,020 -20.6%
Long Term Debt And Fair Value Hedges 5,866 5,856 +0.2%
Show Consolidated Entities breakouts
Parent Company 7,366 7,356 +0.1%
Show Long-Term Debt Type breakouts
Long Term Debt 5,866 5,856 +0.2%
Other Liabilities 7,038 7,261 -3.1%
Show Consolidated Entities breakouts
Parent Company 272 522 -47.9%
Separate Accounts Liability 180,092 168,438 +6.9%
Show Product Lines breakouts
Other Longduration Insurance Product Line 62 58 +6.9%
Retirement Plan Services 23,047 21,541 +7.0%
UL and Other 34,038 28,841 +18.0%
Variable Annuity 122,945 117,998 +4.2%
Show Ceded Credit Risk breakouts
Protective · Reinsurance Agreement 53 49 +8.2%
Stockholders' Equity
Preferred Stock Value Outstanding (Q) — — —
Show Consolidated Entities breakouts
Parent Company · Series C Preferred Stock 493 493 0.0%
Parent Company · Series D Preferred Stock 493 493 0.0%
Show Statement Class Of Stock breakouts
Series C Preferred Stock 493 493 0.0%
Series D Preferred Stock 493 493 0.0%
Common Stock Value Outstanding 5,592 4,674 +19.6%
Show Consolidated Entities breakouts
Parent Company 5,592 4,674 +19.6%
Retained Earnings 8,386 7,645 +9.7%
Show Consolidated Entities breakouts
Parent Company 8,386 7,645 +9.7%
Accumulated Other Comprehensive Income -4,058 -5,036 +19.4%
Show Consolidated Entities breakouts
Parent Company -4,058 -5,036 +19.4%
Total Stockholders' Equity 10,906 8,269 +31.9%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -295 -296 +0.3%
Accumulated Gain Loss Net Cash Flow Hedge Parent 450 638 -29.5%
Accumulated Net Unrealized Investment Gain Loss -4,413 -6,239 +29.3%
Accumulated Other Comprehensive Income -4,058 -5,036 +19.4%
Accumulated Translation Adjustment -18 -29 +37.9%
Aoci Liability For Future Policy Benefit Parent 480 744 -35.5%
Aoci Market Risk Benefit Instrument Specific Credit Risk Parent -262 146 -279.5%
Common Stock 5,592 4,674 +19.6%
Preferred Stock 986 986 0.0%
Retained Earnings 8,386 7,645 +9.7%
Show Consolidated Entities breakouts
Parent Company 10,906 8,269 +31.9%
Total Liabilities & Equity 417,204 390,831 +6.7%
Show Consolidated Entities breakouts
Parent Company 20,159 17,596 +14.6%
Loans Insurance Policy 2,626 2,476 +6.1%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Net Income 1,177 3,275 -64.1%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 51 70 -27.1%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -157 -162 +3.1%
Retained Earnings 1,177 3,275 -64.1%
Show Consolidated Entities breakouts
Parent Company 1,177 3,275 -64.1%
Debt And Equity Securities Realized Gain Loss -799 269 -397.0%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income 3 -8 +137.5%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income 250 244 +2.5%
Show Hedging Designation breakouts
Designated As Hedging Instrument -799 269 -397.0%
Show Consolidated Entities breakouts
Parent Company -1 101 -101.0%
Market Risk Benefit Change In Fair Value Gain Loss -372 -2,677 +86.1%
Proceeds From Payments For Trading Securities 367 343 +7.0%
Gains Losses On Extinguishment Of Debt -94 — —
Deferred Acquisition Costs Value Of Business Acquired Deferred Sales Inducements And Deferred Front End Loads Deferrals And Interest Net Of Amortization 574 689 -16.7%
Increase Decrease In Accrued Investment Income Receivable -28 -39 +28.2%
Change In Insurance Liabilities And Reinsurance Related Balance -2,688 -4,068 +33.9%
Increase Decrease In Accrued Liabilities 113 251 -55.0%
Increase Decrease In Income Taxes 77 747 -89.7%
Other Non-Cash Items -92 -259 +64.5%
Net Cash from Operations -167 -2,007 +91.7%
Show Consolidated Entities breakouts
Parent Company 491 176 +179.0%
Investing Activities
Payments To Acquire Debt Securities Available For Sale And Equity Securities F V N I -19,229 -11,442 -68.1%
Proceeds From Sale Of Debt Securities Available For Sale And Equity Securities 4,317 1,965 +119.7%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 11,056 9,442 +17.1%
Payments To Acquire Other Investments -2,109 -1,390 -51.7%
Proceeds From Sale And Maturity Of Other Investments 1,191 352 +238.4%
Issuance Of Mortgage Loans On Real Estate -4,255 -4,146 -2.6%
Repayment And Maturities Of Mortgage Loans On Real Estate 2,871 1,673 +71.6%
Payments For Proceeds From Policy Loans -147 — —
Net Change In Collateral On Investments Derivatives And Related Settlements 2,176 4,052 -46.3%
Show Consolidated Entities breakouts
Parent Company 68 132 -48.5%
Other Investing Activities 116 -304 +138.2%
Net Cash from Investing -4,013 821 -588.8%
Show Consolidated Entities breakouts
Parent Company -481 230 -309.1%
Financing Activities
Repayments Of Long Term Debt -300 -100 -200.0%
Show Consolidated Entities breakouts
Parent Company -300 -100 -200.0%
Proceeds From Issuance Of Long Term Debt 495 346 +43.1%
Show Consolidated Entities breakouts
Parent Company 495 346 +43.1%
Early Repayment Of Long Term Debt -421 — —
Payments Of Sale Leaseback Transactions -7 -17 +58.8%
Proceeds From Financing Leases And Other Financing Activities 33 53 -37.7%
Payments For Financing Leases And Other Financing Activities -148 -137 -8.0%
Deposits Of Fixed Account Values Including Fixed Portion Of Variable 21,109 16,060 +31.4%
Withdrawals Of Fixed Account Values Including Fixed Portion Of Variable -12,499 -12,153 -2.8%
Transfers To And From Separate Accounts Net -794 -27 -2840.7%
Proceeds From Issuance Of Common Stock 825 — —
Show Consolidated Entities breakouts
Parent Company 825 — —
Common Stock Issued For Benefit Plans 4 -5 +180.0%
Payments Of Dividends Preferred Stock And Preference Stock -91 -91 0.0%
Show Consolidated Entities breakouts
Parent Company -91 -91 0.0%
Payments Of Dividends Common Stock -325 -307 -5.9%
Show Consolidated Entities breakouts
Parent Company -325 -306 -6.2%
Net Cash from Financing 7,881 3,622 +117.6%
Show Consolidated Entities breakouts
Parent Company 334 251 +33.1%
Supplemental
Income Taxes Paid 84 — —
Show Consolidated Entities breakouts
Parent Company -34 17 -300.0%
Interest Paid 336 372 -9.7%
Show Consolidated Entities breakouts
Parent Company 560 577 -2.9%
Other Cash Flow
Net Change in Cash 3,701 2,436 +51.9%
Show Consolidated Entities breakouts
Parent Company 344 657 -47.6%

Values in millions USD. Source: SEC EDGAR 10-K filing.

This table is rendered from the same JSON returned by /api/financials.

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