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美國

美國證券交易委員會

華盛頓特區，20549  

形式 10-Q

(標記一)

☒ 根據1934年《證券交易法》第13或15(D)條規定的季度報告

截至本季度末2024年9月30日

或

☐ 根據1934年《證券交易法》第13或15(D)條提交的過渡報告

的過渡期_________ 到 _________.

委員會文件號： 1-6028  

_______________________________________________________________________________________________________

林肯電信公司

(註冊人的確切姓名載於其章程)

_______________________________________________________________________________________________________  

印第安納州						35-1140070
(註冊成立或組織的國家或其他司法管轄區)						(國際稅務局僱主身分證號碼)
150牛頓。拉德諾-切斯特路, A305套房, 拉德諾, 賓夕法尼亞州						19087
（主要行政辦公室地址）						(郵政編碼)

(484) 583-1400  

（註冊人的電話號碼，包括地區代碼）

不適用

(前姓名、前地址和前財政年度，如果自上次報告以來發生變化)

_____________________________________________________________________________________________________

根據該法第12(B)條登記的證券：

每個班級的標題

交易代碼

註冊的每個交易所的名稱

普通股

LNC

紐約證券交易所

存托股份，每股代表1/1000這是9.000%非累積優先股股份的權益，D系列

LNC PPA

紐約證券交易所

用複選標記表示註冊人(1)是否在過去12個月內(或註冊人被要求提交此類報告的較短時間內)提交了1934年《證券交易法》第13條或15(D)節要求提交的所有報告，以及(2)在過去90天內是否符合此類提交要求。

是  ☒ 沒有預設

用複選標記表示註冊人是否在過去12個月內(或在註冊人被要求提交此類文件的較短時間內)以電子方式提交了根據S-T規則第405條(本章232.405節)要求提交的每個交互數據文件。

是 ☒ 沒有預設

通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120億.2條規則中「大型加速備案人」、「加速備案人」、「小型報告公司」和「新興成長型公司」的定義。

大型加速文件服務器

☒

加速文件管理器

☐

非加速文件管理器

☐

較小的報告公司

☐

新興成長型公司

☐

如果是新興成長型公司，請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13（a）條規定的任何新的或修訂的財務會計準則。☐

用複選標記表示註冊人是否是空殼公司(如《交易法》第12b-2條所定義)。

是的 沒有 ☒  

作爲對象f 2024年10月28日， 這是以前e 170,343,186 t的份額註冊人的流通普通股。

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目錄表

林肯國家公司

 

目錄表

						頁面
第一部分
第1項。			財務報表：
			截至的綜合資產負債表2024年9月30日 （未經審計）和12月31日， 2023			1
			三人未經審計的綜合全面收益（虧損）表 和 九 月份
			告一段落2024年9月30日 和 2023			2
			三人未經審計合併股東權益報表 和九 月份
			告一段落2024年9月30日 和 2023			3
			未經審計的合併現金流量報表 九 截至 2024年9月30日 和 2023			4
			未經審計合併財務報表註釋：
			注1 -運營性質 和 呈列基準			5
			注2 -新會計準則			6
			注意事項3 - 投資			7
			注意事項4 - 可變利益實體			17
			注意事項5 - 衍生物 文書			17
			注意事項6 - ADC、VOBA、DSI和DFEL			27
			注意事項7 - 再保險			30
			注意事項8 - MRBs			30
			注意事項9 - 獨立帳戶			32
			注10 - 保單持有人帳戶餘額			33
			注11 - 未來合同福利			37
			注12 – DEBT			43
			注13 - 金融工具公允價值			44
			注14 - 或有事項和承諾			58
			注15 - 股份和股東權益			63
			注16 - 分部資料			66
			注17 - 實現收益（損失）			69
			注意事項18 - 聯邦所得稅			70
第二項。			管理層對財務狀況和經營成果的探討與分析			71
第三項。			關於市場風險的定量和定性披露			123
第四項。			控制和程序			123
第二部分
第1項。			法律訴訟			124
項目1A。			風險因素			124
第二項。			未登記的股權證券銷售和收益的使用			125
第五項。			其他信息			125
第六項。			陳列品			125
			表格10-Q報告的圖表索引			126
			簽名			127

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目錄表

第一部分-財務信息

第1項。 財務報表

林肯電信公司

合併資產負債表

(單位：百萬，共享數據除外)

			截至						截至
			9月30日，						十二月三十一日，
			2024						2023
			(未經審計)
資產
投資：
固定期限可供出售證券，按公允價值計算
（攤銷成本：2024年-美元97,688; 2023 - $97,433;信用損失備抵：2024年-美元48; 2023 - $19)			$	90,682					$	88,738
證券交易			2,206						2,359
股權證券			293						306
房地產抵押貸款，扣除信用損失備抵
（按公允價值計算的部分：2024年-美元263; 2023 - $288)			20,856						18,963
政策性貸款			2,510						2,476
衍生品投資			9,522						6,474
其他投資			5,743						5,015
總投資			131,812						124,331
現金和投資現金			6,013						3,365
遞延收購成本、所收購業務價值和遞延銷售誘因			12,475						12,397
再保險可收回款項，扣除信用損失撥備			29,233						29,843
存款資產，扣除信用損失撥備			30,501						28,789
市場風險惠益資產			4,565						3,894
應計投資收益			1,160						1,082
商譽			1,144						1,144
其他資產			8,454						9,311
獨立帳戶資產			171,483						158,257
總資產			$	396,840					$	372,413
負債和股東權益
負債
投保人帳戶餘額			$	125,968					$	120,737
未來合同福利			41,169						39,864
預扣稅再保險負債			17,595						17,641
市場風險收益負債			1,272						1,716
延遲的前端負載			6,517						5,901
投資抵押品發票			10,570						8,105
短期債務			300						250
長期債務			5,897						5,699
其他負債			7,056						7,350
分賬負債			171,483						158,257
總負債			387,827						365,520
或有事項和承諾（請參閱 附註14)
股東權益
優先股- 10,000,000 授權股份：
C系列優先股- 20,000 授權、已發行和已發行股份
截至2024年9月30日和2023年12月31日			493						493
D系列優先股- 20,000 授權、已發行和已發行股份
截至2024年9月30日和2023年12月31日			493						493
普通股- 800,000,000 授權股份; 170,341,467 和 169,666,137 股份
分別截至2024年9月30日和2023年12月31日已發行和未償還			4,660						4,605
留存收益			6,049						4,778
累計其他綜合收益(虧損)			(2,682)						(3,476)
股東權益總額			9,013						6,893
總負債和股東權益			$	396,840					$	372,413

See accompanying Notes to Consolidated Financial Statements

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Table of Contents

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)

			For the Three Months Ended September 30,															For the Nine Months Ended September 30,
			2024									2023									2024						2023
Revenues
Insurance premiums			$	1,614								$	1,566								$	4,839					$	4,757
Fee income			1,352									1,363									4,015						4,107
Net investment income			1,411									1,494									4,090						4,468
Realized gain (loss)			(431)									(453)									(201)						(3,066)
Other revenues			165									233									637						680
Total revenues			4,111									4,203									13,380						10,946
Expenses
Benefits			1,937									2,152									5,948						6,635
Interest credited			880									831									2,555						2,424
Market risk benefit (gain) loss			657									(1,428)									(1,386)						(2,832)
Policyholder liability remeasurement (gain) loss			(50)									159									(166)						(68)
Commissions and other expenses			1,304									1,371									4,254						4,071
Interest and debt expense			86									84									253						250
Total expenses			4,814									3,169									11,458						10,480
Income (loss) before taxes			(703)									1,034									1,922						466
Federal income tax expense (benefit)			(175)									181									334						(17)
Net income (loss)			(528)									853									1,588						483
Other comprehensive income (loss), net of tax:
Unrealized investment gain (loss)			1,688									(2,896)									1,248						(1,635)
Market risk benefit non-performance risk gain (loss)			372									(844)									(289)						(742)
Policyholder liability discount rate remeasurement gain (loss)			(373)									364									(165)						274
Foreign currency translation adjustment			9									(6)									8						1
Funded status of employee benefit plans			(9)									6									(8)						(26)
Total other comprehensive income (loss), net of tax			1,687									(3,376)									794						(2,128)
Comprehensive income (loss)			$	1,159								$	(2,523)								$	2,382					$	(1,645)
Net Income (Loss) Available to Common Stockholders
Net income (loss)			$	(528)								$	853								$	1,588					$	483
Preferred stock dividends declared			(34)									(34)									(80)						(71)
Deferred units of LNC stock in our deferred compensation plans			–									–									3						(2)
Net income (loss) available to common stockholders			$	(562)								$	819								$	1,511					$	410
Net Income (Loss) Per Common Share
Basic			$	(3.29)								$	4.82								$	8.85					$	2.43
Diluted			(3.29)									4.79									8.75						2.40
Cash Dividends Declared Per Preferred Share
Series C preferred stock			$	1,156.25								$	1,156.25								$	2,312.50					$	1,792.19
Series D preferred stock			562.50									562.50									1,687.50						1,743.75
Cash Dividends Declared Per Common Share			$	0.45								$	0.45								$	1.35					$	1.35

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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Preferred Stock
Balance as of beginning-of-period			$	986					$	986					$	986					$	986
Balance as of end-of-period			986						986						986						986
Common Stock
Balance as of beginning-of-period			4,641						4,575						4,605						4,544
Stock compensation/issued for benefit plans			19						16						55						47
Balance as of end-of-period			4,660						4,591						4,660						4,591
Retained Earnings
Balance as of beginning-of-period			6,691						5,362						4,778						5,924
Net income (loss)			(528)						853						1,588						483
Preferred stock dividends declared			(34)						(34)						(80)						(71)
Common stock dividends declared			(80)						(79)						(237)						(234)
Balance as of end-of-period			6,049						6,102						6,049						6,102
Accumulated Other Comprehensive Income (Loss)
Balance as of beginning-of-period			(4,369)						(5,104)						(3,476)						(6,352)
Other comprehensive income (loss), net of tax			1,687						(3,376)						794						(2,128)
Balance as of end-of-period			(2,682)						(8,480)						(2,682)						(8,480)
Total stockholders’ equity as of end-of-period			$	9,013					$	3,199					$	9,013					$	3,199

See accompanying Notes to Consolidated Financial Statements

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LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)

			For the Nine Months Ended September 30,
			2024						2023
Cash Flows from Operating Activities
Net income (loss)			$	1,588					$	483
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Realized (gain) loss			201						3,066
Market risk benefit (gain) loss			(1,386)						(2,832)
Sales and maturities (purchases) of trading securities, net			225						703
Change in:
Deferred acquisition costs, value of business acquired, deferred sales inducements
and deferred front-end loads			538						495
Accrued investment income			(63)						(77)
Insurance liabilities and reinsurance-related balances			(2,921)						(1,838)
Accrued expenses			82						(19)
Federal income tax accruals			334						(17)
Other			(827)						(170)
Net cash provided by (used in) operating activities			(2,229)						(206)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities			(7,685)						(8,248)
Sales of available-for-sale securities and equity securities			1,404						2,838
Maturities of available-for-sale securities			6,312						4,086
Purchases of alternative investments			(897)						(426)
Sales and repayments of alternative investments			245						103
Issuance of mortgage loans on real estate			(3,098)						(1,377)
Repayment and maturities of mortgage loans on real estate			995						908
Repayment (issuance) of policy loans, net			(34)						(72)
Net change in collateral on investments, certain derivatives and related settlements			3,756						(205)
Cash received from disposition, net of cash transferred			619						–
Other			(79)						(227)
Net cash provided by (used in) investing activities			1,538						(2,620)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities			(100)						(500)
Issuance of long-term debt, net of issuance costs			346						–
Payment related to sale-leaseback transactions			(12)						(63)
Proceeds from certain financing arrangements			53						65
Payment related to certain financing arrangements			(103)						(35)
Deposits of fixed account balances			12,312						11,129
Withdrawals of fixed account balances			(8,974)						(7,759)
Transfers from (to) separate accounts, net			131						(519)
Common stock issued for benefit plans			(4)						(6)
Dividends paid to preferred stockholders			(80)						(71)
Dividends paid to common stockholders			(230)						(229)
Net cash provided by (used in) financing activities			3,339						2,012
Net increase (decrease) in cash, invested cash and restricted cash			2,648						(814)
Cash, invested cash and restricted cash as of beginning-of-year			3,365						3,343
Cash, invested cash and restricted cash as of end-of-period			$	6,013					$	2,529

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 data for operations that are not directly related to our business segments in Other Operations. The collective group of businesses uses “Lincoln Financial Group” as its marketing identity. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement income 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 16.

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, 2023 (“2023 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 2023 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 nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. All material inter-company accounts and transactions have been eliminated in consolidation.

Certain amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the presentation adopted in the current period. Effective in the third quarter of 2024, we collapsed the amortization of deferred gain (loss) on business sold through reinsurance line item, reclassifying the deferred gain amortization to other revenues and presenting the amortization of deferred loss within commissions and other expenses. For prior periods, the amortization of deferred gain (loss) on business sold through reinsurance is presented on a net basis within other revenues.

We present disaggregated disclosures in the Notes below for long-duration insurance balances, applying the level of aggregation by reportable segment as follows:

Reportable 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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Sale of Wealth Management Business

On May 6, 2024, we closed the previously announced sale of all of the ownership interests in the subsidiaries of the Company that comprise the Company’s wealth management business to Osaic Holdings, Inc., a Delaware corporation (“Osaic”), pursuant to the Stock Purchase Agreement entered into between LNC and Osaic on December 14, 2023 (the “Agreement”). Pursuant to the Agreement, the Company sold its ownership interests in the following subsidiaries: Lincoln Financial Securities Corporation, Lincoln Financial Advisors Corporation, California Fringe Benefit and Insurance Marketing Corporation, LFA, Limited Liability Company and LFA Management Corporation (collectively, the “Wealth Management Business”). We received $723 million in cash, inclusive of a post-closing adjustment during the third quarter of 2024, and recognized a $545 million pre-tax realized gain for the nine months ended September 30, 2024, net of transaction expenses. Transaction expenses for the three and nine months ended September 30, 2024, of $2 million and $37 million, respectively, were reported in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss). The sale provided approximately $650 million of statutory capital benefit. For more information, see Note 17.

2. New Accounting Standards

Adoption of New Accounting Standards

In the current period, we did not adopt any new Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board that were material in presentation or amount.

Future Adoption of New Accounting Standards

The following table provides a description of future adoptions of new ASUs that may have an impact on our 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 2023-07, 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 are evaluating the impact of this ASU to our consolidated financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures			This ASU establishes new income tax disclosure requirements, along with adjusting certain existing requirements. It specifically requires expanded and disaggregated disclosures around the tax rate reconciliation.			January 1, 2025			We are evaluating the impact of this ASU to our 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 September 30, 2024
			Amortized Cost						Gross Unrealized												Allowance for Credit Losses						Fair Value
									Gains						Losses
Fixed maturity AFS securities:
Corporate bonds			$	76,437					$	1,035					$	7,221					$	17					$	70,234
U.S. government bonds			416						7						25						–						398
State and municipal bonds			2,848						52						333						–						2,567
Foreign government bonds			283						16						47						–						252
RMBS			2,009						36						156						7						1,882
CMBS			1,766						12						135						–						1,643
ABS			13,681						126						340						23						13,444
Hybrid and redeemable preferred securities			248						27						12						1						262
Total fixed maturity AFS securities			$	97,688					$	1,311					$	8,269					$	48					$	90,682

			As of December 31, 2023
			Amortized Cost						Gross Unrealized												Allowance for Credit Losses						Fair Value
									Gains						Losses
Fixed maturity AFS securities:
Corporate bonds			$	77,085					$	852					$	8,272					$	8					$	69,657
U.S. government bonds			416						6						29						–						393
State and municipal bonds			3,106						101						417						–						2,790
Foreign government bonds			314						16						47						–						283
RMBS			1,948						28						197						6						1,773
CMBS			1,622						5						203						–						1,424
ABS			12,698						62						585						4						12,171
Hybrid and redeemable preferred securities			244						21						17						1						247
Total fixed maturity AFS securities			$	97,433					$	1,091					$	9,767					$	19					$	88,738

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of September 30, 2024, were as follows:

			Amortized Cost						Fair Value
Due in one year or less			$	4,724					$	4,697
Due after one year through five years			17,756						17,435
Due after five years through ten years			13,742						13,028
Due after ten years			44,010						38,553
Subtotal			80,232						73,713
Structured securities (RMBS, CMBS, ABS)			17,456						16,969
Total fixed maturity AFS securities			$	97,688					$	90,682

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 September 30, 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			$	26,120					$	3,992					$	26,231					$	3,229					$	52,351					$	7,221
U.S. government bonds			38						2						223						23						261						25
State and municipal bonds			985						192						709						141						1,694						333
Foreign government bonds			49						18						100						29						149						47
RMBS			472						57						764						99						1,236						156
CMBS			731						66						515						69						1,246						135
ABS			2,871						119						3,898						221						6,769						340
Hybrid and redeemable
preferred securities			18						3						89						9						107						12
Total fixed maturity AFS securities			$	31,284					$	4,449					$	32,529					$	3,820					$	63,813					$	8,269
Total number of fixed maturity AFS securities in an unrealized loss position																																	6,458

			As of December 31, 2023
			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			$	14,005					$	3,270					$	34,595					$	5,002					$	48,600					$	8,272
U.S. government bonds			65						6						195						23						260						29
State and municipal bonds			371						72						874						345						1,245						417
Foreign government bonds			111						31						57						16						168						47
RMBS			360						20						886						177						1,246						197
CMBS			583						56						589						147						1,172						203
ABS			1,900						68						7,217						517						9,117						585
Hybrid and redeemable
preferred securities			32						3						95						14						127						17
Total fixed maturity AFS securities			$	17,427					$	3,526					$	44,508					$	6,241					$	61,935					$	9,767
Total number of fixed maturity AFS securities in an unrealized loss position																																	7,605

(1) As of September 30, 2024, and December 31, 2023, we recognized $15 million and $8 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 September 30, 2024
			Fair Value						Gross Unrealized Losses						Number of Securities (1)
Less than six months			$	700					$	254					294
Six months or greater, but less than nine months			80						35						42
Nine months or greater, but less than twelve months			1,658						639						367
Twelve months or greater			3,300						1,285						597
Total			$	5,738					$	2,213					1,300

			As of December 31, 2023
			Fair Value						Gross Unrealized Losses						Number of Securities (1)
Less than six months			$	2,492					$	927					533
Six months or greater, but less than nine months			343						96						79
Nine months or greater, but less than twelve months			336						109						90
Twelve months or greater			4,094						2,922						997
Total			$	7,265					$	4,054					1,699

(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 $1.5 billion for the nine months ended September 30, 2024. As discussed further below, we do not believe the unrealized loss position as of September 30, 2024, 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 September 30, 2024, 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 September 30, 2024, 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 September 30, 2024, and December 31, 2023, 96% of the fair value of our corporate bond portfolio was rated investment grade. As of September 30, 2024, and December 31, 2023, the portion of our corporate bond portfolio rated below investment grade had an amortized cost of $3.0 billion, and a fair value of $2.9 billion and $2.8 billion, respectively. Based upon the analysis discussed above, we believe that as of September 30, 2024, and December 31, 2023, we would have recovered the amortized cost of each corporate bond.

As of September 30, 2024, 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 September 30, 2024, 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 September 30, 2024
			Corporate Bonds						RMBS						ABS						Hybrids						Total
Balance as of beginning-of-period			$	13					$	6					$	19					$	1					$	39
Additions from purchases of PCD debt securities (1)			–						–						–						–						–
Additions for securities for which credit losses were
not previously recognized			6						–						1						–						7
Additions (reductions) for securities for which
credit losses were previously recognized			4						1						3						–						8
Reductions for disposed securities			(1)						–						–						–						(1)
Reductions for securities charged-off			(5)						–						–						–						(5)
Balance as of end-of-period (2)			$	17					$	7					$	23					$	1					$	48

			For the Nine Months Ended September 30, 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			8						–						15						–						23
Additions (reductions) for securities for which
credit losses were previously recognized			12						1						4						–						17
Reductions for disposed securities			–						–						–						–						–
Reductions for securities charged-off			(11)						–						–						–						(11)
Balance as of end-of-period (2)			$	17					$	7					$	23					$	1					$	48

			For the Three Months Ended September 30, 2023
			Corporate Bonds						RMBS						ABS						Hybrids						Total
Balance as of beginning-of-period			$	13					$	6					$	5					$	1					$	25
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			–						–						–						–						–
Reductions for securities charged-off			(5)						–						–						–						(5)
Balance as of end-of-period (2)			$	9					$	6					$	5					$	1					$	21

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			For the Nine Months Ended September 30, 2023
			Corporate Bonds						RMBS						ABS						Hybrids						Total
Balance as of beginning-of-year			$	9					$	7					$	5					$	1					$	22
Additions from purchases of PCD debt securities (1)			–						–						–						–						–
Additions for securities for which credit losses were																					.
not previously recognized			21						–						–						–						21
Additions (reductions) for securities for which
credit losses were previously recognized			(2)						(1)						–						–						(3)
Reductions for disposed securities			(1)						–						–						–						(1)
Reductions for securities charged-off			(18)						–						–						–						(18)
Balance as of end-of-period (2)			$	9					$	6					$	5					$	1					$	21

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

(2) As of September 30, 2024 and 2023, accrued investment income on fixed maturity AFS securities totaled $927 million and $1.2 billion, respectively, and was excluded from the estimate of credit losses.

Losses from debt instrument modifications were less than $1 million for the three months ended September 30, 2024 and 2023, and $3 million and less than $1 million for the nine months ended September 30, 2024 and 2023, respectively, reported in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

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 September 30, 2024																		As of December 31, 2023
			Commercial						Residential						Total						Commercial						Residential						Total
Current			$	17,684					$	3,064					$	20,748					$	17,256					$	1,665					$	18,921
30 to 59 days past due			85						34						119						61						28						89
60 to 89 days past due			–						20						20						–						9						9
90 or more days past due			55						60						115						–						60						60
Allowance for credit losses			(123)						(47)						(170)						(86)						(28)						(114)
Unamortized premium (discount)			(16)						73						57						(7)						43						36
Mark-to-market gains (losses) (1)			(33)						–						(33)						(37)						(1)						(38)
Total carrying value			$	17,652					$	3,204					$	20,856					$	17,187					$	1,776					$	18,963

(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 September 30, 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 December 31, 2023, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was less than $1 million. As of September 30, 2024 and December 31, 2023, there were no such mortgage loans on real estate that were more than 90 days past due and still accruing interest. See Note 13 for additional information.

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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 September 30, 2024												As of December 31, 2023
Commercial mortgage loans on real estate									$	16											$	–
Residential mortgage loans on real estate									62												62
Total									$	78											$	62

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 September 30, 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			$	1,197					1.64						$	58					1.30						$	–					–						$	1,255
2023			1,378						1.75						45						1.36						–						–						1,423
2022			1,731						2.05						95						1.55						5						1.31						1,831
2021			2,307						3.08						47						1.52						–						–						2,354
2020			1,177						3.16						4						1.53						–						–						1,181
2019 and prior			9,629						2.35						127						1.58						8						1.30						9,764
Total			$	17,419											$	376											$	13											$	17,808

			As of December 31, 2023
			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
2023			$	1,368					1.90						$	54					1.38						$	–					–						$	1,422
2022			1,710						2.06						140						1.54						–						–						1,850
2021			2,335						3.34						61						1.55						–						–						2,396
2020			1,214						3.24						11						1.38						–						–						1,225
2019			2,446						2.40						80						1.56						10						2.33						2,536
2018 and prior			7,789						2.39						78						1.60						14						0.87						7,881
Total			$	16,862											$	424											$	24											$	17,310

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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 September 30, 2024
			Performing						Nonperforming						Total
Origination Year
2024			$	1,260					$	–					$	1,260
2023			790						7						797
2022			498						26						524
2021			435						13						448
2020			70						2						72
2019 and prior			136						14						150
Total			$	3,189					$	62					$	3,251

			As of December 31, 2023
			Performing						Nonperforming						Total
Origination Year
2023			$	515					$	2					$	517
2022			533						22						555
2021			465						18						483
2020			78						3						81
2019			99						13						112
2018 and prior			53						4						57
Total			$	1,743					$	62					$	1,805

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.

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:

			For the Three Months Ended September 30, 2024
			Commercial						Residential						Total
Balance as of beginning-of-period			$	93					$	40					$	133
Additions (reductions) from provision for credit loss
expense (1)			40						7						47
Additions from purchases of PCD mortgage loans on
real estate			–						–						–
Reductions for mortgage loans on real estate charged-off			(10)						–						(10)
Balance as of end-of-period (2)			$	123					$	47					$	170

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			For the Nine Months Ended September 30, 2024
			Commercial						Residential						Total
Balance as of beginning-of-year			$	86					$	28					$	114
Additions (reductions) from provision for credit loss
expense (1)			47						19						66
Additions from purchases of PCD mortgage loans on
real estate			–						–						–
Reductions for mortgage loans on real estate charged-off			(10)						–						(10)
Balance as of end-of-period (2)			$	123					$	47					$	170

			For the Three Months Ended September 30, 2023
			Commercial						Residential						Total
Balance as of beginning-of-period			$	82					$	23					$	105
Additions (reductions) from provision for credit loss
expense (1)			7						1						8
Additions from purchases of PCD mortgage loans on
real estate			–						–						–
Balance as of end-of-period (2)			$	89					$	24					$	113

			For the Nine Months Ended September 30, 2023
			Commercial						Residential						Total
Balance as of beginning-of-year			$	84					$	15					$	99
Additions (reductions) from provision for credit loss
expense (1)			5						9						14
Additions from purchases of PCD mortgage loans on
real estate			–						–						–
Balance as of end-of-period (2)			$	89					$	24					$	113

(1) We recognized less than $1 million and $(1) million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended September 30, 2024 and 2023, respectively, and $1 million and $(2) million for the nine months ended September 30, 2024 and 2023, respectively.

(2) Accrued investment income on mortgage loans on real estate totaled $89 million and $54 million as of September 30, 2024 and 2023, respectively, and was excluded from the estimate of credit losses.

Alternative Investments 

As of September 30, 2024, and December 31, 2023, alternative investments included investments in 361 and 352 different partnerships, respectively, and represented approximately 3% of total investments.

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Impairments on Fixed Maturity AFS Securities

Details underlying intent to sell impairments and 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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Intent to Sell Impairments (1)
Fixed maturity AFS securities:
Corporate bonds			$	–					$	(422)					$	–					$	(941)
State and municipal bonds			–						(28)						–						(48)
RMBS			–						(9)						–						(28)
CMBS			–						(5)						–						(36)
ABS			–						(2)						–						(37)
Hybrid and redeemable preferred securities			–						(1)						–						(1)
Total intent to sell impairments			$	–					$	(467)					$	–					$	(1,091)
Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds			$	(9)					$	(1)					$	(20)					$	(18)
RMBS			(1)						–						(1)						1
ABS			(4)						–						(19)						–
Total credit loss benefit (expense)			$	(14)					$	(1)					$	(40)					$	(17)

(1) The three and nine months ended September 30, 2023, include impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company's intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction.

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 September 30, 2024												As of December 31, 2023
			Carrying Value						Fair Value						Carrying Value						Fair Value
Collateral payable for derivative investments (1)			$	7,185					$	7,185					$	5,250					$	5,250
Securities pledged under securities lending agreements (2)			185						178						205						197
Investments pledged for FHLBI (3)			3,200						4,548						2,650						3,603
Total payables for collateral on investments			$	10,570					$	11,911					$	8,105					$	9,050

(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 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.

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We have repurchase agreements through which we can obtain liquidity by pledging securities. 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 fixed maturity AFS securities. As of September 30, 2024, and December 31, 2023, we were not participating in any open repurchase agreements.

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:

			For the Nine Months Ended September 30,
			2024						2023
Collateral payable for derivative investments			$	1,935					$	1,552
Securities pledged under securities
lending agreements			(20)						(8)
Investments pledged for FHLBI			550						(210)
Total increase (decrease) in payables for
collateral on investments			$	2,465					$	1,334

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 September 30, 2024
			Overnight and Continuous						Up to 30 Days						30-90 Days						Greater Than 90 Days						Total
Securities Lending
Corporate bonds			$	168					$	–					$	–					$	–					$	168
Equity securities			17						–						–						–						17
Total gross secured borrowings			$	185					$	–					$	–					$	–					$	185

			As of December 31, 2023
			Overnight and Continuous						Up to 30 Days						30-90 Days						Greater Than 90 Days						Total
Securities Lending
Corporate bonds			$	202					$	–					$	–					$	–					$	202
Equity securities			3						–						–						–						3
Total gross secured borrowings			$	205					$	–					$	–					$	–					$	205

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 September 30, 2024, the fair value of this collateral received that we are permitted to sell or re-pledge was $25 million, and we had not re-pledged any of this collateral to cover our collateral requirements.

We also accept collateral from derivative counterparties in the form of securities that we are permitted to sell or re-pledge. As of September 30, 2024, the fair value of this collateral received that we are permitted to sell or re-pledge was $2.3 billion, and we had re-pledged $11 million of this collateral to cover our collateral requirements.

We have also pledged fixed maturity AFS securities to derivative counterparties with a fair value of $19 million as of September 30, 2024.

Investment Commitments

As of September 30, 2024, our investment commitments were $5.0 billion, which included $3.2 billion of limited partnerships (“LPs”), $1.5 billion of mortgage loans on real estate and $287 million of private placement securities.

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Concentrations of Financial Instruments

As of September 30, 2024, and December 31, 2023, our most significant investments in one issuer were our investments in securities issued by the Federal National Mortgage Association with a fair value of $854 million and $739 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 $573 million and $570 million, respectively, or less than 1% and 1%, respectively, of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

As of September 30, 2024, our most significant investments in one industry were our investments in securities in the consumer non-cyclical industry and financial services industry with a fair value of $14.0 billion and $13.6 billion, respectively, or 11% and 10%, respectively, of total investments. As of December 31, 2023, our most significant investments in one industry were our investments in securities in the financial services industry and consumer non-cyclical industry with a fair value of $14.0 billion and $13.8 billion, respectively, or 11% of total investments. These concentrations include fixed maturity AFS, trading and equity securities.

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 September 30, 2024																		As of December 31, 2023
			Number of Instruments						Notional Amounts						Carrying Value						Number of Instruments						Notional Amounts						Carrying Value
Assets
Total return swap			1						$	527					$	–					1						$	544					$	–

There were no gains or losses for consolidated VIEs recognized on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023.

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 $5.0 billion and $4.2 billion as of September 30, 2024, and December 31, 2023, 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.

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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 and life insurance products.

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 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.

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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.

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.

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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.

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 September 30, 2024																		As of December 31, 2023
			Notional Amounts						Fair Value												Notional Amounts						Fair Value
									Asset						Liability												Asset						Liability
Qualifying Hedges
Cash flow hedges:
Interest rate contracts (1)			$	1,345					$	106					$	5					$	1,698					$	181					$	47
Foreign currency contracts (1)			4,830						432						83						4,662						423						78
Total cash flow hedges			6,175						538						88						6,360						604						125
Fair value hedges:
Interest rate contracts (1)			1,066						1						50						1,081						1						39
Foreign currency contracts (1)			25						–						1						25						–						1
Total fair value hedges			1,091						1						51						1,106						1						40
Non-Qualifying Hedges
Interest rate contracts (1)			68,999						54						230						90,829						636						979
Foreign currency contracts (1)			345						11						6						306						11						6
Equity market contracts (1)			250,790						15,539						6,332						225,626						10,244						4,227
Credit contracts (1)			112						–						–						91						–						–
Embedded derivatives:
Reinsurance-related (2)			–						–						668						–						–						552
RILA, fixed indexed annuity and IUL
contracts (3)			–						1,132						12,270						–						940						9,077
Total derivative instruments			$	327,512					$	17,275					$	19,645					$	324,318					$	12,436					$	15,006

(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 September 30, 2024
			Less Than 1 Year						1 - 5 Years						6 - 10 Years						11 - 30 Years						Over 30 Years						Total
Interest rate contracts (1)			$	6,473					$	18,712					$	23,280					$	22,347					$	598					$	71,410
Foreign currency contracts (2)			226						1,137						1,892						1,903						42						5,200
Equity market contracts			209,875						29,579						9,210						8						2,118						250,790
Credit contracts			–						112						–						–						–						112
Total derivative instruments with
notional amounts			$	216,574					$	49,540					$	34,382					$	24,258					$	2,758					$	327,512

(1) As of September 30, 2024, 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 September 30, 2024, 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  September 30, 2024						As of December 31, 2023						As of  September 30, 2024						As of December 31, 2023
Line Item in the Consolidated Balance Sheets in
which the Hedged Item is Included
Fixed maturity AFS securities, at fair value			$	521					$	534					$	42					$	39
Long-term debt (1)			(714)						(703)						161						172

(1) Includes $(314) million and $(326) million of unamortized adjustments from discontinued hedges as of September 30, 2024, and December 31, 2023, 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 Nine Months Ended September 30,
			2024						2023
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year			$	375					$	388
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period:
Cash flow hedges:
Interest rate contracts			138						323
Foreign currency contracts			167						(92)
Change in foreign currency exchange rate adjustment			(121)						30
Income tax benefit (expense)			(39)						(55)
Less:
Reclassification adjustment for gains (losses)
included in net income (loss):
Cash flow hedges:
Interest rate contracts (1)			(2)						–
Interest rate contracts (2)			20						22
Foreign currency contracts (1)			41						42
Foreign currency contracts (3)			1						4
Income tax benefit (expense)			(13)						(14)
Balance as of end-of-period			$	473					$	540

(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 September 30,

2024

2023

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

$

(431)

$

1,411

$

86

$

(453)

$

1,494

$

84

Qualifying Hedges

Gain or (loss) on fair value hedging

relationships:

Interest rate contracts:

Hedged items

–

27

(34)

–

(41)

46

Derivatives designated as hedging

instruments

–

(27)

34

–

41

(46)

Foreign currency contracts:

Hedged items

–

1

–

–

–

–

Derivatives designated as hedging

instruments

–

(1)

–

–

–

–

Gain or (loss) on cash flow hedging

relationships:

Interest rate contracts:

Amount of gain or (loss) reclassified

from AOCI into income

–

(1)

5

–

–

8

Foreign currency contracts:

Amount of gain or (loss) reclassified

from AOCI into income

2

12

–

2

14

–

Non-Qualifying Hedges

Interest rate contracts

370

–

–

(604)

–

–

Foreign currency contracts

(1)

–

–

–

–

–

Equity market contracts

1,108

–

–

163

–

–

Commodity contracts

–

–

–

(1)

–

–

Embedded derivatives:

Reinsurance-related

(513)

–

–

24

–

–

RILA, fixed indexed annuity and IUL

contracts

(707)

–

–

572

–

–

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Gain (Loss) Recognized in Income For the Nine Months Ended September 30,

2024

2023

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

$

(201)

$

4,090

$

253

$

(3,066)

$

4,468

$

250

Qualifying Hedges

Gain or (loss) on fair value hedging

relationships:

Interest rate contracts:

Hedged items

–

3

(11)

–

(44)

41

Derivatives designated as hedging

instruments

–

(3)

11

–

44

(41)

Gain or (loss) on cash flow hedging

relationships:

Interest rate contracts:

Amount of gain or (loss) reclassified

from AOCI into income

–

(2)

20

–

–

22

Foreign currency contracts:

Amount of gain or (loss) reclassified

from AOCI into income

1

41

–

4

42

–

Non-Qualifying Hedges

Interest rate contracts

93

–

–

(593)

–

–

Foreign currency contracts

(1)

–

–

(2)

–

–

Equity market contracts

4,060

–

–

913

–

–

Commodity contracts

–

–

–

10

–

–

Credit contracts

–

–

–

(2)

–

–

Embedded derivatives:

Reinsurance-related

(116)

–

–

(23)

–

–

RILA, fixed indexed annuity and IUL

contracts

(2,677)

–

–

(1,706)

–

–

As of September 30, 2024, $77 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 nine months ended September 30, 2024 and 2023, 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.

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Information related to our CDSs for which we are the seller (dollars in millions) was as follows:

As of September 30, 2024

Credit Contract Type

Maturity

Reason for Entering

Name of Recourse

Credit Rating of Underlying Obligation (1)

Number of Instruments

Fair Value (2)

Maximum Potential Payout

Basket CDSs

6/20/2029

(3)

(4)

BBB+

2

$

3

$

112

(1)    Represents average credit ratings based on the midpoint of the applicable ratings among Moody’s, S&P and Fitch Ratings, as scaled to the corresponding S&P ratings.

(2)    Third-party valuation specialists are used to determine the market value of our CDSs.

(3)    CDSs were entered into in order to hedge the liability exposure on certain variable annuity products.

(4)    Sellers do not have the right to demand indemnification or compensation from third parties in case of a loss (payment) on the contract.

As of December 31, 2023, we did not have any exposure related to CDSs for which we are the seller.

Details underlying the associated collateral of our CDSs for which we are the seller if credit risk-related contingent features were triggered (in millions) were as follows:

			As of  September 30, 2024						As of  December 31, 2023
Maximum potential payout			$	112					$	–
Less: Counterparty thresholds			–						–
Maximum collateral potentially required to post			$	112					$	–

Certain of our CDS agreements contain contractual provisions that allow for the netting of collateral with our counterparties related to all of our collateralized financing transactions that we have outstanding. If these netting agreements were not in place, our counterparties would have been required to post $3 million of collateral as of September 30, 2024.

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 September 30, 2024, 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 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 September 30, 2024, or December 31, 2023.

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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 September 30, 2024												As of December 31, 2023
S&P Credit Rating of Counterparty			Collateral Posted by Counter- Party (Held by LNC)						Collateral Posted by LNC (Held by Counter- Party)						Collateral Posted by Counter- Party (Held by LNC)						Collateral Posted by LNC (Held by Counter- Party)
AA-			$	2,604					$	(7)					$	2,378					$	(63)
A+			3,791						(1)						2,496						(125)
A			70						–						82						–
A-			691						–						273						–
Total cash collateral			$	7,156					$	(8)					$	5,229					$	(188)

Balance Sheet Offsetting

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

			As of September 30, 2024
			Derivative Instruments						Embedded Derivative Instruments						Total
Financial Assets
Gross amount of recognized assets			$	16,152					$	1,132					$	17,284
Gross amounts offset			(6,630)						–						(6,630)
Net amount of assets			9,522						1,132						10,654
Gross amounts not offset:
Cash collateral			(7,156)						–						(7,156)
Non-cash collateral (1)			(2,366)						–						(2,366)
Net amount			$	–					$	1,132					$	1,132
Financial Liabilities
Gross amount of recognized liabilities			$	124					$	12,938					$	13,062
Gross amounts offset			(38)						–						(38)
Net amount of liabilities			86						12,938						13,024
Gross amounts not offset:
Cash collateral			(8)						–						(8)
Non-cash collateral			(19)						–						(19)
Net amount			$	59					$	12,938					$	12,997

(1) Excludes excess non-cash collateral received of $1.4 billion, 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, 2023
			Derivative Instruments						Embedded Derivative Instruments						Total
Financial Assets
Gross amount of recognized assets			$	10,927					$	940					$	11,867
Gross amounts offset			(4,453)						–						(4,453)
Net amount of assets			6,474						940						7,414
Gross amounts not offset:
Cash collateral			(5,229)						–						(5,229)
Non-cash collateral (1)			(1,245)						–						(1,245)
Net amount			$	–					$	940					$	940
Financial Liabilities
Gross amount of recognized liabilities			$	967					$	9,629					$	10,596
Gross amounts offset			(612)						–						(612)
Net amount of liabilities			355						9,629						9,984
Gross amounts not offset:
Cash collateral			(188)						–						(188)
Non-cash collateral (2)			(167)						–						(167)
Net amount			$	–					$	9,629					$	9,629

(1) Excludes excess non-cash collateral received of $1.3 billion, 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 $82 million, as the collateral offset is limited to the net estimated fair value of derivatives after application of netting arrangements.

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 September 30,						As of December 31,
			2024						2023
DAC, VOBA and DSI
Variable Annuities			$	3,911					$	3,873
Fixed Annuities			431						455
Traditional Life			1,386						1,418
UL and Other			6,292						6,232
Group Protection			173						154
Retirement Plan Services			282						265
Total DAC, VOBA and DSI			$	12,475					$	12,397

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

			As of September 30,						As of December 31,
			2024						2023
DFEL
Variable Annuities			$	274					$	278
UL and Other (1)			6,193						5,579
Other Operations (2)			50						44
Total DFEL			$	6,517					$	5,901

(1) We reported $257 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of September 30, 2024, and December 31, 2023.

(2) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $50 million and $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of September 30, 2024, and December 31, 2023, respectively.

The following tables summarize the changes in DAC (in millions):

			For the Nine Months Ended September 30, 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			307						35						85						320						100						15
Amortization			(262)						(55)						(111)						(231)						(81)						(14)
Balance as of end-of-period			$	3,796					$	401					$	1,350					$	5,880					$	173					$	240

			For the Nine Months Ended September 30, 2023
			Variable Annuities						Fixed Annuities						Traditional Life						UL and Other						Group Protection						Retirement Plan Services
Balance as of beginning-of-year			$	3,751					$	439					$	1,333					$	5,605					$	141					$	236
Deferrals			269						31						148						346						79						16
Amortization			(272)						(51)						(108)						(221)						(73)						(14)
Balance as of end-of-period			$	3,748					$	419					$	1,373					$	5,730					$	147					$	238

DAC amortization expense of $253 million and $754 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $247 million and $739 million, respectively, for the corresponding periods in 2023.

The following tables summarize the changes in VOBA (in millions):

			For the Nine Months Ended September 30, 2024
			Fixed Annuities						Traditional Life						UL and Other
Balance as of beginning-of-year			$	15					$	42					$	413
Deferrals			–						–						1
Amortization			(2)						(6)						(29)
Balance as of end-of-period			$	13					$	36					$	385

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			For the Nine Months Ended September 30, 2023
			Fixed Annuities						Traditional Life						UL and Other
Balance as of beginning-of-year			$	17					$	50					$	465
Deferrals			–						–						1
Amortization			(2)						(6)						(33)
Balance as of end-of-period			$	15					$	44					$	433

VOBA amortization expense of $12 million and $37 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $13 million and $41 million, respectively, for the corresponding periods in 2023. No additions or write-offs were recorded for each respective period.

The following tables summarize the changes in DSI (in millions):

			For the Nine Months Ended September 30, 2024
			Variable Annuities						Fixed Annuities						UL and Other						Retirement Plan Services
Balance as of beginning-of-year			$	122					$	19					$	28					$	26
Deferrals			1						–						1						17
Amortization			(8)						(2)						(2)						(1)
Balance as of end-of-period			$	115					$	17					$	27					$	42

			For the Nine Months Ended September 30, 2023
			Variable Annuities						Fixed Annuities						UL and Other						Retirement Plan Services
Balance as of beginning-of-year			$	128					$	23					$	30					$	17
Deferrals			4						–						1						5
Amortization			(9)						(3)						(2)						–
Balance as of end-of-period			$	123					$	20					$	29					$	22

 

DSI amortization expense of $4 million and $13 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $5 million and $14 million, respectively, for the corresponding periods in 2023.

The following tables summarize the changes in DFEL (in millions):

			For the Nine Months Ended September 30, 2024												For the Nine Months Ended September 30, 2023
			Variable Annuities						UL and Other						Variable Annuities						UL and Other
Balance as of beginning-of-year			$	278					$	5,579					$	286					$	4,766
Deferrals			14						826						14						800
Amortization			(18)						(212)						(20)						(193)
Balance as of end-of-period			274						6,193						280						5,373
Less: ceded DFEL			–						257						–						–
Balance as of end-of-period, net of reinsurance			$	274					$	5,936					$	280					$	5,373

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DFEL amortization of $79 million and $230 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $74 million and $213 million, respectively, for the corresponding periods in 2023.

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 September 30, 2024, and December 31, 2023.

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 $10.7 billion and $10.5 billion as of September 30, 2024, and December 31, 2023, respectively. We reported a deferred loss on the transaction of $2.6 billion and $2.7 billion as of September 30, 2024, and December 31, 2023, respectively. We amortized $23 million and $67 million of the deferred loss during the three and nine months ended September 30, 2024, respectively. Annuities that are not life-contingent do not contain significant insurance risk; therefore, we reported deposit assets for these contracts of $3.5 billion and $4.2 billion as of September 30, 2024, and December 31, 2023, 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 $8.0 billion and $7.8 billion as of September 30, 2024, and December 31, 2023, 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 $9.8 billion and $9.9 billion in support of reserves associated with the Fortitude Re transaction in a funds withheld arrangement as of September 30, 2024, and December 31, 2023, respectively, which consisted of the following (in millions):

			As of  September 30,						As of December 31,
			2024						2023
Fixed maturity AFS securities			$	8,484					$	8,867
Other investments			1,178						759
Cash and invested cash			82						141
Accrued investment income			100						103
Other assets			–						1
Total			$	9,844					$	9,871

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 September 30, 2024																		As of December 31, 2023
			Assets						Liabilities						Net (Assets) Liabilities						Assets						Liabilities						Net (Assets) Liabilities
Variable Annuities			$	4,448					$	1,121					$	(3,327)					$	3,763					$	1,583					$	(2,180)
Fixed Annuities			73						147						74						96						128						32
Retirement Plan Services			44						4						(40)						35						5						(30)
Total MRBs			$	4,565					$	1,272					$	(3,293)					$	3,894					$	1,716					$	(2,178)

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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 Nine Months Ended September 30, 2024																		As of or For the Nine Months Ended September 30, 2023
			Variable Annuities						Fixed Annuities						Retirement Plan Services						Variable Annuities						Fixed Annuities						Retirement Plan Services
Balance as of beginning-of-year			$	(2,180)					$	32					$	(30)					$	(662)					$	(45)					$	(22)
Less: Effect of cumulative changes in
non-performance risk			(1,299)						(58)						(4)						(2,173)						(40)						(2)
Balance as of beginning-of-year, before the effect
of changes in non-performance risk			(881)						90						(26)						1,511						(5)						(20)
Issuances			6						–						–						3						–						–
Attributed fees collected			1,143						24						4						1,127						23						4
Benefit payments			(29)						–						–						(49)						–						–
Effect of changes in interest rates			(101)						8						(6)						(2,347)						(66)						(7)
Effect of changes in equity markets			(2,347)						(16)						(8)						(1,430)						(5)						(6)
Effect of changes in equity index volatility			(65)						(4)						–						(358)						6						(3)
In-force updates and other changes in MRBs (1)			69						3						6						182						4						–
Effect of assumption review:
Effect of changes in future expected
policyholder behavior			7						11						–						(33)						70						–
Effect of changes in other future expected
assumptions (2)			(199)						18						(6)						(66)						15						(2)
Balance as of end-of-period, before the effect of
changes in non-performance risk			(2,397)						134						(36)						(1,460)						42						(34)
Effect of cumulative changes in
non-performance risk			(930)						(60)						(4)						(1,213)						(59)						1
Balance as of end-of-period			(3,327)						74						(40)						(2,673)						(17)						(33)
Less: ceded MRB assets (liabilities)			(340)						–						–						(303)						–						–
Balance as of end-of-period, net of reinsurance			$	(2,987)					$	74					$	(40)					$	(2,370)					$	(17)					$	(33)
Weighted-average age of policyholders (years)			72						69						63						72						68						63
Net amount at risk (3)			$	1,544					$	231					$	3					$	6,235					$	188					$	9

(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)     Consists primarily of the update of fund mapping, volatility, and other capital market assumptions.

(3)     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.

Effect of Assumption Review

For the nine months ended September 30, 2024, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to capital market assumptions. For the nine months ended September 30, 2024, Fixed Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review driven by model enhancements and updates to policyholder GLB utilization assumptions. Retirement Plan Services did not have any significant assumption updates.

For the nine months ended September 30, 2023, Variable Annuities had a favorable impact to net income (loss) attributable to the annual assumption review from updates to volatility and policyholder GLB utilization behavior assumptions, partially offset by unfavorable

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impacts from updates to mortality and policyholder lapse behavior assumptions. For the nine months ended September 30, 2023, Fixed Annuities had an unfavorable impact to net income (loss) attributable to the annual assumption review from updates to mortality and policyholder GLB utilization and lapse behavior assumptions. Retirement Plan Services did not have any significant assumption updates.

See “MRBs” in Note 13 for details related to our fair value judgments, assumptions, inputs and valuation methodology.

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  September 30,						As of December 31,
			2024						2023
Mutual funds and collective investment trusts			$	170,806					$	157,578
Exchange-traded funds			349						350
Fixed maturity AFS securities			166						167
Cash and invested cash			7						25
Other investments			155						137
Total separate account assets			$	171,483					$	158,257

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

			As of  September 30,						As of December 31,
			2024						2023
Variable Annuities			$	120,470					$	113,356
UL and Other			28,921						25,150
Retirement Plan Services			22,033						19,699
Other Operations (1)			59						52
Total separate account liabilities			$	171,483					$	158,257

(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($50 million and $46 million as of September 30, 2024, and December 31, 2023, 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 Nine Months Ended September 30, 2024																		As of or For the Nine Months Ended September 30, 2023
			Variable Annuities						UL and Other						Retirement Plan Services						Variable Annuities						UL and Other						Retirement Plan Services
Balance as of beginning-of-year			$	113,356					$	25,150					$	19,699					$	105,573					$	20,920					$	16,996
Gross deposits			3,002						1,058						1,751						2,137						1,178						1,576
Withdrawals			(10,190)						(347)						(2,382)						(7,402)						(227)						(1,795)
Policyholder assessments			(1,970)						(742)						(134)						(1,883)						(714)						(121)
Change in market performance			15,664						3,945						3,065						6,320						1,573						1,316
Net transfers from (to) general account			608						(143)						34						447						(88)						(44)
Balance as of end-of-period			$	120,470					$	28,921					$	22,033					$	105,192					$	22,642					$	17,928
Cash surrender value			$	119,106					$	26,498					$	22,018					$	103,729					$	20,324					$	17,914

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10. Policyholder Account Balances

The following table reconciles policyholder account balances (in millions) to the Consolidated Balance Sheets:

			As of  September 30,						As of December 31,
			2024						2023
Variable Annuities			$	34,344					$	29,141
Fixed Annuities			26,359						25,355
UL and Other			36,692						37,180
Retirement Plan Services			23,727						23,784
Other (1)			4,846						5,277
Total policyholder account balances			$	125,968					$	120,737

(1) Represents policyholder account balances reported primarily in Other Operations attributable to the indemnity reinsurance agreements with Protective ($4.5 billion and $4.9 billion as of September 30, 2024, and December 31, 2023, respectively) that are excluded from the following tables.

The following table summarizes the balances and changes in policyholder account balances (in millions):

			As of or For the Nine Months Ended September 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			3,391						3,663						2,641						2,580
Withdrawals			(726)						(3,724)						(1,122)						(3,370)
Policyholder assessments			(1)						(45)						(3,383)						(10)
Net transfers from (to) separate account			(241)						–						143						230
Interest credited			506						593						1,109						513
Change in fair value of embedded derivative
instruments and other			2,274						517						124						–
Balance as of end-of-period			$	34,344					$	26,359					$	36,692					$	23,727
Weighted-average crediting rate			2.1%						3.1%						4.0%						2.9%
Net amount at risk (1)(2)			$	1,544					$	231					$	298,334					$	3
Cash surrender value			33,107						25,236						32,982						23,697

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			As of or For the Nine Months Ended September 30, 2023
			Variable Annuities						Fixed Annuities						UL and Other						Retirement Plan Services
Balance as of beginning-of-year			$	22,184					$	23,365					$	37,694					$	25,138
Gross deposits			3,626						2,698						2,749						2,026
Withdrawals			(508)						(2,863)						(1,095)						(3,262)
Policyholder assessments			(1)						(41)						(3,373)						(10)
Net transfers from (to) separate account			(311)						–						90						(297)
Interest credited			391						470						1,114						504
Change in fair value of embedded derivative
instruments and other			1,391						52						38						–
Balance as of end-of-period			$	26,772					$	23,681					$	37,217					$	24,099
Weighted-average crediting rate			2.1		%				2.6		%				4.0		%				2.7		%
Net amount at risk (1)(2)			$	6,235					$	188					$	303,628					$	9
Cash surrender value			25,629						22,779						33,741						24,094

(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.

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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 September 30, 2024
			At Guaranteed Minimum						1-50 Basis 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%			523						–						–						–						–						523
3.01% - 4.00%			1,257						–						–						–						–						1,257
4.01% and above			8						–						–						–						–						8
Other (1)			–						–						–						–						–						32,546
Total			$	1,791					$	–					$	–					$	–					$	7					$	34,344
Fixed Annuities
Up to 1.00%			$	436					$	730					$	620					$	373					$	2,381					$	4,540
1.01% - 2.00%			253						145						200						239						4,685						5,522
2.01% - 3.00%			1,649						38						6						2						33						1,728
3.01% - 4.00%			1,312						–						–						–						–						1,312
4.01% and above			170						–						–						–						–						170
Other (1)			–						–						–						–						–						13,087
Total			$	3,820					$	913					$	826					$	614					$	7,099					$	26,359
UL and Other
Up to 1.00%			$	261					$	–					$	222					$	121					$	52					$	656
1.01% - 2.00%			553						–						–						–						3,161						3,714
2.01% - 3.00%			6,651						10						151						–						–						6,812
3.01% - 4.00%			15,426						–						1						–						–						15,427
4.01% and above			3,582						–						–						–						–						3,582
Other (1)			–						–						–						–						–						6,501
Total			$	26,473					$	10					$	374					$	121					$	3,213					$	36,692
Retirement Plan Services
Up to 1.00%			$	515					$	287					$	731					$	3,417					$	5,277					$	10,227
1.01% - 2.00%			470						1,028						1,947						990						503						4,938
2.01% - 3.00%			2,253						112						1						1						–						2,367
3.01% - 4.00%			4,493						85						6						8						–						4,592
4.01% and above			1,603						–						–						–						–						1,603
Total			$	9,334					$	1,512					$	2,685					$	4,416					$	5,780					$	23,727

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			As of September 30, 2023
			At Guaranteed Minimum						1-50 Basis 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						–						–						–						8						13
2.01% - 3.00%			602						–						–						–						–						602
3.01% - 4.00%			1,429						–						–						–						–						1,429
4.01% and above			10						–						–						–						–						10
Other (1)			–						–						–						–						–						24,718
Total			$	2,046					$	–					$	–					$	–					$	8					$	26,772
Fixed Annuities
Up to 1.00%			$	744					$	427					$	515					$	518					$	2,427					$	4,631
1.01% - 2.00%			481						106						212						456						1,264						2,519
2.01% - 3.00%			1,881						32						6						–						3						1,922
3.01% - 4.00%			955						–						–						–						–						955
4.01% and above			182						–						–						–						–						182
Other (1)			–						–						–						–						–						13,472
Total			$	4,243					$	565					$	733					$	974					$	3,694					$	23,681
UL and Other
Up to 1.00%			$	284					$	–					$	192					$	34					$	362					$	872
1.01% - 2.00%			553						–						–						–						3,181						3,734
2.01% - 3.00%			6,998						11						147						–						–						7,156
3.01% - 4.00%			15,780						–						1						–						–						15,781
4.01% and above			3,783						–						–						–						–						3,783
Other (1)			–						–						–						–						–						5,891
Total			$	27,398					$	11					$	340					$	34					$	3,543					$	37,217
Retirement Plan Services
Up to 1.00%			$	407					$	596					$	762					$	4,882					$	2,837					$	9,484
1.01% - 2.00%			610						2,405						1,474						668						–						5,157
2.01% - 3.00%			2,594						–						–						–						–						2,594
3.01% - 4.00%			5,223						–						–						–						–						5,223
4.01% and above			1,641						–						–						–						–						1,641
Total			$	10,475					$	3,001					$	2,236					$	5,550					$	2,837					$	24,099

(1) Consists of indexed account balances that include the fair value of embedded derivative instruments, 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  September 30,						As of December 31,
			2024						2023
Payout Annuities (1)			$	2,119					$	2,085
Traditional Life (1)			3,938						3,841
Group Protection (2)			5,773						5,689
UL and Other (3)			16,554						15,000
Other Operations (4)			9,471						9,879
Other (5)			3,314						3,371
Total future contract benefits			$	41,169					$	39,864

(1) See liability for future policy benefits (“LFPB”) 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 ($5.6 billion as of September 30, 2024, and December 31, 2023) and Swiss Re ($1.9 billion and $2.2 billion as of September 30, 2024, and December 31, 2023, respectively) 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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LFPB

The following table summarizes the balances of and changes in the present values of expected net premiums and LFPB (in millions, except years):

			As of or For the Nine Months Ended September 30, 2024												As of or For the Nine Months Ended September 30, 2023
			Payout Annuities						Traditional Life						Payout Annuities						Traditional Life
Present Value of Expected Net Premiums
Balance as of beginning-of-year			$	–					$	6,200					$	–					$	6,063
Less: Effect of cumulative changes in discount
rate assumptions			–						(148)						–						(582)
Beginning balance at original discount rate			–						6,348						–						6,645
Effect of changes in cash flow assumptions			–						28						–						(12)
Effect of actual variances from expected experience			–						(59)						–						(280)
Adjusted balance as of beginning-of-year			–						6,317						–						6,353
Issuances			–						289						–						460
Interest accrual			–						188						–						182
Net premiums collected			–						(596)						–						(604)
Flooring impact of LFPB			–						1						–						(3)
Ending balance at original discount rate			–						6,199						–						6,388
Effect of cumulative changes in discount
rate assumptions			–						(19)						–						(527)
Balance as of end-of-period			$	–					$	6,180					$	–					$	5,861
Present Value of Expected LFPB
Balance as of beginning-of-year			$	2,085					$	10,041					$	2,004					$	9,572
Less: Effect of cumulative changes in discount
rate assumptions			(187)						(189)						(263)						(785)
Beginning balance at original discount rate (1)			2,272						10,230						2,267						10,357
Effect of changes in cash flow assumptions			–						(68)						17						(29)
Effect of actual variances from expected experience			3						(70)						(1)						(309)
Adjusted balance as of beginning-of-year			2,275						10,092						2,283						10,019
Issuances			78						289						83						461
Interest accrual			65						299						64						288
Benefit payments			(152)						(576)						(143)						(537)
Ending balance at original discount rate (1)			2,266						10,104						2,287						10,231
Effect of cumulative changes in discount
rate assumptions			(147)						14						(344)						(832)
Balance as of end-of-period			$	2,119					$	10,118					$	1,943					$	9,399
Net balance as of end-of-period			$	2,119					$	3,938					$	1,943					$	3,538
Less: reinsurance recoverables (2)			1,578						388						3						450
Net balance as of end-of-period, net of reinsurance			$	541					$	3,550					$	1,940					$	3,088
Weighted-average duration of future policyholder
benefit liability (years)			9						9						9						9

(1) Includes deferred profit liability within Payout Annuities of $60 million and $38 million as of September 30, 2024 and 2023, respectively.

(2) Increase in Payout Annuities reinsurance recoverables driven by the fourth quarter 2023 reinsurance transaction. See Note 7 for additional information.

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For the nine months ended September 30, 2024, Payout Annuities did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review, and Traditional Life had a favorable cash flow assumption impact from updates to mortality assumptions, partially offset by an unfavorable impact from updates to policyholder behavior assumptions. For the nine months ended September 30, 2024, Payout Annuities and Traditional Life did not have any significantly different actual experience compared to expected.

For the nine months ended September 30, 2023, Payout Annuities had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to mortality assumptions, and Traditional Life had a favorable cash flow assumption impact from updates to mortality assumptions, partially offset by an unfavorable impact from updates to policyholder lapse behavior assumptions. For the nine months ended September 30, 2023, Payout Annuities and Traditional Life did not have any significantly different actual experience compared to expected.

The following table summarizes the discounted and undiscounted expected future gross premiums and expected future benefit payments (in millions):

			As of September 30, 2024												As of September 30, 2023
			Undiscounted						Discounted						Undiscounted						Discounted
Payout Annuities
Expected future gross premiums			$	–					$	–					$	–					$	–
Expected future benefit payments			3,437						2,119						3,553						1,943
Traditional Life
Expected future gross premiums			14,126						9,964						14,070						9,294
Expected future benefit payments			14,377						10,118						14,579						9,399

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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Payout Annuities
Gross premiums			$	40					$	16					$	84					$	88
Interest accretion			22						21						65						64
Traditional Life
Gross premiums			311						310						942						937
Interest accretion			37						35						111						106

The following table summarizes the weighted-average interest rates:

			For the Nine Months Ended September 30,
			2024						2023
Payout Annuities
Interest accretion rate			4.0		%				3.9		%
Current discount rate			4.7		%				5.8		%
Traditional Life
Interest accretion rate			5.0		%				5.0		%
Current discount rate			4.4		%				5.6		%

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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 Nine Months Ended September 30,
			2024						2023
Balance as of beginning-of-year			$	5,689					$	5,462
Less: Effect of cumulative changes in discount
rate assumptions			(490)						(597)
Beginning balance at original discount rate			6,179						6,059
Effect of changes in cash flow assumptions			(2)						(27)
Effect of actual variances from expected experience			(278)						(233)
Adjusted beginning-of-year balance			5,899						5,799
New incidence			1,236						1,267
Interest			138						122
Benefit payments			(1,125)						(1,095)
Ending balance at original discount rate			6,148						6,093
Effect of cumulative changes in discount
rate assumptions			(375)						(720)
Balance as of end-of-period			5,773						5,373
Less: reinsurance recoverables			120						117
Balance as of end-of-period, net of reinsurance			$	5,653					$	5,256
Weighted-average duration of liability for future
claims (years)			5						5

For the nine months ended September 30, 2024, we did not have a significant cash flow assumption impact to net income (loss) attributable to the annual assumption review. For the nine months ended September 30, 2024, we experienced more favorable reported incidence and claim terminations than assumed.

For the nine months ended September 30, 2023, we had a favorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to long-term disability and life waiver claim termination rate assumptions, partially offset by unfavorable impacts from updates to long-term disability social security offset assumptions. For the nine months ended September 30, 2023, we experienced more favorable reported incidence and claim terminations than assumed.

The following table summarizes the discounted and undiscounted expected future benefit payments (in millions):

			As of September 30, 2024												As of September 30, 2023
			Undiscounted						Discounted						Undiscounted						Discounted
Group Protection
Expected future benefit payments			$	7,154					$	5,773					$	7,148					$	5,373

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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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Group Protection
Gross premiums			$	887					$	874					$	2,676					$	2,645
Interest accretion			45						39						138						122

The following table summarizes the weighted-average interest rates:

			For the Nine Months Ended September 30,
			2024						2023
Group Protection
Interest accretion rate			3.3		%				3.0		%
Current discount rate			4.4		%				5.7		%

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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 Nine Months Ended September 30,
			2024						2023
Balance as of beginning-of-year			$	15,000					$	14,818
Less: Effect of cumulative changes in shadow
balance in AOCI			(2,222)						(905)
Balance as of beginning-of-year, excluding
shadow balance in AOCI			17,222						15,723
Effect of changes in cash flow assumptions			244						173
Effect of actual variances from expected experience			170						(28)
Adjusted beginning-of-year balance			17,636						15,868
Interest accrual			639						573
Net assessments collected			860						895
Benefit payments			(718)						(473)
Balance as of end-of-period, excluding shadow
balance in AOCI			18,417						16,863
Effect of cumulative changes in shadow
balance in AOCI			(1,863)						(897)
Balance as of end-of-period			16,554						15,965
Less: reinsurance recoverables (1)			5,139						654
Balance as of end-of-period, net of reinsurance			$	11,415					$	15,311
Weighted-average duration of additional liabilities
for other insurance benefits (years)			16						17

(1) Increase in reinsurance recoverables driven by the fourth quarter 2023 reinsurance transaction, for certain blocks of in-force ULSG. See Note 7 for additional information.

For the nine months ended September 30, 2024, we had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review impacting reinsured blocks of MoneyGuard® business for updates to policyholder behavior and mortality assumptions that were partially offset by updates to capital market assumptions. For the nine months ended September 30, 2024, we had unfavorable actual mortality experience compared to expected on reinsured and retained business.

For the nine months ended September 30, 2023, we had an unfavorable cash flow assumption impact to net income (loss) attributable to the annual assumption review from updates to policyholder lapse behavior assumptions, partially offset by a favorable impact from updates to interest rate assumptions. For the nine months ended September 30, 2023, we did not have any significantly different actual experience compared to expected.

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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
UL and Other
Gross assessments			$	732					$	337					$	2,177					$	1,794
Interest accretion			218						197						639						573

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The following table summarizes the weighted-average interest rates:

			For the Nine Months Ended September 30,
			2024						2023
UL and Other
Interest accretion rate			5.4		%				5.1		%

12. Debt

Changes in debt (in millions) were as follows:

			For the Nine Months Ended September 30,
			2024
Balance as of beginning-of-year			$	5,949
Issuance of 5.852% Senior Notes due 2034			350
Partial repayment of variable-rate term loan, due 2024 (1)			(100)
Unamortized debt issuance costs			(1)
Unamortized adjustments from discontinued hedges			(12)
Fair value hedge on interest rate swap agreements			11
Balance as of end-of-period			$	6,197

(1) In July 2024, we refinanced our $250 million variable-rate term loan due 2024 into a $150 million variable-rate term loan due July 16, 2027. The term loan uses a Secured Overnight Financing Rate (“SOFR”)-based interest rate, plus transition spread of 10 basis points and credit spread of 137.5 basis points.

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13. Fair Value of Financial Instruments

The carrying values and estimated fair values of our financial instruments (in millions) were as follows:

			As of September 30, 2024												As of December 31, 2023
			Carrying Value						Fair Value						Carrying Value						Fair Value
Assets
Fixed maturity AFS securities			$	90,682					$	90,682					$	88,738					$	88,738
Trading securities			2,206						2,206						2,359						2,359
Equity securities			293						293						306						306
Mortgage loans on real estate			20,856						19,945						18,963						17,407
Derivative investments			9,522						9,522						6,474						6,474
Other investments			5,743						5,743						5,015						5,015
Cash and invested cash			6,013						6,013						3,365						3,365
MRB assets			4,565						4,565						3,894						3,894
Other assets:
Ceded MRBs			2						2						2						2
Indexed annuity ceded embedded derivatives			1,132						1,132						940						940
Separate account assets			171,483						171,483						158,257						158,257
Liabilities
Policyholder account balances:
Account balances of certain investment contracts			(45,822)						(35,885)						(44,640)						(34,041)
RILA, fixed annuity and IUL contracts			(12,270)						(12,270)						(9,077)						(9,077)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives			(668)						(668)						(552)						(552)
MRB liabilities			(1,272)						(1,272)						(1,716)						(1,716)
Short-term debt			(300)						(297)						(250)						(249)
Long-term debt			(5,897)						(5,370)						(5,699)						(5,182)
Other liabilities:
Ceded MRBs			(341)						(341)						(239)						(239)
Derivative liabilities			(85)						(85)						(356)						(356)
Remaining guaranteed interest and similar contracts			(355)						(355)						(411)						(411)

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value

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 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.

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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.

Separate Account Assets

Separate account assets are primarily carried at fair value. A portion of our separate account assets includes LPs, which are accounted for using the equity method of accounting. The carrying value is based on our proportional share of the net assets of the LPs and approximates fair value. The inputs used to measure the fair value of the separate account asset LPs are classified as Level 3 within the fair value hierarchy.

Policyholder Account Balances

Policyholder account balances include account balances of certain investment contracts. The fair value of the account balances of certain investment contracts is based on their approximate surrender value 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.

Other Liabilities

Other liabilities include remaining guaranteed interest and similar contracts. The fair value for the remaining guaranteed interest and similar contracts is estimated using discounted cash flow calculations as of the balance sheet date. These calculations are based on interest rates currently offered on similar contracts with maturities that are consistent with those remaining for the contracts being valued. As of September 30, 2024, and December 31, 2023, the remaining guaranteed interest and similar contracts carrying value approximated fair value. The inputs used to measure the fair value of these other liabilities are classified as Level 3 within the fair value hierarchy.

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.

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.

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 September 30,						As of December 31,
			2024						2023
Fair value			$	263					$	288
Aggregate contractual principal			297						326

For information on current and past due composition and accruing status for loans where we have elected the fair value option, see Note 3.

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Financial Instruments Carried at Fair Value

We did not have any assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2024, or December 31, 2023.

The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

			As of September 30, 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			$	–					$	67,568					$	2,666					$	70,234
U.S. government bonds			378						20						–						398
State and municipal bonds			–						2,567						–						2,567
Foreign government bonds			–						252						–						252
RMBS			–						1,869						13						1,882
CMBS			–						1,622						21						1,643
ABS			–						11,343						2,101						13,444
Hybrid and redeemable preferred securities			51						134						77						262
Trading securities			–						1,932						274						2,206
Equity securities			–						258						35						293
Mortgage loans on real estate			–						–						263						263
Derivative investments (1)			–						16,134						9						16,143
Other investments – short-term investments			–						209						20						229
Cash and invested cash			–						6,013						–						6,013
MRB assets			–						–						4,565						4,565
Other assets:
Ceded MRBs			–						–						2						2
Indexed annuity ceded embedded derivatives			–						–						1,132						1,132
Separate account assets			403						171,080						–						171,483
Total assets			$	832					$	281,001					$	11,178					$	293,011
Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts			$	–					$	–					$	(12,270)					$	(12,270)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives			–						(1,125)						457						(668)
MRB liabilities			–						–						(1,272)						(1,272)
Other liabilities:
Ceded MRBs			–						–						(341)						(341)
Derivative liabilities (1)			–						(6,696)						(10)						(6,706)
Total liabilities			$	–					$	(7,821)					$	(13,436)					$	(21,257)

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			As of December 31, 2023
			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			$	–					$	67,160					$	2,497					$	69,657
U.S. government bonds			374						19						–						393
State and municipal bonds			–						2,785						5						2,790
Foreign government bonds			–						283						–						283
RMBS			–						1,760						13						1,773
CMBS			–						1,416						8						1,424
ABS			–						10,687						1,484						12,171
Hybrid and redeemable preferred securities			46						153						48						247
Trading securities			–						2,075						284						2,359
Equity securities			1						263						42						306
Mortgage loans on real estate			–						–						288						288
Derivative investments (1)			–						10,874						622						11,496
Other investments – short-term investments			–						233						–						233
Cash and invested cash			–						3,365						–						3,365
MRB assets			–						–						3,894						3,894
Other assets:
Ceded MRBs			–						–						2						2
Indexed annuity ceded embedded derivatives			–						–						940						940
Separate account assets			402						157,855						–						158,257
Total assets			$	823					$	258,928					$	10,127					$	269,878
Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts			$	–					$	–					$	(9,077)					$	(9,077)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives			–						237						(789)						(552)
MRB liabilities			–						–						(1,716)						(1,716)
Other liabilities:
Ceded MRBs			–						–						(239)						(239)
Derivative liabilities (1)			–						(4,792)						(586)						(5,378)
Total liabilities			$	–					$	(4,555)					$	(12,407)					$	(16,962)

(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 September 30, 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			$	2,581					$	(1)					$	43					$	50					$	(7)					$	2,666
RMBS			18						–						–						–						(5)						13
CMBS			23						–						–						14						(16)						21
ABS			1,997						–						50						232						(178)						2,101
Hybrid and redeemable preferred
securities			50						–						1						16						10						77
Trading securities			273						7						–						(6)						–						274
Equity securities			38						–						–						1						(4)						35
Mortgage loans on real estate			258						2						4						(1)						–						263
Derivative investments			(8)						6						–						1						–						(1)
Other investments (4)			–						–						–						10						10						20
Other assets:
Ceded MRBs (3)			2						–						–						–						–						2
Indexed annuity ceded embedded
derivatives (4)			967						191						–						(26)						–						1,132
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)			(11,417)						(898)						–						45						–						(12,270)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)			(204)						661						–						–						–						457
Other liabilities – ceded MRBs (3)			(344)						3						–						–						–						(341)
Total, net			$	(5,766)					$	(29)					$	98					$	336					$	(190)					$	(5,551)

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			For the Three Months Ended September 30, 2023
															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			$	2,366					$	(4)					$	(14)					$	105					$	(43)					$	2,410
State and municipal bonds			36						(4)						1						–						–						33
RMBS			6						–						(1)						–						7						12
ABS			1,208						–						(5)						247						(113)						1,337
Hybrid and redeemable preferred
securities			60						–						1						–						(13)						48
Trading securities			351						(3)						–						(4)						6						350
Equity securities			125						12						–						–						–						137
Mortgage loans on real estate			404						2						(3)						(88)						–						315
Derivative investments			31						(26)						–						8						–						13
Other assets:
Ceded MRBs (3)			2						–						–						–						–						2
Indexed annuity ceded embedded
derivatives (4)			603						(49)						–						32						–						586
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)			(7,600)						621						–						(195)						–						(7,174)
Other liabilities – ceded MRBs (3)			(293)						(12)						–						–						–						(305)
Total, net			$	(2,701)					$	537					$	(21)					$	105					$	(156)					$	(2,236)

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						For the Nine Months Ended September 30, 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								$	1								$	25								$	264								$	(121)								$	2,666
State and municipal bonds						5									–									–									–									(5)									–
RMBS						13									–									(1)									6									(5)									13
CMBS						8									–									–									29									(16)									21
ABS						1,484									–									55									798									(236)									2,101
Hybrid and redeemable preferred
securities						48									–									3									16									10									77
Trading securities						284									7									–									(17)									–									274
Equity securities						42									(3)									–									–									(4)									35
Mortgage loans on real estate						288									6									5									(36)									–									263
Derivative investments						36									11									–									3									(51)									(1)
Other investments (4)						–									–									–									10									10									20
Other assets:
Ceded MRBs (3)						2									–									–									–									–									2
Indexed annuity ceded embedded
derivatives (4)						940									238									–									(46)									–									1,132
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)						(9,077)									(2,915)									–									(278)									–									(12,270)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)						(789)									1,246									–									–									–									457
Other liabilities – ceded MRBs (3)						(239)									(102)									–									–									–									(341)
Total, net						$	(4,458)								$	(1,511)								$	87								$	749								$	(418)								$	(5,551)

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						For the Nine Months Ended September 30, 2023
																								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						$	2,295								$	1								$	(13)								$	130								$	(3)								$	2,410
State and municipal bonds						35									(4)									3									(1)									–									33
RMBS						1									–									(1)									5									7									12
CMBS						–									–									–									(4)									4									–
ABS						1,117									–									(3)									567									(344)									1,337
Hybrid and redeemable preferred
securities						49									–									(2)									(2)									3									48
Trading securities						581									(1)									–									(236)									6									350
Equity securities						153									(17)									–									1									–									137
Mortgage loans on real estate						487									–									2									(174)									–									315
Derivative investments						2									(28)									–									8									31									13
Other assets:
Ceded MRBs (3)						12									(10)									–									–									–									2
Indexed annuity ceded embedded
derivatives (4)						525									(37)									–									98									–									586
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)						(4,783)									(1,669)									–									(722)									–									(7,174)
Other liabilities – ceded MRBs (3)						(205)									(100)									–									–									–									(305)
Total, net						$	269								$	(1,865)								$	(14)								$	(330)								$	(296)								$	(2,236)

(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 September 30, 2024
			Issuances						Sales						Maturities						Settlements						Calls						Total
Investments:
Fixed maturity AFS securities:
Corporate bonds			$	281					$	(61)					$	–					$	(170)					$	–					$	50
CMBS			14						–						–						–						–						14
ABS			402						(20)						–						(104)						(46)						232
Hybrid and redeemable preferred
securities			16						–						–						–						–						16
Trading securities			1						–						–						(7)						–						(6)
Equity securities			1						–						–						–						–						1
Mortgage loans on real estate			–						–						–						(1)						–						(1)
Derivative investments			–						–						1						–						–						1
Other investments			10						–						–						–						–						10
Other assets – indexed annuity ceded
embedded derivatives			51						–						–						(77)						–						(26)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts			(317)						–						–						362						–						45
Total, net			$	459					$	(81)					$	1					$	3					$	(46)					$	336

			For the Three Months Ended September 30, 2023
			Issuances						Sales						Maturities						Settlements						Calls						Total
Investments:
Fixed maturity AFS securities:
Corporate bonds			$	178					$	(28)					$	–					$	(45)					$	–					$	105
ABS			279						–						–						(32)						–						247
Trading securities			–						–						–						(4)						–						(4)
Mortgage loans on real estate			1						–						–						(89)						–						(88)
Derivative investments			9						–						(1)						–						–						8
Other assets – indexed annuity ceded
embedded derivatives			28						–						–						4						–						32
Policyholder account balances –
RILA, fixed annuity and
IUL contracts			(231)						–						–						36						–						(195)
Total, net			$	264					$	(28)					$	(1)					$	(130)					$	–					$	105

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						For the Nine Months Ended September 30, 2024
						Issuances									Sales									Maturities									Settlements									Calls									Total
Investments:
Fixed maturity AFS securities:
Corporate bonds						$	922								$	(260)								$	(2)								$	(395)								$	(1)								$	264
RMBS						6									–									–									–									–									6
CMBS						29									–									–									–									–									29
ABS						1,128									(50)									–									(223)									(57)									798
Hybrid and redeemable preferred
securities						16									–									–									–									–									16
Trading securities						6									(2)									–									(21)									–									(17)
Equity securities						1									(1)									–									–									–									–
Mortgage loans on real estate						1									(31)									–									(6)									–									(36)
Derivative investments						4									–									(1)									–									–									3
Other investments						10									–									–									–									–									10
Other assets – indexed annuity ceded
embedded derivatives						103									–									–									(149)									–									(46)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts						(849)									–									–									571									–									(278)
Total, net						$	1,377								$	(344)								$	(3)								$	(223)								$	(58)								$	749

						For the Nine Months Ended September 30, 2023
						Issuances									Sales									Maturities									Settlements									Calls									Total
Investments:
Fixed maturity AFS securities:
Corporate bonds						$	587								$	(65)								$	(34)								$	(347)								$	(11)								$	130
State and municipal bonds						–									(1)									–									–									–									(1)
RMBS						5									–									–									–									–									5
CMBS						–									–									–									(4)									–									(4)
ABS						736									(2)									–									(167)									–									567
Hybrid and redeemable preferred
securities						–									–									–									–									(2)									(2)
Trading securities						–									(155)									–									(81)									–									(236)
Equity securities						1									–									–									–									–									1
Mortgage loans on real estate						5									–									–									(179)									–									(174)
Derivative investments						9									–									(1)									–									–									8
Other assets – indexed annuity ceded
embedded derivatives						112									–									–									(14)									–									98
Policyholder account balances –
RILA, fixed annuity and
IUL contracts						(846)									–									–									124									–									(722)
Total, net						$	609								$	(223)								$	(35)								$	(668)								$	(13)								$	(330)

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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 September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Trading securities (1)						$	7								$	(3)					$	6					$	(2)
Equity securities (1)						–									12						(2)						(17)
Mortgage loans on real estate (1)						2									2						(2)						(1)
Derivative investments (1)						5									(25)						14						(27)
MRBs (2)						(665)									1,415						1,357						2,783
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)						661									–						1,246						–
Embedded derivatives – indexed annuity
and IUL contracts (1)						23									(4)						755						(223)
Total, net						$	33								$	1,397					$	3,374					$	2,513

(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 September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Fixed maturity AFS securities:
Corporate bonds						$	43								$	(19)					$	2					$	(21)
State and municipal bonds						–									2						–						3
RMBS						1									(1)						–						(1)
ABS						47									(5)						27						(4)
Hybrid and redeemable preferred
securities						1									–						2						(2)
Mortgage loans on real estate						4									(3)						5						1
Total, net						$	96								$	(26)					$	36					$	(24)

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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 September 30, 2024																		For the Three Months Ended September 30, 2023
			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			$	–					$	(7)					$	(7)					$	36					$	(79)					$	(43)
RMBS			–						(5)						(5)						12						(5)						7
CMBS			–						(16)						(16)						–						–						–
ABS			–						(178)						(178)						–						(113)						(113)
Hybrid and redeemable preferred
securities			10						–						10						–						(13)						(13)
Trading securities			–						–						–						6						–						6
Equity securities			–						(4)						(4)						–						–						–
Other investments			10						–						10						–						–						–
Total, net			$	20					$	(210)					$	(190)					$	54					$	(210)					$	(156)

						For the Nine Months Ended September 30, 2024																					For the Nine Months Ended September 30, 2023
						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								$	(143)								$	(121)								$	195								$	(198)								$	(3)
RMBS						–									(5)									(5)									12									(5)									7
CMBS						–									(16)									(16)									4									–									4
State and municipal bonds						–									(5)									(5)									–									–									–
ABS						50									(286)									(236)									2									(346)									(344)
Hybrid and redeemable preferred
securities						10									–									10									16									(13)									3
Trading securities						–									–									–									6									–									6
Equity securities						–									(4)									(4)									–									–									–
Derivative investments						–									(51)									(51)									31									–									31
Other investments						10									–									10									–									–									–
Total, net						$	92								$	(510)								$	(418)								$	266								$	(562)								$	(296)

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 and nine months ended September 30, 2024 and 2023, 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 September 30, 2024:

																																							Weighted
			Fair						Valuation						Significant						Assumption or																		Average Input
			Value						Technique						Unobservable Inputs						Input Ranges																		Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds			$	183					Discounted cash flow						Liquidity/duration adjustment (2)						0		%				–						4.2		%				2.0		%
ABS			11						Discounted cash flow						Liquidity/duration adjustment (2)						1.5		%				–						1.5		%				1.5		%
CMBS			8						Discounted cash flow						Liquidity/duration adjustment (2)						2.1		%				—						2.1		%				2.1		%
Hybrid and redeemable
preferred securities			24						Discounted cash flow						Liquidity/duration adjustment (2)						1.4		%				–						2.0		%				1.8		%
Equity securities			5						Discounted cash flow						Liquidity/duration adjustment (2)						4.5		%				–						4.5		%				4.5		%
MRB assets			4,565
Other assets – ceded MRBs			2						Discounted cash flow						Lapse (3)						1		%				–						30		%				(10)
															Utilization of GLB withdrawals (4)						85		%				–						100		%				94		%
															Claims utilization factor (5)						60		%				–						100		%				(10)
															Premiums utilization factor (5)						80		%				–						115		%				(10)
															Non-performance risk (6)						0.27		%				–						2.24		%				1.81		%
															Mortality (7)																		(9)						(10)
															Volatility (8)						1		%				–						29		%				14.47		%
Other assets – indexed
annuity ceded embedded
derivatives			1,132						Discounted cash flow						Lapse (3)						0		%				–						9		%				(10)
															Mortality (7)																		(9)						(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives			$	(12,176)					Discounted cash flow						Lapse (3)						0		%				–						9		%				(10)
															Mortality (7)																		(9)						(10)
MRB liabilities			(1,272)
Other liabilities – ceded
MRBs			(341)						Discounted cash flow						Lapse (3)						1		%				–						30		%				(10)
															Utilization of GLB withdrawals (4)						85		%				–						100		%				94		%
															Claims utilization factor (5)						60		%				–						100		%				(10)
															Premiums utilization factor (5)						80		%				–						115		%				(10)
															Non-performance risk (6)						0.27		%				–						2.24		%				1.81		%
															Mortality (7)																		(9)						(10)
															Volatility (8)						1		%				–						29		%				14.47		%

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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, 2023:

																																							Weighted
			Fair						Valuation						Significant						Assumption or																		Average Input
			Value						Technique						Unobservable Inputs						Input Ranges																		Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds			$	186					Discounted cash flow						Liquidity/duration adjustment (2)						(0.2)		%				–						3.7		%				2.1		%
State and municipal
bonds			5						Discounted cash flow						Liquidity/duration adjustment (2)						0.9		%				–						2.2		%				2.1		%
CMBS			8						Discounted cash flow						Liquidity/duration adjustment (2)						2.3		%				–						2.3		%				2.3		%
ABS			12						Discounted cash flow						Liquidity/duration adjustment (2)						1.8		%				–						1.8		%				1.8		%
Hybrid and redeemable
preferred securities			7						Discounted cash flow						Liquidity/duration adjustment (2)						1.4		%				–						1.5		%				1.5		%
Equity securities			5						Discounted cash flow						Liquidity/duration adjustment (2)						4.5		%				–						4.5		%				4.5		%
MRB assets			3,894
Other assets – ceded MRBs			2						Discounted cash flow						Lapse (3)						1		%				–						30		%				(10)
															Utilization of GLB withdrawals (4)						85		%				–						100		%				94		%
															Claims utilization factor (5)						60		%				–						100		%				(10)
															Premiums utilization factor (5)						80		%				–						115		%				(10)
															Non-performance risk (6)						0.51		%				–						2.13		%				1.78		%
															Mortality (7)																		(9)						(10)
															Volatility (8)						1		%				–						29		%				13.92		%
Other assets – indexed
annuity ceded embedded
derivatives			940						Discounted cash flow						Lapse (3)						0		%				–						9		%				(10)
															Mortality (7)																		(9)						(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives			$	(9,013)					Discounted cash flow						Lapse (3)						0		%				–						9		%				(10)
															Mortality (7)																		(9)						(10)
MRB liabilities			(1,716)
Other liabilities – ceded
MRBs			(239)						Discounted cash flow						Lapse (3)						1		%				–						30		%				(10)
															Utilization of GLB withdrawals (4)						85		%				–						100		%				94		%
															Claims utilization factor (5)						60		%				–						100		%				(10)
															Premiums utilization factor (5)						80		%				–						115		%				(10)
															Non-performance risk (6)						0.51		%				–						2.13		%				1.78		%
															Mortality (7)																		(9)						(10)
															Volatility (8)						1		%				–						29		%				13.92		%

(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.

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(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.

(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.

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 Sheet. 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 Sheet.

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.

14. Contingencies and Commitments

Contingencies

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.

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, registered investment advisers and

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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 September 30, 2024.

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 September 30, 2024, 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 The Lincoln National Life Insurance Company (“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

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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. 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, 2024, we had accrued the total provisional settlement amount of $147.5 million, pre-tax.

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. 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.

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. 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. 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.

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On May 7, 2024, the U.S. District Court for the Eastern District of Pennsylvania consolidated for all purposes four previously disclosed civil actions: 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; LSH CO, et al. v. Lincoln National Corp., et al., No. 18-cv-05529-GJP (E.D. Pa.), filed on December 21, 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), and one additional pending civil action, Conestoga Trust, et al. v. Lincoln National Corp., et al., No. 18-cv-02379-GJP (E.D. Pa.), filed on June 6, 2018. 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 LSH Co. and 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 and LSH Co., in 2016 and 2017). We are vigorously defending these consolidated matters.

Other Litigation

Andrew Nitkewicz v. Lincoln Life & Annuity Company of New York, pending in the U.S. District Court for the Southern District of New York, No. 1:20-cv-06805, is a putative class action that was filed on August 24, 2020. Plaintiff Andrew Nitkewicz, as trustee of the Joan C. Lupe Trust, seeks to represent all current and former owners of universal life (including variable universal life) policies who own or owned policies issued by LLANY and its predecessors in interest that were in force at any time on or after June 27, 2013, and for which planned annual, semi-annual, or quarterly premiums were paid for any period beyond the end of the policy month of the insured’s death. Plaintiff alleges LLANY failed to refund unearned premium in violation of New York Insurance Law Section 3203(a)(2) in connection with the payment of death benefit claims for certain insurance policies. Plaintiff seeks compensatory damages and pre-judgment interest on behalf of the various classes and sub-class. On July 2, 2021, the court granted, with prejudice, LLANY’s November 2020 motion to dismiss this matter. Plaintiff filed a notice of appeal on July 28, 2021, and on September 26, 2022, the U.S. Court of Appeals for the Second Circuit reserved its decision and certified a question to the New York Court of Appeals. On October 20, 2022, the New York Court of Appeals accepted the question. On October 19, 2023, the New York Court of Appeals answered the question in LLANY’s favor and transmitted the decision to the U.S. Court of Appeals for the Second Circuit. Plaintiff sought, and was granted, supplemental briefing before the U.S. Court of Appeals for the Second Circuit with respect to certain aspects of the New York Court of Appeals’ decision. The supplemental briefing was completed January 23, 2024. On August 8, 2024, the U.S. Court of Appeals for the Second Circuit affirmed the District Court’s decision dismissing the case. We are vigorously defending this matter.

Henry Morgan et al. v. Lincoln National Corporation d/b/a Lincoln Financial Group, et al, filed in the District Court of the 14th 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 14th 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 securities between November 4, 2020, and November 2, 2022, inclusive. 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 putative class period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations and prospects. Plaintiff alleges that 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, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. The action seeks unspecified compensatory damages and attorney’s fees and costs. We are vigorously defending this matter.

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Lawrence 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, pending in the U.S. District Court for the Eastern District of Pennsylvania, is a complaint that was filed on June 20, 2024. Plaintiff Lawrence Hollin brings this verified stockholder derivative complaint purportedly on behalf of Nominal Defendant Lincoln National Corporation against the Individual Defendants, inter alia, for alleged breaches of fiduciary duties between at least November 4, 2020, and November 2, 2022 inclusive, and for alleged 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. Plaintiff Hollin alleges claims against the Individual Defendants for violations of section 14(a) of the Exchange Act, 15 U.S.C. section 78n(a) and Rule 14a-9 (17 C.F.R. section 240.14a-9); for breach of fiduciary duties; for aiding and abetting breach of fiduciary duty; for unjust enrichment; and for waste of corporate assets. Plaintiff Hollin alleges 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. Plaintiff Hollin alleges that the Company thereby suffered loss, injury, and damage. Among other relief, the action seeks, in favor of the Company, damages sustained by the Company, punitive damages and attorney’s fees and costs. On September 26, 2024, the court entered an order that, among other things, this case and the Wiersum case (discussed below) be consolidated for all purposes under the matter name In Re. Lincoln National Corporation Stockholder Derivative Litigation (No.: 2:24-cv-02713) and that all proceedings and deadlines in this matter 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. The Individual Defendants are vigorously defending this matter.

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, pending in the U.S. District Court for the Eastern District of Pennsylvania, is a complaint that was filed on July 23, 2024. Plaintiff Robert R. Wiersum brings this verified stockholder derivative complaint purportedly on behalf of Nominal Defendant Lincoln National Corporation against the Individual Defendants, inter alia, for alleged breaches of fiduciary duties between at least November 4, 2020, and the date of the filing, inclusive, and for alleged 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. Plaintiff Wiersum alleges claims against the Individual Defendants for violations of section 14(a) of the Exchange Act, 15 U.S.C. section 78n(a) and Rule 14a-9 (17 C.F.R. section 240.14a-9); for breach of fiduciary duties; for unjust enrichment; and for waste of corporate assets. Plaintiff Wiersum alleges 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. Plaintiff Wiersum alleges that the Company thereby suffered loss, injury, and damage. Among other relief, the action seeks, in favor of the Company, damages sustained by the Company and attorney’s fees and costs. On September 26, 2024, the court entered an order that, among other things, this case and the Hollin case (discussed above) be consolidated for all purposes under the matter name In Re. Lincoln National Corporation Stockholder Derivative Litigation (No.: 2:24-cv-02713) and that all proceedings and deadlines in this matter 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. 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. Plaintiffs Kelly Grink and Diane Trump 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 who invested in the plan’s 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 Lincoln acted as a fiduciary with respect to the fixed annuity investment option and was a party in interest to a prohibited transaction under ERISA. The action seeks unspecified relief against Lincoln. 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

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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 began in October 2024 and is scheduled to continue in November 2024. We are vigorously defending this matter.

15. Shares and Stockholders’ Equity

Preferred Shares

Preferred stock authorized, issued and outstanding (number of shares) was as follows:

			As of September 30, 2024																		As of December 31, 2023
			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 September 30,
			2024												2023
			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

						For the Nine Months Ended September 30,
						2024															2023
						Dividend									Aggregate									Dividend									Aggregate
Series						Per Share									Dividend									Per Share									Dividend
Series C						$	2,312.50								$	46								$	1,792.19								$	36
Series D						1,687.50									34									1,743.75									35
Total						$	4,000.00								$	80								$	3,535.94								$	71

Common Shares

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

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024									2023
Common Stock
Balance as of beginning-of-period			170,188,487						169,630,880						169,666,137									169,220,511
Stock compensation/issued for benefit   plans			152,980						27,391						675,330									437,760
Balance as of end-of-period			170,341,467						169,658,271						170,341,467									169,658,271

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 September 30,																		For the Nine Months Ended September 30,
			2024						2023												2024									2023
Net income (loss) available to common stockholders – basic			$	(562)					$	819											$	1,508								$	412
Net income (loss) available to common stockholders – diluted			$	(562)					$	819											$	1,511								$	410
Weighted-average shares, as used in basic calculation			170,773,438						169,645,881												170,482,264									169,529,509
Incremental common shares from assumed exercise or
issuance of stock-based incentive compensation awards			2,075,432						623,039												1,575,034									507,752
Average deferred compensation shares			—						621,582												710,256									588,183
Weighted-average shares, as used in diluted calculation (1)			172,848,870						170,890,502												172,767,554									170,625,444
Net income (loss) per share:
Basic			$	(3.29)					$	4.82											$	8.85								$	2.43
Diluted			(3.29)						4.79												8.75									2.40

(1) Due to reporting a net loss for the three months ended September 30, 2024, 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.

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. The mark-to-market adjustment of these deferred units excluded from our diluted EPS calculation was less than $1 million for the three months ended September 30, 2023, and $(3) million and $2 million for the nine months ended September 30, 2024 and 2023, respectively.

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AOCI

The following summarizes the components and changes in AOCI (in millions):

			For the Nine Months Ended September 30,
			2024						2023
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain
Other Investments
Balance as of beginning-of-year			$	(5,188)					$	(8,916)
Unrealized holding gains (losses) arising during the period			1,555						(3,405)
Change in foreign currency exchange rate adjustment			124						(21)
Change in future contract benefits and policyholder account balances,
net of reinsurance			(382)						27
Income tax benefit (expense)			(276)						707
Less:
Reclassification adjustment for gains (losses) included in net income (loss)			(163)						(1,145)
Income tax benefit (expense)			34						240
Balance as of end-of-period			$	(4,038)					$	(10,703)
Unrealized Gain (Loss) on Derivative Instruments
Balance as of beginning-of-year			$	375					$	388
Unrealized holding gains (losses) arising during the period			305						231
Change in foreign currency exchange rate adjustment			(121)						30
Income tax benefit (expense)			(39)						(55)
Less:
Reclassification adjustment for gains (losses) included in net income (loss)			60						68
Income tax benefit (expense)			(13)						(14)
Balance as of end-of-period			$	473					$	540
Market Risk Benefit Non-Performance Risk Gain (Loss)
Balance as of beginning-of-year			$	1,070					$	1,741
Adjustment arising during the period			(367)						(944)
Income tax benefit (expense)			78						202
Balance as of end-of-period			$	781					$	999
Policyholder Liability Discount Rate Remeasurement Gain (Loss)
Balance as of beginning-of-year			$	587					$	747
Adjustment arising during the period			(209)						347
Income tax benefit (expense)			44						(73)
Balance as of end-of-period			$	422					$	1,021
Foreign Currency Translation Adjustment
Balance as of beginning-of-year			$	(26)					$	(34)
Foreign currency translation adjustment arising during the period			8						1
Balance as of end-of-period			$	(18)					$	(33)
Funded Status of Employee Benefit Plans
Balance as of beginning-of-year			$	(294)					$	(278)
Adjustment arising during the period			(8)						(26)
Balance as of end-of-period			$	(302)					$	(304)

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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 Nine Months Ended September 30,
			2024						2023
Unrealized Gain (Loss) on Fixed Maturity AFS
Securities and Certain Other Investments
Reclassification			$	(193)					$	(1,175)		Realized gain (loss)
Associated change in future contract benefits			30						30			Benefits
Reclassification before income tax benefit (expense)			(163)						(1,145)			Income (loss) before taxes
Income tax benefit (expense)			34						247			Federal income tax expense (benefit)
Reclassification, net of income tax			$	(129)					$	(898)		Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments
Interest rate contracts			(2)						–			Net investment income
Interest rate contracts			20						22			Interest and debt expense
Foreign currency contracts			41						42			Net investment income
Foreign currency contracts			1						4			Realized gain (loss)
Reclassifications before income tax benefit (expense)			60						68			Income (loss) before taxes
Income tax benefit (expense)			(13)						(14)			Federal income tax expense (benefit)
Reclassifications, net of income tax			$	47					$	54		Net income (loss)

16. Segment Information

We provide products and services and report results through our Annuities, Life Insurance, Group Protection and Retirement Plan Services segments. We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. Our reporting segments reflect the manner by which our CODM views and manages the business. A discussion of these segments and Other Operations is found in Note 20 to the Consolidated Financial Statements in our 2023 Form 10-K.

Segment operating revenues and income (loss) from operations are internal measures used by our management and Board of Directors to evaluate and assess the results of our segments. In the third quarter of 2024, we revised our definition of income (loss) from operations to exclude the impact of certain items that are not indicative of the ongoing operations of the business and may obscure trends in the underlying performance of the Company. The revised definition now excludes, as applicable, certain legal accruals, severance expense related to initiatives that realign the workforce, mark-to-market adjustment related to the LNC stock component of our deferred compensation plans, impacts from the settlement or curtailment of defined benefit obligations and the effect of tax adjustments such as changes to deferred tax valuation allowances from the definition of income (loss) from operations. The presentation of prior period income (loss) from operations has been recast 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 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.

Operating revenues represent GAAP revenues excluding the effects of the following items, as applicable:

•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 and IUL contracts and the associated index options we hold to hedge them (collectively, “revenue adjustments from annuity and life insurance product features”);

•Credit loss-related adjustments;

•Investment gains (losses);

•Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans;

•Revenue adjustments from the initial adoption of new accounting standards;

•Amortization of deferred gains arising from reserve changes on business sold through reinsurance; and

•Gains (losses) on other non-financial assets.

We use our prevailing corporate federal income tax rate of 21%, 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 our consolidated financial statements and federal income tax returns.

The tables below reconcile our segment measures of performance to the GAAP measures presented on the Consolidated Statements of Comprehensive Income (Loss) (in millions):

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Revenues
Operating revenues:
Annuities			$	1,195					$	1,197					$	3,673					$	3,528
Life Insurance			1,589						1,723						4,640						5,241
Group Protection			1,432						1,388						4,299						4,176
Retirement Plan Services			335						327						984						988
Other Operations			52						38						118						127
Revenue adjustments from annuity and
life insurance product features			149						(14)						(325)						(1,908)
Credit loss-related adjustments			(88)						(27)						(124)						(53)
Investment gains (losses) (1)			(105)						(400)						(416)						(1,126)
Changes in the fair value of reinsurance-related embedded
derivatives, trading securities and certain mortgage loans (2)			(446)						(29)						(51)						(27)
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses (3)			(2)						–						582						–
Total revenues			$	4,111					$	4,203					$	13,380					$	10,946

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			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023 (4)						2024						2023 (4)
Net Income (Loss)
Income (loss) from operations:
Annuities			$	301					$	248					$	857					$	794
Life Insurance			22						(173)						(48)						(153)
Group Protection			109						68						318						247
Retirement Plan Services			44						43						120						133
Other Operations			(84)						(102)						(276)						(293)
Net annuity product features, pre-tax			(381)						1,322						1,319						1,076
Net life insurance product features, pre-tax			(125)						108						(253)						(168)
Credit loss-related adjustments, pre-tax			(88)						(27)						(124)						(53)
Investment gains (losses), pre-tax (1)			(105)						(400)						(416)						(1,126)
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and
certain mortgage loans, pre-tax (2)			(446)						(29)						(51)						(27)
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax (3)			(2)						–						582						–
Other items, pre-tax (5) (6) (7) (8)			(19)						(12)						(238)						(23)
Income tax benefit (expense) related to the
above pre-tax items			246						(193)						(202)						76
Net income (loss)			$	(528)					$	853					$	1,588					$	483

(1)    The three and nine months ended September 30, 2023, include impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction. See Notes 3 and 7 for additional information.

(2)    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.

(3)    For information on the sale of our wealth management business, including the statutory capital benefit, see Note 1.

(4)    The prior period presentation has been recast to conform to the revised definition of income (loss) from operations.

(5)    Includes certain legal accruals of $(12) million in the third quarter of 2023 and $(114) million primarily related to the settlement of cost of insurance litigation in the first quarter of 2024.

(6)    Includes severance expense related to initiatives that realign the workforce of $(3) million, $(3) million, $(49) million, $(7) million and $(16) million in the first quarter of 2023, second quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.

(7)    Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(9) million, $(1) million, $(10) million, $(27) million and $(2) million for the second quarter of 2023, third quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.

(8)    Includes deferred compensation mark-to-market adjustment of $12 million, $(8) million, $1 million, $(13) million, $1 million and $(1) million in the first quarter of 2023, second quarter of 2023, third quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.

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Other segment information (in millions) was as follows:

			As of September 30,						As of December 31,
			2024						2023
Assets
Annuities			$	202,827					$	185,599
Life Insurance			115,397						108,932
Group Protection			9,216						9,714
Retirement Plan Services			49,533						46,793
Other Operations			19,867						21,375
Total assets			$	396,840					$	372,413

17. 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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Fixed maturity AFS securities:
Gross gains			$	3					$	1					$	11					$	35
Gross losses			(38)						(3)						(204)						(119)
Credit loss benefit (expense) (1)			(14)						(1)						(40)						(17)
Intent to sell impairments (2)			–						(467)						–						(1,091)
Realized gain (loss) on equity securities (3)			6						8						18						(20)
Credit loss benefit (expense) on mortgage loans on real estate			(47)						(9)						(65)						(16)
Credit loss benefit (expense) on reinsurance-related assets			(27)						(16)						(19)						(20)
Realized gain (loss) on the mark-to-market on certain
instruments (4)(5)			(623)						128						(523)						(147)
Indexed product derivative results (6)			120						4						342						(199)
Derivative results (7)			209						(81)						(258)						(1,454)
Realized gain (loss) on subsidiaries/businesses (8)			(2)						–						582						–
Other realized gain (loss)			(18)						(17)						(45)						(18)
Total realized gain (loss)			$	(431)					$	(453)					$	(201)					$	(3,066)

(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) The three and nine months ended September 30, 2023, include impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction. See Notes 3 and 7 for additional information.

(3) Includes mark-to-market adjustments on equity securities still held of $6 million and $9 million for the three months ended September 30, 2024 and 2023, respectively, and $21 million and $(22) million for the nine months ended September 30, 2024 and 2023, respectively.

(4) Represents changes in the fair values of derivatives we hold as part of VUL hedging, reinsurance-related embedded derivatives and trading securities.

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(5) 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 $2 million for the three months ended September 30, 2024 and 2023, respectively, and $4 million and $1 million for the nine months ended September 30, 2024 and 2023, respectively.

(6) 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.

(7) 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.

(8) For information on the sale of the wealth management business, see Note 1.

18. Federal Income Taxes

The effective tax rate is the ratio of tax expense (benefit) over pre-tax income (loss). The effective tax rate was 25% and 17% for the three and nine months ended September 30, 2024, respectively, compared to 18% and (4)%, respectively, for the corresponding periods in 2023. 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 September 30, 2024, 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 nine months ended September 30, 2024, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of preferential tax items.

For the three months ended September 30, 2023, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of preferential tax items. For the nine months ended September 30, 2023, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of preferential tax items exceeding the tax expense at 21% on pre-tax income.

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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			72
Introduction			73
Executive Summary			73
Summary of Critical Accounting Estimates			75
Results of Consolidated Operations			82
Results of Annuities			84
Results of Life Insurance			89
Results of Group Protection			95
Results of Retirement Plan Services			99
Results of Other Operations			104
Consolidated Investments			106
Liquidity and Capital Resources			118

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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 September 30, 2024, compared with December 31, 2023, and the results of operations for the three and nine months ended September 30, 2024, compared with the corresponding periods in 2023 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”; our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”); and other reports filed with the Securities and Exchange Commission (“SEC”). 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 2023 Form 10-K and “Part II – Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (“Second Quarter 2024 Form 10-Q”).

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 and our captive reinsurance arrangements as well as 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 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 (“ESG”) 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;

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•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;

•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, 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 telecommunication, information technology or other operational systems or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches of our data security 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 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, affect our businesses and increase 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” in our 2023 Form 10-K, “Part II – Item 1A. Risk Factors” in our Second Quarter 2024 Form 10-Q and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our 2023 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 income products and solutions through our four business segments:

•Annuities;

•Life Insurance;

•Group Protection; and

•Retirement Plan Services

We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments. See “Part I – Item 1. Business” in our 2023 Form 10-K for a discussion of our business segments and products.

In this report, in addition to providing consolidated revenues and net income (loss), we also provide segment operating revenues and income (loss) from operations because we believe they are meaningful measures of revenues and the profitability of our operating segments. Operating revenues and income (loss) from operations are the financial performance measures we use to evaluate and assess

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the results of our segments. Accordingly, we define and report operating revenues and income (loss) from operations by segment in Note 16. Our management believes that operating revenues and income (loss) from operations explain the results of our ongoing businesses in a manner that allows for a better understanding of the underlying trends in our current businesses. Certain items are excluded from operating revenue and 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. In addition, we believe that our definitions of operating revenues and income (loss) from operations will provide investors with a more valuable measure of our performance because it better reveals trends in our businesses.

We provide information about our 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, “Part I – Item 1A. Risk Factors” in our 2023 Form 10-K and “Part II – Item 1A. Risk Factors” in our Second Quarter 2024 Form 10-Q.

On May 6, 2024, we closed the previously announced sale of all of the ownership interests in the subsidiaries of the Company that comprised the Company’s wealth management business operated through Lincoln Financial Network (“LFN”) to Osaic Holdings, Inc. (“Osaic”). For additional information on the sale of our wealth management business, see “Liquidity and Capital Resources – Holding Company Sources and Uses of Liquidity and Capital – Subsidiaries’ Capital” below and Note 1.

In June 2024, the Bermuda Monetary Authority issued a Class E license for Lincoln Pinehurst Reinsurance Company (Bermuda) Limited (“LPINE”), a wholly owned subsidiary of LNC that operates as a Bermuda-based life and annuity reinsurance company. For more information, see “Liquidity and Capital Resources – Holding Company Sources and Uses of Liquidity and Capital – Subsidiaries’ Capital” below.

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 2023 Form 10-K, which is further updated by the discussion that follows.

Interest Rate Environment

In September 2024, the Federal Reserve announced it has gained greater confidence that inflation is moving sustainably towards 2% and, as a result, lowered the federal funds rate target range by 50 basis points to a range of 4.75% to 5.00%.

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Summary of Critical Accounting Estimates

The MD&A included in our 2023 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 2023 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 September 30, 2024:

			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			$	429					$	79,547					$	165					$	80,141
Priced by independent broker quotations			–						–						5,073						5,073
Priced by matrices			–						17,665						–						17,665
Priced by other methods (1)			–						–						231						231
Total			$	429					$	97,212					$	5,469					$	103,110
Percent of total			0%						95%						5%						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 2023 Form 10-K and Note 13 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 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 2023 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 2023 Form 10-K.

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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. See “Annual Assumption Review” below for more information. 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. See “Annual Assumption Review” below for more information.

Universal Life Insurance Products with Secondary Guarantees

We issue UL-type contracts where we provide 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. See “Annual Assumption Review” below for more information.

For additional information on future contract benefits, see Note 11.

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 Sheet.

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

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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 September 30, 2024 and 2023, 5% and 27%, 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 September 30, 2024 and 2023, 13% and 33%, 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 September 30,												As of September 30,
			2024						2023						2024						2023
GLB NAR			$	1,236					$	2,929					$	1					$	2
GDB NAR			540						3,696						2						7
Total NAR			1,721						6,256						3						9

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”). 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 13. See “Annual Assumption Review” below for more information.

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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 September 30, 2024, 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						$	(1,000)					$	750
Interest Rates						-25 bps						+25 bps
Hypothetical effect to net income						$	(450)					$	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 September 30, 2024, 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 UL and VUL and investment-type annuity 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 indexed universal life insurance (“IUL”) and indexed annuity 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. See “Annual Assumption Review” below for more information.

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 CodificationTM

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 17.

For additional information on the liability for policyholder account balances, see Note 10.

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

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and update assumptions as needed. See “Annual Assumption Review” below for more information. 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 8 in our 2023 Form 10-K.

Annual Assumption Review

During the third quarter of each year, we conduct our comprehensive review of the assumptions and projection models used in estimating MRBs, our reserves and embedded derivatives. For more information on our comprehensive review, see Note 1 in our 2023 Form 10-K. Details underlying the effect to net income (loss) from our annual assumption review (in millions) were as follows:

			For the Three Months Ended September 30,
			2024						2023
Income (loss) from operations:
Annuities			$	1					$	(12)
Life Insurance			8						(156)
Group Protection			(1)						24
Retirement Plan Services			–						–
Excluded from income (loss) from operations			208						(36)
Net income (loss)			$	216					$	(180)

The impacts of our annual assumption review were driven primarily by the following:

2024

•For Life Insurance, the favorable impact was driven by updates to capital market assumptions on reinsured blocks of MoneyGuard® business and other items, partially offset by unfavorable updates to policyholder behavior assumptions on reinsured blocks of MoneyGuard business.

•For Group Protection, the unfavorable impact was driven by updates to disability claim termination rate assumptions, partially offset by favorable updates to life waiver incurred assumptions.

•For excluded from income (loss) from operations, the favorable impact, related to net annuity product features, was driven by model enhancements.

2023

•For Annuities, the unfavorable impact was driven by updates to mortality assumptions.

•For Life Insurance, the unfavorable impact was driven by updates to policyholder lapse behavior and mortality assumptions, partially offset by the favorable impact of a 50-basis-points increase in our long-term new money investment yield assumption.

•For Group Protection, the favorable impact was driven by updates to long-term disability and life waiver claim termination rate assumptions, partially offset by the unfavorable impact due to updates to long-term disability social security offset assumptions.

•For excluded from income (loss) from operations, the unfavorable impact, related to net annuity product features, was driven by updates to mortality and policyholder lapse behavior assumptions and other items, partially offset by a favorable impact from updates to volatility and policyholder GLB utilization behavior assumptions.

Goodwill

During the fourth quarter of 2024, we will perform our annual quantitative goodwill impairment test as of October 1, 2024, on all of our reporting units. For more information on goodwill, see “Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Introduction – Summary of Critical Accounting Estimates – Goodwill and Other Intangible Assets” and Notes 1 and 9 in our 2023 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

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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 September 30, 2024, we had an approximate $1.5 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 strategy to hold these securities to recovery was 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 2023 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 23 in our 2023 Form 10-K and Note 18 herein.

 

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RESULTS OF CONSOLIDATED OPERATIONS

Details underlying the consolidated results (in millions) were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023 (1)						2024						2023 (1)
Net Income (Loss)
Income (loss) from operations:
Annuities			$	301					$	248					$	857					$	794
Life Insurance			22						(173)						(48)						(153)
Group Protection			109						68						318						247
Retirement Plan Services			44						43						120						133
Other Operations			(84)						(102)						(276)						(293)
Net annuity product features, pre-tax			(381)						1,322						1,319						1,076
Net life insurance product features, pre-tax			(125)						108						(253)						(168)
Credit loss-related adjustments, pre-tax			(88)						(27)						(124)						(53)
Investment gains (losses), pre-tax (2)			(105)						(400)						(416)						(1,126)
Changes in the fair value of reinsurance-related
embedded derivatives, trading securities and
certain mortgage loans, pre-tax (3)			(446)						(29)						(51)						(27)
Gains (losses) on other non-financial assets – sale of
subsidiaries/businesses, pre-tax (4)			(2)						–						582						–
Other items, pre-tax (5) (6) (7) (8)			(19)						(12)						(238)						(23)
Income tax benefit (expense) related to the
above pre-tax items			246						(193)						(202)						76
Net income (loss)			$	(528)					$	853					$	1,588					$	483

(1)    The prior period presentation has been recast to conform to the revised definition of income (loss) from operations. See Note 16 for additional information.

(2)    The three and nine months ended September 30, 2023, include impairments of certain fixed maturity AFS securities in an unrealized loss position, resulting from the Company’s intent to sell these securities as part of the fourth quarter 2023 reinsurance transaction. See Notes 3 and 7 for additional information.

(3)    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.

(4)    For information on the sale of our wealth management business, including the statutory capital benefit, see Note 1.

(5)    Includes certain legal accruals of $(12) million in the third quarter of 2023 and $(114) million primarily related to the settlement of cost of insurance litigation in the first quarter of 2024.

(6)    Includes severance expense related to initiatives that realign the workforce of $(3) million, $(3) million, $(49) million, $(7) million and $(16) million in the first quarter of 2023, second quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.

(7)    Includes transaction and integration costs related to mergers, acquisitions and divestitures of $(9) million, $(1) million, $(10) million, $(27) million and $(2) million for the second quarter of 2023, third quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.

(8)    Includes deferred compensation mark-to-market adjustment of $12 million, $(8) million, $1 million, $(13) million, $1 million and $(1) million in the first quarter of 2023, second quarter of 2023, third quarter of 2023, first quarter of 2024, second quarter of 2024 and third quarter of 2024, respectively.

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Comparison of the Three Months Ended September 30, 2024 to 2023

Net income decreased due primarily to the following:

•Loss in net annuity product features in 2024 compared to gain in 2023 driven by unfavorable changes in interest rates in 2024 compared to favorable changes in 2023, partially offset by favorable changes in equity markets in 2024 compared to unfavorable changes in 2023, driving MRB-related impacts, partially offset by favorable changes in the fair value of GLB hedge instruments in 2024 compared to unfavorable changes in 2023 attributable to the impact of capital markets.

•Unfavorable changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans driven by the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.

•Loss in net life insurance product features in 2024 compared to gain in 2023 driven by mark-to-market losses on hedges associated with VUL products.

•Higher credit loss-related adjustments on our mortgage loans on real estate and fixed maturity AFS securities.

The decrease in net income was partially offset by the following:

•Favorable impact from our annual assumption review in 2024 compared to unfavorable impact in 2023.

•Lower investment losses driven by intent to sell impairment in 2023 on fixed maturity AFS securities as part of the fourth quarter 2023 reinsurance transaction.

•Growth in average account balances and improvement in our total loss ratio in our Group Protection segment.

Comparison of the Nine Months Ended September 30, 2024 to 2023

Net income increased due primarily to the following:

•Lower investment losses driven by intent to sell impairment in 2023 on fixed maturity AFS securities as part of the fourth quarter 2023 reinsurance transaction.

•Gain on other non-financial assets due to the sale of our wealth management business in the second quarter of 2024.

•Favorable impact from our annual assumption review in 2024 compared to unfavorable impact in 2023.

•Growth in average account balances and improvement in our total loss ratio in our Group Protection segment.

The increase in net income was partially offset by the following:

•Higher expenses in other items driven by a legal accrual in the first quarter of 2024, severance expense related to initiatives that realign the workforce and transaction costs related to the sale of our wealth management business in the second quarter of 2024.

•Higher loss in net life insurance product features driven by mark-to-market losses on hedges associated with VUL products.

•Higher credit loss-related adjustments on our mortgage loans on real estate and fixed maturity AFS securities.

See “Summary of Critical Accounting Estimates – Annual Assumption Review” above for information on the impacts from our annual assumption review.

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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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Operating Revenues
Insurance premiums (1)			$	38					$	24					$	98					$	116
Fee income			601						557						1,769						1,644
Net investment income			442						451						1,297						1,309
Other revenues (2)			114						165						509						459
Total operating revenues			1,195						1,197						3,673						3,528
Operating Expenses
Benefits (1)			38						45						102						177
Interest credited			399						330						1,129						914
Policyholder liability remeasurement (gain) loss			–						19						3						17
Commissions and other expenses			399						521						1,411						1,528
Total operating expenses			836						915						2,645						2,636
Income (loss) from operations before taxes			359						282						1,028						892
Federal income tax expense (benefit)			58						34						171						98
Income (loss) from operations			$	301					$	248					$	857					$	794

(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. On May 6, 2024, we closed the previously announced sale of our wealth management business. See Note 1 for more information.

Comparison of the Three and Nine Months Ended September 30, 2024 to 2023

Income from operations for this segment increased due primarily to the following:

•Higher fee income driven by higher average daily variable account balances.

•Lower policyholder liability remeasurement loss driven by the impact from our annual assumption review.

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 fixed account balances and improving portfolio yields from the current interest rate environment. 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 trail commissions resulting from higher average daily variable account balances.

The increase in income from operations for the nine months ended September 30, 2024, was also partially offset by following:

•Higher federal income tax expense due to the separate account dividends-received deduction in the first quarter of 2024.

•Higher commissions and other expenses due to higher broker-dealer expenses in the first quarter of 2024 as a result of a balance sheet true-up in preparation for the close of the sale of the wealth management business.

See “Summary of Critical Accounting Estimates – Annual Assumption Review” above for information on the impacts from our annual assumption review.

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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.

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 and nine months ended September 30, 2024, and 9% for the corresponding periods in 2023.

Our fixed annuities and registered index-linked annuities (“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 may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2023 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 2023 Form 10-K.

Fee Income

Details underlying fee income (in millions) were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Fee Income
Mortality, expense and other assessments (1)			$	586					$	543					$	1,718					$	1,607
Surrender charges			14						12						46						32
DFEL:
Deferrals			(5)						(5)						(14)						(15)
Amortization			6						7						19						20
Total fee income			$	601					$	557					$	1,769					$	1,644

(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 variable account balances. Average daily variable 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 16. 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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Net Investment Income
Fixed maturity AFS securities, mortgage loans on real
estate and other, net of investment expenses			$	397					$	416					$	1,175					$	1,206
Commercial mortgage loan prepayment and bond
make-whole premiums (1)			–						–						1						1
Surplus investments (2)			45						34						112						99
Net investment income pertaining to broker-dealer services			–						1						9						3
Total net investment income			$	442					$	451					$	1,297					$	1,309
Interest Credited
Amount provided to policyholders			$	396					$	328					$	1,120					$	906
DSI deferrals			–						(2)						(1)						(3)
Interest credited before DSI amortization			396						326						1,119						903
DSI amortization			3						4						10						11
Total interest credited			$	399					$	330					$	1,129					$	914

(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 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 fixed annuity policyholders’ accounts, including the fixed portion of variable annuity contracts. 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:

			As of or For the Three Months Ended September 30,												As of or For the Nine Months Ended September 30,
			2024						2023						2024						2023
Variable Annuity Account Balance Information (1)
Variable annuity deposits			$	1,076					$	769					$	3,002					$	2,137
Variable annuity net flows			(2,509)						(1,718)						(7,189)						(5,265)
Variable annuity account balances			120,469						105,193						120,469						105,193
Average daily variable annuity account balances			117,913						109,765						116,270						108,840
Average daily S&P 500® Index (2)			5,546						4,456						5,266						4,222
Fixed Annuity Account Balance Information (3)
Fixed annuity deposits			$	2,307					$	1,968					$	7,054					$	6,324
Fixed annuity net flows			872						845						2,605						2,953
Fixed annuity account balances (4)			44,688						41,458						44,688						41,458
Average fixed annuity account balances (4)			43,767						41,547						41,975						39,773

(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 variable 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) Includes the fixed portion of variable annuities and RILA.

(4) 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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Commissions and Other Expenses
Commissions:
Deferrable			$	109					$	86					$	294					$	259
Non-deferrable			176						152						514						460
General and administrative expenses			122						124						358						353
Expenses associated with reserve financing
and LOC expenses			5						3						15						9
Taxes, licenses and fees			9						14						32						31
Total expenses incurred, excluding broker-dealer			421						379						1,213						1,112
DAC deferrals			(129)						(102)						(342)						(300)
Total pre-broker-dealer expenses incurred,
excluding amortization			292						277						871						812
DAC, VOBA and other amortization:
Amortization			109						111						322						326
Impact from annual assumption review			(2)						(2)						(2)						(2)
Broker-dealer expenses incurred			–						135						220						392
Total commissions and other expenses			$	399					$	521					$	1,411					$	1,528

DAC Deferrals
As a percentage of sales/deposits			3.8		%				3.7		%				3.4		%				3.5		%

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. Broker-dealer expenses that vary with and are related to sales are expensed as incurred and not deferred and amortized. Fluctuations in these expenses correspond with fluctuations in other revenues.

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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 September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Operating Revenues
Insurance premiums (1)						$	286								$	289					$	866					$	867
Fee income						672									739						2,021						2,269
Net investment income						597									689						1,710						2,083
Operating realized gain (loss)						(2)									(2)						(5)						(5)
Other revenues						36									8						48						27
Total operating revenues						1,589									1,723						4,640						5,241
Operating Expenses
Benefits						895									1,129						2,769						3,354
Interest credited						302									325						894						978
Policyholder liability remeasurement (gain) loss						42									183						117						183
Commissions and other expenses						329									315						939						943
Total operating expenses						1,568									1,952						4,719						5,458
Income (loss) from operations before taxes						21									(229)						(79)						(217)
Federal income tax expense (benefit)						(1)									(56)						(31)						(64)
Income (loss) from operations						$	22								$	(173)					$	(48)					$	(153)

(1)    Includes term insurance premiums, which have a corresponding partial offset in benefits for changes in reserves.

Comparison of the Three Months Ended September 30, 2024 to 2023

Income from operations for this segment increased due primarily to the following:

•Lower benefits and policyholder liability remeasurement loss driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction and the impact from our annual assumption review.

•Higher other revenues driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction.

The increase in income from operations was partially offset by the following:

•Lower net investment income, net of interest credited, driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction, partially offset by higher investment income on alternative investments.

•Lower fee income driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction.

•Higher commissions and other expenses driven by the impact of the amortization of deferred loss recognized as part of the fourth quarter 2023 reinsurance transaction, partially offset by expense management.

Comparison of the Nine Months Ended September 30, 2024 to 2023

Loss from operations for this segment decreased due primarily to the following:

•Lower benefits and policyholder liability remeasurement loss driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction and the impact from our annual assumption review.

•Higher other revenues driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction.

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The decrease in loss from operations was partially offset by the following:

•Lower net investment income, net of interest credited, driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction, partially offset by higher investment income on alternative investments.

•Lower fee income driven by the run-rate impact of the fourth quarter 2023 reinsurance transaction.

For more information on the fourth quarter 2023 reinsurance transaction, see “Additional Information” below.

See “Critical Accounting Policies and Estimates – Annual Assumption Review” above for information on the impacts from our annual assumption review.

Additional Information

Effective October 1, 2023, we entered into reinsurance agreements with Fortitude Reinsurance Company Ltd. to reinsure liabilities under certain blocks of in-force UL with secondary guarantees (“ULSG”) and MoneyGuard®. We expect an ongoing unfavorable impact to operating results in future quarters of approximately $25 million to $30 million per quarter as a result of this reinsurance transaction. See Note 7 for more information on the transaction, which improved our capital position and is expected to be accretive to ongoing free cash flow.

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 may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2023 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 2023 Form 10-K.

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 September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Fee Income
Cost of insurance assessments						$	520								$	558					$	1,572					$	1,734
Expense assessments						355									379						1,041						1,119
Surrender charges						6									7						23						22
DFEL:
Deferrals						(281)									(272)						(826)						(799)
Amortization						73									67						212						193
Impact from annual assumption review						(1)									–						(1)						–
Total fee income						$	672								$	739					$	2,021					$	2,269

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						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Sales by Product
IUL/UL						$	32								$	23					$	75					$	85
MoneyGuard®						35									27						93						71
VUL						22									29						64						93
Term						15									23						52						79
Executive Benefits						18									42						35						69
Total sales						$	122								$	144					$	319					$	397
Net Flows
Deposits						$	1,262								$	1,272					$	3,699					$	3,927
Withdrawals and deaths						(524)									(451)						(1,469)						(1,322)
Net flows						$	738								$	821					$	2,230					$	2,605
Policyholder Assessments						$	1,377								$	1,362					$	4,125					$	4,087

 

			As of September 30,
			2024						2023
Account Balances (1)
General account			$	21,391					$	31,714
Separate account			23,328						18,010
Total account balances			$	44,719					$	49,724
In-Force Face Amount
UL and other			$	364,766					$	364,586
Term insurance			717,071						721,927
Total in-force face amount			$	1,081,837					$	1,086,513
			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024									2023
Average General Account Balances (1)			$	21,386					$	31,823					$	21,392								$	31,955

(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 deferred front-end loads (“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.

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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), 15% of total expected premium deposits, and MoneyGuard Market AdvantageSM (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.

 

Net Investment Income and Interest Credited

Details underlying net investment income and interest credited (in millions) were as follows:

						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Net Investment Income
Fixed maturity AFS securities, mortgage loans on real estate
and other, net of investment expenses						$	459								$	603					$	1,393					$	1,797
Commercial mortgage loan prepayment and bond
make-whole premiums (1)						4									–						6						3
Alternative investments (2)						92									45						198						159
Surplus investments (3)						42									41						113						124
Total net investment income						$	597								$	689					$	1,710					$	2,083
Interest Credited						$	302								$	325					$	894					$	978

(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 September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Benefits and Policyholder Remeasurement (Gain) Loss
Death claims direct and assumed						$	1,437								$	1,311					$	4,420					$	4,100
Death claims ceded						(662)									(500)						(2,028)						(1,604)
Reserves released on death						(137)									(158)						(445)						(470)
Net death benefits						638									653						1,947						2,026
Change in secondary guarantee life insurance product
reserves:
Change in reserves						100									204						291						593
Impact from annual assumption review						20									172						20						172
Change in MoneyGuard® reserves:
Change in reserves						149									143						419						392
Impact from annual assumption review						53									37						53						37
Change in traditional product reserves:
Change in reserves						29									47						117						164
Impact from annual assumption review						(84)									(11)						(84)						(11)
Other benefits (1)						32									67						123						164
Total benefits and policyholder remeasurement
(gain) loss						$	937								$	1,312					$	2,886					$	3,537
Death claims per $1,000 of in-force						2.36									2.41						2.39						2.50

(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 September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Commissions and Other Expenses
Commissions						$	120								$	129					$	346					$	421
General and administrative expenses						138									154						421						457
Expenses associated with reserve financing						25									25						72						76
Taxes, licenses and fees						35									36						103						114
Total expenses incurred						318									344						942						1,068
DAC and VOBA deferrals						(140)									(152)						(406)						(496)
Total expenses recognized before amortization						178									192						536						572
DAC and VOBA amortization						126									122						376						368
Amortization of deferred loss on business sold
through reinsurance (1)						24									–						24						–
Other intangible amortization						1									1						3						3
Total commissions and other expenses						$	329								$	315					$	939					$	943
DAC and VOBA Deferrals
As a percentage of sales						114.8		%							105.6		%				127.3		%				124.9		%

(1) The amortization of deferred loss on business sold through reinsurance pertains to the fourth quarter 2023 reinsurance transaction. See Notes 1 and 7 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, deferred acquisition costs (“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 September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Operating Revenues
Insurance premiums						$	1,288								$	1,251					$	3,871					$	3,765
Net investment income						87									84						261						254
Other revenues (1)						57									53						167						157
Total operating revenues						1,432									1,388						4,299						4,176
Operating Expenses
Benefits						1,007									979						3,069						3,036
Interest credited						1									1						3						4
Policyholder liability remeasurement (gain) loss						(88)									(39)						(279)						(260)
Commissions and other expenses						375									361						1,103						1,083
Total operating expenses						1,295									1,302						3,896						3,863
Income (loss) from operations before taxes						137									86						403						313
Federal income tax expense (benefit)						28									18						85						66
Income (loss) from operations						$	109								$	68					$	318					$	247

(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 September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Income (Loss) from Operations by Product Line
Life						$	37								$	8					$	56					$	28
Disability						75									64						269						228
Dental						(3)									(4)						(7)						(9)
Income (loss) from operations						$	109								$	68					$	318					$	247

Comparison of the Three Months Ended September 30, 2024 to 2023

Income from operations for this segment increased due primarily to the following:

•Higher insurance premiums due to growth in business in force.

•Lower benefits, net of policyholder liability remeasurement gain, driven by more favorable reported incidence and claim terminations than assumed in our disability business and lower incidence in our life business, partially offset by the impact from our annual assumption review and the timing of the recognition of an annual experience refund in our disability business.

The increase in income from operations was partially offset by higher commissions and other expenses driven by incentive compensation          as a result of production performance.

Comparison of the Nine Months Ended September 30, 2024 to 2023

Income from operations for this segment increased due primarily to higher insurance premiums due to growth in business in force.

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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 production performance.

•Higher benefits, net of policyholder liability remeasurement gain, driven by growth in business in force and the impact from our annual assumption review, partially offset by more favorable reported incidence and claim terminations than assumed in our disability business.

See “Critical Accounting Policies and Estimates – Annual Assumption Review” for information on the impacts from our annual assumption review.

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 2023 Form 10-K.

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 2023 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 2023 Form 10-K.

Insurance Premiums

Details underlying insurance premiums (in millions) were as follows:

						For the Three Months Ended September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Insurance Premiums by Product Line
Life						$	505								$	487					$	1,504					$	1,452
Disability						739									719						2,229						2,175
Dental						44									45						138						138
Total insurance premiums						$	1,288								$	1,251					$	3,871					$	3,765
Sales by Product Line
Life						42									30						$	208					$	167
Disability						36									32						161						107
Dental						6									9						20						21
Total sales						$	84								$	71					$	389					$	295

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.

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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 September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Net Investment Income
Fixed maturity AFS securities, mortgage loans on real estate
and other, net of investment expenses						$	65								$	66					$	203					$	200
Commercial mortgage loan prepayment and bond
make-whole premiums (1)						1									–						1						1
Surplus investments (2)						21									18						57						53
Total net investment income						$	87								$	84					$	261					$	254

(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.

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 September 30,												For the Nine Months Ended September 30,
						2024									2023						2024						2023
Benefits, Interest Credited and Policyholder
Liability Remeasurement (Gain) Loss by
Product Line
Life						$	343								$	374					$	1,102					$	1,107
Disability						541									533						1,584						1,568
Dental						36									34						107						105
Total benefits, interest credited and policyholder
liability remeasurement (gain) loss						$	920								$	941					$	2,793					$	2,780
Loss Ratios by Product Line
Life						68.1		%							76.8		%				73.2		%				76.3		%
Disability						73.2		%							74.1		%				71.1		%				72.1		%
Dental						79.0		%							75.9		%				78.1		%				76.4		%
Total						71.4		%							75.2		%				72.2		%				73.8		%

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.

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Commissions and Other Expenses

Details underlying commissions and other expenses (in millions) were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Commissions and Other Expenses
Commissions			$	114					$	109					$	336					$	327
General and administrative expenses			220						212						656						635
Taxes, licenses and fees			35						33						106						102
Total expenses incurred			369						354						1,098						1,064
DAC deferrals			(30)						(26)						(101)						(79)
Total expenses recognized before amortization			339						328						997						985
DAC and other intangible amortization			36						33						106						98
Total commissions and other expenses			$	375					$	361					$	1,103					$	1,083

DAC Deferrals
As a percentage of insurance premiums			2.3		%				2.1		%				2.6		%				2.1		%

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 September 30,															For the Nine Months Ended September 30,
			2024						2023									2024									2023
Operating Revenues
Fee income			$	74					$	66								$	216								$	195
Net investment income			253						251									744									765
Other revenues (1)			8						10									24									28
Total operating revenues			335						327									984									988
Operating Expenses
Interest credited			170						165									505									501
Commissions and other expenses			116						112									342									330
Total operating expenses			286						277									847									831
Income (loss) from operations before taxes			49						50									137									157
Federal income tax expense (benefit)			5						7									17									24
Income (loss) from operations			$	44					$	43								$	120								$	133

(1) Consists primarily of mutual fund account program revenues from mid to large employers.

Comparison of the Three Months Ended September 30, 2024 to 2023

Income from operations for this segment modestly increased due primarily to the following:

•Higher fee income driven by higher average daily variable account balances.

•Lower federal income tax expense due to favorable tax return true-ups.

The increase in income from operations was partially offset by the following:

•Higher commissions and other expenses driven by higher trail commissions resulting from higher average daily variable account balances.

•Lower net investment income, net of interest credited, driven by an increase in crediting rates.

Comparison of the Nine Months Ended September 30, 2024 to 2023

Income from operations for this segment decreased due primarily to the following:

•Lower net investment income, net of interest credited, driven by lower average fixed account balances and an increase in crediting rates.

•Higher commissions and other expenses driven by higher trail commissions resulting from higher average daily variable account balances.

The decrease in income from operations was partially offset by higher fee income driven by higher average daily variable 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 13% for the three and nine months ended September 30, 2024, and 12% for the corresponding periods in 2023.

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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 was 13% and 16% as of September 30, 2024 and 2023, 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 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 may negatively affect our profitability, capital position and the value of our investment portfolio and may also result in increased contract withdrawals” and “Part II – Item 7A. Quantitative and Qualitative Disclosures About Market Risk – Interest Rate Risk” in our 2023 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 2023 Form 10-K.

Fee Income

Details underlying fee income (in millions) were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024									2023
Fee Income
Annuity expense assessments			$	54					$	49					$	158								$	142
Mutual fund fees			19						16						56									52
Total expense assessments			73						65						214									194
Surrender charges			1						1						2									1
Total fee income			$	74					$	66					$	216								$	195

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 fixed and variable, 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 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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024									2023
Net Investment Income
Fixed maturity AFS securities, mortgage loans on real estate
and other, net of investment expenses			$	231					$	231					$	686								$	707
Commercial mortgage loan prepayment and
bond make-whole premiums (1)			–						–						1									1
Surplus investments (2)			22						20						57									57
Total net investment income			$	253					$	251					$	744								$	765
Interest Credited			$	170					$	165					$	505								$	501

(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 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 fixed annuity policyholders’ accounts, including the fixed portion of variable annuity contracts. 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:

			As of or For the Three Months Ended September 30,												As of or For the Nine Months Ended September 30,
			2024						2023						2024									2023
Variable Account Balance Information (1)
Variable annuity deposits			$	633					$	476					$	1,688								$	1,655
Variable annuity net flows			(233)						(192)						(680)									(129)
Variable annuity account balances			21,985						17,908						21,985									17,908
Average daily variable annuity account balances			21,272						18,686						20,688									18,097
Average daily S&P 500® Index (2)			5,546						4,456						5,266									4,222
Fixed Account Balance Information (3)
Fixed annuity deposits			$	944					$	709					$	2,580								$	2,026
Fixed annuity net flows			(151)						(459)						(790)									(1,236)
Fixed annuity account balances			23,727						24,099						23,727									24,099
Average fixed account balances			23,604						24,268						23,605									24,711
Mutual Fund Account Balance Information
Mutual fund deposits			$	2,603					$	1,515					$	6,997								$	5,125
Mutual fund net flows			1,035						379						2,315									1,829
Mutual fund account balances (4)			68,084						51,926						68,084									51,926

(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 variable 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 the S&P 500 Index performance.

(3) Includes the fixed portion of variable annuities.

(4) 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 September 30,															For the Nine Months Ended September 30,
			2024						2023									2024									2023
Net Flows By Market
Small market			$	11					$	21								$	22								$	267
Mid – large market			1,069						83									2,122									1,202
Multi-Fund® and other			(429)						(376)									(1,299)									(1,005)
Total net flows			$	651					$	(272)								$	845								$	464

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 September 30,															For the Nine Months Ended September 30,
			2024						2023									2024									2023
Commissions and Other Expenses
Commissions:
Deferrable			$	1					$	1								$	4								$	3
Non-deferrable			27						21									72									62
General and administrative expenses			85						86									253									253
Taxes, licenses and fees			3						4									14									14
Total expenses incurred			116						112									343									332
DAC deferrals			(5)						(5)									(15)									(15)
Total expenses recognized before amortization			111						107									328									317
DAC amortization			5						5									14									13
Total commissions and other expenses			$	116					$	112								$	342								$	330
DAC Deferrals
As a percentage of annuity sales/deposits			0.3%						0.4%									0.4%									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 September 30,												For the Nine Months Ended September 30,
			2024						2023 (1)						2024						2023 (1)
Operating Revenues
Insurance premiums (2)			$	1					$	1					$	4					$	8
Net investment income (3)			34						37						77						110
Other revenues (4)			17						–						37						9
Total operating revenues			52						38						118						127
Operating Expenses
Benefits			(3)						17						10						53
Interest credited			8						9						26						27
Policyholder liability remeasurement (gain) loss			–						(5)						–						(3)
Other expenses			66						65						177						172
Interest and debt expense			86						84						253						250
Total operating expenses			157						170						466						499
Income (loss) from operations before taxes			(105)						(132)						(348)						(372)
Federal income tax expense (benefit)			(21)						(30)						(72)						(79)
Income (loss) from operations			$	(84)					$	(102)					$	(276)					$	(293)

(1)    Prior period amounts have been recast to conform to our revised definition of income (loss) from operations. See Note 16 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.

(4)    Includes certain third-party advisory fees, which has a partial offset in other expenses.

Comparison of the Three Months Ended September 30, 2024 to 2023

Loss from operations for Other Operations decreased due primarily to higher other revenues due to the effect of market fluctuations on assets held as part of certain compensation plans, which increased during the three months ended September 30, 2024, compared to a decrease during the corresponding period in 2023.

Comparison of the Nine Months Ended September 30, 2024 to 2023

Loss from operations for Other Operations decreased due primarily to higher other revenues due to the effect of market fluctuations on assets held as part of certain compensation plans, which increased during the three months ended September 30, 2024, compared to a less significant increase during the corresponding period in 2023. The decrease in loss from operations was partially offset by higher other expenses driven by higher costs pertaining to business operations.

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.

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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.

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 September 30,												For the Nine Months Ended September 30,
			2024						2023 (1)						2024						2023 (1)
General and administrative expenses:
Legal			$	2					$	(1)					$	4					$	(4)
Branding			9						10						32						34
Other (2)			56						58						151						149
Total general and administrative expenses			67						67						187						179
Taxes, licenses and fees (3)			(1)						(1)						(9)						(5)
Other (4)			–						(1)						(1)						(2)
Total other expenses			$	66					$	65					$	177					$	172

(1) Prior period amounts have been recast to conform to our revised definition of income (loss) from operations. See Note 16 for additional information.

(2)    Includes expenses that are corporate in nature including charitable contributions and other expenses not allocated to our business segments.

(3)    Includes state guaranty funds assessments to cover losses to policyholders of insolvent or rehabilitated insurance companies. Mandatory assessments may be partially recovered through a reduction in future premium taxes in some states.

(4)    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”).

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, the availability of funds from our inter-company cash management program 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 our consolidated investment balances (in millions) were as follows:

															Percentage of
															Total Investments
			As of  September 30,						As of  December 31,						As of  September 30,						As of  December 31,
			2024						2023						2024						2023
Investments
Fixed maturity AFS securities			$	90,682					$	88,738					68.9		%				71.4		%
Trading securities			2,206						2,359						1.7		%				1.9		%
Equity securities			293						306						0.2		%				0.2		%
Mortgage loans on real estate			20,856						18,963						15.8		%				15.3		%
Policy loans			2,510						2,476						1.9		%				2.0		%
Derivative investments			9,522						6,474						7.2		%				5.2		%
Alternative investments			3,720						3,377						2.8		%				2.7		%
Other investments			2,023						1,638						1.5		%				1.3		%
Total investments			$	131,812					$	124,331					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 2023 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 September 30, 2024
			Net																								%
			Amortized						Gross Unrealized												Fair						Fair
			Cost (1)						Gains						Losses						Value						Value
Fixed Maturity AFS Securities
Industry corporate bonds:
Financial services			$	14,095					$	160					$	1,054					$	13,201					14.7		%
Basic industry			3,471						70						272						3,269						3.6		%
Capital goods			6,275						93						546						5,822						6.4		%
Communications			3,267						69						334						3,002						3.3		%
Consumer cyclical			5,918						82						442						5,558						6.1		%
Consumer non-cyclical			15,397						209						1,742						13,864						15.4		%
Energy			3,152						44						251						2,945						3.2		%
Technology			4,893						36						468						4,461						4.9		%
Transportation			3,517						52						277						3,292						3.6		%
Industrial other			2,442						15						361						2,096						2.3		%
Utilities			12,585						169						1,284						11,470						12.6		%
Government-related entities			1,408						36						190						1,254						1.4		%
Collateralized mortgage and other obligations (“CMOs”):
Agency backed			1,213						6						121						1,098						1.2		%
Non-agency backed			320						23						3						340						0.4		%
Mortgage pass through securities (“MPTS”):
Agency backed			469						7						32						444						0.5		%
Commercial mortgage-backed securities (“CMBS”):
Non-agency backed			1,766						12						135						1,643						1.8		%
Asset-backed securities (“ABS”):
Collateralized loan obligations (“CLOs”)			8,251						19						223						8,047						8.9		%
Credit card			123						6						1						128						0.1		%
Home equity			164						33						–						197						0.2		%
Other			5,120						68						116						5,072						5.6		%
Municipals:
Taxable			2,814						51						332						2,533						2.8		%
Tax-exempt			34						1						1						34						0.0		%
Government:
United States			416						7						25						398						0.4		%
Foreign			283						16						47						252						0.3		%
Hybrid and redeemable preferred securities			247						27						12						262						0.3		%
Total fixed maturity AFS securities			97,640						1,311						8,269						90,682						100.0		%
Trading Securities (2)			2,295						59						148						2,206
Equity Securities			309						7						23						293
Total fixed maturity AFS, trading and equity securities			$	100,244					$	1,377					$	8,440					$	93,181

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			As of December 31, 2023
			Net																								%
			Amortized						Gross Unrealized												Fair						Fair
			Cost (1)						Gains						Losses						Value						Value
Fixed Maturity AFS Securities
Industry corporate bonds:
Financial services			$	14,767					$	133					$	1,412					$	13,488					15.2		%
Basic industry			3,426						58						325						3,159						3.6		%
Capital goods			6,143						83						591						5,635						6.4		%
Communications			3,509						63						375						3,197						3.6		%
Consumer cyclical			5,660						60						495						5,225						5.9		%
Consumer non-cyclical			15,356						196						1,908						13,644						15.4		%
Energy			3,331						38						309						3,060						3.4		%
Technology			4,994						32						500						4,526						5.1		%
Transportation			3,487						35						317						3,205						3.6		%
Industrial other			2,296						7						370						1,933						2.2		%
Utilities			12,683						121						1,484						11,320						12.8		%
Government-related entities			1,425						26						186						1,265						1.4		%
CMOs:
Agency backed			1,245						8						149						1,104						1.2		%
Non-agency backed			332						19						10						341						0.4		%
MPTS:
Agency backed			365						1						38						328						0.4		%
CMBS:
Agency backed			2						–						–						2						0.0		%
Non-agency backed			1,620						5						203						1,422						1.6		%
ABS:
CLOs			8,452						9						389						8,072						9.1		%
Credit card			113						7						1						119						0.1		%
Home equity			175						28						2						201						0.2		%
Other			3,954						18						193						3,779						4.3		%
Municipals:
Taxable			3,072						100						415						2,757						3.1		%
Tax-exempt			34						1						2						33						0.0		%
Government:
United States			416						6						29						393						0.4		%
Foreign			314						16						47						283						0.3		%
Hybrid and redeemable preferred securities			243						21						17						247						0.3		%
Total fixed maturity AFS securities			97,414						1,091						9,767						88,738						100.0		%
Trading Securities (2)			2,515						55						211						2,359
Equity Securities			340						8						42						306
Total fixed maturity AFS, trading and equity securities			$	100,269					$	1,154					$	10,020					$	91,403

(1) Represents amortized cost, net of the allowance for credit losses.

(2) 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 2023 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 September 30, 2024																		As of December 31, 2023
						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						$	57,657					$	53,249					58.7		%				$	56,557					$	51,234					57.7		%
2						BBB						36,968						34,512						38.1		%				37,832						34,614						39.0		%
Total investment grade securities												94,625						87,761						96.8		%				94,389						85,848						96.7		%
Below Investment Grade Securities
3						BB						1,074						1,035						1.1		%				1,176						1,090						1.2		%
4						B						1,852						1,800						2.0		%				1,760						1,719						2.0		%
5						CCC and lower						84						81						0.1		%				86						78						0.1		%
6						In or near default						5						5						0.0		%				3						3						0.0		%
Total below investment grade securities												3,015						2,921						3.2		%				3,025						2,890						3.3		%
Total fixed maturity AFS securities												$	97,640					$	90,682					100.0		%				$	97,414					$	88,738					100.0		%

Total securities below investment
grade as a percentage of total
fixed maturity AFS securities												3.1		%				3.2		%										3.1		%				3.3		%

(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 September 30, 2024.

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 September 30, 2024, and December 31, 2023, 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 September 30, 2024, decreased by $1.5 billion since December 31, 2023. For the nine months ended September 30, 2024, we recognized $204 million of gross losses on fixed maturity AFS securities, which were primarily related to portfolio rebalancing and sales that support our reinsurance funds withheld agreements where the investment results are passed directly to the reinsurers. For the nine months ended September 30, 2023,

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we recognized $119 million of gross losses on fixed maturity AFS securities, which were primarily related to sales driven by the regional banking crisis. For further information on our unrealized losses on fixed maturity AFS securities, see “Composition by Industry Categories of our Unrealized Losses on Fixed Maturity AFS Securities” below.

 

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 September 30, 2024, 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 $(14) million and $(40) million of credit loss benefit (expense) on our fixed maturity AFS securities for the three and nine months ended September 30, 2024, respectively, and $(1) million and $(17) million, respectively, for the corresponding periods in 2023. 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 1, 3 and 17 herein and Note 1 to the Consolidated Financial Statements in our 2023 Form 10-K.

As reported on the Consolidated Balance Sheets, we had $141.1 billion of liabilities for future obligations under insurance policies and contracts, net of amounts recoverable from reinsurers, which exceeded investments and cash and invested cash, which totaled $137.8 billion as of September 30, 2024. 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 $26.9 billion as of September 30, 2024, 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 September 30, 2024, and December 31, 2023, the estimated fair value for all private placement securities was $21.5 billion and $20.6 billion, respectively, representing 16% and 17% 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 2023 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 $188 million and represented less than 1% of our total investment portfolio as of September 30, 2024. Fixed maturity AFS securities represented $180 million, or 96%, and trading securities represented $8 million, or 4%, of the subprime exposure as of September 30, 2024. The table below summarizes our investments in fixed maturity AFS securities backed by pools of residential mortgages (in millions) as of September 30, 2024:

			Agency												Prime												Alt-A												Subprime/ Option ARM (1)												Total
			Net Amortized Cost						Fair Value						Net Amortized Cost						Fair Value						Net Amortized Cost						Fair Value						Net Amortized Cost						Fair Value						Net Amortized Cost						Fair Value
Type
RMBS			$	1,682					$	1,541					$	180					$	183					$	53					$	60					$	87					$	98					$	2,002					$	1,882
ABS home equity			–						–						–						–						12						20						152						177						164						197
Total by type (2)(3)			$	1,682					$	1,541					$	180					$	183					$	65					$	80					$	239					$	275					$	2,166					$	2,079
Rating
AAA			$	–					$	–					$	107					$	106					$	1					$	2					$	5					$	5					$	113					$	113
AA			1,682						1,541						–						–						1						1						11						11						1,694						1,553
A			–						–						21						21						1						1						2						1						24						23
BBB			–						–						8						9						1						1						9						10						18						20
BB and below			–						–						44						47						61						75						212						248						317						370
Total by rating (2)(3)(4)			$	1,682					$	1,541					$	180					$	183					$	65					$	80					$	239					$	275					$	2,166					$	2,079
Origination Year
2014 and prior			$	358					$	351					$	51					$	54					$	65					$	80					$	239					$	275					$	713					$	760
2015			128						116						15						15						–						–						–						–						143						131
2016			379						325						–						–						–						–						–						–						379						325
2017			156						139						–						–						–						–						–						–						156						139
2018			143						136						–						–						–						–						–						–						143						136
2019			153						128						–						–						–						–						–						–						153						128
2020			88						80						–						–						–						–						–						–						88						80
2021			132						117						2						1						–						–						–						–						134						118
2022			101						103						56						56						–						–						–						–						157						159
2023			44						46						15						16						–						–						–						–						59						62
2024			–						–						41						41						–						–						–						–						41						41
Total by origination year (2)(3)			$	1,682					$	1,541					$	180					$	183					$	65					$	80					$	239					$	275					$	2,166					$	2,079

Total fixed maturity AFS securities backed by pools of
residential mortgages as a percentage of total fixed maturity AFS securities																																																			2.2		%				2.3		%
Total prime, Alt-A and subprime/option ARM as a percentage of total fixed maturity AFS securities																																																			0.5		%				0.6		%

(1) Includes the net amortized cost and fair value of option adjustable rate mortgages (“ARM”) within RMBS, totaling $84 million and $95 million, respectively.

(2) Does not include the amortized cost of trading securities totaling $58 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 $58 million in trading securities consisted of $46 million prime, $4 million Alt-A and $8 million subprime.

(3) Does not include the fair value of trading securities totaling $50 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 $50 million in trading securities consisted of $39 million prime, $3 million Alt-A and $8 million subprime.

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(4) Based upon the rating designations determined and provided by the major credit rating agencies (Fitch, Moody’s and 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.

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.

The following summarizes our investments in fixed maturity AFS securities backed by pools of commercial mortgages (in millions) as of September 30, 2024:

			Multiple Property												Single Property												Total
			Net Amortized Cost						Fair Value						Net Amortized Cost						Fair Value						Net Amortized Cost						Fair Value
Type
CMBS (1)(2)			$	1,648					$	1,530					$	118					$	113					$	1,766					$	1,643
Rating
AAA			$	1,069					$	1,010					$	50					$	49					$	1,119					$	1,059
AA			572						513						39						35						611						548
A			2						2						29						29						31						31
BBB			–						–						–						–						–						–
BB and below			5						5						–						–						5						5
Total by rating (1)(2)(3)			$	1,648					$	1,530					$	118					$	113					$	1,766					$	1,643
Origination Year
2014 and prior			$	18					$	17					$	9					$	8					$	27					$	25
2015			22						21						3						3						25						24
2016			72						68						1						1						73						69
2017			191						185						8						7						199						192
2018			140						138						–						–						140						138
2019			322						300						–						–						322						300
2020			254						219						3						3						257						222
2021			258						216						28						25						286						241
2022			153						142						26						25						179						167
2023			108						111						14						15						122						126
2024			110						113						26						26						136						139
Total by origination year (1)(2)			$	1,648					$	1,530					$	118					$	113					$	1,766					$	1,643

Total fixed maturity AFS securities backed by pools of
commercial mortgages as a percentage of total fixed maturity AFS securities																											1.8		%				1.8		%

(1) Does not include the amortized cost of trading securities totaling $126 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 $126 million in trading securities consisted of $77 million of multiple property CMBS and $49 million of single property CMBS.

(2) Does not include the fair value of trading securities totaling $110 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 $110 million in trading securities consisted of $69 million of multiple property CMBS and $41 million of single property CMBS.

(3) Based upon the rating designations determined and provided by the major credit rating agencies (Fitch, Moody’s and 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.

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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 September 30, 2024, was as follows:

			Net Amortized Cost						%  Net Amortized Cost						Gross Unrealized Losses						% Gross Unrealized Losses						Fair Value						% Fair Value
Healthcare			$	5,633					7.8		%				$	952					11.5		%				$	4,681					7.3		%
Electric			6,486						9.0		%				855						10.3		%				5,631						8.8		%
Technology			3,835						5.3		%				469						5.7		%				3,366						5.3		%
Food and beverage			3,412						4.7		%				422						5.1		%				2,990						4.7		%
Industrial – other			2,059						2.9		%				368						4.5		%				1,691						2.7		%
Local authorities			2,054						2.8		%				338						4.1		%				1,716						2.7		%
ABS			6,885						9.5		%				328						4.0		%				6,557						10.3		%
Banking			4,534						6.3		%				309						3.7		%				4,225						6.6		%
Diversified manufacturing			2,084						2.9		%				233						2.8		%				1,851						2.9		%
Pharmaceuticals			2,071						2.9		%				221						2.7		%				1,850						2.9		%
Natural gas			1,494						2.1		%				213						2.6		%				1,281						2.0		%
Retail			1,479						2.1		%				194						2.3		%				1,285						2.0		%
Brokerage asset management			1,599						2.2		%				192						2.3		%				1,407						2.2		%
Chemicals			1,695						2.4		%				172						2.1		%				1,523						2.4		%
Transportation services			1,789						2.5		%				167						2.0		%				1,622						2.5		%
Life insurance			1,215						1.7		%				162						2.0		%				1,053						1.7		%
Aerospace and defense			1,227						1.7		%				156						1.9		%				1,071						1.7		%
Property and casualty			1,243						1.7		%				156						1.9		%				1,087						1.7		%
Utility – other			1,195						1.7		%				155						1.9		%				1,040						1.6		%
Government sponsored			483						0.7		%				136						1.6		%				347						0.5		%
Non-agency CMBS			1,370						1.9		%				134						1.6		%				1,236						1.9		%
Consumer products			990						1.4		%				124						1.5		%				866						1.4		%
Midstream			1,380						1.9		%				113						1.4		%				1,267						2.0		%
Wirelines			792						1.1		%				108						1.3		%				684						1.1		%
Railroads			820						1.1		%				105						1.3		%				715						1.1		%
Industries with unrealized losses
less than $100 million			14,258						19.7		%				1,487						17.9		%				12,771						20.0		%
Total by industry			$	72,082					100.0		%				$	8,269					100.0		%				$	63,813					100.0		%

Total by industry as a percentage of
total fixed maturity AFS securities			73.8		%										100.0		%										70.4		%

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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 September 30, 2024
			Commercial						Residential						Total						%
Credit Quality Indicator
Current			$	17,738					$	3,190					$	20,928					99.6		%
Delinquent (1)			25						24						49						0.2		%
Foreclosure			12						37						49						0.2		%
Total mortgage loans on real estate before allowance			17,775						3,251						21,026						100.0		%
Allowance for credit losses			(123)						(47)						(170)
Total mortgage loans on real estate			$	17,652					$	3,204					$	20,856

			As of December 31, 2023
			Commercial						Residential						Total						%
Credit Quality Indicator
Current			$	17,273					$	1,742					$	19,015					99.7		%
Delinquent (1)			–						21						21						0.1		%
Foreclosure			–						41						41						0.2		%
Total mortgage loans on real estate before allowance			17,273						1,804						19,077						100.0		%
Allowance for credit losses			(86)						(28)						(114)
Total mortgage loans on real estate			$	17,187					$	1,776					$	18,963

(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 September 30, 2024, the fair value of such commercial mortgage loans on real estate that were in delinquent status was $21 million. As of December 31, 2023, there were no such mortgage loans in delinquent status.

As of September 30, 2024, there were specifically identified impaired commercial and residential mortgage loans with an aggregate carrying value of $47 million and $53 million, respectively, or less than 1% of total mortgage loans on real estate. As of December 31, 2023, there were specifically identified impaired commercial and residential mortgage loans with an aggregate carrying value of $2 million and $47 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 September 30, 2024, and December 31, 2023, was $34 million and less than $1 million, respectively, 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 September 30, 2024, and December 31, 2023, was $24 million and $20 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 (in millions) was as follows:

			As of  September 30, 2024						As of December 31, 2023
Segment
Annuities			$	8,423					$	7,362
Life Insurance			3,592						3,675
Group Protection			1,624						1,550
Retirement Plan Services			5,435						4,813
Other Operations			1,782						1,563
Total mortgage loans on real estate			$	20,856					$	18,963

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The composition of commercial mortgage loans (in millions) by property type, geographic region and state is shown below as of September 30, 2024:

			Carrying Value						%												Carrying Value						%
Property Type															State
Apartment			$	5,638					31.9		%				CA						$	4,667					26.3		%
Industrial			4,988						28.3		%				TX						1,690						9.6		%
Office building			3,210						18.2		%				FL						1,012						5.7		%
Retail			2,721						15.4		%				NY						912						5.2		%
Other commercial			808						4.6		%				PA						909						5.1		%
Mixed use			147						0.8		%				AZ						899						5.1		%
Hotel/motel			140						0.8		%				WA						701						4.0		%
Total			$	17,652					100.0		%				MD						673						3.8		%
Geographic Region															GA						669						3.8		%
Pacific			5,672						32.1		%				TN						529						3.0		%
South Atlantic			3,819						21.6		%				NC						527						3.0		%
Middle Atlantic			2,200						12.5		%				VA						422						2.4		%
West South Central			1,828						10.4		%				NJ						380						2.2		%
Mountain			1,520						8.6		%				OH						368						2.1		%
East North Central			1,134						6.4		%				WI						330						1.9		%
East South Central			653						3.7		%				UT						323						1.8		%
West North Central			447						2.5		%				SC						309						1.8		%
New England			349						2.0		%				Non U.S.						30						0.2		%
Non U.S.			30						0.2		%				All other states						2,302						13.0		%
Total			$	17,652					100.0		%				Total						$	17,652					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 September 30, 2024
			Commercial						Residential						Total						%
Principal Repayment Year
2024			$	312					$	21					$	333					1.6		%
2025			1,042						332						1,374						6.5		%
2026			1,398						73						1,471						7.0		%
2027			1,877						38						1,915						9.1		%
2028			2,225						40						2,265						10.8		%
2029 and thereafter			10,970						2,674						13,644						65.0		%
Total			$	17,824					$	3,178					$	21,002					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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Annuities			$	5					$	4					$	8					$	13
Life Insurance			92						44						198						158
Group Protection			1						2						3						7
Retirement Plan Services			2						2						4						7
Other Operations			–						–						1						–
Total (1)			$	100					$	52					$	214					$	185

(1) Includes net investment income on the alternative investments supporting the required statutory surplus of our insurance businesses.

As of September 30, 2024, and December 31, 2023, alternative investments included investments in 361 and 352 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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Net Investment Income
Fixed maturity AFS securities			$	1,068					$	1,237					$	3,169					$	3,659
Trading securities			31						40						93						123
Equity securities			3						3						17						9
Mortgage loans on real estate			232						188						644						553
Policy loans			21						27						70						79
Cash and invested cash			59						39						138						100
Commercial mortgage loan prepayment
and bond make-whole premiums (1)			5						1						9						6
Alternative investments (2)			100						52						214						185
Consent fees			–						–						–						3
Other investments			(33)						(14)						(14)						(24)
Investment income			1,486						1,573						4,340						4,693
Investment expense			(75)						(79)						(250)						(225)
Net investment income			$	1,411					$	1,494					$	4,090					$	4,468

(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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Interest Rate Yield
Fixed maturity AFS securities, mortgage loans on
real estate and other, net of investment expenses			4.05		%				4.08		%				4.03		%				4.05		%
Commercial mortgage loan prepayment and
bond make-whole premiums			0.01		%				0.00		%				0.01		%				0.01		%
Alternative investments			0.31		%				0.15		%				0.22		%				0.18		%
Net investment income yield on invested assets			4.37		%				4.23		%				4.26		%				4.24		%

We earn investment income on our general account assets supporting fixed annuity, term life, whole life, UL, interest-sensitive whole life and the fixed portion of retirement plan and VUL products. The profitability of our fixed annuity and life insurance 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 on our average fixed account balances, including the fixed portion of variable. Net investment income and the interest rate yield table 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 that may cause them to retain more capital, which may pressure their 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, “Part I – Item 1A. Risk Factors” in our 2023 Form 10-K and “Part II – Item 1A. Risk Factors” in our Second Quarter 2024 Form 10-Q.

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 $(2.2) billion and $(206) million for the nine months ended September 30, 2024 and 2023, respectively.

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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Cash Dividends and Return of Capital from Subsidiaries
The Lincoln National Life Insurance Company			$	125					$	105					$	320					$	365
Lincoln Investment Management Company			40						–						40						–
Lincoln National Reinsurance Company (Barbados) Limited			50						50						50						150
Total cash dividends and return of capital from subsidiaries			$	215					$	155					$	410					$	515
Interest from Subsidiaries
Interest on inter-company notes			$	40					$	39					$	117					$	111

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 2023 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 2023 Form 10-K.

During the second quarter of 2024, The Lincoln National Life Insurance Company (“LNL”) made a $929 million extraordinary dividend in the form of investments to LNC for the purpose of the initial capitalization of LPINE. See “Introduction – Executive Summary” above and “Subsidiaries’ Capital” below for more information about LPINE.

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 2023 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 September 30, 2024, was $1.7 billion of long-dated LOCs issued to support inter-company reinsurance agreements for UL products containing secondary guarantees. For information on the LOCs, see the credit facilities table in Note 14 in our 2023 Form 10-K. Our captive reinsurance and reinsurance subsidiaries have also issued long-term notes of $3.8 billion to finance a portion of the excess reserves associated with our term and UL products with secondary guarantees as of September 30, 2024; of this amount, $3.1 billion involve exposure to variable interest entities. For information on these long-term notes issued by our captive reinsurance and reinsurance subsidiaries, see Note 5 in our 2023 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 and RBC requirements for variable annuity guaranteed benefit riders and guaranteed benefits on VUL policies are sensitive to changes in the equity markets and interest rates and are 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

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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 ultimate capital required due to its effect on the valuation of reserves and supporting derivatives. In December 2022, LNC issued a long-term note to a non-affiliated variable interest entity in exchange for notes of like principal and duration classified as AFS securities. LNC contributed the securities to LNBAR to address asset value volatility based on market conditions. Under the current terms of the note facility, the maximum permissible principal amount of the note is $1.5 billion, the full amount of which was outstanding as of September 30, 2024. There are no impacts to the LNC Consolidated Balance Sheets based on the set-off right provided in the note facility. For more information, see Note 5 in our 2023 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, including 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 variable universal life insurance separate accounts. When the market value of our separate account assets increases, the statutory surplus within our insurance subsidiaries also increases. Contrarily, when the market value of our separate account assets decreases, the statutory surplus within our insurance subsidiaries may also decrease, 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.

During the second quarter of 2024, LNC contributed $929 million of investments and $22 million in cash to LPINE, a wholly owned subsidiary of LNC and a licensed Bermuda-based life and annuity reinsurance company, in support of an inter-company reinsurance agreement with LNL. As a Class E insurer, LPINE is subject to the Bermuda Monetary Authority’s solvency and capital requirements. See “Introduction – Executive Summary” above for more information about LPINE.

LNC made capital contributions in cash to other subsidiaries of zero and $5 million for the three and nine months ended September 30, 2024, respectively, compared to zero and $5 million, respectively, for the corresponding periods in 2023.

On May 6, 2024, we closed the previously announced sale of all of the ownership interests in the subsidiaries of the Company that comprised the Company’s wealth management business operated through LFN to Osaic. We received $723 million in cash, and the sale provided approximately $650 million of statutory capital benefit that we primarily used to increase LNL’s RBC ratio. We also used a portion of the proceeds to reduce our leverage ratio. For more information on the sale of our wealth management business, see Note 1.

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 nine months ended September 30, 2024, 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)			$	250					$	–					$	(100)					$	–					$	150					$	300
Long-Term Debt
Senior notes			4,491						350						–						11						(313)						4,539
Term loans			–						–						–						–						150						150
Subordinated notes (3)			995						–						–						–						–						995
Capital securities (3)			213						–						–						–						–						213
Total long-term debt			$	5,699					$	350					$	–					$	11					$	(163)					$	5,897

(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) As of September 30, 2024, consisted of $300 million principal amount of our 3.35% Senior Notes due March 9, 2025.

(3) We use interest rate swaps to partially hedge the variability in rates.

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On March 14, 2024, we completed the issuance and sale of $350 million aggregate principal amount of our 5.852% Senior Notes due 2034. We used a portion of the net proceeds to fund the repayments of $47 million of our term loan due December 3, 2024. We intend to use the remaining net proceeds from the offering to fund the repayment of the Company’s 3.35% Senior Notes due 2025 on or prior to their maturity, and possible repurchases of other of our outstanding debt securities, as well as to pay fees and expenses in respect of the foregoing.

During June 2024, we repaid $53 million of our term loan due December 3, 2024, using available cash to deleverage the balance sheet. On July 18, 2024, we refinanced this term loan into a $150 million term loan due July 16, 2027.

LNC made interest payments to service debt to third parties of $85 million and $231 million for the three and nine months ended September 30, 2024, respectively, compared to $63 million and $217 million, respectively, for the corresponding periods in 2023.

For additional information about our short-term and long-term debt and our credit facilities, see Note 14 in our 2023 Form 10-K.

 

Preferred Stock

Details underlying preferred stock dividends paid (in millions) were as follows:

			For the Three Months Ended September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Series C preferred stock dividends			$	23					$	23					$	46					$	36
Series D preferred stock dividends			11						11						34						35
Total preferred stock dividends			$	34					$	34					$	80					$	71

For additional information on preferred stock, see Note 19 in our 2023 Form 10-K.

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. 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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
Dividends to common stockholders			$	77					$	76					$	229					$	229

Alternative Sources of Liquidity

Inter-Company Cash Management Program

To promote effective short-term cash management strategies, we utilize an inter-company cash management program between LNC and participating subsidiaries under which each entity can lend to or borrow from the holding company to meet short-term borrowing needs. As of September 30, 2024, the holding company did not have an outstanding balance. Loans under the 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.

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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 our consolidated stockholders’ equity (excluding AOCI) falls below a minimum threshold (which was $2.75 billion as of September 30, 2024, 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 14 in our 2023 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 September 30, 2024, LNL had an estimated maximum borrowing capacity of $7.0 billion under the FHLBI facility and maximum available borrowing based on qualifying assets of $5.0 billion. As of September 30, 2024, LNL had outstanding borrowings of $3.2 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 September 30, 2024, LLANY had no outstanding borrowings under this facility. For additional information, see “Payables for Collateral on Investments” in Note 3.

Repurchase Agreements and Securities Lending Programs

Our insurance and reinsurance subsidiaries had access to $2.75 billion of committed repurchase facilities, of which $25 million was utilized, as of September 30, 2024. Our insurance subsidiaries, by virtue of their general account fixed-income investment holdings, can also access liquidity through securities lending programs. As of September 30, 2024, our insurance subsidiaries had securities pledged under securities lending agreements with a carrying value of $185 million. The cash received in our securities lending programs is typically invested in cash and invested cash or fixed maturity AFS securities. 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 September 30, 2024, we were in a net collateral payable position of $7.1 billion compared to $5.0 billion as of December 31, 2023. In the event of adverse changes in fair value of our derivative instruments, we may need to return collateral to counterparties or post 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 $500 million liquidity facility that is contingent upon interest rates and the five-year revolving credit facility discussed in Note 14 in our 2023 Form 10-K. Alternative liquidity sources include uncommitted repurchase agreements and selling highly liquid assets in the general account. For additional information, see “Credit Risk” in Note 5.

 

Ratings

Financial Strength Ratings

See “Part I – Item 1. Business – Financial Strength Ratings” in our 2023 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 2023 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

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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 2023 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 2023 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).

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 September 30, 2024, 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 controls 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 lawsuits captioned Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company, 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 was previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”) and our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2024 (“First Quarter 2024 Form 10-Q”) and the quarter ended June 30, 2024 (“Second Quarter 2024 Form 10-Q”). On September 4, 2024, the court granted preliminary approval of the provisional settlement, which is still subject to final approval.

Reference is made to the lawsuit captioned Donald C. Meade v. Lincoln National Corporation, Ellen Cooper, Dennis Glass, and Randal Freitag, previously discussed in our First Quarter 2024 Form 10-Q and Second Quarter 2024 Form 10-Q. On October 23, 2024, the court granted Local 295 IBT Employer Group Pension Trust Fund’s motion for appointment as lead plaintiff.

Reference is made to the lawsuits captioned Lawrence 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 and Lincoln National Corporation 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, both of which were previously disclosed in our Second Quarter 2024 Form 10-Q. On September 26, 2024, the court entered an order that, among other things, the Hollin case and the Wiersum case be consolidated for all purposes under the matter name In Re. Lincoln National Corporation Stockholder Derivative Litigation (No.: 2:24-cv-02713) and that all proceedings and deadlines in this matter be stayed until thirty 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, previously disclosed in our First Quarter 2024 Form 10-Q and Second Quarter 2024 Form 10-Q.

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. Plaintiffs Kelly Grink and Diane Trump 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 who invested in the plan’s 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 Lincoln acted as a fiduciary with respect to the fixed annuity investment option and was a party in interest to a prohibited transaction under ERISA. The action seeks unspecified relief against Lincoln. We are vigorously defending this matter.

Reference is made to Lincoln National Life Insurance Company v. Township of Radnor, previously disclosed in our Second Quarter 2024 Form 10-Q. The trial of this matter began in October 2024 and is scheduled to continue in November 2024.

See Note 14 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 2023 Form 10-K and “Part II – Item 1A. Risk Factors” in our Second Quarter 2024 Form 10-Q. 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 September 30, 2024 (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)

7/1/24 – 7/31/24

-

$

–

-

$

714

8/1/24 – 8/31/24

-

-

-

714

9/1/24 – 9/30/24

-

-

-

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 September 30, 2024, 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 September 30, 2024, 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 126, 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 September 30, 2024

3.1			Amended and Restated Bylaws of Lincoln National Corporation (“LNC”), effective September 17, 2024, 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 September 18, 2024.
10.1			The Severance Plan for Officers of LNC (amended and restated effective as of August 22, 2024) is incorporated by reference to Exhibit 10.1 to LNC’s Form 8-K (File No. 1-6028) filed with the SEC on August 26, 2024.*
10.2			Omnibus Plan Amendment including Amendment No. 4 to the LNC Deferred Compensation and Supplemental/Excess Retirement Plan and Amendment No. 1 to the LNC Deferred Compensation Plan for Non-Employee Directors.*
10.3			Amendment No. 5 to the LNC Deferred Compensation and Supplemental/Excess Retirement Plan, effective August 22, 2024.*
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.

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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: October 31, 2024

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