INVESTOR PRESENTATION
Investor presentation
March 23, 2021
Al Copersino VP, Investor Relations 203-257-4493 Albert.Copersino@
This document may not be accurate after its date, and LNC does not undertake to update or keep it accurate after such date.
?2021 Lincoln National Corporation 1
Lincoln story
?2021 Lincoln National Corporation 2
Lincoln strategy
OUR PURPOSE Provide financial peace of mind to everyday consumers across the United States
Where we play
Focus on the fastest growing U.S. markets
Annuities Life Insurance Group Protection Retirement Plan Services
ENTERPRISE STRATEGY
How we win
Our capabilities
Invest in our powerful distribution network and product breadth
Maintain industryleading risk management
Remain focused on manufacturing retail and worksite products
Actively direct capital to the highest
and best uses
Our tools
Utilize digital to drive a differentiated customer experience
Integrated business, financial and talent planning
OUR FOUNDATIONAL DRIVERS
Best interest of our customers
Best for our employees
?2021 Lincoln National Corporation 3
Maintaining strong position during this crisis
2008
2020
Holding company cash
$(602)M
$754M
Capital and balance sheet1
Statutory capital
$5.1B
$10.2B
RBC ratio
393%
451%
Below investment-grade assets2
6.1%
4.1%
Goodwill3 Greater management focus
38%
2013
7 businesses
Strategic1
% of sales with long-term guarantees
36%
Mix of capital market sources of earnings4
54% spread 46% fee
% of earnings from mortality/morbidity4
24%
1 Time periods for comparison selected because 2008 was pre-financial crisis and 2013 shows progress on strategic initiatives over the medium term.
Unfavorable
2 Does not include commercial mortgage loans (CMLs).
3 Represents goodwill as a % of end-of-period equity, excluding AOCI.
4 Excludes notable items and pandemic-related claims experience, which represent pre-tax impact to business segment adjusted income from operations. See appendix for reconciliation.
13%
2020
4 businesses
15%
37% spread 63% fee
29%
Neutral
Favorable
?2021 Lincoln National Corporation 4
Solid underlying operating earnings results in 2020
Strong underlying earnings
Item Reported adjusted operating EPS1
Less Annual review of DAC and reserve assumptions
Pandemic-related mortality/morbidity
Other items
FY20 $4.45
(2.81) (2.36)
0.32
Poised to deliver 8-10% EPS growth over the long term
Average account values
$258B
$275B
Category 1
2019
2020
G&A expenses,
net of amounts capitalized
$2,118M
$2,018M
Category 1
2019
2020
Book value per share,
excluding AOCI1
$71.27
$71.59
2019 2020 Category1
1 See Appendix for a reconciliation of non-GAAP measures to their most comparable GAAP measures.
?2021 Lincoln National Corporation 5
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