LINCOLN NATIONAL CORPORATION LNC Balance Sheet

Lincoln national corporation (LNC)

Balance Sheet / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Dec'08
Assets
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2020 – $96,217; 2019 – $94,295; allowance for credit losses: 2020 – $20; 2019 – $0)
102,606	105,200	103,659	99,733	98,050	94,024	93,161	93,060	92,059	94,840	93,767	93,014	91,102	89,013	92,632	91,461	88,064	84,964	85,506	85,422	88,813	86,240	85,348	85,511	82,988	80,078	80,135	80,235	82,711	82,036	81,179	79,191	76,254	75,433	74,591	70,920	69,231	68,030	69,716	66,391	62,881	60,818	60,666	55,050	48,141
Trading securities
4,019	4,673	4,691	4,522	3,314	1,950	1,440	1,450	1,553	1,620	1,665	1,678	1,703	1,712	1,808	1,812	1,864	1,854	1,914	1,949	2,077	2,065	2,134	2,339	2,316	2,282	2,354	2,391	2,528	2,554	2,650	2,649	2,650	2,675	2,726	2,625	2,598	2,596	2,711	2,608	2,532	2,505	2,548	2,317	2,333
Variable interest entities fixed maturity securities (amortized cost: 2017 $0; 2016 $200)
-	-	-	-	-	-	-	-	-	-	-	-	-	200	600	600	599	598	598	598	598	598	598	598	597	697	699	698	708	708	706	705	702	700	700	593	587	584	585	581	579	0	-	-	-
Equity securities (cost: 2017 – $247)
83	103	158	196	153	99	112	112	112	246	302	275	276	275	273	277	245	237	242	227	210	231	234	256	207	201	185	209	148	157	156	154	126	139	137	144	145	197	205	246	310	278	283	236	254
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2020 – $765; 2019 – $0)
16,791	16,339	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage loans on real estate
-	-	15,947	15,090	13,997	13,260	12,561	12,217	11,047	10,762	10,382	10,023	10,001	9,889	9,430	9,257	8,916	8,678	8,431	8,171	7,654	7,574	7,466	7,096	7,089	7,210	7,127	7,033	7,057	7,029	6,690	6,804	6,938	6,942	6,893	6,871	6,749	6,752	6,799	6,882	7,013	7,178	7,277	7,468	7,715
Real estate
-	-	-	-	-	-	12	11	11	11	11	23	24	24	23	21	17	17	21	24	19	20	20	32	42	47	56	60	65	65	112	116	113	137	136	150	189	202	219	218	201	174	154	159	125
Policy loans
2,571	2,477	2,475	2,484	2,498	2,509	2,490	2,508	2,389	2,399	2,417	2,416	2,432	2,451	2,471	2,507	2,533	2,545	2,647	2,654	2,664	2,670	2,677	2,683	2,687	2,677	2,679	2,700	2,727	2,766	2,780	2,829	2,842	2,884	2,874	2,877	2,837	2,865	2,879	2,902	2,903	2,898	2,893	2,897	2,921
Derivative investments
4,417	1,911	2,201	1,510	981	1,107	706	584	827	915	960	1,054	991	927	2,170	2,613	2,085	1,537	2,020	1,340	2,095	1,860	1,439	1,142	1,044	881	1,114	1,683	2,268	2,652	3,072	3,399	2,244	3,151	3,029	1,097	946	1,076	1,904	1,989	992	1,010	1,282	1,234	3,397
Other investments
4,765	2,994	3,389	2,845	2,752	2,267	2,204	2,065	2,049	2,296	2,210	2,156	2,104	2,230	2,184	2,039	2,048	1,778	1,820	1,624	1,885	1,709	1,469	1,301	1,237	1,218	1,219	1,158	1,073	1,098	1,123	1,041	1,043	1,069	1,105	1,001	1,029	1,038	1,096	1,136	1,047	1,057	1,080	1,187	1,624
Total investments
135,252	133,697	132,520	126,380	121,745	115,216	112,686	112,007	110,047	113,089	111,714	110,639	108,633	106,721	111,591	110,587	106,371	102,208	103,199	102,009	106,015	102,967	101,385	100,958	98,207	95,291	95,568	96,167	99,285	99,065	98,468	96,888	92,912	93,130	92,191	86,278	84,311	83,340	86,114	82,953	78,458	75,918	76,183	70,548	66,510
Cash and invested cash
6,202	2,563	2,939	3,314	1,593	2,345	1,460	1,775	2,257	1,628	1,965	1,978	1,923	2,722	3,444	4,113	3,177	3,146	3,772	2,327	3,487	3,919	1,821	1,509	1,849	2,364	2,650	2,574	3,107	4,230	4,373	5,257	3,516	4,510	4,833	2,912	2,216	2,741	3,547	3,700	3,445	4,025	3,161	2,539	5,588
Deferred acquisition costs and value of business acquired
9,212	7,694	7,492	8,588	9,441	10,264	10,014	9,904	9,289	8,403	8,543	8,555	9,030	9,134	8,020	8,280	8,984	9,510	8,866	9,150	8,156	8,207	8,372	8,149	8,454	8,886	8,500	8,214	6,936	6,667	5,813	6,505	6,880	6,776	8,130	9,271	9,272	8,930	7,918	8,535	9,195	9,510	9,182	10,456	11,402
Premiums and fees receivable
562	465	440	553	607	570	592	574	480	396	370	365	465	430	355	370	401	376	383	415	452	473	448	465	504	420	427	430	440	380	366	388	437	408	383	370	401	335	308	317	397	321	323	429	449
Accrued investment income
1,185	1,148	1,182	1,146	1,184	1,119	1,168	1,119	1,137	1,078	1,137	1,082	1,124	1,062	1,117	1,070	1,108	1,070	1,116	1,064	1,129	1,049	1,129	1,081	1,116	1,029	1,111	1,052	1,078	1,015	1,067	1,021	1,026	981	1,023	994	989	933	989	945	940	889	943	881	814
Reinsurance recoverables, net of allowance for credit losses
16,923	17,144	17,353	17,481	17,660	17,700	18,271	17,979	5,009	4,907	5,062	5,228	5,333	5,265	5,432	5,540	5,597	5,623	5,559	5,608	5,598	5,730	5,906	6,007	5,984	6,041	6,528	6,385	6,489	6,449	6,424	6,601	6,534	6,526	6,659	6,556	6,580	6,527	6,668	6,660	6,520	6,426	7,664	7,729	8,396
Reinsurance related embedded derivatives
137	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Funds withheld reinsurance assets
535	536	543	548	549	557	566	572	576	593	602	607	610	617	628	628	630	629	639	642	646	649	761	764	772	776	782	788	798	837	846	863	866	874	-	-	-	911	-	-	-	-	-	-	-
Reinsurance related embedded derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	46	31
Goodwill
1,778	1,778	1,778	1,778	1,778	1,782	1,757	1,750	1,368	1,368	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	2,273	3,019	3,019	3,019	3,019	3,019	3,013	3,013	3,013	3,096	3,344	3,696
Other assets
16,246	16,170	15,939	16,196	16,373	15,713	9,644	8,921	6,313	6,082	5,507	5,099	5,119	5,006	5,152	5,134	3,671	3,454	3,450	3,647	2,901	2,845	3,414	3,760	3,822	2,730	2,709	2,655	2,569	2,580	2,502	2,475	2,486	2,536	3,314	3,308	3,293	2,458	3,351	3,162	3,224	3,831	10,827	9,982	10,595
Separate account assets
130,617	153,566	145,092	146,275	143,369	132,833	147,692	144,231	142,761	144,219	139,612	135,825	132,958	128,397	128,593	125,033	123,506	123,619	120,275	128,079	127,828	125,265	122,937	124,159	118,968	117,135	109,376	102,783	101,366	95,373	93,326	88,839	91,088	83,477	78,195	88,846	88,236	84,630	78,576	70,844	76,429	73,500	70,111	61,091	55,655
Total assets
318,649	334,761	325,278	322,259	314,299	298,147	303,850	298,832	279,237	281,763	276,785	271,651	267,468	261,627	266,605	263,028	255,718	251,908	249,532	255,214	258,485	253,377	248,446	249,125	241,949	236,945	229,924	223,321	224,341	218,869	215,458	211,110	208,018	201,491	197,747	201,554	198,317	193,824	190,490	180,129	181,621	177,433	181,490	167,045	163,136
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Future contract benefits
37,100	36,420	36,108	34,890	34,009	34,648	33,988	33,718	22,923	22,887	22,547	22,293	22,202	21,576	22,120	22,147	21,438	20,708	20,523	20,166	20,468	20,057	19,553	19,460	18,997	17,251	18,138	18,214	19,149	19,780	19,232	19,930	18,784	19,813	19,969	17,855	17,313	17,527	17,295	17,478	15,270	15,958	15,970	16,128	18,431
Other contract holder funds
99,508	98,018	95,283	94,947	93,959	91,233	89,906	88,698	80,710	80,209	79,623	79,216	79,078	78,903	77,963	77,458	77,475	77,362	76,451	76,243	75,663	75,512	74,893	74,735	74,507	74,548	74,106	73,830	72,760	72,218	70,706	70,422	70,027	69,466	68,581	67,864	67,125	66,407	66,903	65,462	65,452	64,147	63,956	62,427	60,570
Short-term debt
-	300	300	300	300	-	-	-	250	450	450	450	200	-	250	250	-	-	-	-	250	250	250	250	-	501	503	506	706	200	200	300	300	300	550	251	351	351	101	99	101	350	400	455	815
Long-term debt
6,748	6,067	6,070	5,621	5,572	5,839	5,804	5,826	5,648	4,894	4,900	4,901	5,133	5,345	5,457	5,460	5,650	5,553	5,604	5,529	5,627	5,270	5,186	5,170	5,380	5,320	5,365	5,050	4,889	5,439	5,494	5,719	5,606	5,391	5,348	5,729	5,370	5,399	5,943	5,865	5,060	5,050	4,789	4,775	4,731
Reinsurance related embedded derivatives
-	327	339	310	177	3	20	25	34	57	63	53	50	53	137	134	111	87	116	120	165	150	141	155	135	108	121	131	199	215	215	185	158	168	177	119	91	102	132	92	47	31	39	-	0
Funds withheld reinsurance liabilities
1,843	1,810	1,817	1,796	1,762	1,740	1,733	1,711	1,726	1,761	1,807	1,862	1,961	1,976	1,999	2,019	597	638	676	718	717	764	806	842	843	867	898	926	926	940	987	999	1,043	1,045	1,072	1,107	1,135	1,149	1,136	1,196	1,216	1,261	1,220	1,222	2,042
Deferred gain on business sold through reinsurance
-	-	-	-	-	-	1	1	1	-	2	2	6	24	43	61	79	98	116	134	153	171	190	208	226	245	263	282	301	319	338	356	375	394	412	431	450	468	487	506	525	543	511	529	619
Payables for collateral on investments
8,434	5,082	5,528	5,632	5,362	4,805	4,212	4,699	4,265	4,417	4,968	4,952	5,086	4,995	5,654	6,297	5,017	4,657	5,297	4,587	5,046	4,409	3,853	3,571	3,519	3,238	3,553	4,252	4,107	4,181	4,566	5,070	2,875	3,733	3,855	1,805	1,554	1,659	2,567	2,376	1,828	1,907	2,240	1,712	3,706
Variable interest entities' liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	2	3	5	13	17	10	22	27	67	101	83	128	121	158	149	193	203	130	130	132	156	187	142	0	-	-	-
Other liabilities
17,824	13,482	14,742	14,033	13,372	12,696	5,424	4,746	4,934	5,547	6,499	6,101	5,821	5,880	8,066	8,249	7,187	5,565	6,071	4,936	6,340	5,776	5,168	5,114	4,866	4,253	4,145	3,929	4,993	5,103	5,036	4,950	4,352	4,410	4,466	3,831	3,472	3,194	3,635	3,386	3,183	2,986	10,598	9,631	8,590
Separate account liabilities
130,617	153,566	145,092	146,275	143,369	132,833	147,692	144,231	142,761	144,219	139,612	135,825	132,958	128,397	128,593	125,033	123,506	123,619	120,275	128,079	127,828	125,265	122,937	124,159	118,968	117,135	109,376	102,783	101,366	95,373	93,326	88,839	91,088	83,477	78,195	88,846	88,236	84,630	78,576	70,844	76,429	73,500	70,111	61,091	55,655
Total liabilities
302,074	315,072	305,279	303,804	297,882	283,797	288,780	283,655	263,252	264,441	260,471	255,655	252,495	247,149	250,282	247,108	241,060	238,291	235,131	240,515	242,262	237,637	232,994	233,674	227,463	223,493	216,535	210,004	209,479	203,896	200,221	196,928	194,757	188,390	182,828	187,968	185,227	181,018	176,931	167,491	169,253	165,733	169,834	157,970	155,159
Contingencies and Commitments (See Note 11)
-	-	-	-	-	-	0	0	0	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-
Stockholders' Equity
Preferred stock - 10,000,000 shares authorized
-	-	-	-	-	-	0	0	0	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	0	0	0	0	-	0	0	0
Series B preferred stock - 950,000 shares outstanding as of December 31, 2009
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	812	-	800	-	0
Common stock – 800,000,000 shares authorized; 193,208,244 and 196,668,532 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
5,071	5,162	5,192	5,241	5,285	5,392	5,619	5,674	5,700	5,693	5,717	5,774	5,839	5,869	5,909	6,009	6,162	6,298	6,380	6,469	6,493	6,622	6,696	6,739	6,805	6,876	6,886	6,937	7,043	7,121	7,214	7,310	7,448	7,590	7,792	7,938	8,064	8,124	8,142	8,188	7,845	7,840	7,842	7,681	7,035
Retained earnings
8,500	8,854	8,559	8,878	8,679	8,551	8,615	8,302	8,052	8,399	7,738	7,511	7,287	7,043	7,037	6,716	6,565	6,474	6,358	6,286	6,077	6,022	5,834	5,513	5,228	5,013	4,753	4,487	4,238	4,044	3,873	3,493	3,191	2,831	4,664	4,536	4,243	3,934	3,755	3,512	3,409	3,316	3,234	3,101	3,745
Accumulated other comprehensive income (loss)
3,004	5,673	6,248	4,336	2,453	407	836	1,201	2,233	3,230	2,859	2,711	1,847	1,566	3,377	3,195	1,931	845	1,663	1,944	3,653	3,096	2,922	3,199	2,453	1,563	1,750	1,893	3,581	3,808	4,150	3,379	2,622	2,680	2,463	1,112	783	748	1,662	938	302	-262	-220	-1,707	-2,803
Total stockholders' equity
16,575	19,689	19,999	18,455	16,417	14,350	15,070	15,177	15,985	17,322	16,314	15,996	14,973	14,478	16,323	15,920	14,658	13,617	14,401	14,699	16,223	15,740	15,452	15,451	14,486	13,452	13,389	13,317	14,862	14,973	15,237	14,182	13,261	13,101	14,919	13,586	13,090	12,806	13,559	12,638	12,368	11,700	11,656	9,075	7,977
Total liabilities and stockholders' equity
318,649	334,761	325,278	322,259	314,299	298,147	303,850	298,832	279,237	281,763	276,785	271,651	267,468	261,627	266,605	263,028	255,718	251,908	249,532	255,214	258,485	253,377	248,446	249,125	241,949	236,945	229,924	223,321	224,341	218,869	215,458	211,110	208,018	201,491	197,747	201,554	198,317	193,824	190,490	180,129	181,621	177,433	181,490	167,045	163,136