false--12-31Q120200000059558YesYes0000059558us-gaap:CommonStockMember2020-01-012020-03-310000059558us-gaap:CommonStockMember2019-01-012019-03-310000059558us-gaap:CommonStockMember2020-01-012020-03-310000059558us-gaap:RetainedEarningsMember2020-03-310000059558us-gaap:CommonStockMember2020-03-310000059558us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000059558us-gaap:CommonStockMember2019-12-310000059558us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000059558us-gaap:RetainedEarningsMember2019-03-310000059558us-gaap:CommonStockMember2019-03-310000059558us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310000059558us-gaap:RetainedEarningsMember2018-12-310000059558us-gaap:CommonStockMember2018-12-310000059558us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000059558lnc:SeniorNotes6.25Due2020Member2020-01-012020-03-310000059558lnc:Libor150BpsTermLoanIssuedDue2022Member2020-01-012020-03-310000059558lnc:AssociatedAmortizationOfDacVobaDsiAndDfelMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-03-310000059558lnc:AssociatedAmortizationOfDacVobaDsiAndDfelMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-03-310000059558us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000059558us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-03-310000059558us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000059558us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310000059558us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-03-310000059558us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-03-310000059558lnc:AtheneHoldingLtd.Memberus-gaap:CommercialLoanMember2020-03-310000059558us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-03-310000059558us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-03-310000059558us-gaap:AccountingStandardsUpdate201613Member2020-01-010000059558lnc:AccountingStandardsUpdate201905Member2020-01-010000059558lnc:RetirementPlanServicesSegmentMember2020-01-012020-03-310000059558lnc:OtherOperationsMember2020-01-012020-03-310000059558lnc:LifeSegmentMember2020-01-012020-03-310000059558lnc:GroupProtectionSegmentMember2020-01-012020-03-310000059558lnc:AnnuitiesSegmentMember2020-01-012020-03-310000059558lnc:RetirementPlanServicesSegmentMember2019-01-012019-03-310000059558lnc:OtherOperationsMember2019-01-012019-03-310000059558lnc:LifeSegmentMember2019-01-012019-03-310000059558lnc:GroupProtectionSegmentMember2019-01-012019-03-310000059558lnc:AnnuitiesSegmentMember2019-01-012019-03-310000059558lnc:ReturnOfNetDepositsMember2020-01-012020-03-310000059558lnc:MinimumReturnMember2020-01-012020-03-310000059558lnc:AnniversaryContractValueMember2020-01-012020-03-310000059558lnc:ReturnOfNetDepositsMember2019-01-012019-12-310000059558lnc:MinimumReturnMember2019-01-012019-12-310000059558lnc:AnniversaryContractValueMember2019-01-012019-12-310000059558us-gaap:VariableAnnuityMemberus-gaap:FixedIncomeSecuritiesMember2020-03-310000059558us-gaap:VariableAnnuityMemberlnc:InternationalEquityMember2020-03-310000059558us-gaap:VariableAnnuityMemberlnc:DomesticEquityMember2020-03-310000059558us-gaap:VariableAnnuityMemberus-gaap:FixedIncomeSecuritiesMember2019-12-310000059558us-gaap:VariableAnnuityMemberlnc:InternationalEquityMember2019-12-310000059558us-gaap:VariableAnnuityMemberlnc:DomesticEquityMember2019-12-310000059558lnc:ReturnOfNetDepositsMember2020-03-310000059558lnc:AnniversaryContractValueMember2020-03-310000059558lnc:ReturnOfNetDepositsMember2019-12-310000059558lnc:AnniversaryContractValueMember2019-12-310000059558us-gaap:PendingLitigationMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:OtherLiabilitiesMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OtherLiabilitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberlnc:IndexedAnnuityContractsMemberlnc:FutureContractBenefitsMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberlnc:FutureContractBenefitsMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OtherLiabilitiesMember2020-03-310000059558us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OtherLiabilitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OtherLiabilitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberlnc:IndexedAnnuityContractsMemberlnc:FutureContractBenefitsMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OtherLiabilitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberlnc:ReinsuranceRelatedEmbeddedDerivativesMember2019-12-310000059558us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:OtherLiabilitiesMember2019-12-310000059558lnc:ReinsuranceRelatedEmbeddedDerivativesMember2019-12-310000059558us-gaap:InterestRateContractMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-03-310000059558us-gaap:InterestRateContractMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-03-310000059558srt:MaximumMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-03-310000059558srt:MaximumMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310000059558lnc:DiscontinuedHedgesMember2020-03-310000059558lnc:DiscontinuedHedgesMember2019-12-310000059558us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-03-310000059558us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-03-310000059558us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-03-310000059558us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-03-310000059558us-gaap:FinancingReceivables60To89DaysPastDueMember2020-03-310000059558us-gaap:FinancingReceivables30To59DaysPastDueMember2020-03-310000059558us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310000059558us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310000059558us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310000059558us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310000059558us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2019-12-310000059558us-gaap:FinancingReceivables60To89DaysPastDueMember2019-12-310000059558us-gaap:FinancingReceivables30To59DaysPastDueMember2019-12-310000059558lnc:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ResidentialPortfolioSegmentMember2020-03-310000059558lnc:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-03-310000059558lnc:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-03-310000059558lnc:IndexedAnnuityContractsMemberlnc:FutureContractBenefitsMember2020-03-310000059558lnc:IndexedAnnuityCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2020-03-310000059558lnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2020-03-310000059558lnc:IndexedAnnuityContractsMemberlnc:FutureContractBenefitsMember2019-12-310000059558lnc:IndexedAnnuityCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-12-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2019-12-310000059558us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-03-310000059558us-gaap:CorporateBondSecuritiesMemberus-gaap:FixedMaturitiesMember2019-03-310000059558us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-03-310000059558us-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-03-310000059558lnc:IndexedAnnuityContractsMemberlnc:FutureContractBenefitsMember2019-03-310000059558lnc:IndexedAnnuityCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-03-310000059558lnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2019-03-310000059558lnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-03-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2019-03-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-03-310000059558us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2019-03-310000059558us-gaap:EquitySecuritiesMember2019-03-310000059558us-gaap:DerivativeFinancialInstrumentsAssetsMember2019-03-310000059558us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2018-12-310000059558us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2018-12-310000059558us-gaap:CorporateBondSecuritiesMemberus-gaap:FixedMaturitiesMember2018-12-310000059558us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2018-12-310000059558us-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2018-12-310000059558lnc:IndexedAnnuityContractsMemberlnc:FutureContractBenefitsMember2018-12-310000059558lnc:IndexedAnnuityCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2018-12-310000059558lnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2018-12-310000059558lnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2018-12-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2018-12-310000059558us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2018-12-310000059558us-gaap:EquitySecuritiesMember2018-12-310000059558us-gaap:DerivativeFinancialInstrumentsAssetsMember2018-12-310000059558us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-03-310000059558us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-03-310000059558lnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-03-310000059558us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-03-310000059558us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-03-310000059558us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-03-310000059558lnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2020-01-012020-03-310000059558lnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2020-01-012020-03-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2020-01-012020-03-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2020-01-012020-03-310000059558lnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-01-012019-03-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2019-01-012019-03-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-01-012019-03-310000059558us-gaap:DerivativeFinancialInstrumentsAssetsMemberlnc:RealizedGainLossMember2020-01-012020-03-310000059558lnc:IndexedAnnuityContractsMemberlnc:RealizedGainLossMember2020-01-012020-03-310000059558lnc:GuaranteedLivingBenefitsEmbeddedDerivativeReservesMemberlnc:RealizedGainLossMember2020-01-012020-03-310000059558us-gaap:DerivativeFinancialInstrumentsAssetsMemberlnc:RealizedGainLossMember2019-01-012019-03-310000059558lnc:IndexedAnnuityContractsMemberlnc:RealizedGainLossMember2019-01-012019-03-310000059558lnc:GuaranteedLivingBenefitsEmbeddedDerivativeReservesMemberlnc:RealizedGainLossMember2019-01-012019-03-310000059558lnc:InvestedAssetsMemberus-gaap:FinancialServiceMember2020-03-310000059558lnc:InvestedAssetsMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2020-03-310000059558lnc:InvestedAssetsMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-03-310000059558lnc:InvestedAssetsMemberlnc:ConsumerNonCyclicalIndustryMember2020-03-310000059558lnc:InvestedAssetsMemberus-gaap:FinancialServiceMember2019-12-310000059558lnc:InvestedAssetsMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2019-12-310000059558lnc:InvestedAssetsMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-12-310000059558lnc:InvestedAssetsMemberlnc:ConsumerNonCyclicalIndustryMember2019-12-310000059558us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-03-310000059558lnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-03-310000059558us-gaap:FixedMaturitiesMember2020-01-012020-03-310000059558us-gaap:EquitySecuritiesMember2020-01-012020-03-310000059558us-gaap:EquitySecuritiesMember2019-01-012019-03-310000059558srt:WeightedAverageMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:RetainedEarningsMember2020-01-012020-03-310000059558us-gaap:RetainedEarningsMember2019-01-012019-03-310000059558us-gaap:IndexedAnnuityMember2020-01-012020-03-310000059558lnc:DerivativeInvestmentsMemberus-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2020-03-310000059558lnc:DerivativeInvestmentsMemberus-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2019-12-310000059558us-gaap:InterestRateContractMember2020-01-012020-03-310000059558us-gaap:ForeignExchangeContractMember2020-01-012020-03-310000059558srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:MeasurementInputWithdrawalRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:MeasurementInputWithdrawalRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:MeasurementInputLapseRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberlnc:MeasurementInputPremiumsUtilizationRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberlnc:MeasurementInputClaimsUtilizationRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberlnc:FutureContractBenefitsIndexedAnnuityAndUniversalLifeContractsEmbeddedDerivativesMemberlnc:FutureContractBenefitsMemberus-gaap:MeasurementInputLapseRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:MeasurementInputWithdrawalRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberlnc:MeasurementInputPremiumsUtilizationRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMemberlnc:MeasurementInputClaimsUtilizationRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlnc:FutureContractBenefitsIndexedAnnuityAndUniversalLifeContractsEmbeddedDerivativesMemberlnc:FutureContractBenefitsMemberus-gaap:MeasurementInputLapseRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:MeasurementInputLapseRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherLiabilitiesMember2020-03-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:OtherLiabilitiesMember2020-03-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherLiabilitiesMember2019-12-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:OtherLiabilitiesMember2019-12-310000059558us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2020-01-012020-03-310000059558us-gaap:EquityContractMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2020-01-012020-03-310000059558us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2020-01-012020-03-310000059558lnc:ReinsuranceRelatedMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2020-01-012020-03-310000059558lnc:IndexedAnnuityContractsMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2020-01-012020-03-310000059558lnc:GlbEmbeddedDerivativesReservesMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2020-01-012020-03-310000059558us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2019-01-012019-03-310000059558us-gaap:EquityContractMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2019-01-012019-03-310000059558lnc:ReinsuranceRelatedMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2019-01-012019-03-310000059558lnc:IndexedAnnuityContractsMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2019-01-012019-03-310000059558lnc:GlbEmbeddedDerivativesReservesMemberus-gaap:NondesignatedMemberlnc:RealizedGainLossMember2019-01-012019-03-310000059558us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2020-01-012020-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberlnc:RealizedGainLossMember2020-01-012020-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberlnc:NetInvestmentIncomeMember2020-01-012020-03-310000059558us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2019-01-012019-03-310000059558us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberlnc:NetInvestmentIncomeMember2019-01-012019-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberlnc:RealizedGainLossMember2019-01-012019-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberlnc:NetInvestmentIncomeMember2019-01-012019-03-310000059558lnc:DerivativeInvestmentsMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-310000059558us-gaap:OtherAssetsMemberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:NondesignatedMember2020-03-310000059558lnc:ReinsuranceRelatedEmbeddedDerivativesMemberlnc:ReinsuranceRelatedMemberus-gaap:NondesignatedMember2019-12-310000059558lnc:DerivativeInvestmentsMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-310000059558lnc:DerivativeInvestmentsMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-310000059558us-gaap:OtherLiabilitiesMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:NondesignatedMember2020-03-310000059558lnc:ReinsuranceRelatedEmbeddedDerivativesMemberlnc:ReinsuranceRelatedMemberus-gaap:NondesignatedMember2020-03-310000059558lnc:FutureContractBenefitsMemberlnc:IndexedAnnuityContractsMemberus-gaap:NondesignatedMember2020-03-310000059558lnc:DerivativeInvestmentsMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2020-03-310000059558lnc:DerivativeInvestmentsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2020-03-310000059558lnc:DerivativeInvestmentsMemberus-gaap:EquityContractMemberus-gaap:NondesignatedMember2020-03-310000059558lnc:DerivativeInvestmentsMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-310000059558lnc:TotalDerivativeInstrumentsMember2020-03-310000059558lnc:DerivativeInvestmentsMemberus-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000059558lnc:DerivativeInvestmentsMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000059558lnc:DerivativeInvestmentsMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000059558us-gaap:OtherLiabilitiesMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:NondesignatedMember2019-12-310000059558us-gaap:OtherAssetsMemberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:NondesignatedMember2019-12-310000059558lnc:FutureContractBenefitsMemberlnc:IndexedAnnuityContractsMemberus-gaap:NondesignatedMember2019-12-310000059558lnc:DerivativeInvestmentsMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2019-12-310000059558lnc:DerivativeInvestmentsMemberus-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2019-12-310000059558lnc:DerivativeInvestmentsMemberus-gaap:EquityContractMemberus-gaap:NondesignatedMember2019-12-310000059558lnc:DerivativeInvestmentsMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000059558lnc:TotalDerivativeInstrumentsMember2019-12-310000059558srt:StandardPoorsBBBPlusRatingMember2019-12-310000059558srt:StandardPoorsBBBPlusRatingMember2020-03-310000059558srt:StandardPoorsARatingMember2020-03-310000059558srt:StandardPoorsAPlusRatingMember2020-03-310000059558srt:StandardPoorsAMinusRatingMember2020-03-310000059558srt:StandardPoorsAAMinusRatingMember2020-03-310000059558srt:StandardPoorsARatingMember2019-12-310000059558srt:StandardPoorsAPlusRatingMember2019-12-310000059558srt:StandardPoorsAMinusRatingMember2019-12-310000059558srt:StandardPoorsAAMinusRatingMember2019-12-310000059558srt:WeightedAverageMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputWithdrawalRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:WeightedAverageMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:WeightedAverageMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputWithdrawalRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputLapseRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberlnc:MeasurementInputPremiumsUtilizationRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberlnc:MeasurementInputClaimsUtilizationRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputWithdrawalRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputLapseRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberlnc:MeasurementInputPremiumsUtilizationRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberlnc:MeasurementInputClaimsUtilizationRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberlnc:IndexedAnnuityContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLapseRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberlnc:IndexedAnnuityContractsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLapseRateMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558lnc:AtheneHoldingLtd.Member2019-12-310000059558lnc:SeniorNotes6.25Due2020Member2020-03-310000059558srt:StandardPoorsBBBPlusRatingMemberus-gaap:CreditDefaultSwapSellingProtectionMember2020-01-012020-03-310000059558srt:StandardPoorsBBBPlusRatingMemberus-gaap:CreditDefaultSwapSellingProtectionMember2019-01-012019-12-310000059558lnc:Libor150BpsTermLoanIssuedDue2022Memberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-01-012020-03-310000059558lnc:AssociatedAmortizationOfDacVobaDsiAndDfelMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2019-01-012019-03-310000059558lnc:AssociatedAmortizationOfDacVobaDsiAndDfelMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-03-310000059558us-gaap:RetainedEarningsMember2019-12-310000059558srt:StandardPoorsBBBPlusRatingMemberus-gaap:CreditDefaultSwapSellingProtectionMember2020-03-310000059558srt:StandardPoorsBBBPlusRatingMemberus-gaap:CreditDefaultSwapSellingProtectionMember2019-12-310000059558stpr:TXus-gaap:GeographicConcentrationRiskMemberus-gaap:MortgagesMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-03-310000059558stpr:FLus-gaap:GeographicConcentrationRiskMemberus-gaap:MortgagesMemberus-gaap:ResidentialPortfolioSegmentMember2020-01-012020-03-310000059558stpr:CAus-gaap:GeographicConcentrationRiskMemberus-gaap:MortgagesMemberus-gaap:ResidentialPortfolioSegmentMember2020-01-012020-03-310000059558stpr:CAus-gaap:GeographicConcentrationRiskMemberus-gaap:MortgagesMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-03-310000059558lnc:InvestedAssetsMemberus-gaap:FinancialServiceMember2020-01-012020-03-310000059558lnc:InvestedAssetsMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2020-01-012020-03-310000059558lnc:InvestedAssetsMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2020-01-012020-03-310000059558lnc:InvestedAssetsMemberlnc:ConsumerNonCyclicalIndustryMember2020-01-012020-03-310000059558stpr:TXus-gaap:GeographicConcentrationRiskMemberus-gaap:MortgagesMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-01-012019-12-310000059558stpr:FLus-gaap:GeographicConcentrationRiskMemberus-gaap:MortgagesMemberus-gaap:ResidentialPortfolioSegmentMember2019-01-012019-12-310000059558stpr:CAus-gaap:GeographicConcentrationRiskMemberus-gaap:MortgagesMemberus-gaap:ResidentialPortfolioSegmentMember2019-01-012019-12-310000059558stpr:CAus-gaap:GeographicConcentrationRiskMemberus-gaap:MortgagesMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2019-01-012019-12-310000059558lnc:InvestedAssetsMemberus-gaap:FinancialServiceMember2019-01-012019-12-310000059558lnc:InvestedAssetsMemberus-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember2019-01-012019-12-310000059558lnc:InvestedAssetsMemberus-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember2019-01-012019-12-310000059558lnc:InvestedAssetsMemberlnc:ConsumerNonCyclicalIndustryMember2019-01-012019-12-310000059558us-gaap:CommonStockMember2020-03-310000059558us-gaap:CommonStockMember2019-12-310000059558us-gaap:CommonStockMember2019-03-310000059558us-gaap:CommonStockMember2018-12-310000059558us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2020-01-012020-03-310000059558us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberlnc:NetInvestmentIncomeMember2020-01-012020-03-310000059558us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2019-01-012019-03-310000059558us-gaap:InterestRateContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberlnc:NetInvestmentIncomeMember2019-01-012019-03-3100000595582019-03-3100000595582018-12-310000059558us-gaap:FixedMaturitiesMember2020-01-012020-03-310000059558us-gaap:FixedMaturitiesMember2019-01-012019-03-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FixedMaturitiesMember2019-12-310000059558lnc:StructuredSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558lnc:FixedMaturityAfsSecuritiesOtherThanStructuredSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberlnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberlnc:IndexedAnnuityContractsMemberus-gaap:OtherAssetsMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberlnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberlnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel1Memberlnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberlnc:SeperateAccountAssetsMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberlnc:ReinsuranceRelatedEmbeddedDerivativesMember2020-03-310000059558us-gaap:FairValueInputsLevel2Memberlnc:MortgageLoansOnRealEstateMember2020-03-310000059558us-gaap:FairValueInputsLevel1Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2020-03-310000059558us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2020-03-310000059558us-gaap:FairValueInputsLevel1Memberlnc:SeperateAccountAssetsMember2020-03-310000059558us-gaap:CorporateBondSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558lnc:IndexedAnnuityContractsMemberus-gaap:OtherAssetsMember2020-03-310000059558lnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2020-03-310000059558us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2020-03-310000059558us-gaap:FairValueMeasurementsNonrecurringMember2020-03-310000059558us-gaap:FairValueInputsLevel3Member2020-03-310000059558us-gaap:FairValueInputsLevel2Member2020-03-310000059558us-gaap:FairValueInputsLevel1Member2020-03-310000059558us-gaap:EquitySecuritiesMember2020-03-310000059558us-gaap:DerivativeFinancialInstrumentsAssetsMember2020-03-310000059558us-gaap:CashAndCashEquivalentsMember2020-03-310000059558lnc:SeperateAccountAssetsMember2020-03-310000059558lnc:ReinsuranceRelatedEmbeddedDerivativesMember2020-03-310000059558lnc:MortgageLoansOnRealEstateMember2020-03-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberlnc:IndexedAnnuityContractsMemberus-gaap:OtherAssetsMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberlnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberlnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel1Memberlnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:USGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2019-12-310000059558us-gaap:FairValueInputsLevel3Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMember2019-12-310000059558us-gaap:FairValueInputsLevel2Memberlnc:SeperateAccountAssetsMember2019-12-310000059558us-gaap:FairValueInputsLevel1Memberus-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2019-12-310000059558us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2019-12-310000059558us-gaap:FairValueInputsLevel1Memberlnc:SeperateAccountAssetsMember2019-12-310000059558lnc:IndexedAnnuityContractsMemberus-gaap:OtherAssetsMember2019-12-310000059558lnc:HybridAndRedeemablePreferredSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558lnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-12-310000059558lnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-12-310000059558us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2019-12-310000059558us-gaap:FairValueMeasurementsNonrecurringMember2019-12-310000059558us-gaap:FairValueInputsLevel3Member2019-12-310000059558us-gaap:FairValueInputsLevel2Member2019-12-310000059558us-gaap:FairValueInputsLevel1Member2019-12-310000059558us-gaap:EquitySecuritiesMember2019-12-310000059558us-gaap:DerivativeFinancialInstrumentsAssetsMember2019-12-310000059558us-gaap:CashAndCashEquivalentsMember2019-12-310000059558lnc:SeperateAccountAssetsMember2019-12-310000059558srt:MaximumMember2019-01-012019-03-310000059558us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310000059558us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310000059558us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310000059558lnc:UnrealizedGainLossOnDerivativeInstrumentsMember2020-03-310000059558us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000059558us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000059558us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000059558lnc:UnrealizedOtherThanTemporaryImpairmentOnAvailableForSaleSecuritiesMember2019-12-310000059558lnc:UnrealizedGainLossOnDerivativeInstrumentsMember2019-12-310000059558us-gaap:AccumulatedTranslationAdjustmentMember2019-03-310000059558us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-03-310000059558us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-03-310000059558lnc:UnrealizedOtherThanTemporaryImpairmentOnAvailableForSaleSecuritiesMember2019-03-310000059558lnc:UnrealizedGainLossOnDerivativeInstrumentsMember2019-03-310000059558us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000059558us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-12-310000059558us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000059558lnc:UnrealizedOtherThanTemporaryImpairmentOnAvailableForSaleSecuritiesMember2018-12-310000059558lnc:UnrealizedGainLossOnDerivativeInstrumentsMember2018-12-310000059558us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:CorporateBondSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:MortgageBackedSecuritiesMember2020-03-310000059558us-gaap:MaturityOvernightMemberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-03-310000059558us-gaap:MaturityOvernightMemberus-gaap:CorporateBondSecuritiesMember2020-03-310000059558us-gaap:MaturityOvernightMember2020-03-310000059558us-gaap:ForeignGovernmentDebtSecuritiesMember2020-03-310000059558us-gaap:CorporateBondSecuritiesMember2020-03-310000059558us-gaap:MaturityOvernightMemberus-gaap:CorporateBondSecuritiesMember2019-12-310000059558us-gaap:MaturityOvernightMember2019-12-310000059558us-gaap:CorporateBondSecuritiesMember2019-12-310000059558lnc:AtheneHoldingLtd.Memberus-gaap:CededCreditRiskSecuredMember2020-03-310000059558lnc:AtheneHoldingLtd.Member2020-03-310000059558us-gaap:CreditRiskContractMember2020-03-310000059558us-gaap:InterestRateContractMember2020-03-310000059558us-gaap:ForeignExchangeContractMember2020-03-310000059558us-gaap:EquityContractMember2020-03-3100000595582020-01-010000059558us-gaap:MortgagesMember2020-01-012020-03-310000059558us-gaap:VariableAnnuityMember2020-03-310000059558us-gaap:VariableAnnuityMember2019-12-310000059558us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2020-03-310000059558us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2020-03-310000059558us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2019-12-310000059558us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialPortfolioSegmentMember2019-12-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2020-03-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2020-03-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2019-12-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherLiabilitiesMember2019-12-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2020-03-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2020-03-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-12-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-12-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberlnc:GLBDirectEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-12-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberlnc:GLBCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-12-310000059558us-gaap:ResidentialPortfolioSegmentMember2020-03-310000059558us-gaap:ResidentialPortfolioSegmentMember2019-12-310000059558us-gaap:CommercialRealEstatePortfolioSegmentMember2019-12-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherAssetsMember2020-03-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:OtherAssetsMember2020-03-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:OtherAssetsMember2019-12-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:OtherAssetsMember2019-12-310000059558us-gaap:CommercialRealEstatePortfolioSegmentMember2019-01-012019-12-310000059558lnc:MinimumReturnMember2020-03-310000059558lnc:MinimumReturnMember2019-12-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-03-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-03-310000059558us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310000059558us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310000059558us-gaap:ResidentialPortfolioSegmentMember2020-01-012020-03-310000059558us-gaap:ResidentialPortfolioSegmentMember2019-01-012019-12-310000059558us-gaap:CommercialRealEstatePortfolioSegmentMember2020-01-012020-03-310000059558us-gaap:CommercialRealEstatePortfolioSegmentMember2020-03-310000059558us-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-03-310000059558lnc:IndexedAnnuityContractsMemberlnc:FutureContractBenefitsMember2020-01-012020-03-310000059558lnc:IndexedAnnuityCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2020-01-012020-03-310000059558us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2020-01-012020-03-310000059558us-gaap:AssetBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-03-310000059558lnc:IndexedAnnuityContractsMemberlnc:FutureContractBenefitsMember2019-01-012019-03-310000059558lnc:IndexedAnnuityCededEmbeddedDerivativesMemberus-gaap:OtherAssetsMember2019-01-012019-03-310000059558us-gaap:TradingAssetsExcludingDebtAndEquitySecuritiesMember2019-01-012019-03-310000059558us-gaap:DerivativeFinancialInstrumentsAssetsMember2020-01-012020-03-310000059558us-gaap:DerivativeFinancialInstrumentsAssetsMember2019-01-012019-03-310000059558us-gaap:CorporateBondSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-03-310000059558us-gaap:CorporateBondSecuritiesMemberus-gaap:FixedMaturitiesMember2019-01-012019-03-310000059558us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2020-01-012020-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2020-01-012020-03-310000059558us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2019-01-012019-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2019-01-012019-03-310000059558us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2020-01-012020-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberlnc:RealizedGainLossMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2020-01-012020-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberlnc:NetInvestmentIncomeMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2020-01-012020-03-310000059558us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestExpenseMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2019-01-012019-03-310000059558us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberlnc:NetInvestmentIncomeMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2019-01-012019-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberlnc:RealizedGainLossMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2019-01-012019-03-310000059558us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberlnc:NetInvestmentIncomeMemberlnc:UnrealizedGainLossOnDerivativeInstrumentsMember2019-01-012019-03-310000059558us-gaap:TotalReturnSwapMemberus-gaap:NondesignatedMember2020-03-310000059558us-gaap:TotalReturnSwapMemberus-gaap:NondesignatedMember2019-12-310000059558us-gaap:CommercialRealEstatePortfolioSegmentMemberlnc:LoanToValueRatioSixtyFiveToSeventyFourMember2020-03-310000059558us-gaap:CommercialRealEstatePortfolioSegmentMemberlnc:LoanToValueRatioLessThanSixtyFiveMember2020-03-310000059558us-gaap:CommercialRealEstatePortfolioSegmentMemberlnc:LoanToValueRatioSeventyFiveToOneHundredMember2020-03-310000059558lnc:LoanToValueRatioSixtyFiveToSeventyFourMember2020-03-310000059558lnc:LoanToValueRatioLessThanSixtyFiveMember2020-03-310000059558us-gaap:CommercialRealEstatePortfolioSegmentMemberlnc:LoanToValueRatioSeventyFiveToOneHundredMember2019-12-310000059558lnc:LoanToValueRatioSixtyFiveToSeventyFourMember2019-12-310000059558lnc:LoanToValueRatioLessThanSixtyFiveMember2019-12-310000059558srt:WeightedAverageMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:WeightedAverageMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:WeightedAverageMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:WeightedAverageMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberlnc:HybridAndRedeemablePreferredSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MinimumMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberlnc:HybridAndRedeemablePreferredSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateBondSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558srt:MaximumMemberus-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Memberlnc:HybridAndRedeemablePreferredSecuritiesMemberlnc:MeasurementInputLiquidityDurationAdjustmentMemberus-gaap:IncomeApproachValuationTechniqueMember2020-03-310000059558us-gaap:CorporateBondSecuritiesMember2020-01-012020-03-310000059558us-gaap:ResidentialMortgageBackedSecuritiesMember2019-01-012019-03-310000059558us-gaap:CorporateBondSecuritiesMember2019-01-012019-03-310000059558us-gaap:AssetBackedSecuritiesMember2019-01-012019-03-310000059558us-gaap:CreditDefaultSwapSellingProtectionMember2019-03-310000059558us-gaap:CommonStockMember2019-01-012019-03-310000059558us-gaap:CreditDefaultSwapSellingProtectionMember2020-03-3100000595582019-12-3100000595582020-03-310000059558srt:MinimumMember2020-01-012020-03-310000059558srt:MaximumMember2020-01-012020-03-310000059558srt:MinimumMember2020-03-310000059558srt:MaximumMember2020-03-310000059558lnc:UnrealizedOtherThanTemporaryImpairmentOnAvailableForSaleSecuritiesMember2019-01-012019-03-310000059558lnc:LimitedPartnershipsAndLimitedLiabilityCompaniesMember2020-03-310000059558lnc:LimitedPartnershipsAndLimitedLiabilityCompaniesMember2019-12-310000059558lnc:FairValueDeclineGreaterThanTwentyPercentMember2020-03-310000059558lnc:FairValueDeclineGreaterThanTwentyPercentMember2019-12-310000059558us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000059558us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-03-310000059558lnc:UnrealizedGainLossOnDerivativeInstrumentsMember2020-01-012020-03-310000059558lnc:UnrealizedGainLossOnDerivativeInstrumentsMember2019-01-012019-03-310000059558us-gaap:InterestExpenseMember2020-01-012020-03-310000059558lnc:RealizedGainLossMember2020-01-012020-03-310000059558lnc:NetInvestmentIncomeMember2020-01-012020-03-310000059558us-gaap:InterestExpenseMember2019-01-012019-03-310000059558lnc:RealizedGainLossMember2019-01-012019-03-310000059558lnc:NetInvestmentIncomeMember2019-01-012019-03-310000059558us-gaap:CorporateBondSecuritiesMember2020-03-310000059558us-gaap:CorporateBondSecuritiesMember2019-12-310000059558us-gaap:LongTermDebtMember2020-03-310000059558us-gaap:LongTermDebtMember2019-12-310000059558us-gaap:FixedMaturitiesMember2020-03-310000059558us-gaap:FixedMaturitiesMember2019-12-310000059558us-gaap:MaterialReconcilingItemsMember2020-01-012020-03-310000059558us-gaap:MaterialReconcilingItemsMember2019-01-012019-03-3100000595582019-01-012019-03-3100000595582019-01-012019-12-3100000595582020-05-0400000595582020-01-012020-03-31lnc:segmentiso4217:USDxbrli:shareslnc:loanlnc:itemlnc:securityiso4217:USDxbrli:purexbrli:shares

__________________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________

 

FORM 10-Q

_________________

 

(Mark One)

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended March 31, 2020

 OR

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from ______ to ______

 

Commission File Number: 1-6028

_________________

 

LINCOLN NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

_________________

 

Indiana

35-1140070

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

150 N. Radnor-Chester Road, Suite A305, Radnor, Pennsylvania

19087

(Address of principal executive offices)

(Zip Code)

 

(484) 583-1400

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report.)

__________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock

LNC

New York Stock Exchange

__________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x    No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x  No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨No x

As of May 4, 2020, there were 193,224,445 shares of the registrant’s common stock outstanding.

_________________________________________________________________________________________________________

Lincoln National Corporation

 

Table of Contents

Item

Page

PART I

 

1.

Financial Statements

1

2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

49

 

 

Forward-Looking Statements – Cautionary Language

50

 

 

Introduction

51

 

 

    Executive Summary

51

    Critical Accounting Policies and Estimates

52

Acquisitions and Dispositions

54

 

 

Results of Consolidated Operations

55

 

 

Results of Annuities

56

Results of Retirement Plan Services

61

 

 

Results of Life Insurance

65

 

 

Results of Group Protection

69

Results of Other Operations

72

Realized Gain (Loss) and Benefit Ratio Unlocking

74

Consolidated Investments

76

 

 

Review of Consolidated Financial Condition

88

 

 

Liquidity and Capital Resources

88

3.

Quantitative and Qualitative Disclosures About Market Risk

92

4.

Controls and Procedures

93

PART II

 

1.

Legal Proceedings

94

1A.

Risk Factors

94

2.

Unregistered Sales of Equity Securities and Use of Proceeds

95

6.

Exhibits

95

Exhibit Index for the Report on Form 10-Q

96

 

Signatures

97

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

LINCOLN NATIONAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in millions, except share data)

As of

As of

March 31,

December 31,

2020

2019

(Unaudited)

ASSETS

Investments:

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

Trading securities

4,019

4,673

Equity securities

83

103

Mortgage loans on real estate, net of allowance for credit losses

(portion at fair value: 2020 – $765; 2019 – $0)

16,791

16,339

Policy loans

2,571

2,477

Derivative investments

4,417

1,911

Other investments

4,765

2,994

Total investments

135,252

133,697

Cash and invested cash

6,202

2,563

Deferred acquisition costs and value of business acquired

9,212

7,694

Premiums and fees receivable

562

465

Accrued investment income

1,185

1,148

Reinsurance recoverables, net of allowance for credit losses

16,923

17,144

Reinsurance related embedded derivatives

137

-

Funds withheld reinsurance assets

535

536

Goodwill

1,778

1,778

Other assets

16,246

16,170

Separate account assets

130,617

153,566

Total assets

$

318,649

$

334,761

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities

Future contract benefits

$

37,100

$

36,420

Other contract holder funds

99,508

98,018

Short-term debt

-

300

Long-term debt

6,748

6,067

Reinsurance related embedded derivatives

-

327

Funds withheld reinsurance liabilities

1,843

1,810

Payables for collateral on investments

8,434

5,082

Other liabilities

17,824

13,482

Separate account liabilities

130,617

153,566

Total liabilities

302,074

315,072

Contingencies and Commitments (See Note 11)

 

 

Stockholders’ Equity

Preferred stock – 10,000,000 shares authorized

-

-

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

Retained earnings

8,500

8,854

Accumulated other comprehensive income (loss)

3,004

5,673

Total stockholders’ equity

16,575

19,689

Total liabilities and stockholders’ equity

$

318,649

$

334,761


‎

See accompanying Notes to Consolidated Financial Statements

1

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions, except per share data)

For the Three

Months Ended

March 31,

2020

2019

Revenues

Insurance premiums

$

1,373

$

1,446

Fee income

1,539

1,475

Net investment income

1,375

1,251

Realized gain (loss):

Total other-than-temporary impairment losses on securities

-

(23

)

Portion of loss recognized in other comprehensive income

-

15

Net other-than-temporary impairment losses on securities recognized in earnings

-

(8

)

Realized gain (loss), excluding other-than-temporary impairment losses on securities

(24

)

(354

)

Total realized gain (loss)

(24

)

(362

)

Amortization of deferred gain on business sold through reinsurance

11

8

Other revenues

151

147

Total revenues

4,425

3,965

Expenses

Interest credited

725

678

Benefits

2,501

1,757

Commissions and other expenses

1,085

1,176

Interest and debt expense

68

71

Strategic digitization expense

12

15

Total expenses

4,391

3,697

Income (loss) before taxes

34

268

Federal income tax expense (benefit)

(18

)

16

Net income (loss)

52

252

Other comprehensive income (loss), net of tax

(2,669

)

2,046

Comprehensive income (loss)

$

(2,617

)

$

2,298

Net Income (Loss) Per Common Share

Basic

$

0.27

$

1.23

Diluted

0.15

1.22

Cash Dividends Declared Per Common Share

$

0.40

$

0.37


‎

See accompanying Notes to Consolidated Financial Statements

2

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in millions, except per share data)

For the Three

Months Ended

March 31,

2020

2019

Common Stock

Balance as of beginning-of-year

$

5,162

$

5,392

Stock compensation/issued for benefit plans

9

(5

)

Retirement of common stock/cancellation of shares

(100

)

(102

)

Balance as of end-of-period

5,071

5,285

Retained Earnings

Balance as of beginning-of-year

8,854

8,551

Cumulative effect from adoption of new accounting standards

(203

)

-

Net income (loss)

52

252

Retirement of common stock

(125

)

(48

)

Common stock dividends declared

(78

)

(76

)

Balance as of end-of-period

8,500

8,679

Accumulated Other Comprehensive Income (Loss)

Balance as of beginning-of-year

5,673

407

Other comprehensive income (loss), net of tax

(2,669

)

2,046

Balance as of end-of-period

3,004

2,453

Total stockholders’ equity as of end-of-period

$

16,575

$

16,417


‎

See accompanying Notes to Consolidated Financial Statements

3

LINCOLN NATIONAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)

For the Three

Months Ended

March 31,

2020

2019

Cash Flows from Operating Activities

Net income (loss)

$

52

$

252

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Realized (gain) loss

24

362

Trading securities purchases, sales and maturities, net

235

(1,209

)

Amortization of deferred gain on business sold through reinsurance

(11

)

(8

)

Change in:

Deferred acquisition costs, value of business acquired, deferred sales inducements

and deferred front-end loads deferrals and interest, net of amortization

(169

)

(70

)

Premiums and fees receivable

(97

)

(37

)

Accrued investment income

(37

)

(65

)

Future contract benefits and other contract holder funds

1,389

(348

)

Reinsurance related assets and liabilities

(653

)

(299

)

Accrued expenses

(317

)

(56

)

Federal income tax accruals

(18

)

16

Other

57

131

Net cash provided by (used in) operating activities

455

(1,331

)

Cash Flows from Investing Activities

Purchases of available-for-sale securities and equity securities

(3,590

)

(4,404

)

Sales of available-for-sale securities and equity securities

395

2,381

Maturities of available-for-sale securities

1,317

1,456

Purchases of alternative investments

(79

)

(174

)

Sales and repayments of alternative investments

55

32

Issuance of mortgage loans on real estate

(839

)

(1,103

)

Repayment and maturities of mortgage loans on real estate

227

242

Issuance (repayment) of policy loans, net

(94

)

11

Net change in collateral on investments, derivatives and related settlements

3,411

488

Other

(61

)

(62

)

Net cash provided by (used in) investing activities

742

(1,133

)

Cash Flows from Financing Activities

Payment of long-term debt, including current maturities

(300

)

-

Issuance of long-term debt, net of issuance costs

499

-

Deposits of fixed account values, including the fixed portion of variable

3,917

4,042

Withdrawals of fixed account values, including the fixed portion of variable

(1,684

)

(1,570

)

Transfers to and from separate accounts, net

323

(507

)

Common stock issued for benefit plans

(9

)

(26

)

Repurchase of common stock

(225

)

(150

)

Dividends paid to common stockholders

(79

)

(77

)

Net cash provided by (used in) financing activities

2,442

1,712

Net increase (decrease) in cash, invested cash and restricted cash

3,639

(752

)

Cash, invested cash and restricted cash as of beginning-of-year

2,563

2,345

Cash, invested cash and restricted cash as of end-of-period

$

6,202

$

1,593

See accompanying Notes to Consolidated Financial Statements

4

 

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. See Note 15 for additional details. The collective group of businesses uses “Lincoln Financial Group” as its marketing identity. Through our business segments, we sell a wide range of wealth protection, accumulation, retirement income and group protection products and solutions. These products primarily include fixed and indexed annuities, variable annuities, universal life insurance (“UL”), variable universal life insurance (“VUL”), linked-benefit UL, indexed universal life insurance (“IUL”), term life insurance, employer-sponsored retirement plans and services, and group life, disability and dental.

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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 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 2019 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. Operating results for the three months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020, especially when considering the risks and uncertainties associated with the coronavirus, or COVID-19, pandemic and the future impacts of the pandemic on our business, results of operations and financial condition. All material inter-company accounts and transactions have been eliminated in consolidation.


‎

5

 

2.  New Accounting Standards

Adoption of New Accounting Standards

The following table provides a description of our adoption of new Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”) and the impact of the adoption on our financial statements. ASUs not listed below were assessed and determined to be either not applicable or insignificant in presentation or amount.

Standard

Description

Date of Adoption

Effect on Financial Statements or Other Significant Matters

ASU 2016-13, Measurement of Credit Losses on Financial Instruments and related amendments

These amendments adopt a new model in Accounting Standards CodificationTM (“ASC”) Topic 326 to measure and recognize credit losses for most financial assets. The ASU requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected over the life of the asset using an allowance for credit losses. Changes in the allowance are charged to earnings. The measurement of expected credit losses is based on relevant information about past events, including historical experience, as well as current economic conditions and reasonable and supportable forecasts that affect the collectability of the financial asset. The method used to measure estimated credit losses for fixed maturity available-for-sale (“AFS”) securities will be unchanged from current GAAP; however, the amendments require credit losses to be recognized through an allowance rather than as a reduction to the amortized cost of those securities. The amendments permit entities to recognize improvements in credit loss estimates on fixed maturity AFS securities by reducing the allowance account immediately through earnings. The amendments are adopted through a cumulative effect adjustment to the beginning balance of retained earnings as of the first reporting period in which the amendments are effective. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein.

January 1, 2020

The adoption of this standard and related amendments resulted in the recognition of a cumulative effect decrease of $218 million, net of deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”), deferred front-end loads (“DFEL”) and changes in other contract holder funds, after-tax, to retained earnings. The overall adjustment recorded our allowance for credit losses (“ACL”) as of the date of adoption, primarily related to commercial and residential mortgage loans, as well as reinsurance recoverables. Upon adoption of the standard, the concept of other-than-temporary impairment (“OTTI”) no longer exists; however, our prior period presentation herein is reflective of OTTI recorded in those periods.

ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments

These amendments clarify the measurement, recognition and presentation of the allowance for credit losses on accrued interest receivable balances; the inclusion of recoveries when estimating the allowance for credit losses; the inclusion of all ASC Topic 944 – Financial Services – Insurance reinsurance recoverables within the scope of ASC 326-20; and provide additional targeted clarifications on the calculation of the allowance for credit losses.
‎
‎These amendments also make targeted clarifications to ASC Topics 815 and 825. Early adoption is permitted.

January 1, 2020

Our adoption of ASU 2016-13 and related amendments is discussed above. The adoption of the remainder of this guidance did not have a material impact on our consolidated financial condition and results of operations.

6

 

Standard

Description

Date of Adoption

Effect on Financial Statements or Other Significant Matters

ASU 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief

The amendments provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments – Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of ASC Topic 326.

January 1, 2020

We recognized a cumulative effect increase to retained earnings of $15 million, after-tax, by electing the fair value option for certain mortgage loans in connection with our adoption of ASC Topic 326.

Future Adoption of New Accounting Standards

The following table provides a description of future adoptions of new accounting standards that may have an impact on our financial statements when adopted:

Standard

Description

Projected Date of Adoption

Effect on Financial Statements or Other Significant Matters

ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts and related amendments

These amendments make changes to the accounting and reporting for long-duration contracts issued by an insurance entity that will significantly change how insurers account for long-duration contracts, including how they measure, recognize and make disclosures about insurance liabilities and DAC. Under this ASU, insurers will be required to review cash flow assumptions at least annually and update them if necessary. They also will have to make quarterly updates to the discount rate assumptions they use to measure the liability for future policyholder benefits. The ASU creates a new category of market risk benefits (i.e., features that protect the contract holder from capital market risk and expose the insurer to that risk) that insurers will have to measure at fair value. The ASU provides various transition methods by topic that entities may elect upon adoption. The ASU is currently effective January 1, 2022, and early adoption is permitted.

January 1, 2022

We are currently evaluating the impact of adopting this ASU on our consolidated financial condition and results of operations.

7

 

Standard

Description

Projected Date of Adoption

Effect on Financial Statements or Other Significant Matters

ASU 2020-04, Reference Rate Reform (Topic 848)

The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform. Additionally, changes to the critical terms of a hedging relationship affected by reference rate reform will not require entities to de-designate the relationship if certain requirements are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Early adoption was permitted at the time of issuance.

Not yet determined

We are currently evaluating the impact of adopting this ASU on our consolidated financial condition and results of operations.

3. Variable Interest Entities

Consolidated VIEs

Asset information (dollars in millions) for the consolidated variable interest entities (“VIEs”) included on our Consolidated Balance Sheets was as follows:

As of March 31, 2020

As of December 31, 2019

Number