林肯国民 2024年度报告

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒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 wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmittedpursuant to Rule 405 of Regulation S-T(§232.405 of this chapter)during the preceding 12 months(or forsuch shorter period that the registrant was required to submit such files).Yes☒No☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 ExchangeAct. 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 transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery periodpursuant to §240.10D-1(b).☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐No☒ The aggregate market value of the shares of the registrant’s common stock held by non-affiliates (based upon theclosing price of these shares on the New York Stock Exchange) as of the last business day of the registrant’s mostrecently completed second fiscal quarter was $4.6billion. Shares of common stock held by each executive officer anddirector and each entity that owns 10% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates. The determination of affiliate status is not necessarily a conclusive determination forother purposes.As of February13, 2025,170,403,822shares of common stock of the registrant were outstanding. DocumentsIncorporated by Reference:Selected portions of the Proxy Statement for the Annual Meeting of Shareholders, scheduled for May22, 2025, have beenincorporated by reference into Part III of this Form 10-K. LincolnNational Corporation Tableof Contents PARTI Item 1.BusinessOverviewBusiness Segments and Other OperationsAnnuitiesLife InsuranceGroup ProtectionRetirement Plan ServicesOther OperationsReinsuranceInvestmentsFinancial Strength RatingsRegulatoryHuman Capital ManagementAvailable Information Item 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety DisclosuresInformation About our Executive Officers PARTII Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities39Item 6.[Reserved]39Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations40Item 7A.Quantitative and Qualitative Disclosures About Market Risk98Item 8.Financial Statements and Supplementary Data105Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure217Item 9A.Controls and Procedures217Item 9B.Other Information217Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections217 PARTIII Item 10.Directors, Executive Officers and Corporate Governance218Item 11.Executive Compensation218Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters218Item 13.Certain Relationships and Related Transactions, and Director Independence218Item 14.Principal Accountant Fees and Services218 PARTIV Item 15.Exhibits and Financial Statement SchedulesIndex to ExhibitsSignaturesInde