---
schema_version: "secwatch.filing_event.v1"
accession: "0000059558-23-000029"
form_type: "8-K"
ticker: "LNC"
cik: "0000059558"
company_name: "LINCOLN NATIONAL CORP"
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T10:44:54.961649+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Lincoln Financial Q1 net loss ($5.37)/share; adjusted EPS $1.52; $28B reinsurance with Fortitude Re

## Summary
- Net loss available to common stockholders of $(909)M ($5.37/diluted share) vs $1,481M ($8.39) in prior year.
- Adjusted operating income of $260M ($1.52/share) vs $273M ($1.55); revenues fell 19% to $3.8B.
- Annuities income down 14% to $274M; Life Insurance posted a $13M operating loss; Group Protection swung to $71M income.
- Announced $28B block reinsurance transaction with Fortitude Re to bolster capital and balance sheet.
- Average diluted share count down 3% YoY to 170.5M; book value per share (ex-AOCI) fell 12% to $56.04.

## SEC filing metadata
- accession: 0000059558-23-000029
- form_type: 8-K
- ticker: LNC
- cik: 0000059558
- company_name: LINCOLN NATIONAL CORP
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/59558/000005955823000029/0000059558-23-000029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/59558/000005955823000029/lnc-20230509x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000059558-23-000029
- JSON: https://secwatch.observer/filing/0000059558-23-000029.json
- Plain text: https://secwatch.observer/filing/0000059558-23-000029.txt

## Key facts
- Earnings Releases
  LINCOLN NATIONAL CORP reported first quarter of 2023 results: net income net loss available to common stockholders for the first quarter of 2023 of $(909) million, EPS $(5.37) per diluted share.
  - Period: first quarter of 2023
  - Net income: net loss available to common stockholders for the first quarter of 2023 of $(909) million
  - EPS: $(5.37) per diluted share
  - Result: reported results
  source text: Lincoln Financial Group (NYSE: LNC) today reported a net loss available to common stockholders for the first quarter of 2023 of $(909) million, or $(5.37) per diluted share, compared to net income available to common stockholders in the first quarter of 2022 of $1,481 million, or $8.39 per diluted share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/59558/000005955823000029/0000059558-23-000029-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.