{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-080586","form_type":"8-K","ticker":"LNC","cik":"0000059558","company_name":"LINCOLN NATIONAL CORP","filed_at":"2023-03-27T23:59:59+00:00","discovered_at":"2026-05-14T18:03:47.751794+00:00","generated_at":"2026-06-17T15:49:31.537435+00:00","sec_items":["2.02","7.01","4.02"],"event_type":"other_material","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Lincoln National restates FY21-22 financials due to accounting error on reinsurance gain recognition","bullets":["Restatement corrects timing of $498M gain from Resolution Life reinsurance transaction; gain now recognized in Q4 2021 instead of deferred.","FY21 net income increases $492M to $1.897B; diluted EPS changes from $7.43 to $10.03.","FY22 net income decreases $25M to ($2.252B); diluted EPS changes from ($13.10) to ($13.24).","Stockholders' equity rises $467M for FY22 and $492M for FY21; leverage ratio improves ~80 bps to 30.4%.","Restatement has no impact on distributable earnings, free cash flow, statutory filings, or 2023 outlook; restated filings due by March 31, 2023."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-080586","json":"https://secwatch.observer/filing/0001193125-23-080586.json","markdown":"https://secwatch.observer/filing/0001193125-23-080586.md","text":"https://secwatch.observer/filing/0001193125-23-080586.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/59558/000119312523080586/0001193125-23-080586-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/59558/000119312523080586/d421416d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-17T15:49:31.537435+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"a618491f56aa4a3f0b512588e12412fe895ef52c","claim":"LINCOLN NATIONAL CORP reported that prior financial statements should not be relied upon.","evidence_excerpt":"on March 21, 2023, the Board of Directors of the Company, after discussion with the Audit Committee, our senior leadership and independent registered public accounting firm, Ernst & Young LLP (\"EY\"), determined that our audited consolidated financial statements as of and for the annual periods ended December 31, 2021 and December 31, 2022 and for the quarterly periods ended March 31, June 30 and September 30, 2022 (together, the \"Prior Financial Statements\") included in the associated Form 10-K filings and Form 10-Q filings with the Securities and Exchange Commission (\"SEC\"), should no longer be relied upon solely as a result of the above-described accounting treatment with respect to timing for the recognition of investment gains related to the reinsurance transaction with Resolution Life and will require restatement, and EY concurred.","evidence_source":"SEC 8-K Item 4.01/4.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/59558/000119312523080586/0001193125-23-080586-index.htm","confidence":0.9,"family_label":"Auditor Changes","details":[{"label":"Action","value":"non reliance"},{"label":"Auditor","value":"Ernst & Young LLP"}],"fact_type":"auditor_change"},{"claim_id":"196b666e59627c64f2e0a130183f66b0bc7afdeb","claim":"LINCOLN NATIONAL CORP updated its guidance (reaffirmed).","evidence_excerpt":"Item 2.02. Results of Operations and Financial Condition. The preliminary financial information in the section Preliminary Estimated Impact of the Reinsurance Transaction Restatement in Item 7.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.02. Company Confirms 2023 Outlook The restatement and other matters discussed in Item 4.02 of this Current Report on Form 8-K do not affect our previously communicated 2023 outlook.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/59558/000119312523080586/0001193125-23-080586-index.htm","confidence":0.6,"family_label":"Earnings Releases","details":[{"label":"Guidance","value":"reaffirmed"},{"label":"Result","value":"preliminary results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}