secwatch.observer — SEC 8-K summary
======================================

Issuer:     LINCOLN NATIONAL CORP (LNC)
CIK:        0000059558
Form:       8-K
Filed at:   2023-03-27T23:59:59+00:00
Accession:  0001193125-23-080586
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 7.01, 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Lincoln National restates FY21-22 financials due to accounting error on reinsurance gain recognition
--------------------------------------------------------------------------------

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/59558/000119312523080586/0001193125-23-080586-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/59558/000119312523080586/d421416d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-080586

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer