---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-080609"
form_type: "8-K"
ticker: null
cik: "0000726865"
company_name: "LINCOLN NATIONAL LIFE INSURANCE CO /IN/"
filed_at: "2023-03-27T23:59:59+00:00"
generated_at: "2026-06-17T15:54:22.634267+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Lincoln National Life Insurance restates 2021-2022 financials on reinsurance gain timing error

## Summary
- Board determined prior audited financials for 2021, 2022 and Q1-Q3 2022 should no longer be relied upon.
- Error: a deferred gain from a 2021 reinsurance deal with Resolution Life should have been recognized as a one-time realized gain at asset transfer.
- Restatement will not impact distributable earnings, free cash flow, statutory filings, or risk-based capital ratio.
- Company plans to file restated financials on Form 10-K/A promptly.
- Other reinsurance transactions and previously reported capital generated from the deal are unchanged.

## SEC filing metadata
- accession: 0001193125-23-080609
- form_type: 8-K
- cik: 0000726865
- company_name: LINCOLN NATIONAL LIFE INSURANCE CO /IN/
- filed_at: 2023-03-27T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/726865/000119312523080609/0001193125-23-080609-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/726865/000119312523080609/d463711d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-080609
- JSON: https://secwatch.observer/filing/0001193125-23-080609.json
- Plain text: https://secwatch.observer/filing/0001193125-23-080609.txt

## Key facts
- Auditor Changes
  LINCOLN NATIONAL LIFE INSURANCE CO /IN/ reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: Ernst & Young LLP
  source text: on March 21, 2023, the Board of Directors of the Company, after discussion with 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_url: https://www.sec.gov/Archives/edgar/data/726865/000119312523080609/0001193125-23-080609-index.htm

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