---
schema_version: "secwatch.filing_event.v1"
accession: "0001564590-23-006854"
form_type: "8-K"
ticker: "LNC"
cik: "0000059558"
company_name: "LINCOLN NATIONAL CORP"
filed_at: "2023-05-02T23:59:59+00:00"
generated_at: "2026-06-16T04:05:06.339999+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Lincoln cedes $28B in reserves to Fortitude Re; preliminary Q1 net loss up to $919M

## Summary
- Cedes ~$28B in ULSG, MoneyGuard, fixed annuity reserves; expected close Q2 2023, effective Apr 1.
- Transaction expected to improve RBC ratio by ~15 points and add >$100M annual free cash flow.
- GAAP quarterly dilution of ($35-40)M; Q1 Life Insurance operating loss ($8-23)M.
- Preliminary Q1 net loss ($904-919)M or ($5.34-5.43)/diluted share; adjusted ops income $250-265M.
- Estimated Q1 RBC ratio 377-380% (flat YoY); 2023 distributable earnings outlook unchanged.

## SEC filing metadata
- accession: 0001564590-23-006854
- form_type: 8-K
- ticker: LNC
- cik: 0000059558
- company_name: LINCOLN NATIONAL CORP
- filed_at: 2023-05-02T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/59558/000156459023006854/0001564590-23-006854-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/59558/000156459023006854/lnc-8k_20230502.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001564590-23-006854
- JSON: https://secwatch.observer/filing/0001564590-23-006854.json
- Plain text: https://secwatch.observer/filing/0001564590-23-006854.txt

## Key facts
- Earnings Releases
  LINCOLN NATIONAL CORP reported first quarter 2023 results: net income between $250 and $265 million, EPS $1.47 to $1.56 per diluted share.
  - Period: first quarter 2023
  - Net income: between $250 and $265 million
  - EPS: $1.47 to $1.56 per diluted share
  - Result: preliminary results
  source text: Estimated net loss available to common stockholders of between ($919) and ($904) million, or ($5.43) to ($5.34) per diluted share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/59558/000156459023006854/0001564590-23-006854-index.htm
- Earnings Releases
  LINCOLN NATIONAL CORP reported first quarter 2023 results: net income between $250 and $265 million, EPS $1.47 to $1.56 per diluted share.
  - Period: first quarter 2023
  - Net income: between $250 and $265 million
  - EPS: $1.47 to $1.56 per diluted share
  - Result: preliminary results
  source text: Estimated adjusted income from operations available to common stockholders of between $250 and $265 million, or $1.47 to $1.56 per diluted share.
  evidence_url: https://www.sec.gov/Archives/edgar/data/59558/000156459023006854/0001564590-23-006854-index.htm

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