Transaction marks continued progress on efforts to de-risk and strengthen the company's balance sheet

Lincoln Financial (NYSE:LNC) announced that it has closed its previously announced reinsurance transaction with Talcott Financial Group ("Talcott"), with an effective date of October 1, 2026. The $6.3 billion total transaction includes the reinsurance by a Talcott subsidiary of approximately $5.8 billion of in-force guaranteed universal life ("GUL") statutory reserves, representing approximately 37% of Lincoln’s remaining in-force GUL block. Combined with Lincoln’s 2023 reinsurance transaction with Fortitude Re, approximately 60% of Lincoln’s total GUL block is now reinsured, which further reduces Lincoln’s exposure to a legacy, capital-intensive block of business. Lincoln will continue to administer the reinsured policies.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2025, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2026, the company had $366 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. Learn more at LincolnFinancial.com.

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John Muething

Investor Relations

Investorrelations@LFG.com

Karyn Baldwin

Media Relations

Media@LFG.com