Lincoln National 8K Regulation FD Disclosure | LNC 12 Jun 19

Exhibit 99.1

2019 Conference for Analysts, Investors and Bankers Jun 12, 2019

2 Forward-looking statements – Cautionary language Certain statements made in this presentation and in other written or oral statements made by Lincoln or on Lincoln's behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: "believe," "anticipate," "expect," "estimate," "project," "will," "shall" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln's businesses, prospective services or products, future performance or financial results, and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:Deterioration in general economic and business conditions that may affect account values, investment results, guaranteed benefit liabilities, premium levels, claims experience and the level of pension benefit costs, funding and investment results;Adverse global capital and credit market conditions could affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;Because of our holding company structure, the inability of our subsidiaries to pay dividends to the holding company in sufficient amounts could harm the holding company’s ability to meet its obligations;Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries' products; the required amount of reserves and/or surplus; our ability to conduct business and our captive reinsurance arrangements as well as restrictions on the payment of revenue sharing and 12b-1 distribution fees; the impact of U.S. Federal tax reform legislation on our business, earnings and capital; and the impact of any “best interest” standards of care adopted by the Securities and Exchange Commission (“SEC”) or other regulations adopted by federal or state regulators or self-regulatory organizations relating to the standard of care owed by investment advisers and/or broker dealers; Actions taken by reinsurers to raise rates on in-force business;Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses, estimated gross profits and demand for our products;Rapidly increasing interest rates causing contract holders to surrender life insurance and annuity policies, thereby causing realized investment losses, and reduced hedge performance related to variable annuities; Uncertainty about the effect of continuing promulgation and implementation of rules and regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act on us, the economy and the financial services sector in particular; The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;A decline in the equity markets causing a reduction in the sales of our subsidiaries' products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; an acceleration of the net amortization of deferred acquisition costs ("DAC"), value of business acquired ("VOBA"), deferred sales inducements ("DSI") and deferred front-end loads ("DFEL"); and an increase in liabilities related to guaranteed benefit features of our subsidiaries' variable annuity products;

3 Forward-looking statements – Cautionary language Ineffectiveness of our risk management policies and procedures, including various hedging strategies used to offset the effect of changes in the value of liabilities due to changes in the level and volatility of the equity markets and interest rates; A deviation in actual experience regarding future persistency, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries' products, in establishing related insurance reserves and in the net amortization of DAC, VOBA, DSI and DFEL, which may reduce future earnings; Changes in accounting principles that may affect our financial statements;Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition; Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, profitability of our insurance subsidiaries and liquidity; Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain investments in our portfolios, as well as counterparties to which we are exposed to credit risk requiring that we realize losses on investments; Inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others;Interruption in telecommunication, information technology or other operational systems, or failure to safeguard the confidentiality or privacy of sensitive data on such systems from cyberattacks or other breaches of our data security systems;The effect of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including the successful implementation of integration strategies or the achievement of anticipated synergies and operational efficiencies related to an acquisition; The adequacy and collectability of reinsurance that we have purchased;Acts of terrorism, a pandemic, war or other man-made and natural catastrophes that may adversely affect our businesses and the cost and availability of reinsurance; Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products; The unknown effect on our subsidiaries' businesses resulting from evolving market preferences and the changing demographics of our client base; andThe unanticipated loss of key management, financial planners or wholesalers.The risks included here are not exhaustive. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this presentation.The reporting of Risk Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

2019 Conference for Analysts, Investors and Bankers Strategic overview Dennis Glass President and Chief Executive Officer June 12, 2019

5 A decade of strong results Target~8-10% Durable Differentiated Dependable Reliable and strong financial performance Share price consistently outperforming peers Achieving strategic goals through management actions Diversified All businesses contributing to our success

6 Reliable and strong financial performance Adjusted operating ROE1excluding AOCI Adjusted operating EPS1 11% EPS CAGR 620bps expansion 1 See Appendix for a reconciliation of non-GAAP measures to their most comparable GAAP measures.

7 Share price consistently outperforming peers 3-year 5-year 10-year 1 Source: FactSet, price as of 06/05/19. Peer group includes: AFL, AMP, AEG, CNO, MET, MFC, PFG, PRU, SLF, TMK, UNM and VOYA. Strong long-term share price performance

8 All businesses contributing to our success Annuities Retirement Plan Services Life Insurance Group Protection High-quality in-force block Consistently positive net flows 20% ROE for a decade Attractive alternative to asset managers Differentiated high-touch, high-tech model Record deposits and flows Scale enables expense efficiencies Capitalizing on product innovation Product breadth and scale Expanding sales where underrepresented Diligent in-force management Overcoming industry headwinds Leader in all markets Positioned to outpace industry growth Significant expense savings Further margin upside

9 Achieving strategic goals through management actions Pivot sales and grow in attractive U.S. markets Increase percentage of earnings from insurance risks Actively direct capital to the highest and best use Utilize digital to enhance customer experience and reduce costs Leveraging distribution expansion and growing product portfolio 77% of sales now without long-term guarantees1 All four businesses growing sales1 Driving margin improvement in Group Protection and further benefitting from the Liberty acquisition Balancing interest rate and equity market exposure as the mix can shift, but naturally offset over time Balancing investing in growth and returning capital to shareholders Consistently repurchasing shares, including opportunistic buybacks such as our 4Q18 reinsurance transaction Maintaining strong balance sheet and risk management framework Leveraging technology to increase scalability of the businessesRe-engineering processes to streamline operations Driving significant run-rate savings through our strategic digital initiative 1 Represents total sales in 2018 and growth in Annuities, Retirement Plan Services, individual life and Group Protection sales compared to 2017.

10 Durable | Differentiated | Diversified | Dependable 1 This represents earnings growth potential from the principal drivers of growth discussed later in this presentation. Expectto achieve 8-10% adjusted operatingEPS growth target1 Strategic management actions Strength of franchise

2019 Conference for Analysts, Investors and Bankers Distribution Executive Vice President, President, Annuities, Lincoln Financial Distributors and Lincoln Financial Network Will Fuller June 12, 2019

12 Distribution is run as a business and attracts top talent with defined career paths Our model is valued by the largest distributors, yielding broad product shelf spaceDistribution effectiveness and expansion offers multiple ways to win and room to grow Distribution Lincoln’s distribution is industry leading and a major competitive advantage Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

13 New business is a key driver of targeted earnings growth Half of our earnings growth target comes from net flows and premiums Our distribution foundation is strong and differentiates us from our peers Broad, expandingshelf space 800+ wholesalersand growing Creatingnew channels How we win Net flows / premiums4-5% All other contributors4-5% Target8-10% Broad product portfolio Consistent market presence Powerful distribution network Attract and retain experienced sales talent 92Kactive advisers Proven ability to pivot

RetailLincoln Financial Network (LFN) WorksiteGroup Protection and Retirement Plan Services WholesaleLincoln Financial Distributors (LFD) 14 Industry-leading franchises are valued by our partners 620Wholesalers 190Wholesalers 8,600Advisers Multiple distribution franchises that focus on the fastest growing markets Independent broker-dealersInsurance brokerage Wirehouse Regional broker-dealers BanksProperty and casualty ConsultantsThird-party administratorsBenefit brokers Financial advisersFinancial plannersInsurance advisersInsurance brokerage Broad product portfolio National scale with local coverage Channelized wholesalers Best-in-class service and technology Our distribution franchise is valued by our partners

Fully integrated distribution model driving sales and expansion Distribution is run as a business and offers career paths 15 1 Based on Life Insurance and Annuities external wholesalers and sales managers, excluding new hires in 2019. 2 Based upon new hires and internal sales management positions in 2018 and 2019. LFD is where experienced wholesalers want to be Our sales forceis experienced and productive 10 yearsaverage time at Lincoln1 Our sales force expansions attract industry veterans 16 yearsaverage industry experience of new hires2 Advancedsales support Channels of the future development Sales force leadership Partner relationshipmanagement Manage within a pricing allowable Marketingincluding digital and social Competitiveintelligence Sales training and development Sales analytics

16 Wholesale and independent distribution offer multiple ways to win Access to advisers enables pivots and helps drive strategic sales mix decisions 1 Change in sales of guaranteed universal life as a percentage of total Life Insurance sales from 4Q11 to 4Q18.2 Change in sales of VAs with living benefits as a percentage of total variable annuity sales from 2Q13 to 4Q18.3 2008 and 2018 normalized sales. Annuities and Retirement Plan Services sales are based on 5% of deposits. Retirement Plan Services only includes first-year sales. 77%non-guaranteed sales across the enterprisevs. 50% in 20083 58% 5% Guaranteed universal life as a % of total Life Insurance sales Life pivot1 VA with living benefits as a % of total VA sales VA pivot2 91% 55% 92K active advisers Large and productive wholesale force reachesa broad independent adviser base across multiple channels 1/3 selling multiple product types 800+ wholesalers Expanded sales force by 14% from 2017 to 2018 32% increase in wholesaler productivity since 2016 Double-digit sales growth across all channels

17 Effective management and activation of distribution capabilities Right-sized wholesalers to align with declining industry sales Grew sales force by 21% to support growth in core distribution channels Continuing to expand sales force into new channelsInsurance marketing organizations Registered investment advisorsProperty and casualty 1 2 3 1 2 3 Managing annuity wholesalers under varying market conditions $1.4B in sales since launch less than 1 year ago1 Most successful product launch in our history Targeted approach to expand shelf space and reach new advisers 1 Represents indexed variable annuity sales from launch on 05/21/18 to 03/31/19. 20Kindustry indexed VA advisers Wholesalers target indexed VA advisers May 2018: Indexed VA launch 2,700advisers have sold our indexed VA Over 1/2 are new to Lincoln

Well positioned to continue strong sales momentum Double-digit sales growth across all channels 18 Expanded shelf space Launched new partners Increased sales force +12%vs. 2016 +33%vs. 2016 +13%vs. 2016 +13%vs. 2016 Insurance brokerage Independent broker dealers Wirehouse + regional broker dealers Banks Significant growth potential from established channels that are new to LFD Insurance marketing organizations Property and casualty

19 Investing in new distribution channels to drive long-term growth Expanding the reach of our distribution system to enter new and growing markets Term insurance digital aggregators Registered investment advisors (RIA) Direct-to-consumer wealth management Captures previously unmet customer demand Growing channel for annuities that is highly underpenetrated New business models that focus on savings and asset accumulation Streamlined underwriting processNew product platform No surrender, commission productFully RIA compliant Exploring partners whose customers would benefit from protection products and income planning 85% CAGR LNC sales LNC sales $35M $220M 75% CAGR

20 Distribution is run as a business and attracts top talent with defined career paths Our model is valued by the largest distributors, yielding broad product shelf spaceDistribution effectiveness and expansion offers multiple ways to win and room to grow Distribution Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

2019 Conference for Analysts, Investors and Bankers Group Protection Dick Mucci Executive Vice President, President, Group Protection June 12, 2019

22 Group Protection Our Liberty acquisition is creating sustainable competitive advantages, including scale and diversification of our book of businessWe are capitalizing on significant top-line opportunities: in addition to acquiring new customers, we are cross-selling to an expanded book of business and pursuing employee-paid businessWe expect further margin expansion through expense efficiencies and incremental pricing leverage Market-leading franchise positioned to deliver strong, profitable growth Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

23 Drivers of Group Protection earnings growth Sensitivities 1% change in loss or expense ratio ~$34M after-tax or ~13% 1% change in annualized premium ~$3M after-tax or ~1% Equity market growth Newbusiness Spreadcompression In-force Loss ratio / expense management Earnings growth 18-20% (14)-(12)% 1-3% 0% 0% Target 7-9% Near-term considerations: Favorable claims and expenses provide significant earnings growth upside2 Long-term growth potential of 7-9%1 1 Long-term represents approximate contributions of the principal drivers of earnings growth over the next three to five years. 2 Near-term considerations represent factors that will likely differ from long-term targets over the next couple of years, beginning in 2020.

5-7% target margin After-tax margin What we said1 What we delivered1 24 Significant re-pricing needed on old Libertybook of business $1.4B of premium renewed as of year-end 2018 with 7% rate increaseFavorable renewal persistency7% additional after-tax margin on acquired book, exceeding expectations Financial results of the acquisition integration exceeding expectations $3.7B premium, with growthconstrained by shock lapse $4B+ in annualized premiums2018 persistency 3-4 percentage points better than expectations on acquired book $100M of pre-tax expense synergies by 2020 $100M expected by end of 2019, one year ahead of schedule$125M total expected by end of 2020 1 Expectations refer to pro-forma data disclosed in the slides furnished on our Form 8-K filed on 01/18/2018. Achieve target range for margins in 2020 Reached target range well ahead of schedule

25 Sustainable competitive advantages drive incremental growth ~4%Industry growth1 5-7%Lincoln’s long-termgrowth expectation Fortify disability and leave management Serve employers of all sizes Pursue theemployee-paidmarket Three key strategic objectives Premium growth expectations ahead of industry 1 Source: LIMRA total reported premiums (Disability, Life, Dental, Accident, Critical Illness, and Accidental Death and Dismemberment); 5Y CAGR from 2013 to 2018.

26 1 Lincoln and Liberty data combined for all periods.2 Private industry morbidity study conducted from 3Q14-2Q18, which contains data from both Lincoln and peer companies. Industry leader in disability and leave management Differentiatingclaims management Proprietaryclinical model Leverage professional medical expertise to evaluate claims 1,800 claims staff5 claims centers Claimants returned to work as a % of open claims 1,2 LFG Industry median Industry 75th percentile Claimant portal and self-service functionality Number of employees covered with our leave management services 135 consulting physicians 95 nurses and health specialists 35 vocational rehab counselors Furthering industry leadership on returning people to work Expertise inleave managementRapidly growing employee coverage1 Returning employees to work and improvingworkplace productivityHelping employers navigate the complex andcontinuously changing employee leave environment Delivering value to employers

27 Distribution expertise and partnerships drive growth across all markets Broad reach to all employer sizes Significant opportunity for near-term sales growth across all employer sizes3 Employee-paidBroker developmentLarge employers Deep partnerships with 7K+ employee benefits brokers Competitive large-scale distribution 170+ sales reps segmented by region, partner and employer size 140+ account managers and executives aligned by employer size and complexity Specialized practices Broker segment % of total sales1 Who they are Top 3nationalpartners 24% Mercer, AON, andWillis Towers Watsonserving larger employers Top regional producers 53% 350+ top producing partners, averaging ~$1M in sales,~20% broker penetration2 Remainingproducers 23% Remaining broker partners Based on 2017 and 2018 Lincoln and Liberty sales. Average percentage of each broker’s total business placed with Lincoln, based on policy count.3 Near-term represents the next couple of years, beginning in 2020. 2018 premium by employer size Employer size

28 Current employer customers are an important source of new sales Enhanced premium opportunity2 Percentage of new sales from existing customers is expected to grow3 Customers average ~2 of our products; goal is to increase to ~31 54% of our 5K+ sized customers have Group Life1 2% of existing customers have Accident and/or Critical Illness1 18% of our <1K sized customers have Dental1 Percentages and average products-per-employer customer statistics as 12/31/18.2 Life: 78% aligns with <5K segment; Dental: 35% nears penetration of other products in <1K segment; Accident/Critical Illness: 10% aligns with key competitor. 3 Percentages reflect Lincoln and Liberty data combined for all time periods.4 Near-term represents the next couple of years, beginning in 2020. +$210M Increase the number of customers with Group Life from 54% to 78% in our 5K+ segment Increase the number of customers with Accident and/or Critical Illness from 2% to 10% Increase the number of customers with Dental from 18% to 35% in our <1K segment +$275M +$225M

29 Capitalize on fast-growing employee-paid market 1 Source: LIMRA 2018 U.S. Workplace Benefits. 2 Lincoln Financial Group’s Financial Focus Study, 2019.3 Near-term represents growth over the next couple of years, beginning in 2020. ~1/3 more profit margin …and are expected to be more profitable than employer-paid sales Growing employee-paid sales remains key focus Employee-paid is fastest growing industry segment with major need among employees Our employee-paid strategy will drive sales Competitive employee-paid product suite Consumer educationand outreach Enhanced enrollmentcapabilities of adults have no emergency savings2do not feel prepared for an unexpected healthcare cost2 Near-term annual targeted sales growth3 Industry premium growth from 2017 to 20181 53% 42%

30 Operating efficiencies to drive further margin expansion Key drivers Near-term goal to move from median to 1st quartile industry expense performance Integration expense synergies Premium growth and fixed expenses controlled Efficient tailored service model Process and technology improvements, including digitization ~$75M in run-rate expense savings +~$80M in run-rate expense savings ~2% ~2% Continued expense ratio improvement1 Total expected pre-tax savings of $155M from 2017 includes $125M from acquisition expense synergies and $30M from other expense savings initiatives. Expense ratio for Lincoln and Liberty combined in 2017.3 Near-term represents savings over the next couple of years, beginning in 2020. 2

31 Sustaining profitable growth momentum Expect margin to approach the upper end of 5-7% target range Rational marketplace eases competitive pressuresConsistent mid-single digit industry growth | Consolidation driving stability with fewer players Lincoln is well-positioned to navigate changes Scale anddiversification Business planassumes claims experience normalizes Enhancedpricing power Operatingefficiency within our control Disability claims management expertise Higher mix of profitable employee-paid

32 Group Protection The Liberty acquisition is creating sustainable competitive advantages, including scale and diversification of our book of businessWe are capitalizing on significant top-line opportunities: in addition to acquiring new customers, we are cross-selling to an expanded book of business and pursuing employee-paid businessWe expect further margin expansion through expense efficiencies and incremental pricing leverage Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

2019 Conference for Analysts, Investors and Bankers Life Insurance Randy Freitag Executive Vice President, Chief Financial Officer and Head of Individual Life June 12, 2019

34 Product breadth and distribution allowing us to protect and expand market reachDisciplined financial management enabling us to overcome industry headwindsInvesting in select and attractive markets where we are underrepresented to drive growth Life Insurance Industry-leading life insurance franchise with scale Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

35 Drivers of Life Insurance earnings growth (5)-(4)% 9-10% 0% Target4-6% 0-2% Sensitivities 100bps change in interest rates ~$12M after-tax or ~2% 1% change in mortality A/E ~$12M after-tax or ~2% Long-term growth potential of 4-6%1 Near-term considerations: Spread compression and potential increase in reinsurance costs2 1 Long-term represents approximate contributions of the principal drivers of earnings growth over the next three to five years. 2 Near-term considerations represent factors that will likely differ from long-term targets over the next couple of years, beginning in 2020.

Declined Exited 36 Unparalleled ability to grow #1 seller of life insurance among public companies1Supported by a powerful network of 250+ wholesalers accessing 65 thousand advisersBacked by a broad product portfolioProven ability to innovate and leverage scale to protect and expand our market presence 1 Source: LIMRA 2018 U.S. Retail Individual Life Insurance Sales Report. 2 Based on publicly available financial supplements for Form 10-Ks for 2013 and 2018 for competitors listed. $692M $764M Delivering sales growth through portfolio breadth, scale and diversification2

37 Highlighting our ongoing attention to key industry trends Mortality consistently in line with our annual expectations Takeaways on our experience managing our in-force1 100% Actual/expected ratio Actual results Within +/- 1% of expected ▪ Mortality Emerging company and industry experience reflected in our assumptions Morbidity MoneyGuard® reserves sufficient under stress scenarios as multi-benefit design reduces policyholder behavior risk Reinsurance Have resolved the majority of our reinsurance treaties with manageable financial impacts Interest rates Have lowered long-term rates and are finding attractive opportunities in long-duration, less-liquid assets 1 Based on observed Lincoln and industry trends through 3Q18 annual unlocking review. 2013 2014 2015 2016 2017 2018

38 Expense efficiency driving tangible results Expense growth2018 5Y CAGR Reducing expense ratio1 Centralize cross-functional activities Business-wide cost controls Automation and digitalization Leveraging data E-conversion of handwritten textE-features (application through issue)Automated underwritingChat bots and real-time policy status Pooling data to drive insights Advancing modeling capabilities Lowering underwriting cost per application Enhancing profitability management +2% 1 Expense ratio represents general and administrative expense, net of amounts capitalized, as percent of operating revenue. Driving efficiency by growing expenses at a slower rate than revenues Operating revenue growth2018 5Y CAGR +6% Valuation and modeling departments Financial reporting and accounting Procurement and travelInformation technology sourcing

39 39 7% Average 13% Lincoln 1 Pre-tax operating income exclude unlocking impacts of +$26M in 2013 and $(25)M in 2018. 2 Operating margin represents 2014-2018 pre-tax operating income as a percent of revenue and excludes unlocking unless noted. Source: financial supplements for life insurance segments of BHF (includes run-off business), EQH, Pacific Life (includes unlocking), PFG, Protective, PRU and VOYA. BHF and EQH data only available from 2016-2018. 4% Minimum 10% Maximum Peers Pre-tax growth in operating income1 Spread compressionReinsurance costs~$(250)M Management actions ~$280MSales growthExpense efficiencyIn-force management Headwinds Strong operating margin2 Management actions have overcome headwinds resulting in an industry-leading operating margin Headwinds diminishing after a period of industry-wide pressure Operating margin above peers Delivering earnings growth and strong operating margin

40 Evolving and expanding product development Delivering a lower cost underwriting model Increasing margin from enhanced data insights 1 Applicable to repricing for products that can be adjusted on our internal rate fast track system, which enables faster new pricing for existing products.2 Product launch capacity includes new products, product repricing and product redesign.3 Near-term represents the next couple of years, beginning in 2020. Reduce underwriting cost per application 15% in near term3 Rapid response to market changes Product offeringSpeed to market Expected impact Focus Positioning to deliver business growth Increasing speed to reprice products, reducing time by 50% to 30 days1 Growing annual product launch capacity by 35% in 20192 Expanding automated underwriting capabilities to all products by 2020 Leveraging predictive and dynamic staffing models to control expenses Utilizing advanced analytics to optimize profitability and competitive position Introducing e-functionality for case management and quick quotes automation Increase efficiency as we target lowering our expense ratio

Industry Term $2.5B size 1% 5Y CAGR Lincoln’s positioning, opportunity and actions 5% share #6 rank Sharpened focus on younger age, lower face amount, $1B market opportunity Responsive pricing and augmented sales force 41 Poised to deliver additional sales growth Industry Hybrid $400M Size 8% 5Y CAGR Lincoln’s positioning, opportunity and actions 53% share #1 rank Leverage innovation to penetrate 10K boomers retiring daily Transforming purchasing experience Variable UL $825M size 4% 5Y CAGR 33% share #1 rank Grow in $465M protection market, take share in $360M accumulation market Broadened appeal with new rider Indexed UL $3.0BSize 8% 5Y CAGR 2% share #17 rank Take share in fast growing market Introduced enhanced product suite Protecting our leadership position1 Expanding where we are underrepresented1 1 Source: LIMRA 2013 and 2018 U.S. Retail Individual Life Insurance Sales Reports. Protecting and expanding creates incremental $150-200M sales opportunity

42 Product breadth and distribution allowing us to protect and expand market reachDisciplined financial management enabling us to overcome industry headwindsInvesting in select and attractive markets where we are underrepresented to drive growth Life Insurance Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

2019 Conference for Analysts, Investors and Bankers Retirement Plan Services Jamie Ohl Executive Vice President, President, Retirement Plan Services, Head of Life and Annuity Operations June 12, 2019

44 Our high-touch, high-tech, digitally-focused model creates a competitive advantage in our target markets, and positions us to continue to outperform the industryCapitalizing on product innovation and customer experience capabilities to drive both top-line opportunities and bottom-line growthWe continue to optimize our in-force block and create expense efficiencies to offset spread compression and improve pricing competitiveness Retirement Plan Services Our strategy is delivering success and driving profitable growth Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

45 Drivers of Retirement Plan Services earnings growth Sensitivities 1% change in equity markets ~$1M after-tax or ~1% 25bps change in interest rates ~$3M after-tax or ~2% Long-term growth potential of 8-10%1 Near-term considerations: Further spread compression partially offset by enhanced expense efficiencies2 1 Long-term represents approximate contributions of the principal drivers of earnings growth over the next three to five years. 2 Near-term considerations represent factors that will likely differ from long-term targets over the next couple of years, beginning in 2020.

46 Our high-touch, high-tech model is key to our success 1 Source: Cerulli Report: U.S. Retirement Markets 2018; comparison represents asset growth from 403b, 457 and 401k under 20,000 participant markets. Growing assets faster than the industry 5Y CAGR (2012 – 2017) 60% Delivering outcomes to employees of participants who use our quick enroll feature have a contribution rate of 6% or greater 50% higher contribution rate among participants who engage with our high-touch, high-tech model High-touch High-tech Retirement Income Estimator Insights into participants’ retirement outlook One-on-one supportMore than 150 Retirement Consultants and Relationship Managers Omni-channel engagementMultifaceted approach engages with participants based on preference WellnessPATH®New financial wellness interactive tool launched in Q4 Quick enrollStreamlined two-step enrollment process Click2Meet®Web-based tool increases access to on-site representatives Click2Contribute Online capability makes it easier for participants to take action

Growing and retaining assets in our target markets Proven ability to retain business Succeeding in markets that value our model 89% Target markets HealthcareCorporate (small and mid/large)Government All other 2014-2018 sales 17% growth 420bps improvement Termination rate Successful model drives recurring deposit growth 47

48 Record sales driving success across target markets1 Expanding reach and strength of distribution enabling us to win across case sizes1 14% CAGR +45% 1 Percentage increases compare 2013 and 2018. +33% in number of wholesalers in wholesaler productivity Distribution expertise fueling sales growth across all markets Balanced mix of sales by case size 2014-2018 +19% CAGR in healthcare market sales +12% CAGR in government plans sold +10% CAGR in corporate market sales

Innovative products and services that drive outcomes YourPath® portfolios | Combining retirement age with customizable solutions Majority of deposits going into target date funds 54% of industry deposits go into target date funds annually1 89%of proposals now include YourPath®, Lincoln’s new proprietary alternative to target date funds Growth in target date assets1 One level of risk tolerance Conservative Moderate Growth Multiple levels of risk tolerance VS. Participants Plan sponsors Lincoln Flexibility of investment management styles Increased plan fiduciary options Stable value to protect against volatility YourPath® provides us withvs. other solutions such as target date funds 25% more revenue 49 1 Source: Cerulli Report: U.S. Defined Contribution Distribution 2018. 24% CAGR

50 Expanding stable value business through investment-only sales Average ROA on business sold3 Stable Value meets a market need for capital preservation Success built on ability to leverage Lincoln’s strengths Distribution and strategic relationships Disciplined approach to pricing and underwriting Investment expertise and our multi-manager investment framework Proven ability to win in this market Investment-only sales are accretive to earnings and ROA2 0.88% 0.25% VS. ROA for entire Retirement Plan Services3 80% of boomers say it’s important to protect their nest egg and lower risk of losses1 1 Source: Capital Group Investor Survey, December 2017.2 Return on assets abbreviated as ROA.3 Results for 2018.

Digital efficiencies and expense management In-forceoptimization Re-engineering processes to streamline operationsLeveraging technology to increase scalability of the business Restricting inflows to high GMIR blocksRepricing business to lower crediting rates, increase fees or reduce risk 51 Changing the mix of business to drive down crediting rates2 Growing earnings through profitable actions 1 Near-term represents the next couple of years, beginning in 2020. 2 2013 account value as of beginning of period, 2018 account value as of end of period, and guaranteed minimum interest rate abbreviated as GMIR. Change in assets since 2013 shown by guaranteed minimum interest rate +308% <2% +105% 2% to 3% (5)% >3% Actions leading to a declining cost per participant

8% CAGR in deposits 52 Success in driving deposit growth and improving retention leading to record net flows $10.1B in 2018vs.$6.8B in 2013 10.9% in 2018vs. 12.5% in 2013 160bps improvement in withdrawal rates(% of average account values) Management actions driving success across leading growth indicators $4.2B in total net flows Strong growth in net flows

53 Retirement Plan Services Our high-touch, high-tech, digitally-focused model creates a competitive advantage in our target markets, and positions us to continue to outperform the industryCapitalizing on product innovation and customer experience capabilities to drive both top-line opportunities and bottom-line growthWe continue to optimize our in-force block and create expense efficiencies to offset spread compression and improve pricing competitiveness Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

2019 Conference for Analysts, Investors and Bankers Annuities Executive Vice President, President, Annuities, Lincoln Financial Distributors and Lincoln Financial Network Will Fuller June 12, 2019

55 Expansion into new markets strengthens franchise and builds net flows High-quality book of business forged by a strategy of growing on our termsIndustry-leading risk management program optimizes economic value Annuities Our business model delivers consistent and impressive results through a disciplined approach to the business Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

56 Drivers of Annuities earnings growth 3-5% (10)-(8)% 10-12% 0% 0-2% Sensitivities 1% change in equity markets ~$9M after-tax or ~1% $1B change in net flows ~$8M after-tax or ~1% Target6-8% Near-term considerations: None2 Long-term growth potential of 6-8%1 1 Long-term represents approximate contributions of the principal drivers of earnings growth over the next three to five years. 2 Near-term considerations represent factors that will likely differ from long-term targets over the next couple of years, beginning in 2020.

57 Our target market is poised for continued growth +18% We offer unique value propositions that only a top insurance carrier can provide We target the fastest growing age cohort with the most money to invest Currently75% of investable assets are owned by Americans ages 55+1 1 Source: Federal Reserve, 2016 Survey of Consumer Finances.2 Source: U.S. Census, 2017 National Population Projections Tables. 3 Source: LIMRA Secure Retirement Institute, The Retirement Income Reference Book, 2018. 4 Source: Greenwald & Associates and Cannex; 4th Annual Guaranteed Lifetime Income Study, 2018. Downside asset protection Principal protection Protected lifetime income 73% of Americans consider protected lifetime income highly valuable 4 52% of Americans are concerned about losing some retirement savings in a market downturn4 U.S. population ages 55+2 By 2026$32 trillioninvestable assets will be held by those near or in retirement3

58 Management actions result in high-quality book of business Formula for operating the business successfully Prudent assumption setting Invest in powerful distribution Consistent presence through cycles Industry-leading hedge program Disciplined product pricing Broad product portfolio

12% Sources: Morningstar for VA market share and LIMRA for FA market share. Delivering on commitment to grow Grow market share on our terms 59 Reaching upper end of market share range leads to annual sales potential of $17B+ 2018 strategic management actions Our broader product portfolio, expanded distribution and advanced capabilities enable more room to grow VA 10Y market share range1 6% 2018 1% 2017 FA 10Y market share range1 5% Expanded shelf space and distribution channels 2017 2018 Became a market leader in fixed indexed annuities Entered the fast-growing indexed variable annuity market Fixed annuities Variable annuities Broader product portfolio Customizable partner-specific solutionsAbility to issue dailyNew distribution: Banks, IMOs and Allstate Multiple living benefit rider optionsNew indexed variable annuity New distribution: Allstate and RIA

1 Return on equity is abbreviated as ROE, and excludes goodwill and AOCI. See Appendix for a full reconciliation. Return on account values is abbreviated as ROA.2 Includes operating income and VA net derivative results, excluding impact of non-performance risk (NPR). 60 Dependable financial results for a decade 22% average ROE1 15% CAGR in operating income ~20% if including variable annuities hedge results2 32bp increase in ROA1

61 Our high-quality book is a strategic advantage History of modest and favorable annual unlocking impacts differentiates Lincoln Net amount at risk consistently below peer average Guaranteed living benefit net amount at risk as a % of account value Annual unlocking impact 1 Peer group includes: AIG, AMP, AXA U.S./EQH, HIG, Jackson, MET/BHF, PRU, Pacific Life and VOYA. 2017 and 2018 do not include HIG and VOYA as data is not publicly available. AXA U.S. and MET data is used for 2014 and 2015, EQH and BHF data is used for 2016 to 2018.

62 History of diligently setting assumptions 1 Averaged across 1,000 scenarios.2 Cumulative income start percentage by duration for Lincoln Lifetime IncomeSM Advantage 2.0 Risk Managed Fund, single life, issue age 65, which is the largest product within our in-force block.3 The new statutory guideline refers to the NAIC Valuation Manual 21, Actuarial Guideline 43. VA statutory assumption changes are not expected to materially impact results % of population in-force1 Number of years post issue LNC prudent estimate Upcoming NAIC prescribed assumption Assume more policies will stay in-force… …and everyone will use their benefit A deep understanding of our liabilities provides confidence in our assumptionsExpect policyholders to persist and utilize benefits efficientlyPolicyholder behavior assumptions are set accordinglyAlready aligned with requirements in the new statutory regulation3 % of population on income2 Number of years post valuation date 5 10 15 20 5 10 15 20

63 Successful execution results in attractive annuity block under various scenarios Economic value is strong and growing Economic value under baseline scenario has grown 1 Economic value is the present value of future cash flows. LNC values based on in-force book of business as of 3/31/19. The baseline scenario assumes 5% separate account growth, before all charges and fees, and interest rates follow the forward curve as of 3/31/19. LNC cash flows are shown on a present value basis, discounted at 4%. The adverse scenario assumes a 30% decrease in equity markets, followed by 5% separate account growth, before all charges and fees, and a 100bps parallel decrease in interest rates. LNC cash flows are shown on a present value basis, discounted at 3%. See Appendix for a full description of LNC scenarios and assumptions. Continue to generate positive economic value under adverse scenario Economic value + 18%1 Economic value + 5%1

+1% (1)% Consistently outperforming asset managers Positive net flows Variable annuities offer a unique protection overlay making them an attractive investment Higher persistency Outperforming fee structure Average 2009-2018 Range Average 64 Average 2009-2018 LNC VA outflow rate Equity mutual fund redemption rate1 7-9% 25-33% +39bps (32)bps LNC VAfee rate2 Equity mutual fund fee rate1 LNC VA Equity mutual funds1 1 Source: Investment Company Institute, 2019 Investment Company Fact Book.2 Includes maintenance and expense (M&E) fee, revenue sharing, and guaranteed living benefit rider fee.3 Source: FactSet and company financial statements. 2019 P/E multiples reflect share price and consensus estimates as of 06/05/19. Asset managers that have averaged negative flows from 2014 to 2018 include AMP, APAM, BEN and JHG. Asset managers that have averaged positive flows from 2014 to 2018 include AB, BLK, IVZ and TROW. Valuation at odds with fundamentals3 Asset managers with negative flows Asset managers with positive flows LNC with positive flows 10.0X 12.4X 6.7X

65 Annuities Expansion into new markets strengthens franchise and builds net flows High-quality book of business forged by a strategy of growing on our termsIndustry-leading risk management program optimizes economic value Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

2019 Conference for Analysts, Investors and Bankers Investment portfolio Ellen Cooper Executive Vice President and Chief Investment Officer June 12, 2019

Lincoln’s multi-manager framework enables expanded sourcing, enhanced risk management, and lower investment management fees Achieving strong new money yields from diversified strategies that continue to moderate portfolio yield declineProactively de-risking now while maintaining flexibility to respond as market conditions shift Investment portfolio 67 Lincoln’s unique investment approach is structured to deliver strong results in both steady and shifting markets Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

Lincoln’s investment philosophy Our retail-focused business model does not depend on taking excess credit or duration risk to drive sales or earnings growth Investment objective: Effectively balancing the tradeoff between sufficient yield and risk Disciplined ALM drives investment strategyAsset duration managed to each business line’s liability profileMaintain within an ALM target range Active credit risk management frameworkIssuer by issuer credit risk analysis and stress testing Proactively de-risking now while maintaining flexibility to respond as market conditions shiftMultiple lines of defense 68 Diligent portfolio constructionBroad diversification across and within asset classes including geographies, industries, and issuersPortfolio construction incorporates severe stress scenario losses

Lincoln’s multi-manager framework Increased sourcing across multiple managers Managing risk through multiple manager views Access to global thought leadership Leverage research teams to perform scenario analysis Utilize best-in-class technology and analytical tools # of managers 2013 2019 projected 69 Lower investment management fees1 50% reduction in fees since 2013 2 Core 6 Specialized 3 Core 16 Specialized 1 Base fees only. Performance fees can vary and apply to <2% of total invested assets. Lincoln Investment strategy Portfolio construction Risk management Manager selection External managersSecurity selectionIndependent fiduciaries for LincolnMultiple manager viewsBroad and diversified sourcing

Consistently picking up additional spread Diversifying the purchase mix with less liquid assets Maintaining high- quality purchases 5% Less liquid New money yield 100% 100% 4% Public strategies 4.1% 75% 75% Avg 3% 10Y UST 2.3% 2% 1% 0% ALM corps1,2 +180bps 50% 25% 0% Average 2013-2017 50% 25% 0% 2018 Average 2013-2017 2018 1 Includes investment grade (IG) and below investment grade (BIG). 2 Public corporates includes municipal and government. 70

1 Pickup over comparably rated public corporate spreads in 2018.2 Loan-to-value ratio is abbreviated as LTV and debt-service-coverage ratio is abbreviated as DSCR. Relative value in less liquid strategies while maintaining risk discipline Mortgage Loans Privates Structured Asset class New money investment strategy +35-45bps +35-45bps +55-65bps Yield pickup1 Diversified sourcing across geography and property type with emphasis on industrial and multifamilyHigh credit quality with average LTV of 54% and DSCR of 2.1X2 Syndicated and directly sourced privates with covenant protectionShifting into more through-the-cycle sectors such as education, project finance, and transportation CLOs: NAIC 1 with diversified collateral pools Areas of focus No construction or bridge loansNo mezzanine financing Minimal exposure to subordinated debt Reduced allocation to energy and basic industry CLOs: No NAIC 2 or below ratings No student loan debt Defense as offense 71

4.0% 6.0% 5.4% 4.2% 4.6% 4.9% New money yield ( projected)Projected fixed income portfolio yield1 Average book yield of runoff portfolioFixed income portfolio yield Fixed income portfolio yield decline continues to moderate Average annual decline in fixed income portfolio yield 2012 to 2018-13bps 2019 to 2021-7bps 2022 to 2025-3bps 1 Assumes 4% annual portfolio growth, consistent with historical experience. 72

↑ Increased infrastructure from 0% to 7%2 ↓ Reduced hedge funds from 38% to 12%2 Diversified alternatives strategy delivering strong results1 1 All data as of 3/31/19.2 Change from 12/31/13 to 3/31/19. 2% 29% Private equity portfolio by industry Alternatives portfolio by strategy ■ Buyout – Small 17% ■ Buyout – Large 15% ■ Buyout – Medium 14% ■ Mezzanine 12% ■ Natural Resources 8% ■ Infrastructure 7% ■ Power generation 4% ■ Co-invest fund 4% ■ Real estate 4% ■ Other 3% Total private equity 88% Hedge funds 12% Private equity 88% Alternatives annualized return of 10% since 2013 73 $1.8B in alternatives diversified across limited partnerships 255+ 1,800+ underlying private equity investments Hedge funds 12% Private equity 88%

↓ Reduced energy by 4%3 ↓ reduced BIG by 1%3 Strategically shifting asset mix1$107B invested assets Maintaining high-quality mix1A- overall average rating Shifting the asset mix and maintaining high-quality 1 Data as of 3/31/19.2 Other asset classes primarily include: quasi-sovereign, cash, UST/agency.3 Change from 12/31/13 to 3/31/19. BIG4% NAIC 243% ↑ Increased mortgage loans by 5%3 ↑ Increased consumer non-cyclical by 2%3 Mortgage loans13% Municipals Other2 Structured 74

Diligent BBB portfolio construction 1 Data as of 3/31/2019.2 Includes less than 1% of structured and municipals. 75 NAICratings NAIC 22 Public corporate ratings by notch Public corporate BBB- by outlook BBB BBB+ BIG 4% Private BBB debt has strong covenant protection NAIC 2 NAIC 1 53% 43% 9% Private 6% 15% 13% Total rated assets1 Public 34% BBB- 80% of the BBB- holdings have positive or stable outlooks 1/3 of BBB- holdings with negative outlooks mature within 5 years 80% 1% Positive / Stable Negative 5% <5bps average public BBB- position size 400+public BBBissuers Zeropublic BBB- in top100 issuers

Positioning the portfolio to prepare for the next credit cycle1 1 All data as of 3/31/2019.2 As a % of rated assets.3 As a % of total invested assets. 76 Decreasing below investment grade allocation primarily due to de-risking Shifting upin quality Proactivelyde-risking Reducing exposures that have a greater risk of deterioration in a credit cycle De-risking drove sales of ~$4B since 2015 across all ratings notches 18% 34% 48% Below investment grade exposure has declined2 Diversifying the portfolio Increasing issuer diversification as the cycle extends Total issuers increased Largest 50 issuers exposure decreased3 Leveraging depth of managers Expanding sourcing through multi-manager platform 80% of managers can provide direct sourcing ~50%of managers sourcing in multiple asset classes NAIC 1NAIC 2BIG

Lincoln’s multi-manager framework enables expanded sourcing, enhanced risk management, and lower investment management fees Achieving strong new money yields from diversified strategies that continue to moderate portfolio yield declineProactively de-risking now while maintaining flexibility to respond as market conditions shift Investment portfolio 77 Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

2019 Conference for Analysts, Investors and Bankers Financial overview Executive Vice President, Chief Financial Officer and Head of Individual Life Randy Freitag June 12, 2019

79 Durable, dependable and differentiated financial performanceInvesting in the business to support growth and returning capital to shareholdersFortified balance sheet and risk management framework while well positioned for strong financial results to continue Financial overview Continued financial success by balancing growth, capital return and balance sheet strength Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview

80 Durable and dependable over multiple time periods 3-year 5-year 10-year 11.5% 16.8% 12.0% Disciplined expense managementG&A expenses as a % of adjusted operating revenue1 11.6% 12% 11% 12% Double-digit growth in EPSCAGR in adjusted operating EPS, excluding notable items1 $8.49 Growing the top lineCAGR in adjusted operating revenue1 6% 5% 6% $16.5B 2018 62% 46% 63% Returning capital to shareholdersBuybacks and dividends as a % of adjusted operating income 58% Multiple contributors to strong financial performance 1 See Appendix for a reconciliation of non-GAAP measures to their most comparable GAAP measures. G&A as a percent of adjusted operating revenue represents general and administrative expenses, net of amounts capitalized, as a percent of adjusted operating revenue.

81 Differentiated financial results EPS growth and earnings quality consistently ahead of peers Limited below-the-line impacts 1 See Appendix for a reconciliation of non-GAAP measures to their most comparable GAAP measures. LNC adjusted operating EPS 5Y CAGR is 12% excluding notable items. 2 Peer group includes: AFL, AMP, CNO, MET, PFG, PRU, TMK, UNM and VOYA. Double-digit growth in adjusted operating EPS LNC growth nearly 2X peersBenefitting from organic earnings growth and capital management Net income has largely mirrored operating incomeDrivers of limited below-the-line impactsStrong VA hedge program performanceModest impacts from annual unlockingsMinimal credit losses Net income as % ofadjusted operating income(5Y average 2014-2018)

Differentiated financial results Strong performance in key stakeholder metrics BVPS CAGR 2X peers ROE expansion 30bps greater than peers 8% CAGR 1 See Appendix for a reconciliation of non-GAAP measures to their most comparable GAAP measures. 2 Peer group includes: AFL, AMP, CNO, MET, PFG, PRU, TMK, UNM and VOYA. Range of annual BVPS, ex. AOCI growth (2014-2018) Consistently growing BVPS above peersLNC’s lowest annual growth rate still exceeds peer average 13.5% adjusted operating ROE, ex. AOCI in 20182Adjusted operating ROE, ex. AOCI consistent with 2018 peer average 4% CAGR 82

83 Remain focused on balancing growth and returning capital Investing in growth at targeted returns and consistently returning capital to shareholders Capital generation continues to growCapital deployment historically balancedSupporting growth in future earnings and capital generation Returning capital to shareholdersFuture mix dependent on attractive growth opportunities Target returning $850-950M of capital to shareholders annually Sensitivity to investments in growth +/- 10% in Life and Annuity sales = ~$175M shift in capital deployment mix Opportunistic buybacks1 Baseline buybacks Dividends 1 Opportunistic buybacks represent $360M of the $450M accelerated share repurchase program related to the 4Q18 fixed annuity reinsurance transaction partially offset by funding for the Liberty acquisition. $1.1B capital returned to shareholders $1.1B investment in growth

84 Strong history of capital management 38% CAGR 42% of shares or $5.5B Consistently increased common stock dividend since the crisis Shares repurchased since peak share count1 Recently executed two key transactions to boost shareholder value Group benefits business acquisition Gained leadership position in group benefits marketGrew mortality and morbidity source of earnings Fixed annuity reinsurance transaction Enabled $450M of opportunistic buybacks at an attractive share price 1 Based on total shares repurchased from 2Q10 to 1Q19 as a percentage of 2Q10 end-of-period basic shares outstanding.

85 Demonstrated willingness to accelerate buybacks opportunistically Consistent share repurchases while remaining flexible around opportunities or changes in the environment Less capital allocated to growing Life sales Opportunistic given share price Opportunistic given share price Life reinsurancerecapture Fixed annuity reinsurancetransaction Out of market to finance group benefits business acquisition Average share repurchase price during opportunistic periods of $36.50 compared to $48.93 in all other quarters Opportunistic periods

86 Much better prepared for economic headwinds 2008 1Q19 Comments Holding company cash $(602)M $481M Moved from short-term borrowing to minimum cash buffer of $450M Statutory capital $5.1B ~$9.6B Strong free-cash-flow generationAdditional capital resources via credit facility RBC ratio 393% ~445%1 400% target Below investment-grade assets 6.1% 4.1% Actively de-risked portfolio while maintaining ALM discipline Goodwill2 38% 13% Significantly less goodwill on the balance sheet Long-term interest rate assumption 5.25% 3.75% Lowered 150bps50bps change = ~$160M in operating income Leverage ratio 25% 24% Target leverage ratio <25%Laddered debt maturities Greater management focus 7 4 Divested all non-core businessesStrengthened every business franchise businesses businesses Capital Balance sheet Liquidity 1 RBC ratio includes ~$700M and ~35 points from goodwill associated with the Liberty acquisition that will be eliminated at the completion of the legal entity merger. 2 Represents goodwill as a % of end-of-period equity, excluding AOCI. Unfavorable Neutral Favorable

87 Strong balance sheet supports ability to withstand significant stress Stress-testing scenarios Tools Equity markets S&P 500 down 30-40% Interest rates US10YT down to 1.0% or up to 7.5% Credit 1 in 100 event All scenarios enable us to Maintain financial strength ratings Not need to raise equity capital Preserve shareholder dividend Healthy holding company cash buffer Strong Life company capital position Lower risk investment portfolio Robust derivatives usage and hedging programs Consistent free-cash-flow generation Flexibility from credit facilities

88 Well positioned to deliver strong financial results Changes to underlying drivers, but continue to target long-term annual adjusted operating EPS growth of 8-10%1 2014-2018 average2 2% 3% 5% (3)% 5% 12% 1 Long-term represents approximate contributions of the principal drivers of earnings growth over the next three to five years. 2 Excludes notable items. 3 Near-term considerations represent factors that will likely differ from long-term targets over the next couple of years, beginning in 2020. Near-term considerations: Upside to margin / expense improvement partially offset by spread compression, which continues to abate3 Target8-10%

89 Financial overview Distribution Group Protection Life Insurance Retirement Plan Services Annuities Investment portfolio Financial overview Durable, dependable and differentiated financial performanceInvesting in the business to support growth and returning capital to shareholdersFortified balance sheet and risk management framework while well positioned for strong financial results to continue

2019 Conference for Analysts, Investors and Bankers Appendix

91 Investor Relations contact Chris Giovanni: Senior Vice President, Corporate Treasurer Phone: 484.583.1793Email: Christopher.Giovanni@LFG.com

92 Non-GAAP measures and definitions Management believes that adjusted income from operations (adjusted operating income), adjusted operating return on equity, adjusted operating revenues, and adjusted operating EPS better explain the results of the company’s ongoing businesses in a manner that allows for a better understanding of the underlying trends in the company’s current business because the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management also believes that using book value excluding accumulated other comprehensive income (AOCI) enables investors to analyze the amount of our net worth that is primarily attributable to our business operations. Book value per share excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. For the historical periods, reconciliations of non-GAAP measures used in this presentation to the most directly comparable GAAP measure may be included in this Appendix to the presentation and/or are included in the Statistical Reports for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: www.LFG.com/investor.

93 Non-GAAP measures and definitions Adjusted income (loss) from operations, adjusted operating revenues and adjusted operating return on equity (including and excluding average goodwill within average equity), excluding AOCI, using annualized adjusted income (loss) from operations are financial measures we use to evaluate and assess our results. Adjusted income (loss) from operations, adjusted operating revenues and adjusted operating return on equity (“ROE”), as used in the presentation, are non-GAAP financial measures and do not replace GAAP net income (loss), revenues and ROE, the most directly comparable GAAP measures. Adjusted income (loss) from operationsAdjusted income (loss) from operations is GAAP net income (loss) excluding the after-tax effects of the following items, as applicable:Realized gains and losses associated with the following (“excluded realized gain (loss)”): Sales or disposals and impairments of securities;Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities (“gain (loss) on the mark-to-market on certain instruments”);Changes in the fair value of the derivatives we own to hedge our guaranteed death benefit (“GDB”) riders reflected within our variable annuities; Changes in the fair value of the embedded derivatives of our guaranteed living benefit (“GLB”) riders reflected within variable annuity net derivative results accounted for at fair value;Changes in the fair value of the derivatives we own to hedge our GLB riders reflected within variable annuity net derivative results;Changes in the fair value of the embedded derivative liabilities related to index call options we may purchase in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products accounted for at fair value (“indexed annuity forward-starting options”); and Changes in the fair value of equity securities; Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders (“benefit ratio unlocking”);Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;Gains (losses) on early extinguishment of debt;Losses from the impairment of intangible assets;Income (loss) from discontinued operations;Acquisition and integration costs related to mergers and acquisitions; andIncome (loss) from the initial adoption of new accounting standards, regulations and policy changes including the net impact from the Tax Cuts and Jobs Act.

94 Non-GAAP measures and definitions Adjusted operating revenuesAdjusted operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:Excluded realized gain (loss);Revenue adjustments from the initial adoption of new accounting standards;Amortization of deferred front-end loads (“DFEL”) arising from changes in GDB and GLB benefit ratio unlocking; andAmortization of deferred gains arising from reserve changes on business sold through reinsurance.Adjusted operating return on equityAdjusted operating return on equity measures how efficiently we generate profits from the resources provided by our net assets. It is calculated by dividing annualized adjusted income (loss) from operations by average equity, excluding accumulated other comprehensive income (loss) ("AOCI"). Management evaluates return on equity by both including and excluding average goodwill within average equity.

95 Non-GAAP measures and definitions Definition of notable itemsAdjusted income (loss) from operations, excluding notable items, is a non-GAAP measure that excludes items which, in management’s view, do not reflect the company’s normal, ongoing operations. We believe highlighting notable items included in adjusted income (loss) from operations enables investors to better understand the fundamental trends in its results of operations and financial condition. Book value per share, excluding AOCIBook value per share excluding AOCI is calculated based upon a non-GAAP financial measure. It is calculated by dividing (a) stockholders' equity excluding AOCI by (b) common shares outstanding. We provide book value per share excluding AOCI to enable investors to analyze the amount of our net worth that is primarily attributable to our business operations. Management believes book value per share excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure.

96 Non-GAAP measures and definitions SalesSales as reported consist of the following:Annuities – deposits from new and existing customerMoneyGuard® – 15% of total expected premium deposits;Universal life (UL), indexed universal life (IUL), variable universal life (VUL) – first-year commissionable premiums plus 5% of excess premiums received;Executive Benefits – single premium bank-owned UL and VUL, 15% of single premium deposits, and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received;Term – 100% of annualized first-year premiums; and Group Protection – annualized first-year premiums from new policies.

97 Non-GAAP measures and definitions Economic value assumptions (Slide 10 of Annuities presentation)Economic value is the present value of future cash flows. LNC values based on in-force book of business as of 3/31/19. The baseline scenario assumes 5% separate account growth, before all charges and fees, and interest rates follow the forward curve as of 3/31/19. Cash flows are shown on a present value basis, discounted at 4%. The adverse scenario assumes a 30% decrease in equity markets, followed by 5% separate account growth, before all charges and fees, and a 100bps parallel decrease in interest rates. Cash flows are shown on a present value basis, discounted at 3%. Cash flows include all charges, revenue sharing, trail commissions, maintenance expenses, claims, hedging activity, and impact of external reinsurance, while it excludes a portion of investment income on general account assets. Impacts from policyholder behavior reflect our dynamic modeling assumptions and projected hedging results based on current hedge strategy parameters. Actual results will vary from the illustrative results due to aspects such as, but not limited to, market volatility, basis risk, potential changes in assumptions, and/or rebalancing of hedges.

98 Reconciliation of net income to adjusted income from operations The numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market adjustment for deferred units of LNC stock in our deferred compensation plans if the effect of equity classification would result in a more dilutive EPS.We use our prevailing federal income tax rate of 21% and 35%, where applicable, while taking into account any permanent differences for events recognized differently in our financial statements and federal income tax returns when reconciling our non-GAAP measures to the most comparable GAAP measure.

99 Reconciliation of book value per share

100 Reconciliation of return on average equity

101 Reconciliation of annuities return on equity to annuities pro-forma return on equity

102 Notable Items reconciliation: Adjusted income from operations and adjusted operating EPS

Lincoln National (LNC) 8-KRegulation FD Disclosure