Lincoln National exited the third quarter with cash and invested cash of $1,472 million, which declined 43.7% year over year. Total assets of $324.7 billion fell 13.9% year over year. Long-term debt amounted to $5,959 million, which decreased 5.8% year over year. It had short-term debt of $500 million at the third-quarter end. As of Nov 2, 2022, its senior debt received 'A-' and 'BBB+' ratings from Standard & Poor's and Fitch, respectively. Shareholders' equity of $2,217 million plunged 89.5% year over year. Book value per share, excluding accumulated other comprehensive income (AOCI), decreased 16.7% year over year to $64.09. Adjusted operating return on equity excluding AOCI came in at a negative figure of 57% during the third quarter.