SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS, OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2012

Schedule To Financial Statements [Abstract]

Summary of Investments - Other than Investments in Related Parties Supplemental Schedule

LINCOLN NATIONAL CORPORATION

SCHEDULE I – CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN

RELATED PARTIES

(in millions)

Column A				Column B		Column C		Column D
				As of December 31, 2012
						Fair		Carrying
Type of Investment				Cost		Value		Value
Available-For-Sale Fixed Maturity Securities⁽¹⁾
Bonds:
	U.S. government and government agencies and authorities			$	383	$	442	$	442
	States, municipalities and political subdivisions				3,546		4,353		4,353
	Mortgage-backed securities				6,733		7,174		7,174
	Foreign governments				562		654		654
	Public utilities				11,874		13,616		13,616
	All other corporate bonds				48,439		54,580		54,580
Hybrid and redeemable preferred securities					1,181		1,217		1,217
Variable interest entities					677		708		708
		Total available-for-sale fixed maturity securities			73,395		82,744		82,744

Available-For-Sale Equity Securities⁽¹⁾
Common stocks:
	Banks, trusts and insurance companies				86		91		91
	Industrial, miscellaneous and all other				16		15		15
	Nonredeemable preferred securities				35		51		51
		Total available-for-sale equity securities			137		157		157
Trading securities					2,127		2,554		2,554
Mortgage loans on real estate					7,029		7,704		7,029
Real estate					65		N/A		65
Policy loans					2,766		N/A		2,766
Derivative instruments					2,006		2,652		2,652
Other investments					1,098		1,098		1,098
			Total investments	$	88,623			$	99,065

Investments deemed to have declines in value that are other-than-temporary are written down or reserved for to reduce the carrying value to their estimated realizable value.

- Definition

The entire disclosure for the schedule applicable to insurance companies summarizing investments held as of the most recent audited balance sheet. At a minimum, such summary is by three major categories of investments including: (1) fixed maturities primarily consisting of bonds, including convertibles and bonds with warrants, and redeemable preferred stocks, (2) equity securities primarily consisting of common stocks and nonredeemable preferred stocks, and (3) other investments including mortgage loans on real estate, real estate held for investment, real estate acquired in satisfaction of debt, policy loans, other long-term investments, and short-term investments not otherwise categorized. The information provided with respect to each item within each category includes: (A) the original cost of equity securities and, as to fixed maturity securities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts, (B) fair value as of the reporting date, and (C) the amount at which the item within each category is shown in the statement of financial position; with respect to (C), if the amount at which shown in the statement of financial position is different from the items original [amortized] cost or fair value, an explanation of the difference may be included herein.

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