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

12 Months Ended

Dec. 31, 2014

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, 2014
			Fair		Carrying
Type of Investment	Cost		Value		Value
Available-For-Sale Fixed Maturity Securities (1)
Bonds:
U.S. government and government agencies and authorities	$	379	$	435	$	435
Asset-backed securities		1,491		1,536		1,536
States, municipalities and political subdivisions		3,723		4,593		4,593
Mortgage-backed securities		4,533		4,796		4,796
Foreign governments		473		541		541
Public utilities		11,356		12,786		12,786
All other corporate bonds		55,768		60,599		60,599
Hybrid and redeemable preferred securities		886		954		954
Variable interest entities		587		598		598
Total available-for-sale fixed maturity securities		79,196		86,838		86,838

Available-For-Sale Equity Securities (1)
Common stocks:
Banks, trusts and insurance companies		191		195		195
Nonredeemable preferred securities		25		36		36
Total available-for-sale equity securities		216		231		231
Trading securities		1,764		2,065		2,065
Mortgage loans on real estate		7,574		8,038		7,574
Real estate		20		N/A		20
Policy loans		2,670		N/A		2,670
Derivative investments (2)		1,722		1,860		1,860
Other investments		1,709		1,709		1,709
Total investments	$	94,871			$	102,967

⁽¹⁾

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.

⁽²⁾

Derivative investment assets were offset by $77 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.

- 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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