2Q17 - Form 8k


	Lincoln Financial Group
	Table of Contents


	Analyst Coverage and Credit Ratings																	1
	Notes																	2
	Consolidated
	Consolidated Statements of Income (Loss)																	3
	Consolidated Balance Sheets																	4
	Earnings, Shares and Return on Equity																	5
	Key Stakeholder Metrics																	6
	Segment and Sources of Earnings																	7
	Select Earnings Drivers By Segment																	8
	Sales By Segment																	9
	Operating Revenues and General and Administrative Expenses By Segment																	10
	Operating Commissions and Other Expenses																	11
	Interest Rate Yields and Spreads By Segment																	12
	Select Earnings and Operational Data from Business Segments
	Annuities																	13
	Retirement Plan Services																	14
	Life Insurance																	15
	Group Protection																	16
	Other Operations																	17
	DAC & Account Value Rollforwards
	Consolidated DAC, VOBA, DSI and DFEL Roll Forwards																	18
	Account Value Roll Forwards:
	Annuities																	19
	Retirement Plan Services																	20
	Life Insurance																	21
	Other Information
	Select Investment Data																	22
	Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC																	23
	Select GAAP to Non-GAAP Reconciliations																	24

Lincoln Financial Group

Analyst Coverage and Credit Ratings

Firm

Analyst

Phone Number

Autonomous Research U.S., L.P.

Erik Bass

646-561-6248

Bank of America Merrill Lynch

Seth Weiss

646-855-3783

Barclays Capital

Jay Gelb

212-526-1561

Citi Research

Suneet Kamath

212-816-3457

Credit Suisse

John Nadel

212-325-4016

Dowling & Partners

Humphrey Lee

860-676-7324

Evercore

Thomas Gallagher

212-446-9439

FBR Capital Markets

Randy Binner

703-312-1890

J.P. Morgan Securities

Jimmy Bhullar

212-622-6397

Janney Montgomery Scott

Bob Glasspiegel

860-724-1203

Keefe, Bruyette & Woods, Inc.

Ryan Krueger

860-722-5930

Morgan Stanley

Nigel Dally

212-761-4132

RBC Capital Markets

Mark Dwelle

804-782-4008

Sandler O’Neill & Partners, L.P.

John Barnidge

312-281-3412

Wells Fargo

Sean Dargan

212-214-1416

This list is provided for informational purposes only. Lincoln Financial Group does not endorse the analyses, conclusions or recommendations contained in any report issued by these

or any other analysts.

Ratings as of August 2nd, 2017

Standard

A.M Best

Fitch

Moody's

& Poor's

Senior Debt Ratings

BBB+

Baa1

A-

Financial Strength Ratings

Lincoln National Life Insurance Company

A+

AA-

First Penn-Pacific Life Insurance Company

A+

A-

Lincoln Life & Annuity Company of New York

A+

AA-

Investor Inquiries May Be Directed To:

Chris Giovanni, Senior Vice President, Investor Relations

Email: Christopher.Giovanni@lfg.com

Phone: 484-583-1793

Page 1


	Lincoln Financial Group
	Notes


	Computations
	• The quarterly financial information for the current year may not sum to the corresponding year-to-date amount as both are rounded to millions.
	• The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.
	• If the effect of equity classification would result in a more dilutive Earnings Per Share (“EPS”), 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. In addition, for any period where a loss from continuing operations is experienced, shares used in the diluted EPS
	calculation represent basic shares, as using dilutive shares would be anti-dilutive to the calculation. In these periods, we would also exclude the deferred compensation adjustment.
	• Return on equity (“ROE”) measures how efficiently we generate profits from the resources provided by our net assets. ROE is calculated by dividing annualized net income (loss) (or income (loss)
	from operations) by average equity, excluding accumulated other comprehensive income (loss) (“AOCI”). Management evaluates consolidated ROE by both including and excluding the effect
	of average goodwill.
	• Book value per share, excluding AOCI, is calculated by dividing stockholders’ equity, excluding AOCI, by common shares outstanding. We provide book value per share, excluding AOCI, to enable
	investors to analyze the amount of our net worth that is attributable primarily 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.
	• Pre-tax net margin is calculated by dividing income (loss) from operations before taxes by net revenue, which is defined as total operating revenues less interest credited.

	Definitions
	Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commerical
	paper outstanding.
	Sales as reported consist of the following:
	• MoneyGuard®, our linked-benefit product – 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;
	• Annuities – deposits from new and existing customers; and
	• Group Protection – annualized first year premiums from new policies.
	Throughout the document, “after-DAC” refers to the associated amortization expense of deferred acquisition costs (“DAC”), value of business acquired (“VOBA”), deferred sales inducements (“DSI”)
	and deferred front-end loads (“DFEL”) and changes in other contract holder funds.








Page 2a


	Lincoln Financial Group
	Notes


	Sources of Earnings are defined as follows:
	• Investment spread earnings consist primarily of net investment income, net of interest credited earned on the underlying general account investments supporting our fixed products less related
	expenses.
	• Mortality/morbidity earnings result from mortality margins, morbidity margins, and certain expense assessments and related fees that are a function of the rates priced into the product and level
	of insurance in force.
	• Fees on Assets Under Management (“AUM”) earnings results consist primarily of asset-based fees charged based on variable account values less associated benefits and related expenses.
	• Variable Annuity (“VA”) Riders earnings consist of fees charged to the contract holder related to guaranteed benefit rider features, less the net valuation premium and associated change in
	benefit reserves and related expenses.

	Non-GAAP Performance Measures
	Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein.
	We exclude the after-tax effects of the following items from GAAP net income (loss) to arrive at income (loss) from operations:
	• 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 guaranteed living benefit ("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 option”);
	• 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; and
	• Income (loss) from the initial adoption of new accounting standards.
	Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items:
	• Excluded realized gain (loss);
	• Revenue adjustments from the initial adoption of new accounting standards;
	• Amortization of DFEL arising from changes in GDB and GLB benefit ratio unlocking; and
	• Amortization of deferred gains arising from reserve changes on business sold through reinsurance.






Page 2b


	Lincoln Financial Group
	Notes


	We use our prevailing federal income tax rate of 35% 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.

	Management believes that the non-GAAP performance measures discussed above explain the results of our ongoing businesses in a manner that allows for a better understanding of the underlying
	trends in our current business as the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in many
	instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. In addition, we believe that our definitions of operating revenues and income from
	operations provide investors with more valuable measures of our performance as they better reveal trends in our business.

	Prior year interest rate spreads have been restated to conform to the current year presentation, which has been modified to be consistent across our business segments.

	New Accounting Standards - Restatement of Certain Interim Reporting Metrics
	Effective October 1, 2016, we elected to early adopt ASU 2016-09, Improvements to Employee Share-based Payment Accounting. We have updated certain previously reported interim results and
	metrics in accordance with the new guidance.

	Statistical Supplement is Dated
	The financial data in this document is dated August 2, 2017, and has not been updated since that date. Lincoln Financial Group does not intend to update this document.




















Page 2c


	Lincoln Financial Group
	Consolidated Statements of Income (Loss)
	Unaudited (millions of dollars, except per share data)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Revenues
	Insurance premiums	$	728	$	708	$	736	$	807	$	801	10.0%	$	1,544	$	1,608	4.1%
	Fee income		1,288		1,376		1,345		1,354		1,393	8.2%		2,523		2,747	8.9%
	Net investment income		1,199		1,259		1,244		1,238		1,262	5.3%		2,371		2,499	5.4%
	Realized gain (loss):
	Other-than-temporary impairment (“OTTI”)		(28)		(13)		(25)		(4)		(4)	85.7%		(64)		(8)	87.5%
	Realized gain (loss), excluding OTTI		(17)		50		(192)		(35)		(6)	41.2%		(95)		(41)	56.8%
	Total realized gain (loss)		(45)		37		(217)		(39)		(10)	77.8%		(159)		(49)	69.2%
	Amortization of deferred gains on business
	sold through reinsurance		18		18		18		18		4	-77.8%		37		22	-40.5%
	Other revenues		119		127		128		122		127	6.7%		235		250	6.4%
	Total revenues		3,307		3,525		3,254		3,500		3,577	8.2%		6,551		7,077	8.0%

	Expenses
	Interest credited		639		642		650		647		646	1.1%		1,272		1,293	1.7%
	Benefits		1,208		922		1,230		1,290		1,287	6.5%		2,540		2,578	1.5%
	Commissions and other expenses		978		1,283		1,041		1,015		1,034	5.7%		1,953		2,048	4.9%
	Interest and debt expense		68		66		129		64		63	-7.4%		136		127	-6.6%
	Strategic digitization expense		-		-		8		9		14	NM		-		23	NM
	Total expenses		2,893		2,913		3,058		3,025		3,044	5.2%		5,901		6,069	2.8%
	Income (loss) from continuing operations before taxes		414		612		196		475		533	28.7%		650		1,008	55.1%
	Federal income tax expense (benefit)		89		145		6		40		122	37.1%		114		162	42.1%
	Net income (loss)		325		467		190		435		411	26.5%		536		846	57.8%
	Adjustment for LNC stock units in our
	deferred compensation plans		-		-		-		-		1	NM		(7)		1	114.3%
	Net income (loss) available to common
	stockholders – diluted	$	325	$	467	$	190	$	435	$	412	26.8%	$	529	$	847	60.1%

	Earnings (Loss) Per Common Share – Diluted
	Net income (loss)	$	1.35	$	2.00	$	0.82	$	1.89	$	1.81	34.1%	$	2.18	$	3.70	69.7%

	ROE, including AOCI
	Net income (loss)		8.5%		11.6%		4.9%		11.8%		10.6%			7.3%		11.2%

Page 3


	Lincoln Financial Group
	Consolidated Balance Sheets
	Unaudited (millions of dollars)

		As of
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change
	ASSETS
	Investments:
	Available-for-sale (“AFS”) securities:
	Corporate bonds	$	80,129	$	81,369	$	78,149	$	79,841	$	81,598	1.8%
	U.S. government bonds		464		458		419		576		578	24.6%
	Foreign government bonds		530		530		506		456		455	-14.2%
	Mortgage-backed securities		3,975		4,019		3,964		4,008		4,028	1.3%
	Asset-backed collateralized debt obligations		687		686		744		776		703	2.3%
	State and municipal bonds		4,985		4,939		4,627		4,826		5,010	0.5%
	Hybrid and redeemable preferred securities		691		631		604		619		642	-7.1%
	VIEs' fixed maturity securities		600		600		200		-		-	-100.0%
	Equity securities		277		273		275		276		275	-0.7%
	Total AFS securities		92,338		93,505		89,488		91,378		93,289	1.0%
	Trading securities		1,812		1,808		1,712		1,703		1,678	-7.4%
	Mortgage loans on real estate		9,257		9,430		9,889		10,001		10,023	8.3%
	Real estate		21		23		24		24		23	9.5%
	Policy loans		2,507		2,471		2,451		2,432		2,416	-3.6%
	Derivative investments		2,613		2,170		927		991		1,054	-59.7%
	Other investments		2,039		2,184		2,230		2,104		2,156	5.7%
	Total investments		110,587		111,591		106,721		108,633		110,639	0.0%
	Cash and invested cash		4,113		3,444		2,722		1,923		1,978	-51.9%
	DAC and VOBA		8,280		8,020		9,134		9,030		8,555	3.3%
	Premiums and fees receivable		370		355		430		465		365	-1.4%
	Accrued investment income		1,070		1,117		1,062		1,124		1,082	1.1%
	Reinsurance recoverables		5,540		5,432		5,265		5,333		5,228	-5.6%
	Funds withheld reinsurance assets		628		628		617		610		607	-3.3%
	Goodwill		2,273		2,273		2,273		2,273		2,273	0.0%
	Other assets		5,134		5,152		5,006		5,119		5,099	-0.7%
	Separate account assets		125,033		128,593		128,397		132,958		135,825	8.6%
	Total assets	$	263,028	$	266,605	$	261,627	$	267,468	$	271,651	3.3%



Page 4a


	Lincoln Financial Group
	Consolidated Balance Sheets
	Unaudited (millions of dollars)

		As of
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change
	LIABILITIES AND STOCKHOLDERS’ EQUITY
	Liabilities
	Future contract benefits	$	22,147	$	22,120	$	21,576	$	22,202	$	22,293	0.7%
	Other contract holder funds		77,458		77,963		78,903		79,078		79,216	2.3%
	Short-term debt		250		250		-		200		450	80.0%
	Long-term debt by rating agency leverage definitions:
	Operating (see note (2) on page 6 for details)		865		865		865		865		865	0.0%
	Financial		4,595		4,592		4,480		4,268		4,036	-12.2%
	Reinsurance related embedded derivatives		134		137		53		50		53	-60.4%
	Funds withheld reinsurance liabilities		2,019		1,999		1,976		1,961		1,862	-7.8%
	Deferred gain on business sold through reinsurance		61		43		24		6		2	-96.7%
	Payables for collateral on investments		6,297		5,654		4,995		5,086		4,952	-21.4%
	Other liabilities		8,249		8,066		5,880		5,821		6,101	-26.0%
	Separate account liabilities		125,033		128,593		128,397		132,958		135,825	8.6%
	Total liabilities		247,108		250,282		247,149		252,495		255,655	3.5%

	Stockholders’ Equity
	Common stock		6,006		5,906		5,869		5,839		5,774	-3.9%
	Retained earnings		6,719		7,040		7,043		7,287		7,511	11.8%
	AOCI:
	Unrealized investment gains (losses)		3,501		3,684		1,858		2,139		3,003	-14.2%
	Foreign currency translation adjustment		(18)		(20)		(27)		(25)		(20)	-11.1%
	Funded status of employee benefit plans		(288)		(287)		(265)		(267)		(272)	5.6%
	Total AOCI		3,195		3,377		1,566		1,847		2,711	-15.1%
	Total stockholders’ equity		15,920		16,323		14,478		14,973		15,996	0.5%
	Total liabilities and stockholders’ equity	$	263,028	$	266,605	$	261,627	$	267,468	$	271,651	3.3%







Page 4b


	Lincoln Financial Group
	Earnings, Shares and Return on Equity
	Unaudited (millions of dollars, except per share data)

		As of or For the Three Months Ended											As of or For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Income (Loss)
	Net income (loss)	$	325	$	467	$	190	$	435	$	411	26.5%	$	536	$	846	57.8%
	Pre-tax income (loss) from operations		489		571		533		485		544	11.2%		888		1,030	16.0%
	After-tax income (loss) from operations (1)		373		441		409		442		419	12.3%		690		860	24.6%
	Operating tax rate		23.7%		22.8%		23.3%		8.9%		23.0%			22.3%		16.5%

	Average Stockholders’ Equity
	Average equity, including AOCI	$	15,289	$	16,122	$	15,400	$	14,725	$	15,485	1.3%	$	14,713	$	15,105	2.7%
	Average AOCI		2,563		3,286		2,471		1,706		2,279	-11.1%		1,975		1,993	0.9%
	Average equity, excluding AOCI	$	12,726	$	12,836	$	12,929	$	13,019	$	13,206	3.8%	$	12,738	$	13,112	2.9%

	ROE, excluding AOCI
	Net income (loss)		10.2%		14.5%		5.9%		13.4%		12.4%			8.4%		12.9%
	Income (loss) from operations		11.7%		13.7%		12.7%		13.6%		12.7%			10.8%		13.1%

	Per Share
	Net income (loss) (diluted)	$	1.35	$	2.00	$	0.82	$	1.89	$	1.81	34.1%	$	2.18	$	3.70	69.7%
	Income (loss) from operations (diluted)		1.56		1.89		1.77		1.92		1.85	18.6%		2.82		3.77	33.7%
	Dividends declared during the period		0.25		0.25		0.29		0.29		0.29	16.0%		0.50		0.58	16.0%

	Book value, including AOCI	$	68.39	$	71.43	$	63.97	$	66.58	$	71.98	5.2%	$	68.39	$	71.98	5.2%
	Per share impact of AOCI		13.72		14.78		6.92		8.21		12.20	-11.1%		13.72		12.20	-11.1%
	Book value, excluding AOCI	$	54.67	$	56.65	$	57.05	$	58.37	$	59.78	9.3%	$	54.67	$	59.78	9.3%

	Shares
	Repurchased during the period		6.2		4.3		3.2		2.9		3.0	-51.6%		11.8		5.9	-50.0%
	End-of-period – basic		232.8		228.5		226.3		224.9		222.2	-4.6%		232.8		222.2	-4.6%
	End-of-period – diluted		236.2		231.4		230.1		228.9		226.0	-4.3%		236.2		226.0	-4.3%
	Average for the period – diluted		239.9		233.7		230.9		230.1		227.3	-5.3%		242.5		228.7	-5.7%

	(1) See reconciliation to net income (loss) on page 24.



Page 5


	Lincoln Financial Group
	Key Stakeholder Metrics
	Unaudited (millions of dollars, except per share data)

		As of or For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change

	Cash Returned to Common Stockholders
	Shares repurchased	$	275	$	200	$	204	$	200	$	200	-27.3%	$	475	$	400	-15.8%
	Common dividends		60		58		57		66		65	8.3%		121		131	8.3%
	Total cash returned to common stockholders	$	335	$	258	$	261	$	266	$	265	-20.9%	$	596	$	531	-10.9%

	Leverage Ratio
	Short-term debt	$	250	$	250	$	-	$	200	$	450	80.0%
	Long-term debt		5,460		5,457		5,345		5,133		4,901	-10.2%
	Total debt (1)		5,710		5,707		5,345		5,333		5,351	-6.3%
	Less:
	Operating debt (2)		1,115		1,115		865		865		865	-22.4%
	25% of capital securities		302		302		302		302		302	0.0%
	Carrying value of fair value hedges		423		420		258		246		263	-37.8%
	Total numerator	$	3,870	$	3,870	$	3,920	$	3,920	$	3,921	1.3%

	Stockholders’ equity, excluding unrealized
	investment gains (losses)	$	12,419	$	12,639	$	12,620	$	12,834	$	12,993	4.6%
	Add: 25% of capital securities		302		302		302		302		302	0.0%
	Total numerator		3,870		3,870		3,920		3,920		3,921	1.3%
	Total denominator	$	16,591	$	16,811	$	16,842	$	17,056	$	17,216	3.8%

	Leverage ratio		23.3%		23.0%		23.3%		23.0%		22.8%

	Holding Company Available Liquidity	$	523	$	546	$	561	$	551	$	523	0.0%

	(1) Excludes obligations under capital leases of $260 million that are reported in other liabilities on our Consolidated Balance Sheets.
	(2) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain
	on increasing statutory reserves associated with secondary guarantee UL and term policies.





Page 6


	Lincoln Financial Group
	Segment and Sources of Earnings
	Unaudited (millions of dollars)

		For the Three Months Ended											As of or For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Income (Loss) from Operations, Pre-Tax
	Annuities	$	296	$	303	$	306	$	280	$	310	4.7%	$	568	$	590	3.9%
	Retirement Plan Services		41		45		46		48		50	22.0%		83		98	18.1%
	Life Insurance		175		246		228		187		194	10.9%		278		381	37.1%
	Group Protection		23		44		25		11		53	130.4%		31		64	106.5%
	Other Operations		(46)		(67)		(72)		(41)		(63)	-37.0%		(72)		(103)	-43.1%
	Income (loss) from operations, before income taxes	$	489	$	571	$	533	$	485	$	544	11.2%	$	888	$	1,030	16.0%

	Income (Loss) from Operations, After-Tax
	Annuities	$	235	$	240	$	242	$	281	$	251	6.8%	$	453	$	532	17.4%
	Retirement Plan Services		31		32		34		37		37	19.4%		61		74	21.3%
	Life Insurance		120		167		154		130		133	10.8%		195		263	34.9%
	Group Protection		15		28		16		7		35	133.3%		20		42	110.0%
	Other Operations		(28)		(26)		(37)		(13)		(37)	-32.1%		(39)		(51)	-30.8%
	Income (loss) from operations	$	373	$	441	$	409	$	442	$	419	12.3%	$	690	$	860	24.6%

			For the Three Months Ended										For the Trailing Twelve Months
			6/30/16		9/30/16		12/31/16		3/31/17		6/30/17	Change	6/30/16		6/30/17		Change
	Sources of Earnings, Pre-Tax
	Investment spread	$	161	$	205	$	199	$	172	$	186	15.5%	$	614	$	763	24.3%
	Mortality/morbidity		118		175		151		115		158	33.9%		346		599	73.1%
	Fees on AUM		220		222		220		209		230	4.5%		913		881	-3.5%
	VA riders		36		36		35		30		33	-8.3%		92		134	45.7%
	Total sources of earnings, before income taxes		535		638		605		526		607	13.5%		1,965		2,377	21.0%
	Other Operations		(46)		(67)		(72)		(41)		(63)	-37.0%		(210)		(242)	-15.2%
	Income (loss) from operations, before income taxes	$	489	$	571	$	533	$	485	$	544	11.2%	$	1,755	$	2,135	21.7%

	Sources of Earnings, Pre-Taxes, Percentage By Component
	Investment spread		30.0%		32.3%		32.9%		32.5%		30.7%			31.3%		32.1%
	Mortality/morbidity		22.1%		27.4%		24.9%		21.9%		26.0%			17.6%		25.2%
	Fees on AUM		41.2%		34.8%		36.4%		39.9%		37.8%			46.5%		37.1%
	VA riders		6.7%		5.5%		5.8%		5.7%		5.5%			4.6%		5.6%
	Total		100.0%		100.0%		100.0%		100.0%		100.0%			100.0%		100.0%


Page 7

	Lincoln Financial Group
	Select Earnings Drivers By Segment
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Annuities
	Operating revenues	$	983	$	1,000	$	1,011	$	1,061	$	1,076	9.5%	$	2,022	$	2,138	5.7%
	Deposits		2,113		1,938		1,810		2,016		1,991	-5.8%		4,466		4,008	-10.3%
	Net flows		(452)		(868)		(932)		(944)		(1,075)	NM		(486)		(2,019)	NM
	Average account values		122,383		125,023		124,450		127,644		130,321	6.5%		120,286		128,990	7.2%

	Retirement Plan Services
	Operating revenues	$	270	$	282	$	284	$	282	$	290	7.4%	$	537	$	571	6.3%
	Deposits		1,660		1,799		2,406		2,252		1,978	19.2%		3,452		4,229	22.5%
	Net flows		4		97		386		116		395	NM		82		511	NM
	Average account values		55,127		56,537		57,552		59,530		61,728	12.0%		53,957		60,613	12.3%

	Life Insurance
	Operating revenues	$	1,538	$	1,630	$	1,600	$	1,606	$	1,655	7.6%	$	3,016	$	3,260	8.1%
	Deposits		1,391		1,490		1,648		1,414		1,543	10.9%		2,630		2,959	12.5%
	Net flows		978		1,102		1,209		924		1,101	12.6%		1,808		2,025	12.0%
	Average account values		44,162		44,792		45,485		46,147		46,842	6.1%		43,979		46,495	5.7%
	Average in-force face amount		671,412		680,010		688,791		695,759		701,592	4.5%		668,083		698,676	4.6%

	Group Protection
	Operating revenues	$	525	$	534	$	537	$	541	$	541	3.0%	$	1,059	$	1,082	2.2%
	Non-medical earned premiums		478		485		487		495		494	3.3%		967		988	2.2%

	Consolidated
	Operating revenues (1)	$	3,395	$	3,530	$	3,519	$	3,578	$	3,629	6.9%	$	6,795	$	7,206	6.0%
	Deposits		5,164		5,227		5,864		5,682		5,512	6.7%		10,548		11,196	6.1%
	Net flows		530		331		663		96		421	-20.6%		1,404		517	-63.2%
	Average account values		221,672		226,352		227,487		233,321		238,891	7.8%		218,222		236,098	8.2%

	(1) See reconciliation to total revenues on page 24.


Page 8


	Lincoln Financial Group
	Sales By Segment
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Sales
	Annuities:
	With guaranteed living benefits	$	1,164	$	1,052	$	928	$	905	$	1,007	-13.5%	$	2,412	$	1,913	-20.7%
	Without guaranteed living benefits		471		466		471		549		607	28.9%		908		1,156	27.3%
	Variable		1,635		1,518		1,399		1,454		1,614	-1.3%		3,320		3,069	-7.6%
	Fixed		478		420		411		562		377	-21.1%		1,146		939	-18.1%
	Total Annuities	$	2,113	$	1,938	$	1,810	$	2,016	$	1,991	-5.8%	$	4,466	$	4,008	-10.3%

	Retirement Plan Services:
	First-year sales	$	431	$	607	$	1,177	$	800	$	737	71.0%	$	824	$	1,537	86.5%
	Recurring deposits		1,229		1,192		1,229		1,452		1,241	1.0%		2,628		2,692	2.4%
	Total Retirement Plan Services	$	1,660	$	1,799	$	2,406	$	2,252	$	1,978	19.2%	$	3,452	$	4,229	22.5%

	Life Insurance:
	UL	$	24	$	23	$	29	$	17	$	14	-41.7%	$	43	$	31	-27.9%
	MoneyGuard®		51		56		64		60		80	56.9%		94		139	47.9%
	IUL		18		23		31		18		16	-11.1%		36		34	-5.6%
	VUL		41		52		58		36		50	22.0%		70		86	22.9%
	Term		30		31		29		27		28	-6.7%		54		55	1.9%
	Total individual life insurance		164		185		211		158		188	14.6%		297		345	16.2%
	Executive Benefits		9		8		20		23		9	0.0%		16		33	106.3%
	Total Life Insurance	$	173	$	193	$	231	$	181	$	197	13.9%	$	313	$	378	20.8%

	Group Protection:
	Life	$	25	$	28	$	98	$	23	$	28	12.0%	$	52	$	51	-1.9%
	Disability		30		33		109		23		32	6.7%		52		55	5.8%
	Dental		16		17		56		11		28	75.0%		26		39	50.0%
	Total Group Protection	$	71	$	78	$	263	$	57	$	88	23.9%	$	130	$	145	11.5%
	Percent employee-paid		46.4%		44.0%		47.5%		53.3%		40.7%			50.1%		45.6%



Page 9


	Lincoln Financial Group
	Operating Revenues and General and Administrative Expenses By Segment
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Operating Revenues
	Annuities	$	983	$	1,000	$	1,011	$	1,061	$	1,076	9.5%	$	2,022	$	2,138	5.7%
	Retirement Plan Services		270		282		284		282		290	7.4%		537		571	6.3%
	Life Insurance		1,538		1,630		1,600		1,606		1,655	7.6%		3,016		3,260	8.1%
	Group Protection		525		534		537		541		541	3.0%		1,059		1,082	2.2%
	Other Operations		79		84		87		88		67	-15.2%		161		155	-3.7%
	Total	$	3,395	$	3,530	$	3,519	$	3,578	$	3,629	6.9%	$	6,795	$	7,206	6.0%

	General and Administrative Expenses,
	Net of Amounts Capitalized (1)
	Annuities	$	114	$	111	$	113	$	112	$	120	5.3%	$	229	$	232	1.3%
	Retirement Plan Services		77		77		79		75		79	2.6%		150		154	2.7%
	Life Insurance		115		121		128		120		126	9.6%		226		246	8.8%
	Group Protection		71		77		79		73		77	8.5%		140		149	6.4%
	Other Operations		9		25		48		22		26	188.9%		10		49	NM
	Total	$	386	$	411	$	447	$	402	$	428	10.9%	$	755	$	830	9.9%

	General and Administrative Expenses,
	Net of Amounts Capitalized, as a Percentage
	of Operating Revenues
	Annuities		11.6%		11.1%		11.2%		10.6%		11.1%			11.3%		10.8%
	Retirement Plan Services		28.3%		27.3%		27.7%		26.6%		27.2%			27.9%		26.9%
	Life Insurance		7.5%		7.4%		8.0%		7.5%		7.6%			7.5%		7.5%
	Group Protection		13.5%		14.4%		14.8%		13.4%		14.2%			13.2%		13.8%
	Other Operations		11.7%		30.2%		55.2%		24.8%		40.8%			6.0%		31.7%
	Total		11.4%		11.6%		12.7%		11.2%		11.8%			11.1%		11.5%

	(1) See page 11 for general and administrative expenses capitalized.




Page 10


	Lincoln Financial Group
	Operating Commissions and Other Expenses
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Operating Commissions and
	Other Expenses Incurred
	General and administrative expenses	$	429	$	454	$	504	$	446	$	475	10.7%	$	839	$	921	9.8%
	Commissions		546		562		590		555		576	5.5%		1,068		1,131	5.9%
	Taxes, licenses and fees		64		65		58		70		64	0.0%		133		134	0.8%
	Interest and debt expense		68		66		67		64		63	-7.4%		136		127	-6.6%
	Expenses associated with reserve financing
	and unrelated letters of credit		19		21		21		21		21	10.5%		37		42	13.5%
	Total operating commissions and other
	expenses incurred		1,126		1,168		1,240		1,156		1,199	6.5%		2,213		2,355	6.4%

	Less Amounts Capitalized
	General and administrative expenses		(43)		(43)		(57)		(44)		(47)	-9.3%		(84)		(91)	-8.3%
	Commissions		(274)		(286)		(314)		(261)		(280)	-2.2%		(525)		(541)	-3.0%
	Taxes, licenses and fees		(9)		(10)		(10)		(11)		(11)	-22.2%		(17)		(22)	-29.4%
	Total amounts capitalized		(326)		(339)		(381)		(316)		(338)	-3.7%		(626)		(654)	-4.5%
	Total expenses incurred, net of amounts
	capitalized, excluding amortization		800		829		859		840		861	7.6%		1,587		1,701	7.2%

	Amortization
	Amortization of DAC and VOBA		244		512		258		237		243	-0.4%		501		480	-4.2%
	Amortization of intangibles		1		1		1		1		1	0.0%		2		2	0.0%
	Total amortization		245		513		259		238		244	-0.4%		503		482	-4.2%
	Total operating commissions and
	other expenses	$	1,045	$	1,342	$	1,118	$	1,078	$	1,105	5.7%	$	2,090	$	2,183	4.4%







Page 11


	Lincoln Financial Group
	Interest Rate Yields and Spreads By Segment
	Unaudited

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Annuities
	Earned rate on reserves		4.16%		4.16%		4.00%		4.06%		3.99%	(17)		4.20%		4.03%	(17)
	Variable investment income on reserves (1)		0.08%		0.22%		0.20%		0.11%		0.20%	12		0.08%		0.15%	7
	Net investment income yield on reserves		4.24%		4.38%		4.20%		4.17%		4.19%	(5)		4.28%		4.18%	(10)
	Interest rate credited to contract holders		2.41%		2.42%		2.44%		2.43%		2.37%	(4)		2.38%		2.40%	2
	Interest rate spread		1.83%		1.96%		1.76%		1.74%		1.82%	(1)		1.90%		1.78%	(12)
	Base spreads excluding variable investment income		1.75%		1.74%		1.56%		1.63%		1.62%	(13)		1.82%		1.63%	(19)

	Retirement Plan Services
	Earned rate on reserves		4.52%		4.48%		4.42%		4.37%		4.30%	(22)		4.55%		4.33%	(22)
	Variable investment income on reserves (1)		0.06%		0.27%		0.27%		0.08%		0.17%	11		0.05%		0.13%	8
	Net investment income yield on reserves		4.58%		4.75%		4.69%		4.45%		4.47%	(11)		4.60%		4.46%	(14)
	Interest rate credited to contract holders		3.01%		3.00%		3.04%		2.93%		2.91%	(10)		3.00%		2.92%	(8)
	Interest rate spread		1.57%		1.75%		1.65%		1.52%		1.56%	(1)		1.60%		1.54%	(6)
	Base spreads excluding variable investment income		1.51%		1.48%		1.38%		1.44%		1.39%	(12)		1.55%		1.41%	(14)

	Life Insurance – Interest-Sensitive
	Earned rate on reserves		5.22%		5.22%		5.16%		5.11%		5.05%	(17)		5.25%		5.08%	(17)
	Variable investment income on reserves (1)		0.17%		0.42%		0.32%		0.34%		0.44%	27		0.07%		0.39%	32
	Net investment income yield on reserves		5.39%		5.64%		5.48%		5.45%		5.49%	10		5.32%		5.47%	15
	Interest rate credited to contract holders		3.92%		3.89%		3.85%		3.85%		3.82%	(10)		3.92%		3.83%	(9)
	Interest rate spread		1.47%		1.75%		1.63%		1.60%		1.67%	20		1.40%		1.64%	24
	Base spreads excluding variable investment income		1.30%		1.33%		1.31%		1.26%		1.23%	(7)		1.33%		1.25%	(8)

	Total (2)
	Earned rate (3)		4.72%		4.68%		4.64%		4.61%		4.57%	(15)		4.74%		4.59%	(15)
	Variable investment income (1) (3)		0.12%		0.36%		0.30%		0.26%		0.35%	23		0.06%		0.30%	24
	Net investment income yield (3)		4.84%		5.04%		4.94%		4.87%		4.92%	8		4.80%		4.89%	9
	Interest rate credited to contract holders		3.30%		3.28%		3.28%		3.26%		3.22%	(8)		3.29%		3.24%	(5)
	Interest rate spread		1.54%		1.76%		1.66%		1.61%		1.70%	16		1.51%		1.65%	14
	Base spreads excluding variable investment income		1.42%		1.40%		1.36%		1.35%		1.35%	(7)		1.45%		1.35%	(10)
	(1) Variable investment income consists of commercial mortgage loan prepayment and bond make-whole premiums and investment income on alternative investments.
	(2) Includes the results of all of our business segments and Other Operations.
	(3) Includes investment yields on reserves and surplus.

Page 12


	Lincoln Financial Group
	Annuities – Select Earnings and Operational Data
	Unaudited (millions of dollars)

		As of or For the Three Months Ended											As of or For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Income (Loss) from Operations
	Operating revenues:
	Insurance premiums	$	68	$	45	$	67	$	124	$	106	55.9%	$	219	$	230	5.0%
	Fee income		510		535		529		533		553	8.4%		1,003		1,086	8.3%
	Net investment income		258		268		256		256		263	1.9%		509		519	2.0%
	Operating realized gain (loss)		44		45		45		45		45	2.3%		87		90	3.4%
	Other revenues		103		107		114		103		109	5.8%		204		213	4.4%
	Total operating revenues		983		1,000		1,011		1,061		1,076	9.5%		2,022		2,138	5.7%
	Operating expenses:
	Interest credited		144		148		149		147		145	0.7%		283		292	3.2%
	Benefits		136		112		132		193		174	27.9%		353		366	3.7%
	Commissions incurred		216		214		202		224		222	2.8%		434		446	2.8%
	Other expenses incurred		210		214		214		213		224	6.7%		428		438	2.3%
	Amounts capitalized		(105)		(100)		(92)		(97)		(98)	6.7%		(217)		(194)	10.6%
	Amortization		86		109		100		101		99	15.1%		173		200	15.6%
	Total operating expenses		687		697		705		781		766	11.5%		1,454		1,548	6.5%
	Income (loss) from operations before taxes		296		303		306		280		310	4.7%		568		590	3.9%
	Federal income tax expense (benefit)		61		63		64		(1)		59	-3.3%		115		58	-49.6%
	Income (loss) from operations	$	235	$	240	$	242	$	281	$	251	6.8%	$	453	$	532	17.4%

	Effective Federal Income Tax Rate		20.6%		20.8%		21.0%		-0.4%		19.2%			20.2%		9.9%

	Average Equity, Excluding Goodwill and AOCI	$	4,502	$	4,611	$	4,608	$	4,575	$	4,769	5.9%	$	4,441	$	4,672	5.2%

	ROE, Excluding Goodwill and AOCI		20.9%		20.8%		21.0%		24.6%		21.0%			20.4%		22.8%

	Return on Average Account Values		77		77		78		88		77	-		75		82	7

	Account Values
	Variable annuity account values:
	Average	$	103,444	$	105,954	$	105,374	$	108,337	$	110,832	7.1%	$	101,523	$	109,592	7.9%
	End-of-period		103,861		106,473		105,766		109,475		111,570	7.4%		103,861		111,570	7.4%
	Fixed annuity account values:
	Average		18,939		19,069		19,076		19,307		19,489	2.9%		18,763		19,398	3.4%
	End-of-period		18,990		19,037		19,139		19,455		19,459	2.5%		18,990		19,459	2.5%

Page 13


	Lincoln Financial Group
	Retirement Plan Services – Select Earnings and Operational Data
	Unaudited (millions of dollars)

		As of or For the Three Months Ended											As of or For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Income (Loss) from Operations
	Operating revenues:
	Fee income	$	57	$	58	$	58	$	59	$	62	8.8%	$	112	$	121	8.0%
	Net investment income		209		220		222		218		224	7.2%		417		441	5.8%
	Other revenues		4		4		4		5		4	0.0%		8		9	12.5%
	Total operating revenues		270		282		284		282		290	7.4%		537		571	6.3%
	Operating expenses:
	Interest credited		127		128		134		132		134	5.5%		251		265	5.6%
	Benefits		-		-		-		-		-	NM		1		1	0.0%
	Commissions incurred		19		20		18		19		19	0.0%		39		38	-2.6%
	Other expenses incurred		84		85		89		85		89	6.0%		165		172	4.2%
	Amounts capitalized		(6)		(6)		(10)		(8)		(8)	-33.3%		(13)		(15)	-15.4%
	Amortization		5		10		7		6		6	20.0%		11		12	9.1%
	Total operating expenses		229		237		238		234		240	4.8%		454		473	4.2%
	Income (loss) from operations before taxes		41		45		46		48		50	22.0%		83		98	18.1%
	Federal income tax expense (benefit)		10		13		12		11		13	30.0%		22		24	9.1%
	Income (loss) from operations	$	31	$	32	$	34	$	37	$	37	19.4%	$	61	$	74	21.3%

	Effective Federal Income Tax Rate		25.6%		28.6%		26.8%		22.4%		27.5%			25.7%		25.0%

	Average Equity, Excluding Goodwill and AOCI	$	1,098	$	1,128	$	1,149	$	1,191	$	1,218	10.9%	$	1,083	$	1,204	11.2%

	ROE, Excluding Goodwill and AOCI		11.2%		11.4%		11.7%		12.5%		12.0%			11.3%		12.2%

	Pre-tax Net Margin		28.8%		29.4%		30.5%		31.9%		32.2%			28.9%		32.1%

	Return on Average Account Values		22		23		23		25		24	2		23		24	1

	Net Flows by Market
	Small Market		(22)		99		320		(380)		124	NM	$	(9)	$	(256)	NM
	Mid - Large Market		191		166		340		738		525	174.9%		406		1,264	211.3%
	Multi-Fund® and Other		(165)		(168)		(274)		(242)		(254)	-53.9%		(315)		(497)	-57.8%

	Net Flows – Trailing Twelve Months	$	112	$	(41)	$	565	$	603	$	994	NM	$	112	$	994	NM



Page 14


	Lincoln Financial Group
	Life Insurance – Select Earnings and Operational Data
	Unaudited (millions of dollars)

		As of or For the Three Months Ended											As of or For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Income (Loss) from Operations
	Operating revenues:
	Insurance premiums	$	177	$	174	$	179	$	185	$	199	12.4%	$	350	$	384	9.7%
	Fee income		721		780		758		760		778	7.9%		1,408		1,538	9.2%
	Net investment income		633		665		652		658		672	6.2%		1,244		1,329	6.8%
	Operating realized gain (loss)		-		(1)		3		(4)		(3)	NM		(1)		(7)	NM
	Other revenues		7		12		8		7		9	28.6%		15		16	6.7%
	Total operating revenues		1,538		1,630		1,600		1,606		1,655	7.6%		3,016		3,260	8.1%
	Operating expenses:
	Interest credited		349		349		348		349		349	0.0%		697		698	0.1%
	Benefits		708		522		707		797		807	14.0%		1,448		1,604	10.8%
	Commissions incurred		174		190		222		174		190	9.2%		321		365	13.7%
	Other expenses incurred		193		201		207		201		209	8.3%		378		409	8.2%
	Amounts capitalized		(198)		(219)		(249)		(199)		(219)	-10.6%		(363)		(418)	-15.2%
	Amortization		137		341		137		97		125	-8.8%		257		221	-14.0%
	Total operating expenses		1,363		1,384		1,372		1,419		1,461	7.2%		2,738		2,879	5.1%
	Income (loss) from operations before taxes		175		246		228		187		194	10.9%		278		381	37.1%
	Federal income tax expense (benefit)		55		79		74		57		61	10.9%		83		118	42.2%
	Income (loss) from operations	$	120	$	167	$	154	$	130	$	133	10.8%	$	195	$	263	34.9%

	Effective Federal Income Tax Rate		31.3%		32.4%		32.6%		30.3%		31.6%			29.9%		31.0%

	Average Equity, Excluding Goodwill and AOCI	$	6,320	$	6,272	$	6,410	$	6,581	$	6,762	7.0%	$	6,362	$	6,672	4.9%

	ROE, Excluding Goodwill and AOCI		7.6%		10.6%		9.6%		7.9%		7.9%			6.1%		7.9%

	Average Account Values	$	44,162	$	44,792	$	45,485	$	46,147	$	46,842	6.1%	$	43,979	$	46,495	5.7%

	In-Force Face Amount
	UL and other	$	333,006	$	334,601	$	336,851	$	337,338	$	337,971	1.5%	$	333,006	$	337,971	1.5%
	Term insurance		342,366		350,047		356,083		361,247		366,628	7.1%		342,366		366,628	7.1%
	Total in-force face amount	$	675,372	$	684,648	$	692,934	$	698,585	$	704,599	4.3%	$	675,372	$	704,599	4.3%


Page 15


	Lincoln Financial Group
	Group Protection – Select Earnings and Operational Data
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Income (Loss) from Operations
	Operating revenues:
	Insurance premiums	$	478	$	485	$	487	$	495	$	494	3.3%	$	967	$	988	2.2%
	Net investment income		43		45		47		43		43	0.0%		86		87	1.2%
	Other revenues		4		4		3		3		4	0.0%		6		7	16.7%
	Total operating revenues		525		534		537		541		541	3.0%		1,059		1,082	2.2%
	Operating expenses:
	Interest credited		1		1		1		-		-	-100.0%		1		1	0.0%
	Benefits		345		291		345		351		326	-5.5%		685		676	-1.3%
	Commissions incurred		61		57		67		63		62	1.6%		124		125	0.8%
	Other expenses incurred		97		102		116		96		99	2.1%		189		196	3.7%
	Amounts capitalized		(17)		(14)		(30)		(13)		(13)	23.5%		(31)		(27)	12.9%
	Amortization		15		53		13		33		14	-6.7%		60		47	-21.7%
	Total operating expenses		502		490		512		530		488	-2.8%		1,028		1,018	-1.0%
	Income (loss) from operations before taxes		23		44		25		11		53	130.4%		31		64	106.5%
	Federal income tax expense (benefit)		8		16		9		4		18	125.0%		11		22	100.0%
	Income (loss) from operations	$	15	$	28	$	16	$	7	$	35	133.3%	$	20	$	42	110.0%

	Effective Federal Income Tax Rate		35.0%		35.0%		35.0%		35.0%		35.0%			35.0%		35.0%

	Average Equity, Excluding Goodwill and AOCI	$	1,159	$	1,096	$	1,070	$	1,065	$	1,044	-9.9%	$	1,181	$	1,055	-10.7%

	ROE, Excluding Goodwill and AOCI		5.1%		10.4%		6.1%		2.6%		13.3%			3.4%		7.9%

	Loss Ratios by Product Line
	Life		70.4%		66.1%		66.1%		72.5%		66.1%			70.8%		69.3%
	Disability		74.8%		52.9%		76.4%		68.9%		65.4%			71.0%		67.1%
	Dental		70.4%		66.6%		67.0%		73.3%		68.7%			71.9%		71.0%
	Total non-medical		72.5%		60.1%		70.9%		71.0%		66.1%			71.0%		68.5%



Page 16


	Lincoln Financial Group
	Other Operations – Select Earnings and Operational Data
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Other Operations
	Operating revenues:
	Insurance premiums	$	4	$	3	$	2	$	3	$	2	-50.0%	$	9	$	5	-44.4%
	Net investment income		56		61		67		63		60	7.1%		115		123	7.0%
	Amortization of deferred gain on
	business sold through reinsurance		18		18		18		18		4	-77.8%		35		21	-40.0%
	Other revenues		1		2		-		4		1	0.0%		2		6	200.0%
	Total operating revenues		79		84		87		88		67	-15.2%		161		155	-3.7%
	Operating expenses:
	Interest credited		19		17		18		18		18	-5.3%		39		36	-7.7%
	Benefits		32		49		34		28		27	-15.6%		59		54	-8.5%
	Commissions and other expenses		6		19		32		10		8	33.3%		(1)		18	NM
	Interest and debt expenses		68		66		67		64		63	-7.4%		136		127	-6.6%
	Strategic digitization expense		-		-		8		9		14	NM		-		23	NM
	Total operating expenses		125		151		159		129		130	4.0%		233		258	10.7%
	Income (loss) from operations before taxes		(46)		(67)		(72)		(41)		(63)	-37.0%		(72)		(103)	-43.1%
	Federal income tax expense (benefit)		(18)		(41)		(35)		(28)		(26)	-44.4%		(33)		(52)	-57.6%
	Income (loss) from operations	$	(28)	$	(26)	$	(37)	$	(13)	$	(37)	-32.1%	$	(39)	$	(51)	-30.8%















Page 17


	Lincoln Financial Group
	Consolidated – DAC, VOBA, DSI and DFEL Roll Forwards
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	DAC, VOBA, and DSI
	Balance as of beginning-of-period	$	9,235	$	8,522	$	8,256	$	9,377	$	9,274	0.4%	$	9,766	$	9,377	-4.0%
	Deferrals		332		345		385		325		342	3.0%		640		668	4.4%
	Operating amortization		(250)		(523)		(267)		(244)		(250)	0.0%		(514)		(494)	3.9%
	Deferrals, net of operating amortization		82		(178)		118		81		92	12.2%		126		174	38.1%
	Amortization associated with benefit ratio unlocking		(1)		(8)		2		(11)		(6)	NM		-		(17)	NM
	Adjustment related to realized (gains) losses		(1)		(26)		50		(5)		(10)	NM		(4)		(14)	NM
	Adjustment related to unrealized (gains) losses		(793)		(54)		951		(168)		(556)	29.9%		(1,366)		(726)	46.9%
	Balance as of end-of-period	$	8,522	$	8,256	$	9,377	$	9,274	$	8,794	3.2%	$	8,522	$	8,794	3.2%

	DFEL
	Balance as of beginning-of-period	$	1,696	$	1,357	$	1,286	$	1,874	$	1,796	5.9%	$	1,952	$	1,874	-4.0%
	Deferrals		150		164		181		169		196	30.7%		286		365	27.6%
	Operating amortization		(92)		(151)		(100)		(82)		(94)	-2.2%		(176)		(176)	0.0%
	Deferrals, net of operating amortization		58		13		81		87		102	75.9%		110		189	71.8%
	Amortization associated with benefit ratio unlocking		-		(1)		-		(1)		(1)	NM		-		(2)	NM
	Adjustment related to realized (gains) losses		1		(5)		2		(4)		(4)	NM		-		(8)	NM
	Adjustment related to unrealized (gains) losses		(398)		(78)		505		(160)		(450)	-13.1%		(705)		(610)	13.5%
	Balance as of end-of-period	$	1,357	$	1,286	$	1,874	$	1,796	$	1,443	6.3%	$	1,357	$	1,443	6.3%

	DAC, VOBA, DSI, and DFEL Balance as
	of End-of-Period, After-Tax	$	4,657	$	4,531	$	4,877	$	4,861	$	4,778	2.6%	$	4,657	$	4,778	2.6%











Page 18


	Lincoln Financial Group
	Annuities – Account Value Roll Forwards
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Fixed Annuities
	Balance as of beginning-of-period	$	19,448	$	19,598	$	19,634	$	19,723	$	20,027	3.0%	$	19,082	$	19,723	3.4%
	Gross deposits		478		420		411		562		377	-21.1%		1,146		939	-18.1%
	Full surrenders and deaths		(345)		(412)		(321)		(343)		(404)	-17.1%		(631)		(747)	-18.4%
	Other contract benefits		(130)		(137)		(148)		(137)		(150)	-15.4%		(256)		(287)	-12.1%
	Net flows		3		(129)		(58)		82		(177)	NM		259		(95)	NM
	Reinvested interest credited		143		163		145		220		168	17.5%		246		388	57.7%
	Sales inducements deferred		4		2		2		2		3	-25.0%		11		5	-54.5%
	Balance as of end-of-period, gross		19,598		19,634		19,723		20,027		20,021	2.2%		19,598		20,021	2.2%
	Reinsurance ceded		(608)		(597)		(584)		(572)		(562)	7.6%		(608)		(562)	7.6%
	Balance as of end-of-period, net	$	18,990	$	19,037	$	19,139	$	19,455	$	19,459	2.5%	$	18,990	$	19,459	2.5%

	Variable Annuities
	Balance as of beginning-of-period	$	102,903	$	103,861	$	106,473	$	105,766	$	109,475	6.4%	$	103,146	$	105,766	2.5%
	Gross deposits		1,635		1,518		1,399		1,454		1,614	-1.3%		3,320		3,069	-7.6%
	Full surrenders and deaths		(1,160)		(1,312)		(1,236)		(1,439)		(1,474)	-27.1%		(2,191)		(2,913)	-33.0%
	Other contract benefits		(930)		(945)		(1,037)		(1,041)		(1,038)	-11.6%		(1,874)		(2,080)	-11.0%
	Net flows		(455)		(739)		(874)		(1,026)		(898)	-97.4%		(745)		(1,924)	NM
	Change in market value and reinvestment		1,413		3,351		167		4,735		2,993	111.8%		1,460		7,728	NM
	Balance as of end-of-period, gross		103,861		106,473		105,766		109,475		111,570	7.4%		103,861		111,570	7.4%
	Reinsurance ceded		-		-		-		-		-	NM		-		-	NM
	Balance as of end-of-period, net	$	103,861	$	106,473	$	105,766	$	109,475	$	111,570	7.4%	$	103,861	$	111,570	7.4%

	Total
	Balance as of beginning-of-period	$	122,351	$	123,459	$	126,107	$	125,489	$	129,502	5.8%	$	122,228	$	125,489	2.7%
	Gross deposits		2,113		1,938		1,810		2,016		1,991	-5.8%		4,466		4,008	-10.3%
	Full surrenders and deaths		(1,505)		(1,724)		(1,557)		(1,782)		(1,878)	-24.8%		(2,822)		(3,660)	-29.7%
	Other contract benefits		(1,060)		(1,082)		(1,185)		(1,178)		(1,188)	-12.1%		(2,130)		(2,367)	-11.1%
	Net flows		(452)		(868)		(932)		(944)		(1,075)	NM		(486)		(2,019)	NM
	Change in market value and reinvestment		1,556		3,514		312		4,955		3,161	103.1%		1,706		8,116	NM
	Sales inducements deferred		4		2		2		2		3	-25.0%		11		5	-54.5%
	Balance as of end-of-period, gross		123,459		126,107		125,489		129,502		131,591	6.6%		123,459		131,591	6.6%
	Reinsurance ceded		(608)		(597)		(584)		(572)		(562)	7.6%		(608)		(562)	7.6%
	Balance as of end-of-period, net	$	122,851	$	125,510	$	124,905	$	128,930	$	131,029	6.7%	$	122,851	$	131,029	6.7%

Page 19


	Lincoln Financial Group
	Retirement Plan Services – Account Value Roll Forwards
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	General Account
	Balance as of beginning-of-period	$	16,727	$	16,996	$	17,387	$	17,883	$	18,192	8.8%	$	16,588	$	17,883	7.8%
	Gross deposits		448		555		681		710		557	24.3%		869		1,267	45.8%
	Withdrawals		(483)		(456)		(557)		(538)		(429)	11.2%		(1,055)		(966)	8.4%
	Net flows		(35)		99		124		172		128	NM		(186)		301	261.8%
	Transfers between fixed and variable accounts		178		163		238		1		(40)	NM		344		(40)	NM
	Reinvestment interest credited		126		129		134		136		133	5.6%		250		269	7.6%
	Balance as of end-of-period	$	16,996	$	17,387	$	17,883	$	18,192	$	18,413	8.3%	$	16,996	$	18,413	8.3%

	Separate Account and Mutual Funds
	Balance as of beginning-of-period	$	37,772	$	38,434	$	39,881	$	40,551	$	42,541	12.6%	$	37,512	$	40,551	8.1%
	Gross deposits		1,212		1,244		1,725		1,542		1,421	17.2%		2,583		2,962	14.7%
	Withdrawals		(1,173)		(1,246)		(1,463)		(1,598)		(1,154)	1.6%		(2,315)		(2,752)	-18.9%
	Net flows		39		(2)		262		(56)		267	NM		268		210	-21.6%
	Transfers between fixed and variable accounts		(155)		(126)		(172)		(8)		(23)	85.2%		(303)		(31)	89.8%
	Change in market value and reinvestment		778		1,575		580		2,054		1,370	76.1%		957		3,425	257.9%
	Balance as of end-of-period	$	38,434	$	39,881	$	40,551	$	42,541	$	44,155	14.9%	$	38,434	$	44,155	14.9%

	Total
	Balance as of beginning-of-period	$	54,499	$	55,430	$	57,268	$	58,434	$	60,733	11.4%	$	54,100	$	58,434	8.0%
	Gross deposits		1,660		1,799		2,406		2,252		1,978	19.2%		3,452		4,229	22.5%
	Withdrawals		(1,656)		(1,702)		(2,020)		(2,136)		(1,583)	4.4%		(3,370)		(3,718)	-10.3%
	Net flows		4		97		386		116		395	NM		82		511	NM
	Transfers between fixed and variable accounts		23		37		66		(7)		(63)	NM		41		(71)	NM
	Change in market value and reinvestment		904		1,704		714		2,190		1,503	66.3%		1,207		3,694	206.0%
	Balance as of end-of-period	$	55,430	$	57,268	$	58,434	$	60,733	$	62,568	12.9%	$	55,430	$	62,568	12.9%









Page 20


	Lincoln Financial Group
	Life Insurance – Account Value Roll Forwards
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	General Account
	Balance as of beginning-of-period	$	35,640	$	35,775	$	35,975	$	36,272	$	36,295	1.8%	$	35,545	$	36,272	2.0%
	Deposits		992		1,050		1,159		1,042		1,115	12.4%		1,938		2,158	11.4%
	Withdrawals and deaths		(294)		(270)		(241)		(403)		(316)	-7.5%		(612)		(720)	-17.6%
	Net flows		698		780		918		639		799	14.5%		1,326		1,438	8.4%
	Contract holder assessments		(898)		(921)		(975)		(969)		(995)	-10.8%		(1,767)		(1,964)	-11.1%
	Reinvested interest credited		335		341		354		353		355	6.0%		671		708	5.5%
	Balance as of end-of-period, gross		35,775		35,975		36,272		36,295		36,454	1.9%		35,775		36,454	1.9%
	Reinsurance ceded		(760)		(756)		(747)		(738)		(734)	3.4%		(760)		(734)	3.4%
	Balance as of end-of-period, net	$	35,015	$	35,219	$	35,525	$	35,557	$	35,720	2.0%	$	35,015	$	35,720	2.0%

	Separate Account
	Balance as of beginning-of-period	$	9,830	$	10,172	$	10,763	$	11,058	$	11,772	19.8%	$	9,696	$	11,058	14.0%
	Deposits		399		440		489		372		428	7.3%		692		801	15.8%
	Withdrawals and deaths		(119)		(118)		(198)		(87)		(126)	-5.9%		(210)		(214)	-1.9%
	Net flows		280		322		291		285		302	7.9%		482		587	21.8%
	Contract holder assessments		(143)		(153)		(158)		(152)		(165)	-15.4%		(278)		(317)	-14.0%
	Change in market value and reinvestment		205		422		162		581		387	88.8%		272		968	255.9%
	Balance as of end-of-period, gross		10,172		10,763		11,058		11,772		12,296	20.9%		10,172		12,296	20.9%
	Reinsurance ceded		(785)		(800)		(794)		(824)		(836)	-6.5%		(785)		(836)	-6.5%
	Balance as of end-of-period, net	$	9,387	$	9,963	$	10,264	$	10,948	$	11,460	22.1%	$	9,387	$	11,460	22.1%

	Total
	Balance as of beginning-of-period	$	45,470	$	45,947	$	46,738	$	47,330	$	48,067	5.7%	$	45,241	$	47,330	4.6%
	Deposits		1,391		1,490		1,648		1,414		1,543	10.9%		2,630		2,959	12.5%
	Withdrawals and deaths		(413)		(388)		(439)		(490)		(442)	-7.0%		(822)		(934)	-13.6%
	Net flows		978		1,102		1,209		924		1,101	12.6%		1,808		2,025	12.0%
	Contract holder assessments		(1,041)		(1,074)		(1,133)		(1,121)		(1,160)	-11.4%		(2,045)		(2,281)	-11.5%
	Change in market value and reinvestment		540		763		516		934		742	37.4%		943		1,676	77.7%
	Balance as of end-of-period, gross		45,947		46,738		47,330		48,067		48,750	6.1%		45,947		48,750	6.1%
	Reinsurance ceded		(1,545)		(1,556)		(1,541)		(1,562)		(1,570)	-1.6%		(1,545)		(1,570)	-1.6%
	Balance as of end-of-period, net	$	44,402	$	45,182	$	45,789	$	46,505	$	47,180	6.3%	$	44,402	$	47,180	6.3%

Page 21


	Lincoln Financial Group
	Select Investment Data
	Unaudited (millions of dollars)

		As of 6/30/16				As of 12/31/16				As of 6/30/17
		Amount		%		Amount		%		Amount		%
	AFS and Trading Securities, at Fair Value
	AFS securities:
	Corporate bonds	$	80,129		85.2%	$	78,149		85.6%	$	81,598		85.9%
	U.S. government bonds		464		0.5%		419		0.5%		578		0.6%
	Foreign government bonds		530		0.6%		506		0.6%		455		0.5%
	Mortgage-backed securities		3,975		4.2%		3,964		4.3%		4,028		4.2%
	Asset-backed collateralized debt obligations		687		0.7%		744		0.8%		703		0.7%
	State and municipal bonds		4,985		5.3%		4,627		5.1%		5,010		5.3%
	Hybrid and redeemable preferred securities		691		0.7%		604		0.7%		642		0.7%
	VIEs’ fixed maturity securities		600		0.6%		200		0.2%		-		0.0%
	Equity securities		277		0.3%		275		0.3%		275		0.3%
	Total AFS securities		92,338		98.1%		89,488		98.1%		93,289		98.2%
	Trading securities		1,812		1.9%		1,712		1.9%		1,678		1.8%
	Total AFS and trading securities	$	94,150		100.0%	$	91,200		100.0%	$	94,967		100.0%

	AFS and Trading Securities, at Amortized Cost
	Fixed maturity securities	$	85,187		99.7%	$	86,003		99.7%	$	87,665		99.7%
	Equity securities		259		0.3%		260		0.3%		262		0.3%
	Total AFS and trading securities	$	85,446		100.0%	$	86,263		100.0%	$	87,927		100.0%

	Percentage of Fixed Maturity AFS Securities, at Amortized Cost
	Investment grade				94.7%				95.0%				95.5%
	Below investment grade				5.3%				5.0%				4.5%










Page 22


	Lincoln Financial Group
	Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Realized Gain (Loss), Pre-Tax
	Total operating realized gain (loss)	$	44	$	44	$	48	$	41	$	42	-4.5%	$	86	$	83	-3.5%
	Total excluded realized gain (loss)		(89)		(7)		(265)		(80)		(52)	41.6%		(245)		(132)	46.1%
	Total realized gain (loss), pre-tax	$	(45)	$	37	$	(217)	$	(39)	$	(10)	77.8%	$	(159)	$	(49)	69.2%

	Excluded Realized Gain (Loss) Net of
	Benefit Ratio Unlocking, After-Tax
	Total excluded realized gain (loss)	$	(57)	$	(4)	$	(172)	$	(52)	$	(34)	40.4%	$	(159)	$	(85)	46.5%
	Benefit ratio unlocking		9		30		(6)		45		26	188.9%		4		71	NM
	Net gain (loss), after-tax	$	(48)	$	26	$	(178)	$	(7)	$	(8)	83.3%	$	(155)	$	(14)	91.0%

	Realized Gain (Loss) Net of Benefit Ratio
	Unlocking, After-Tax
	Realized gain (loss) related to investments	$	(47)	$	(28)	$	(10)	$	(1)	$	(13)	72.3%	$	(112)	$	(15)	86.6%
	Variable annuity net derivative results:
	Hedge program performance, including unlocking
	for GLB reserves hedged		(23)		82		(87)		9		17	173.9%		(117)		27	123.1%
	GLB non-performance risk component		24		(32)		(91)		(9)		(8)	NM		91		(18)	NM
	Total variable annuity net derivative results		1		50		(178)		-		9	NM		(26)		9	134.6%
	Indexed annuity forward-starting option		(2)		4		10		(6)		(4)	-100.0%		(17)		(8)	52.9%
	Excluded realized gain (loss) net of
	benefit ratio unlocking, after-tax	$	(48)	$	26	$	(178)	$	(7)	$	(8)	83.3%	$	(155)	$	(14)	91.0%

	Components of Realized Gain (Loss)
	Related to Investments, After-Tax
	OTTI	$	(18)	$	(8)	$	(16)	$	(3)	$	(3)	85.7%	$	(42)	$	(5)	88.1%
	Other realized gain (loss) related to certain investments		(24)		(19)		(8)		(6)		(9)	60.5%		(70)		(15)	78.6%
	Gain (loss) on the mark-to-market on certain instruments		(5)		(1)		14		8		(1)	80.0%		-		5	NM
	Total realized gain (loss) related
	to investments, after-tax	$	(47)	$	(28)	$	(10)	$	(1)	$	(13)	72.3%	$	(112)	$	(15)	86.6%



Page 23

	Lincoln Financial Group
	Select GAAP to Non-GAAP Reconciliations
	Unaudited (millions of dollars)

		For the Three Months Ended											For the Six Months Ended
		6/30/16		9/30/16		12/31/16		3/31/17		6/30/17		Change	6/30/16		6/30/17		Change
	Revenues
	Total revenues	$	3,307	$	3,525	$	3,254	$	3,500	$	3,577	8.2%	$	6,551	$	7,077	8.0%
	Less:
	Excluded realized gain (loss)		(89)		(7)		(265)		(80)		(52)	41.6%		(245)		(132)	46.1%
	Amortization of DFEL on benefit ratio unlocking		-		1		(1)		1		-	NM		-		2	NM
	Amortization of deferred gains arising from reserve
	changes on business sold through reinsurance		1		1		1		1		-	-100.0%		1		1	0.0%
	Operating revenues	$	3,395	$	3,530	$	3,519	$	3,578	$	3,629	6.9%	$	6,795	$	7,206	6.0%

	Net Income
	Net income (loss)	$	325	$	467	$	190	$	435	$	411	26.5%	$	536	$	846	57.8%
	Less:
	Excluded realized gain (loss)		(57)		(4)		(172)		(52)		(34)	40.4%		(159)		(85)	46.5%
	Benefit ratio unlocking		9		30		(6)		45		26	188.9%		4		71	NM
	Income (loss) from reserve changes (net of related
	amortization) on business sold through reinsurance		-		-		-		-		-	NM		1		-	-100.0%
	Gain (loss) on early extinguishment of debt		-		-		(41)		-		-	NM		-		-	NM
	Income (loss) from operations	$	373	$	441	$	409	$	442	$	419	12.3%	$	690	$	860	24.6%

	Earnings (Loss) Per Common Share – Diluted
	Net income (loss)	$	1.35	$	2.00	$	0.82	$	1.89	$	1.81	34.1%	$	2.18	$	3.70	69.7%
	Less:
	Excluded realized gain (loss)		(0.25)		(0.02)		(0.75)		(0.22)		(0.16)	36.0%		(0.66)		(0.38)	42.4%
	Benefit ratio unlocking		0.04		0.13		(0.03)		0.19		0.12	200.0%		0.02		0.31	NM
	Gain (loss) on early extinguishment of debt		-		-		(0.17)		-		-	NM		-		-	NM
	Income (loss) from operations	$	1.56	$	1.89	$	1.77	$	1.92	$	1.85	18.6%	$	2.82	$	3.77	33.7%









Page 24


Indiana	1-6028	35-1140070
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

June 30, 2017
Exhibit Number	Description
99.1	Press release dated August 2, 2017, announcing Lincoln National Corporation’s financial results for the quarter ended June 30, 2017.
99.2	Lincoln National Corporation Statistical Supplement for the quarter ended June 30, 2017.


				LINCOLN NATIONAL CORPORATION

				By	/s/ Christine A. Janofsky
				Name:	Christine A. Janofsky
				Title:	Senior Vice President and
					Chief Accounting Officer


Exhibit Number	Description
99.1	Press release dated August 2, 2017, announcing Lincoln National Corporation’s financial results for the quarter ended June 30, 2017.
99.2	Lincoln National Corporation Statistical Supplement for the quarter ended June 30, 2017.



(in millions, except per share data)	For the
	Quarter Ended
	June 30,
	2017		2016

Revenues	$	3,577	$	3,307

Net Income (Loss)	$	411	$	325
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)		1		-
Net Income (Loss) Available to Common
Stockholders – Diluted	$	412	$	325

Earnings (Loss) per Common Share – Basic	$	1.84	$	1.37
Earnings (Loss) per Common Share – Diluted		1.81		1.35

Average Shares – Basic	223,555,299		236,463,183
Average Shares – Diluted	227,313,882		239,896,939

	For the
	Six Months Ended
	June 30,
	2017		2016

Revenues	$	7,077	$	6,551

Net Income (Loss)	$	846	$	536
Adjustment for deferred units of LNC stock in our
deferred compensation plans (1)		1		(7)
Net Income (Loss) Available to Common
Stockholders – Diluted	$	847	$	529

Earnings (Loss) per Common Share – Basic	$	3.77	$	2.24
Earnings (Loss) per Common Share – Diluted		3.70		2.18

Average Shares – Basic	224,581,848		239,069,774
Average Shares – Diluted	228,702,989		242,496,422



(1) 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 be more dilutive to our diluted EPS.


	As of or For the				As of or For the
	Quarter Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share data)	2017			2016	2017		2016
Net Income (Loss)	$	411	$	325	$	846	$	536
Net Income (Loss) Available to Common Stockholders		412		325		847		529
Net Income (Loss) Per Diluted Share Available to Common Stockholders		1.81		1.35		3.70		2.18
Revenues		3,577		3,307		7,077		6,551
Income (Loss) from Operations		419		373		860		690
Income (Loss) from Operations per Diluted Share Available to Common Stockholders		1.85		1.56		3.77		2.82
Average Diluted Shares		227.3		239.9		228.7		242.5
ROE, including AOCI (Net Income)		10.6%		8.5%		11.2%		7.3%
ROE, excluding AOCI (Income from Operations)		12.7%		11.7%		13.1%		10.8%
Book Value per Share, Including AOCI	$	71.98	$	68.39	$	71.98	$	68.39
Book Value per Share, Excluding AOCI		59.78		54.67		59.78		54.67


	As of June 30,
	2017		2016
Book value per share, including AOCI	$	71.98	$	68.39
Per share impact of AOCI		12.20		13.72
Book value per share, excluding AOCI		59.78		54.67