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

12 Months Ended

Dec. 31, 2018

Consolidated Summary of Investments, Other than Investments in Related Parties [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, 2018
			Fair		Carrying
Type of Investment	Cost		Value		Value
Fixed Maturity Available-For-Sale Securities (1)
Bonds:
U.S. government bonds	$	390	$	417	$	417
Foreign government bonds		406		448		448
State and municipal bonds		4,647		5,345		5,345
Public utilities		13,330		13,773		13,773
All other corporate bonds		66,293		66,575		66,575
Mortgage-backed and asset-backed securities		6,781		6,873		6,873
Hybrid and redeemable preferred securities		582		593		593
Total fixed maturity available-for-sale securities		92,429		94,024		94,024
Equity Securities
Common stocks:
Banks, trusts and insurance companies		59		54		54
Industrial, miscellaneous and all other		36		25		25
Non-redeemable preferred securities		21		20		20
Total equity securities		116		99		99
Trading securities		1,823		1,950		1,950
Mortgage loans on real estate		13,260		13,092		13,260
Real estate		12		N/A		12
Policy loans		2,509		N/A		2,509
Derivative investments (2)		466		1,107		1,107
Other investments		2,255		2,255		2,255
Total investments	$	112,870			$	115,216

⁽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 $160 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.