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

12 Months Ended

Dec. 31, 2019

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, 2019
			Fair		Carrying
Type of Investment	Cost		Value		Value
Fixed Maturity Available-For-Sale Securities ⁽¹⁾
Bonds:
U.S. government bonds	$	384	$	435	$	435
Foreign government bonds		329		393		393
State and municipal bonds		4,778		5,884		5,884
Public utilities		13,533		15,374		15,374
All other corporate bonds		65,884		73,342		73,342
Mortgage-backed and asset-backed securities		8,890		9,213		9,213
Hybrid and redeemable preferred securities		497		559		559
Total fixed maturity available-for-sale securities		94,295		105,200		105,200

Equity Securities
Common stocks:
Public utilities		5		4		4
Banks, trusts and insurance companies		35		35		35
Industrial, miscellaneous and all other		35		26		26
Non-redeemable preferred securities		48		38		38
Total equity securities		123		103		103

Trading securities		4,330		4,673		4,673
Mortgage loans on real estate		16,339		16,872		16,339
Real estate		11		N/A		11
Policy loans		2,477		N/A		2,477
Derivative investments ⁽²⁾		755		1,911		1,911
Other investments		2,983		2,983		2,983
Total investments	$	121,313			$	133,697

⁽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 $349 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.