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

12 Months Ended

Dec. 31, 2011

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, 2011
						Fair		Carrying
Type of Investment				Cost		Value		Value
Available-For-Sale Fixed Maturity Securities⁽¹⁾
Bonds:
	U.S. government and government agencies and authorities			$	439	$	494	$	494
	States, municipalities and political subdivisions				3,490		4,047		4,047
	Mortgage-backed securities				9,332		9,639		9,639
	Foreign governments				668		733		733
	Public utilities				10,644		12,074		12,074
	Convertibles and bonds with warrants attached				5		1		1
	All other corporate bonds				43,133		47,288		47,288
Hybrid and redeemable preferred securities					1,277		1,157		1,157
Variable interest entities					673		700		700
		Total available-for-sale fixed maturity securities			69,661		76,133		76,133

Available-For-Sale Equity Securities⁽¹⁾
Common stocks:
	Banks, trusts and insurance companies				87		87		87
	Industrial, miscellaneous and all other				12		4		4
	Nonredeemable preferred securities				36		48		48
		Total available-for-sale equity securities			135		139		139
Trading securities					2,301		2,675		2,675
Mortgage loans on real estate					6,942		7,608		6,942
Real estate					137		N/A		137
Policy loans					2,884		N/A		2,884
Derivative instruments					1,668		3,151		3,151
Other investments					1,069		1,069		1,069
			Total investments	$	84,797			$	93,130

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

This element represents 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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