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

12 Months Ended

Dec. 31, 2013

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, 2013
			Fair		Carrying
Type of Investment	Cost		Value		Value
Available-For-Sale Fixed Maturity Securities (1)
Bonds:
U.S. government and government agencies and authorities	$	355	$	367	$	367
States, municipalities and political subdivisions		3,638		3,919		3,919
Mortgage-backed securities		4,848		5,078		5,078
Foreign governments		505		549		549
Public utilities		12,997		13,653		13,653
All other corporate bonds		53,043		55,507		55,507
Hybrid and redeemable preferred securities		967		1,005		1,005
Variable interest entities		682		697		697
Total available-for-sale fixed maturity securities		77,035		80,775		80,775

Available-For-Sale Equity Securities (1)
Common stocks:
Banks, trusts and insurance companies		157		164		164
Industrial, miscellaneous and all other		2		4		4
Nonredeemable preferred securities		23		33		33
Total available-for-sale equity securities		182		201		201
Trading securities		2,027		2,282		2,282
Mortgage loans on real estate		7,210		7,386		7,210
Real estate		47		N/A		47
Policy loans		2,677		N/A		2,677
Derivative investments (2)		1,708		881		881
Other investments		1,218		1,218		1,218
Total investments	$	92,104			$	95,291

⁽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 $187 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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