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

12 Months Ended

Dec. 31, 2015

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, 2015
			Fair		Carrying
Type of Investment	Cost		Value		Value
Available-For-Sale Fixed Maturity Securities (1)
Bonds:
U.S. government and government agencies and authorities	$	386	$	429	$	429
Asset-backed securities		1,652		1,688		1,688
States, municipalities and political subdivisions		3,821		4,480		4,480
Mortgage-backed securities		3,930		4,104		4,104
Foreign governments		465		524		524
Public utilities		11,922		12,653		12,653
All other corporate bonds		59,055		60,280		60,280
Hybrid and redeemable preferred securities		762		806		806
Variable interest entities		596		598		598
Total available-for-sale fixed maturity securities		82,589		85,562		85,562
Available-For-Sale Equity Securities (1)
Common stocks:
Banks, trusts and insurance companies		173		171		171
Industrial, miscellaneous and all other		3		2		2
Nonredeemable preferred securities		50		64		64
Total available-for-sale equity securities		226		237		237
Trading securities		1,653		1,854		1,854
Mortgage loans on real estate		8,678		8,936		8,678
Real estate		17		N/A		17
Policy loans		2,545		N/A		2,545
Derivative investments (2)		1,731		1,537		1,537
Other investments		1,778		1,778		1,778
Total investments	$	99,217			$	102,208

⁽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  $69 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.