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

12 Months Ended

Dec. 31, 2016

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, 2016
			Fair		Carrying
Type of Investment	Cost		Value		Value
Available-For-Sale Fixed Maturity Securities (1)
Bonds:
U.S. government and government agencies and authorities	$	384	$	419	$	419
Asset-backed securities		1,789		1,829		1,829
States, municipalities and political subdivisions		3,929		4,627		4,627
Mortgage-backed securities		3,879		3,964		3,964
Foreign governments		449		506		506
Public utilities		12,179		13,111		13,111
All other corporate bonds		61,096		63,953		63,953
Hybrid and redeemable preferred securities		582		604		604
Variable interest entities		200		200		200
Total available-for-sale fixed maturity securities		84,487		89,213		89,213
Available-For-Sale Equity Securities (1)
Common stocks:
Banks, trusts and insurance companies		195		195		195
Industrial, miscellaneous and all other		17		24		24
Nonredeemable preferred securities		48		56		56
Total available-for-sale equity securities		260		275		275
Trading securities		1,517		1,712		1,712
Mortgage loans on real estate		9,889		9,853		9,889
Real estate		24		N/A		24
Policy loans		2,451		N/A		2,451
Derivative investments (2)		1,564		927		927
Other investments		2,230		2,229		2,230
Total investments	$	102,422			$	106,721

⁽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 $552 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.