EX-12.1 4 exhibit121.htm EXHIBIT 12.1


Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Lincoln National Corporation and Subsidiaries
Historical Ratio of Earnings to Fixed Charges
(dollars in millions)
  
                                           
   
  
For the Six
Months Ended
 June 30,
    
For the Years Ended December 31,
  
(dollars in millions)
  
2017
    
2016
    
2016
    
2015
    
2014
    
2013
    
2012
  
Earnings
                                          
Income (loss) from continuing operations before taxes
  
$
1,008
    
$
650
    
$
1,458
    
$
1,430
    
$
1,997
    
$
1,631
    
$
1,568
  
Sub-total of fixed charges
    
146
      
143
      
269
      
284
      
270
      
279
      
282
  
                                                         
Sub-total of adjusted income (loss)
    
1,154
      
793
      
1,727
      
1,714
      
2,267
      
1,910
      
1,850
  
Interest on annuities and financial products
    
1,292
      
1,273
      
2,554
      
2,506
      
2,508
      
2,486
      
2,478
  
                                                         
Adjusted income
(loss) base
  
$
2,446
    
$
2,066
    
$
4,281
    
$
4,220
    
$
4,775
    
$
4,396
    
$
4,328
  
Fixed Charges
                                                        
Interest and debt expense (1)
  
$
127
    
$
136
    
$
268
    
$
272
    
$
267
    
$
265
    
$
268
  
Interest expense(income) related to uncertain tax positions
    
12
      
-
      
(14
)
    
(2
)
    
(11
)
    
2
      
1
  
Portion of rent expense representing interest
    
7
      
7
      
15
      
14
      
14
      
12
      
13
  
                                                         
Sub-total of fixed charges excluding interest on annuities and financial products
    
146
      
143
      
269
      
284
      
270
      
279
      
282
  
Interest on annuities and financial products
    
1,292
      
1,273
      
2,554
      
2,506
      
2,508
      
2,486
      
2,478
  
                                                         
Total fixed charges
  
$
1,438
    
$
1,416
    
$
2,823
    
$
2,790
    
$
2,778
    
$
2,765
    
$
2,760
  
                                                         
Ratio of sub-total of adjusted income(loss) to sub-total of fixed charges excluding interest on annuities and financial products
    
7.90
      
5.55
      
6.42
      
6.04
      
8.40
      
6.85
      
6.56
  
Ratio of adjusted income(loss) base to total fixed charges
    
1.70
      
1.46
      
1.52
      
1.51
      
1.72
      
1.59
      
1.57
  




(1)
Interest and debt expense excludes a $63 million loss and a $5 million loss related to the early retirement of debt as of December 31, 2016 and 2012, respectively.