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

12 Months Ended

Dec. 31, 2017

Consolidated 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, 2017
			Fair		Carrying
Type of Investment	Cost		Value		Value
Available-For-Sale Fixed Maturity Securities (1)
Bonds:
U.S. government bonds	$	527	$	567	$	567
Foreign government bonds		395		451		451
State and municipal bonds		4,172		5,119		5,119
Public utilities		12,785		14,244		14,244
All other corporate bonds		62,916		67,972		67,972
Mortgage-backed and asset-backed securities		5,623		5,847		5,847
Hybrid and redeemable preferred securities		575		640		640
Total available-for-sale fixed maturity securities		86,993		94,840		94,840
Available-For-Sale Equity Securities (1)
Common stocks:
Banks, trusts and insurance companies		184		188		188
Industrial, miscellaneous and all other		44		33		33
Non-redeemable preferred securities		19		25		25
Total available-for-sale equity securities		247		246		246
Trading securities		1,425		1,620		1,620
Mortgage loans on real estate		10,762		10,877		10,762
Real estate		11		N/A		11
Policy loans		2,399		N/A		2,399
Derivative investments (2)		1,538		915		915
Other investments		2,296		2,296		2,296
Total investments	$	105,671			$	113,089

⁽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 $338 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.