EX-12 2 lnc-20180930xex12.htm EX-12 Exhibit 12

Exhibit 12



LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)











 

 

 

 

 

 



For the Nine

 



Months Ended

 



September 30,

 



2018

 

2017

 

Income (loss) from continuing operations before taxes

$

 1,418 

 

$

 1,518 

 

Sub-total of fixed charges

 

 217 

 

 

 201 

 

Sub-total of adjusted income (loss)

 

 1,635 

 

 

 1,719 

 

Interest on annuities and financial products

 

 1,964 

 

 

 1,933 

 

Adjusted income (loss) base

$

 3,599 

 

$

 3,652 

 

Fixed Charges

 

 

 

 

 

 

Interest and debt expense (1)

$

 205 

 

$

 190 

 

Portion of rent expense representing interest

 

 12 

 

 

 11 

 

Sub-total of fixed charges excluding interest on

 

 

 

 

 

 

annuities and financial products

 

 217 

 

 

 201 

 

Interest on annuities and financial products

 

 1,964 

 

 

 1,933 

 

Total fixed charges

$

 2,181 

 

$

 2,134 

 



 

 

 

 

 

 

Ratio of sub-total of adjusted income (loss) to sub-total

 

 

 

 

 

 

of fixed charges excluding interest on annuities and

 

 

 

 

 

 

financial products

 

 7.53 

 

 

 8.55 

 

Ratio of adjusted income (loss) base to total fixed

 

 

 

 

 

 

charges

 

 1.65 

 

 

 1.71 

 



(1)

Interest and debt expense excludes a $23 million loss related to the early retirement of debt in 2018.