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

12 Months Ended

Dec. 31, 2022

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, 2022
			Fair		Carrying
Type of Investment	Cost		Value		Value
Fixed Maturity Available-For-Sale Securities ⁽¹⁾
Bonds:
U.S. government bonds	$	405	$	379	$	379
Foreign government bonds		348		318		318
State and municipal bonds		5,410		5,070		5,070
Public utilities		14,204		12,493		12,493
All other corporate bonds		75,045		66,530		66,530
Mortgage-backed and asset-backed securities		15,930		14,587		14,587
Hybrid and redeemable preferred securities		365		359		359
Total fixed maturity available-for-sale securities		111,707		99,736		99,736

Equity Securities
Common stocks:
Banks, trusts and insurance companies		48		47		47
Industrial, miscellaneous and all other		50		146		146
Non-redeemable preferred securities		285		234		234
Total equity securities		383		427		427

Trading securities		3,833		3,498		3,498
Mortgage loans on real estate ⁽²⁾		18,427		16,553		18,301
Policy loans		2,359		N/A		2,359
Derivative investments		1,869		3,594		3,594
Other investments		3,739		3,739		3,739
Total investments	$	142,317			$	131,654

⁽¹⁾For investments deemed to have declines in value that are impairment-related, an allowance for credit losses is recorded to reduce the carrying value to their estimated realizable value.

⁽²⁾Mortgage loans on real estate are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowance for credit losses. We carry certain mortgage loans at fair value where the fair value option has been elected.