SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS

12 Months Ended

Dec. 31, 2018

Consolidated Summary of Investments [Abstract]

Consolidated Summary of Investments

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

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, 2018
			Fair		Carrying
Type of Investment	Cost		Value		Value
Fixed Maturity Available-For-Sale Securities (1)
Bonds:
U.S. government bonds	$	361	$	386	$	386
Foreign government bonds		402		444		444
State and municipal bonds		4,498		5,184		5,184
Public utilities		12,850		13,311		13,311
All other corporate bonds		65,987		66,238		66,238
Mortgage-backed and asset-backed securities		6,553		6,645		6,645
Hybrid and redeemable preferred securities		568		579		579
Total fixed maturity available-for-sale securities		91,219		92,787		92,787
Equity Securities
Common stocks:
Banks, trusts and insurance companies		36		25		25
Industrial, miscellaneous and all other		59		54		54
Non-redeemable preferred securities		21		20		20
Total equity securities		116		99		99
Trading securities		1,748		1,869		1,869
Mortgage loans on real estate		13,190		13,020		13,190
Real estate		11		N/A		11
Policy loans		2,491		N/A		2,491
Derivative investments (2)		465		1,081		1,081
Other investments		1,951		1,951		1,951
Total investments	$	111,191			$	113,479

⁽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 $226 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.