SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS

12 Months Ended

Dec. 31, 2019

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, 2019
			Fair		Carrying
Type of Investment	Cost		Value		Value
Fixed Maturity Available-For-Sale Securities (1)
Bonds:
U.S. government bonds	$	355	$	403	$	403
Foreign government bonds		326		388		388
State and municipal bonds		4,605		5,685		5,685
Public utilities		13,066		14,842		14,842
All other corporate bonds		65,809		72,937		72,937
Mortgage-backed and asset-backed securities		8,661		8,974		8,974
Hybrid and redeemable preferred securities		485		544		544
Total fixed maturity available-for-sale securities		93,307		103,773		103,773
Equity Securities
Common stocks:
Public utilities		5		4		4
Banks, trusts and insurance companies		35		35		35
Industrial, miscellaneous and all other		35		26		26
Non-redeemable preferred securities		48		38		38
Total equity securities		123		103		103
Trading securities		4,268		4,602		4,602
Mortgage loans on real estate		16,244		16,774		16,244
Real estate		11		N/A		11
Policy loans		2,460		N/A		2,460
Derivative investments (2)		755		1,911		1,911
Other investments		2,554		2,554		2,554
Total investments	$	119,722			$	131,658

⁽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 $238 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.