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

12 Months Ended

Dec. 31, 2022

SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES [Abstract]

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

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, 2022
			Fair		Carrying
Type of Investment	Cost		Value		Value
Fixed Maturity Available-For-Sale Securities ⁽¹⁾
Bonds:
U.S. government bonds	$	377	$	351	$	351
Foreign government bonds		339		311		311
State and municipal bonds		5,198		4,885		4,885
Public utilities		13,730		12,084		12,084
All other corporate bonds		75,220		67,082		67,082
Mortgage-backed and asset-backed securities		15,724		14,402		14,402
Hybrid and redeemable preferred securities		356		350		350
Total fixed maturity available-for-sale securities		110,944		99,465		99,465

Equity Securities
Common stocks:
Banks, trusts and insurance companies		48		47		47
Industrial, miscellaneous and all other		55		146		146
Non-redeemable preferred securities		285		234		234
Total equity securities		388		427		427

Trading securities		3,782		3,446		3,446
Mortgage loans on real estate ⁽²⁾		18,336		16,477		18,211
Policy loans		2,345		N/A		2,345
Derivative investments ⁽³⁾		1,869		3,662		3,662
Other investments		3,577		3,577		3,577
Total investments	$	141,241			$	131,133

⁽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.

⁽³⁾Derivative investment assets were offset by $222 million in derivative liabilities reflected in other liabilities on the Consolidated Balance Sheets.