LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES
HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
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| For the Nine |
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| Months Ended |
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| September 30, |
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| 2015 |
| 2014 |
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Income (loss) from continuing operations before taxes | $ | 1,078 |
| $ | 1,564 |
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Sub-total of fixed charges |
| 214 |
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| 203 |
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Sub-total of adjusted income (loss) |
| 1,292 |
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| 1,767 |
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Interest on annuities and financial products |
| 1,873 |
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| 1,882 |
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Adjusted income (loss) base | $ | 3,165 |
| $ | 3,649 |
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Fixed Charges |
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Interest and debt expense | $ | 204 |
| $ | 201 |
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Interest expense (income) related to uncertain tax positions |
| (1 | ) |
| (8 | ) |
Portion of rent expense representing interest |
| 11 |
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| 10 |
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Sub-total of fixed charges excluding interest on |
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annuities and financial products |
| 214 |
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| 203 |
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Interest on annuities and financial products |
| 1,873 |
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| 1,882 |
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Total fixed charges | $ | 2,087 |
| $ | 2,085 |
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Ratio of sub-total of adjusted income (loss) to sub-total |
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of fixed charges excluding interest on annuities and |
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financial products |
| 6.04 |
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| 8.70 |
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Ratio of adjusted income (loss) base to total fixed |
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charges |
| 1.52 |
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| 1.75 |
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