LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES
HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
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| For the Years Ended December 31, |
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| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Income (loss) from continuing operations before taxes | $ | 1,430 |
| $ | 1,997 |
| $ | 1,631 |
| $ | 1,568 |
| $ | 503 |
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Sub-total of fixed charges |
| 284 |
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| 270 |
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| 279 |
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| 282 |
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| 308 |
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Sub-total of adjusted income (loss) |
| 1,714 |
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| 2,267 |
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| 1,910 |
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| 1,850 |
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| 811 |
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Interest on annuities and financial products |
| 2,506 |
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| 2,508 |
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| 2,486 |
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| 2,478 |
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| 2,488 |
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Adjusted income (loss) base | $ | 4,220 |
| $ | 4,775 |
| $ | 4,396 |
| $ | 4,328 |
| $ | 3,299 |
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Fixed Charges |
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Interest and debt expense (1) | $ | 272 |
| $ | 267 |
| $ | 265 |
| $ | 268 |
| $ | 286 |
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Interest expense (income) related to uncertain tax positions |
| (2 | ) |
| (11 | ) |
| 2 |
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| 1 |
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| 9 |
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Portion of rent expense representing interest |
| 14 |
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| 14 |
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| 12 |
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| 13 |
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| 13 |
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Sub-total of fixed charges excluding interest on |
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annuities and financial products |
| 284 |
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| 270 |
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| 279 |
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| 282 |
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| 308 |
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Interest on annuities and financial products |
| 2,506 |
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| 2,508 |
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| 2,486 |
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| 2,478 |
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| 2,488 |
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Total fixed charges | $ | 2,790 |
| $ | 2,778 |
| $ | 2,765 |
| $ | 2,760 |
| $ | 2,796 |
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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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| 8.40 |
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| 6.85 |
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| 6.56 |
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| 2.63 |
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Ratio of adjusted income (loss) base to total fixed |
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charges |
| 1.51 |
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| 1.72 |
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| 1.59 |
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| 1.57 |
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| 1.18 |
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(1) | Interest and debt expense excludes a $5 million loss and an $8 million loss related to the early retirement of debt in 2012 and 2011, respectively. |