Lincoln National (LNC) 10-Q 2016 Q2 Quarterly report

Exhibit 12

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

	For the Six
	Months Ended
	June 30,
	2016		2015
Income (loss) from continuing operations before taxes	$	650	$	811
Sub-total of fixed charges		143		144
Sub-total of adjusted income (loss)		793		955
Interest on annuities and financial products		1,273		1,252
Adjusted income (loss) base	$	2,066	$	2,207
Fixed Charges
Interest and debt expense	$	136	$	137
Portion of rent expense representing interest		7		7
Sub-total of fixed charges excluding interest on
annuities and financial products		143		144
Interest on annuities and financial products		1,273		1,252
Total fixed charges	$	1,416	$	1,396
Ratio of sub-total of adjusted income (loss) to sub-total
of fixed charges excluding interest on annuities and
financial products		5.55		6.63
Ratio of adjusted income (loss) base to total fixed
charges		1.46		1.58