LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES
HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
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| For the Six |
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| Months Ended |
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| June 30, |
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| 2017 |
| 2016 |
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Income (loss) from continuing operations before taxes | $ | 1,008 |
| $ | 650 |
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Sub-total of fixed charges |
| 146 |
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| 143 |
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Sub-total of adjusted income (loss) |
| 1,154 |
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| 793 |
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Interest on annuities and financial products |
| 1,292 |
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| 1,273 |
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Adjusted income (loss) base | $ | 2,446 |
| $ | 2,066 |
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Fixed Charges |
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Interest and debt expense | $ | 127 |
| $ | 136 |
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Interest expense (income) related to uncertain tax positions |
| 12 |
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| - |
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Portion of rent expense representing interest |
| 7 |
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| 7 |
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Sub-total of fixed charges excluding interest on |
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annuities and financial products |
| 146 |
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| 143 |
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Interest on annuities and financial products |
| 1,292 |
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| 1,273 |
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Total fixed charges | $ | 1,438 |
| $ | 1,416 |
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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 |
| 7.90 |
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| 5.55 |
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Ratio of adjusted income (loss) base to total fixed |
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charges |
| 1.70 |
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| 1.46 |
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