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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| 2018 |
| 2017 |
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Income (loss) from continuing operations before taxes | $ | 886 |
| $ | 1,008 |
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Sub-total of fixed charges |
| 143 |
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| 146 |
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Sub-total of adjusted income (loss) |
| 1,029 |
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| 1,154 |
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Interest on annuities and financial products |
| 1,307 |
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| 1,292 |
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Adjusted income (loss) base | $ | 2,336 |
| $ | 2,446 |
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Fixed Charges |
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Interest and debt expense (1) | $ | 135 |
| $ | 127 |
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Interest expense (income) related to uncertain tax positions |
| - |
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| 12 |
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Portion of rent expense representing interest |
| 8 |
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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 |
| 143 |
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| 146 |
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Interest on annuities and financial products |
| 1,307 |
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| 1,292 |
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Total fixed charges | $ | 1,450 |
| $ | 1,438 |
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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 |
| 7.20 |
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| 7.90 |
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Ratio of adjusted income (loss) base to total fixed |
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charges |
| 1.61 |
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| 1.70 |
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(1) | Interest and debt expense excludes a $23 million loss related to the early retirement of debt in 2018. |