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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| 2018 |
| 2017 |
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Income (loss) from continuing operations before taxes | $ | 1,418 |
| $ | 1,518 |
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Sub-total of fixed charges |
| 217 |
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| 201 |
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Sub-total of adjusted income (loss) |
| 1,635 |
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| 1,719 |
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Interest on annuities and financial products |
| 1,964 |
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| 1,933 |
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Adjusted income (loss) base | $ | 3,599 |
| $ | 3,652 |
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Fixed Charges |
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Interest and debt expense (1) | $ | 205 |
| $ | 190 |
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Portion of rent expense representing interest |
| 12 |
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| 11 |
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Sub-total of fixed charges excluding interest on |
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annuities and financial products |
| 217 |
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| 201 |
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Interest on annuities and financial products |
| 1,964 |
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| 1,933 |
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Total fixed charges | $ | 2,181 |
| $ | 2,134 |
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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 |
| 7.53 |
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| 8.55 |
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Ratio of adjusted income (loss) base to total fixed |
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charges |
| 1.65 |
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| 1.71 |
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(1) | Interest and debt expense excludes a $23 million loss related to the early retirement of debt in 2018. |