EX-12 3 lnc-20171231xex12.htm EX-12 Exhibit 12

Exhibit 12



LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



For the Years Ended December 31,

 



2017

 

2016

 

2015

 

2014

 

2013

 

Income (loss) from continuing operations before taxes

$

 1,130

 

$

 1,458

 

$

 1,430

 

$

 1,997

 

$

 1,631

 

Sub-total of fixed charges

 

 267

 

 

 269

 

 

 284

 

 

 270

 

 

 279

 

Sub-total of adjusted income (loss)

 

 1,397

 

 

 1,727

 

 

 1,714

 

 

 2,267

 

 

 1,910

 

Interest on annuities and financial products

 

 2,584

 

 

 2,554

 

 

 2,506

 

 

 2,508

 

 

 2,486

 

Adjusted income (loss) base

$

 3,981

 

$

 4,281

 

$

 4,220

 

$

 4,775

 

$

 4,396

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense (1)

$

 253

 

$

 268

 

$

 272

 

$

 267

 

$

 265

 

Interest expense (income) related to uncertain tax positions

 

 -

 

 

 (14

)

 

 (2

)

 

 (11

)

 

 2

 

Portion of rent expense representing interest

 

 14

 

 

 15

 

 

 14

 

 

 14

 

 

 12

 

Sub-total of fixed charges excluding interest on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

annuities and financial products

 

 267

 

 

 269

 

 

 284

 

 

 270

 

 

 279

 

Interest on annuities and financial products

 

 2,584

 

 

 2,554

 

 

 2,506

 

 

 2,508

 

 

 2,486

 

Total fixed charges

$

 2,851

 

$

 2,823

 

$

 2,790

 

$

 2,778

 

$

 2,765

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of sub-total of adjusted income (loss) to sub-total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

of fixed charges excluding interest on annuities and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

financial products

 

 5.23

 

 

 6.42

 

 

 6.04

 

 

 8.40

 

 

 6.85

 

Ratio of adjusted income (loss) base to total fixed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

charges

 

 1.40

 

 

 1.52

 

 

 1.51

 

 

 1.72

 

 

 1.59

 



(1)

Interest and debt expense excludes a  $63 million loss related to the early retirement of debt in 2016.