EX-12 2 lnc-20180930xex12.htm EX-12

Exhibit 12

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LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

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﻿ |  |  |  |  |  |
﻿ | For the Nine |
﻿ | Months Ended |
﻿ | September 30, |
﻿ | 2018 |  | 2017 |
Income (loss) from continuing operations before taxes | $ | 1,418 |  | $ | 1,518 |
Sub-total of fixed charges |  | 217 |  |  | 201 |
Sub-total of adjusted income (loss) |  | 1,635 |  |  | 1,719 |
Interest on annuities and financial products |  | 1,964 |  |  | 1,933 |
Adjusted income (loss) base | $ | 3,599 |  | $ | 3,652 |
Fixed Charges |  |  |  |  |  |
Interest and debt expense (1) | $ | 205 |  | $ | 190 |
Portion of rent expense representing interest |  | 12 |  |  | 11 |
Sub-total of fixed charges excluding interest on |  |  |  |  |  |
annuities and financial products |  | 217 |  |  | 201 |
Interest on annuities and financial products |  | 1,964 |  |  | 1,933 |
Total fixed charges | $ | 2,181 |  | $ | 2,134 |
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Ratio of sub-total of adjusted income (loss) to sub-total |  |  |  |  |  |
of fixed charges excluding interest on annuities and |  |  |  |  |  |
financial products |  | 7.53 |  |  | 8.55 |
Ratio of adjusted income (loss) base to total fixed |  |  |  |  |  |
charges |  | 1.65 |  |  | 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.

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