SCHEDULE I - CONSOLIDATED SUMMARY OF INVESTMENTS, OTHER THAN INVESTMENTS IN RELATED PARTIES

12 Months Ended

Dec. 31, 2020

Consolidated Summary of Investments, Other than Investments in Related Parties [Abstract]

Summary of Investments - Other than Investments in Related Parties Supplemental Schedule

LINCOLN NATIONAL CORPORATION

SCHEDULE I – CONSOLIDATED SUMMARY OF INVESTMENTS – OTHER THAN

INVESTMENTS IN RELATED PARTIES

(in millions)



Column A	Column B		Column C		Column D
	As of December 31, 2020
			Fair		Carrying
Type of Investment	Cost		Value		Value
Fixed Maturity Available-For-Sale Securities ⁽¹⁾
Bonds:
U.S. government bonds	$	397	$	484	$	484
Foreign government bonds		384		470		470
State and municipal bonds		5,360		6,921		6,921
Public utilities		14,096		17,288		17,288
All other corporate bonds		72,193		85,501		85,501
Mortgage-backed and asset-backed securities		11,196		11,765		11,765
Hybrid and redeemable preferred securities		548		615		615
Total fixed maturity available-for-sale securities		104,174		123,044		123,044

Equity Securities
Common stocks:
Public utilities		5		7		7
Banks, trusts and insurance companies		33		38		38
Industrial, miscellaneous and all other		44		44		44
Non-redeemable preferred securities		50		40		40
Total equity securities		132		129		129

Trading securities		4,072		4,501		4,501
Mortgage loans on real estate ⁽²⁾		16,972		18,219		16,763
Real estate		10		N/A		10
Policy loans		2,426		N/A		2,426
Derivative investments ⁽³⁾		910		3,109		3,109
Other investments		3,974		3,974		3,974
Total investments	$	132,670			$	153,956

⁽¹⁾For investments deemed to have declines in value that are impairment-related, an allowance for credit losses is recorded to reduce the carrying value to their estimated realizable value.

⁽²⁾Mortgage loans on real estate are generally carried at unpaid principal balances adjusted for amortization of premiums and accretion of discounts and are net of allowance for credit losses. We carry certain commercial mortgage loans at fair value where the fair value option has been elected.

⁽³⁾Derivative investment assets were offset by $906 million in derivative liabilities reflected in other liabilities on our Consolidated Balance Sheets.