SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 22, 1994
Date of earliest
event reported: September 22, 1994
LINCOLN NATIONAL CORPORATION
(exact name of registrant as specified in its charter)
Indiana 1-6028 35-1140070
(State of (Commission File Number) (IRS Employer
Incorporation) Identification No.
200 East Berry Street, Fort Wayne, Indiana 46802-2706
(Address of principal executive offices) (Zip Code)
219-455-2000
(Registrant's telephone number)
Page 1 of 4
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Item 5. Other Events
This calculation is being filed in connection with the Company's Registration
Statement on Form S-3, File No. 33-55379, and the Company's proposed issuance
of $200.0 million of principal amount of Debentures due in 2024 (the
"Debentures"). Pro forma ratios are after giving effect to the net increase in
interest expense due to the issuance of the Debentures at a maximum assumed
rate of 9 1/4%, less the repayment of $200.0 million of short-term debt at a
weighted average interest rate of 4.82%. A decrease of 1/8 of 1% in the
assumed interest rate for the Debentures increases the ratio described
in note 1 below by 0.04 for both the six months ended June 30, 1994 and the
year ended December 31, 1993, and there would be no change in the ratios
described in notes 2 and 3 below.
<TABLE>
<CAPTION>
PRO FORMA CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Six Months
Ended Year Ended Ended Year Ended
June 30, December 31, June 30, December 31,
1994 1993 1994 1993
[9 1/4% LT, 4.82% ST] [9 1/8% LT, 4.82% ST]
<S> <C> <C> <C> <C>
Earnings:
Income before federal
income tax and cumulative
effect of accounting
change --------------------- 219.2 578.9 219.4 579.2
Undistributed earnings
of unconsolidated
affiliates ----------------- (4.9) (4.9)
Fixed charges, excluding
interest on annuities
and financial products ----- 36.2 71.8 36.0 71.5
Earnings, excluding interest
on annuities and
financial products ------- 250.5 650.7 250.5 650.7
Interest on annuities and
financial products --------- 622.9 1,315.8 622.9 1,315.8
Earnings ------------------ 873.4 1,966.5 873.4 1,966.5
Fixed Charges:
Interest expense on debt----- 27.2 53.2 27.0 52.9
Interest component of
rent expense --------------- 9.0 18.6 9.0 18.6
Fixed charges, excluding
interest on annuities
and financial products --- 36.2 71.8 36.0 71.5
Interest on annuities and
financial products --------- 622.9 1,315.8 622.9 1,315.8
Fixed charges ------------- 659.1 1,387.6 658.9 1,387.3
Pre-tax earnings to cover
preferred stock dividends -- 9.8 24.2 9.8 24.2
Combined fixed charges and
preferred stock
dividends ---------------- 668.9 1,411.8 668.7 1,411.5
Ratios of Earnings to Fixed:
Excluding interest on
annuities and financial
products (1) --------------- 6.920 9.063 6.958 9.101
Including interest on
annuities and financial
products (2) --------------- 1.325 1.417 1.326 1.418
Ratio of earnings to
combined fixed charges
and preferred stock
dividends (3) -------------- 1.306 1.393 1.306 1.393
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<FN>
<F1>
(1) This ratio is comprised of the relationship of "earnings excluding
interest on annuities and financial products" to "fixed charges excluding
interest on annuities and financial products" as disclosed above.
<F2>
(2) This ratio is comprised of the relationship of "earnings" to "combined
fixed charges" as disclosed above.
<F3>
(3) This ratio is comprised of the relationship of "earnings" to "combined
fixed charges and preferred stock dividends" as disclosed above.
</FN>
</TABLE>
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SIGNATURE PAGE
LINCOLN NATIONAL CORPORATION
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Lincoln National Corporation
By /s/ Richard C. Vaughan
Richard C. Vaughan
Senior Vice President and
Chief Financial Officer
By /s/ Donald L. Van Wyngarden
Donald L. Van Wyngarden
Second Vice President and
Controller
Date September 22, 1994
