Lincoln Financial Group
Available For Sale (AFS) by Industry Classifications
Amounts in Millions
	As of 3/31/2009												As of 12/31/2008
	Amortized		Unrealized		Unrealized			Fair		% Fair			Amortized		Unrealized		Unrealized			Fair		% Fair
AFS - Fixed Maturities	Cost		Gains		(Losses)			Value		Value			Cost		Gains		(Losses)			Value		Value
Corporate
Financial Services		8,512		38		(1,484	)		7,066		14.2	%		8,564		75		(1,264	)		7,375		15.1	%
Basic Industry		2,205		11		(348	)		1,868		3.8	%		2,246		15		(353	)		1,908		3.9	%
Capital Goods		2,707		35		(220	)		2,522		5.1	%		2,668		34		(222	)		2,480		5.1	%
Communications		2,662		41		(208	)		2,495		5.1	%		2,609		44		(222	)		2,431		5.0	%
Consumer Cyclical		2,867		26		(360	)		2,533		5.1	%		2,878		33		(460	)		2,451		5.0	%
Consumer Non-Cyclical		4,879		88		(166	)		4,801		9.7	%		4,296		88		(206	)		4,178		8.5	%
Energy		3,108		41		(247	)		2,902		5.9	%		2,972		48		(246	)		2,774		5.7	%
Technology		1,038		13		(65	)		986		2.0	%		766		9		(71	)		704		1.4	%
Transportation		1,231		15		(120	)		1,126		2.3	%		1,237		22		(119	)		1,140		2.3	%
Industrial Other		707		9		(33	)		683		1.4	%		718		16		(38	)		696		1.4	%
Utilities		8,361		96		(545	)		7,912		16.0	%		8,207		104		(678	)		7,633		15.6	%
ABS
CDO / CLN [1]		796		4		(625	)		175		0.4	%		796		7		(630	)		173		0.4	%
CRE CDO		57		-		(31	)		26		0.1	%		60		-		(23	)		37		0.1	%
Credit Card		160		-		(34	)		126		0.3	%		165		-		(73	)		92		0.2	%
Home Equity		1,193		1		(588	)		606		1.2	%		1,108		1		(411	)		698		1.4	%
Manufactured Housing		145		-		(35	)		110		0.2	%		148		2		(28	)		122		0.2	%
Other		192		9		(15	)		186		0.4	%		196		1		(18	)		179		0.4	%
CMBS
Non-Agency Backed		2,517		11		(621	)		1,907		3.9	%		2,535		9		(625	)		1,919		3.9	%
CMOs
Agency Backed		4,866		286		(24	)		5,128		10.4	%		5,068		180		(29	)		5,219		10.7	%
Non-Agency Backed		1,954		2		(756	)		1,200		2.4	%		1,996		1		(746	)		1,251		2.6	%
Pass Throughs
Agency Backed		1,374		65		-			1,439		2.9	%		1,619		55		-			1,674		3.4	%
Non-Agency Backed		139		-		(41	)		98		0.2	%		141		-		(47	)		94		0.2	%
Municipals
Taxable		110		5		(1	)		114		0.2	%		110		4		(1	)		113		0.2	%
Tax-Exempt		3		-		-			3		-			3		-		-			3		-
Government/Gov Agencies
United States		1,047		131		(29	)		1,149		2.3	%		1,148		167		(25	)		1,290		2.6	%
Foreign		1,482		67		(126	)		1,423		2.9	%		1,377		97		(135	)		1,339		2.7	%
Preferred Stock Redeemable & Hybrids		1,564		3		(802	)		765		1.6	%		1,563		6		(607	)		962		2.0	%
AFS - Fixed Maturities		55,876		997		(7,524	)		49,349		100.0	%		55,194		1,018		(7,277	)		48,935		100.0	%
AFS - Equities		464		4		(263	)		205					466		9		(187	)		288
Total AFS Securities		56,340		1,001		(7,787	)		49,554					55,660		1,027		(7,464	)		49,223
Trading Securities [2]		2,279		222		(255	)		2,246					2,307		255		(229	)		2,333
Total AFS & Trading Securities		58,619		1,223		(8,042	)		51,800					57,967		1,282		(7,693	)		51,556
[1] Includes amortized cost of $600 million as of 3/31/09 and 12/31/2008 respectively, related to Credit-Linked Notes. For additional information, see "Credit-Linked Notes (CLN)" disclosure starting on pg 122 of the 2008 Form 10K.
[2] The trading securities support our Modco reinsurance agreements and the investment results are passed directly to the reinsurers.

Lincoln Financial Group
AFS - Exposure to Residential MBS ("RMBS") and Related Collateral
As of 3/31/2009
Amounts in Millions
	Total				Prime/Agency				Prime/Non-Agency				Alt-A				Subprime
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Type	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
CMOs, Pass Throughs		7,865		8,333		6,495		6,147		897		1,411		473		775		-		-
ABS - Home Equity		606		1,193		-		-		-		-		228		428		378		765
CDO		-		-		-		-		-		-		-		-		-		-
Total		8,471		9,526		6,495		6,147		897		1,411		701		1,203		378		765
Rating
AAA		7,520		7,566		6,472		6,123		586		783		241		311		221		349
AA		234		397		5		6		104		190		91		128		34		73
A		148		274		18		17		105		207		6		13		19		37
BBB		160		318		-		-		46		90		50		88		64		140
BB and below		409		971		-		1		56		141		313		663		40		166
Total		8,471		9,526		6,495		6,147		897		1,411		701		1,203		378		765
Origination Year
2004 and prior		3,989		4,148		3,176		3,021		330		410		288		387		195		330
2005		1,411		1,714		912		860		185		272		185		317		129		265
2006		728		1,159		352		333		133		256		189		400		54		170
2007		1,685		1,879		1,397		1,307		249		473		39		99		-		-
2008		546		517		546		517		-		-		-		-		-		-
2009		112		109		112		109		-		-		-		-		-		-
Total		8,471		9,526		6,495		6,147		897		1,411		701		1,203		378		765
Note:	This table does not include the fair value of trading securities totaling $173 million which support our Modco
	reinsurance agreements since investment results for these agreements are passed directly to the reinsurers.
	The $173 million in trading securities consisted of $148 million prime, $15 million alt-a, and $10 million subprime.

Lincoln Financial Group
AFS - RMBS and Related Collateral
As of 3/31/2009
Amounts in Millions
Prime
	Total				AAA				AA				A				BBB				BB & Below
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Origination Year	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
2004 and prior		3,506		3,431		3,463		3,366		21		30		20		21		1		1		1		13
2005		1,097		1,132		1,033		1,018		21		31		8		9		4		8		31		66
2006		485		589		393		390		39		82		28		61		13		25		12		31
2007		1,646		1,780		1,510		1,507		28		52		66		133		29		56		13		32
2008		546		517		546		517		-		-		-		-		-		-		-		-
2009		112		109		112		109		-		-		-		-		-		-		-		-
Total		7,392		7,558		7,057		6,907		109		195		122		224		47		90		57		142

Alt-A
	Total				AAA				AA					A	BBB				BB & Below
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Origination Year	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
2004 and prior		288		387		204		257		57		74		4		11		21		39		2		6
2005		185		317		31		43		11		20		2		3		26		45		115		206
2006		189		400		8		11		22		33		-		-		3		5		156		351
2007		39		99		-		-		-		-		-		-		-		-		39		99
Total		701		1,203		243		311		90		127		6		14		50		89		312		662

Subprime
	Total				AAA				AA					A	BBB				BB & Below
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Origination Year	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
2004 and prior		195		330		137		206		22		44		10		23		25		53		1		4
2005		129		265		74		129		10		24		5		8		19		40		21		64
2006		54		170		9		14		2		5		4		5		20		48		19		98
Total		378		765		220		349		34		73		19		36		64		141		41		166

Lincoln Financial Group
AFS - Asset-Backed Securities - Consumer Loan
As of 3/31/2009
Amounts in Millions
			Credit Card [1]				Auto Loans
			Fair		Amortized		Fair		Amortized
			Value		Cost		Value		Cost
Rating
AAA				108		134		-		-
BBB				18		26		-		-
Total				126		160		-		-
	[1	] -	Additional indirect credit card exposure through structured securities is excluded from this table.
			See "Credit-Linked Notes (CLN)" disclosure starting on page 122 of the 2008 Form 10K.
Note:			This table does not include the fair value of trading securities totaling $2 million which support our Modco
			reinsurance agreements since investment results for these agreements are passed directly to the reinsurers.
			The $2 million in trading securities consisted of $2 million credit card securities.

Lincoln Financial Group
AFS - Commercial Mortgage-Backed Securities
As of 3/31/2009
Amounts in Millions
	Total				Multiple Property				Single Property				CRE CDOs
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Type	Value		Cost		Value		Cost		Value		Cost		Value		Cost
CMBS		1,907		2,517		1,824		2,371		83		146		-		-
CRE CDOs		26		57		-		-		-		-		26		57
Total		1,933		2,574		1,824		2,371		83		146		26		57
Rating
AAA		1,426		1,619		1,367		1,536		52		68		7		15
AA		253		359		253		359		-		-		-		-
A		128		268		85		185		25		44		18		39
BBB		99		197		93		165		5		29		1		3
BB and below		27		131		26		126		1		5		-		-
Total		1,933		2,574		1,824		2,371		83		146		26		57
Origination Year
2004 and prior		1,403		1,659		1,320		1,563		70		77		13		19
2005		270		445		251		369		12		61		7		15
2006		146		286		139		255		1		8		6		23
2007		114		184		114		184		-		-		-		-
Total		1,933		2,574		1,824		2,371		83		146		26		57
Note:	This table does not include the fair value of trading securities totaling $78 million which support
	our Modco reinsurance agreements since investment results for these agreements are passed
	directly to the reinsurers. The $78 million in trading securities consisted of $77 million CMBS
	and $1 million CRE CDOs.
Lincoln Financial Group
AFS - Commercial Mortgage-Backed Securities
As of 3/31/2009
Amounts in Millions
	Total				AAA				AA					A	BBB			BB & Below
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair	Amortized	Fair	Amortized
Origination Year	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value	Cost	Value	Cost
2004 and prior		1,403		1,659		1,058		1,138		206		268		97		153	20	42	22	58
2005		270		445		220		283		17		39		12		46	19	44	2	33
2006		146		286		63		82		27		41		16		59	37	64	3	40
2007		114		184		85		116		3		11		3		10	23	47	-	-
Total		1,933		2,574		1,426		1,619		253		359		128		268	99	197	27	131

Lincoln Financial Group
Commercial Mortgage Loan Portfolio, Net of Reserves
As of 3/31/2009
Amounts in Millions
LNC MORTGAGE LOAN DISTRIBUTION
Property Type	Amt $		%			State	Amt $		%
Office Building		2,598		34	%	CA		1,600		21	%
Industrial		1,981		26	%	TX		643		8	%
Retail		1,807		24	%	MD		436		6	%
Apartment		710		9	%	FL		335		4	%
Hotel/Motel		283		4	%	TN		319		4	%
Mixed Use		134		2	%	AZ		315		4	%
Other Commercial		103		1	%	VA		309		4	%
Total		7,616		100	%	NC		305		4	%
						WA		294		4	%
						IL		281		4	%
						GA		248		3	%
Geographic Region	Amt $		%			PA		234		3	%
Pacific		2,032		27	%	NV		213		3	%
South Atlantic		1,778		23	%	OH		200		3	%
East North Central		791		10	%	IN		190		2	%
Mountain		738		10	%	MA		158		2	%
West South Central		691		9	%	MN		156		2	%
Middle Atlantic		509		7	%	NJ		145		2	%
East South Central		453		6	%	SC		134		2	%
West North Central		410		5	%	NY		130		2	%
New England		214		3	%	Below 2%		971		13	%
Total		7,616		100	%	Total		7,616		100	%

Lincoln Financial Group
Additional Disclosure of Insured Bonds and Direct Exposure
As of 3/31/2009
Amounts in Millions
					Insured		Total		Total		Total			Total
Monoline Name			Direct Exposure		Bonds [1]		Amortized Cost		Unrealized Gain		Unrealized (Loss)			Fair Value
AMBAC				-		266		266		1		(77	)		190
ASSURED GUARANTY LTD				30		-		30		-		(15	)		15
FGIC				-		96		96		1		(40	)		57
FSA				-		68		68		1		(11	)		58
MBIA				12		117		129		2		(33	)		98
MGIC				12		7		19		-		(8	)		11
PMI GROUP INC				27		-		27		-		(15	)		12
RADIAN GROUP INC				19		-		19		-		(10	)		9
XL CAPITAL LTD				72		72		144		1		(37	)		108
Total				172		626		798		6		(246	)		558
	[1	] -	Additional direct exposure through Credit Default Swaps with a notional totaling $50 million is excluded from this table.
	[2	] -	Additional indirect insured exposure through structured securities is excluded from this table.
			See "Credit-Linked Notes (CLN)" disclosure starting on page 122 of the 2008 Form 10K.
Note:			This table does not include the fair value of trading securities totaling $27 million which support our Modco
			reinsurance agreements since investment results for these agreements are passed directly to the reinsurers.
			The $27 million in trading securities consisted of $8 million of Direct Exposure and $19 million of Insured Exposure.
			This table also excludes insured exposure totaling $14 million for a guaranteed investment tax credit partnership.