Exhibit 12

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

	For the Years Ended December 31,
	2012		2011		2010		2009			2008
Income (loss) from continuing operations before taxes	$	1,568	$	503	$	1,135	$	(673	)	$	(168	)
Sub-total of fixed charges		282		308		307		292			303
Sub-total of adjusted income (loss)		1,850		811		1,442		(381	)		135
Interest on annuities and financial products		2,478		2,488		2,499		2,513			2,538
Adjusted income (loss) base	$	4,328	$	3,299	$	3,941	$	2,132		$	2,673
Fixed Charges
Interest and debt expense (1)	$	268	$	286	$	286	$	261		$	281
Interest expense related to uncertain tax positions		1		9		7		13			2
Portion of rent expense representing interest		13		13		14		18			20
Sub-total of fixed charges excluding interest on annuities and financial products		282		308		307		292			303
Interest on annuities and financial products		2,478		2,488		2,499		2,513			2,538
Total fixed charges	$	2,760	$	2,796	$	2,806	$	2,805		$	2,841
Ratio of sub-total of adjusted income (loss) to sub-total of fixed charges excluding interest on annuities and financial products (2)		6.56		2.63		4.70	NM			NM
Ratio of adjusted income (loss) base to total fixed charges (2)		1.57		1.18		1.40	NM			NM

(1)   Interest and debt expense excludes a $5 million loss, $8 million loss, $5 million loss and $64 million gain related to the early retirement of debt in 2012, 2011, 2010 and 2009, respectively.

(2)   The ratios of earnings to fixed charges for the years ended December 31, 2009 and 2008, indicated a less than one-to-one coverage and are therefore not presented.  Additional earnings of $673 million and $168 million would have been required for the years ended December 31, 2009 and 2008, respectively, to achieve ratios of one-to-one coverage.