8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): November 13, 2007

LINCOLN NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

INDIANA (State or Other Jurisdiction of Incorporation) 1-6028 (Commission File Number) 35-1140070 (IRS Employer Identification No.)

1500 Market Street, West Tower, Suite 3900 Philadelphia, Pennsylvania (Address of Principal Executive Offices)   19102-2112 (Zip Code)

(215) 448-1400

(Registrant’s telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On November 13, 2007, we posted slides to be used in connection with our 2007 Conference for Investors and Bankers, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference.

The definitions of the non-GAAP measures used in the slides along with our reasons for using them are set forth below.  Reconciliations are at the end of the slides.

Definition of Income (Loss) from Operations and ROE

Income (loss) from operations and ROE, as used in the slides and presentation, are non-GAAP financial measures and are not substitutes for net income (loss) and ROE, calculated using GAAP measures. Income (loss) from operations represents after tax results excluding, as applicable, realized gains or losses on investments and derivatives, cumulative effect of accounting changes, reserve changes on business sold through reinsurance, gain on sale of subsidiaries and book of business and loss on early retirement of debt. The earnings used to calculate ROE, as used in the earnings release, are income (loss) from operations. Income (loss) from operations is an internal measure used by the company in the management of its operations. Management believes that this performance measure explains the results of the company's ongoing operations in a manner that allows  for a better understanding of the underlying trends in the company's current business because the excluded items are either unpredictable and/or not related to decisions regarding the underlying businesses.

Definition of Book Value per share excluding AOCI

Book value per share excluding accumulated other comprehensive income ("AOCI") is calculated based upon a non-GAAP financial measure. It is calculated by dividing (a) stockholders' equity excluding AOCI by (b) common shares outstanding. We provide book value per share excluding AOCI to enable investors to analyze the amount of our net worth that is primarily attributable to our business operations. We believe book value per share excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure.

The information, including exhibits attached hereto, furnished under this Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 7.01.                                Regulation FD Disclosure

The response to Item 2.02 is hereby incorporated by reference in answer to this Item 7.01.

Item 9.01.    Financial Statements and Exhibits.

(d)           Exhibits

Exhibit No.	Description
99.1	2007 Conference for Investors and Bankers slides.

SIGNATURES

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 hereunto duly authorized.

LINCOLN NATIONAL CORPORATION
By	/s/Frederick J. Crawford
Name:	Frederick J. Crawford
Title:	Senior Vice President and
	Chief Financial Officer

Date:  November 13, 2007

Exhibit Index

Exhibit No.	Description
99.1	2007 Conference for Investors and Bankers slides.

EX-99.1

Dennis Glass 

President and Chief Executive Officer

Lincoln Financial Group

Strategic Overview

AUM

+ $31 billion

+14%

Life

Annuities

Defined Contribution

Delaware Retail Mutual Funds

Group Protection Premiums

+ 39%

+ 22%

+ 23%

+ 35%

+ 15%

Sales*

 * 
              Data represents 3Q06 YTD versus 3Q07 YTD sales and includes JP results prior to 2Q06; Life sales represent target premium plus 5% of excess premium (including adjustments for internal replacements at 50%), except whole life and term sales, which represent 100% of first year paid premium; Annuity sales represent deposits; Mutual fund sales represent deposits and reinvested dividends for new and existing accounts; Group Protection premiums represent annualized sales from new policies and include group life, disability and dental. 
            
            
          

Strong Year-over-Year Asset and
Sales Growth

Focused on Top Line and
Bottom Line Growth 

     Change the growth trend line by over allocating
     resources to high growth retirement businesses -
     VA a good example

     Invest in distribution expansion

     Use acquisitions to accelerate growth in select
     sub-scale businesses

     Execute on the details

     Innovate in the retirement income security space to
     drive longer-term growth

Year-end 2006 

Headcount

2007

Growth

2008

Growth

530

37

6,576

120

+ 17%

+ 170%

3%

+ 19%

+ 22%

14%

Productivity Increases

Lincoln Financial
Distributors

Employer Markets -
Defined Contribution

Lincoln Financial
Network

Employer Markets - 
Group Protection

Distribution Growth and
Productivity Driving Sales Results

Variable
annuities

Fixed
annuities

Channels

Independents/
FPs/IBDs

Banks

Stockbrokers

#1

18%

#10 

4%

#9 

3%

#5 

9%

#7

9%

#14

2%

$28

$17

$4

Source: McKinsey Research, LIMRA 2006 Individual Annuities Sales Survey, LFG

$20

$30

$50

High potential

Market Size in
$ Billions

Opportunities for Further Market
Penetration - Annuities

    2006 Lincoln rank and market share

#4 

8%

#9

4%

#2 

10%

#4 

10%

#2 

20%

#3

9%

$0.8

$0.9

$0.1

Career/
affiliated

PPGAs/IP

Life brokerage/
MGA

Stock-brokers/
Banks

Source: LIMRA 2006; LFD

VUL/VL

Universal life

High potential

Market Size in
$ Billions

Products

#8 

4%

#7 

5%

$0.2

$1.0

$3.3

$0.1

$0.8

Opportunities for Further Market
Penetration - Life

    2006 Lincoln rank and market share

Career
agents  

Advisors/
brokers  

Size, 2006($ Billions)

$590

$181

$188

$769

Consultants/
institutional
direct   

$376

$1552

Large/
mega

Micro/
small

Medium

Health
care

K-12

Higher
ed

403(b)

401(k)

High potential

#3

#3

#8

#11

Opportunities for Further Market
Penetration - DC

Product Development and
Innovation Driving Sales

    Unified Product Portfolio

    MoneyGuard® Reserve NY

    VULONE

    Unified Product Portfolio

    Lincoln Lifetime Income 

    Lincoln SmartIncomeSM Inflation Annuity

    i4LIFE® Advantage

    SmartFutureSM

    Closed End Fund

Life

Annuity

 DC

Asset

Management 

	Distribution	Manufacturing
IM
Life	yes	yes
Annuity	yes	yes
EM
DC	no	no
COLI	no	no
Group Protection <200 lives	yes	yes
>200 lives	no	no
UK
Investment Management
Retail	no	no
Institutional	yes	yes

“Operating effectiveness equals margin
improvement and increased earnings for
reinvesting in the business.”

Executing on Details -
Operating Effectiveness

    Unit costs decreasing across the Company

    Raising merger cost savings target by 10%

    LFD and LFN are operating within allowables
    (vs. a loss of ~$36 million in 2005)

Questions?

Patrick Coyne 

President

Delaware Investments

0

5

10

15

20

25

30

35

2002

2003

2004

2005

2006

YTD 9/30/07

0

40

80

120

160

200

Added

Large Cap
Value Team

Added
Emerging
Markets
Team

Added Focus
Growth Team

Added Int’l
Value Equity
Team

Sold
DIAL

Announcement
of LCP
discussions

As of
9/30/06

2002 and 2003 Sales and AUM excludes Mondrian 

Asset & Gross Inflows

Fixed Income Update
Transaction Overview

    Logan Circle Partners (LCP) transaction closed on
    October 31, 2007

    Delaware remains fully committed to the fixed income
    business

•  Since spring 2007, we have actively recruited and
   hired seasoned individuals to replace departed
   team members

•  Delaware currently employs over 100 fixed income
   investment professionals, including dedicated
   insurance resources, that manage approximately
   $93 billion in assets

    Incremental impact to operating earnings in 4Q07
    expected to be minimal relative to 3Q07

    Incremental impact to operating earnings in 2008
    expected to be $3 million / quarter, after tax

Total AUM

Advisory Revenues

Data pro-forma using September 30, 2007 assets and 3Q07 revenues

Fixed Income Update
Marginal Impact on Overall Business

Sales exclude 529, Optimum Funds, Closed End and Dividend Reinvestments

Mutual Fund Sales

Delaware Mutual Fund Family

•  In February 2007 Barron’s, ranked #4 based on

–  2nd time in 4 years that Delaware achieved

Top 5 distinction

•  Ranked one of the top fund families of 2007 by Lipper

–  Won 7 Lipper Awards for 3-, 5-, and 10-year performance2

Individual Fund Distinctions

•  Delaware Dividend Income Fund

–  One of only 10 “stock-holding funds that have finished

each calendar year since 1997 with positive returns”3

•  Delaware Diversified Income Fund

–  Overall Morningstar rating of “5-stars”

–  Largest fund, as well as best-selling fund in past two years

•  Delaware Emerging Markets Fund

–  One of the top funds in a 5-year performance period for ALL

Barron’s annual review of

fund families; February 2007

2 March 2007

3 10/9/07 Dow Jones article

4 10/4/07 Wall Street Journal articl

mutual fund

1 Gross Proceeds

Building On Our Momentum
Accelerating Organic Growth

     Retail Scale

•  Exploring opportunities, including M&A, to build
   retail scale

     Proprietary in-house international value equity
     and emerging markets teams

•  Internal products now offered as alternatives to
   capacity-constrained Mondrian products

     Closed-End Funds

•  Launched $260 million1 fund in June; continuing to
   explore future opportunities based on market
   demand

     CDOs

•  $2.4 billion of CDO launches in 2007; opportunistic
   and based on market conditions

Building On Our Momentum
Constant Rationalization of our Business

    Transfer of certain investment accounting
    administrative activities to our provider of
    asset services

    Exit of 529 business

    Reducing sub advisory expenses by bringing new
    teams on board to replace external managers

    Natural leverage of business as asset base grows

Anticipate pre-tax operating margins for full-year
2008 in 19% - 20% range

* Pre-tax operating margin defined as
income (loss) from operations before
federal income taxes divided by
operating revenue

Improving Operating Results

     Pre-Tax Operating Margins*

Questions?

Appendix

All data as of 9/30/07

Domestic Equity

International / Global Equity

Taxable Fixed Income

Tax-Free Fixed Income

Lipper Performance

    Percent of Funds by Style in Top Half of
    Lipper universes

Total Operating Revenue ($ million)

Total Operating Expenses ($ million)

Pre-Tax Operating Income ($ million)

Pre-Tax Operating Margin*

Indicates Sept. YTD 2006

Indicates Sept. YTD 2006

Indicates Sept. YTD 2006

* Pre-tax operating margin defined as income (loss) from operations before federal income taxes divided by operating revenue

Historical Financials

Wes Thompson 

President, Lincoln Employer Markets

Employer Markets

Investing for
Long-Term Growth

Employer Markets’ Mission

Addressing the retirement income
security needs of employers and their
employees through:

• Defined Contribution Plans

• Group Protection Plans and

• Executive Benefits

Defined
Contribution
53%

Group
Protection
32%

Executive
Benefits &
Other
15%

23% of LFG Earnings

$43.7 billion in
Account Values

$262.9 million in
Income from
Operations

Employer Markets Business Today

Employer Markets Income from Operations*

* As of September 30, 2007 YTD

Healthcare Education 403(b)	Mid-Large Healthcare & Corporate 401(k) and 403(b)	Small Corporate 401(k)
Advisor-based	Consultants Brokers	Independent Planners, Wirehouses, Banks, TPAs

      Multi-Fund®                        Alliance®                            DirectorSM 

                (Annuity)                                        (Mutual Fund)                                  (Group Variable

                                                                                                                                                Annuity)

Market

Focus

Distribution

LFG’s DC Business

    * As of September 30, 2007 YTD

  ** As of June 30, 2007 YTD
*** Alliance data throughout the presentation includes the fixed portion of the contract.

Earnings**

Account Value*

Deposits*

Alliance (Mid-Large Mutual Fund)***

Director/LALR (Small GVA)

Multi-Fund (403(b) Annuity)

Other

25%

22%

50%

3%

50%

29%

19%

2%

13%

70%

4%

13%

The Changing DC Business Mix

Historically, Lincoln’s DC business mix was
dominated by the annuity 403(b) block

* As of September 30, 2007 YTD

Net Flows*

in Millions

Director/LALR (Small GVA)

Alliance (Mid-Large Mutual Fund)

Multi-Fund (403(b) Annuity)

Other

The Changing DC Business Mix
Positive Net Flows From “New” Products

Business Mix is Shifting to the Mid-Market Mutual Fund and
Small Market Group Variable Annuity Platforms

Annuity 403(b)

Net Flows

- $1,054 million

ROA (bps)

75

Earnings Implication

-$7.9 million

x

=

Mid-Large Mutual Fund

Net Flows

$3,000 million

ROA (bps)

25- 40

Earnings Implication

$7.5 - $12 million

x

=

The Changing DC Business Mix
Earnings Implications

However, the changing mix of Lincoln’s DC business
creates a short-term earnings gap…

To replace $8 million in earnings from Multi-Fund, we
need to generate $3 billion in additional assets in
Alliance and Director

Strategy to Replace and Grow Earnings

    Building the Business 

•  Clear Focus on Growth Markets

•  Invest in Distribution and New Channels

•  Expand Product and Service Capabilities

•  Improve Operating Effectiveness

2004

2007E

2012E

11%

9%

Clear Focus on Growth Markets
AUM Projections

Defined Contribution Market
AUM, $ Trillions

*  Includes 457 and 401(a), as well as money purchase plans, profit sharing plans, and deferred compensation plans

Source: ICI; Cerulli; EM internal projections of DC net flows (from Cerulli, 2006); McKinsey banking practice

   *As of September 30, 2007 YTD
** DirectorSM deposits include $25 million of deposits from the LALR product. 

Multi-Fund®	Alliance®	DirectorSM
$948m	$2,161m	$1,228m**
Healthcare Education 403(b)	Mid-Large Healthcare & Corporate 401(k) and 403(b)	Small Corporate 401(k)
Advisor-based	Consultants Brokers	Independent Planners, Wirehouses, Banks, TPAs

Market

Focus

Distribution

Deposits*

Clear Focus on Growth Markets
View of Today’s Deposits

Today, 79% of deposits come from our target markets*

* 2007 Wholesales as of YTD 3Q07, 2008 Wholesalers are projected
**Internal and External Wholesaler counts include Sales Management
          

Number of Wholesalers**

Sales

99%

Investing In Distribution
Capacity and Productivity

Mid-Large Healthcare & Corporate 403(b) & 401(k) Market

Alliance®

8%

* 2007 Wholesales as of YTD 3Q07, 2008 Wholesalers are projected
**Internal and External Wholesaler counts include Sales Management

Number of Wholesalers**

Sales

Investing In Distribution
Capacity and Productivity

Small Corporate 401(k) Market

DirectorSM and LALRSM

2+ Years
10%

<1 Year
73%

1-2 Years
17%

2+ Years
27%

1-2 Years
55%

Tenure

DirectorSM/LALRSM Wholesalers*:

Tenure

Alliance® Wholesalers*:

<1 Year
18%

Investing In Distribution
Capacity and Productivity

* 2007 Wholesalers as of YTD September 30, 2007

Top Firms Serving Small to Mid Market

Wire

• Morgan
  Stanley

• UBS
          

• AG Edwards

• Wachovia

• Smith Barney

• Merrill Lynch

Independent Planner

• LFN
          

• Edward Jones

• LPL

• Raymond James

• HD Vest

• AIG

Current market opportunity > $30-50 billion*

Investing In Distribution
Capitalizing on Strategic Partner Model

Strategic Partner Focus…Room to Grow

 * Estimated Annual Sales

Expanding Product and Service CapabilitiesThe Customer Experience

Achieving Strategic Scale in Manufacturing
by Launching Innovative Product Solutions

• Lincoln American Legacy RetirementSM

• SmartFutureSM 

• i4LIFE® Advantage

• Lincoln Ibbotson Insight Series

Investing in Service Improvements

• Lincoln Unifier (Multi-vendor Consolidation Services)

• Consolidated Platforms

• Customer Facing Enhancements

Defined Contribution

G & A expenses

Average Account Value

G & A as annualized % of AV

$165

$35,174

62 bps

2007

Sept. YTD

2006

Full Year

$210

$31,891

66 bps

$ in millions

Improving Operating Effectiveness
Disciplined Financial Management

What To Expect In 2008

Strong organic deposit growth in our
target markets 

Improvement in net flows

Ongoing product enhancements

Additional platform improvements

Taking Market Share

Sources of Competitive Advantage*

• Scale and Brand

• Differentiated Service

• Distribution

• Education and Advice

• Product Innovation

 * McKinsey Research

Questions?

Mark Konen 

President

Individual Markets

Scale, Momentum, Opportunity

Product	Industry Ranking*
Life Insurance	1
Variable Annuities	5
Fixed / Indexed Annuities	10

$103 billion in account values**

$518 billion of life insurance in-force**

Annualized sales over $13 billion***

Over $1 billion in annualized operating earnings***

Strategic Scale
Enabling Investments in the Business

    * Based on 2Q07 YTD LIMRA, 3Q07 YTD VARDS rankings

  **As of September 30, 2007

***Annualized numbers based on 9/30/07 year-to-date data; Fixed, indexed, and variable annuity sales represent deposits throughout the presentation; Life sales throughout the presentation represent target premium plus 5% of excess premium (including adjustments for internal replacements at 50%), except whole life and term sales, which represent 100% of first year paid premium.

12th

3.3%

8th

5.5%

6th

6.4%

5th

6.6%

5th

6.9%

Industry Rank*

Market Share*

$6.7

3Q06 

YTD

27% Growth YTD

3Q07 vs. 3Q06 

Variable Annuity Growth
Taking Market Share

Lincoln Yearly Total VA Sales

* Industry and market share based on VARDS data through 3Q07 YTD

Sources: McKinsey Retirement Practice, ICI, Strategic Insight, Empirical Research Partners, SRI

3,608

3,813

1,154

Retirement assets - 2006

Expected net flows

2007-12E

Deposits

Mutual
funds

Annuities

2,556

731

351

Deposits

Mutual
funds

Annuities

Annuity Competitive Landscape
Significant Opportunity to Grow

Large share of assets in deposits and mutual funds

Significant money in motion

Longevity and investment risk management concerns should
    enable insurers to capture share of money in motion

5th

5.6%

5th

6.0%

1st

7.0%

$405

3Q06
YTD

Industry Rank*

Market Share*

39% Growth YTD

3Q07 vs. 3Q06 

Life Insurance Growth
Taking Market Share

Lincoln Life Insurance Sales

 * Industry and market share based on VARDS data through 3Q07 YTD

Source: LIMRA

$ in Billions

Big companies taking market
share

Increased focus on protection

Flat VUL sales since 2003 present
   potential opportunity

Lincoln well-positioned to
   capitalize on industry trends

3.6

2.8

11.2

2001

1.9

3.0

13.5

2006

Total Industry - New Premiums

Whole

Term

VUL/VL

UL

CAGR

Percent 

(12)

17

1

7

Top 10 CAGR = 

6.5%

+4%

Life Insurance Competitive Landscape
Leveraging Critical Success Factors

Product Innovation and
Responsiveness

Retirement Income
Security

Operational Effectiveness

Comprehensive Risk
Management

Distribution Depth
and Breadth

Strategic Cornerstones
Blueprint for Profitable Growth

Unified Product Portfolio, including: –  Lincoln LifeElements^SM Indexed UL –  Lincoln S/VUL^ONE 2007 –  Lincoln AssetEdge^SM VUL Additional innovation:

–  4LATER^® Advantage–  Lincoln Lifetime Income Advantage (VA)–  Lincoln Living Income^SM Advantage (IA)–  Lincoln SmartIncome^SM Inflation Annuity

Increasing Top Line While Decreasing Expenses

2006

Post Merger

(4/1/06 - 12/31/06)

Annuity

G & A expenses

Average Account Value

G & A as annualized % of AV

Life

G & A expenses

Collected Premiums

G & A as a % of premiums

$233

$62,046

50 bps

$336

$3,324

10.1%

$233

$70,511

44 bps

$331

$3,476

9.5%

2007

YTD

(1/1/07 - 9/30/07)

2005

Lincoln

(1/1/05 - 12/31/05)

$271

$43,498

62 bps

$297

$2,407

12.3%

Operational Effectiveness
Driving Down Expense Ratios

Customer-Centric, Scale-Enabled = Competitive Differentiator

Front Line Cross-Functional Team

Underwriting Account Executive 

Dotted line to UW
Center of
Excellence

Operations Manager

Sr. NBA

NBA

NBA

NBA

NBA

Underwriting Director

Underwriter

Underwriter

Underwriter

Underwriter

Underwriting Team Structure

Operational Effectiveness
Industry Leading Underwriting

Manages New
Business staff

 Senior team member

Coaches and mentors

 Accountable for team performance

Technical and process
training

Expected run rate
cost of $2.0 - $3.0
million, after tax, after
DAC, per quarter

Q3 results driven by
volatile market
conditions

Would not expect
significant breakage
in more normal
environment

Comprehensive Risk Management
Variable Annuity Hedging Effectiveness

Macro:

•Balanced business mix:

$2,761M Total**

Margins

•Distribution diversification

Comprehensive Risk Management
Ensuring Stability of Results

Micro:

• Disciplined New
  Business Pricing and
  Monitoring

•YTD new business
  expected returns:

–Annuity 18%, Life
  13%*

•Equity Risk
  Management

•Asset Liability
  Management

•Risk Transfer

  *Assumes capital solution

**Numbers reflect trailing 12 months as of 9/30/07

Life Income from Operations

Annuity Income from Operations

Total Individual Markets Income from Operations

11% growth

252

281

Annuity and Life Earnings
Driving Bottom Line Growth

Profitable Growth

Strategic scale

Momentum

Opportunity

Execution

Individual Markets

Questions?

Terry Mullen 

President and CEO

Lincoln Financial Distributors

Lincoln
Financial
Distributors

Sales Growth By Channel 3Q07 vs. 3Q06 The depth and breadth of our success ($ millions)Channel     YTD 3Q07      YTD 3Q06Growth Rat Life¹MGA$   369$   246      50% IP12191      33% Wire/Bank4544        2% Total$   535$   381      40% Variable Annuities²IP$4,236$3,204      32% Wire3,5423,020      17% Bank/Other707483      46% Total$8,485$6,707      27% Mutual Funds^2,3Wire$1,647$1,118      47% IP1,4751,135     30% Bank320255      25% Total$3,442$2,508      37% MoneyGuard⁴$   187$   156      20% Fixed and Indexed Annuities^2,5$1,091$1,151 -5% 1 Life sales throughout the presentation include JP sales prior to 2Q06 and represent paid annual premiums (target premium plus 5% of excess premium), except whole life and term sales, which represent 100% of first year paid premium; 2 Mutual Funds and annuity sales throughout the presentation represent deposits; 3 Mutual Fund sales throughout the presentation represent only those distributed by LFD; 4 MoneyGuard sales represent first-year collected premiums; 5 Fixed and indexed annuity sales include JP sales prior to 2Q06.

1 Includes term and JP sales prior to 2Q06

2 Source:  LIMRA International, Inc., including term

3 Source:  ICI Retail Long-Term New Sales

4 Source: VARDS Online by Morningstar New Sales

	LFD	Industry
Life	17%1	4%2
Mutual Funds	17%	6%3
Variable Annuity - ChoicePlus	34%	8%4
Variable Annuity - American Legacy	25%	8%4

LFD versus Industry:

Compound Annual Growth Rates 2001-2006

Sales Growth By Product 2001-2006        
The sustainability of our success

The right business model,
the right strategy, the right people

Annuities

Investments

Wirehouse &
Regional B/Ds

Marketing 

General

Agents

Independent

Planners

Banks

Wholesaling Scale and
Quality

Life

Strategic
Partnerships

Unique Solutions-Based Distribution Model

Variable
Annuities

49%

Life 26%

Investments3
12%

Number of Wholesalers1

MoneyGuard

8%

Fixed
Annuities

5%

Wholesalers by Product

As of September 30, 2007

2

2

1 Includes External Wholesalers, Internal Wholesalers and Sales Management

2 2007 Wholesalers as of YTD 3Q07, 2008 represents preliminary projections

3 Investments defined as Mutual Funds and Managed Accounts

Scale Of WholesalingDistribution Expansion
- Attracting top talent

Strategic Wholesaler Expansion
Redesigning territories and building deeper
relationships

Workforce Planning - Sample Analysis - IXI:

Wholesaler Tenure

As of September 30, 2007

2+ Years
52%

<1 Year
26%

1-2 Years
22%

2+ Years
43%

<1 Year
25%

1-2 Years
32%

As of September 30, 20051

1 Excludes Jefferson-Pilot wholesalers

Wholesaler Quality
Retention leading to increased productivity

Strategic Priorities
2008 - 2010

Attract and retain top wholesaling talent

Continue to surpass industry average variable
annuity, life and linked benefit sales

Develop current and new strategic partnerships

Continue to grow the population of financial advisors
selling multiple LFG products

Questions?

Bob Dineen 

President and CEO

Lincoln Financial Network

Jefferson Pilot Securities Corp.

Lincoln Financial Advisors Corp.

Lincoln Financial
Network

Lincoln Financial Network Overview

LFN positioned for top & bottom-line growth

Multi-channel model is a competitive advantage
for recruiting and retaining top advisors

Retirement Income is a particularly compelling
opportunity for Retail Distribution

Independent

   Full Service Support

JPSC                         GA                         ABGA / DAN                           LFA / Sagemark

Lincoln Financial Network Overview

6,950 affiliated producing advisors*

4 channels of independent distribution

2 broker dealers

$89B customer assets**

  * Advisors as of September 30, 2007.
** Aggregate customer assets for which an LFN planner as the representative of record. 
              

Year-to-Date September 30, 2007

Contribution to Lincoln Financial

22% life insurance PAP

•$122 million of life target premium

12% annuity premium*

•$1.4 billion of annuity and
   retirement investments

~50% in-force permanent life
   insurance block

* Represents individual and employer-sponsored annuity deposits, excluding Lincoln AllianceSM.

2006 & 2007 YTD show  combined JP distribution and LFA/Sagemark                                                 

Prior periods reflect operating loss for LFA/Sagemark stand-alone                                                                

Operating results are allocated to Individual Markets and Employer Markets for external reporting

2003

2004

2005

2006

2007

YTD

Delivering Positive Results

Lincoln Financial Network

•Operating Income/Loss

An Extraordinary Year 2007 September Year-to-Date results (Compared to the same period last year) +29%  Life sales +14%  Variable Annuity sales -35%  Fixed Annuity Sales +63% Delaware mutual fund sales Non-enterprise results  +25%  Variable Life and Annuity Sales +22%  Managed Asset Fees +20%  Total Broker Dealer Revenues

2007 Growth Drivers

Multi-channel Model (flexibility and choice)

Investment build-out of our National
   Recruiting Platform

Positive trends in GA / affiliated brokerage activations

Investment in a more competitive
   compensation structure 

•Fixed Life 

•VA / Mutual Fund

“Distribution strategies with most success for end
consumers rely on face to face consultations and
personal referrals; independent financial advisors are
capturing greater share of the retirement market.” 

- McKinsey Survey, October 2007

LFN Retirement Income Security

Our LFN Integrated Structure is positioned to serve

•Life & Legacy (Retirement Specialists)

–69 received CRPCSM certification as of 10/31/07

–25 graduated, awaiting final certification

–Additional 219 active participants

•RIS Planning Support

•Sagemark Private Wealth Services

Recruiting and Retention
From September 30, 2006 to September 30, 2007

LFN’s Recruiting Strategy

•  Continue positive trend of Net Gross Dealer
   Concession (GDC) Growth from Full-time Recruits

•  Drive incremental GDC Growth from affiliated
   brokerage activations

First full year national recruiting team 

•  Added 375 producing advisors 

•  Added 15 national recruiting professionals

•  Positive net growth of GDC from Recruiting in 2007 

•  Current Recruiting Pipeline - 400+ experienced
   advisors with average GDC of 245,000

Scale =

Growth

Outlook For An Even Better 2008

The power of Lincoln Financial Network

•Sustainable, attractive model

•Growing number of loyal, productive advisors

•Open architecture & affiliation choice

•Best-in-class products and wholesaling

•Deep financial planning expertise

•Forward-thinking retirement strategies

•The leverage of Lincoln Financial Group

Questions?

Fred Crawford 

Chief Financial Officer

Lincoln Financial Group

Financial Outlook & Capital
Management

 3 Year Rolling Plan - Sets Incentive Compensation

 Currently In-Process - Approved by Board in February 

A Look Inside Our Financial Plan

Earnings & Capital Plan

Budget Process

Sales Plan

Strategic Investments

Fundamentals

Heading for a record VA & Life
production year

Strong asset and in-force growth

Solid group protection dynamics

Investment Management expanding
margins

Defined Contribution in transition

Healthy capital position 

Volatility impacts hedging

Pressure on alt. investments 

Monitoring credit conditions  

Markets

3Q Income from Operations Adjusted for Merger
Expenses & Schedule of Special Items 

$350mm

$378mm

Life Insurance

Annuities

Defined Contrib.

Group Protection

Investment Mgmt.

UK, Media, Executive
Benefits**

Other Operations

Avg. diluted shares

  282.4            272.5

Third Quarter: Strong Fundamentals

   * See Appendix for definition of non-GAAP financial information and/or reconciliations, and schedule of special items.
** Lincoln UK and Lincoln Financial Media are separate business segments. Defined Contribution and Executive Benefits comprise
our Retirement Products segment within our Employer Markets business.
              

Total Average Variable Assets
($ billions)

Continued VA deposits and flow
strength

DC flows driven by Alliance

Delaware retail deposits
continue to build

2008 Outlook

Asset Fee Revenue*
($ millions)

$325

$420

S&P 50015.7%

Variable
Annuities40%

Defined
Contribution17%

Asset
Management12%

Growth Rates

Retirement Asset Gathering Engine

* VA & DC expense assessment income and asset management third-party advisory fee income. S&P represents daily average 
quarter-over-quarter.

Annuity: Spreads of 200 bps. - negative flows diminish

Life: Spreads of 180 bps. - steady asset growth; securitization impact

DC: Spreads under pressure at 225 bps - with stable assets

Excess income pressured in 2008

2008 Outlook

Fixed Margin* ($ millions)

$271

$268

Defined
Contribution

Life

Annuities

($ Millions)

Fixed Margin - “A Mixed Story”

   * Adjusted for FAS 113 Forward-Starting Option valuation of ($7mm) 3Q2006 and ($13mm) 3Q2007.
**  Includes alternative investment income, pre-payment premium and make-whole payment income recorded in Life, Annuity, and 
Employer Markets-Defined Contribution segments.
              

Income** ($ mm)¨

Book Value* ($ mm)

Hedge Funds

Pvt. Equity

Energy/RE

$589

$761

A

28%

BBB

32%

AAA

23%

AA
10%

BB  3%

B & Lower 2%

Adj. Cash 2%

Alternative Investments

Target a 10-12% portfolio
    return

Life = BV of $500mm 

Annuities = BV of $121mm

DC = BV of $140mm

$60 Billion

 Bond Portfolio

     S-Prime  Alt-A   

AAA

AA & A

BBB & Lower

Total

Price / BV

$673

118

52

$843

94%

$1,137

317

30

$1,484

96%

Average Rating
“A”

General Account Conditions

  * Book value at amortized cost
** Pre-DAC and pre-tax
              

Life  - 2008 Outlook

Stable 6-8% growth in earnings
     drivers  

Growth in VUL and M-Guard

Settling into unified product
     portfolio   

Continued strength in core
     small-case markets

Net earned premium growth
     of 9-11%

Loss Ratios: low end of our range
     71%-74% 

Group - 2008 Outlook

Total Charges*
 ($ millions)¨

$253b

$269b

$348m

$375m

Interest-Sensitive
In-force ($ B)

8%

Non-Medical
Loss Ratio¨

Net Earned
Premium ($ mm)

11%

Life

Disability

Dental

Steady Mortality & Morbidity Margins

* Includes cost of insurance charges and expense assessments. Adjusted for prospective unlocking and related amortization of 
deferred front-end loads of $18mm 3Q2006 and $68mm 3Q2007 to demonstrate growth in charges relative to growth in in-force.

Integrating, Investing, and Growing ….all at the same time

Improving expense ratios in all major segments

Making significant technology & infrastructure investments

3-year save target increased to $195m-$205m range

Enterprise Expense Ratio

Expenses* to Total Revenue

3Q2006        3Q2007

Expenses* to Total Revenue 
(Excluding Investment Income)

14.3%       13.3%

 25.7%       22.1%

Merger Expenses

2006        2007(E)        2008-2009

    $49m      $100m     $55m- $65m

Operating Effectiveness

* Gross G&A + Commissions (less) Deferred expenses.  Adjusted for special expense items including incentive compensation 
true-ups and an insurance recovery in 2006, and strategic investments and executive separation benefits in 2007.  

Available Capital: 

•Capital margin  ~ $400 mm

•B of A stock ~ $150 mm
(A-T)

•Reserve relief ~ $300 mm

•FCF run-rate ~ $200 mm +/-

Capital Targets

“AA” capital ratios

RBC 350% to 400%

Leverage 20-25% 

Capital structure (10/20/70)

EBIT coverage 8-10x

Repurchase range $300-$400mm
    (ex-media)

Support Life & Annuity growth 

Strategic investments

Volatile capital markets

2008 Outlook

RBC (%)** ¨

21.1%

21.6%

411%

400%

Leverage* (%)

“AA” Capital Conditions

  * Leverage calculated by dividing debt adjusted for capital securities equity credit by total capital (debt plus equity adjusted for 
AOCI). 
** Estimated RBC for Lincoln National Life Insurance Co.
              

ROE Drivers

Growth in high-ROE segments

Capital management

Favorable capital conditions

Progress towards 15% in 3 yrs

12.2%

12.9%

ROE* (%)

BVPS ($/share ex AOCI)

Capital Returned to
Shareholders ($ millions)

ROE & Book Value Progression

* ROE is based upon income from operations adjusted for special items and merger- related expenses. ROE is calculated by dividing
operating income by average equity excluding accumulated other comprehensive income. See Appendix for non-GAAP financial 
information and/or reconciliations

Television 

Charlotte Radio 

Sports 

Key 

Takeaways

San Diego,
Denver,
Atlanta and
Miami Radio
Markets

Divested
Media

Businesses 

Remaining
Media

Investment  

Date Agreement

Signed 

Purchase Price
($ mm)

2007 Broadcast
Cash Flow
Multiple

Strong offers reflected quality of Lincoln Financial
  Media’s operations

Purchase multiples reflect acquisition levels competitive
  with “normalized” credit and M&A market conditions

Concluding our strategic review

Deliberate approach in recognition of current market
  environment

Continue to actively manage these investments to maximize
  station performance and future valuation 

Nov. 12th

$548

13.1x

Nov. 12th

100

13.8x

Nov. 12th

35

Residual
Valuation

Lincoln Media Update 

Key Assumptions

Pro Forma Impact Calculations

“Leverage neutral” approach - 25% debt reduction & 75% stock repurchase

Assume 3Q adjusted earnings, diluted shares, BVPS, current share price,
and interest rates(2)

(1)Net of fees and expenses.
(2)Accretion/dilution and ROE impact is based upon annualized 3Q2007 income from operations adjusted for special items. See Appendix for non-GAAP financial
information and/or reconciliations. Other assumptions include LNC share price of $60 for repurchase, interest rate on debt of 6% and current book value per share of
$43.68.

Total Pre-tax proceeds$683

Total Net Proceeds(1) ~  $450

EPS accretion/dilution (2)                                              ~         .2%

Book Value Impact From Sale~ ($130)mm (1.1%)

ROE Impact(2)~0.3%

Media - Pro Forma Impact

3Q07 Results 

Capital

 Mid-point of the “AA” range

 Executed on capital projects 

 General account well positioned 

Earnings

 $1.36 adjusted (ex merger exp.) 

 L&A, GP (80% of total) up 13% with
 strong fundamentals

 Market volatility  

Production

 Excellent retail growth - LFD/LFN

 Institutional - “a mixed story”

2008 Outlook

Capital

 Support growth & monitor capital
 markets 

 Strong available capital position

 $300-$400 million of repurchase

Earnings

 L&A, GP continued strength in
 fundamentals 

 “Headwinds” in DC & Inv. Mgt. with
 plans in place

 Markets?

Production

 Retail momentum continues

 Institutional - investment mode

 Invest in retirement income

Financial Plan Roll-Forward

Appendix

Net Income
          

Less:

Net realized gains (losses) on investments
and derivatives

Net gain on reinsurance derivative/trading
account securities

Reserve development and related amortization
on business sold through reinsurance

Income from Operations

Earnings per share (diluted)

Net Income

Income from Operations

Average Equity

(Excluding accumulated other comprehensive income)

Return on Equity

Net Income

Income from Operations

($ in millions, except per share data)

For the Quarter Ended
September 30,

$329.60

-23.2

-0.5

0.4

$352.90

$1.21

$1.29

$11,726.30

11.20%

12.00%

$364.10

-4.1

-3.1

0.2

$371.10

$1.29

$1.31

$11,437.90

12.70%

13.00%

2007

2006

Net Income to Operating Earnings
Reconciliation

Book Value Per Share Reconciliation 6/30/06 9/30/06 12/31/06 3/31/07 6/30/07 9/30/07 Book value per share including AOCI $40.48 $43.39 $44.21 $44.42 $43.57 $44.41 Per share impact of AOCI (0.12) 2.19 2.22 2.44 0.5 50.73 Book value per share excluding AOCI $40.60 $41.20 $41.99 $41.98 $43.02 $43.68