ex99-3.htm

Exhibit 99.3


Lincoln Financial Group
September 30, 2008
General Account Supplement















This document is dated October 28, 2008. The data contained in this document may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

Lincoln Financial Group
Available-For-Sale (AFS) by Industry Classifications
Amounts in Millions

	As of 09/30/2008												As of 06/30/2008
	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		10,363		52		(1,351	)		9,064		17.4	%		10,896		82		(681	)		10,297		18.9	%
Basic Industry		2,339		14		(155	)		2,198		4.2	%		2,195		33		(81	)		2,147		3.9	%
Capital Goods		2,675		24		(116	)		2,583		5.0	%		2,683		42		(58	)		2,667		4.9	%
Communications		2,637		22		(170	)		2,489		4.8	%		2,803		63		(100	)		2,766		5.1	%
Consumer Cyclical		2,954		15		(273	)		2,696		5.2	%		2,933		36		(159	)		2,810		5.2	%
Consumer Non-Cyclical		4,269		37		(166	)		4,140		8.0	%		4,110		54		(76	)		4,088		7.5	%
Energy		2,937		47		(143	)		2,841		5.5	%		2,886		71		(43	)		2,914		5.3	%
Technology		737		4		(32	)		709		1.4	%		744		11		(11	)		744		1.4	%
Transportation		1,271		25		(72	)		1,224		2.4	%		1,291		25		(54	)		1,262		2.3	%
Industrial Other		680		7		(26	)		661		1.3	%		675		11		(15	)		671		1.2	%
Utilities		8,374		71		(471	)		7,974		15.3	%		8,391		125		(202	)		8,314		15.3	%

Asset-Backed Securities ("ABS")

Collaterized Debt Obligations ("CDO") / Credit-Linked Notes ("CLN") [1]		797		7		(460	)		344		0.7	%		1,049		9		(418	)		640		1.2	%
Commercial Real Estate ("CRE") CDO		61		-		(12	)		49		0.1	%		62		-		(8	)		54		0.1	%
Credit Card		165		-		(23	)		142		0.3	%		172		1		(11	)		162		0.3	%
Home Equity		1,183		1		(316	)		868		1.7	%		1,185		1		(251	)		935		1.7	%
Manufactured Housing		151		4		(9	)		146		0.3	%		154		4		(8	)		150		0.3	%
Auto Loan		-		-		-			-		0.0	%		1		-		-			1		0.0	%
Other		204		1		(9	)		196		0.4	%		223		4		(7	)		220		0.4	%
Commercial Mortgage-Backed Securities ("CMBS")
Non-Agency Backed		2,588		10		(280	)		2,318		4.5	%		2,628		21		(182	)		2,467		4.5	%
Collaterized Mortgage Obligations ("CMO")
Agency Backed		4,902		50		(54	)		4,898		9.3	%		4,643		66		(37	)		4,672		8.7	%
Non-Agency Backed		2,146		-		(568	)		1,578		3.0	%		2,245		1		(381	)		1,865		3.4	%
Mortgage Pass Throughs
Agency Backed		1,756		20		(6	)		1,770		3.4	%		1,438		13		(10	)		1,441		2.6	%
Non-Agency Backed		147		-		(26	)		121		0.2	%		149		-		(17	)		132		0.2	%
Municipals
Taxable		113		4		(1	)		116		0.2	%		125		4		(1	)		128		0.2	%
Tax-Exempt		5		-		-			5		0.0	%		5		-		-			5		0.0	%
Government/Government Agencies
United States		1,170		91		(14	)		1,247		2.4	%		1,195		93		(7	)		1,281		2.3	%
Foreign		1,456		49		(67	)		1,438		2.8	%		1,570		64		(48	)		1,586		2.9	%
Redeemable Preferred Stock		131		1		(16	)		116		0.2	%		102		2		(5	)		99		0.2	%

AFS - Fixed Maturities		56,211		556		(4,836	)		51,931		100.0	%		56,553		836		(2,871	)		54,518		100.0	%
AFS - Equities		612		9		(128	)		493					617		39		(192	)		464
Total AFS Securities		56,823		565		(4,964	)		52,424					57,170		875		(3,063	)		54,982
Trading Securities [2]		2,362		193		(162	)		2,393					2,423		222		(95	)		2,550
Total AFS & Trading Securities		59,185		758		(5,126	)		54,817					59,593		1,097		(3,158	)		57,532

[1] Includes amortized cost of $600 million and $850 million as of 9/30/08 and 6/30/2008 respectively, related to Credit-Linked Notes.

For additional information, see "Credit-Linked Notes (CLN)" disclosure starting on page 113 of the 2007 Form 10-K.

[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 9/30/2008
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
RMBS		8,368		8,950		6,588		6,565		1,146		1,500		634		885		-		-
ABS		868		1,183		-		-		-		-		309		427		559		756
Total		9,236		10,133		6,588		6,565		1,146		1,500		943		1,312		559		756

Rating
AAA		8,494		8,883		6,549		6,526		915		1,103		645		785		385		469
AA		368		517		20		20		125		175		119		170		104		152
A		128		231		19		18		46		106		44		75		19		32
BBB		185		317		-		1		47		78		91		144		47		94
BB and below		61		185		-		-		13		38		44		138		4		9
Total		9,236		10,133		6,588		6,565		1,146		1,500		943		1,312		559		756

Origination Year
2004 and prior		4,171		4,336		3,183		3,167		376		430		337		399		275		340
2005		1,534		1,752		865		883		225		273		243		331		201		265
2006		940		1,255		361		361		186		272		310		471		83		151
2007 and forward		2,591		2,790		2,179		2,154		359		525		53		111		-		-
Total		9,236		10,133		6,588		6,565		1,146		1,500		943		1,312		559		756

Note: This table does not include the fair value of trading securities totaling $196 million which support our Modco reinsurance agreements
since investment results for these agreements are passed directly to the reinsurers.
The $196 million in trading securities consisted of $158 million prime, $23 million alt-a, and $15 million subprime.

Lincoln Financial Group
AFS - Asset-Backed Securities - Consumer Loan
As of 9/30/2008
Amounts in Millions

	Total				Credit Card [1]				Auto Loans
	Fair		Amortized		Fair		Amortized		Fair		Amortized
	Value		Cost		Value		Cost		Value		Cost
Rating
AAA		119		139		119		139		-		-
BBB		23		26		23		26		-		-
Total		142		165		142		165		-		-

[1] - Additional indirect credit card exposure through structured securities is excluded from this table.
See "Credit-Linked Notes (CLN)" disclosure starting on page 113 of the 2007 Form 10-K.

Note: This table does not include the fair value of trading securities totaling $3 million which support
our Modco reinsurance agreements since investment results for these agreements are passed directly
to the reinsurers. The $3 million in trading securities consisted of $3 million credit card securities.

Lincoln Financial Group
AFS - Commercial Mortgage-Backed Securities
As of 9/30/2008
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		2,318		2,588		2,194		2,422		124		166		-		-
CRE CDOs		49		61		-		-		-		-		49		61
Total		2,367		2,649		2,194		2,422		124		166		49		61

Rating
AAA		1,648		1,746		1,553		1,637		68		71		27		38
AA		375		422		372		419		-		-		3		3
A		221		279		151		187		51		72		19		20
BBB		100		163		95		140		5		23		-		-
BB and below		23		39		23		39		-		-		-		-
Total		2,367		2,649		2,194		2,422		124		166		49		61

Origination Year
2004 and prior		1,661		1,750		1,562		1,647		77		80		22		23
2005		360		446		310		370		40		61		10		15
2006		216		290		192		242		7		25		17		23
2007		130		163		130		163		-		-		-		-
Total		2,367		2,649		2,194		2,422		124		166		49		61

Note: This table does not include the fair value of trading securities totaling $95 million which support our
Modco reinsurance agreements since investment results for these agreements are passed directly
to the reinsurers. The $95 million in trading securities consisted of $92 million CMBS and $3 million CRE CDOs.

Lincoln Financial Group
Commercial Mortgage Loan Portfolio, Net of Reserves
As of 9/30/2008
Amounts in Millions

LNC MORTGAGE LOAN DISTRIBUTION
Property Type	Amt $	%	State	Amt $	%
Apartment	727	9%	CA	1,610	21%
Retail	1,839	24%	TX	626	8%
Office Building	2,568	33%	MD	442	6%
Industrial	2,020	26%	FL	337	4%
Hotel/Motel	293	4%	TN	326	4%
Mixed Use	135	2%	NC	324	4%
Other Commercial	106	2%	VA	316	4%
Total	7,688	100%	AZ	315	4%
			WA	299	4%
			IL	287	4%
Geographic Region	Amt $	%	GA	257	3%
New England	191	2%	PA	242	3%
Middle Atlantic	482	6%	OH	221	3%
East North Central	822	11%	NV	215	3%
West North Central	433	6%	IN	195	3%
South Atlantic	1,824	24%	MN	161	2%
East South Central	464	5%	NJ	147	2%
West South Central	676	9%	SC	138	2%
Mountain	746	10%	MA	133	2%
Pacific	2,050	27%	Other states under 2%	1,097	14%
Total	7,688	100%		7,688	100%

Lincoln Financial Group
Additional Disclosure of Insured Bonds and Direct Exposure
As of 9/30/2008
Amounts in Millions

			Insured		Total		Total		Total			Total
Monoline Name	Direct Exposure		Bonds [1]		Amortized Cost		Unrealized Gain		Unrealized (Loss)			Fair Value
AMBAC		-		272		272		2		(49	)		225
ASSURED GUARANTY LTD		30		-		30		-		-			30
CMAC		-		-		-		-		-			-
FGIC		3		100		103		-		(31	)		72
FSA		-		68		68		1		(5	)		64
MBIA		12		125		137		1		(20	)		118
MGIC		11		7		18		1		(4	)		15
PMI GROUP INC		27		-		27		-		(12	)		15
RADIAN GROUP INC		19		-		19		-		(9	)		10
SECURITY CAPITAL ASSURANCE LTD		1		-		1		1		0			2
XL CAPITAL LTD		73		73		146		1		(27	)		120
Total		176		645		821		7		(157	)		671

[1] - Additional indirect insured exposure through structured securities is excluded from this table. See "Credit-Linked Notes (CLN)" disclosure.

Note: This table does not include the fair value of trading securities totaling $33 million which support our Modco reinsurance agreements
since investment results for these agreements are passed directly to the reinsurers.
The $33 million in trading securities consisted of $10 million of Direct Exposure and $23 million of Insured Exposure.
This table also excludes insured exposure totaling $15 million for a guaranteed investment tax credit partnership.