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

November 17, 2009

Date of Report (Date of earliest event reported)

Lincoln National Corporation

(Exact name of registrant as specified in its charter)

Indiana	1-6028	35-1140070
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

150 N. Radnor Chester Road, Radnor, PA 19087

(Address of principal executive offices)  (Zip Code)

(484) 583-1400

(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:

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]	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 17, 2009, we posted slides to be used in connection with our 2009 Conference for Investors and Bankers, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference.

The Conference for Investors and Bankers is being held on Tuesday, November 17, 2009, beginning at approximately 8:30 a.m. (ET).  Interested persons are invited to listen through the internet, either live or through on-demand replay. The replay will be available for approximately one year beginning November 18, 2009. Please visit www.lincolnfinancial.com/webcast at least fifteen minutes prior to the event to register, download and install any necessary streaming media software.

Item 7.01.  Regulation FD Disclosure

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

FORWARD-LOOKING STATEMENTS—CAUTIONARY LANGUAGE

Certain statements made in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA").  A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: "believe", "anticipate", "expect", "estimate", "project", "will", "shall" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance.  In particular, these include statements relating to future actions, trends in our businesses, prospective services or products, future performance or financial results, and the outcome of contingencies, such as legal proceedings.  We claim the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements.  Risks and uncertainties that may cause actual results to vary materially, some of which are described within the forward-looking statements include, among others:

· Continued deterioration in general economic and business conditions, both domestic and foreign, that may affect foreign exchange rates, premium levels, claims experience, the level of pension benefit costs and funding and investment results;

· Continued economic declines and credit market illiquidity could cause us to realize additional impairments on investments and certain intangible assets, including goodwill and a valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;

· Uncertainty about the impact of the U.S. Treasury's Troubled Asset Relief Program on the economy;

· The cost and other consequences of our participation in the Capital  Purchase Program, including the impact of existing and future regulations to which we may become subject;

· Legislative, regulatory or tax changes, both domestic and foreign, that affect the cost of, or demand for, Lincoln's products, the required amount of reserves and/or surplus, or otherwise affect our ability to conduct business, including changes to statutory reserves and/or risk-based capital requirements related to secondary guarantees under universal life and variable annuity products such as Actuarial Guideline 43 also known as VACARVM; restrictions on revenue sharing and 12b-1 payments; and the potential for U.S. Federal tax reform;

· The initiation of legal or regulatory proceedings against us or our subsidiaries, and the outcome of any legal or regulatory proceedings, such as:  adverse actions related to present or past business practices common in businesses in which we and our subsidiaries compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and extra-contractual and class action damage cases; new decisions that result in changes in law; and unexpected trial court rulings;

· Changes in interest rates causing a reduction of investment income, the margins on our fixed annuity and life insurance businesses and demand for our products;

· A decline in the equity markets causing a reduction in the sales of our products, a reduction of asset-based fees that we charge on various investment and insurance products, an acceleration of amortization of deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads and an increase in liabilities related to guaranteed benefit features of our variable annuity products;

· Ineffectiveness of our various hedging strategies used to offset the impact of changes in the value of liabilities due to changes in the level and volatility of the equity markets and interest rates;

· A deviation in actual experience regarding future persistency, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our products, in establishing related insurance reserves and in the amortization of intangibles that may result in an increase in reserves and a decrease in net income;

· Changes in GAAP that may result in unanticipated changes to our net income;

· Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse impact such action may have on our ability to raise capital and on our liquidity and financial condition;

· Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse impact such action may have on the premium writings, policy retention, profitability and liquidity of our insurance subsidiaries;

· Significant credit, accounting, fraud or corporate governance issues that may adversely affect the value of certain investments in the portfolios of our companies requiring that we realize losses on such investments;

· The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including our ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;

· The adequacy and collectibility of reinsurance that Lincoln has purchased;

· Acts of terrorism, a pandemic, war or other man-made and natural catastrophes that may adversely affect our businesses and the cost and availability of reinsurance;

· Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that we can charge for our products;

· The unknown impact on our business resulting from changes in the demographics of our client base, as aging baby-boomers move from the asset-accumulation stage to the asset-distribution stage of life; and

· Loss of key management, portfolio managers, financial planners or wholesalers.

The risks included here are not exhaustive. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC include additional factors which could impact our business and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors.

Further, it is not possible to assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this release.

Item 9.01.  Financial Statements and Exhibits.

(d)           Exhibits

Exhibit No.	Description
99.1	2009 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:	Executive Vice President and
	Chief Financial Officer

Date:  November 17, 2009

Exhibit Index

Exhibit No.	Description
99.1	2009 Conference for Investors and Bankers slides.

EX-99.1

Exhibit 99.1

Dennis R. Glass

President and Chief Executive Officer

Lincoln Financial Group

©2009 Lincoln National Corporation

2009 Conference for
Investors and Bankers

Strategic Overview

2

Equity

and Debt

$1,190

Capital

Purchase

Program

$950

Dividend,

Expense
Cuts $650

LNUK

$300

Reinsurance

$240

Delaware
Investments

$400

Actions Taken Over Past 12 Months to Focus on
Core Businesses and Support Franchise

3

Despite the weakened macro-
economy, demand characteristics for
Lincoln products are strong

Increased risk aversion and consumer
demand for guarantees and advice

Continued shift in consumer
demographics toward retirees

Rising taxes at both the state and
federal levels

DC,
individual
annuities,
individual life,
and Group
Protection
will likely
experience
tailwinds from
consumer
trends

Source: McKinsey Consumer Financial Health Survey (March 2009); 2009 Retirement Consumer Survey

Considerable Tailwinds from Consumer Trends
Post-Crisis and Demographics

4

Individual Life

Variable Annuity

Group large case

Top 20+player

No participation

Top 10 player

Top 11-20 player

Fixed Annuity

Based on sales rankings from
industry sources1 (data compiled
by McKinsey & Co.)

Asset Management

Group <500 lives2

DC 401(k)

DC 403(b)

Competitors

1 Metrics used to calculate rankings: Individual Life - New Sales; VA/FA - Sales; Group - Premiums; DC / Asset management - Total AUM

2 Approximates; actual rankings are not available for <500 lives

Source: Pensions and Investments, Plan Sponsors, Limra, Institutional Investor, AM Best, Conning, Bloomberg

LNC

C

D

A

B

E

H

F

G

I

Lincoln One of Four Competitors with
Significant Market Position in Core Businesses

5

Lincoln’s share of volume and ranking for key strategic partners

Variable Annuities

Share of
partner volume

(Percent)

Rank within
partner

Major Wire / Bank

Major Wire / Bank

10

Major Wire / Bank

Top MGA

Top MGA

Top MGA

Top Regional

Top Independent BD

Top Independent BD

Major Wire / Bank

33

23

26

30

14

15

25

4

3

4

4

1

5

7

1

1

2

3

2

1

2

Strategic
partner

Life (incl. MoneyGuard1)

1 MoneyGuard is included as normalized sales in share of LFD volume (15% of gross premium)

Share of
partner volume

(Percent)

Rank within
partner

10

29

9

9

7

5

Top Partner Status with Key Distribution Firms

6

Life
Insurance

49%

Individual

Annuities

28%

Defined

Contribution

12%

Group

Protection

11%

1 Based on LFG after-tax third quarter of 2009 YTD income from operations, excluding Other Operations.

Earnings1

2010 Focus

Clearly Focused on Four Core Insurance
and Retirement Businesses

Mark Konen

President

Insurance Solutions and
Retirement Solutions

Will Fuller

President

Lincoln Financial Distributors

©2009 Lincoln National Corporation

2009 Conference for
Investors and Bankers

Life Insurance and
Individual Annuities

2

Product Innovation and
Responsiveness

Securing
Financial Futures

Operational Effectiveness

Comprehensive
Risk Management

Distribution Depth
and Breadth

Cornerstones of Our Success

3

Scale Fuels Market Leadership

Compelling - -

And competitive products, along with a distribution
organization that is both a differentiator and a value
creator for Lincoln

Comprehensive - -

Suite of solutions and a multi-channel, multi-product
distribution model

Consistent - -

Approach to product development, risk management and
our deep distribution relationships and wholesaler
execution

4

1 Source: LIMRA, based on YTD sales as of June 30, 2009, except Life/LTC ranking which is based on FY 2008 sales

2 As of September 30, 2009

UL	# 1	Life-LTC	# 1
VUL	# 4	Term	# 16

Life Insurance Overview

Leveraging scale to drive value

#3 life insurance provider in 20091

$532 billion of life insurance in-force2

Multi-channel distribution

Comprehensive product suite1

Industry leading underwriting

Consistent, stable market presence year
after year

5

1 Based on YTD sales as of September 30, 2009, specialty represents COLI/BOLI

Key Takeaways:

Driving sales through multiple channels

Leveraging presence in MGA to increase MoneyGuard sales

Lincoln ranked top 1, 2 or 3 Life
carrier in many key distribution
firms

Expanded distribution
relationships

Increased advisor base by 11%

Sales by Channel1

2009 Channel Highlights

Leveraging Scale and Footprint to Grow
Life Insurance Sales Across Key Partners

6

Key Takeaways:

Increasing market share

Shift to term life and lower face amount UL policies

Significant increase in number of policies sold (UL +26%, Term +107%)3

COLI / BOLI

VUL

UL

Term

$415

$530

1 As of September 30, 2009; 2 Source: LIMRA, based on YTD sales as of June 30, 2009; 3 YTD 3Q09 versus YTD 3Q08

2008

2009

YTD Sales by Product1

($ in millions)

Market Share2

Increasing Market Share in a Changing
Sales Environment

7

Secondary Guarantee
UL Product Management

Changing competitive landscape

New products earn 12 - 15% returns without
capital solution

Pricing and compensation changes

Focus on less capital-intensive “cells”

Leverage underwriting expertise

Manage interest rate risk

Liability structure Æ long investment strategy

Pricing assumes very low lapses

8

2005

2006

2007

2008

2009
YTD2

MoneyGuard Sales

(in PAP, millions)

3Q08 YTD MoneyGuard Sales

1 Source: LIMRA, based on sales

2 As of September 30, 2009

MoneyGuard

Product meets consumer preference for flexible
benefits solutions

Simplified story and product processes (fall 2006)

70% market share in 20081

YTD 3Q 2009 sales up 18%

Product and distribution
enhancements create
new opportunities

9

Life Insurance
2010 Focus

Maintain product leadership

Build on core distribution strength

Explore opportunities with financial advisors
who do not currently sell life insurance

10

Variable Annuities	#7
Fixed Annuities	# 13
Indexed Annuities	#4

1 Source: MARC and LIMRA, based on YTD sales as of June 30, 2009

2 As of September 30, 2009

Product mix + continuity in the market = diversified risk

Individual Annuities Overview

Leveraging scale, traditionally conservative
approach to drive value

# 5 overall annuity provider1

$72 billion in account values2

Multi-channel distribution

Comprehensive product suite1

Multiple income solutions

11

1 Based on YTD sales as of September 30, 2009, VA includes fixed portion

Key Takeaways:

Leverage distribution strength and product mix

Expand distribution relationships

Increase wholesaler productivity

Sales by Channel1

Sales by Product1

VA

Indexed

Fixed

Leveraging Scale and Footprint to Grow
Annuity Sales Across Key Partners

12

Key Takeaways:

Increasing wholesaler productivity

Broad product portfolio to meet shifting demand

Distribution relationships drive long-term value

1 Variable includes fixed portion

Variable1

Indexed/Fixed

$7.9

YTD Sales by Product

($ in billions)

YTD Total Net Flows

($ in billions)

$9.4

Resilient Business Model in a Changing
Sales Environment

13

Move toward more conservative products & guarantees

Lincoln objective - be a consistent
market participant

Stayed at conservative end of the
spectrum of guarantees

Product Guarantees1, May 2008

1 Calculated as initial withdrawal as a percentage of principal, buying at 60 and holding to 65

Source: Variable Annuity Internal Competitive Intelligence

àOctober 2009

Recent actions taken:

Tightened investment restrictions

Increased rider fees

Reduced roll-up period

Removed “double” from Lincoln
Lifetime Advantage

Industry Redesign of VA Living Benefits

14

Writing business consistently through market
cycles improves risk profile

Did not add roll-up to GMWB until early 2008

No significant change in policyholder behavior
during crisis

Conservative death benefit guarantees

Hedge Program covers all VA guarantees

Assets cover liabilities

9/30/09 GMWB Exposure (Net Amount at Risk1/Account Value)
2003	2004	2005	2006	2007	2008	2009	Total
1.5%	5.3%	16.6%	21.6%	25.4%	8.1%	0.3%	11.6%

1 Net amount at risk is calculated as the guaranteed amount minus account value, floored at zero

Inforce VA Risk Profile

15

VA

FA

Combined

1Q 09

VA

FA

Combined

2Q 09

VA

FA

Combined

3Q 09

1 Represents un-levered returns based on pricing assumptions and capital markets conditions during the quarter

New Business Profitability

Strong Indexed/Fixed returns in early 2009 help
balance VA returns

VA product changes (removing “double”) would
push Q3 VA return to 15%

Reduced “tail” risk on new GMWB design

16

Individual Annuities
2010 Focus

Maintain product leadership

Build on core distribution strengths

Simplify and enhance advisor experience

Explore new opportunities for annuities

Bob Dineen

President and Chief Executive Officer

Lincoln Financial Network

©2009 Lincoln National Corporation

2009 Conference for
Investors and Bankers

The Retail Model &
Consumer Behavior

2

Lincoln Financial Network Overview

LFN Positioned for Growth

Investment in Recruiting Platform

Trend in the Industry towards Independence

3

2007: First year of new national recruiting effort

Successfully recruiting experienced, productive advisors

Independent

Full Service Support

A National Support Network for Advisors and their Clients

Growth of Advisor Population

LFN Offers a Unique Value Proposition
For Planners and Producers

4

*Defined as distribution revenues, less producer compensation and fully allocated expenses

**Reflects LFN percentage of total LFG production, YTD as of September 30, 2009

LFN Internal P&L*

26% life insurance PAP**

~$100 million

~50% in-force life
insurance block

11% annuity deposits**

~$1 billion

Bottom Line Operating Results and
Significant Contributions to the Corporation

5

Pre-Crisis February 2008	Post-Crisis April 2009
20%of retirees say that they are less financially secure than they thought they would be*	49%of retirees say that they are less financially secure than they thought they would be*
53%of retirees are risk- averse* (call themselves extremely or somewhat conservative)	70%of retirees are risk- averse* (call themselves extremely or somewhat conservative)

Post-crisis, 72% of pre-retirees are concerned about
taxes in retirement**

* Society of Actuaries, LIMRA, InFRE study: What a Difference a Year Makes, April 2009** McKinsey Consumer Financial Health Survey, March, 2009

Consumer Sentiment Shift Post-Crisis…

6

* U.S. Census Bureau

The Need for Advice
Opportunity for Lincoln and the Industry

Of 79 million baby boomers …

… only 20% have a clear plan for their retirement*

Consumers are more risk-averse

$3 trillion “on the sidelines” in minimal interest accounts

Implications: muted recovery plus low interest rates will
suppress individual wealth building

Advisors can build trust in this environment by
understanding new desire for downside protection and
income guarantees

Taxes are expected to become more of a top-of-
mind issue as marginal tax rates increase and
Congress pursues estate tax legislation

Will Fuller

President and Chief Executive Officer

Lincoln Financial Distributors

©2009 Lincoln National Corporation

2009 Conference for
Investors and Bankers

Executing and Evolving
the LFD Model

8

Goal is to Build on LFD’s Strengths and Position in
the Industry to Increase Our Contribution to Lincoln

Annuities288

Life Insurance223

Defined Contribution44

LFD Sales Force

9

Client needs
and preferences

Distribution
partnerships

Execution

ACT III

Execute in the
Current
Environment

Adjust to
Market
Realities

Align to enterprise
structure

Contain / reduce
expenses

Right-size sales force
for market opportunity

Align sales structure
with consumer
demand

Protect and strengthen distribution
relationships

26 new or expanded distribution
relationships

Base of active advisors up 6%

Achieve Sales Targets

Gross sales

Diverse mix of sales

Net flows

Focus on wholesaler productivity
discipline

Focus on talent retention and
recruiting

2009 was a Transitional Year - Focused on
Executing Through the Financial Crisis

ACT I

ACT II

10

Grow Sales in core products

Annuities

Life Insurance

Defined Contribution

Pursue natural cross-sell
synergies

Increase wholesaler
productivity

Core Focus

Drive Execution and Growth: Focus on
Core Strengths and Additive Opportunities

11

Financial
Institutions

General
Agents

Lincoln
Financial
Network

Preeminent

Execution Focus

What We Will Do

To Benefit Our Clients

Driving Growth and Profitability in 2010 and Beyond
with A Client Centric Approach to Distribution

Establish a “360°view” of
distribution relationships with
shared goals

Improve client experience with formalized
“Voice of the Customer” process

Implement firm-wide core skills &
productivity initiative

Recruit & retain THE BEST industry talent

Continue to drive a diverse mix
of business

Leverage cross-organization synergies
and promote cross-product sales

Maintain fiscal discipline

Essential
Partner
Program

Client
Experience

Reputation

Sales Force
Productivity

Productivity

Talent

Maximize
Distribution
Value to LFG

Profitability

©2009 Lincoln National Corporation

Mark Konen

President

Insurance Solutions and
Retirement Solutions

2009 Conference for
Investors and Bankers

Defined Contribution and
Group Protection

2

Small Case Market

(Director Program)

Large Case Market

(Alliance Program)

Multi-Fund and

Other

Sales3

AUM3

1 Source: LIMRA, as of June 30, 2009

2 Source: LIMRA, YTD as of June 30, 2009

3 YTD as of September 30, 2009

$3.8 billion

$34.3 billion

Defined Contribution Overview

Focus on 403(b) consolidation

#6 in 403(b) plan assets1

Top 3 in Healthcare and top 10 in K-12, based on
contributions2

Focus 401(k) efforts on top strategic partners

3

Deposits

Outflows

Net Flows

Production Results
($ billions)

Key Takeaways:

Market “frozen” throughout much of 2009

Solid production despite economic pressures

Improved lapse experience driving increase in net flows

Total DC participants up 5% over last year

Defined Contribution
Increasing Net Flows

4

	Mid-Large 403(b) and Corporate	Micro-Small 401(k)
Distribution Force	Plan Sponsor-Focused 10 external and 6 internal wholesalers 21 account executives Participant Focused 300 Retirement Consultants and Advisors	16 external and 8 internal wholesalers Leverage LFD strategic relationships
Participants	1.2 million	0.2 million
AUM1	$28.5 billion	$5.8 billion

1 As of September 30, 2009

Defined Contribution
Distribution Depth and Breadth

5

2010 Focus - Leveraging Participant
Relationships

Untapped Opportunity

Over a million DC participants

Need for retirement planning guidance

Maximize participant lifecycle with Lincoln

Differentiated service models depending on
client needs

High-Touch model with Retirement Consultants and
Advisors

Efficient-Touch model with Phone Team and Web

6

2010 Focus - Continued

Strengthen core service offering

Attract new assets and maintain existing plans

Key investments

UNIFIER enhancements

Website upgrades

Focus on key Strategic Partners and TPAs in
small 401(k) space

Leverage LFD relationships

Increase wholesaler productivity

7

Less than 500 Lives

501-1000 Lives

1000+ Lives

Sales by Product2

Short-Term Disability

Dental

Group Life/AD&D

Long-Term Disability

1 Source: LIMRA, YTD as of June 30, 2009

2 Based on YTD annualized sales as of September 30, 2009

$194 million

Group Protection Overview

Leveraging service expertise and distribution
strengths in core market of under 500 lives

#3 Group LTD and #7 Life carrier by new
contracts issued1

Voluntary sales ~38% of total new sales2

8

1 As of September 30, 2009

2 YTD as of September 30, 2009 compared to YTD September 30, 2008

Group Protection
Distribution Depth and Breadth

Distribution model

2 Regional VP’s

12 Regional Directors

122 sales reps (wholesalers)1

Focus on rep productivity

Number of reps down slightly from 2008

Cautious due to economic environment

Upgraded talent

Rep productivity up 7% versus last year2

Poised for growth

9

8% CAGR

Gaining momentum with a strong pipeline

Year-over-year third quarter 2009 sales up 17%

+4%

Group Protection
Sales Growth

10

Net Earned Premium

Solid growth in spite of difficult environment

Case lapses consistent with recent history

Unemployment and wage actions depressing
inforce premium growth

11% CAGR

+5%

Group Protection
Non-Medical Premium Growth

11

74%

71%

68%

Historic
Guidance

Actual

Consistently strong loss ratios over several years

Disciplined risk selection and claims management expertise

Recent disability loss ratios extremely good

Expect near-term loss ratios to continue to trend
favorably to historic guidance

Significant investments in claims management
infrastructure

* YTD as of September 30, 2009

Group Protection
Strong, Consistent Loss Ratios

12

1 Source:Eastbridge Consulting Group, Inc.,An Update on the Voluntary Industry, May 2008

2 Best’s Review, July 2009

2010 Focus - The Voluntary Opportunity

Compelling Industry Opportunity

Continued trend of employers shifting costs to employees

79% of employers with 101-500 lives offer at least one
voluntary product1

2008 industry sales of $5.2 billion and growing2

Compelling LFG Opportunity

Proven success and momentum with YTD sales of
$73 million up 18% versus last year

Attractive profit characteristics

2010 Initiatives

Expand penetration with brokers

Position for entry with classic worksite brokers

New product offerings (e.g. accident)

Expanded online enrollment

13

2010 Focus - Continued

Expansion of field force

Increase rep base to capitalize on opportunities

Continue to increase rep productivity

Complete reengineering of claims system and
processes

Increased efficiency and effectiveness

Enhanced ability to manage claims

14

Product Innovation and
Responsiveness

Securing
Financial Futures

Operational Effectiveness

Comprehensive
Risk Management

Distribution Depth
and Breadth

Cornerstones of Our Success

©2009 Lincoln National Corporation

Fred Crawford

Chief Financial Officer

2009 Conference for
Investors and Bankers

Financial Overview
Earnings and Capital

2

S&P 500

Equity Markets

Market Dynamics:

Account values recovering - variable fees, NAR, DAC, statutory results

Rates rising & spreads tightening - portfolio yields flat and hedge volatility

Unrealized gains/losses recover - some trading account profits generated

Interest Rates & Spreads

Barclays Credit
OAS

10yr Treasury Rates

0

2009 Market Recovery

3

$228

$263

Life Insurance

Group Protection

Annuities

Defined Contrib.

Avg. diluted shares

257.8262.4310.0

1 See appendix at the end of this presentation for a definition and reconciliation of income from operations to net income and a schedule of notable items

3Q Income From Continuing Operations
Adjusted for Notable Items1

($ in millions)

Earnings Drivers

UK and Delaware moved to
Discontinued Operations

Insurance Solutions:

Reinsurance impact

Alternative investments

Strong group loss ratios

Retirement Solutions:

Positive and balanced flows

Market impact on account values

EPS impact from capital actions

$217

Third Quarter Results
Sequential Growth in Account Values and Earnings

4

Life
36%

Dental
10%

Disability
44%

Group Net Earned Premium $1.6b

Medical
10%

UL 43%

VUL 14%

UL SG
23%

MG 7%

Life GAAP Reserves $42b

Whole Life
10%

Term 3%

Return on Capital1

Life Segment 9%

Stable returns with building
in-force and account vales

Reinsurance transactions impact
on earnings and capital

Alternative investment income
expected to recover

Group Segment 16%

Favorable loss ratios below 70%

Steady but lower growth in
premium expected near-term

1 Reflects YTD reported un-leveraged returns excluding goodwill.

Note: Life Insurance GAAP reserves as of September 30, 2009. Group Protection net earned premium represents trailing 12 months.

Insurance and Protection Businesses
Stable and Building Returns

5

Current Reserve Financing

$1.8b LOC facility through 2012

$400mm long-term financing

$800mm of reserves held

Statutory Reserves

$25b of UL reserves

$6b of Whole Life & Term reserves

$2.5b of UL reserves

$500mm of Term reserves

Strategy:

Term-out a portion of LOC needs in next few years

Plans to execute on a $300mm term solution in 2009

Absorb natural growth in reserves through statutory earnings

Required Reserves Subject

to Capital Financing

Life Reserve Management
Executing on a Prudent Long-Term Plan Over 3 Years

6

Retirement AUM = $105 billion

DC Mutual

Funds

DC Fixed

Annuities

DC
Variable
Annuities1

Individual Fixed Annuities

Individual

Variable

Annuities

14%

18%

6%

9%

49%

4%

Fixed Portion of Individual
Variable Annuities

1 Includes fixed portion of VA

2 Reflects year-to-date reported un-leveraged returns excluding goodwill.

Return on Capital2

Individual Annuities 10%

Average account values recovering

Liquidity fully invested in 3Q

Death benefit reserve and DAC
amortization elevated

Defined Contribution 13%

Average account values recovering

Plans to invest in the platform

Retirement Returns
Diverse Portfolio Driving Balanced Returns

7

55%

Account
Value

Step Up <1%

36%

Individual VA AUM1 = $56 billion

Hi-Water

Mark

8%

Return of

Premium

Individual VA Death Benefits

LB NAR3$6.5b$3.1b

DB NAR3$14.8b$7.3b

Hedge Target$3.7b$1.1b

Hedge Assets$4.3b$1.2b

GAAP Reserves$3.2b$1.2b

Statutory Reserves2$1.1b$.8b

12/31/089/30/09

16%

46%

38%

No

Guarantee

Guaranteed
Income
Benefit

Guaranteed
Withdrawal
Benefit

1 Includes fixed portion of VA

2 Statutory reserves excludes adoption of VACARVM

3 Net amount at risk is calculated as the guaranteed amount minus account value, floored at zero

Reserve Metrics

Individual Variable Annuities
Proven Risk Management and Full Economic Hedge

8

Realized Losses

($millions)

All data shown for available-for-sale securities.All realized loss data presented on a pre-DAC and tax basis; excludes losses on derivatives; includes losses
on sold securities.

*Excludes the impairment on Bank of America common stock securities of $131 million, pre-tax, held at the holding company and does not impact insurance
subsidiary capital.

Note: 2009 reflects the adoption of FASB Staff Position No. FAS 115-2 and 124-2.

General Account Investment Results
Unrealized Loss Conditions Improving

9

1Represents statutory results of Lincoln National Life Insurance Company, Lincoln Life & Annuity of New York, and First-Penn Pacific Life Insurance Company;
The reporting of RBC measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or
promotional activities.

Potential Headwinds - - asset impairments, ratings migration, and
adoption of VACARVM

Potential Tailwinds - - statutory earnings, securitization, and potential net
impact of various NAIC actions

Est.

Total Adjusted Capital & RBC1

($billions)

Risk Based Capital Ratio1

Insurance Company Capitalization
Capital Positioned to Withstand Stressed Markets

10

$900mm of liquid
investments1

CP: $150mm issued under
A2/P2 program1

Next maturity of $250mm due
March 2010

Delaware sale on track with
$400mm in proceeds

Expect to push some capital
down into subsidiaries

Considering refinancing
alternatives to pre-fund 2010
maturity

Holding Company

Year-end Outlook

Strategy:

Target 12-18 months of cash flow held at the holding company

Ladder maturities and pre-fund when markets are favorable

1 As of September 30, 2009

Financial Flexibility
Excess Holding Company Liquidity and Ready Capital

Appendix

12

Income (loss) from operations and ROE, as used in the earnings release, 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 and losses associated with the
following: sale or disposal of securities; impairments of securities; change in the fair value of embedded
derivatives within certain reinsurance arrangements and the change in the fair value of related trading securities;
change in the guaranteed living benefits embedded derivative reserves within our variable annuities net of the
change in the fair value of the derivatives we own to hedge the changes in the embedded derivative reserves,
the net of which is referred to as GLB net derivatives results; net difference between the benefit ratio reserves on
our guaranteed death benefit riders within our variable annuities and the change in the fair value of the
derivatives excluding our expected cost of the hedging instruments; and changes in the fair value of the
embedded derivative liabilities related to index call options we may purchase in the future to hedge contract
holder index allocations applicable to future reset periods for our indexed annuity products, income (loss) from
the initial adoption of changes in accounting standards, income (loss) from reserve changes (net of related
amortization) on business sold through reinsurance, losses on early retirement of debt, including subordinated
debt, losses from the impairment of intangible assets and income (loss) from discontinued operations.

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 businesses
in a manner that allows for a better understanding of the underlying trends in the company's current business
because the excluded items are unpredictable and not necessarily indicative of current operating fundamentals
or future performance of the business segments, and, in most instances, decisions regarding these items do not
necessarily relate to the operations of the individual segments.

Definition of Income From Operations

13

Net Income (Loss Available to Common Stockholders)

Less:

Preferred stock dividends and accretion of discount

Minority adjustment

Net Income

Less:

Excluded realized gain (loss)

Income from reserve changes (net of related
amortization) on business sold through reinsurance

Gain on early extinguishment of debt

Impairment of intangibles

Income (loss) from discontinued operations

Income from Operations

Earnings per share (diluted)

Net Income (Loss)

Income from Operations

($ in millions, except per share data)

$(161.4)

(161.4)

(215.9)

0.4

0.6

(153.8)

$ 207.3

$(0.62)

$ 0.79

2Q 09

3Q 09

$(579.0)

(0.1)

(578.9)

(188.4)

0.4

41.8

(603.5)

7.7

$ 163.1

$(2.27)

$ 0.63

1Q 09

$137.0

(16.3)

153.3

(196.0)

0.4

1.4

72.0

$275.5

$0.44

$0.84

Net Income to Income from Operations
Reconciliation

14

Reported

DAC Unlocking

Tax-related items

Expenses

Other (net)

Total*

Alternative
Investments**

($ in millions)

74

74

*Excludes alternative investment income

**Reflects actual income or (loss) on alternative investment portfolio

Retirement Solutions

Annuities

Insurance Solutions

Defined
Contrib.

Life
Insurance

Group
Protection

Other
Operations

30

30

142

142

(2)

26

26

(108)

(64)

(44)

1Q 2009 Income From Operations
Schedule of Notable Items

15

Reported

DAC Unlocking

Tax-related items

Expenses

Mortality

Other (net)

Total*

Alternative
Investments**

($ in millions)

65

65

(5)

Retirement Solutions

Annuities

Insurance Solutions

Defined
Contrib.

Life
Insurance

Group
Protection

Other
Operations

28

28

(3)

133

2

5

3

123

(20)

34

34

(1)

(52)

(19)

(33)

*Excludes alternative investment income

**Reflects actual income or (loss) on alternative investment portfolio

2Q 2009 Income From Operations
Schedule of Notable Items

16

Reported

DAC Unlocking

Tax-related items

Other

Total*

Alternative
Investments**

($ in millions)

95

11

3

1

80

2

Retirement Solutions

Annuities

Insurance Solutions

Defined
Contrib.

Life
Insurance

Group
Protection

Other
Operations

43

5

38

1

137

(12)

6

143

(5)

35

35

(33)

(33)

1

*Excludes alternative investment income

**Reflects actual income or (loss) on alternative investment portfolio

3Q 2009 Income From Operations
Schedule of Notable Items