EX-12.1 5 dex121.htm HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES Historical Ratio of Earnings to Fixed Charges

Exhibit 12.1

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

 

     For the Three Months
Ended March 31,
     2008    2007

Income from continuing operations before taxes

    $ 418    $ 558

Sub-total of fixed charges

      87      71
             

Sub-total of adjusted income

      505      629

Interest on annuities and financial products

      548      620
             

Adjusted income base

    $ 1,053    $ 1,249
             

Fixed Charges

      

Interest and debt expense

    $ 81    $ 66

Portion of rent expense representing interest

      6      5
             

Sub-total of fixed charges excluding interest on annuities and financial products

      87      71

Interest on annuities and financial products

      548      620
             

Total fixed charges

    $ 635    $ 691
             

Ratio of sub-total of adjusted income to sub-total of fixed charges excluding interest on annuities and financial products

      5.80      8.86

Ratio of adjusted income base to total fixed charges

      1.66      1.81