EXHIBIT 12.1

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

	For the Six Months Ended June 30,
	2008		2007
Income from continuing operations before taxes	$	618	$	1,082
Sub-total of fixed charges		160		156
Sub-total of adjusted income		778		1,238
Interest on annuities and financial products		1,262		1,243
Adjusted income base	$	2,040	$	2,481
Fixed Charges
Interest and debt expense	$	150	$	146
Portion of rent expense representing interest		10		10
Sub-total of fixed charges excluding interest on annuities and financial products		160		156
Interest on annuities and financial products		1,262		1,243
Total fixed charges	$	1,422	$	1,399
Ratio of sub-total of adjusted income to sub-total of fixed charges excluding interest on annuities and financial products		4.86		7.94
Ratio of adjusted income base to total fixed charges		1.43		1.77