EXHIBIT 12.1

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

	For the Nine Months Ended September 30,
	2008		2007
Income from continuing operations before taxes	$	770	$	1,531
Sub-total of fixed charges		228		234
Sub-total of adjusted income		998		1,765
Interest on annuities and financial products		1,903		1,876
Adjusted income base	$	2,901	$	3,641
Fixed Charges
Interest and debt expense	$	213	$	219
Portion of rent expense representing interest		15		15
Sub-total of fixed charges excluding interest on annuities and financial products		228		234
Interest on annuities and financial products		1,903		1,876
Total fixed charges	$	2,131	$	2,110
Ratio of sub-total of adjusted income to sub-total of fixed charges excluding interest on annuities and financial products		4.37		7.54
Ratio of adjusted income base to total fixed charges		1.36		1.73