Exhibit 12

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES
HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)

	For the Years Ended December 31,
	2008			2007		2006		2005		2004
Income (loss) from continuing operations before taxes	$	(25	)	$	1,874	$	1,778	$	1,075	$	1,036
Sub-total of fixed charges		303			325		242		110		116
Sub-total of adjusted income		278			2,199		2,020		1,185		1,152
Interest on annuities and financial products		2,532			2,519		2,260		1,570		1,571
Adjusted income base	$	2,810		$	4,718	$	4,280	$	2,755	$	2,723
Fixed Charges
Interest and debt expense (1)	$	281		$	284	$	223	$	89	$	94
Interest expense related to uncertain tax positions		2			21		—		—		—
Portion of rent expense representing interest		20			20		19		21		22
Sub-total of fixed charges excluding interest on annuities and financial products		303			325		242		110		116
Interest on annuities and financial products		2,532			2,519		2,260		1,570		1,571
Total fixed charges	$	2,835		$	2,844	$	2,502	$	1,680	$	1,687
Ratio of sub-total of adjusted income to sub-total of fixed charges excluding interest on annuities and financial products		0.92			6.77		8.35		10.77		9.93
Ratio of adjusted income base to total fixed charges		0.99			1.66		1.71		1.64		1.61

⁽¹⁾ Interest and debt expense excludes $5 million related to the early retirement of debt in 2006.