Exhibit 21

Subsidiaries of Lincoln National Corporation
As of December 31, 2008

	Organized
	Under Law of:	Ownership
Lincoln National Corporation	Indiana
First Penn-Pacific Life Insurance Company	Indiana		100	%
Hampshire Funding, Inc.	New Hampshire		100	%
International Home Furnishing Center, Inc.	North Carolina		29.07	%
Jefferson Pilot Variable Corporation	North Carolina		100	%
Jefferson-Pilot Investments, Inc.	North Carolina		100	%
Hampshire Syndications, Inc.	New Hampshire		100	%
Lincoln Financial Media Company	North Carolina		100	%
Lincoln Financial Media Company of California	North Carolina		100	%
Lincoln Financial Media Company of Colorado	North Carolina		100	%
Lincoln Financial Media Company of Florida	North Carolina		100	%
Lincoln Financial Media Company of Georgia	North Carolina		100	%
Lincoln Financial Securities Corporation	New Hampshire		100	%
Allied Professional Advisors, Inc.	New Hampshire		100	%
JPSC Insurance Services, Inc.	New Hampshire		100	%
Lincoln Investment Advisors Corporation	Tennessee		100	%
Lincoln Life Improved Housing Inc.	Indiana		100	%
Lincoln National (UK) PLC	England		99.99	% 1
City Financial Partners Limited	England		100	%
Consumers Financial Education Company Limited	England		100	%
Financial Alliances Limited	England		100	%
LN Management Limited	England		100	%
LN Securities Limited	England		100	%
Laurtrust Limited	England		100	%
Lincoln Assurance Limited	England		100	% 2
Barnwood Property Group Limited	England		100	%
Barnwood Properties Limited	England		100	%
IMPCO Properties G.B. Ltd.	England		100	%
Lincoln Financial Advisers Limited	England		100	%
Lincoln Financial Group PLC	England		100	%
Lincoln Milldon Limited	England		100	%
Lincoln Independent (Jersey) Limited	Jersey		100	%
Lincoln Independent Limited	England		100	%
Lincoln Insurance Services Limited	England		100	%
Chapel Ash Financial Services Ltd.	England		100	%

	Organized
	Under Law of:	Ownership
Lincoln Investment Management Limited	England		100	%
Lincoln SBP Trustee Limited	England		100	%
Lincoln Unit Trust Managers Limited	England		100	%
Lincoln National Investments, Inc.	Indiana		100	%
Lincoln National Investment Companies, Inc.	Indiana		100	%
Delaware Management Holdings, Inc.	Delaware		100	%
DMH Corp.	Delaware		100	%
Delaware Investments U.S., Inc.	Delaware		100	%
Delaware Distributors, Inc.	Delaware		100	%
Delaware General Management, Inc.	Delaware		100	%
Delaware Management Company, Inc.	Delaware		100	%
Delaware Management Business Trust	Delaware		100	%
Delaware Distributors, L.P.	Delaware		3
Delaware Management Trust Company	Pennsylvania		100	%
Delaware Service Company, Inc.	Delaware		100	%
Retirement Financial Services, Inc.	Delaware		100	%
Lincoln National Management Corporation	Pennsylvania		100	%
Lincoln National Realty Corporation	Indiana		100	%
Lincoln National Reinsurance Company (Barbados) Limited	Barbados		100	%
Lincoln Reinsurance Company of Bermuda, Limited	Bermuda		100	%
The Lincoln National Life Insurance Company	Indiana		100	%
California Fringe Benefit and Insurance Marketing Corporation	California		100	%
Jefferson Standard Life Insurance Company	North Carolina		100	%
LFA, Limited Liability Company	Indiana		100	%
LFD Insurance Agency, Limited Liability Company	Delaware		100	%
LNC Administrative Services Corporation	Indiana		100	%
Lincoln Financial Advisors Corporation	Indiana		100	%
LFA Management Corporation	Pennsylvania		100	%
Lincoln Financial Distributors, Inc.	Connecticut		100	%
Lincoln Financial Holdings, LLC	Delaware		100	%
LFG South Carolina Reinsurance Company	South Carolina		100	%
Lincoln Financial and Insurance Services Corporation	California		100	%
Lincoln Investment Solutions, Inc.	Delaware		100	%
Lincoln Life & Annuity Company of New York	New York		100	%
Lincoln National Financial Holdings, LLC	Delaware		100	%
Lincoln Reinsurance Company of South Carolina	South Carolina		100	%
Lincoln Realty Capital Corporation	Indiana		100	%
Lincoln Reinsurance Company of South Carolina	South Carolina		100	%
Lincoln Reinsurance Company of South Carolina II	South Carolina		100	%
Lincoln Retirement Services Company, LLC	Indiana		100	%
Lincoln Variable Insurance Products Trust	Delaware		100	%
Westfield Assigned Benefits Company	Ohio		100	%
Tomco2 Equipment Company	Georgia		26.16	%

1	Remainder owned by The Lincoln National Life Insurance Company
2	Except for director-qualifying shares
3	98% Delaware Investment Advisers (LP); 1% Delaware Capital Management (LP); 1% Delaware Distributors, Inc.(GP)