Exhibit 12

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

	For the Years Ended December 31,
	2009			2008			2007		2006		2005
Income (loss) from continuing operations
before taxes	$	(521	)	$	(137	)	$	1,675	$	1,631	$	967
Sub-total of fixed charges		292			303			325		242		110
Sub-total of adjusted income		(229	)		166			2,000		1,873		1,077
Interest on annuities and financial products		2,512			2,532			2,519		2,260		1,570
Adjusted income base	$	2,283		$	2,698		$	4,519	$	4,133	$	2,647
Fixed Charges
Interest and debt expense (1)	$	261		$	281		$	284	$	223	$	89
Interest expense related to uncertain tax positions		13			2			21		-		-
Portion of rent expense representing interest		18			20			20		19		21
Sub-total of fixed charges excluding interest
on annuities and financial products		292			303			325		242		110
Interest on annuities and financial products		2,512			2,532			2,519		2,260		1,570
Total fixed charges	$	2,804		$	2,835		$	2,844	$	2,502	$	1,680
Ratio of sub-total of adjusted income to
sub-total of fixed charges excluding interest on
annuities and financial products (2)		-			-			6.15		7.74		9.79
Ratio of adjusted income base to
total fixed charges (2)		-			-			1.59		1.65		1.58

(1) Interest and debt expense excludes a $64 million gain related to the early retirement of debt in the first quarter of 2009 and $5 million related to the early retirement of debt in 2006.

(2) The ratios of earnings to fixed charges for the years ended December 31, 2009 and 2008, indicated a less than one-to-one coverage and are therefore not presented.  Additional earnings of $521 million and $137 million would have been required for the years ended December 31, 2009 and 2008, respectively, to achieve ratios of one-to-one coverage.