Lincoln Financial Group
Table of Contents
Analyst Coverage	1
Notes	2
Consolidated Statements of Income (Loss)	3
Consolidated Balance Sheets	4
Earnings, Shares, Return on Equity and Return to Stockholder Highlights	5
Income (Loss) from Operations, Average Equity and ROE By Segment	6
Select Earnings Drivers By Segment	7
Deposits, Net Flows and Account Balances By Segment	8
Sales By Segment	9
Operating Revenues and General and Administrative Expenses By Segment	10
Operating Commissions and Other Expenses	11
Interest Rate Yields and Spreads By Segment	12
Select Investment Data	13
Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC	14
Select Liquidity and Ratings Agency Data	15
Select Earnings and Operational Data:
Annuities	16
Retirement Plan Services	17
Life Insurance	18
Group Protection	19
Other Operations and Discontinued Operations	20
DAC, VOBA, DSI and DFEL Roll Forwards:
Consolidated	21
Annuities	22
Retirement Plan Services, Life Insurance and Group Protection	23
Account Value Roll Forwards:
Annuities	24
Retirement Plan Services	25
Life Insurance	26
Select Non-GAAP to GAAP Reconciliations	27

	Lincoln Financial Group
	Analyst Coverage
	Firm	Analyst	Phone Number
	Bank of America - Merrill Lynch	Seth Weiss	646-855-3783
	Barclays Capital	Jay Gelb	212-526-1561
	Citi Research	Erik Bass	212-816-5257
	Credit Suisse	Tom Gallagher	212-538-2010
	Deutsche Bank	Yaron Kinar	212-250-7927
	Dowling and Partners	Ryan Krueger	860-676-8600
	Evercore Partners	Mark Finkelstein	312-445-6440
	FBR Capital Markets	Randy Binner	703-312-1890
	Goldman Sachs and Company	Christopher Giovanni	212-357-3560
	JP Morgan Securities	Jimmy Bhullar	212-622-6397
	Keefe, Bruyette and Woods	Jeff Schuman	860-722-5902
	Janney Capital Markets	Bob Glasspiegel	860-724-1203
	Macquarie Capital	Sean Dargan	212-231-0663
	Morgan Stanley	Nigel Dally	212-761-4132
	Raymond James and Associates	Steven Schwartz	312-612-7686
	RBC Capital	Eric Berg	212-618-7593
	Sandler O'Neil and Partners	Edward Shields	312-281-3487
	Scotia Capital	Joanne Smith	212-225-5071
	Sterne, Agee and Leach, Inc.	John Nadel	212-338-4717
	UBS	Suneet Kamath	212-713-1355
	Wells Fargo Securities	John Hall	212-214-8032
	Investor Inquiries May Be Directed To
	Jim Sjoreen, Senior Vice President, Investor Relations
	Email: Jim.Sjoreen@lfg.com
	Voice: 484-583-1420
	Fax: 484-583-3962
	Notes
	This list is provided for informational purposes only.  Lincoln Financial Group does not endorse the analyses, conclusions or recommendations contained in any report issued by these
	or any other analysts.
	Lincoln Financial Group's Statistical Supplement will be available immediately after the release of earnings for each quarter through our Investor Relations website:
	www.LincolnFinancial.com/investor.
Page 1

	Lincoln Financial Group
	Notes
	Computations
	The quarterly financial information for the current year may not sum to the corresponding year-to-date amount because both are rounded to millions.
	The financial ratios reported herein are calculated using whole dollars instead of dollars rounded to millions.
	If the effect of equity classification would result in a more dilutive EPS, the numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market adjustment
	for deferred units of LNC stock in our deferred compensation plans.  In addition, for any period where a loss from continuing operations is experienced, shares used in the diluted
	EPS calculation represent basic shares, as using dilutive shares would be anti-dilutive to the calculation.  In these periods, we would also exclude the deferred compensation
	adjustment.
	Return on equity ("ROE") measures how efficiently we generate profits from the resources provided by our net assets.  ROE is calculated by dividing annualized net income (loss) (or
	income (loss) from operations) by average equity, excluding accumulated other comprehensive income (loss) ("AOCI").  Management evaluates consolidated ROE by both including
	and excluding the effect of average goodwill.
	Book value per share, excluding AOCI, is calculated by dividing stockholders' equity, excluding AOCI, by common shares outstanding assuming the conversion of our Series A
	preferred shares.  We provide book value per share, excluding AOCI, to enable investors to analyze the amount of our net worth that is attributable primarily to our business
	operations.
	Definitions
	Holding company available liquidity consists of cash and cash equivalents, excluding cash held as collateral, investments maturing in one year or less at origination and receivables
	under the inter-company cash management program, less payables under the inter-company cash management program, payables from purchases of securities not settled as of the
	balance sheet date and commercial paper outstanding.
	Sales as reported consist of the following:
	•  MoneyGuard® (our linked-benefit product) – 15% of single premium deposits;
	•  MoneyGuard® (flexible premium option), universal life ("UL") (excluding linked-benefit products) and variable universal life ("VUL"), including corporate-owned life insurance
	("COLI") and bank-owned life insurance ("BOLI") - first year commissionable premiums plus 5% of excess premiums received, including an adjustment for internal replacements
	at approximately 50% of target;
	•  Term - 100% of first year paid premiums;
	•  Annuities - deposits from new and existing customers; and
	•  Group Protection - annualized first year premiums from new policies.
	Throughout the document, "after-DAC" refers to the associated amortization expense of deferred acquisition costs ("DAC"), value of business acquired ("VOBA"), deferred sales
	inducements ("DSI") and deferred front-end loads ("DFEL") and changes in other contract holder funds.
Page 2a

	Lincoln Financial Group
	Notes
	Non-GAAP Performance Measures
	Non-GAAP measures do not replace the most directly comparable GAAP measures, and we have included detailed reconciliations herein.
	We exclude the after-tax effects of the following items from GAAP net income (loss) to arrive at income (loss) from operations:
	•  Realized gains and losses associated with the following ("excluded realized gain (loss)"):
	▪  Sales or disposals and impairments of securities;
	▪  Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities ("gain (loss) on the mark-to-market on certain
	instruments");
	▪  Changes in the fair value of the derivatives we own to hedge our guaranteed death benefit ("GDB") riders reflected within variable annuity net derivative results;
	▪  Changes in the fair value of the embedded derivatives of our guaranteed living benefit ("GLB") riders accounted for at fair value, net of the change in the fair value of the derivatives
	we own to hedge them reflected within variable annuity net derivative results; and
	▪  Changes in the fair value of the embedded derivative liabilities related to index call options we may purchase in the future to hedge contract holder index allocations applicable to
	future reset periods for our indexed annuity products accounted for at fair value ("indexed annuity forward-starting option");
	•  Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders ("benefit ratio unlocking") reflected within variable annuity net derivative results;
	•  Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;
	•  Gains (losses) on early extinguishment of debt;
	• Losses from the impairment of intangible assets;
	•  Income (loss) from discontinued operations; and
	•  Income (loss) from the initial adoption of new accounting standards.
	Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items:
	• Excluded realized gain (loss);
	•  Revenue adjustments from the initial adoption of new accounting standards;
	•  Amortization of DFEL arising from changes in GDB and GLB benefit ratio unlocking; and
	•  Amortization of deferred gains arising from reserve changes on business sold through reinsurance.
	We use our federal income tax rate of 35% while taking into account any permanent differences for events recognized differently in our financial statements and federal income tax returns
	when reconciling our non-GAAP measures to the most comparable GAAP measure.
	Management believes that the non-GAAP performance measures discussed above explain the results of our ongoing businesses in a manner that allows for a better understanding of the
	underlying trends in our current business because the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the
	business segments, and, in many instances, decisions regarding these items do not necessarily relate to the operations of the individual segments.  In addition, we believe that our
	definitions of operating revenues and income from operations provide investors with more valuable measures of our performance because they better reveal trends in our business.
	Statistical Supplement is Dated
	The financial data in this document is dated October 30, 2013, and has not been updated since that date.  Lincoln Financial Group does not intend to update this document.
Page 2b

	Lincoln Financial Group
	Consolidated Statements of Income (Loss)
	Unaudited (millions of dollars, except per share data)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Revenues
	Insurance premiums	$	606	$	637	$	654	$	674	$	672	10.9%	$	1,825	$	2,000	9.6%
	Fee income		990		957		958		983		1,032	4.2%		2,778		2,973	7.0%
	Net investment income		1,146		1,190		1,150		1,213		1,180	3.0%		3,509		3,543	1.0%
	Realized gain (loss):
	Other-than-temporary impairment ("OTTI")		(32)		(41)		(14)		(19)		(19)	40.6%		(112)		(52)	53.6%
	Realized gain (loss), excluding OTTI		102		88		(45)		2		(9)	NM		140		(53)	NM
	Total realized gain (loss)		70		47		(59)		(17)		(28)	NM		28		(105)	NM
	Amortization of deferred gains on business
	sold through reinsurance		19		19		19		19		19	0.0%		56		56	0.0%
	Other revenues		123		123		117		127		134	8.9%		366		380	3.8%
	Total revenues		2,954		2,973		2,839		2,999		3,009	1.9%		8,562		8,847	3.3%
	Expenses
	Interest credited		611		615		617		627		627	2.6%		1,855		1,871	0.9%
	Benefits		810		937		958		991		945	16.7%		2,605		2,894	11.1%
	Commissions and other expenses		1,047		951		895		898		928	-11.4%		2,731		2,721	-0.4%
	Interest and debt expense		68		70		64		65		67	-1.5%		203		196	-3.4%
	Total expenses		2,536		2,573		2,534		2,581		2,567	1.2%		7,394		7,682	3.9%
	Income (loss) from continuing operations before taxes		418		400		305		418		442	5.7%		1,168		1,165	-0.3%
	Federal income tax expense (benefit)		18		80		66		101		105	NM		203		272	34.0%
	Income (loss) from continuing operations		400		320		239		317		337	-15.8%		965		893	-7.5%
	Income (loss) from discontinued operations		28		-		-		-		-	-100.0%		27		-	-100.0%
	Net income (loss)	$	428	$	320	$	239	$	317	$	337	-21.3%	$	992	$	893	-10.0%
	Earnings (Loss) Per Common Share - Diluted
	Income (loss) from continuing operations	$	1.41	$	1.14	$	0.86	$	1.15	$	1.23	-12.8%	$	3.33	$	3.24	-2.7%
	Income (loss) from discontinued operations		0.10		-		-		-		-	-100.0%		0.09		-	-100.0%
	Net income (loss)	$	1.51	$	1.14	$	0.86	$	1.15	$	1.23	-18.5%	$	3.42	$	3.24	-5.3%
Page 3

	Lincoln Financial Group
	Consolidated Balance Sheets
	Unaudited (millions of dollars)
		As of
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change
	ASSETS
	Investments:
	Available-for-sale ("AFS") securities:
	Corporate bonds	$	66,476	$	68,016	$	69,274	$	67,938	$	68,525	3.1%
	U.S. government bonds		508		442		432		408		368	-27.6%
	Foreign government bonds		661		654		626		564		576	-12.9%
	Mortgage-backed securities		7,863		7,174		6,542		5,961		5,445	-30.8%
	Asset-backed collateralized debt obligations		147		180		173		165		194	32.0%
	State and municipal bonds		4,338		4,353		4,430		4,048		3,976	-8.3%
	Hybrid and redeemable preferred securities		1,186		1,217		1,234		1,151		1,051	-11.4%
	VIEs' fixed maturity securities		706		708		708		698		699	-1.0%
	Equity securities		156		157		148		209		185	18.6%
	Total AFS securities		82,041		82,901		83,567		81,142		81,019	-1.2%
	Trading securities		2,650		2,554		2,528		2,391		2,354	-11.2%
	Mortgage loans on real estate		6,690		7,029		7,057		7,033		7,127	6.5%
	Real estate		112		65		65		60		56	-50.0%
	Policy loans		2,780		2,766		2,727		2,700		2,679	-3.6%
	Derivative investments		3,072		2,652		2,268		1,683		1,114	-63.7%
	Other investments		1,123		1,098		1,073		1,158		1,219	8.5%
	Total investments		98,468		99,065		99,285		96,167		95,568	-2.9%
	Cash and invested cash		4,373		4,230		3,107		2,574		2,650	-39.4%
	DAC and VOBA		5,813		6,667		6,936		8,214		8,500	46.2%
	Premiums and fees receivable		366		380		440		430		427	16.7%
	Accrued investment income		1,067		1,015		1,078		1,052		1,111	4.1%
	Reinsurance recoverables		6,424		6,449		6,489		6,385		6,528	1.6%
	Funds withheld reinsurance assets		846		837		798		788		782	-7.6%
	Goodwill		2,273		2,273		2,273		2,273		2,273	0.0%
	Other assets		2,502		2,580		2,569		2,655		2,709	8.3%
	Separate account assets		93,326		95,373		101,366		102,783		109,376	17.2%
	Total assets	$	215,458	$	218,869	$	224,341	$	223,321	$	229,924	6.7%
Page 4a

	Lincoln Financial Group
	Consolidated Balance Sheets
	Unaudited (millions of dollars)
		As of
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change
	LIABILITIES AND STOCKHOLDERS' EQUITY
	Liabilities
	Future contract benefits	$	19,232	$	19,780	$	19,149	$	18,214	$	18,138	-5.7%
	Other contract holder funds		70,706		72,218		72,760		73,830		74,106	4.8%
	Short-term debt		200		200		706		506		503	151.5%
	Long-term debt by rating agency leverage definitions:
	Operating (see note (1) on page 15 for details)		1,122		1,122		1,122		1,122		1,122	0.0%
	Financial		4,372		4,317		3,767		3,928		4,243	-3.0%
	Reinsurance related embedded derivatives		215		215		199		131		121	-43.7%
	Funds withheld reinsurance liabilities		987		940		926		926		898	-9.0%
	Deferred gain on business sold through reinsurance		338		319		301		282		263	-22.2%
	Payables for collateral on investments		4,566		4,181		4,107		4,252		3,553	-22.2%
	VIEs' liabilities		174		128		113		101		67	-61.5%
	Other liabilities		5,100		5,103		4,963		3,929		4,255	-16.6%
	Separate account liabilities		93,326		95,373		101,366		102,783		109,376	17.2%
	Total liabilities		200,338		203,896		209,479		210,004		216,645	8.1%
	Stockholders' Equity
	Common stock		7,214		7,121		7,043		6,937		6,886	-4.5%
	Retained earnings		3,756		4,044		4,238		4,487		4,753	26.5%
	AOCI:
	Unrealized gain (loss) on AFS securities		4,354		4,066		3,777		2,033		1,760	-59.6%
	Unrealized OTTI on AFS securities		(99)		(107)		(87)		(84)		(84)	15.2%
	Unrealized gain (loss) on derivative instruments		177		163		203		259		270	52.5%
	Foreign currency translation adjustment		(3)		(4)		(6)		(5)		(5)	-66.7%
	Funded status of employee benefit plans		(279)		(310)		(306)		(310)		(301)	-7.9%
	Total AOCI		4,150		3,808		3,581		1,893		1,640	-60.5%
	Total stockholders' equity		15,120		14,973		14,862		13,317		13,279	-12.2%
	Total liabilities and stockholders' equity	$	215,458	$	218,869	$	224,341	$	223,321	$	229,924	6.7%
Page 4b

	Lincoln Financial Group
	Earnings, Shares, Return on Equity and Return to Stockholder Highlights
	Unaudited (millions of dollars, except per share data)
		As of or For the Three Months Ended											As of or For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Income (Loss)
	Income (loss) from operations	$	362	$	310	$	285	$	351	$	367	1.4%	$	974	$	1,002	2.9%
	Net income (loss)		428		320		239		317		337	-21.3%		992		893	-10.0%
	Earnings (Loss) Per Diluted Share
	Income (loss) from operations	$	1.27	$	1.10	$	1.02	$	1.27	$	1.34	5.5%	$	3.36	$	3.63	8.0%
	Net income (loss)		1.51		1.14		0.86		1.15		1.23	-18.5%		3.42		3.24	-5.3%
	Average Stockholders' Equity
	Average equity, including AOCI	$	14,580	$	15,048	$	14,918	$	14,089	$	13,298	-8.8%	$	13,756	$	14,102	2.5%
	Average AOCI		3,764		3,979		3,695		2,737		1,766	-53.1%		3,138		2,733	-12.9%
	Average equity, excluding AOCI	$	10,816	$	11,069	$	11,223	$	11,352	$	11,532	6.6%	$	10,618	$	11,369	7.1%
	ROE
	Income (loss) from operations		13.4%		11.2%		10.2%		12.4%		12.7%			12.2%		11.8%
	Net income (loss)		15.8%		11.6%		8.5%		11.2%		11.7%			12.5%		10.5%
	Per Share
	Dividends declared during the period	$	0.08	$	0.12	$	0.12	$	0.12	$	0.12	50.0%	$	0.24	$	0.36	50.0%
	Book value, including AOCI		54.94		55.14		55.33		50.37		50.62	-7.9%		54.94		50.62	-7.9%
	Book value, excluding AOCI		39.86		41.11		42.00		43.21		44.37	11.3%		39.86		44.37	11.3%
	Shares
	Repurchased during the period		4.2		3.8		3.4		4.3		2.3	-44.3%		16.6		10.0	-39.8%
	Average for the period - diluted		284.7		281.1		278.6		275.7		273.7	-3.9%		289.8		276.0	-4.8%
	End-of-period - assuming conversion of preferred		275.2		271.6		268.6		264.4		262.3	-4.7%		275.2		262.3	-4.7%
	End-of-period - diluted		282.4		279.1		277.2		273.9		272.5	-3.5%		282.4		272.5	-3.5%
	Cash Returned to Common Stockholders
	Shares repurchased	$	100	$	92	$	100	$	150	$	100	0.0%	$	400	$	350	-12.5%
	Common dividends		22		22		33		32		32	45.5%		68		97	42.6%
	Total cash returned to common stockholders	$	122	$	114	$	133	$	182	$	132	8.2%	$	468	$	447	-4.5%
Page 5

	Lincoln Financial Group
	Income (Loss) from Operations, Average Equity and ROE By Segment
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Income (Loss) from Operations
	Annuities	$	139	$	162	$	159	$	195	$	198	42.4%	$	433	$	551	27.3%
	Retirement Plan Services		29		28		35		39		33	13.8%		101		108	6.9%
	Life Insurance		152		147		112		135		140	-7.9%		427		387	-9.4%
	Group Protection		16		13		14		22		23	43.8%		59		60	1.7%
	Other Operations		26		(40)		(35)		(40)		(27)	NM		(46)		(104)	NM
	Income (loss) from operations	$	362	$	310	$	285	$	351	$	367	1.4%	$	974	$	1,002	2.9%
	Average Equity, Excluding AOCI
	Segment equity, excluding goodwill:
	Annuities	$	3,110	$	3,053	$	2,977	$	2,978	$	3,009	-3.2%	$	3,054	$	2,988	-2.2%
	Retirement Plan Services		1,031		941		908		970		983	-4.7%		981		954	-2.8%
	Life Insurance		5,879		5,919		5,998		6,125		6,196	5.4%		5,780		6,106	5.6%
	Group Protection		955		992		1,036		1,062		1,083	13.4%		929		1,060	14.1%
	Total segment equity, excluding goodwill		10,975		10,905		10,919		11,135		11,271	2.7%		10,744		11,108	3.4%
	Other Operations and goodwill		(159)		164		304		217		261	264.2%		(126)		261	NM
	Total average equity, excluding AOCI	$	10,816	$	11,069	$	11,223	$	11,352	$	11,532	6.6%	$	10,618	$	11,369	7.1%
	ROE
	Segment ROE, excluding goodwill:
	Annuities		17.9%		21.2%		21.3%		26.1%		26.3%			19.0%		24.6%
	Retirement Plan Services		11.2%		12.0%		15.5%		16.2%		13.5%			13.8%		15.1%
	Life Insurance		10.3%		10.0%		7.5%		8.8%		9.1%			9.9%		8.4%
	Group Protection		6.5%		5.3%		5.6%		8.4%		8.6%			8.4%		7.6%
	Consolidated ROE - income (loss) from operations		13.4%		11.2%		10.2%		12.4%		12.7%			12.2%		11.8%
Page 6

	Lincoln Financial Group
	Select Earnings Drivers By Segment
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Annuities
	Operating revenues	$	745	$	766	$	777	$	817	$	842	13.0%	$	2,210	$	2,436	10.2%
	Average account values		92,323		94,709		99,545		103,561		106,490	15.3%		90,604		103,222	13.9%
	Net flows		396		1,060		885		1,703		1,235	211.9%		1,391		3,822	174.8%
	Retirement Plan Services
	Operating revenues	$	255	$	259	$	260	$	271	$	269	5.5%	$	765	$	800	4.6%
	Average account values		42,315		43,385		45,374		47,078		48,344	14.2%		41,472		46,948	13.2%
	Net flows		232		348		344		337		219	-5.6%		638		901	41.2%
	Life Insurance
	Operating revenues	$	1,296	$	1,297	$	1,241	$	1,284	$	1,301	0.4%	$	3,759	$	3,827	1.8%
	Average account values		36,355		36,957		37,671		38,231		38,801	6.7%		36,021		38,234	6.1%
	Average in-force face amount		583,264		587,509		592,304		597,542		604,574	3.7%		581,392		598,140	2.9%
	Net flows		685		1,148		848		889		862	25.8%		2,139		2,598	21.5%
	Group Protection
	Operating revenues	$	517	$	531	$	550	$	575	$	561	8.5%	$	1,560	$	1,685	8.0%
	Non-medical earned premiums		450		462		475		482		494	9.8%		1,322		1,451	9.8%
	Consolidated
	Operating revenues	$	2,914	$	2,956	$	2,930	$	3,049	$	3,073	5.5%	$	8,614	$	9,052	5.1%
	Average account values		170,993		175,051		182,590		188,870		193,635	13.2%		168,097		188,404	12.1%
	Net flows		1,313		2,556		2,077		2,929		2,316	76.4%		4,168		7,321	75.6%
Page 7

	Lincoln Financial Group
	Deposits, Net Flows and Account Balances By Segment
	Unaudited (millions of dollars)
			As of or For the Three Months Ended										As of or For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Deposits
	Annuities	$	2,677	$	3,539	$	3,219	$	4,181	$	3,640	36.0%	$	8,025	$	11,040	37.6%
	Retirement Plan Services		1,717		1,861		1,667		1,617		1,860	8.3%		4,519		5,144	13.8%
	Life Insurance		1,106		1,546		1,240		1,253		1,230	11.2%		3,403		3,723	9.4%
	Total deposits	$	5,500	$	6,946	$	6,126	$	7,051	$	6,730	22.4%	$	15,947	$	19,907	24.8%
	Net Flows
	Annuities	$	396	$	1,060	$	885	$	1,703	$	1,235	211.9%	$	1,391	$	3,822	174.8%
	Retirement Plan Services		232		348		344		337		219	-5.6%		638		901	41.2%
	Life Insurance		685		1,148		848		889		862	25.8%		2,139		2,598	21.5%
	Total net flows	$	1,313	$	2,556	$	2,077	$	2,929	$	2,316	76.4%	$	4,168	$	7,321	75.6%
	Account Balances as of End-of-Period
	Annuities	$	94,193	$	96,514	$	101,414	$	103,093	$	108,699	15.4%	$	94,193	$	108,699	15.4%
	Retirement Plan Services		43,103		43,931		46,442		47,097		49,309	14.4%		43,103		49,309	14.4%
	Life Insurance		36,589		37,325		38,018		38,446		39,157	7.0%		36,589		39,157	7.0%
	Total account balances	$	173,885	$	177,770	$	185,874	$	188,636	$	197,165	13.4%	$	173,885	$	197,165	13.4%
	Average Account Balances
	Annuities	$	92,323	$	94,709	$	99,545	$	103,561	$	106,490	15.3%	$	90,604	$	103,222	13.9%
	Retirement Plan Services		42,315		43,385		45,374		47,078		48,344	14.2%		41,472		46,948	13.2%
	Life Insurance		36,355		36,957		37,671		38,231		38,801	6.7%		36,021		38,234	6.1%
	Total average account balances	$	170,993	$	175,051	$	182,590	$	188,870	$	193,635	13.2%	$	168,097	$	188,404	12.1%
Page 8

	Lincoln Financial Group
	Sales By Segment
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Sales
	Annuities:
	Variable	$	2,188	$	3,019	$	2,939	$	3,917	$	3,407	55.7%	$	6,796	$	10,263	51.0%
	Fixed		489		520		280		264		233	-52.4%		1,229		777	-36.8%
	Total Annuities	$	2,677	$	3,539	$	3,219	$	4,181	$	3,640	36.0%	$	8,025	$	11,040	37.6%
	Retirement Plan Services:
	Small market	$	362	$	577	$	407	$	366	$	362	0.0%	$	1,152	$	1,135	-1.5%
	Mid - large market		1,186		1,123		1,099		1,093		1,338	12.8%		2,852		3,532	23.8%
	Multi-Fund® and other variable		169		161		161		158		160	-5.3%		515		477	-7.4%
	Total Retirement Plan Services	$	1,717	$	1,861	$	1,667	$	1,617	$	1,860	8.3%	$	4,519	$	5,144	13.8%
	Life Insurance:
	UL:
	Excluding MoneyGuard® and indexed UL	$	27	$	38	$	31	$	30	$	32	18.5%	$	109	$	92	-15.6%
	MoneyGuard®		40		47		45		48		39	-2.5%		121		133	9.9%
	Indexed UL		11		14		9		11		17	54.5%		27		37	37.0%
	Total UL		78		99		85		89		88	12.8%		257		262	1.9%
	VUL		9		30		23		32		36	300.0%		31		91	193.5%
	COLI and BOLI		9		78		26		39		15	66.7%		31		80	158.1%
	Term		16		19		16		23		24	50.0%		42		63	50.0%
	Total Life Insurance	$	112	$	226	$	150	$	183	$	163	45.5%	$	361	$	496	37.4%
	Group Protection:
	Life	$	41	$	84	$	31	$	33	$	43	4.9%	$	101	$	107	5.9%
	Disability		41		97		31		42		47	14.6%		107		120	12.1%
	Dental		15		25		9		20		17	13.3%		44		46	4.5%
	Total Group Protection	$	97	$	206	$	71	$	95	$	107	10.3%	$	252	$	273	8.3%
Page 9

	Lincoln Financial Group
	Operating Revenues and General and Administrative Expenses By Segment
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Operating Revenues
	Annuities	$	745	$	766	$	777	$	817	$	842	13.0%	$	2,210	$	2,436	10.2%
	Retirement Plan Services		255		259		260		271		269	5.5%		765		800	4.6%
	Life Insurance		1,296		1,297		1,241		1,284		1,301	0.4%		3,759		3,827	1.8%
	Group Protection		517		531		550		575		561	8.5%		1,560		1,685	8.0%
	Other Operations		101		103		102		102		100	-1.0%		320		304	-5.0%
	Total	$	2,914	$	2,956	$	2,930	$	3,049	$	3,073	5.5%	$	8,614	$	9,052	5.1%
	General and Administrative Expenses,
	Net of Amounts Capitalized
	Annuities	$	103	$	118	$	97	$	101	$	106	2.9%	$	307	$	303	-1.3%
	Retirement Plan Services		73		86		66		72		71	-2.7%		211		209	-0.9%
	Life Insurance		105		113		98		103		105	0.0%		315		306	-2.9%
	Group Protection		57		63		55		63		61	7.0%		162		179	10.5%
	Other Operations		24		23		26		32		7	-70.8%		70		66	-5.7%
	Total	$	362	$	403	$	342	$	371	$	350	-3.3%	$	1,065	$	1,063	-0.2%
	General and Administrative Expenses,
	Net of Amounts Capitalized, As a %
	of Operating Revenues
	Annuities		13.9%		15.4%		12.4%		12.3%		12.6%			13.9%		12.4%
	Retirement Plan Services		28.7%		33.1%		25.6%		26.6%		26.2%			27.5%		26.1%
	Life Insurance		8.1%		8.7%		7.9%		8.0%		8.1%			8.4%		8.0%
	Group Protection		11.0%		11.9%		10.0%		11.0%		10.9%			10.4%		10.6%
	Other Operations		24.8%		21.1%		25.7%		32.4%		6.3%			21.7%		21.5%
	Total		12.4%		13.6%		11.7%		12.2%		11.4%			12.4%		11.7%
Page 10

	Lincoln Financial Group
	Operating Commissions and Other Expenses
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Operating Commissions and
	Other Expenses Incurred
	General and administrative expenses	$	405	$	467	$	395	$	426	$	406	0.2%	$	1,199	$	1,228	2.4%
	Commissions		454		551		514		570		564	24.2%		1,369		1,648	20.4%
	Media expenses		16		17		15		15		15	-6.3%		49		45	-8.2%
	Taxes, licenses and fees		70		58		67		52		70	0.0%		187		189	1.1%
	Interest and debt expense		68		65		64		65		67	-1.5%		203		196	-3.4%
	Expenses associated with reserve financing
	and unrelated letters of credit		14		15		16		16		16	14.3%		40		48	20.0%
	Total operating commissions and other
	expenses incurred		1,027		1,173		1,071		1,144		1,138	10.8%		3,047		3,354	10.1%
	Less Amounts Capitalized
	General and administrative expenses		(43)		(64)		(53)		(55)		(56)	-30.2%		(134)		(165)	-23.1%
	Commissions		(242)		(328)		(280)		(339)		(321)	-32.6%		(741)		(940)	-26.9%
	Taxes, licenses and fees		(8)		(12)		(10)		(10)		(7)	12.5%		(27)		(27)	0.0%
	Total amounts capitalized		(293)		(404)		(343)		(404)		(384)	-31.1%		(902)		(1,132)	-25.5%
	Total expenses incurred, net of amounts
	capitalized, excluding amortization		734		769		728		740		754	2.7%		2,145		2,222	3.6%
	Amortization
	Amortization of DAC and VOBA		376		245		227		221		239	-36.4%		780		687	-11.9%
	Amortization of intangibles		1		1		1		1		1	0.0%		3		3	0.0%
	Total amortization		377		246		228		222		240	-36.3%		783		690	-11.9%
	Total operating commissions and
	other expenses	$	1,111	$	1,015	$	956	$	962	$	994	-10.5%	$	2,928	$	2,912	-0.5%
Page 11

	Lincoln Financial Group
	Interest Rate Yields and Spreads By Segment
	Unaudited
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Annuities
	Investments on reserves, excluding alternative		4.93%		4.80%		4.78%		4.66%		4.54%	(39)		4.97%		4.66%	(31)
	Prepayment and make whole premiums		0.04%		0.08%		0.09%		0.37%		0.10%	6		0.05%		0.19%	14
	Net investment income yield on reserves		4.97%		4.88%		4.87%		5.03%		4.64%	(33)		5.02%		4.85%	(17)
	Interest rate credited to contract holders		2.94%		2.79%		2.77%		2.85%		2.86%	(8)		3.04%		2.83%	(21)
	Interest rate spread		2.03%		2.09%		2.10%		2.18%		1.78%	(25)		1.98%		2.02%	4
	Retirement Plan Services
	Investments on reserves, excluding alternative		5.23%		5.04%		5.02%		5.01%		4.97%	(26)		5.28%		5.00%	(28)
	Prepayment and make whole premiums		0.01%		0.07%		0.10%		0.24%		0.18%	17		0.02%		0.17%	15
	Alternative investments		0.00%		0.00%		0.00%		0.00%		0.00%	-		0.01%		0.00%	(1)
	Net investment income yield on reserves		5.24%		5.11%		5.12%		5.25%		5.15%	(9)		5.31%		5.17%	(14)
	Interest rate credited to contract holders		3.22%		3.16%		3.14%		3.11%		3.12%	(10)		3.22%		3.12%	(10)
	Interest rate spread		2.02%		1.95%		1.98%		2.14%		2.03%	1		2.09%		2.05%	(4)
	Life Insurance
	Attributable to interest-sensitive products:
	Investments on reserves, excluding alternative		5.65%		5.65%		5.60%		5.57%		5.54%	(11)		5.75%		5.58%	(17)
	Prepayment and make whole premiums		0.02%		0.13%		0.03%		0.15%		0.08%	6		0.04%		0.09%	5
	Alternative investments		0.03%		0.29%		0.00%		0.18%		0.14%	11		0.12%		0.10%	(2)
	Net investment income yield on reserves		5.70%		6.07%		5.63%		5.90%		5.76%	6		5.91%		5.77%	(14)
	Interest rate credited to contract holders		3.94%		3.99%		3.92%		3.92%		3.93%	(1)		3.95%		3.92%	(3)
	Interest rate spread		1.76%		2.08%		1.71%		1.98%		1.83%	7		1.96%		1.85%	(11)
	Attributable to traditional products:
	Investments on reserves, excluding alternative		5.73%		5.67%		5.70%		5.60%		5.57%	(16)		5.75%		5.63%	(12)
	Prepayment and make whole premiums		0.00%		0.48%		0.05%		0.12%		0.03%	3		0.01%		0.07%	6
	Alternative investments		0.00%		0.00%		0.00%		0.00%		0.00%	-		0.01%		0.00%	(1)
	Net investment income yield on reserves		5.73%		6.15%		5.75%		5.72%		5.60%	(13)		5.77%		5.70%	(7)
Page 12

	Lincoln Financial Group
	Select Investment Data
	Unaudited (millions of dollars)
								As of 9/30/12					As of 12/31/12				As of 9/30/13
								Amount				%	Amount			%	Amount			%
	AFS and Trading Securities, at Fair Value
	AFS securities:
	Corporate bonds								$	66,476		78.5%	$	68,016		79.6%	$	68,525		82.2%
	U.S. government bonds									508		0.6%		442		0.5%		368		0.5%
	Foreign government bonds									661		0.8%		654		0.8%		576		0.7%
	Mortgage-backed securities									7,863		9.3%		7,174		8.4%		5,445		6.5%
	Asset-backed collateralized debt obligations									147		0.2%		180		0.2%		194		0.2%
	State and municipal bonds									4,338		5.1%		4,353		5.1%		3,976		4.8%
	Hybrid and redeemable preferred securities									1,186		1.4%		1,217		1.4%		1,051		1.3%
	VIEs' fixed maturity securities									706		0.8%		708		0.8%		699		0.8%
	Equity securities									156		0.2%		157		0.2%		185		0.2%
	Total AFS securities									82,041		96.9%		82,901		97.0%		81,019		97.2%
	Trading securities									2,650		3.1%		2,554		3.0%		2,354		2.8%
	Total AFS and trading securities								$	84,691		100.0%	$	85,455		100.0%	$	83,373		100.0%
	AFS and Trading Securities, at Amortized Cost
	Fixed maturity securities								$	74,664		99.8%	$	75,520		99.8%	$	78,611		99.8%
	Equity securities									144		0.2%		139		0.2%		165		0.2%
	Total AFS and trading securities								$	74,808		100.0%	$	75,659		100.0%	$	78,776		100.0%
	% of Fixed Maturity AFS Securities, at Amortized Cost
	Investment grade											94.8%				94.5%				94.8%
	Below investment grade											5.2%				5.5%				5.2%
		For the Three Months Ended													For the Nine Months Ended
		09/30/12		12/31/12		03/31/13			06/30/13		9/30/13		Change		09/30/12		9/30/13		Change
	Net Investment Income	$	1,146	$	1,190	$	1,150		$	1,213	$	1,180		3.0%	$	3,509	$	3,543		1.0%
	Average Invested Assets, at Amortized Cost		85,802		86,498		87,690			89,009		89,910		4.8%		84,881		88,870		4.7%
	Net Investment Income Yield		5.34%		5.50%		5.25%			5.45%		5.25%		(9)		5.51%		5.32%		(19)
Page 13

	Lincoln Financial Group
	Realized Gain (Loss) and Benefit Ratio Unlocking, After-DAC
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Realized Gain (Loss), Pre-Tax
	Total operating realized gain (loss)	$	31	$	30	$	32	$	34	$	37	19.4%	$	83	$	103	24.1%
	Total excluded realized gain (loss)		39		17		(91)		(51)		(65)	NM		(55)		(208)	NM
	Total realized gain (loss), pre-tax	$	70	$	47	$	(59)	$	(17)	$	(28)	NM	$	28	$	(105)	NM
	Realized Gain (Loss) Net of Benefit Ratio
	Unlocking, After-Tax
	Realized gain (loss) related to investments	$	3	$	(2)	$	(4)	$	(22)	$	(7)	NM	$	(35)	$	(34)	2.9%
	Variable annuity net derivative results:
	Hedge program performance, including unlocking
	for GLB reserves hedged		99		18		1		5		6	-93.9%		81		13	-84.0%
	GLB non-performance risk component		(61)		(5)		(35)		(16)		(22)	63.9%		(60)		(73)	-21.7%
	Total variable annuity net derivative results		38		13		(34)		(11)		(16)	NM		21		(60)	NM
	Indexed annuity forward-starting option		(6)		2		(8)		(2)		(7)	-16.7%		3		(16)	NM
	Excluded realized gain (loss) net of
	benefit ratio unlocking, after-tax	$	35	$	13	$	(46)	$	(35)	$	(30)	NM	$	(11)	$	(110)	NM
	Components of Realized Gain (Loss)
	Related to Investments, After-Tax
	OTTI	$	(21)	$	(27)	$	(9)	$	(12)	$	(12)	40.6%	$	(73)	$	(34)	53.6%
	Other realized gain (loss) related to
	certain investments		(14)		2		(1)		(4)		(9)	39.1%		(26)		(14)	45.8%
	Gain (loss) on the mark-to-market
	on certain instruments		38		23		6		(6)		14	-63.2%		64		14	-78.1%
	Total realized gain (loss) related
	to investments, after-tax	$	3	$	(2)	$	(4)	$	(22)	$	(7)	NM	$	(35)	$	(34)	2.9%
Page 14

	Lincoln Financial Group
	Select Liquidity and Rating Agency Data
	Unaudited (millions of dollars)
		As of
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change
	Leverage Ratio
	Short-term debt	$	200	$	200	$	706	$	506	$	503	151.5%
	Long-term debt		5,494		5,439		4,889		5,050		5,365	-2.3%
	Total debt		5,694		5,639		5,595		5,556		5,868	3.1%
	Less:
	Long-term operating debt (1)		1,122		1,122		1,122		1,122		1,122	0.0%
	75% of capital securities		908		908		908		908		908	0.0%
	Carrying value of fair value hedges		307		269		227		139		105	-65.8%
	Total numerator	$	3,357	$	3,340	$	3,338	$	3,387	$	3,733	11.2%
	Stockholders' equity, excluding AOCI	$	10,970	$	11,165	$	11,281	$	11,424	$	11,639	6.1%
	Total debt		5,694		5,639		5,595		5,556		5,868	3.1%
	Total denominator	$	16,664	$	16,804	$	16,876	$	16,980	$	17,507	5.1%
	Leverage ratio		20.1%		19.9%		19.8%		19.9%		21.3%
	Holding Company Available Liquidity	$	618	$	706	$	647	$	693	$	1,041	68.4%
							Ratings as of October 30, 2013
												Standard
							A.M. Best		Fitch		Moody's	& Poor's
	Senior Debt Ratings						a-		BBB+		Baa1	A-
	Financial Strength Ratings
	Lincoln National Life Insurance Company						A+		A+		A1	AA-
	First Penn-Pacific Life Insurance Company						A		A+		A1	A-
	Lincoln Life & Annuity Company of New York						A+		A+		A1	AA-
	(1) We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a long-term structured solution to reduce the strain
	on increasing statutory reserves associated with secondary guarantee UL and term policies and the senior note issued in September 2008 by our primary insurance subsidiary.
Page 15

	Lincoln Financial Group
	Annuities - Select Earnings and Operational Data
	Unaudited (millions of dollars)
		As of or For the Three Months Ended											As of or For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Income (Loss) from Operations
	Operating revenues:
	Insurance premiums	$	29	$	34	$	33	$	24	$	30	3.4%	$	64	$	87	35.9%
	Fee income		332		351		369		391		417	25.6%		980		1,178	20.2%
	Net investment income		268		263		257		273		254	-5.2%		819		784	-4.3%
	Operating realized gain (loss)		30		31		31		33		36	20.0%		82		100	22.0%
	Other revenues		86		87		87		96		105	22.1%		265		287	8.3%
	Total operating revenues		745		766		777		817		842	13.0%		2,210		2,436	10.2%
	Operating expenses:
	Interest credited		146		153		153		157		153	4.8%		480		463	-3.5%
	Benefits		131		55		65		62		78	-40.5%		226		206	-8.8%
	Commissions incurred		203		245		229		274		250	23.2%		588		754	28.2%
	Other expenses incurred		190		212		194		202		213	12.1%		573		610	6.5%
	Amounts capitalized		(138)		(182)		(163)		(213)		(181)	-31.2%		(411)		(558)	-35.8%
	Amortization		40		97		105		92		90	125.0%		224		286	27.7%
	Total operating expenses		572		580		583		574		603	5.4%		1,680		1,761	4.8%
	Income (loss) from operations before taxes		173		186		194		243		239	38.2%		530		675	27.4%
	Federal income tax expense (benefit)		34		24		35		48		41	20.6%		97		124	27.8%
	Income (loss) from operations	$	139	$	162	$	159	$	195	$	198	42.4%	$	433	$	551	27.3%
	Effective Federal Income Tax Rate		19.6%		12.7%		18.0%		19.8%		17.2%			18.4%		18.4%
	Average Equity, Excluding Goodwill and AOCI	$	3,110	$	3,053	$	2,977	$	2,978	$	3,009	-3.2%	$	3,054	$	2,988	-2.2%
	ROE, Excluding Goodwill		17.9%		21.2%		21.3%		26.1%		26.3%			19.0%		24.6%
	Return on Average Account Values		60		68		64		75		74	14		63		71	8
	Account Values
	Separate account values:
	Average	$	71,535	$	73,804	$	78,489	$	82,301	$	85,151	19.0%	$	69,926	$	82,005	17.3%
	End-of-period		73,401		75,501		80,312		81,764		87,415	19.1%		73,401		87,415	19.1%
	General account values:
	Average		20,788		20,905		21,056		21,260		21,339	2.7%		20,678		21,217	2.6%
	End-of-period		20,792		21,013		21,102		21,329		21,284	2.4%		20,792		21,284	2.4%
Page 16

	Lincoln Financial Group
	Retirement Plan Services - Select Earnings and Operational Data
	Unaudited (millions of dollars)
		As of or For the Three Months Ended											As of or For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Income (Loss) from Operations
	Operating revenues:
	Fee income	$	53	$	54	$	56	$	58	$	59	11.3%	$	158	$	172	8.9%
	Net investment income		199		201		202		211		207	4.0%		598		620	3.7%
	Other revenues		3		4		2		2		3	0.0%		9		8	-11.1%
	Total operating revenues		255		259		260		271		269	5.5%		765		800	4.6%
	Operating expenses:
	Interest credited		114		115		117		117		118	3.5%		337		351	4.2%
	Benefits		-		-		-		-		-	NM		-		1	NM
	Commissions incurred		17		19		18		18		18	5.9%		52		54	3.8%
	Other expenses incurred		81		93		77		79		78	-3.7%		236		234	-0.8%
	Amounts capitalized		(9)		(10)		(9)		(7)		(7)	22.2%		(28)		(23)	17.9%
	Amortization		13		10		9		10		18	38.5%		33		37	12.1%
	Total operating expenses		216		227		212		217		225	4.2%		630		654	3.8%
	Income (loss) from operations before taxes		39		32		48		54		44	12.8%		135		146	8.1%
	Federal income tax expense (benefit)		10		4		13		15		11	10.0%		34		38	11.8%
	Income (loss) from operations	$	29	$	28	$	35	$	39	$	33	13.8%	$	101	$	108	6.9%
	Effective Federal Income Tax Rate		26.0%		13.0%		27.2%		27.1%		24.1%			25.1%		26.2%
	Average Equity, Excluding Goodwill and AOCI	$	1,031	$	941	$	908	$	970	$	983	-4.7%	$	981	$	954	-2.8%
	ROE, Excluding Goodwill		11.2%		12.0%		15.5%		16.2%		13.5%			13.8%		15.1%
	Return on Average Account Values		27		26		31		33		27	-		33		31	(2)
	Account Values
	Separate account values:
	Average	$	13,558	$	13,536	$	13,970	$	14,311	$	14,481	6.8%	$	13,507	$	14,256	5.5%
	End-of-period		13,788		13,466		14,233		14,084		14,556	5.6%		13,788		14,556	5.6%
	Mutual fund account values:
	Average		14,631		15,404		16,595		17,797		18,741	28.1%		14,047		17,724	26.2%
	End-of-period		15,073		15,747		17,313		17,978		19,534	29.6%		15,073		19,534	29.6%
	General account values:
	Average		14,126		14,445		14,809		14,970		15,122	7.1%		13,918		14,968	7.5%
	End-of-period		14,242		14,718		14,896		15,035		15,219	6.9%		14,242		15,219	6.9%
Page 17

	Lincoln Financial Group
	Life Insurance - Select Earnings and Operational Data
	Unaudited (millions of dollars)
			As of or For the Three Months Ended										As of or For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Income (Loss) from Operations
	Operating revenues:
	Insurance premiums	$	103	$	116	$	113	$	119	$	125	21.4%	$	326	$	357	9.5%
	Fee income		605		551		533		534		556	-8.1%		1,639		1,622	-1.0%
	Net investment income		578		624		585		625		615	6.4%		1,773		1,825	2.9%
	Operating realized gain (loss)		1		(1)		2		-		1	0.0%		1		3	200.0%
	Other revenues		9		7		8		6		4	-55.6%		20		20	0.0%
	Total operating revenues		1,296		1,297		1,241		1,284		1,301	0.4%		3,759		3,827	1.8%
	Operating expenses:
	Interest credited		320		316		320		325		329	2.8%		945		973	3.0%
	Benefits		295		486		505		500		476	61.4%		1,238		1,482	19.7%
	Commissions incurred		115		161		139		146		157	36.5%		371		442	19.1%
	Other expenses incurred		168		178		169		168		183	8.9%		510		521	2.2%
	Amounts capitalized		(131)		(181)		(157)		(166)		(175)	-33.6%		(420)		(498)	-18.6%
	Amortization		313		124		98		110		121	-61.3%		490		329	-32.9%
	Total operating expenses		1,080		1,084		1,074		1,083		1,091	1.0%		3,134		3,249	3.7%
	Income (loss) from operations before taxes		216		213		167		201		210	-2.8%		625		578	-7.5%
	Federal income tax expense (benefit)		64		66		55		66		70	9.4%		198		191	-3.5%
	Income (loss) from operations	$	152	$	147	$	112	$	135	$	140	-7.9%	$	427	$	387	-9.4%
	Effective Federal Income Tax Rate		29.7%		30.8%		32.9%		33.0%		33.4%			31.7%		33.1%
	Average Equity, Excluding Goodwill and AOCI	$	5,879	$	5,919	$	5,998	$	6,125	$	6,196	5.4%	$	5,780	$	6,106	5.6%
	ROE, Excluding Goodwill		10.3%		10.0%		7.5%		8.8%		9.1%			9.9%		8.4%
	Average Account Values	$	36,355	$	36,957	$	37,671	$	38,231	$	38,801	6.7%	$	36,021	$	38,234	6.1%
	In-Force Face Amount
	UL and other	$	308,470	$	311,235	$	311,588	$	314,093	$	315,742	2.4%	$	308,470	$	315,742	2.4%
	Term insurance		275,992		279,322		282,463		286,939		292,375	5.9%		275,992		292,375	5.9%
	Total in-force face amount	$	584,462	$	590,557	$	594,051	$	601,032	$	608,117	4.0%	$	584,462	$	608,117	4.0%
Page 18

	Lincoln Financial Group
	Group Protection - Select Earnings and Operational Data
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Income (Loss) from Operations
	Operating revenues:
	Insurance premiums	$	473	$	487	$	508	$	531	$	516	9.1%	$	1,431	$	1,555	8.7%
	Net investment income		41		41		39		42		41	0.0%		121		122	0.8%
	Other revenues		3		3		3		2		4	33.3%		8		8	0.0%
	Total operating revenues		517		531		550		575		561	8.5%		1,560		1,685	8.0%
	Operating expenses:
	Interest credited		1		1		1		1		1	0.0%		3		2	-33.3%
	Benefits		360		367		384		397		382	6.1%		1,078		1,163	7.9%
	Commissions incurred		55		61		63		62		62	12.7%		162		187	15.4%
	Other expenses incurred		82		99		80		90		90	9.8%		237		259	9.3%
	Amounts capitalized		(15)		(31)		(15)		(18)		(20)	-33.3%		(43)		(53)	-23.3%
	Amortization		10		14		15		9		10	0.0%		33		34	3.0%
	Total operating expenses		493		511		528		541		525	6.5%		1,470		1,592	8.3%
	Income (loss) from operations before taxes		24		20		22		34		36	50.0%		90		93	3.3%
	Federal income tax expense (benefit)		8		7		8		12		13	62.5%		31		33	6.5%
	Income (loss) from operations	$	16	$	13	$	14	$	22	$	23	43.8%	$	59	$	60	1.7%
	Effective Federal Income Tax Rate		34.2%		34.9%		35.0%		35.0%		35.0%			35.1%		35.0%
	Average Equity, Excluding Goodwill and AOCI	$	955	$	992	$	1,036	$	1,062	$	1,083	13.4%	$	929	$	1,060	14.1%
	ROE, Excluding Goodwill		6.5%		5.3%		5.6%		8.4%		8.6%			8.4%		7.6%
	Loss Ratios by Product Line
	Life		76.8%		72.3%		80.1%		77.1%		74.2%			76.7%		77.1%
	Disability		76.3%		77.9%		69.1%		70.1%		73.2%			72.0%		70.8%
	Dental		69.0%		70.8%		77.4%		74.1%		71.5%			75.7%		74.3%
	Total non-medical		75.7%		74.7%		74.8%		73.5%		73.4%			74.4%		73.9%
	Medical		85.4%		86.7%		89.3%		88.8%		88.3%			88.1%		88.8%
Page 19

	Lincoln Financial Group
	Other Operations and Discontinued Operations - Select Earnings and Operational Data
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Other Operations
	Operating revenues:
	Insurance premiums	$	-	$	-	$	-	$	-	$	-	NM	$	4	$	1	-75.0%
	Net investment income		61		61		66		63		63	3.3%		198		192	-3.0%
	Amortization of deferred gain on
	business sold through reinsurance		18		18		18		18		18	0.0%		54		54	0.0%
	Media revenues		21		21		17		19		18	-14.3%		59		53	-10.2%
	Other revenues		1		3		1		2		1	0.0%		5		4	-20.0%
	Total operating revenues		101		103		102		102		100	-1.0%		320		304	-5.0%
	Operating expenses:
	Interest credited		30		32		27		28		26	-13.3%		91		82	-9.9%
	Benefits		43		32		27		29		29	-32.6%		105		85	-19.0%
	Media expenses		16		17		15		15		15	-6.3%		49		45	-8.2%
	Commissions and other expenses		33		24		25		26		5	-84.8%		69		56	-18.8%
	Interest and debt expenses		68		65		64		65		67	-1.5%		203		196	-3.4%
	Total operating expenses		190		170		158		163		142	-25.3%		517		464	-10.3%
	Income (loss) from operations before taxes		(89)		(67)		(56)		(61)		(42)	52.8%		(197)		(160)	18.8%
	Federal income tax expense (benefit)		(115)		(27)		(21)		(21)		(15)	87.0%		(151)		(56)	62.9%
	Income (loss) from operations	$	26	$	(40)	$	(35)	$	(40)	$	(27)	NM	$	(46)	$	(104)	NM
	Discontinued Operations
	Gain (loss) on disposal before taxes	$	-	$	-	$	-	$	-	$	-	NM	$	(1)	$	-	100.0%
	Federal income tax expense (benefit)		(28)		-		-		-		-	100.0%		(28)		-	100.0%
	Gain (loss) on disposal	$	28	$	-	$	-	$	-	$	-	-100.0%	$	27	$	-	-100.0%
Page 20

	Lincoln Financial Group
	Consolidated - DAC, VOBA, DSI and DFEL Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	DAC and VOBA
	Balance as of beginning-of-period	$	6,505	$	5,813	$	6,667	$	6,936	$	8,214	26.3%	$	6,776	$	6,667	-1.6%
	Business sold through reinsurance		2		-		-		-		2	0.0%		2		2	0.0%
	Deferrals		293		404		343		404		384	31.1%		902		1,132	25.5%
	Operating amortization		(376)		(245)		(227)		(221)		(239)	36.4%		(780)		(687)	11.9%
	Deferrals, net of operating amortization		(83)		159		116		183		145	274.7%		122		445	264.8%
	Amortization associated with benefit ratio unlocking		(2)		-		(2)		1		(3)	-50.0%		(5)		(4)	20.0%
	Adjustment related to realized (gains) losses		(30)		(16)		4		(11)		(7)	76.7%		(45)		(14)	68.9%
	Adjustment related to unrealized (gains) losses		(579)		711		151		1,105		149	125.7%		(1,037)		1,404	235.4%
	Balance as of end-of-period	$	5,813	$	6,667	$	6,936	$	8,214	$	8,500	46.2%	$	5,813	$	8,500	46.2%
	DSI
	Balance as of beginning-of-period	$	260	$	252	$	253	$	249	$	266	2.3%	$	271	$	253	-6.6%
	Deferrals		11		9		3		3		2	-81.8%		30		7	-76.7%
	Operating amortization		3		(12)		(12)		(9)		(2)	NM		(19)		(23)	-21.1%
	Deferrals, net of operating amortization		14		(3)		(9)		(6)		-	-100.0%		11		(16)	NM
	Amortization associated with benefit ratio unlocking		-		-		-		-		-	NM		(1)		(1)	0.0%
	Adjustment related to realized (gains) losses		(4)		(3)		-		(1)		-	100.0%		(5)		(1)	80.0%
	Adjustment related to unrealized (gains) losses		(18)		7		5		24		1	105.6%		(24)		32	233.3%
	Balance as of end-of-period	$	252	$	253	$	249	$	266	$	267	6.0%	$	252	$	267	6.0%
	DFEL
	Balance as of beginning-of-period	$	1,261	$	1,001	$	1,373	$	1,351	$	1,819	44.3%	$	1,369	$	1,373	0.3%
	Deferrals		78		92		83		81		75	-3.8%		256		239	-6.6%
	Operating amortization		(130)		(61)		(55)		(44)		(68)	47.7%		(222)		(167)	24.8%
	Deferrals, net of operating amortization		(52)		31		28		37		7	113.5%		34		72	111.8%
	Amortization associated with benefit ratio unlocking		(1)		-		-		-		-	100.0%		(1)		(1)	0.0%
	Adjustment related to realized (gains) losses		(12)		(4)		1		(1)		(1)	91.7%		(12)		(2)	83.3%
	Adjustment related to unrealized (gains) losses		(195)		345		(51)		432		36	118.5%		(389)		419	207.7%
	Balance as of end-of-period	$	1,001	$	1,373	$	1,351	$	1,819	$	1,861	85.9%	$	1,001	$	1,861	85.9%
Page 21

	Lincoln Financial Group
	Annuities - DAC, VOBA, DSI and DFEL Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	DAC and VOBA
	Balance as of beginning-of-period	$	1,940	$	1,910	$	2,092	$	2,196	$	2,507	29.2%	$	1,912	$	2,092	9.4%
	Deferrals		138		182		164		213		182	31.9%		411		558	35.8%
	Operating amortization		(40)		(97)		(105)		(92)		(90)	NM		(224)		(286)	-27.7%
	Deferrals, net of operating amortization		98		85		59		121		92	-6.1%		187		272	45.5%
	Amortization associated with benefit ratio unlocking		(2)		-		(2)		1		(3)	-50.0%		(5)		(4)	20.0%
	Adjustment related to realized (gains) losses		(32)		(15)		8		(9)		(3)	90.6%		(48)		(4)	91.7%
	Adjustment related to unrealized (gains) losses		(94)		112		39		198		16	117.0%		(136)		253	286.0%
	Balance as of end-of-period	$	1,910	$	2,092	$	2,196	$	2,507	$	2,609	36.6%	$	1,910	$	2,609	36.6%
	DSI
	Balance as of beginning-of-period	$	258	$	250	$	249	$	246	$	262	1.6%	$	269	$	249	-7.4%
	Deferrals		11		7		2		2		2	-81.8%		30		7	-76.7%
	Operating amortization		3		(12)		(11)		(9)		(5)	NM		(19)		(26)	-36.8%
	Deferrals, net of operating amortization		14		(5)		(9)		(7)		(3)	NM		11		(19)	NM
	Amortization associated with benefit ratio unlocking		-		-		-		-		-	NM		(1)		-	100.0%
	Adjustment related to realized (gains) losses		(4)		(3)		-		(1)		-	100.0%		(5)		(1)	80.0%
	Adjustment related to unrealized (gains) losses		(18)		7		6		24		2	111.1%		(24)		32	233.3%
	Balance as of end-of-period	$	250	$	249	$	246	$	262	$	261	4.4%	$	250	$	261	4.4%
	DFEL
	Balance as of beginning-of-period	$	265	$	258	$	258	$	261	$	262	-1.1%	$	263	$	258	-1.9%
	Deferrals		5		6		5		6		7	40.0%		18		19	5.6%
	Operating amortization		2		(5)		(5)		(4)		(5)	NM		(7)		(14)	-100.0%
	Deferrals, net of operating amortization		7		1		-		2		2	-71.4%		11		5	-54.5%
	Amortization associated with benefit ratio unlocking		(1)		-		-		-		-	100.0%		(1)		(1)	0.0%
	Adjustment related to realized (gains) losses		(12)		(4)		2		(2)		(1)	91.7%		(13)		(1)	92.3%
	Adjustment related to unrealized (gains) losses		(1)		3		1		1		-	100.0%		(2)		2	200.0%
	Balance as of end-of-period	$	258	$	258	$	261	$	262	$	263	1.9%	$	258	$	263	1.9%
Page 22

	Lincoln Financial Group
	Retirement Plan Services, Life Insurance and Group Protection - DAC, VOBA and DFEL Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	DAC and VOBA - Retirement Plan Services
	Balance as of beginning-of-period	$	145	$	108	$	102	$	69	$	162	11.7%	$	183	$	102	-44.3%
	Deferrals		9		10		9		7		7	-22.2%		28		23	-17.9%
	Operating amortization		(13)		(10)		(9)		(10)		(18)	-38.5%		(33)		(37)	-12.1%
	Deferrals, net of operating amortization		(4)		-		-		(3)		(11)	NM		(5)		(14)	NM
	Adjustment related to unrealized (gains) losses		(33)		(6)		(33)		96		9	127.3%		(70)		72	202.9%
	Balance as of end-of-period	$	108	$	102	$	69	$	162	$	160	48.1%	$	108	$	160	48.1%
	DAC and VOBA - Life Insurance
	Balance as of beginning-of-period	$	4,251	$	3,620	$	4,281	$	4,480	$	5,344	25.7%	$	4,516	$	4,281	-5.2%
	Business sold through reinsurance		2		-		-		-		2	0.0%		2		2	0.0%
	Deferrals		131		182		157		166		175	33.6%		420		498	18.6%
	Operating amortization		(313)		(124)		(98)		(110)		(121)	61.3%		(490)		(329)	32.9%
	Deferrals, net of operating amortization		(182)		58		59		56		54	129.7%		(70)		169	NM
	Adjustment related to realized (gains) losses		1		(1)		(4)		(1)		(4)	NM		3		(10)	NM
	Adjustment related to unrealized (gains) losses		(452)		604		144		809		124	127.4%		(831)		1,078	229.7%
	Balance as of end-of-period	$	3,620	$	4,281	$	4,480	$	5,344	$	5,520	52.5%	$	3,620	$	5,520	52.5%
	DFEL - Life Insurance
	Balance as of beginning-of-period	$	997	$	742	$	1,115	$	1,090	$	1,556	56.1%	$	1,106	$	1,115	0.8%
	Deferrals		73		87		77		75		68	-6.8%		238		220	-7.6%
	Operating amortization		(132)		(57)		(49)		(40)		(63)	52.3%		(216)		(152)	29.6%
	Deferrals, net of operating amortization		(59)		30		28		35		5	108.5%		22		68	209.1%
	Adjustment related to realized (gains) losses		-		-		(1)		-		(1)	NM		-		(2)	NM
	Adjustment related to unrealized (gains) losses		(196)		343		(52)		431		37	118.9%		(386)		416	207.8%
	Balance as of end-of-period	$	742	$	1,115	$	1,090	$	1,556	$	1,597	115.2%	$	742	$	1,597	115.2%
	DAC and VOBA - Group Protection
	Balance as of beginning-of-period	$	170	$	175	$	192	$	192	$	201	18.2%	$	165	$	192	16.4%
	Deferrals		15		31		15		18		20	33.3%		43		53	23.3%
	Operating amortization		(10)		(14)		(15)		(9)		(10)	0.0%		(33)		(34)	-3.0%
	Deferrals, net of operating amortization		5		17		-		9		10	100.0%		10		19	90.0%
	Balance as of end-of-period	$	175	$	192	$	192	$	201	$	211	20.6%	$	175	$	211	20.6%
Page 23

	Lincoln Financial Group
	Annuities - Account Value Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Fixed Annuities
	Balance as of beginning-of-period	$	18,273	$	18,347	$	18,438	$	18,539	$	18,494	1.2%	$	18,106	$	18,439	1.8%
	Gross deposits		489		520		280		264		233	-52.4%		1,229		777	-36.8%
	Withdrawals and deaths		(599)		(571)		(435)		(462)		(462)	22.9%		(1,541)		(1,360)	11.7%
	Net flows		(110)		(51)		(155)		(198)		(229)	NM		(312)		(583)	-86.9%
	Reinvested interest credited		173		135		254		150		190	9.8%		523		594	13.6%
	Sales inducements deferred		11		7		2		3		2	-81.8%		30		7	-76.7%
	Balance as of end-of-period, gross		18,347		18,438		18,539		18,494		18,457	0.6%		18,347		18,457	0.6%
	Reinsurance ceded		(849)		(830)		(811)		(796)		(779)	8.2%		(849)		(779)	8.2%
	Balance as of end-of-period, net	$	17,498	$	17,608	$	17,728	$	17,698	$	17,678	1.0%	$	17,498	$	17,678	1.0%
	Variable Annuities
	Balance as of beginning-of-period	$	72,976	$	76,696	$	78,906	$	83,687	$	85,395	17.0%	$	68,330	$	78,906	15.5%
	Gross deposits		2,188		3,019		2,939		3,917		3,407	55.7%		6,796		10,263	51.0%
	Withdrawals and deaths		(1,682)		(1,908)		(1,899)		(2,016)		(1,943)	-15.5%		(5,093)		(5,858)	-15.0%
	Net flows		506		1,111		1,040		1,901		1,464	189.3%		1,703		4,405	158.7%
	Change in market value and reinvestment		3,214		1,099		3,741		(193)		4,162	29.5%		6,663		7,710	15.7%
	Balance as of end-of-period, gross		76,696		78,906		83,687		85,395		91,021	18.7%		76,696		91,021	18.7%
	Reinsurance ceded		(1)		-		(1)		-		-	100.0%		(1)		-	100.0%
	Balance as of end-of-period, net	$	76,695	$	78,906	$	83,686	$	85,395	$	91,021	18.7%	$	76,695	$	91,021	18.7%
	Total
	Balance as of beginning-of-period	$	91,249	$	95,043	$	97,344	$	102,226	$	103,889	13.9%	$	86,436	$	97,345	12.6%
	Gross deposits		2,677		3,539		3,219		4,181		3,640	36.0%		8,025		11,040	37.6%
	Withdrawals and deaths		(2,281)		(2,479)		(2,334)		(2,478)		(2,405)	-5.4%		(6,634)		(7,218)	-8.8%
	Net flows		396		1,060		885		1,703		1,235	211.9%		1,391		3,822	174.8%
	Change in market value and reinvestment		3,387		1,234		3,995		(43)		4,352	28.5%		7,186		8,304	15.6%
	Sales inducements deferred		11		7		2		3		2	-81.8%		30		7	-76.7%
	Balance as of end-of-period, gross		95,043		97,344		102,226		103,889		109,478	15.2%		95,043		109,478	15.2%
	Reinsurance ceded		(850)		(830)		(812)		(796)		(779)	8.4%		(850)		(779)	8.4%
	Balance as of end-of-period, net	$	94,193	$	96,514	$	101,414	$	103,093	$	108,699	15.4%	$	94,193	$	108,699	15.4%
Page 24

	Lincoln Financial Group
	Retirement Plan Services - Account Value Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Small Market
	Balance as of beginning-of-period	$	6,470	$	6,766	$	7,001	$	7,373	$	7,377	14.0%	$	6,168	$	7,001	13.5%
	Gross deposits		362		577		407		366		362	0.0%		1,152		1,135	-1.5%
	Withdrawals and deaths		(330)		(405)		(409)		(369)		(375)	-13.6%		(1,110)		(1,153)	-3.9%
	Net flows		32		172		(2)		(3)		(13)	NM		42		(18)	NM
	Transfers between fixed and variable accounts		(5)		(22)		(14)		1		-	100.0%		(16)		(13)	18.8%
	Change in market value and reinvestment		269		85		388		6		331	23.0%		572		725	26.7%
	Balance as of end-of-period	$	6,766	$	7,001	$	7,373	$	7,377	$	7,695	13.7%	$	6,766	$	7,695	13.7%
	Mid - Large Market
	Balance as of beginning-of-period	$	19,139	$	20,293	$	21,050	$	22,776	$	23,486	22.7%	$	17,434	$	21,049	20.7%
	Gross deposits		1,186		1,123		1,099		1,093		1,338	12.8%		2,852		3,532	23.8%
	Withdrawals and deaths		(798)		(633)		(532)		(542)		(881)	-10.4%		(1,697)		(1,956)	-15.3%
	Net flows		388		490		567		551		457	17.8%		1,155		1,576	36.5%
	Transfers between fixed and variable accounts		(17)		(12)		13		7		(14)	17.6%		(24)		5	120.8%
	Change in market value and reinvestment		783		279		1,146		152		1,130	44.3%		1,728		2,429	40.6%
	Balance as of end-of-period	$	20,293	$	21,050	$	22,776	$	23,486	$	25,059	23.5%	$	20,293	$	25,059	23.5%
	Multi-Fund®and Other
	Balance as of beginning-of-period	$	15,788	$	16,044	$	15,880	$	16,293	$	16,234	2.8%	$	15,531	$	15,881	2.3%
	Gross deposits		169		161		161		158		160	-5.3%		515		477	-7.4%
	Withdrawals and deaths		(357)		(475)		(382)		(369)		(385)	-7.8%		(1,074)		(1,134)	-5.6%
	Net flows		(188)		(314)		(221)		(211)		(225)	-19.7%		(559)		(657)	-17.5%
	Change in market value and reinvestment		444		150		634		152		546	23.0%		1,072		1,331	24.2%
	Balance as of end-of-period	$	16,044	$	15,880	$	16,293	$	16,234	$	16,555	3.2%	$	16,044	$	16,555	3.2%
	Total
	Balance as of beginning-of-period	$	41,397	$	43,103	$	43,931	$	46,442	$	47,097	13.8%	$	39,133	$	43,931	12.3%
	Gross deposits		1,717		1,861		1,667		1,617		1,860	8.3%		4,519		5,144	13.8%
	Withdrawals and deaths		(1,485)		(1,513)		(1,323)		(1,280)		(1,641)	-10.5%		(3,881)		(4,243)	-9.3%
	Net flows		232		348		344		337		219	-5.6%		638		901	41.2%
	Transfers between fixed and variable accounts		(22)		(34)		(1)		8		(14)	36.4%		(40)		(8)	80.0%
	Change in market value and reinvestment		1,496		514		2,168		310		2,007	34.2%		3,372		4,485	33.0%
	Balance as of end-of-period	$	43,103	$	43,931	$	46,442	$	47,097	$	49,309	14.4%	$	43,103	$	49,309	14.4%
Page 25

	Lincoln Financial Group
	Life Insurance - Account Value Roll Forwards
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Interest-Sensitive Life
	Balance as of beginning-of-period	$	31,750	$	31,986	$	32,432	$	32,817	$	33,108	4.3%	$	31,219	$	32,432	3.9%
	Deposits		971		1,132		998		966		938	-3.4%		2,952		2,902	-1.7%
	Withdrawals and deaths		(337)		(267)		(187)		(247)		(255)	24.3%		(985)		(690)	29.9%
	Net flows		634		865		811		719		683	7.7%		1,967		2,212	12.5%
	Contract holder assessments		(712)		(737)		(743)		(748)		(752)	-5.6%		(2,134)		(2,243)	-5.1%
	Reinvested interest credited		314		318		317		320		327	4.1%		934		965	3.3%
	Balance as of end-of-period, gross		31,986		32,432		32,817		33,108		33,366	4.3%		31,986		33,366	4.3%
	Reinsurance ceded		(847)		(838)		(831)		(819)		(813)	4.0%		(847)		(813)	4.0%
	Balance as of end-of-period, net	$	31,139	$	31,594	$	31,986	$	32,289	$	32,553	4.5%	$	31,139	$	32,553	4.5%
	VUL
	Balance as of beginning-of-period	$	6,005	$	6,262	$	6,523	$	6,859	$	6,972	16.1%	$	5,687	$	6,523	14.7%
	Deposits		135		414		242		287		292	116.3%		451		821	82.0%
	Withdrawals and deaths		(84)		(131)		(205)		(117)		(113)	-34.5%		(279)		(435)	-55.9%
	Net flows		51		283		37		170		179	251.0%		172		386	124.4%
	Contract holder assessments		(104)		(126)		(85)		(113)		(104)	0.0%		(287)		(302)	-5.2%
	Change in market value and reinvestment		310		104		384		56		406	31.0%		690		846	22.6%
	Balance as of end-of-period, gross		6,262		6,523		6,859		6,972		7,453	19.0%		6,262		7,453	19.0%
	Reinsurance ceded		(812)		(792)		(827)		(815)		(849)	-4.6%		(812)		(849)	-4.6%
	Balance as of end-of-period, net	$	5,450	$	5,731	$	6,032	$	6,157	$	6,604	21.2%	$	5,450	$	6,604	21.2%
	Total
	Balance as of beginning-of-period	$	37,755	$	38,248	$	38,955	$	39,676	$	40,080	6.2%	$	36,906	$	38,955	5.6%
	Deposits		1,106		1,546		1,240		1,253		1,230	11.2%		3,403		3,723	9.4%
	Withdrawals and deaths		(421)		(398)		(392)		(364)		(368)	12.6%		(1,264)		(1,125)	11.0%
	Net flows		685		1,148		848		889		862	25.8%		2,139		2,598	21.5%
	Contract holder assessments		(816)		(863)		(828)		(861)		(856)	-4.9%		(2,421)		(2,545)	-5.1%
	Change in market value and reinvestment		624		422		701		376		733	17.5%		1,624		1,811	11.5%
	Balance as of end-of-period, gross		38,248		38,955		39,676		40,080		40,819	6.7%		38,248		40,819	6.7%
	Reinsurance ceded		(1,659)		(1,630)		(1,658)		(1,634)		(1,662)	-0.2%		(1,659)		(1,662)	-0.2%
	Balance as of end-of-period, net	$	36,589	$	37,325	$	38,018	$	38,446	$	39,157	7.0%	$	36,589	$	39,157	7.0%
Page 26

	Lincoln Financial Group
	Select Non-GAAP to GAAP Reconciliations
	Unaudited (millions of dollars)
		For the Three Months Ended											For the Nine Months Ended
		9/30/12		12/31/12		3/31/13		6/30/13		9/30/13		Change	9/30/12		9/30/13		Change
	Revenues
	Operating revenues	$	2,914	$	2,956	$	2,930	$	3,049	$	3,073	5.5%	$	8,614	$	9,052	5.1%
	Excluded realized gain (loss)		39		17		(91)		(51)		(65)	NM		(55)		(208)	NM
	Amortization of DFEL on benefit ratio unlocking		-		(1)		(1)		-		-	NM		-		1	NM
	Amortization of deferred gains arising from reserve
	changes on business sold through reinsurance		1		1		1		1		1	0.0%		3		2	-33.3%
	Total revenues	$	2,954	$	2,973	$	2,839	$	2,999	$	3,009	1.9%	$	8,562	$	8,847	3.3%
	Excluded Realized Gain (Loss) Net of
	Benefit Ratio Unlocking, After-Tax
	Total excluded realized gain (loss)	$	25	$	11	$	(60)	$	(33)	$	(43)	NM	$	(35)	$	(135)	NM
	Benefit ratio unlocking		10		2		14		(2)		13	30.0%		24		25	4.2%
	Net gain (loss), after-tax	$	35	$	13	$	(46)	$	(35)	$	(30)	NM	$	(11)	$	(110)	NM
	Net Income
	Income (loss) from operations	$	362	$	310	$	285	$	351	$	367	1.4%	$	974	$	1,002	2.9%
	Excluded realized gain (loss)		25		11		(60)		(33)		(43)	NM		(35)		(135)	NM
	Benefit ratio unlocking		10		2		14		(2)		13	30.0%		24		25	4.2%
	Income (loss) from reserve changes (net of related
	amortization) on business sold through reinsurance		1		-		-		1		-	-100.0%		1		1	0.0%
	Gain (loss) on early extinguishment of debt		-		(3)		-		-		-	NM		-		-	NM
	Impairment of intangibles		2		-		-		-		-	-100.0%		1		-	-100.0%
	Income (loss) from discontinued operations		28		-		-		-		-	-100.0%		27		-	-100.0%
	Net income (loss)	$	428	$	320	$	239	$	317	$	337	-21.3%	$	992	$	893	-10.0%
	Earnings (Loss) Per Common Share - Diluted
	Income (loss) from operations	$	1.27	$	1.10	$	1.02	$	1.27	$	1.34	5.5%	$	3.36	$	3.63	8.0%
	Excluded realized gain (loss)		0.09		0.04		(0.21)		(0.11)		(0.16)	NM		(0.12)		(0.48)	NM
	Benefit ratio unlocking		0.04		0.01		0.05		(0.01)		0.05	25.0%		0.08		0.09	12.5%
	Gain (loss) on early extinguishment of debt		-		(0.01)		-		-		-	NM		-		-	NM
	Impairment of intangibles		0.01		-		-		-		-	-100.0%		0.01		-	-100.0%
	Income (loss) from discontinued operations		0.10		-		-		-		-	-100.0%		0.09		-	-100.0%
	Net income (loss)	$	1.51	$	1.14	$	0.86	$	1.15	$	1.23	-18.5%	$	3.42	$	3.24	-5.3%
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