Exhibit 12

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

	For the Three
	Months Ended
	March 31,
	2014		2013
Income (loss) from continuing operations before taxes	$	427	$	305
Sub-total of fixed charges		71		67
Sub-total of adjusted income (loss)		498		372
Interest on annuities and financial products		626		608
Adjusted income (loss) base	$	1,124	$	980
Fixed Charges
Interest and debt expense	$	67	$	64
Interest expense related to uncertain tax positions		1		-
Portion of rent expense representing interest		3		3
Sub-total of fixed charges excluding interest on
annuities and financial products		71		67
Interest on annuities and financial products		626		608
Total fixed charges	$	697	$	675
Ratio of sub-total of adjusted income (loss) to sub-total
of fixed charges excluding interest on annuities and
financial products		7.01		5.55
Ratio of adjusted income (loss) base to total fixed
charges		1.61		1.45