LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

EXHIBIT 12 - HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

                                     Nine Months
                                  Ended September 30                    Year Ended December 31,
                                  ------------------    ------------------------------------------------------
(millions of dollars)              2001       2000       2000        1999       1998          1997(4)     1996
---------------------              ----       ----       ----        ----       ----          ----        ----
                                                                                
Net Income before Federal
Income Taxes                     $574.4     $648.0     $836.3      $570.0     $697.4      $1,427.1      $692.7
Equity Loss (Earnings) in
Unconsolidated Affiliates          (1.3)       1.0        0.4        (5.8)      (3.3)         (2.1)       (1.4)
Sub-total of Fixed Charges        118.1      126.5      168.9       160.9      144.1         113.3       108.6
                                -------    -------    -------     -------    -------       -------     -------
Sub-total of Adjusted
Net Income                        691.2      775.5    1,005.6       725.1      838.2       1,538.3       799.9
Interest on Annuities &
Financial Products              1,115.4    1,102.7    1,474.2     1,510.4    1,446.2       1,253.5     1,185.6
                                -------    -------    -------     -------    -------       -------     -------
Adjusted Income Base            1,806.6    1,878.2    2,479.8     2,235.5    2,284.4       2,791.8     1,985.5

Rent Expense                       66.3       61.1       88.4        81.5       81.3          62.5        71.6

Fixed Charges:
Interest and Debt Expense          96.1      106.1      139.5       133.7      117.1          92.5        84.7
Rent (Pro-rated)                   22.0       20.4       29.4        27.2       27.0          20.8        23.9
                                -------    -------    -------     -------    -------       -------     -------
Sub-total of Fixed Charges        118.1      126.5      168.9       160.9      144.1         113.3       108.6
Interest on Annuities &
Financial Products              1,115.4    1,102.7    1,474.2     1,510.4    1,446.2       1,253.5     1,185.6
                                -------    -------    -------     -------    -------       -------     -------
Sub-total of Fixed Charges     $1,233.5   $1,229.2    1,643.1     1,671.3    1,590.3       1,366.8     1,294.2
Preferred Dividends (Pre-tax)       0.1        0.1        0.1         0.1        0.1           0.2         0.2
                                -------    -------    -------     -------    -------       -------     -------
Total Fixed Charges            $1,233.6   $1,229.3   $1,643.2    $1,671.4   $1,590.4      $1,367.0    $1,294.4

*Less than $100,000

Ratio of Earnings to Fixed Charges:
Excluding Interest on
Annuities and Financial
Products (1)                       5.85       6.13       5.95        4.51       5.82         13.57        7.37
Including Interest on
Annuities and Financial
Products (2)                       1.46       1.53       1.51        1.34       1.44          2.04        1.53
Ratio of Earnings to
Combined Fixed Charges
and Preferred Stock
Dividends (3)                      1.46       1.53       1.51        1.34       1.44          2.04        1.53



(1) For purposes of determining this ratio, earnings consist of income
before federal income taxes adjusted for the difference between income
or losses from unconsolidated equity investments and cash distributions
from such investments, plus fixed charges.  Fixed charges consist of 1)
interest and debt expense on short and long-term debt and distributions
to minority interest-preferred securities of subsidiary companies and 2)
the portion of operating leases that are representative of the interest
factor.

(2) Same as the ratio of earnings to fixed charges, excluding interest
on annuities and financial products, except fixed charges and earnings
include interest on annuities and financial products.

(3) Same as the ratio of earnings to fixed charges, including interest
on annuities and financial products, except that fixed charges include
the pre-tax earnings required to cover preferred stock dividend
requirements.

(4) The coverage ratios for the year 1997 are higher than the other
periods shown due to the inclusion of the gain on sale of a major
subsidiary in net income.