Exhibit 99.2

Lincoln Statistical Report

     third  Q U A R T E R

                                2005

This document is dated November 1, 2005. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

Lincoln Financial Group
Statistical Report
Third Quarter
2005
Table of Contents
LFG Analyst Coverage
Notes
Financial Highlights	1 - 6
Ten-Year Summary	7
Quarterly Summary	8
Consolidated Statements of Income	9 - 10
Consolidating Statements of Income from Operations	11 - 12
Five-Year Comparative Balance Sheet	13
Quarterly Balance Sheet	14
Consolidating Balance Sheets	15 - 16
Lincoln Retirement
Income Statement & Operational Data	17 - 18
Account Value Roll Forward	19 - 20
Annuity Account Values	21 - 22
Life Insurance
Income Statements	23 - 24
Operational Data	25
Account Value Roll Forward	26 - 27
Investment Management
Income Statements	28 - 29
Assets Under Management Roll Forward	30 - 31
Lincoln UK
Income Statements	32 - 33
Operational Data	34
Other Operations	35
Restructuring Charges	36
Consolidated
Domestic Retail Deposits / Account Balances	37
Total Domestic Net Flows	37
Assets Managed	38
Investment Data	39
Common Stock / Debt Information	40

ii
NOTES
Definitions and Presentation
"Income from Operations," "Operating Revenue," and "Return on Capital" are non-GAAP financial measures and do not replace GAAP net income (loss) and revenues. Detailed reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure are included in this statistical supplement.
*	We exclude the after-tax effects of the following items from GAAP net income to arrive at income from operations:
	*	Realized gains and losses on investments and derivatives,
	*	Restructuring charges,
	*	Gains and losses related to reinsurance embedded derivatives/trading account securities,
	*	The cumulative effect of accounting changes,
	*	Reserve changes on business sold through reinsurance net of related deferred gain amortization,
	*	Gains and losses on the sale of subsidiaries and blocks of business,
	*	Loss on early retirement of debt, including subordinated debt
*	Operating revenue represents revenue excluding the following, as applicable:
	*	Realized gains or losses on investments and derivatives,
	*	Gains and losses related to reinsurance embedded derivatives/trading account securities,
	*	Gains and losses on the sale of subsidiaries and blocks of business,
	*	Deferred gain amortization related to reserve changes on business sold through reinsurance,
*	Return on capital measures the effectiveness of LNC's use of its total capital, which includes equity (excluding accumulated other comprehensive income), debt and junior subordinated debentures issued to affiliated trusts. Return on capital is calculated by dividing income from operations (after adding back interest expense) by average capital. The difference between return on capital and return on shareholders' equity represents the effect of leveraging on LNC's consolidated results.
Income from operations, operating revenue, and return on capital are internal measures used by LNC in the management of its operations. Management believes that these performance measures explain the results of operations of LNC's ongoing operations in a manner that allows for a better understanding of the underlying trends in LNC's current business because the excluded items are either unpredictable and/or not related to decisions regarding the underlying businesses.
*	Certain operating and statistical measures are included in this report to provide supplemental data regarding the performance of LNC’s current business. These measures include deposits, sales, net flows, first year premium, inforce, spread, and assets under management.
*	On September 24, 2004, LNC completed the sale of its London-based international investment unit to its management. Certain metrics pages (2, 30A, 31A, 37A, 38A) have been presented excluding the investment assets managed by the London-based international investment unit to provide more consistent comparisons between periods.
*	Certain reclassifications have been made to the prior periods presented to conform to the September 30, 2005 presentation.
Accounting Changes
*	Effective January 1, 2004 LNC Implemented the Statement of Position 03-1, "Accounting and reporting by Insurance Enterprises for certain nontraditional long-duration contracts and for Separate Accounts" ("the SOP"). Among other things, the SOP establishes standards for computing reserves for products with guaranteed benefits such as GMDB and for certain riders for Universal Life contracts. The effects of implementing the SOP, including any related effects on DAC from changes in estimated gross profits resulting from implementing the provisions of the SOP were recorded as a cumulative effect adjustment. The first quarter of 2004 resulted in a cumulative effect adjustment of $24.5 million.
*	Effective January 1, 2003, LNC adopted the fair value recognition method of accounting for its stock option incentive plans under Statement of Financial Accounting Standards ("FAS") No. 123, "Account for Stock-based Compensation" ("FAS 123"). LNC adopted the retroactive restatement method under FAS No. 148, "Accounting for Stock-based Compensation - Transition and Disclosure." As a result, LNC restated 2000, 2001, and 2002 to reflect stock-based compensation cost under the fair value method in FAS 123 for all employee awards granted, modified or settled in fiscal years beginning after December 31, 1994. Years prior to 2000 presented in this statistical report have not been restated.

9/30/2005  PAGE 1

Financial Highlights
Unaudited [Millions of Dollars, except Common Share Data]
	For the Quarter Ended September 30												For the Nine Months Ended September 30
	2005			2004									2005			2004
	Amount			Amount			Change			% Change			Amount			Amount			Change			% Change
Income from Operations - By Segment
Lincoln Retirement	$	136.2		$	110.2		$	26.0			23.6	%	$	354.2		$	314.1		$	40.1			12.8	%
Life Insurance		75.1			55.4			19.8			35.7	%		218.7			206.3			12.4			6.0	%
Investment Management		10.2			12.5			(2.3	)		-18.4	%		21.4			38.3			(16.9	)		-44.1	%
Lincoln UK		9.6			10.1			(0.5	)		-5.0	%		29.9			27.0			2.9			10.8	%
Corporate & Other		(2.9	)		(9.9	)		7.0			70.6	%		(4.9	)		(50.9	)		46.0			90.4	%
Total Income from Operations		228.2			178.2			50.0			28.1	%		619.3			534.9			84.4			15.8	%
Realized gains (losses) on investments and derivatives		(1.1	)		(17.9	)		16.8			93.7	%		(8.4	)		(41.6	)		33.2			79.7	%
Net gain (loss) on reinsurance
derivative/trading account securities		3.5			(3.7	)		7.2			192.8	%		3.0			0.2			2.8			NM
Gain on sale of subsidiaries/ businesses		-			45.9			(45.9	)		-100.0	%		9.3			61.5			(52.2	)		-84.9	%
Reserve development/ amortization of related deferred gain		0.2			0.2									0.6			0.6
Restructuring charges		(1.8	)		(2.9	)		1.2			39.8	%		(18.0	)		(13.9	)		(4.2	)		-30.3	%
Cumulative effect of accounting change		-			-			-			NM			-			(24.5	)		24.5			100.0	%
Net Income	$	228.9		$	199.7		$	29.3			14.7	%	$	605.7		$	517.1		$	88.6			17.1	%
Earnings per share (diluted)
Income from Operations	$	1.30		$	1.00		$	0.29			28.9	%	$	3.52		$	2.97		$	0.54			18.2	%
Realized gains (losses) on investments and derivatives		(0.01	)		(0.10	)		0.09			90.0	%		(0.05	)		(0.21	)		0.16			76.2	%
Net gain (loss) on reinsurance
derivative/trading account securities		0.02			(0.02	)		0.04			200.0	%		0.02			-			0.02			100.0	%
Gain on sale of subsidiaries/ businesses		-			0.26			(0.26	)		-100.0	%		0.05			0.34			(0.29	)		-85.3	%
Restructuring charges		(0.01	)		(0.02	)		0.01			50.0	%		(0.10	)		(0.08	)		(0.02	)		-25.0	%
Cumulative effect of accounting change		-			-			-			NM			-			(0.14	)		0.14			100.0	%
Net Income	$	1.30		$	1.12		$	0.18			16.1	%	$	3.44		$	2.88		$	0.56			19.4	%
Operating Revenue- By Segment
Lincoln Retirement	$	573.1		$	526.2		$	46.9			8.9	%	$	1,684.7		$	1,588.7		$	96.0			6.0	%
Life Insurance		492.4			481.1			11.4			2.4	%		1,473.9			1,449.2			24.7			1.7	%
Investment Management		146.8			133.0			13.8			10.4	%		415.1			407.2			8.0			2.0	%
Lincoln UK		102.8			95.8			7.0			7.3	%		255.9			252.9			3.0			1.2	%
Corporate & Other		93.8			92.4			1.5			1.6	%		262.9			254.0			8.9			3.5	%
Total Operating Revenue		1,409.0			1,328.5			80.5			6.1	%		4,092.5			3,952.0			140.5			3.6	%
Realized gains (losses) on investments		(2.7	)		(23.0	)		20.3			88.1	%		(12.1	)		(52.9	)		40.8			77.1	%
Gains (losses) on derivatives		1.2			(4.5	)		5.7			126.6	%		(0.7	)		(11.1	)		10.4			93.6	%
Gain (loss) on reinsurance
derivative/trading account securities		5.3			(5.6	)		10.9			195.6	%		4.6			0.5			4.1			NM
Gain on sale of subsidiaries/ businesses		-			110.3			(110.3	)		-100.0	%		14.2			134.4			(120.1	)		-89.4	%
Amortization of deferred gain-reserve development		0.3			0.3			-						1.0			1.0			-
Total Revenue	$	1,413.1		$	1,406.1		$	7.0			0.5	%	$	4,099.5		$	4,023.8		$	75.7			1.9	%

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005  PAGE 2

Financial Highlights
Unaudited [Billions of Dollars]
Operational Data by Segment	For the Quarter Ended September 30										For the Nine Months Ended September 30
	2005		2004								2005		2004
	Amount		Amount		Change			% Change			Amount		Amount		Change		% Change
Lincoln Retirement
Gross Deposits	$	2.504	$	2.207	$	0.297			13.5	%	$	7.671	$	6.633	$	1.038		15.6	%
Net Flows		0.633		0.716		(0.083	)		-11.6	%		2.266		2.128		0.137		6.4	%
Account Values (Gross)		70.050		60.331		9.719			16.1	%		70.049		60.331		9.719		16.1	%
Account Values (Net of Reinsurance)		67.793		58.016		9.777			16.9	%		67.792		58.015		9.777		16.9	%
Life Insurance Segment
First Year Premium- Retail (in millions)	$	205.292	$	188.074	$	17.218			9.2	%	$	582.784	$	581.404	$	1.380		0.2	%
First Year Premium- COLI (in millions)		22.338		29.199		(6.861	)		-23.5	%		57.369		53.281		4.088		7.7	%
First Year Premium- Total (in millions)		227.630		217.273		10.357			4.8	%		640.153		634.685		5.468		0.9	%
In-force		318.817		298.967		19.849			6.6	%		318.817		298.967		19.849		6.6	%
Account Values		15.001		13.912		1.088			7.8	%		15.001		13.912		1.088		7.8	%
Investment Management Segment
Retail Deposits	$	3.484	$	1.905	$	1.579			82.9	%	$	10.898	$	6.473	$	4.425		68.4	%
Retail Net Flows		1.841		0.381		1.460			NM			5.751		1.965		3.786		192.6	%
Institutional In-flows		2.777		2.584		0.193			7.5	%		10.416		8.538		1.877		22.0	%
Institutional Net Flows		1.606		1.379		0.227			16.5	%		6.931		5.083		1.848		36.4	%
Total Deposits and In-flows		6.261		4.489		1.772			39.5	%		21.314		15.011		6.303		42.0	%
Total Net Flows		3.447		1.760		1.687			95.8	%		12.682		7.048		5.634		79.9	%
Assets Under Management- Retail and Inst'l		72.488		49.076		23.412			47.7	%		72.488		49.076		23.412		47.7	%
Assets Under Management - Insurance-related Assets		44.503		44.047		0.456			1.0	%		44.503		44.047		0.456		1.0	%
Assets Under Management - Total Segment		116.992		93.123		23.869			25.6	%		116.992		93.123		23.869		25.6	%
Consolidated
Domestic Retail Deposits	$	6.197	$	4.436	$	1.761			39.7	%	$	19.306	$	13.990	$	5.316		38.0	%
Domestic Retail Account Balances		117.337		95.393		21.944			23.0	%		117.337		95.393		21.944		23.0	%
Domestic Retail Net Flows		2.762		1.308		1.453			111.1	%		8.859		4.809		4.050		84.2	%
Domestic Deposits		8.958		6.988		1.970			28.2	%		29.655		22.441		7.214		32.1	%
Domestic Net Flows		4.399		2.682		1.717			64.0	%		15.869		9.922		5.947		59.9	%
Assets Under Management		164.972		132.640		32.331			24.4	%		164.972		132.640		32.331		24.4	%
Operational Data (excluding Assets Managed by
Delaware's London-based International Investment Unit)
Investment Management Segment
Retail Deposits	$	3.484	$	1.903	$	1.581			83.1	%	$	10.898	$	6.468	$	4.431		68.5	%
Retail Net Flows		1.841		0.386		1.455			NM			5.752		1.989		3.763		189.2	%
Institutional In-flows		2.777		1.309		1.468			112.1	%		10.416		3.887		6.529		168.0	%
Institutional Net Flows		1.606		0.851		0.756			88.9	%		6.931		1.789		5.142		287.4	%
Total Deposits and In-flows		6.261		3.212		3.049			94.9	%		21.314		10.355		10.959		105.8	%
Total Net Flows		3.447		1.236		2.211			178.9	%		12.683		3.778		8.905		235.7	%
Assets Under Management- Retail and Inst'l		72.488		49.076		23.413			47.7	%		72.489		49.075		23.414		47.7	%
Assets Under Management - Insurance-related Assets		44.503		44.047		0.456			1.0	%		44.503		44.047		0.456		1.0	%
Assets Under Management - Total Segment		116.992		93.123		23.869			25.6	%		116.993		93.123		23.870		25.6	%
Consolidated
Domestic Retail Deposits	$	6.197	$	4.435	$	1.763			39.8	%	$	19.306	$	13.985	$	5.321		38.0	%
Domestic Retail Account Balances		117.337		95.393		21.944			23.0	%		117.337		95.393		21.944		23.0	%
Domestic Retail Net Flows		2.762		1.313		1.448			110.3	%		8.859		4.833		4.026		83.3	%
Domestic Deposits		8.958		5.711		3.246			56.8	%		29.655		17.785		8.037		45.2	%
Domestic Net Flows		4.399		2.157		2.242			103.9	%		15.869		6.652		9.217		138.6	%
Assets Under Management		164.972		132.641		32.331			24.4	%		164.972		132.641		32.331		24.4	%

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005  PAGE 3

Financial Highlights
Unaudited [Millions of Dollars, except Common Share Data]
	For the Quarter Ended September 30												For the Nine Months Ended September 30
	2005			2004									2005			2004
	Amount			Amount			Change			% Change			Amount			Amount			Change			% Change
Balance Sheet Assets - End of Period	$	122,104.6		$	110,377.1		$	11,727.5			10.6	%	$	122,104.6		$	110,377.1		$	11,727.5			10.6	%
Shareholders' Equity
Beg of Period (including AOCI)	$	6,363.5		$	5,518.9		$	844.6					$	6,175.6		$	5,811.6		$	364.0
End of Period (including AOCI)		6,284.4			5,970.8			313.5						6,284.4			5,970.8			313.5
End of Period (excluding AOCI)		5,663.5			5,109.8			553.7						5,663.5			5,109.8			553.7
Average Equity (excluding AOCI)		5,559.8			5,075.7			484.1						5,430.3			5,039.0			391.3
Return on Equity
Net Income/Average Equity (excluding AOCI)		16.5	%		15.7	%		0.7	%					14.9	%		13.7	%		1.2	%
Inc from Operations/Average Equity (excluding AOCI)		16.4	%		14.0	%		2.4	%					15.2	%		14.2	%		1.1	%
Return on Capital
Inc from Operations/Average Capital		13.4	%		11.5	%		1.9	%					12.5	%		11.6	%		0.9	%
Common Stock Outstanding
Average for the Period - Diluted		175.8			177.7			(1.9	)		-1.1	%		176.0			179.7			(3.7	)		-2.1	%
End of Period - Assuming Conv of Pref.		173.5			174.8			(1.3	)		-0.7	%		173.5			174.8			(1.3	)		-0.7	%
End of Period - Diluted		176.3			177.1			(0.8	)		-0.5	%		176.3			177.1			(0.8	)		-0.5	%
Book Value (including AOCI)	$	36.23		$	34.15		$	2.07			6.1	%	$	36.23		$	34.15		$	2.07			6.1	%
Book Value (excluding AOCI)	$	32.65		$	29.23		$	3.42			11.7	%	$	32.65		$	29.23		$	3.42			11.7	%
Cash Returned to Shareholders
Share Repurchase - dollar amount	$	-			73.2			(73.2	)				$	103.6			286.2			(182.7	)
Dividends Declared to Shareholders		63.8			61.4			2.4						191.1			186.3			4.8
Total Cash Returned to Shareholders	$	63.8		$	134.5		$	(70.8	)				$	294.7		$	472.5		$	(177.9	)
Share Repurchase - number of shares		-			1.638			(1.638	)					2.331			6.233			(3.902	)
Dividend Declared on Common Stock - per share	$	0.365		$	0.350		$	0.015			4.3	%	$	1.095		$	1.050		$	0.045			4.3	%
		For the Quarter Ended September 30												For the Nine Months Ended September 30
		2005			2004									2005			2004
		Amount			Amount									Amount			Amount
Comprehensive Income (Loss)
Net Income	$	228.9		$	199.7								$	605.7		$	517.1
Foreign Currency Translation		(9.8	)		(3.8	)								(54.8	)		7.9
Net Unrealized Gains (Losses) on Securities		(282.2	)		368.1									(253.8	)		(13.0	)
Gains (Losses) on Derivatives		(3.0	)		1.3									(5.1	)		(2.3	)
Minimum Pension Liability Adjustment		0.7			0.2									3.9			(0.7	)
Comprehensive Income (loss)	$	(65.4	)	$	565.4								$	295.9		$	509.1

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 4

Financial Highlights
Unaudited [Millions of Dollars]
	For the Quarter Ended September 30												For the Nine Months Ended September 30
	2005			2004									2005			2004
	Amount			Amount			Change			% Change			Amount			Amount			Change			% Change
Condensed Consolidated Statements of Income
Revenue:
Insurance Premiums and Fees	$	527.9		$	463.0		$	64.8			14.0	%	$	1,516.6		$	1,386.5		$	130.1			9.4	%
Investment Advisory Fees		73.6			67.4			6.3			9.3	%		199.9			196.5			3.4			1.7	%
Net Investment Income		670.8			669.4			1.5			0.2	%		2,034.2			2,030.0			4.2			0.2	%
Realized Gains (Losses) on Investments		(2.7	)		(23.0	)		20.3			88.1	%		(12.1	)		(52.9	)		40.8			77.1	%
Gains (Losses) on Derivatives		1.2			(4.5	)		5.7			126.6	%		(0.7	)		(11.1	)		10.4			93.6	%
Gain (Loss) on Reinsurance
Derivative/Trading Account Securities		5.3			(5.6	)		10.9			195.6	%		4.6			0.5			4.1			NM
Gain on Sale of Subsidiaries/ Businesses		-			110.3			(110.3	)		-100.0	%		14.2			134.4			(120.1	)		-89.4	%
Amortization of Deferred Gain on
Indemnity Reinsurance		19.3			32.4			(13.1	)		-40.5	%		57.8			68.8			(11.1	)		-16.1	%
Other Revenue		117.7			96.6			21.1			21.8	%		284.9			271.0			13.9			5.1	%
Total Revenue		1,413.1			1,406.1			7.0			0.5	%		4,099.5			4,023.8			75.7			1.9	%
Benefits and Expenses:
Benefits		613.2			556.1			57.1			10.3	%		1,779.1			1,722.7			56.4			3.3	%
Underwriting, Acquisition,
Insurance and Other Expenses		496.9			531.6			(34.6	)		-6.5	%		1,541.6			1,514.5			27.2			1.8	%
Total Benefits and Expenses		1,110.1			1,087.7			22.5			2.1	%		3,320.8			3,237.2			83.5			2.6	%
Income before Federal Taxes		303.0			318.4			(15.4	)		-4.8	%		778.8			786.6			(7.8	)		-1.0	%
Federal Income Taxes		74.0			118.7			(44.7	)		-37.7	%		173.0			245.0			(71.9	)		-29.4	%
Income Before Cumulative Effect of
Accounting Change		228.9			199.7			29.3			14.7	%		605.7			541.6			64.1			11.8	%
Cumulative Effect of Accounting Change, net of tax		-			-			-			-			-			(24.5	)		24.5			100.0	%
Net Income	$	228.9		$	199.7		$	29.3			14.7	%	$	605.7		$	517.1		$	88.6			17.1	%

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 5

Financial Highlights
Unaudited [Millions of Dollars]
	As of
	September			December
	2005			2004
	Amount			Amount			Change			% Change
Condensed Consolidated Balance Sheets
Assets:
Investments:
Available for Sale Securities:
Fixed Maturities	$	34,324.9		$	34,700.6		$	(375.7	)		-1.1	%
Equities		151.6			161.1			(9.5	)		-5.9	%
Trading Securities		3,287.0			3,237.4			49.6			1.5	%
Mortgage Loans on Real Estate		3,696.2			3,856.9			(160.7	)		-4.2	%
Real Estate		196.6			191.4			5.2			2.7	%
Policy Loans		1,856.4			1,870.6			(14.1	)		-0.8	%
Other Long-Term Investments		572.3			489.3			83.0			17.0	%
Total Investments		44,085.0			44,507.3			(422.3	)		-0.9	%
Assets Held in Separate Accounts		60,811.5			55,204.6			5,606.9			10.2	%
Deferred Acquisition Costs		3,904.0			3,445.0			459.0			13.3	%
Present Value of In-Force		1,019.4			1,095.2			(75.8	)		-6.9	%
Goodwill		1,194.6			1,195.9			(1.3	)		-0.1	%
Other Assets		11,090.1			10,771.4			318.8			3.0	%
Total Assets	$	122,104.6		$	116,219.3		$	5,885.3			5.1	%
Liabilities and Shareholders' Equity
Liabilities:
Insurance and Investment Contract Liabilities	$	47,525.3		$	47,402.5		$	122.8			0.3	%
Liabilities Related to Separate Accounts		60,811.5			55,204.6			5,606.9			10.2	%
Other Liabilities		7,483.4			7,436.6			46.8			0.6	%
Total Liabilities		115,820.2			110,043.7			5,776.6			5.2	%
Shareholders' Equity:
Net Unrealized Gains on Securities
and Derivatives		577.9			836.9			(259.0	)		-30.9	%
Minimum Pension Liability Adjustment		(56.6	)		(60.5	)		3.9			6.5	%
Foreign Currency Translation Adjustment		99.6			154.3			(54.8	)		-35.5	%
Other Shareholders' Equity		5,663.5			5,244.9			418.6			8.0	%
Total Shareholders' Equity		6,284.4			6,175.6			108.8			1.8	%
Total Liabilities and Shareholders' Equity	$	122,104.6		$	116,219.3		$	5,885.3			5.1	%

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005  PAGE 6

Financial Highlights
Unaudited [Millions of Dollars]
	September			September
	2005			2004
	Amount			Amount			Change			% Change
Roll Forward of Deferred Acquisition Costs
Balance at beginning of year	$	3,445.0		$	3,147.1		$	297.8			9.5	%
Deferral		649.7			606.8			42.8			7.1	%
Amortization		(333.0	)		(337.6	)		4.7			1.4	%
Included in Total Benefits and Expenses		316.7			269.2			47.5			17.7	%
Adjustment related to realized (gains) losses
on available-for-sale securities		(39.8	)		(29.9	)		(9.9	)		-33.2	%
Adjustment related to unrealized (gains) losses
on available-for-sale securities		228.4			(29.5	)		257.9			NM
Foreign currency translation adjustment		(46.3	)		9.1			(55.4	)		NM
Cumulative effect of accounting change		-			(39.2	)		39.2			100.0	%
Balance at end of period	$	3,904.0		$	3,326.8		$	577.2			17.3	%
Roll Forward of Present Value of In-Force
Balance at beginning of year	$	1,095.2		$	1,196.5		$	(101.3	)		-8.5	%
Amortization		(53.6	)		(96.1	)		42.5			44.2	%
Foreign currency translation adjustment		(22.2	)		4.0			(26.2	)		NM
Cumulative effect of accounting change		-			(0.6	)		0.6			100.0	%
Balance at end of period	$	1,019.4		$	1,103.9		$	(84.5	)		-7.7	%
Roll Forward of Deferred Front-End Load*
Balance at beginning of year	$	764.1		$	750.6		$	13.5			1.8	%
Deferral		65.4			76.0			(10.6	)		-13.9	%
Amortization		(73.8	)		(88.9	)		15.0			16.9	%
Included in Income from Operations		(8.5	)		(12.9	)		4.5			34.6	%
Foreign currency translation adjustment		(34.4	)		6.7			(41.1	)		NM
Balance at end of period	$	721.2		$	744.4		$	(23.1	)		-3.1	%

* Included in Insurance and Investment Contract Liabilities on the Balance Sheet

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 7

Ten-Year Summary
Unaudited [Millions of Dollars, except Common Share Data]
For the Year Ended December 31	2004			2003			2002			2001			2000			1999			1998			1997			1996			1995
Operating Revenue
Lincoln Retirement	$	2,128.0		$	1,985.1		$	1,985.5		$	2,033.1		$	2,138.9		$	2,128.0		$	2,050.6		$	1,959.5		$	1,759.5		$	1,767.9
Life Insurance		1,952.9			1,906.1			1,881.7			1,897.5			1,836.4			1,762.6			1,379.5			541.5			527.6			504.9
Investment Management		534.9			474.0			418.5			454.9			517.6			515.0			508.7			447.5			400.6			280.3
Lincoln UK		342.2			274.5			275.4			278.2			430.6			443.6			438.6			425.2			393.3			351.8
Corporate & Other		335.1			284.2			355.0			1,815.9			1,951.9			1,951.6			1,690.6			1,402.2			1,560.0			1,441.5
Total Operating Revenue		5,293.2			4,923.9			4,916.1			6,479.6			6,875.4			6,800.7			6,068.0			4,775.9			4,641.1			4,346.3
Realized gains (losses) on investments
and derivatives		(61.3	)		(19.8	)		(271.5	)		(114.5	)		(28.3	)		3.0			19.0			122.6			92.5			157.6
Net gain (loss) on reinsurance
derivative/trading account securities		3.1			4.7			-			-			-			-			-			-			-			-
Gain on sale of subsidiaries/ businesses		135.0			-			(8.3	)		12.8			-			-			-			-			-			82.5
Mark to market adjustment on reclassification
from AFS to trading account securities		-			371.5			-			-			-			-			-			-			-			-
Amortization of deferred gain-reserve development		1.3			3.6			(0.8	)		-			-			-			-			-			-			-
Total Revenue	$	5,371.3		$	5,283.9		$	4,635.5		$	6,378.0		$	6,847.1		$	6,803.7		$	6,087.1		$	4,898.5		$	4,733.6		$	4,586.5
Income from Operations
Lincoln Retirement	$	414.6		$	331.9		$	183.4		$	316.2		$	358.1		$	299.4		$	262.4		$	223.0		$	174.6		$	175.2
Life Insurance		280.3			264.5			269.0			275.3			256.7			212.0			149.2			39.9			41.2			35.4
Investment Management		43.6			34.5			1.8			(6.1	)		25.0			61.0			43.9			18.1			18.6			20.6
Lincoln UK		43.5			43.6			34.6			58.1			59.2			(13.9	)		70.9			(108.3	)		66.0			45.9
Corporate & Other		(57.2	)		(81.8	)		(57.2	)		1.0			(16.0	)		(83.1	)		4.0			(223.3	)		(1.7	)		(136.2	)
Operating Income from Cont Oper		724.8			592.8			431.6			644.4			683.0			475.5			530.4			(50.6	)		298.8			140.8
Discontinued Operations		-			-			-			-			-			-			-			110.1			135.3			165.6
Income from Operations		724.8			592.8			431.6			644.4			683.0			475.5			530.4			59.4			434.1			306.5
Realized gains (losses) on investments and derivatives		(37.4	)		(12.6	)		(176.4	)		(73.5	)		(17.5	)		3.8			13.7			72.9			57.6			102.8
Net gain (loss) on reinsurance
derivative/trading account securities		(0.6	)		2.7			-			-			-			-			-			-			-			-
Gain on sale of subsidiaries/ businesses		61.9			-			(9.4	)		15.0			-			-			-						-			57.7
Mark to market adjustment on reclassification
from AFS to trading account securities		-			241.5			-			-			-			-			-			-			-			-
Restructuring charges		(13.9	)		(35.0	)		2.0			(24.7	)		(80.2	)		(18.9	)		(34.3	)		-			-			-
Loss on early retirement of subordinated debt		(4.1	)		(3.7	)		-			-			-			-			-			-			-			-
Reserve development/ amortization of related
deferred gain		0.9			(18.5	)		(199.1	)		-			-			-			-			-			-			-
Cumulative effect of accounting change		(24.5	)		(255.2	)		-			(15.6	)		-			-			-
Discontinued operations included in
income from operations		-			-			-			-			-			-			-			(110.1	)		(135.3	)		(165.6	)
Income from Continuing Operations		707.0			511.9			48.8			545.7			585.3			460.4			509.8			22.2			356.4			301.4
Discontinued Operations included
in Income from Operations		-			-			-			-			-			-			-			911.8			157.2			180.8
Net Income	$	707.0		$	511.9		$	48.8		$	545.7		$	585.3		$	460.4		$	509.8		$	934.0		$	513.6		$	482.2
OTHER DATA
Assets	$	116,219.3		$	106,744.9		$	93,184.6		$	98,041.6		$	99,870.6		$	103,095.7		$	93,836.3		$	77,174.7		$	71,713.4		$	63,257.7
Shareholders' Equity
Including AOCI	$	6,175.6		$	5,811.6		$	5,347.5		$	5,303.8		$	4,980.6		$	4,263.9		$	5,387.9		$	4,982.9		$	4,470.0		$	4,378.1
Excluding AOCI		5,244.9			4,942.6			4,612.9			5,130.6			4,946.6			4,699.5			4,785.5			4,500.7			3,990.6			3,669.2
Average Equity (excluding AOCI)		5,075.5			4,756.7			4,983.3			5,057.1			4,831.4			4,786.2			4,636.3			4,172.7			3,851.7			3,400.3
Common Shares Outstanding (millions)
End of Period - Diluted		176.1			180.7			178.5			189.3			193.2			197.0			203.4			204.7			209.5			210.3
Average for the Period - Diluted		179.0			179.4			184.6			191.5			193.0			200.4			203.3			208.0			208.0			210.7
Per Share Data (Diluted)
Net Income from Continuing Operations	$	3.95		$	2.85		$	0.26		$	2.85		$	3.03		$	2.30		$	2.51		$	0.11		$	1.71		$	1.43
Net Income		3.95			2.85			0.26			2.85			3.03			2.30			2.51			4.49			2.47			2.29
Income (Loss) from Continuing Operations		4.05			3.30			2.34			3.37			3.54			2.37			2.61			(0.24	)		1.44			0.67
Income from Operations		4.05			3.30			2.34			3.37			3.54			2.37			2.61			0.29			2.09			1.45
Shareholders' Equity Per Share
Shareholders' Equity (Including AOCI)	$	35.53		$	32.56		$	30.10		$	28.32		$	26.05		$	21.76		$	26.59		$	24.63		$	21.50		$	20.95
Shareholders' Equity (Excluding AOCI)		30.17			27.69			25.97			27.39			25.88			23.98			23.62			22.25			19.19			17.55
Dividends Declared (Common Stock)		1.415			1.355			1.295			1.235			1.175			1.115			1.055			0.995			0.935			0.875
Return on Equity
Net Income/Average Equity		13.9	%		10.8	%		1.0	%		10.8	%		12.1	%		9.6	%		11.0	%		22.4	%		13.3	%		15.5	%
Inc from Operations/Average Equity		14.3	%		12.5	%		8.7	%		12.7	%		14.1	%		9.9	%		11.4	%		1.4	%		11.3	%		9.8	%
Market Value of Common Stock
High for the Year	$	50.38		$	41.32		$	53.65		$	52.75		$	56.38		$	57.50		$	49.44		$	39.06		$	28.50		$	26.88
Low for the Year		40.06			24.73			25.15			38.00			22.63			36.00			33.50			24.50			20.38			17.31
Close for the Year		46.68			40.37			31.58			48.57			47.31			40.00			40.91			39.06			26.25			26.88

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 8

Quarterly Summary
Unaudited [Millions of Dollars, except Common Share Data]
	Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
For the Quarter Ended	2003			2003			2004			2004			2004			2004			2005			2005			2005
Operating Revenue
Lincoln Retirement	$	516.0		$	506.6		$	528.0		$	534.4		$	526.2		$	539.4		$	538.5		$	573.0		$	573.1
Life Insurance		470.8			488.2			483.4			484.8			481.1			503.7			484.2			497.3			492.4
Investment Management		121.4			133.8			135.2			139.0			133.0			127.7			130.4			138.0			146.8
Lincoln UK		67.0			78.4			76.1			81.0			95.8			89.3			74.6			78.4			102.8
Corporate & Other		70.9			63.7			56.1			105.5			92.4			81.1			73.8			95.2			93.8
Total Operating Revenue		1,246.2			1,270.7			1,278.8			1,344.7			1,328.5			1,341.2			1,301.5			1,382.0			1,409.0
Realized gains (losses) on investments and derivatives		18.9			56.0			(15.9	)		(20.6	)		(27.5	)		6.7			(7.2	)		(4.0	)		(1.6	)
Net gain (loss) on reinsurance
derivative/trading account securities		-			4.1			(4.2	)		10.3			(5.6	)		(1.4	)		4.4			(5.1	)		5.3
Gain on sale of subsidiaries/ businesses		-			-			-			24.1			110.3			0.6			14.2			-			-
Mark to market adjustment on reclassification
from AFS to trading account securities		-			371.5			-			-			-			-			-			-			-
Amortization of deferred gain-reserve development		3.7			0.3			0.3			0.3			0.3			0.3			0.3			0.3			0.3
Total Revenue	$	1,268.8		$	1,702.6		$	1,259.0		$	1,358.7		$	1,406.1		$	1,347.5		$	1,313.2		$	1,373.2		$	1,413.1
Income from Operations
Lincoln Retirement	$	94.3		$	94.1		$	102.2		$	101.8		$	110.2		$	100.5		$	98.6		$	119.4		$	136.2
Life Insurance		58.7			73.4			74.8			76.2			55.4			74.0			67.7			75.8			75.1
Investment Management		9.7			19.0			12.5			13.4			12.5			5.2			7.4			3.9			10.2
Lincoln UK		11.3			13.0			6.2			10.7			10.1			16.6			10.0			10.3			9.6
Corporate & Other		(18.0	)		(20.8	)		(20.3	)		(20.7	)		(9.9	)		(6.3	)		(11.3	)		9.2			(2.9	)
Income from Operations		156.0			178.7			175.3			181.4			178.2			189.9			172.5			218.6			228.2
Realized gains (losses) on investments and derivatives		12.3			36.3			(10.3	)		(13.4	)		(17.9	)		4.3			(4.6	)		(2.7	)		(1.1	)
Net gain (loss) on reinsurance
derivative/trading account securities		-			2.7			(2.7	)		6.7			(3.7	)		(0.8	)		2.8			(3.3	)		3.5
Gain on sale of subsidiaries/ businesses		-			-			-			15.6			45.9			0.4			9.3			-			-
Mark-to-market adjustment on
reclassification from AFS to trading account securities		-			241.5			-			-			-			-			-			-			-
Reserve development/ amortization of related deferred gain		(18.5	)		0.2			0.2			0.2			0.2			0.2			0.2			0.2			0.2
Restructuring charges		(12.9	)		(9.8	)		(7.5	)		(3.5	)		(2.9	)		(0.0	)		(1.3	)		(15.0	)		(1.8	)
Loss on early retirement of debt		(3.7	)		-			-			-			-			(4.1	)		-			-			-
Income Before Cumulative Effect of
Accounting Change		133.3			449.6			155.0			187.0			199.7			189.9			178.9			197.9			228.9
Cumulative effect of accounting change, net of tax		-			(255.2	)		(24.5	)		(0.0	)		-			-			-			-			-
Net Income	$	133.3		$	194.3		$	130.5		$	187.0		$	199.7		$	189.9		$	178.9		$	197.9		$	228.9
OTHER DATA
Assets	$	100,825.5		$	106,744.9		$	109,869.9		$	109,317.9		$	110,377.1		$	116,219.3		$	116,352.2		$	118,953.4		$	122,104.6
Shareholders' Equity
Beg of Period (including AOCI)	$	5,815.9		$	5,586.4		$	5,811.6		$	6,143.5		$	5,518.9		$	5,970.8		$	6,175.6		$	6,042.9		$	6,363.5
End of Period (including AOCI)		5,586.4			5,811.6			6,143.5			5,518.9			5,970.8			6,175.6			6,042.9			6,363.5			6,284.4
End of Period (excluding AOCI)		4,790.6			4,942.6			5,004.2			5,023.6			5,109.8			5,244.9			5,365.8			5,448.3			5,663.5
Average Equity (excluding AOCI)		4,784.5			4,888.2			5,016.8			5,024.6			5,075.7			5,185.0			5,338.8			5,392.3			5,559.8
Common Shares Outstanding
Average for the Period - Diluted		179.9			180.4			181.2			180.3			177.7			176.7			176.6			175.4			175.8
End of Period - Diluted		179.9			180.7			181.4			178.8			177.1			176.1			176.5			174.8			176.3
Per Share Data (Diluted)
Net Income	$	0.74		$	1.08		$	0.72		$	1.04		$	1.12		$	1.07		$	1.01		$	1.13		$	1.30
Income from Operations		0.87			0.99			0.97			1.00			1.00			1.07			0.98			1.25			1.30
Shareholders' Equity Per Share
Shareholders' Equity (including AOCI)	$	31.34		$	32.56		$	34.36		$	31.32		$	34.15		$	35.53		$	34.74		$	36.86		$	36.23
Shareholders' Equity (excluding AOCI)		26.87			27.69			27.99			28.51			29.23			30.17			30.85			31.56			32.65
Dividends Declared (Common Stock)		0.335			0.350			0.350			0.350			0.350			0.365			0.365			0.365			0.365
Return on Equity
Net Income/Average Equity		11.1	%		15.9	%		10.4	%		14.9	%		15.7	%		14.6	%		13.4	%		14.7	%		16.5	%
Inc from Operations/Average Equity		13.0	%		14.6	%		14.0	%		14.4	%		14.0	%		14.7	%		12.9	%		16.2	%		16.4	%
Market Value of Common Stock
Highest Price	$	38.64		$	41.32		$	48.87		$	50.38		$	47.50		$	48.70		$	49.42		$	47.77		$	52.42
Lowest Price		34.63			35.41			40.06			43.26			41.90			40.79			44.36			41.59			46.59
Closing Price		35.38			40.37			47.32			47.25			47.00			46.68			45.14			46.92			52.02

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 9

Consolidated Statements of Income
Unaudited [Millions of Dollars]
																YTD			YTD
																Sep			Sep
For the Year Ended December 31	2000			2001			2002			2003			2004			2004			2005
Revenue
Premiums	$	1,813.1		$	1,704.0		$	315.9		$	281.0		$	298.9		$	220.2		$	226.0
Surrender charges		114.7			101.5			87.8			84.7			78.7			57.6			55.3
Mortality assessments		496.5			533.3			530.3			550.5			558.3			417.9			423.2
Expense assessments		1,013.1			880.1			792.7			782.3			949.3			690.9			812.1
Investment advisory fees		213.1			197.2			183.3			205.0			252.5			196.5			199.9
Amortization of deferred gain		-			20.4			75.2			72.3			87.0			67.9			56.8
Amortization of deferred gain-reserve development		-			-			(0.8	)		3.6			1.3			1.0			1.0
Other revenue and fees		441.1			328.7			299.5			309.7			364.4			271.0			284.9
Net investment income		2,784.1			2,708.7			2,631.9			2,638.5			2,704.1			2,030.0			2,034.2
Earnings in unconsolidated affiliates		(0.4	)		5.7			(0.6	)		-			-			-			-
Realized gains (losses) on investments		(28.3	)		(105.2	)		(272.7	)		(16.7	)		(45.7	)		(52.9	)		(12.1	)
Gains (losses) on derivatives		-			(9.3	)		1.2			(2.5	)		(11.6	)		(11.1	)		(0.7	)
Net gain (loss) on reinsurance
derivative/trading account securities		-			-			-			4.1			(1.0	)		0.5			4.6
Gain on sale of subsidiaries/ businesses		-			12.8			(8.3	)		-			135.0			134.4			14.2
Mark-to-market adjustment on reclassification
from AFS to trading account securities		-			-			-			371.5			-			-			-
Total Revenue		6,847.1			6,378.0			4,635.5			5,283.9			5,371.3			4,023.8			4,099.5
Benefits and Expenses
Ins. benefits paid or provided:
Policy benefits		1,995.4			1,820.0			861.0			697.8			696.2			524.8			582.2
Div accum & div to policyholders		87.6			83.7			76.0			81.6			77.4			53.8			54.1
Interest credited to policy bal.		1,474.2			1,506.0			1,617.1			1,617.0			1,570.6			1,173.2			1,175.5
Reserve developments on reins. business sold		-			-			305.4			32.1			-			-			-
Def. sales inducements net of amortization		-			(12.1	)		(12.6	)		(14.1	)		(40.6	)		(29.1	)		(32.6	)
Total insurance benefits		3,557.2			3,397.7			2,846.9			2,414.4			2,303.7			1,722.7			1,779.1
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume related expenses		1,172.9			1,045.2			836.1			904.6			1,133.1			801.8			930.0
Operating and administrative expenses		1,208.4			1,114.5			928.0			894.4			897.4			704.3			696.7
Restructuring charges		104.9			38.0			(2.2	)		53.8			21.4			21.3			27.8
Taxes, licenses and fees		107.5			122.9			106.8			107.4			103.6			82.3			78.1
Par policyholder interests		1.1			-			-			-			-			-			-
Foreign exchange		(2.9	)		(1.4	)		0.3			-			-			-			-
Subtotal		2,592.0			2,319.1			1,869.0			1,960.2			2,155.5			1,609.7			1,732.7
DAC deferral net of amortization		(427.5	)		(334.2	)		(268.0	)		(321.6	)		(354.1	)		(269.2	)		(316.7	)
PVIF amortization		132.6			113.1			136.5			80.2			120.3			96.1			53.6
Other intangibles amortization		17.7			12.1			8.2			7.9			9.7			5.9			5.8
Total underwriting, acquisition,
insurance and other expenses		2,314.9			2,110.1			1,745.8			1,726.8			1,931.5			1,442.6			1,475.4
Goodwill amortization		45.1			43.4			-			-			-			-			-
Interest		139.5			121.0			96.6			89.5			94.1			71.9			66.2
Loss on early retirement of debt											5.6			6.3			-			-
Total Benefits and Expenses		6,056.7			5,672.1			4,689.3			4,236.3			4,335.6			3,237.2			3,320.8
Income (Loss) Before Federal Income Tax and
Cumulative Effect of Accounting Change		790.5			705.9			(53.8	)		1,047.6			1,035.7			786.6			778.8
Federal income taxes		205.2			144.7			(102.6	)		280.4			304.1			245.0			173.0
Income Before Cumulative Effect of
Accounting Change		585.3			561.2			48.8			767.2			731.5			541.6			605.7
Cumulative effect of accounting change		-			(15.6	)		-			(255.2	)		(24.5	)		(24.5	)		-
Net Income	$	585.3		$	545.7		$	48.8		$	511.9		$	707.0		$	517.1		$	605.7
Roll Forward of Deferred Acquisition Costs
Balance at beginning of year				$	3,070.5		$	2,866.8		$	2,939.7		$	3,147.1		$	3,147.1		$	3,445.0
Deferral					701.0			612.4			639.6			844.8			606.8			649.7
Amortization					(366.8	)		(344.4	)		(318.0	)		(490.8	)		(337.6	)		(333.0	)
Included in Total Benefits and Expenses					334.2			268.0			321.6			354.1			269.2			316.7
Adjustment related to realized (gains) losses
on available-for-sale securities					112.9			115.0			(50.2	)		(45.7	)		(29.9	)		(39.8	)
Adjustment related to unrealized (gains) losses
on available-for-sale securities					(187.2	)		(338.5	)		(126.1	)		(14.8	)		(29.5	)		228.4
Foreign currency translation adjustment					(16.0	)		56.9			62.1			42.9			9.1			(46.3	)
Disposition of business					(425.9	)		-			-			-
Other					(21.7	)		(28.4	)		-			(38.7	)		(39.2	)		-
Balance at end of year				$	2,866.7		$	2,939.9		$	3,147.1		$	3,445.0		$	3,326.8		$	3,904.0
Roll Forward of Present Value of In-Force
Balance at beginning of year				$	1,483.3		$	1,362.5		$	1,250.1		$	1,196.5		$	1,196.5		$	1,095.2
Amortization					(113.1	)		(136.5	)		(80.2	)		(120.3	)		(96.1	)		(53.6	)
Foreign currency translation adjustment					(7.0	)		24.1			26.6			19.6			4.0			(22.2	)
Other					(0.7	)					-			(0.6	)		(0.6	)		-
Balance at end of year				$	1,362.5		$	1,250.1		$	1,196.5		$	1,095.2		$	1,103.9		$	1,019.4
Roll Forward of Deferred Front-End Load*
Balance at beginning of year				$	550.6		$	589.7		$	656.8		$	750.6		$	750.6		$	764.1
Deferral					107.5			102.5			102.5			104.6			76.0			65.4
Amortization					(57.8	)		(75.7	)		(54.4	)		(122.8	)		(88.9	)		(73.8	)
Included in Income from Operations					49.7			26.8			48.1			(18.2	)		(12.9	)		(8.5	)
Foreign currency translation adjustment					(10.6	)		40.2			45.8			31.7			6.7			(34.4	)
Balance at end of year				$	589.7		$	656.8		$	750.6		$	764.1		$	744.4		$	721.2
* Included in Insurance and Investment Contract Liabilities on the Balance Sheet

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 10

Consolidated Statements of Income
Unaudited [Millions of Dollars]
For the Quarter Ended	Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2003			2003			2004			2004			2004			2004			2005			2005			2005
Revenue
Premiums	$	69.5		$	77.2		$	75.6		$	74.0		$	70.6		$	78.7		$	70.4		$	72.6		$	83.1
Surrender charges		21.5			23.0			20.2			19.2			18.2			21.1			20.1			16.6			18.7
Mortality assessments		137.9			138.1			137.9			140.1			139.8			140.4			142.3			142.1			138.8
Expense assessments		198.5			215.9			225.5			230.9			234.5			258.5			256.6			268.1			287.3
Investment advisory fees		53.2			58.3			62.7			66.4			67.4			56.0			59.4			66.9			73.6
Amortization of deferred gain		18.3			17.4			17.9			17.9			32.1			19.1			18.9			18.9			18.9
Amortization of deferred gain-reserve development		3.7			0.3			0.3			0.3			0.3			0.3			0.3			0.3			0.3
Other revenue and fees		82.9			81.7			61.4			112.9			96.6			93.4			74.0			93.2			117.7
Net investment income		664.4			659.2			677.5			683.1			669.4			674.1			659.8			703.6			670.8
Realized gains (losses) on investments		9.8			64.8			(12.0	)		(17.8	)		(23.0	)		7.2			(8.7	)		(0.6	)		(2.7	)
Gains (losses) on derivatives		9.1			(8.8	)		(3.8	)		(2.8	)		(4.5	)		(0.4	)		1.5			(3.4	)		1.2
Gain (loss) on reinsurance
derivative/trading account securities		-			4.1			(4.2	)		10.3			(5.6	)		(1.4	)		4.4			(5.1	)		5.3
Gain (loss) on sale of subsidiaries/ businesses		-			-			-			24.1			110.3			0.6			14.2			-			-
Mark-to-market adjustment on reclassification
from AFS to trading account securities		-			371.5			-			-			-			-			-			-			-
Total Revenue		1,268.8			1,702.6			1,259.0			1,358.7			1,406.1			1,347.5			1,313.2			1,373.2			1,413.1
Benefits and Expenses
Ins. benefits paid or provided:
Policy benefits		185.6			153.6			183.5			184.1			157.3			171.4			174.1			194.8			213.2
Div accum & div to policyholders		15.9			33.8			18.5			18.6			16.7			23.6			18.4			18.4			17.3
Interest credited to policy bal.		405.6			395.7			390.4			390.4			392.5			397.4			389.5			391.8			394.2
Reserve developments on reins. business       sold		32.1			-			-			-			-			-			-			-			-
Def. sales inducements net of amortization		(2.8	)		(5.6	)		(9.0	)		(9.8	)		(10.4	)		(11.5	)		(9.4	)		(11.7	)		(11.5	)
Total insurance benefits		636.4			577.5			583.3			583.3			556.1			580.9			572.6			593.3			613.2
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume related       expenses		234.6			274.4			278.9			277.7			245.1			331.3			283.6			310.9			335.5
Operating and administrative expenses		209.8			231.4			187.4			252.3			264.6			193.1			212.4			235.2			249.1
Restructuring charges		19.8			15.0			11.5			5.3			4.5			0.1			1.9			23.2			2.7
Taxes, licenses and fees		26.4			27.3			29.5			27.2			25.6			21.3			32.3			24.3			21.4
Foreign exchange		-			-			-			0.0			-			(0.0	)		-			-			-
Subtotal		490.6			548.1			507.4			562.6			539.8			545.8			530.2			593.7			608.8
DAC deferral net of amortization		(95.0	)		(107.3	)		(89.9	)		(93.9	)		(85.4	)		(84.9	)		(70.7	)		(92.3	)		(153.8	)
PVIF amortization		29.6			14.4			24.8			20.5			50.8			24.2			18.9			16.5			18.2
Other intangibles amortization		2.0			2.0			2.0			2.0			2.0			3.8			1.9			1.9			2.0
Total underwriting, acquisition,
insurance and other expenses		427.1			457.1			444.3			491.2			507.1			488.9			480.4			519.8			475.2
Interest		21.0			22.2			22.8			24.7			24.4			22.2			22.4			22.1			21.7
Loss on early retirement of debt		5.6			-			-			-			-			6.3			-			-			-
Total Benefits and Expenses		1,090.2			1,056.8			1,050.4			1,099.1			1,087.7			1,098.4			1,075.4			1,135.2			1,110.1
Income Before Federal Income Tax and
Cumulative Effect of Accounting Change		178.7			645.7			208.6			259.6			318.4			249.1			237.8			238.0			303.0
Federal income taxes		45.4			196.2			53.7			72.6			118.7			59.2			58.9			40.1			74.0
Income Before Cumulative Effect of
Accounting Change		133.3			449.6			155.0			187.0			199.7			189.9			178.9			197.9			228.9
Cumulative effect of accounting change		-			(255.2	)		(24.5	)		(0.0	)		-			-			-			-			-
Net Income	$	133.3		$	194.3		$	130.5		$	187.0		$	199.7		$	189.9		$	178.9		$	197.9		$	228.9
Roll Forward of Deferred Acquisition Costs
Balance at beginning of period	$	2,660.3		$	2,879.7		$	3,147.1		$	2,999.0		$	3,521.4		$	3,326.8		$	3,445.0		$	3,712.7		$	3,554.5
Deferral		160.9			197.4			198.7			201.8			206.2			238.1			204.9			215.0			229.9
Amortization		(65.9	)		(90.1	)		(108.8	)		(108.0	)		(120.8	)		(153.2	)		(134.2	)		(122.7	)		(76.1	)
Included in Total Benefits and Expenses		95.0			107.3			89.9			93.9			85.4			84.9			70.7			92.3			153.8
Adjustment related to realized (gains) losses
on available-for-sale securities		(60.6	)		(27.9	)		(17.6	)		(6.0	)		(6.2	)		(15.8	)		(11.7	)		(14.3	)		(13.8	)
Adjustment related to unrealized (gains) losses
on available-for-sale securities		182.2			145.2			(201.1	)		442.7			(271.2	)		14.7			215.7			(204.8	)		217.4
Foreign currency translation adjustment		2.8			42.8			19.9			(8.4	)		(2.5	)		33.8			(7.0	)		(31.4	)		(8.0	)
Other		0.1			(0.0	)		(39.2	)		0.2			(0.2	)		0.5			(0.0	)		0.0			(0.0	)
Balance at end of period	$	2,879.7		$	3,147.1		$	2,999.0		$	3,521.4		$	3,326.8		$	3,445.0		$	3,712.7		$	3,554.5		$	3,904.0
Roll Forward of Present Value of In-Force
Balance at beginning of period	$	1,220.8		$	1,192.5		$	1,196.5		$	1,180.0		$	1,155.8		$	1,103.9		$	1,095.2		$	1,073.1		$	1,041.7
Amortization		(29.6	)		(14.4	)		(24.8	)		(20.5	)		(50.8	)		(24.2	)		(18.9	)		(16.5	)		(18.2	)
Foreign currency translation adjustment		1.3			18.4			8.9			(3.7	)		(1.1	)		15.6			(3.3	)		(14.8	)		(4.1	)
Other		-			-			(0.6	)		-			-			-			-			-			-
Balance at end of period	$	1,192.5		$	1,196.5		$	1,180.0		$	1,155.8		$	1,103.9		$	1,095.2		$	1,073.1		$	1,041.7		$	1,019.4
Roll Forward of Deferred Front-End Load*
Balance at beginning of period	$	687.0		$	717.9		$	750.6		$	768.5		$	764.7		$	744.4		$	764.1		$	756.2		$	731.4
Deferral		25.4			25.8			25.0			25.8			25.2			28.6			22.6			22.0			20.8
Amortization		3.3			(24.6	)		(21.8	)		(23.3	)		(43.7	)		(34.0	)		(25.2	)		(23.6	)		(25.0	)
Included in Income from Operations		28.7			1.2			3.1			2.4			(18.5	)		(5.3	)		(2.7	)		(1.5	)		(4.2	)
Foreign currency translation adjustment		2.2			31.5			14.7			(6.2	)		(1.8	)		25.0			(5.2	)		(23.3	)		(5.9	)
Balance at end of period	$	717.9		$	750.6		$	768.5		$	764.7		$	744.4		$	764.1		$	756.2		$	731.4		$	721.2
* Included in Insurance and Investment Contract Liabilities on the Balance Sheet

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 11

Consolidating Statements of Income from Operations
Unaudited [Millions of Dollars]
													Investment
For the Quarter Ended September 30	Lincoln Retirement						Life Insurance						Management						Lincoln UK
	Sep			Sep			Sep			Sep			Sep			Sep			Sep			Sep
	2005			2004			2005			2004			2005			2004			2005			2004
Operating Revenue
Premiums	$	18.1		$	9.2		$	47.5		$	44.3		$	-		$	-		$	16.9		$	17.7
Surrender charges		7.3			6.7			10.8			11.1			0.6			0.4			-			-
Mortality assessments		-			-			129.8			130.1			-			-			9.0			9.7
Expense assessments		189.8			145.2			51.8			49.8			17.9			12.5			27.9			27.0
Investment advisory fees		-			-			-			-			98.6			93.8			-			-
Other revenue and fees		(1.2	)		(1.3	)		8.6			7.3			17.1			13.7			28.1			22.8
Net investment income		359.1			366.5			244.1			238.4			12.7			12.7			20.9			18.7
Total Operating Revenue		573.1			526.2			492.4			481.1			146.8			133.0			102.8			95.8
Operating Expenses
Ins. benefits paid or provided:
Policy benefits		59.2			40.5			117.9			95.8			-			-			35.5			21.4
Div accum & div to policyholders		-			-			17.3			16.7			-			-			-			-
Interest credited to policy bal.		204.9			209.9			149.0			143.8			7.0			6.9			-			-
Def. sales inducements net of amortization		(11.5	)		(10.4	)		-			-			-			-			-			-
Total insurance benefits		252.5			240.0			284.3			256.3			7.0			6.9			35.5			21.4
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume related expenses		160.4			141.3			92.6			80.7			19.1			12.9			0.9			0.7
Operating and administrative expenses		68.4			62.5			50.3			46.5			112.8			98.1			24.9			21.6
Taxes, licenses and fees		2.7			3.2			11.9			12.8			-			4.6			-			-
Subtotal		231.5			207.0			154.8			140.0			131.9			115.5			25.8			22.4
Net DAC (deferral) amortization		(104.4	)		(77.3	)		(76.6	)		(25.9	)		(9.9	)		(9.5	)		37.0			27.2
PVIF amortization		9.6			11.5			18.9			29.8			-			-			(10.2	)		9.4
Other intangibles amortization		-			-			-			-			2.0			2.0			-			-
Total underwriting, acquisition,
insurance and other expenses		136.7			141.1			97.1			144.0			124.0			108.0			52.7			59.0
Total Operating Expenses		389.2			381.2			381.3			400.3			131.0			114.8			88.1			80.3
Income from Operations before federal taxes		183.9			145.0			111.1			80.7			15.7			18.2			14.7			15.5
Federal income taxes		47.7			34.9			36.0			25.4			5.6			5.7			5.1			5.4
Income from Operations	$	136.2		$	110.2		$	75.1		$	55.4		$	10.2		$	12.5		$	9.6		$	10.1

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 11A

Consolidating Statements of Income from Operations
Unaudited [Millions of Dollars]
	Corporate and						Consolidating
For the Quarter Ended September 30	Other Operations						Adjustments						Consolidated *
	Sep			Sep			Sep			Sep			Sep			Sep
	2005			2004			2005			2004			2005			2004
Operating Revenue
Premiums	$	0.6		$	(0.5	)	$	-		$	-		$	83.1		$	70.6
Surrender charges		-			-			-			-			18.7			18.2
Mortality assessments		-			-			-			-			138.8			139.8
Expense assessments		-			-			-			-			287.3			234.5
Investment advisory fees		-			-			(24.9	)		(26.4	)		73.6			67.4
Amortization of deferred gain		18.9			32.1			-			-			18.9			32.1
Other revenue and fees		197.3			152.4			(132.1	)		(98.3	)		117.7			96.6
Net investment income		35.0			33.6			(0.9	)		(0.4	)		670.8			669.4
Total Operating Revenue		251.8			217.6			(157.9	)		(125.2	)		1,409.0			1,328.5
Operating Expenses
Ins. benefits paid or provided:
Policy benefits		0.7			(0.4	)		-			-			213.2			157.3
Div accum & div to policyholders		-			-			-			-			17.3			16.7
Interest credited to policy bal.		33.3			31.9			-			-			394.2			392.5
Def. sales inducements net of amortization		-			-			-			-			(11.5	)		(10.4	)
Total insurance benefits		33.9			31.5									613.2			556.1
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume related expenses		124.1			67.7			(61.6	)		(58.3	)		335.5			245.1
Operating and administrative expenses		88.7			102.4			(95.6	)		(66.5	)		249.4			264.6
Taxes, licenses and fees		6.8			5.0			-			-			21.4			25.6
Subtotal		219.5			175.2			(157.2	)		(124.7	)		606.4			535.3
Net DAC (deferral) amortization		0.1			0.1			-			-			(153.8	)		(85.4	)
PVIF amortization		-			-			-			-			18.2			50.8
Other intangibles amortization		-			-			-			-			2.0			2.0
Total underwriting, acquisition,
insurance and other expenses		219.6			175.3			(157.2	)		(124.7	)		472.9			502.7
Interest		22.1			24.9			(0.7	)		(0.4	)		21.4			24.4
Foreign exchange adjustment
Total Operating Expenses		275.6			231.7			(157.9	)		(125.2	)		1,107.4			1,083.2
Income from Operations before federal taxes		(23.9	)		(14.1	)								301.6			245.3
Federal income taxes		(21.0	)		(4.2	)								73.4			67.1
Income from Operations	$	(2.9	)	$	(9.9	)							$	228.2		$	178.2
* See page 1 for a reconciliation of Income from Operations to consolidated Net Income

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 12

Consolidating Statements of Income from Operations
Unaudited [Millions of Dollars]
													Investment
For the Nine Months Ended September 30	Lincoln Retirement						Life Insurance						Management						Lincoln UK
	Sep			Sep			Sep			Sep			Sep			Sep			Sep			Sep
	2005			2004			2005			2004			2005			2004			2005			2004
Operating Revenue
Premiums	$	36.5		$	23.1		$	140.9		$	140.4		$	-		$	-		$	47.9		$	55.4
Surrender charges		21.6			18.6			31.9			37.6			1.8			1.4			-			-
Mortality assessments		-			-			395.8			388.2			-			-			27.4			29.7
Expense assessments		527.5			423.4			150.8			150.6			51.3			41.2			82.4			75.6
Investment advisory fees		-			-			-			-			274.3			275.5			-			-
Other revenue and fees		(4.3	)		(4.3	)		25.0			23.4			48.0			49.5			37.4			36.8
Net investment income		1,103.3			1,127.9			729.5			709.0			39.8			39.4			60.8			55.4
Total Operating Revenue		1,684.7			1,588.7			1,473.9			1,449.2			415.1			407.2			255.9			252.9
Operating Expenses
Ins. benefits paid or provided:
Policy benefits		173.1			146.5			320.3			297.6			-			-			88.5			79.2
Div accum & div to policyholders		-			-			54.1			53.8			-			-			-			-
Interest credited to policy bal.		616.0			625.6			440.0			432.6			20.8			20.1			-			-
Def. sales inducements net of amortization		(32.6	)		(29.1	)		-			-			-			-			-			-
Total insurance benefits		756.5			743.0			814.5			784.0			20.8			20.1			88.5			79.2
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume related expenses		463.5			430.0			253.3			231.7			44.2			41.3			2.2			1.9
Operating and administrative expenses		189.3			172.3			133.1			125.7			320.8			292.7			74.1			66.9
Taxes, licenses and fees		9.0			12.1			39.2			36.7			8.0			14.0			-			-
Subtotal		661.9			614.3			425.6			394.1			372.9			348.0			76.3			68.8
Net DAC (deferral) amortization		(217.9	)		(198.9	)		(135.8	)		(98.2	)		(15.9	)		(23.3	)		52.6			50.9
PVIF amortization		14.3			17.8			46.9			65.8			-			-			(7.5	)		12.5
Other intangibles amortization		-			-			-			-			5.8			5.9			-			-
Total underwriting, acquisition,
insurance and other expenses		458.3			433.1			336.7			361.8			362.8			330.7			121.4			132.3
Total Operating Expenses		1,214.8			1,176.2			1,151.1			1,145.8			383.6			350.8			209.9			211.4
Income from Operations before federal taxes		469.9			412.5			322.8			303.4			31.5			56.4			46.0			41.5
Federal income taxes		115.6			98.3			104.1			97.1			10.1			18.0			16.1			14.5
Income from Operations	$	354.2		$	314.1		$	218.7		$	206.3		$	21.4		$	38.3		$	29.9		$	27.0

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 12A

Consolidating Statements of Income from Operations
Unaudited [Millions of Dollars]
	Corporate and						Consolidating
For the Nine Months Ended September 30	Other Operations						Adjustments						Consolidated *
	Sep			Sep			Sep			Sep			Sep			Sep
	2005			2004			2005			2004			2005			2004
Operating Revenue
Premiums	$	0.7		$	1.3		$	-		$	-		$	226.0		$	220.2
Surrender charges		-			-			-			-			55.3			57.6
Mortality assessments		-			-			-			-			423.2			417.9
Expense assessments		-			-			-			-			812.1			690.9
Investment advisory fees		-			-			(74.3	)		(79.0	)		199.9			196.5
Amortization of deferred gain		56.8			67.9			-			-			56.8			67.9
Other revenue and fees		582.3			457.5			(403.5	)		(291.9	)		284.9			271.0
Net investment income		103.9			99.6			(3.0	)		(1.2	)		2,034.2			2,030.0
Total Operating Revenue		743.7			626.1			(480.8	)		(372.1	)		4,092.5			3,952.0
Operating Expenses
Ins. benefits paid or provided:
Policy benefits		0.3			1.5			-			-			582.2			524.8
Div accum & div to policyholders		-			-			-			-			54.1			53.8
Interest credited to policy bal.		98.6			94.9			-			-			1,175.5			1,173.2
Def. sales inducements net of amortization		-			-			-			-			(32.6	)		(29.1	)
Total insurance benefits		98.9			96.4			-			-			1,779.1			1,722.7
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume related expenses		363.5			229.4			(196.7	)		(132.6	)		930.0			801.8
Operating and administrative expenses		262.1			285.0			(281.9	)		(238.3	)		697.5			704.3
Taxes, licenses and fees		21.9			19.6			-			-			78.1			82.3
Subtotal		647.5			534.0			(478.6	)		(370.9	)		1,705.6			1,588.4
Net DAC (deferral) amortization		0.3			0.3			-			-			(316.7	)		(269.2	)
PVIF amortization		-			-			-			-			53.6			96.1
Other intangibles amortization		-			-			-			-			5.8			5.9
Total underwriting, acquisition,
insurance and other expenses		647.8			534.3			(478.6	)		(370.9	)		1,448.4			1,421.3
Interest		67.6			73.1			(2.2	)		(1.2	)		65.4			71.9
Foreign Exchange		-			-			-			-			-			-
Total Operating Expenses		814.3			703.8			(480.8	)		(372.1	)		3,292.9			3,215.9
Income from Operations before federal taxes		(70.6	)		(77.7	)		-			-			799.6			736.0
Federal income taxes		(65.7	)		(26.8	)		-			-			180.3			201.2
Income from Operations	$	(4.9	)	$	(50.9	)	$	(0.0	)	$	0.0		$	619.3		$	534.9
* See page 1 for a reconciliation of Income from Operations to consolidated Net Income

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 13

Five Year Comparative Balance Sheet
Unaudited [Millions of Dollars except Common Share Data]
	As of December 31,
ASSETS	2000		2001			2002			2003			2004
Investments
Corporate bonds	$	21,249.7	$	23,105.1		$	25,934.7		$	25,868.5		$	26,889.0
U.S. government bonds		542.9		410.5			513.6			225.8			163.0
Foreign government bonds		1,321.1		1,174.7			1,110.2			1,194.6			1,285.9
Mortgage backed securities		4,160.4		3,524.7			5,015.5			5,195.6			6,090.5
State and municipal bonds		14.6		44.7			114.4			152.8			166.0
Preferred stocks-redeemable		161.2		85.9			79.0			132.2			106.1
Common stocks		436.6		319.3			228.0			98.4			69.8
Preferred stocks-equity		113.1		151.2			109.2			100.7			91.3
Total AFS Securities		27,999.5		28,816.1			33,104.7			32,968.6			34,861.7
Trading securities		-		-			-			3,120.1			3,237.4
Mortgage loans		4,663.0		4,535.5			4,205.5			4,195.0			3,856.9
Real estate		282.0		267.9			279.7			112.9			191.4
Policy loans		1,960.9		1,939.7			1,945.6			1,924.4			1,870.6
Other long-term investments		463.3		553.8			464.4			456.7			489.3
Total Investments		35,368.6		36,113.1			39,999.9			42,777.6			44,507.3
Invest in unconsol affiliates		6.4		8.1			-			-			-
Cash and invested cash		1,927.4		3,095.5			1,690.5			1,711.2			1,661.7
Property and equipment		228.2		257.5			242.1			235.2			207.1
Premiums and fees receivable		296.7		400.1			212.9			352.1			232.9
Accrued investment income		546.4		563.5			536.7			522.7			525.1
Assets held in separate accounts		50,579.9		44,833.4			36,178.3			46,565.2			55,204.6
Federal income taxes recoverable		234.1		55.5			317.7			45.9			-
Amounts recoverable from reinsurers		3,747.7		6,030.4			7,280.0			7,839.2			7,067.5
Deferred acquisition costs		3,070.5		2,866.8			2,939.7			3,147.1			3,445.0
Other intangible assets		73.7		68.6			73.0			79.1			106.4
Present value of in-force		1,483.3		1,362.5			1,250.1			1,196.5			1,095.2
Goodwill		1,286.0		1,211.8			1,233.2			1,234.7			1,195.9
Other		1,021.6		1,174.9			1,230.3			1,038.3			970.5
Total Assets	$	99,870.6	$	98,041.6		$	93,184.6		$	106,744.9		$	116,219.3
LIABILITIES and SHAREHOLDERS' EQUITY
Liabilities
Insurance and Investment Contract Liabilities:
Reserves	$	20,365.0	$	20,454.9		$	22,639.3		$	23,549.8		$	23,242.1
Unpaid claims		1,316.6		1,087.5			778.4			1,058.4			1,080.3
Unearned premiums		46.5		66.9			141.2			104.5			5.8
Premium deposit funds		17,715.5		18,585.0			20,518.8			21,769.3			22,215.1
Participating policyholders' funds		139.4		100.2			156.7			155.1			145.3
Other policyholders' funds		522.2		562.7			610.9			680.9			714.0
Liability related to separate accounts		50,579.9		44,833.4			36,178.3			46,565.2			55,204.6
Total Ins and Inv Contr Liabilities		90,685.1		85,690.6			81,023.6			93,883.2			102,607.1
Federal income tax liabilities		-		-			-			-			77.6
Short-term debt		312.9		350.2			153.0			44.0			214.4
Long-term debt		712.2		861.8			1,119.2			1,117.5			1,048.6
Junior subordinated debentures issued to affiliated trusts		745.0		474.7			392.7			341.3			339.8
Embedded derivative - modco		-		-			-			352.3			375.3
Other liabilities		2,434.7		4,216.1			4,171.5			4,270.1			4,467.8
Deferred gain on indemnity reinsurance		-		1,144.5			977.1			924.8			913.0
Total Liabilities		94,890.0		92,737.8			87,837.2			100,933.2			110,043.7
Unrealized gains		12.0		217.2			781.6			815.1			836.9
Foreign currency		22.0		(8.0	)		50.8			109.0			154.3
Minimum pension liability adjustment		-		(36.0	)		(97.8	)		(55.1	)		(60.5	)
Shareholders' equity- other		4,946.6		5,130.6			4,612.9			4,942.6			5,244.9
Total Shareholders' Equity		4,980.6		5,303.8			5,347.5			5,811.6			6,175.6
Total Liabilities
and Shareholders' Equity	$	99,870.6	$	98,041.6		$	93,184.6		$	106,744.9		$	116,219.3
Shareholders' Equity Per Share
Book Value, Excluding AOCI	$	25.88	$	27.39		$	25.97		$	27.69		$	30.17
Common shares outstanding (in millions)		191.2		187.3			177.6			178.5			173.8

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 14

Quarterly Balance Sheet
Unaudited [Millions of Dollars, except Common Share Data]
	Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2003			2003			2004			2004			2004			2004			2005			2005			2005
ASSETS
Investments
Corporate bonds	$	28,286.3		$	25,868.5		$	26,209.2		$	25,638.1		$	26,750.0		$	26,889.0		$	26,305.9		$	26,757.7		$	26,453.6
U.S. government bonds		522.5			225.8			234.2			156.3			162.9			163.0			165.7			174.4			158.3
Foreign government bonds		1,352.9			1,194.6			1,321.0			1,223.8			1,233.8			1,285.9			1,296.7			1,248.0			1,195.0
Mortgage backed securities		4,992.7			5,195.6			5,617.0			5,524.1			5,793.4			6,090.5			6,193.8			6,503.0			6,237.1
State and municipal bonds		164.0			152.8			164.1			164.8			168.8			166.0			156.3			160.8			157.9
Preferred stocks - redeemable		65.6			132.2			120.9			100.7			113.9			106.1			106.5			131.2			123.0
Common stocks		131.8			98.4			97.4			92.3			86.5			69.8			65.2			64.2			62.2
Preferred stocks-equity		111.2			100.7			100.2			90.5			91.6			91.3			89.6			90.3			89.4
Total AFS Securities		35,626.9			32,968.6			33,864.1			32,990.5			34,400.8			34,861.7			34,379.6			35,129.6			34,476.5
Trading securities		-			3,120.1			3,191.3			3,087.9			3,223.6			3,237.4			3,206.5			3,345.1			3,287.0
Mortgage loans		4,151.5			4,195.0			3,988.5			3,865.4			3,831.3			3,856.9			3,805.7			3,750.6			3,696.2
Real estate		249.8			112.9			104.8			104.3			135.1			191.4			213.4			209.8			196.6
Policy loans		1,910.5			1,924.4			1,876.7			1,871.3			1,871.9			1,870.6			1,860.5			1,866.9			1,856.4
Other long-term investments		484.7			456.7			476.3			442.9			463.8			489.3			516.5			561.3			572.3
Total Investments		42,423.3			42,777.6			43,501.7			42,362.5			43,926.6			44,507.3			43,982.2			44,863.3			44,085.0
Cash and invested cash		1,960.6			1,711.2			2,255.5			2,213.7			1,996.0			1,661.7			1,499.1			1,658.9			1,601.9
Property and equipment		237.3			235.2			229.5			225.5			217.7			207.1			203.9			187.9			185.6
Premiums and fees receivable		306.5			352.1			337.5			265.2			248.8			232.9			299.3			222.8			332.6
Accrued investment income		560.2			522.7			547.9			543.7			573.2			525.1			557.6			537.5			565.2
Assets held in separate accounts		41,283.4			46,565.2			48,557.9			49,343.7			49,657.9			55,204.6			55,387.2			57,240.0			60,811.5
Federal income taxes recoverable		-			45.9			-			204.0			-			-			5.0			-			-
Amount recoverable from reinsurers		7,537.9			7,839.2			7,865.7			7,138.7			7,031.9			7,067.5			7,336.5			7,241.6			7,211.0
Deferred acquisition costs		2,879.7			3,147.1			2,999.0			3,521.4			3,326.8			3,445.0			3,712.7			3,554.5			3,904.0
Other intangible assets		75.5			79.1			85.8			93.6			98.7			106.4			113.8			124.4			134.0
Present value of in-force		1,192.5			1,196.5			1,180.0			1,155.8			1,103.9			1,095.2			1,073.1			1,041.7			1,019.4
Goodwill		1,233.7			1,234.7			1,235.2			1,235.0			1,195.0			1,195.9			1,195.7			1,194.8			1,194.6
Other		1,134.9			1,038.3			1,074.2			1,015.1			1,000.7			970.5			986.1			1,086.0			1,059.9
Total Assets	$	100,825.5		$	106,744.9		$	109,869.9		$	109,317.9		$	110,377.1		$	116,219.3		$	116,352.2		$	118,953.4		$	122,104.6
LIABILITIES and SHAREHOLDERS' EQUITY
Liabilities
Insurance and Inv Contract Liabilities:
Reserves	$	23,117.1		$	23,549.8		$	23,704.6		$	23,165.1		$	23,010.1		$	23,242.1		$	23,498.2		$	23,555.6		$	23,690.2
Unpaid claims		1,041.2			1,058.4			1,076.8			1,083.5			1,067.0			1,080.3			1,164.9			1,114.2			1,037.7
Unearned premiums		26.9			104.5			104.3			9.3			7.5			5.8			3.1			1.9			1.2
Premium deposit funds		21,680.2			21,769.3			21,827.4			22,017.0			22,218.9			22,215.1			22,026.0			22,075.8			21,932.7
Participating policyholders' funds		179.2			155.1			171.1			165.9			165.2			145.3			128.1			146.3			123.3
Other policyholders' funds		671.5			680.9			688.1			698.5			703.4			714.0			716.1			717.6			740.2
Liab related to separate accounts		41,283.4			46,565.2			48,557.9			49,343.7			49,657.9			55,204.6			55,387.2			57,240.0			60,811.5
Total Ins and Inv Contr Liabilities		87,999.6			93,883.2			96,130.3			96,483.1			96,830.1			102,607.1			102,923.6			104,851.5			108,336.9
Federal income taxes		37.1			-			108.1			-			83.8			77.6			-			160.8			31.5
Short-term debt		76.5			44.0			38.0			30.0			0.0			214.4			194.0			222.5			165.1
Long-term debt		1,118.5			1,117.5			1,317.7			1,313.7			1,315.4			1,048.6			1,046.6			1,000.6			999.5
Junior subordinated debentures issued to
affiliated trusts		333.6			341.3			344.7			337.6			341.1			339.8			336.6			338.7			335.9
Embedded derivative - modco		-			352.3			440.6			252.6			365.5			375.3			313.5			420.3			314.1
Other liabilities		4,724.8			4,270.1			4,440.4			4,493.6			4,537.9			4,467.8			4,601.3			4,721.1			4,782.1
Deferred gain on indemnity reinsurance		949.0			924.8			906.6			888.4			932.4			913.0			893.7			874.5			855.2
Total Liabilities		95,239.1			100,933.2			103,726.4			103,799.0			104,406.3			110,043.7			110,309.3			112,590.0			115,820.2
Unrealized gains on investments		804.5			793.1			1,038.0			412.0			780.1			822.9			582.9			851.2			569.0
Gains - derivatives		23.2			22.1			29.0			18.5			19.8			14.0			7.7			11.9			8.9
Foreign currency		67.0			109.0			128.9			120.8			116.9			154.3			146.5			109.4			99.6
Minimum pension liability		(99.0	)		(55.1	)		(56.6	)		(56.0	)		(55.8	)		(60.5	)		(60.0	)		(57.3	)		(56.6	)
Shareholders' equity- other		4,790.6			4,942.6			5,004.2			5,023.6			5,109.8			5,244.9			5,365.8			5,448.3			5,663.5
Total Shareholders' Equity		5,586.4			5,811.6			6,143.5			5,518.9			5,970.8			6,175.6			6,042.9			6,363.5			6,284.4
Total Liabilities
and Shareholders' Equity	$	100,825.5		$	106,744.9		$	109,869.9		$	109,317.9		$	110,377.1		$	116,219.3		$	116,352.2		$	118,953.4		$	122,104.6
Shareholders' Equity Per Share
Book Value, Excluding AOCI	$	26.87		$	27.69		$	27.99		$	28.51		$	29.23		$	30.17		$	30.85		$	31.56		$	32.65
Common shares outstanding (in millions)		178.3			178.5			178.8			176.2			174.8			173.8			173.9			172.6			173.5

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005  PAGE 15

Consolidating Balance Sheets
Unaudited [Millions of Dollars]
													Investment
	Lincoln Retirement						Life Insurance						Management				Lincoln UK
ASSETS	Sep			Dec			Sep			Dec			Sep		Dec		Sep		Dec
	2005			2004			2005			2004			2005		2004		2005		2004
Investments
Corporate bonds	$	13,040.1		$	13,504.1		$	9,072.8		$	8,887.9		$	523.2	$	533.3	$	679.6	$	739.2
U.S. government bonds		11.4			11.9			67.5			63.8			-		-		-		-
Foreign government bonds		286.5			304.5			165.7			184.7			6.9		6.8		307.9		337.6
Asset/mortgage backed securities		3,419.4			3,332.3			1,877.9			1,739.5			97.0		99.6		-		-
State and municipal bonds		89.9			95.3			50.1			52.4			1.2		1.2		-		-
Preferred stocks-redeemable		61.5			37.6			28.6			25.7			-		-		-		-
Common stocks		-			0.2			0.0			0.2			-		-		43.4		46.4
Preferred stocks-equity		42.6			43.1			14.4			14.8			2.7		2.7		-		-
Total AFS Securities		16,951.3			17,329.1			11,276.9			10,968.9			630.8		643.7		1,030.9		1,123.3
Trading Securities		1,152.5			1,169.6			-			-			-		-		-		-
Mortgage loans		1,769.7			1,936.3			1,592.8			1,554.2			54.3		62.6		0.1		0.1
Real estate		-			-			-			-			-		-		0.2		0.2
Policy loans		432.9			438.7			1,418.5			1,426.0			-		-		4.9		5.9
Allocated investments		3,548.2			3,891.1			1,369.4			1,442.7			153.0		139.9		-		-
Other long-term investments		129.0			61.8			4.3			9.1			-		-		-		-
Total Investments		23,983.5			24,826.6			15,662.0			15,400.9			838.1		846.3		1,036.1		1,129.5
Notes receivable from LNC		316.8			107.8			82.2			130.7			13.5		44.4		-		-
Cash and invested cash		(99.5	)		(73.9	)		5.4			18.0			63.7		51.1		302.3		282.9
Property and equipment		12.0			10.8			0.8			1.6			31.7		33.3		17.5		20.1
Premium and fees receivable		1.4			0.2			20.5			25.8			53.7		45.4		-		-
Accrued investment income		247.8			243.3			199.8			173.8			9.1		8.6		27.5		22.1
Assets held in separate accounts		45,761.6			40,990.1			2,359.8			2,131.1			5,510.2		4,897.2		7,179.9		7,186.2
Amount recoverable from reinsurers		961.9			1,030.7			1,248.0			1,183.4			-		-		63.1		-
Deferred acquisition costs		1,380.6			1,040.4			1,884.1			1,691.9			146.2		120.4		492.0		590.9
Other intangible assets		118.1			85.5			-			-			15.8		20.9		-		-
Present value of in-force		78.3			92.6			679.6			726.5			-		-		261.5		276.1
Goodwill		64.1			64.1			855.1			855.1			260.8		260.8		14.6		15.9
Other		162.0			134.4			473.1			466.4			106.0		63.1		40.1		60.2
Total Assets	$	72,988.6		$	68,552.7		$	23,470.3		$	22,805.0		$	7,048.7	$	6,391.5	$	9,434.7	$	9,583.9
	Corporate and							Consolidating
	Other Operations							Adjustments										Consolidated
ASSETS		Sep			Dec			Sep			Dec							Sep		Dec
		2005			2004			2005			2004							2005		2004
Investments
Corporate bonds	$	3,138.0		$	3,224.5		$	-		$	-						$	26,453.6	$	26,889.0
U.S. government bonds		79.4			87.4			-			-							158.3		163.0
Foreign government bonds		428.0			452.3			-			-							1,195.0		1,285.9
Asset/mortgage backed securities		842.8			919.0			-			-							6,237.1		6,090.5
State and municipal bonds		16.8			17.1			-			-							157.9		166.0
Preferred stocks-redeemable		32.9			42.8			-			-							123.0		106.1
Common stocks		18.8			22.9			-			-							62.2		69.8
Preferred stocks-equity		29.8			30.7			-			-							89.4		91.3
Total AFS Securities		4,586.5			4,796.7			-			-							34,476.5		34,861.7
Trading securities		2,134.5			2,067.8			-			-							3,287.0		3,237.4
Mortgage loans		279.4			303.6			-			-							3,696.2		3,856.9
Real estate		196.4			191.1			-			-							196.6		191.4
Policy loans		-			-			-			-							1,856.4		1,870.6
Allocated investments		(5,070.6	)		(5,473.7	)		-			-							-		-
Other long-term investments		439.1			418.4			-			-							572.3		489.3
Total Investments		2,565.3			2,304.0			(0.0	)		(0.0	)						44,085.0		44,507.3
Investments In Consolidated Subs		5,932.8			5,545.6			(5,932.8	)		(5,545.6	)						-		-
Notes receivable from LNC		(331.2	)		(152.9	)		(81.4	)		(130.0	)						-		-
Cash and invested cash		1,330.1			1,383.6			-			-							1,601.9		1,661.7
Property and equipment		123.6			141.3			-			-							185.6		207.1
Premium and fees receivable		257.1			161.5			-			-							332.6		232.9
Accrued investment income		81.0			77.4			-			-							565.2		525.1
Assets held in separate accounts		-			-			-			-							60,811.5		55,204.6
Federal income tax recoverable		-			-			-			-							-		-
Amount recoverable from reinsurers		4,938.1			4,853.5			-			-							7,211.0		7,067.5
Deferred acquisition costs		1.1			1.4			-			-							3,904.0		3,445.0
Other intangible assets		-			-			-			-							134.0		106.4
Present value of in-force		-			-			-			-							1,019.4		1,095.2
Goodwill		-			-			-			-							1,194.6		1,195.9
Other		290.4			257.5			(11.7	)		(11.0	)						1,059.9		970.5
Total Assets	$	15,188.3		$	14,572.8		$	(6,025.9	)	$	(5,686.7	)					$	122,104.6	$	116,219.3

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 16

Consolidating Balance Sheets
Unaudited [Millions of Dollars]
													Investment
	Lincoln Retirement						Life Insurance						Management				Lincoln UK
LIABILITIES and SHAREHOLDERS' EQUITY	Sep			Dec			Sep			Dec			Sep		Dec		Sep			Dec
	2005			2004			2005			2004			2005		2004		2005			2004
Liabilities
Insurance and Inv Contract Liabilities:
Reserves	$	2,256.8		$	2,268.9		$	15,872.2		$	15,411.7		$	-	$	-	$	1,374.8		$	1,491.8
Unpaid claims		31.2			38.4			150.5			158.0			-		-		45.3			51.9
Unearned premiums		-			-			-			-			-		-		-			-
Premium deposit funds		21,045.1			21,336.8			18.6			17.1			737.0		716.0		23.1			29.7
Participating policyholders' funds		-			-			123.3			145.3			-		-		-			-
Other policyholders' funds		-			-			735.2			706.1			-		-		-			-
Liability related to separate accounts		45,761.6			40,990.1			2,359.8			2,131.1			5,510.2		4,897.2		7,179.9			7,186.2
Total Insurance and Inv Contract Liabilities		69,094.7			64,634.1			19,259.6			18,569.3			6,247.3		5,613.2		8,623.1			8,759.7
Federal income taxes		372.4			387.0			91.7			208.3			12.9		6.2		82.9			58.6
Notes payable to LNC		38.9			51.4			-			-			-		-		-			-
Embedded derivative - modco		49.7			80.5			2.6			2.5			-		-		-			-
Other liabilities		219.4			157.1			470.8			520.8			247.3		227.5		212.3			215.0
Deferred gain on indemnity reinsurance		-			-			-			-			-		-		-			-
Total Liabilities		69,775.2			65,310.1			19,824.7			19,300.9			6,507.4		5,846.9		8,918.3			9,033.4
Net unrealized gains (losses) on securities		320.3			474.8			164.7			244.2			2.0		3.1		41.1			36.2
Net gains (losses) on derivatives		2.5			4.8			5.9			7.7			-		-		-			-
Foreign currency translation adjustment		-			-			-			-			-		-		81.7			136.4
Minimum pension liability adjustment		-			-			-			-			0.5		-		(44.7	)		(48.6	)
Other shareholders' equity		2,890.6			2,762.9			3,475.0			3,252.3			538.8		541.5		438.3			426.6
Shareholders' Equity		3,213.4			3,242.5			3,645.5			3,504.1			541.3		544.6		516.3			550.6
Total Liabilities and Shareholders' Equity	$	72,988.6		$	68,552.7		$	23,470.3		$	22,805.0		$	7,048.7	$	6,391.5	$	9,434.7		$	9,583.9
		Corporate and						Consolidating
		Other Operations						Adjustments										Consolidated
LIABILITIES and SHAREHOLDERS' EQUITY		Sep			Dec			Sep			Dec							Sep			Dec
		2005			2004			2005			2004							2005			2004
Liabilities
Insurance and Inv Contract Liabilities:
Reserves	$	4,186.4		$	4,069.7		$	-		$	-						$	23,690.2		$	23,242.1
Unpaid claims		810.7			832.0			-			-							1,037.7			1,080.3
Unearned premiums		1.2			5.7			-			-							1.2			5.8
Premium deposit funds		108.8			115.6			-			-							21,932.7			22,215.1
Participating policyholders' funds		-			-			-			-							123.3			145.3
Other policyholders' funds		5.0			7.9			-			-							740.2			714.0
Liability related to separate accounts		-			-			-			-							60,811.5			55,204.6
Total Insurance and Inv Contract Liabilities		5,112.1			5,030.9			-			-							108,336.9			102,607.1
Federal income taxes		(528.6	)		(583.3	)		0.2			0.8							31.5			77.6
Short-term debt		165.1			214.4			-			-							165.1			214.4
Long-term debt		999.5			1,048.6			-			-							999.5			1,048.6
Junior subordinated debentures issued to affiliated trusts		335.9			339.8			-			-							335.9			339.8
Notes payable to LNC		42.5			78.6			(81.4	)		(130.0	)						-			-
Embedded derivative - modco		261.8			292.3			-			-							314.1			375.3
Other liabilities		3,644.0			3,358.4			(11.7	)		(11.0	)						4,782.1			4,467.8
Deferred gain on indemnity reinsurance		855.2			913.0			-			-							855.2			913.0
Total Liabilities		10,887.5			10,692.7			(92.9	)		(140.3	)						115,820.2			110,043.7
Net unrealized gains (losses) on securities		42.0			64.4			(1.1	)		-							569.0			822.9
Gains (losses) on derivatives		0.5			1.6			-			-							8.9			14.0
Foreign currency translation adjustment		10.3			10.4			7.5			7.5							99.6			154.3
Minimum pension liability adjustment		(12.3	)		(11.9	)		-			-							(56.6	)		(60.5	)
Other shareholders' equity		4,260.4			3,815.5			(5,939.5	)		(5,553.9	)						5,663.5			5,244.9
Shareholders' Equity		4,300.8			3,880.1			(5,933.1	)		(5,546.4	)						6,284.4			6,175.6
Total Liabilities and Shareholders' Equity	$	15,188.3		$	14,572.8		$	(6,025.9	)	$	(5,686.7	)					$	122,104.6		$	116,219.3

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 17

Lincoln Retirement
Income Statements & Operational Data
Unaudited [Millions of Dollars]
																YTD			YTD
																Sep			Sep
For the Year Ended December 31	2000			2001			2002			2003			2004			2004			2005
Operating Revenue
Premiums	$	64.3		$	77.5		$	47.4		$	21.9		$	33.0		$	23.1		$	36.5
Surrender charges		41.8			31.2			31.2			28.9			25.0			18.6			21.6
Expense assessments		591.3			508.6			446.2			441.9			580.5			423.4			527.5
Other revenue and fees		11.0			16.7			3.3			8.7			(6.3	)		(4.3	)		(4.3	)
Net investment income		1,430.5			1,399.1			1,457.5			1,483.7			1,495.9			1,127.9			1,103.3
Total Operating Revenue		2,138.9			2,033.1			1,985.5			1,985.1			2,128.0			1,588.7			1,684.7
Operating Expenses
Benefits paid or provided:
Benefits		254.7			263.9			314.1			181.5			189.9			146.5			173.1
Interest credited to policy bal.		866.1			863.8			903.8			867.7			836.0			625.6			616.0
Def. sales inducements net of amortization		-			(12.1	)		(12.6	)		(14.1	)		(40.6	)		(29.1	)		(32.6	)
Total insurance benefits		1,120.8			1,115.7			1,205.3			1,035.1			985.2			743.0			756.5
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume-related expenses		378.9			386.0			385.4			386.0			586.7			430.0			463.5
Operating and administrative expenses		206.6			231.8			231.3			226.2			231.8			172.3			189.3
Taxes, licenses and fees		9.3			13.7			11.5			17.7			14.6			12.1			9.0
Subtotal		594.8			631.6			628.2			630.0			833.1			614.3			661.9
DAC deferral net of amortization		(37.5	)		(103.4	)		(73.6	)		(103.0	)		(247.9	)		(198.9	)		(217.9	)
PVIF amortization		24.2			14.7			31.8			9.5			20.0			17.8			14.3
Total underwriting, acquisition,
insurance and other expenses		581.5			542.9			586.3			536.5			605.2			433.1			458.3
Goodwill amortization		(0.6	)		1.2			-			-			-			-			-
Total Operating Expenses		1,701.7			1,659.8			1,791.7			1,571.6			1,590.5			1,176.2			1,214.8
Operating income before federal taxes		437.2			373.3			193.9			413.5			537.6			412.5			469.9
Federal income taxes		79.1			57.1			10.5			81.6			123.0			98.3			115.6
Income from Operations	$	358.1		$	316.2		$	183.4		$	331.9		$	414.6		$	314.1		$	354.2
Effective tax rate		18.1	%		15.3	%		5.4	%		19.7	%		22.9	%		23.8	%		24.6	%
Average capital	$	1,602.9		$	1,831.4		$	2,339.6		$	2,400.3		$	2,589.1		$	2,556.0		$	2,740.1
Return on average capital		22.3	%		17.3	%		7.8	%		13.8	%		16.0	%		16.4	%		17.2	%
Roll Forward of Deferred Acquisition Costs
Balance at beginning of period				$	812.5		$	894.3		$	824.7		$	854.6		$	854.6		$	1,040.4
Deferral					227.8			229.0			223.4			421.9			309.0			334.0
Amortization					(124.4	)		(155.4	)		(120.4	)		(174.0	)		(110.0	)		(116.2	)
Included in Total Benefits and Expenses					103.4			73.6			103.0			247.9			198.9			217.9
Adjustment related to realized (gains) losses
on available-for-sale securities					68.2			73.0			(18.7	)		(28.3	)		(18.0	)		(26.5	)
Adjustment related to unrealized (gains) losses
on available-for-sale securities					(90.0	)		(201.3	)		(54.3	)		8.3			(8.7	)		148.8
Other*					0.2			(14.8	)								-			-
Cumulative effect of accounting change														(42.3	)		(42.3	)		-
Balance at end of period				$	894.3		$	824.7		$	854.6		$	1,040.4		$	984.6		$	1,380.6
Roll Forward of Present Value of In-Force
Balance at beginning of period				$	169.2		$	154.5		$	122.7		$	113.2		$	113.2		$	92.6
Amortization					(14.7	)		(31.8	)		(9.5	)		(20.0	)		(17.8	)		(14.3	)
Cumulative effect of accounting change					-			-			-			(0.6	)		(0.6	)		-
Balance at end of period				$	154.5		$	122.7		$	113.2		$	92.6		$	94.9		$	78.3
*Includes the transfer of the Legacy Life block of business to the Life Insurance segment in the first quarter of 2002.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 18

Lincoln Retirement
Income Statements & Operational Data
Unaudited [Millions of Dollars]
For the Quarter Ended	Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2003			2003			2004			2004			2004			2004			2005			2005			2005
Operating Revenue
Premiums	$	7.8		$	5.6		$	6.5		$	7.4		$	9.2		$	9.9		$	10.5		$	7.8		$	18.1
Surrender charges		7.4			6.2			5.9			6.0			6.7			6.4			7.4			6.9			7.3
Expense assessments		115.2			124.8			137.3			140.9			145.2			157.1			164.6			173.1			189.8
Other revenue and fees		8.3			0.5			(0.8	)		(2.1	)		(1.3	)		(2.0	)		(1.4	)		(1.6	)		(1.2	)
Net investment income		377.4			369.5			379.0			382.3			366.5			368.0			357.4			386.8			359.1
Total Operating Revenue		516.0			506.6			528.0			534.4			526.2			539.4			538.5			573.0			573.1
Operating Expenses
Benefits paid or provided:
Benefits		44.6			37.1			54.1			52.0			40.5			43.4			52.4			61.5			59.2
Interest credited to policy balances		216.5			214.0			207.8			208.0			209.9			210.4			204.7			206.4			204.9
Def. sales inducements net of amortization		(2.8	)		(5.6	)		(9.0	)		(9.8	)		(10.4	)		(11.5	)		(9.4	)		(11.7	)		(11.5	)
Total insurance benefits		258.2			245.5			252.8			250.2			240.0			242.2			247.8			256.2			252.5
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume-related       expenses		96.8			119.6			141.8			146.9			141.3			156.7			149.7			153.4			160.4
Operating and administrative expenses		57.0			58.5			51.7			58.1			62.5			59.6			56.8			64.2			68.4
Taxes, licenses and fees		3.7			4.0			5.2			3.7			3.2			2.5			3.9			2.4			2.7
Subtotal		157.6			182.2			198.7			208.7			207.0			218.8			210.4			220.0			231.5
DAC deferral net of amortization		(27.2	)		(42.0	)		(60.4	)		(61.2	)		(77.3	)		(49.0	)		(49.4	)		(64.1	)		(104.4	)
PVIF amortization		3.3			1.8			3.3			2.9			11.5			2.3			2.4			2.4			9.6
Total underwriting, acquisition,
insurance and other expenses		133.6			141.9			141.6			150.4			141.1			172.1			163.3			158.3			136.7
Total Operating Expenses		391.9			387.4			394.4			400.6			381.2			414.3			411.1			414.4			389.2
Operating income before federal taxes		124.1			119.2			133.6			133.8			145.0			125.1			127.4			158.6			183.9
Federal income taxes		29.8			25.1			31.4			32.1			34.9			24.7			28.8			39.2			47.7
Income from Operations	$	94.3		$	94.1		$	102.2		$	101.8		$	110.2		$	100.5		$	98.6		$	119.4		$	136.2
Effective tax rate		24.0	%		21.1	%		23.5	%		24.0	%		24.1	%		19.7	%		22.6	%		24.7	%		25.9	%
Average capital	$	2,386.7		$	2,425.4		$	2,532.6		$	2,575.1		$	2,560.5		$	2,688.4		$	2,661.3		$	2,718.3		$	2,840.7
Return on average capital		15.8	%		15.5	%		16.1	%		15.8	%		17.2	%		14.9	%		14.8	%		17.6	%		19.2	%
Roll Forward of Deferred Acquisition Costs
Balance at beginning-of-quarter	$	616.3		$	721.7		$	854.6		$	748.7		$	1,056.2		$	984.6		$	1,040.4		$	1,214.0		$	1,174.8
Deferral		58.9			73.5			101.9			105.5			101.5			112.9			107.0			112.7			114.4
Amortization		(31.6	)		(31.5	)		(41.5	)		(44.4	)		(24.2	)		(63.9	)		(57.6	)		(48.6	)		(10.0	)
Included in Total Benefits and Expenses		27.2			42.0			60.4			61.2			77.3			49.0			49.4			64.1			104.4
Adjustment related to realized (gains) losses
on available-for-sale securities		(31.8	)		(16.7	)		(10.2	)		(6.0	)		(1.8	)		(10.3	)		(10.1	)		(8.4	)		(8.0	)
Adjustment related to unrealized (gains) losses
on available-for-sale securities		109.9			107.6			(113.9	)		252.4			(147.2	)		17.0			134.2			(94.8	)		109.5
Other
Cumulative effect of accounting change								(42.3	)
Balance at end-of-quarter	$	721.7		$	854.6		$	748.7		$	1,056.2		$	984.6		$	1,040.4		$	1,214.0		$	1,174.8		$	1,380.6
Roll Forward of Present Value of In-Force
Balance at beginning-of-quarter	$	118.3		$	115.0		$	113.2		$	109.4		$	106.4		$	94.9		$	92.6		$	90.3		$	87.9
Amortization		(3.3	)		(1.8	)		(3.3	)		(2.9	)		(11.5	)		(2.3	)		(2.4	)		(2.4	)		(9.6	)
Cumulative effect of accounting change		-			-			(0.6	)		-			-			-			-			-			-
Balance at end-of-quarter	$	115.0		$	113.2		$	109.4		$	106.4		$	94.9		$	92.6		$	90.3		$	87.9		$	78.3

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 19

Lincoln Retirement
Account Value Rollforward
Unaudited [Billions of Dollars]
																YTD			YTD
																Sep			Sep
	2000			2001			2002			2003			2004			2004			2005
Fixed Annuities - Balance at Beginning of Year	$	18.210		$	16.615		$	18.004		$	20.087		$	21.220		$	21.220		$	21.565
Gross Deposits		2.074			3.342			3.672			3.125			3.110			2.379			2.251
Withdrawals & deaths		(3.283	)		(2.448	)		(2.637	)		(2.074	)		(2.227	)		(1.640	)		(2.038	)
Net flows		(1.209	)		0.894			1.035			1.051			0.884			0.739			0.213
Transfer from (to) var annuities		(1.329	)		(0.428	)		0.108			(0.817	)		(1.395	)		(0.966	)		(1.088	)
Interest credited		0.944			0.923			0.940			0.899			0.856			0.640			0.629
Fixed Annuities-Gross		16.615			18.004			20.087			21.220			21.565			21.632			21.318
Reinsurance Ceded		(1.221	)		(1.514	)		(2.003	)		(2.353	)		(2.297	)		(2.316	)		(2.257	)
Fixed Annuities - Balance at End of Year*	$	15.394		$	16.491		$	18.085		$	18.868		$	19.268		$	19.317		$	19.062
Variable Annuities - Balance at Beginning of Year	$	41.448		$	39.053		$	33.999		$	26.550		$	33.930		$	33.930		$	40.362
Gross Deposits		3.007			2.792			2.381			2.505			5.082			3.649			4.577
Withdrawals & deaths		(5.024	)		(3.905	)		(3.394	)		(3.181	)		(3.797	)		(2.807	)		(3.165	)
Net flows		(2.017	)		(1.113	)		(1.014	)		(0.676	)		1.285			0.842			1.411
Transfer from (to) fixed annuities		1.315			0.435			(0.092	)		0.803			1.387			0.959			1.096
Invest inc & change in mkt value		(1.693	)		(4.376	)		(6.344	)		7.253			3.760			0.536			2.190
Var Annuities - Balance at End of Year**	$	39.053		$	33.999		$	26.550		$	33.930		$	40.362		$	36.268		$	45.059
Total Annuities - Balance at Beginning of Year	$	59.658		$	55.668		$	52.003		$	46.637		$	55.150		$	55.150		$	61.927
Gross Deposits		5.080			6.134			6.053			5.630			8.192			6.028			6.828
Withdrawals & deaths		(8.307	)		(6.353	)		(6.032	)		(5.255	)		(6.023	)		(4.447	)		(5.203	)
Net flows		(3.227	)		(0.219	)		0.021			0.375			2.169			1.581			1.624
Transfers		(0.014	)		0.007			0.017			(0.014	)		(0.008	)		(0.007	)		0.007
Interest credited & change in mkt value		(0.749	)		(3.453	)		(5.404	)		8.152			4.616			1.176			2.819
Total Gross Annuities- Balance at End of Year		55.667			52.003			46.637			55.150			61.927			57.900			66.377
Reinsurance Ceded		(1.221	)		(1.514	)		(2.003	)		(2.353	)		(2.297	)		(2.316	)		(2.257	)
Total Annuities (Net of Ceded) - Balance at End of Year	$	54.446		$	50.490		$	44.634		$	52.797		$	59.629		$	55.585		$	64.120
Alliance Mutual Funds - Balance at Beg of Year***	$	0.045		$	0.375		$	0.639		$	0.888		$	1.856		$	1.856		$	2.861
Gross Deposits		0.158			0.275			0.362			0.614			0.828			0.605			0.843
Withdrawals & deaths		0.194			0.049			0.069			0.019			(0.075	)		(0.058	)		(0.202	)
Net flows		0.352			0.324			0.432			0.632			0.753			0.547			0.641
Transfers		0.005			(0.007	)		(0.030	)		0.007			(0.031	)		(0.031	)		(0.004	)
Interest credited & change in mkt value		(0.028	)		(0.052	)		(0.153	)		0.330			0.282			0.058			0.174
Total Alliance Mutual Funds - Balance at End of Year	$	0.375		$	0.639		$	0.888		$	1.856		$	2.861		$	2.430		$	3.672
Total Annuities and Alliance Mutual Funds -
Balance Beginning of Year	$	59.703		$	56.042		$	52.642		$	47.525		$	57.006		$	57.006		$	64.788
Gross Deposits		5.239			6.409			6.415			6.244			9.020			6.633			7.671
Withdrawals & deaths		(8.113	)		(6.304	)		(5.962	)		(5.236	)		(6.098	)		(4.505	)		(5.405	)
Net flows		(2.874	)		0.105			0.453			1.007			2.922			2.128			2.266
Transfers		(0.009	)		(0.000	)		(0.013	)		(0.008	)		(0.039	)		(0.038	)		0.003
Interest credited & change in mkt value		(0.777	)		(3.505	)		(5.558	)		8.482			4.898			1.234			2.993
Total Gross Annuities and Alliance - Balance End of Year		56.042			52.642			47.525			57.006			64.788			60.331			70.049
Reinsurance Ceded		(1.221	)		(1.514	)		(2.003	)		(2.353	)		(2.297	)		(2.316	)		(2.257	)
Total Annuities and Alliance Mutual Funds
Balance at End of Year - (net of ceded)	$	54.821		$	51.128		$	45.522		$	54.653		$	62.490		$	58.015		$	67.792
Run-off Group Pension Accounts - Not Included above		2.952			3.060			2.844			2.947			2.906			2.857			2.877
Total Retirement Segment Account Values - (net of ceded)	$	57.773		$	54.189		$	48.366		$	57.600		$	65.396		$	60.872		$	70.669
Var Ann Under Agreement - Included above		0.566			0.438			0.298			0.310			0.266			0.261			0.226
Incremental Deposits****:
Fixed Annuities Incremental Deposits	$	1.918		$	3.213		$	3.600		$	3.067		$	3.046		$	2.328		$	2.187
Variable Annuities Incremental Deposits		2.315			1.985			2.207			2.405			4.928			3.526			4.477
Total Annuities Incremental Deposits		4.233			5.198			5.807			5.472			7.974			5.854			6.664
Total Alliance Mutual Funds Incremental Deposits		0.352			0.639			0.362			0.614			0.828			0.605			0.843
Total Annuities and Alliance Mutual Funds
Incremental Deposits	$	4.585		$	5.837		$	6.170		$	6.086		$	8.802		$	6.460		$	7.507

* Includes Fixed Annuity products offered under the Alliance program and the Fixed portion of variable annuities.        

** Excludes the Fixed portion of variable annuities.

*** Represents amounts attributable to Alliance program mutual fund net flows. Alliance program mutual fund account values are not included in the separate accounts reported on our balance sheet.        

**** Incremental Deposits represent gross deposits reduced by transfers from other Lincoln Retirement products.        

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 20

Lincoln Retirement
Account Value Rollforward
Unaudited [Billions of Dollars]
	Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2002			2003			2003			2003			2003			2004			2004			2004			2004			2005			2005			2005
Fixed Annuities - Balance at Beginning of Quarter	$	19.563		$	20.088		$	20.612		$	20.864		$	21.132		$	21.221		$	21.281		$	21.476		$	21.633		$	21.565		$	21.375		$	21.417
Gross Deposits		0.822			0.776			0.778			0.778			0.792			0.817			0.779			0.783			0.732			0.740			0.793			0.718
Withdrawals & deaths		(0.531	)		(0.524	)		(0.501	)		(0.492	)		(0.557	)		(0.571	)		(0.515	)		(0.554	)		(0.587	)		(0.778	)		(0.632	)		(0.629	)
Net flows		0.291			0.253			0.277			0.286			0.235			0.246			0.264			0.228			0.145			(0.038	)		0.161			0.090
Transfer from (to) var annuities		(0.007	)		0.046			(0.250	)		(0.243	)		(0.369	)		(0.399	)		(0.280	)		(0.287	)		(0.429	)		(0.359	)		(0.329	)		(0.399	)
Interest credited		0.240			0.226			0.226			0.225			0.223			0.213			0.211			0.215			0.216			0.207			0.210			0.212
Fixed Annuities - Gross		20.088			20.612			20.864			21.132			21.221			21.281			21.476			21.633			21.565			21.375			21.417			21.319
Reinsurance Ceded		(2.003	)		(2.075	)		(2.169	)		(2.264	)		(2.353	)		(2.350	)		(2.333	)		(2.316	)		(2.297	)		(2.291	)		(2.277	)		(2.257	)
Fixed Annuities - Balance at End of Quarter*	$	18.085		$	18.537		$	18.696		$	18.868		$	18.868		$	18.930		$	19.143		$	19.317		$	19.268		$	19.084		$	19.141		$	19.062
Variable Annuities - Balance at Beginning of Quarter	$	25.161		$	26.550		$	25.402		$	29.121		$	30.185		$	33.930		$	35.457		$	36.064		$	36.268		$	40.362		$	40.510		$	42.319
Gross Deposits		0.477			0.452			0.468			0.651			0.933			1.156			1.237			1.257			1.433			1.478			1.513			1.585
Withdrawals & deaths		(0.777	)		(0.825	)		(0.759	)		(0.798	)		(0.798	)		(0.930	)		(0.973	)		(0.904	)		(0.990	)		(1.012	)		(1.018	)		(1.136	)
Net flows		(0.300	)		(0.373	)		(0.291	)		(0.147	)		0.135			0.226			0.264			0.352			0.443			0.466			0.495			0.450
Transfer from (to) fixed annuities		0.018			(0.045	)		0.249			0.238			0.361			0.393			0.279			0.288			0.427			0.363			0.333			0.400
Invest inc & change in mkt value		1.671			(0.730	)		3.761			0.973			3.249			0.908			0.064			(0.436	)		3.224			(0.681	)		0.981			1.890
Variable Annuities - Balance at End of Quarter**	$	26.550		$	25.402		$	29.121		$	30.185		$	33.930		$	35.457		$	36.064		$	36.268		$	40.362		$	40.510		$	42.319		$	45.059
Total Annuities - Balance at Beginning of Quarter	$	44.724		$	46.638		$	46.014		$	49.985		$	51.318		$	55.151		$	56.738		$	57.540		$	57.901		$	61.927		$	61.885		$	63.736
Gross Deposits		1.299			1.229			1.247			1.430			1.725			1.973			2.016			2.039			2.164			2.218			2.306			2.304
Withdrawals & deaths		(1.308	)		(1.349	)		(1.261	)		(1.290	)		(1.355	)		(1.501	)		(1.487	)		(1.459	)		(1.576	)		(1.790	)		(1.650	)		(1.764	)
Net flows		(0.009	)		(0.120	)		(0.014	)		0.139			0.370			0.472			0.528			0.581			0.588			0.428			0.657			0.539
Transfers		0.011			0.001			(0.001	)		(0.005	)		(0.008	)		(0.006	)		(0.001	)		0.001			(0.002	)		0.004			0.003			0.000
Interest credited & change in mkt value		1.911			(0.504	)		3.986			1.198			3.472			1.121			0.275			(0.221	)		3.440			(0.474	)		1.191			2.102
Fixed Annuities - Gross		46.638			46.014			49.985			51.318			55.151			56.738			57.540			57.901			61.927			61.885			63.736			66.378
Reinsurance Ceded		(2.003	)		(2.075	)		(2.169	)		(2.264	)		(2.353	)		(2.350	)		(2.333	)		(2.316	)		(2.297	)		(2.291	)		(2.277	)		(2.257	)
Total Annuities (Net of Ceded) - Bal at End of Quarter	$	44.635		$	43.939		$	47.817		$	49.053		$	52.798		$	54.387		$	55.207		$	55.585		$	59.630		$	59.594		$	61.460		$	64.120
Alliance Mutual Funds - Balance at Beginning of Quarter***	$	0.781		$	0.888		$	1.072		$	1.336		$	1.524		$	1.856		$	2.162		$	2.335		$	2.430		$	2.861		$	3.163		$	3.432
Gross Deposits		0.069			0.196			0.116			0.148			0.154			0.251			0.187			0.167			0.223			0.421			0.222			0.200
Withdrawals & deaths		0.014			0.020			(0.002	)		(0.011	)		0.012			(0.011	)		(0.015	)		(0.032	)		(0.017	)		(0.074	)		(0.022	)		(0.107	)
Net flows		0.083			0.216			0.113			0.138			0.165			0.240			0.172			0.135			0.206			0.347			0.201			0.093
Transfers		(0.018	)		(0.003	)		(0.001	)		0.006			0.004			0.007			(0.013	)		(0.025	)		0.000			0.002			(0.006	)		(0.000	)
Interest credited & change in mkt value		0.042			(0.029	)		0.151			0.045			0.162			0.060			0.013			(0.014	)		0.225			(0.048	)		0.075			0.147
Total Alliance Mutual Funds - Balance at End of Quarter	$	0.888		$	1.072		$	1.336		$	1.524		$	1.856		$	2.162		$	2.335		$	2.430		$	2.861		$	3.163		$	3.432		$	3.672
Total Annuities and Alliance Mutual Funds -
Balance at Beginning of Quarter	$	45.505		$	47.525		$	47.086		$	51.321		$	52.842		$	57.007		$	58.900		$	59.875		$	60.331		$	64.788		$	65.048		$	67.168
Gross Deposits		1.368			1.424			1.363			1.578			1.879			2.223			2.203			2.207			2.387			2.639			2.529			2.504
Withdrawals & deaths		(1.294	)		(1.329	)		(1.263	)		(1.301	)		(1.343	)		(1.512	)		(1.503	)		(1.490	)		(1.593	)		(1.863	)		(1.671	)		(1.871	)
Net flows		0.074			0.095			0.099			0.277			0.536			0.712			0.701			0.716			0.794			0.776			0.857			0.633
Transfers		(0.006	)		(0.002	)		(0.002	)		0.001			(0.004	)		0.001			(0.014	)		(0.024	)		(0.002	)		0.006			(0.003	)		0.000
Interest credited & change in mkt value		1.953			(0.532	)		4.137			1.243			3.634			1.181			0.288			(0.235	)		3.665			(0.522	)		1.266			2.249
Total Gross Annuities and Alliance Mutual Funds -
Balance at End of Quarter		47.525			47.086			51.321			52.842			57.007			58.900			59.875			60.331			64.788			65.048			67.168			70.050
Reinsurance Ceded		(2.003	)		(2.075	)		(2.169	)		(2.264	)		(2.353	)		(2.350	)		(2.333	)		(2.316	)		(2.297	)		(2.291	)		(2.277	)		(2.257	)
Total Annuities and Alliance Mutual Funds
Balance at End of Quarter (net of ceded)	$	45.523		$	45.011		$	49.152		$	50.577		$	54.654		$	56.550		$	57.542		$	58.016		$	62.491		$	62.757		$	64.892		$	67.793
Run-off Group Pension Accounts - Not Included Above		2.844			2.836			2.888			2.888			2.947			2.943			2.910			2.857			2.906			2.886			2.883			2.877
Total Retirement Segment Account Values - (net of ceded)	$	48.367		$	47.847		$	52.040		$	53.466		$	57.601		$	59.493		$	60.452		$	60.872		$	65.397		$	65.643		$	67.775		$	70.669
Var Ann Under Agreement - Included above		0.298			0.283			0.301			0.296			0.310			0.301			0.283			0.261			0.266			0.244			0.232			0.226
Incremental Deposits****:
Fixed Annuities Incremental Deposits	$	0.808		$	0.753		$	0.768		$	0.767		$	0.779		$	0.795		$	0.767		$	0.767		$	0.718		$	0.719		$	0.779		$	0.689
Variable Annuities Incremental Deposits		0.459			0.433			0.444			0.628			0.899			1.120			1.194			1.212			1.402			1.443			1.476			1.558
Total Annuities Incremental Deposits		1.268			1.186			1.212			1.394			1.679			1.914			1.961			1.979			2.120			2.162			2.256			2.247
Total Alliance Mutual Funds Incremental Deposits		0.069			0.196			0.116			0.148			0.154			0.251			0.187			0.167			0.223			0.421			0.222			0.200
Total Annuities and Alliance Mutual Funds Incremental Deposits	$	1.336		$	1.382		$	1.328		$	1.543		$	1.833		$	2.165		$	2.148		$	2.146		$	2.342		$	2.582		$	2.478		$	2.447

*	Includes Fixed Annuity products offered under the Alliance program and the Fixed portion of variable annuities.
**	Excludes the Fixed portion of variable annuities.
***	Represents amounts attributable to Alliance program mutual fund net flows. Alliance program mutual fund account valuesare not included in the separate accounts reported on our balance sheet.
****	Incremental Deposits represent gross deposits reduced by transfers from other Lincoln Retirement products.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 21

Lincoln Retirement
Account Values
Unaudited [Billions of Dollars]
																YTD			YTD
																Sep			Sep
	2000			2001			2002			2003			2004			2004			2005
Fixed Annuities - excluding fixed portion of variable contracts
Deposits	$	0.459		$	1.712		$	1.844		$	1.415		$	1.026		$	0.834		$	0.523
Withdrawals		(2.271	)		(1.604	)		(1.473	)		(0.934	)		(1.119	)		(0.817	)		(1.083	)
Net Flows	$	(1.812	)	$	0.108		$	0.371		$	0.481		$	(0.093	)	$	0.017		$	(0.560	)
Gross Fixed Contract Account Values							$	10.475		$	11.440		$	11.820		$	11.811		$	11.618
Reinsurance Ceded								(2.003	)		(2.353	)		(2.297	)		(2.316	)		(2.257	)
Net Fixed Contract Account Values							$	8.473		$	9.087		$	9.522		$	9.495		$	9.360
Fixed Portion of Variable Contracts
Deposits	$	1.615		$	1.630		$	1.828		$	1.710		$	2.085		$	1.545		$	1.728
Withdrawals		(1.012	)		(0.844	)		(1.164	)		(1.140	)		(1.108	)		(0.823	)		(0.955	)
Net Flows	$	0.603		$	0.786		$	0.664		$	0.570		$	0.977		$	0.722		$	0.773
Fixed Portion of Variable Contract Account Values							$	9.612		$	9.781		$	9.746		$	9.822		$	9.702
Variable Annuities - including fixed portion of variable contracts
Deposits	$	4.622		$	4.422		$	4.208		$	4.215		$	7.166		$	5.194		$	6.305
Withdrawals		(6.036	)		(4.748	)		(4.558	)		(4.320	)		(4.904	)		(3.630	)		(4.121	)
Net Flows	$	(1.414	)	$	(0.326	)	$	(0.350	)	$	(0.106	)	$	2.262		$	1.564		$	2.184
Variable Contract Account Values							$	36.162		$	43.711		$	50.108		$	46.090		$	54.760
Average Daily Variable Annuity Account Values	$	41.541		$	35.054		$	30.026		$	29.002		$	36.018		$	35.268		$	41.812
Alliance Mutual Funds Contracts
Deposits	$	0.158		$	0.275		$	0.362		$	0.614		$	0.828		$	0.605		$	0.843
Withdrawals		0.194			0.049			0.069			0.019			(0.075	)		(0.058	)		(0.202	)
Net Flows	$	0.352		$	0.324		$	0.432		$	0.632		$	0.753		$	0.547		$	0.641
Alliance Mutual Funds Contract Account Values*	$	0.375		$	0.639		$	0.888		$	1.856		$	2.861		$	2.430		$	3.672
Average Daily Alliance Mutual Funds Acct Vals*	$	0.235		$	0.519		$	0.800		$	1.371		$	2.304		$	2.199		$	3.298
* Alliance program mutual fund account values are not included in the separate accounts reported on our balance sheet
Total Annuity Product Spread Information (1)
Net Investment Income (2) (3)		7.38	%		7.38	%		6.98	%		6.41	%		6.28	%		6.30	%		6.05	%
Interest Credited to Policyholders		5.24	%		5.33	%		4.87	%		4.25	%		3.92	%		3.93	%		3.81	%
Spread (2) (3)		2.14	%		2.05	%		2.11	%		2.16	%		2.37	%		2.37	%		2.24	%
(1) For the annuity products spread, the yield on earning assets is calculated as net investment income on fixed product investment portfolios divided by average earning assets. The average crediting rate is calculated using interest credited on annuity products less bonus credits and excess DCA interest, divided by average fixed account values net of co-insured account values. Fixed account values reinsured under modified co-insurance agreements are included in account values for this calculation since assets (and therefore margin) are retained under these agreements.
(2) The net investment income and spread reported above includes earnings from commercial mortgage loan prepayment and bond make-whole premiums. The impact of these premiums on investment income and spread was 20 bps in 2004, 6 bps in 2003 and 7 bps in 2002. The impact was 21 bps in the first nine months of 2004 and 7 bps in the first nine months of 2005.
(3) 2004 includes income from contingent interest received, which contributed $13 million to net investment income or 6 bps to the yield and spread for the full year and 8 bps to yield and spread for 2004 year-to-date through September.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 22

Lincoln Retirement
Account Values
Unaudited [Billions of Dollars]
	Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2002			2003			2003			2003			2003			2004			2004			2004			2004			2005			2005			2005
Fixed Annuities - excluding fixed portion of variable contracts
Deposits	$	0.351		$	0.368		$	0.356		$	0.344		$	0.347		$	0.365		$	0.249		$	0.220		$	0.192		$	0.198		$	0.180		$	0.145
Withdrawals		(0.228	)		(0.208	)		(0.235	)		(0.238	)		(0.253	)		(0.269	)		(0.261	)		(0.286	)		(0.302	)		(0.454	)		(0.303	)		(0.326	)
Net Flows	$	0.123		$	0.160		$	0.121		$	0.106		$	0.094		$	0.096		$	(0.013	)	$	(0.066	)	$	(0.110	)	$	(0.256	)	$	(0.123	)	$	(0.182	)
Gross Fixed Contract Account Values	$	10.475		$	10.759		$	11.001		$	11.226		$	11.440		$	11.649		$	11.755		$	11.811		$	11.820		$	11.684		$	11.681		$	11.618
Reinsurance Ceded		(2.003	)		(2.075	)		(2.169	)		(2.264	)		(2.353	)		(2.350	)		(2.333	)		(2.316	)		(2.297	)		(2.291	)		(2.277	)		(2.257	)
Net Fixed Contract Account Values	$	8.473		$	8.684		$	8.832		$	8.962		$	9.087		$	9.299		$	9.422		$	9.495		$	9.522		$	9.392		$	9.404		$	9.360
Fixed Portion of Variable Contracts
Deposits	$	0.472		$	0.408		$	0.422		$	0.434		$	0.445		$	0.452		$	0.530		$	0.563		$	0.540		$	0.541		$	0.613		$	0.574
Withdrawals		(0.303	)		(0.316	)		(0.266	)		(0.254	)		(0.304	)		(0.302	)		(0.253	)		(0.268	)		(0.284	)		(0.324	)		(0.329	)		(0.302	)
Net Flows	$	0.169		$	0.093		$	0.156		$	0.180		$	0.141		$	0.151		$	0.277		$	0.294		$	0.255		$	0.218		$	0.284		$	0.271
Fixed Portion of Variable Contract Account Values	$	9.612		$	9.853		$	9.864		$	9.906		$	9.781		$	9.631		$	9.721		$	9.822		$	9.746		$	9.691		$	9.736		$	9.702
Variable Annuities - including fixed portion of variable contracts
Deposits	$	0.948		$	0.861		$	0.891		$	1.086		$	1.378		$	1.608		$	1.767		$	1.819		$	1.972		$	2.020		$	2.126		$	2.159
Withdrawals		(1.080	)		(1.141	)		(1.026	)		(1.052	)		(1.102	)		(1.232	)		(1.226	)		(1.172	)		(1.274	)		(1.336	)		(1.347	)		(1.438	)
Net Flows	$	(0.132	)	$	(0.280	)	$	(0.135	)	$	0.034		$	0.276		$	0.376		$	0.541		$	0.647		$	0.698		$	0.684		$	0.780		$	0.721
Variable Contract Account Values	$	36.162		$	35.255		$	38.985		$	40.091		$	43.711		$	45.088		$	45.785		$	46.090		$	50.108		$	50.202		$	52.056		$	54.760
Average Daily Variable Annuity Account Values	$	26.559		$	25.899		$	27.933		$	30.016		$	32.158		$	35.116		$	35.354		$	35.334		$	38.269		$	40.378		$	41.010		$	44.099
Alliance Mutual Fund Contracts
Deposits	$	0.069		$	0.196		$	0.116		$	0.148		$	0.154		$	0.251		$	0.187		$	0.167		$	0.223		$	0.421		$	0.222		$	0.200
Withdrawals		0.014			0.020			(0.002	)		(0.011	)		0.012			(0.011	)		(0.015	)		(0.032	)		(0.017	)		(0.074	)		(0.022	)		(0.107	)
Net Flows	$	0.083		$	0.216		$	0.113		$	0.138		$	0.165		$	0.240		$	0.172		$	0.135		$	0.206		$	0.347		$	0.201		$	0.093
Alliance Mutual Funds Contract Account Values *	$	0.888		$	1.072		$	1.336		$	1.524		$	1.856		$	2.162		$	2.335		$	2.430		$	2.861		$	3.163		$	3.432		$	3.672
Average Alliance Mutual Funds Account Values*	$	0.872		$	1.008		$	1.262		$	1.474		$	1.739		$	2.044		$	2.211		$	2.341		$	2.620		$	3.038		$	3.270		$	3.592
* Alliance program mutual fund account values are not included in the separate accounts reported on our balance sheet
Total Annuity Product Spread Information (1)
Net Investment Income (2)(3)		6.89	%		6.61	%		6.49	%		6.42	%		6.13	%		6.43	%		6.34	%		6.14	%		6.23	%		6.05	%		6.06	%		6.04	%
Interest Credited to Policyholders		4.72	%		4.42	%		4.29	%		4.20	%		4.09	%		3.97	%		3.93	%		3.90	%		3.87	%		3.82	%		3.81	%		3.80	%
Spread (2)(3)		2.17	%		2.19	%		2.20	%		2.22	%		2.04	%		2.46	%		2.41	%		2.24	%		2.36	%		2.23	%		2.25	%		2.24	%
(1) For the annuity products spread, the yield on earning assets is calculated as net investment income on fixed product investment portfolios divided by average earning assets. The average crediting rate is calculated using interest credited on annuity products less bonus credits and excess DCA interest, divided by average fixed account values net of co-insured account values. Fixed account values reinsured under modified co-insurance agreements are included in account values for this calculation since assets (and therefore margin) are retained under these agreements.
(2) The net investment income and spread reported above includes earnings from commercial mortgage loan prepayment and bond make-whole premiums. The impact of these premiums on investment income and spread was 4 bps in the 3rd quarter of 2005, 9 bps in the 2nd quarter of 2005, 8 bps in the 1st quarter of 2005, 17 bps in the 4th quarter of 2004, 19 bps in the 3rd quarter of 2004, 38 bps in the 2nd quarter of 2004, 7 bps in the first quarter of 2004 and 3 bps in the fourth quarter of 2003.
(3) 1st quarter 2004 includes income from contingent interest received, which contributed $13 million to net investment income or 27 bps to the yield and spread.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 23

Life Insurance Segment
Income Statements
Unaudited [Millions of Dollars]
																YTD			YTD
																Sep			Sep
For the Year Ended December 31	2000			2001			2002			2003			2004			2004			2005
Operating Revenue
Premiums	$	227.3		$	212.4		$	203.8		$	194.9		$	194.0		$	140.4		$	140.9
Surrender charges		66.4			66.1			54.1			53.6			51.8			37.6			31.9
Mortality assessments		465.2			499.4			501.5			516.7			518.7			388.2			395.8
Expense assessments		191.8			191.4			199.5			201.8			208.6			150.6			150.8
Other revenue and fees		14.2			17.9			23.7			28.0			31.4			23.4			25.0
Net investment income		871.5			910.2			899.1			911.1			948.4			709.0			729.5
Total Operating Revenue		1,836.4			1,897.5			1,881.7			1,906.1			1,952.9			1,449.2			1,473.9
Operating Expenses
Benefits paid or provided:
Benefits		411.5			418.6			427.4			416.0			404.0			297.6			320.3
Div accum & div to policyholders		80.8			78.5			76.0			81.6			77.4			53.8			54.1
Interest credited to policy bal.		525.4			569.9			598.6			598.2			579.7			432.6			440.0
Total insurance benefits		1,017.8			1,067.0			1,101.9			1,095.8			1,061.2			784.0			814.4
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume-related expenses		353.7			318.4			330.2			350.1			331.1			231.7			253.3
Operating and administrative expenses		169.4			166.8			162.2			166.2			168.6			125.7			133.1
Taxes, licenses and fees		48.5			49.2			53.2			62.2			49.1			36.7			39.2
Par policyholder interests		1.1															-			-
Subtotal		572.7			534.5			545.6			578.5			548.9			394.1			425.6
DAC deferral net of amortization		(286.5	)		(229.8	)		(230.7	)		(235.2	)		(152.2	)		(98.2	)		(135.8	)
PVIF amortization		103.7			75.9			73.9			81.4			82.2			65.8			46.9
Total underwriting, acquisition,
insurance and other expenses		389.9			380.5			388.8			424.7			478.9			361.8			336.7
Goodwill amortization		23.7			23.7
Total Operating Expenses		1,431.4			1,471.2			1,490.8			1,520.6			1,540.0			1,145.8			1,151.1
Operating income before federal taxes		405.0			426.3			390.9			385.5			412.9			303.4			322.8
Federal income taxes		148.4			151.0			121.9			120.9			132.6			97.1			104.1
Income from Operations	$	256.7		$	275.3		$	269.0		$	264.5		$	280.3		$	206.3		$	218.7
Effective Tax Rate		36.6	%		35.4	%		31.2	%		31.4	%		32.1	%		32.0	%		32.2	%
Average capital	$	2,641.3		$	2,734.4		$	2,846.3		$	2,849.9		$	3,036.1		$	3,002.4		$	3,383.7
Return on average capital		9.7	%		10.1	%		9.4	%		9.3	%		9.2	%		9.2	%		8.6	%
Roll Forward of Deferred Acquisition Costs
Balance at beginning of period				$	1,079.3		$	1,265.7		$	1,424.5		$	1,578.3		$	1,578.3		$	1,691.9
Deferral					324.8			336.5			370.8			365.2			255.5			278.0
Amortization					(95.0	)		(105.8	)		(135.5	)		(213.0	)		(157.4	)		(142.2	)
Included in Total Operating Expenses					229.8			230.7			235.2			152.2			98.2			135.8
Adjustment related to realized (gains) losses
on available-for-sale securities					43.0			39.7			(31.9	)		(16.1	)		(11.0	)		(13.3	)
Adjustment related to unrealized (gains) losses
on available-for-sale securities					(89.0	)		(130.9	)		(49.5	)		(25.6	)		(21.9	)		69.7
Other*					2.5			19.3						3.2			3.0			-
Balance at end of period				$	1,265.7		$	1,424.5		$	1,578.3		$	1,691.9		$	1,646.4		$	1,884.1
Roll Forward of Present Value of In-Force
Balance at beginning of period				$	1,040.5		$	963.9		$	890.0		$	808.6		$	808.6		$	726.5
Amortization					(75.9	)		(73.9	)		(81.4	)		(82.2	)		(65.8	)		(46.9	)
Other					(0.7	)		-			-			-			-			-
Balance at end of period				$	963.9		$	890.0		$	808.6		$	726.5		$	742.8		$	679.6
Roll Forward of Deferred Front-End Loads**
Balance at beginning of period				$	133.0		$	179.7		$	228.6		$	292.7		$	292.7		$	326.6
Deferral					74.1			85.8			92.1			98.0			70.7			61.9
Amortization					(27.4	)		(37.0	)		(27.9	)		(64.1	)		(47.0	)		(33.1	)
Included in Income from Operations					46.7			48.9			64.1			33.9			23.7			28.8
Balance at end of period				$	179.7		$	228.6		$	292.7		$	326.6		$	316.4		$	355.4

*	Includes the transfer of the Legacy Life block of business from the Lincoln Retirement segment in the first quarter of 2002. 2004 reflects the DAC unlocking resulting from the implementation of SOP 03-1.
**	Included in Insurance and Investment Contract Liabilities on the Balance Sheet.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005   PAGE 24

Life Insurance Segment
Income Statements
Unaudited [Millions of Dollars]
For the Quarter Ended	Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2003			2003			2004			2004			2004			2004			2005			2005			2005
Premiums	$	45.2		$	52.2		$	47.9		$	48.3		$	44.3		$	53.6		$	45.6		$	47.9		$	47.5
Surrender charges		13.7			16.1			13.8			12.7			11.1			14.2			12.0			9.1			10.8
Mortality assessments		130.2			128.4			128.5			129.6			130.1			130.5			133.3			132.7			129.8
Expense assessments		48.9			55.0			49.8			51.0			49.8			58.0			48.8			50.2			51.8
Other revenue and fees		6.4			8.4			7.8			8.2			7.3			8.1			8.2			8.2			8.6
Net investment income		226.4			228.1			235.7			234.9			238.4			239.4			236.3			249.2			244.1
Total Operating Revenue		470.8			488.2			483.4			484.8			481.1			503.7			484.2			497.3			492.4
Operating Expenses
Benefits paid or provided:
Benefits		118.5			83.2			97.4			104.4			95.8			106.4			97.4			105.0			117.9
Div accum & div to policyholders		15.9			33.8			18.5			18.6			16.7			23.6			18.4			18.4			17.3
Interest credited to policy bal.		150.7			147.5			144.8			143.9			143.8			147.1			145.8			145.2			149.0
Total insurance benefits		285.1			264.5			260.7			267.0			256.3			277.2			261.6			268.6			284.3
Underwriting, acquisition,
insurance and other expenses:
Commissions and other-volume related expenses		82.7			106.9			78.0			73.0			80.7			99.4			77.2			83.5			92.6
Operating and administrative expenses		41.7			45.4			38.5			40.7			46.5			42.9			40.7			42.2			50.3
Taxes, licenses and fees		16.1			18.0			12.4			11.5			12.8			12.5			14.7			12.5			11.9
Subtotal		140.5			170.3			128.9			125.2			140.0			154.7			132.6			138.2			154.8
DAC deferral net of amortization		(66.9	)		(74.1	)		(35.0	)		(37.3	)		(25.9	)		(54.0	)		(25.2	)		(34.0	)		(76.6	)
PVIF amortization		26.9			19.9			18.5			17.5			29.8			16.4			15.5			12.5			18.9
Total underwriting, acquisition,
insurance and other expenses		100.6			116.1			112.4			105.4			144.0			117.1			122.9			116.7			97.1
Total Operating Expenses		385.6			380.6			373.1			372.4			400.3			394.3			384.5			385.3			381.3
Operating income before federal taxes		85.2			107.6			110.3			112.4			80.7			109.5			99.7			112.0			111.1
		-			-			-			-			-			-			-			-			-
Federal income taxes		26.5			34.3			35.5			36.2			25.4			35.5			32.0			36.2			36.0
		-			-			-			-			-			-			-			-			-
Income from Operations	$	58.7		$	73.4		$	74.8		$	76.2		$	55.4		$	74.0		$	67.7		$	75.8		$	75.1
Effective Tax Rate		31.1	%		31.8	%		32.2	%		32.2	%		31.4	%		32.4	%		32.1	%		32.3	%		32.4	%
Average capital	$	2,849.0		$	2,893.7		$	2,927.4		$	2,993.5		$	3,086.4		$	3,137.0		$	3,300.3		$	3,417.8		$	3,432.9
Return on average capital		8.2	%		10.1	%		10.2	%		10.2	%		7.2	%		9.4	%		8.2	%		8.9	%		8.8	%
Roll Forward of Deferred Acquisition Costs
Balance at beginning-of-quarter	$	1,381.3		$	1,483.4		$	1,578.3		$	1,534.8		$	1,734.8		$	1,646.4		$	1,691.9		$	1,786.7		$	1,714.8
Deferral		88.0			112.1			83.7			81.1			90.8			109.7			85.0			91.1			102.0
Amortization		(21.1	)		(38.0	)		(48.7	)		(43.8	)		(64.9	)		(55.7	)		(59.8	)		(57.0	)		(25.3	)
Included in Total Operating Expenses		66.9			74.1			35.0			37.3			25.9			54.0			25.2			34.0			76.6
Adjustment related to realized (gains) losses
on available-for-sale securities		(27.6	)		(11.0	)		(3.8	)		(2.4	)		(4.8	)		(5.0	)		(2.0	)		(5.9	)		(5.4	)
Adjustment related to unrealized (gains) losses
on available-for-sale securities		62.8			31.9			(77.6	)		165.0			(109.3	)		(3.7	)		71.6			(100.1	)		98.1
Other*		-			-			3.0			0.2			(0.1	)		0.2			-			-			-
Balance at end-of-quarter	$	1,483.4		$	1,578.3		$	1,534.8		$	1,734.9		$	1,646.4		$	1,691.9		$	1,786.7		$	1,714.8		$	1,884.1
Roll Forward of Present Value of In-Force
Balance at beginning-of-quarter	$	855.5		$	828.5		$	808.6		$	790.1		$	772.6		$	742.8		$	726.5		$	710.9		$	698.5
Amortization		(26.9	)		(19.9	)		(18.5	)		(17.5	)		(29.8	)		(16.4	)		(15.5	)		(12.5	)		(18.9	)
Balance at end-of-quarter	$	828.5		$	808.6		$	790.1		$	772.6		$	742.8		$	726.5		$	710.9		$	698.5		$	679.6
Roll Forward of Deferred Front-End Loads**
Balance at beginning-of-quarter	$	252.2		$	283.1		$	292.7		$	301.5		$	312.2		$	316.4		$	326.6		$	327.9		$	331.5
Deferral		23.1			23.6			22.8			24.1			23.8			27.3			21.1			20.9			19.9
Amortization		7.8			(14.0	)		(14.0	)		(13.4	)		(19.6	)		(17.1	)		(19.7	)		(17.3	)		4.0
Included in Income from Operations		30.8			9.6			8.9			10.7			4.2			10.2			1.4			3.6			23.9
Balance at end-of-quarter	$	283.1		$	292.7		$	301.5		$	312.2		$	316.4		$	326.6		$	327.9		$	331.5		$	355.4

*	First quarter of 2004 reflects the DAC unlocking resulting from the implementation of SOP 03-1.
**	Included in Insurance and Investment Contract Liabilities on the Balance Sheet

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005     PAGE 25

Life Insurance Segment
Operational Data
Unaudited [Millions of Dollars]
																					YTD		YTD
																					Sep		Sep
For the Year Ended December 31											2000		2001		2002		2003		2004		2004		2005
First Year Premiums by Product (Millions)
Universal Life
Excluding MoneyGuard											$	195.1	$	184.7	$	356.9	$	417.0	$	401.1	$	286.5	$	294.0
MoneyGuard												94.1		107.9		138.4		224.7		244.5		177.9		163.5
Total												289.3		292.7		495.3		641.6		645.6		464.4		457.5
Variable Universal Life												218.7		228.6		134.5		79.4		84.8		57.4		73.2
Whole Life												22.4		26.3		30.3		34.4		41.2		28.0		26.3
Term												41.9		30.8		32.3		40.2		41.0		31.5		25.7
Total Retail												572.3		578.4		692.3		795.7		812.6		581.4		582.8
Corporate Owned Life Insurance (COLI)												87.0		47.3		88.1		125.6		73.7		53.3		57.4
Total											$	659.3	$	625.6	$	780.4	$	921.3	$	886.2	$	634.7	$	640.2
First Year Premiums by Distribution (Millions)
Lincoln Financial Advisors											$	200.6	$	196.1	$	201.7	$	223.5	$	209.3	$	143.2	$	133.0
Lincoln Financial Distributors												444.7		413.0		556.3		631.9		623.7		456.3		476.3
Other*												14.0		16.6		22.4		65.8		53.2		35.2		30.8
Total by Distribution											$	659.3	$	625.6	$	780.4	$	921.3	$	886.2	$	634.7	$	640.2
Life Insurance In-Force (Billions)
Universal Life & Other											$	115.872	$	121.168	$	126.016	$	129.623	$	132.120	$	130.989	$	134.483
Term Insurance												100.130		113.226		127.880		151.717		172.459		167.979		184.334
Total Life Segment In-Force											$	216.002	$	234.394	$	253.896	$	281.340	$	304.579	$	298.967	$	318.817
For the Quarter Ended		Dec		Mar		Jun		Sep		Dec		Mar		Jun		Sep		Dec		Mar		Jun		Sep
		2002		2003		2003		2003		2003		2004		2004		2004		2004		2005		2005		2005
First Year Premiums by Product (Millions)
Universal Life
Excluding MoneyGuard	$	137.8	$	84.5	$	93.8	$	114.2	$	124.5	$	95.7	$	100.7	$	90.1	$	114.5	$	87.1	$	104.1	$	102.9
MoneyGuard		39.3		46.3		48.9		58.2		71.4		56.2		61.1		60.7		66.6		49.4		53.4		60.7
Total		177.1		130.8		142.7		172.3		195.9		151.9		161.8		150.8		181.1		136.4		157.4		163.6
Variable Universal Life		27.0		24.4		14.1		16.6		24.4		22.5		17.7		17.2		27.5		25.9		23.8		23.4
Whole Life		11.0		6.5		7.1		8.5		12.3		10.8		7.6		9.7		13.1		7.8		8.3		10.2
Term		8.1		9.1		9.6		10.5		10.9		10.5		10.6		10.4		9.4		9.2		8.6		8.0
Total Retail		223.2		170.7		173.5		208.0		243.5		195.6		197.8		188.1		231.2		179.3		198.1		205.3
Corporate Owned Life Insurance (COLI)		26.8		10.6		61.8		23.7		29.6		14.2		9.9		29.2		20.4		24.8		10.2		22.3
Total	$	249.9	$	181.3	$	235.3	$	231.7	$	273.1	$	209.8	$	207.6	$	217.3	$	251.5	$	204.1	$	208.4	$	227.6
First Year Premiums by Distribution (Millions)
Lincoln Financial Advisors	$	64.9	$	42.1	$	46.8	$	66.2	$	68.5	$	47.7	$	47.2	$	48.2	$	66.1	$	43.1	$	44.3	$	45.6
Lincoln Financial Distributors		171.1		131.7		148.3		156.8		195.2		151.4		152.9		152.0		167.4		149.7		153.5		173.0
Other*		13.9		7.5		40.2		8.7		9.4		10.6		7.5		17.1		18.0		11.3		10.6		9.0
Total by Distribution	$	249.9	$	181.3	$	235.3	$	231.7	$	273.1	$	209.8	$	207.6	$	217.3	$	251.5	$	204.1	$	208.4	$	227.6
Insurance In-Force (Billions)
Universal Life & Other	$	126.016	$	126.414	$	127.276	$	127.855	$	129.623	$	129.669	$	130.294	$	130.989	$	132.120	$	132.436	$	133.347	$	134.483
Term Insurance		127.880		133.251		139.191		145.480		151.717		157.338		162.953		167.979		172.459		176.541		180.659		184.334
Total Segment In-Force	$	253.896		259.666	$	266.467	$	273.335	$	281.340	$	287.007	$	293.247	$	298.967	$	304.579	$	308.976	$	314.005	$	318.817
*Other consists of distribution arrangements with third-party intermediaries.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 26

Life Insurance Segment
Life Insurance Account Value Rollforward
Unaudited [Billions of Dollars]
																YTD			YTD
																Sep			Sep
	2000			2001			2002			2003			2004			2004			2005
Universal Life-Bal Beg-of-Year	$	6.650		$	6.976		$	7.508		$	8.211		$	9.030		$	9.030		$	9.648
Deposits		0.955			1.043			1.332			1.532			1.433			1.020			1.003
Withdrawals & deaths		(0.426	)		(0.319	)		(0.426	)		(0.437	)		(0.474	)		(0.357	)		(0.318	)
Net flows		0.528			0.724			0.906			1.095			0.959			0.663			0.686
Policyholder assessments		(0.584	)		(0.598	)		(0.648	)		(0.702	)		(0.753	)		(0.557	)		(0.591	)
Interest credited		0.382			0.405			0.428			0.427			0.413			0.308			0.311
Acq of new business/transfers between segments		-			-			0.018			-			-			-			-
Universal Life-Bal End of Year (1)	$	6.976		$	7.508		$	8.211		$	9.030		$	9.648		$	9.444		$	10.053
Variable Universal Life-Bal Beg-of-Year	$	1.605		$	1.808		$	1.746		$	1.690		$	2.195		$	2.195		$	2.520
Deposits		0.607			0.584			0.504			0.448			0.560			0.369			0.399
Withdrawals & deaths		(0.132	)		(0.251	)		(0.193	)		(0.208	)		(0.315	)		(0.204	)		(0.196	)
Net flows		0.475			0.332			0.311			0.240			0.245			0.165			0.203
Policyholder assessments		(0.141	)		(0.170	)		(0.186	)		(0.191	)		(0.194	)		(0.144	)		(0.148	)
Invest inc & chg in mkt value		(0.130	)		(0.225	)		(0.313	)		0.457			0.273			0.060			0.160
Acq of new business/transfers between segments		-			-			0.132			-			-			-			-
Variable Universal Life -Bal end of year	$	1.808		$	1.746		$	1.690		$	2.195		$	2.520		$	2.275		$	2.734
Interest Sensitive Whole Life - Bal Beg-of-Year	$	1.963		$	2.062		$	2.123		$	2.186		$	2.195		$	2.195		$	2.214
Deposits		0.322			0.307			0.301			0.279			0.250			0.168			0.190
Withdrawals & deaths		(0.168	)		(0.200	)		(0.199	)		(0.236	)		(0.207	)		(0.157	)		(0.172	)
Net flows		0.154			0.107			0.103			0.043			0.043			0.011			0.018
Policyholder assessments		(0.168	)		(0.164	)		(0.167	)		(0.159	)		(0.149	)		(0.108	)		(0.131	)
Interest credited		0.113			0.118			0.127			0.125			0.126			0.095			0.112
Int Sensitive Whole Life-Bal End -of -Year	$	2.062		$	2.123		$	2.186		$	2.195		$	2.214		$	2.193		$	2.213
Total Segment- Life Insurance Account Values
Bal Beg-of-Year	$	10.217		$	10.847		$	11.377		$	12.086		$	13.420		$	13.420		$	14.382
Deposits		1.884			1.934			2.138			2.259			2.243			1.557			1.592
Withdrawals & deaths		(0.727	)		(0.771	)		(0.818	)		(0.881	)		(0.996	)		(0.718	)		(0.686	)
Net flows		1.158			1.163			1.320			1.377			1.247			0.839			0.906
Policyholder assessments		(0.893	)		(0.931	)		(1.002	)		(1.053	)		(1.096	)		(0.809	)		(0.870	)
Invest inc & change in market value		0.364			0.299			0.241			1.009			0.812			0.463			0.583
Acq of new business/transfers between segments		-			-			0.150			-			-			-			-
Total Segment -Bal end of year	$	10.847		$	11.377		$	12.086		$	13.420		$	14.382		$	13.912		$	15.001
Life Product Spread Information (2)
Interest Sensitive Products
Net Investment Income (3)(4)					7.63	%		7.30	%		6.97	%		6.67	%		6.73	%		6.35	%
Interest Credited to Policyholders					5.86	%		5.77	%		5.36	%		4.85	%		4.88	%		4.71	%
Spread (3)(4)					1.77	%		1.53	%		1.61	%		1.81	%		1.84	%		1.64	%
Traditional Products
Net Investment Income (3)(4)					7.49	%		7.42	%		6.99	%		6.90	%		6.98	%		6.45	%

(1) Includes fixed investment option of VUL products.

(2) Interest Sensitive Products - For the life products spread, the yield on earning assets is calculated as net investment income on fixed product investment portfolios divided by average earning assets. The average crediting rate is calculated using interest credited on life products divided by average fixed account values. Traditional Products - the yield on earning assets is calculated as net investment income on non-par investment portfolios divided by average earning assets. As of year ends 2001, 2002, 2003, and 2004, interest sensitive products represented 86%, 87%, 88%, and 88%, respectively, of total interest sensitive and traditional non-par earning assets.

(3) The net investment income and spread reported above includes earnings from commercial mortgage loan prepayment and bond make-whole premiums. The impact of these premiums on investment income and spread for interest sensitive products was 20 bps in 2004, 3 bps in 2003, 4 bps in 2002, and 6 bps in 2001. The impact was 23 bps for the first nine months of 2004 and 5 bps in the first nine months of 2005. The impact for traditional products was 18 bps in 2004, 6 bpsin 2003, 5 bps in 2002, and 13 bps in 2001. For the first nine months of 2004, the impact was 23 bps and in the first nine months of 2005 the impact was 8 bps.

(4) 2004 includes income from contingent interest received, which contributed $6.5 million to net investment income or 6 bps to the yield and spread on Interest Sensitive Products and $2.4 million to net investment income or 17 bps to the yield and spread on Traditional Products.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 27

Life Insurance Segment
Life Insurance Account Value Roll Forward
Unaudited [Billions of Dollars]
	Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2002			2003			2003			2003			2003			2004			2004			2004			2004			2005			2005			2005
Universal Life-Bal Beg-of-Quarter	$	7.987		$	8.211		$	8.359		$	8.542		$	8.782		$	9.030		$	9.175		$	9.308		$	9.444		$	9.648		$	9.764		$	9.902
Deposits		0.410			0.316			0.350			0.426			0.440			0.342			0.345			0.333			0.413			0.321			0.333			0.349
Withdrawals & deaths		(0.125	)		(0.107	)		(0.101	)		(0.117	)		(0.113	)		(0.117	)		(0.128	)		(0.112	)		(0.117	)		(0.115	)		(0.101	)		(0.103	)
Net flows		0.286			0.210			0.249			0.309			0.327			0.225			0.217			0.221			0.296			0.207			0.233			0.246
Policyholder assessments		(0.170	)		(0.168	)		(0.171	)		(0.178	)		(0.185	)		(0.183	)		(0.187	)		(0.188	)		(0.196	)		(0.194	)		(0.198	)		(0.200	)
Interest credited		0.108			0.106			0.106			0.108			0.106			0.103			0.102			0.103			0.105			0.103			0.103			0.105
Universal Life-Bal End-of-Quarter (1)	$	8.211		$	8.359		$	8.542		$	8.782		$	9.030		$	9.175		$	9.308		$	9.444		$	9.648		$	9.764		$	9.902		$	10.053
Variable Universal Life-Bal Beg of Quarter	$	1.575		$	1.690		$	1.689		$	1.930		$	1.991		$	2.195		$	2.249		$	2.277		$	2.275		$	2.520		$	2.500		$	2.587
Deposits		0.126			0.118			0.114			0.093			0.123			0.106			0.108			0.156			0.192			0.130			0.131			0.138
Withdrawals & deaths		(0.047	)		(0.036	)		(0.050	)		(0.048	)		(0.074	)		(0.073	)		(0.042	)		(0.089	)		(0.111	)		(0.069	)		(0.062	)		(0.065	)
Net flows		0.079			0.082			0.064			0.045			0.049			0.032			0.066			0.067			0.081			0.061			0.068			0.073
Policyholder assessments		(0.047	)		(0.049	)		(0.048	)		(0.046	)		(0.049	)		(0.048	)		(0.048	)		(0.048	)		(0.050	)		(0.049	)		(0.049	)		(0.050	)
Invest inc & chg in mkt value		0.083			(0.034	)		0.225			0.062			0.204			0.070			0.011			(0.021	)		0.214			(0.031	)		0.067			0.125
Variable Universal Life -Bal End-of-Quarter	$	1.690		$	1.689		$	1.930		$	1.991		$	2.195		$	2.249		$	2.277		$	2.275		$	2.520		$	2.500		$	2.587		$	2.734
Interest Sensitive Whole Life - Bal Beg-of-Quarter	$	2.164		$	2.186		$	2.185		$	2.191		$	2.185		$	2.195		$	2.182		$	2.185		$	2.193		$	2.214		$	2.201		$	2.202
Deposits		0.100			0.051			0.062			0.067			0.098			0.054			0.055			0.059			0.082			0.061			0.062			0.066
Withdrawals & deaths		(0.063	)		(0.046	)		(0.050	)		(0.066	)		(0.073	)		(0.063	)		(0.047	)		(0.047	)		(0.050	)		(0.068	)		(0.055	)		(0.048	)
Net flows		0.037			0.005			0.012			0.001			0.026			(0.009	)		0.008			0.012			0.032			(0.007	)		0.007			0.018
Policyholder assessments		(0.046	)		(0.036	)		(0.038	)		(0.039	)		(0.047	)		(0.036	)		(0.036	)		(0.036	)		(0.041	)		(0.045	)		(0.043	)		(0.043	)
Interest credited		0.031			0.030			0.032			0.032			0.031			0.032			0.031			0.032			0.030			0.039			0.037			0.036
Int Sensitive Whole Life-Bal End-of-Quarter	$	2.186		$	2.185		$	2.191		$	2.185		$	2.195		$	2.182		$	2.185		$	2.193		$	2.214		$	2.201		$	2.202		$	2.213
Total Segment- Life Insurance Account Values
Bal Beg-of-Quarter	$	11.726		$	12.086		$	12.233		$	12.663		$	12.958		$	13.420		$	13.606		$	13.770		$	13.912		$	14.382		$	14.466		$	14.691
Deposits		0.636			0.486			0.526			0.586			0.661			0.501			0.507			0.548			0.686			0.512			0.527			0.553
Withdrawals & deaths		(0.234	)		(0.190	)		(0.202	)		(0.231	)		(0.259	)		(0.254	)		(0.217	)		(0.248	)		(0.278	)		(0.252	)		(0.218	)		(0.216	)
Net flows		0.402			0.296			0.324			0.355			0.402			0.248			0.291			0.300			0.408			0.260			0.309			0.337
Policyholder assessments		(0.263	)		(0.252	)		(0.257	)		(0.262	)		(0.280	)		(0.267	)		(0.271	)		(0.272	)		(0.287	)		(0.287	)		(0.290	)		(0.293	)
Invest inc & change in market value		0.222			0.103			0.363			0.202			0.341			0.205			0.145			0.114			0.348			0.111			0.206			0.266
Total Segment -Bal End-of-Quarter	$	12.086		$	12.233		$	12.663		$	12.958		$	13.420		$	13.606		$	13.770		$	13.912		$	14.382		$	14.466		$	14.691		$	15.001
Life Product Spread Information (2)
Interest Sensitive Products
Net Investment Income (3)(4)		7.15	%		7.21	%		7.09	%		6.90	%		6.73	%		6.84	%		6.70	%		6.62	%		6.50	%		6.32	%		6.35	%		6.35	%
Interest Credited to Policyholders		5.63	%		5.56	%		5.43	%		5.37	%		5.12	%		4.97	%		4.89	%		4.79	%		4.80	%		4.75	%		4.65	%		4.70	%
Spread (3)(4)		1.52	%		1.65	%		1.65	%		1.53	%		1.61	%		1.87	%		1.81	%		1.83	%		1.69	%		1.57	%		1.71	%		1.65	%
Traditional Products
Net Investment Income (3)(4)		7.28	%		7.16	%		7.13	%		6.99	%		6.72	%		7.33	%		6.61	%		6.97	%		6.60	%		6.43	%		6.50	%		6.33	%

(1) Includes fixed investment option of VUL products.

(2) Interest Sensitive Products - For the life products spread, the yield on earning assets is calculated as net investment income on fixed product investment portfolios divided by average earning assets. The average crediting rate is calculated using interest credited on life products divided by average fixed account values. Traditional Products - the yield on earning assets is calculated as net investment income on non-par investment portfolios divided by average earning assets. As of September 30, 2005, interest sensitive products represented 89% of total interest sensitive and traditional non-par earning assets.

(3) The net investment income and spread reported above includes earnings from commercial mortgage loan prepayment and bond make-whole premiums. The impact of these premiums on investment income and spread for interest sensitive products was 4 bps in the 3rd quarter of 2005, 12 bps in the 2nd quarter of 2005, 0 bps in the 1st quarter of 2005, 13 bps in the 4th quarter of 2004, 29 bps in the 3rd quarter of 2004, 32 bps in the 2nd quarter of 2004, 7 bps in the 1st quarter of 2004, and 1bp in the 4th quarter of 2003. There was an impact on traditional products of 6 bps in the 3rd quarter of 2005, 12 bps in the 2nd quarter of 2005, 5 bps in the 1st quarter of 2005, 7 bps in the 4th quarter of 2004, 59 bps in the 3rd quarter of 2004, 5 bps in the 2nd quarter of 2004, 0 bps in the 1st quarter of 2004, and 10 bps during the 4th quarter of 2003.           

(4) First quarter 2004 includes income from contingent interest received, which contributed $6.5 million to net investment income or 25 bps to the yield and spread on Interest Sensitive Products and $2.4 million to net investment income or 72 bps to the yield and spread on Traditional Products.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005     PAGE 28

Investment Management
Income Statements
Unaudited [Millions of Dollars]
																YTD			YTD
																Sep			Sep
For the Year Ended December 31	2000			2001			2002			2003			2004			2004			2005
Operating Revenue
Investment advisory fees - External	$	231.6		$	197.2		$	183.3		$	205.0		$	252.5		$	196.5		$	199.9
Investment advisory fees - Insurance-related Assets		112.4			105.0			97.7			101.2			105.8			79.0			74.3
Other revenue and fees		61.2			51.7			46.5			72.8			66.2			49.5			48.0
Surrender charges		2.8			2.2			2.4			2.3			1.9			1.4			1.8
Expense assessments		52.0			45.3			38.1			42.8			56.8			41.2			51.3
Net investment income		57.7			53.6			50.5			49.9			51.7			39.4			39.8
Operating Revenue		517.6			454.9			418.5			474.0			534.9			407.2			415.1
Operating Expenses
Interest credited to policy bal.		40.5			38.7			31.3			26.4			26.9			20.1			20.8
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume-related expenses		32.1			31.6			35.5			42.2			53.0			41.3			44.2
Operating and administrative expenses		361.6			344.6			335.5			368.7			392.9			292.7			320.8
DAC deferral net of amortization		(9.3	)		(4.7	)		(9.2	)		(22.8	)		(27.1	)		(23.3	)		(15.9	)
Taxes, licenses and fees		11.6			16.8			13.0			10.3			17.0			14.0			8.0
Subtotal		396.0			388.2			374.9			398.4			435.8			324.8			357.0
Other intangibles amortization		16.3			10.8			8.2			7.9			9.7			5.9			5.8
Total underwriting, acquisition,
insurance and other expenses		412.3			399.0			383.2			406.3			445.5			330.7			362.8
Goodwill amortization		16.2			16.2			-			-			-			-			-
Total Operating Expenses		469.0			454.0			414.4			432.7			472.5			350.8			383.6
Operating income before federal taxes		48.6			0.9			4.1			41.3			62.4			56.4			31.5
Federal income taxes		23.6			7.0			2.2			6.8			18.9			18.0			10.1
Income from Operations	$	25.0		$	(6.1	)	$	1.8		$	34.5		$	43.6		$	38.3		$	21.4
Effective tax rate		48.5	%		NM			54.8	%		16.5	%		30.2	%		32.0	%		32.0	%
Average Capital (Securities at Cost)	$	582.0		$	557.0		$	581.2		$	602.4		$	610.9		$	632.1		$	543.5
Return on average capital		4.3	%		(1.1	%)		0.3	%		5.7	%		7.1	%		8.1	%		5.2	%
Roll Forward of Deferred Acquisition Costs
Balance at beginning of year	$	73.5		$	81.1		$	85.6		$	90.8		$	91.8		$	91.8		$	120.4
Deferral		36.4			35.6			42.0			42.0			51.4			37.6			35.6
Amortization		(27.1	)		(30.8	)		(32.9	)		(19.2	)		(24.3	)		(14.4	)		(19.7	)
Included in Total Benefits and Expenses		9.3			4.7			9.2			22.8			27.1			23.3			15.9
Adjustment related to realized (gains) losses
on available-for-sale securities		0.7			1.6			2.3			0.5			(1.3	)		(0.8	)		-
Adjustment related to unrealized (gains) losses
on available-for-sale securities		(2.4	)		(1.8	)		(6.3	)		(22.2	)		2.7			1.1			9.8
Balance at end of period	$	81.1		$	85.6		$	90.8		$	91.8		$	120.4		$	115.3		$	146.2
Certain reclassifications have been made to present financial information for the Investment Management segment's 401(k) Director product on a basis consistent with the reporting for similar products in the Retirement and Life Insurance segments.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 29

Investment Management
Income Statements
Unaudited [Millions of Dollars]
For the Quarter Ended	Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2003			2003			2004			2004			2004			2004			2005			2005			2005
Operating Revenue
Investment advisory fees - External	$	53.2		$	58.3		$	62.7		$	66.4		$	67.4		$	56.0		$	59.4		$	66.9		$	73.6
Investment advisory fees - Insurance-related      assets		25.5			26.2			26.5			26.1			26.4			26.8			24.8			24.6			24.9
Other revenue and fees		18.9			23.7			19.1			16.7			13.7			16.7			16.0			14.9			17.1
Surrender charges		0.5			0.7			0.5			0.5			0.4			0.5			0.7			0.5			0.6
Expense assessments		10.2			12.4			14.1			14.7			12.5			15.5			16.6			16.8			17.9
Net investment income		13.2			12.5			12.2			14.6			12.7			12.3			12.9			14.2			12.7
Operating Revenue		121.4			133.8			135.2			139.0			133.0			127.7			130.4			138.0			146.8
Operating Expenses
Interest credited to policy bal.		6.6			6.6			6.6			6.7			6.9			6.8			6.8			7.0			7.0
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume-related expenses		10.4			12.0			14.0			14.4			12.9			11.7			13.3			11.8			19.1
Operating and administrative expenses		92.7			99.1			96.1			98.5			98.1			100.2			96.4			111.5			112.8
DAC deferral net of amortization		(8.0	)		(4.4	)		(5.6	)		(8.1	)		(9.5	)		(3.9	)		(3.3	)		(2.7	)		(9.9	)
Taxes, licenses and fees		2.4			2.1			3.9			5.5			4.6			3.1			4.4			3.6			0.0
Subtotal		97.4			108.7			108.5			110.3			106.0			111.0			110.9			124.1			122.0
Other intangibles amortization		2.0			2.0			2.0			2.0			2.0			3.8			1.9			1.9			2.0
Total underwriting, acquisition,
insurance and other expenses		99.4			110.7			110.4			112.3			108.0			114.8			112.8			126.0			124.0
Total Operating Expenses		106.0			117.3			117.0			118.9			114.8			121.7			119.6			133.0			131.0
Operating income before federal taxes		15.4			16.4			18.2			20.1			18.2			6.0			10.7			5.0			15.7
Federal income taxes		5.8			(2.6	)		5.6			6.7			5.7			0.8			3.3			1.2			5.6
Income from Operations	$	9.7		$	19.0		$	12.5		$	13.4		$	12.5		$	5.2		$	7.4		$	3.9		$	10.2
Effective tax rate		37.4	%		NM			31.1	%		33.4	%		31.3	%		13.6	%		31.2	%		23.1	%		35.4	%
Average Capital (Securities at Cost)	$	600.4		$	623.0		$	634.2		$	634.8		$	627.2		$	547.3		$	548.0		$	542.5		$	540.1
Return on average capital		6.4	%		12.2	%		7.9	%		8.4	%		8.0	%		3.8	%		5.4	%		2.8	%		7.5	%
Roll Forward of Deferred Acquisition Costs
Balance at beginning of year	$	65.5		$	81.9		$	91.8		$	84.2		$	120.1		$	115.3		$	120.4		$	133.8		$	126.7
Deferral		13.9			10.2			11.7			13.4			12.5			13.8			12.2			10.6			12.8
Amortization		(5.9	)		(5.8	)		(6.1	)		(5.3	)		(3.0	)		(10.0	)		(8.9	)		(7.8	)		(2.9	)
Included in Total Benefits and Expenses		8.0			4.4			5.6			8.1			9.5			3.9			3.3			2.7			9.9
Adjustment related to realized (gains) losses
on available-for-sale securities		(1.1	)		(0.2	)		(3.6	)		2.4			0.4			(0.5	)		0.4			(0.0	)		(0.4	)
Adjustment related to unrealized (gains) losses
on available-for-sale securities		9.5			5.7			(9.6	)		25.4			(14.8	)		1.7			9.8			(9.9	)		9.9
Balance at end-of-quarter	$	81.9		$	91.8		$	84.2		$	120.1		$	115.3		$	120.4		$	133.8		$	126.7		$	146.2
Certain reclassifications have been made to present financial information for the Investment Management segment's 401(k) Director product on a basis consistent with the reporting for similar products in the Retirement and Life Insurance segments.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 30

Investment Management
Assets Under Management Rollforward
Unaudited [Billions of Dollars]
																YTD			YTD
																Sep			Sep
	2000			2001			2002			2003			2004			2004			2005
Retail Fixed - Bal Beg-of-Period	$	7.422		$	6.605		$	7.118		$	7.631		$	8.186		$	8.186		$	8.257
Fund Sales		0.769			0.876			1.218			1.792			1.882			1.389			1.822
Redemptions		(1.401	)		(1.051	)		(1.182	)		(1.442	)		(1.520	)		(1.221	)		(1.044	)
Net Money Market		(0.207	)		(0.046	)		(0.050	)		(0.028	)		(0.113	)		(0.093	)		(0.050	)
Transfers		(0.168	)		0.405			0.206			(0.168	)		(0.212	)		(0.173	)		0.020
Net Flows		(1.007	)		0.184			0.192			0.154			0.037			(0.098	)		0.748
Market		0.096			0.330			0.321			0.401			0.290			0.165			0.058
Transfer of Assets Under Administration(1)		0.094			-			-			-			(0.256	)		(0.194	)		(0.001	)
Balance end of period	$	6.605		$	7.118		$	7.631		$	8.186		$	8.257		$	8.060		$	9.061
Retail Equity - Bal Beg-of-Period	$	23.384		$	21.525		$	17.990		$	14.917		$	20.887		$	20.887		$	26.130
Fund Sales		4.117			2.817			4.477			3.791			7.110			5.084			9.076
Redemptions		(4.431	)		(2.838	)		(3.690	)		(2.830	)		(4.054	)		(3.101	)		(3.828	)
Transfers		(0.178	)		(0.538	)		(0.173	)		0.156			0.042			0.080			(0.245	)
Net Flows		(0.492	)		(0.560	)		0.614			1.117			3.099			2.063			5.003
Market		(1.709	)		(2.975	)		(3.688	)		4.854			3.256			0.571			2.318
Sale of subsidiary/Transfer of Assets Under
Administration (1) (2)		0.342			-			-			-			(1.112	)		(0.901	)		(0.003	)
Balance at end of period	$	21.525		$	17.990		$	14.917		$	20.887		$	26.130		$	22.620		$	33.449
Total Retail - Bal Beg-of-Period	$	30.807		$	28.129		$	25.108		$	22.547		$	29.073		$	29.073		$	34.387
Retail Sales-Annuities		1.782			1.701			2.751			2.151			2.757			2.020			2.142
Retail Sales-Mutual Funds		2.577			1.523			1.829			2.315			3.235			2.314			3.750
Retail Sales-Managed Acct. & Other		0.525			0.469			1.115			1.116			2.999			2.139			5.006
Total Retail Sales		4.885			3.693			5.695			5.583			8.992			6.473			10.898
Redemptions		(5.832	)		(3.889	)		(4.873	)		(4.272	)		(5.574	)		(4.322	)		(4.872	)
Net Money Market		(0.206	)		(0.046	)		(0.050	)		(0.028	)		(0.113	)		(0.093	)		(0.050	)
Transfers		(0.346	)		(0.133	)		0.033			(0.012	)		(0.170	)		(0.093	)		(0.225	)
Net Flows		(1.500	)		(0.375	)		0.806			1.271			3.136			1.965			5.751
Market		(1.613	)		(2.646	)		(3.366	)		5.255			3.546			0.736			2.376
Sale of subsidiary/Transfer of Assets Under
Administration (1) (2)		0.435			-			-			-			(1.368	)		(1.095	)		(0.004	)
Balance at end of period(1) (2)	$	28.129		$	25.108		$	22.547		$	29.073		$	34.387		$	30.680		$	42.509
Institutional Fixed - Bal Beg-of-Period	$	6.936		$	6.111		$	5.489		$	7.237		$	8.399		$	8.399		$	9.960
Inflows		0.771			0.643			2.281			1.937			5.134			3.034			3.340
Withdrawals/Terminations		(1.973	)		(1.229	)		(1.146	)		(1.226	)		(0.593	)		(0.516	)		(1.168	)
Transfers		(0.005	)		0.017			0.004			0.005			0.009			0.008			0.002
Net Flows (2)		(1.207	)		(0.569	)		1.139			0.716			4.549			2.525			2.174
Market		0.382			(0.053	)		0.608			0.447			0.135			0.105			0.084
Sale of Subsidiary (2)		-			-			-			-			(3.124	)		(3.124	)		-
Balance at end of period (2)	$	6.111		$	5.489		$	7.237		$	8.399		$	9.960		$	7.906		$	12.219
Institutional Equity - Bal Beg-of-Period	$	23.632		$	19.114		$	17.815		$	16.711		$	25.322		$	25.322		$	11.682
Inflows		2.730			3.183			2.913			3.922			6.155			5.504			7.076
Withdrawals/Terminations		(7.209	)		(2.879	)		(1.991	)		(2.178	)		(3.583	)		(2.975	)		(2.360	)
Transfers		(0.008	)		0.035			0.045			0.018			0.057			0.028			0.042
Net Flows		(4.486	)		0.338			0.967			1.762			2.629			2.557			4.757
Market		(0.031	)		(1.637	)		(2.071	)		6.849			2.394			1.274			1.321
Sale of Subsidiary (2)		-			-			-			-			(18.664	)		(18.664	)		-
Balance at end of period	$	19.114		$	17.815		$	16.711		$	25.322		$	11.682		$	10.490		$	17.760
Total Institutional - Bal Beg-of-Period	$	30.568		$	25.225		$	23.305		$	23.948		$	33.722		$	33.722		$	21.643
Inflows		3.501			3.826			5.194			5.859			11.289			8.538			10.416
Withdrawals/Terminations		(9.182	)		(4.109	)		(3.137	)		(3.404	)		(4.176	)		(3.491	)		(3.528	)
Transfers		(0.013	)		0.052			0.050			0.023			0.066			0.036			0.043
Net Flows		(5.693	)		(0.231	)		2.106			2.478			7.178			5.083			6.931
Market		0.351			(1.690	)		(1.463	)		7.296			2.530			1.378			1.405
Sale of Subsidiary (2)		-			-			-			-			(21.787	)		(21.787	)		-
Balance at end of period	$	25.225		$	23.305		$	23.948		$	33.722		$	21.643		$	18.396		$	29.979
Total Retail/Institutional - At end of period	$	53.355		$	48.412		$	46.495		$	62.794		$	56.029		$	49.076		$	72.488
Insurance-related Assets - At end of period	$	35.686		$	38.119		$	41.104		$	43.024		$	43.980		$	44.047		$	44.503
Total Retail/Inst - Net Flows	$	(7.193	)	$	(0.606	)	$	2.912		$	3.749		$	10.314		$	7.048		$	12.682
Total Assets Under Management
At end of period	$	89.041		$	86.531		$	87.599		$	105.818		$	100.009		$	93.123		$	116.992
Subadvised Assets, included in Assets Under Management above
Retail	$	4.250		$	3.330		$	2.460		$	3.750		$	10.740		$	8.830		$	15.905
Institutional		0.030			0.030			0.020			0.030			3.740			3.070			4.641
Total Subadvised Assets	$	4.280		$	3.360		$	2.480		$	3.780		$	14.480		$	11.900		$	20.545

(1) Retail assets under management include assets under administration related to the mutual fund-based 401(k) business. In the third quarter of 2004, this business was outsourced to Bisys. As a result, the third and fourth quarter of 2004 had net outflows of assets under administration of approximately $0.776 billion and $0.273 billion, respectively.        

(2) In the third quarter of 2004, the Investment Management segment sold its London-based international investment unit. Assets under management transferred as a result of the sale were $22.1 billion. See page 30A for assets under management without the London-based international investment unit. In addition, the London-based international investment unit began subadvising certain retail and institutional assets in the third quarter of 2004.        

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005    PAGE 30A

Investment Management (excluding Assets
Managed by Delaware's London-based International Investment Unit)
Assets Under Management Rollforward
Unaudited [Billions of Dollars]
																YTD			YTD
																Sep			Sep
	2000			2001			2002			2003			2004			2004			2005
Retail Fixed - Bal Beg-of-Period	$	7.422		$	6.605		$	7.118		$	7.631		$	8.186		$	8.186		$	8.257
Fund Sales		0.769			0.876			1.218			1.792			1.882			1.389			1.822
Redemptions		(1.401	)		(1.051	)		(1.182	)		(1.442	)		(1.520	)		(1.221	)		(1.044	)
Net Money Market		(0.207	)		(0.046	)		(0.050	)		(0.028	)		(0.113	)		(0.093	)		(0.050	)
Transfers		(0.168	)		0.405			0.206			(0.168	)		(0.212	)		(0.173	)		0.020
Net Flows		(1.007	)		0.184			0.192			0.154			0.037			(0.098	)		0.748
Market		0.096			0.330			0.321			0.401			0.290			0.165			0.058
Transfer of Assets Under Administration (1)		0.094			-			-			-			(0.256	)		(0.194	)		(0.001	)
Balance end of period	$	6.605		$	7.118		$	7.631		$	8.186		$	8.257		$	8.060		$	9.061
Retail Equity - Bal Beg-of-Period	$	23.384		$	21.525		$	17.990		$	14.624		$	20.564		$	20.564		$	26.130
Fund Sales		4.117			2.817			4.182			3.780			7.105			5.078			9.076
Redemptions		(4.431	)		(2.838	)		(3.684	)		(2.765	)		(4.024	)		(3.071	)		(3.828	)
Transfers		(0.178	)		(0.538	)		(0.173	)		0.156			0.042			0.080			(0.245	)
Net Flows		(0.492	)		(0.560	)		0.325			1.171			3.123			2.087			5.003
Market		(1.709	)		(2.975	)		(3.691	)		4.769			3.236			0.551			2.318
Transfer of Assets Under Administration (1)		0.342			-			-			-			(0.793	)		(0.582	)		(0.003	)
Balance at end of period	$	21.525		$	17.990		$	14.624		$	20.564		$	26.130		$	22.620		$	33.449
Total Retail - Bal Beg-of-Period	$	30.807		$	28.129		$	25.108		$	22.255		$	28.750		$	28.750		$	34.387
Retail Sales-Annuities		1.782			1.701			2.456			2.140			2.752			2.015			2.142
Retail Sales-Mutual Funds		2.577			1.523			1.829			2.315			3.235			2.314			3.750
Retail Sales-Managed Acct. & Other		0.525			0.469			1.115			1.116			2.999			2.139			5.006
Total Retail Sales		4.885			3.693			5.399			5.572			8.987			6.468			10.898
Redemptions		(5.832	)		(3.889	)		(4.867	)		(4.207	)		(5.544	)		(4.292	)		(4.872	)
Net Money Market		(0.206	)		(0.046	)		(0.050	)		(0.028	)		(0.113	)		(0.093	)		(0.050	)
Transfers		(0.346	)		(0.133	)		0.033			(0.012	)		(0.170	)		(0.093	)		(0.225	)
Net Flows		(1.500	)		(0.375	)		0.517			1.325			3.160			1.989			5.752
Market		(1.613	)		(2.646	)		(3.370	)		5.171			3.526			0.716			2.376
Transfer of Assets Under Administration (1)		0.435			-			-			-			(1.049	)		(0.776	)		(0.004	)
Balance at end of period	$	28.129		$	25.108		$	22.255		$	28.750		$	34.387		$	30.679		$	42.509
Institutional Fixed - Bal Beg-of-Period	$	4.013		$	3.590		$	3.377		$	5.147		$	5.981		$	5.981		$	9.960
Inflows		0.455			0.388			2.177			1.540			4.356			2.256			3.340
Withdrawals/Terminations		(1.248	)		(0.586	)		(0.541	)		(0.635	)		(0.452	)		(0.374	)		(1.168	)
Transfers		(0.005	)		0.017			0.004			(0.126	)		0.009			0.008			0.002
Net Flows		(0.798	)		(0.181	)		1.640			0.779			3.913			1.889			2.174
Market		0.375			(0.032	)		0.130			0.055			0.067			0.036			0.084
Balance at end of period	$	3.590		$	3.377		$	5.147		$	5.981		$	9.960		$	7.906		$	12.219
Institutional Equity - Bal Beg-of-Period	$	13.909		$	9.664		$	8.185		$	7.201		$	10.318		$	10.318		$	11.682
Inflows		1.469			1.555			1.532			1.780			2.281			1.631			7.076
Withdrawals/Terminations		(5.784	)		(2.334	)		(1.333	)		(1.161	)		(2.428	)		(1.821	)		(2.360	)
Transfers		(0.008	)		0.035			0.045			0.034			0.118			0.090			0.042
Net Flows		(4.323	)		(0.744	)		0.245			0.653			(0.029	)		(0.100	)		4.757
Market		0.078			(0.735	)		(1.229	)		2.463			1.393			0.272			1.321
Balance at end of period	$	9.664		$	8.185		$	7.201		$	10.318		$	11.682		$	10.490		$	17.760
Total Institutional - Bal Beg-of-Period	$	17.923		$	13.255		$	11.562		$	12.348		$	16.299		$	16.299		$	21.643
Inflows		1.924			1.943			3.709			3.320			6.637			3.887			10.416
Withdrawals/Terminations		(7.032	)		(2.920	)		(1.874	)		(1.796	)		(2.880	)		(2.196	)		(3.528	)
Transfers		(0.013	)		0.052			0.050			(0.092	)		0.127			0.097			0.043
Net Flows		(5.120	)		(0.925	)		1.885			1.433			3.884			1.789			6.931
Market		0.453			(0.767	)		(1.099	)		2.518			1.459			0.308			1.405
Balance at end of period	$	13.255		$	11.562		$	12.348		$	16.299		$	21.643		$	18.396		$	29.979
Total Retail/Institutional - At end of period	$	41.384		$	36.670		$	34.603		$	45.049		$	56.029		$	49.075		$	72.489
Insurance-related Assets - At end of period	$	35.686		$	38.119		$	41.104		$	43.024		$	43.980		$	44.047		$	44.503
Total Retail/Inst - Net Flows	$	(6.620	)	$	(1.301	)	$	2.402		$	2.757		$	7.045		$	3.778		$	12.683
Total Assets Under Management
At end of period	$	77.070		$	74.789		$	75.707		$	88.072		$	100.009		$	93.123		$	116.993
Subadvised Assets, included in Assets Under Management above
Retail	$	4.250		$	3.330		$	2.460		$	3.750		$	10.740			8.830			15.905
Institutional		0.030			0.030			0.020			0.030			3.740			3.070			4.641
Total Subadvised Assets	$	4.280		$	3.360		$	2.480		$	3.780		$	14.480		$	11.900		$	20.545

(1) Retail assets under management include assets under administration related to the mutual fund-based 401(k) business. In the third quarter of 2004, this business was outsourced to Bisys. As a result, the third and fourth quarter of 2004 had net outflows of assets under administration of approximately $0.776 billion and $0.273 billion, respectively.        

(2) This page presents the assets under management roll-forward without the Investment Management segment's London-based international investment unit, which was sold in the third quarter of 2004 and resulted in the transfer of assets under management of $22.1 billion.        

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005     PAGE 31

Investment Management
Assets Under Management Roll Forward
Unaudited [Billions of Dollars]
	Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2002			2003			2003			2003			2003			2004			2004			2004			2004			2005			2005			2005
Retail Fixed - Bal-Beg-of-Qtr	$	7.514		$	7.631		$	7.907		$	8.190		$	8.083		$	8.186		$	8.313		$	8.152		$	8.060		$	8.257		$	8.501		$	8.823
Fund Sales		0.328			0.424			0.469			0.443			0.456			0.513			0.452			0.425			0.493			0.608			0.612			0.602
Redemptions		(0.311	)		(0.327	)		(0.318	)		(0.435	)		(0.361	)		(0.418	)		(0.462	)		(0.341	)		(0.299	)		(0.373	)		(0.325	)		(0.346	)
Net Money Market		(0.035	)		0.001			(0.006	)		(0.008	)		(0.014	)		(0.036	)		0.012			(0.069	)		(0.020	)		(0.026	)		(0.015	)		(0.010	)
Transfers		0.092			0.062			(0.055	)		(0.086	)		(0.088	)		(0.035	)		(0.019	)		(0.119	)		(0.040	)		0.104			(0.107	)		0.023
Net Flows		0.074			0.159			0.090			(0.087	)		(0.008	)		0.024			(0.017	)		(0.104	)		0.134			0.314			0.166			0.268
Market		0.043			0.117			0.193			(0.020	)		0.111			0.103			(0.144	)		0.207			0.125			(0.068	)		0.156			(0.030	)
Transfer of Assets Under Administration(1)																							(0.194	)		(0.062	)		(0.001	)		-			-
Balance at End-of-Qtr	$	7.631		$	7.907		$	8.190		$	8.083		$	8.186		$	8.313		$	8.152		$	8.060		$	8.257		$	8.501		$	8.823		$	9.061
Retail Equity - Bal-Beg-of-Qtr	$	13.705		$	14.917		$	14.286		$	16.906		$	17.961		$	20.887		$	22.546		$	23.223		$	22.620		$	26.130		$	26.970		$	29.898
Fund Sales		1.345			0.717			0.813			1.051			1.210			1.938			1.666			1.480			2.026			2.773			3.421			2.882
Redemptions		(0.881	)		(0.803	)		(0.612	)		(0.706	)		(0.710	)		(0.992	)		(1.028	)		(1.081	)		(0.953	)		(1.325	)		(1.305	)		(1.198	)
Transfers		(0.036	)		(0.059	)		0.011			0.112			0.092			(0.002	)		(0.004	)		0.085			(0.037	)		(0.183	)		0.049			(0.111	)
Net Flows		0.428			(0.145	)		0.213			0.457			0.592			0.944			0.634			0.485			1.036			1.265			2.166			1.573
Market		0.784			(0.486	)		2.408			0.598			2.334			0.715			0.044			(0.188	)		2.685			(0.423	)		0.763			1.979
Sale of Subsidiary/Transfer of Assets
Under Administration (1) (2)																							(0.901	)		(0.211	)		(0.003	)		-			-
Balance at End-of-Qtr	$	14.917		$	14.286		$	16.906		$	17.961		$	20.887		$	22.546		$	23.223		$	22.620		$	26.130		$	26.970		$	29.898		$	33.449
Total Retail - Bal-Beg-of-Qtr	$	21.219		$	22.547		$	22.193		$	25.096		$	26.044		$	29.073		$	30.859		$	31.375		$	30.680		$	34.387		$	35.471		$	38.720
Retail Sales-Annuities		0.806			0.488			0.528			0.573			0.562			0.753			0.668			0.600			0.737			0.735			0.655			0.752
Retail Sales-Mutual Funds		0.399			0.450			0.558			0.644			0.663			0.905			0.729			0.680			0.922			1.336			1.255			1.159
Retail Sales-Managed Acct. & Other		0.469			0.202			0.196			0.277			0.441			0.793			0.721			0.625			0.860			1.310			2.123			1.573
Total Retail Sales		1.673			1.141			1.282			1.494			1.666			2.451			2.117			1.905			2.519			3.381			4.034			3.484
Redemptions		(1.192	)		(1.130	)		(0.930	)		(1.141	)		(1.071	)		(1.409	)		(1.491	)		(1.422	)		(1.252	)		(1.697	)		(1.630	)		(1.545	)
Net Money Market		(0.035	)		0.001			(0.006	)		(0.008	)		(0.014	)		(0.036	)		0.012			(0.069	)		(0.020	)		(0.026	)		(0.015	)		(0.010	)
Transfers		0.056			0.003			(0.044	)		0.025			0.004			(0.037	)		(0.022	)		(0.034	)		(0.077	)		(0.079	)		(0.058	)		(0.089	)
Net Flows		0.502			0.014			0.302			0.370			0.584			0.969			0.617			0.381			1.170			1.579			2.331			1.841
Market		0.826			(0.369	)		2.601			0.578			2.444			0.818			(0.101	)		0.019			2.810			(0.491	)		0.919			1.948
Sale of Subsidiary/Transfer of Assets Under
Administration (1) (2)																							(1.095	)		(0.273	)		(0.004	)		-			-
Balance at End-of-Qtr	$	22.547		$	22.193		$	25.096		$	26.044		$	29.073		$	30.859		$	31.375		$	30.680		$	34.387		$	35.471		$	38.720		$	42.509
Institutional Fixed - Bal-Beg-of-Qtr	$	7.207		$	7.237		$	7.605		$	7.753		$	8.077		$	8.399		$	9.028		$	9.906		$	7.906		$	9.960		$	11.002		$	11.769
Inflows		0.283			0.592			0.126			0.556			0.663			0.806			1.281			0.947			2.100			1.211			1.289			0.840
Withdrawals/Terminations		(0.438	)		(0.308	)		(0.188	)		(0.226	)		(0.503	)		(0.218	)		(0.135	)		(0.163	)		(0.077	)		(0.130	)		(0.742	)		(0.296	)
Transfers		(0.002	)		0.002			0.003			(0.000	)		(0.000	)		0.005			0.002			0.001			0.001			0.000			0.001			0.001
Net Flows		(0.157	)		0.286			(0.059	)		0.330			0.160			0.593			1.148			0.784			2.024			1.082			0.548			0.545
Market		0.187			0.083			0.207			(0.006	)		0.163			0.036			(0.271	)		0.339			0.031			(0.040	)		0.219			(0.095	)
Sale of Subsidiary (2)																							(3.124	)		-						-			-
Balance at End-of-Qtr	$	7.237		$	7.605		$	7.753		$	8.077		$	8.399		$	9.028		$	9.906		$	7.906		$	9.960		$	11.002		$	11.769		$	12.219
Institutional Equity - Bal-Beg-of-Qtr	$	14.937		$	16.711		$	15.920		$	19.607		$	21.008		$	25.322		$	27.188		$	28.362		$	10.490		$	11.682		$	11.549		$	15.474
Inflows		1.040			0.494			0.727			1.386			1.315			1.817			2.049			1.638			0.650			0.576			4.563			1.937
Withdrawals/Terminations		(0.322	)		(0.459	)		(0.381	)		(0.921	)		(0.419	)		(0.762	)		(1.161	)		(1.053	)		(0.607	)		(0.473	)		(1.000	)		(0.888	)
Transfers		0.010			0.008			0.002			0.003			0.005			0.012			0.006			0.010			0.029			0.033			(0.003	)		0.012
Net Flows		0.728			0.044			0.348			0.469			0.901			1.068			0.895			0.595			0.072			0.135			3.560			1.061
Market		1.046			(0.835	)		3.339			0.932			3.413			0.798			0.280			0.196			1.120			(0.269	)		0.365			1.225
Sale of Subsidiary (2)																							(18.664	)		-			-			-			-
Balance at End-of-Qtr	$	16.711		$	15.920		$	19.607		$	21.008		$	25.322		$	27.188		$	28.362		$	10.490		$	11.682		$	11.549		$	15.474		$	17.760
Total Institutional - Bal-Beg-of-Qtr	$	22.143		$	23.948		$	23.526		$	27.360		$	29.085		$	33.722		$	36.216		$	38.268		$	18.396		$	21.643		$	22.551		$	27.243
Inflows		1.323			1.086			0.853			1.943			1.978			2.623			3.331			2.584			2.750			1.787			5.852			2.777
Withdrawals/Terminations		(0.760	)		(0.767	)		(0.568	)		(1.147	)		(0.922	)		(0.980	)		(1.296	)		(1.216	)		(0.684	)		(0.603	)		(1.742	)		(1.183	)
Transfers		0.008			0.010			0.005			0.003			0.005			0.017			0.008			0.011			0.030			0.033			(0.002	)		0.012
Net Flows		0.572			0.330			0.289			0.799			1.061			1.661			2.043			1.379			2.095			1.217			4.108			1.606
Market		1.233			(0.752	)		3.546			0.926			3.576			0.834			0.009			0.535			1.151			(0.308	)		0.584			1.130
Sale of Subsidiary (2)																							(21.787	)		-			-			-			-
Balance at End-of-Qtr	$	23.948		$	23.526		$	27.360		$	29.085		$	33.722		$	36.216		$	38.268		$	18.396		$	21.643		$	22.551		$	27.243		$	29.979
Total Retail/Inst - At End-of-Qtr	$	46.495		$	45.718		$	52.456		$	55.129		$	62.794		$	67.075		$	69.643		$	49.076		$	56.029		$	58.022		$	65.963		$	72.488
Insurance-related Assets-End-of-Qtr	$	41.104		$	42.130		$	43.857		$	42.984		$	43.024		$	44.006		$	42.528		$	44.047		$	43.980		$	44.210		$	45.219		$	44.503
Total Retail/Inst - Net Flows	$	1.074		$	0.344		$	0.591		$	1.169		$	1.645		$	2.629		$	2.660		$	1.760		$	3.265		$	2.796		$	6.439		$	3.447
Total Assets Under Management
At End-of-Qtr	$	87.599		$	87.848		$	96.313		$	98.113		$	105.818		$	111.081		$	112.172		$	93.123		$	100.009		$	102.231		$	111.182		$	116.992
Subadvised Assets, included in Assets Under Management above
Retail	$	2.460		$	2.550		$	2.970		$	3.240		$	3.750		$	4.000		$	4.290		$	8.830		$	10.740		$	12.178		$	13.712		$	15.905
Institutional		0.020			0.020			0.030			0.020			0.030			0.030			0.030			3.070			3.740			3.921			4.221			4.641
Total Subadvised Assets	$	2.480		$	2.570		$	3.000		$	3.260		$	3.780		$	4.030		$	4.320		$	11.900		$	14.480		$	16.100		$	17.933		$	20.545

(1) Retail assets under management include assets under administration related to the mutual fund-based 401(k) business. In the third quarter of 2004, this business was outsourced to Bisys. As a result, the third and fourth quarter of 2004 had net outflows of assets under administration of approximately $0.776 billion and $0.273 billion, respectively. Assets under administration were $0.0 billion at March 31, 2005.            

(2) In the third quarter of 2004, the Investment Management segment sold its London-based international investment unit. Assets under management transferred as a result of the sale were $22.1 billion. See page 31A for assets under management without the London-based international investment unit. In addition, the London-based international investment unit began subadvising certain retail and institutional assets in the third quarter of 2004.            

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005       PAGE 31A

Investment Management (excluding Assets
Managed by Delaware's London-based International Investment Unit)
Assets Under Management Roll Forward
Unaudited [Billions of Dollars]
	Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2002			2003			2003			2003			2003			2004			2004			2004			2004			2005			2005			2005
Retail Fixed - Bal-Beg-of-Qtr	$	7.514		$	7.631		$	7.907		$	8.190		$	8.083		$	8.186		$	8.313		$	8.152		$	8.060		$	8.257		$	8.501		$	8.823
Fund Sales		0.328			0.424			0.469			0.443			0.456			0.513			0.452			0.425			0.493			0.608			0.612			0.602
Redemptions		(0.311	)		(0.327	)		(0.318	)		(0.435	)		(0.361	)		(0.418	)		(0.462	)		(0.341	)		(0.299	)		(0.373	)		(0.325	)		(0.346	)
Net Money Market		(0.035	)		0.001			(0.006	)		(0.008	)		(0.014	)		(0.036	)		0.012			(0.069	)		(0.020	)		(0.026	)		(0.015	)		(0.010	)
Transfers		0.092			0.062			(0.055	)		(0.086	)		(0.088	)		(0.035	)		(0.019	)		(0.119	)		(0.040	)		0.104			(0.107	)		0.023
Net Flows		0.074			0.159			0.090			(0.087	)		(0.008	)		0.024			(0.017	)		(0.104	)		0.134			0.314			0.166			0.268
Market		0.043			0.117			0.193			(0.020	)		0.111			0.103			(0.144	)		0.207			0.125			(0.068	)		0.156			(0.030	)
Transfer of Assets Under Administration (1)																							(0.194	)		(0.062	)		(0.001	)		-			-
Balance at End-of-Qtr	$	7.631		$	7.907		$	8.190		$	8.083		$	8.186		$	8.313		$	8.152		$	8.060		$	8.257		$	8.501		$	8.823		$	9.061
Retail Equity - Bal-Beg-of-Qtr	$	13.705		$	14.624		$	14.048		$	16.622		$	17.673		$	20.564		$	22.225		$	22.906		$	22.620		$	26.130		$	26.970		$	29.898
Fund Sales		1.050			0.712			0.812			1.048			1.208			1.936			1.664			1.478			2.026			2.773			3.421			2.882
Redemptions		(0.875	)		(0.765	)		(0.608	)		(0.698	)		(0.694	)		(0.979	)		(1.019	)		(1.074	)		(0.953	)		(1.325	)		(1.305	)		(1.198	)
Transfers		(0.036	)		(0.059	)		0.011			0.112			0.092			(0.002	)		(0.004	)		0.085			(0.037	)		(0.183	)		0.049			(0.111	)
Net Flows		0.139			(0.111	)		0.214			0.462			0.606			0.956			0.641			0.490			1.036			1.265			2.166			1.573
Market		0.780			(0.465	)		2.359			0.589			2.285			0.706			0.039			(0.194	)		2.685			(0.423	)		0.763			1.979
Transfer of Assets Under Administration (1)																							(0.582	)		(0.211	)		(0.003	)		-			-
Balance at End-of-Qtr	$	14.624		$	14.048		$	16.622		$	17.673		$	20.564		$	22.225		$	22.906		$	22.620		$	26.130		$	26.970		$	29.898		$	33.449
Total Retail - Bal-Beg-of-Qtr	$	21.219		$	22.255		$	21.955		$	24.812		$	25.756		$	28.750		$	30.538		$	31.057		$	30.680		$	34.387		$	35.471		$	38.720
Retail Sales-Annuities		0.510			0.484			0.526			0.570			0.560			0.751			0.666			0.598			0.737			0.735			0.655			0.752
Retail Sales-Mutual Funds		0.399			0.450			0.558			0.644			0.663			0.905			0.729			0.680			0.922			1.336			1.255			1.159
Retail Sales-Managed Acct. & Other		0.469			0.202			0.196			0.277			0.441			0.793			0.721			0.625			0.860			1.310			2.123			1.573
Total Retail Sales		1.378			1.136			1.280			1.491			1.664			2.449			2.115			1.903			2.519			3.381			4.034			3.484
Redemptions		(1.186	)		(1.092	)		(0.926	)		(1.133	)		(1.055	)		(1.396	)		(1.481	)		(1.415	)		(1.252	)		(1.697	)		(1.630	)		(1.545	)
Net Money Market		(0.035	)		0.001			(0.006	)		(0.008	)		(0.014	)		(0.036	)		0.012			(0.069	)		(0.020	)		(0.026	)		(0.015	)		(0.010	)
Transfers		0.056			0.003			(0.044	)		0.025			0.004			(0.037	)		(0.022	)		(0.034	)		(0.077	)		(0.079	)		(0.058	)		(0.089	)
Net Flows		0.213			0.048			0.304			0.375			0.598			0.980			0.624			0.386			1.170			1.579			2.331			1.841
Market		0.823			(0.347	)		2.552			0.569			2.396			0.808			(0.105	)		0.013			2.810			(0.491	)		0.919			1.948
Transfer of Assets Under Administration (1)																							(0.776	)		(0.273	)		(0.004	)		-			-
Balance at End-of-Qtr	$	22.255		$	21.955		$	24.812		$	25.756		$	28.750		$	30.538		$	31.057		$	30.680		$	34.387		$	35.471		$	38.720		$	42.509
Institutional Fixed - Bal-Beg-of-Qtr	$	5.010		$	5.147		$	5.530		$	5.481		$	5.834		$	5.981		$	6.501		$	6.980		$	7.906		$	9.960		$	11.002		$	11.769
Inflows		0.251			0.553			0.120			0.516			0.351			0.655			0.776			0.825			2.100			1.211			1.289			0.840
Withdrawals/Terminations		(0.162	)		(0.158	)		(0.152	)		(0.089	)		(0.236	)		(0.138	)		(0.109	)		(0.127	)		(0.077	)		(0.130	)		(0.742	)		(0.296	)
Transfers		(0.002	)		0.002			(0.099	)		(0.056	)		0.028			0.005			0.002			0.001			0.001			0.000			0.001			0.001
Net Flows		0.087			0.397			(0.132	)		0.371			0.143			0.521			0.669			0.699			2.024			1.082			0.548			0.545
Market		0.050			(0.013	)		0.083			(0.019	)		0.004			(0.001	)		(0.191	)		0.227			0.031			(0.040	)		0.219			(0.095	)
Balance at End-of-Qtr	$	5.147		$	5.530		$	5.481		$	5.834		$	5.981		$	6.501		$	6.980		$	7.906		$	9.960		$	11.002		$	11.769		$	12.219
Institutional Equity - Bal-Beg-of-Qtr	$	6.116		$	7.201		$	7.041		$	8.462		$	8.826		$	10.318		$	10.713		$	10.435		$	10.490		$	11.682		$	11.549		$	15.474
Inflows		0.743			0.339			0.347			0.571			0.524			0.552			0.596			0.484			0.650			0.576			4.563			1.937
Withdrawals/Terminations		(0.167	)		(0.182	)		(0.232	)		(0.516	)		(0.231	)		(0.501	)		(0.959	)		(0.361	)		(0.607	)		(0.473	)		(1.000	)		(0.888	)
Transfers		0.010			0.008			0.002			0.003			0.021			(0.012	)		0.073			0.029			0.029			0.033			(0.003	)		0.012
Net Flows		0.586			0.165			0.116			0.059			0.314			0.038			(0.290	)		0.152			0.072			0.135			3.560			1.061
Market		0.499			(0.326	)		1.305			0.305			1.178			0.357			0.012			(0.096	)		1.120			(0.269	)		0.365			1.225
Balance at End-of-Qtr	$	7.201		$	7.041		$	8.462		$	8.826		$	10.318		$	10.713		$	10.435		$	10.490		$	11.682		$	11.549		$	15.474		$	17.760
Total Institutional - Bal-Beg-of-Qtr	$	11.126		$	12.348		$	12.571		$	13.943		$	14.660		$	16.299		$	17.215		$	17.414		$	18.396		$	21.643		$	22.551		$	27.243
Inflows		0.994			0.892			0.466			1.088			0.874			1.206			1.372			1.309			2.750			1.787			5.852			2.777
Withdrawals/Terminations		(0.328	)		(0.340	)		(0.385	)		(0.604	)		(0.466	)		(0.640	)		(1.068	)		(0.488	)		(0.684	)		(0.603	)		(1.742	)		(1.183	)
Transfers		0.008			0.010			(0.098	)		(0.053	)		0.049			(0.007	)		0.075			0.030			0.030			0.033			(0.002	)		0.012
Net Flows		0.673			0.562			(0.016	)		0.430			0.457			0.560			0.379			0.851			2.095			1.217			4.108			1.606
Market		0.548			(0.339	)		1.388			0.287			1.182			0.356			(0.179	)		0.131			1.151			(0.308	)		0.584			1.130
Balance at End-of-Qtr	$	12.348		$	12.571		$	13.943		$	14.660		$	16.299		$	17.215		$	17.414		$	18.396		$	21.643		$	22.551		$	27.243		$	29.979
Total Retail/Inst - At End-of-Qtr	$	34.602		$	34.527		$	38.755		$	40.416		$	45.049		$	47.753		$	48.471		$	49.076		$	56.029		$	58.022		$	65.963		$	72.488
Insurance-related Assets-End-of-Qtr	$	41.104		$	42.130		$	43.857		$	42.984		$	43.024		$	44.006		$	42.528		$	44.047		$	43.980		$	44.210		$	45.219		$	44.503
Total Retail/Inst - Net Flows	$	0.886		$	0.610		$	0.288		$	0.805		$	1.055		$	1.540		$	1.003		$	1.236		$	3.265		$	2.796		$	6.439		$	3.447
Total Assets Under Management
At End-of-Qtr	$	75.706		$	76.656		$	82.612		$	83.400		$	88.072		$	91.759		$	91.000		$	93.123		$	100.009		$	102.231		$	111.182		$	116.992
Subadvised Assets, included in Assets Under Management above
Retail	$	2.460		$	2.550		$	2.970		$	3.240		$	3.750		$	4.000		$	4.290		$	8.830		$	10.740		$	12.178		$	13.712		$	15.905
Institutional		0.020			0.020			0.030			0.020			0.030			0.030			0.030			3.070			3.740			3.921			4.221			4.641
Total Subadvised Assets	$	2.480		$	2.570		$	3.000		$	3.260		$	3.780		$	4.030		$	4.320		$	11.900		$	14.480		$	16.100		$	17.933		$	20.545

(1) Retail assets under management include assets under administration related to the mutual fund-based 401(k) business. In the third quarter of 2004, this business was outsourced to Bisys. As a result, the third and fourth quarter of 2004 had net outflows of assets under administration of approximately $0.776 billion and $0.273 billion, respectively.            

(2) This page presents the assets under management roll-forward without the Investment Management segment's London-based international investment unit, which was sold in the third quarter of 2004 and resulted in the transfer of assets under management of $22.1 billion.            

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005     PAGE 32

Lincoln UK
Income Statements
Unaudited [Millions of Dollars]
																YTD			YTD
																Sep			Sep
For the Year Ended December 31	2000			2001			2002			2003			2004			2004			2005
Operating Revenue
Premiums	$	148.4		$	46.1		$	50.6		$	62.2		$	70.3		$	55.4		$	47.9
Mortality assessments		31.4			33.9			32.4			35.7			39.5			29.7			27.4
Expense assessments		178.1			134.8			105.3			93.9			103.9			75.6			82.4
Other revenue and fees		2.6			(1.4	)		24.9			18.6			52.8			36.8			37.4
Net investment income		70.3			64.8			62.1			64.1			75.7			55.4			60.8
Total Operating Revenue		430.6			278.2			275.4			274.5			342.2			252.9			255.9
Operating Expenses
Benefits paid or provided		178.5			83.4			84.2			98.6			100.4			79.2			88.5
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume-related expenses		37.7			10.8			6.1			3.8			2.9			1.9			2.2
Operating and administrative expenses		142.5			82.5			77.0			78.3			81.0			66.9			74.1
Subtotal		180.1			93.2			83.1			82.1			83.9			68.8			76.3
DAC deferral net of amortization		(7.2	)		31.7			46.5			39.1			72.8			50.9			52.6
PVIF amortization		4.7			22.5			30.8			(10.7	)		18.1			12.5			(7.5	)
Total underwriting, acquisition,
insurance and other expenses		177.6			147.4			160.5			110.4			174.8			132.3			121.4
Goodwill amortization		4.0			0.6			-			-			-			-			-
Total Operating Expenses		360.2			231.5			244.7			209.0			275.2			211.4			209.9
Operating income before federal taxes		70.4			46.8			30.7			65.5			67.0			41.5			46.0
Federal income taxes		11.2			(11.3	)		(3.9	)		21.9			23.4			14.5			16.1
Income from Operations	$	59.2		$	58.1		$	34.6		$	43.6		$	43.5		$	27.0		$	29.9
Effective tax rate		15.9	%		(24.2	%)		(12.8	%)		33.4	%		35.0	%		35.0	%		35.0	%
Average capital	$	494.0		$	593.8		$	549.9		$	478.9		$	435.4		$	433.9		$	446.4
Return on average capital		12.0	%		9.8	%		6.3	%		9.1	%		10.0	%		8.3	%		8.9	%
Roll Forward of Deferred Acquisition Costs
Balance at beginning of year							$	587.3		$	597.6		$	620.6		$	620.6		$	590.8
Deferral								3.4			3.5			6.3			4.6			2.1
Amortization								(50.0	)		(42.5	)		(79.1	)		(55.5	)		(54.7	)
Included in Total Benefits and Expenses								(46.5	)		(39.1	)		(72.8	)		(50.9	)		(52.6	)
Foreign currency translation adjustment								56.8			62.1			42.9			9.1			(46.3	)
Balance at end of year							$	597.6		$	620.6		$	590.8		$	578.8		$	491.9
-
Roll Forward of Present Value of In-Force
Balance at beginning of year							$	244.0		$	237.3		$	274.7		$	274.7		$	276.2
Amortization								(30.8	)		10.7			(18.1	)		(12.5	)		7.5
Foreign currency translation adjustment								24.1			26.7			19.6			4.0			(22.2	)
Balance at end of year							$	237.3		$	274.7		$	276.2		$	266.2		$	261.5
Roll Forward of Deferred Front-End Load*
Balance at beginning of year				$	417.6		$	410.0		$	428.2		$	457.9		$	457.9		$	437.5
Deferral					33.4			16.7			10.4			6.6			5.2			3.5
Amortization					(30.4	)		(38.7	)		(26.4	)		(58.7	)		(41.9	)		(40.8	)
Included in Income from Operations					3.0			(22.0	)		(16.0	)		(52.1	)		(36.6	)		(37.3	)
Foreign currency translation adjustment					(10.6	)		40.2			45.8			31.7			6.7			(34.4	)
Balance at end of year				$	410.0		$	428.2		$	457.9		$	437.5		$	428.0		$	365.8
* Included in Insurance and Investment Contract Liabilities on the Balance Sheet

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005 PAGE 33

Lincoln UK
Income Statements
Unaudited [Millions of Dollars]
For the Quarter Ended	Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2003			2003			2004			2004			2004			2004			2005			2005			2005
Operating Revenue
Premiums	$	16.5		$	19.3		$	18.1		$	19.6		$	17.7		$	14.9		$	14.6		$	16.4		$	16.9
Mortality assessments		8.7			8.7			9.6			10.4			9.7			9.8			9.0			9.4			9.0
Expense assessments		23.2			24.6			24.2			24.4			27.0			28.3			26.6			27.9			27.9
Other revenue and fees		2.6			9.6			5.8			8.3			22.8			16.0			4.1			5.2			28.1
Net investment income		16.0			16.2			18.5			18.3			18.7			20.2			20.3			19.6			20.9
Total Operating Revenue		67.0			78.4			76.1			81.0			95.8			89.3			74.6			78.4			102.8
Operating Expenses
Benefits paid or provided		22.7			33.3			29.0			28.8			21.4			21.3			25.1			27.9			35.5
Underwriting, acquisition,
insurance and other expenses:
Commissions and other volume-related expenses		1.0			0.8			0.6			0.6			0.7			1.0			0.6			0.7			0.9
Operating and administrative expenses		19.6			20.0			23.0			22.3			21.6			14.1			25.4			23.8			24.9
Subtotal		20.6			20.8			23.5			22.9			22.4			15.1			25.9			24.5			25.8
DAC deferral net of amortization		7.1			13.1			11.0			12.6			27.2			21.9			7.1			8.4			37.0
PVIF amortization		(0.7	)		(7.3	)		3.0			0.1			9.4			5.6			1.0			1.7			(10.2	)
Total underwriting, acquisition,
insurance and other expenses		27.0			26.6			37.6			35.7			59.0			42.5			34.0			34.7			52.7
Total Operating Expenses		49.6			59.9			66.6			64.5			80.3			63.8			59.2			62.6			88.1
Operating income before federal income taxes		17.4			18.5			9.5			16.5			15.5			25.5			15.5			15.9			14.7
Federal income taxes		6.1			5.4			3.3			5.8			5.4			8.9			5.4			5.6			5.1
Income from Operations	$	11.3		$	13.0		$	6.2		$	10.7		$	10.1		$	16.6		$	10.0		$	10.3		$	9.6
Effective tax rate on
Income from Operations		35.0	%		29.5	%		35.0	%		35.0	%		35.0	%		35.0	%		35.0	%		35.0	%		35.0	%
Average capital	$	452.2		$	443.1		$	447.9		$	421.2		$	432.5		$	439.9		$	440.2		$	446.4		$	452.7
Return on average capital		10.0	%		11.8	%		5.5	%		10.2	%		9.3	%		15.1	%		9.1	%		9.2	%		8.4	%
Roll Forward of Deferred Acquisition Costs
Balance at beginning of year	$	595.1		$	590.9		$	620.7		$	629.6		$	608.6		$	578.9		$	590.9		$	576.9		$	537.0
Deferral		0.2			1.6			1.5			1.8			1.4			1.6			0.7			0.7			0.7
Amortization		(7.3	)		(14.7	)		(12.5	)		(14.4	)		(28.6	)		(23.5	)		(7.8	)		(9.1	)		(37.7	)
Included in Total Benefits and Expenses		(7.1	)		(13.1	)		(11.0	)		(12.6	)		(27.2	)		(21.9	)		(7.1	)		(8.4	)		(37.0	)
Foreign currency translation adjustment		2.8			42.8			19.9			(8.4	)		(2.5	)		33.8			(7.0	)		(31.4	)		(8.0	)
Balance at end of year	$	590.9		$	620.7		$	629.6		$	608.6		$	578.9		$	590.9		$	576.9		$	537.0		$	492.0
Roll Forward of Present Value of In-Force
Balance at beginning of year	$	247.0		$	249.0		$	274.7		$	280.5		$	276.7		$	266.2		$	276.1		$	271.9		$	255.3
Amortization		0.7			7.3			(3.0	)		(0.1	)		(9.4	)		(5.6	)		(1.0	)		(1.7	)		10.2
Foreign currency translation adjustment		1.3			18.4			8.9			(3.7	)		(1.1	)		15.6			(3.3	)		(14.8	)		(4.1	)
Balance at end of year	$	249.0		$	274.7		$	280.5		$	276.7		$	266.2		$	276.1		$	271.9		$	255.3		$	261.5
Roll Forward of Deferred Front-End Load
Balance at beginning of year	$	434.8		$	434.8		$	457.9		$	466.9		$	452.5		$	428.0		$	437.5		$	428.3		$	399.8
Deferral		2.3			2.2			2.1			1.7			1.4			1.3			1.5			1.1			0.9
Amortization		(4.5	)		(10.6	)		(7.8	)		(9.9	)		(24.1	)		(16.8	)		(5.5	)		(6.2	)		(29.0	)
Included in Income from Operations		(2.1	)		(8.5	)		(5.7	)		(8.2	)		(22.7	)		(15.5	)		(4.0	)		(5.1	)		(28.1	)
Foreign currency translation adjustment		2.2			31.5			14.7			(6.2	)		(1.8	)		25.0			(5.2	)		(23.3	)		(5.9	)
Balance at end of year	$	434.8		$	457.9		$	466.9		$	452.5		$	428.0		$	437.5		$	428.3		$	399.8		$	365.8
* Included in Insurance and Investment Contract Liabilities on the Balance Sheet

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005  PAGE 34

Lincoln UK
Operational Data
Unaudited [Billions of Dollars]
																															YTD			YTD
																															Sep			Sep
For the Year Ended December 31																2000			2001			2002			2003			2004			2004			2005
Unit Linked Assets - Beg-of-Year																$	7.220		$	6.441		$	5.607		$	5.079		$	6.390		$	6.390		$	7.186
Deposits																	0.554			0.481			0.453			0.392			0.378			0.269			0.233
Withdrawals (incl. chgs) & Deaths																	(0.644	)		(0.529	)		(0.519	)		(0.614	)		(0.712	)		(0.525	)		(0.550	)
Net Flows																	(0.090	)		(0.048	)		(0.066	)		(0.222	)		(0.335	)		(0.255	)		(0.316	)
Inv Inc & Chg in Mkt Val																	(0.154	)		(0.617	)		(1.004	)		0.918			0.648			0.238			0.896
Foreign Currency Adjustment																	(0.536	)		(0.169	)		0.542			0.616			0.482			0.095			(0.586	)
Unit Linked Assets - end of year																$	6.441		$	5.607		$	5.079		$	6.390		$	7.186		$	6.468		$	7.180
Individual Life In-force																$	24.290		$	20.878		$	18.896		$	20.393		$	20.378		$	19.380		$	18.175
Exchange Rate - Dollars to Pounds
For-the-Period																	1.518			1.441			1.503			1.638			1.834			1.821			1.846
End-of-Period																	1.493			1.456			1.610			1.786			1.919			1.812			1.764
For the Quarter Ended		Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
		2002			2003			2003			2003			2003			2004			2004			2004			2004			2005			2005			2005
Unit Linked Assets
Balance-Beg-of-Quarter	$	4.825		$	5.079		$	4.748		$	5.468		$	5.692		$	6.390		$	6.528		$	6.476		$	6.468		$	7.186		$	7.173		$	6.903
Deposits		0.104			0.094			0.090			0.113			0.095			0.083			0.085			0.102			0.108			0.075			0.070			0.088
Withdrawals (incl. chgs) & Deaths		(0.129	)		(0.153	)		(0.137	)		(0.152	)		(0.172	)		(0.172	)		(0.177	)		(0.175	)		(0.188	)		(0.175	)		(0.183	)		(0.192	)
Net Flows		(0.025	)		(0.059	)		(0.047	)		(0.039	)		(0.077	)		(0.090	)		(0.092	)		(0.074	)		(0.080	)		(0.100	)		(0.113	)		(0.104	)
Inv Inc & Chg in Mkt Val		0.146			(0.184	)		0.549			0.205			0.348			0.020			0.127			0.091			0.411			0.171			0.233			0.492
Foreign Currency Adjustment		0.133			(0.087	)		0.218			0.059			0.427			0.207			(0.087	)		(0.025	)		0.387			(0.085	)		(0.390	)		(0.111	)
Unit Linked Assets - End-of-Quarter	$	5.079		$	4.748		$	5.468		$	5.692		$	6.390		$	6.528		$	6.476		$	6.468		$	7.186		$	7.173		$	6.903		$	7.180
Individual Life In-force	$	18.896		$	18.512		$	19.138		$	19.258		$	20.393		$	20.522		$	19.846		$	19.380		$	20.378		$	19.820		$	18.479		$	18.175
Exchange Rate - Dollars to Pounds
For-the-Quarter		1.570			1.605			1.618			1.615			1.714			1.836			1.814			1.813			1.875			1.904			1.855			1.779
End-of-Quarter		1.610			1.580			1.656			1.664			1.786			1.844			1.819			1.812			1.919			1.896			1.792			1.764

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005 PAGE 35

Other Operations
Unaudited [Millions of Dollars]
																						YTD			YTD
																						Sep			Sep
For the Year Ended December 31							2000			2001			2002			2003			2004			2004			2005
Operating Revenue by Source:
Lincoln Financial Advisors							$	377.5		$	360.7		$	318.0		$	316.9		$	383.6		$	279.7		$	377.8
Lincoln Financial Distributors								119.9			113.4			127.3			140.9			245.2			175.8			205.6
Total Distribution								497.4			474.0			445.4			457.8			628.8			455.5			583.4
Reinsurance								1,770.6			1,699.4			-			-			-			-			-
Amortization of deferred gain on indemnity reinsurance*								-			20.4			75.2			72.3			87.0			67.9			56.8
Other [Including
Consolidating Adjustments]								(316.0	)		(377.9	)		(165.6	)		(245.8	)		(380.7	)		(269.4	)		(377.3	)
Total Operating Revenue							$	1,951.9		$	1,815.9		$	355.0		$	284.2		$	335.1		$	254.0		$	262.9
Income (Loss) from Operations by Source:
Lincoln Financial Advisors							$	(15.4	)	$	(20.1	)	$	(31.4	)	$	(33.2	)	$	(17.8	)	$	(17.5	)	$	(16.4	)
Lincoln Financial Distributors								(19.6	)		(33.2	)		(35.2	)		(33.4	)		(23.7	)		(17.4	)		(19.3	)
Total Distribution								(35.0	)		(53.3	)		(66.6	)		(66.6	)		(41.5	)		(34.9	)		(35.7	)
Reinsurance								122.5			128.8			-			-			-						-
Amortization of deferred gain on indemnity   reinsurance*								-			12.9			48.9			47.0			56.5			44.1			36.9
LNC Financing								(84.9	)		(77.9	)		(43.0	)		(56.7	)		(61.0	)		(46.3	)		(43.2	)
Other Corporate								(18.6	)		(9.5	)		3.5			(5.4	)		(11.3	)		(13.8	)		37.1
Income (Loss) from Operations							$	(16.0	)	$	1.0		$	(57.2	)	$	(81.8	)	$	(57.2	)	$	(50.9	)	$	(4.9	)
		Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
For the Quarter Ended		2003			2003			2004			2004			2004			2004			2005			2005			2005
Operating Revenue by Source:
Lincoln Financial Advisors	$	76.7		$	95.5		$	92.0		$	96.0		$	91.7		$	103.9		$	128.1		$	125.2		$	124.5
Lincoln Financial Distributors		32.2			43.9			57.5			58.4			59.9			69.4			63.5			68.9			73.2
Total Distribution		108.9			139.5			149.6			154.4			151.6			173.2			191.6			194.1			197.7
Amortization of deferred gain on
indemnity reinsurance*		18.3			17.4			17.9			17.9			32.1			19.1			18.9			18.9			18.9
Other [Including
Consolidating Adjustments]		(56.2	)		(93.1	)		(111.3	)		(66.8	)		(91.2	)		(111.3	)		(136.7	)		(117.8	)		(122.8	)
Total Operating Revenue	$	70.9		$	63.7		$	56.1		$	105.5		$	92.4		$	81.1		$	73.8		$	95.2		$	93.8
Income from Operations by Source:
Lincoln Financial Advisors	$	(7.4	)	$	(8.0	)	$	(8.7	)	$	(5.3	)	$	(3.5	)	$	(0.3	)	$	(7.6	)	$	(4.4	)	$	(4.4	)
Lincoln Financial Distributors		(7.5	)		(7.1	)		(4.6	)		(6.4	)		(6.3	)		(6.3	)		(6.0	)		(5.4	)		(7.9	)
Total Distribution		(15.0	)		(15.1	)		(13.3	)		(11.8	)		(9.8	)		(6.6	)		(13.6	)		(9.8	)		(12.3	)
Amortization of deferred gain on
indemnity reinsurance*		11.9			11.3			11.6			11.7			20.8			12.4			12.3			12.3			12.3
LNC Financing		(13.3	)		(13.7	)		(14.6	)		(15.7	)		(16.0	)		(14.6	)		(14.6	)		(14.5	)		(14.2	)
Other Corporate		(1.5	)		(3.4	)		(4.0	)		(4.8	)		(5.0	)		2.5			4.7			21.1			11.3
Income(Loss) from Operations	$	(18.0	)	$	(20.8	)	$	(20.3	)	$	(20.7	)	$	(9.9	)	$	(6.3	)	$	(11.3	)	$	9.2		$	(2.9	)
* Represents the amortization of deferred gain recognized on the business sold through indemnity reinsurance to Swiss Re.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

3/31/2005 PAGE 36

Restructuring Charges (After-tax)
Unaudited [Millions of Dollars]
																						YTD			YTD
																						Sep			Sep
For the Year Ended December 31							2000			2001			2002			2003			2004			2004			2005
Lincoln Retirement							$	-		$	(1.3	)	$	(1.0	)	$	(13.1	)	$	(3.5	)	$	(4.0	)	$	(10.6	)
Life Insurance								-			(3.5	)		-			(12.7	)		(3.1	)		(2.7	)		(3.1	)
Investment Management								(4.6	)		(0.4	)		0.3			(4.6	)		(0.8	)		(1.0	)		0.2
Lincoln UK								(76.5	)		-			1.7			-			-			-			-
Corporate & Other								1.0			(19.5	)		1.1			(4.7	)		(6.4	)		(6.2	)		(4.5	)
Total							$	(80.2	)	$	(24.7	)	$	2.0		$	(35.0	)	$	(13.9	)	$	(13.9	)	$	(18.0	)
For the quarter ended		Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
		2003			2003			2004			2004			2004			2004			2005			2005			2005
Lincoln Retirement	$	(5.5	)	$	(3.6	)	$	(1.2	)	$	(1.2	)	$	(1.7	)	$	0.5		$	(0.4	)	$	(10.0	)	$	(0.2	)
Life Insurance		(1.6	)		(2.7	)		(1.8	)		(0.4	)		(0.6	)		(0.4	)		(0.6	)		(2.4	)		(0.1	)
Investment Management		(3.5	)		(1.1	)		(1.0	)		(0.0	)		(0.0	)		0.2			-			0.2			-
Lincoln UK		-			-			-			-			-			-			-			-			-
Corporate & Other		(2.4	)		(2.4	)		(3.6	)		(1.9	)		(0.7	)		(0.3	)		(0.2	)		(2.8	)		(1.5	)
Total	$	(12.9	)	$	(9.8	)	$	(7.5	)	$	(3.5	)	$	(2.9	)	$	(0.0	)	$	(1.3	)	$	(15.0	)	$	(1.8	)

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

Consolidated Domestic Deposits/Account Balances

Unaudited [Billions of Dollars]

9/30/2005 PAGE 37

																YTD			YTD
																Sep			Sep
	2000			2001			2002			2003			2004			2004			2005
Deposits - For the Year
Lincoln Retirement - Fixed Annuities	$	2.074		$	3.342		$	3.672		$	3.125		$	3.110		$	2.379		$	2.251
Lincoln Retirement - Variable Products(1)		3.165			3.067			2.743			3.119			5.910			4.255			5.420
Lincoln Retirement - Life Insurance		0.014			0.012
Life Insurance Segment - Life Insurance		1.884			1.934			2.138			2.259			2.243			1.557			1.592
Inv Mgmt - Annuities		1.782			1.701			2.751			2.151			2.757			2.020			2.142
Inv Mgmt - Mutual Funds		2.577			1.523			1.829			2.315			3.235			2.314			3.750
Inv Mgmt - Managed Acct. & Other		0.525			0.469			1.115			1.116			2.999			2.139			5.006
Consolidating Adjustments		(0.765	)		(0.608	)		(1.576	)		(0.864	)		(0.975	)		(0.673	)		(0.856	)
Total Gross Retail Deposits		11.256			11.439			12.671			13.222			19.280			13.990			19.306
Investment Management Segment- Instit.		3.501			3.826			5.194			5.859			11.289			8.538			10.416
Consolidating Adjustments		(0.152	)		(0.207	)		(0.232	)		(0.150	)		(0.089	)		(0.087	)		(0.066	)
Total Gross Deposits	$	14.605		$	15.058		$	17.634		$	18.931		$	30.479		$	22.441		$	29.655
Account Balances - End of Year
Lincoln Retirement - Fixed Annuities	$	15.394		$	16.491		$	18.085		$	18.868		$	19.268
Lincoln Retirement - Variable Products(1)		39.427			34.638			27.438			35.786			43.223
Lincoln Retirement - Life Insurance		0.160			0.149
Life Insurance Segment - Life Insurance		10.847			11.377			12.086			13.420			14.382
Inv Mgmt - Annuities		13.527			11.835			9.981			12.691			14.494
Inv Mgmt - Mutual Funds		13.260			11.554			10.296			12.614			13.251
Inv Mgmt - Managed Acct. & Other		1.342			1.719			2.270			3.768			6.642
Consolidating Adjustments		(7.757	)		(6.676	)		(5.123	)		(6.553	)		(7.476	)
Total Retail Account Balances		86.200			81.088			75.033			90.593			103.784
Investment Management Segment- Instit.		25.225			23.305			23.948			33.722			21.643
Consolidating Adjustments		(1.434	)		(1.211	)		(0.924	)		(1.183	)		(1.248	)
Total Account Balances	$	109.991		$	103.181		$	98.057		$	123.132		$	124.179

	Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2002			2003			2003			2003			2003			2004			2004			2004			2004			2005			2005			2005
Deposits - For the Quarter
Lincoln Retirement - Fixed Annuities	$	0.822		$	0.776		$	0.778		$	0.778		$	0.792		$	0.817		$	0.779		$	0.783		$	0.732		$	0.740		$	0.793		$	0.718
Lincoln Retirement - Variable Products(1)		0.545			0.648			0.584			0.800			1.087			1.407			1.424			1.424			1.655			1.899			1.736			1.785
Life Insurance Segment - Life Insurance		0.636			0.486			0.526			0.586			0.661			0.501			0.507			0.548			0.686			0.512			0.527			0.553
Inv Mgmt - Annuities		0.806			0.488			0.528			0.573			0.562			0.753			0.668			0.600			0.737			0.735			0.655			0.752
Inv Mgmt - Mutual Funds		0.399			0.450			0.558			0.644			0.663			0.905			0.729			0.680			0.922			1.336			1.255			1.159
Inv Mgmt - Managed Acct. & Other		0.469			0.202			0.196			0.277			0.441			0.793			0.721			0.625			0.860			1.310			2.123			1.573
Consolidating Adjustments		(0.525	)		(0.171	)		(0.211	)		(0.288	)		(0.193	)		(0.271	)		(0.180	)		(0.223	)		(0.302	)		(0.282	)		(0.230	)		(0.343	)
Total Gross Retail Deposits		3.151			2.880			2.960			3.370			4.012			4.905			4.648			4.436			5.290			6.249			6.859			6.197
Investment Management Segment- Instit.		1.323			1.086			0.853			1.943			1.978			2.623			3.331			2.584			2.750			1.787			5.852			2.777
Consolidating Adjustments		(0.076	)		(0.053	)		(0.025	)		(0.025	)		(0.047	)		(0.020	)		(0.035	)		(0.033	)		(0.002	)		(0.015	)		(0.034	)		(0.017	)
Total Gross Deposits	$	4.398		$	3.913		$	3.788		$	5.288		$	5.943		$	7.509		$	7.945		$	6.988		$	8.038		$	8.021		$	12.677		$	8.958
Account Balances - End of Quarter
Lincoln Retirement - Fixed Annuities	$	18.085		$	18.537		$	18.696		$	18.868		$	18.868		$	18.930		$	19.143		$	19.317		$	19.268		$	19.084		$	19.141		$	19.062
Lincoln Retirement - Variable Products(1)		27.438			26.474			30.457			31.709			35.786			37.619			38.398			38.698			43.223			43.673			45.751			48.731
Life Insurance Segment - Life Insurance		12.086			12.233			12.663			12.958			13.420			13.606			13.770			13.912			14.382			14.466			14.691			15.001
Inv Mgmt - Annuities		9.981			9.660			11.002			11.392			12.691			13.294			13.355			13.074			14.494			14.356			14.844			15.658
Inv Mgmt - Mutual Funds		10.296			10.241			11.356			11.615			12.614			13.199			12.971			12.234			13.251			13.478			14.385			15.173
Inv Mgmt - Managed Acct. & Other		2.270			2.292			2.737			3.037			3.768			4.366			5.051			5.374			6.642			7.638			9.492			11.679
Consolidating Adjustments		(5.123	)		(4.891	)		(5.628	)		(5.792	)		(6.553	)		(6.881	)		(6.829	)		(7.216	)		(7.476	)		(7.758	)		(8.025	)		(7.967	)
Total Retail Account Balances		75.033			74.546			81.283			83.787			90.593			94.133			95.860			95.393			103.784			104.936			110.278			117.337
Investment Management Segment- Instit.		23.948			23.526			27.360			29.085			33.722			36.216			38.268			18.396			21.643			22.551			27.243			29.979
Consolidating Adjustments		(0.924	)		(0.933	)		(1.049	)		(1.044	)		(1.183	)		(1.176	)		(1.168	)		(1.140	)		(1.248	)		(1.166	)		(1.198	)		(1.163	)
Total Account Balances	$	98.057		$	97.140		$	107.595		$	111.828		$	123.132		$	129.173		$	132.961		$	112.649		$	124.179		$	126.321		$	136.323		$	146.154

Total Domestic Net Flows
Unaudited [Billions of Dollars]
															YTD			YTD
															Sep			Sep
For the Year	2000			2001			2002			2003			2004		2004			2005
Lincoln Retirement(1)	$	(2.874	)	$	0.105		$	0.453		$	1.007		$	2.922	$	2.128		$	2.266
Life Insurance Segment		1.158			1.163			1.320			1.377			1.247		0.839			0.906
Investment Management Segment- Retail		(1.500	)		(0.375	)		0.806			1.271			3.136		1.966			5.751
Consolidating Adjustments		1.022			0.035			(0.082	)		0.064			0.030		(0.124	)		(0.064	)
Total Retail Net Flows		(2.194	)		0.927			2.496			3.719			7.335		4.809			8.859
Investment Management Segment- Institutional		(5.693	)		(0.231	)		2.106			2.478			7.178		5.083			6.931
Consolidating Adjustments		0.035			(0.015	)		0.005			(0.002	)		0.031		0.031			0.079
Total Net Flows	$	(7.853	)	$	0.681		$	4.608		$	6.195		$	14.545	$	9.922		$	15.869

	Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep			Dec		Mar			Jun		Sep
For the Quarter	2002			2003			2003			2003			2003			2004			2004			2004			2004		2005			2005		2005
Lincoln Retirement(1)	$	0.074		$	0.095		$	0.099		$	0.277		$	0.536		$	0.712		$	0.701		$	0.716		$	0.794	$	0.776		$	0.857	$	0.633
Life Insurance Segment		0.402			0.296			0.324			0.355			0.402			0.248			0.291			0.300			0.408		0.260			0.309		0.337
Investment Management Segment- Retail		0.502			0.014			0.302			0.370			0.584			0.969			0.617			0.381			1.170		1.579			2.331		1.841
Consolidating Adjustments		(0.187	)		0.162			(0.003	)		(0.038	)		(0.058	)		(0.096	)		0.060			(0.089	)		0.154		(0.021	)		0.006		(0.049	)
Total Retail Net Flows		0.791			0.568			0.723			0.965			1.464			1.832			1.669			1.308			2.527		2.593			3.504		2.762
Investment Management Segment- Instit.		0.572			0.330			0.289			0.799			1.061			1.661			2.043			1.379			2.095		1.217			4.108		1.606
Consolidating Adjustments		0.001			(0.030	)		0.009			0.035			(0.017	)		0.038			(0.001	)		(0.006	)		0.000		0.040			0.008		0.031
Total Net Flows	$	1.364		$	0.868		$	1.021		$	1.799		$	2.508		$	3.530		$	3.710		$	2.682		$	4.622	$	3.851		$	7.619	$	4.399
(1) Includes amounts attributable to Alliance program mutual fund net flows. Account values for the Alliance program are not included in the separate accounts reported on our balance sheet.
Amounts for the Investment Management segment exclude amounts reported as Assets Under Management - Insurance-related Assets.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005 PAGE 37A

Consolidated Domestic Deposits/Account Balances (excluding Assets
Managed by Delaware's London-based International Investment Unit)
Unaudited [Billions of Dollars]
																YTD			YTD
																Sep			Sep
	2000			2001			2002			2003			2004			2004			2005
Deposits - For the Year
Lincoln Retirement - Fixed Annuities	$	2.074		$	3.342		$	3.672		$	3.125		$	3.110		$	2.379		$	2.251
Lincoln Retirement - Variable Products(1)		3.165			3.067			2.743			3.119			5.910			4.255			5.420
Lincoln Retirement - Life Insurance		0.014			0.012			-			-			-
Life Insurance Segment - Life Insurance		1.884			1.934			2.138			2.259			2.243			1.557			1.592
Inv Mgmt - Annuities		1.782			1.701			2.456			2.140			2.752			2.015			2.142
Inv Mgmt - Mutual Funds		2.577			1.523			1.829			2.315			3.235			2.314			3.750
Inv Mgmt - Managed Acct. & Other		0.525			0.469			1.115			1.116			2.999			2.139			5.006
Consolidating Adjustments		(0.765	)		(0.608	)		(1.576	)		(0.864	)		(0.975	)		(0.673	)		(0.856	)
Total Gross Retail Deposits		11.256			11.439			12.376			13.210			19.274			13.985			19.306
Investment Management Segment- Instit.		1.924			1.943			3.709			3.320			6.637			3.887			10.416
Consolidating Adjustments		(0.152	)		(0.207	)		(0.232	)		(0.150	)		(0.089	)		(0.087	)		(0.066	)
Total Gross Deposits	$	13.029		$	13.175		$	15.854		$	16.380		$	25.822		$	17.785		$	29.655
Account Balances - End of Year
Lincoln Retirement - Fixed Annuities	$	15.394		$	16.491		$	18.085		$	18.868		$	19.268
Lincoln Retirement - Variable Products(1)		39.427			34.638			27.438			35.786			43.223
Lincoln Retirement - Life Insurance		0.160			0.149			-			-			-
Life Insurance Segment - Life Insurance		10.847			11.377			12.086			13.420			14.382
Inv Mgmt - Annuities		13.527			11.835			9.688			12.368			14.494
Inv Mgmt - Mutual Funds		13.260			11.554			10.296			12.614			13.251
Inv Mgmt - Managed Acct. & Other		1.342			1.719			2.270			3.768			6.642
Consolidating Adjustments		(7.757	)		(6.676	)		(5.123	)		(6.553	)		(7.476	)
Total Retail Account Balances		86.200			81.088			74.741			90.271			103.784
Investment Management Segment- Instit.		25.225			11.562			12.348			16.299			21.643
Consolidating Adjustments		(1.434	)		(1.211	)		(0.924	)		(1.183	)		(1.248	)
Total Account Balances	$	109.991		$	91.439		$	86.165		$	105.387		$	124.179

	Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
	2002			2003			2003			2003			2003			2004			2004			2004			2004			2005			2005			2005
Deposits - For the Quarter
Lincoln Retirement - Fixed Annuities	$	0.822		$	0.776		$	0.778		$	0.778		$	0.792		$	0.817		$	0.779		$	0.783		$	0.732		$	0.740		$	0.793		$	0.718
Lincoln Retirement - Variable Products(1)		0.545			0.648			0.584			0.800			1.087			1.407			1.424			1.424			1.655			1.899			1.736			1.785
Life Insurance Segment - Life Insurance		0.636			0.486			0.526			0.586			0.661			0.501			0.507			0.548			0.686			0.512			0.527			0.553
Inv Mgmt - Annuities		0.510			0.484			0.526			0.570			0.560			0.751			0.666			0.598			0.737			0.735			0.655			0.752
Inv Mgmt - Mutual Funds		0.399			0.450			0.558			0.644			0.663			0.905			0.729			0.680			0.922			1.336			1.255			1.159
Inv Mgmt - Managed Acct. & Other		0.469			0.202			0.196			0.277			0.441			0.793			0.721			0.625			0.860			1.310			2.123			1.573
Consolidating Adjustments		(0.525	)		(0.171	)		(0.211	)		(0.288	)		(0.193	)		(0.271	)		(0.180	)		(0.223	)		(0.302	)		(0.282	)		(0.230	)		(0.343	)
Total Gross Retail Deposits		2.856			2.875			2.958			3.367			4.010			4.903			4.646			4.435			5.290			6.249			6.859			6.197
Investment Management Segment- Instit.		0.994			0.892			0.466			1.088			0.874			1.206			1.372			1.309			2.750			1.787			5.852			2.777
Consolidating Adjustments		(0.076	)		(0.053	)		(0.025	)		(0.025	)		(0.047	)		(0.020	)		(0.035	)		(0.033	)		(0.002	)		(0.015	)		(0.034	)		(0.017	)
Total Gross Deposits	$	3.773		$	3.714		$	3.400		$	4.430		$	4.837		$	6.090		$	5.983		$	5.711		$	8.038		$	8.021		$	12.677		$	8.958
Account Balances - End of Quarter
Lincoln Retirement - Fixed Annuities	$	18.085		$	18.537		$	18.696		$	18.868		$	18.868		$	18.930		$	19.143		$	19.317		$	19.268		$	19.084		$	19.141		$	19.062
Lincoln Retirement - Variable Products(1)		27.438			26.474			30.457			31.709			35.786			37.619			38.398			38.698			43.223			43.673			45.751			48.731
Life Insurance Segment - Life Insurance		12.086			12.233			12.663			12.958			13.420			13.606			13.770			13.912			14.382			14.466			14.691			15.001
Inv Mgmt - Annuities		9.688			9.423			10.718			11.104			12.368			12.973			13.037			13.074			14.494			14.356			14.844			15.658
Inv Mgmt - Mutual Funds		10.296			10.241			11.356			11.615			12.614			13.199			12.971			12.234			13.251			13.478			14.385			15.173
Inv Mgmt - Managed Acct. & Other		2.270			2.292			2.737			3.037			3.768			4.366			5.051			5.374			6.642			7.638			9.492			11.679
Consolidating Adjustments		(5.123	)		(4.891	)		(5.628	)		(5.792	)		(6.553	)		(6.881	)		(6.829	)		(7.216	)		(7.476	)		(7.758	)		(8.025	)		(7.967	)
Total Retail Account Balances		74.741			74.309			80.999			83.499			90.271			93.812			95.542			95.393			103.784			104.936			110.278			117.337
Investment Management Segment- Instit.		12.348			12.571			13.943			14.660			16.299			17.215			17.414			18.396			21.643			22.551			27.243			29.979
Consolidating Adjustments		(0.924	)		(0.933	)		(1.049	)		(1.044	)		(1.183	)		(1.176	)		(1.168	)		(1.140	)		(1.248	)		(1.166	)		(1.198	)		(1.163	)
Total Account Balances	$	86.165		$	85.948		$	93.894		$	97.115		$	105.387		$	109.851		$	111.789		$	112.649		$	124.179		$	126.321		$	136.323		$	146.154

Total Domestic Net Flows (excluding Assets
Managed by Delaware's London-based International Investment Unit)
																															YTD			YTD
																															Sep			Sep
For the Year																2000			2001			2002			2003			2004			2004			2005
Lincoln Retirement(1)																	(2.874	)		0.105			0.453			1.007			2.922			2.128			2.266
Life Insurance Segment																	1.158			1.163			1.320			1.377			1.247			0.839			0.906
Investment Management Segment- Retail																	(1.500	)		(0.375	)		0.517			1.325			3.160			1.990			5.751
Consolidating Adjustments																	1.022			0.035			(0.082	)		0.064			0.030			(0.124	)		(0.064	)
Total Retail Net Flows																	(2.194	)		0.927			2.207			3.773			7.359			4.833			8.859
Investment Management Segment- Institutional																	(5.120	)		(0.925	)		1.885			1.433			3.884			1.789			6.931
Consolidating Adjustments																	0.035			(0.015	)		0.005			(0.002	)		0.031			0.031			0.079
Total Net Flows																$	(7.280	)	$	(0.013	)	$	4.097		$	5.203		$	11.274		$	6.652		$	15.869
		Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
For the Quarter		2002			2003			2003			2003			2003			2004			2004			2004			2004			2005			2005			2005
Lincoln Retirement(1)	$	0.074		$	0.095		$	0.099		$	0.277		$	0.536		$	0.712		$	0.701		$	0.716		$	0.794		$	0.776		$	0.857		$	0.633
Life Insurance Segment		0.402			0.296			0.324			0.355			0.402			0.248			0.291			0.300			0.408			0.260			0.309			0.337
Investment Management Segment- Retail		0.213			0.048			0.304			0.375			0.598			0.980			0.624			0.386			1.170			1.579			2.331			1.841
Consolidating Adjustments		(0.187	)		0.162			(0.003	)		(0.038	)		(0.058	)		(0.096	)		0.060			(0.089	)		0.154			(0.021	)		0.006			(0.049	)
Total Retail Net Flows		0.502			0.602			0.725			0.970			1.478			1.843			1.676			1.313			2.527			2.593			3.504			2.762
Investment Management Segment- Instit.		0.673			0.562			(0.016	)		0.430			0.457			0.560			0.379			0.850			2.095			1.217			4.108			1.606
Consolidating Adjustments		0.001			(0.030	)		0.009			0.035			(0.017	)		0.038			(0.001	)		(0.006	)		0.000			0.040			0.008			0.031
Total Net Flows	$	1.176		$	1.134		$	0.718		$	1.435		$	1.918		$	2.441		$	2.054		$	2.157		$	4.622		$	3.851		$	7.619		$	4.399
(1) Includes amounts attributable to Alliance program mutual fund net flows. Account values for the Alliance program are not included in the separate accounts reported on our balance sheet.
This page presents the assets under management roll-forward without the Investment Management segment's London-based international investment unit, which was sold in the third quarter of 2004 and resulted in the transfer of assets under management of $22.1 billion.
Amounts for the Investment Management segment exclude amounts reported as Assets Under Management - Insurance-related Assets.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005 PAGE 38

Consolidated Investment Data - Assets Managed
Unaudited [Billions of Dollars]
For the Year Ended December 31	2000		2001		2002		2003		2004
Assets Managed by Source
LNC's Investments and Cash
Fixed maturity securities - available for sale	$	27.450	$	28.346	$	32.767	$	32.769	$	34.701
Equity securities - available for sale		0.550		0.470		0.337		0.199		0.161
Trading securities		-		-		-		3.120		3.237
Other investments		7.369		7.297		6.895		6.689		6.408
Total LNC Investments		35.369		36.113		40.000		42.778		44.507
Separate accounts		50.580		44.833		36.178		46.565		55.205
Cash and invested cash		1.927		3.095		1.691		1.711		1.662
Total LNC		87.876		84.042		77.869		91.054		101.374
Non-affiliate assets managed		41.861		38.421		38.052		49.587		42.966
Total Assets Managed	$	129.737	$	122.463	$	115.921	$	140.641	$	144.340
Assets Managed by Advisor
Investment Management segment	$	53.355	$	48.412	$	46.495	$	62.794	$	56.029
(See page 30 for additional detail)				-		-		-
DLIA-Corp		35.686		38.119		41.104		43.024		43.980
(Assets managed internally-see page 30)				-		-
Lincoln (UK)		7.873		6.847		6.351		7.668		8.599
Policy Loans (within business units)		1.961		1.940		1.946		1.924		1.871
Non-LNC Affiliates		30.862		27.145		20.026		25.231		33.862
Total Assets Managed	$	129.737	$	122.463	$	115.921	$	140.641	$	144.340

	Dec		Mar		Jun		Sep		Dec		Mar		Jun		Sep		Dec		Mar		Jun		Sep
For the Quarter Ended	2002		2003		2003		2003		2003		2004		2004		2004		2004		2005		2005		2005
Assets Managed by Source
LNC's Investments and Cash:
Fixed maturity securities -
available for sale	$	32.767	$	33.887	$	35.355	$	35.384	$	32.769	$	33.667	$	32.808	$	34.223	$	34.701	$	34.225	$	34.975	$	34.325
Equity securities - available for sale		0.337		0.249		0.257		0.243		0.199		0.198		0.183		0.178		0.161		0.155		0.155		0.152
Trading securities		-		-		-		-		3.120		3.191		3.088		3.224		3.237		3.207		3.345		3.287
Other investments		6.895		6.872		6.980		6.796		6.689		6.446		6.284		6.302		6.408		6.396		6.389		6.322
Total LNC Investments		40.000		41.008		42.592		42.423		42.778		43.502		42.362		43.927		44.507		43.982		44.863		44.085
Separate accounts		36.178		34.775		39.943		41.283		46.565		48.558		49.344		49.658		55.205		55.387		57.240		60.812
Cash and invested cash		1.691		1.635		1.946		1.961		1.711		2.256		2.214		1.996		1.662		1.499		1.659		1.602
Total LNC		77.869		77.419		84.480		85.667		91.054		94.315		93.920		95.580		101.374		100.868		103.762		106.498
Non-affiliate assets managed		38.052		37.501		42.917		45.176		49.587		54.977		57.361		37.060		42.966		44.618		52.199		58.473
Total Assets Managed	$	115.921	$	114.920	$	127.397	$	130.844	$	140.641	$	149.292	$	151.281	$	132.640	$	144.340	$	145.487	$	155.961	$	164.972
Assets Managed by Advisor
Investment Management segment	$	46.495	$	45.718	$	52.456	$	55.129	$	62.794	$	67.075	$	69.643	$	49.076	$	56.029	$	58.022	$	65.963	$	72.488
(See page 31 for additional detail)
DLIA-Corp		41.104		42.130		43.857		42.984		43.024		44.006		42.528		44.047		43.980		44.210		45.219		44.503
(Assets managed internally-see page 31)
Lincoln (UK)		6.351		5.962		6.726		6.887		7.668		7.837		7.763		7.768		8.599		8.578		8.278		8.518
Policy Loans (within business units)		1.906		1.899		1.946		1.910		1.924		1.877		1.871		1.872		1.871		1.860		1.867		1.856
Non-LNC Affiliates		20.066		19.211		22.413		23.933		25.231		28.497		29.476		29.877		33.862		32.816		34.635		37.605
Total Assets Managed	$	115.921	$	114.920	$	127.397	$	130.844	$	140.641	$	149.292	$	151.281	$	132.640	$	144.340	$	145.487	$	155.961	$	164.972

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005 PAGE 38A

Consolidated Investment Data - Assets Managed (excluding Assets
Managed by Delaware's London-based International Investment Unit)
Unaudited [Billions of Dollars]
For the Year Ended December 31	2000		2001		2002		2003		2004
Assets Managed by Source
LNC's Investments and Cash
Fixed maturity securities - available for sale	$	27.450	$	28.346	$	32.767	$	32.769	$	34.701
Equity securities - available for sale		0.550		0.470		0.337		0.199		0.161
Trading securities		-		-		-		3.120		3.237
Other investments		7.369		7.297		6.895		6.689		6.408
Total LNC Investments		35.369		36.113		40.000		42.778		44.507
Separate accounts		50.580		44.833		36.178		46.565		55.205
Cash and invested cash		1.927		3.095		1.691		1.711		1.662
Total LNC		87.876		84.042		77.869		91.054		101.374
Non-affiliate assets managed		29.891		26.679		26.159		31.842		42.966
Total Assets Managed	$	117.767	$	110.721	$	104.028	$	122.896	$	144.340
Assets Managed by Advisor
Investment Management segment	$	41.384	$	36.670	$	34.602	$	45.049	$	56.029
(See page 30A for additional detail)
DLIA-Corp		35.686		38.119		41.104		43.024		43.980
(Assets managed internally-see page 30A)
Lincoln (UK)		7.873		6.847		6.351		7.668		8.599
Policy Loans (within business units)		1.961		1.940		1.946		1.924		1.871
Non-LNC Affiliates		30.862		27.145		20.026		25.231		33.862
Total Assets Managed	$	117.767	$	110.721	$	104.028	$	122.896	$	144.340

	Dec		Mar		Jun		Sep		Dec		Mar		Jun		Sep		Dec		Mar		Jun		Sep
For the Quarter Ended	2002		2003		2003		2003		2003		2004		2004		2004		2004		2005		2005		2005
Assets Managed by Source
LNC's Investments and Cash:
Fixed maturity securities -
available for sale	$	32.767	$	33.887	$	35.355	$	35.384	$	32.769	$	33.667	$	32.808	$	34.223	$	34.701	$	34.225	$	34.975	$	34.325
Equity securities - available for sale		0.337		0.249		0.257		0.243		0.199		0.198		0.183		0.178		0.161		0.155		0.155		0.152
Trading securities		-		-		-		-		3.120		3.191		3.088		3.224		3.237		3.207		3.345		3.287
Other investments		6.895		6.872		6.980		6.796		6.689		6.446		6.284		6.302		6.408		6.396		6.389		6.322
Total LNC Investments		40.000		41.008		42.592		42.423		42.778		43.502		42.362		43.927		44.507		43.982		44.863		44.085
Separate accounts		36.178		34.775		39.943		41.283		46.565		48.558		49.344		49.658		55.205		55.387		57.240		60.812
Cash and invested cash		1.691		1.635		1.946		1.961		1.711		2.256		2.214		1.996		1.662		1.499		1.659		1.602
Total LNC		77.869		77.419		84.480		85.667		91.054		94.315		93.920		95.580		101.374		100.868		103.762		106.498
Non-affiliate assets managed		26.159		26.309		29.216		30.463		31.842		35.655		36.190		37.060		42.966		44.618		52.199		58.473
Total Assets Managed	$	104.028	$	103.728	$	113.696	$	116.131	$	122.896	$	129.970	$	130.110	$	132.641	$	144.340	$	145.486	$	155.961	$	164.972
Assets Managed by Advisor
Investment Management segment	$	34.602	$	34.527	$	38.755	$	40.416	$	45.049	$	47.753	$	48.471	$	49.076	$	56.029	$	58.022	$	65.963	$	72.488
(See page 31A for additional detail)
DLIA-Corp		41.104		42.130		43.857		42.984		43.024		44.006		42.528		44.047		43.980		44.210		45.219		44.503
(Assets managed internally-see page 31A)
Lincoln (UK)		6.351		5.962		6.726		6.887		7.668		7.837		7.763		7.768		8.599		8.578		8.278		8.518
Policy Loans (within business units)		1.906		1.899		1.946		1.910		1.924		1.877		1.871		1.872		1.871		1.860		1.867		1.856
Non-LNC Affiliates		20.065		19.211		22.413		23.933		25.231		28.497		29.476		29.878		33.862		32.816		34.635		37.605
Total Assets Managed	$	104.028	$	103.728	$	113.696	$	116.131	$	122.896	$	129.970	$	130.110	$	132.641	$	144.340	$	145.486	$	155.961	$	164.972
NOTE: This page presents the assets under management roll-forward without the Investment Management segment's London-based international investment unit, which was sold in the third quarter of 2004 and resulted in the transfer of assets under management of $22.1 billion.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005 PAGE 39

Consolidated Investment Data
Unaudited [Millions of Dollars]
																YTD			YTD
																Sep			Sep
For the Year Ended December 31	2000			2001			2002			2003			2004			2004			2005
Net Investment Income
Fixed maturity AFS securities	$	2,148.7		$	2,121.0		$	2,117.0		$	2,113.2		$	2,005.7		$	1,490.9		$	1,520.7
Equity AFS securities		19.5			17.6			15.4			12.3			10.9			6.5			6.3
Trading securities		-			-			-			46.5			193.5			143.7			145.0
Mortgage loans on real estate		373.8			374.5			356.8			338.3			350.1			276.4			212.5
Real estate		51.8			49.5			47.4			43.9			26.9			21.5			44.5
Policy loans		125.0			125.3			134.5			123.2			119.8			88.5			89.2
Invested cash		87.2			68.4			37.6			7.8			32.2			14.3			43.8
Other investments		66.8			69.4			16.3			48.8			55.3			52.9			54.2
Investment revenue		2,872.8			2,825.9			2,725.0			2,734.0			2,794.4			2,094.7			2,116.0
Investment expense		(88.7	)		(117.1	)		(93.1	)		(95.4	)		(90.3	)		(64.6	)		(81.8	)
Net Investment Income		2,784.1			2,708.7			2,631.9			2,638.5			2,704.1			2,030.0			2,034.2
Gross-up of Tax Exempt Income		7.8			7.2			7.5			7.7			7.7			5.1			5.0
Adjusted Net Investment Income	$	2,791.9		$	2,715.9		$	2,639.4		$	2,646.2		$	2,711.8		$	2,035.1		$	2,039.2
Mean Invested Assets (Amortized Cost)	$	37,471.3		$	37,616.9		$	38,828.5		$	41,042.8		$	43,216.4		$	43,034.1		$	43,899.4
Ratio of Adjusted Net Invest Income
Over Mean Invested Assets		7.45	%		7.22	%		6.80	%		6.45	%		6.27	%		6.31	%		6.19	%
Investment Gains (Losses)
Realized Gains (Losses) on Investments	$	(17.5	)	$	(68.7	)	$	(177.2	)	$	(11.0	)	$	(30.0	)	$	(33.9	)	$	(8.2	)
Gains(Losses) on Derivatives		-			(4.9	)		0.8			(1.6	)		(7.4	)		(7.7	)		(0.2	)
Incr (Decr) in Unreal Gains on Sec		-			-
Avail-for-Sale (after DAC/Tax)		477.7			183.7			557.6			39.8			29.8			(13.0	)		(253.8	)
Incr (Decr) on Derivatives					21.4			24.4			(6.3	)		(8.1	)		(2.3	)		(5.1	)
Securities Available-for-Sale
[Billions of Dollars]
Fixed Maturity Sec (Fair Value)		27.450			28.346			32.767			35.887			37.936			37.444			37.610
Fixed Maturity Sec (Amortized Cost)		27.373			27.956			31.103			33.743			35.692			35.256			36.049
Equity Securities (Fair Value)		0.550			0.470			0.337			0.201			0.163			0.180			0.154
Equity Securities (Amortized Cost)		0.458			0.444			0.334			0.176			0.148			0.156			0.141
% of Fixed Maturity Securities (Based on Fair Value)
Treasuries and AAA		22.1	%		17.2	%		20.1	%		22.8	%		23.5	%		23.6	%		24.5	%
AA or better		29.2	%		23.6	%		25.8	%		29.3	%		29.9	%		29.7	%		31.9	%
BB or less		6.7	%		8.3	%		6.6	%		6.8	%		7.0	%		6.9	%		7.3	%

	Sep			Dec			Mar			Jun			Sep			Dec			Mar			Jun			Sep
For the Quarter Ended	2003			2003			2004			2004			2004			2004			2005			2005			2005
Net Investment Income
Fixed maturity AFS securities	$	536.6		$	487.5		$	493.0		$	496.4		$	501.5		$	514.8		$	505.1		$	509.8		$	505.7
Equity AFS securities		3.9			2.7			2.4			2.0			2.2			4.4			1.8			2.0			2.4
Trading securities		-			46.5			47.5			48.6			47.7			49.7			47.6			48.8			48.6
Mortgage loans on real estate		94.5			77.9			100.4			92.1			83.8			73.8			70.9			70.7			70.9
Real estate		10.0			13.2			7.6			5.9			8.0			5.4			4.3			31.7			8.5
Policy loans		30.9			30.8			29.2			29.6			29.7			31.3			29.6			29.8			29.8
Invested cash		3.2			1.7			3.5			5.2			5.6			17.9			12.7			14.0			17.0
Other investments		8.9			20.9			15.0			23.8			14.0			2.4			13.5			24.2			16.4
Investment revenue		688.2			681.3			698.6			703.6			692.4			699.8			685.6			731.1			699.3
Investment expense		(23.8	)		(22.1	)		(21.0	)		(20.5	)		(23.0	)		(25.7	)		(25.8	)		(27.5	)		(28.5	)
Net Investment Income		664.4			659.2			677.5			683.1			669.4			674.1			659.8			703.6			670.8
Gross-up of Tax Exempt Income		2.3			1.8			1.7			1.6			1.7			2.6			1.6			1.6			1.8
Adjusted Net Invest Income	$	666.8		$	661.0		$	679.3		$	684.8		$	671.1		$	676.6		$	661.4		$	705.2		$	672.6
Mean Invested Assets (Amortized Cost)	$	40,342.2		$	41,999.1		$	42,615.7		$	42,987.4		$	43,499.3		$	43,763.4		$	43,851.9		$	43,806.2		$	44,040.1
Ratio of Adjusted Net Invest Inc
Over Mean Invested Assets		6.61	%		6.30	%		6.38	%		6.37	%		6.17	%		6.18	%		6.03	%		6.44	%		6.11	%
Investment Gains (Losses)
Realized Gains (Losses) on Investments		6.4			42.0			(7.9	)		(11.6	)		(14.5	)		3.9			(6.0	)		(0.2	)		(2.0	)
Gains (Losses) on Derivatives		5.9			(5.7	)		(2.5	)		(1.8	)		(3.4	)		0.3			1.4			(2.5	)		0.9
Incr (Decr) in Unreal Gains on Sec
Avail-for-Sale (after DAC/Tax)		(313.4	)		(11.4	)		244.9			(626.0	)		368.1			42.8			(240.0	)		268.4			(282.2	)
Incr (Decr) on Derivatives		(5.6	)		(1.1	)		6.9			(10.5	)		1.3			(5.8	)		(6.3	)		4.2			(3.0	)
Available-for-Sale and Trading Securities
[Billions of Dollars]
Fixed Maturity Sec (Fair Value)		35.384			35.887			36.856			35.894			37.444			37.936			37.429			38.318			37.610
Fixed Maturity Sec (Amortized Cost)		32.896			33.743			34.031			34.648			35.256			35.692			35.849			35.977			36.049
Equity Securities (Fair Value)		0.243			0.201			0.200			0.185			0.180			0.163			0.157			0.157			0.154
Equity Securities (Amortized Cost)		0.223			0.176			0.171			0.162			0.156			0.148			0.145			0.144			0.141
% of Fixed Maturity Securities (Based on Fair Value)
Treasuries and AAA		20.4	%		22.8	%		23.4	%		23.3	%		23.6	%		23.5	%		24.4	%		24.8	%		24.5	%
AA or better		26.4	%		29.3	%		29.6	%		29.5	%		29.7	%		29.9	%		32.2	%		32.1	%		31.9	%
BB or less		6.9	%		6.8	%		6.9	%		7.1	%		6.9	%		7.0	%		6.2	%		6.5	%		7.3	%

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

9/30/2005 PAGE 40

Common Stock / Debt Information
Unaudited [Dollars per Share, except Percentages]
For the Year Ended December 31	1994			1995			1996			1997			1998			1999			2000			2001			2002			2003			2004
Common Stock [1]
Highest Price	$	22.188		$	26.875		$	28.500		$	39.063		$	49.438		$	57.500		$	56.375		$	52.750		$	53.650		$	41.320		$	50.380
Lowest Price		17.313			17.313			20.375			24.500			33.500			36.000			22.625			38.000			25.150			24.730			40.060
Closing Price		17.500			26.875			26.250			39.063			40.907			40.000			47.313			48.570			31.580			40.370			46.680
Dividend Payout Ratio [2]		51.0	%		39.7	%		38.2	%		22.8	%		43.9	%		50.5	%		38.3	%		44.9	%		273.5	%		49.1	%		37.0	%
Yield [3]		4.9	%		3.4	%		3.7	%		2.7	%		2.7	%		2.9	%		2.6	%		2.6	%		4.2	%		3.5	%		3.1	%
Preferred Stock Dividend (Millions)	$	17.119		$	8.644		$	0.112		$	0.106		$	0.100		$	0.089		$	0.078		$	0.071		$	0.061		$	0.057		$	0.052
Debt: (End of Period)
Senior Debt Ratings
A.M. Best																				a			a			a			a-			a-
Fitch		AA-			AA-			AA-			AA-			A+			A+			A+			A+			A			A			A
Moody's		A1			A2			A2			A2			A2			A2			A3			A3			A3			A3			A3
Standard and Poors		A+			A			A			A			A-			A-			A-			A-			A-			A-			A-
Claims Paying Ratings:
Lincoln Life - A.M. Best		A+			A+			A+			A+			A			A			A			A			A+			A+			A+
Lincoln Life - Fitch		AAA			AA+			AA+			AA+			AA+			AA+			AA			AA			AA			AA			AA
Lincoln Life - Moody's		Aa3			Aa3			Aa3			Aa3			Aa3			Aa3			Aa3			Aa3			Aa3			Aa3			Aa3
Lincoln Life - Standard & Poors		AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-
First Penn - A.M. Best*		A+			A+			A+			A+			A			A			A			A			A+			A+			A+
First Penn - Fitch											AA+			AA+			AA+			AA			AA			AA			AA			AA
First Penn - Moody's											A1			A1			A1			A1			A1			A1			A1			A1
First Penn - Standard & Poors*		AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-
LLA of New York - A.M. Best*								A+			A+			A			A			A			A			A+			A+			A+
LLA of New York - Fitch*											AA+			AA+			AA+			AA			AA			AA			AA			AA
LLA of New York - Moody's								A1			A1			A1			A1			A1			A1			A1			A1			A1
LLA of New York - Standard & Poors*								AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-			AA-
Ratios
Debt to Total Capitalization [4]		19.9	%		22.8	%		18.8	%		17.0	%		21.2	%		23.2	%		20.8	%		21.3	%		23.4	%		20.7	%		20.9	%
Debt to Equity [4]		24.9	%		29.5	%		23.1	%		20.5	%		26.9	%		30.3	%		26.3	%		27.0	%		30.5	%		26.1	%		26.5	%

Dec

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Mar

Jun

Sep

For the Quarter Ended

2002

2003

2003

2003

2003

2004

2004

2004

2004

2005

2005

2005

Common Stock:

Highest Price

$

35.950

$

35.700

$

37.500

$

38.640

$

41.320

$

48.870

$

50.380

$

47.500

$

48.700

$

49.420

$

47.770

$

52.420

Lowest Price

25.150

24.730

27.870

34.630

35.410

40.060

43.260

41.900

40.790

44.360

41.590

46.590

Closing Price

31.580

28.000

35.630

35.380

40.370

47.320

47.250

47.000

46.680

45.140

46.920

52.020

Yield [3]

4.2

%

4.8

%

3.8

%

3.8

%

3.5

%

3.0

%

3.0

%

3.0

%

3.1

%

3.2

%

3.1

%

2.8

%

Preferred Stock Dividend

$

0.015

$

0.015

$

0.014

$

0.016

$

0.014

$

0.013

$

0.013

$

0.013

$

0.013

$

0.012

$

0.012

$

0.012

(Millions)

Debt: (End of Period)

Senior Debt Ratings

A.M. Best

a

a

a

a

a-

a-

a-

a-

a-

a-

a-

a-

Fitch

A

A

A

A

A

A

A

A

A

A

A

A

Moody's

A3

A3

A3

A3

A3

A3

A3

A3

A3

A3

A3

A3

Standard and Poors

A-

A-

A-

A-

A-

A-

A-

A-

A-

A-

A-

A-

Claims Paying Ratings:

Lincoln Life - A.M. Best

A+

A+

A+

A+

A+

A+

A+

A+

A+

A+

A+

A+

Lincoln Life - Fitch

AA

AA

AA

AA

AA

AA

AA

AA

AA

AA

AA

AA

Lincoln Life - Moody's

Aa3

Aa3

Aa3

Aa3

Aa3

Aa3

Aa3

Aa3

Aa3

Aa3

Aa3

Aa3

Lincoln Life - Standard & Poors

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

First Penn - A.M. Best*

A+

A+

A+

A+

A+

A+

A+

A+

A+

A+

A+

A+

First Penn - Fitch

AA

AA

AA

AA

AA

AA

AA

AA

AA

AA

AA

AA

First Penn - Moody's

A1

A1

A1

A1

A1

A1

A1

A1

A1

A1

A1

A1

First Penn - Standard & Poors*

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

LLA of New York - A.M. Best*

A+

A+

A+

A+

A+

A+

A+

A+

A+

A+

A+

A+

LLA of New York - Fitch*

AA

AA

AA

AA

AA

AA

AA

AA

AA

AA

AA

AA

LLA of New York - Moody's

A1

A1

A1

A1

A1

A1

A1

A1

A1

A1

A1

A1

LLA of New York - Standard & Poors*

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

AA-

Ratios

Debt to Total Capitalization [4]

23.4

%

23.1

%

22.3

%

21.5

%

20.7

%

22.8

%

22.6

%

22.0

%

20.9

%

20.3

%

19.9

%

18.6

%

Debt to Equity [4]

30.5

%

30.0

%

28.7

%

27.5

%

26.1

%

29.5

%

29.1

%

28.1

%

26.5

%

25.5

%

24.8

%

22.9

%

* Rating based on affiliation with Lincoln Life

[1] Stock prices include the 2-for-1split in June 1999

[2] Indicated dividend divided by net income

[3] Indicated dividend divided by the closing price

[4] Equity used in calculation excludes accumulated other comprehensive income (loss). Junior subordinated debentures issued to affiliated trusts (hybrid securities) are considered 50% debt and 50% equity.

This is a dated document. It may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.