Exhibit 99.1

2010 Conference for
Investors and Bankers

November 18, 2010lNew York, NY

Strategic Overview

Dennis GlassPresident and CEO, Lincoln Financial Group

2

Overview

•Lincoln is focused on targeted businesses with growing demand driven by powerful demographic
trends and consumer objectives

•Lincoln’s distinctive advantages of scale, strong market position, product design andcomprehensive distribution enable us to protect or increase market share profitably

•We are leveraging franchisestrength, business unit initiatives, and provenrisk management
capabilities to sustain or improve ROE in each business over the cycle

•Our current capital strengthand annual free cash flow supportactive capital management and
disciplined redeployment in select businesses

Lincoln’s current valuation and opportunities give
shareholders multiple ways to win

3

The Lincoln Financial Execution Model

•Target businesses where customer solutions
require a high level of expertise and understanding
of risk, allowing us to price for value added

•Scale and strong market share give us

–Competitive cost position

–Market leverage

–Capacity to invest in distribution and risk management

•Comprehensive delivery capability strategically
designed to deliver complex solutions

–Multi-channel

–Retail, wholesale and worksite

–Advice driven

•Consistent market presence through cycles drives
long term profitability and ROE - and is highly
valued by distributors and customers

Our
Execution
Model

4

Household estimates
based on census
projections

Ages 35 - 44

Ages 45 - 64

Ages
65+

22.4M households

44.3M households

22.4M households

2020

2010

55+%

Demographic Trends and Consumer Objective of More
Guaranteed Outcomes Benefit Lincoln

5

Market Positioning	Ranking1	YTD Revenue Growth2
Life Insurance: income protection, estate tax planning	#1	6%
Annuities: guaranteed income, accumulation	#6	16%

1 Rankings based on LIMRA YTD sales as of June 30, 2010. Annuity includes individual annuities sold in the DC market. Core Life includes UL, VUL and term

2 Year-to-Date Total Operating Revenue percent increase 9/30/2010 over 9/30/2009

Driving Profitable Growth: Life Insurance & Annuities

Action Steps

•Design differentiated and flexible products, e.g. LTC riders

•Adjust pricing to reflect low interest rates and higher hedge costs

–Low interest rates and high hedging costs can be priced for and still provide valuable customer solutions

•Expand Life in wirehouses, extend hybrid model in IP channel, add life-oriented retail advisors and
strengthen existing extensive relationships

6

Market Positioning	Ranking1	YTD Revenue Growth2
DC 403(b) / 401(k): small to middle size employers	#6, #10	7%
Group Benefits: small to middle size employers	Top 5 est.	7%

1 403(b) source: LIMRA Not For Profit Report Q2 2010, total 403(b) assets (rankings include TIAA-CREF)
401(k) source: LIMRA 401(k) Scorecard 2009, Insurance-based 401(k) ranking (small employers only)

2 Year-to-Date Total Operating Revenue percent increase 9/30/2010 over 9/30/2009

Driving Profitable Growth: Defined Contribution &
Group Protection

Action Steps

•Product

–Expand group voluntary offerings

–Upgrade middle-market 401(k) product

•Increasing investment to drive higher organic growth

–Distribution - Group voluntary channel; DC wire, independent planner and consultant channels

–Technology - web and service infrastructure

•Selectively looking for acquisitions to accelerate organic growth initiatives

7

Lincoln Financial Distributors (LFD)	Lincoln Financial Network (LFN)
Among the largest wholesaling firms in the U.S.	Third largest independent broker dealer1
545 wholesalers	7,973 active advisors

1 Investment News, December2009

Driving Profitable Growth: Distribution

Action Steps

•Leverage integrated distribution and product design capabilities to maximize value
proposition for clients, partners and company

•Improve productivity/distribution economics

•Continue to add Life-oriented retail advisors to LFN

•Increase shelf space within existing firms and test new channels of distribution

8

Capital Strength and Free Cash Flow Provide Flexibility

Capital Priorities

•Careful approach to excess capital due to slow but positive evolution in rating
agency outlook

•Modest de-leveraging: minimize debt costs

•Effective capital management

–Raise quarterly common stock dividend to $0.05/quarter

–Resume share repurchase (up to $125 million over 15 months)

–Redeem $150 million in Trust Preferred securities

•Select acquisitions

9

Multiple Ways for Shareholders to Win

•Growth in EPS, book value and ROEs driven by

–Solid top line growth

–Pricing actions

–Payoff from strategic investments

•Reduced earnings volatility profile

–Current interest rate and equity market conditions appropriately reflected on balance sheet

•Writing business through all cycles is accretive to long-term value creation

•Capital deployment flexibility

•Improving economic conditions provide a tailwind and catalyst

•Potential multiple expansion as we execute

2010 Conference for
Investors and Bankers

November 18, 2010lNew York, NY

Life Insurance & Individual Annuities

Mark KonenPresident, Insurance Solutions and Retirement Solutions

2

Key Themes

•Compelling market opportunities

•Business model drives market leadership

•Proven risk management capabilities

•Ability to drive bottom line results

3

Significant Life Insurance Opportunities

•Very Affluent (> $2.5 million invested assets)

–Almost 40% have no individual life insurance

–Primary need: estate planning è SGUL

•Affluent households 55 and older

–Primary needs: retirement income, health care, LTC è MoneyGuard

•Mass market

–Employer is a key source of benefits

–Primary need: income replacement è Term, Worksite UL

Key Actions

•Appropriate SGUL changes to increase returns while meeting consumer needs

–Redesign to eliminate need for capital solutions, Survivorship repricing

–Competing on total value proposition, not just pricing

•MoneyGuard product and process enhancements

•Worksite UL under construction

4

Compelling Annuity Opportunities

•Annuity industry only 9% of $16 trillion U.S. retirement assets1

–Superior planning solutions versus mutual funds è guaranteed lifetime income options, tax smart
solutions, downside protection with upside potential

•Boomer demographics expanding retirement market

–Comprehensive product suite responsive to consumer need è variable, fixed, and indexed annuities
with increasingly relevant features and benefits

•Financial crisis increased consumer interest in protection

–Ability to offer comprehensive security è income guarantees, inflation riders, LTC funding solutions

Key Actions

•Repricing and redesign of GMWB and i4Life

•LTC Annuity - fixed and variable

•Innovative and expanded investment choices

1 Source: Investment Company Institute. As of December 31, 2009

5

Core Life Market Share and Rankings1

1 Rankings based on LIMRA YTD sales as of June 30, 2010. Annuity includes individual annuities sold in the DC market. Core Life includes UL, VUL and term

Ranked
#2

Ranked
#1

Ranked
#2

Ranked
#2

Ranked
#2

2006

2007

2008

2009

2010

Total Annuity Market Share and Rankings1

Ranked
#7

Ranked
#6

Ranked
#6

Ranked
#5

Ranked
#6

2006

2007

2008

2009

2010

Consistently Strong Market Presence

•Leading market positions pre- and post-market crisis

•Reacted appropriately to changing conditions and maintained market presence

–Balance competitive position with risk and capital management

•Lincoln objective - be a consistent and stable participant

–Avoid need to make dramatic moves

–Leverage power of distribution platform

6

Comparative MarketPositioning1

1 Based on LIMRA YTD sales as of 06/30/2010

Variable Annuity

Indexed Annuity

Fixed Annuity

#5

#7

#9

Not in Top 20

Top 10 player

Top 11-20 player

UL

Life - LTC Combo

Term

VUL

#1

#1

#11

#6

Competitors

LNC

Product

Competitors

LNC

Product

Unparalleled Product Breadth

7

i4Life

MoneyGuard

Secondary
Guarantee
UL

SmartIncome

Inflation

Annuity

SGUL w/out

need for

Capital

Solutions

LTC

Annuity

VULONE

Redefined

MoneyGuard

American

Legacy

New
Directions

2000

1988

1998

2007

2009

2010

2005

2006

1987

2003

Game Changing, Needs-Based Innovation

•Proven track record of innovation

•Willing to give new ideas time to grow

•Fuels our ability to seize future opportunities

8

Risk Management Expertise - Focus on Fundamentals

•Disciplined approach to product design and pricing

•Detailed monitoring of new business profitability

•Proactive management of interest rate and equity risk

•Deep understanding of mortality and policyholder behavior

9

1 Excludes alternative investment income; 2010 YTD through 9/30

2008

2009

2010 YTD

Life Spreads1

Key Actions

•Pre-invested SGUL cash flows through mid-2011 above portfolio yield

•Implementing credited rate reductions in early 2011 - net 7 bps impact

•Rolled out Duration Guarantee 3Q 2010 - designed for lower rate environment

•Repricing Survivorship 1Q 2011

•Life spread compression is manageable

•Projected portfolio yield drop of 20-25 bps,
then recovery

•17 bps spread to guarantee

•Annuity: 90+ bps spread to guarantee

Interest Rate Risk Management

•Interest Rate Management embedded in upfront product design

–SGUL product design has low liquidity

–Allows for very long investment strategy - primarily 30 year bonds

•Life spreads have held up well; annuity spreads a non-issue

11

2008

2009

2010 YTD*

1 Based on business written post 1998. 2010 YTD through June 30, 2010

Mortality - Actual vs. Pricing1

2007

100%

87%

94%

95%

Mortality and Policyholder Behavior

•Expertise in mortality risk

–Industry leading underwriting

–Mortality experience better than pricing

•Thoughtful approach to policyholder behavior assumptions

–Conservative SGUL lapse assumptions (0 - 2% since 2004)

•Lapses running at 4% in 2009-10

–VA dynamic lapse formula performed well during crisis

–Differentiated and multiple solutions have driven expected withdrawal behavior

•i4Life is primary solution for immediate income buyers

•GMWB utilization has been less than assumed

12

1 2010 YTD through September 30, 2010; excluding goodwill and notable items. See appendix in Financial Overview for reconciliation of return on average equity.

Life

Annuity

(VA and Fixed)

Adjusted YTD ROE1

10%

17%

Solid In-force ROE

•Solid ROE despite historically low risk free rates

•Life ROE dampened (~200 bps) due to:

–Unfinanced excess reserves

–Merger “P-GAAP”

–Low ROE on ISWL block from early 1990s

•Annuity ROE have averaged 15%+ over last 5 years

13

2010 YTD1

Target Range
VA 15-18%
Fixed 10-12%

15%

13-16%

Life
New Business ROE

Annuity
New Business ROE

2010 YTD1

Target Range

11%

12-14%

1 2010 YTD through September 30, 2010

Attractive New Business ROE

•Strong 2010 new business returns despite challenging environment

•Product repricing to maintain profitability

14

Execute Business Model

Innovative & Responsive Products
Distribution Depth and Breadth
Operational Effectiveness
Comprehensive Risk Management

Capitalize on Consistency

Compelling & Comprehensive
Solutions

Consistent Market Presence

Commitment

Invest in the Business

People

Technology/Operations
Core and Explore

Market Leader

Achieve & Maintain Market
Leadership in Chosen Markets

Our Cycle of Success

2010 Conference for
Investors and Bankers

November 18, 2010lNew York, NY

Chuck CornelioPresident, Defined Contribution

Defined Contribution

2

Defined Contribution - Creating Value for Lincoln

•Focusing on the market segments with the fastest growth

•Accelerating growth through our strategic investments in technology and
distribution platforms

•Improving support & service to plan sponsors while enhancing education
offerings to enable better retirement outcomes for participants

•Concentrating on driving account value growth, margins & ROE

3

Segment

Position as of 3Q 2010

Opportunity & Focus

•Focus on Healthcare

–Healthcare will generate 3.2M new jobs by 2018, more
than any other industry1

–Currently: 4th in AUM & 3rd in deposits2

–Market growth: $130B AUM with $14B takeover in
20113

•Leverage 403(b) presence

•Market growth: $725B AUM with $53B takeover
in 20113

–Asset growth estimated at 7.5% CAGR4

•Leverage LFD strategic partners & TPAs

•Ranked 10th in AUM in <100 participants market2

•Market growth: $520B AUM with $40B takeover in 20113

–Asset growth estimated at 7.5% CAGR4

Non Profit/

403(b)

Middle Market

401(k)

Small Market

401(k)

Plans: 13,000

Participants: 1.1M

AUM: $28B

Plans: 120

Participants: 0.1M

AUM: $3B

Plans: 11,000

Participants: 0.2M

AUM: $6B

1 US Bureau of Labor Statistics

2 LIMRA Scorecard December 2009/ LIMRA NFP Report

3 Spark 2010 & American Hospital Association

4 McKinsey Winning in the Defined Contribution Market of 2015

Focusing on Growth Markets

4

Technology
& Service

Distribution

Expansion

Plan Design
Strengths

•Group Variable Annuity 1st year sales up 30% YTD

•Target date options: AUM increased 48% YOY / Stable Value AUM increased
30% YOY

•Launching retention, rollover & lifetime income solutions

•Recordkeeping Consolidation: 5 to 1

•Scalable for organic and acquisition driven growth

•Improved service offerings promoting plan sponsor retention and
participant enrollment & contributions

•300 “feet on the street” to service plan sponsors & participants

•Doubling Institutional sales force focused on 403(b)/middle market
consultants

•Doubling Intermediary sales force focused on small market advisors & TPAs

Actions to Capture Market Share

5

$0.0B

$1.0B

$0.8B

Net Flows

Ending
Assets

Participants

2008

2009

20101

Ending AUM and Participants

1 As of September 30, 2010

Delivering Results and Building for Long-Term Growth

•Enrollment/Participation rebounding (Alliance)

–Average contribution per participant up 4.5%

–New participants up 9%

•Account values rebounding

–$37.1B is all time high

–Total deposits up 14% vs. 3Q 2009

–Net flows of more actively sold products is $0.7B YTD

7

Key Defined Contribution Themes

•Targeting markets with growing demand

•Improving our offerings to take market share

•Driving efficiencies throughout our operating model

•Generating earnings growth and attractive returns on equity

2010 Conference for
Investors and Bankers

November 18, 2010lNew York, NY

Mark KonenPresident, Insurance Solutions and Retirement Solutions

Group Protection

2

A History of Sustained Growth

1 Source: LIMRA, as of June 30, 2010 (Hartford only reports premium)

2 Based on YTD annualized sales as of December 31, 2009

Earnings

Inforce Premium

2004

2005

2006

2007

2008

2009

12% CAGR

7% CAGR

•Sustained growth in premiums and earnings

•Leadership position in core market of under 1000 lives

•#3 Group LTD and #5 Life carrier by new contracts issued1

•Voluntary sales ~38% of total new sales2

3

Strong Experience Over Sustained Period of Time

•Strong loss ratio history

•2010 elevated after very strong 2009

–Likely linked to economic conditions

–Disability incidence elevated broadly,
not just new business

1 As of 9/30

•Actions in progress

–LTD rates increased 3.5% (effective Dec 2010)

–Pursuing 5 - 10% LTD renewal increases

–Additional claims resources contracted

–Added new return-to-work tools

Non-Medical Loss Ratios

2003

2005

2006

2007

2008

2009

2010
YTD1

2000

2001

2002

2004

71%-74%

Target Range

5

30% of all Benefit Brokers are

Small Benefit Brokers

Source: Eastbridge Consulting Group, Inc. 2009

Industry Product Mix

Market Shift: 29% of employers plan to switch one or more benefits to 100% employee-paid

Industry Sales by Distributor Segment

Life

DI

Accident

Critical Illness/
Cancer

Dental

HI/Vol Med

All Other

The Voluntary Opportunity

Actions to seize opportunity

•Leverage strong position within Small Benefit Broker segment

–Expand into Classic Broker segment

•Currently top 10 positions in Life/DI

–Expand worksite products and enrollment capabilities - Accident, Critical Illness, UL

• Position our voluntary story in the market - education and marketing

6

Key Group Protection Themes

•Sustained history of success

•Appropriate actions to improve loss ratios

•Core business and distribution growth

•Focus on expanding voluntary presence

2010 Conference for
Investors and Bankers

November 18, 2010lNew York, NY

Lincoln Financial Network

Bob Dineen
President & CEO, Lincoln Financial Network

2

Lincoln Financial Network Overview

•An advice and wealth management growth story with significant drivers

•A source of value for Lincoln Financial Group

•Keys to sustained growth

1 Investment News, December 2009

3

Advice and Wealth Management Growth Story

2007

2008

2009

2010

Sustained Growth Trend
Number of Active LFN Advisors

Third largest independent broker-dealer1

Growth Drivers

•National recruiting

•Affiliation model

•Shift to independence

•Planning capabilities

•Consumer trends

1 Investment News, December 2009

4

LFA / SagemarkABGAGA                                     LFS

Full Service Support

Independent

Multiple Models of Affiliation

A Unique Value Proposition for Planners and Producers

A national support network for advisors and their clients

•4 channels of affiliation

•2 broker-dealers

•2 clearing relationships

•National network of planning services, advisor training and technology

5

Balanced Sales and Revenue Mix

Wealth Management Strategies

•Comprehensive Financial Planning

•Estate Planning

•Business Succession

•Retirement Planning

•Investment Planning

Full year 2009 data

Revenue Mix

Fee Based
and
Recurring
Revenue

43%

Transactional
Revenue
57%

Planning
Fees &
Investments

32%

Annuities

25%

Life
Insurance

43%

6

For full year 2009

Delivering Significant Value to Lincoln

7

Keys to Sustained Growth

•Growing number of productive, process-driven advisors

–Retention of top-tier advisors remains strong

–Recruiting of productive advisors very strong

•Supporting independence through open architecture & affiliation choice

•Deep financial planning expertise & commitment to advice

–National Planning Center

–Advisory Process helps insulate from margin compression

•The leverage of Lincoln Financial Group

2010 Conference for
Investors and Bankers

November 18, 2010lNew York, NY

Will FullerPresident, Lincoln Financial Distributors

Lincoln Financial Distributors

2

•Current investing behaviors reflect high levels of risk aversion and focus on managing outcomes

•Our centralized distribution model offers strategic partners a single point of contact for multiple
product solutions, productive wholesaling support and integrated sales and service capabilities

•Each business unit has dedicated sales teams with specific strategies to deliver growth and
increase market share profitably

•LFD growth strategy centers on

–Deepening relationships with strategic partners

–Improving productivity

–Driving a diverse mix of new business

–Efficient distribution economics

•Innovating and testing new channels and methods of distribution that will improve our
growth trajectory

LFD: Sustainable Competitive Advantage for Lincoln
Multiple strengths to deliver new business growth

4

1 Sales period January 2009 through September 2010

Fueling

growth

through
expansion

•17% of sales generated through
expansion strategies1:

–New partners

–New product introductions / additions

–Focused cross sell distribution synergies

$3.6

Billion

$18.3

Billion

Expansion sales

All other sales

Deepening
relationships

with
strategic
partners

Growth Strategy Centers on Distribution
Focus on expanding breadth and depth

•Access and relevance with market leading strategic partner firms along with our comprehensive
product suite sets the stage for focus on productivity and efficient distribution economics

5

All data 9/30/2010

1 January 2009 through September 2010

2 Number of advisors selling a Lincoln product in the first 9 months of the year

Increasing Sales Per Wholesaler

Growing Advisor Selling Population

+26%

+13%

2008

2009/YTD 20101

20082

20102

•Increased access to producers

•Consistent market presence

Driving Productivity Gains
Significant opportunity to increase productivity and expand base of producers

•Retention and upgrade of talent

•Cross-sell capabilities

6

Looking

ahead

Access To Producers

Maintain

High

MARKET OPPORTUNITY/POTENTIAL

Brokerage

General

Agency

Wirehouses

Regional

Brokers

Independent

Producers

Banks

Executive

Benefit

Consultants

DC Consultants

TPAs

RIA

Alternative

Channels

LFN

Invest

Low

High

Core

•Protect and grow core business

•Invest for accelerated growth
opportunities

–MoneyGuard and Defined Contribution
sales force expansion

–Hybrid wholesaler teams & tactics

Core

Product Capabilities

High

MARKET OPPORTUNITY/POTENTIAL

Secondary

Guarantee UL

Fixed

Indexed Annuity

Current
Assumption UL

MoneyGuard

Indexed UL

Term

Non-Profit/403(b)

Small Market 401(k)

Fee-based

VA

Maintain

VA

Low

High

VUL

COLI/BOLI

LTC Fixed

Annuity

Mid Market 401(k)

Focused on Sustainable, Profitable Growth
Poised to capitalize on our strengths with multiple ways to win

•Create new strategic partnerships

•Launching new product solutions

–LTC Fixed Annuity and VA rider

–Fee-based VA

–Wirehouse channel expansion for
Fixed/Index Annuity and 401k

2010 Conference for
Investors and Bankers

November 18, 2010lNew York, NY

Financial Overview

Fred Crawford
Chief Financial Officer, Lincoln Financial Group

2

Financial “State of the Union”

•Value drivers of positive product flows yielding growth in account values, in-force, net earned
premium, and DC renewal deposits… position earnings to ride economic recovery

•Core margins are healthy overall - asset-based revenue building, stable mortality margins and
fixed product spreads, with loss ratios expected to recover

•Key long-term economic assumptions have been adjusted to recognize equity market volatility
and low interest rates… lowering the risk profile of forward earnings

•VA risk management practices proven-out with strong performance during the crisis along with
investment and ALM strategies benefiting interest rate exposures

•Capital margin supports economic stress scenarios, rating agency dynamics, and investment in
core businesses… with prudent release of capital to shareholders

Ratings recently affirmed by AM Best at A+ “stable outlook”
and S&P at AA- “stable outlook”

3

3Q Income From Operations
Adjusted for Notable Items1

($ in millions)

Long-Term Earnings Drivers

(3Q 2009 to 3Q 2010)

$263

$282

Life Insurance

Group Protection

Annuities

Defined
Contribution

Other Operations

Avg. diluted shares

310.0325.7

Life

Annuities

GP

DC

YTD 2010

Adj. ROE x/GW (%)1

10%

17%

9%

1 See appendix at the end of this presentation for a definition and reconciliation of income from operations to net income, a reconciliation of return on average equity and schedules of notable items

Key Value Drivers Advancing

•Consolidated Account Values:

–$150 billion up 10%

•In-force Life Insurance:

–$557 billion up 5%

•Group Net Earned Premium:

–$415 million up 9%

•Retirement Deposits

–VA up 13% and DC up 14%

4

1 Excludes any potential one-time impact to businesses currently in run-off (pension and individual DI)

2 Includes impact of unlocking account value DAC corridor assumption for all variable products (Annuities, Defined Contribution and Variable Universal Life)

Separate Account Values

•Account Value Assumption

–Implied DAC assumption of an immediate 15% drop in AV
followed by 9% annual recovery

•Equity Market Sensitivity

–Unlocking corridor to mean 9% AV growth assumption
results in a $300m pre-tax gain2

–Approximately $6m annual earnings impact for every 1%
movement in the S&P 500

2006 New Money

2010 New Money

Portfolio Yield

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

Dec. 2008

Dec. 2009

Sept. 2010

Assumption

Actual

EOP S&P 500

Interest Rates

Market Assumptions & GAAP Sensitivities

•New Money Investment Rate Assumption

–Current new money rates decreased by 100 bps
recovering to 6.25% over 8 years

–Life portfolio rate drops 20-25 bps and recovers over
10 year period

•Interest Rate Stress Scenario1

–Reinvestment rates assume 2.5% 10-year treasury

–Life & Retirement earnings impact of ~$60m in 2012

5

Interest Rates

Life Reserve Funding

Captive Re
(Hedge Assets)

Reserve Held

LOC

L-Term Financing

Lincoln
Life

VA Guaranty

Reserve Credit

•Hedge Assets Support Reserve Credit

–Hedge assets in excess of economic target and statutory
reserve credit needs throughout crisis

–Low interest rates driving asset values in excess of
statutory reserve needs

•Risk-Based-Capital Sensitivity

–S&P returns of +/-10% result in an estimated RBC impact
of +/- 5 to 15 percentage points

Equity Markets

Dec.

2008

Mar.
2009

Jun.
2009

Sep.
2009

Dec.
2009

Mar.
2010

Jun.
2010

Sep.
2010

Sep. 2009

Sep. 2010

Capital & Market Sensitivities

•Cash Flow Testing

–Annual testing results on both aggregate life and
ULSG specific expected to pass under low rate scenario

–Approximately $800m of life reserves held in excess
of economic calculations provide a natural buffer

•Life Reserve Financing

–UL reserve financing shifts from reliance on letters of credit
to long-term funded solutions

–New UL product design eliminates the need for future
financing solutions on new business

6

Investment Portfolio

UST/Agency, 1.8%

Public Domestic Bonds,

36.6%

Municipal Bonds, 3.5%

Private Domestic Bonds,

12.0%

BIG EMD, 0.3%

Other Foreign Bonds,

12.5%

MBS, 11.6%

CMBS, 3.0%

Mortgages, 8.6%

COLI Fund, 0.6%

Preferred Stock, 0.3%

Common Stock, 0.2%

Real Estate, 0.3%

Other LT Inv., 1.1%

Other Cash, 1.9%

Collateral Held, 2.4%

CDO, 0.2%

ABS, 3.2%

Year-to-Date purchases of $10 Billion

•Credit Profile: AAA (13%); AA (17%); A(41%); BBB(26%); Below Investment Grade (3%)

•Life YTD gross yield of 5.5% and retirement 4.75% with overall duration of 9 years

$79.6 Billion
(September 30, 2010)

7

Significant Improvement In Asset Quality

-

1.2

3.0

5.0

0.1

3Q09

4Q09

1Q10

2Q10

3Q10

Net Unrealized Gains & Losses

Realized Losses & Impairments

•Well-diversified General Account portfolio

–Average credit quality of “A”

–Below investment grade at 7.5% of rated
assets, down 180 bps year-over-year

•CMBS

–Low allocation; 3% of assets

–70% rated AA or better; 80% 2005 and prior

•Mortgage portfolio remains strong

–1,260 loans; $6.8 billion portfolio

–LTV 59%;DSC 1.5x

•$5 billion improvement in unrealized
gain position year-over-year

8

9/30/09

12/31/09

9/30/2010

Total Adjusted Capital & RBC1

$6.4

$6.8

$7.3

$1.6

$1.5

$1.4

Statutory Capital (3Q 2010)

Leverage and Liquidity (3Q 2010)

Risk Based Capital Ratio1 & Leverage2

393%

518%

453%

22.6%

24.5%

28.0%

•Holding company idle liquidity just under $800m

•Leverage at the mid-point of our stated range of
20% to 25%

•Expect to reduce leverage with free cash flow over
next three years

•Capital margin of $1.9b assuming RBC of 400% and
minimum holding company liquidity of $500m

•Asset-based capital conditions have stabilized

•Life reserve needs satisfied with recent bank line
extension and funded solutions

•Hedge assets sufficient to support VA capital and
reserve credit needs

•$400m statutory dividend in 4Q funds debt
redemption and other capital needs

2008

2009

9/30/10

Total Adjusted Capital

Risk-Based Capital

1 Represents statutory results of Lincoln National Life Insurance Company, Lincoln Life & Annuity of New York, and First-Penn Pacific Life Insurance Company.The reporting of RBC measures
is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

2 See Appendix slide Definition of Calculation of the Leverage Ratio

Strong Underlying Capital Trends

9

Outlook Heading Into 2011

•Core Life & Annuity franchise delivers consistent results - positive flows, production growth
leveraging product breadth, market share maintained with distribution productivity gains

•DC deposit & Group premium growth rates continue driven by productivity gains, platform
investments, and distribution expansion

•Pricing changes support return targets -UL and VA pricing actions to reflect lower interest rate
environment with Group rate increases due to unfavorable incidence

•Capital margin held in the $1.5 billion range after giving effect for dividend, announced share
repurchase, gradual de-leveraging, and supporting business growth

•ROE build of 25 to 30 bps per annum on average through 2013 -assumes continued recovery in
economic conditions, targeted actions to expand margins and 50% of capital margin redeployed

Lincoln’s current valuation and opportunities give
shareholders multiple ways to win

10

Appendix

11

Income (loss) from operations and return on equity, as used in the earnings release, are non-GAAP financial measures and are not
substitutes for net income (loss) and ROE, calculated using GAAP measures.We exclude the after-tax effects of the following items from
GAAP net income (loss) to arrive at income (loss) from operations: realized gains and losses associated with the following ("excluded
realized gain (loss)"): sale or disposal of securities; impairments of securities; change in the fair value of derivative investments;
embedded derivatives within certain reinsurance arrangements and the change in the fair value of our trading securities; change in the fair
value of the derivatives we own to hedge our guaranteed death benefit ("GDB") riders within our variable annuities, which is referred to as
"GDB derivatives results"; change in the fair value of the embedded derivatives of our guaranteed living benefit (“GLB”) riders within our
variable annuities accounted for under the Derivatives and Hedging and the Fair Value Measurements and Disclosures Topics of the
Financial Accounting Standards Board (“FASB”) Accounting Standards CodificationTM (“ASC”) (“embedded derivative reserves”), net of
the change in the fair value of the derivatives we own to hedge the changes in the embedded derivative reserves, the net of which is
referred to as “GLB net derivative results”; and changes in the fair value of the embedded derivative liabilities related to index call options
we may purchase in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity
products accounted for under the Derivatives and Hedging and the Fair Value Measurements and Disclosures Topics of the FASB ASC
(“indexed annuity forward-starting option”); change in reserves accounted for under the Financial Services - Insurance - Claim Costs and
Liabilities for Future Policy Benefits Subtopic of the FASB ASC resulting from benefit ratio unlocking on our GDB and GLB riders ("benefit
ratio unlocking"); income (loss) from the initial adoption of new accounting standards; income (loss) from reserve changes (net of related
amortization) on business sold through reinsurance; gain (loss) on early extinguishment of debt; losses from the impairment of intangible
assets; and income (loss) from discontinued operations.

Return on equity measures how efficiently we generate profits from the resources provided by our net assets.Return on equity is
calculated by dividing annualized net income (loss) by average equity, excluding accumulated other comprehensive income (loss)
("AOCI").Management evaluates return on equity by both including and excluding average goodwill within average equity.

The earnings used to calculate ROE, as used in the earnings release, are net income (loss) and income (loss) from operations.Income
(loss) from operations is an internal measure used by the company in the management of its operations.Management believes that this
performance measure explains the results of the company's ongoing businesses in a manner that allows for a better understanding of the
underlying trends in the company's current business because the excluded items are unpredictable and not necessarily indicative of
current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items
do not necessarily relate to the operations of the individual segments.

The company uses its prevailing corporate federal income tax rate of 35% while taking into account any permanent differences for events
recognized differently in its financial statements and federal income tax returns when reconciling non-GAAP measures to the most
comparable GAAP measure.

Definition of Income (Loss) from Operations and
Return on Equity

13

(Numbers in $millions)

The numerator in this calculation is arrived at by adding total debt, ($6,044 at 9/30/2010; $5,400 at 12/31/2009; $5,546 at 12/31/2008),
excluding 75% of our capital securities, ($1,114 at 9/30/2010; $1,114 at 12/31/2009; $1,178 at 12/31/2008), and excluding certainsenior
notes net of the unamortized discount issued in October 2007 and June2010 because the proceeds were reinvested in a pool of long-
term assets ($873 at 9/30/2010; $374 at 12/31/2009; $375 at 12/31/2008). For 2009, the numerator is increased by the $950 of preferred
shares issued under the Treasury’s Capital Purchase Program.

The denominator in this calculation is arrived at by adding total debt ($6,044 at 9/30/2010; $5,400 at 12/31/2009; $5,546 at 12/31/2008)
and stockholders' equity, excluding AOCI ($11,896 at 9/30/2010; $11,962 at 12/31/2009; $10,780 at 12/31/2008).

Definition of Calculation of the Leverage Ratio

14

Reconciliation of Return on Average Equity
For the Nine Months Ended September 30, 2010

15

($ in millions)	Retirement Solutions				Other Operations
	Annuities	Defined Contribution	Life Insurance	Group Protection1
Reported	126	50	60	10	(40)
DAC Unlocking	(2)	11	(82)
Mortality			(10)
Expense					(2)
Tax-related items	14				(2)
Other (net)				(3)
Total	114	39	152	13	(36)

1Group Protection results do not include adjustment to normalize loss ratios

3Q 2010 Income From Operations
Schedule of Notable Items

16

($ in millions)	Retirement Solutions				Other Operations
	Annuities	Defined Contribution	Life Insurance	Group Protection1
Reported	116	36	151	23	(36)
DAC Unlocking	15	(1)
Mortality/Morbidity
Expense					(3)
Tax-related items
Other (net)			(2)
Total	101	37	153	23	(33)

1Group Protection results do not include adjustment to normalize loss ratios

2Q 2010 Income From Operations
Schedule of Notable Items

17

($ in millions)	Retirement Solutions				Other Operations
	Annuities	Defined Contribution	Life Insurance	Group Protection1
Reported	119	36	137	21	(37)
DAC Unlocking	21
Mortality/Morbidity			(8)
Expense			(2)		(4)
Other (net)			(4)
Total	98	36	151	21	(33)

1Group Protection results do not include adjustment to normalize loss ratios

1Q 2010 Income From Operations
Schedule of Notable Items

18

($ in millions)	Retirement Solutions				Other Operations
	Annuities	Defined Contribution	Life Insurance	Group Protection
Reported	95	43	137	35	(33)
DAC Unlocking	11	5	(12)
Tax-related items	3		6
Other (net)	1
Total	80	38	143	35	(33)

3Q 2009 Income From Operations
Schedule of Notable Items