Exhibit 12

LINCOLN NATIONAL CORPORATION AND SUBSIDIARIES

HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

	For the Years Ended December 31,
	2007		2006		2005		2004		2003
Income from continuing operations before taxes	$	1,874	$	1,778	$	1,075	$	1,036	$	1,047
Sub-total of fixed charges		324		241		110		116		112
Sub-total of adjusted income		2,198		2,019		1,185		1,152		1,159
Interest on annuities and financial products		2,542		2,316		1,570		1,571		1,617
Adjusted income base	$	4,740	$	4,335	$	2,755	$	2,723	$	2,776
Fixed Charges
Interest and debt expense	$	304	$	220	$	89	$	94	$	90
Portion of rent expense representing interest		20		21		21		22		22
Sub-total of fixed charges excluding interest on annuities and financial products		324		241		110		116		112
Interest on annuities and financial products		2,542		2,316		1,570		1,571		1,617
Total of fixed charges	$	2,866	$	2,557	$	1,680	$	1,687	$	1,729
Ratio of sub-total of adjusted income to sub-total of fixed charges excluding interest on annuities and financial products		6.78		8.38		10.77		9.93		10.35
Ratio of adjusted income base to total fixed charges		1.65		1.70		1.64		1.61		1.61