Lincoln National (LNC) 8-K Results of Operations and Financial Condition

Lincoln Financial Group
Table of Contents
First Quarter 2011
Lincoln Financial Group Analyst Coverage	i
Notes	ii-iii
Financial Highlights	1 - 3
Consolidated Operating Expense Detail	4
Selected Financial Results Summary	5
Details Underlying Realized Gain (Loss), After-DAC and Benefit Ratio Unlocking	6
Consolidated Statements of Income (Loss)	7
Consolidated Roll Forwards of DAC, VOBA, DSI and DFEL	8
Consolidating Statements of Income (Loss) from Operations - Current Year - Quarter	9
Consolidating Statements of Income (Loss) from Operations - Prior Year - Quarter	10
Consolidated Balance Sheets and Selected Share Data	11
Balance Sheet Data - Segment Highlights	12
Retirement Solutions
Annuities:
Income (Loss) from Operations and Operational Data	13
DAC, VOBA, DSI and DFEL Roll Forwards	14
Account Value Roll Forwards and Information	15
Account Value Information	16
Interest Rate Spread Information, GLB Expense Assessments, GLB Attributed Fee
and GLB Account Values by Type	17
Defined Contribution:
Income (Loss) from Operations, Operational Data and DAC, VOBA and DSI Roll Forwards	18
Account Value Roll Forwards and Information	19
Account Value Roll Forwards by Product	20
Account Value and Interest Rate Spread Information	21
Insurance Solutions
Life Insurance:
Income (Loss) from Operations, Operational Data and DAC, VOBA and DFEL Roll Forwards	22
Additional Operational Data	23
Account Value Roll Forwards	24
Group Protection:
Income (Loss) from Operations and Operational Data	25
Other Operations	26
Discontinued Operations	26
Consolidated Deposits, Net Flows and Account Balances	27
Consolidated Investment Data	28

3/31/2011			i
Lincoln Financial Group Analyst Coverage
First Quarter 2011
Firm	Analyst	Phone Number
Bank of America - Merrill Lynch	Ed Spehar	212-449-4245
Citigroup	Colin Devine	212-816-1682
Credit Suisse	Tom Gallagher	212-538-2010
Deutsche Bank	Darin Arita	212-250-7321
Dowling and Partners	Sean Rourke	860-676-8600
FBR Capital Markets	Randy Binner	703-312-1890
Goldman Sachs and Company	Christopher Giovanni	212-357-3560
JP Morgan Securities	Jimmy Bhullar	212-622-6397
Keefe, Bruyette and Woods	Jeff Schuman	860-722-5902
Langen McAlenney	Bob Glasspiegel	860-724-1203
Macquarie Securities	Mark Finkelstein	312-425-4079
Morgan Stanley	Nigel Dally	212-761-4132
Raymond James and Associates	Steven Schwartz	312-612-7686
Sandler O'Neil and Partners	Edward Shields	312-281-3487
Sanford C. Bernstein & Co.	Suneet Kamath	212-756-4587
Scotia Capital	Joanne Smith	212-225-5071
Sterne, Agee and Leach, Inc.	John Nadel	212-338-4717
UBS	Andrew Kligerman	212-713-2492
Wells Fargo Securities	John Hall	212-214-8032
Investor Inquiries May Be Directed To
Jim Sjoreen, Vice President, Investor Relations
Email: Jim.Sjoreen@lfg.com
Voice: (484) 583-1420
Fax: (484) 583-3962
Notes
This list is provided for informational purposes only.  Lincoln Financial Group does not endorse
the analyses, conclusions, or recommendations contained in any report issued by these or any
other analysts.
Lincoln Financial Group's Statistical Report will be available immediately after the release of
earnings for each quarter through our Investor Relations website:  www.LincolnFinancial.com/investor

3/31/2011				ii
NOTES
Definitions and Presentation
"Income (loss) from operations," "operating revenues" and "return on capital" are non-GAAP financial measures and do not replace GAAP
revenues, net income (loss) and return on stockholders' equity.  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 (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 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 Standars Codification ("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.
Income (loss) from operations available to common stockholders is net income (loss) available to common stockholders (used in the calculation of
earnings (loss) per share) in accordance with GAAP, excluding the after-tax effects of the items above and the acceleration of our Series B preferred
stock discount as a result of redemption prior to five years from the date of issuance.
	•	Operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:
		•	Excluded realized gain (loss);
		•	Amortization of deferred front-end loads ("DFEL") arising from changes in GDB and GLB benefit ratio unlocking;
		•	Amortization of deferred gains arising from the reserve changes on business sold through reinsurance; and
		•	Revenue adjustments from the initial adoption of new accounting standards.
	•	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.
	•	Return on capital measures the effectiveness of our use of total capital, which includes equity (excluding accumulated other
		comprehensive income), debt, capital securities and junior subordinated debentures issued to affiliated trusts.  Return on capital is
		calculated by dividing annualized income (loss) from operations (after adding back interest expense) by average capital.  The difference
		between return on capital and return on stockholders' equity represents the effect of leveraging on our consolidated results.
Income (loss) from operations, operating revenues, return on equity (including and excluding average goodwill within average equity), excluding AOCI,
using annualized income (loss) from operations and return on capital are financial measures we use to evaluate and assess our results.  Our management
and Board of Directors believe that these performance measures explain the results of our ongoing businesses in a manner that allows for a better
understanding of the underlying trends in our 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.  In addition, we believe that our definitions of operating revenues and income (loss) from operations
will provide investors with a more valuable measure of our performance because it better reveals trends in our business.
	•	Certain operating and statistical measures are included in this report to provide supplemental data regarding the performance of our
		current business.  These measures include deposits, sales, net flows, first-year premiums, in force and spreads.
	•	Sales as reported consist of the following:
		•	Universal life ("UL") (excluding linked-benefit products) and variable universal life ("VUL"), including corporate-owned life
			insurance ("COLI") and bank-owned life insurance ("BOLI") - first year commissionable premiums plus 5% of excess premiums
			received, including an adjustment for internal replacements at approximately 50% of target;
		•	Whole life and term - 100% of first year paid premiums;
		•	Linked-benefit - 15% of premium deposits;
		•	Annuities - deposits from new and existing customers;
		•	Group Protection - annualized first year premiums from new policies; and
Our roll forwards of deferred acquisition costs ("DAC") and value of business acquired ("VOBA"), deferred sales inducements ("DSI") and DFEL
disclose the net impact of prospective and retrospective unlocking on amortization for these items.  This information helps explain a
source of volatility in amortization.

		iii
	•	Prospective unlocking - In the third quarter of each year, we review and update our assumptions used in projecting our future estimated
		gross profits ("EGPs") used to amortize DAC, VOBA, DFEL, DSI and the calculations of embedded derivatives and reserves for
		annuity and life insurance products with certain guarantees.  We may also have prospective unlocking if we experience long-term
		or significant deviations from expected equity market returns requiring a change to best estimate projections of EGPs and reversion
		to the mean ("RTM") prospective unlocking of DAC, VOBA, DFEL, DSI and other contract holder funds.  We may also have prospective
		unlocking in other quarters as we become aware of information that warrants updating prospective assumptions outside of our annual
		comprehensive review.  These updates to assumptions result in unlocking that represent an increase or decrease to our carrying value of DAC,
		VOBA, DFEL and DSI based upon our updated view of future EGPs.  The various assumptions that are reviewed include investment margins,
		mortality, retention and rider utilization.  In addition, in the third quarter of each year during our annual prospective unlocking review, we may
		identify and implement actuarial modeling refinements which can result in prospective and retrospective unlocking impacts that impact DAC,
		VOBA, DSI, DFEL and embedded derivatives and reserves for annuity and life products with living and death benefit guarantee reserves.
	•	Retrospective unlocking - On a quarterly basis, we “true-up” our models for actual gross profits and in-force experience for the period.
		To the extent that actual experience differs from previously expected, a positive or negative retrospective adjustment to the
		amortization of DAC, VOBA, DSI and DFEL is recorded.  This update to the models may generate a change in the amortization rate
		which results in a catch-up to the cumulative amortization, by recalculating the DAC, VOBA, DSI and DFEL balances assuming that
		the revised amortization rate had been used since issue.
Book value per share excluding AOCI is calculated based upon a non-GAAP financial measure. It is calculated by dividing (a) stockholders' equity
excluding AOCI and Series B preferred stock balances as it is non-convertible (issued and sold to the U.S. Treasury in connection with the Troubled
Asset Relief Program Capital Purchase Program as part of the Emergency Economic Stabilization Act of 2008), by (b) common shares outstanding,
assuming conversion of Series A preferred shares.  We provide book value per share excluding AOCI to enable investors to analyze the amount of
our net worth that is attributable primarily to our business operations. We believe book value per share excluding AOCI is useful to investors because it
eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.  Book value per share
is the most directly comparable GAAP measure.
Pre-tax operating margin is calculated as income (loss) from operations before federal income taxes divided by operating revenues.  After-tax operating
margin is calculated as income (loss) from operations divided by operating revenues.
We use our prevailing corporate federal income tax rate of 35% while taking into account any permanent differences for events recognized differently
in our financial statements and federal income tax returns when reconciling our non-GAAP measures to the most comparable GAAP measure.
Effective April 30, 2010, we amended our non-director deferred compensation plans to allow participants the option to diversify from LNC stock to
other investment alternatives and to be settled in shares or cash at the participant’s discretion.  As a result of the amendment, we reclassified the cost
basis of deferred units of LNC stock from common stock to other liabilities on our Consolidated Balance Sheet.  Consequently changes in the value of
our stock are recorded in underwriting, acquisition, insurance and other expenses on our Consolidated Statement of Income (Loss). When calculating
our weighted-average dilutive shares, we presume the investment option will be settled in cash and exclude the shares from our calculation, unless the
effect of assuming it will be settled in shares ("equity classification") would be more dilutive to our diluted EPS.  The numerator used in the calculation
of our diluted EPS is adjusted down for the removal of the favorable mark-to-market adjustment for deferred units of LNC stock in our non-director
deferred compensation plans if the effect of equity classification would be more dilutive to our diluted EPS.
Throughout the document, "after-DAC" refers to the associated amortization expense of DAC, VOBA, DSI and DFEL and changes in other contract
holder funds and funds withheld reinsurance liabilities.
Reclassifications
In addition to the items discussed above, certain amounts reported in prior periods have been reclassed to the presentation adopted in the current period.
These reclassifications had no effect on net income, income from operations or stockholders' equity in the prior period.

3/31/2011										PAGE 1
Financial Highlights
Unaudited (in millions, except per share data)
	For the Three Months Ended March 31,
							Change
		2011			2010		Amount			%
Income (Loss) from Operations - By Segment
Annuities	$	147.0		$	118.7		$	28.3			23.8	%
Defined Contribution		48.7			35.9			12.8			35.7	%
Total Retirement Solutions		195.7			154.6			41.1			26.6	%
Life Insurance		166.3			136.7			29.6			21.7	%
Group Protection		24.4			21.4			3.0			14.0	%
Total Insurance Solutions		190.7			158.1			32.6			20.6	%
Other Operations		(36.9	)		(36.6	)		(0.3	)		-0.8	%
Income (Loss) from Operations (1)		349.5			276.1			73.4			26.6	%
Excluded realized gain (loss), after-tax (2) (3)		(15.3	)		(26.5	)		11.2			42.3	%
Benefit ratio unlocking, after-tax (2) (3)		4.8			5.5			(0.7	)		-12.7	%
Income (loss) from reserve changes (net of related amortization) on business sold through reinsurance, after-tax (3)		0.4			0.4			-			0.0	%
Income (loss) from discontinued operations, after-tax (4)		-			27.9			(27.9	)		-100.0	%
Net Income (Loss)		339.4			283.4			56.0			19.8	%
Preferred stock dividends and accretion of discount		-			(18.4	)		18.4			100.0	%
Net Income (Loss) Available to Common Stockholders - Diluted	$	339.4		$	265.0		$	74.4			28.1	%
Earnings Per Common Share - Diluted
Income (loss) from operations (1)	$	1.08		$	0.83		$	0.25			30.1	%
Excluded realized gain (loss), after-tax (2) (3)		(0.04	)		(0.09	)		0.05			55.6	%
Benefit ratio unlocking, after-tax (2) (3)		0.01			0.02			(0.01	)		-50.0	%
Income (loss) from discontinued operations, after-tax (4)		-			0.09			(0.09	)		-100.0	%
Net Income (Loss)	$	1.05		$	0.85		$	0.20			23.5	%
Operating Revenues - By Segment
Annuities	$	731.9		$	629.9		$	102.0			16.2	%
Defined Contribution		263.3			240.5			22.8			9.5	%
Total Retirement Solutions		995.2			870.4			124.8			14.3	%
Life Insurance		1,147.0			1,128.3			18.7			1.7	%
Group Protection		477.9			445.2			32.7			7.3	%
Total Insurance Solutions		1,624.9			1,573.5			51.4			3.3	%
Other Operations		116.4			123.4			(7.0	)		-5.7	%
Total Operating Revenues		2,736.5			2,567.3			169.2			6.6	%
Excluded realized gain (loss), pre-tax (2)		(23.5	)		(40.9	)		17.4			42.5	%
Amortization income of DFEL associated with benefit ratio unlocking, pre-tax		0.2			0.3			(0.1	)		-33.3	%
Amortization of deferred gains arising from reserve changes on business sold through reinsurance, pre-tax		0.7			0.7			-			-
Total Revenues	$	2,713.9		$	2,527.4		$	186.5			7.4	%

(1)	Income from operations includes restructuring charges.  See page 5 for detail.
(2)	See page 6 for detail.
(3)	We use our prevailing corporate federal income tax rate of 35% while taking into account any permanent
	differences for events recognized differently in our financial statements and federal income tax returns
	when reconciling our non-GAAP measures to the most comparable GAAP measure.
(4)	Includes discontinued operations and the loss on disposal.  See Discontinued Operations on page 26 for
	details.

3/31/2011										PAGE 2
Financial Highlights (Continued)
Unaudited (billions of dollars)
	For the Three Months Ended March 31,
							Change
	2011			2010			Amount			%
Retirement Solutions - Annuities
Gross deposits	$	2.639		$	2.276		$	0.363			15.9	%
Net flows		0.483			0.575			(0.092	)		-16.0	%
Account values (gross)		88.734			77.857			10.877			14.0	%
Account values (net of reinsurance)		87.785			76.846			10.939			14.2	%
Retirement Solutions - Defined Contribution
Gross deposits (1)	$	1.341		$	1.307		$	0.034			2.6	%
Net flows		0.134			0.109			0.025			22.9	%
Account values - annuities		27.356			25.670			1.686			6.6	%
Alliance and Smart Future mutual funds		12.952			11.029			1.923			17.4	%
Total annuities and mutual fund account values		40.308			36.699			3.609			9.8	%
Insurance Solutions - Life Insurance
Sales (in millions)	$	159.0		$	142.6		$	16.4			11.5	%
Life insurance in force		566.684			546.319			20.365			3.7	%
Gross deposits		1.270			1.077			0.193			17.9	%
Net flows		0.821			0.602			0.219			36.4	%
Account values (net of reinsurance)		34.149			32.074			2.075			6.5	%
Insurance Solutions - Group Protection
Annualized sales (in millions)	$	45.4		$	63.1		$	(17.7	)		-28.1	%
Loss ratio (2)		74.1	%		74.8	%	NM			NM
Consolidated
Total deposits	$	5.250		$	4.660		$	0.590			12.7	%
Total account balances		162.242			145.619			16.623			11.4	%
Total net flows		1.438			1.286			0.152			11.8	%

(1)	Includes deposits for mutual funds. Mutual fund account values are not included in the separate
	accounts reported on our Consolidated Balance Sheets, as we do not have any ownership interest in them.
(2)	Represents combined loss ratio for life, disability and dental businesses.

3/31/2011											PAGE 3
Financial Highlights (Continued)
Unaudited (millions of dollars)
		For the Three Months Ended March 31,
								Change
		2011			2010			Amount			%
Balance Sheet Assets - End-of-Period		$	198,317.1		$	181,621.4		$	16,695.7			9.2	%
Stockholders' Equity
Beginning-of-period, including AOCI		$	12,805.8		$	11,700.2		$	1,105.6			9.4	%
End-of-period, including AOCI			13,089.7			12,368.5			721.2			5.8	%
End-of-period, excluding AOCI			12,307.1			12,066.3			240.8			2.0	%
Average equity, excluding AOCI			12,182.6			12,013.9			168.7			1.4	%
Return on Equity, Excluding AOCI
Income (loss) from operations with average equity:
Including goodwill			11.5	%		9.2	%
Excluding goodwill			15.3	%		12.3	%
Return on Capital
Income (loss) from operations/average capital			8.8	%		7.4	%
Common Shares Outstanding
Average for the period - basic			315.0			302.2			12.8			4.2	%
Average for the period - diluted			322.9			312.1			10.8			3.5	%
End-of-period - assuming conversion of preferreds (1)			313.6			302.6			11.0			3.6	%
End-of-period - diluted			321.3			313.0			8.3			2.7	%
Book value per common share, including AOCI (2)		$	41.74		$	38.19		$	3.55			9.3	%
Book value per common share, excluding AOCI (2)			39.24			37.19			2.05			5.5	%
Cash Returned to Common Stockholders
Share repurchase - dollar amount		$	75.00		$	-		$	75.00		NM
Common dividends declared			15.80			3.00			12.80		NM
Total Cash Returned to Common Stockholders		$	90.80		$	3.00		$	87.80		NM
Share repurchase - number of shares			2.41			-			2.41		NM
Dividend declared on common stock - per share		$	0.050		$	0.010		$	0.040		NM
Dividend payout ratio			4.8	%		1.2	%
Annualized yield (3)			0.7	%		0.1	%
Comprehensive Income (Loss)	��
Net income (loss)		$	339.4		$	283.4		$	56.0			19.8	%
Net unrealized gain (loss) on available-for-sale securities			22.0			551.2			(529.2	)		-96.0	%
Unrealized other-than-temporary impairment on available-for-sale securities			20.4			1.2			19.2		NM
Net unrealized gain (loss) on derivative instruments			(7.7	)		9.6			(17.3	)	NM
Foreign currency translation adjustment			1.0			(1.2	)		2.2			183.3	%
Funded status of employee benefit plans			(0.8	)		2.8			(3.6	)	NM
Comprehensive Income (Loss)		$	374.3		$	847.0		$	(472.7	)		-55.8	%
		As of March 31,
								Change
			2011			2010		Amount			%
Leverage Ratio
Short-term debt		$	351.6		$	101.2		$	250.4			247.4	%
Long-term debt			5,369.6			5,060.3			309.3			6.1	%
Total debt			5,721.2			5,161.5			559.7			10.8	%
Add:
Series B preferred stock liquidation value			-			950.0			(950.0	)		-100.0	%
Less:
Long-term operating debt (4)			1,122.2			623.2			499.0			80.1	%
75% of capital securities			1,114.1			1,113.9			0.2			0.0	%
Carrying value of fair value hedge			25.1			63.2			(38.1	)		-60.3	%
Total numerator		$	3,459.7		$	4,311.2		$	(851.4	)		-19.7	%
Stockholders' equity, excluding AOCI		$	12,307.1		$	12,066.3		$	240.8			2.0	%
Total debt			5,721.2			5,161.5			559.7			10.8	%
Total denominator		$	18,028.3		$	17,227.8		$	800.5			4.6	%
Leverage Ratio			19.2	%		25.0	%
		Ratings as of April 27, 2011
		A.M. Best			Fitch			Moody's			Standard & Poor's
Senior Debt Ratings		a-			BBB+			Baa2			A-
Financial Strength Ratings
Lincoln National Life Insurance Company		A+			A+			A2			AA-
First Penn-Pacific Life Insurance Company		A+			A+			A2			A+
Lincoln Life & Annuity Company of New York		A+			A+			A2			AA-

(1)	The holders of our Series B preferred stock have no right to exchange or convert such shares into any other securities, therefore
	these shares have not been converted in this calculation.
(2)	These computations exclude Series B preferred stock balances as it is non-convertible.
(3)	Indicated dividend divided by the closing price.
(4)	We have categorized as operating debt the senior notes issued in October 2007 and June 2010 because the proceeds were used as a
	long-term structured solution to reduce the strain on increasing statutory reserves associated with secondary guarantee UL and
	term policies and the senior note issued in September 2008 by our primary insurance subsidiary.

3/31/2011																PAGE 4
Consolidated Operating Expense Detail
Unaudited (in millions)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Commissions	$	379.7		$	390.0		$	408.3		$	437.1		$	416.9			9.8	%
General and Administrative Expenses
General and administrative expenses		307.0			330.1			336.2			440.0			340.0			10.7	%
Expenses associated with reserve financing and unrelated letters of credit ("LOCs")		3.8			8.1			12.4			9.7			11.4			200.0	%
Merger-related expenses (1)		2.3			2.2			2.4			1.9			1.6			-30.4	%
Total General and Administrative Expenses, Excluding Broker-Dealer		313.1			340.4			351.0			451.6			353.0			12.7	%
Communications expenses		13.8			14.5			14.9			16.0			16.7			21.0	%
Restructuring charges (recoveries) for expense initiatives		-			-			-			(1.2	)		-		NM
Taxes, licenses and fees		57.5			41.7			47.8			53.3			61.8			7.5	%
Interest and debt expense		68.1			69.0			74.5			74.3			71.6			5.1	%
Total Commissions and Expenses Incurred		832.2			855.6			896.5			1,031.1			920.0			10.6	%
Less: Commissions and Expenses Capitalized		(385.1	)		(401.2	)		(412.1	)		(468.3	)		(411.6	)		-6.9	%
Total Expenses Incurred, Excluding Amortization and Broker-Dealer Expenses		447.1			454.4			484.4			562.8			508.4			13.7	%
Amortization
Amortization of DAC and VOBA, net of interest		258.1			296.9			194.3			332.5			195.6			-24.2	%
Amortization of intangibles		1.0			1.1			1.0			1.1			1.0			0.0	%
Total Amortization		259.1			298.0			195.3			333.6			196.6			-24.1	%
Broker-Dealer Commissions and Other Expenses		73.6			77.3			77.6			87.2			90.8			23.4	%
Total	$	779.8		$	829.7		$	757.3		$	983.6		$	795.8			2.1	%

(1) Represents merger-related expenses included in general and administrative expenses and restructuring charges.

3/31/2011																PAGE 5
Selected Financial Results Summary
Unaudited (millions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Operating Revenues
Annuities	$	629.9		$	644.6		$	660.3		$	719.9		$	731.9			16.2	%
Defined Contribution		240.5			245.3			244.6			257.3			263.3			9.5	%
Total Retirement Solutions		870.4			889.9			904.9			977.2			995.2			14.3	%
Life Insurance		1,128.3			1,136.0			1,107.9			1,217.4			1,147.0			1.7	%
Group Protection		445.2			470.1			451.5			464.3			477.9			7.3	%
Total Insurance Solutions		1,573.5			1,606.1			1,559.4			1,681.7			1,624.9			3.3	%
Other Operations		123.4			120.6			121.6			121.6			116.4			-5.7	%
Total Operating Revenues		2,567.3			2,616.6			2,585.9			2,780.5			2,736.5			6.6	%
Excluded realized gain (loss), pre-tax (1)		(40.9	)		(11.1	)		25.5			(119.8	)		(23.5	)		42.5	%
Amortization of DFEL associated with benefit ratio unlocking, pre-tax		0.3			(1.6	)		0.7			0.5			0.2			-33.3	%
Amortization of deferred gains arising from reserve changes on business sold through reinsurance, pre-tax		0.7			0.6			0.7			0.6			0.7			0.0	%
Total Revenues	$	2,527.4		$	2,604.5		$	2,612.8		$	2,661.8		$	2,713.9			7.4	%
Income (Loss) from Operations
Annuities	$	118.7		$	116.4		$	126.1		$	123.2		$	147.0			23.8	%
Defined Contribution		35.9			36.0			49.9			32.5			48.7			35.7	%
Total Retirement Solutions		154.6			152.4			176.0			155.7			195.7			26.6	%
Life Insurance		136.7			151.2			59.9			165.5			166.3			21.7	%
Group Protection		21.4			22.7			9.5			18.0			24.4			14.0	%
Total Insurance Solutions		158.1			173.9			69.4			183.5			190.7			20.6	%
Other Operations		(36.6	)		(36.1	)		(39.7	)		(73.7	)		(36.9	)		-0.8	%
Income (Loss) from Operations		276.1			290.2			205.7			265.5			349.5			26.6	%
Excluded realized gain (loss), after-tax (1) (2)		(26.5	)		(7.3	)		16.5			(77.8	)		(15.3	)		42.3	%
Benefit ratio unlocking, after-tax (1) (2)		5.5			(30.9	)		25.1			10.7			4.8			-12.7	%
Income (loss) from reserve changes (net of related amortization) on business sold through reinsurance, after-tax (2)		0.4			0.5			0.5			0.3			0.4			0.0	%
Gain (loss) on early extinguishment of debt, after-tax (2)		-			-			-			(3.1	)		-		NM
Income (loss) from discontinued operations, after-tax (3)		27.9			2.7			(1.7	)		-			-			-100.0	%
Net Income (Loss)		283.4			255.2			246.1			195.6			339.4			19.8	%
Preferred stock dividends and accretion of discount		(18.4	)		(18.3	)		-			-			-			100.0	%
Write-off of unamortized discount on preferred stock at redemption		-			(130.6	)		-			-			-		NM
Adjustment for deferred units of LNC stock in our non-director deferred compensation plans (4)		-			(1.9	)		(1.0	)		-			-		NM
Net Income (Loss) Available to Common Stockholders - Diluted	$	265.0		$	104.4		$	245.1		$	195.6		$	339.4			28.1	%
Stockholders' Equity
Beginning-of-period, including AOCI	$	11,700.2		$	12,368.5		$	12,637.3		$	13,557.5		$	12,805.8
End-of-period, including AOCI		12,368.5			12,637.3			13,557.5			12,805.8			13,089.7
End-of-period, excluding AOCI		12,066.3			11,699.4			11,896.0			12,058.1			12,307.1
Average Stockholders' Equity
Average equity, including average AOCI	$	12,034.3		$	12,502.9		$	13,097.4		$	13,181.7		$	12,947.8
Average AOCI		20.4			620.0			1,299.7			1,204.6			765.2
Average equity, excluding AOCI		12,013.9			11,882.9			11,797.7			11,977.1			12,182.6
Average goodwill		3,013.5			3,013.5			3,016.5			3,019.4			3,019.4
Average equity, excluding AOCI and goodwill	$	9,000.4		$	8,869.4		$	8,781.2		$	8,957.7		$	9,163.2
Restructuring Charges (Recoveries), After-Tax	$	-		$	-		$	-		$	(0.8	)	$	-
Common Shares Outstanding
Average for the period - basic		302.2			304.5			316.7			316.4			315.0
Average for the period - diluted		312.1			314.6			325.7			323.4			322.9
End-of-period - diluted		313.0			325.9			324.3			323.2			321.3
Earnings (Loss) Per Common Share - Diluted
Income (loss) from operations	$	0.83		$	0.86		$	0.63		$	0.82		$	1.08
Net income (loss)		0.85			0.33			0.75			0.60			1.05
Stockholders' Equity Per Common Share
Stockholders' equity, including AOCI (5)	$	38.19		$	39.89		$	42.78		$	40.54		$	41.74
Stockholders' equity, excluding AOCI (5)		37.19			36.93			37.54			38.17			39.24
Dividends declared (common stock)		0.010			0.010			0.010			0.050			0.050
Return on Equity, Excluding AOCI
Net income (loss) with average equity including goodwill		9.4	%		8.6	%		8.3	%		6.5	%		11.1	%
Income (loss) from operations with average equity including goodwill		9.2	%		9.8	%		7.0	%		8.9	%		11.5	%
Income (loss) from operations with average equity excluding goodwill		12.3	%		13.1	%		9.4	%		11.9	%		15.3	%
Market Value of Common Shares
Highest price	$	30.74		$	33.55		$	26.83		$	29.12		$	32.68
Lowest price		22.52			23.86			20.65			23.17			28.00
Closing price		30.70			24.29			23.92			27.81			30.04

(1)	See page 6 for detail.
(2)	We use our prevailing corporate federal income tax rate of 35% while taking into account any permanent differences for events recognized
	differently in our financial statements and federal income tax returns when reconciling our non-GAAP measures to the most comparable
	GAAP measure.
(3)	Includes discontinued operations and the loss on disposal. See Discontinued Operations on page 26 for details.
(4)	The numerator used in the calculation of our diluted EPS is adjusted down for the removal of the favorable mark-to-market adjustment for
	deferred units of LNC stock in our non-director deferred compensation plans if the effect of equity classification would be more dilutive to
	our diluted EPS.
(5)	These computations exclude Series B preferred stock balances as it is non-convertible.

3/31/2011																PAGE 6
Details Underlying Realized Gain (Loss), After-DAC and Benefit Ratio Unlocking
Unaudited (millions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Components of Operating Realized Gain (Loss)
Indexed annuity net derivatives results (1)	$	0.4		$	(0.7	)	$	0.7		$	0.8		$	1.1			175.0	%
GLB (2)		15.0			16.3			17.5			19.2			20.5			36.7	%
Total operating realized gain (loss), pre-tax		15.4			15.6			18.2			20.0			21.6			40.3	%
Federal income tax expense (benefit) (3)		5.3			5.6			6.3			7.0			7.6			43.4	%
Total operating realized gain (loss), after-tax	$	10.1		$	10.0		$	11.9		$	13.0		$	14.0			38.6	%
Components of Excluded Realized Gain (Loss)
Realized gain (loss) related to certain investments (4)	$	(55.0	)	$	(5.1	)	$	(26.1	)	$	(94.2	)	$	(17.1	)		68.9	%
Gain (loss) on certain derivative instruments, including those associated with our consolidated VIEs, and trading securities (5)		12.6			(45.8	)		105.6			2.5			10.2			-19.0	%
GLB net derivatives results (6)		11.9			10.8			(7.7	)		(21.5	)		(9.0	)	NM
GDB derivatives results (7)		(13.0	)		25.7			(45.8	)		(19.4	)		(10.1	)		22.3	%
Indexed annuity forward-starting option (8)		2.6			3.3			(0.5	)		12.8			2.5			-3.8	%
Total excluded realized gain (loss), pre-tax		(40.9	)		(11.1	)		25.5			(119.8	)		(23.5	)		42.5	%
Federal income tax expense (benefit) (3)		(14.4	)		(3.8	)		9.0			(42.0	)		(8.2	)		43.1	%
Total excluded realized gain (loss), after-tax	$	(26.5	)	$	(7.3	)	$	16.5		$	(77.8	)	$	(15.3	)		42.3	%
Total Realized Gain (Loss), After-Tax	$	(16.4	)	$	2.7		$	28.4		$	(64.8	)	$	(1.3	)		92.1	%
Components of GLB Net Derivatives Results
Net valuation premium, net of reinsurance	$	25.8		$	27.7		$	29.8		$	32.7		$	35.3			36.8	%
Change in reserves hedged:
Unlocking		-			-			14.7			36.3			-		NM
Other		190.0			(1,402.0	)		218.3			1,196.4			294.9			55.2	%
Change in market value of derivative assets		(198.0	)		1,248.5			(214.3	)		(1,198.5	)		(350.2	)		-76.9	%
Hedge program effectiveness (ineffectiveness)		(8.0	)		(153.5	)		18.7			34.2			(55.3	)	NM
Change in reserves not hedged (NPR component)		(0.9	)		151.0			(40.7	)		(95.1	)		13.1		NM
Change in derivative assets not hedged (NPR component)		(1.0	)		(8.1	)		3.8			0.1			-			100.0	%
Associated amortization expense of DAC, VOBA, DSI and DFEL:
Unlocking		4.7			5.2			(21.9	)		(10.4	)		(11.8	)	NM
Other amortization		(8.7	)		(11.5	)		2.6			17.0			9.7			211.5	%
GLB net derivatives results, pre-tax	$	11.9		$	10.8		$	(7.7	)	$	(21.5	)	$	(9.0	)	NM
Components of Benefit Ratio Unlocking (3)
GLB benefit ratio unlocking, after-tax	$	0.6		$	(3.0	)	$	2.8		$	1.2		$	1.1			83.3	%
GDB benefit ratio unlocking, after-tax		4.9			(27.9	)		22.3			9.5			3.7			-24.5	%
Total benefit ratio unlocking, after-tax	$	5.5		$	(30.9	)	$	25.1		$	10.7		$	4.8			-12.7	%
GDB Benefit Ratio Unlocking, Net of Derivative Results (3)
GDB benefit ratio unlocking, after-tax	$	4.9		$	(27.9	)	$	22.3		$	9.5		$	3.7			-24.5	%
GDB derivatives results, after-tax		(8.4	)		16.6			(29.7	)		(12.6	)		(6.6	)		21.4	%
GDB benefit ratio unlocking, net of derivative results, after-tax	$	(3.5	)	$	(11.3	)	$	(7.4	)	$	(3.1	)	$	(2.9	)		17.1	%

(1)	Represents the net difference between the change in the fair value of the S&P 500 Index® call options that we hold and the
	change in the fair value of the embedded derivative liabilities of our indexed annuity products.  The change in the fair value
	of the liability for the embedded derivative represents the amount that is credited to the indexed annuity contract.
(2)	Represents the "risk/profit margin" portion of the attributed GLB rider fees. We have certain GLB variable annuity riders with
	GWB and GIB features that are embedded derivatives.  We attribute to the embedded derivative the portion of total fees collected
	from the contract holder that relates to the GLB riders (the “attributed fees”).  These attributed fees represent the present value
	of future claims expected to be paid for the GLB at the inception of the contract (the “net valuation premium”) plus a margin that a
	theoretical market participant would include for risk/profit (the “risk/profit margin”).  We include the net valuation premium of the
	GLB attributed rider fees in excluded realized gain (loss).  For our Retirement Solutions – Annuities and Retirement Solutions –
	Defined Contribution segments, the total fees collected from the contract holders in excess of the GLB attributed fees are
	reported in insurance fees.
(3)	We use our prevailing corporate federal income tax rate of 35% while taking into account any permanent differences for events
	recognized differently in our financial statements and federal income tax returns when reconciling our non-GAAP measures to
	the most comparable GAAP measure.
(4)	See page 28 for detail.
(5)	Represents changes in the fair values of certain derivative investments (including the credit default swaps and contingent forwards
	associated with consolidated VIEs), total return swaps (embedded derivatives that are theoretically included in our various modified
	coinsurance and coinsurance with funds withheld reinsurance arrangements that have contractual returns related to various assets
	and liabilities associated with these arrangements) and trading securities.
(6)	Represents the net valuation premium, the change in the fair value of the embedded derivative liabilities of our GLB products, the
	change in the fair value of the derivative instruments we own to hedge the embedded derivative, the cost of purchasing the
	derivative instruments, and the associated changes to DAC, VOBA, DSI, and DFEL.
(7)	Represents the change in the fair value of the derivatives we own to hedge the change in the GDB riders.
(8)	Represents changes in the fair value of 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.

3/31/2011																PAGE 7
Consolidated Statements of Income (Loss)
Unaudited (in millions)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Revenues
Insurance premiums	$	531.8		$	551.4		$	537.7		$	555.4		$	567.8			6.8	%
Surrender charges		42.7			34.5			32.1			30.6			34.2			-19.9	%
Mortality assessments		317.9			325.3			319.9			324.4			324.7			2.1	%
Expense assessments		427.5			433.4			417.5			528.1			458.8			7.3	%
Net investment income		1,106.1			1,119.8			1,132.3			1,182.7			1,191.2			7.7	%
Realized gain (loss):
Total other-than-temporary impairment losses on securities		(75.9	)		(11.6	)		(98.5	)		(53.7	)		(44.8	)		41.0	%
Portion of loss recognized in other comprehensive income		23.5			-			53.0			11.6			6.0			-74.5	%
Net other-than-temporary impairment losses on securities recognized in earnings		(52.4	)		(11.6	)		(45.5	)		(42.1	)		(38.8	)		26.0	%
Realized gain (loss), excluding other-than-temporary impairment losses on securities		26.9			16.1			89.2			(57.7	)		36.9		NM
Total realized gain (loss) (1)		(25.5	)		4.5			43.7			(99.8	)		(1.9	)		92.5	%
Amortization of deferred gains on business sold through reinsurance		18.9			18.6			18.8			18.8			18.7			-1.1	%
Other revenues and fees		108.0			117.0			110.8			121.7			120.4			11.5	%
Total Revenues		2,527.4			2,604.5			2,612.8			2,661.9			2,713.9			7.4	%
Benefits and Expenses
Interest credited		617.7			613.0			621.8			632.0			613.6			-0.7	%
Benefits		779.2			839.2			925.0			787.1			834.6			7.1	%
Underwriting, acquisition, insurance and other expenses		713.7			753.1			688.5			911.4			725.4			1.6	%
Interest and debt expense		68.1			69.0			74.5			79.1			71.6			5.1	%
Total Benefits and Expenses		2,178.7			2,274.3			2,309.8			2,409.6			2,245.2			3.1	%
Income (loss) from continuing operations before taxes		348.7			330.2			303.0			252.3			468.7			34.4	%
Federal income tax expense (benefit)		93.2			77.7			55.2			56.7			129.3			38.7	%
Income (Loss) from Continuing Operations		255.5			252.5			247.8			195.6			339.4			32.8	%
Income (loss) from discontinued operations, net of federal income taxes (2)		27.9			2.7			(1.7	)		-			-			-100.0	%
Net Income (Loss)		283.4			255.2			246.1			195.6			339.4			19.8	%
Preferred stock dividends and accretion of discount		(18.4	)		(18.3	)		-			-			-			100.0	%
Write-off of unamortized discount on preferred stock at liquidation		-			(130.6	)		-			-			-		NM
Adjustment for deferred units of LNC stock in our non-director deferred compensation plans (3)		-			(1.9	)		(1.0	)		-			-		NM
Net Income (Loss) Available to Common Stockholders - Diluted	$	265.0		$	104.4		$	245.1		$	195.6		$	339.4			28.1	%
Earnings (Loss) Per Common Share (Diluted)
Income (loss) from continuing operations	$	0.76		$	0.32		$	0.76		$	0.60		$	1.05			38.2	%
Income (loss) from discontinued operations, net of federal income taxes (2)		0.09			0.01			(0.01	)		-			-			-100.0	%
Net Income (Loss)	$	0.85		$	0.33		$	0.75		$	0.60		$	1.05			23.5	%

(1)	See page 6 for detail.
(2)	Contains discontinued operations and the loss on disposition.  See Discontinued Operations on page 26 for additional details.
(3)	The numerator used in the calculation of our diluted EPS is adjusted down for the removal of the favorable mark-to-market adjustment
	for deferred units of LNC stock in our non-director deferred compensation plans if the effect of equity classification would be more
	dilutive to our diluted EPS.

3/31/2011													PAGE 8
Consolidated Roll Forwards of DAC, VOBA, DSI and DFEL
Unaudited (in millions)
	For the Three Months Ended
	March			June			Sept.			Dec.			March
DAC and VOBA	2010			2010			2010			2010			2011
Balance as of beginning-of-period	$	9,509.6		$	9,195.1		$	8,534.5		$	7,918.5		$	8,930.3
Deferrals		385.1			401.2			412.1			468.3			411.6
Amortization, net of interest:
Unlocking		43.3			21.7			62.8			(9.7	)		109.7
Amortization, net of interest, excluding unlocking		(301.4	)		(318.6	)		(257.1	)		(322.8	)		(305.3	)
Deferrals, net of amortization included in operating
underwriting, acquisition, insurance and other expenses		127.0			104.3			217.8			135.8			216.0
Amortization, net of interest, associated with benefit ratio unlocking		(1.8	)		7.7			(5.8	)		(2.2	)		(1.1	)
Adjustment related to realized (gains) losses		(8.6	)		(26.6	)		4.8			(27.1	)		(25.7	)
Adjustment related to unrealized (gains) losses		(431.1	)		(746.0	)		(832.8	)		905.3			152.7
Balance as of End-of-Period	$	9,195.1		$	8,534.5		$	7,918.5		$	8,930.3		$	9,272.2
DSI
Balance as of beginning-of-period	$	323.3		$	299.4		$	288.6		$	268.7		$	285.6
Deferrals		19.5			17.7			16.2			12.1			9.8
Amortization, net of interest:
Unlocking		2.1			2.2			3.5			(3.8	)		2.8
Amortization, net of interest, excluding unlocking		(15.0	)		(14.2	)		(13.9	)		(14.4	)		(15.6	)
Deferrals, net of amortization included in operating
insurance benefits or interest credited		6.6			5.7			5.8			(6.1	)		(3.0	)
Amortization, net of interest, associated with benefit ratio unlocking		(0.2	)		1.0			(0.9	)		(0.3	)		(0.2	)
Adjustment related to realized (gains) losses		(1.9	)		(2.6	)		(3.9	)		(0.3	)		(0.7	)
Adjustment related to unrealized (gains) losses		(28.4	)		(14.9	)		(20.9	)		23.6			4.2
Balance as of End-of-Period	$	299.4		$	288.6		$	268.7		$	285.6		$	285.9
DFEL
Balance as of beginning-of-period	$	1,337.6		$	1,345.3		$	1,307.8		$	1,301.7		$	1,502.1
Deferrals		135.2			134.1			141.4			135.6			142.7
Amortization, net of interest:
Unlocking		(7.0	)		(7.8	)		9.8			(19.3	)		31.1
Amortization, net of interest, excluding unlocking		(44.0	)		(47.5	)		(35.2	)		(46.3	)		(36.4	)
Deferrals, net of amortization included in operating
expense assessments		84.2			78.8			116.0			70.0			137.4
Amortization, net of interest, associated with benefit ratio unlocking		(0.3	)		1.6			(0.7	)		(0.5	)		(0.2	)
Adjustment related to realized (gains) losses		(1.3	)		(2.8	)		0.2			(3.6	)		(3.7	)
Adjustment related to unrealized (gains) losses		(74.9	)		(115.1	)		(121.6	)		134.5			4.5
Balance as of End-of-Period	$	1,345.3		$	1,307.8		$	1,301.7		$	1,502.1		$	1,640.1

3/31/2011												PAGE 9
Consolidating Statements of Income (Loss) From Operations
For the Quarter Ended March 31, 2011
Unaudited (in millions)
	Retirement Solutions				Insurance Solutions
			Defined		Life		Group		Other
	Annuities		Contribution		Insurance		Protection		Operations (1)			Consolidated
Operating Revenues
Insurance premiums	$	23.1	$	-	$	108.1	$	436.6	$	0.1		$	567.9
Surrender charges		10.5		0.7		23.0		-		-			34.2
Mortality assessments		-		-		324.7		-		-			324.7
Expense assessments		299.4		53.9		104.7		-		-			458.0
Net investment income		288.1		204.9		579.1		39.1		80.1			1,191.3
Operating realized gain (loss) (2)		21.5		0.1		-		-		-			21.6
Amortization of deferred gain on business sold through reinsurance		-		-		-		-		18.0			18.0
Other revenues and fees		89.3		3.7		7.4		2.2		18.2			120.8
Total Operating Revenues		731.9		263.3		1,147.0		477.9		116.4			2,736.5
Operating Expenses
Interest credited		174.5		108.3		301.8		-		28.8			613.4
Benefits		35.4		-		447.5		327.6		32.5			843.0
Underwriting, acquisition, insurance and other expenses		333.4		84.8		150.3		112.7		43.0			724.2
Interest and debt expense		-		-		-		-		71.6			71.6
Total Operating Expenses		543.3		193.1		899.6		440.3		175.9			2,252.2
Income (loss) from operations before federal income taxes		188.6		70.2		247.4		37.6		(59.5	)		484.3
Federal income tax expense (benefit)		41.6		21.5		81.1		13.2		(22.6	)		134.8
Income (Loss) from Operations	$	147.0	$	48.7	$	166.3	$	24.4	$	(36.9	)	$	349.5

(1)	Includes inter-segment eliminations.
(2)	For detail, see pages 13 and 18.

3/31/2011												PAGE 10
Consolidating Statements of Income (Loss) From Operations
For the Quarter Ended March 31, 2010
Unaudited (in millions)
	Retirement Solutions				Insurance Solutions
			Defined		Life		Group		Other
	Annuities		Contribution		Insurance		Protection		Operations (1)			Consolidated
Operating Revenues
Insurance premiums	$	9.9	$	-	$	112.3	$	409.9	$	(0.3	)	$	531.8
Surrender charges		10.9		1.1		30.8		-		-			42.8
Mortality assessments		-		-		317.9		-		-			317.9
Expense assessments		249.2		49.1		128.7		-		-			427.0
Net investment income		270.8		186.2		530.1		33.6		85.4			1,106.1
Operating realized gain (loss) (2)		15.3		0.1		-		-		-			15.4
Amortization of deferred gain on business sold through reinsurance		-		-		-		-		18.2			18.2
Other revenues and fees		73.8		4.0		8.5		1.7		20.1			108.1
Total Operating Revenues		629.9		240.5		1,128.3		445.2		123.4			2,567.3
Operating Expenses
Interest credited		176.2		110.4		296.9		0.5		33.6			617.6
Benefits		43.8		2.0		398.9		310.7		34.1			789.5
Underwriting, acquisition, insurance and other expenses		259.8		77.9		230.5		101.1		42.6			711.9
Interest and debt expense		-		-		-		-		68.1			68.1
Total Operating Expenses		479.8		190.3		926.3		412.3		178.4			2,187.1
Income (loss) from operations before federal income taxes		150.1		50.2		202.0		32.9		(55.0	)		380.2
Federal income tax expense (benefit)		31.4		14.3		65.3		11.5		(18.4	)		104.1
Income (Loss) from Operations	$	118.7	$	35.9	$	136.7	$	21.4	$	(36.6	)	$	276.1

(1)	Includes inter-segment eliminations.
(2)	For detail, see pages 13 and 18.

3/31/2011													PAGE 11
Consolidated Balance Sheets and Selected Share Data
Unaudited (in millions)
	As of
	March			June			Sept.			Dec.			March
	2010			2010			2010			2010			2011
ASSETS
Investments:
Corporate bonds	$	47,284.8		$	50,245.6		$	52,907.1		$	51,740.5		$	53,174.8
U.S. Government bonds		198.3			209.0			218.1			164.8			161.8
Foreign government bonds		456.1			472.3			525.4			508.3			516.0
Mortgage-backed securities		11,365.4			11,605.9			11,493.7			10,890.4			10,541.6
Asset-backed securities		161.4			157.4			161.0			173.8			136.8
State and municipal bonds		2,198.1			2,539.9			2,961.3			3,155.4			3,280.0
Hybrid and redeemable preferred securities		1,216.7			1,160.9			1,448.7			1,397.0			1,420.0
VIEs' fixed maturity securities		579.5			581.4			585.3			583.7			586.8
Equity securities		310.0			245.9			205.3			197.2			144.6
Total available-for-sale securities		63,770.3			67,218.3			70,505.9			68,811.1			69,962.4
Trading securities		2,532.5			2,607.6			2,710.9			2,596.4			2,598.0
Mortgage loans on real estate		7,012.5			6,881.6			6,798.8			6,752.1			6,748.7
Real estate		200.6			218.2			218.9			202.1			188.9
Policy loans		2,902.8			2,901.8			2,879.1			2,864.7			2,837.1
Derivative investments		992.4			1,988.9			1,903.9			1,076.0			945.7
Other investments		1,046.4			1,136.8			1,096.5			1,037.7			1,029.4
Total investments		78,457.5			82,953.2			86,114.0			83,340.1			84,310.2
Cash and invested cash		3,444.7			3,699.6			3,546.7			2,741.4			2,216.4
DAC and VOBA		9,195.1			8,534.5			7,918.5			8,930.3			9,272.2
Premiums and fees receivable		397.4			316.6			308.2			334.6			400.8
Accrued investment income		940.0			945.4			988.7			932.8			988.9
Reinsurance recoverables		6,520.1			6,659.6			6,667.8			6,526.8			6,580.0
Goodwill		3,013.5			3,013.5			3,019.4			3,019.4			3,019.4
Other assets		3,223.9			3,162.8			3,350.9			3,368.2			3,292.9
Separate account assets		76,429.2			70,844.1			78,575.7			84,630.1			88,236.3
Total Assets	$	181,621.4		$	180,129.3		$	190,489.9		$	193,823.7		$	198,317.1
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Future contract benefits	$	17,281.4		$	18,731.1		$	18,533.2		$	17,562.0		$	17,313.1
Other contract holder funds		63,440.8			64,209.0			65,665.1			66,375.5			67,124.8
Short-term debt		101.2			99.4			101.0			351.4			351.6
Long-term debt categorized by standard rating agency leverage definitions:
Operating (see note (4) on page 3 for details)		623.2			1,122.2			1,122.2			1,122.2			1,122.2
Financial		4,437.1			4,742.5			4,821.0			4,276.8			4,247.4
Reinsurance related embedded derivatives		46.6			92.4			132.0			101.5			91.0
Funds withheld reinsurance liabilities		1,216.4			1,196.2			1,135.6			1,149.5			1,134.7
Deferred gain on indemnity reinsurance		524.7			505.9			487.1			468.3			449.6
Payables for collateral on investments		1,827.7			2,376.2			2,567.0			1,659.0			1,554.2
VIEs' liabilities		142.0			187.5			156.5			132.1			130.0
Other liabilities		3,182.6			3,385.5			3,636.0			3,189.5			3,472.5
Separate account liabilities		76,429.2			70,844.1			78,575.7			84,630.1			88,236.3
Total liabilities		169,252.9			167,492.0			176,932.4			181,017.9			185,227.4
Stockholders' Equity
Series A preferred stock		0.4			0.4			0.4			0.4			0.4
Series B preferred stock		812.8			-			-			-			-
Common stock		7,845.3			8,188.2			8,141.9			8,124.2			8,063.5
Retained earnings		3,407.8			3,510.8			3,753.7			3,933.5			4,243.2
AOCI:
Net unrealized gain (loss) on available-for-sale securities		600.6			1,267.2			2,060.1			1,071.8			1,093.8
Unrealized other-than-temporary impairment on available-for-sale securities		(113.9	)		(110.4	)		(131.7	)		(128.9	)		(108.5	)
Net unrealized gain (loss) on derivative instruments		21.0			(13.9	)		(60.5	)		(14.5	)		(22.2	)
Foreign currency translation adjustment		1.7			1.5			2.4			0.6			1.6
Funded status of employee benefit plans		(207.2	)		(206.5	)		(208.8	)		(181.3	)		(182.1	)
Total accumulated other comprehensive income (loss)		302.2			937.9			1,661.5			747.7			782.6
Total stockholders' equity		12,368.5			12,637.3			13,557.5			12,805.8			13,089.7
Total Liabilities and Stockholders' Equity	$	181,621.4		$	180,129.3		$	190,489.9		$	193,823.7		$	198,317.1
Share Data Per Common Share
Stockholders' equity per share	$	38.19		$	39.89		$	42.78		$	40.54		$	41.74
Book value, excluding AOCI		37.19			36.93			37.54			38.17			39.24
Common shares outstanding - assuming conversion of Series A preferred shares		302.6			316.8			316.9			315.9			313.6

3/31/2011												PAGE 12
Balance Sheet Data - Segment Highlights
Unaudited (in millions)
	Retirement Solutions				Insurance Solutions
As of March 31, 2011			Defined		Life		Group		Other
	Annuities		Contribution		Insurance		Protection		Operations (1)			Consolidated
Assets
Allocated investments and cash and invested cash (2)	$	22,673.7	$	14,246.1	$	38,926.4	$	2,720.5	$	7,959.9		$	86,526.6
DAC and VOBA		2,327.9		420.1		6,349.3		174.8		0.1			9,272.2
Goodwill		439.8		20.2		2,188.5		274.3		96.6			3,019.4
DSI and other intangibles		283.8		4.0		80.0		-		118.0			485.8
Reinsurance recoverables		469.4		-		2,037.5		45.2		4,027.9			6,580.0
Separate account assets		67,711.5		14,389.2		5,953.2		-		182.4			88,236.3
Liabilities and Capital
Future contract benefits		1,352.1		0.3		7,702.8		1,645.9		6,612.0			17,313.1
Other contract holder funds		20,165.9		12,950.8		32,872.7		269.5		865.9			67,124.8
Allocated capital (3)		2,985.4		1,070.8		8,506.3		1,174.8		(1,430.2	)		12,307.1

As of December 31, 2010
Assets
Allocated investments and cash and invested cash (2)	$	22,957.0	$	14,131.6	$	38,248.2	$	2,684.3	$	8,060.4		$	86,081.5
DAC and VOBA		2,250.5		359.9		6,144.8		175.0		0.1			8,930.3
Goodwill		439.8		20.2		2,188.5		274.3		96.6			3,019.4
DSI and other intangibles		283.6		3.9		81.0		-		118.1			486.6
Reinsurance recoverables		495.7		-		2,014.0		45.1		3,972.0			6,526.8
Separate account assets		64,782.4		13,916.9		5,749.3		-		181.5			84,630.1
Liabilities and Capital
Future contract benefits		1,809.6		1.5		7,553.7		1,606.8		6,590.4			17,562.0
Other contract holder funds		20,031.9		12,773.1		32,436.0		269.1		865.4			66,375.5
Allocated capital (3)		2,989.7		1,076.6		8,385.0		1,180.3		(1,573.5	)		12,058.1

(1)	Includes inter-segment eliminations.
(2)	Includes inter-segment cash management balances our segments utilize to borrow money to meet their short-term needs and also to invest short-term funds with
	other segments.  These balances eliminate in consolidation.
(3)	Allocated capital is based on internal economic capital models plus certain other items (principally intangibles, including DAC and VOBA, goodwill and other items).

3/31/2011																PAGE 13
Retirement Solutions - Annuities
Income (Loss) from Operations and Operational Data
Unaudited (millions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Operating Revenues
Insurance premiums (1)	$	9.9		$	9.8		$	15.7		$	17.6		$	23.1			133.3	%
Surrender charges		10.9			9.6			9.0			7.2			10.5			-3.7	%
Expense assessments		249.2			260.1			259.9			292.2			299.4			20.1	%
Net investment income		270.8			271.5			281.9			295.1			288.1			6.4	%
Operating realized gain (loss) (2)		15.3			15.5			18.1			19.9			21.5			40.5	%
Other revenues and fees (3)		73.8			78.1			75.7			87.9			89.3			21.0	%
Total Operating Revenues		629.9			644.6			660.3			719.9			731.9			16.2	%
Operating Expenses
Interest credited		176.2			176.9			183.5			188.9			174.5			-1.0	%
Benefits (1)		43.8			40.7			43.0			47.2			35.4			-19.2	%
Underwriting, acquisition, insurance and other expenses		259.8			282.0			297.5			328.9			333.4			28.3	%
Total Operating Expenses		479.8			499.6			524.0			565.0			543.3			13.2	%
Income (loss) from operations before federal income taxes		150.1			145.0			136.3			154.9			188.6			25.6	%
Federal income tax expense (benefit)		31.4			28.6			10.2			31.7			41.6			32.5	%
Income (Loss) from Operations	$	118.7		$	116.4		$	126.1		$	123.2		$	147.0			23.8	%
Effective Tax Rate		20.9	%		19.7	%		7.5	%		20.5	%		22.1	%
Average Stockholders' Equity, Excluding AOCI
Average equity, including goodwill	$	2,858.3		$	2,979.7		$	2,968.9		$	2,949.9		$	2,987.6
Average goodwill		439.8			439.8			439.8			439.8			439.8
Average equity, excluding goodwill	$	2,418.5		$	2,539.9		$	2,529.1		$	2,510.1		$	2,547.8
Return on Equity, Excluding AOCI
Including goodwill		16.6	%		15.6	%		17.0	%		16.7	%		19.7	%
Excluding goodwill		19.6	%		18.3	%		19.9	%		19.6	%		23.1	%
Income (Loss) from Operations - Basis Points on Average Account Values - Annualized		63			60			65			59			67			4
Operating Realized Gain (Loss) (2)
Indexed annuity net derivatives results (4)	$	0.4		$	(0.7	)	$	0.7		$	0.8		$	1.1			175.0	%
GLB (5)		14.9			16.2			17.4			19.1			20.4			36.9	%
Total Operating Realized Gain (Loss)	$	15.3		$	15.5		$	18.1		$	19.9		$	21.5			40.5	%
Underwriting, Acquisition, Insurance and Other Expenses
Commissions	$	150.0		$	176.7		$	189.1		$	180.9		$	176.6			17.7	%
General and administrative expenses		78.0			82.1			85.6			90.8			86.9			11.4	%
Inter-segment reimbursement associated with reserve financing and LOC expenses (6)		-			0.2			-			(1.0	)		(0.5	)	NM
Broker-dealer commissions and general and administrative expenses		73.6			77.3			77.6			87.2			90.8			23.4	%
Taxes, licenses and fees		9.1			6.1			3.4			5.6			9.4			3.3	%
Total commissions and expenses incurred		310.7			342.4			355.7			363.5			363.2			16.9	%
Less: commissions and expenses capitalized		(131.6	)		(164.5	)		(171.3	)		(156.1	)		(149.8	)		-13.8	%
Amortization of DAC and VOBA, net of interest		80.7			104.1			113.1			121.5			120.0			48.7	%
Total Underwriting, Acquisition, Insurance and Other Expenses	$	259.8		$	282.0		$	297.5		$	328.9		$	333.4			28.3	%
General and Administrative Expenses - Basis Points on Average Account Values - Annualized (7)		41			43			44			43			40			(1	)

(1)	Includes our single premium immediate annuities, which have a corresponding offset to benefits for changes in reserves.
(2)	Included in income (loss) from operations.
(3)	Other revenues and fees consists primarily of fees attributable to broker-dealer services that are subject to market volatility.
(4)	See note (1) on page 6 for details.
(5)	See note (2) on page 6 for details.
(6)	Represents reimbursements to Retirement Solutions - Annuities from the Insurance Solutions - Life Insurance segment for reserve financing,
	net of expenses incurred by Retirement Solutions - Annuities for its use of LOCs.  The inter-segment amounts are not reported on our
	Consolidated Statements of Income (Loss).
(7)	Includes distribution costs.

3/31/2011													PAGE 14
Retirement Solutions - Annuities
DAC, VOBA, DSI and DFEL Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March
DAC and VOBA	2010			2010			2010			2010			2011
Balance as of beginning-of-period	$	2,381.0		$	2,285.0		$	2,156.5		$	1,934.2		$	2,250.5
Deferrals		131.6			164.5			171.3			156.1			149.8
Amortization, net of interest:
Unlocking		59.4			27.5			16.2			12.8			29.0
Amortization, net of interest, excluding unlocking		(140.1	)		(131.6	)		(129.3	)		(134.3	)		(149.0	)
Deferrals, net of amortization included in operating underwriting, acquisition, insurance and other expenses		50.9			60.4			58.2			34.6			29.8
Amortization, net of interest, associated with benefit ratio unlocking		(1.3	)		7.2			(5.3	)		(2.2	)		(1.1	)
Adjustment related to realized (gains) losses		(11.5	)		(20.1	)		(19.2	)		(4.9	)		(8.4	)
Adjustment related to unrealized (gains) losses		(134.1	)		(176.0	)		(256.0	)		288.8			57.1
Balance as of End-of-Period	$	2,285.0		$	2,156.5		$	1,934.2		$	2,250.5		$	2,327.9
DSI
Balance as of beginning-of-period	$	320.6		$	296.9		$	286.3		$	266.7		$	283.6
Deferrals		19.4			17.7			16.1			12.0			9.7
Amortization, net of interest:
Unlocking		2.1			2.2			3.5			(3.7	)		2.8
Amortization, net of interest, excluding unlocking		(15.0	)		(14.1	)		(13.8	)		(14.1	)		(15.5	)
Deferrals, net of amortization included in operating interest credited		6.5			5.8			5.8			(5.8	)		(3.0	)
Amortization, net of interest, associated with benefit ratio unlocking		(0.2	)		1.0			(0.9	)		(0.3	)		(0.2	)
Adjustment related to realized (gains) losses		(1.9	)		(2.6	)		(3.8	)		(0.4	)		(0.7	)
Adjustment related to unrealized (gains) losses		(28.1	)		(14.8	)		(20.7	)		23.4			4.1
Balance as of End-of-Period	$	296.9		$	286.3		$	266.7		$	283.6		$	283.8
DFEL
Balance as of beginning-of-period	$	182.1		$	191.0		$	201.2		$	210.0		$	222.0
Deferrals		17.0			20.0			18.7			18.9			16.8
Amortization, net of interest:
Unlocking		1.1			(1.2	)		4.0			(3.8	)		0.2
Amortization, net of interest, excluding unlocking		(5.5	)		(5.8	)		(5.7	)		(5.7	)		(5.9	)
Deferrals, net of amortization included in operating expense assessments		12.6			13.0			17.0			9.4			11.1
Amortization, net of interest, associated with benefit ratio unlocking		(0.3	)		1.6			(0.7	)		(0.5	)		(0.2	)
Adjustment related to realized (gains) losses		(1.3	)		(2.6	)		(5.2	)		1.8			(1.7	)
Adjustment related to unrealized (gains) losses		(2.1	)		(1.8	)		(2.3	)		1.3			3.0
Balance as of End-of-Period	$	191.0		$	201.2		$	210.0		$	222.0		$	234.2

3/31/2011																PAGE 15
Retirement Solutions - Annuities
Account Value Roll Forwards and Information
Unaudited (in billions)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Fixed Annuities (1)
Balance as of beginning-of-period	$	19.940		$	20.042		$	20.397		$	21.075		$	20.952			5.1	%
Gross deposits		1.138			1.501			1.774			1.155			1.116			-1.9	%
Withdrawals and deaths		(0.486	)		(0.456	)		(0.485	)		(0.593	)		(0.513	)		-5.6	%
Net flows		0.652			1.045			1.289			0.562			0.603			-7.5	%
Transfers to variable annuities		(0.772	)		(0.801	)		(0.882	)		(0.942	)		(0.832	)		-7.8	%
Interest credited		0.203			0.093			0.255			0.245			0.214			5.4	%
Sales inducements deferred		0.019			0.018			0.016			0.012			0.010			-47.4	%
Balance as of End-of-Period (Gross)		20.042			20.397			21.075			20.952			20.947			4.5	%
Reinsurance ceded		(1.011	)		(0.994	)		(0.978	)		(0.962	)		(0.949	)		6.1	%
Balance as of End-of-Period (Net of Ceded)	$	19.031		$	19.403		$	20.097		$	19.990		$	19.998			5.1	%
Variable Annuities (2)
Balance as of beginning-of-period	$	55.368		$	57.815		$	53.921		$	60.132		$	64.858			17.1	%
Gross deposits		1.138			1.322			1.204			1.435			1.523			33.8	%
Withdrawals and deaths		(1.215	)		(1.214	)		(1.209	)		(1.454	)		(1.643	)		-35.2	%
Net flows		(0.077	)		0.108			(0.005	)		(0.019	)		(0.120	)		-55.8	%
Transfers from fixed annuities		0.772			0.800			0.882			0.942			0.832			7.8	%
Investment increase and change in market value		1.752			(4.802	)		5.334			3.803			2.217			26.5	%
Balance as of End-of-Period	$	57.815		$	53.921		$	60.132		$	64.858		$	67.787			17.2	%
Total Annuities
Balance as of beginning-of-period	$	75.308		$	77.857		$	74.318		$	81.207		$	85.810			13.9	%
Gross deposits		2.276			2.823			2.978			2.590			2.639			15.9	%
Withdrawals and deaths		(1.701	)		(1.670	)		(1.694	)		(2.047	)		(2.156	)		-26.7	%
Net flows		0.575			1.153			1.284			0.543			0.483			-16.0	%
Transfers between fixed and variable accounts		-			(0.001	)		-			-			-		NM
Interest credited and change in market value		1.955			(4.709	)		5.589			4.048			2.431			24.3	%
Sales inducements deferred		0.019			0.018			0.016			0.012			0.010			-47.4	%
Balance as of End-of-Period (Gross)		77.857			74.318			81.207			85.810			88.734			14.0	%
Reinsurance ceded		(1.011	)		(0.994	)		(0.978	)		(0.962	)		(0.949	)		6.1	%
Balance as of End-of-Period (Net of Ceded)	$	76.846		$	73.324		$	80.229		$	84.848		$	87.785			14.2	%
Variable Annuities Under Agreement - Included Above	$	0.082		$	0.071		$	0.074		$	0.076		$	0.076			-7.3	%
Incremental Deposits (3)
Fixed annuities	$	1.137		$	1.500		$	1.772		$	1.154		$	1.114			-2.0	%
Variable annuities		1.134			1.319			1.198			1.431			1.515			33.6	%
Total Incremental Deposits	$	2.271		$	2.819		$	2.970		$	2.585		$	2.629			15.8	%

(1)	Includes the fixed portion of variable annuities.
(2)	Excludes the fixed portion of variable annuities.
(3)	Represents gross deposits reduced by transfers from other Lincoln products.

3/31/2011																PAGE 16
Retirement Solutions - Annuities
Account Value Information
Unaudited (billions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Fixed Annuities, Excluding Fixed Portion of Variable Contracts
Deposits	$	0.087		$	0.115		$	0.104		$	0.068		$	0.078			-10.3	%
Withdrawals and deaths		(0.264	)		(0.243	)		(0.256	)		(0.336	)		(0.266	)		-0.8	%
Net flows	$	(0.177	)	$	(0.128	)	$	(0.152	)	$	(0.268	)	$	(0.188	)		-6.2	%
Gross fixed contract account values	$	9.015		$	8.977		$	8.915		$	8.740		$	8.628			-4.3	%
Reinsurance ceded		(1.011	)		(0.994	)		(0.978	)		(0.962	)		(0.949	)		6.1	%
Net fixed contract account values	$	8.004		$	7.983		$	7.937		$	7.778		$	7.679			-4.1	%
Indexed Annuities
Deposits	$	0.324		$	0.522		$	0.854		$	0.327		$	0.377			16.4	%
Withdrawals and deaths		(0.124	)		(0.111	)		(0.130	)		(0.167	)		(0.158	)		-27.4	%
Net flows	$	0.200		$	0.411		$	0.724		$	0.160		$	0.219			9.5	%
Indexed Annuity Account Values	$	7.131		$	7.524		$	8.389		$	8.680		$	9.015			26.4	%
Fixed Portion of Variable Contracts
Deposits	$	0.727		$	0.864		$	0.817		$	0.759		$	0.661			-9.1	%
Withdrawals and deaths		(0.098	)		(0.102	)		(0.099	)		(0.090	)		(0.089	)		9.2	%
Net flows	$	0.629		$	0.762		$	0.718		$	0.669		$	0.572			-9.1	%
Fixed Portion of Variable Contract Account Values	$	3.896		$	3.896		$	3.771		$	3.532		$	3.304			-15.2	%
Variable Annuities, Including Fixed Portion of Variable Contracts
Deposits	$	1.865		$	2.186		$	2.021		$	2.194		$	2.184			17.1	%
Withdrawals and deaths		(1.313	)		(1.316	)		(1.308	)		(1.544	)		(1.732	)		-31.9	%
Net flows	$	0.552		$	0.870		$	0.713		$	0.650		$	0.452			-18.1	%
Variable Contract Account Values	$	61.711		$	57.817		$	63.903		$	68.390		$	71.091			15.2	%
Average Daily Variable Annuity Separate Account Values	$	55.809		$	56.788		$	57.255		$	62.832		$	66.459			19.1	%

3/31/2011																PAGE 17
Retirement Solutions - Annuities
Interest Rate Spread Information, GLB Expense Assessments,
GLB Attributed Fee and GLB Account Values by Type
Unaudited (billions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Interest Rate Spread (1)																(Basis Point) Change
Fixed maturity securities, mortgage loans on real estate and other, net of investment expenses		5.63	%		5.47	%		5.48	%		5.46	%		5.27	%		(36	)
Commercial mortgage loan prepayment and bond make whole premiums		0.02	%		0.09	%		0.13	%		0.26	%		0.26	%		24
Alternative investments		0.00	%		0.00	%		0.00	%		0.01	%		0.01	%		1
Net investment income yield on reserves		5.65	%		5.56	%		5.61	%		5.73	%		5.54	%		(11	)
Interest rate credited to contract holders		3.52	%		3.51	%		3.57	%		3.47	%		3.31	%		(21	)
Interest rate spread		2.13	%		2.05	%		2.04	%		2.26	%		2.23	%		10
Variable Annuity Expense Assessments (in millions) (2)	$	300.8		$	314.8		$	318.0		$	354.4		$	365.7			21.6	%
GLB Expense Assessments (in millions) (3)	$	63.6		$	67.6		$	71.6		$	76.5		$	81.7			28.5	%
Components of Attributed Fees on GLB (in millions)
Attributed fee included in operating revenues and income from operations (4)	$	22.8		$	24.0		$	25.3		$	26.6		$	28.1			23.2	%
Attributed fee excluded from operating revenues and income from operations (5)		28.9			30.8			32.8			35.7			38.3			32.5	%
Total Attributed Fees on GLB	$	51.7		$	54.8		$	58.1		$	62.3		$	66.4			28.4	%
GLB Account Values by Type
Guaranteed withdrawal benefits (6)	$	25.179		$	24.421		$	27.760		$	30.339		$	31.920			26.8	%
Guaranteed income benefits (7)		9.851			9.374			10.470			11.379			12.131			23.1	%
Total GLB Account Values	$	35.030		$	33.795		$	38.230		$	41.718		$	44.051			25.8	%

(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 invested assets on reserves.  We exclude net investment income earned on investments supporting
	statutory surplus, reverse repurchase agreement interest expense and inter-segment cash management account interest expense from
	our yield and spread calculations.  The average crediting rate is calculated using interest credited before DSI amortization, plus the
	immediate annuity reserve change (included within benefits), 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)	Comprised of the variable annuity expense assessments included in the expense assessments line item on page 13 and the amounts
	presented in the components of attributed fees on GLB, as described in note (4) and note (5) and disclosed above.
(3)	Comprised of the GLB expense assessments included in the expense assessments line item on page 13 and the amounts presented in
	the components of attributed fees on GLB, as described in note (4) and note (5) and disclosed above.
(4)	Includes the risk/profit margin portion of the GLB attributed rider fees in operating realized gain (loss) and the amount reported in
	expense assessments.  See note (2) on page 6 for further discussion.
(5)	Includes the net valuation premium of the GLB attributed rider fees in excluded realized gain (loss).  See note (6) on page 6 for
	further discussion.
(6)	Guaranteed withdrawal benefits include features that offer the contract holder a guarantee equal to the initial deposit (or contract
	value, if elected after issue), adjusted for any subsequent purchase payments or withdrawals.
(7)	For our guaranteed income benefits, we offer other product riders allowing variable annuity contract holders access and control
	during the income distribution phase of their contract.  This added flexibility allows the contract holder to access the account value
	for transfers, additional withdrawals and other service features, such as portfolio rebalancing.

3/31/2011																PAGE 18
Retirement Solutions - Defined Contribution
Income (Loss) from Operations, Operational Data and DAC, VOBA and DSI Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Operating Revenues
Surrender charges	$	1.1		$	0.7		$	0.7		$	0.7		$	0.7			-36.4	%
Expense assessments		49.1			48.7			47.4			52.3			53.9			9.8	%
Net investment income		186.2			191.2			191.9			199.9			204.9			10.0	%
Operating realized gain (loss) (1)		0.1			0.1			0.1			0.1			0.1			0.0	%
Other revenues and fees (2)		4.0			4.6			4.5			4.3			3.7			-7.5	%
Total Operating Revenues		240.5			245.3			244.6			257.3			263.3			9.5	%
Operating Expenses
Interest credited		110.4			110.0			110.2			109.4			108.3			-1.9	%
Benefits		2.0			0.1			(0.1	)		0.1			-			-100.0	%
Underwriting, acquisition, insurance and other expenses		77.9			85.1			65.5			102.9			84.8			8.9	%
Total Operating Expenses		190.3			195.2			175.6			212.4			193.1			1.5	%
Income (loss) from operations before federal income taxes		50.2			50.1			69.0			44.9			70.2			39.8	%
Federal income tax expense (benefit)		14.3			14.1			19.1			12.4			21.5			50.3	%
Income (Loss) from Operations	$	35.9		$	36.0		$	49.9		$	32.5		$	48.7			35.7	%
Effective Tax Rate		28.5	%		28.1	%		27.7	%		27.6	%		30.6	%
Average Stockholders' Equity, Excluding AOCI
Average equity, including goodwill	$	1,058.1		$	1,045.7		$	1,032.4		$	1,047.8		$	1,073.7
Average goodwill		20.2			20.2			20.2			20.2			20.2
Average equity, excluding goodwill	$	1,037.9		$	1,025.5		$	1,012.2		$	1,027.6		$	1,053.5
Return on Equity, Excluding AOCI
Including goodwill		13.6	%		13.8	%		19.3	%		12.4	%		18.1	%
Excluding goodwill		13.8	%		14.0	%		19.7	%		12.7	%		18.5	%
Income (Loss) from Operations - Basis Points on Average Account Values - Annualized		40			40			55			34			49			9
Operating Realized Gain (Loss) (1)
GLB (3)	$	0.1		$	0.1		$	0.1		$	0.1		$	0.1			0.0	%
Total Operating Realized Gain (Loss)	$	0.1		$	0.1		$	0.1		$	0.1		$	0.1			0.0	%
Underwriting, Acquisition, Insurance and Other Expenses
Commissions	$	16.3		$	15.8		$	15.2		$	17.2		$	17.0			4.3	%
General and administrative expenses		52.9			57.6			60.1			71.3			63.3			19.7	%
Taxes, licenses and fees		3.8			3.1			2.9			3.2			4.8			26.3	%
Total commissions and expenses incurred		73.0			76.5			78.2			91.7			85.1			16.6	%
Less: commissions and expenses capitalized		(15.9	)		(15.0	)		(15.1	)		(20.8	)		(16.5	)		-3.8	%
Amortization of DAC and VOBA, net of interest		20.8			23.6			2.4			32.0			16.2			-22.1	%
Total Underwriting, Acquisition, Insurance and Other Expenses	$	77.9		$	85.1		$	65.5		$	102.9		$	84.8			8.9	%
General and Administrative Expenses - Basis Points on Average Account Values - Annualized (4)		59			64			67			75			64			5
DAC and VOBA
Balance as of beginning-of-period	$	537.7		$	462.1		$	375.2		$	277.4		$	359.9
Deferrals		15.9			15.0			15.1			20.8			16.5
Amortization, net of interest:
Unlocking		(1.4	)		(3.6	)		17.3			(8.2	)		3.3
Amortization, net of interest, excluding unlocking		(19.4	)		(20.0	)		(19.7	)		(23.8	)		(19.5	)
Deferrals, net of amortization included in operating underwriting, acquisition, insurance and other expenses		(4.9	)		(8.6	)		12.7			(11.2	)		0.3
Amortization, net of interest, associated with benefit ratio unlocking		(0.4	)		0.5			(0.5	)		-			-
Adjustment related to realized (gains) losses		0.4			(2.0	)		0.9			0.9			-
Adjustment related to unrealized (gains) losses		(70.7	)		(76.8	)		(110.9	)		92.8			59.9
Balance as of End-of-Period	$	462.1		$	375.2		$	277.4		$	359.9		$	420.1
DSI
Balance as of beginning-of-period	$	2.7		$	2.5		$	2.3		$	1.9		$	2.0
Deferrals		0.1			-			-			0.1			-
Amortization, net of interest:
Unlocking		-			-			-			(0.2	)		0.1
Amortization, net of interest, excluding unlocking		(0.1	)		(0.1	)		(0.1	)		(0.1	)		(0.1	)
Deferrals, net of amortization included in operating interest credited		-			(0.1	)		(0.1	)		(0.2	)		-
Adjustment related to unrealized (gains) losses		(0.2	)		(0.1	)		(0.3	)		0.3			0.1
Balance as of End-of-Period	$	2.5		$	2.3		$	1.9		$	2.0		$	2.1

(1)	Included in income (loss) from operations.
(2)	Other revenues and fees consist primarily of mutual fund account program fees for mid-to-large employers.
(3)	See note (2) on page 6 for details.
(4)	Includes distribution costs.

3/31/2011																PAGE 19
Retirement Solutions - Defined Contribution
Account Value Roll Forwards and Information
Unaudited (in billions)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Fixed Annuities (1)
Balance as of beginning-of-period	$	12.246		$	12.420		$	12.580		$	12.734		$	12.779			4.4	%
Gross deposits		0.316			0.327			0.349			0.340			0.346			9.5	%
Withdrawals and deaths		(0.341	)		(0.406	)		(0.455	)		(0.477	)		(0.336	)		1.5	%
Net flows		(0.025	)		(0.079	)		(0.106	)		(0.137	)		0.010			140.0	%
Transfers from variable annuities		0.090			0.130			0.148			0.072			0.060			-33.3	%
Interest credited		0.109			0.109			0.112			0.110			0.107			-1.8	%
Balance as of End-of-Period	$	12.420		$	12.580		$	12.734		$	12.779		$	12.956			4.3	%
Variable Annuities (2)
Balance as of beginning-of-period	$	12.953		$	13.250		$	11.967		$	12.956		$	13.927			7.5	%
Gross deposits		0.441			0.362			0.368			0.443			0.415			-5.9	%
Withdrawals and deaths		(0.637	)		(0.527	)		(0.473	)		(0.521	)		(0.587	)		7.8	%
Net flows		(0.196	)		(0.165	)		(0.105	)		(0.078	)		(0.172	)		12.2	%
Transfers to fixed annuities		(0.022	)		(0.047	)		(0.079	)		(0.021	)		(0.050	)	NM
Investment increase and change in market value		0.515			(1.071	)		1.173			1.070			0.695			35.0	%
Balance as of End-of-Period	$	13.250		$	11.967		$	12.956		$	13.927		$	14.400			8.7	%
Total Annuities
Balance as of beginning-of-period	$	25.199		$	25.670		$	24.547		$	25.690		$	26.706			6.0	%
Gross deposits		0.757			0.689			0.717			0.783			0.761			0.5	%
Withdrawals and deaths		(0.978	)		(0.933	)		(0.928	)		(0.998	)		(0.923	)		5.6	%
Net flows		(0.221	)		(0.244	)		(0.211	)		(0.215	)		(0.162	)		26.7	%
Transfers between fixed and variable accounts		0.068			0.083			0.069			0.051			0.010			-85.3	%
Interest credited and change in market value		0.624			(0.962	)		1.285			1.180			0.802			28.5	%
Balance as of End-of-Period	$	25.670		$	24.547		$	25.690		$	26.706		$	27.356			6.6	%
Alliance and Smart Future Mutual Funds (3)
Balance as of beginning-of-period	$	10.103		$	11.029		$	10.493		$	11.398		$	12.118			19.9	%
Plan/participant rollovers		0.103			0.267			0.147			0.188			0.097			-5.8	%
Additional contributions		0.447			0.418			0.398			0.387			0.483			8.1	%
Gross deposits		0.550			0.685			0.545			0.575			0.580			5.5	%
Withdrawals and deaths		(0.220	)		(0.259	)		(0.612	)		(0.664	)		(0.284	)		-29.1	%
Net flows		0.330			0.426			(0.067	)		(0.089	)		0.296			-10.3	%
Transfers		(0.063	)		(0.071	)		(0.059	)		(0.058	)		(0.037	)		41.3	%
Other (4)		0.186			-			-			-			-			-100.0	%
Interest credited and change in market value		0.473			(0.891	)		1.031			0.867			0.575			21.6	%
Balance as of End-of-Period	$	11.029		$	10.493		$	11.398		$	12.118		$	12.952			17.4	%
Total Annuities and Mutual Funds
Balance as of beginning-of-period	$	35.302		$	36.699		$	35.040		$	37.088		$	38.824			10.0	%
Gross deposits		1.307			1.374			1.262			1.358			1.341			2.6	%
Withdrawals and deaths		(1.198	)		(1.192	)		(1.540	)		(1.662	)		(1.207	)		-0.8	%
Net flows		0.109			0.182			(0.278	)		(0.304	)		0.134			22.9	%
Transfers		0.005			0.012			0.010			(0.007	)		(0.027	)	NM
Other (4)		0.186			-			-			-			-			-100.0	%
Interest credited and change in market value		1.097			(1.853	)		2.316			2.047			1.377			25.5	%
Balance as of End-of-Period	$	36.699		$	35.040		$	37.088		$	38.824		$	40.308			9.8	%
Variable Annuities Under Agreement - Included Above	$	0.009		$	0.008		$	0.009		$	0.010		$	0.010			11.1	%
Incremental Deposits (5)
Fixed annuities	$	0.315		$	0.325		$	0.348		$	0.338		$	0.344			9.2	%
Variable annuities		0.440			0.362			0.368			0.442			0.119			-73.0	%
Total annuities incremental deposits		0.755			0.687			0.716			0.780			0.463			-38.7	%
Total Alliance mutual funds incremental deposits		0.550			0.686			0.545			0.575			0.580			5.5	%
Total Incremental Deposits	$	1.305		$	1.373		$	1.261		$	1.355		$	1.043			-20.1	%

(1)	Includes fixed annuity products offered under our mutual fund products and the fixed portion of variable annuities.
(2)	Excludes the fixed portion of variable annuities.
(3)	Includes mutual fund account values and other third party trustee-held assets as mentioned in note (4).  These items are not
	included in the separate accounts reported on our Consolidated Balance Sheets, as we do not have any ownership interest in them.
(4)	Represents LINCOLN ALLIANCE® program assets held by a third-party trustee that were not previously included in the
	account value roll forward.  Effective January 1, 2010, all such LINCOLN ALLIANCE® program activity was included in the
	account value roll forward.
(5)	Represents gross deposits reduced by transfers from other Lincoln products.

3/31/2011																PAGE 20
Retirement Solutions - Defined Contribution
Account Value Roll Forwards by Product
Unaudited (in billions)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Total Micro - Small Segment
Balance as of beginning-of-period	$	5.863		$	5.966		$	5.544		$	5.954		$	6.396			9.1	%
Gross deposits		0.342			0.265			0.277			0.358			0.326			-4.7	%
Withdrawals and deaths		(0.422	)		(0.334	)		(0.291	)		(0.330	)		(0.384	)		9.0	%
Net flows		(0.080	)		(0.069	)		(0.014	)		0.028			(0.058	)		27.5	%
Transfers between fixed and variable accounts		(0.001	)		-			(0.001	)		0.006			(0.006	)	NM
Investment increase and change in market value		0.184			(0.353	)		0.425			0.408			0.262			42.4	%
Balance as of End-of-Period	$	5.966		$	5.544		$	5.954		$	6.396		$	6.594			10.5	%
Total Mid - Large Segment
Balance as of beginning-of-period	$	13.653		$	14.767		$	14.384		$	15.398		$	16.207			18.7	%
Gross deposits		0.769			0.920			0.800			0.819			0.831			8.1	%
Withdrawals and deaths		(0.350	)		(0.455	)		(0.858	)		(0.895	)		(0.398	)		-13.7	%
Net flows		0.419			0.465			(0.058	)		(0.076	)		0.433			3.3	%
Transfers between fixed and variable accounts		0.006			0.012			0.011			(0.013	)		(0.021	)	NM
Other (1)		0.186			-			-			-			-			-100.0	%
Investment increase and change in market value		0.503			(0.860	)		1.061			0.898			0.605			20.3	%
Balance as of End-of-Period	$	14.767		$	14.384		$	15.398		$	16.207		$	17.224			16.6	%
Total Multi-Fund® and Other Variable Annuities
Balance as of beginning-of-period	$	15.786		$	15.966		$	15.112		$	15.736		$	16.221			2.8	%
Gross deposits		0.196			0.189			0.185			0.181			0.184			-6.1	%
Withdrawals and deaths		(0.426	)		(0.403	)		(0.391	)		(0.437	)		(0.425	)		0.2	%
Net flows		(0.230	)		(0.214	)		(0.206	)		(0.256	)		(0.241	)		-4.8	%
Investment increase and change in market value		0.410			(0.640	)		0.830			0.741			0.510			24.4	%
Balance as of End-of-Period	$	15.966		$	15.112		$	15.736		$	16.221		$	16.490			3.3	%
Total Annuities and Mutual Funds (2)
Balance as of beginning-of-period	$	35.302		$	36.699		$	35.040		$	37.088		$	38.824			10.0	%
Gross deposits		1.307			1.374			1.262			1.358			1.341			2.6	%
Withdrawals and deaths		(1.198	)		(1.192	)		(1.540	)		(1.662	)		(1.207	)		-0.8	%
Net flows		0.109			0.182			(0.278	)		(0.304	)		0.134			22.9	%
Transfers between fixed and variable accounts		0.005			0.012			0.010			(0.007	)		(0.027	)	NM
Other (1)		0.186			-			-			-			-			-100.0	%
Investment increase and change in market value		1.097			(1.853	)		2.316			2.047			1.377			25.5	%
Balance as of End-of-Period	$	36.699		$	35.040		$	37.088		$	38.824		$	40.308			9.8	%

(1)	Represents LINCOLN ALLIANCE® program assets held by a third-party trustee that were not previously included in the
	account value roll forward.  Effective January 1, 2010, all such LINCOLN ALLIANCE® program activity was included in
	the account value roll forward.
(2)	Includes mutual fund account values and other third party trustee-held assets as mentioned in note (1).  These items are not
	included in the separate accounts reported on our Consolidated Balance Sheets, as we do not have any ownership interest in them.

3/31/2011																PAGE 21
Retirement Solutions - Defined Contribution
Account Value and Interest Rate Spread Information
Unaudited (in billions)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Fixed Annuities, Excluding Fixed Portion of Variable Contracts
Deposits	$	0.236		$	0.250		$	0.272		$	0.259		$	0.269			14.0	%
Withdrawals and deaths		(0.174	)		(0.245	)		(0.291	)		(0.300	)		(0.160	)		8.0	%
Net flows	$	0.062		$	0.005		$	(0.019	)	$	(0.041	)	$	0.109			75.8	%
Fixed Contract Account Values	$	6.324		$	6.466		$	6.571		$	6.629		$	6.807			7.6	%
Fixed Portion of Variable Contracts
Deposits	$	0.080		$	0.077		$	0.077		$	0.081		$	0.077			-3.8	%
Withdrawals and deaths		(0.167	)		(0.162	)		(0.163	)		(0.177	)		(0.176	)		-5.4	%
Net flows	$	(0.087	)	$	(0.085	)	$	(0.086	)	$	(0.096	)	$	(0.099	)		-13.8	%
Fixed Portion of Variable Contract Account Values	$	6.096		$	6.114		$	6.163		$	6.150		$	6.149			0.9	%
Variable Annuities, Including Fixed Portion of Variable Contracts
Deposits	$	0.521		$	0.439		$	0.445		$	0.524		$	0.492			-5.6	%
Withdrawals and deaths		(0.804	)		(0.689	)		(0.636	)		(0.698	)		(0.763	)		5.1	%
Net flows	$	(0.283	)	$	(0.250	)	$	(0.191	)	$	(0.174	)	$	(0.271	)		4.2	%
Variable Contract Account Values	$	19.346		$	18.081		$	19.119		$	20.077		$	20.549			6.2	%
Average Daily Variable Annuity Separate Account Values	$	12.909		$	12.855		$	12.471		$	13.485		$	14.178			9.8	%
Interest Rate Spread (1)																(Basis Point) Change
Fixed maturity securities, mortgage loans on real estate and other, net of investment expenses		5.71	%		5.73	%		5.71	%		5.68	%		5.61	%		(10	)
Commercial mortgage loan prepayment and bond make whole premiums		0.01	%		0.04	%		0.04	%		0.20	%		0.35	%		34
Alternative investments		0.02	%		0.02	%		0.01	%		0.04	%		0.03	%		1
Net investment income yield on reserves		5.74	%		5.79	%		5.76	%		5.92	%		5.99	%		25
Interest rate credited to contract holders		3.58	%		3.51	%		3.47	%		3.42	%		3.36	%		(22	)
Interest rate spread		2.16	%		2.28	%		2.29	%		2.50	%		2.63	%		47

(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 invested assets on reserves.  We exclude net investment income earned on
	investments supporting statutory surplus from our spread calculations.  The average crediting rate is calculated as interest
	credited before DSI amortization, plus the immediate annuity reserve change (included within benefits), divided by the
	average fixed account values, including the fixed portion of variable annuities.

3/31/2011																PAGE 22
Insurance Solutions - Life Insurance
Income (Loss) from Operations, Operational Data and DAC, VOBA and DFEL Roll Forwards
Unaudited (millions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Operating Revenues
Insurance premiums	$	112.3		$	107.5		$	107.5		$	112.1		$	108.1			-3.7	%
Surrender charges		30.8			24.1			22.5			22.6			23.0			-25.3	%
Mortality assessments		317.9			325.3			319.9			324.3			324.7			2.1	%
Expense assessments		128.7			125.9			109.0			183.1			104.7			-18.6	%
Net investment income		530.1			545.0			542.8			567.9			579.1			9.2	%
Other revenues and fees		8.5			8.2			6.2			7.4			7.4			-12.9	%
Total Operating Revenues		1,128.3			1,136.0			1,107.9			1,217.4			1,147.0			1.7	%
Operating Expenses
Interest credited		296.9			298.8			299.5			302.9			301.8			1.7	%
Benefits		398.9			374.2			561.0			400.7			447.5			12.2	%
Underwriting, acquisition, insurance and other expenses		230.5			241.8			167.6			267.8			150.3			-34.8	%
Total Operating Expenses		926.3			914.8			1,028.1			971.4			899.6			-2.9	%
Income (loss) from operations before federal income taxes		202.0			221.2			79.8			246.0			247.4			22.5	%
Federal income tax expense (benefit)		65.3			70.0			19.9			80.5			81.1			24.2	%
Income (Loss) from Operations	$	136.7		$	151.2		$	59.9		$	165.5		$	166.3			21.7	%
Effective Tax Rate		32.3	%		31.6	%		24.9	%		32.7	%		32.8	%
Average Stockholders' Equity, Excluding AOCI
Average equity, including goodwill	$	8,254.0		$	8,405.0		$	8,433.9		$	8,403.4		$	8,445.6
Average goodwill		2,188.5			2,188.5			2,188.5			2,188.5			2,188.5
Average equity, excluding goodwill	$	6,065.5		$	6,216.5		$	6,245.4		$	6,214.9		$	6,257.1
Return on Equity, Excluding AOCI
Including goodwill		6.6	%		7.2	%		2.8	%		7.9	%		7.9	%
Excluding goodwill		9.0	%		9.7	%		3.8	%		10.7	%		10.6	%
Underwriting, Acquisition, Insurance and Other Expenses
Commissions	$	167.1		$	150.3		$	156.4		$	190.4		$	172.7			3.4	%
General and administrative expenses		103.2			105.2			110.5			132.4			112.8	��		9.3	%
Expenses associated with reserve financing		4.2			7.7			13.2			12.1			13.8			228.6	%
Taxes, licenses and fees		32.2			27.2			31.1			37.6			36.1			12.1	%
Amortization of sales force intangibles		1.0			1.0			1.0			1.0			1.0			0.0	%
Total commissions and expenses incurred		307.7			291.4			312.2			373.5			336.4			9.3	%
Less: commissions and expenses capitalized		(223.0	)		(208.2	)		(213.0	)		(270.7	)		(234.4	)		-5.1	%
Amortization of DAC and VOBA, net of interest		145.8			158.6			68.4			165.0			48.3			-66.9	%
Total Underwriting, Acquisition, Insurance and Other Expenses	$	230.5		$	241.8		$	167.6		$	267.8		$	150.3			-34.8	%
General and Administrative Expenses - Basis Points on Average Account Values - Annualized		129			131			137			160			133			4
DAC and VOBA
Balance as of beginning-of-period	$	6,427.9		$	6,285.0		$	5,836.9		$	5,538.6		$	6,144.8
Deferrals		223.0			208.2			213.0			270.7			234.4
Amortization, net of interest:
Unlocking		(14.7	)		(2.1	)		29.2			(14.2	)		77.5
Other amortization, net of interest, excluding unlocking		(131.1	)		(156.5	)		(97.6	)		(150.8	)		(125.8	)
Deferrals, net of amortization included in operating underwriting, acquisition, insurance and other expenses		77.2			49.6			144.6			105.7			186.1
Adjustment related to realized (gains) losses		2.5			(4.5	)		23.1			(23.0	)		(17.3	)
Adjustment related to unrealized (gains) losses		(222.6	)		(493.2	)		(466.0	)		523.5			35.7
Balance as of End-of-Period	$	6,285.0		$	5,836.9		$	5,538.6		$	6,144.8		$	6,349.3
DFEL
Balance as of beginning-of-period	$	1,155.2		$	1,154.0		$	1,106.3		$	1,091.4		$	1,279.9
Deferrals		118.3			114.1			122.7			116.6			125.9
Amortization, net of interest:
Unlocking		(8.1	)		(6.6	)		5.8			(15.4	)		30.9
Other amortization, net of interest, excluding unlocking		(38.5	)		(41.7	)		(29.5	)		(40.7	)		(30.5	)
Deferrals, net of amortization included in operating expense assessments		71.7			65.8			99.0			60.5			126.3
Adjustment related to realized (gains) losses		0.1			(0.4	)		5.3			(5.3	)		(2.0	)
Adjustment related to unrealized (gains) losses		(73.0	)		(113.1	)		(119.2	)		133.3			1.4
Balance as of End-of-Period	$	1,154.0		$	1,106.3		$	1,091.4		$	1,279.9		$	1,405.6

3/31/2011																PAGE 23
Insurance Solutions - Life Insurance
Additional Operational Data
Unaudited (billions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Sales by Product (in millions)
UL
Excluding MoneyGuard®	$	90.1		$	78.2		$	77.3		$	107.1		$	84.9			-5.8	%
MoneyGuard®		18.5			23.0			26.5			40.5			34.3			85.4	%
Total		108.6			101.2			103.8			147.6			119.2			9.8	%
VUL		7.7			9.7			10.8			14.8			10.0			29.9	%
COLI and BOLI (1)		6.8			10.3			17.8			28.0			17.0			150.0	%
Term		19.5			18.6			16.0			15.4			12.8			-34.4	%
Total	$	142.6		$	139.8		$	148.4		$	205.8		$	159.0			11.5	%
First Year Paid Premiums (in millions)
UL
Excluding MoneyGuard®	$	262.5		$	231.1		$	235.9		$	339.2		$	301.8			15.0	%
MoneyGuard®		122.4			153.9			177.4			259.9			225.8			84.5	%
Total		384.9			385.0			413.3			599.1			527.6			37.1	%
VUL		17.1			23.3			30.3			37.5			24.2			41.5	%
COLI and BOLI (1)		11.9			23.7			59.9			164.0			40.3			238.7	%
Term		19.5			18.6			16.0			15.4			12.8			-34.4	%
Total	$	433.4		$	450.6		$	519.5		$	816.0		$	604.9			39.6	%
Life Insurance In Force
UL and other	$	292.204		$	293.013		$	294.171		$	297.837		$	299.920			2.6	%
Term insurance		254.115			259.450			262.583			265.154			266.764			5.0	%
Total	$	546.319		$	552.463		$	556.754		$	562.991		$	566.684			3.7	%
																(Basis Point)
Interest-Sensitive Products Interest Rate Spreads(2)																Change
Fixed maturity securities, mortgage loans on real estate and other, net of investment expenses (3)		5.82	%		5.91	%		5.93	%		5.84	%		5.91	%		9
Commercial mortgage loan prepayment and bond make-whole premiums		0.05	%		0.07	%		0.03	%		0.21	%		0.04	%		(1	)
Alternative investments		0.18	%		0.19	%		0.11	%		0.18	%		0.32	%		14
Net investment income yield on reserves		6.05	%		6.17	%		6.07	%		6.23	%		6.27	%		22
Interest rate credited to contract holders		4.18	%		4.18	%		4.15	%		4.14	%		4.08	%		(10	)
Interest rate spread		1.87	%		1.99	%		1.92	%		2.09	%		2.19	%		32
Traditional Products Interest Rate Spreads(4)
Fixed maturity securities, mortgage loans on real estate and other, net of investment expenses		6.23	%		6.11	%		5.99	%		6.17	%		5.89	%		(34	)
Commercial mortgage loan prepayment and bond make-whole premiums		0.00	%		0.04	%		0.12	%		0.12	%		0.10	%		10
Alternative investments		0.02	%		0.01	%		0.01	%		0.03	%		0.02	%		-
Net investment income yield on reserves		6.25	%		6.16	%		6.12	%		6.32	%		6.01	%		(24	)

(1)	COLI and BOLI are interest-sensitive and contain both UL and VUL products.
(2)	For the interest-sensitive life products spread, the yield on earning assets is calculated as net investment income on fixed product investment
	portfolios divided by average earning assets.  We exclude net investment income earned on investments supporting statutory surplus and reverse
	repurchase agreement interest expense from our yield and spread calculations.  The average crediting rate is calculated using interest credited on
	life products divided by average fixed account values.
(3)	Our yields on net investment income have been lowered due to holding higher cash balances related to our short-term liquidity strategy during
	recent volatile markets.  The increased cash and short-term investment balances for the three months ended March 31, 2010, June 30, 2010, and
	December 31, 2010 reduced our yields by approximately 11 bps, 2 bps, and 1 bp, respectively.  There was no impact for the three months
	ended September 30, 2010 or March 31, 2011.
(4)	For the traditional life products, the yield on earning assets is calculated as net investment income on traditional investment portfolios divided by
	average earning assets.  As of March 31, 2011, interest-sensitive products represented approximately 88% of total interest-sensitive and traditional
	earning assets.

3/31/2011																PAGE 24
Insurance Solutions - Life Insurance
Account Value Roll Forwards
Unaudited (billions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Interest-Sensitive Life (1)
Balance as of beginning-of-period		28.192			28.355			28.584			28.794			29.365			4.2	%
Deposits		0.910			0.911			0.983			1.324			1.085			19.2	%
Withdrawals and deaths		(0.367	)		(0.314	)		(0.384	)		(0.318	)		(0.295	)		19.6	%
Net flows		0.543			0.597			0.599			1.006			0.790			45.5	%
Contract holder assessments		(0.673	)		(0.663	)		(0.687	)		(0.734	)		(0.715	)		-6.2	%
Interest credited		0.293			0.295			0.298			0.299			0.299			2.0	%
Balance as of End-of-Period (Gross)		28.355			28.584			28.794			29.365			29.739			4.9	%
Reinsurance ceded		(0.911	)		(0.903	)		(0.899	)		(0.888	)		(0.885	)		2.9	%
Balance as of End-of-Period (Net of Ceded)	$	27.444		$	27.681		$	27.895		$	28.477		$	28.854			5.1	%
VUL
Balance as of beginning-of-period	$	5.287		$	5.467		$	5.027		$	5.562		$	5.962			12.8	%
Deposits		0.167			0.152			0.247			0.240			0.185			10.8	%
Withdrawals and deaths		(0.108	)		(0.099	)		(0.121	)		(0.166	)		(0.154	)		-42.6	%
Net flows		0.059			0.053			0.126			0.074			0.031			-47.5	%
Contract holder assessments		(0.090	)		(0.089	)		(0.090	)		(0.092	)		(0.092	)		-2.2	%
Investment income and change in market value		0.211			(0.404	)		0.499			0.418			0.270			28.0	%
Balance as of End-of-Period (Gross)		5.467			5.027			5.562			5.962			6.171			12.9	%
Reinsurance ceded		(0.837	)		(0.743	)		(0.803	)		(0.854	)		(0.876	)		-4.7	%
Balance as of End-of-Period (Net of Ceded)	$	4.630		$	4.284		$	4.759		$	5.108		$	5.295			14.4	%
Total Life Insurance
Balance as of beginning-of-period	$	33.479		$	33.822		$	33.611		$	34.356		$	35.327			5.5	%
Deposits		1.077			1.063			1.230			1.564			1.270			17.9	%
Withdrawals and deaths		(0.475	)		(0.413	)		(0.505	)		(0.484	)		(0.449	)		5.5	%
Net flows		0.602			0.650			0.725			1.080			0.821			36.4	%
Contract holder assessments		(0.763	)		(0.752	)		(0.777	)		(0.826	)		(0.807	)		-5.8	%
Investment income and change in market value		0.504			(0.109	)		0.797			0.717			0.569			12.9	%
Balance as of End-of-Period (Gross)		33.822			33.611			34.356			35.327			35.910			6.2	%
Reinsurance ceded		(1.748	)		(1.646	)		(1.702	)		(1.742	)		(1.761	)		-0.7	%
Balance as of End-of-Period (Net of Ceded)	$	32.074		$	31.965		$	32.654		$	33.585		$	34.149			6.5	%

(1) Includes UL, interest-sensitive whole life and the fixed investment option of VUL products.

3/31/2011																PAGE 25
Insurance Solutions - Group Protection
Income (Loss) from Operations and Operational Data
Unaudited (millions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Operating Revenues
Insurance premiums	$	409.9		$	433.7		$	414.5		$	424.2		$	436.6			6.5	%
Net investment income		33.6			34.3			35.0			38.1			39.1			16.4	%
Other revenues and fees		1.7			2.1			2.0			2.0			2.2			29.4	%
Total Operating Revenues		445.2			470.1			451.5			464.3			477.9			7.3	%
Operating Expenses
Interest credited		0.5			0.1			-			-			-			-100.0	%
Benefits		310.7			334.1			330.4			323.8			327.6			5.4	%
Underwriting, acquisition, insurance and other expenses		101.1			101.3			106.4			112.8			112.7			11.5	%
Total Operating Expenses		412.3			435.5			436.8			436.6			440.3			6.8	%
Income (loss) from operations before federal income taxes		32.9			34.6			14.7			27.7			37.6			14.3	%
Federal income tax expense (benefit)		11.5			11.9			5.2			9.7			13.2			14.8	%
Income (Loss) from Operations	$	21.4		$	22.7		$	9.5		$	18.0		$	24.4			14.0	%
Effective Tax Rate		35.0	%		34.4	%		35.4	%		35.0	%		35.1	%
Average Stockholders' Equity, Excluding AOCI
Average equity, including goodwill	$	1,075.0		$	1,107.7		$	1,138.2		$	1,163.2		$	1,177.6
Average goodwill		274.3			274.3			274.3			274.3			274.3
Average equity, excluding goodwill	$	800.7		$	833.4		$	863.9		$	888.9		$	903.3
Return on Equity, Excluding AOCI
Including goodwill		8.0	%		8.2	%		3.3	%		6.2	%		8.3	%
Excluding goodwill		10.7	%		10.9	%		4.4	%		8.1	%		10.8	%
Underwriting, Acquisition, Insurance and Other Expenses
Commissions	$	46.9		$	46.9		$	47.5		$	48.7		$	50.4			7.5	%
General and administrative expenses		46.8			49.3			51.1			61.0			51.4			9.8	%
Taxes, licenses and fees		10.9			8.0			10.2			9.8			10.7			-1.8	%
Total commissions and expenses incurred		104.6			104.2			108.8			119.5			112.5			7.6	%
Less: commissions and expenses capitalized		(14.6	)		(13.5	)		(12.7	)		(20.6	)		(11.0	)		24.7	%
Amortization of DAC and VOBA, net of interest		11.1			10.6			10.3			13.9			11.2			0.9	%
Total Underwriting, Acquisition, Insurance and Other Expenses	$	101.1		$	101.3		$	106.4		$	112.8		$	112.7			11.5	%
General and Administrative Expenses as a Percentage of Premiums		11.4	%		11.4	%		12.3	%		14.4	%		11.8	%
DAC and VOBA
Balance as of beginning-of-period	$	159.5		$	163.0		$	165.9		$	168.3		$	175.0
Deferrals		14.6			13.5			12.7			20.6			11.0
Amortization, net of interest		(11.1	)		(10.6	)		(10.3	)		(13.9	)		(11.2	)
Deferrals, net of amortization included in operating underwriting, acquisition, insurance and other expenses		3.5			2.9			2.4			6.7			(0.2	)
Balance as of End-of-Period	$	163.0		$	165.9		$	168.3		$	175.0		$	174.8
Annualized Sales by Product Line
Life	$	24.0		$	23.4		$	23.9		$	60.7		$	17.4			-27.5	%
Disability		28.8			28.2			28.3			68.6			18.0			-37.5	%
Dental		10.3			13.6			16.2			26.7			10.0			-2.9	%
Total	$	63.1		$	65.2		$	68.4		$	156.0		$	45.4			-28.1	%
Insurance Premiums by Product Line
Life	$	157.2		$	160.3		$	158.4		$	163.2		$	170.4			8.4	%
Disability		178.3			181.7			181.9			184.8			186.2			4.4	%
Dental		39.5			40.8			42.6			44.2			46.1			16.7	%
Other		34.9			50.9			31.6			32.0			33.9			-2.9	%
Total	$	409.9		$	433.7		$	414.5		$	424.2		$	436.6			6.5	%
Income (Loss) from Operations by Product Line
Life	$	3.4		$	16.1		$	4.8		$	12.4		$	8.4			147.1	%
Disability		18.6			6.6			4.0			4.5			16.5			-11.3	%
Dental		(1.8	)		(1.4	)		(0.6	)		(0.2	)		(1.9	)		-5.6	%
Other		1.2			1.4			1.3			1.3			1.4			16.7	%
Total	$	21.4		$	22.7		$	9.5		$	18.0		$	24.4			14.0	%
Loss Ratios by Product Line
Life		82.4	%		69.7	%		79.2	%		72.0	%		75.9	%
Disability		65.5	%		78.6	%		79.2	%		78.2	%		70.1	%
Dental		86.1	%		84.4	%		79.3	%		76.8	%		83.7	%
Combined Loss Ratios		74.8	%		75.5	%		79.2	%		75.5	%		74.1	%

3/31/2011																PAGE 26
Other Operations
Unaudited (in millions)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Operating Revenues
Insurance premiums	$	(0.3	)	$	0.3		$	0.1		$	1.4		$	0.1			133.3	%
Net investment income		85.4			77.8			80.7			81.7			80.1			-6.2	%
Amortization of deferred gain on business sold through reinsurance (1)		18.2			18.0			18.1			18.2			18.0			-1.1	%
Other revenues and fees		4.6			6.4			3.1			(1.4	)		1.7			-63.0	%
Communications revenues		15.5			18.1			19.6			21.7			16.5			6.5	%
Total Operating Revenues		123.4			120.6			121.6			121.6			116.4			-5.7	%
Operating Expenses
Interest credited		33.6			28.1			27.8			30.3			28.8			-14.3	%
Benefits		34.1			35.3			35.2			34.0			32.5			-4.7	%
Underwriting, acquisition, insurance and other expenses		27.7			38.7			31.3			85.0			27.6			-0.4	%
Inter-segment reimbursement associated with reserve financing and LOC expenses (2)		(0.4	)		0.2			(0.8	)		(1.4	)		(2.0	)	NM
Taxes, licenses and fees		1.5			(2.7	)		0.2			(2.9	)		0.7			-53.3	%
Interest and debt expenses		68.1			69.0			74.5			74.3			71.6			5.1	%
Communications expenses		13.8			14.5			14.9			16.0			16.7			21.0	%
Total Operating Expenses		178.4			183.1			183.1			235.3			175.9			-1.4	%
Income (Loss) from operations before federal income taxes		(55.0	)		(62.5	)		(61.5	)		(113.7	)		(59.5	)		-8.2	%
Federal income tax expense (benefit)		(18.4	)		(26.4	)		(21.8	)		(40.0	)		(22.6	)		-22.8	%
Income (Loss) From Operations	$	(36.6	)	$	(36.1	)	$	(39.7	)	$	(73.7	)	$	(36.9	)		-0.8	%
Run Off Institutional Pensions Account Values - Balance at End-of-Period	$	1.909		$	1.891		$	1.881		$	1.869		$	1.867			-2.2	%
Discontinued Operations
Unaudited (in millions)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Discontinued Operations Before Disposal
Income (loss) from discontinued operations before federal income taxes	$	(16.9	)	$	4.2		$	-		$	-		$	-			100.0	%
Federal income tax expense (benefit)		(2.6	)		1.5			-			-			-			100.0	%
Income (Loss) From Discontinued Operations Before Disposal		(14.3	)		2.7			-			-			-			100.0	%
Disposal
Gain (loss) on disposal before federal income taxes		64.8			-			1.2			-			-			-100.0	%
Federal income tax expense (benefit)		22.6			-			2.9			-			-			-100.0	%
Gain (Loss) on Disposal		42.2			-			(1.7	)		-			-			-100.0	%
Income (Loss) From Discontinued Operations	$	27.9		$	2.7		$	(1.7	)	$	-		$	-			-100.0	%

(1)	Represents the amortization of deferred gain recognized on the business sold through indemnity reinsurance to Swiss Re.
(2)	Represents reimbursements to Other Operations from the Insurance Solutions - Life Insurance segment for the use of proceeds from certain
	issuances of senior notes that were used as long-term structured solutions, net of expenses incurred by Other Operations for its use of LOCs.
	The inter-segment amounts are not reported on our Consolidated Statements of Income (Loss).

3/31/2011																PAGE 27
Consolidated Deposits, Net Flows and Account Balances
Unaudited (in billions)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Deposits
Retirement Solutions:
Annuities - fixed annuities (1)	$	1.138		$	1.501		$	1.774		$	1.155		$	1.116			-1.9	%
Defined Contribution - fixed annuities		0.316			0.327			0.349			0.340			0.346			9.5	%
Annuities - variable annuities		1.138			1.322			1.204			1.435			1.523			33.8	%
Defined Contribution - variable products (2)		0.991			1.047			0.913			1.018			0.995			0.4	%
Insurance Solutions - Life Insurance:
Interest-Sensitive Life		0.910			0.911			0.983			1.324			1.085			19.2	%
VUL		0.167			0.152			0.247			0.240			0.185			10.8	%
Total Deposits	$	4.660		$	5.260		$	5.470		$	5.512		$	5.250			12.7	%
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Net Flows
Retirement Solutions:
Annuities - fixed annuities (1)	$	0.652		$	1.045		$	1.289		$	0.562		$	0.603			-7.5	%
Defined Contribution - fixed annuities		(0.025	)		(0.079	)		(0.106	)		(0.137	)		0.010			140.0	%
Annuities - variable annuities		(0.077	)		0.108			(0.005	)		(0.019	)		(0.120	)		-55.8	%
Defined Contribution - variable products (2)		0.134			0.261			(0.172	)		(0.167	)		0.124			-7.5	%
Insurance Solutions - Life Insurance:
Interest-Sensitive Life		0.543			0.597			0.599			1.006			0.790			45.5	%
VUL		0.059			0.053			0.126			0.074			0.031			-47.5	%
Total Net Flows	$	1.286		$	1.985		$	1.731		$	1.319		$	1.438			11.8	%
	As of
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Account Balances
Retirement Solutions:
Annuities - fixed annuities (1)	$	19.031		$	19.403		$	20.097		$	19.990		$	19.998			5.1	%
Defined Contribution - fixed annuities		12.420			12.580			12.734			12.779			12.956			4.3	%
Annuities - variable annuities		57.815			53.921			60.132			64.858			67.787			17.2	%
Defined Contribution - variable products (2)		24.279			22.460			24.354			26.045			27.352			12.7	%
Insurance Solutions - Life Insurance:
Interest-Sensitive Life		27.444			27.681			27.895			28.477			28.854			5.1	%
VUL		4.630			4.284			4.759			5.108			5.295			14.4	%
Total Account Balances	$	145.619		$	140.329		$	149.971		$	157.257		$	162.242			11.4	%

(1)	Includes fixed portion of variable annuities.
(2)	Includes amounts attributable to mutual fund net flows.  Mutual fund account values are not included in the separate
	accounts reported on our Consolidated Balance Sheets, as we do not have any ownership interest in them.

3/31/2011																PAGE 28
Consolidated Investment Data
Unaudited (millions of dollars)
	For the Three Months Ended
	March			June			Sept.			Dec.			March			%
	2010			2010			2010			2010			2011			Change
Net Investment Income
Available-for-sale fixed maturity securities	$	905.5		$	918.2		$	946.6		$	972.6		$	984.8			8.8	%
Available-for-sale equity securities		1.8			1.2			1.2			1.5			1.2			-33.3	%
Available-for-sale VIEs' fixed maturity securities		3.8			3.8			3.5			3.1			3.1			-18.4	%
Trading securities		39.4			39.2			39.1			39.4			38.6			-2.0	%
Mortgage loans on real estate		112.8			111.3			105.7			111.6			104.1			-7.7	%
Real estate		6.6			5.4			6.2			6.4			7.7			16.7	%
Policy loans		42.1			43.4			41.4			42.0			40.6			-3.6	%
Invested cash		1.4			1.8			2.3			1.8			1.4			0.0	%
Other investments		22.4			26.1			16.6			33.3			38.0			69.6	%
Investment income		1,135.8			1,150.4			1,162.6			1,211.7			1,219.5			7.4	%
Investment expense		(29.7	)		(30.6	)		(30.3	)		(29.0	)		(28.3	)		4.7	%
Net Investment Income	$	1,106.1		$	1,119.8		$	1,132.3		$	1,182.7		$	1,191.2			7.7	%
Average Invested Assets (Amortized Cost)	$	75,458.7		$	76,978.3		$	78,516.9		$	79,278.9		$	79,995.7
Net investment income yield on invested assets		5.86	%		5.82	%		5.77	%		5.97	%		5.96	%
Realized Gain (Loss) Related to Investments
Available-for-sale fixed maturity securities:
Gross gains	$	49.8		$	34.6		$	11.8		$	10.9		$	36.1			-27.5	%
Gross losses		(83.6	)		(29.4	)		(61.3	)		(73.7	)		(62.7	)		25.0	%
Equity securities:
Gross gains		0.1			5.4			3.3			-			8.3		NM
Gross losses		(3.5	)		-			-			-			(0.2	)		94.3	%
Gain (loss) on other investments		(21.6	)		(8.0	)		(3.3	)		(19.8	)		12.8			159.3	%
Associated amortization of DAC, VOBA, DSI, DFEL and changes in other contract holder funds and funds withheld reinsurance liabilities		3.8			(7.7	)		23.4			(11.6	)		(11.4	)	NM
Total realized gain (loss) on investments, pre-tax		(55.0	)		(5.1	)		(26.1	)		(94.2	)		(17.1	)		68.9	%
Federal income tax expense (benefit) (1)		(19.3	)		(1.8	)		(9.1	)		(33.0	)		(6.0	)		68.9	%
Total, After-Tax	$	(35.7	)	$	(3.3	)	$	(17.0	)	$	(61.2	)	$	(11.1	)		68.9	%

			As of December 31, 2010							As of March 31, 2011
				Amount		% of Total					Amount		% of Total
Available-for-Sale and Trading Securities
Fixed maturity securities (fair value)			$	71,208.1		99.7	%			$	72,413.7		99.8	%
Fixed maturity securities (amortized cost)				68,084.2		99.7	%				69,437.8		99.8	%
Equity securities (fair value)				199.3		0.3	%				146.8		0.2	%
Equity securities (amortized cost)				180.8		0.3	%				121.2		0.2	%
% of Available-for-Sale Fixed Maturity Securities, Based on Fair Value
Treasuries and AAA						18.1	%						17.1	%
AA or better						28.2	%						27.4	%
BB or less						5.7	%						5.8	%
General Account Investments			As of December 31, 2010							As of March 31, 2011
			Amount		% of Total					Amount		% of Total
Fixed Maturities - Security Sector:
Corporate bonds			$	51,740.5		75.4	%			$	53,174.8		76.2	%
U.S. Government bonds				164.8		0.2	%				161.8		0.2	%
Foreign government bonds				508.3		0.7	%				516.0		0.7	%
Mortgage-backed securities				10,890.4		15.9	%				10,541.6		15.1	%
Asset-backed securities				173.8		0.3	%				136.8		0.2	%
State and municipal bonds				3,155.4		4.6	%				3,280.0		4.7	%
Hybrid and redeemable preferred securities				1,397.0		2.0	%				1,420.0		2.0	%
VIEs' fixed maturity securities				583.7		0.9	%				586.8		0.8	%
Total			$	68,613.9		100.0	%			$	69,817.8		100.0	%
	As of
	March		June		Sept.			Dec.		March		%
Composition of Investment Portfolio	2010		2010		2010			2010		2011		Change
Available-for-sale securities, at fair value:
Fixed maturity	$	62,880.8	$	66,391.0	$	69,715.3		$	68,030.2	$	69,231.0		10.1	%
Equity		310.0		245.9		205.3			197.2		144.6		-53.4	%
VIEs' fixed maturity		579.5		581.4		585.3			583.7		586.8		1.3	%
Trading securities		2,532.5		2,607.6		2,710.9			2,596.4		2,598.0		2.6	%
Mortgage loans on real estate and real estate		7,213.1		7,099.8		7,017.7			6,954.2		6,937.6		-3.8	%
Policy loans		2,902.8		2,901.8		2,879.1			2,864.7		2,837.1		-2.3	%
Derivative investments		992.4		1,988.9		1,903.9			1,076.0		945.7		-4.7	%
Other investments		1,046.4		1,136.8		1,096.5			1,037.7		1,029.4		-1.6	%
Total	$	78,457.5	$	82,953.2	$	86,114.0		$	83,340.1	$	84,310.2		7.5	%

(1)	We use our prevailing corporate federal income tax rate of 35% while taking into account any permanent differences for events recognized
	differently in our financial statements and federal income tax returns when reconciling our non-GAAP measures to the most comparable
	GAAP measure.