Lincoln National (LNC) 8-K Long-term earnings drivers and capital position remain strong despite volatile markets

Exhibit 99.3

Lincoln Financial Group

March 31, 2008

General Account Supplement

This document is dated April 29, 2008.  The data contained in this document may not be accurate after such date and LNC does not undertake to update or keep it accurate after such date.

Lincoln Financial Group
Available For Sale (AFS) by Industry Classifications
Amounts in Millions
	As of 3/31/2008												As of 12/31/2007
	Amortized		Unrealized		Unrealized			Fair		% Fair			Amortized		Unrealized		Unrealized			Fair		% Fair
AFS - Fixed Maturities	Cost		Gains		(Losses)			Value		Value			Cost		Gains		(Losses)			Value		Value
Corporate
Financial Services		11,094		194		(573	)		10,715		19.4	%		11,234		187		(300	)		11,121		19.8	%
Basic Industry		2,148		58		(67	)		2,139		3.8	%		2,148		52		(35	)		2,165		3.8	%
Capital Goods		2,685		80		(40	)		2,725		4.9	%		2,665		66		(16	)		2,715		4.8	%
Communications		2,865		85		(100	)		2,850		5.1	%		2,903		123		(46	)		2,980		5.3	%
Consumer Cyclical		3,048		59		(130	)		2,977		5.4	%		3,038		56		(94	)		3,000		5.3	%
Consumer Non-Cyclical		4,010		122		(44	)		4,088		7.3	%		3,898		101		(25	)		3,974		7.1	%
Energy		2,679		143		(25	)		2,797		5.0	%		2,688		121		(14	)		2,795		5.0	%
Technology		656		18		(6	)		668		1.1	%		660		15		(5	)		670		1.2	%
Transportation		1,351		49		(44	)		1,356		2.4	%		1,409		39		(19	)		1,429		2.5	%
Industrial Other		712		24		(8	)		728		1.3	%		710		22		(6	)		726		1.3	%
Utilities		8,262		254		(114	)		8,402		15.2	%		8,051		195		(77	)		8,169		14.5	%
ABS
CDO / CLN [1]		1,050		10		(441	)		619		1.1	%		996		8		(205	)		799		1.4	%
CRE CDO		62		-		(9	)		53		0.1	%		42		-		(4	)		38		0.1	%
MBS CDO		-		-		-			-		0.0	%		1		-		-			1		0.0	%
Credit Card		160		-		(14	)		146		0.3	%		160		1		(2	)		159		0.3	%
Home Equity		1,195		5		(177	)		1,023		1.8	%		1,209		4		(76	)		1,137		2.0	%
Manufactured Housing		158		7		(5	)		160		0.3	%		161		7		(5	)		163		0.3	%
Auto Loan		3		-		-			3		0.0	%		4		-		-			4		0.0	%
Other		228		8		(7	)		229		0.4	%		235		4		(1	)		238		0.4	%
CMBS
Non-Agency Backed		2,637		30		(181	)		2,486		4.5	%		2,711		48		(70	)		2,689		4.8	%
CMOs
Agency Backed		4,686		126		(28	)		4,784		8.6	%		4,547		74		(19	)		4,602		8.2	%
Non-Agency Backed		2,328		4		(301	)		2,031		3.7	%		2,347		10		(110	)		2,247		4.0	%
Pass Thrus
Agency Backed		1,120		28		(2	)		1,146		2.1	%		933		18		(2	)		949		1.7	%
Non-Agency Backed		151		-		(19	)		132		0.2	%		153		1		(4	)		150		0.3	%
Municipals
Taxable		131		6		-			137		0.2	%		133		5		-			138		0.2	%
Tax-Exempt		6		-		-			6		0.0	%		6		-		-			6		0.0	%
Government/Gov Agencies
United States		1,255		137		(2	)		1,390		2.5	%		1,261		108		(4	)		1,365		2.4	%
Foreign		1,667		101		(31	)		1,737		3.1	%		1,663		92		(19	)		1,736		3.1	%
Redeemable Preferred Stock		102		2		(7	)		97		0.2	%		103		9		(1	)		111		0.2	%
AFS - Fixed Maturities		56,449		1,550		(2,375	)		55,624		100.0	%		56,069		1,366		(1,159	)		56,276		100.0	%
AFS - Equities		556		7		(89	)		474					548		13		(43	)		518
Total AFS Securities		57,005		1,557		(2,464	)		56,098					56,617		1,379		(1,202	)		56,794
Trading Securities [2]		2,506		288		(80	)		2,714					2,512		265		(47	)		2,730
Total AFS & Trading Securities		59,511		1,845		(2,544	)		58,812					59,129		1,644		(1,249	)		59,524
[1] Includes amortized cost of $850 million as of 3/31/08 and 12/31/2007, related to Credit-Linked Notes. For additional information, see "Credit-Linked Notes (CLN)" disclosure starting on page 156 of the 2007 10K.
[2] The trading securities support our Modco reinsurance agreements and the investment results are passed directly to the reinsurers.
Note: The change in gross unrealized losses from 12/31/2007 to 3/31/2008, was $1.2 billion.  This increase was distributed among the following rating categories: AAA=19%; AA=29%; A=22%; BBB=20%; BB&Below=10%.

Lincoln Financial Group
AFS - Exposure to Residential MBS and Related Collateral
As of 3/31/2008
Amounts in Millions
	Total		Prime/Agency		Prime/Non-Agency		Alt-A		Subprime
	Fair	Amortized	Fair	Amortized	Fair	Amortized	Fair	Amortized	Fair	Amortized
Type	Value	Cost	Value	Cost	Value	Cost	Value	Cost	Value	Cost
RMBS	8,093	8,285	5,849	5,714	1,389	1,576	855	995	-	-
ABS	1,023	1,195	-	-	-	-	372	416	651	779
Total	9,116	9,480	5,849	5,714	1,389	1,576	1,227	1,411	651	779
Rating
AAA	8,417	8,546	5,808	5,674	1,104	1,200	1,000	1,094	505	578
AA	478	629	20	20	248	326	168	228	42	55
A	155	210	21	20	16	22	40	61	78	107
BBB	35	53	-	-	7	14	4	5	24	34
BB and below	31	42	-	-	14	14	15	23	2	5
Total	9,116	9,480	5,849	5,714	1,389	1,576	1,227	1,411	651	779
Origination Year
2004 and prior	4,385	4,405	3,248	3,168	415	448	392	419	330	370
2005	1,582	1,686	808	806	257	286	295	337	222	257
2006	1,093	1,264	309	304	245	298	440	510	99	152
2007 and forward	2,056	2,125	1,484	1,436	472	544	100	145	-	-
Total	9,116	9,480	5,849	5,714	1,389	1,576	1,227	1,411	651	779
Note:  This table does not include the fair value of trading securities totaling $217 million which support our Modco reinsurance agreements
since investment results for these agreements are passed directly to the reinsurers.
The $217 million in trading securities consisted of $161 million prime, $38 million alt-a, and $18 million subprime.

Lincoln Financial Group
AFS - Asset Backed Securities - Consumer Loan
As of 3/31/2008
Amounts in Millions
	Total		Credit Card [1]		Auto Loans
	Fair	Amortized	Fair	Amortized	Fair	Amortized
	Value	Cost	Value	Cost	Value	Cost
Total	149	163	146	160	3	3
Rating
AAA	118	130	115	127	3	3
BBB	31	33	31	33
Total	149	163	146	160	3	3
[1] - Additional indirect credit card exposure through structured securities is excluded from this table.
See "Credit-Linked Notes (CLN)" disclosure starting on page 156 of the 2007 10K.
Note:  This table does not include the fair value of trading securities totaling $5 million which support our Modco reinsurance agreements
since investment results for these agreements are passed directly to the reinsurers.
The $5 million in trading securities consisted of credit card securities.

Lincoln Financial Group
AFS - Commercial Mortgage Backed Securities
As of 3/31/2008
Amounts in Millions
	Total		Multiple Property		Single Property		CRE CDOs
	Fair	Amortized	Fair	Amortized	Fair	Amortized	Fair	Amortized
Type	Value	Cost	Value	Cost	Value	Cost	Value	Cost
CMBS	2,486	2,637	2,348	2,469	138	168	-	-
CRE CDOs	53	62	-	-	-	-	53	62
Total	2,539	2,699	2,348	2,469	138	168	53	62
Rating
AAA	1,806	1,847	1,699	1,730	76	78	31	39
AA	406	452	392	432	11	17	3	3
A	221	275	153	188	49	67	19	20
BBB	84	104	82	98	2	6	-	-
BB and below	22	21	22	21	-	-	-	-
Total	2,539	2,699	2,348	2,469	138	168	53	62
Origination Year
2004 and prior	1,822	1,856	1,718	1,750	81	82	23	24
2005	389	446	337	370	42	61	10	15
2006	217	267	182	219	15	25	20	23
2007	111	130	111	130	-	-	-	-
Total	2,539	2,699	2,348	2,469	138	168	53	62
Note:  This table does not include the fair value of trading securities totaling $104 million which support our Modco reinsurance agreements
since investment results for these agreements are passed directly to the reinsurers.
The $104 million in trading securities consisted of $101 million CMBS and $3 million CRE CDOs.

Lincoln Financial Group
Commercial Mortgage Loan Portfolio Net of Reserves
As of 3/31/2008
Amounts in Millions
LNC MORTGAGE LOAN DISTRIBUTION
Property Type	Amt $		%			State	Amt $		%
Apartment		751		10	%	CA		1,539		20	%
Retail		1,825		24	%	TX		615		8	%
Office Building		2,543		34	%	MD		429		6	%
Industrial		1,928		26	%	VA		345		5	%
Hotel/Motel		332		4	%	FL		330		4	%
Mixed Use		43		1	%	AZ		325		4	%
Other Commercial		110		1	%	WA		301		4	%
Total		7,532		100	%	IL		294		4	%
						NC		288		4	%
						TN		281		4	%
Geographic Region	Amt $		%			PA		272		4	%
New England		187		2	%	GA		247		3	%
Middle Atlantic		522		7	%	OH		225		3	%
East North Central		838		11	%	NV		212		3	%
West North Central		437		6	%	IN		192		3	%
South Atlantic		1,756		24	%	NJ		149		2	%
East South Central		400		5	%	MN		140		2	%
West South Central		666		9	%	MA		127		2	%
Mountain		744		10	%	MO		111		1	%
Pacific		1,982		26	%	1% and under		1,110		14	%
Total		7,532		100	%	Total		7,532		100	%

Lincoln Financial Group
Additional Disclosure of Insured Bonds and Direct Exposure
As of 3/31/2008
Amounts in Millions
Monoline Name	Direct Exposure	Insured Bonds [1]	Total Amortized Cost	Total Unrealized Gain	Total Unrealized (Loss)	Total Market Value
AMBAC	-	110	110	3	(4)	109
CAPMAC	-	4	4	-	-	4
FGIC	6	55	61	1	(5)	57
FSA	-	41	41	2	-	43
MBIA	12	77	89	4	(4)	89
MGIC	11	8	19	-	(2)	17
PMI GROUP INC	27	-	27	-	(6)	21
RADIAN GROUP INC	19	-	19	-	(7)	12
SECURITY CAPITAL ASSURANCE LTD	2	-	2	-	-	2
XL CAPITAL LTD	72	65	137	2	(11)	128
Total	149	360	509	12	(39)	482
[1] - Additional indirect insured exposure through structured securities is excluded from this table.  See "Credit-Linked Notes (CLN)" disclosure
starting on page 156 of the 2007 10K.
Note:  This table does not include the fair value of trading securities totaling $33 million which support our Modco reinsurance agreements
since investment results for these agreements are passed directly to the reinsurers.
The $33 million in trading securities consisted of $11 million of Direct Exposure and $22 million of Insured Exposure.
This table also excludes insured exposure totaling $15 million for a guaranteed investment tax credit partnership.