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EXHIBIT 21 - LIST OF SUBSIDIARIES OF LNC
March 14, 1994
All the members of the holding company system are corporations, with the
exception of American States Lloyds Insurance Company, Lincoln National
Mezzanine Fund, L.P., and Servicios de Evalucion de Riesgos, S. de R.L. de
C.V.
Lincoln National Corporation
Indiana - Holding Company
--- American States Insurance Company
100% - Indiana - Property/Casualty
--- American Economy Insurance Company
100% - Indiana - Property/Casualty
---- American States Insurance Company of Texas
100% - Texas - Property/Casualty
--- American States Life Insurance Company
100% - Indiana - Life/Health
--- American States Lloyds Insurance Company
Lloyds Plan - * - Texas - Property/Casualty
--- American States Preferred Insurance Company
100% - Indiana - Property/Casualty
--- American Union Reinsurance Company
100% - New York - Property/Casualty
--- Amstats Insurance Company
(formerly Covenant Insurance Company)
100% - Connecticut - Property/Casualty
--- City Insurance Agency, Inc.
100% - Indiana
--- Insurance Company of Illinois
100% - Illinois - Fire & Casualty Insurance
--- Corporate Benefit Systems, Inc.
100% - Arizona - Insurance Agency
--- Corporate Benefit Systems Services Corporation
100% - Delaware - Insurance Agency
--- Corporate Benefit Systems Services Corporation
100% - Alabama/Colorado/New Mexico - Ins. Agencies
--- LNC/CBS Services Corporation
100% - Massachusetts - Insurance Agency
--- Heritage Reinsurance, Ltd.
100% ** - Bermuda
--- The Insurers' Fund, Inc. #
100% - Maryland - Inactive
--- LNC Administrative Services Corporation
100% - Indiana - Third Party Administrator
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Lincoln National Corporation
Indiana - Holding Company
--- The Richard Leahy Corporation
100% - Indiana - Insurance Agency
--- The Financial Alternative, Inc.
100% - Utah- Insurance Agency
--- Financial Choices, Inc.
100% - Pennsylvania - Insurance Agency
--- Financial Investment Services, Inc.
(formerly Financial Services Department, Inc.)
100% - Indiana - Insurance Agency
--- The Financial Resources Department, Inc.
100% - Michigan - Insurance Agency
--- Insurance Alternatives, Inc.
100% - Indiana - Insurance Agency
--- Investment Alternatives, Inc.
100% - Pennsylvania - Insurance Agency
--- The Investment Center, Inc.
100% - Tennessee - Insurance Agency
--- The Investment Group, Inc.
100% - New Jersey - Insurance Agency
--- Personal Financial Resources, Inc.
100% - Arizona - Insurance Agency
--- Personal Investment Services, Inc.
100% - Pennsylvania - Insurance Agency
--- LincAm Properties, Inc.
50% - Delaware - Real Estate Investment
--- Lincoln European Reinsurance Company
100% - Belgium
--- Lincoln Life Improved Housing, Inc.
100% - Indiana
--- Lincoln National Intermediaries, Inc.
100% - Indiana - Reinsurance Intermediary
--- Lincoln National Investment Management Company
100% - Illinois - Mutual Fund Manager and
Registered Investment Adviser
--- Lincoln National Mezzanine Corporation
100% - Indiana - General Partner for Mezzanine Financing
Limited Partnership
--- Lincoln National Mezzanine Fund, L.P.
50% - Delaware - Mezzanine Financing Limited Partnership
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Lincoln National Corporation
Indiana - Holding Company
--- The Lincoln National Life Insurance Company
100% - Indiana
--- First Penn-Pacific Life Insurance Company
100% ** - Indiana
--- Lincoln National Aggressive Growth Fund, Inc.
100% - Maryland - Mutual Fund
--- Lincoln National Bond Fund, Inc.
100% - Maryland - Mutual Fund
--- Lincoln National Capital Appreciation Fund, Inc.
100% - Maryland - Mutual Fund
--- Lincoln National Equity-Income Fund, Inc.
100% - Maryland - Mutual Fund
--- Lincoln National Growth Fund, Inc.
100% - Maryland - Mutual Fund
--- Lincoln National Health & Casualty Insurance Company
100% - Indiana
--- Lincoln National International Fund, Inc.
100% - Maryland - Mutual Fund
--- Lincoln National Life Reinsurance Company
100% - Indiana
--- Special Pooled Risk Administrators, Inc.
100% - New Jersey - Catastrophe Reinsurance
Pool Administrator
--- Lincoln National Managed Fund, Inc.
100% - Maryland - Mutual Fund
--- Lincoln National Money Market Fund, Inc.
100% - Maryland - Mutual Fund
--- Lincoln National Putnam Master Fund, Inc.
100% - Maryland - Mutual Fund
--- Lincoln National Social Awareness Fund, Inc.
100% - Maryland - Mutual Fund
--- Lincoln National Special Opportunity Fund, Inc.
100% - Maryland - Mutual Fund
--- EMPHESYS Financial Group, Inc.
100% - Delaware - Holding Company
--- Employers Health Insurance Company
89% - Wisconsin (Remaining 11% owned by
Wisconsin Employers Group, Inc.
--- Plan Management Administrators, Inc.
100% - Wisconsin - TPA
--- Wisconsin Employers Group, Inc.
100% - Wisconsin - Holding Company
--- Employers Health Insurance Company
11% - Wisconsin - (Remaining 89%
owned by EMPHESYS Financial Group, Inc.
---Plan Management Administrators, Inc.
100% - Wisconsin - TPA
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Lincoln National Corporation
Indiana - Holding Company
--- Lincoln National Sales Corporation
100% - Indiana
--- LNC Equity Sales Corporation
100% - Indiana - Broker-Dealer
--- Professional Financial Planning, Inc.
100% - Indiana - Financial Planning Services
--- Corporate agencies: Lincoln National Sales Corporation
(LNSC) also has as subsidiaries, corporations (of which LNSC
owns from 80% to 100% of the common stock) which serve as
agency offices for the marketing and servicing of products
of The Lincoln National Life Insurance Company. As of
January 1, 1987, there were 32 such corporations (see
list below). Registrant deems the omission of these
corporations not material to an understanding of the rela-
tionship of Registrant to other persons in the holding
company system. Upon request of any interested person,
Registrant will file with the Insurance Commissioner as an
amendment to this Form B, a list of such corporations
showing percentage of voting securities and the states of
domicile.
1) Lincoln Financial Group of the South, Inc. (AL)
2) Lincoln Southwest Financial Group, Inc. (Phoenix, AZ)
3) Lincoln Financial and Insurance Services Corporation (Wal. Crk., CA)
3a) California Fringe Benefit and Insurance Marketing Corporation
DBA/California Fringe Benefit Company (Walnut Creek, CA)
4) Lincoln West Financial and Insurance Services Corporation (Orange, CA)
5) Southwest Financial and Insurance Services Corporation (Los Ang., CA)
6) Colorado-Lincoln Financial Group, Inc. (Denver, CO)
7) The Lincoln Financial Group, Inc. (Norwalk, CT)
8) Lincoln National Financial Services, Inc. (Lake Worth, FL)
9) Lincoln Financial Services, Inc. (Jacksonville, FL)
10) Lincoln National Sales Corporation of Georgia (Atlanta, GA)
11) CMP Financial Services, Inc. (Chicago, IL)
12) Lincoln Financial Group, Inc. (Indianapolis, IN)
13) Lincoln National Financial Services, Inc. (Fort Wayne, IN)
14) The Financial Group, Inc. (Mission, KS)
14a) Financial Planning Partners, Ltd. (Mission, KS)
15) Lincoln National Midsouth Corporation (Louisville, KY)
16) The Lincoln National Financial Group of Louisiana, Inc. (Shreveport,
LA)
17) Benefits Marketing Group, Inc. (D.C. & Chevy Chase, MD)
18) Morgan Financial Group, Inc. (Baltimore, MD)
19) Lincoln National of New England Insurance Agency, Inc. (Worcester, MA)
20) Lincoln Financial Group of Michigan, Inc. (Troy, MI)
20a) Financial Consultants of Michigan, Inc. (Troy, MI)
21) Lincoln National Financial Group, Inc. (Minneapolis, MN)
22) John J. Moore & Associates, Inc. (St. Louis, MO)
23) Financial Associates, Inc. (Omaha, NE)
23a) Cornerstone Financial, Inc. (Omaha, NE)
24) Beardslee & Associates, Inc. (Clifton, NJ)
25) Resources/Financial, Inc. (Albuquerque, NM)
26) Lincoln Financial Group/Carolinas, Inc. (Charlotte, NC)
27) Lincoln National Financial Planning, Inc. (Columbus, OH)
28) Lincoln Cascades, Inc. (Portland, OR)
29) Lincoln Financial Services, Inc. (Pittsburgh, PA)
30) Lincoln National Financial Group of Philadelphia, Inc.
(Philadelphia, PA)
30a) Cavalier Financial Planners, Inc. (Philadelphia, PA)
31) Lincoln Financial Group, Inc. (Salt Lake City, (UT)
32) Lincoln Financial Services of Virginia, Inc. (Norfolk, VA)
(DBA/Group Concepts Unlimited)
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Lincoln National Corporation
Indiana - Holding Company
--- Lincoln National (UK) PLC
(formerly Cannon Lincoln PLC)
100% - England/Wales - Holding Company
--- Allied Westminster & Company Limited
(formerly One Olympic Way Financial Services Limited)
100% - England/Wales - Sales Services
--- Cannon Assurance Limited
100% ** - England/Wales - Life Assurance
--- Cannon Fund Managers Limited
100% - England/Wales - Unit Trust Management
--- Cannon Lincoln Fund Managers Limited
(formerly Crown Unit Trust Services Limited)
100% - England/Wales - Unit Trust Management
--- Cannon Lincoln Insurance Services Ltd.
100% - Holding Company
--- British National Life Assurance Co. Ltd.
100% - Life Assurance
--- British National Life Sales Ltd.
100% - Inactive
--- Cannon General Insurance Co. Ltd.
100% - Accident & Health Insurance
--- Chapel Ash Financial Services Ltd.
100% - Direct Insurance Sales
--- P.N. Kemp-Gee & Co. Ltd.
100% - Inactive
--- Cannon Lincoln Investment Management Limited
100% - England/Wales - Investment Management Services
--- CL CR Management Ltd.
50% - England/Wales - Administrative Services
--- Cannon Lincoln Management Limited
100% - England/Wales - Administrative Services
--- Cannon Lincoln Sales Corporation Limited
100% - England/Wales - Sales Services
--- Cannon Lincoln Training Services Limited
100% - England/Wales - Training Company
--- Cannon Pension Trustees Limited
100% - England/Wales - Corporate Trustee Services
--- Cannon Securities Limited
100% - England/Wales - Nominee Company
--- CL Mortgages Limited
100% - England/Wales - Mortgage Administration
--- Crown Nominees Limited
100% - England/Wales
--- Culverin Property Services Limited
100% - England/Wales - Property Development Services
--- ILI Supplies Limited
100% - England/Wales - Computer Leasing
--- Matheson Unit Trust Managers Limited
100% - England/Wales - Inactive
--- Niloda Limited
100% - England/Wales - Investment Company
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Lincoln National Corporation
Indiana - Holding Company
--- Lincoln National Management Services, Inc.
100% - Indiana - Underwriting and Management Services
--- Lincoln National Realty Corporation
100% - Indiana - Real Estate
--- Lincoln National Reassurance Company
100% - Indiana - Life Insurance
--- Linsco Reinsurance Company
100% - Indiana - Property/Casualty
--- Lincoln National Reinsurance Company (Barbados) Limited
100% - Barbados
--- Lincoln National Reinsurance Company Limited
100% ** - Bermuda
--- Lincoln National Risk Management, Inc.
100% - Indiana - Risk Management Services
--- Lincoln National Specialty Insurance Company
(formerly Western Casualty and Surety Company)
100% ** - Kansas - Property/Casualty
--- Lincoln National Structured Settlement, Inc.
100% - New Jersey
--- Lynch & Mayer, Inc.
100% - Indiana - Investment Adviser
--- Lynch & Mayer Securities Corporation
100% - Delaware - Securities Broker
--- Old Fort Insurance Company (Barbados) Ltd.
100% - Barbados
--- Resource Re (Barbados) Ltd.
100% - Barbados
--- Old Fort Insurance Company, Ltd.
100% ** - Bermuda
--- Servicios de Evaluacion de Riesgos, S. de R.L. de C.V.
49% - Mexico (a partnership)
--- SOTRISS Corporation
100% - Georgia - Data Processing
--- Underwriters & Management Services, Inc.
100% - Indiana - Underwriting Services
--- Vantage Global Advisors, Inc.
(formerly Modern Portfolio Theory Associates, Inc.)
100% - Delaware - Investment Adviser
Footnotes:
* The funds contributed by the Underwriters were, and continue to be
subject to trust agreements between American States Insurance Company,
the grantor, and each Underwriter, as trustee.
** Except for director-qualifying shares.
# Lincoln National Corporation has subscribed for and paid for 100
shares of Common Stock (with a par value of $1.00 per share) at a
price of $10 per share, as part of the organizing of the fund. As
such stock is further sold, the ownership of voting securities by
Lincoln National Corporation will decline and fluctuate.