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                          LINCOLN NATIONAL CORPORATION

           EXHIBIT 12 - HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES

 
                                              Year Ended December 31,     
(millions of dollars)                    1996    1995   1994   1993   1992
Net Income before Taxes, Accounting
 Change and Minority Interests ------   712.3   626.6  376.3  587.8  424.7
Equity Loss (Earnings) in
 Unconsolidated Affiliates ----------     1.4    12.4   14.6    --     (.2)
Sub-total of Fixed Charges ----------      .     94.4   66.6   62.9   74.6
   Sub-total of Adjusted Net Income -   819.5   708.6  428.3  650.7  499.5
Interest on Annuities &
 Financial Products -----------------  1435.6  1400.0 1359.0 1315.8 1261.7
   Adjusted Income Base -------------  2255.1  2108.6 1787.3 1966.5 1761.2

Rent Expense ------------------------    71.6    65.6   51.4   55.8   67.4

Fixed Charges:
Interest and Debt Expense -----------    84.7    72.5   49.5   44.3   53.8
Rent (Pro-rated) --------------------    23.9    21.9   17.1   18.6   20.8
   Sub-total of Fixed Charges -------   108.6    94.4   66.6   62.9   74.6
Interest on Annuities &
 Financial Products -----------------  1435.6  1400.0 1359.0 1315.8 1261.7
   Sub-total of Fixed Charges -------  1544.2  1494.4 1425.6 1378.7 1336.3
Preferred Dividends (Pre-tax) -------      .1     8.7   24.2   24.2   20.3
   Total Fixed Charges --------------  1544.3  1503.1 1449.8 1402.9 1356.6

Ratio of Earnings to Fixed Charges:
 Excluding Interest on
  Annuities and Financial
  Products (1) ----------------------    7.55    7.51   6.43  10.35   6.69

 Including Interest on
  Annuities and Financial
  Products (2) ----------------------    1.46    1.41   1.25   1.43   1.32

 Ratio of Earnings to
  Combined Fixed Charges
  and Preferred Stock
  Dividends (3) ---------------------    1.46    1.40   1.23   1.40   1.30

(1)    For purposes of determining this ratio, earnings consist of income before
   federal income taxes, cumulative effect of accounting change and minority
   interests adjusted for the difference between income or losses from
   unconsolidated equity investments and cash distributions from such
   investments, plus fixed charges.  Fixed charges consist of 1) interest
   and debt expense on short and long-term debt and distributions to
   minority interest-preferred securities of subsidiary companies and 2) the
   portion of operating leases that are representative of the interest
   factor.

(2)    Same as the ratio of earnings to fixed charges, excluding interest on
   annuities and financial products, except fixed charges and earnings
   include interest on annuities and financial products.

(3)    Same as the ratio of earnings to fixed charges, including interest on
   annuities and financial products, except that fixed charges include the
   pre-tax earnings required to cover preferred stock dividend requirements.