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LINCOLN NATIONAL CORPORATION
EXHIBIT 12 - HISTORICAL RATIO OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
Year Ended December 31,
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(in millions of dollars) 2002 2001 2000 1999 1998
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Income before Federal Income Taxes and Cumulative
Effect of Accounting Changes $ 1.6 $ 764.1 $ 836.3 $ 570.0 $ 697.4
Equity Loss (Earnings) in
Unconsolidated Affiliates 0.6 (5.7) 0.4 (5.8) (3.3)
Sub-total of Fixed Charges 118.9 147.5 168.9 160.9 144.1
---------- ---------- ---------- ---------- ----------
Sub-total of Adjusted Net Income 121.1 905.9 1,005.6 725.1 838.2
Interest on Annuities & Financial Products 1,617.1 1,506.0 1,474.2 1,510.4 1,446.2
---------- ---------- ---------- ---------- ----------
Adjusted Income Base 1,738.2 2,411.9 2,479.8 2,235.5 2,284.4
Rent Expense 67.0 79.4 88.4 81.5 81.3
FIXED CHARGES:
Interest and Debt Expense 96.6 121.0 139.5 133.7 117.1
Rent (Pro-rated) 22.3 26.5 29.4 27.2 27.0
---------- ---------- ---------- ---------- ----------
Sub-total Fixed Charges 118.9 147.5 168.9 160.9 144.1
Interest on Annuities & Financial Products 1,617.1 1,506.0 1,474.2 1,510.4 1,446.2
---------- ---------- ---------- ---------- ----------
Sub-total Fixed Charges 1,736.0 1,653.5 1,643.1 1,671.3 1,590.3
Preferred Dividends (Pre-tax) 0.1 0.1 0.1 0.1 0.1
---------- ---------- ---------- ---------- ----------
Total Fixed Charges $ 1,736.1 $ 1,653.6 $ 1,643.2 $ 1,671.4 $ 1,590.4
RATIO OF EARNINGS TO FIXED CHARGES:
Ratio of Earnings to Fixed Charges (Including Interest
on Annuities and Financial Products)(1) 1.00 1.46 1.51 1.34 1.44
Excluding Interest on Annuities
and Financial Products(2) 1.02 6.14 5.95 4.51 5.82
Ratio of Earnings to Combined
Fixed Charges and Preferred Stock Dividends(3) 1.00 1.46 1.51 1.34 1.44
</Table>
(1) For purposes of determining this ratio, earnings consist of income
before Federal income taxes and cumulative effect of accounting
changes, if any, 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; 2)
interest on annuities and financial products and; 3) the portion of
operating leases that are representative of the interest factor.
(2) Same as the ratio of earnings to fixed charges, except fixed charges
and earnings in this calculation do not include interest on annuities
and financial products. This coverage ratio is not required, but is
provided as additional information. This ratio is commonly used by
individuals who analyze LNC's results.
(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.