LINCOLN NATIONAL CORP — Director's Dealing 2006

Jan 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN NATIONAL CORP (LNC)
CIK: 0000059558
Period of Report: 2005-12-30

Reporting Person: Reeves Elizabeth Laws (SVP & Corporate HR)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-12-30	Common Stock	I	110.35	$53.03	Acquired	7915.67	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	225.08	Indirect

Footnotes

F1: Includes 1.75 shares acquired through dividend reinvestment since the reporting person's last report.

F2: Represents routine transactions in the Company's 401(k) Plan from 7/5/05 to 9/30/05.