Bond Lincoln Nationale 4.75% ( US534187AP46 ) in USD

Issuer Lincoln Nationale
Market price 100 %  ⇌ 
Country  United States
ISIN code  US534187AP46 ( in USD )
Interest rate 4.75% per year ( payment 2 times a year)
Maturity 15/02/2014 - Bond has expired



Prospectus brochure of the bond Lincoln National US534187AP46 in USD 4.75%, expired


Minimal amount 1 000 USD
Total amount 200 000 000 USD
Cusip 534187AP4
Standard & Poor's ( S&P ) rating NR
Moody's rating NR
Detailed description Lincoln National Corporation is a Fortune 250 financial services company offering life insurance, annuities, and retirement plan solutions.

The Bond issued by Lincoln Nationale ( United States ) , in USD, with the ISIN code US534187AP46, pays a coupon of 4.75% per year.
The coupons are paid 2 times per year and the Bond maturity is 15/02/2014

The Bond issued by Lincoln Nationale ( United States ) , in USD, with the ISIN code US534187AP46, was rated NR by Moody's credit rating agency.

The Bond issued by Lincoln Nationale ( United States ) , in USD, with the ISIN code US534187AP46, was rated NR by Standard & Poor's ( S&P ) credit rating agency.







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424B5 1 c82315b5e424b5.htm PROSPECTUS SUPPLEMENT
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Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration Statement Nos. 333-84728
333-49201
Prospectus Supplement
(To Prospectus dated April 29, 2002)

Lincoln National Corporation
$200,000,000
4.75% Notes due 2014
Interest payable February 15 and August 15
Issue Price: 99.297%
The notes will mature on February 15, 2014. Interest will accrue from February 2, 2004. The notes will
be our senior obligations and will rank equally with all of our other unsecured senior indebtedness. The
notes are not redeemable prior to maturity.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of the notes or determined that this prospectus supplement or the accompanying prospectus
is accurate or complete. Any representation to the contrary is a criminal offense.







Price to
Discounts and
Proceeds to
Public
Commissions
Lincoln
Per Note

99.297%

0.650%

98.647%
Total

$198,594,000

$1,300,000

$197,294,000
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The notes will not be listed on any securities exchange. Currently, there is no public market for the
notes.
We expect that delivery of the notes will be made to investors on or about February 2, 2004.
JPMorgan

Citigroup

HSBC

Merrill Lynch & Co.

UBS Investment Bank
January 28, 2004
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TABLE OF CONTENTS
SUMMARY OF THE OFFERING
LINCOLN NATIONAL CORPORATION
USE OF PROCEEDS
CAPITALIZATION
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
SELECTED CONSOLIDATED FINANCIAL DATA
DESCRIPTION OF THE NOTES
UNDERWRITING
VALIDITY OF THE NOTES
EXPERTS
SPECIAL NOTE REGARDING INCORPORATED FINANCIAL STATEMENTS AND
FINANCIAL DISCLOSURES
DOCUMENTS INCORPORATED BY REFERENCE
FORWARD-LOOKING STATEMENTS
ABOUT THIS PROSPECTUS
WHERE YOU CAN FIND MORE INFORMATION
DOCUMENTS INCORPORATED BY REFERENCE
UNCERTAINTY OF FORWARD-LOOKING STATEMENTS
LINCOLN NATIONAL CORPORATION
THE LINCOLN TRUSTS
USE OF PROCEEDS
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
DESCRIPTION OF SENIOR DEBT SECURITIES
DESCRIPTION OF JUNIOR SUBORDINATED DEBT SECURITIES
DESCRIPTION OF PREFERRED STOCK AND COMMON STOCK
DESCRIPTION OF DEPOSITARY SHARES
DESCRIPTION OF WARRANTS
DESCRIPTION OF TRUST PREFERRED SECURITIES
DESCRIPTION OF GUARANTEES
DESCRIPTION OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS
BOOK-ENTRY ISSUANCE
RELATIONSHIP AMONG THE TRUST PREFERRED SECURITIES, THE
CORRESPONDING SUBORDINATED DEBT SECURITIES AND THE GUARANTEES
PLAN OF DISTRIBUTION
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VALIDITY OF SECURITIES
EXPERTS
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Table of Contents
No person is authorized to give any information or to make any representations other than those
contained or incorporated by reference in this Prospectus Supplement or the Prospectus, and, if given or
made, such information or representations must not be relied upon as having been authorized. This
Prospectus Supplement and the Prospectus do not constitute an offer to sell or the solicitation of an offer to
buy any securities other than the securities described in this Prospectus Supplement or an offer to sell or
the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is
unlawful. Neither the delivery of this Prospectus Supplement or the Prospectus, nor any sale made
hereunder and thereunder shall, under any circumstances, create any implication that there has been no
change in the affairs of the Company since the date hereof or that the information contained or
incorporated by reference herein or therein is correct as of any time subsequent to the date of such
information.
TABLE OF CONTENTS



Page
Prospectus Supplement
Summary of the Offering

S-3
Lincoln National Corporation

S-4
Use of Proceeds

S-5
Capitalization

S-6
Consolidated Ratios of Earnings to Fixed Charges and
Earnings to Combined Fixed Charges and Preferred


Stock Dividends
S-8
Selected Consolidated Financial Data

S-9
Description of the Notes
S-10
Underwriting
S-11
Validity of the Notes
S-12
Experts
S-12
Special Note Regarding Incorporated Financial


Statements and Financial Disclosures
S-12
Documents Incorporated by Reference
S-12
Forward-Looking Statements
S-13

Prospectus
About This Prospectus

3
Where You Can Find More Information

3
Documents Incorporated by Reference

4
Uncertainty of Forward-Looking Statements

5
Lincoln National Corporation

6
The Lincoln Trusts

6
Use of Proceeds

8
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Consolidated Ratios of Earnings to Fixed Charges and
Earnings to Combined Fixed Charges and Preferred
Stock Dividends

9
Description of Senior Debt Securities

10
Description of Junior Subordinated Debt Securities

18
Description of Preferred Stock and Common Stock

30
Description of Depositary Shares

35
Description of Warrants

38
Description of Trust Preferred Securities

39
Description of Guarantees

51
Description of Stock Purchase Contracts and Stock
Purchase Units

53
Book-Entry Issuance

54
Relationship Among the Trust Preferred Securities, the
Corresponding Subordinated Debt Securities and the
Guarantees

56
Plan of Distribution

57
Validity of Securities

59
Experts

59
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Table of Contents
SUMMARY OF THE OFFERING
The following summary describes the 4.75% Notes due 2014 we are offering to you in general terms only.
You should read the summary together with the more detailed information that is contained in the rest of this
prospectus supplement and in the accompanying prospectus.

Issuer
Lincoln National Corporation

Notes Offered
$200 million 4.75% Notes due 2014, referred to as the "notes due 2014" or as
the "notes".

Maturity
February 15, 2014

Issue Date for the Notes
February 2, 2004

Issue Price
99.297%

Interest Payment Dates
Each February 15 and August 15, commencing on August 15, 2004.

No Redemption
The notes are not redeemable prior to maturity.

Further Issuances
The notes will be limited initially to $200 million in aggregate principal amount.
We may, however, "reopen" the notes and issue an unlimited principal amount
of additional notes of this series in the future.

Ranking
The notes will constitute senior debt and will rank on a parity with all of our
existing and future unsecured and unsubordinated indebtedness.

Form
Fully registered global notes in book-entry form.

Delivery and Clearance
We will deposit the global notes for the notes due 2014 with The Depository
Trust Company in New York.

How to Reach Us
Our principal executive offices are located at 1500 Market Street, West Tower,
Suite 3900, Philadelphia, Pennsylvania 19102, telephone number (215) 448-
1400.
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LINCOLN NATIONAL CORPORATION
Lincoln is a holding company with consolidated assets of approximately $100.8 billion and shareholders'
equity of $5.6 billion as of September 30, 2003. Through our subsidiaries, we operate multiple insurance and
investment management businesses. Our operations are currently divided into four business segments: Lincoln
Retirement (formerly known as the Annuities segment), Life Insurance, Investment Management, and Lincoln
UK.

· Lincoln Retirement. Our Lincoln Retirement business segment (formerly known as the Annuities segment)
is headquartered in Fort Wayne, Indiana and provides tax-deferred investment growth and lifetime income
opportunities for our clients through the development and sale of fixed and variable annuities. Through a
broad-based distribution network, the Lincoln Retirement segment provides an array of annuity products to
individuals and employer-sponsored groups in all 50 states. The Lincoln Retirement segment distributes
some of its products through our internally-owned wholesaling unit, Lincoln Financial Distributors, as well
as through our retail unit, Lincoln Financial Advisors. In addition, group fixed and variable annuity products
and the Alliance Program (a customizable offering of mutual funds and a fixed account) are distributed to
the employer-sponsored retirement market through the Lincoln Retirement segment's fringe benefit
division's dedicated sales force. Beginning in 2004, the fringe benefit division will be managed by Lincoln
Financial Advisors and its results will be reported within the Other Operations section of our financial
statements.


· Life Insurance. Our Life Insurance business segment, headquartered in Hartford, Connecticut, focuses on the
creation and protection of wealth for its clients through the manufacture and sale of life insurance products
throughout the United States. The Life Insurance segment offers universal life, variable universal life,
interest- sensitive whole life, term life and corporate owned life insurance. This segment also offers linked-
benefit life insurance (a universal life product with a long-term care benefit). Distribution of the Life
Insurance segment's products occurs primarily through Lincoln Financial Distributors and Lincoln Financial
Advisors.


· Investment Management. Our Investment Management business segment, headquartered in Philadelphia,
Pennsylvania, offers a variety of asset management services to retail and institutional clients located
throughout the United States and certain foreign countries. Its product offerings include mutual funds and
managed accounts. It also provides investment management and account administration services for variable
annuity products and 401(k) plans, "529" college savings plans, pension, endowment, trust and other
institutional accounts. The primary operating companies within this segment are subsidiaries of Delaware
Management Holdings, Inc. Retail products are primarily marketed by Lincoln Financial Distributors and
through financial intermediaries including Lincoln Financial Advisors. Institutional products, including
large case 401(k) plans, are marketed by a separate sales force within Delaware working closely with
manager selection consultants. The Investment Management segment also provides investment advisory
services for certain of our insurance and corporate portfolios.

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