Lincoln National ( (LNC) ) has released its Q3 earnings. Here is a breakdown of the information Lincoln National presented to its investors.
Lincoln National Corporation, operating under the brand name Lincoln Financial, is a prominent player in the financial services sector, providing a wide range of services including annuities, life insurance, group protection, and retirement plan services. Headquartered in Radnor, PA, the company serves approximately 17 million customers, helping them plan, protect, and retire with confidence.
In the third quarter of 2024, Lincoln Financial reported a net loss of $562 million, translating to a loss of $3.29 per diluted share, primarily driven by changes in market risk benefits and the value of certain derivatives. However, adjusted operating income showed a positive figure of $358 million or $2.06 per diluted share, indicating strong underlying business performance as the company continues to execute its strategic initiatives effectively.
Key financial highlights for the quarter include a record performance in Group Protection, with earnings more than doubling year-over-year, and significant growth in the Annuities segment, where operating income increased by 15% with sales up by 24%. Retirement Plan Services also demonstrated positive momentum with a 10% sequential increase in earnings and strong net inflows, while Life Insurance saw a sequential sales growth of 16%.
The company’s estimated Risk-Based Capital (RBC) ratio exceeded 420% at the end of the quarter, reflecting robust capital flexibility. Despite challenges, Lincoln Financial continues to leverage its competitive advantages to drive profitable growth, improve operational efficiency, and enhance long-term value creation.
Looking ahead, Lincoln Financial remains committed to advancing its strategic priorities and maintaining a strong financial position, aiming for sustainable and increasing long-term value creation for its stakeholders.
