Q1 2024 Lincoln National Corp Earnings Call Transcript
Key Points
- Annuities business reported its highest earnings quarter in nearly 2 years, showing strong performance and growth.
- Group Protection delivered a strong quarter of year-over-year earnings growth, solid premium growth, and margin expansion.
- Retirement Plan Services generated more than $1 billion in sales, its highest level in 7 quarters.
- The company is making strategic investments to enhance digital and self-service capabilities, improving customer interaction and operational efficiency.
- Lincoln National Corp is progressing well with its strategic repositioning, focusing on businesses and products with more stable cash flows and maximizing risk-adjusted returns.
- Life business experienced year-over-year and sequential declines in sales due to strategic realignment and de-emphasis on long-term guarantees.
- Significant items impacted the quarterly results negatively by $170 million or $1 per share, including legal accruals and severance costs.
- Fixed Annuity sales were down year-over-year, reflecting challenges in maintaining competitive positioning amidst new market entrants.
- Retirement Plan Services reported a decline in earnings year-over-year due to lower spread income.
- The company's overall results were impacted by a handful of significant items, despite underlying results being better than expectations.
Good morning, and thank you for joining Lincoln Financial Group's First Quarter 2024 Earnings Conference Call. (Operator Instructions)
Now I would like to turn the call over to Senior Vice President, Head of Investor Relations, Tina Madon, please.
Good morning, everyone, and welcome to our 2024 first quarter earnings call. We appreciate your interest in Lincoln. Our quarterly press release, statistical supplement and new this quarter, our earnings supplement, can all be found on the Investor Relations page of Lincoln's website, www.lincolnfinancial.com. These documents include reconciliations of the non-GAAP measures used on today's call, including adjusted income from operations or adjusted operating income, and adjusted income from operations available to common stockholders to their most comparable GAAP measures.
Before we begin, I want to remind you that any statements made during today's call
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
