Q3 2024 Lincoln National Corp Earnings Call Transcript
Key Points
- Lincoln National Corp (LNC) reported its highest quarterly earnings in over two years, driven by strong performance across all four business segments.
- The company achieved record third-quarter results in Group Protection, with earnings more than doubling year-over-year.
- Annuities sales increased by nearly 25% from the prior year, with significant growth in spread-based products.
- Retirement Plan Services sustained momentum with first-year sales more than tripling year-over-year, supported by a robust pipeline.
- The company continues to strengthen its capital position, with an RBC ratio above 420%, driven by free cash flow and strategic initiatives.
- Lincoln National Corp (LNC) reported a net loss available to common stockholders of $562 million, primarily due to unfavorable changes in the fair value of GAAP embedded derivatives and non-economic impacts.
- The company anticipates seasonal headwinds in the fourth quarter, which could lead to a sequential decline in earnings for the Group Protection segment.
- Life Insurance operating income decreased compared to the prior year, partly due to elevated mortality and large claims in universal life products.
- The company expects seasonally higher expenses and elevated reinsurance financing charges in the fourth quarter, which may outweigh recent tailwinds.
- Despite strong annuity sales, the company anticipates lower sales in the fourth quarter compared to the record fourth quarter of 2023.
Good morning, and thank you for joining Lincoln Financial's third-quarter 2024 earnings conference call. (Operator Instructions)
Now I would like to turn the conference over to the Senior Vice President and Head of Investor Relations, Tina Madon. Please go ahead.
Thank you. Good morning, everyone, and welcome to our third-quarter earnings call. We appreciate your interest in Lincoln. Our quarterly earnings press release, earnings supplement and statistical supplement can all be found on the Investor Relations page of our website at 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
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