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NEW YORK - On Thursday, Lincoln Financial Group (NYSE:LNC) posted adjusted earnings per share of $2.04, beating the analyst estimate of $1.86, while revenue came in at $4.55 billion, below the consensus estimate of $4.8 billion.
The financial services company reported third-quarter adjusted earnings that exceeded analyst expectations, driven by strong performance across all business segments, particularly in its annuities division.
The company’s stock moved slightly higher by 0.07% following the announcement, as investors responded to the mixed results.
Lincoln’s third-quarter adjusted operating income available to common stockholders was $397 million, compared to $358 million in the same period last year. The annuities business delivered operating income of $318 million, up 6% YoY, primarily driven by favorable equity markets, higher spread income, and favorable tax items.
"This quarter’s results underscore the broad-based momentum across Lincoln as we advance our strategic priorities," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial.
Total annuity sales reached $4.5 billion in the quarter, increasing 32% compared to the prior year, with spread-based products comprising more than 60% of total sales. The company’s life insurance segment reported operating income of $54 million, a significant increase from $14 million in the third quarter of 2024, driven by stable mortality, higher investment income, and lower expenses.
Group Protection maintained steady performance with operating income of $110 million, in line with the prior-year quarter, as favorable life experience was offset by unfavorable long-term disability resolutions. Premiums in this segment were 5% higher YoY.
Retirement Plan Services reported operating income of $46 million, up 5% compared to the prior year, primarily resulting from favorable equity markets and spread expansion.
The company ended the quarter with a risk-based capital ratio exceeding 420% and holding company available liquidity of $461 million.
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