Redesigning and repricing of products and services to maintain sales and profitability have been driving Zacks Life Insurance industry players. Life insurers are the direct beneficiaries of an improving rate environment as they invest a large portion of their premiums. Increased automation is expected to drive premium growth and boost the efficiency of Manulife Financial Corporation (MFC) , Sun Life Financial Inc. (SLF) , Reinsurance Group of America, Incorporated (RGA) , Primerica (PRI) and Lincoln Nationa ...

For the fiscal year ended December 31, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | Title of each class | Trading symbol | Name of each exchange on which | | --- | --- | --- | | | | registered | | Common Stock | LNC | New York Stock Exchange | | th Depositary Shares, each representing a 1/1000 interest in a share | LNC PRD | New York Stock Exchange | | of 9.000% Non-C ...

Lincoln National Corporation (NYSE:LNC) Q3 2023 Earnings Conference Call November 2, 2023 10:00 AM ET Company Participants Adam Cohen - CAO and Interim Chief Head, Investor Relations Ellen Cooper - Chairman, President and CEO Chris Neczypor - CFO Conference Call Participants Alex Scott - Goldman Sachs Tom Gallagher - Evercore ISI Ryan Krueger - KBW Mike Ward - Citi John Barnidge - Piper Sandler Jimmy Bhullar - JPMorgan Wes Carmichael - Wells Fargo Wilma Burdis - Raymond James Operator Good morning and thank ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended September 30, 2023 WASHINGTON, D.C. 20549 _________________ OR FORM 10-Q _________________ ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Mark One) For the transition period from ______ to ______ x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 1-6028 _________________ LINCOLN NATIONAL CORPORATION (Exact name of registra ...

Financial Data and Key Metrics Changes - The company reported second quarter adjusted operating income available to common stockholders of $343 million, or $2.02 per diluted share, with net income available to common stockholders at $502 million, or $2.94 per diluted share [51] - The estimated RBC ratio was approximately flat at 380%, with expectations to increase by approximately 15 points upon closing the Fortitude transaction [52][47] - The margin for the quarter was 8.6%, reflecting a 450 basis point increase year-over-year [53] Business Line Data and Key Metrics Changes - The Group business reported operating income of $109 million, up from $49 million in the prior year quarter, driven by improved life and disability results [26] - Annuities delivered operating income of $271 million, down from $294 million year-over-year, primarily due to higher expenses and lower prepayment income [27] - Retirement Plan Services reported operating income of $47 million, down from $55 million in the prior year quarter, largely due to lower prepayment income and higher expenses [29] - Life Insurance reported operating income of $33 million, down from $63 million in the prior year quarter, primarily due to last year's assumption reset [30] Market Data and Key Metrics Changes - In the Group Protection segment, premiums grew 6%, reflecting strong customer relationships and execution of pricing actions [49] - Indexed Universal Life (IUL) sales were slightly up, while term life and variable universal life (VUL) sales declined as the company shifts towards a more capital-efficient product mix [48] - Annuity sales declined 4% year-over-year but were up 6% year-to-date, with expectations for sales growth in the second half of the year [20] Company Strategy and Development Direction - The company is focused on rebuilding capital and improving long-term free cash flow while diversifying its earnings mix [4][19] - The strategic pivot includes enhancing product mix for capital efficiency and reducing capital sensitivity to market volatility [6] - The Group business is expected to become a larger part of the overall earnings mix, contributing almost a third of operating earnings this quarter [53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their strategy and the positive contributions from the Group Protection business [18] - The company anticipates that the Fortitude transaction will improve free cash flow by over $100 million annually and enhance the RBC ratio [19][11] - Management acknowledged ongoing challenges in the Life business but remains focused on improving earnings power and free cash flow over time [32] Other Important Information - The company is implementing the Spark Initiative to enhance business efficiencies and drive cost savings [19] - The investment portfolio remains conservatively positioned, with over 97% investment-grade holdings and no material loan modifications [9][61] - The company is actively monitoring its commercial mortgage loan portfolio, which continues to perform well [34] Q&A Session Summary Question: Update on free cash flow and balance sheet structure - Management is focused on closing the Fortitude transaction and exploring other projects to improve free cash flow and capital structure [66] Question: RBC movement and life business impact - The RBC ratio was flat due to strong Group business performance offsetting headwinds in the Life business, with expectations for improvement post-Fortitude closing [70] Question: Mortality confidence and assumptions - Management noted elevated older age mortality but did not provide specific conclusions on long-term assumptions at this time [94] Question: Regulatory process for the Fortitude deal - Management expressed confidence in closing the transaction but noted that regulatory approvals are taking longer than expected [103]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________ FORM 10-Q _________________ (Mark One) x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 OR ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number: 1-6028 _________________ LINCOLN NATIONAL CORPORATION (Exact name of registrant as ...

Lincoln National Corporation (NYSE:LNC) Q1 2023 Results Conference Call May 10, 2023 10:00 AM ET Company Participants Al Copersino - VP, IR Ellen Cooper - President and CEO Chris Neczypor - CFO Conference Call Participants Erik Bass - Autonomous Research Tom Gallagher - Evercore ISI Michael Ward - Citigroup Jimmy Bhullar - JPMorgan Chase John Barnidge - Piper Sandler Ryan Krueger - KBW Operator Good morning, and thank you for joining Lincoln Financial Group’s First Quarter 2023 Earnings Conference Call. [Op ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________ FORM 10-Q _________________ (Mark One) x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 OR ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number: 1-6028 _________________ LINCOLN NATIONAL CORPORATION (Exact name of registrant a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 _______________________________________________________________________________________________________ ______________F_______O__________R_________M_______________1_______0_______ - ____K______________________________ (Mark One) Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscalyear ended December 31, 2022 OR Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Ac ...

Financial Data and Key Metrics Changes - Adjusted operating EPS will exclude market risk benefit fair value changes and include an estimated $800 million of VA hedge costs [1] - The impact of LDTI is expected to increase year-end total book value by about $300 million and reduce year-end book value excluding AOCI by $900 million [1][2] - The company expects to end the year with an RBC ratio of approximately 383%, an improvement towards the target of 400% [47][110] Business Line Data and Key Metrics Changes - Operating income for the Life Insurance segment was $46 million, down from $80 million in the prior-year quarter, primarily due to alternative investment results [43] - Annuities reported operating income of $238 million compared to $332 million in the prior-year quarter, reflecting the decline in capital markets [67] - Group Protection reported operating income of $47 million, an increase from an operating loss of $115 million in the prior-year quarter, aided by lower pandemic-related claims [69] Market Data and Key Metrics Changes - Annuity sales increased 7% from the prior year quarter, with positive flows reflecting continued strength in index variables and fixed index products [54] - Retirement Plan Services reported a 7% decline in fourth quarter total deposits from a strong prior year period, but full-year total deposits rose 10% [56] - The loss ratio adjusted for the impact of the pandemic was 77.1%, a 420 basis point decrease from the prior-year quarter [60] Company Strategy and Development Direction - The company is focused on maximizing distributable earnings and improving capital generation, with a target of $260 million to $300 million in run rate savings from the Spark initiative by late 2024 [35][81] - The strategy includes reducing capital sensitivity to market volatility and further diversifying the earnings mix [35] - The company is evaluating both internal and external opportunities to maximize the value of its in-force business, including potential block reinsurance transactions [53][108] Management's Comments on Operating Environment and Future Outlook - Management expects ongoing headwinds in 2023, including pressures from capital markets, pandemic claims, and inflation-driven expenses [14][15] - Despite these challenges, the company remains confident in its ability to improve the business over time and expects distributable earnings to align with prior expectations [16][80] - Management highlighted that the company has made substantial progress in rebuilding capital and improving ongoing capital generation [91] Other Important Information - The company raised $1 billion of preferred capital to strengthen its balance sheet [47] - The investment portfolio is well positioned for a potential credit cycle, with a credit quality of 97% investment grade, the highest in the last decade [72] - The company is committed to returning capital to shareholders through dividends, with the Board approving the dividend for the first quarter of 2023 [77] Q&A Session Summary Question: Focus on block reinsurance deals - Management is currently focusing on maximizing the value of in-force business and evaluating both internal and external solutions [8][11] Question: Strategic transactions consideration - The company is primarily focused on financial transactions that optimize the value of in-force business but remains open to evaluating strategic opportunities if they make sense [11][10] Question: Impact of higher reinsurance costs - The company expects higher reinsurance costs in 2023 compared to 2022, which will impact the Life business [15][130] Question: Future cash flow expectations - The company guided to a range of $600 million to $800 million of distributable earnings for 2023, with expectations of $300 million to $500 million in free cash flow [80][76] Question: Commitment to common dividend - Management reiterated its commitment to returning capital to shareholders through dividends, while also focusing on rebuilding capital [77][99]