Lincoln(LNC)2025-02-06 11:07Financial Performance - Total revenues rose by 58.4% from 18,442 million in 2024[22]. - Net income available to common stockholders increased by 234.4% from a loss of 3,187 million in 2024[22]. - Earnings per share (diluted) improved by 231.0% from a loss of 18.41 in 2024[22]. - Net income for the twelve months ended 12/31/24 was 752 million for the previous year[25]. - Adjusted income from operations available to common stockholders increased by 34.8% from 1,224 million for the twelve months ended 12/31/24[25]. - Total operating revenues for Lincoln Financial decreased by 3.5% to 1,667 million in Q4 2023[33]. - The effective federal income tax rate for Lincoln Financial was 31.1% for the twelve months ended December 31, 2024, compared to 40.0% in the previous year[33]. Revenue Sources - The company’s sales from annuities and retirement plan services include deposits from new and existing customers, contributing to overall revenue[19]. - Operating revenues for the Annuities segment rose significantly by 63.1% to 3,002 million for the previous year[27]. - Deposits in the Retirement Plan Services segment increased by 25.1% to 11,778 million for the previous year[27]. - Total annuities sales for the twelve months ended December 31, 2024, increased by 6.9% to 12,840 million for the previous year[28]. Assets and Liabilities - Total assets grew by 4.9% from 390,831 million at the end of 2024[23]. - Total liabilities increased by 4.7% from 382,562 million as of 12/31/24[24]. - Total stockholders' equity increased by 20.0% from 8,269 million as of 12/31/24[24]. - Cash and invested cash surged by 72.4% from 5,801 million in 2024[23]. Stockholder Metrics - Adjusted book value per share is calculated by dividing adjusted stockholders' equity by common shares outstanding, providing insight into net worth attributable to business operations[11]. - Book value per share rose by 22.4% from 42.60 as of 12/31/24[25]. - Cash returned to common stockholders increased by 1.3% to 76 million for the previous quarter[26]. Investment and Market Performance - The company reported a significant realized gain of 106.2%, improving from a loss of 269 million in 2024[22]. - Investment gains (losses) for the twelve months ended December 31, 2024, showed a decrease of 49.6%, totaling a loss of 959 million in the previous year[47]. - The company experienced a significant increase in investment gains, with a pre-tax loss of 483 million in 2024, reflecting a 50% improvement[46]. Operational Efficiency - General and administrative expenses for the twelve months ended December 31, 2024, decreased by 3.1% to 2,644 million in the previous year[30]. - The percentage of General and Administrative Expenses to Operating Revenues for Annuities was 9.4% for the twelve months ended December 31, 2024[29]. - Operating expenses decreased by 2.8% to 1,681 million in Q4 2023[33]. Changes in Definitions and Reporting - The company revised its definition of adjusted income (loss) from operations in Q3 2024 to better reflect ongoing business performance[4]. - The company does not intend to update the statistical supplement document dated February 6, 2025, indicating a stable reporting period[17]. Market Risk and Financial Ratings - The financial strength ratings for Lincoln National Life Insurance Company are A from AM Best and A+ from Fitch, indicating strong financial stability[20]. - The company reported a leverage ratio to monitor the level of debt relative to total capitalization, reflecting total debt and preferred stock adjusted for certain items[16]. - The leverage ratio improved to 27.8% as of December 31, 2024, down from 30.2% as of December 31, 2023[26].