Lincoln(LNC) - 2025 Q1 - Earnings Call Presentation

Financial Performance - Adjusted operating income increased by 14% year-over-year[9,16] - Group Protection earnings increased by 26% year-over-year, with a margin of 74%, expanding 120 basis points[9,15,16] - Annuities sales increased by 33% year-over-year, supported by a diversified product mix[9,15,16] Sales Growth - Group Protection sales were up 9% year-over-year, driven by continued growth in supplemental health products[9,15,16] - Life Insurance sales increased by 7% year-over-year, reflecting continued momentum emphasizing risk-sharing products[9,15,16] Capital and Leverage - The estimated Risk-Based Capital (RBC) ratio is greater than 420%, consistent with the goal to hold a capital buffer above the 400% target[9,15,16] - The leverage ratio improved by 260 basis points year-over-year to 275%, primarily driven by organic equity growth[9,15,16,46] Strategic Initiatives - A strategic partnership with Bain Capital was announced on April 9, including a strategic minority investment expected to create growth capital to support the acceleration of strategic priorities[7,15,16]