Lincoln National Corporation reports developments across insurance and retirement businesses marketed as Lincoln Financial, including annuities, life insurance, group protection, and retirement plan services. Recurring updates cover earnings performance by business line, sales trends in retirement and protection products, capital actions, and dividends on common stock and Series D preferred depositary shares.
Company news also includes product launches such as fixed indexed annuity income solutions, technology integrations that connect broker platforms with Lincoln systems for policy, RFP, and quoting workflows, and leadership or governance developments affecting operating units. Coverage reflects the company’s role as a diversified provider of retirement income, workplace benefits, and life insurance products.
On November 10, 2022, Lincoln Financial Group (NYSE: LNC) will host Morgan State Day, a networking event at its headquarters in Radnor, Pennsylvania, in partnership with Morgan State University. Around 45 students, focusing on finance, investments, sales, marketing, and computer science, will engage in learning activities and networking. A presentation challenge will award four summer internships to winners. Lincoln Financial aims to foster early career talent through this program, supporting diversity and providing insights into financial career opportunities.
AM Best has downgraded Lincoln National Corporation's (LNC) Financial Strength Rating (FSR) from A+ to A and its Long-Term Issuer Credit Ratings to 'a+' from 'aa-'. The outlook for these ratings is now negative. The downgrade reflects a reduction in the company's Enterprise Risk Management (ERM) assessment due to volatility in capital and a significant GAAP unlocking charge of approximately $634 million. Additionally, LNC anticipates a statutory capital charge of around $550 million in Q4 2022, impacting risk-adjusted capital. The company is undertaking capital management initiatives to improve its position.
Lincoln Financial Group (NYSE: LNC) reported a significant net loss of $(2.6) billion or $(15.17) per share for Q3 2022, contrasting with net income of $318 million a year prior. The adjusted operating loss per share was $(10.23), attributed to $2 billion in unfavorable notable items and a $634 million goodwill impairment charge. The company declared a quarterly cash dividend of $0.45 per share, payable on February 1, 2023. Book value per share, including AOCI, stood at $13.10, an 88% decrease from the previous year, indicating substantial financial strain.
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Lincoln Financial Group (NYSE: LNC) announced that Jim O’Boyle will become the senior vice president and head of Life & Annuity Operations starting on November 1. O’Boyle aims to enhance customer experience and improve operational efficiency. He brings over two decades of leadership experience, including at Equitable. His educational background includes an MBA from Fordham University and a B.S. from University at Albany, along with various FINRA licenses. This appointment is a strategic move to strengthen Lincoln Financial's service offerings.
Lincoln Financial Group (NYSE:LNC) will report its third quarter earnings on November 2, 2022, after market close, with a conference call on November 3, 2022, at 10:00 a.m. ET. Earnings materials, including the Earnings Release and Statistical Supplement, will be available on the company’s Investor Relations page.
As of June 30, 2022, Lincoln Financial had approximately $279 billion in end-of-period account values, serving around 16 million customers with financial solutions.
Lincoln Financial Group (NYSE: LNC) announced a partnership with Modern Life, a tech-enabled life insurance brokerage. This collaboration aims to enhance Lincoln's distribution capabilities and provide an improved digital experience for financial professionals. By integrating Lincoln's life insurance products into Modern Life's platform, the partnership focuses on innovation and streamlined service delivery. With Modern Life's advanced technology, financial professionals will benefit from faster risk assessments and greater support, aligning with the industry's ongoing digital transformation.
Lincoln Financial Group (NYSE: LNC) has appointed Matt Condos as the new senior vice president of Retirement Plan Services Product. Reporting to Ralph Ferraro, Condos will lead the Product Solutions team, focusing on innovative solutions for retirement plans. He has been with Lincoln since 2017 and has a proven track record in product management, including the launch of guaranteed income products and target date portfolios. His experience spans over 12 years in retirement services with Voya. Lincoln Financial has $279 billion in account values as of June 30, 2022, serving approximately 16 million customers.