Q1 2024 Earnings Summary
Reported on May 2, 2024 (Before Market Open)
Pre-Earnings Price$27.69Last close (May 1, 2024)
Post-Earnings Price$27.57Open (May 2, 2024)
Price Change
$-0.12(-0.43%)
- Lincoln National Corporation (LNC) is improving its capital position, moving towards completing the Osaic transaction, which will help reach their RBC buffer target of 420, providing additional financial flexibility.
- The hedging program for variable annuities is performing well, with excess capital from a regulatory perspective, and is working as intended, enhancing financial stability.
- LNC is committed to deleveraging and improving its capital structure, including plans to repay preferred debt due in 2027, reducing the cost of capital and strengthening the balance sheet.
- Annuity sales decreased by 10% year-over-year, while competitors reported increases, indicating potential market share loss and increased competition.
- Life Insurance segment reported an operating loss in the quarter, even after adjusting for notable items, raising concerns about profitability in that segment.
- No significant progress on the affiliated reinsurance initiative in Bermuda, which may delay expected capital relief.
Research analysts covering LINCOLN NATIONAL.