Q1 2025 Lincoln National Corp Earnings Call Transcript
Key Points
- Lincoln National Corp (LNC) reported a 14% increase in adjusted operating income year-over-year, demonstrating strong execution of strategic initiatives.
- The Group Protection business delivered a 26% year-over-year increase in earnings and a 120 basis points margin expansion, highlighting strong execution and diversification.
- Annuities achieved robust year-over-year sales growth, with total sales of $3.8 billion, supported by a diversified product mix.
- The partnership with Bain Capital is expected to enhance Lincoln's strategic actions, providing expanded scale and access to private asset origination.
- Lincoln National Corp (LNC) maintains a strong capital position with an estimated RBC ratio well above 420%, providing a cushion against adverse economic conditions.
- Lincoln National Corp (LNC) reported a net loss of $756 million for the quarter, primarily due to negative market risk benefits amid lower interest rates and equity markets.
- The Life Insurance segment reported an operating loss of $16 million, although improved from the prior year, it still reflects challenges in the segment.
- Market volatility and macroeconomic uncertainty continue to pose challenges, potentially impacting fee income and hedge costs.
- The annuity business faces pressure on fee income due to market volatility, with potential impacts on annualized earnings.
- Retirement Plan Services experienced net outflows of $2.2 billion due to a large plan termination, impacting overall segment performance.
Good morning, and thank you for joining Lincoln Financial's 2025 first-quarter earnings conference call. (Operator Instructions)
Now, I would like to turn the call over to senior Vice President, Head of Investor Relations, Tina Madon. Please go ahead.
Thank you. Good morning, everyone, and welcome to our first-quarter earnings call. We appreciate your interest in Lincoln. Our quarterly earnings press release, earnings supplement, and statistical supplement can all be found on the Investor Relations page of our website, www.lincolnfinancial.com. These documents include reconciliations of the non-GAAP measures used on today's call, including adjusted income from operations or adjusted operating income, and adjusted income from operations available to common stockholders to their most comparable GAAP measures.
Before we begin, I want to remind you that any statements made during today's
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