Q4 2024 Lincoln National Corp Earnings Call Transcript
Key Points
- Lincoln National Corp (LNC) achieved its highest full-year adjusted operating income in three years, indicating strong financial performance.
- The company successfully increased its RBC ratio to over 430%, providing added financial flexibility.
- Group protection business delivered a record fourth quarter with earnings more than doubling year over year.
- Annuities business reported robust earnings growth and its highest full-year sales in five years.
- Retirement Plan Services achieved a 10th consecutive year of positive net flows, with full-year deposit growth of 25%.
- Life insurance segment reported a fourth-quarter operating loss, impacted by elevated severity and the run rate impacts of the fortitude re-transaction.
- Fixed annuity sales were lower than the record prior year quarter, reflecting a broader industry decline.
- The favorable macroeconomic conditions that benefited the group protection business may not persist, potentially impacting future margins.
- Retirement Plan Services faced pressure from stable value outflows and spread compression, affecting earnings growth.
- The company anticipates some moderation of the record low disability incidents experienced in 2024, which could impact future earnings.
Good morning and thank you for joining Lincoln Financial's 2024, fourth quarter and full year 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 fourth quarter and full year earnings call. We appreciate your interest in Lincoln.
A 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. Adjusted income from operations available to common stockholders, and free cash flow to their most comparable GAAP measures.
Before we begin, I want to remind you
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