Q3 2025 Lincoln National Corp Earnings Call Transcript
Key Points
- Lincoln National Corp (LNC) reported its fifth consecutive quarter of year-over-year growth in adjusted operating income, showcasing strong financial performance.
- The company has made significant progress in optimizing its operating model, enhancing operational efficiency, and creating a more agile organization.
- Annuities business recorded strong sales growth, with a 32% year-over-year increase, driven by diversified product offerings and strategic market positioning.
- Life Insurance segment showed a significant year-over-year improvement in earnings, supported by stable mortality and operational efficiencies.
- Retirement Plan Services achieved 5% year-over-year earnings growth, with strong sales momentum and positive net flows, indicating robust business performance.
- Group Protection earnings were modestly below expectations, with a decline in disability loss ratio due to lower LTD recoveries.
- The company anticipates a seasonal increase in expenses in the fourth quarter, which could impact profitability.
- There is ongoing volatility in Life Insurance earnings due to factors like mortality and alternative investment returns.
- The transition to retaining fixed annuity business may result in slightly higher retained acquisition expenses in the near term, posing a short-term financial headwind.
- The competitive environment remains challenging, particularly in the Group Protection segment, which could pressure future growth and profitability.
Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lincoln Financial third-quarter 2025 earnings webcast. (Operator Instructions)
I would now like to turn the call over to Tina Madon, Head of Investor Relations. Tina, please go ahead.
Thank you. Good morning, everyone, and welcome to our third-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 and adjusted income from operations available to common stockholders, or adjusted operating income to the most comparable GAAP measures.
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