Annuities contribute to earnings growth for Lincoln
August 1, 2014 by Staff
A 16 percent increase in operating income from annuities contributed to 12 percent growth in second quarter net income from operations at Lincoln National Corp.
Lincoln’s second quarter net income from operations rose to $394 million, or $1.47 per share, from $351 million, or $1.27 per share for the same period last year.
The company’s second quarter revenue increased 9 percent to $3.28 billion from $3 billion for the prior-year period. Its earnings grew to $398 million, or $1.48 per share, from $317 million, or $1.15 per share.
LNC does business as Lincoln Financial Group and has a headquarters in the Philadelphia area and annuities operations based in Fort Wayne.
“Lincoln delivered another strong quarter, achieving record levels of operating revenues, operating earnings and assets under management,” Dennis Glass, president and CEO, said in a statement.
“The overall strength of our performance reflects the diversity of earnings drivers across our businesses as results in annuities, life insurance and retirement plan services more than offset group protection results, which fell short of expectations.”
The company’s annuities business segment saw $227 million in second quarter income from operations, up from $195 million a year earlier.
