TSX:LFE - Post Discussion
Post by
mouserman on Aug 01, 2024 9:39am
LNC also good results, up big...
LFE maybe should have bigger weighting in US insurers and less in CAD banks..
Lincoln Financial Group (NYSE: LNC) today reported financial results for the second quarter ended June 30, 2024.
- Net income available to common stockholders was $884 million, or $5.11 per diluted share.
- Adjusted operating income available to common stockholders was $319 million, or $1.84 per diluted share.
- The primary differences between net income and adjusted operating income resulted from the following factors:
- $436 million of the net income, or $2.52 per diluted share, was related to a gain from the sale of Lincoln's wealth management business
- $198 million of the net income, or $1.15 per diluted share, was primarily due to changes in market risk benefits driven by the increase in interest rates and equity markets, a non-economic impact.
- Lincoln's estimated RBC ratio was above 420% at quarter-end.
"Our second quarter results were solid and exceeded our expectations as we continued to execute on our strategic priorities," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial Group. “Our businesses’ results reflect steady progress as part of their strategic realignment. Group Protection delivered results in line with its record prior-year quarter. Annuities earnings grew by 10% while producing strong sales growth. Retirement Plan Services earnings improved sequentially, and our Life business sales are stabilizing."
“We also accomplished our goal of growing capital to an estimated RBC ratio above 420%, a significant milestone, and made further progress on optimizing our operating model, which included establishing our Bermuda reinsurance subsidiary. The second quarter’s performance reflected continued momentum on our multi-year journey to transform our company and deliver increasing shareholder value.”
Be the first to comment on this post