The following is a summary of the Lincoln National Corporation (LNC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Lincoln National Corporation reported strong Q1 2024 results, exceeding their expectations with notable performance in Annuities and Group Protection businesses.

• Retirement Plan Services generated over $1 billion in sales. However, Life business showed year-over-year and sequential declines in sales.

• The group business achieved a margin of 6.2% with a year-over-year earnings growth of $80 million.

• Decline in RILA sales due to increased competition; however, a new RILA product is expected to add to the business positively.

• Commercial mortgage loan portfolio represents 15% of total invested assets and remains high-quality.

• Alternative investments returned 2.3%, slightly below the expected 2.5%.

Business Progress:

• The company is strategically realigning towards businesses and products with more stable cash flows and less sensitivity to equity markets.

• Lincoln is working on optimizing their operating model, focusing on expense efficiencies and general account optimization.

• Retirement Plan Services showed robust sales, increasing over 50%, with positive net flows of nearly $400 million.

• Lincoln's future strategy includes optimization to support earnings throughout 2024 and driving increasing earnings growth and profitability.

• The company is diversifying its general account portfolio through a unique multi-manager framework and expanding relationships with asset managers.

• Lincoln expects the sale of its wealth management business to Osaic to close soon, adding an anticipated $650 million capital benefit for increased financial flexibility.

More details: Lincoln National IR

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