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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.