- Net income EPS of $1.34 and adjusted operating EPS of
$2.23
- Adjusted operating EPS included $(0.42) primarily from
pandemic-related claims experience and below-targeted alternative
investment income
- BVPS, including AOCI, of $53.97, down 53% primarily driven by
higher interest rates
- BVPS, excluding AOCI, of $79.49, up 5%
- $177 million of capital returned to shareholders, including
$100 million in share repurchases
Lincoln Financial Group (NYSE: LNC) today reported net income
for the second quarter of 2022 of $238 million, or $1.34 per
diluted share available to common stockholders, compared to net
income in the second quarter of 2021 of $642 million, or $3.34 per
diluted share available to common stockholders. Second quarter
adjusted income from operations was $391 million, or $2.23 per
diluted share available to common stockholders, compared to
adjusted income from operations of $608 million, or $3.17 per
diluted share available to common stockholders, in the second
quarter of 2021.
“Despite equity market headwinds, second quarter underlying
earnings were solid," said Ellen Cooper, president and CEO of
Lincoln Financial Group. “We are seeing positive developments
including improving Group Protection results, a significant
sequential decline in pandemic claims, on-track progress from our
Spark expense initiative, and a meaningful rise in interest rates
year to date, supporting future earnings growth and new business
returns. Finally, sales remain robust with new business generating
at or above targeted returns and our balance sheet, including our
high-quality investment portfolio, remains resilient.”
As of or For the Quarter Ended
June 30,
As of or For the Six
Months Ended June 30,
(in millions, except per share data)
2022
2021
2022
2021
Net Income (Loss)
$
238
$
642
$
341
$
867
Net Income (Loss) Available to Common
Stockholders
231
642
334
867
Net Income (Loss) per Diluted Share
Available to Common Stockholders (1)
1.34
3.34
1.91
4.51
Revenues
5,104
4,851
9,791
9,386
Adjusted Income (Loss) from Operations
391
608
685
959
Adjusted Income (Loss) from Operations per
Diluted Share Available to Common Stockholders
2.23
3.17
3.88
4.98
Average Diluted Shares
172.7
192.2
174.6
192.4
Return on Equity (ROE), Including
Accumulated Other Comprehensive Income (AOCI) (Net Income)
8.0%
12.4%
4.6%
8.3%
Adjusted Operating ROE, Excluding AOCI
(Adjusted Income from Operations)
11.6%
17.3%
10.1%
13.8%
Book Value per Share (BVPS), Including
AOCI
$
53.97
$
115.00
$
53.97
$
115.00
Book Value per Share, Excluding AOCI
79.49
75.45
79.49
75.45
Operating Highlights – Second Quarter 2022 vs. Second Quarter
2021
- Annuity account values other than variable annuities with
guaranteed living benefits represented 53% of total annuity account
values, up five percentage points
- Retirement Plan Services positive net flows of $913 million are
up $517 million
- Life Insurance sales of $193 million are up 53% with growth
across all products
- Group Protection insurance premiums of $1.2 billion, up 7%
There were no notable items within adjusted income from
operations for the current quarter or the prior-year quarter. This
quarter’s adjusted operating EPS results included an estimated
unfavorable impact of $0.23 from elevated claims experience related
to the pandemic, $0.11 from alternative investment income below
targeted levels and $0.08 from unfavorable one-time items in our
Annuities business.
Second Quarter 2022 – Segment Results
Annuities
Annuities reported income from operations of $256 million, down
from $323 million in the prior-year quarter. The decrease was
driven by a decline in the capital markets as well as $14 million
of unfavorable one-time items.
Total annuity deposits of $2.7 billion were flat sequentially.
Growth of 16% in indexed variable annuities and 40% in fixed
annuities were offset by a decline in traditional variable
annuities of 25%.
Compared to the prior-year quarter, total annuity deposits were
down 16%. Growth of 185% in fixed annuities was more than offset by
a decline of 24% in indexed variable annuities and 33% in
traditional variable annuities.
Average account values for the quarter of $152 billion were down
8% from the prior-year quarter, primarily driven by a decline in
the equity markets. Net outflows were $318 million in the quarter.
Annuity account values other than variable annuities with
guaranteed living benefits represented 53% of total annuity account
values, up five percentage points over the prior-year quarter.
Retirement Plan Services
Retirement Plan Services reported income from operations of $54
million, compared to $62 million in the prior-year quarter, due to
less favorable returns within the company’s alternative investment
portfolio and a decline in account values driven by the equity
markets partly offset by lower expenses and organic growth.
Total deposits for the quarter of $2.9 billion were up 6% from
the prior-year quarter driven by a 10% increase in first-year sales
and a 3% increase in recurring deposits.
Net flows totaled $913 million for the quarter. Average account
values for the quarter of $91 billion were down 4% over the
prior-year quarter driven by lower equity markets.
Life Insurance
Life Insurance reported income from operations of $114 million
compared to $255 million in the prior-year quarter driven primarily
by less favorable returns within the company’s alternative
investment portfolio.
Total Life Insurance sales were $193 million, up 53% from the
prior-year quarter, with growth reported across all product
lines.
Average Life Insurance in-force of $1 trillion grew 10% from the
prior-year quarter. Average account values for the quarter were $49
billion compared to $59 billion in the prior-year quarter,
reflecting last year’s block reinsurance deal and lower equity
market levels.
Group Protection
Group Protection reported income from operations of $59 million
in the quarter compared to $46 million in the prior-year quarter.
This change was driven by disciplined top-line growth, an improved
group disability loss ratio and effective expense management,
partly offset by a less favorable group life loss ratio and lower
than expected returns within the company’s alternative investment
portfolio.
The total loss ratio was 78.2% in the current quarter compared
to 79.3% in the prior-year quarter, with the decrease driven by
improved disability results.
Total Group Protection sales of $127 million were up 61% from
the prior-year quarter driven by strong results across all products
and size segments. Insurance premiums of $1.2 billion in the
quarter were up 7% compared to the prior-year quarter.
Other Operations
Other Operations reported a loss from operations of $92 million
versus a loss of $78 million in the prior-year quarter driven by
increased investments in the Spark Initiative aimed at improving
our efficiency and effectiveness.
Realized Gains and Losses / Impacts to Net Income
Realized gains/losses and impacts to net income (after-tax) in
the quarter were driven by:
- A $112 million loss primarily from negative hedge results
driven by elevated market volatility
- A $20 million loss related to financial assets
Unrealized Gains and Losses
The company reported a net unrealized loss of $6.3 billion,
pre-tax, on its available-for-sale securities at June 30, 2022.
This compares to a net unrealized gain of $15.6 billion, pre-tax,
at June 30, 2021, with the year-over-year decrease primarily driven
by higher interest rates.
Share Count
The quarter’s average diluted share count of 172.7 million was
down 10% from the second quarter of 2021, the result of
repurchasing 19.8 million shares of stock at a cost of $1.4 billion
since June 30, 2021.
Book Value
As of June 30, 2022, book value per share, including AOCI,
decreased 53% from the prior-year period to $53.97. Book value per
share, excluding AOCI, increased 5% from the prior-year period to
$79.49.
The tables attached to this release define and reconcile the
non-GAAP measures adjusted income from operations, adjusted
operating ROE and BVPS, excluding AOCI, to net income, ROE and
BVPS, including AOCI, calculated in accordance with GAAP.
This press release contains statements that are forward-looking,
and actual results may differ materially. Please see the
Forward-looking Statements – Cautionary Language at the end of this
release for factors that may cause actual results to differ
materially from the company’s current expectations.
For other financial information, please refer to the company’s
second quarter 2022 statistical supplement available on its
website, http://www.lincolnfinancial.com/investor.
Conference Call Information
Lincoln Financial Group will discuss the company’s second
quarter results with investors in a conference call beginning at
10:00 a.m. Eastern Time on Thursday, August 4, 2022.
The conference call will be broadcast live through the company
website at www.lincolnfinancial.com/webcast. Please log on to the
webcast at least 15 minutes prior to the start of the conference
call to download and install any necessary streaming media
software. A replay of the call will be available by 1:00 p.m.
Eastern Time on August 4, 2022 at
www.lincolnfinancial.com/webcast.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help
people take charge of their financial lives with confidence and
optimism. Today, approximately 16 million customers trust our
retirement, insurance and wealth protection expertise to help
address their lifestyle, savings and income goals, and guard
against long-term care expenses. Headquartered in Radnor,
Pennsylvania, Lincoln Financial Group is the marketing name for
Lincoln National Corporation (NYSE:LNC) and its affiliates. The
company had $279 billion in end-of-period account values as of June
30, 2022. Lincoln Financial Group is a committed corporate citizen
included on major sustainability indices including the Dow Jones
Sustainability Index North America and FTSE4Good and ranks among
Newsweek’s Most Responsible Companies. Dedicated to diversity,
equity and inclusion, we are included on transparency benchmarking
tools such as the Corporate Equality Index, the Disability Equality
Index and the Bloomberg Gender-Equality Index. Committed to
providing our employees with flexible work arrangements, we were
named to FlexJobs’ list of the Top 100 Companies to Watch for
Remote Jobs in 2022. With a long and rich legacy of acting
ethically, telling the truth and speaking up for what is right,
Lincoln was recognized as one of Ethisphere’s 2022 World’s Most
Ethical Companies®. Learn more at: www.LincolnFinancial.com. Follow
us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email
alerts at http://newsroom.lfg.com.
Explanatory Notes on Use of Non-GAAP
Measures
Management believes that adjusted income from operations
(adjusted operating income), adjusted operating return on equity,
adjusted operating revenues, and adjusted operating EPS better
explain the results of the company’s ongoing businesses in a manner
that allows for a better understanding of the underlying trends in
the company’s current business because the excluded items are
unpredictable and not necessarily indicative of current operating
fundamentals or future performance of the business segments, and,
in most instances, decisions regarding these items do not
necessarily relate to the operations of the individual segments.
Management also believes that using book value excluding
accumulated other comprehensive income (“AOCI”) enables investors
to analyze the amount of our net worth that is primarily
attributable to our business operations. Book value per share
excluding AOCI is useful to investors because it eliminates the
effect of items that can fluctuate significantly from period to
period, primarily based on changes in interest rates.
For the historical periods, reconciliations of non-GAAP measures
used in this press release to the most directly comparable GAAP
measure may be included in this Appendix to the press release
and/or are included in the Statistical Reports for the
corresponding periods contained in the Earnings section of the
Investor Relations page on our website:
www.lincolnfinancial.com/investor.
Definitions of Non-GAAP Measures Used
in this Press Release
Adjusted income (loss) from operations, adjusted operating
revenues and adjusted operating return on equity (including and
excluding average goodwill within average equity), excluding AOCI,
using annualized adjusted income (loss) from operations are
financial measures we use to evaluate and assess our results.
Adjusted income (loss) from operations, adjusted operating revenues
and adjusted operating return on equity (“ROE”), as used in the
press release, are non-GAAP financial measures and do not replace
GAAP net income (loss), revenues and ROE, the most directly
comparable GAAP measures.
Adjusted Income (Loss) from Operations
Adjusted income (loss) from operations is GAAP net income (loss)
excluding the after-tax effects of the following items, as
applicable:
- Realized gains and losses associated with the following
(“excluded realized gain (loss)”):
- Sales or disposals and impairments of financial assets;
- Changes in the fair value of equity securities;
- Changes in the fair value of derivatives, embedded derivatives
within certain reinsurance arrangements and trading securities
(“gain (loss) on the mark-to-market on certain instruments”);
- Changes in the fair value of the derivatives we own to hedge
our guaranteed death benefit (“GDB”) riders within our variable
annuities;
- Changes in the fair value of the embedded derivatives of our
guaranteed living benefit (“GLB”) riders reflected within variable
annuity net derivative results accounted for at fair value;
- Changes in the fair value of the derivatives we own to hedge
our GLB riders reflected within variable annuity net derivative
results; and
- Changes in the fair value of the embedded derivative
liabilities related to index options we may purchase or sell in the
future to hedge contract holder index allocations applicable to
future reset periods for our indexed annuity products accounted for
at fair value (“indexed annuity forward-starting options”);
- Changes in reserves resulting from benefit ratio unlocking on
our GDB and GLB riders and variable universal life products with
secondary guarantees (“benefit ratio unlocking”);
- Income (loss) from reserve changes, net of related
amortization, on business sold through reinsurance;
- Gains (losses) on modification or early extinguishment of
debt;
- Losses from the impairment of intangible assets;
- Income (loss) from discontinued operations;
- Transaction and integration costs related to mergers and
acquisitions including the acquisition or divestiture, through
reinsurance or other means, of businesses or blocks of business;
and
- Income (loss) from the initial adoption of new accounting
standards, regulations and policy changes including the net impact
from the Tax Cuts and Jobs Act.
Adjusted Operating Revenues
Adjusted operating revenues represent GAAP revenues excluding
the pre-tax effects of the following items, as applicable:
- Excluded realized gain (loss);
- Revenue adjustments from the initial adoption of new accounting
standards;
- Amortization of deferred front-end loads (“DFEL”) arising from
changes in benefit ratio unlocking; and
- Amortization of deferred gains arising from reserve changes on
business sold through reinsurance.
Adjusted Operating Return on Equity
Adjusted operating return on equity measures how efficiently we
generate profits from the resources provided by our net assets.
- It is calculated by dividing annualized adjusted income (loss)
from operations by average equity, excluding accumulated other
comprehensive income (loss) (“AOCI”).
- Management evaluates return on equity by both including and
excluding average goodwill within average equity.
Definition of Notable Items
Adjusted income (loss) from operations, excluding notable items,
is a non-GAAP measure that excludes items which, in management’s
view, do not reflect the company’s normal, ongoing operations.
- We believe highlighting notable items included in adjusted
income (loss) from operations enables investors to better
understand the fundamental trends in its results of operations and
financial condition.
Book Value Per Share, Excluding AOCI
Book value per share, excluding AOCI is calculated based upon a
non-GAAP financial measure.
- It is calculated by dividing (a) stockholders' equity,
excluding AOCI by (b) common shares outstanding.
- We provide book value per share excluding AOCI to enable
investors to analyze the amount of our net worth that is primarily
attributable to our business operations.
- Management believes book value per share, excluding AOCI is
useful to investors because it eliminates the effect of items that
can fluctuate significantly from period to period, primarily based
on changes in interest rates.
- Book value per share is the most directly comparable GAAP
measure.
Special Note
Sales
Sales as reported consist of the following:
- Annuities and Retirement Plan Services – deposits from new and
existing customers;
- Universal life insurance (“UL”), indexed universal life
insurance (“IUL”), variable universal life insurance (“VUL”) –
second-year commissionable premiums plus 5% of excess premiums
received;
- MoneyGuard® linked-benefit products – MoneyGuard® (UL), 15% of
total expected premium deposits, and MoneyGuard Market AdvantageSM
(VUL), 150% of commissionable premiums;
- Executive Benefits –insurance and corporate-owned UL and VUL,
second-year commissionable premiums plus 5% of excess premium
received, and single premium bank-owned UL and VUL, 15% of single
premium deposits;
- Term – 100% of annualized second-year premiums; and
- Group Protection – annualized second-year premiums from new
policies.
Lincoln National
Corporation
Reconciliation of Net Income
to Adjusted Income from Operations
(in millions, except per share data)
For the Quarter Ended
For the Six Months
Ended
June 30,
June 30,
2022
2021
2022
2021
Total Revenues
$
5,104
$
4,851
$
9,791
$
9,386
Less:
Excluded realized gain (loss)
473
(53)
447
(281)
Amortization of DFEL associated with
benefit ratio unlocking
(10)
1
(15)
2
Total Adjusted Operating
Revenues
$
4,641
$
4,903
$
9,359
$
9,665
Net Income (Loss) Available to Common Stockholders – Diluted
$
231
$
642
$
334
$
867
Less:
Adjustment for deferred units of LNC stock in our deferred
compensation plans (1)
(7)
-
(7)
-
Net Income (Loss)
238
642
341
867
Less:
Excluded realized gain (loss),
after-tax
374
(43)
352
(223)
Benefit ratio unlocking, after-tax
(527)
77
(696)
131
Total adjustments
(153)
34
(344)
(92)
Adjusted Income (Loss) from
Operations
$
391
$
608
$
685
$
959
Earnings (Loss) Per Common Share –
Diluted
Net income (loss)
$
1.34
$
3.34
$
1.91
$
4.51
Adjusted income (loss) from operations
2.23
3.17
3.88
4.98
Average Stockholders’ Equity
Average equity, including average AOCI
$
11,950
$
20,669
$
14,721
$
20,908
Average AOCI
(1,547)
6,620
1,149
6,983
Average equity, excluding AOCI
13,497
14,049
13,572
13,925
Average goodwill
1,778
1,778
1,778
1,778
Average equity, excluding AOCI and
goodwill
$
11,719
$
12,271
$
11,794
$
12,147
Return on Equity, Including
AOCI
Net income (loss) with average equity
including goodwill
8.0%
12.4%
4.6%
8.3%
Adjusted Operating Return on Equity,
Excluding AOCI
Adjusted income (loss) from operations with average equity
including goodwill
11.6%
17.3%
10.1%
13.8%
Adjusted income (loss) from operations with average equity
excluding goodwill
13.3%
19.8%
11.6%
15.8%
(1)
We exclude deferred units of LNC stock
that are antidilutive from our diluted earnings per share
calculation.
Lincoln National
Corporation
Reconciliation of Book Value
per Share
As of June 30,
2022
2021
Book value per share, including AOCI
$
53.97
$
115.00
Per share impact of AOCI
(25.52)
39.55
Book value per share, excluding AOCI
79.49
75.45
Lincoln National
Corporation
Digest of Earnings
(in millions, except per share data)
For the Quarter Ended
June 30,
2022
2021
Revenues
$
5,104
$
4,851
Net Income (Loss)
$
238
$
642
Adjustment for deferred units of LNC stock
in our deferred compensation plans (1)
(7)
-
Net Income (Loss) Available to
Common Stockholders – Diluted
$
231
$
642
Earnings (Loss) Per Common Share –
Basic
$
1.39
$
3.38
Earnings (Loss) Per Common Share –
Diluted
1.34
3.34
Average Shares – Basic
171,130,192
189,987,670
Average Shares – Diluted
172,706,993
192,202,398
For the Six Months Ended
June 30,
2022
2021
Revenues
$
9,791
$
9,386
Net Income (Loss)
$
341
$
867
Adjustment for deferred units of LNC stock
in our deferred compensation plans (1)
(7)
-
Net Income (Loss) Available to
Common Stockholders – Diluted
$
334
$
867
Earnings (Loss) Per Common Share –
Basic
$
1.98
$
4.54
Earnings (Loss) Per Common Share –
Diluted
1.91
4.51
Average Shares – Basic
172,633,482
190,878,951
Average Shares – Diluted
174,562,419
192,362,012
(1)
We exclude deferred units of LNC stock
that are antidilutive from our diluted earnings per share
calculation.
FORWARD-LOOKING STATEMENTS – CAUTIONARY
LANGUAGE
Certain statements made in this press release and in other
written or oral statements made by Lincoln or on Lincoln’s behalf
are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 (“PSLRA”). A
forward-looking statement is a statement that is not a historical
fact and, without limitation, includes any statement that may
predict, forecast, indicate or imply future results, performance or
achievements. Forward-looking statements may contain words like:
“anticipate,” “believe,” “estimate,” “expect,” “project,” “shall,”
“will” and other words or phrases with similar meaning in
connection with a discussion of future operating or financial
performance. In particular, these include statements relating to
future actions, trends in Lincoln’s businesses, prospective
services or products, future performance or financial results and
the outcome of contingencies, such as legal proceedings. Lincoln
claims the protection afforded by the safe harbor for
forward-looking statements provided by the PSLRA.
Forward-looking statements are subject to risks and
uncertainties. Actual results could differ materially from those
expressed in or implied by such forward-looking statements due to a
variety of factors, including:
- The continuation of the COVID-19 pandemic, or future outbreaks
of COVID-19, and uncertainty surrounding the length and severity of
future impacts on the global economy and on our business, results
of operations and financial condition;
- Weak general economic and business conditions that may affect
demand for our products, account values, investment results,
guaranteed benefit liabilities, premium levels and claims
experience;
- Adverse global capital and credit market conditions that may
affect our ability to raise capital, if necessary, and may cause us
to realize impairments on investments and certain intangible
assets, including goodwill and the valuation allowance against
deferred tax assets, which may reduce future earnings and/or affect
our financial condition and ability to raise additional capital or
refinance existing debt as it matures;
- The inability of our subsidiaries to pay dividends to the
holding company in sufficient amounts, which could harm the holding
company’s ability to meet its obligations;
- Legislative, regulatory or tax changes, both domestic and
foreign, that affect: the cost of, or demand for, our subsidiaries’
products; the required amount of reserves and/or surplus; our
ability to conduct business and our captive reinsurance
arrangements as well as restrictions on the payment of revenue
sharing and 12b-1 distribution fees;
- The impact of U.S. federal tax reform legislation on our
business, earnings and capital;
- The impact of Regulation Best Interest or other regulations
adopted by the Securities and Exchange Commission (“SEC”), the
Department of Labor or other federal or state regulators or
self-regulatory organizations relating to the standard of care owed
by investment advisers and/or broker-dealers that could affect our
distribution model;
- Actions taken by reinsurers to raise rates on in-force
business;
- Declines in or sustained low interest rates causing a reduction
in investment income, the interest margins of our businesses,
estimated gross profits and demand for our products;
- Rapidly increasing interest rates causing contract holders to
surrender life insurance and annuity policies, thereby causing
realized investment losses, and reduced hedge performance related
to variable annuities;
- The impact of the implementation of the provisions of the
Dodd-Frank Wall Street Reform and Consumer Protection Act relating
to the regulation of derivatives transactions;
- The initiation of legal or regulatory proceedings against us,
and the outcome of any legal or regulatory proceedings, such as:
adverse actions related to present or past business practices
common in businesses in which we compete; adverse decisions in
significant actions including, but not limited to, actions brought
by federal and state authorities and class action cases; new
decisions that result in changes in law; and unexpected trial court
rulings;
- A decline or continued volatility in the equity markets causing
a reduction in the sales of our subsidiaries’ products; a reduction
of asset-based fees that our subsidiaries charge on various
investment and insurance products; an acceleration of the net
amortization of deferred acquisition costs (“DAC”), value of
business acquired (“VOBA”), deferred sales inducements (“DSI”) and
deferred front-end loads (“DFEL”); and an increase in liabilities
related to guaranteed benefit features of our subsidiaries’
variable annuity products;
- Ineffectiveness of our risk management policies and procedures,
including various hedging strategies used to offset the effect of
changes in the value of liabilities due to changes in the level and
volatility of the equity markets and interest rates;
- A deviation in actual experience regarding future persistency,
mortality, morbidity, interest rates or equity market returns from
the assumptions used in pricing our subsidiaries’ products, in
establishing related insurance reserves and in the net amortization
of DAC, VOBA, DSI and DFEL, which may reduce future earnings;
- Changes in accounting principles that may affect our business,
results of operations and financial condition, including the
adoption effective January 1, 2023, of FASB ASU 2018-12, Targeted
Improvements to the Accounting for Long-Duration Contracts;
- Lowering of one or more of our debt ratings issued by
nationally recognized statistical rating organizations and the
adverse effect such action may have on our ability to raise capital
and on our liquidity and financial condition;
- Lowering of one or more of the insurer financial strength
ratings of our insurance subsidiaries and the adverse effect such
action may have on the premium writings, policy retention,
profitability of our insurance subsidiaries and liquidity;
- Significant credit, accounting, fraud, corporate governance or
other issues that may adversely affect the value of certain
financial assets, as well as counterparties to which we are exposed
to credit risk, requiring that we realize losses on financial
assets;
- Interruption in telecommunication, information technology or
other operational systems or failure to safeguard the
confidentiality or privacy of sensitive data on such systems,
including from cyberattacks or other breaches of our data security
systems;
- The effect of acquisitions and divestitures, restructurings,
product withdrawals and other unusual items;
- The inability to realize or sustain the benefits we expect
from, greater than expected investments in, and the potential
impact of efforts related to, our strategic initiatives, including
the Spark Initiative;
- The adequacy and collectability of reinsurance that we have
obtained;
- Future pandemics, acts of terrorism, war or other man-made and
natural catastrophes that may adversely affect our businesses and
the cost and availability of reinsurance;
- Competitive conditions, including pricing pressures, new
product offerings and the emergence of new competitors, that may
affect the level of premiums and fees that our subsidiaries can
charge for their products;
- The unknown effect on our subsidiaries’ businesses resulting
from evolving market preferences and the changing demographics of
our client base; and
- The unanticipated loss of key management, financial planners or
wholesalers.
The risks and uncertainties included here are not exhaustive.
Our most recent Form 10-K, as well as other reports that we file
with the SEC, include additional factors that could affect our
businesses and financial performance. Moreover, we operate in a
rapidly changing and competitive environment. New risk factors
emerge from time to time, and it is not possible for management to
predict all such risk factors.
Further, it is not possible to assess the effect of all risk
factors on our businesses or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
Given these risks and uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. In addition, Lincoln disclaims any obligation to
update any forward-looking statements to reflect events or
circumstances that occur after the date of this press release.
The reporting of Risk Based Capital (“RBC”) measures is not
intended for the purpose of ranking any insurance company or for
use in connection with any marketing, advertising or promotional
activities.
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version on businesswire.com: https://www.businesswire.com/news/home/20220803005841/en/
Al Copersino (203) 257-4493 Investor Relations
InvestorRelations@LFG.com Holly Fair (484) 583-1632 Media Relations
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