Lincoln National Earnings Call Transcripts
Fiscal Year 2025
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Adjusted operating income rose 31% year-over-year in Q4, with all segments contributing to growth and a strong shift toward capital efficiency and diversification. Group Protection and annuities led performance, while Life Insurance rebounded. Free cash flow and capital levels support higher future shareholder returns.
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Fifth consecutive quarter of year-over-year adjusted operating income growth, with all business segments contributing to robust results. Group Protection, annuities, and life insurance showed strong performance, while capital and expense management remain disciplined.
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Adjusted operating income grew 32% year-over-year, with all segments posting double-digit sales growth and group protection achieving record earnings and margin. Strategic capital deployment and product diversification are driving sustainable, higher-margin growth, while strong sales pipelines and disciplined execution support a positive outlook.
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Adjusted operating income grew 14% year-over-year, with strong group protection and annuity sales, improved life insurance results, and robust capital metrics. The Bain Capital partnership will accelerate growth in spread-based products and enhance strategic flexibility.
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A long-term partnership with Bain Capital will see a 9.9% equity investment and strategic asset management collaboration, aiming to accelerate growth, expand private asset origination, and drive product innovation. The deal is expected to be accretive to free cash flow per share by 2027.
Fiscal Year 2024
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Full-year adjusted operating income reached a three-year high, with strong results in Group Protection, Annuities, and Retirement Plan Services. Capital position improved, free cash flow conversion rose to 39%, and 2026 guidance was raised for both free cash flow and leverage targets.
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Third-quarter adjusted operating income reached a two-year high, driven by strong segment results and strategic execution. Group Protection and annuities saw significant growth, while capital and free cash flow metrics exceeded expectations.
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Second quarter results exceeded expectations, driven by strong annuity and group sales, improved capital ratios, and successful execution of strategic initiatives including the sale of the wealth management business and launch of a Bermuda reinsurance subsidiary.