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    Lincoln Financial 3Q profit down on market turmoil

    AP – Wed, Nov 2, 2011

    PHILADELPHIA (AP) — Lincoln Financial Group on Wednesday said its third-quarter profit fell 43 percent amid stock market volatility.

    The company, which is formally known as Lincoln National Corp., sells life and health insurance and retirement plans.

    It said net income available to common stockholders for the three months that ended Sept. 30 dropped to $138.5 million, or 44 cents per share. That's compared with $245.1 million, or 75 cents per share, a year earlier.

    Adjusted for reserve changes and to exclude the costs of paying down debt early and of discontinued operations, Lincoln Financial said its earnings came to $1 per share.

    Revenue slipped 2 percent to $2.55 billion, from $2.61 billion last year.

    Analysts, on average, were expecting adjusted profit of 93 cents per share, on revenue of $2.77 billion, according to data provided by FactSet.

    The company's individual annuities, life insurance and group protection businesses had operating income gains.

    Total annuity deposits slid 9 percent to $2.7 billion, reflecting a drop in fixed annuity deposits that offset an increase in variable annuity deposits.

    Life insurance sales increased 4 percent to $155 million over the prior-year quarter.

    Group protection sales rose 9 percent to $75 million.

    Meanwhile its defined-contribution unit saw operating income decline, largely because of a one-time benefit last year. Defined-contribution gross deposits rose 15 percent to $1.5 billion.

    Lincoln booked a $28 million net loss from the sale and impairment of general account investments. It also recorded a mark-to-market net loss of $69 million, and a net loss in its variable annuity hedge program of $62 million.

    In aftermarket trading, Lincoln shares gave up 39 cents, or 2 percent, to $18.50. The stock closed Wednesday's regular session up 91 cents, or 5.1 percent, at $18.89.

     

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