Lincoln Financial quarterly profit rises on strength in annuities business

Lincoln National

08/02/2024 13:22

Feb 8 (Reuters) - Lincoln Financial Group  LNC.N  on
Thursday posted a rise in its fourth-quarter profit on strength
in its fixed annuities business. 
    Encouraged by increasing bets of a soft landing, customers
are beginning to revive spending on insurance policies. Growing
job security, thanks to a fairly tight labor market, has also
given them enough confidence to purchase policies. 
    Annuities are long-term investment products that pays out a
fixed stream to an individual, and is primarily used by retired
individuals. 
    Net flows in its annuities business surged almost 83% to
$278 million from a year ago. 
    Adjusted earnings per share for the quarter ended Dec. 31
came in at $1.45, compared with 76 cents a year earlier.
    Analysts, on average, had expected a profit of $1.32 per
share, according to LSEG data.
    The insurer's net investment income was almost flat at $1.41
billion compared to last year. 

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Shailesh Kuber)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))