Lincoln Financial rises on swinging to profit in Q3

Lincoln National

02/11/2023 13:14

** Shares of Lincoln Financial Group  LNC.N  rise 6.5% to
$22.83 premarket 
    ** Co swings to quarterly profit, posts higher investment
income
    ** The $3.6 bln insurer also gets regulatory nod for its
previously announced deal with Fortitude Reinsurance 
    ** Co reports adj EPS of 23 cents in Q3, compared with a
loss of $11.49 per share reported, a year earlier, while net
investment income rises 15.4% to $1.49 bln
    ** As market recovers on hopes rate-hike cycle has come to
an end, insurers' profits likely to boost as they invest
premiums collected from clients in stocks and bonds    
    ** Citigroup trims PT on LNC to $22 from $26
    ** Average rating of 15 brokerages covering stock in "hold",
median PT at $25.50
    ** Up to Wednesday's close, stock down ~30% YTD

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))