Lincoln Financial swings to quarterly profit on higher investment income

Lincoln National

01/11/2023 21:50

Nov 1 (Reuters) - Lincoln Financial Group  LNC.N  posted
a quarterly profit, compared with a year-earlier loss,
benefiting from a rise in its investment income.
    A recovery in global capital markets this year on hopes the
U.S. Federal Reserve is nearing the end of its rate-hike cycle
has boosted profit for insurers, which invest premiums collected
from clients in different asset classes such as equities and
bonds.
    Adjusted earnings per share for the quarter ended Sept. 30
were 23 cents per share, compared with a loss of $11.49 per
share a year earlier.
    However, analysts on average had expected a profit of $1.21
per share, according to LSEG data. 
    The insurer's net investment income rose 15.4% to $1.49
billion from a year earlier. 
    

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Anil D'Silva)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))