NYSE$LNC
Lincoln National Corp · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Reported strong first quarter results driven by strategic actions and increased operating revenues.
Lincoln Financial Group reported a net income of $225 million, or $1.16 per diluted share, for the first quarter of 2021, compared to $52 million, or $0.15 per diluted share, for the same period in 2020. Adjusted income from operations was $350 million, or $1.82 per diluted share, compared to $465 million, or $2.24 per diluted share, in the first quarter of 2020. The results reflect increased operating revenues and expense efficiency across all business segments, though were impacted by the pandemic.
- Net income EPS was $1.16, and adjusted operating EPS was $1.82.
- Adjusted operating EPS included a negative impact of $1.15 from elevated pandemic-related claims and a positive impact of $0.43 from above-targeted alternative investment income.
- Book Value Per Share (BVPS), including Accumulated Other Comprehensive Income (AOCI), was $102.50, up 19%.
- Returned $186 million of capital to shareholders, including $105 million in share repurchases.
Headline financials
Revenue & EPS history
Lincoln National · Revenue · Quarterly
$4.53B
Revenue by segment
Lincoln National · $73M total across 5 segments · Q3 2023
- Annuities$248M-44.8%339.7%
- Group Protection$68M+83.8%93.2%
- Retirement Plan Services$43M-17.3%58.9%
- Other Operations-$113M+0.0%-154.8%
- Life Insurance-$173M+92.1%-237.0%
Forward guidance
Lincoln Financial Group expects mortality impacts to abate, capital markets to improve, sales pipelines to remain strong, and quarterly capital return to shareholders to be restored to pre-pandemic levels, all of which support continued momentum.
Tailwinds
- Mortality impacts from the pandemic should decrease.
- Capital markets have improved.
- Sales pipelines are strong.
- Quarterly capital return to shareholders is being restored to pre-pandemic levels.
- Strategic actions taken to drive top and bottom line growth.
Headwinds
- Continued uncertainty surrounding the length and severity of the COVID-19 pandemic impacts.
- Further deterioration in general economic and business conditions.
- Adverse global capital and credit market conditions.
- Legislative, regulatory or tax changes.
- Actions taken by reinsurers to raise rates on in-force business.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
-0.2%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+0.6%
Avg return
30 days after
50%
36 / 72 earnings
Positive
+7.9%
Q3 2009
Best reaction
-35.5%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.3% | -6.8% | -7.7% | |
| Q4 2025 | +5.6% | +8.0% | -15.3% | |
| Q3 2025 | +1.6% | +0.7% | +2.8% | |
| Q1 2025 | -1.9% | +4.4% | -1.7% | |
| Q4 2024 | +5.9% | +13.7% | +5.4% | |
| Q3 2024 | -0.2% | -2.4% | +5.8% | |
| Q2 2024 | -9.8% | -11.6% | -3.6% | |
| Q1 2024 | +1.5% | +5.2% | +19.1% | |
| Q4 2023 | -5.3% | -0.9% | -0.0% | |
| Q3 2023 | +6.2% | +9.4% | +10.8% | |
| Q2 2023 | -0.9% | -2.2% | -7.3% | |
| Q1 2023 | -5.0% | -9.9% | +10.8% | |
| Q4 2022 | -3.2% | -1.0% | -27.6% | |
| Q3 2022 | -35.5% | -38.4% | -28.1% | |
| Q2 2022 | -6.3% | -7.6% | -8.0% | |
| Q1 2022 | -5.4% | -10.6% | -10.8% | |
| Q4 2021 | -5.5% | +0.5% | -13.3% | |
| Q3 2021 | -3.1% | -1.1% | -11.6% | |
| Q2 2021 | +5.7% | +8.8% | +8.9% | |
| Q1 2021 | +6.1% | +7.2% | +10.0% | |
| Q4 2020 | +5.4% | +10.8% | +23.5% | |
| Q3 2020 | -4.0% | +14.0% | +46.4% | |
| Q2 2020 | -1.6% | +7.3% | +4.7% | |
| Q1 2020 | +7.1% | +8.7% | +45.6% | |
| Q4 2019 | +6.6% | +7.2% | -31.5% | |
| Q3 2019 | -8.8% | -3.8% | -4.7% | |
| Q2 2019 | -9.6% | -14.7% | -20.1% | |
| Q1 2019 | -0.5% | +0.1% | -10.9% | |
| Q4 2018 | +0.7% | +0.6% | +2.3% | |
| Q3 2018 | +5.2% | +7.2% | +4.6% | |
| Q2 2018 | -3.5% | -1.9% | -3.7% | |
| Q1 2018 | -5.4% | -2.3% | -4.0% | |
| Q4 2017 | +2.3% | -7.0% | -12.2% | |
| Q3 2017 | +1.2% | +1.1% | +1.0% | |
| Q2 2017 | -0.6% | +0.5% | -6.3% | |
| Q1 2017 | +1.8% | +3.7% | -0.6% | |
| Q4 2016 | +1.5% | +2.3% | +5.4% | |
| Q3 2016 | +5.2% | +6.8% | +33.4% | |
| Q2 2016 | +0.4% | +7.8% | +12.3% | |
| Q1 2016 | -5.3% | — | — | |
| Q4 2015 | -4.3% | — | — | |
| Q3 2015 | +5.0% | — | — | |
| Q2 2015 | -0.2% | — | — | |
| Q1 2015 | -1.3% | — | — | |
| Q4 2014 | +1.1% | — | — | |
| Q3 2014 | +1.5% | — | — | |
| Q2 2014 | +0.3% | — | — | |
| Q1 2014 | +0.8% | — | — | |
| Q4 2013 | +2.6% | — | — | |
| Q3 2013 | -0.1% | — | — | |
| Q2 2013 | +7.9% | — | — | |
| Q1 2013 | -6.0% | — | — | |
| Q4 2012 | -0.8% | — | — | |
| Q3 2012 | +1.7% | — | — | |
| Q2 2012 | +6.4% | — | — | |
| Q1 2012 | -4.7% | — | — | |
| Q4 2011 | +0.4% | — | — | |
| Q3 2011 | +2.1% | — | — | |
| Q2 2011 | -6.1% | — | — | |
| Q1 2011 | +0.0% | — | — | |
| Q4 2010 | +2.6% | — | — | |
| Q3 2010 | -3.9% | — | — | |
| Q2 2010 | -0.2% | — | — | |
| Q4 2009 | -0.2% | — | — | |
| Q1 2010 | +4.8% | — | — | |
| Q2 2009 | -0.6% | — | — | |
| Q4 2007 | -0.6% | — | — | |
| Q3 2008 | +7.9% | — | — | |
| Q3 2009 | +7.9% | — | — | |
| Q2 2008 | +6.2% | — | — | |
| Q1 2009 | +6.2% | — | — | |
| Q4 2008 | +6.2% | — | — |
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