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Lincoln Financial Swings To Q2 Profit

IBR Staff Writer Published 28 July 2010

Lincoln Financial Group has posted a net income of $255m, or $0.33 per diluted share, for the second quarter ended June 30, 2010, compared to a net loss of $161m, or $0.62 per diluted share, for the same period last year.

The company reported total revenues of $2.6bn for the second quarter of 2010, an increase of 38.3% compared to $1.8bn for the same quarter in 2009.

The second quarter income from operations was $290m, or $0.86 per diluted share available to common stockholders, compared to $207m, or $0.79 per diluted share, in the second quarter of 2009.

Dennis Glass, president and CEO of Lincoln Financial Group, said: “Strong sales across all segments combined with good persistency drove growth in net flows, the result of distribution-related productivity gains and shelf space expansion and comprehensive product offerings.

“Given the resilience of our operating model and the success of our capital actions, we are moving into the second half of the year with the financial strength and flexibility to support our growth strategies. I am confident that Lincoln today is well-positioned to deliver on the strong demand for insurance and retirement solutions.”