RADNOR, PA — Lincoln Financial Group (NYSE: LNC) reported a strong second-quarter performance for 2025, with net income of $688 million, or $3.80 per diluted share, fueled by disciplined execution and a more diversified earnings mix. Adjusted operating income came in at $427 million, or $2.36 per share, with market-related gains contributing significantly to overall results.
Chairman and CEO Ellen Cooper credited the results to strategic execution across business lines, stating the company is now “well positioned to build on this momentum and unlock Lincoln’s full potential.”
Key Business Segment Highlights
- Annuities delivered $287 million in operating income despite a 3% year-over-year dip. Sales rose 5% to $4.0 billion, supported by a broad product mix. Spread-based products made up 66% of sales.
- Life Insurance rebounded with $32 million in operating income, up from a $35 million loss a year earlier, driven by strong investment returns and favorable mortality. Sales climbed 15%.
- Group Protection achieved record earnings of $173 million, a 33% increase, and improved its operating margin to 12.5%. Premiums rose 7%, while sales jumped 16%.
- Retirement Plan Services saw income dip 8% to $37 million amid net outflows of $0.6 billion. However, total deposits rose 10%, supported by a 50% surge in first-year sales.
Strategic Moves and Capital Position
Lincoln completed a strategic partnership with Bain Capital during the quarter, aimed at accelerating long-term priorities. The company also reported a $9.1 billion unrealized loss on its investment portfolio as of June 30, reflecting improved Treasury yields compared to last year.
Cooper emphasized the firm’s stronger capital flexibility and balanced growth approach, calling the quarter a clear indicator of the sustainable value creation underway.
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