lincoln national corp (LNC) Key Developments
Lincoln Financial Group Names Kirkland L. Hicks as Executive Vice President and General Counsel, Effective December 10, 2015
Nov 24 15
Lincoln Financial Group announced that Kirkland L. Hicks will join the company as Executive Vice President and General Counsel, effective December 10, 2015. In his role, Hicks will oversee all activities for the Law, Compliance, Government Relations and Corporate Secretary functions of the company, as well as provide strategic counsel to the CEO and senior management team. He will report to Dennis R. Glass, president and CEO of Lincoln Financial Group, and he will also sit on the company’s Senior Management Committee, which drives the company’s long-term strategy. Hicks joins Lincoln Financial from Towers Watson & Co.
Lincoln Financial Group Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
Oct 28 15
Lincoln Financial Group reported consolidated earnings results for the third quarter and nine months ended September 30, 2015. The company reported net income available to common stockholders for the third quarter of 2015 was $220 million, or $0.87 per diluted share available to common stockholders, compared to net income in the third quarter of 2014 of $441 million, or $1.65 per diluted share available to common stockholders. Third quarter income from operations was $289 million, or $1.11 per diluted share available to common stockholders, compared to $414 million, or $1.56 per diluted share available to common stockholders, in the third quarter of 2014. ROE (income from operations) was 9.1% against 13.4% a year ago. ROE (net income) was 7.1% against 14.2% a year ago. Total revenues were $3,716 million against $3,411 million a year ago. Total operating revenues were $3,735 million against $3,363 million a year ago.
For the nine-month period, the company reported net income available to common stockholders was $865 million or $3.37 diluted per share against $1,168 million or $4.34 diluted per share a year ago. Income from operations was $1,013 million or $3.92 diluted per share against $1,173 million or $4.36 diluted per share a year ago. ROE (income from operations) was 10.7% against 12.9% a year ago. ROE (net income) was 9.2% against 12.8% a year ago. As of September 30, 2015, book value per share, including accumulated other comprehensive income of $58.19 decreased 2% from a year ago. Book value per share, excluding AOCI, of $51.47 increased 7% from the prior-year period. Total revenues were $10,400 million against $9,869 million a year ago. Total operating revenues were $10,546 million against $9,882 million a year ago.
Lincoln National Corporation Announces Increase in Quarterly Dividend, Payable on February 1, 2016
Oct 28 15
The board of directors of Lincoln National Corporation approved raising the quarterly dividend on its common shares to $0.25 per share. The dividend represents a 25% increase over the prior-year level. The increased dividend on the common stock will be payable February 1, 2016, to shareholders of record at the close of business on January 11, 2016.
Lincoln Financial Group Introduces Market SelectSM Advantage
Oct 15 15
Lincoln Financial Group (LNC) introduced its new Market SelectSM Advantage optional living benefit rider for its variable annuity solutions, providing retirement savers with guaranteed lifetime income, along with flexibility through access to a broadly diversified lineup of investment options managed by the investment managers. In addition to participating in the long-term growth potential of the market and increasing these savings tax-deferred, LincolnMarket Select Advantage, which is available for an additional charge with Lincoln variable annuity products, offers the flexibility of moving into Lincoln’s patented income distribution solution, i4LIFE®Advantage. This method maximizes income potential and provides a tax advantage for non-qualified annuities, with each payment returning a portion of the nontaxable principal along with a portion of the earnings, or taxable gains.
Lincoln Financial Group Announces Executive Changes
Oct 5 15
Lincoln Financial Group announced that Douglas N. Miller, senior vice president and chief accounting officer, will retire on March 31, 2016, after more than 30 years with the company. At the same time, Lincoln Financial announced that Christine A. Janofsky, currently vice president and assistant controller, will succeed Miller when he formally leaves the organization. Miller joined Lincoln Financial in 1984 as an advanced staff auditor in Fort Wayne, IN. During his tenure, he held multiple positions with increasing responsibility within the company’s Finance organization.