Lincoln Financial Group Reports Fourth Quarter and Full Year 2020 Results
Lincoln Financial Group (NYSE: LNC) reported a fourth-quarter 2020 net income of $143 million ($0.74/share), down from $431 million ($2.15/share) in Q4 2019. For the full year, net income was $499 million ($2.56/share), compared to $886 million ($4.38/share) in 2019. Adjusted income from operations also fell sharply. Despite challenges from the pandemic, the company noted improved operating revenues and an enhanced expense ratio. Book value per share rose to $118.02, an 18% increase year-over-year. Optimism for 2021 is backed by expected sales growth and capital returns to shareholders.
- Operating revenues increased across all business segments.
- Expense ratio improved by 60 basis points year-over-year.
- Book value per share increased 18% to $118.02.
- Fourth quarter net income decreased by 67% compared to Q4 2019.
- Full year net income dropped 44% from 2019.
- Life Insurance segment income fell due to unfavorable mortality related to the pandemic.
Lincoln Financial Group (NYSE: LNC) today reported net income for the fourth quarter of 2020 of
Net income for the full year of 2020 was
“Underlying earnings power remained strong in the fourth quarter with both an increase in operating revenues and expense ratio improvement across all our businesses,” said Dennis R. Glass, president and CEO of Lincoln Financial Group. “Though the pandemic continues to impact our financial results, the health and economic environment is showing signs of improvement. When combined with our confidence in our ability to build sales over the year, execute on expense initiatives, accelerate digital capabilities, and continue to return capital to shareholders, we are optimistic about our ability to drive shareholder value.”
|
As of or For the
|
As of or For the
|
||||||||
(in millions, except per share data) |
2020 |
2019 |
2020 |
2019 |
||||||
Net Income (Loss) |
$ |
143 |
$ |
431 |
$ |
499 |
$ |
886 |
||
Net Income (Loss) Available to Common Stockholders |
|
143 |
|
430 |
|
499 |
|
886 |
||
Net Income (Loss) per Diluted Share Available to Common Stockholders |
|
0.74 |
|
2.15 |
|
2.56 |
|
4.38 |
||
Revenues |
|
4,135 |
|
4,344 |
|
17,439 |
|
17,258 |
||
Adjusted Income (Loss) from Operations |
|
346 |
|
482 |
|
865 |
|
1,355 |
||
Adjusted Income (Loss) from Operations per Diluted Share Available to Common Stockholders |
|
1.78 |
|
2.41 |
|
4.45 |
|
6.71 |
||
Average Diluted Shares |
|
193.9 |
|
200.0 |
|
195.8 |
|
202.1 |
||
Return on Equity (ROE), Including Accumulated Other Comprehensive Income (AOCI) (Net Income) |
|
|
|
|
|
|
|
|
||
Adjusted Operating ROE, Excluding AOCI (Income from Operations) |
|
|
|
|
|
|
|
|
||
Book Value per Share (BVPS), Including AOCI |
$ |
118.02 |
$ |
100.11 |
$ |
118.02 |
$ |
100.11 |
||
Book Value per Share, Excluding AOCI |
|
71.59 |
|
71.27 |
|
71.59 |
|
71.27 |
||
Operating Highlights – Fourth Quarter and Full Year 2020
- Operating revenues increased in all four business segments over the prior-year quarter
-
Total general and administrative expenses, net of amounts capitalized, declined
$100 million in the year, driving a 60-basis point improvement in the expense ratio -
Annuities average account values of
$151 billion rose 9 percent over the prior-year quarter -
Retirement Plan Services net flows of
$340 million in the quarter drove positive flows for the full year - Life Insurance expense ratio improved 140 basis points compared to the prior-year quarter and 60 basis points for the full year
-
Group Protection insurance premiums increased
1% compared to the prior-year quarter and4% for the full year
There were no notable items within adjusted income from operations for the current quarter while the full year included approximately
Fourth Quarter 2020 – Segment Results
Annuities
Annuities reported income from operations of
Total annuity deposits of
Net outflows were
Retirement Plan Services
Retirement Plan Services reported income from operations of
Total deposits for the quarter of
Net flows totaled
Life Insurance
Life Insurance reported income from operations of
Total Life Insurance sales were
Total Life Insurance in-force of
Group Protection
Group Protection reported a loss from operations of
The total loss ratio was
Group Protection sales were
Other Operations
Other Operations reported a loss from operations of
Realized Gains and Losses / Impacts to Net Income
Realized gains/losses and impacts to net income (after-tax) in the quarter were primarily driven by:
-
A
$240 million non-economic loss associated with variable annuity GLB non-performance risk. -
A
$37 million tax benefit from the net impact of the Tax Cuts and Jobs Act.
Unrealized Gains and Losses
The company reported a net unrealized gain of
Share Count
The quarter’s average diluted share count of 193.9 million was down
Book Value
As of December 31, 2020, book value per share, including AOCI, increased
The tables attached to this release define and reconcile the non-GAAP measures adjusted income from operations, adjusted operating ROE and BVPS, excluding AOCI, to net income, ROE and BVPS, including AOCI, calculated in accordance with GAAP.
This press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements – Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the company’s current expectations.
For other financial information, please refer to the company’s fourth quarter 2020 statistical supplement available on its website, http://www.lfg.com/investor.
Lincoln Financial Group will discuss the company’s fourth quarter results with investors in a conference call beginning at 10:00 a.m. Eastern Time on Thursday, February 4, 2021. The conference call will be broadcast live through the company website at www.lfg.com/webcast. Please log on at least fifteen minutes prior to the call to register and download any necessary streaming media software. To participate via phone: (866) 394-4575 (U.S./Canada) or (678) 509-7536 (International). Ask for the Lincoln National Conference Call.
A replay of the call will be available by 1:00 p.m. Eastern Time on February 4, 2021 at www.lfg.com/webcast. Audio replay will be available from 1:00 p.m. Eastern Time on February 4, 2021 through 12:00 p.m. Eastern Time on February 11, 2021. To access the re-broadcast, dial: (855) 859-2056 (Domestic) or (404) 537-3406 (International). Enter conference code: 7262054.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had
Explanatory Notes on Use of Non-GAAP Measures
Management believes that adjusted income from operations (adjusted operating income), adjusted operating return on equity, adjusted operating revenues, and adjusted operating EPS better explain the results of the company’s ongoing businesses in a manner that allows for a better understanding of the underlying trends in the company’s current business because the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management also believes that using book value excluding accumulated other comprehensive income (“AOCI”) enables investors to analyze the amount of our net worth that is primarily attributable to our business operations. Book value per share excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.
For the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and/or are included in the Statistical Reports for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: www.lfg.com/investor.
Definitions of Non-GAAP Measures Used in this Press Release
Adjusted income (loss) from operations, adjusted operating revenues and adjusted operating return on equity (including and excluding average goodwill within average equity), excluding AOCI, using annualized adjusted income (loss) from operations are financial measures we use to evaluate and assess our results. Adjusted income (loss) from operations, adjusted operating revenues and adjusted operating return on equity (“ROE”), as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), revenues and ROE, the most directly comparable GAAP measures.
Adjusted Income (Loss) from Operations
Adjusted income (loss) from operations is GAAP net income (loss) excluding the after-tax effects of the following items, as applicable:
-
Realized gains and losses associated with the following (“excluded realized gain (loss)”):
- Sales or disposals and impairments of financial assets;
- Changes in the fair value of equity securities;
- Changes in the fair value of derivatives, embedded derivatives within certain reinsurance arrangements and trading securities (“gain (loss) on the mark-to-market on certain instruments”);
- Changes in the fair value of the derivatives we own to hedge our guaranteed death benefit (“GDB”) riders within our variable annuities;
- Changes in the fair value of the embedded derivatives of our guaranteed living benefit (“GLB”) riders reflected within variable annuity net derivative results accounted for at fair value;
- Changes in the fair value of the derivatives we own to hedge our GLB riders reflected within variable annuity net derivative results; and
- Changes in the fair value of the embedded derivative liabilities related to index options we may purchase or sell in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products accounted for at fair value (“indexed annuity forward-starting options”);
- Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders (“benefit ratio unlocking”);
- Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;
- Gains (losses) on early extinguishment of debt;
- Losses from the impairment of intangible assets;
- Income (loss) from discontinued operations;
- Acquisition and integration costs related to mergers and acquisitions; and
- Income (loss) from the initial adoption of new accounting standards, regulations and policy changes including the net impact from the Tax Cuts and Jobs Act.
Adjusted Operating Revenues
Adjusted operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable:
- Excluded realized gain (loss);
- Revenue adjustments from the initial adoption of new accounting standards;
- Amortization of deferred front-end loads (“DFEL”) arising from changes in GDB and GLB benefit ratio unlocking; and
- Amortization of deferred gains arising from reserve changes on business sold through reinsurance.
Adjusted Operating Return on Equity
Adjusted operating return on equity measures how efficiently we generate profits from the resources provided by our net assets.
- It is calculated by dividing annualized adjusted income (loss) from operations by average equity, excluding accumulated other comprehensive income (loss) ("AOCI").
- Management evaluates return on equity by both including and excluding average goodwill within average equity.
Definition of Notable Items
Adjusted income (loss) from operations, excluding notable items, is a non-GAAP measure that excludes items which, in management’s view, do not reflect the company’s normal, ongoing operations.
- We believe highlighting notable items included in adjusted income (loss) from operations enables investors to better understand the fundamental trends in its results of operations and financial condition.
Book Value Per Share, Excluding AOCI
Book value per share, excluding AOCI is calculated based upon a non-GAAP financial measure.
- It is calculated by dividing (a) stockholders' equity, excluding AOCI by (b) common shares outstanding.
- We provide book value per share excluding AOCI to enable investors to analyze the amount of our net worth that is primarily attributable to our business operations.
- Management believes book value per share, excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.
- Book value per share is the most directly comparable GAAP measure.
Special Note
Sales
Sales as reported consist of the following:
- Annuities and Retirement Plan Services – deposits from new and existing customers;
-
MoneyGuard® –
15% of total expected premium deposits; -
Universal life (“UL”), indexed universal life (“IUL”), variable universal life (“VUL”) – first-year commissionable premiums plus
5% of excess premiums received; -
Executive Benefits – single premium bank-owned UL and VUL,
15% of single premium deposits, and corporate-owned UL and VUL, first-year commissionable premiums plus5% of excess premium received; -
Term –
100% of annualized first-year premiums; and - Group Protection – annualized first-year premiums from new policies.
Lincoln National Corporation |
||||||||||||
Reconciliation of Net Income to Adjusted Income from Operations |
||||||||||||
(in millions, except per share data) |
For the Quarter Ended |
|
For the Year Ended |
|||||||||
|
December 31, |
|
December 31, |
|||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues |
$ |
4,135 |
|
$ |
4,344 |
|
$ |
17,439 |
|
$ |
17,258 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Excluded realized gain (loss) |
|
(523) |
|
|
(171) |
|
|
(721) |
|
|
(794) |
|
Amortization of DFEL on benefit ratio unlocking |
|
3 |
|
|
2 |
|
|
(2) |
|
|
6 |
|
Total Adjusted Operating Revenues |
$ |
4,655 |
|
$ |
4,513 |
|
$ |
18,162 |
|
$ |
18,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income (Loss) Available to Common Stockholders – Diluted | $ | 143 |
$ | 430 |
$ | 499 |
$ | 886 |
||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjustment for deferred units of LNC stock in our deferred compensation plans (1) | - |
(1) |
- |
- |
||||||||
Net Income (Loss) |
|
143 |
|
|
431 |
|
|
499 |
|
|
886 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Excluded realized gain (loss), after-tax |
|
(414) |
|
|
(135) |
|
|
(570) |
|
|
(627) |
|
Benefit ratio unlocking, after-tax |
|
177 |
|
|
91 |
|
|
194 |
|
|
277 |
|
Net impact from the Tax Cuts and Jobs Act |
|
37 |
|
|
17 |
|
|
37 |
|
|
17 |
|
| Acquisition and integration costs related to mergers and acquisitions, after-tax | (3) |
(24) |
(15) |
(103) |
||||||||
Gain (loss) on early extinguishment of debt, after-tax |
|
- |
|
|
- |
|
|
(12) |
|
|
(33) |
|
Total adjustments |
|
(203) |
|
|
(51) |
|
|
(366) |
|
|
(469) |
|
Adjusted Income (Loss) from Operations |
$ |
346 |
|
$ |
482 |
|
$ |
865 |
|
$ |
1,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per Common Share – Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
0.74 |
|
$ |
2.15 |
|
$ |
2.56 |
|
$ |
4.38 |
|
Adjusted income (loss) from operations |
|
1.78 |
|
|
2.41 |
|
|
4.45 |
|
|
6.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Average equity, including average AOCI |
$ |
22,124 |
|
$ |
19,844 |
|
$ |
20,012 |
|
$ |
17,973 |
|
Average AOCI |
|
8,370 |
|
|
5,961 |
|
|
6,359 |
|
|
4,019 |
|
Average equity, excluding AOCI |
|
13,754 |
|
|
13,883 |
|
|
13,653 |
|
|
13,954 |
|
Average goodwill |
|
1,778 |
|
|
1,778 |
|
|
1,778 |
|
|
1,778 |
|
Average equity, excluding AOCI and goodwill |
$ |
11,976 |
|
$ |
12,105 |
|
$ |
11,875 |
|
$ |
12,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Equity, Including AOCI |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) with average equity including goodwill |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating Return on Equity, Excluding AOCI |
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted income (loss) from operations with average equity including goodwill |
|
|
|
|
||||||||
| Adjusted income (loss) from operations with average equity excluding goodwill |
|
|
|
|
||||||||
| (1) | If the effect of equity classification would result in a more dilutive EPS, the numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market adjustment for deferred units of LNC stock in our deferred compensation plans. |
Lincoln National Corporation |
||||||
Reconciliation of Book Value per Share |
||||||
|
|
As of December 31, |
||||
|
|
2020 |
|
2019 |
||
|
|
|
|
|
|
|
Book value per share, including AOCI |
|
$ |
118.02 |
|
$ |
100.11 |
Per share impact of AOCI |
|
|
46.43 |
|
|
28.84 |
Book value per share, excluding AOCI |
|
|
71.59 |
|
|
71.27 |
Lincoln National Corporation |
||||||
Digest of Earnings |
||||||
(in millions, except per share data) |
|
|||||
|
For the Quarter Ended |
|||||
|
December 31, |
|||||
|
2020 |
|
2019 |
|||
|
|
|
|
|
|
|
Revenues |
$ |
4,135 |
|
$ |
4,344 |
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
143 |
|
$ |
431 |
|
Adjustment for deferred units of LNC stock in our deferred compensation plans (1) |
|
- |
(1) |
|||
Net Income (Loss) Available to Common Stockholders – Diluted |
$ |
143 |
|
$ |
430 |
|
|
|
|
|
|
|
|
Earnings (Loss) Per Common Share – Basic |
$ |
0.74 |
|
$ |
2.18 |
|
Earnings (Loss) Per Common Share – Diluted |
|
0.74 |
|
|
2.15 |
|
|
|
|
|
|
|
|
Average Shares – Basic |
|
192,896,621 |
|
|
197,534,951 |
|
Average Shares – Diluted |
|
193,898,721 |
|
|
200,005,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|||||
|
December 31, |
|||||
|
2020 |
|
2019 |
|||
|
|
|
|
|
|
|
Revenues |
$ |
17,439 |
|
$ |
17,258 |
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
499 |
|
$ |
886 |
|
Adjustment for deferred units of LNC stock in our deferred compensation plans (1) |
- |
|
- |
|||
Net Income (Loss) Available to Common Stockholders – Diluted |
$ |
499 |
|
$ |
886 |
|
|
|
|
|
|
|
|
Earnings (Loss) Per Common Share – Basic |
$ |
2.58 |
|
$ |
4.41 |
|
Earnings (Loss) Per Common Share – Diluted |
|
2.56 |
|
|
4.38 |
|
|
|
|
|
|
|
|
Average Shares – Basic |
|
193,610,225 |
|
|
200,608,737 |
|
Average Shares – Diluted |
|
195,772,374 |
|
|
202,105,134 |
|
| (1) | If the effect of equity classification would result in a more dilutive EPS, the numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market adjustment for deferred units of LNC stock in our deferred compensation plans. |
Forward Looking Statements — Cautionary Language
Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln's behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: "anticipate," "believe," "estimate," "expect," "project," "shall," "will," and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln's businesses, prospective services or products, future performance or financial results, and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA.
Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including:
- The continuation of the COVID-19 pandemic, or future outbreaks of COVID-19, and uncertainty surrounding the length and severity of future impacts on the global economy and on our business, results of operations and financial condition;
- Further deterioration in general economic and business conditions that may affect account values, investment results, guaranteed benefit liabilities, premium levels and claims experience;
- Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;
- The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations;
- Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries' products; the required amount of reserves and/or surplus; our ability to conduct business and our captive reinsurance arrangements as well as restrictions on the payment of revenue sharing and 12b-1 distribution fees;
- The impact of U.S. federal tax reform legislation on our business, earnings and capital;
- The impact of Regulation Best Interest or other regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor, or other federal or state regulators or self-regulatory organizations relating to the standard of care owed by investment advisers and/or broker dealers that could affect our distribution model;
- Actions taken by reinsurers to raise rates on in-force business;
- Further declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses, estimated gross profits and demand for our products;
- Rapidly increasing interest rates causing contract holders to surrender life insurance and annuity policies, thereby causing realized investment losses, and reduced hedge performance related to variable annuities;
- The impact of the implementation of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the regulation of derivatives transactions;
- The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;
- A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries' products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; an acceleration of the net amortization of deferred acquisition costs ("DAC"), value of business acquired ("VOBA"), deferred sales inducements ("DSI") and deferred front-end loads ("DFEL"); and an increase in liabilities related to guaranteed benefit features of our subsidiaries' variable annuity products;
- Ineffectiveness of our risk management policies and procedures, including various hedging strategies used to offset the effect of changes in the value of liabilities due to changes in the level and volatility of the equity markets and interest rates;
- A deviation in actual experience regarding future persistency, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries' products, in establishing related insurance reserves and in the net amortization of DAC, VOBA, DSI and DFEL, which may reduce future earnings;
- Changes in accounting principles that may affect our business, results of operation and financial condition;
- Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;
- Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, profitability of our insurance subsidiaries and liquidity;
- Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk requiring that we realize losses on financial assets;
- Interruption in telecommunication, information technology or other operational systems, or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches of our data security systems;
- The effect of acquisitions and divestitures, restructurings, product withdrawals and other unusual items;
- The adequacy and collectability of reinsurance that we have purchased;
- Future pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely affect our businesses and the cost and availability of reinsurance;
- Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;
- The unknown effect on our subsidiaries' businesses resulting from evolving market preferences and the changing demographics of our client base; and
- The unanticipated loss of key management, financial planners or wholesalers.
The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.
Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.
The reporting of Risk Based Capital (“RBC”) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.
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