Lincoln Financial Group Reports Fourth Quarter and Full Year 2022 Results
Lincoln Financial Group (NYSE: LNC) reported a net income of $6 million or $0.01 per diluted share for Q4 2022, a significant drop from $220 million or $1.20 per share in Q4 2021. The full-year net loss was $(2.2) billion, or $(13.10) per share, compared to a net income of $1.4 billion, or $7.43 per share, in 2021. Adjusted operating EPS fell to $0.97 from $1.56 year-over-year. Book value per share decreased 84% to $18.41, driven by higher treasury rates affecting unrealized gains. While annuity sales rose 1% year-over-year, total revenues decreased to $18.8 billion from $19.2 billion in 2021.
- Annuities net flows improved to $137 million from net outflows of $655 million year-over-year.
- Group Protection sales for the full year increased by 15% compared to the prior year.
- Q4 2022 net income decreased significantly to $6 million from $220 million in Q4 2021.
- Full-year 2022 net loss of $(2.2) billion compared to a net income of $1.4 billion in 2021.
- Book value per share, including AOCI, declined 84% year-over-year to $18.41.
-
Net income EPS of
$0.01 $0.97 -
Adjusted operating results included a net unfavorable notable item of
$116 million $(0.68) -
Adjusted operating EPS included
$(0.24) $(0.25) -
BVPS, including AOCI, of
$18.41 $63.73 -
Expected year-end risk-based capital (RBC) ratio of approximately
383%
Net loss for the full year of 2022 was
“We took swift action during the fourth quarter to fortify our balance sheet and improve our capital generation as we remain focused on positioning our franchise for profitable, capital-efficient growth by leveraging our differentiated business model, powerful distribution capabilities, and our high-quality investment portfolio,” said
|
As of or For the Three Months Ended
|
As of or For the Year Ended
|
||||||||||
|
||||||||||||
(in millions, except per share data) |
|
2022 |
|
2021 |
|
2022 |
|
|
2021 |
|
||
Net Income (Loss) |
$ |
6 |
|
$ |
220 |
|
$ |
(2,227 |
) |
$ |
1,405 |
|
Net Income (Loss) Available to Common Stockholders |
|
1 |
|
|
220 |
|
|
(2,240 |
) |
|
1,405 |
|
Net Income (Loss) per Diluted Share Available to Common Stockholders(1) |
|
0.01 |
|
|
1.20 |
|
|
(13.10 |
) |
|
7.43 |
|
Revenues |
|
4,196 |
|
|
4,604 |
|
|
18,784 |
|
|
19,230 |
|
Adjusted Income (Loss) from Operations |
|
170 |
|
|
286 |
|
|
(880 |
) |
|
1,551 |
|
Adjusted Income (Loss) from Operations per Diluted Share Available to Common Stockholders(1) |
|
0.97 |
|
|
1.56 |
|
|
(5.22 |
) |
|
8.20 |
|
Average Basic Shares |
|
169.2 |
|
|
180.5 |
|
|
171.0 |
|
|
187.4 |
|
Average Diluted Shares |
|
170.6 |
|
|
183.2 |
|
|
172.7 |
|
|
189.1 |
|
Return on Equity (ROE), Including Accumulated Other Comprehensive Income (AOCI) (Net Income) |
|
|
|
|
|
- |
|
|
||||
Adjusted Operating ROE, Excluding AOCI (Adjusted Income from Operations) |
|
|
|
|
|
- |
|
|
||||
Book Value per Share (BVPS), Including AOCI |
$ |
18.41 |
|
$ |
114.41 |
|
$ |
18.41 |
|
$ |
114.41 |
|
Book Value per Share, Excluding AOCI |
|
63.73 |
|
|
78.05 |
|
|
63.73 |
|
|
78.05 |
|
(1) |
Due to reporting a net loss and net adjusted loss from operations for the twelve months ended |
Operating Highlights – Fourth Quarter and Full Year 2022
-
Life Insurance average in-force face amount of
$1.1 trillion 11% compared to the prior-year quarter -
Annuities net flows of
$137 million $655 million -
Group Protection insurance premiums of
$1.2 billion 9% , and$4.8 billion 7% -
Retirement Plan Services net flows of
$235 million $380 million $2.9 billion $464 million
This quarter’s adjusted operating EPS results included the net impact of an unfavorable notable item of
Fourth Quarter 2022 – Segment Results
Life Insurance
Life Insurance reported income from operations of
Total Life sales for the quarter were
Annuities
Annuities reported income from operations of
Total annuity deposits of
Net flows were
Average account values for the quarter of
Group Protection
Group Protection reported income from operations of
The total loss ratio was
Group Protection sales for the quarter were
Retirement Plan Services
Retirement Plan Services reported income from operations of
Total deposits for the quarter of
Net flows totaled
Other Operations
Other Operations reported a loss from operations of
The current quarter included a net unfavorable notable item of
Fourth Quarter Highlights - Realized Gains and Losses / Impacts to Net Income
Realized gains/losses and other impacts to net income (after-tax) in the quarter were primarily driven by:
-
A
$76 million -
A
$64 million -
A
$37 million
Unrealized Gains and Losses
The company reported a net unrealized loss of
Share Count
The quarter’s average diluted share count of 170.6 million was down
Book Value
As of
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 2022 statistical supplement available on its website, http://www.lincolnfinancial.com/investor.
Conference Call Information
The conference call will be broadcast live through the company website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the conference call to download and install any necessary streaming media software. A replay of the call will be available by
About
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 option”);
- Changes in reserves resulting from benefit ratio unlocking on our GDB and GLB riders and VUL products with secondary guarantees (“benefit ratio unlocking”);
- Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;
- Gains (losses) on modification or early extinguishment of debt;
- Losses from the impairment of intangible assets;
- Income (loss) from discontinued operations;
- Transaction and integration costs related to mergers and acquisitions including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business; 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 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 and preferred stock 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;
-
Universal life insurance (“UL”), indexed universal life insurance (“IUL”), variable universal life insurance (“VUL”) – first-year commissionable premiums plus
5% of excess premiums received; -
MoneyGuard® linked-benefit products – MoneyGuard® (UL),
15% of total expected premium deposits, and MoneyGuard Market AdvantageSM (VUL),150% of commissionable premiums; -
Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus
5% of excess premium received, and single premium bank-owned UL and VUL,15% of single premium deposits; -
Term –
100% of annualized first-year premiums; and - Group Protection – annualized first-year premiums from new policies.
Reconciliation of Net Income to Adjusted Income from Operations |
||||||||||||||||
| (in millions, except per share data) | For the Three Months Ended |
|
For the Year Ended |
|||||||||||||
|
|
|
|
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Revenues |
$ |
4,196 |
|
|
$ |
4,604 |
|
|
$ |
18,784 |
|
|
$ |
19,230 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Excluded realized gain (loss) |
|
(482 |
) |
|
|
(166 |
) |
|
|
135 |
|
|
|
(411 |
) |
|
Amortization of DFEL associated with benefit ratio unlocking |
|
2 |
|
|
|
1 |
|
|
|
(16 |
) |
|
|
2 |
|
|
Total Adjusted Operating Revenues |
$ |
4,676 |
|
|
$ |
4,769 |
|
|
$ |
18,665 |
|
|
$ |
19,639 |
|
|
Net Income (Loss) Available to Common |
|
|
|
|
|
|
|
|
|
|
|
|||||
Stockholders – Diluted |
$ |
1 |
|
220 |
|
$ |
(2,240 |
) |
$ |
1,405 |
|
|||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjustment for deferred units of LNC stock in our deferred compensation plans (1) |
(5 |
) |
- |
|
(13 |
) |
- |
|
||||||||
Net Income (Loss) |
|
6 |
|
|
|
220 |
|
|
|
(2,227 |
) |
|
|
1,405 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Excluded realized gain (loss), after-tax |
|
(381 |
) |
|
|
(132 |
) |
|
|
107 |
|
|
|
(325 |
) |
|
Benefit ratio unlocking, after-tax |
|
217 |
|
|
|
77 |
|
|
|
(820 |
) |
|
|
196 |
|
|
Impairment of intangibles |
|
- |
|
|
|
- |
|
|
|
(634 |
) |
|
|
- |
|
|
Transaction and integration costs related to mergers, acquisitions and divestitures, after-tax |
|
- |
|
|
|
(11 |
) |
|
|
- |
|
|
|
(11 |
) |
|
Gain (loss) on modification or early extinguishment of debt, after-tax |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6 |
) |
|
Total adjustments |
|
(164 |
) |
|
|
(66 |
) |
|
|
(1,347 |
) |
|
|
(146 |
) |
|
Adjusted Income (Loss) from Operations |
$ |
170 |
|
|
$ |
286 |
|
|
$ |
(880 |
) |
|
$ |
1,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Earnings (Loss) Per Common Share – Diluted(2) |
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) |
$ |
0.01 |
|
|
$ |
1.20 |
|
|
$ |
(13.10 |
) |
|
$ |
7.43 |
|
|
Adjusted income (loss) from operations |
|
0.97 |
|
|
|
1.56 |
|
|
|
(5.22 |
) |
|
|
8.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|||||
Average equity, including average AOCI |
$ |
3,159 |
|
|
$ |
20,721 |
|
|
$ |
9,576 |
|
|
$ |
20,999 |
|
|
Average AOCI |
|
(8,148 |
) |
|
|
6,645 |
|
|
|
(3,084 |
) |
|
|
6,944 |
|
|
Average equity, excluding AOCI |
|
11,307 |
|
|
|
14,076 |
|
|
|
12,660 |
|
|
|
14,055 |
|
|
Average goodwill |
|
1,144 |
|
|
|
1,778 |
|
|
|
1,540 |
|
|
|
1,778 |
|
|
Average equity, excluding AOCI and goodwill |
$ |
10,163 |
|
|
$ |
12,298 |
|
|
$ |
11,120 |
|
|
$ |
12,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on Equity, Including AOCI |
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) with average equity including goodwill |
|
0.8 |
% |
|
|
4.2 |
% |
|
|
-23.3 |
% |
|
|
6.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Operating Return on Equity, Excluding AOCI |
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted income (loss) from operations with average equity including goodwill |
6.0 |
% |
8.1 |
% | -6.9 |
% |
11.0 |
% | ||||||||
Adjusted income (loss) from operations with average equity excluding goodwill |
6.7 |
% |
9.3 |
% |
-7.9 |
% |
12.6 |
% |
||||||||
(1) |
We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation. |
(2) |
In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. |
Reconciliation of Book Value per Share |
|||||||
|
|
As of |
|||||
|
|
2022 |
|
2021 |
|||
|
|
|
|
|
|
|
|
Book value per share, including AOCI |
|
$ |
18.41 |
|
|
$ |
114.41 |
Per share impact of AOCI |
|
|
(45.32 |
) |
|
|
36.36 |
Book value per share, excluding AOCI |
|
|
63.73 |
|
|
|
78.05 |
Digest of Earnings |
||||||
(in millions, except per share data) |
|
|||||
|
For the Three Months Ended
|
|||||
|
||||||
|
2022 |
|
2021 |
|||
|
|
|
|
|
|
|
Revenues |
$ |
4,196 |
|
|
$ |
4,604 |
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
6 |
|
|
$ |
220 |
| Adjustment for deferred units of LNC stock in our deferred compensation plans (1) |
|
(5 |
) |
- |
||
| Net Income (Loss) Available to Common Stockholders – Diluted | $ |
1 |
$ |
220 |
||
|
|
|
|
|
|
|
Earnings (Loss) Per Common Share – Basic |
$ |
0.04 |
|
|
$ |
1.22 |
Earnings (Loss) Per Common Share – Diluted |
|
0.01 |
|
|
|
1.20 |
|
|
|
|
|
|
|
Average Shares – Basic |
|
169,217,427 |
|
|
|
180,519,527 |
Average Shares – Diluted |
|
170,632,350 |
|
|
|
183,246,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended
|
|||||
|
||||||
|
2022 |
|
2021 |
|||
|
|
|
|
|
|
|
Revenues |
$ |
18,784 |
|
|
$ |
19,230 |
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
(2,227 |
) |
|
$ |
1,405 |
Adjustment for deferred units of LNC stock in our deferred compensation plans (1) |
|
(13 |
) |
|
- |
|
Net Income (Loss) Available to Common Stockholders – Diluted |
$ |
(2,240 |
) |
|
$ |
1,405 |
|
||||||
|
|
|
|
|
|
|
Earnings (Loss) Per Common Share – Basic |
$ |
(13.02 |
) |
|
$ |
7.50 |
Earnings (Loss) Per Common Share – Diluted (2) |
|
(13.10 |
) |
|
|
7.43 |
|
|
|
|
|
|
|
Average Shares – Basic |
|
171,034,695 |
|
|
|
187,359,884 |
Average Shares – Diluted |
|
172,700,155 |
|
|
|
189,098,767 |
(1) |
We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation. |
(2) |
In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares would result in a lower loss per share. |
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:
- Weak general economic and business conditions that may affect demand for our products, 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 regulations adopted by the
Securities and Exchange Commission (“SEC”), theDepartment 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; - The impact of new and emerging privacy regulations that may lead to increased compliance costs and reputation risk;
- Increasing scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;
- Actions taken by reinsurers to raise rates on in-force business;
- Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;
- Rapidly increasing interest rates causing contract holders to surrender life insurance and annuity policies, thereby causing realized investment losses;
- The impact of the implementation of the provisions of the European Market Infrastructure Regulation 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; and an increase in liabilities related to guaranteed benefit riders of our subsidiaries’ variable annuity products;
- Ineffectiveness of our risk management policies and procedures, including our various hedging strategies;
- 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 and in establishing related insurance reserves, which may reduce future earnings;
- Changes in accounting principles that may affect our financial statements;
- 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 inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives, including the Spark Initiative;
- The adequacy and collectability of reinsurance that we have obtained;
- Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for contract holder claims, affect our businesses and increase 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
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
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