RADNOR, Pa.–(BUSINESS WIRE)–Nov 1, 2018–Lincoln Banking Accumulation (NYSE: LNC) today appear net assets for the third division of 2018 of $490 million, or $2.24 per adulterated allotment accessible to accustomed stockholders, compared to net assets in the third division of 2017 of $418 million, or $1.87 per adulterated allotment accessible to accustomed stockholders. Third division adapted assets from operations was $510 million, or $2.34 per adulterated allotment accessible to accustomed stockholders, compared to $454 million, or $2.03 per adulterated allotment accessible to accustomed stockholders, in the third division of 2017.
The lath of admiral of Lincoln National Corporation accustomed adopting the anniversary allotment on its accustomed shares to $0.37 per share. The allotment represents a 12% admission over the prior-year level. The added allotment on the accustomed banal will be payable on February 1, 2019 to shareholders of almanac at the aing of business on January 10, 2019.
“We delivered almanac adapted operating EPS and a 14.5% ROE in the third division apprenticed by double-digit balance advance in about every business,” said Dennis R. Glass, admiral and CEO of Lincoln Banking Group. “Targeted administration accomplishments are added acceptable our after-effects with accomplishment net flows aing to axis positive, accumulation after-effects benefitting from our Liberty acquisition, cardinal investments convalescent bulk efficiencies and approaching advance opportunities, and basic administration absolute anytime important.”
Operating Highlights – Third Division 2018 adjoin Third Division 2017
Adjusted operating EPS up 15%, or 21% excluding notable itemsPre-tax adapted assets from operations, up 6%Annuity sales of $3.1 billion, up 61%Retirement Plan Casework net flows of $1.4 billion, up 219%Life Allowance operating revenues of $1.8 billion, up 9%Group Aegis after-tax allowance of 6.2%
Notable items in the accustomed division included net abortive items of about $0.01 per allotment primarily accompanying to the company’s anniversary analysis of DAC and assets assumptions. The prior-year division included net favorable items of about $0.09 per allotment primarily accompanying to tax adjustments.
Third Division 2018 – Articulation Results
The Annuities articulation appear assets from operations of $302 million, up 9% compared to the prior-year aeon apprenticed by college fee assets from anniversary bulk advance and a lower appear tax bulk as a aftereffect of tax reform.
Total accomplishment deposits of $3.1 billion were up 61% from the prior-year division as both capricious and anchored annuities benefitted from artefact and administration expansion. Capricious accomplishment sales were up 43% adjoin the prior-year quarter, and anchored accomplishment sales added 132% over the aforementioned period.
Net outflows bigger to $81 actor compared to outflows of $841 actor in the prior-year aeon apprenticed by advance in deposits. When accumulated with favorable disinterestedness bazaar performance, boilerplate anniversary ethics of $139 billion added 5% from the prior-year quarter.
The accustomed division included net favorable items of $13 actor accompanying to the company’s anniversary analysis of DAC and assets assumptions. The prior-year after-effects included net favorable items of $15 actor accompanying to the company’s anniversary analysis of DAC and assets assumptions.
Retirement Plan Services
Retirement Plan Casework appear assets from operations of $40 million, up 14% compared to the prior-year quarter. This admission is attributable to a lower appear tax bulk as a aftereffect of tax reform, college fee assets and lower expenses.
Total deposits for the division of $3.3 billion were up 74% adjoin the prior-year period. First-year sales were up 194% adjoin the prior-year quarter, apprenticed by advance in ambition markets accumulated with one ample case, and alternating deposits added 9% over the aforementioned period.
Net flows totaled $1.4 billion in the division compared to $442 actor in the prior-year quarter. When accumulated with favorable disinterestedness bazaar performance, boilerplate anniversary ethics for the division added 12% to $71 billion.
The accustomed division included net abortive items of $2 actor accompanying to the company’s anniversary analysis of DAC and assets assumptions. The prior-year after-effects included net abortive items of $1 actor accompanying to the company’s anniversary analysis of DAC and assets assumptions.
Life Allowance appear assets from operations of $176 million, up 45% adjoin the prior-year quarter. This admission is attributable to favorable bloodshed accompanying with acquirement advance and a lower appear tax bulk as a aftereffect of tax reform.
Total Activity Allowance sales were $167 actor in the quarter, bottomward 6% adjoin the prior-year period, but up 3% sequentially apprenticed by advance in VUL sales.
Average Activity Allowance in-force of $733 billion added 4% over the prior-year quarter, and boilerplate anniversary ethics of $50 billion were up 6% over the aforementioned period.
The accustomed division included net abortive items of $20 actor accompanying to the company’s anniversary analysis of DAC and assets assumptions. The prior-year after-effects included net abortive items of $16 actor accompanying to the company’s anniversary analysis of DAC and assets assumptions.
Group Aegis assets from operations was $63 actor in the division adjoin $41 actor in the prior-year period. This admission in balance was primarily attributable to the accretion of the Liberty Mutual accumulation allowances business.
Underlying affirmation after-effects abide favorable, which produced a absolute non-medical accident arrangement of 74%. The accident arrangement added adjoin the prior-year division due to accumulation two blocks of business with altered accident characteristics.
Group Aegis sales were $158 actor in the quarter, up 68%, primarily apprenticed by the acquisition. Employee-paid sales represented 40% of absolute sales.
Non-medical becoming premiums were $1.0 billion, up 102% from the prior-year division apprenticed by both the accretion and connected growth.
This division included net favorable items of $7 actor accompanying to the company’s anniversary analysis of assets assumptions. The prior-year after-effects included net favorable items of $3 actor accompanying to the anamnesis of ahead reinsured business.
Other Operations appear a accident from operations of $71 actor adjoin a accident of $20 actor in the prior-year quarter. The abatement is attributable to tax items, allotment the contempo acquisition, and a planned admission in cardinal digitization expenses.
There were no notable items in the accustomed quarter. The prior-year after-effects included net favorable items of $20 actor accompanying to tax adjustments.
Realized Assets and Losses / Impacts to Net Income
Realized gains/losses and impacts to net assets (after-tax) in the division were predominantly apprenticed by:
A $32 actor accretion from tax reform.A $24 actor capricious accomplishment net acquired loss.A $15 actor accident from accustomed anniversary investments.An $8 actor accretion and affiliation expense.
Unrealized Assets and Losses
The aggregation appear a net abeyant accretion of $2.4 billion, pre-tax, on its available-for-sale balance at September 30, 2018. This compares to a net abeyant accretion of $7.2 billion at September 30, 2017, with the year-over-year abatement primarily apprenticed by an admission in absorption rates.
The quarter’s boilerplate adulterated allotment calculation of 218.5 actor was bottomward 2% from the third division of 2017, the aftereffect of repurchasing 5.9 actor shares of banal at a bulk of $400 actor back September 30, 2017.
As of September 30, 2018, book bulk per share, including accumulated added absolute assets (“AOCI”), of $70.17 decreased 6% from a year ago. Book bulk per share, excluding AOCI, of $66.27 added 8% from the prior-year period.
The tables absorbed to this absolution ascertain and accommodate the non-GAAP measures adapted assets from operations, adapted operating acknowledgment on disinterestedness (“ROE”) and book bulk per share, excluding AOCI to net income, ROE and book bulk per share, including AOCI affected in accordance with GAAP.
This columnist absolution may accommodate statements that are forward-looking, and absolute after-effects may alter materially, abnormally accustomed the accustomed bread-and-er and basic bazaar conditions. Amuse see the Forward Looking Statements – Cautionary Language that chase for added factors that may anniversary absolute after-effects to alter materially from our accustomed expectations.
For added banking information, amuse accredit to the company’s third division 2018 statistical supplement accessible on its website, www.lfg.com/earnings.
Earnings Appointment Alarm Information
Lincoln Banking Accumulation will altercate the company’s third division after-effects with investors in a appointment alarm alpha at 10:00 a.m. Eastern Time on Friday, November 2, 2018. The appointment alarm will be advertisement alive through the aggregation website at www.lfg.com/webcast. Amuse log on at atomic fifteen anniversary above-mentioned to the alarm to annals and download any all-important alive media software. To participate via phone: (866) 394-4575 (U.S./Canada) or (678) 509-7536 (International). Ask for the Lincoln National Appointment Call.
A epitomize of the alarm will be accessible by 1:00 p.m. Eastern Time on November 2, 2018 at www.lfg.com/webcast. Audio epitomize will be accessible from 1:00 p.m. Eastern Time on November 2, 2018 through 12:00 p.m. Eastern Time on November 9, 2018. To admission the re-broadcast, dial: (855) 859-2056 (Domestic) or (404) 537-3406 (International). Enter appointment code: 3590255.
About Lincoln Banking Group
Lincoln Banking Accumulation provides admonition and solutions that advice empower bodies to booty allegation of their banking lives with aplomb and optimism. Today, added than 17 actor barter assurance our retirement, allowance and abundance aegis adeptness to advice abode their lifestyle, accumulation and assets goals, as able-bodied as to bouncer adjoin abiding affliction expenses. Headquartered in Radnor, Pennsylvania, Lincoln Banking Accumulation is the business name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The aggregation had $262 billion in assets beneath administration as of September 30, 2018. Lincoln Banking Accumulation is a committed accumulated aborigine included on above sustainability indices including the Dow Jones Sustainability Basis North America and FTSE4Good. Additionally, Lincoln is committed to advancement a assorted and across-the-board alignment and was accustomed by Forbes as one of the Best Ample Employers, Best Employers for Diversity, and Best Employers for Women in 2018 and accustomed a absolute anniversary of 100 percent in 2018 on both the Accumulated Equality Basis and Disability Equality Index. Learn added at: www.LincolnFinancial.com. Chase us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
Explanatory Notes on Use of Non-GAAP Measures
Management believes that adapted assets from operations, adapted operating acknowledgment on disinterestedness and adapted operating revenues bigger explain the after-effects of the company’s advancing businesses in a address that allows for a bigger compassionate of the basal trends in the company’s accustomed business because the afar items are capricious and not necessarily apocalyptic of accustomed operating fundamentals or approaching accomplishment of the business segments, and, in best instances, decisions apropos these items do not necessarily chronicle to the operations of the alone segments. Administration additionally believes that application book bulk excluding accumulated added absolute assets (AOCI) enables investors to assay the bulk of our net anniversary that is primarily attributable to our business operations. Book bulk per allotment excluding AOCI is advantageous to investors because it eliminates the aftereffect of items that can alter decidedly from aeon to period, primarily based on changes in absorption rates.
For the absolute periods, reconciliations of non-GAAP measures acclimated in this columnist absolution to the best anon commensurable GAAP admeasurement may be included in this Appendix to the columnist absolution and/or are included in the Statistical Letters for the agnate periods independent in the Balance area of the Investor Relations folio on our website: www.lfg.com/investor.
Definitions of Non-GAAP Measures Acclimated in this Columnist Release
Adjusted assets (loss) from operations, adapted operating revenues and adapted operating acknowledgment on disinterestedness (including and excluding boilerplate amicableness aural boilerplate equity), excluding AOCI, application annualized adapted assets (loss) from operations are banking measures we use to appraise and appraise our results. Adapted assets (loss) from operations, adapted operating revenues and adapted operating acknowledgment on disinterestedness (“ROE”), as acclimated in the balance release, are non-GAAP banking measures and do not alter GAAP net assets (loss), revenues and ROE, the best anon commensurable GAAP measures.
Adjusted Assets (Loss) from Operations
We exclude the after-tax furnishings of the afterward items from GAAP net assets (loss) to access at adapted assets (loss) from operations:
Realized assets and losses associated with the afterward (“excluded accomplished accretion (loss)”): Sale or auctioning of securities;Impairments of securities;Change in the fair bulk of acquired investments, anchored derivatives aural assertive reinsurance arrange and our trading securities;Change in the fair bulk of the derivatives we own to barrier our affirmed afterlife anniversary (“GDB”) riders aural our capricious annuities, which is referred to as “GDB derivatives results”;Change in the fair bulk of the anchored derivatives of our affirmed active anniversary (“GLB”) riders aural our capricious annuities accounted for beneath the Derivatives and Ambiguity and the Fair Bulk Measurements and Disclosures Topics of the Banking Accounting Standards Lath (“FASB”) Accounting Standards Codification (“ASC”) (“embedded acquired reserves”), net of the change in the fair bulk of the derivatives we own to barrier the changes in the anchored acquired reserves, the net of which is referred to as “GLB net acquired results”;Changes in the fair bulk of the anchored acquired liabilities accompanying to basis alarm options we may acquirement in the approaching to barrier arrangement holder basis allocations applicative to approaching displace periods for our indexed accomplishment articles accounted for beneath the Derivatives and Ambiguity and the Fair Bulk Measurements and Disclosures Topics of the FASB ASC (“indexed accomplishment forward-starting option”);Changes in the fair bulk of equities securities;Change in affluence accounted for beneath the Banking Casework – Allowance – Affirmation Costs and Liabilities for Approaching Activity Allowances Subtopic of the FASB ASC consistent from anniversary arrangement unlocking on our GDB and GLB riders (“benefit arrangement unlocking”);Income (loss) from assets changes (net of accompanying amortization) on business awash through reinsurance;Gain (loss) on aboriginal concealment of debt;Losses from the crime of abstract assets;Income (loss) from discontinued operations;Acquisition and affiliation costs accompanying to mergers and acquisitions; andIncome (loss) from the antecedent acceptance of new accounting standards, regulations and activity changes including the net appulse from the Tax Cuts and Jobs Act.
Adjusted Operating Revenues
Adjusted operating revenues represent GAAP revenues excluding the pre-tax furnishings of the afterward items, as applicable:
Excluded accomplished accretion (loss);Amortization of deferred front-end endless (“DFEL”) arising from changes in GDB and GLB anniversary arrangement unlocking;Amortization of deferred assets arising from the assets accuse on business awash through reinsurance;Revenue adjustments from the antecedent acceptance of new accounting standards.
Adjusted Operating Acknowledgment on Equity
Adjusted acknowledgment on disinterestedness measures how calmly we accomplish profits from the assets provided by our net assets.
It is affected by adding annualized adapted assets (loss) from operations by boilerplate equity, excluding accumulated added absolute assets (loss) (“AOCI”).Management evaluates acknowledgment on disinterestedness by both including and excluding boilerplate amicableness aural boilerplate equity.
Definition of Notable Items
Adjusted assets (loss) from operations, excluding notable items is a non-GAAP admeasurement that excludes items which, in management’s view, do not reflect the company’s normal, advancing operations.
We accept highlighting notable items included in adapted assets (loss) from operations enables investors to bigger accept the axiological trends in its after-effects of operations and banking condition.
Book Bulk Per Allotment Excluding AOCI
Book bulk per allotment excluding AOCI is affected based aloft a non-GAAP banking measure.
It is affected by adding (a) stockholders’ disinterestedness excluding AOCI by (b) accustomed shares outstanding.We accommodate book bulk per allotment excluding AOCI to accredit investors to assay the bulk of our net anniversary that is primarily attributable to our business operations.Management believes book bulk per allotment excluding AOCI is advantageous to investors because it eliminates the aftereffect of items that can alter decidedly from aeon to period, primarily based on changes in absorption rates.Book bulk per allotment is the best anon commensurable GAAP measure.
Sales as appear abide of the following:
MoneyGuard® – 15% of absolute accustomed exceptional deposits;Universal activity (UL), indexed accustomed activity (IUL), capricious accustomed activity (VUL) – first-year commissionable premiums added 5% of balance premiums received;Executive Allowances – distinct exceptional bank-owned UL and VUL, 15% of distinct exceptional deposits, and corporate-owned UL and VUL, first-year commissionable premiums added 5% of balance exceptional received;Term – 100% of annualized first-year premiums;Annuities – deposits from new and absolute customers; andGroup Aegis – annualized first-year premiums from new policies.
Forward Looking Statements — Cautionary Language
Certain statements fabricated in this columnist absolution and in added accounting or articulate statements fabricated by Lincoln or on Lincoln’s anniversary are “forward-looking statements” aural the acceptation of the Private Balance Litigation Ameliorate Act of 1995 (“PSLRA”). A advanced anniversary is a anniversary that is not a absolute actuality and, afterwards limitation, includes any anniversary that may predict, forecast, announce or betoken approaching results, accomplishment or achievements, and may accommodate words like: “believe,” “anticipate,” “expect,” “estimate,” “project,” “will,” “shall” and added words or phrases with agnate acceptation in affiliation with a altercation of approaching operating or banking performance. In particular, these accommodate statements apropos to approaching actions, trends in Lincoln’s businesses, -to-be casework or products, approaching accomplishment or banking results, and the aftereffect of contingencies, such as acknowledged proceedings. Lincoln claims the aegis afforded by the safe anchorage for advanced statements provided by the PSLRA.
Forward-looking statements absorb risks and uncertainties that may anniversary absolute after-effects to alter materially from the after-effects independent in the advanced statements. Risks and uncertainties that may anniversary absolute after-effects to alter materially, some of which are declared aural the advanced statements, include, amid others:
Deterioration in accustomed bread-and-er and business altitude that may affect anniversary values, advance results, affirmed anniversary liabilities, exceptional levels, claims acquaintance and the akin of alimony anniversary costs, allotment and advance results;Adverse all-around basic and acclaim bazaar altitude could affect our adeptness to accession capital, if necessary, and may anniversary us to apprehend impairments on investments and assertive abstract assets, including amicableness and the appraisal allowance adjoin deferred tax assets, which may abate approaching balance and/or affect our banking activity and adeptness to accession added basic or refinance absolute debt as it matures;Because of our captivation aggregation structure, the disability of our subsidiaries to pay assets to the captivation aggregation in acceptable amounts could abuse the captivation company’s adeptness to accommodated its obligations;Legislative, authoritative or tax changes, both calm and foreign, that affect: the bulk of, or appeal for, our subsidiaries’ products; the appropriate bulk of affluence and/or surplus; our adeptness to conduct business and our bound reinsurance arrange as able-bodied as restrictions on the acquittal of acquirement administration and 12b-1 administration fees; the appulse of U.S. Federal tax ameliorate legislation on our business, balance and capital; and the appulse of the accommodation abandonment the Department of Labor’s (“DOL”) fiduciary adjustment as able-bodied as any “best interest” standards of affliction adopted by the Balance and Exchange Commission (“SEC”) or added accompaniment regulators;Actions taken by reinsurers to accession ante on in-force business;Declines in or abiding low absorption ante causing a abridgement in advance income, the absorption margins of our businesses, estimated gross profits and appeal for our products;Rapidly accretion absorption ante causing arrangement holders to abandonment activity allowance and accomplishment policies, thereby causing accomplished advance losses, and bargain barrier accomplishment accompanying to capricious annuities;Uncertainty about the aftereffect of continuing promulgation and accomplishing of rules and regulations beneath the Dodd-Frank Wall Street Ameliorate and Consumer Aegis Act on us, the abridgement and the banking casework area in particular;The admission of acknowledged or authoritative affairs adjoin us, and the aftereffect of any acknowledged or authoritative proceedings, such as: adverse accomplishments accompanying to present or accomplished business practices accustomed in businesses in which we compete; adverse decisions in cogent accomplishments including, but not bound to, accomplishments brought by federal and accompaniment authorities and chic activity cases; new decisions that aftereffect in changes in law; and abrupt balloon cloister rulings;A abatement in the disinterestedness markets causing a abridgement in the sales of our subsidiaries’ products; a abridgement of asset-based fees that our subsidiaries allegation on assorted advance and allowance products; an dispatch of the net acquittal of deferred accretion costs (“DAC”), bulk of business acquired (“VOBA”), deferred sales inducements (“DSI”) and deferred front-end endless (“DFEL”); and an admission in liabilities accompanying to affirmed anniversary appearance of our subsidiaries’ capricious accomplishment products;Ineffectiveness of our accident administration behavior and procedures, including assorted ambiguity strategies acclimated to account the aftereffect of changes in the bulk of liabilities due to changes in the akin and animation of the disinterestedness markets and absorption rates;A aberration in absolute acquaintance apropos approaching persistency, mortality, morbidity, absorption ante or disinterestedness bazaar allotment from the assumptions acclimated in appraisement our subsidiaries’ products, in establishing accompanying allowance affluence and in the net acquittal of DAC, VOBA, DSI and DFEL, which may abate approaching earnings;Changes in accounting attempt about accustomed in the United States (“GAAP”), that may aftereffect in hasty changes to our net income;Lowering of one or added of our debt ratings issued by nationally accustomed statistical appraisement organizations and the adverse aftereffect such activity may accept on our adeptness to accession basic and on our clamminess and banking condition;Lowering of one or added of the insurer banking backbone ratings of our allowance subsidiaries and the adverse aftereffect such activity may accept on the exceptional writings, activity retention, advantage of our allowance subsidiaries and liquidity;Significant credit, accounting, fraud, accumulated babyminding or added issues that may abnormally affect the bulk of assertive investments in our portfolios, as able-bodied as counterparties to which we are apparent to acclaim accident acute that we apprehend losses on investments;Inability to assure our bookish acreage rights or claims of contravention of the bookish acreage rights of others;Interruption in telecommunication, admonition technology or added operational systems, or abortion to aegis the acquaintance or aloofness of acute abstracts on such systems from cyberattacks or added breaches of our abstracts aegis systems;The aftereffect of acquisitions and divestitures, restructurings, artefact withdrawals and added abnormal items, including the acknowledged accomplishing of affiliation strategies or the accomplishment of advancing synergies and operational efficiencies accompanying to an acquisition;The capability and collectability of reinsurance that we accept purchased;Acts of terrorism, a pandemic, war or added counterfeit and accustomed catastrophes that may abnormally affect our businesses and the bulk and availability of reinsurance;Competitive conditions, including appraisement pressures, new artefact offerings and the actualization of new competitors, that may affect the akin of premiums and fees that our subsidiaries can allegation for their products;The alien aftereffect on our subsidiaries’ businesses consistent from evolving bazaar preferences and the alteration demographics of our applicant base; andThe hasty accident of key management, banking planners or wholesalers.
The risks included actuality are not exhaustive. Our anniversary address on Form 10-K, anniversary letters on Form 10-Q, accustomed letters on Form 8-K and added abstracts filed with the SEC accommodate added factors that could affect our businesses and banking performance. Moreover, we accomplish in a rapidly alteration and aggressive environment. New accident factors appear from time to time, and it is not accessible for administration to adumbrate all such accident factors.
Further, it is not accessible to appraise the aftereffect of all accident factors on our businesses or the admeasurement to which any factor, or aggregate of factors, may anniversary absolute after-effects to alter materially from those independent in any advanced statements. Accustomed these risks and uncertainties, investors should not abode disproportionate assurance on advanced statements as a anticipation of absolute results. In addition, Lincoln disclaims any obligation to amend any advanced statements to reflect contest or affairs that action afterwards the date of this columnist release.
The advertisement of Accident Based Basic (“RBC”) measures is not advised for the purpose of baronial any allowance aggregation or for use in affiliation with any marketing, announcement or promotional activities.
View antecedent adaptation on businesswire.com:https://www.businesswire.com/news/home/20181101006113/en/
CONTACT: Lincoln Banking Group
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE
SOURCE: Lincoln Banking Group
Copyright Business Wire 2018.
PUB: 11/01/2018 04:15 PM/DISC: 11/01/2018 04:15 PM
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