NU Online News Service, Oct. 23, 1:08 p.m. – Lincoln National Corp., Fort Wayne, Ind., is reporting $119 million in net income for the third quarter on $1.6 billion in revenue, down from $139 million in net income on $1.7 billion in revenue for the third quarter of 2000.
Operating income, which excludes $24 million in losses on investments that were sold or re-valued during the quarter, fell to $143 million, from $191 million.
Both the net income figure and the operating income figure include $33 million in unusual charges resulting from the Sept. 11 attacks, Lincoln says.
Lincoln says it was especially happy with the performance of its life insurance and annuity units.
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Including the effects of investment gains and losses, the life unit generated $76 million in operating income for the quarter on $461 million in revenue, up from $72 million in net income on $453 million in revenue. Operating income was up 5%, and revenue was up 1.6%.