NU Online News Service, April 23, 11:25 a.m. – Lincoln National Corp., Fort Wayne, Ind. is reporting $94 million in net income for the first quarter on $1.1 billion in revenue, down from $160 million in net income on $1.7 billion in revenue for the first quarter of 2001.
Results for the latest quarter include $67 million in investment losses, Lincoln says.
Revenue was down partly because of the sale of a large life reinsurance unit to Swiss Reinsurance Company, Zurich.
? Lincoln Retirement, the largest remaining unit, brought in $48 million in net income in the latest quarter on $453 million in revenue, down from $77 million in net income on $510 million in revenue.
More cash flowed into fixed annuities during the first quarter than in the comparable quarter in 2001, and less cash flowed out of variable annuities. The net outflow for variable annuities fell to $88 million, from $363 million.
? The life insurance unit earned $44 million in net income on $424 million in revenue, down from $63 million on $460 million.
First-year premiums for universal life increased to $86 million, from $58 million.
First-year premiums for variable-universal life fell to $39 million, from $56 million.
? The investment management unit increased net income to $7 million on $104 million in revenue, from $2 million in net income on $112 million in revenue.