NU Online News Service, Oct. 29, 2003, 6:10 p.m. EST – Lincoln National Corp., Philadelphia, says the rebound in investment markets helped it increase its third quarter net income by $269 million.
The company is reporting $133 million in net income for the latest quarter on $1.3 billion in revenue, compared with a net loss of $136 million on $1.2 billion in revenue for the third quarter of 2002.
Every unit did better, and first-year life sales increased 20%, to $208 million, thanks to strong sales of term life and universal life insurance, Lincoln says.
But Lincoln reports that the biggest turnaround took place in its retirement unit, which went from a $7 million net loss in 2002 to a $102 million net profit in the latest quarter.
The unit did better because investment income was up and the increase in investment returns helped the unit unlock deferred acquisition costs, Lincoln says.