NU Online News Service, May 5, 2004, 3:36 p.m. EDT – The stock market rebound has shown up in the first-quarter income statements of Lincoln National Corp., Philadelphia.[@@]
The life insurer is reporting $130.6 million in net income for the latest quarter on $1.3 billion in revenue, up from $41.6 million in net income on $1.1 billion in revenue for the first quarter of 2003.
Retirement services net income rose to $71.8 million, from $6.9 million, and retail life sales increased 15%, Lincoln says.
Investors put $3.5 billion more cash in Lincoln investment products than they took out. The net flow of cash is more than 4 times higher than it was during the first quarter of 2003, Lincoln says.