Real estate and tax accounting were bright spots for Lincoln National Corp. during the second quarter.[@@]

Lincoln, Philadelphia, is reporting $198 million in net income for the second quarter on $1.4 billion in revenue, up from $187 million in net income on $1.4 billion in revenue for the second quarter of 2004.

Although life operating income plateaued at $76 million, first-year retail premium revenue for variable universal life was up 34%.

Retirement unit income increased to $119 million, from $102 million.

But the second-quarter results also included a favorable tax adjustment.

In addition, “the second quarter was impacted by a better than expected performance in Lincoln’s alternative investments, specifically partnership income and fees earned from its standby real estate equity commitment program,” Lincoln says in a discussion of its results.