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.