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November 03, 2011 at 09:48 AM
Lincoln Financial Group Philadelphia, (NYSE:LNC), reported net income for the third quarter of 2011 of $143 million, or $0.44 per diluted share. This compares to net income in the third quarter of 2010 of $246 million, or $0.75 per diluted share.
Third quarter income from operations was $317 million, or $1.00 per diluted share. For the year-ago period, Lincoln Financial posted income from operations of $206 million, or $0.63 per diluted share.
Revenue for the three months ended September 30 totaled $2.5 billion, down from the $2.6 billion posted for the year-ago period.
Lincoln Financial’s Individual Annuities segment reported income from operations of $162 million in the third quarter of 2011, versus income from operations of $126 million in the year-ago period.
Sun Life Financial Inc., Toronto (TSX: SLF) (NYSE: SLF), recorded an operating loss of $572 million (CDN) for the third quarter of 2011, compared with operating net income of $403 million in the same period last year. The company’s operating loss per share was $0.99 (CDN) in the third quarter of 2011, compared to operating net income of $0.71 in the third quarter of 2010.
The reported loss was $621 million (CDN) or $1.07 per share in the third quarter of 2011, compared to net income of $416 million or $0.73 per share in the same period last year.
The company attributes its operating loss in the third quarter of 2011 to net reserve increases of $684 million related to steep declines in both equity markets and interest rate levels. These declines were reflected primarily in the individual life and variable annuity businesses in Sun Life Financial U.S.
Separately, Sun Life’s Board of Directors declared a quarterly shareholder dividend of $0.36 per common share, maintaining the current quarterly dividend.
Manulife Financial Corporation, Toronto, (NYSE: MFC), reported a net loss attributed to shareholders of $1.3 billion (CDN) for the third quarter ended September 30.
