Lincoln Q2 net income $502M ($2.94 EPS); adjusted ops $343M ($2.02); group protection improves

LINCOLN NATIONAL CORP

2023-Q2 EPS reported -$2.41 revenue$6,743,000,000

Q2 2023 net income available to common $502M ($2.94/diluted) vs $833M ($4.83) YoY.
Adjusted ops income $343M ($2.02/diluted) vs $367M ($2.13) YoY.
Annuities income $271M (-8% YoY); Life Insurance $33M (down from $63M); Group Protection $109M (up from $49M).
Recognized $493M impairment on fixed maturity AFS securities due to intent to sell as part of Fortitude Re reinsurance transaction.
Net unrealized loss on AFS securities $10.4B pre-tax vs $6.3B a year ago.

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