Lincoln cedes $28B in reserves to Fortitude Re; preliminary Q1 net loss up to $919M

LINCOLN NATIONAL CORP

Cedes ~$28B in ULSG, MoneyGuard, fixed annuity reserves; expected close Q2 2023, effective Apr 1.
Transaction expected to improve RBC ratio by ~15 points and add >$100M annual free cash flow.
GAAP quarterly dilution of ($35-40)M; Q1 Life Insurance operating loss ($8-23)M.
Preliminary Q1 net loss ($904-919)M or ($5.34-5.43)/diluted share; adjusted ops income $250-265M.
Estimated Q1 RBC ratio 377-380% (flat YoY); 2023 distributable earnings outlook unchanged.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LINCOLN NATIONAL CORP reported first quarter 2023 results: net income between $250 and $265 million, EPS $1.47 to $1.56 per diluted share.

Period: first quarter 2023
Net income: between $250 and $265 million
EPS: $1.47 to $1.56 per diluted share
Result: preliminary results

Exact text from the filing

Estimated net loss available to common stockholders of between ($919) and ($904) million, or ($5.43) to ($5.34) per diluted share.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LINCOLN NATIONAL CORP reported first quarter 2023 results: net income between $250 and $265 million, EPS $1.47 to $1.56 per diluted share.

Period: first quarter 2023
Net income: between $250 and $265 million
EPS: $1.47 to $1.56 per diluted share
Result: preliminary results

Exact text from the filing

Estimated adjusted income from operations available to common stockholders of between $250 and $265 million, or $1.47 to $1.56 per diluted share.

View on SEC.gov

13 earnings releases filed in the last 30 days. Browse all earnings releases →

LINCOLN NATIONAL CORP filing history →

Source: SEC EDGAR

accession 0001564590-23-006854

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