Lincoln Financial Group reported first-quarter earnings up 38 percent on growth in individual life insurance sales and positive net flows in the annuity segment.
Net income for the first quarter of the year was $329 million, or $1.21 per share, compared with $239 million, or 86 cents per share, during the same period in 2013.
Operating income for the quarter was $365 million, or $1.34 per share, compared with $285 million, or $1.02 per share, in 2013. Earnings were reported Wednesday after the close of the New York Stock Exchange.
Quarterly revenues were $3.18 billion compared with $2.84 billion during the same period in 2013.
Lincoln Financial Group CEO Dennis R. Glass said in a statement: “The combination of ongoing share repurchases and the recently completed repricing of essentially our entire product portfolio will help expand Lincoln’s return on equity over time. At the same time, we are diversifying the company’s risk profile by increasing our emphasis on products without long-dated guarantees.”
The company reported a net flow of $695 million in its annuity segment, meaning the balance of money coming in and going out, which was up 15 percent from the same period a year ago. Variable annuity deposits were flat at $2.9 billion and fixed-annuity deposits were up 54 percent to $432 million for the quarter.
Life insurance income was $120 million for the quarter, compared with $112 million in the 2013. Total life insurance sales were $145 million for the quarter compared with $151 million in 2013. Lincoln Financial’s average life insurance in-force during the quarter, meaning the total of all account values, was $620 billion, up 5 percent.
Lincoln Financial Group is the marketing name for Lincoln National Corp. of Radnor, Pa., which employs about 600 people at an office in Hartford.
Shares of company’s stock was trading at $48.13 after the close of the New York Stock Exchange, down 38 cents from Wednesday’s closing price.