Lincoln Financial Media revenue fell 11.8% in Q1. Revenue was $15 million for the 16-station group, off from $17 million a year ago. Expenses at the media division were down 6.7%. Parent company Lincoln Financial Group reported net income for the quarter of $329 million, or $1.21 per diluted share, compared to $239 million in Q1 2013, or $0.86 per diluted share. Q1 income from operations was $365 million, or $1.34 per diluted share, compared to $285 million, or $1.02 per diluted share, in Q1 2013.
“Lincoln’s strong results in the quarter are a positive start to the year and build on a successful 2013,” said Dennis Glass, president and CEO of Lincoln Financial Group. “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.”
| (millions of dollars except per share data) | As of or For the Quarter Ended |
|
|---|---|---|
| 2014 | 2013 | |
| Net Income (Loss) | $ 329 | $ 239 |
| Net Income (Loss) Available to Common Stockholders | 328 | 239 |
| Net Income (Loss) Per Diluted Share | 1.21 | 0.86 |
| Revenues | 3,176 | 2,839 |
| Income (Loss) from Operations | 365 | 285 |
| Income (Loss) from Operations Per Diluted Share | 1.34 | 1.02 |
| Average Diluted Shares | 272.1 | 278.6 |
| ROE (Income from Operations) | 12.2% | 10.2% |
| ROE (Net Income) | 11.0% | 8.5% |
| Book Value per Share, Including AOCI | $ 54.94 | $ 55.33 |
| Book Value per Share, Excluding AOCI | 45.63 | 42.00 |
Operating Highlights — Q1 2014 vs Q1 2013
- Consolidated deposits of $6.4 billion up 5%
- Consolidated account balances of $209 billion up 13%
- Annuities total deposits of $3.4 billion up 5%
- Retirement Plan Services total deposits of $1.8 billion up 5%
- Total Individual Life Insurance sales of $142 million up 14%
- Group Protection non-medical earned premiums of $533 million up 12%
