Lincoln National 2Q profit rises |
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Tue, 31 Jul 2007 23:13
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PHILADELPHIA (AP) - Lincoln National Corp., an insurance and investment-management company, reported a rise in earnings and revenue in the second quarter, on strong results in its annuity and life-insurance segments.Net income rose 8 percent, to $376 million, or $1.37 per share, from $349 million, or $1.23 per share a year earlier. Revenue increased 10 percent to $2.74 billion from $2.5 billion.Lincoln's president and chief executive officer attributed the results to record deposits in annuities and higher sales throughout the company.'Sales were strong across all channels and included a year-over-year increase of 33 percent in the independent planner channel, which benefited from targeted wholesaler expansion,' said Dennis R. Glass, president and CEO, referring to an annuities program.Results also included $30 million in pretax expenses related to the April 2006 acquisition of Jefferson-Pilot Corp., a $9 million pretax curtailment gain related to the freezing of traditional pension plans and $2 million worth of unfavorable expense items.Lincoln shares fell 92 cents Tuesday to close at $60.32.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Union workers approve tentative contract 