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RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial Group (NYSE: LNC) today reported net income for the third quarter of 2020 of $398 million, or $2.01 per diluted share available to common stockholders, compared to net loss in the third quarter of 2019 of $(161) million, or $(0.83) per diluted share available to common stockholders. Third quarter adjusted loss from operations was $(133) million, or $(0.72) per diluted share available to common stockholders, compared to adjusted loss from operations of $(46) million, or $(0.25) per diluted share available to common stockholders, in the third quarter of 2019.1 The current quarters adjusted operating results included net unfavorable notable items of $552 million, or $2.84 per share, primarily related to the companys annual review of DAC and reserve assumptions. The prior-year quarter included net unfavorable notable items of $403 million, or $2.00 per share, related to the companys annual review of DAC and reserve assumptions. Third quarter results were impacted by our annual review process, predominantly from adjustments to our interest rate assumptions, and elevated claims related to the pandemic, said Dennis R. Glass, president and CEO of Lincoln Financial Group. Importantly, excluding these factors, our operating results would have been consistent with our strong track record of financial performance. Our focus on achieving targeted returns on capital has slowed sales momentum and our reprice, shift and add new product strategy positions us to achieve sales growth in 2021. Additionally, we are resuming buybacks in the fourth quarter, and the board approved an increase in our dividend per share, reflecting our strong balance sheet and positive outlook. The board of directors of Lincoln National Corporation approved raising the quarterly dividend on its common shares to $0.42 per share. The dividend represents an 5% increase over the prior-year level. The increased dividend on common stock will be payable on February 1, 2021 to shareholders of record at the close of business on January 11, 2021. As of or For the Quarter Ended September 30, As of or For the Nine Months Ended September 30, (in millions, except per share data) 2020 2019 2020 2019 Net Income (Loss) $ 398 $ (161) $ 356 $ 454 Net Income (Loss) Available to Common Stockholders 393 (164) 340 454 Net Income (Loss) per Diluted Share Available to Common Stockholders1 2.01 (0.83) 1.74 2.24 Revenues 5,361 4,638 13,303 12,913 Adjusted Income (Loss) from Operations (133) (46) 519 873 Adjusted Income (Loss) from Operations per Diluted Share Available to Common Stockholders (0.72) (0.25) 2.57 4.30 Average Diluted Shares 195.4 201.6 195.9 203.1 Return on Equity (ROE), Including Accumulated Other Comprehensive Income (AOCI) (Net Income) 7.5% -3.4% 2.5% 3.5% Adjusted Operating ROE, Excluding AOCI (Income from Operations) -3.9% -1.3% 5.1% 8.3% Book Value per Share (BVPS), Including AOCI $ 111.51 $ 100.84 $ 111.51 $ 100.84 Book Value per Share, Excluding AOCI 71.10 69.33 71.10 69.33 1 Due to reporting a net loss for the three months ended September 30, 2019 and an adjusted loss from operations for the three months ended September 30, 2019 and September 30, 2020, basic shares were used in the diluted EPS and adjusted diluted EPS calculations for those periods as the use of diluted shares would have resulted in a lower loss per share. Operating Highlights Third Quarter 2020 vs Third Quarter 2019 In addition to the net unfavorable notable items of $2.84, this quarters adjusted operating EPS results included an estimated unfavorable impact of $0.52 from elevated claims experience related to the pandemic and a favorable impact of $0.29 from alternative investment income above targeted levels. Third Quarter 2020 Segment Results Annuities Annuities reported income from operations of $196 million compared to $169 million in the prior-year quarter. Impacts from the companys annual review of DAC and reserve assumptions were unfavorable in both periods. Not including the impact from the reviews, income from operations increased 13% from the prior-year quarter primarily driven by higher average account values and favorable returns within the companys alternative investment portfolio. Total annuity deposits of $2.5 billion were down 27% from the prior-year quarter. Variable annuity sales were up 1% versus the prior-year quarter, as a 60% increase in sales of products without guaranteed living benefits offset a decline in guaranteed living benefit product sales. Fixed annuity sales of $87 million compared to $1 billion in the prior-year period with the change due to product actions taken to reflect lower interest rates. Net outflows were $283 million in the quarter, as positive net flows from variable annuities were more than offset by net outflows from fixed annuities. Average account values of $144 billion were up 8% over the prior-year quarter. The current quarter included net unfavorable notable items of $101 million related to the companys annual review of DAC and reserve assumptions while prior-year results included net unfavorable notable items of $93 million related to the companys annual review of DAC and reserve assumptions. Retirement Plan Services Retirement Plan Services reported income from operations of $50 million, up 14% from the prior-year quarter with the increase primarily driven by favorable returns within the companys alternative investment portfolio and expense management. Total deposits for the quarter of $2.4 billion were up 6% from the prior-year quarter driven by a 20% increase in first-year sales and $1.5 billion in recurring deposits, in line with the prior-year quarter. Net flows totaled $362 million, up 33% from the prior-year quarter. Average account values of $80 billion were up 7% over the prior-year quarter. The current quarter included net unfavorable notable items of $3 million related to the companys annual review of DAC and reserve assumptions while prior-year results had no notable items. Life Insurance Life Insurance reported a $311 million loss from operations compared to a loss from operations of $245 million in the prior-year quarter. Impacts from the companys annual review of DAC and reserve assumptions were unfavorable in both periods. Not including the impact of the reviews, income from operations increased from the prior-year quarter as unfavorable mortality related to COVID-19 was more than offset by favorable returns within the companys alternative investment portfolio. Total Life Insurance sales of $186 million were down 21% from the prior-year quarter, a result of repricing actions to reflect the lower interest rate environment. Total Life Insurance in-force of $878 billion grew 10% over the prior-year quarter, and average account values of $55 billion increased 5% over the same period. The current quarter included net unfavorable notable items of $440 million related to the companys annual review of DAC and reserve assumptions while prior year results included net unfavorable notable items of $320 million related to the companys annual review of DAC and reserve assumptions. Group Protection Group Protection income from operations was $6 million in the quarter compared to $61 million in the prior-year period. Not including the impact from the annual review of reserve assumptions, the decline in income from operations was driven by unfavorable life mortality, primarily associated with the pandemic. The total loss ratio was 83% in the current quarter compared to 74% in the prior-year quarter driven primarily by unfavorable life mortality. Group Protection sales were $49 million compared to $242 million in the prior-year quarter with the decrease partially driven by timing of sales. Employee-paid sales represented 59% of total sales. Insurance premiums of $1.1 billion were up 3%. The current quarter included net unfavorable notable items of $3 million related to the companys annual review of reserve assumptions while prior-year results included net favorable notable items of $10 million related to the companys annual review of reserve assumptions. Other Operations Other Operations reported a loss from operations of $74 million versus a loss of $75 million in the prior-year quarter. The current quarter included net unfavorable notable items of $5 million related to elevated expenses while prior-year results had no notable items. Realized Gains and Losses / Impacts to Net Income Realized gains/losses and impacts to net income (after-tax) in the quarter were primarily driven by: Unrealized Gains and Losses The company reported a net unrealized gain of $16.4 billion, pre-tax, on its available-for-sale securities at September 30, 2020. This compares to a net unrealized gain of $11.5 billion, pre-tax, at September 30, 2019, with the year-over-year increase primarily driven by lower treasury rates. Share Count The quarters average diluted share count of 195.4 million was down 3% from the third quarter of 2019, the result of repurchasing 5.5 million shares of stock since September 30, 2019. No shares were repurchased in the quarter. Book Value As of September 30, 2020, book value per share, including AOCI, increased 11% from the prior-year period to $111.51. Book value per share, excluding AOCI, increased 3% from the prior-year period to $71.10. The tables attached to this release define and reconcile the non-GAAP measures adjusted income from operations, adjusted operating ROE and BVPS, excluding AOCI, to net income, ROE and BVPS, including AOCI, calculated in accordance with GAAP. This press release contains statements that are forward-looking, and actual results may differ materially. Please see the Forward-looking Statements Cautionary Language at the end of this release for factors that may cause actual results to differ materially from the companys current expectations. For other financial information, please refer to the companys third quarter 2020 statistical supplement and earnings and investment portfolio supplement available on its website, http://www.lfg.com/investor. Lincoln Financial Group will discuss the companys third quarter results with investors in a conference call beginning at 10:00 a.m. Eastern Time on Thursday, November 5, 2020. The conference call will be broadcast live through the company website at www.lfg.com/webcast. Please log on at least fifteen minutes prior to the call to register and download any necessary streaming media software. To participate via phone: (866) 394-4575 (U.S./Canada) or (678) 509-7536 (International). Ask for the Lincoln National Conference Call. A replay of the call will be available by 1:00 p.m. Eastern Time on November 5, 2020 at www.lfg.com/webcast. Audio replay will be available from 1:00 p.m. Eastern Time on November 5, 2020 through 12:00 p.m. Eastern Time on November 12, 2020. To access the re-broadcast, dial: (855) 859-2056 (Domestic) or (404) 537-3406 (International). Enter conference code: 5687777. 1 Due to reporting a net loss for the three months ended September 30, 2019 and an adjusted loss from operations for the three months ended September 30, 2019 and September 30, 2020, basic shares were used in the diluted EPS and adjusted diluted EPS calculations for those periods as the use of diluted shares would have resulted in a lower loss per share. About Lincoln Financial Group Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $281 billion in end-of-period account values as of September 30, 2020. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes Worlds Best Employers, Best Large Employers, Best Employers for Diversity, and Best Employers for Women, and Newsweeks Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com. Explanatory Notes on Use of Non-GAAP Measures Management believes that adjusted income from operations (adjusted operating income), adjusted operating return on equity, adjusted operating revenues, and adjusted operating EPS better explain the results of the companys ongoing businesses in a manner that allows for a better understanding of the underlying trends in the companys current business because the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management also believes that using book value excluding accumulated other comprehensive income (AOCI) enables investors to analyze the amount of our net worth that is primarily attributable to our business operations. Book value per share excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. For the historical periods, reconciliations of non-GAAP measures used in this press release to the most directly comparable GAAP measure may be included in this Appendix to the press release and/or are included in the Statistical Reports for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: www.lfg.com/investor. Definitions of Non-GAAP Measures Used in this Press Release Adjusted income (loss) from operations, adjusted operating revenues and adjusted operating return on equity (including and excluding average goodwill within average equity), excluding AOCI, using annualized adjusted income (loss) from operations are financial measures we use to evaluate and assess our results. Adjusted income (loss) from operations, adjusted operating revenues and adjusted operating return on equity (ROE), as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), revenues and ROE, the most directly comparable GAAP measures. Adjusted Income (Loss) from Operations Adjusted income (loss) from operations is GAAP net income (loss) excluding the after-tax effects of the following items, as applicable: Adjusted Operating Revenues Adjusted operating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable: Adjusted Operating Return on Equity Adjusted operating return on equity measures how efficiently we generate profits from the resources provided by our net assets. Definition of Notable Items Adjusted income (loss) from operations, excluding notable items, is a non-GAAP measure that excludes items which, in managements view, do not reflect the companys normal, ongoing operations. Book Value Per Share, Excluding AOCI Book value per share, excluding AOCI is calculated based upon a non-GAAP financial measure. Special Note Sales Sales as reported consist of the following: Lincoln National Corporation Reconciliation of Net Income to Adjusted Income from Operations (in millions, except per share data) For the Quarter Ended For the Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Total Revenues $ 5,361 $ 4,638 $ 13,303 $ 12,913 Less: Excluded realized gain (loss) 572 (61) (198) (623) Amortization of DFEL on benefit ratio unlocking 1 1 (6) 3 Total Adjusted Operating Revenues $ 4,788 $ 4,700 $ 13,507 $ 13,533 Net Income (Loss) Available to Common Stockholders Diluted $ 393 $ (164) $ 340 $ 454 Less: Adjustment for deferred units of LNC stock in our deferred compensation plans (1) (3) - (5) (16) Net Income (Loss) 398 (161) 356 454 Less: Excluded realized gain (loss), after-tax 452 (49) (156) (492) Benefit ratio unlocking, after-tax 83 (2) 17 186 Acquisition and integration costs related to mergers and acquisitions, after-tax (31) (80) (4) (12) Gain (loss) on early extinguishment of debt, after-tax - (33) (12) (33) Total adjustments 531 (115) (163) (420) Adjusted Income (Loss) from Operations $ (133) $ (46) $ 519 $ 873 Earnings (Loss) Per Common Share Diluted (2) Net income (loss) $ 2.01 $ (0.83) $ 1.74 $ 2.24 Adjusted income (loss) from operations (0.72) (0.25) 2.57 4.30 Average Stockholders Equity Average equity, including average AOCI $ 21,140 $ 19,227 $ 19,309 $ 17,349 Average AOCI 7,566 5,292 5,689 3,372 Average equity, excluding AOCI 13,574 13,935 13,620 13,977 Average goodwill 1,778 1,778 1,778 1,779 Average equity, excluding AOCI and goodwill $ 11,796 $ 12,157 $ 11,842 $ 12,198 Return on Equity, Including AOCI Net income (loss) with average equity including goodwill 7.5% -3.4% 2.5% 3.5% Adjusted Operating Return on Equity, Excluding AOCI Adjusted income (loss) from operations with average equity including goodwill -1.3% 8.3% -3.9% 5.1% Adjusted income (loss) from operations with average equity excluding goodwill -1.5% 9.5% -4.5% 5.8% (1) The numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market adjustment for deferred units of LNC stock in our deferred compensation plans if the effect of equity classification would result in a more dilutive EPS. (2) Due to reporting a net loss for the three months ended September 30, 2019 and an adjusted loss from operations for the three months ended September 30, 2019 and September 30, 2020, basic shares were used in the diluted EPS and adjusted diluted EPS calculations for those periods as the use of diluted shares would have resulted in a lower loss per share. Lincoln National Corporation Reconciliation of Book Value per Share As of September 30, 2020 2019 Book value per share, including AOCI $ 111.51 $ 100.84 Per share impact of AOCI 40.41 31.51 Book value per share, excluding AOCI 71.10 69.33 Lincoln National Corporation Digest of Earnings (in millions, except per share data) For the Quarter Ended September 30, 2020 2019 Revenues $ 5,361 $ 4,638 Net Income (Loss) $ 398 $ (161) Adjustment for deferred units of LNC stock in our deferred compensation plans (1) (5) (3) Net Income (Loss) Available to Common Stockholders Diluted $ 393 $ (164) Earnings (Loss) Per Common Share Basic $ 2.06 $ (0.81) Earnings (Loss) Per Common Share Diluted (2) 2.01 (0.83) Average Shares Basic 193,250,727 199,200,811 Average Shares Diluted 195,356,425 201,561,178 For the Nine Months Ended September 30, 2020 2019 Revenues $ 13,303 $ 12,913 Net Income (Loss) $ 356 $ 454 Adjustment for deferred units of LNC stock in our deferred compensation plans (1) (16) - Net Income (Loss) Available to Common Stockholders Diluted $ 340 $ 454 Earnings (Loss) Per Common Share Basic $ 1.84 $ 2.25 Earnings (Loss) Per Common Share Diluted 1.74 2.24 Average Shares Basic 193,849,829 201,644,591 Average Shares Diluted 195,940,941 203,135,457 (1) The numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market adjustment for deferred units of LNC stock in our deferred compensation plans if the effect of equity classification would be more dilutive to our diluted EPS. (2) Due to reporting a net loss for the three months ended September 30, 2019, basic shares were used in the diluted EPS calculation for that period as the use of diluted shares would have resulted in a lower loss per share. Forward Looking Statements Cautionary Language Certain statements made in this press release and in other written or oral statements made by Lincoln or on Lincoln's behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements. Forward-looking statements may contain words like: "anticipate," "believe," "estimate," "expect," "project," "shall," "will," and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln's businesses, prospective services or products, future performance or financial results, and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements due to a variety of factors, including: The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K and our Form 10-Q for the quarter ended March 31, 2020, as well as other reports that we file with the SEC, include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the effect of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this press release. The reporting of Risk Based Capital (RBC) measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.

Answer: Lincoln Financial Group Reports Third Quarter 2020 Results and Announces Increase to Dividend Net income EPS of $2.01 and adjusted operating EPS of $(0.72) Adjusted operating EPS included $(3.07) from notable items, elevated claims experience from COVID-19, and above targeted alternative investment income BVPS, including AOCI, of $111.51, up 11%; BVPS, excluding AOCI, of $71.10, up 3% Resuming buybacks in fourth quarter and increased quarterly common stock dividend to $0.42, up 5%