The defining line between a good and great agent is exceptional communication skills. I’ve learned this from many lessons over the years.
David Curry
Although strong products and competitive pricing are undeniably important, the true differentiator between a merely “good” agent and a truly “great” one often boils down to a single, profound element: communication.
Excellent communication requires crafting an experience built on clarity, trust and a genuine human connection, not just explaining policy details. Let’s dive into the details of these attributes.
Mastering the art of communication is no longer an ancillary skill but a core competency that directly impacts loyalty, fosters advocacy and shapes our long-term success.
Creating a tech-enabled modern agent toolkit
Strategic, client-centric content means focusing not only on your message, but also on how and when you communicate it for success. I always make sure to offer multiple communication channels—phone, email, text or in-person meetings—because they cater to the diverse preferences of my clients.
Although leveraging technology such as customer relationship management systems is essential for managing client information (I certainly rely on mine!), I’ve seen modern client portals centralize communication even further by enabling clients to manage policies, sign agreements and communicate on their schedules. This enhances convenience and the client’s sense of control.
Technology serves as an incredible driver for excellent communication. Tools such as electronic payments and e-signatures have significantly reduced administrative roadblocks in my practice, streamlining processes such as data collection for applications and renewals. This efficiency enables my team and me to focus on high-value activities, such as advising clients and building loyalty. Additional tools, such as chatbots and self-service portals, provide clients with instant access to policy documents and claims statuses, truly embodying responsiveness and transparency. I know clients sincerely appreciate these capabilities.
Communication through active listening
From my experience, good agents are often quick to present solutions and eager to demonstrate their knowledge. However, the truly great agents always start by actively listening. This means discerning the underlying needs, anxieties and even the unspoken aspirations that drive a client’s insurance decisions. I’ve learned to pay close attention to both verbal cues and subtle nonverbal signals, asking incisive clarifying questions such as: “Can you tell me more about what you’re hoping to achieve with this insurance?” “Are we primarily looking at wealth transfer, income replacement or perhaps something else entirely?” I’ve found that this approach helps unearth critical details that a standard product presentation may exclude.
Building trust and guiding clients through stressful times with care
Now comes the hard part once you’ve established your communication strategy: building genuine rapport. Sure, clients want a good policy, but they also appreciate it when an agent takes the time to understand their wants and needs, especially when discussing sensitive topics such as financial protection for loved ones. I always strive to demonstrate empathy by acknowledging a client’s concerns, showing them I understand the emotional weight behind their financial decisions.
Maintaining approachable body language—making eye contact, offering a genuine smile and using open gestures—is my way of building trust. Even subtly mirroring a client’s communication style, whether they prefer a more detailed or a more concise conversation, helps bridge potential gaps and creates a far more comfortable exchange.
For example, suppose a client seems stressed by the complexities of estate planning. In that case, I make sure to acknowledge their feelings directly: “I understand this can feel overwhelming, but please know we’ll work through each step together to ensure your family’s future is secure.” These communication approaches help position you as a guide, not just a seller.
If there’s one area where I’ve seen communication truly make or break a client relationship, it’s during the claims process. This is often a profoundly stressful and emotionally charged time for clients. I advise my team to guide clients step-by-step through the process, setting clear expectations and acting as a steadfast advocate on their behalf to ensure a smooth resolution. Following up after a claim is settled, not just to confirm payment but to check on the client’s overall satisfaction and well-being, reinforces our commitment beyond the policy.
Communicating complex life insurance jargon
Our industry is filled with jargon. While we, as professionals, understand terms like “re-underwrite” or “surrender charge,” most of our clients do not. I make it a point to translate complex concepts into plain English. Instead of saying, “We need to re-underwrite your policy,” I prefer to say, “We need to review your policy to make sure the coverage is still appropriate for your current situation, perhaps due to a recent life event.” Simplifying explanations and avoiding ambiguity prevents misunderstandings, which can otherwise lead to unfulfilled expectations, lapses in coverage, or even unfortunate disputes over claims.
For example, let’s explore a case heard by the 9th Circuit Court that reveals a critical lesson for life insurance agents. Even when an insurer violates notice rules, a policy can still lapse if the client’s communication fails. Pamela Siino lost her $100,000 policy because an unsigned change-of-address form led to missed lapse notices, demonstrating the vital role of agent-client communication in preventing policy lapses and protecting coverage.
Proactive vs. reactive communication
Another hallmark of a genuinely great agent is consistent and proactive follow-up. Those who regularly check in with clients – even if there are no immediate needs – have higher client satisfaction. It could be simply providing updates on industry news or policy changes. Also, a simple thank-you note or thank-you call can go a long way. But beyond mere responsiveness, great agents are proactive: scheduling annual policy reviews, sending renewal reminders well in advance and educating clients on potential coverage gaps before issues arise.
Empowering clients with personalized advice
What truly distinguishes the great agents is their emphasis on personalization and client education. They go the extra mile by remembering key client details—such as birthdays, anniversaries and significant life events. They tailor policy recommendations to the unique and evolving needs of each client.
One of the most effective ways to empower clients is through education, such as hosting informative webinars on complex topics, creating easy-to-understand guides on various coverage types, or regularly updating a blog or FAQ section with relevant insights. Informed clients are more confident in their decisions, more likely to appreciate the value of their coverage, and more likely to become loyal, long-term advocates.
Excellent communication and a well-run agency
This may surprise you. I’ve learned there is a close correlation between excellent external communications and a well-run agency. Think of it this way: When your internal operations are streamlined, your client interactions improve. On the other hand, disorganization—such as missed calls, piles of paperwork or slow renewal processes—doesn’t go unnoticed by clients and negatively impacts their experience.
A well-organized internal system frees you up to focus on what truly matters: delivering outstanding client communication for long-term success.
Entering the U.S. securities industry as the first Korean insurance company
Delivers 25% CAGR in Revenue Over the Past Three Years… Proves Business Growth and Stability in the U.S. Stock Market
Strengthening U.S. market competitiveness through global financial synergy with the U.S. affiliate and Hanwha AI Center
SEOUL, South Korea & NEW YORK–(BUSINESS WIRE)–
Hanwha Life, South Korea’s first life insurance company, has officially completed the acquisition of a 75% stake in U.S.-based global financial services firm Velocity Clearing, LLC on July 30 (EST). The majority of the stake acquired was owned by an affiliate of Cerberus Capital Management, L.P. The deal marks a bold strategic move into the North American capital markets—beyond Hanwha Life’s traditional insurance business.
With this transaction, Hanwha Life becomes the first Korean insurance company to acquire a U.S. securities firm, “the center of the global capital markets.” The acquisition establishes a platform for Hanwha Life to enhance its profitability through a local U.S. financial company and provide high-quality global financial products to global clients.
Velocity Clearing, LLC, a global financial services firm based in New York, manages the post trade service, including clearing and settlement. As of the end of 2024, the firm held approximately USD 1.2 billion in total assets, with a compound annual growth rate (CAGR) of 25% in revenue over the last three years (2022~2024). The net income is also increasing steadily, with continued profitability expected after the acquisition.
Working closely with Velocity Clearing, LLC, under its existing leadership, the company aims to ensure early operational stability while building strategic synergies with its U.S. asset management affiliate, Hanwha Asset Management (USA) Ltd. and the Hanwha AI Center (HAC), located in San Francisco. This collaboration will combine financial expertise with the advanced AI capabilities to strengthen Hanwha Life’s competitive edge in the U.S. market.
Hanwha Life representative said, “This transaction represents a significant step for Korean finance to establish a presence in the key financial center, the U.S. capital markets. Moving forward, we will continue to strengthen our global business by leveraging digital financial technologies and our global network to ensure sustainable, long-term growth.”
Michael Logan, CEO of Velocity Clearing, stated, “With Hanwha Life’s global vision and support, we expect to accelerate our growth and unlock new opportunities together for our clients. We’re excited about the powerful synergies ahead.”
Brian Schaeffer, president of Velocity Clearing, said, “This partnership with Hanwha Life is client driven, allowing Velocity Clearing to further accelerate its product and geographic expansion.”
Lee Millstein, Chairman of Global Real Estate for Cerberus, stated, “We’re proud to have supported Velocity Clearing through an exciting period of growth, and Hanwha Life is well-positioned to build on that momentum in the company’s next chapter.”
About Hanwha Life
Established in 1946 as Korea’s first life insurance company, Hanwha Life has over 78 years of experience and reported total consolidated assets of USD 108.9 billion (KRW 160.2 trillion) as of the end of 2024. While maintaining leadership in the insurance sector, Hanwha Life is accelerating its transformation into a global financial group through innovation and strategic overseas expansion. The company continues to expand its global financial ecosystem by pursuing regionally tailored strategies and strengthening its digital capabilities. By building strong global partnerships, Hanwha Life aims to become a trusted global financial brand that delivers comprehensive and sustainable financial solutions.
About Velocity Clearing
Velocity Clearing is a technology-driven, self-clearing broker/dealer providing execution services, clearing, and custody along with access to stock locate services, securities lending, competitive financing, and a firm-wide focus on world-class customer service. Velocity Clearing supports retail traders and institutional clients including brokers/dealers, hedge funds, family offices, and proprietary trading firms in the United States and across the globe. With a growing team of professionals in multiple locations throughout the United States and across the globe, Velocity has the right combination of resources and people to provide seamless and reliable service to clients. Velocity Clearing is registered with the SEC and a member of FINRA and SIPC.
SEOUL, South Korea & New York – July 31, 2025 – Hanwha Life, South Korea’s first life insurance company, has officially completed the acquisition of a 75% stake in U.S.-based global financial services firm Velocity Clearing, LLC on July 30 (EST). The majority of the stake acquired was owned by an affiliate of Cerberus Capital Management, L.P. The deal marks a bold strategic move into the North American capital markets—beyond Hanwha Life’s traditional insurance business.
With this transaction, Hanwha Life becomes the first Korean insurance company to acquire a U.S. securities firm, “the center of the global capital markets.” The acquisition establishes a platform for Hanwha Life to enhance its profitability through a local U.S. financial company and provide high-quality global financial products to global clients.
Velocity Clearing, LLC, a global financial services firm based in New York, manages the post trade service, including clearing and settlement. As of the end of 2024, the firm held approximately USD 1.2 billion in total assets, with a compound annual growth rate (CAGR) of 25% in revenue over the last three years (2022~2024). The net income is also increasing steadily, with continued profitability expected after the acquisition.
Working closely with Velocity Clearing, LLC, under its existing leadership, the company aims to ensure early operational stability while building strategic synergies with its U.S. asset management affiliate, Hanwha Asset Management (USA) Ltd. and the Hanwha AI Center (HAC), located in San Francisco. This collaboration will combine financial expertise with the advanced AI capabilities to strengthen Hanwha Life’s competitive edge in the U.S. market.
Hanwha Life representative said, “This transaction represents a significant step for Korean finance to establish a presence in the key financial center, the U.S. capital markets. Moving forward, we will continue to strengthen our global business by leveraging digital financial technologies and our global network to ensure sustainable, long-term growth.”
Michael Logan, CEO of Velocity Clearing, stated, “With Hanwha Life’s global vision and support, we expect to accelerate our growth and unlock new opportunities together for our clients. We’re excited about the powerful synergies ahead.”
Brian Schaeffer, president of Velocity Clearing, said, “This partnership with Hanwha Life is client driven, allowing Velocity Clearing to further accelerate its product and geographic expansion.”
Lee Millstein, Chairman of Global Real Estate for Cerberus, stated, “We’re proud to have supported Velocity Clearing through an exciting period of growth, and Hanwha Life is well-positioned to build on that momentum in the company’s next chapter.”
About Hanwha Life
Established in 1946 as Korea’s first life insurance company, Hanwha Life has over 78 years of experience and reported total consolidated assets of USD 108.9 billion (KRW 160.2 trillion) as of the end of 2024. While maintaining leadership in the insurance sector, Hanwha Life is accelerating its transformation into a global financial group through innovation and strategic overseas expansion. The company continues to expand its global financial ecosystem by pursuing regionally tailored strategies and strengthening its digital capabilities. By building strong global partnerships, Hanwha Life aims to become a trusted global financial brand that delivers comprehensive and sustainable financial solutions.
About Velocity Clearing
Velocity Clearing is a technology-driven, self-clearing broker/dealer providing execution services, clearing, and custody along with access to stock locate services, securities lending, competitive financing, and a firm-wide focus on world-class customer service. Velocity Clearing supports retail traders and institutional clients including brokers/dealers, hedge funds, family offices, and proprietary trading firms in the United States and across the globe. With a growing team of professionals in multiple locations throughout the United States and across the globe, Velocity has the right combination of resources and people to provide seamless and reliable service to clients. Velocity Clearing is registered with the SEC and a member of FINRA and SIPC.
ST. LOUIS–(BUSINESS WIRE)– Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, announced today the successful completion of its previously disclosed transaction with Equitable Holdings, Inc. (NYSE: EQH, ”Equitable”) to reinsure a diversified block of life insurance products. Key highlights of the transaction include:
RGA to reinsure $32 billion of a diversified mix of life insurance products
Priced with attractive returns within RGA’s target range
Expected to meaningfully contribute to adjusted operating EPS
Expansion of RGA’s partnership with Equitable across underwriting, product development, distribution, and investment management
“The successful closing of our transaction with Equitable represents a significant milestone for RGA and reflects our ongoing commitment to delivering exceptional value for our shareholders and clients,” said Tony Cheng, President and Chief Executive Officer, RGA. “We view this highly strategic transaction as a great example of how RGA can partner with our clients to execute mutually beneficial deals that enable growth and yield long-term value. Beyond enhancing our market position, this transaction demonstrates our ability to execute strategic initiatives that align with our Creation Re strategy.”
For more information about the transaction, please see the press release, presentation, and webcast from the February 24, 2025, announcement.
About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. RGA has approximately $4.1 trillion of life reinsurance in force and assets of $133.5 billion as of June 30, 2025. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and federal securities laws including, among others, statements relating to projections of the future operations, strategies, earnings, revenues, income or loss, ratios, financial performance, and growth potential of Reinsurance Group of America, Incorporated (the “Company”), and future developments associated with the previously announced transaction relating to the master transaction agreement that a Company subsidiary entered into with subsidiaries of Equitable Holdings, Inc, pursuant to which on July 31, 2025 such Company subsidiary entered into coinsurance and modified coinsurance agreements with those counterparties (the “Reinsurance Transaction”). Forward-looking statements often contain words and phrases such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “pro forma,” “project,” “should,” “will,” “would,” and other words and terms of similar meaning or that are otherwise tied to future periods or future performance, in each case in all derivative forms. Forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results, performance, and achievements could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
Factors that could also cause results or events to differ, possibly materially, from those expressed or implied by forward-looking statements, include, among others: (1) adverse changes in mortality, morbidity, lapsation, or claims experience, (2) inadequate risk analysis and underwriting, (3) adverse capital and credit market conditions and their impact on the Company’s liquidity, access to capital, and cost of capital, (4) changes in the Company’s financial strength and credit ratings and the effect of such changes on the Company’s future results of operations and financial condition, (5) the availability and cost of collateral necessary for regulatory reserves and capital, (6) requirements to post collateral or make payments due to declines in the market value of assets subject to the Company’s collateral arrangements, (7) action by regulators that have authority over the Company’s reinsurance operations in the jurisdictions in which it operates, (8) the effect of the Company parent’s status as an insurance holding company and regulatory restrictions on its ability to pay principal of and interest on its debt obligations, (9) general economic conditions or a prolonged economic downturn affecting the demand for insurance and reinsurance in the Company’s current and planned markets, (10) the impairment of other financial institutions and its effect on the Company’s business, (11) fluctuations in U.S. or foreign currency exchange rates, interest rates, or securities and real estate markets, (12) market or economic conditions that adversely affect the value of the Company’s investment securities or result in the impairment of all or a portion of the value of certain of the Company’s investment securities that in turn could affect regulatory capital, (13) market or economic conditions that adversely affect the Company’s ability to make timely sales of investment securities, (14) risks inherent in the Company’s risk management and investment strategy, including changes in investment portfolio yields due to interest rate or credit quality changes, (15) the fact that the determination of allowances and impairments taken on the Company’s investments is highly subjective, (16) the stability of and actions by governments and economies in the markets in which the Company operates, including ongoing uncertainties regarding the amount of U.S. sovereign debt and the credit ratings thereof, (17) the Company’s dependence on third parties, including those insurance companies and reinsurers to which the Company cedes some reinsurance, third-party investment managers, and others, (18) financial performance of the Company’s clients, (19) the threat of natural disasters, catastrophes, terrorist attacks, pandemics, epidemics, or other major public health issues anywhere in the world where the Company or its clients do business, (20) competitive factors and competitors’ responses to the Company’s initiatives, (21) development and introduction of new products and distribution opportunities, (22) execution of the Company’s entry into new markets, (23) integration of acquired blocks of business and entities, (24) interruption or failure of the Company’s telecommunication, information technology, or other operational systems, or the Company’s failure to maintain adequate security to protect the confidentiality or privacy of personal or sensitive data and intellectual property stored on such systems, (25) adverse developments with respect to litigation, arbitration, or regulatory investigations or actions, (26) the adequacy of reserves, resources, and accurate information relating to settlements, awards, and terminated and discontinued lines of business, (27) changes in laws, regulations, and accounting standards applicable to the Company or its business, (28) the Company’s ability to achieve the expected benefits of the Reinsurance Transaction, and (29) other risks and uncertainties described in this document and in the Company’s filings with the Securities and Exchange Commission (“SEC”).
Forward-looking statements should be evaluated together with the many risks and uncertainties that affect the Company’s business, including those mentioned in this document and described in the periodic reports the Company files with the SEC. These forward-looking statements speak only as of the date on which they are made. The Company does not undertake any obligation to update these forward-looking statements, even though the Company’s situation may change in the future, except as required under applicable securities law. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, you are advised to see Item 1A – “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as may be supplemented by Item 1A – “Risk Factors” in the Company’s subsequent Quarterly Reports on Form 10-Q and in our other periodic and current reports filed with the SEC.
The economic forecast is for continued growth in life/annuity and property/casualty insurance premium, two Conning analysts said during a recent webinar.
Four factors are influencing the life/annuity market, said Scott Hawkins, Conning’s head of insurance research. They are economic growth, insurance regulation, growth of artificial intelligence and shifts in reinsurance.
“At the beginning of the year, we thought the new administration would be very positive for economic growth,” he said. “But we thought the overall economic growth this year would be slower than last year. Now gross domestic product is expected to remain positive and it’s still forecast to be so despite the economic turmoil we’ve experienced since Liberation Day.”
Inflation has remained low so far this year, he noted, but it’s uncertain how tariffs will drive inflation in the second half of 2025.
As for regulation, Hawkins said the belief was that the new administration and new Congress would swing away from stronger regulations on the insurance market.
“However, there are still significant issues that regulators continue to focus on,” he said. “The role that private equity and private credit are playing in the insurance and reinsurance market, remains under scrutiny, especially at the state level.”
The insurance industry continues to adopt AI, with discussion shifting from what it is to how it will affect the insurance sector and how it’s being used, Hawkins said. “With the looming retirement of the baby boomers, we think AI will be even more important to replace a lot of the vacancies left by retirees.”
P/C landscape challenging
The outlook for P/C sector remains one of strong growth with underwriting profitability despite a bleak catastrophe assumption, said Alan Dobbs, Conning director of insurance research.
Higher interest rates have improved yields on investments, he said. The overall industry outlook is stable “but dependent on adequacy in the face of persistent loss pressures and cat-driven volatility.”
Challenges to the P/C landscape include adverse litigation trends and an evolving array of catastrophic events. Dobbs also cited increasing risks of cyber threats and technological vulnerabilities as requiring industry attention during the year.
“Ransomware remains a key threat,” he said. “Escalating geopolitical tensions are fueling the threat of state-sponsored cyber-attack. These evolving risks are drawing increasing attention from insurers.”
Homeowners insurance continues to be impacted by above-average catastrophe losses, Dobbs said.
“At the beginning of the year, we were particularly concerned about two things – first was the overall state of the homeowners insurance market with concerns about capacity pulling back from some of the key markets. Last year, insured cat losses reached an estimated $82 billion. Our estimates for 2025 are worse.
“The second issue for the homeowners market was the industry’s ability to respond to the California wildfires in January. The concern was that this would test insurers’ ability to meet customer expectations.”
Auto insurance is a bright spot in the outlook, with Dobbs reporting premiums increasing, while growth in losses continues to slow.
Looking ahead in life and annuities
Conning forecasts positive life/annuity profitability, provided another pandemic does not occur, Hawkins said.
“We think the life and annuity sector has a bright future for the next few years,” he said. “When you think about the demographics, premium growth should be strong. If interest rates stay positive and those portfolio yields are up, products will remain competitive and the overall future looks pretty gosh darn bright.”
RADNOR, Pa.–(BUSINESS WIRE)–
Lincoln Financial (NYSE: LNC) today reported financial results for the second quarter ended June 30, 2025.
Strong performance in the quarter was driven by an increasingly diversified earnings mix and disciplined execution on strategic and financial objectives.
Second quarter net income (loss) available to common stockholders was $688 million, or $3.80 per diluted share.
Second quarter adjusted operating income (loss) available to common stockholders was $427 million, or $2.36 per diluted share.
The primary difference between net income (loss) and adjusted operating income (loss) resulted from a $0.3 billion net after-tax gain, or $1.77 per diluted share, primarily due to the non-economic impacts of changes in market risk benefits.
Closed transaction with Bain Capital, a partnership expected to support acceleration of strategic priorities.
“Our second-quarter performance was strong and reflected the significant progress we have made in executing our strategy to reposition Lincoln for sustainable, long-term value creation,” said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. “Group Protection delivered a record quarter for earnings and its highest-ever margin. Annuities generated its third-highest sales quarter, supported by a more diverse and balanced product mix. Retirement Plan Services saw an increase in total deposits resulting from strong first-year sales growth. Life Insurance delivered positive earnings, driven by favorable mortality and improved expenses.
“With a more balanced business mix, greater capital flexibility, and a disciplined focus on generating profitable growth with attractive risk-adjusted returns, we are well positioned to build on this momentum and unlock Lincoln’s full potential.”
Business Highlights
Our 2025 second-quarter results reflected the benefits of a more diverse earnings mix and continued execution against strategic initiatives by each business.
Retail Solutions
Annuities reported operating income of $287 million, down 3% compared to the prior-year quarter, as outflows drove a decline in traditional variable annuities average account balances, partially offset by favorable equity markets. Annuities generated sales of $4.0 billion, up 5% year over year, with over $1 billion of sales in each of its primary product categories, a reflection of our diversified product offering. Spread-based products accounted for 66% of total sales in the quarter.
Life Insurance reported operating income of $32 million, a $67 million increase from the prior-year quarter, driven by higher alternative investment income and favorable mortality. Alternative investment income returns were in line with our annual target in the second quarter. Total sales were $121 million, 15% higher than the prior-year period, as momentum in sales of risk-sharing products continued.
Workplace Solutions
Group Protection reported operating income of $173 million, up 33% compared to the prior-year quarter, and a margin of 12.5%, up 250 basis points over the same period. This improvement was driven by life experience and favorable long-term disability results. Premiums were 7% higher year over year, resulting from prior-year sales and strong persistency. Sales of $187 million were 16% higher year over year, driven by growth in the local market segment and strong supplemental health sales.
Retirement Plan Services reported operating income of $37 million in the quarter, down 8% year over year, primarily due to stable value outflows, partially offset by favorable equity markets. Net outflows were $0.6 billion, compared to $0.2 billion in the year-ago quarter, as plan terminations were partially offset by continued strength in first-year sales. Total deposits were $3.6 billion in the quarter, 10% higher than the prior-year period, driven by almost 50% first-year sales growth.
Earnings Summary
(in millions, except per share data)
For the Three Months Ended
For the Six Months Ended
6/30/2024 (1)
6/30/25
6/30/24 (1)
6/30/25
Net income (loss)
$
895
$
699
$
2,116
$
(23
)
Net income (loss) available to common stockholders — diluted
884
688
2,073
(69
)
Net income (loss) per diluted share available to common stockholders(2)
$
5.11
$
3.80
$
12.03
$
(0.39
)
Adjusted income (loss) from operations
335
438
580
752
Adjusted income (loss) from operations available to common stockholders
324
427
534
706
Adjusted income (loss) from operations per diluted share available to common stockholders
$
1.87
$
2.36
$
3.10
$
3.97
(1) Prior period amounts have been recast to conform to the current period presentation.
(2) In periods where a net loss is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as using diluted shares would result in a lower loss per share.
Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations(1)
(in millions)
For the Three Months Ended
For the Six Months Ended
6/30/24 (1)
6/30/25
6/30/24 (1)
6/30/25
Net income (loss) available to common stockholders — diluted
$
884
$
688
$
2,073
$
(69
)
Less:
Preferred stock dividends declared
(11
)
(11
)
(46
)
(46
)
Adjusted for deferred units of LNC stock in our deferred compensation plans
—
—
3
—
Net income (loss)
895
699
2,116
(23
)
Less:
Net annuity product features, pre-tax(2)
252
405
1,702
(687
)
Net life insurance product features, pre-tax
4
(58
)
(128
)
(15
)
Credit loss-related adjustments, pre-tax
(34
)
(25
)
(36
)
(53
)
Investment gains (losses), pre-tax
(230
)
(81
)
(311
)
(183
)
Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax(2)
201
14
395
(76
)
Gains (losses) on other non-financial assets – sale of subsidiaries/businesses, pre-tax(2)
584
—
584
—
Other items, pre-tax(2)
(33
)
75
(219
)
40
Income tax benefit (expense) related to the above pre-tax items
(184
)
(69
)
(451
)
199
Adjusted income (loss) from operations
$
335
$
438
$
580
$
752
Adjusted income (loss) from operations available to common stockholders
$
324
$
427
$
534
$
706
(1) See the definition of Adjusted Income (Loss) from Operations at the back of this press release for revisions made to the definition in the third quarter of 2024 and further explanation of reconciliation line items. Prior period amounts have been recast to conform to the current period presentation.
(2) Refer to the full reconciliation at the back of this release for footnotes.
Variable Investment Income
Alternative Investment Income, after-tax(1)
For the Three Months Ended
For the Six Months Ended
(in millions)
6/30/24
9/30/24
12/31/24
3/31/25
6/30/25
6/30/24
6/30/25
Annuities
$
1
$
3
$
3
$
2
$
3
$
3
$
5
Life Insurance
26
73
76
55
74
84
129
Group Protection
1
1
1
1
1
2
2
Retirement Plan Services
—
2
2
1
2
1
3
Other Operations
—
—
1
—
—
—
—
Consolidated
$
28
$
79
$
83
$
59
$
80
$
90
$
139
(1) Excludes alternative investment income on investments supporting our modified coinsurance and coinsurance with funds withheld agreements as we have limited economic interest in those investments.
Prepayment Income, after-tax
For the Three Months Ended
For the Six Months Ended
(in millions)
6/30/24
9/30/24
12/31/24
3/31/25
6/30/25
6/30/24
6/30/25
Annuities
$
—
$
—
$
2
$
—
$
3
$
1
$
3
Life Insurance
2
3
1
1
—
2
1
Group Protection
—
1
1
—
1
—
1
Retirement Plan Services
—
—
1
—
—
1
—
Other Operations
—
—
—
—
—
—
—
Consolidated
$
2
$
4
$
5
$
1
$
4
$
4
$
5
Items Impacting Segment and Other Operations Results
For the Three Months Ended June 30, 2025
(in millions)
Annuities
Life Insurance
Group Protection
Retirement Plan Services
Other Operations
After-tax impacts:
Alternative investment income compared to return target(1)
$
—
$
—
$
—
$
—
$
—
Prepayment income(2)
3
—
1
—
—
Annual assumption review
—
—
—
—
—
Tax items
—
—
—
—
—
Other
—
—
—
—
—
Total impact
$
3
$
—
$
1
$
—
$
—
For the Three Months Ended June 30, 2024
(in millions)
Annuities
Life Insurance
Group Protection
Retirement Plan Services
Other Operations
After-tax impacts:
Alternative investment income compared to return target(1)
$
(1
)
$
(39
)
$
(1
)
$
—
$
—
Prepayment income(2)
—
2
—
—
—
Annual assumption review
—
—
—
—
—
Tax items
—
—
—
—
—
Other
—
—
—
—
—
Total impact
$
(1
)
$
(37
)
$
(1
)
$
—
$
—
(1) Alternative investment income comparison to return target assumes a 10% annual return on the alternative investment portfolio.
(2) Prepayment income is actual income reported in the quarter.
Capital and Liquidity
As of or For the Three Months Ended
(in millions, except percent and per share data)
6/30/24
9/30/24
12/31/24
3/31/25
6/30/25
Holding company available liquidity(1)
$
463
$
459
$
463
$
466
$
466
RBC ratio(2)
>420%
>420%
433%
>420%
>420%
Book value per share (BVPS), including AOCI
$
40.78
$
46.97
$
42.60
$
41.96
$
44.91
Book value per share, excluding AOCI(3)
$
66.37
$
62.67
$
72.06
$
67.04
$
67.95
Adjusted book value per share(3)
$
68.51
$
70.04
$
72.34
$
73.19
$
72.77
(1) Holding company available liquidity presented as of 6/30/24, 9/30/24 and 12/31/24 does not include the $300 million prefunding of a 2025 maturity.
(2) The RBC ratio is calculated annually as of December 31, but is reported in the March statutory reporting, and as such, the quarterly ratios presented for 6/30/24, 9/30/24, 3/31/25, and 6/30/2025 are considered estimates based on information known at the time of reporting.
(3) Refer to the reconciliation to book value per share, including AOCI, at the back of this release.
Annuities
(in millions, except ROA data)
As of or For the Three Months Ended
As of or For the Six Months Ended
6/30/24
9/30/24
12/31/24
3/31/25
6/30/25
Change
6/30/24
6/30/25
Change
Total operating revenues
$
1,209
$
1,195
$
1,223
$
1,198
$
1,214
0.4
%
$
2,477
$
2,412
(2.6
)%
Total operating expenses
858
836
864
858
876
2.1
%
1,808
1,734
(4.1
)%
Income (loss) from operations before taxes
351
359
359
340
338
(3.7
)%
669
678
1.3
%
Federal income tax expense (benefit)
54
58
56
50
51
(5.6
)%
113
101
(10.6
)%
Income (loss) from operations
$
297
$
301
$
303
$
290
$
287
(3.4
)%
$
556
$
577
3.8
%
Income (loss) from operations, excluding impact of annual assumption review
$
297
$
300
$
303
$
290
$
287
(3.4
)%
$
556
$
577
3.8
%
Total sales
$
3,817
$
3,375
$
3,689
$
3,789
$
4,019
5.3
%
$
6,663
$
7,807
17.2
%
Net flows
$
(954
)
$
(1,637
)
$
(1,891
)
$
(1,676
)
$
(1,162
)
(21.8
)%
$
(2,946
)
$
(2,838
)
3.7
%
Average account balances, net of reinsurance
$
158,370
$
161,680
$
165,424
$
163,688
$
159,806
0.9
%
$
156,531
$
161,877
3.4
%
Return on average account balances (bps)
75
74
73
71
72
71
71
Income from operations was $287 million for the second quarter, down 3% compared to the prior-year quarter, as outflows drove a decline in traditional variable annuities average account balances, partially offset by favorable equity markets.
Total sales were $4.0 billion in the quarter, increasing 5% compared to the prior year. Spread-based products comprised 66% of total sales.
Net outflows were approximately $1.2 billion in the quarter, compared to net outflows of $1.0 billion in the prior-year quarter, with higher outflows driven by partial withdrawals.
Average account balances, net of reinsurance, were $160 billion, increasing 1% over the prior-year quarter. This result was primarily due to growth in RILA, partially offset by a decline in traditional variable annuities.
Life Insurance
(in millions)
As of or For the Three Months Ended
As of or For the Six Months Ended
6/30/24
9/30/24
12/31/24
3/31/25
6/30/25
Change
6/30/24
6/30/25
Change
Total operating revenues
$
1,511
$
1,589
$
1,608
$
1,587
$
1,602
6.0
%
$
3,052
$
3,188
4.5
%
Total operating expenses
1,562
1,568
1,634
1,619
1,568
0.4
%
3,153
3,186
1.0
%
Income (loss) from operations before taxes
(51
)
21
(26
)
(32
)
34
166.7
%
(101
)
2
102.0
%
Federal income tax expense (benefit)
(16
)
(1
)
(11
)
(16
)
2
112.5
%
(31
)
(14
)
54.8
%
Income (loss) from operations
$
(35
)
$
22
$
(15
)
$
(16
)
$
32
191.4
%
$
(70
)
$
16
122.9
%
Income (loss) from operations, excluding the impact of annual assumption review
$
(35
)
$
14
$
(15
)
$
(16
)
$
32
191.4
%
$
(70
)
$
16
122.9
%
Average account balances, net of reinsurance
$
43,230
$
44,055
$
44,746
$
44,390
$
45,651
5.6
%
$
42,755
$
45,020
5.3
%
Total sales
$
105
$
122
$
119
$
97
$
121
15.2
%
$
197
$
218
10.7
%
Income from operations was $32 million, compared to a loss of $35 million in the prior-year quarter, resulting from higher alternative investment income and favorable mortality.
Total sales were $121 million, up 15% compared to the prior-year quarter, as sales momentum in risk-sharing products continued.
Average account balances, net of reinsurance, were $46 billion, up 6% versus the prior-year quarter.
Group Protection
(in millions, except margin data)
As of or For the Three Months Ended
As of or For the Six Months Ended
6/30/24
9/30/24
12/31/24
3/31/25
6/30/25
Change
6/30/24
6/30/25
Change
Total operating revenues
$
1,441
$
1,432
$
1,418
$
1,521
$
1,538
6.7
%
$
2,867
$
3,059
6.7
%
Total operating expenses
1,276
1,295
1,282
1,393
1,319
3.4
%
2,601
2,712
4.3
%
Income (loss) from operations before taxes
165
137
136
128
219
32.7
%
266
347
30.5
%
Federal income tax expense (benefit)
35
28
29
27
46
31.4
%
56
73
30.4
%
Income (loss) from operations
$
130
$
109
$
107
$
101
$
173
33.1
%
$
210
$
274
30.5
%
Income (loss) from operations, excluding the impact of annual assumption review
$
130
$
110
$
107
$
101
$
173
33.1
%
$
210
$
274
30.5
%
Insurance premiums
$
1,298
$
1,288
$
1,274
$
1,371
$
1,386
6.8
%
$
2,583
$
2,757
6.7
%
Total sales
$
161
$
84
$
467
$
157
$
187
16.1
%
$
306
$
344
12.4
%
Total loss ratio
70.1
%
71.4
%
71.0
%
72.4
%
65.9
%
72.5
%
69.2
%
Operating margin(1)
10.0
%
8.4
%
8.4
%
7.4
%
12.5
%
8.1
%
9.9
%
Operating margin, excluding the impact of annual assumption review
10.0
%
8.5
%
8.4
%
7.4
%
12.5
%
8.1
%
9.9
%
(1) Operating margin is calculated by dividing income (loss) from operations by insurance premiums.
Income from operations was $173 million in the quarter, 33% higher than the prior-year quarter, and the operating margin improved by 250 basis points to 12.5%. Life experience and favorable long-term disability results drove the year-over-year improvement.
Insurance premiums were $1.4 billion in the quarter, increasing 7% year over year due to prior-year sales and strong persistency.
Sales increased 16% year over year, driven by growth in the local market segment and strong supplemental health sales.
The total loss ratio was 65.9%, 420 basis points lower than the prior-year quarter, driven by life experience and favorable long-term disability results.
Retirement Plan Services
(in millions, except ROA data)
As of or For the Three Months Ended
As of or For the Six Months Ended
6/30/24
9/30/24
12/31/24
3/31/25
6/30/25
Change
6/30/24
6/30/25
Change
Total operating revenues
$
327
$
335
$
337
$
327
$
331
1.2
%
$
649
$
658
1.4
%
Total operating expenses
281
286
288
289
289
2.8
%
561
578
3.0
%
Income (loss) from operations before taxes
46
49
49
38
42
(8.7
)%
88
80
(9.1
)%
Federal income tax expense (benefit)
6
5
6
4
5
(16.7
)%
12
9
(25.0
)%
Income (loss) from operations
$
40
$
44
$
43
$
34
$
37
(7.5
)%
$
76
$
71
(6.6
)%
Deposits
$
3,282
$
4,180
$
3,473
$
4,115
$
3,594
9.5
%
$
7,085
$
7,709
8.8
%
Net flows
$
(197
)
$
651
$
(732
)
$
(2,184
)
$
(585
)
NM
$
194
$
(2,768
)
NM
Average account balances
$
106,374
$
110,550
$
113,711
$
113,075
$
111,734
5.0
%
$
104,518
$
112,772
7.9
%
Return on average account balances (bps)
15
16
15
12
13
15
13
Income from operations was $37 million in the quarter, down 8% compared to the prior year, primarily due to stable value outflows, partially offset by favorable equity markets.
Net outflows were $0.6 billion, primarily due to plan terminations, partially offset by continued strength in first-year sales.
Total deposits were $3.6 billion, 10% higher than the prior-year quarter, driven by significant first-year sales growth of nearly 50%.
Average account balances were $112 billion, increasing 5% from the prior year.
Other Operations
(in millions)
As of or For the Three Months Ended
As of or For the Six Months Ended
6/30/24
9/30/24
12/31/24
3/31/25
6/30/25
Change
6/30/24(1)
6/30/25
Change
Total operating revenues
$
39
$
52
$
42
$
52
$
41
5.1
%
$
66
$
94
42.4
%
Total operating expenses
161
157
160
164
157
(2.5
)%
308
322
4.5
%
Income (loss) from operations before taxes
(122
)
(105
)
(118
)
(112
)
(116
)
4.9
%
(242
)
(228
)
5.8
%
Federal income tax expense (benefit)
(25
)
(21
)
(23
)
(17
)
(25
)
0.0
%
(50
)
(42
)
16.0
%
Income (loss) from operations(2)
$
(97
)
$
(84
)
$
(95
)
$
(95
)
$
(91
)
6.2
%
$
(192
)
$
(186
)
3.1
%
(1) The six-month period ended June 30, 2024 has been recast to conform to the revised definition of income (loss) from operations. See Definitions of Non-GAAP Measures at the back of this press release.
(2) Income (loss) from operations does not include preferred dividends.
Unrealized Gains and Losses
The company reported a net unrealized loss of $9.1 billion (pre-tax) on its available-for-sale securities as of June 30, 2025, compared to a net unrealized loss of $10.5 billion (pre-tax) as of June 30, 2024. The year-over-year decrease was primarily due to lower Treasury rates.
The tables attached to this release define and reconcile the non-GAAP measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share excluding AOCI, and adjusted book value per share to net income (loss), net income (loss) available to common stockholders, and book value per share 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 company’s current expectations.
For other financial information, please refer to the company’s second quarter 2025 statistical supplement and second quarter 2025 earnings supplement, which are available in the investor relations section of its website http://www.lincolnfinancial.com/investor.
Conference Call Information
Lincoln Financial will discuss the company’s second quarter results with the investment community in a call beginning at 8:00 a.m. Eastern Time on Thursday, July 31, 2025.
The call will be broadcast live through the company’s website at www.lincolnfinancial.com/webcast. Please log on to the webcast at least 15 minutes prior to the start of the call to download and install any necessary streaming media software. A replay of the call will be available by 10:30 a.m. Eastern Time on July 31, 2025, at www.lincolnfinancial.com/webcast.
About Lincoln Financial
Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2025, the company had $331 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.
Non-GAAP Measures
Management believes that the use of the non-GAAP financial measures adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders (or adjusted operating income (loss)) and adjusted income (loss) from operations per diluted share available to common stockholders is helpful to investors in evaluating the company’s performance.
Management believes that excluding the following items from adjusted income (loss) from operations enhances understanding of the underlying trends and long-term performance of the company’s business. Management excludes “net annuity product features” as this adjustment primarily represents the difference between the valuation of reserves and thevaluation of derivatives utilized for hedging our variable annuity and indexed annuity products, which can fluctuate significantly from period to period based on changes in equity markets and interest rates. This difference is due to the hedge focus on managing risks to statutory capital as opposed to the GAAP reserves. Management excludes “net life insurance product features” for similar reasons. In addition, management excludes “credit loss-related adjustments” and “investment gains (losses)” as the timing of changes in allowances or sales of credit-impaired investments depends largely on market credit cycles and can vary considerably from period to period and the timing of other sales of investments that would result in gains or losses is driven by market conditions, including interest rates, and other factors. Management excludes “changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans” as this adjustment represents the economics of investments in underlying funds withheld portfolios supporting reinsurance agreements that have been transferred to third-party reinsurers, which is not indicative of our ongoing results.
Finally, management excludes from adjusted income (loss) from operations certain additional items (as set forth in the definition below) that are 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 believes excluding these items better explains the results of the company’s ongoing businesses in a manner that allows for enhanced understanding of underlying trends, company performance and business fundamentals.
Management also believes that the use of the non-GAAP financial measures book value per share, excluding accumulated other comprehensive income (“AOCI”), and adjusted book value per share enables investors to analyze the amount of our net worth that is 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. Adjusted book value per share is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in equity markets and 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 Supplements for the corresponding periods contained in the Earnings section of the Investor Relations page on our website: http://www.lincolnfinancial.com/investor.
Definitions of Non-GAAP Measures Used in this Press Release
Adjusted income (loss) from operations, adjusted income (loss) from operations available to common stockholders, book value per share, excluding AOCI, and adjusted book value per share, as used in the press release, are non-GAAP financial measures and do not replace GAAP net income (loss), net income (loss) available to common stockholders, and book value per share, including AOCI, the most directly comparable GAAP measures.
Adjusted Income (Loss) from Operations
In the third quarter of 2024, we revised our definition of adjusted income (loss) from operations to exclude the impact of certain additional items that are not indicative of the ongoing operations of the business and may obscure trends in the underlying performance of the Company. The presentation of prior period adjusted income (loss) from operations was recast for such third quarter 2024 revisions to conform to the current period presentation.
Adjusted income (loss) from operations is GAAP net income (loss) excluding the following items, as applicable:
Items related to annuity product features, which include changes in market risk benefits (“MRBs”), changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits, and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products (collectively, “net annuity product features”);
Items related to life insurance product features, which include changes in the fair value of derivatives we hold as part of VUL hedging, changes in reserves resulting from benefit ratio unlocking associated with the impact of capital markets, and changes in the fair value of the embedded derivative liabilities of our IUL contracts and the associated index options we hold to hedge them (collectively, “net life insurance product features”);
Credit loss-related adjustments on fixed maturity AFS securities, mortgage loans on real estate and reinsurance-related assets (“credit loss-related adjustments”);
Changes in the fair value of equity securities and certain other investments, the impact of certain derivatives, and realized gains (losses) on sales, disposals and impairments of financial assets (collectively, “investment gains (losses)”);
Changes in the fair value of reinsurance-related embedded derivatives, trading securities and mortgage loans on real estate electing the fair value option (“changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans”);
Income (loss) from the initial adoption of new accounting standards, accounting policy changes and new regulations, including changes in tax law;
Income (loss) from reserve changes, net of related amortization, on business sold through reinsurance;
Losses from the impairment of intangible assets and gains (losses) on other non-financial assets;
Income (loss) from discontinued operations;
Other items, which include the following: certain legal and regulatory accruals; severance expense related to initiatives that realign the workforce; transaction, integration and other costs related to mergers and acquisitions, including the acquisition or divestiture, through reinsurance or other means, of businesses or blocks of business, and certain other corporate initiatives; mark-to-market adjustment related to the LNC stock component of our deferred compensation plans (“deferred compensation mark-to-market adjustment”); gains (losses) on modification or early extinguishment of debt; and impacts from settlement or curtailment of defined benefit obligations; and
Income tax benefit (expense) related to the above pre-tax items, including the effect of tax adjustments such as changes to deferred tax valuation allowances.
Adjusted Income (Loss) from Operations Available to Common Stockholders
Adjusted income (loss) from operations available to common stockholders is defined as after-tax adjusted income (loss) from operations less preferred stock dividends.
Book Value Per Share, Excluding AOCI
Book value per share, excluding AOCI, is calculated based upon a non-GAAP financial measure.
It is calculated by dividing (a) stockholders’ equity, excluding AOCI and preferred stock, by (b) common shares outstanding.
Book value per share is the most directly comparable GAAP measure.
Adjusted Book Value Per Share
Adjusted book value per share is calculated based upon a non-GAAP financial measure.
It is calculated by dividing (a) stockholders’ equity, excluding AOCI, preferred stock, changes in MRBs, guaranteed living benefit (“GLB”) and guaranteed death benefit (“GDB”) hedge instruments gains (losses), and the difference between amounts recognized in net income (loss) on reinsurance-related embedded derivatives and the underlying asset portfolios (“reinsurance-related embedded derivatives and portfolio gains (losses)”) by (b) common shares outstanding.
Book value per share is the most directly comparable GAAP measure.
Other Definitions
Holding Company Available Liquidity
Holding company available liquidity consists of cash and invested cash, excluding cash held as collateral, and certain short-term investments that can be readily converted into cash, net of commercial paper outstanding.
Sales
Sales as reported consist of the following:
Annuities and Retirement Plan Services – deposits from new and existing customers;
Universal life insurance (“UL”), indexed universal life insurance (“IUL”), variable universal life insurance (“VUL”) – first-year commissionable premiums plus 5% of excess premiums received;
MoneyGuard®linked-benefit products – MoneyGuard® (UL) and MoneyGuard Market Advantage®(VUL), 150% of commissionable premiums;
Executive Benefits – insurance and corporate-owned UL and VUL, first-year commissionable premiums plus 5% of excess premium received, and single premium bank-owned UL and VUL, 15% of single premium deposits;
Term – 100% of annualized first-year premiums; and
Group Protection – annualized first-year premiums from new policies.
Lincoln National Corporation
Reconciliation of Net Income (Loss) to Adjusted Income (Loss) from Operations and
Average Stockholders’ Equity to Adjusted Average Stockholders’ Equity
For the
For the
(in millions, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2025
2024 (1)
2025
2024 (1)
Net Income (Loss) Available to Common Stockholders – Diluted
$
688
$
884
$
(69
)
$
2,073
Less:
Preferred stock dividends declared
(11
)
(11
)
(46
)
(46
)
Adjustment for deferred units of LNC stock in our deferred compensation plans
—
—
—
3
Net Income (Loss)
699
895
(23
)
2,116
Less:
Net annuity product features, pre-tax (2)
405
252
(687
)
1,702
Net life insurance product features, pre-tax
(58
)
4
(15
)
(128
)
Credit loss-related adjustments, pre-tax
(25
)
(34
)
(53
)
(36
)
Investment gains (losses), pre-tax
(81
)
(230
)
(183
)
(311
)
Changes in the fair value of reinsurance-related embedded derivatives, trading securities and certain mortgage loans, pre-tax (3)
14
201
(76
)
395
Gains (losses) on other non-financial assets – sale of subsidiaries/businesses, pre-tax (4)
—
584
—
584
Other items, pre-tax (5)(6)(7)(8)(9)
75
(33
)
40
(219
)
Income tax benefit (expense) related to the above pre-tax items
(69
)
(184
)
199
(451
)
Total adjustments
261
560
(775
)
1,536
Adjusted Income (Loss) from Operations
$
438
$
335
$
752
$
580
Add:
Preferred stock dividends declared
(11
)
(11
)
(46
)
(46
)
Adjusted Income (Loss) from Operations Available to Common Stockholders
$
427
$
324
$
706
$
534
Earnings (Loss) Per Common Share – Diluted (10)
Net income (loss)
$
3.80
$
5.11
$
(0.39
)
$
12.03
Adjusted income (loss) from operations
2.36
1.87
3.97
3.10
Stockholders’ Equity, Average
Stockholders’ equity
$
8,871
$
7,747
$
8,551
$
7,483
Less:
Preferred stock
986
986
986
986
AOCI
(4,349
)
(4,160
)
(4,510
)
(3,937
)
Stockholders’ equity, excluding AOCI and preferred stock
12,234
10,921
12,075
10,434
Changes in MRBs
2,501
2,624
2,575
2,227
GLB and GDB hedge instruments gains (losses)
(3,297
)
(2,723
)
(3,162
)
(2,551
)
Reinsurance-related embedded derivatives and portfolio gains (losses)
(191
)
(372
)
(182
)
(465
)
Adjusted average stockholders’ equity
$
13,221
$
11,392
$
12,844
$
11,223
(1)
Prior period amounts have been recast to conform to the current period presentation. See definitions of Non-GAAP measures earlier in this release.
(2)
For the three months ended June 30, 2025 and 2024, includes changes in MRBs of $932 million and $126 million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(595) million and $50 million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $68 million and $76 million, respectively. For the six months ended June 30, 2025 and 2024, includes changes in MRBs of $(370) million and $2,021 million, respectively; changes in the fair value of the related hedge instruments inclusive of income allocated to support the cost of hedging or future benefits of $(321) million and $(537) million, respectively; and changes in the fair value of the embedded derivative liabilities and the associated index options for our indexed annuity products of $4 million and $218 million, respectively.
(3)
Includes primarily changes in the fair value of the embedded derivative related to the fourth quarter 2023 reinsurance transaction.
(4)
Relates to the sale of our wealth management business, which provided approximately $650 million of statutory capital benefit.
(5)
Includes $(114) million for the six months ended June 30, 2024, primarily related to the settlement of cost of insurance litigation in the first quarter of 2024.
(6)
Includes severance expense related to initiatives to realign the workforce of $(2) million and $(7) million for the three months ended June 30, 2025 and 2024, respectively, and $(8) million and $(56) million for the six months ended June 30, 2025 and 2024, respectively.
(7)
Includes transaction, integration and other costs related to mergers, acquisitions, divestitures and certain other corporate initiatives for the three months ended June 30, 2025 and 2024, respectively, of $(18) million primarily related to the Bain Capital transaction and $(27) million related to the sale of our wealth management business; and for the six months ended June 30, 2025 and 2024, respectively, of $(38) million related to the Bain Capital transaction and the sale of our wealth management business and $(37) million primarily related to the sale of our wealth management business.
(8)
Includes deferred compensation mark-to-market adjustment of $1 million for the three months ended June 30, 2025 and 2024, and $(8) million and $(12) million for the six months ended June 30, 2025 and 2024, respectively.
(9)
Includes gains (losses) on early extinguishment of debt of $94 million for the three and six months ended June 30, 2025.
(10)
In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted EPS calculations, as the use of diluted shares would result in a lower loss per share.
Lincoln National Corporation
Reconciliation of Book Value per Share
As of the Three Months Ended
6/30/24
9/30/24
12/31/24
3/31/25
6/30/25
Book Value Per Common Share
Book value per share
$
40.78
$
46.97
$
42.60
$
41.96
$
44.91
Less:
AOCI
(25.59
)
(15.70
)
(29.46
)
(25.08
)
(23.04
)
Book value per share, excluding AOCI
66.37
62.67
72.06
67.04
67.95
Less:
Changes in MRBs
15.66
12.56
18.51
12.42
15.05
GLB and GDB hedge instruments gains (losses)
(16.22
)
(16.17
)
(17.91
)
(17.43
)
(18.89
)
Reinsurance-related embedded derivatives and portfolio gains (losses)
(1.58
)
(3.76
)
(0.88
)
(1.14
)
(0.98
)
Adjusted book value per share
$
68.51
$
70.04
$
72.34
$
73.19
$
72.77
Lincoln National Corporation
Digest of Earnings
For the
For the
(in millions, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2025
2024
2025
2024
Revenues
$
4,044
$
5,153
$
8,735
$
9,269
Net Income (Loss)
$
699
$
895
$
(23
)
$
2,116
Preferred stock dividends declared
(11
)
(11
)
(46
)
(46
)
Adjustment for deferred units of LNC stock in our deferred compensation plans (1)
—
—
—
3
Net Income (Loss) Available to Common Stockholders – Diluted
$
688
$
884
$
(69
)
$
2,073
Net Income (Loss) Per Common Share – Basic
$
3.88
$
5.18
$
(0.39
)
$
12.16
Net Income (Loss) Per Common Share – Diluted (2)
$
3.80
$
5.11
$
(0.39
)
$
12.03
Average Shares – Basic
177,175,326
170,620,161
174,264,554
170,335,077
Average Shares – Diluted
180,602,665
172,892,566
177,033,874
172,363,656
(1)
We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation.
(2)
In periods where a net loss or adjusted loss from operations is presented, basic shares are used in the diluted EPS and adjusted diluted EPS calculations, as the use of diluted shares would result 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:
Weak general economic and business conditions that may affect demand for our products, account balances, investment results, guaranteed benefit liabilities, premium levels and claims experience;
Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;
The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company’s ability to meet its obligations;
Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries’ products; the required amount of reserves and/or surplus; our ability to conduct business; our affiliate reinsurance arrangements; and restrictions on the payment of revenue sharing and 12b-1 distribution fees;
Changes in tax law or the interpretation of or application of existing tax laws that could impact our tax costs and the products that we sell;
The impact of regulations adopted by the Securities and Exchange Commission (“SEC”), the Department of Labor or other federal or state regulators or self-regulatory organizations that could adversely affect our distribution model and sales of our products and result in additional disclosure and other requirements related to the sale and delivery of our products;
The impact of new and emerging rules, laws and regulations relating to privacy, cybersecurity and artificial intelligence that may lead to increased compliance costs, reputation risk and/or changes in business practices;
Increasing scrutiny and evolving expectations and regulations regarding ESG matters that may adversely affect our reputation and our investment portfolio;
Actions taken by reinsurers to raise rates on in-force business;
Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses and demand for our products;
Rapidly increasing or sustained high interest rates that may negatively affect our profitability, value of our investment portfolio and capital position and may cause policyholders to surrender annuity and life insurance policies, thereby causing realized investment losses;
The impact of the implementation of the provisions of the European Market Infrastructure Regulation relating to the regulation of derivatives transactions;
The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete;adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;
A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries’ products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; and an increase in liabilities related to guaranteed benefit riders, which are accounted for as market risk benefits, of our subsidiaries’ variable annuity products;
Ineffectiveness of our risk management policies and procedures, including our various hedging strategies;
A deviation in actual experience regarding future policyholder behavior, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries’ products and in establishing related insurance reserves, which may reduce future earnings;
Changes in accounting principles that may affect our consolidated financial statements;
Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition;
Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, and profitability of our insurance subsidiaries and liquidity;
Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are exposed to credit risk, requiring that we realize losses on financial assets;
Interruption in or failure of the telecommunication, information technology or other operational systems of the company or the third parties on whom we rely or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including from cyberattacks or other breaches in security of such systems;
The effect of acquisitions and divestitures, including the inability to realize the anticipated benefits of acquisitions and dispositions of businesses and potential operating difficulties and unforeseen liabilities relating thereto, as well as the effect of restructurings, product withdrawals and other unusual items;
The inability to realize or sustain the benefits we expect from, greater than expected investments in, and the potential impact of efforts related to, our strategic initiatives;
The adequacy and collectability of reinsurance that we have obtained;
Pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely impact liabilities for policyholder claims and adversely affect our businesses and the cost and availability of reinsurance;
Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products;
The unknown effect on our subsidiaries’ businesses resulting from evolving market preferences and the changing demographics of our client base; and
The unanticipated loss of key management or wholesalers.
The risks and uncertainties included here are not exhaustive. Our most recent Form 10-K, 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 correct or 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.
A Connecticut man faces larceny and forgery charges in connection with a scheme in which he has been accused of collecting premiums from at least seven people for fake or lapsed life insurance policies.
Ian Pierce, 34, formerly of Tolland was charged last Thursday in connection with four arrest warrants held by troopers, according to Connecticut State Police.
He faces nine counts of issuing a bad check, seven counts of third-degree forgery, four counts each of second-degree larceny and second-degree forgery, three counts of criminal impersonation, two counts of third-degree larceny and a single count each of first-degree forgery and first-degree larceny.
According to the arrest warrant affidavits, Pierce was fired from an insurance company in March 2020 for allegedly misappropriating client funds to himself. His insurance producer license was revoked by the Connecticut Insurance Department in June 2021, state police wrote.
Following his firing, Pierce allegedly began misrepresenting to multiple people that he was an insurance agent with another company, the arrest warrant affidavits said.
State police allege he made “false assurances to his existing clients concerning this fabricated employment,” including the claim that their existing accounts would be “properly closed for cash value or that he would remain the agent of record for those policies and that payments should still be made through him,” according to the warrant affidavits.
State police wrote in the warrants that at least seven people were allegedly victimized who paid premiums for “nonexistent” policies or funds that went to Pierce and not the legitimate insurance company. In multiple cases, state police wrote, the victims’ legitimate policies lapsed.
“Some victims also suffered losses through other means such as the sale of fraudulent CDs,” state police wrote in the warrant affidavits.
In December 2024, authorities carried out a search warrant at Pierce’s home and seized a number of items, including cell phones. After examining the devices, investigators reported finding “notes with drafts of letters and memoranda designed to appear as if they were drafted by other entities such as courts or attorneys,” the warrant affidavits said.
State police also found phony personas Pierce was allegedly using, according to the warrant affidavits.
Other evidence investigators say they found included images of forged checks, forged wire transfer confirmations and forged memos and correspondence related to the victims, the warrant affidavits said.
In spring 2023, Pierce allegedly convinced victims to take 401k loans under the “pretext of protecting against regional bank instability,” the warrant affidavits said. Pierce also allegedly convinced at least one victim to fund a series of CDs totaling over $30,000, though state police said no legitimate CDs were ever established, the warrant affidavits said.
Between March 2019 and November 2024, state police said one victim suffered a loss of about $15,000 after making payments to Pierce under false pretenses, the warrant affidavits said. Another victim reported suffering a loss of about $150,000 between June 2019 and November 2024, according to the warrant affidavits.
Another victim reportedly loaned Pierce about $4,400 in June 2024 under the pretense of a business loan, but admitted to investigators he believed Pierce needed to cover a gambling debt, the warrant affidavits said. Pierce later gave the individual two bad checks months later to repay him, state police allege.
In spring 2023, one victim became concerned about a missing $10,000 U.S. Treasury check that was supposed to be used toward her payments, the warrant affidavit said. When she expressed this concern to Pierce, he told her to contact a fictitious person he had made up using a phony email address, the warrant affidavits said.
Another victim reportedly invested upwards of $25,000 in a policy through Pierce between 2018 and 2019, the warrant affidavits said. When Pierce was fired from his insurance company, he allegedly promised that the policy would be paid out in monthly installments of $900, state police wrote. The victim told authorities they only received one payment.
Pierce allegedly gave the victim a check for $19,000 in July 2023 and told them not to cash it, saying the amount was incorrect, the warrant affidavits said. He later gave them a check for $58,000 that bounced, according to the warrant affidavits.
Pierce is free on $335,000 bond and is scheduled to appear in Rockville Superior Court on Aug. 7.
Judge Daniel J. Klau approved a schedule Tuesday for public comment and a hearing on the modification of a moratorium on access to PHL Variable benefits.
The public hearing is set for 9:30 a.m. on Oct. 21.
Connecticut Insurance Commissioner Andrew Mais — serving as the rehabilitator for the financially troubled PHL – proposed amending the moratorium on benefits in place since May 2024. The moratorium helped prevent “a run on the bank,” Mais told the court, while regulators created a rehabilitation plan.
Court approval of the modification is not expected to occur until the third quarter of 2025, Mais has said.
The judge approved the following schedule: All comments are to be submitted by Sept. 22, with Mais’s response due by Oct. 7.
Policyholders and “other interested parties” can submit informal comments in writing to: Harold S. Horwich, Morgan, Lewis & Bockius LLP, One State Street, Floor 22, Hartford, CT, 06103, or via email to PHL.Rehabilitation@ct.gov.
Formal comments can be submitted to the court at: C/O Ronald Ferraro, Complex Litigation Docket, 400 Grand Street, Waterbury Superior Court, Waterbury, CT, 06702, Attention: X06-UWY-CV-24-6085274-S.
Mais explained how policyholders can access more of their benefits. Universal life policyholders have two options under the moratorium modification:
Reduction in the face amount of death benefits with downward premium adjustment prospectively.
Convert policy to a claim for a fixed amount (to be determined based on adjusted surrender value) with no ongoing premium obligation.
The modification is expected to offer fixed indexed annuity owners who have not activated their income rider or are currently receiving systematic withdrawals two alternatives:
Activate the income rider (to the extent available under the contract).
Receive a one-time surrender-charge free distribution of the “Free Withdrawal Amount” under the contract (typically this is approximately 10% of the contract’s account value).
BATON ROUGE, La.–(BUSINESS WIRE)–
Guaranty Income Life Insurance Company, a leading fixed and indexed annuity carrier, has been named to the prestigious Ward’s 50 list of top-performing life and health insurance companies for 2025. Ward benchmarks the financial performance of nearly 700 life and health insurers across the country, selecting the top 50 based on outstanding results in safety, consistency, and performance over a five-year period.
This honor is especially meaningful as it coincides with Guaranty Income’s upcoming milestone anniversary—marking a century of financial strength, innovation, and long-term performance.
“Recognition on Ward’s 50 is a powerful affirmation of our strong Kuvare leadership, financial strength, and strategic direction,” said Joe Wieser, President of Guaranty Income. “As we prepare to celebrate our 100th year of delivering on our promises to policyholders, we remain focused on the future—driving digital innovation, delivering superior fixed annuity products and service, and building on our legacy of trust and performance.”
As one of the more scaled-for-agility companies on the Ward’s 50 list, Guaranty Income’s recognition reflects the strength of its focused strategy and consistent execution—delivering high-impact results with precision and discipline.
To earn a place on the Ward’s 50 list, insurers must demonstrate exceptional financial stability and meet rigorous performance criteria. These include maintaining a strong capital position, achieving consistent revenue growth, and delivering solid underwriting results. Carriers are also evaluated on their ability to exceed benchmarks in capital/surplus, net income, and financial returns.
About Guaranty Income Life Insurance Company
Guaranty Income Life Insurance Company, a Kuvare company, empowers hard-working Americans with confidence to navigate retirement’s financial complexities. Its innovative lineup of fixed and indexed annuities is built to simplify their path to a secure financial future. For more information, visit gilico.com.
About Kuvare
Kuvare is a dynamic financial services platform supporting life insurance, annuities, reinsurance, advisory, and asset management solutions. Founded in 2015 and headquartered in the Chicago area, Kuvare follows a long-term growth strategy. The Kuvare family of companies includes Lincoln Benefit Life, Guaranty Income Life, United Life, and other Kuvare companies. For more information, visit kuvare.com.
Latest milestone in strategic partnership to accelerate Japan Post Insurance’s global growth strategy
Reinforces both KKR and Global Atlantic’s deep commitment to Japan, and serving the needs of the expanding global insurance market
TOKYO & NEW YORK–(BUSINESS WIRE)–
Japan Post Insurance Co., Ltd. (“Japan Post Insurance”), KKR & Co. Inc. (together with its subsidiaries, “KKR”), and Global Atlantic, a leading provider of retirement security and investment solutions, and a wholly-owned subsidiary of KKR, today announced the signing of definitive agreements under which Japan Post Insurance will invest $2 billion (approx. JPY 300 billion) in a new vehicle (the “Vehicle”) sponsored by Global Atlantic.
Japan Post Insurance’s commitment is over 50% of the Vehicle,1 which is expected to have access to Global Atlantic’s insurance, reinsurance and strategic activity, and to commence operations in the first half of 2026, subject to customary regulatory approvals.
This transaction marks an additional investment by Japan Post Insurance in a vehicle sponsored by Global Atlantic and is a part of the strategic partnership that Japan Post Insurance, KKR, and Global Atlantic announced in June 2023. Both KKR and Global Atlantic’s track record of providing differentiated investment capabilities and insurance expertise to serve the international insurance market is expected to significantly advance Japan Post Insurance’s global growth strategy and further diversify its revenue sources.
This strategic partnership reinforces KKR and Global Atlantic’s commitment to Japan, a core market where KKR has operated in for two decades, while advancing their global insurance strategy. The collaboration also enhances their ability to deliver tailored asset management and reinsurance solutions for insurance clients worldwide. Building on Global Atlantic’s strong track record in retirement security and investment solutions, Japan Post Insurance’s investment will support Global Atlantic’s continued expansion across the U.S. and international markets to address growing retirement needs in rapidly aging populations globally.
Japan Post Insurance’s investment will be made over time. Japan Post Insurance expects that this investment will have minimal impact on its consolidated financial results for the fiscal year ending March 31, 2026. Japan Post Insurance will promptly make a market disclosure if it becomes clear that this investment will have an impact on its business performance.
Kunio Tanigaki, Director and Representative Executive Officer, President and CEO of Japan Post Insurance, said, “This investment is a part of our phased approach to our strategic alliance agreement with KKR and Global Atlantic, which we signed in June 2023 with the aim of expanding into new areas of collaboration. In the two years that have passed since establishing this alliance, we have deepened our mutual understanding and come to appreciate the significant presence of KKR and Global Atlantic in the U.S. market, and are pleased to invest in this new vehicle sponsored by Global Atlantic. We believe that this investment will enable Japan Post Insurance to diversify our revenue sources by capturing revenues from the robust U.S. annuity market and reinsurance markets globally and continue to build on our win-win relationship with KKR and Global Atlantic.”
Joe Bae and Scott Nuttall, Co-CEOs of KKR, said, “We are proud to deepen our relationship with Japan Post Insurance, one of Japan’s leading insurance institutions, through their investment in Global Atlantic’s vehicle. This collaboration reflects the strength of our global insurance platform and our shared commitment to growth as we pursue the opportunity together.”
“We are delighted to expand our strategic partnership with Japan Post Insurance and pursue new opportunities for growth and collaboration,” said Billy Butcher and Manu Sareen, Co-Heads of Global Atlantic. “Japan Post Insurance’s commitment to deploy capital alongside Global Atlantic validates the growing value of our global platform. The investment will accelerate our ability to pursue growth opportunities we see in the U.S., Japan, and other international markets, and support the needs of our clients, policyholders and partners.”
About Japan Post Insurance
Japan Post Insurance is a Japanese life insurance company that offers a wide range of life insurance products, mainly for individuals, such as endowment insurance and whole life insurance. Following the privatization and division of Japan Post, it was established as a Japan Post Group company on October 1, 2007. As a member of the Japan Post Group, it offers products for individuals through its branch Japan Post Service Department and the nationwide post office network owned by Japan Post Co., Ltd., as well as corporate services through its branch corporate sales department.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
About Global Atlantic
Global Atlantic is a leading provider of retirement security and investment solutions with operations in the U.S. and Bermuda. As a wholly-owned subsidiary of KKR (NYSE: KKR), a leading global investment firm, Global Atlantic combines deep insurance expertise with KKR’s powerful investment capabilities to deliver long-term financial security for millions of individuals. With a broad suite of annuity, preneed life insurance, reinsurance, and investment solutions, Global Atlantic, through its issuing companies, helps people achieve their financial goals with confidence. For more information, please visit www.globalatlantic.com.
Global Atlantic is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York.
Forward-Looking Statements
This document contains forward-looking statements. Such forward-looking statements may be identified by words such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “target,” “intend,” “continue,” “believe,” or the negative of these terms or other similar expressions. These forward-looking statements are based on current assumptions and expectations. Actual events or performance may differ materially from those suggested or intended by the forward-looking statements, as they are subject to various risks, uncertainties and uncertainties, including whether the Vehicle will generate the expected benefits. Japan Post Insurance is under no obligation to change or revise such information in light of new information, future events or other circumstances. Past performance is not a guarantee of future performance.
1 Japan Post Insurance expects to hold a 10% stake in the vehicle in terms of voting rights, after obtaining regulatory approvals.
