Lincoln National Corporation (NYSE:LNC) Q3 2024 Earnings Conference Call October 31, 2024 8:00 AM ET

Company Participants

Tina Madon - SVP, Head of IR
Ellen G. Cooper - Chairman, President, and CEO
Christopher Neczypor - EVP and CFO

Conference Call Participants

Suneet Kamath - Jefferies
Elyse Greenspan - Wells Fargo Securities
Daniel Bergman - TD Cowen

Operator

Good morning and thank you for joining Lincoln Financial's Third Quarter 2024 Earnings Conference Call. At this time, all lines are in a listen-only mode. Later we will announce the opportunity for questions and instructions will be given at that time. [Operator Instructions]. Now I would like to turn the conference over to Senior Vice President, Head of Investor Relations, Tina Madon. Please go ahead.

Tina Madon

Thank you. Good morning, everyone, and welcome to our third quarter earnings call. We appreciate your interest in Lincoln. Our quarterly earnings press release, earnings supplement, and statistical supplement can all be found on the Investor Relations page of our website at www.lincolnfinancial.com. These documents include reconciliations of the non-GAAP measures used on today's call, including adjusted income from operations or adjusted operating income, and adjusted income from operations available to common stockholders to their most comparable GAAP measures.

Before we begin, I want to remind you that any statements made during today's call regarding expectations, future actions, trends in our businesses, prospective services or products, future performance or financial results, including those related to deposits, expenses, income from operations, share repurchases, liquidity and capital resources are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from our current expectations. These risks and uncertainties include those described in the cautionary statement disclosures in our earnings release issued earlier this morning, as well as those detailed in our 2023 Annual Report on Form 10-K, most recent quarterly reports on Form 10-Q, and from time-to-time in our other filings with the SEC. These forward-looking statements are made only as of today, and we undertake no obligation to update or revise any of them to reflect events or circumstances that occur after today.

Presenting this morning are Ellen Cooper, Chairman, President and CEO; and Chris Neczypor, Chief Financial Officer. After their prepared remarks, we'll address your questions. Let me now turn the call over to Ellen. Ellen?

Ellen G. Cooper

Thank you, Tina and good morning, everyone. Thank you for joining our call today. We are pleased with our third-quarter adjusted operating income, which was our highest quarterly earnings in over two years, reflecting continued progress in our strategic realignment. These results were driven by strong underlying performance in all four businesses as we continue to achieve consistent momentum advancing against the operating initiatives we outlined earlier this year. We are executing on tangible actions to deliver sustained long-term value creation and support our strategy built upon three objectives; a strong capital foundation to ensure enterprise stability across market cycles and support investment for future growth, and optimized operating model to advance a scalable framework to maximize our resources, and businesses and products that deliver profitable growth to improve free cash flow and grow the franchise.