Lincoln National Corporation (LNC) Q1 2023 Earnings Call Transcript

Lincoln National Corporation (NYSE:LNC) Q1 2023 Results Conference Call May 10, 2023 10:00 AM ET

Company Participants

Al Copersino - VP, IR

Ellen Cooper - President and CEO

Chris Neczypor - CFO

Conference Call Participants

Erik Bass - Autonomous Research

Tom Gallagher - Evercore ISI

Michael Ward - Citigroup

Jimmy Bhullar - JPMorgan Chase

John Barnidge - Piper Sandler

Ryan Krueger - KBW

Operator

Good morning, and thank you for joining Lincoln Financial Group’s First Quarter 2023 Earnings Conference Call. [Operator Instructions]

Now, I’d like to turn the conference over to Vice President of Investor Relations, Al Copersino. Please go ahead, sir.

Al Copersino

Thank you. Good morning, and welcome to Lincoln Financial’s first quarter earnings call.

Before we begin, I have an important reminder. Any comments made during the call regarding future expectations, including those regarding deposits, expenses, income from operations, share repurchases and 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 actual results to differ materially from current expectations. These risks and uncertainties include those described in the cautionary statement disclosures in our earnings release issued yesterday as well as those detailed in our 2022 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 this date. We appreciate your participation today and invite you to visit Lincoln’s website, www.lincolnfinancial.com, where you can find our press release and statistical supplement, which include full reconciliations of the non-GAAP measures used on this call including adjusted income from operations or adjusted operating income and adjusted income from operations available to common stockholders to the most comparable GAAP measures.

A slide presentation containing supplemental first quarter 2023 investment portfolio information is also posted on our website in the Investor Relations section.

Presenting on today’s call are Ellen Cooper, President and CEO; and Chris Neczypor, Chief Financial Officer. After their prepared remarks, we will move to the question-and-answer portion of the call. I would now like to turn the call over to Ellen.

Ellen Cooper

Thank you, Al, and good morning, everyone. During the first quarter, we continued to take the necessary steps and have made substantial progress to strengthen the balance sheet, improve our free cash flow and position the business for long-term sustainable growth. We have a differentiated business model, including a powerful distribution franchise, broad product offerings and a diversified, high-quality investment portfolio. These strengths have the foundation for successful execution of our enterprise priorities, and we will continue to focus on actions that deliver on our objectives.