Lincoln National Corporation (LNC) Q3 2022 Earnings Call Transcript

Lincoln National Corporation (NYSE:LNC) Q3 2022 Results Conference Call November 3, 2022 10:00 AM ET

Company Participants

Al Copersino - VP and Head of IR

Ellen Cooper - President, CEO and Director

Randy Freitag - Chief Financial Officer

Conference Call Participants

Ryan Krueger - KBW

Suneet Kamath - Jefferies

Alex Scott - Goldman Sachs

Tom Gallagher - Evercore

John Barnidge - Piper Sandler

Operator

Good morning, and thank you for joining Lincoln Financial Group's Third Quarter 2022 Earnings Conference Call. [Operator Instructions]

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

Al Copersino

Thank you. Good morning, and welcome to Lincoln Financial's third 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 press release issued yesterday as well as those detailed in our 2021 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 the full reconciliations of the non-GAAP measures used on the call, including adjusted return on equity and adjusted income from operations or adjusted operating income to the most comparable GAAP measures.

A slide presentation containing supplemental third quarter 2022 information related to our annual assumption review is also posted on our website in the Investor Relations section. Presenting on today's call are Ellen Cooper, President and CEO; and Randy Freitag, 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. Before we discuss the details of our third quarter performance, I want to step back and speak to the magnitude of the unlocking charge resulting from our annual assumption review. I'll also address the decline in our risk-based capital ratio, the recent performance of our Life business provide a quick review of our other businesses, the multiple levers available to improve our capital position and how we are changing the strategic approach to our business in key areas.