LNC - Lincoln National Corporation (LNC) Q4 2023 Earnings Call Transcript

2024-02-08 14:22:03 ET

Lincoln National Corporation (LNC)

Q4 2023 Earnings Conference Call

February 8, 2024 08:30 AM ET

Company Participants

Tina Madon - SVP and Head, IR

Ellen Cooper - Chairman, President and CEO

Chris Neczypor - CFO

Conference Call Participants

Alex Scott - Goldman Sachs

Tom Gallagher - Evercore ISI

Ryan Krueger - KBW

Mike Ward - Citi

Wilma Burdis - Raymond James

Joel Hurwitz - Dowling Partners

John Barnidge - Piper Sandler

Presentation

Operator

Good morning and thank you for joining Lincoln Financial Group's Fourth Quarter 2023 Earnings Conference Call. At this time, all lines are in listen-only mode. Later, we will announce the opportunity to questions and instructions will be given at that time. [Operator Instructions]

Now, I would like to turn the conference over to the Senior Vice President, Head of Investor Relations, Tina Madon. Please go ahead.

Tina Madon

Thank you. Good morning and welcome to Lincoln Financial's fourth quarter and full year 2023 earnings conference call. We appreciate your participation today and invite you to visit Lincoln's website, www.lincolnfinancial.com , where you can find our press release, statistical supplement, and supplemental investor outlook presentation.

These documents include reconciliations of the non-GAAP measures used on our 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 have an important reminder. Any comments made during the call regarding future expectations, actions or trends in our businesses, prospective services or products, and future performance or financial results, including those regarding expenses, income from operations, share repurchases, and liquidity and capital resources, as well as any statements relating to our 2024, 2026, and longer term outlook, and the expected timing and impact of our strategic initiatives 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 this morning 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 correct, update, or revise any of them to reflect events or circumstances that could occur after this date.

Presenting on today's call are Ellen Cooper, Chairman, 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.

Let me now turn the call over to Ellen.

Ellen Cooper

Thank you, Tina and good morning everyone. I want to start my remarks today by looking back on 2023 and reflecting on the significant progress we've made in repositioning Lincoln for long-term value creation.

We're entering 2024 in a much stronger position compared to 12 months ago as we advanced on our key initiatives, which were to; one, repair and rebuild our balance sheet; two, deliver organic growth while shifting new business to more capital efficient and higher risk-adjusted return products....

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