Lincoln National Corp., with operations in Hartford, reported quarterly operating profit below market view, hurt partly by lower revenue from its life insurance segment, Reuters reports.
First-quarter net income at the large U.S. life insurer, also known as Lincoln Financial, was $283 million, or 85 cents a share, compared with a loss of $579 million, or $2.27 a share, in the year-ago period.
On an operating basis, the insurer reported 83 cents a share in profit, which fell below analysts’ estimates by 2 cents.
Life insurance income from operations was $137 million, down from $142 million last year.
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Shares of Philadelphia-based Lincoln closed at $30.90 Wednesday on the New York Stock Exchange
