FORT WAYNE – Lincoln National Corp. is bouncing back.
The Philadelphia-based financial services provider on Wednesday reported second-quarter earnings of $255 million, or 33 cents per diluted share available to common stockholders. That’s a $416 million rebound from the company’s 2009 second-quarter loss of $161 million, or 62 cents per basic share.
Lincoln, like other financial services companies, manages investment and annuity accounts invested in the stock market. The company, which charges a percentage fee for its services, collects more money when the balances in clients’ accounts rise, tying Lincoln’s performance closely to the markets’.
Lincoln’s total account balances increased to $140 billion in the second quarter, a 12 percent increase over last year’s second quarter.
Dennis Glass, president and CEO, credited “strong sales across all segments” for the results.
“I am confident that Lincoln today is well positioned to deliver on the strong demand for insurance and retirement solutions,” he said in a prepared statement.
During the quarter, Lincoln redeemed $950 million in Series B preferred shares from the U.S. Treasury’s Capital Purchase Program. The company raised the money by combining cash on hand with the proceeds from issuing $368 million of common stock and $250 million of five-year senior notes.
Founded in Fort Wayne in 1905, Lincoln employs about 1,700 locally, a corporate spokeswoman said in June.
Lincoln released earnings after markets closed Wednesday. The company’s shares closed at $24.09, a 47-cent drop from the previous day’s close on the New York Stock Exchange.
