Lincoln National Corp. on Wednesday reported first-quarter earnings of $367 million, or $1.64 per diluted common share, a 16 percent decline from the $435 million, or $1.89 a share, posted for 2017.
The Radnor, Pennsylvania-based financial services provider completed the acquisition of Liberty Mutual's group benefits business during the three months ended March 31.
Lincoln, like other financial services companies, manages retirement 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 market performance.
Lincoln was founded in Fort Wayne in 1905 and continues to employ annuities and retirement plan workers here.
2 local businesses given impact award
Two northeast Indiana small businesses were among 10 honored Wednesday by the Indiana Economic Development Corp. with the Small Business Impact Award.
Global Medical Industries of Fort Wayne makes specialized medical devices and surgical instruments. The company is the only minority-owned medical device supplier and manufacturer in Indiana.
Laser Graphx of North Webster also supplies the medical device and orthopedic industries. The company specializes in laser etching, pad printing, color coding and screen printing.
The awards were presented in conjunction with the Small Business Administration's National Small Business Week. Award recipients received counseling from the Indiana Small Business Development Center.
CVS' earnings rise as it pursues Aetna
CVS Health delivered better-than-expected first-quarter earnings as the drugstore chain and pharmacy benefit manager forged ahead with its buyout of the insurer Aetna, a deal the companies say will transform how customers get care.
CVS Health announced late last year it would spend $69 billion in cash and stock on Aetna, the nation's third-largest health insurer. CVS Health CEO Larry Merlo told analysts Wednesday the deal gives CVS Health a chance to “rethink and reinvent health care in our country.”
The companies are trying to capitalize on a growing push to take care beyond the occasional doctor visit to better control medical spending and keep people healthy.