Lincoln Financial reported strong financial results for the fourth quarter and full year of 2024. Fourth-quarter net income reached $1.7 billion, or $9.63 per diluted share, while adjusted operating income was $332 million, or $1.91 per diluted share. The difference between net income and adjusted operating income was due to market risk benefits and changes in the fair value of an embedded derivative. The company’s estimated risk-based capital ratio was over 430% at the end of the year.

Key business highlights include record sales, earnings, and margins for Group Protection, strong earnings growth for Annuities, and a 25% increase in total deposits for the Retirement business. Lincoln Financial’s focus on risk-sharing products and operational efficiency contributed to its successful year.