RADNOR, Pa. - Lincoln Financial Group (NYSE:LNC) announced the recent passing of board member Michael F. Mee, whose contributions to the company were highlighted in statements by company executives. Ellen Cooper, Chairman, President, and CEO, and Bill Cunningham, Lead Independent Director, both expressed their profound sorrow and extended sympathies to Mee's family.
Mee, remembered for his strategic guidance and commitment to the company's mission, served as Chair of the Compensation Committee on the Lincoln National Corporation (NYSE:LNC) Board of Directors. His career included senior roles at several major corporations, including Executive Vice President and Chief Financial Officer of Bristol-Myers Squibb (NYSE:BMY). Mee's academic achievements included an undergraduate degree from Bentley College and an MBA from the University of Minnesota, where he continued to contribute as a Board of Overseers member at the Carlson School of Management.
Lincoln Financial, a company entrusted with the financial protection of approximately 17 million customers, recognized Mee's unwavering support and long-tenured service. With a focus on annuities, life insurance, group protection, and retirement plan services, Lincoln Financial reported $311 billion in end-of-period account balances as of June 30, 2024.
The company, headquartered in Radnor, Pa., operates under the marketing name Lincoln Financial for Lincoln National Corporation and its affiliates. The news of Mee's passing was shared as a significant event, reflecting the company's loss of a valued colleague and leader. This article is based on a press release statement from Lincoln Financial.
In other recent news, Lincoln National Corporation reported substantial growth in its annuities, group protection, and retirement plan services businesses for a recent quarter. The company's adjusted operating income was $319 million, or $1.84 per share, while the net income reached $884 million, or $5.11 per diluted share. Lincoln National has also revised its executive severance plan to include the CEO among the participating officers. In a recent SEC filing, it was outlined that the CEO will receive a severance package equal to twice their annual base salary plus the target annual incentive bonus, distributed over 104 weeks following termination, in the event of an involuntary termination. Barclays (LON:BARC) has initiated coverage on Lincoln National, assigning an Equalweight rating and setting a price target of $35.00. The insurance company has improved its capital position, with its risk-based capital (RBC) ratio now exceeding 420%, a factor that influenced Barclays' rating. Lincoln National is also preparing for the launch of its Bermuda-based reinsurance subsidiary, Alpine, as part of its ongoing efforts to build a strong capital foundation and diversify its product offerings for future growth.
InvestingPro Insights
As Lincoln Financial Group (NYSE:LNC) mourns the loss of board member Michael F. Mee, the company continues to navigate the financial landscape with a blend of stability and growth prospects. According to InvestingPro data, Lincoln Financial has a market capitalization of approximately $5.19 billion and is trading at a low earnings multiple with a P/E ratio of 3.18. This valuation suggests that the company's stock might be undervalued compared to its earnings potential, a point emphasized by one of the InvestingPro Tips, which notes that the company is trading at a low earnings multiple.
Another InvestingPro Tip highlights that Lincoln Financial has maintained dividend payments for 54 consecutive years, demonstrating a strong commitment to returning value to shareholders. The company's dividend yield stands at an attractive 6.01%, with the last dividend ex-date recorded on July 10, 2024. This consistent dividend payment history is particularly noteworthy for income-focused investors considering the company's financial products and services.
Despite recent challenges in revenue growth, with a reported decline of 11% over the last twelve months as of Q2 2024, Lincoln Financial's analysts are optimistic, predicting profitability for this year. The company's liquid assets also exceed its short-term obligations, indicating a robust liquidity position that can support ongoing operations and strategic initiatives.
For those seeking additional insights and analysis on Lincoln Financial Group, InvestingPro offers a comprehensive list of tips, with 7 additional InvestingPro Tips available at https://www.investing.com/pro/LNC, providing a more detailed look at the company's financial health and market performance.
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