Lincoln National Corporation (NYSE:LNC) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 10:00 am ET


Lincoln National Corporation (NYSE:LNC) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning, and thank you for joining Lincoln Financial Group's First Quarter 2020 Earnings Conference Call. At this time all lines are in a listen-only mode. Later, we will announce the opportunity for questions, and instructions will be give at that time. [Operator Instructions]

Now I'd like to turn the conference over to the Corporate Treasurer, Chris Giovanni. Please go ahead, sir.

Chris Giovanni

Thank you, operator. Good morning and welcome to Lincoln Financial's first quarter earnings call. Before we begin, I have an important reminder. Any comments made during the call regarding future expectations, trends and market conditions, including comments about sales, deposits, expenses, income from operations, share repurchases and liquidity, and capital resources are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties are described in the cautionary statement disclosures in our earnings release issued yesterday, and our reports on forms 8-K and 10-Q filed with the SEC.

These forward-looking statements are only made as of today, and we undertake no obligation to update or revise any of them to reflect events or circumstances that occur after this date. We appreciate your participation today, and invite you to visit Lincoln's website,, where you can find our press release and statistical supplement, which include a full reconciliation to the non-GAAP measures used in the call, including adjusted return on equity and adjusted income from operations or adjusted operating income to their most comparable GAAP measures. A Slide presentation, which provides additional information on our investment portfolio, is also included on our website.

Presenting on today's call are Dennis Glass, President and Chief Executive Officer; and Randy Freitag, Chief Financial Officer and Head of Individual Life. After their prepared remarks, we will move to the question and answer portion of the call. I would now like to turn the call over to Dennis.

Dennis Glass

Thank you, Chris. Good morning. The health crisis has been difficult on everyone, we hope you are staying safe, and our thoughts are with you. I also want to recognize our Lincoln employees for their extraordinary efforts and unwavering commitment over the past few months. Lincoln has been navigating the current crisis by focusing on three priorities. First and foremost, doing what we can to help protect the health and safety of our employees. Second, is operating the business in the best interest of our customers, partners, policyholders and shareholders. And third, is doing our part to help America overcome the challenges of COVID-19.

Early on Lincoln began monitoring the emerging pandemic and started taking actions to reduce this health threat, including restricting travel, eliminating non-critical face-to-face meetings, and setting social distancing guidelines. In March, we moved to a work-from-home model for 99% of our employees to help limit the spread of the virus within the Lincoln family and our communities. Because of our business continuity planning, and significant digital investments, which we have discussed