Q2 operating income of $351M or $1.27 per share up, 10% Y/Y dollar-wise and 14.2% on a per share basis (share count fell about 14M shares to 276M).
Book value per share (excluding AOCI) of $43.21 up 13.2% from a year ago.
Buybacks made below book value really do work - 4.3M shares repurchased in Q2 for $150M, 15.7M shares repurchased since June 30, 2012.
Annuities operating income of $195M up 23% Y/Y.
Retirement plan services income of $39M up marginally from last year.
Life insurance income of $183M up 43% as company strategy focused on higher return, less interest-sensitive products. Pivot product sales up 137%. Guaranteed universal life sales off 30% and accounted for just 15% of Q2 sales.
Earnings call tomorrow at 10 ET. (PR)
Earlier: Earnings report.
LNC +1% AH to $42.08.