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Lincoln Financial GroupⓇ Lincoln National Corporation 150 N. Radnor - Chester Road Radnor , PA 19087 FOR IMMEDIATE RELEASE LINCOLN FINANCIAL GROUP REPORTS FIRST QUARTER 2021 RESULTS Net income EPS of $ 1.16 and adjusted operating EPS of $ 1.82 Adjusted operating EPS included $ ( 1.15 ) from elevated pandemic - related claims experience and $ 0.43 of above targeted alternative investment income BVPS , including AOCI , of $ 102.50 , up 19 % ; BVPS , excluding AOCI , of $ 72.36 , up 3 % $ 186 million of capital returned to shareholders , including $ 105 million in share repurchases Radnor , PA , May 5 , 2021 – Lincoln Financial Group ( NYSE : LNC ) today reported net income for the first quarter of 2021 of $ 225 million , or $ 1.16 per diluted share available to common stockholders , compared to net income in the first quarter of 2020 of $ 52 million , or $ 0.15 per diluted share available to common stockholders . First quarter adjusted income from operations was $ 350 million , or $ 1.82 per diluted share available to common stockholders , compared to adjusted income from operations of $ 465 million , or $ 2.24 per diluted share available to common stockholders , in the first quarter of 2020 . " First quarter results were strong as strategic actions taken to drive top and bottom line growth led to increased operating revenues and expense efficiency in all our businesses , " said Dennis R. Glass , president and CEO of Lincoln Financial Group . " While reported results were again affected by the pandemic , mortality impacts should abate , capital markets have improved , sales pipelines are strong , and quarterly capital return to shareholders is being restored to pre - pandemic levels , all of which support continued momentum . ” ( in millions , except per share data ) Net Income ( Loss ) Net Income ( Loss ) Available to Common Stockholders Net Income ( Loss ) per Diluted Share Available to Common Stockholders Revenues Adjusted Income ( Loss ) from Operations Adjusted Income ( Loss ) from Operations per Diluted Share Available to Common Stockholders Average Diluted Shares Return on Equity ( ROE ) , Including Accumulated Other Comprehensive Income ( AOCI ) ( Net Income ) Adjusted Operating ROE , Excluding AOCI ( Adjusted Income from Operations ) Book Value per Share ( BVPS ) , Including AOCI Book Value per Share , Excluding AOCI As of or For the Quarter Ended March 31 , $ 2021 225 225 1.16 4,534 350 1.82 193.1 4.3 % 10.2 % $ 102.50 72.36 2020 $ 52 29 0.15 4,425 465 2.24 197.3 1.1 % 13.5 % $ 85.79 70.24