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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 THIRD QUARTER 2021 RESULTS AND ANNOUNCES INCREASE TO DIVIDEND Net income EPS of $ 1.68 and adjusted operating EPS of $ 1.62 ❖ Adjusted operating EPS included $ ( 1.05 ) from notable items , elevated pandemic - related claims experience and above targeted alternative investment income BVPS , including AOCI , of $ 113.77 , up 2 % ; BVPS , excluding AOCI , of $ 76.96 , up 8 % $ 279 million of capital returned to shareholders , including $ 200 million in share repurchases + Radnor , PA , November 3 , 2021 – Lincoln Financial Group ( NYSE : LNC ) today reported net income for the third quarter of 2021 of $ 318 million , or $ 1.68 per diluted share available to common stockholders , compared to net income in the third quarter of 2020 of $ 398 million , or $ 2.01 per diluted share available to common stockholders . Third quarter adjusted income from operations was $ 307 million , or $ 1.62 per diluted share available to common stockholders , compared to adjusted loss from operations of $ ( 133 ) million , or $ ( 0.72 ) per diluted share available to common stockholders , in the third quarter of 2020.¹ The current quarter's adjusted operating results included net unfavorable notable items of $ 108 million , or $ 0.57 per share . These notable items were primarily related to legal expenses and also included impacts from the company's annual review of DAC and reserve assumptions . The prior - year quarter included net unfavorable notable items of $ 552 million , or $ 2.84 per share , primarily related to the company's annual review of DAC and reserve assumptions . " Third quarter underlying results were solid , and our earnings power remains strong , " said Dennis R. Glass , president and CEO of Lincoln Financial Group . “ Lincoln continued to execute on its proven strategy to drive earnings growth including continued focus on increasing sales , pricing discipline , ongoing expense management and share buybacks . We completed $ 200 million in share repurchases this quarter and recently commenced incremental repurchases associated with our block transaction through an accelerated share repurchase program . This , combined with formally communicating our new cost savings initiative and the increase in the dividend approved by our board , reflects our ongoing commitment to our shareholders and confidence in the future . " ¹ Due to reporting an adjusted loss from operations for the three months ended September 30 , 2020 , basic shares were used in the adjusted diluted EPS calculation for that period as the use of diluted shares would have resulted in a lower loss per share .