A net loss of $506 million reflected in Q4 08
Lincoln Financial Group, a provider of life insurance, annuity and savings products, has reported a net loss of $506 million, or $1.98 per diluted share, for the fourth quarter of 2008, compared to a net income of $113 million, or $0.41 per diluted share, for the same quarter of 2007.
For the fourth quarter of 2008, loss from operations was $122 million, or $0.48 per diluted share, compared to a net income of $341 million, or $1.26 per diluted share, in the same quarter of 2007.
Net income for 2008 was $57 million, or $0.22 per diluted share, compared to $1.21 billion, or $4.43 per diluted share, in 2007. Income from operations for 2008 was $858 million, or $3.31 per diluted share, compared to $1.45 billion, or $5.28 per diluted share, in 2007.
Dennis Glass, president and CEO of Lincoln Financial Group, said: This quarter’s disappointing results reflect the volatile financial markets and deteriorating economy. In recognition of the market environment, we took steps during the fourth quarter and first quarter to reduce run-rate expenses by approximately $75 million and expect to achieve total annualised savings of $125 to $150 million by the end of 2009.