(Reuters) – Lincoln Financial Group posted a quarterly profit, compared with a year-earlier loss, benefiting from a rise in its investment income.
A recovery in global capital markets this year on hopes the U.S. Federal Reserve is nearing the end of its rate-hike cycle has boosted profit for insurers, which invest premiums collected from clients in different asset classes such as equities and bonds.
Adjusted earnings per share for the quarter ended Sept. 30 were 23 cents per share, compared with a loss of $11.49 per share a year earlier.
However, analysts on average had expected a profit of $1.21 per share, according to LSEG data.
The insurer’s net investment income rose 15.4% to $1.49 billion from a year earlier.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Anil D’Silva)
