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Lincoln National to cut dividend in half
In the face of declining profits and worries that life insurers are going to have to raise capital to make up for investment losses, Lincoln National Corp. of Radnor said today that it would halve its quarterly dividend.
In early trading, Lincoln's shares were up 10 percent, or $1.85, to $20.16, recouping some of their 35 percent loss yesterday.
The new dividend of 21 cents per share, down from 41.5 cent per share, will add about $50 million to the company's capital each quarter, Lincoln said.
Lincoln, which sells life insurance and annuities and owns and investment-management firm, said it has ample liquidity.
The company, which is scheduled to report third-quarter earnings Oct. 28, said it expected those results to be in the range of 50 cents to 70 cents, down sharply from $1.21 per share a year ago.
