RBC Capital analyst Mark Dwelle lowered the firm’s price target on Lincoln National to $31 from $37 and keeps a Sector Perform rating on the shares. The firm is updating its model to reflect the company’s announcement last week regarding its recast LDTI – or Targeted Improvements to the Accounting for Long-Duration Contracts and Related Amendments – disclosures for FY21 and FY22. While the management indicated in their guidance that they are not expecting a material ongoing benefit or drag from LDTI implementation, the company has also projected that Life insurance unit results would run about $100M-120M weaker than they had pre-LDTI, though this would be offset by a comparable $100M-120M benefit to the Annuities unit, the analyst tells investors in a research note.
Published first on TheFly
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