Lincoln National Corporation LNC reported second-quarter 2021 adjusted earnings of $3.17 per share, which surpassed the Zacks Consensus Estimate by 31.5%. The bottom line improved to more than three-fold year over year.The company’s results were driven by favorable underwriting results, strong equity market performance and robust investment results, partly offset by elevated expenses.Adjusted operating revenues of $4.9 billion advanced 16.5% year over year in the quarter under review. The upside can be attributed to revenue growth across the four segments of the company — Annuities, Retirement Plan Services, Life Insurance and Group Protection. The top line beat the consensus mark by 1%.Total expenses increased 10.9% year over year to $4.1 billion primarily due to higher costs related to benefits, commissions and other expenses and, strategic digitization expense.Lincoln National Corporation Price, Consensus and EPS Surprise Lincoln National Corporation price-consensus-eps-surprise-chart | Lincoln National Corporation QuoteSegmental PerformanceThe Annuities segment reported operating income of $323 million, which surged 36% year over year attributable to increased account values and favorable returns stemming from the company’s alternative investment portfolio. Operating revenues improved 20.4% year over year to $1.2 billion. Total annuity deposits rose 28% year over year to $3.2 in the quarter under review on account of 37% growth in variable annuity sales.Operating income in the Retirement Plan Services segment amounted to $62 million, which more than doubled year over year. The improvement came on the back of increased account values, positive net flows and favorable returns resulting from the company’s alternative investment portfolio. Operating revenues advanced 18.1% year over year to $333 million. Total deposits grew 21% year over year to $2.8 billion in the second quarter, courtesy of double-digit growth across first-year sales and recurring deposits.The Life Insurance segment delivered operating income of $255 million, which compared favorably with the prior-year quarter’s loss from operations of $37 million. The upside can be attributed to reduced mortality impact and favorable returns from the company’s alternative investment portfolio. Operating revenues of $2 billion climbed 23.8% year over year. Total life insurance sales, however, fell 20.8% year over year to $126 million in the quarter under review.Group Protection segment’s operating income totaled $46 million, which increased 18% year over year. Results were buoyed by reduced mortality impact resulting from the pandemic and rising premiums. Operating revenues were up 4% year over year to $1.2 billion. Total sales of $79 million at the segment slumped 24.8% year over year.Financial Update (as of Jun 30, 2021)The company exited the second quarter with cash and invested cash of $2.4 billion, which plunged 43.1% year over year. Total assets of $380.1 billion increased 11.9% year over year.Long-term debt totaled $6.3 billion, which decreased 6% from the prior-year quarter’s figure.Shareholders’ equity of $21.7 billion improved 4.9% year over year.Book value per share, excluding accumulated other comprehensive income (AOCI), rose 9% year over year to $75.45.Adjusted operating return on equity (ROE) excluding AOCI improved 1,180 basis points year over year to 17.3%.Share Repurchase UpdateThe company bought back shares worth $150 million in the second quarter.Zacks RankLincoln National presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Life InsurersOf the life insurance industry players that have reported second-quarter results so far, the bottom line of Manulife Financial Corporation MFC, Reinsurance Group of America, Incorporated RGA and Sun Life Financial Inc. SLF beat the Zacks Consensus Estimate. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lincoln National Corporation (LNC): Free Stock Analysis Report Manulife Financial Corp (MFC): Free Stock Analysis Report Reinsurance Group of America, Incorporated (RGA): Free Stock Analysis Report Sun Life Financial Inc. (SLF): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research