Life insurer Lincoln National will cut up to 1,000 jobs on top of the 200 it has already eliminated, Reuters reports. The layoffs come after the firms earnings fell 84% to $91.6 million in 2002, down from $590.2 million in 2001.
Lincoln expects the cuts to result in after-tax charges of $55 million this year, but to result in $13 million savings in 2004 and $39 million in 2005.
Most of the layoffs will take place in the companys life and annuity divisions this year, a Lincoln spokeswoman told Reuters.
Lincoln has $92 billion in assets and took in $4.6 billion in revenue in 2002. It has committed $140 billion over the next 20 years for the right to call the new stadium for the Philadelphia Eagles Lincoln National Field. The stadium opened its doors for its first ticketed event this past Sunday, a soccer match between Manchester United and FC Barcelona.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.