Lincoln Financial 1Q profit drops 27 percent

Lincoln shares rose $1.85, or 3.5 percent, to $54.30 in afternoon trading. In the past year, the stock has ranged from $45.50 to $74.72.

Analysts generally said the results were solid given the volatile capital markets.

Lincoln had a "reasonably steady quarter despite weak equity markets," said Citi Investment Research analyst Colin Devine.

Net income fell to $289 million, or $1.11 per share, from $396 million, or $1.42 per share, in the year-ago period.

The latest quarter included a net realized loss of $27 million, or 10 cents per share, on investments.

Insurers emphasize results excluding investment results because they say it gives a more accurate reading on their insurance operations.

Income from operations fell to $333 million, or $1.28 per share, from $371 million, or $1.33 per share, last year.

Analysts expected profit of $1.30 per share, according to Thomson Financial.

Revenue slipped 4 percent to $2.52 billion from $2.62 billion, hurt by a 29 percent decline in life insurance sales.