Lincoln National Corporation LNC reported first-quarter 2016 operating net income of $1.25 per share that missed the Zacks Consensus Estimate of $1.48 by 15.5%. The bottom line also deteriorated 8% year over year.Lincoln National Corporation (LNC) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompanyIncluding non-recurring items, Lincoln National’s net income was 82 cents per share, down from $1.15 in the year-ago quarter.Lincoln National’s total revenue declined 1.9% from the year-ago quarter to $3.2 billion due to a 2% decline in total average account balances. Revenues also missed the Zacks Consensus Estimate of $3.4 billion by 5.4%.Segment AnalysisOperating income from the Annuities segment decreased 8.8% year over year to $218 million. Lower fee income due to a 4% decline in average account values and lower variable investment income mainly resulted in the reduced operating income. Gross annuity deposits declined by 21% to $2.4 billion in the reported quarter.Operating income from Retirement Plan Services was $31 million as against $35 million in the prior-year quarter. Lower variable investment income resulted in the downside. Total deposits were $1.8 billion, up 5% year over year due to a 6% increase in recurring deposits and 3% increase in first-year sales. Total average account values of $53 billion fell 2% from the prior-year quarter.Operating income from Life Insurance plunged to $75 million from $111 million in the year-ago quarter. The decline stemmed from lower long-term returns on alternative investments and higher mortality. Life insurance sales declined 5% year over year to $132 million. Life insurance average in-force amount improved 4% year over year to $665 billion, while account values increased 3% to $44 billion.Group Protection’s operating income was $5 million. The segment had reported an operating loss of $6 million in the prior-year quarter. This upside was mainly attributable to higher Group Protection sales of $59 million, which increased 5% from the prior-year quarter. The segment’s results were partially offset by $18 million from accelerated amortization of deferred acquisition costs. Non-medical loss ratio improved 850 basis points year over year to 69.6% owing to pricing actions and improvements in disability claims management.Financial UpdateAs of Mar 31, 2016, Lincoln National’s book value per share, excluding accumulated other comprehensive income, climbed 7% year over year to $53.25 per share. Operating return on equity was 9.8% in the first quarter, down from 11.2% in the year-ago period.Share Repurchase and Dividend UpdateLincoln National spent $200 million to buy back 5.5 million shares during the reported quarter. The company repurchased another 15.5 million shares for $750 million fromMar 31, 2015 till date.Zacks Rank and Performance of Other InsurersLincoln National currently carries a Zacks Rank #3 (Hold). Other insurers too recently released their first-quarter earnings results. While the bottom line at Allstate Corporation ALL and RLI Corp. RLI beat their respective Zacks Consensus Estimate, The Travelers Companies, Inc. TRV missed the same. 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 >>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 NATL-IN (LNC): Free Stock Analysis Report RLI CORP (RLI): Free Stock Analysis Report TRAVELERS COS (TRV): Free Stock Analysis Report ALLSTATE CORP (ALL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research