Life Insurance Carnage

Lincoln's Shares Dropped 33% on a Net Loss of $2.6 Billion. Could it be the Jabs?

Although I no longer make a sustainable income from it, I still have two weeks around earnings season every quarter where I edit and publish transcripts from publicly traded companies. It is that season and I have been busy with it for the past few days. I watch the life insurance space closely as all the carnage from the Covid “vaccines” and excess deaths of the working age population is going to show up in their numbers. My call for Lincoln Financial caught my attention this morning. The reinsurance company is bleeding red everywhere. From their press release:

“Lincoln Financial Group (NYSE: LNC) today reported a net loss for the third quarter of 2022 of $(2.6) billion, or $(15.17) per diluted share available to common stockholders, compared to net income in the third quarter of 2021 of $318 million, or $1.68 per diluted share available to common stockholders. Third quarter adjusted loss from operations was $(1.7) billion, or $(10.23) per diluted share available to common stockholders, compared to adjusted income from operations of $307 million, or $1.62 per diluted share available to common stockholders, in the third quarter of 2021. 1”

If I was a shareholder I’d be upset about that, but they took the hit and are restructuring for the future. Lincoln President and CEO Ellen Cooper had this to say.

“In the recent years, we have been focused on shifting the product mix to a diversified set of solutions with lower guarantees, more risk sharing with the customer and improved capital efficiency.”

That sounds a little bit like the solution to this is to not pay the life insurance policies of people who are dying. Now the Motley Fool explained that Lincoln’s 33% share price crash actually represented a great buying opportunity. I was hard pressed to find a single financial article regarding it that mentions what line of business the losses were in or why these losses were occurring. I had to go back to the earnings transcript for that.

According to CFO Randy Freitag, who had just explained that some business lines like annuities were seeing profitable growth:

“Turning to the Life business, which had a negative impact of $2.2 billion, driven by four primary factors. First, rate increase settlements with two reinsurance partners in 2022 drove an unfavorable impact of $81 million. Second, an unfavorable impact of $106 million associated with updates to our underlying morbidity assumptions. Third, an unfavorable impact of $223 million from updating our mortality assumptions. I'd attribute about two-thirds of this adjustment to updates we made to expected mortality improvement as we aligned this assumption to overall industry expectations, and about one-third to adjustments to underlying older age mortality assumptions. Lastly, an unfavorable impact of $1.8 billion from updated policyholder behavior assumptions in our guaranteed universal life book.”

I’m super curious what the updated morbidity and mortality assumptions look like for life insurance policies. What are they pricing in here? If I wanted to buy the dip I’d really want to know. Lincoln’s Chief Financial Officer continued with this line:

“This year's expected 67-point drop is driven by a number of items, of which 75% came from life insurance, including the expected fourth quarter statutory charge, smaller but continuing pandemic claims and negative cash flow generations.”

So the losses are related overwhelmingly to the life insurance business line, which now cannot be mentioned. The reports about the share drop conveniently obscure what happened. So not only is there no connecting rising rates of death and disability to Covid jabs, they don’t even want you to know what business segment was involved. In general insurers benefit from a rising interest rate environment as we are in now.

I’m amazed that nobody is capable of connecting this, but I guess that’s why I have a new job as a misinformation spreader on substack. I searched the entire transcript and can find zero mentions of the word “vaccine” anywhere in the entire call. They are segmenting this stuff out all right.

It’s not just Lincoln Financial, of course. Prudential third quarter 2022 profit dropped 36%. Metlife earnings were down 56%. In auto insurance, Geico and State Farm are raising premiums again due to higher car crashes, or inflation, or something.

I see this huge disconnect everywhere, even when the results of this are right in front of our eyes.

My Friends are Dying of Heart Attacks

According to John Leake:

“That both brothers died of heart attacks in their mid fifties raises the suspicion of a genetic basis of sudden death after receiving COVID-19 vaccines. Such a condition was documented in a recent study by Chupong Ittiwut et al. The authors propose that the period of acute danger is within 7 days of vaccination. However, the case of the Eggers brothers warrants an investigation to determine if this particular genetic condition—or some other inherited arrhythmia and cardiomyopathy condition—may be accentuated by the COVID-19 vaccines, with extended periods of danger following vaccination.

Our entire medical establishment, and especially medical examiners, need to get very serious about investigating such sudden deaths.

Do the vaccines initiate a cardiovascular disease process that may not manifest with life threatening symptoms until months or even a year later?

Alternatively, is it possible the vaccines amplify existing cardiovascular disease processes that would eventually result in death, but not (without the vaccine) until much later in life?

Author John Leake’s Note: A reader’s comment prompted me to add the following amendment to my original post.

Today’s medical examiners have the training and equipment to investigate the precise cause of these sudden deaths. Did the decedent have coronary artery disease leading to acute myocardial infarction? Or did the decedent have myocarditis or scarring from previous inflammation that caused a fatal arrhythmia?

Medical Examiners may also refer to Baumeier et al., Intramyocardial Inflammation after COVID-19 Vaccination: An Endomyocardial Biopsy-Proven Case Series, 4.3 Histology, Immunohistochemistry, and Digital Imaging Analysis for detecting SARS-Co-V-2 spike protein in cardiac tissue.”

It’s infuriating. One side is whistling past the graveyard as loud as they can, absolutely deaf, dumb and blind to any problems with the thing-that-shall-not-be-mentioned. The other side has moved on from that to asking real questions about what circumstances might lead to really bad outcomes from the Covid jabs, which might save the lives of people you care about.

In late 2020 after I found out that I had two new brothers, I went through genetic things that I thought they might be curious about being that they both knew that they were adopted. My mother’s side of the family is quite robust, living well past life expectancy in almost every case. There is no genetic susceptibility to cancer or any odd conditions. But both my maternal grandfather and one of his brothers died of heart attacks: grandpa at 84 years old, as a larger man and after having lived a full life. Both my brothers expressed gratitude for me sharing that information with them.

Can we accept that having the Covid jabs is a risk factor, much like smoking cigarettes, perhaps? Or are they going to continue on this path of pretend forever?

Regarding amnesty, let’s just say hell no. Go after the mandaters first and any journalist that was stupid enough to put their names on those hot pieces. Any scientist who falsified data needs to be tried for crimes against humanity.

Just follow the money…

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