Radnor-based Lincoln Financial Group has hired former company executive Brian Kroll to lead its retail life and annuity business lines, writes Jeff Blumenthal for Philadelphia Business Journal.
Kroll worked for the life insurance and retirement investment company for 18 years before leaving in 2022.
His new role, which was effective May 16, makes him executive vice president and head of retail life and annuity solutions.
He will oversee product manufacturing, underwriting, new business, and strategic planning.
In a statement, CEO Ellen Cooper said Lincoln Financial expects Kroll to increase profitable growth in the life and annuity unit, shifting toward sales of products with more stable cash flows and higher risk-adjusted returns.
“His deep expertise and collaborative leadership style will add tremendous value,” Cooper said.
The company reported annuities generated $259 million in operating income in the first quarter, down 5.5 percent.
Annuities were impacted after Lincoln sold its broker-dealer and registered investment advisory firms to Phoenix-based Osaic, for which it received a $650 million capital benefit.
Lincoln Financial Group reported overall first quarter net income of $1.2 billion, up from a loss of $881 million the same period a year ago.
Read more about Brian Kroll’s activities after leaving Lincoln Financial Group in 2022 in the Philadelphia Business Journal.
