After Lincoln Financial in Radnor posted a third-quarter loss of $2.6 billion in 2022, CEO Ellen Cooper needed a plan to grow its core business and explore new opportunities.
She was able to strike several new deals that returned Lincoln Financial to profitability after losses in 2022 and 2023, writes Jeff Blumenthal for Philadelphia Business Journal.
While that was happening, Cooper had to reassure employees, customers, partners, and investors that she had a plan to turn things around.
For that, she borrowed from the AppleTV+ television show “Ted Lasso”, posting signs with the word “Believe” above office doors.
“I still have mine to this day,” Cooper said at a recent Philadelphia Business Journal’s CEO Transformations event.
From there, Cooper transitioned the life insurance and retirement investment company.
She overhauled the company’s C-suite, firmed up its capital structure, and partnerships to shift Lincoln Financial from defense to offense.
Lincoln agreed to a $28 billion deal with Tennessee-based Fortitude Reinsurance in which Lincoln would service policies for a fee, but Fortitude would bear the long-term financial risk and reward. The deal reduced Lincoln’s balance-sheet risk.
It also sold its broker-dealer and registered investment advisory firms.
Read more details about how Lincoln Financial shifted from loss to profit in the Philadelphia Business Journal.
