Radnor, Pennsylvania, May 6, 2024–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today announced the sale of its wealth management business, including all ownership of the Lincoln subsidiaries that make up its wealth management business, to Osaic, Inc. (Osaic). announced that it was completed. ) is one of the nation's largest asset management solutions providers. The sale will provide Lincoln with a capital gain of approximately $650 million, which the company will use primarily to increase its risk-based capital ratios. Lincoln also plans to use a portion of its capital gains to lower its leverage ratio.
“Lincoln continues to execute on the pillars of its corporate strategy, leveraging its core strengths to grow its personal insurance solutions and workplace solutions businesses, with a focus on delivering long-term value to all stakeholders. ” said Ellen Cooper, Chairman and President. CEO of Lincoln Financial Group. “We look forward to a long-term strategic partnership with Osaic as we continue to provide financial professionals with products and solutions that allow them to best serve their customers.”
For the first time, Lincoln has entered into a definitive agreement to sell Lincoln Financial Advisors Corporation (LFA), an independent broker-dealer and registered investment advisor, and Lincoln Financial Securities Corporation (LFS) to Ozaik in December 2023. Announced. , a national network of approximately 1,450 financial professionals and Lincoln home office employees supporting the wealth management business, will transition to Osaic.
Lincoln retains all aspects of Lincoln Financial Distributors (LFD), an industry-leading wholesale distribution franchise, and is committed to driving organic growth across Lincoln's unique retail product value proposition through an extensive distribution network. Masu. Lincoln also maintains an independent agent channel, and he is now part of the LFD. Additionally, as part of the transaction, LFD is further expanding its strong distribution relationship with Osaic, including the network of financial professionals transitioning as part of this transaction, as well as Osaic's broader network of financial professionals.
About Lincoln Financial Group
Lincoln Financial Group helps people plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trusted our guidance and solutions across his four core businesses: Pensions, Life Insurance, Group Protection and Retirement Plan Services. As of March 31, 2024, the company's end-of-year account balance was $310 billion, excluding reinsurance. Lincoln Financial Group, headquartered in Radnor, Pennsylvania, is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. For more information, please visit LincolnFinancial.com.
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