Lincoln Financial Group Completes Sale of Wealth Management Business to Osaic, Inc.
06 Mayo 2024 - 12:50PM
Business Wire
Lincoln Financial Group (NYSE: LNC) today announced that it has
completed the sale of its wealth management business, including all
ownership interests in the Lincoln subsidiary entities comprising
that business, to Osaic, Inc. (Osaic), one of the nation’s largest
providers of wealth management solutions. The sale provides Lincoln
with approximately $650 million of capital benefit, which the
company will primarily use to increase its risk-based capital
ratio. Lincoln also plans to use a portion of the capital benefit
to reduce its leverage ratio.
“Lincoln is focused on continuing to execute on our enterprise
strategic pillars, leverage our core strengths to grow our
individual insurance solutions and workplace solutions businesses,
and deliver long-term value for all of our stakeholders,” said
Ellen Cooper, Chairman, President and CEO of Lincoln Financial
Group. “We look forward to our long-term strategic partnership with
Osaic as we continue to provide financial professionals with
products and solutions that will help them best serve their
clients.”
Lincoln first announced its definitive agreement to sell its
independent broker-dealer and registered investment advisory firms
– Lincoln Financial Advisors Corporation (LFA) and Lincoln
Financial Securities Corporation (LFS) – to Osaic in December 2023.
As a result of the close of today’s transaction, the entities,
which comprise a national network of approximately 1,450 financial
professionals, together with Lincoln’s home-office employees who
support the wealth management business, will transition to
Osaic.
Lincoln retains all aspects of Lincoln Financial Distributors
(LFD), its industry-leading wholesale distribution franchise, which
drives organic growth across Lincoln’s distinct retail product
value propositions through a broad distribution network. Lincoln
also retains its channel of independent agents, which is now part
of LFD. Additionally, as part of the transaction, LFD is further
expanding its strong distribution relationship with Osaic,
including the network of financial professionals that will
transition as part of this transaction, and Osaic’s broader
financial professional network.
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire
with confidence. As of December 31, 2023, approximately 17 million
customers trust our guidance and solutions across four core
businesses – annuities, life insurance, group protection, and
retirement plan services. As of March 31, 2024, the company had
$310 billion in end-of-period account balances, net of reinsurance.
Headquartered in Radnor, Pa., Lincoln Financial Group is the
marketing name for Lincoln National Corporation (NYSE: LNC) and its
affiliates. Learn more at LincolnFinancial.com.
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Tina Madon 445-280-0488 Investor Relations Tina.Madon@LFG.com
Sarah Boxler 215-495-8439 Media Relations Sarah.Boxler@LFG.com
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