Lincoln Financial appoints Matthew Grove as Head of Individual Life & Annuities and Lincoln Financial Network

Rhea-AI Summary

Lincoln Financial Group (NYSE:LNC) has appointed Matthew Grove as Executive Vice President, overseeing Individual Life & Annuities and Lincoln Financial Network starting July. Grove, who brings 25 years of experience in financial services including positions at Resolution Life USA and New York Life, will report to CEO-Elect Ellen Cooper. His role aims to enhance product design, optimize management, and grow advisor channels. This strategic appointment is expected to bring innovation and strengthen Lincoln's market position.

Positive

• Matthew Grove brings 25 years of financial services experience.
• New leadership role aims to enhance innovation and product offerings.
• Strengthened oversight of Individual Life and Annuities business.

Negative

• Potential challenges in integrating new leadership with existing team.

Grove brings deep expertise in life insurance, annuities, financial advice and managed accounts to the newly created leadership role

RADNOR, Pa.--(BUSINESS WIRE)-- Lincoln Financial Group (NYSE:LNC) is pleased to announce that Matthew Grove will join the company in July as Executive Vice President, Head of Individual Life & Annuities and Lincoln Financial Network. Grove will be a member of Lincoln’s Senior Management Committee and will report to Ellen Cooper, Lincoln’s CEO-Elect, who will step into the CEO role after the company’s annual shareholder meeting this May.

Lincoln Financial Group has appointed Matthew Grove as Head of Individual Life & Annuities and Lincoln Financial Network (Photo: Business Wire)

In this newly created role, Grove will be responsible for executive leadership of these areas, aligned with Lincoln’s enterprise strategic direction. For the Individual Life and Annuities businesses, this includes oversight of the continued design and manufacturing of Lincoln’s individual products, in-force management optimization and ensuring best-in-class service. Bringing these businesses together provides opportunity for Lincoln to further leverage capabilities, share best practices and enable greater innovation.

Grove will also oversee Lincoln Financial Network, the company’s retail broker-dealer network of independent financial professionals, where he will be responsible for growing Lincoln’s advisor channels and expanding its managed accounts business. David Berkowitz, Senior Vice President and President of LFN, will report to Grove.

"We are thrilled that Matt has decided to join Lincoln," said Cooper. "He brings broad and deep experience in all aspects of Life Insurance, Annuities and Wealth Management. His expertise will add tremendous value to these areas of our business and will be a benefit to the company, our clients and our shareholders."

Randy Freitag will continue in his critical role as Executive Vice President and Chief Financial Officer, reporting to Cooper, with an ongoing focus on maintaining and building on Lincoln’s financial strength and managing key relationships with the investment community and rating agencies.

Grove has 25 years of financial services experience, including leading life insurance, annuity and wealth management businesses, and overseeing functions including operations, product management, underwriting, distribution, marketing and technology. He joins from Resolution Life USA, where he was President and CEO. Prior to Resolution Life, Matt was with New York Life for 11 years, most recently as Co-Chief Operating Officer and Executive Vice President, serving as a member of the company’s Executive Management Committee. Matt is a graduate of the University of Pennsylvania and received his Master of Business Administration from Columbia University.

About Lincoln Financial Group:

Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $324 billion in end-of-period account values as of December 31, 2021. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good and ranks among Newsweek’s Most Responsible Companies. Dedicated to diversity, equity and inclusion, we are included on transparency benchmarking tools such as the Corporate Equality Index, the Disability Equality Index and the Bloomberg Gender-Equality Index. Committed to providing our employees with flexible work arrangements, we were named to FlexJobs’ list of the Top 100 Companies to Watch for Remote Jobs in 2022. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220429005409/en/

Media Contact:

Amy Ponticello

Lincoln Financial Group

484-269-7151

amy.ponticello@lfg.com

Source: Lincoln Financial Group

FAQ

Who is Matthew Grove and what is his role at Lincoln Financial Group?

Matthew Grove is appointed as Executive Vice President, Head of Individual Life & Annuities and Lincoln Financial Network, joining Lincoln Financial Group in July.

What will Matthew Grove's responsibilities include?

Grove's responsibilities include overseeing product design, in-force management, and growing Lincoln's advisor channels and managed accounts business.

When will Ellen Cooper officially become CEO at Lincoln Financial Group?

Ellen Cooper will step into the CEO role after the company’s annual shareholder meeting this May.

How does Matthew Grove's experience benefit Lincoln Financial Group?

Grove’s extensive background in life insurance and wealth management is expected to enhance innovation and strategic direction in the Individual Life and Annuities sectors.