Lincoln Financial Group Appoints Brian Kroll as EVP, Head of Retail Life and Annuity Solutions

Rhea-AI Summary

Lincoln Financial Group (NYSE: LNC) has appointed Brian Kroll as Executive Vice President, Head of Retail Life and Annuity Solutions, effective May 16, 2024. Kroll will oversee all aspects of the Life Insurance and Annuity businesses, including product manufacturing, underwriting, new business, inforce operations, and strategic planning. With over 30 years of industry experience and a prior 18-year tenure at Lincoln, Kroll is expected to drive profitable growth through strategic realignment of product mixes. He will report to CEO Ellen Cooper and collaborate closely with John Kennedy, EVP, Chief Distribution and Brand Officer. Kroll's expertise includes launching Lincoln's registered index-linked annuity (RILA) and expanding fixed indexed annuity offerings. Matt Grove, EVP, will advise during the transition following Lincoln's wealth management deal with Osaic Inc., closing on May 6, 2024.

Positive

• Brian Kroll's appointment as EVP, Head of Retail Life and Annuity Solutions brings over 30 years of industry experience.
• Kroll has a proven track record at Lincoln, including launching new product categories and expanding existing offerings.
• The strategic realignment aims for increased profitable growth and stable cash flows.
• Collaboration between Kroll and John Kennedy, EVP, Chief Distribution and Brand Officer, signifies a strengthened leadership team.
• Kroll's return reflects Lincoln's commitment to leveraging experienced leaders for long-term value creation.

Negative

• The transition involves Matt Grove stepping down from his role, which may create temporary disruption.
• The effectiveness of the strategic realignment and its impact on profitable growth remains to be seen.
• The company's reliance on Kroll's leadership might pose risks if execution does not meet expectations.

Industry veteran returns to Lincoln to lead its Life Insurance and Annuity businesses as the company continues to strategically realign these at-scale businesses to increase profitable growth with a balanced mix of product solutions to meet customers’ needs.

RADNOR, Pa.--(BUSINESS WIRE)-- Lincoln Financial Group (NYSE: LNC) today announced that Brian Kroll will be appointed Executive Vice President, Head of Retail Life and Annuity Solutions, effective May 16, 2024. Kroll will report to Chairman, President and CEO Ellen Cooper and will be a member of the company’s Senior Management Committee. He will be responsible for all aspects of the company’s Life Insurance and Annuity businesses, including product manufacturing, underwriting, new business, inforce operations and strategic planning.

Brian Kroll, EVP, Head of Retail Life and Annuity Solutions, Lincoln Financial Group (Photo: Business Wire)

“In our at-scale Life and Annuity businesses, we continue to focus on increasing profitable growth as we realign our product mix to achieve more stable cash flows and higher risk-adjusted returns,” said Cooper. “Brian has a proven track record in our industry and here at Lincoln, and his deep expertise and collaborative leadership style will add tremendous value as we take our core competitive advantages in product manufacturing and our differentiated customer service to the next level. As an industry veteran, Brian has been serving as an advisor to our senior management team as we have evolved our strategies in these two businesses, and we’re thrilled that he will officially rejoin the Lincoln team as we shift into execution.”

Kroll has more than 30 years of industry experience. Previously, he was at Lincoln for 18 years in various leadership roles, most recently leading the Annuity business until 2022. During his time at the company, Kroll had a track record of developing products with strong customer value propositions that delivered high risk-adjusted returns under varying market conditions. He spearheaded the launch of Lincoln’s registered index-linked annuity (RILA) product category and expanded its fixed indexed annuity offerings, and throughout his tenure, he served as a critical strategic partner to Lincoln’s Distribution organization.

Prior to Lincoln, Kroll held senior product management and actuarial roles across both life insurance and annuities at several large insurance companies, including MetLife, Manulife and SunLife. He has served on executive committees and advisory boards for the ACLI and LIMRA, as well as on the Corporate Advisory Council of the International Association of Black Actuaries. Additionally, in his past tenure at Lincoln, he was an executive sponsor of the company’s Latino Business Resource Group.

“I’m excited to return to this great organization to drive execution of the strategic realignment of Lincoln’s Life and Annuity businesses,” said Kroll. “I look forward to partnering with the leadership team as we focus on growing profitably across a balanced set of products with strong customer value propositions, which also meet the profitable growth objectives that support the company's long-term value creation.”

The distribution of Lincoln’s Retail Life and Annuity Solutions products continues to be led by John Kennedy, EVP, Chief Distribution and Brand Officer, who reports directly to Ellen Cooper, reflecting the strategic importance of the role. Kennedy will partner closely with Kroll as he joins the organization.

Matt Grove, EVP was previously responsible for Lincoln’s wealth management and insurance solutions businesses. Grove will serve as an advisor for a period of time to ensure a smooth transition following the May 6, 2024 close of Lincoln’s wealth management transaction with Osaic, Inc.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240515629295/en/

Amy Ponticello

Amy.Ponticello@lfg.com

Source: Lincoln Financial Group

FAQ

When will Brian Kroll start his role as EVP at Lincoln Financial Group?

Brian Kroll will start his role as EVP, Head of Retail Life and Annuity Solutions on May 16, 2024.

What is Brian Kroll's role at Lincoln Financial Group?

Brian Kroll has been appointed as EVP, Head of Retail Life and Annuity Solutions at Lincoln Financial Group.

What experience does Brian Kroll bring to Lincoln Financial Group?

Brian Kroll brings over 30 years of industry experience, including an 18-year tenure at Lincoln Financial Group.

What are Brian Kroll's responsibilities in his new role at Lincoln Financial Group?

Brian Kroll will oversee product manufacturing, underwriting, new business, inforce operations, and strategic planning for Life Insurance and Annuity businesses.

How does Brian Kroll's appointment impact Lincoln Financial Group's strategy?

Brian Kroll's appointment aims to drive profitable growth through strategic realignment and a balanced mix of product solutions.