RADNOR, Pa. - Lincoln Financial Group (NYSE: LNC) announced the appointment of Tom Morelli as Vice President, Investment Distribution, as part of the company's ongoing strategy to enhance its investment solutions distribution. Morelli, with over 25 years of experience in the sector, joins Lincoln Financial from T. Rowe Price, where he was Head of Wealth Management. The appointment comes as Lincoln Financial, currently valued at $5.56 billion by market capitalization, shows strong momentum with a 29.66% year-to-date stock return according to InvestingPro data.
In his new role, Morelli will lead the distribution of Lincoln's extensive range of investment products, which includes over 100 sub-advised variable insurance funds, mutual funds, model portfolios, and other investment solutions. He will report directly to John Kennedy, Executive Vice President, Chief Distribution and Brand Officer at Lincoln Financial.
Morelli's previous tenure at T. Rowe Price saw him managing all facets of sales and infrastructure, contributing to significant sales growth and increased assets within a diverse product portfolio. His experience is expected to bolster Lincoln's competitive edge in distribution, a key aspect of the company's business model.
John Kennedy expressed confidence in Morelli's ability to enrich Lincoln's consultative approach with financial professionals and to expand the distribution of solutions that cater to the changing needs of customers.
Lincoln Financial Group is a prominent provider of insurance, annuities, group benefits, and retirement solutions, helping approximately 17 million customers as of December 31, 2023. With end-of-period account balances of $324 billion as of September 30, 2024, the company continues to focus on guiding customers towards a successful financial future. InvestingPro analysis reveals the company has maintained dividend payments for 54 consecutive years, with analysts expecting net income growth this year. For detailed insights into Lincoln Financial's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
The company, headquartered in Radnor, Pa., operates under the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. These affiliates include entities like Lincoln Financial Distributors, Inc., and insurance company affiliates The Lincoln National Life Insurance (NS:LIFI) Company and Lincoln Life & Annuity Company of New York, which are responsible for their financial and contractual obligations.
This news is based on a press release statement from Lincoln Financial.
In other recent news, Lincoln Financial Group reported its highest quarterly earnings in over two years in its Third Quarter 2024 Earnings Call. The company unveiled an adjusted operating income of $358 million, driven by robust results across all business segments. Despite a net loss of $562 million primarily due to the Fortitude Re transaction's impact, Lincoln Financial has expressed positive expectations for future profitability.
Group protection earnings more than doubled year-over-year, and annuity sales climbed to $3.4 billion, marking a nearly 25% rise from the previous year. The company also introduced a refreshed brand to enhance market recognition and maintains a strong capital position, with a risk-based capital ratio over 420%.
In terms of future plans, Lincoln Financial is focusing on growing Group and retirement businesses, diversifying annuity offerings, and realigning life business towards risk-sharing products. The company also emphasizes sustainable growth, operational efficiency, and long-term value creation for stakeholders. It is expected to increase reinsurance capacity through the Bermuda affiliate, Alpine, with flows anticipated in 2025. These are among the recent developments in the company's strategic direction.
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