Lincoln Financial, the Radnor-based insurance company, is back in the black after suffering two years of annual losses, writes Jeff Blumenthal for Philadelphia Business Journal.
The company showed a $3.2 billion profit in 2024, turning around a $752 million loss in 2023 and a $2.2 billion loss in 2022.
Lincoln has cut costs by emphasizing its core insurance and retirement products.
In 2023, it made a $28 billion deal with Fortitude Reinsurance in Tennessee to improve its capital and reduce risk.
Last May, Lincoln sold its broker-dealer and registered investment advisory firms to Osaic in Phoenix for $650 million.
CEO Ellen Cooper said in a statement that she believes Lincoln has now built a solid capital foundation, “increasing operational efficiency and delivering profitable growth.”
Catalysts for the company’s earnings growth were the group protection and annuities business lines, Cooper said, as it refocused its life insurance business on more risk-sharing products.
In other Lincoln Financial news, Janet Liang has resigned from the company’s board after four years and last week was named president of Oscar Insurance.
Lincoln’s board has amended the company bylaws, lowering the number of authorized board members from 11 to 10.
Find out more about Lincoln Financial’s return to profitability in the Philadelphia Business Journal.
