Lincoln Financial has picked two executives to help it offer retail life insurance policies and retail annuities that will use less capital and make more money.
The Radnor, Pennsylvania-based insurer promoted Stephen Turer to a newly created position, head of insurance solutions, and hired Thomas Diemer to be chief financial officer of its retail solutions division.
Turer has roots as an annuity pricing actuary.
Diemer is a Certified Public Accountant who has been a derivatives controller and chief financial officer at Prudential's annuities business, and the CFO for Life and Retirement at Corebridge Financial.
What It Means
Finding annuities with high crediting rates and generous benefits guarantees could get trickier.
The History
Lincoln reported a $2.6 billion net loss for the third quarter of 2022, in part because of inaccurate assumptions in guaranteed universal life policies.
Lincoln CEO Ellen Cooper said the company will have to rebuild its capital to the desired levels by focusing on sales of products that offer fewer benefits guarantees and use less capital.
Turer
Turer will take charge of creating and managing all retail insurance products at Lincoln, including life insurance policies, annuity contracts and MoneyGuard long-term care benefits hybrid products.
