02:41 PM EDT, 05/06/2024 (MT Newswires) -- Lincoln Financial Group (LNC) said Monday it has completed the sale of its wealth management business to Osaic, providing it with a capital benefit of about $650 million.

Lincoln said it will use the funds to increase its risk-based capital ratio and also to reduce its leverage ratio.

About 1,450 financial professionals, along with Lincoln's home-office employees supporting the wealth management business, will transition to Osaic, the company said.

Lincoln said it retains Lincoln Financial Distributors and its channel of independent agents.

Shares of Lincoln rose almost 3% in recent trading.

Price: 28.89, Change: +0.79, Percent Change: +2.79