ING Group NV has announced that Michael Smith would join the company today as chief financial officer and chief insurance risk officer for its U.S. annuity business.
In this role, he is responsible for all financial and actuarial functions of ING U.S. Annuity, which announced his hiring Thursday.
ING's U.S. unit announced in April a transition of its retail annuity business this year to simpler, lower-cost products with a strong focus on the individual retirement account rollover market.
Smith was head of profitability and risk management at Lincoln Retirement Solutions, a unit of Philadelphia's Lincoln Financial Group Inc., where he worked for 21 years.
He now reports to Bill Low, the ING U.S. Annuity business' chief executive officer, and is based in the company's West Chester, Pa., office.