George S. May Business Blog

Six insurance companies will recieve TARP funds

The U.S Treasury has agreed to provide bailout funds to six insurance companies, under the Troubled Assets Relief Program (TARP). The companies are Hartford Financial Services Group (HIG), Lincoln National Corporation (LNC), Prudential Financial (PRU), Principal Financial Group (PFG), Allstate (ALL) and Ameriprise Financial (AMP) and will receive, in total, approximately $22 billion.

Now, the amount that each company will recieve, individually, has not been released. But, Hartford Financial Services Group and Lincoln National announced late Thursday that they already have received preliminary approval for participation in the program. Hartford Financial Services Group will receive $3.4 billion, while Lincoln National (LNC) will receive $2.5 billion.

If the Treasury does provide the full $22 billion to the insurance sector, it will have a balance of $88 billion left in TARP funds.

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