Life insurance companies that have bank holding company status and applied for TARP funds prior to November 14 2008 will receive $22 billion in TARP funds from the U.S. Treasury.
Companies that are set to receive funds include: Hartford Financial Services Group, Prudential Financial, Principal Financial Group, Lincoln National, Allstate and Ameriprise Financial.
Many life insurers--particularly those with meaningful variable annuity businesses--have been significantly impacted by the capital markets volatility during the financial crisis.
Source: Wall Street Journal (subscription required)
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