Lincoln National gets preliminary OK for TARP participation - The Business Review (Albany):

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billion from the U.S. Department of Treasury’s Troubled Asset Relief Program. Lincoln is one of six insurancer companies to receivesuch approval, whic falls under TARP’s Capital Purchase Program. In a statement, Lincoln (NYSE:LNC) President and CEO Dennis R. Glass said the move fits with the company’sx recent moves to strengthen its liquidity andcapita positions. “We are pleasedf that the Treasury Department has recognizerd the critical role that insurerz play in providing liquidity to the financia l system and that it is willing to act in a manner that will strengthen the balance sheets ofthe nation'sz insurers,” Glass said in the statement.
The $700 billionj Troubled Asset Relief Program, approved by Congresx last year, was originally intended to purchaswe toxic loans on the booksd of banks that were inhibiting theirt ability tomake loans. But it was also used to make loans to , Chrysler and insurance giant Lincoln Nationak was one of several insureres that applied to become thriftt holding companies last fall so they could be considerefd for TARP funds. The insurers had concernzs about the rising number of bad assetz ontheir books. Lincoln National and other insurers saw theitr stock prices drop in recent month as they waitedc forgovernment approval.
(NYSE:HIG), (NYSE:AMP), (NYSE:PFG) and (NYSE: PRU) are the five otherr insurers receiving preliminary approval forthe funds. The Hartford issued a statement Thursday night saying it has been approves for upto $3.4 billion. Shares of Philadelphia-basede Lincoln National, which markets itself as Lincoln Financial Group closed down 1 percentat $16.12 Friday followingv a 13 percent jump on Thursday. Lincoln offers insurancs and wealthmanagement products.