Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Financial Planning > Behavioral Finance

Shares rise for insurance co.'s following TARP approval

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

Six major insurance companies reportedly received preliminary approval Thursday from the Department of the Treasury to participate in the Troubled Asset Relief Program.

Both Hartford Financial Services Group and Lincoln Financial Group confirmed the Treasury granted preliminary approval in the amounts of $3.4 billion and $2.5 billion, respectively.

MarketWatch reports Shares of Hartford Financial Services Group and Lincoln Financial Corp. rose sharply Friday, rallying after the life insurers acknowledged that the U.S. Treasury has granted preliminary approval for government bailout funds.

Other insurance companies that were reported to have received preliminary approval for funding include Allstate Corp. of Northbrook, Ill.; Ameriprise Financial Inc. of Minneapolis; Principal Financial Group Inc. in Des Moines, Iowa; and Prudential Financial Inc. of Newark, N.J.

According to a Reuters report, the KBW SPDR Insurance ETF (KIE.P) rose 1.4 percent to $26.87 while Hartford Financial (HIG.N) surged 11 percent to $16.25, Principal Financial (PFG.N) gained 4.6 percent to $19.77, Lincoln National (LNC.N) was up 9.6 percent to $17.80 and Prudential Financial (PRU.N) added 2.4 percent to $40.33.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.