WASHINGTON — Allstate Corp. says it has decided not to participate in the federal Troubled Asset Relief Program.
Allstate, Northbrook, Ill., already has enough cash and capital on hand, the company says.
The Treasury Department has given Allstate and five other insurers preliminary approval to participate in the Capital Purchase Program, a TARP subprogram.
One of the insurers, Ameriprise Financial Inc., Minneapolis, immediately announced that it would not participate in the CPP.
Prudential Financial Inc., Newark, N.J., and Principal Financial Group Inc., Des Moines, Iowa, said they are still deciding whether to participate.
The insurers approved for CPP participation applied for the program in late 2008, when the credit markets were frozen. Since then, the credit markets have thawed.