Insurers Get Approval For Bailout Funds

By: Associated Press Email
By: Associated Press Email

Stay up-to-date with KAKE News:

Friday, May 15, 2009

The Treasury Department has agreed to extend billions in bailout funds to six major life insurers.

The deal follows a months-long quest by some in the sector for government help in shoring up capital positions in the wake of major investment losses.

The Hartford Financial Services Group Inc. was the first to disclose that it had been notified by the Treasury Department that it was eligible for $3.4 billion from the Troubled Asset Relief Program, or TARP. Lincoln National, Allstate, Ameriprise Financial, Principal Financial Group and Prudential Financial are the other five.

The Wall Street Journal reports the total capital injection will be less than $22 billion.

Life insurers had worried that their balance sheets had became clogged by illiquid assets and escalating liabilities to policy holders.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 45090822 - kake.com/a?a=45090822
Gray Television, Inc.