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Shares of insurers rose ahead of Friday's market open after the Treasury Department agreed to extend billions in bailout funds to six major life insurers.
Shares of The Hartford Financial Services Group Inc., Lincoln National Corp., Allstate Corp., Ameriprise Financial Inc., Principal Financial Group Inc., and Prudential Financial Inc. all rose in pre-market trading.
Hartford said late Thursday it is eligible for $3.4 billion from the Troubled Asset Relief Program, or TARP, while Lincoln National said it has been initially approved for a $2.5 billion injection.
The total capital injection into the six companies will be less than $22 billion, The Wall Street Journal reported Friday, citing a person familiar with the situation.
As the banking industry accepted billions in government bailout funds, life insurers aggressively lobbied for their own piece of the federal aid, worried that their balance sheets had became clogged by illiquid assets and escalating liabilities to policy holders who bought in to the variable annuities market.
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