Six major insurers, including Hartford Financial, Prudential Financial and Allstate, received preliminary approval Thursday for billions of dollars in aid from a U.S. bailout fund, after a months-long quest by some in the sector for financial assistance.
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.
Allstate Corp., Lincoln National Corp., Ameriprise Financial Inc., Principal Financial Group Inc. and Prudential Financial Inc. also are among insurers receiving preliminary investment approval, Treasury spokesman Andrew Williams confirmed. He declined to disclose the amount of investment each company will receive.
The total capital injection into the six companies will be less than $22 billion, the Wall Street Journal reported, citing a person familiar with the situation.
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