Hartford Financial, Lincoln National Receive Thrift Charters

Hartford Financial Services Group (HIG) and Lincoln National Corp. (LNC) were granted thrift charters Friday, clearing a hurdle for their insurance affiliates to receive capital infusions under the Troubled Asset Relief Program.

Hartford Financial has a number of life-insurance affiliates, while Lincoln National is the parent of Lincoln National Life Insurance Co.

The Office of Thrift Supervision announced the approval of the thrift charters for Hartford and Lincoln on its Web site.

The life-insurance industry has been lobbying to receive federal rescue aid under TARP, as insurers' investment portfolios have been badly battered by the financial turmoil.

The Treasury told the industry that only companies with a federal regulator are eligible for the program. Some insurers, such as MetLife (MET), have long held thrift charters. The industry, however, is almost exclusively regulated at the state level.

   -Jessica Holzer, Dow Jones Newswires; 202-862-9228; [e-mail] 
 

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