Lincoln National (LNC) and Hartford Financial (HIG) Continue Free Fall
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Large insurers Lincoln National (NYSE: LNC) and Hartford Financial (NYSE: HIG) continued their free-fall today on concerns about corporate bond and commercial mortgage exposure. LNC is down 37% and HIG is down 24% today. The stocks are down 85% and 88%, respectively, over the last three months.
Recently, both insurers announced plans to become savings and loans so they could particpate in the U.S. Treasury's TARP Capital Purchase Program.
Lincoln National held a conference for investors and bankers today. The company said it has $1.5 billion in excess capital and has no current plans to raise common equity. The company has 54% of its $72 billion in invested assets in corporate bonds and 11% in commercial mortgages.
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Recently, both insurers announced plans to become savings and loans so they could particpate in the U.S. Treasury's TARP Capital Purchase Program.
Lincoln National held a conference for investors and bankers today. The company said it has $1.5 billion in excess capital and has no current plans to raise common equity. The company has 54% of its $72 billion in invested assets in corporate bonds and 11% in commercial mortgages.
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