Lincoln National (LNC) Flattened After Withdrawing Application For Government Cash

Shares of Lincoln National Corp. (NYSE: LNC) are down 30% in early trading today after the insurance company decided to voluntarily withdraw its application to participate in the FDIC Temporary Liquidity Guarantee Program (TLGP), saying, "we do not believe that we qualify under the current provisions of the TLGP."

Lincoln National said if provisions of the TLGP are revised to broaden participation in the program they would consider submitting another application.

Other insurance companies are lower on the news:

• Hartford Financial (NYSE: HIG) down 10%.
  
• Prudential Financial, Inc. (NYSE: PRU) down 10%
  
• MetLife, Inc. (NYSE: MET) down 8%
  
• Principal Financial Group Inc. (NYSE: PFG) down 15%
  
• Genworth Financial Inc. (NYSE: GNW) down 10%

Broadly, the sector is down 6% as represented by the ETF SPDR KBW Insurance (NYSE: KIE).

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