The Principal Financial Group is the latest insurer to decline participation in the U.S. Treasury Department's Troubled Asset Relief Program (TARP).
In May the Treasury said it would make funds available to Allstate, The Hartford Financial Group, Prudential Financial Inc., The Principal Financial Group, Lincoln National Corp., and Ameriprise Financial Inc. The Principal’s refusal follows Ameriprise’s, Allstate’s and Prudential’s announcements to decline funding.
“We have decided not to participate in the CPP due to the stabilization of the credit and financial systems in the U.S. and the further strengthening of our already solid financial and capital position,” says Larry Zimpleman, The Principal’s chairman, president and CEO.
According to reports, The Hartford Financial said today it will receive up to $3.4 billion in federal TARP funds, and announced an approximate $750 million share offering. Lincoln National Corp. was approved for $2.5 billion, but has not disclosed its plans.
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