Continuing the story on how large life insurers are trying to get their hands on some of the TARP funds. Hartford is leading the push to get thrift charter so they will be able to receive funds from the Government. This article is very interesting and mentions a few of the largest life insurance carriers in the country.
Read more below…
Hartford fell $3.38, or 19 percent, to $14.78 at 4:02 p.m.
in New York Stock Exchange composite trading. Prudential, based
in Newark, New Jersey, declined $4.13, or 13 percent, to $27.75.
Life insurers are pushing regulators to grant looser reserve
standards after investment losses depleted capital. The National
Association of Insurance Commissioners rejected an industry
request to approve changes by Jan. 16 and plans to hold a hearing
at the end of the month to seek input from consumer groups before
taking a vote, Susan Voss, the vice president of the group, said
late on Jan. 9.
Life insurers lost $77 billion in surplus last year on
investment declines and guarantees on slumping retirement
products, according to consulting firm Conning & Co. Life
insurance stocks lost about half their market value in 2008.
Hartford, Prudential and Genworth Financial Inc. have
slashed their dividends, cut jobs and applied for relief from the
U.S. Treasury program to bolster financial firms after
unprofitable third quarters.