[classicman]

6 life insurers qualify for bailout money

WASHINGTON (CNN) -- Six life insurance companies have qualified to receive billions of dollars in bailout money under the government's Troubled Asset Relief Program, according to the U.S. Treasury Department.
Allstate is one of six life insurance companies who are qualified to receive TARP money.
Treasury Department spokesman Andrew Williams said Allstate, Ameriprise Financial, Hartford Financial Services Group Inc., Lincoln National Corp., Principal Financial and Prudential Financial Inc. have qualified for TARP money.

"These life insurers met the requirements for the Capital Purchase Program because of their bank holding company status and each applied for CPP capital investments by the deadline of November 14, 2008," Williams said.

Last year, the Office of Thrift Supervision approved applications from Hartford and Lincoln to become bank holding companies, because of their planned bank purchases.

Philadelphia, Pennsylvania-based Lincoln is buying Newton County Loan & Savings FSB in Goodland, Indiana. Hartford, based in Hartford, Connecticut, is buying Federal Trust Bank in Sanford, Florida.

That last part makes me wonder if there is any benefit to these companies buying these banks to get TARP money. Anyone know?