This morning, Lincoln Financial Group (Lincoln) announced its intention to raise an aggregate of approximately $2.1 billion through the sale of up to $950 million of preferred stock through Treasury's Capital Purchase Program (CPP), a $600 million registered common stock offering, and a proposal to raise "in the near future" an additional $500 million through an offering of senior notes. Lincoln currently intends to contribute approximately $1 billion of the proceeds to its principal insurance subsidiary, The Lincoln National Life Insurance Company, with the remaining $1 billion held at the holding company for general corporate purposes. Lincoln's capital raise comes on the heels of Hartford Financial Group's $750 million equity issuance plan and $3.4 billion CPP investment announced this past Friday.

Separately, Lincoln announced that, in order to shift capital to core U.S. businesses, it will sell its wholly owned subsidiary Lincoln National (UK) plc to SLF of Canada UK Limited for an estimated £195 million in cash, with estimated proceeds of $280-$300 million (USD), net of tax and subject to foreign currency fluctuations.