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The Hartford and Lincoln set for US Govt cash injection

Variable annuity players including the Hartford and Lincoln Financial Services look set for a US Government bail-out.

The firms, which have banking subsidiaries in the states, are two of six companies which have been approved for capital injections, according to the Financial Times.

Officials have earmarked much of the £14.5bn remaining in the Government’s capital purchase programme, the paper says.

It adds that the injections come as policymakers are paying increasing attention to the life sector in the US.

The Hartford announced it was suspending all sales in the UK and Japan, and de-risking many of its US offerings, in May after posting a £818m loss in the first quarter across the group.

Lincoln, along with other UK variable annuity providers Metlife and Aegon, jumped to defend its financial strength and dedication to the market.

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