Lincoln National Corp., which has announced two rounds of job cuts this year, plans to raise $2.05 billion by accepting federal rescue funds and selling shares and debt to private investors.
The Philadelphia insurer said Monday that it expects to issue about $950 million of preferred stock to the government through the Treasury Department's Troubled Asset Relief Program. Lincoln also announced plans to offer $600 million of common shares on the market, along with $500 million of senior debt.
Lincoln has slashed its dividend, bought reinsurance and scaled back in variable annuities. It announced plans Monday to divert capital to U.S. operations by selling a U.K. unit.