Lincoln Financial Group (LFG), one of
the US life insurers hardest-hit by the financial crisis, has taken
a key step towards normalising its balance sheet with the repayment
in full of a $950m support package extended to it by the US
Treasury under its Capital Purchase Program. Repayment took the
form of LFG’s repurchase of preferred shares it issued to the
Treasury.

LFG funded the repayment using available
resources and the proceeds of recent equity and debt issues. In
June, LFG raised $335m through the issue of ordinary shares; $250m
through the issue of 4.3% senior notes due in 2015; and $500m
through the issue of 7% senior notes due in 2040.

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In the first quarter of 2010, LFG reported a
net profit of $283m compared with a $579m loss in the same quarter
of 2009.

Rating agencies Moody’s and Fitch have amended
their outlooks for LFG from negative to positive.

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